0001812554Vertiv Group Corp.orcic:ORCICSeniorLoanFundMember2023-12-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~June 30, 2023~~March 31, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from___to

Commission File Number: 814-01369

BLUE OWL CREDIT INCOME CORP.

(Exact name of Registrant as specified in its Charter)


Maryland						85-1187564
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)
399 Park Avenue, New York, New York						10022
(Address of principal executive offices)						(Zip Code)
Registrant’s telephone number, including area code: (212) 419-3000

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Small reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of ~~August 10, 2023,~~May 9, 2024, the registrant had ~~254,157,882~~393,590,381 shares of Class S common stock, ~~61,299,437~~42,083,055 shares of Class D common stock, and ~~436,200,611~~700,393,033 shares of Class I common stock, $0.01, par value per share, outstanding.

Table of Contents


		Page
PART I.	CONSOLIDATED FINANCIAL STATEMENTS
Item 1.	Consolidated Financial Statements	4
	Consolidated Statements of Assets and ~~Liabilities~~ Liabiliti es as of ~~June 30,~~March ~~2023 (Unaudited)~~3 1 , 202 4 (Un audited ) and December 31, ~~2022~~202 3	4
	Consolidated Statements of Operations for the Three ~~and~~ ~~Six~~ Months Ended ~~June 30,~~March ~~2023~~3 1 , 202 4 and ~~2022~~202 3 (Unaudited)	5
	Consolidated Schedules of Investments as of ~~June 30,~~March ~~2023~~3 1 , 202 4 (Unaudited) and December 31, ~~2022~~202 3	6
	Consolidated Statements of Changes in Net Assets for the Three ~~and Six~~ Months Ended ~~June 30,~~March ~~2023~~3 1 , 202 4 and ~~2022~~202 3 (Unaudited)	5057
	Consolidated Statement s of Cash Flows for the ~~Six~~Three Months Ended ~~June 30~~March 3 1 , ~~2023~~202 4 and ~~2022~~202 3 (Unaudited)	5158
	Notes to Consolidated Financial Statements (Unaudited)	5259
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	~~111~~130
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	~~172~~201
Item 4.	Controls and Procedures	~~173~~202

PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	~~174~~203
Item 1A.	Risk Factors	~~174~~203
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	~~174~~203
Item 3.	Defaults Upon Senior Securities	~~175~~204
Item 4.	Mine Safety Disclosures	~~175~~204
Item 5.	Other Information	~~175~~204
Item 6.	Exhibits	~~176~~205
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 ~~rising~~elevated interest ~~rates, elevated~~and inflation rates, ongoing supply chain and labor market disruptions, including those as a result of strikes, work stoppages or accidents, instability in the U.S. and international banking systems, and the risk of recession onor a shutdown of government services could impact our business prospects and the prospects of our portfolio companies;

•an economic downturn could also impact availability and pricing of our financing and our ability to access the debt and equity capital markets;

•a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;

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

•changes in base interest rates and significant market volatility on our business and our portfolio companies (including our business prospects and the prospects of our portfolio companies including the ability to achieve our and their business objectives), our industry and the global economy including as a result of ongoing supply chain disruptions;

•currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

•our future operating results;

•the ability of our portfolio companies to achieve their objectives;

•competition with other entities and our affiliates for investment opportunities;

•~~risks related to the uncertainty of the value of our portfolio investments, particularly those having no liquid trading market;;~~

•risks related to the uncertainty of the value of our portfolio investments, particularly those having no liquid trading market;

•the use of borrowed money to finance a portion of our investments as well as any estimates regarding potential use of leverage;

•the adequacy of our financing sources and working capital;

•the loss of key personnel;

•the timing of cash flows, if any, from the operations of our portfolio companies;

•the ability of Blue Owl Credit Advisors LLC (“the Adviser” or “our Adviser”) to locate suitable investments for us and to monitor and administer our investments;

•the ability of the Adviser to attract and retain highly talented professionals;

•our ability to qualify for and maintain our tax treatment as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and as a business development company (“BDC”); under the Investment Company Act of 1940, as amended (the “1940 Act”)

•the impact that environmental, social and governance matters could have on our brand and reputation and our portfolio companies;

•the effect of legal, tax and regulatory changes;

•the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks, and the increasing use of artificial intelligence and machine learning technology:

•the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing war between Russia and Ukraine and the escalated conflict in the Middle-East, including the Israel-Hamas conflict, and general uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China, on financial market volatility, global economic markets, and various markets for commodities globally such as oil and natural gas; and

•other risks, uncertainties and other factors previously identified in the reports and other documents we have filed with the Securities and Exchange Commission (“SEC”).

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Blue Owl Credit Income Corp.

Consolidated Statements of Assets and Liabilities

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

June 30, 2023
(Unaudited) December 31, 2022
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $12,697,416 and $10,585,542, respectively) $ 12,660,772 $ 10,469,767
Non-controlled, affiliated investments (amortized cost of $76,348 and $6,224, respectively) 76,348 6,175
Controlled, affiliated investments (amortized cost of $359,193 and $233,026, respectively) 362,524 231,642
Total investments at fair value (amortized cost of $13,132,957 and $10,824,792, respectively) 13,099,644 10,707,584
Cash (restricted cash of $26,326 and $23,000, respectively) 364,162 225,247
Interest receivable 98,960 80,402
Receivable from a controlled affiliate 8,316 20,202
Receivable for investments sold 36,262 —
Prepaid expenses and other assets 3,203 2,927
Total Assets $ 13,610,547 $ 11,036,362
Liabilities
Debt (net of unamortized debt issuance costs of $73,504 and $63,306, respectively) 6,598,565 5,477,411
Distribution payable 47,021 37,036
Payable for investments purchased 50,364 41,706
Payables to affiliates 39,175 32,590
Tender offer payable 76,264 110,836
Accrued expenses and other liabilities 105,601 87,030
Total Liabilities $ 6,916,990 $ 5,786,609
Commitments and contingencies (Note 7)
Net Assets
Class S Common shares $0.01 par value, 1,000,000,000 shares authorized; 241,935,918 and 196,951,435 shares issued and outstanding, respectively 2,419 1,970
Class D Common shares $0.01 par value, 1,000,000,000 shares authorized; 59,251,502 and 48,895,298 shares issued and outstanding, respectively 595 489
Class I Common shares $0.01 par value, 1,000,000,000 shares authorized; 418,671,705 and 332,811,718 shares issued and outstanding, respectively 4,187 3,328
Additional paid-in-capital 6,619,394 5,322,239
Accumulated undistributed (overdistributed) earnings 66,962 (78,273)
Total Net Assets $ 6,693,557 $ 5,249,753
Total Liabilities and Net Assets $ 13,610,547 $ 11,036,362
Net Asset Value Per Class S Share $ 9.28 $ 9.06
Net Asset Value Per Class D Share $ 9.29 $ 9.07
Net Asset Value Per Class I Share $ 9.31 $ 9.08


	March 31, 2024 (Unaudited)		December 31, 2023
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $18,163,680 and $15,937,544, respectively)	$	18,225,162	$	16,010,137
Non-controlled, affiliated investments (amortized cost of $70,177 and $72,371, respectively)	77,556		78,406
Controlled, affiliated investments (amortized cost of $666,592 and $561,528, respectively)	683,241		573,550
Total investments at fair value (amortized cost of $18,900,449 and $16,571,443, respectively)	18,985,959		16,662,093
Cash (restricted cash of $112,461 and $40,872, respectively)	662,976		415,384
Interest receivable	161,643		138,350

Receivable from controlled affiliates	10,702		8,024

Receivable for investments sold	7,889		28,508
Prepaid expenses and other assets	4,769		4,123
Total Assets	$	19,833,938	$	17,256,482
Liabilities
Debt (net of unamortized debt issuance costs of $122,242 and $101,242, respectively)	$	8,901,828	$	7,827,973
Distribution payable	107,255		93,930
Payable for investments purchased	304,371		167,078
Payables to affiliates	61,056		54,544
Tender offer payable	142,174		113,988
Accrued expenses and other liabilities	139,490		106,423
Total Liabilities	9,656,174		8,363,936
Commitments and contingencies (Note 7)
Net Assets
Class S Common shares $0.01 par value, 1,000,000,000 shares authorized; 371,785,601 and 325,845,587 shares issued and outstanding, respectively	3,718		3,259
Class D Common shares $0.01 par value, 1,000,000,000 shares authorized; 41,170,574 and 75,427,194 shares issued and outstanding, respectively	412		754
Class I Common shares $0.01 par value, 1,000,000,000 shares authorized; 656,148,634 and 535,625,823 shares issued and outstanding, respectively	6,561		5,356
Additional paid-in-capital	9,904,181		8,649,139
Accumulated undistributed (overdistributed) earnings	262,892		234,038
Total Net Assets	10,177,764		8,892,546
Total Liabilities and Net Assets	$	19,833,938	$	17,256,482
Net Asset Value Per Class S Share	$	9.50	$	9.48
Net Asset Value Per Class D Share	$	9.51	$	9.49
Net Asset Value Per Class I Share	$	9.53	$	9.50

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 June 30,				For the Six Months Ended June 30,
		2023		2022		2023		2022

		2024
		2024
		2024
Investment Income
Investment Income
Investment Income	Investment Income
Investment income from non-controlled, non-affiliated investments:	Investment income from non-controlled, non-affiliated investments:
Investment income from non-controlled, non-affiliated investments:
Investment income from non-controlled, non-affiliated investments:
Interest income	Interest income	$	310,981	$	110,034	$	574,243	$	170,448
PIK interest income		17,885		7,195		32,962		12,171
Interest income
Interest income
Payment-in-kind (“PIK”) interest income
Payment-in-kind (“PIK”) interest income
Payment-in-kind (“PIK”) interest income
Dividend income	Dividend income	4,132		—		4,132		—
PIK dividend income		16,432		5,777		34,402		8,663
Dividend income
Dividend income
Payment-in-kind (“PIK”) dividend income
Payment-in-kind (“PIK”) dividend income
Payment-in-kind (“PIK”) dividend income
Other income
Other income
Other income	Other income	4,411		5,915		7,417		7,784
Total investment income from non-controlled, non-affiliated investments	Total investment income from non-controlled, non-affiliated investments	353,841		128,921		653,156		199,066
Total investment income from non-controlled, non-affiliated investments
Total investment income from non-controlled, non-affiliated investments
Investment income from non-controlled, affiliated investments:
Investment income from non-controlled, affiliated investments:
Investment income from non-controlled, affiliated investments:	Investment income from non-controlled, affiliated investments:

Dividend income	Dividend income	333		—		333		—

Total investment income from non-controlled, affiliated investments		333		—		333		—
Investment income from controlled, affiliated investments:

Dividend income

Dividend income	Dividend income	10,021		—		16,118		—

Total investment income from non-controlled, affiliated investments

Total investment income from non-controlled, affiliated investments

Total investment income from non-controlled, affiliated investments
Investment income from controlled, affiliated investments:
Investment income from controlled, affiliated investments:
Investment income from controlled, affiliated investments:
Interest income
Interest income
Interest income
Payment-in-kind (“PIK”) interest income
Payment-in-kind (“PIK”) interest income
Payment-in-kind (“PIK”) interest income
Dividend income
Dividend income
Dividend income

Total investment income from controlled, affiliated investments

Total investment income from controlled, affiliated investments

Total investment income from controlled, affiliated investments	Total investment income from controlled, affiliated investments	10,021		—		16,118		—
Total Investment Income	Total Investment Income	364,195		128,921		669,607		199,066
Total Investment Income
Total Investment Income
Operating Expenses
Operating Expenses
Operating Expenses	Operating Expenses

Offering costs	Offering costs	324		1,179		937		2,350

Offering costs

Offering costs
Interest expense
Interest expense
Interest expense	Interest expense	114,551		36,110		204,146		51,481
Management fees	Management fees	18,855		9,348		35,796		14,898
Management fees
Management fees
Performance based incentive fees
Performance based incentive fees
Performance based incentive fees	Performance based incentive fees	27,571		9,483		51,247		14,347
Professional fees	Professional fees	3,146		2,053		5,914		3,334
Directors' fees		259		267		524		549
Professional fees
Professional fees
Directors’ fees
Directors’ fees
Directors’ fees
Shareholder servicing fees
Shareholder servicing fees
Shareholder servicing fees	Shareholder servicing fees	4,893		2,924		9,220		4,886
Other general and administrative	Other general and administrative	1,596		1,197		3,153		2,332
Other general and administrative
Other general and administrative
Total Operating Expenses
Total Operating Expenses
Total Operating Expenses	Total Operating Expenses	171,195		62,561		310,937		94,177

Expense support (Note 3)		—		(2,713)		—		(6,775)

Net Operating Expenses		171,195		59,848		310,937		87,402

Net Investment Income (Loss) Before Taxes	Net Investment Income (Loss) Before Taxes	193,000		69,073		358,670		111,664
Income tax expense (benefit) including excise tax expense (benefit)		1,407		—		1,502		—

Net Investment Income (Loss) Before Taxes

Net Investment Income (Loss) Before Taxes
Income tax expense (benefit), including excise tax expense (benefit)
Income tax expense (benefit), including excise tax expense (benefit)
Income tax expense (benefit), including excise tax expense (benefit)
Net Investment Income (Loss) After Taxes
Net Investment Income (Loss) After Taxes
Net Investment Income (Loss) After Taxes	Net Investment Income (Loss) After Taxes	191,593		69,073		357,168		111,664
Net Realized and Change in Unrealized Gain (Loss)	Net Realized and Change in Unrealized Gain (Loss)
Net Realized and Change in Unrealized Gain (Loss)
Net Realized and Change in Unrealized Gain (Loss)
Net change in unrealized gain (loss):
Net change in unrealized gain (loss):
Net change in unrealized gain (loss):	Net change in unrealized gain (loss):
Non-controlled, non-affiliated investments	Non-controlled, non-affiliated investments	$	12,502	$	(168,229)	$	73,156	$	(191,514)
Non-controlled, non-affiliated investments
Non-controlled, non-affiliated investments
Non-controlled, affiliated investments
Non-controlled, affiliated investments
Non-controlled, affiliated investments	Non-controlled, affiliated investments	50		—		49		—
Controlled, affiliated investments	Controlled, affiliated investments	1,462		—		4,713		—
Controlled, affiliated investments
Controlled, affiliated investments
Translation of assets and liabilities in foreign currencies
Translation of assets and liabilities in foreign currencies
Translation of assets and liabilities in foreign currencies	Translation of assets and liabilities in foreign currencies	209		(701)		347		(873)
Income tax (provision) benefit	Income tax (provision) benefit	—		—		(7)		—
Income tax (provision) benefit
Income tax (provision) benefit
Total Net Change in Unrealized Gain (Loss)
Total Net Change in Unrealized Gain (Loss)
Total Net Change in Unrealized Gain (Loss)	Total Net Change in Unrealized Gain (Loss)	14,223		(168,930)		78,258		(192,387)
Net realized gain (loss):	Net realized gain (loss):
Net realized gain (loss):
Net realized gain (loss):
Non-controlled, non-affiliated investments	Non-controlled, non-affiliated investments	(2,601)		109		(7,178)		359
Non-controlled, affiliated investments		—		—		—		—
Controlled, affiliated investments		—		—		—		—
Non-controlled, non-affiliated investments
Non-controlled, non-affiliated investments

Foreign currency transactions

Foreign currency transactions

Foreign currency transactions	Foreign currency transactions	(60)		22		(60)		209
Total Net Realized Gain (Loss)	Total Net Realized Gain (Loss)	(2,661)		131		(7,238)		568
Total Net Realized Gain (Loss)
Total Net Realized Gain (Loss)
Total Net Realized and Change in Unrealized Gain (Loss)
Total Net Realized and Change in Unrealized Gain (Loss)
Total Net Realized and Change in Unrealized Gain (Loss)	Total Net Realized and Change in Unrealized Gain (Loss)	11,562		(168,799)		71,020		(191,819)
Total Net Increase (Decrease) in Net Assets Resulting from Operations	Total Net Increase (Decrease) in Net Assets Resulting from Operations	$	203,155	$	(99,726)	$	428,188	$	(80,155)
Total Net Increase (Decrease) in Net Assets Resulting from Operations
Total Net Increase (Decrease) in Net Assets Resulting from Operations
Net Increase (Decrease) in Net Assets Resulting from Operations - Class S Common Stock
Net Increase (Decrease) in Net Assets Resulting from Operations - Class S Common Stock
Net Increase (Decrease) in Net Assets Resulting from Operations - Class S Common Stock	Net Increase (Decrease) in Net Assets Resulting from Operations - Class S Common Stock	$	68,006	$	(36,762)	$	143,663	$	(30,601)
Net Increase (Decrease) in Net Assets Resulting from Operations - Class D Common Stock	Net Increase (Decrease) in Net Assets Resulting from Operations - Class D Common Stock	$	17,233	$	(8,956)	$	36,023	$	(6,998)
Net Increase (Decrease) in Net Assets Resulting from Operations - Class D Common Stock
Net Increase (Decrease) in Net Assets Resulting from Operations - Class D Common Stock
Net Increase (Decrease) in Net Assets Resulting from Operations - Class I Common Stock
Net Increase (Decrease) in Net Assets Resulting from Operations - Class I Common Stock
Net Increase (Decrease) in Net Assets Resulting from Operations - Class I Common Stock	Net Increase (Decrease) in Net Assets Resulting from Operations - Class I Common Stock	$	117,916	$	(54,008)	$	248,502	$	(42,556)
Earnings Per Share - Basic and Diluted of Class S Common Stock	Earnings Per Share - Basic and Diluted of Class S Common Stock	$	0.29	$	(0.26)	$	0.65	$	(0.26)
Earnings Per Share - Basic and Diluted of Class S Common Stock
Earnings Per Share - Basic and Diluted of Class S Common Stock
Weighted Average Shares of Class S Common Stock Outstanding - Basic and Diluted
Weighted Average Shares of Class S Common Stock Outstanding - Basic and Diluted
Weighted Average Shares of Class S Common Stock Outstanding - Basic and Diluted	Weighted Average Shares of Class S Common Stock Outstanding - Basic and Diluted	233,305,828		139,449,179		221,466,999		116,093,069
Earnings Per Share - Basic and Diluted of Class D Common Stock	Earnings Per Share - Basic and Diluted of Class D Common Stock	$	0.29	$	(0.25)	$	0.65	$	(0.23)
Earnings Per Share - Basic and Diluted of Class D Common Stock
Earnings Per Share - Basic and Diluted of Class D Common Stock
Weighted Average Shares of Class D Common Stock Outstanding - Basic and Diluted
Weighted Average Shares of Class D Common Stock Outstanding - Basic and Diluted
Weighted Average Shares of Class D Common Stock Outstanding - Basic and Diluted	Weighted Average Shares of Class D Common Stock Outstanding - Basic and Diluted	59,122,097		36,329,375		55,532,022		30,964,275
Earnings Per Share - Basic and Diluted of Class I Common Stock	Earnings Per Share - Basic and Diluted of Class I Common Stock	$	0.29	$	(0.25)	$	0.65	$	(0.24)
Earnings Per Share - Basic and Diluted of Class I Common Stock
Earnings Per Share - Basic and Diluted of Class I Common Stock
Weighted Average Shares of Class I Common Stock Outstanding - Basic and Diluted	Weighted Average Shares of Class I Common Stock Outstanding - Basic and Diluted	404,528,122		219,206,555		383,084,074		176,900,067
Weighted Average Shares of Class I Common Stock Outstanding - Basic and Diluted
Weighted Average Shares of Class I Common Stock Outstanding - Basic and Diluted

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

Blue Owl Credit Income Corp.

Consolidated ~~Schedule~~Schedules of Investments

As of ~~June 30, 2023~~March 31, 2024

(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		Percentage of Net Assets

Non-controlled/non-affiliated portfolio company investments
Debt Investments(5)
Advertising and media
Broadcast Music, Inc.(7)	First lien senior secured loan	SR +	5.75%	02/2030	34,490	$	33,643	$	33,628	0.3	%
Broadcast Music, Inc.(7)(16)(17)	First lien senior secured revolving loan	SR +	5.75%	02/2030	—	(153)		(157)		0.0	%
Circana Group, L.P. (fka The NPD Group, L.P.)(7)	First lien senior secured loan	SR +	6.25% (2.75% PIK)	12/2028	229,434	225,786		228,287		2.2	%
Circana Group, L.P. (fka The NPD Group, L.P.)(6)(16)	First lien senior secured revolving loan	SR +	5.75%	12/2027	7,990	7,794		7,918		0.1	%
Fleet U.S. Bidco Inc. (dba Argus Media)(6)(22)	First lien senior secured loan	SR +	3.25%	02/2031	15,000	14,926		15,000		0.1	%
Global Music Rights, LLC(7)	First lien senior secured loan	SR +	5.50%	08/2030	162,875	160,118		162,875		1.6	%

Global Music Rights, LLC(7)(16)(17)	First lien senior secured revolving loan	SR +	5.50%	08/2029	—	(183)		—		0.0	%
Monotype Imaging Holdings Inc.(7)	First lien senior secured loan	SR +	5.50%	02/2031	168,328	167,076		167,015		1.6	%
Monotype Imaging Holdings Inc.(7)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	5.50%	02/2026	—	(52)		(4)		0.0	%
Monotype Imaging Holdings Inc.(7)(16)(17)	First lien senior secured revolving loan	SR +	5.50%	02/2030	—	(155)		(164)		0.0	%
						608,800		614,398		5.9	%
Aerospace and defense
Bleriot US Bidco, Inc.(7)(21)	First lien senior secured loan	SR +	4.00%	10/2028	11,831	$	11,775	$	11,868	0.1	%
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(6)(21)	First lien senior secured loan	SR +	3.50%	08/2028	12,935	12,935		12,949		0.1	%

ManTech International Corporation(7)	First lien senior secured loan	SR +	5.75%	09/2029	13,598	13,370		13,598		0.1	%
ManTech International Corporation(7)(16)(18)	First lien senior secured delayed draw term loan	SR +	5.75%	09/2024	1,187	1,150		1,187		0.0	%
ManTech International Corporation(7)(16)(17)	First lien senior secured revolving loan	SR +	5.75%	09/2028	—	(27)		—		0.0	%
Peraton Corp.(6)(21)	First lien senior secured loan	SR +	3.75%	02/2028	22,471	22,441		22,428		0.2	%
Peraton Corp.(7)(21)	Second lien senior secured loan	SR +	7.75%	02/2029	4,831	4,781		4,839		0.0	%
Transdigm Inc.(7)(21)(22)	First lien senior secured loan	SR +	3.25%	02/2031	9,975	9,950		10,021		0.1	%
						76,375		76,890		0.6	%
Automotive aftermarket
OAC Holdings I Corp. (dba Omega Holdings)(6)	First lien senior secured loan	SR +	5.00%	03/2029	9,027	$	8,887	$	8,914	0.1	%
OAC Holdings I Corp. (dba Omega Holdings)(6)(16)	First lien senior secured revolving loan	SR +	5.00%	03/2028	551	517		519		0.0	%
Power Stop, LLC(7)(20)	First lien senior secured loan	SR +	4.75%	01/2029	29,398	29,178		26,752		0.3	%
						38,582		36,185		0.4	%
Automotive services
Holley Inc.(6)(21)	First lien senior secured loan	SR +	3.75%	11/2028	2,276	$	2,265	$	2,249	0.0	%
Mavis Tire Express Services Topco Corp.(6)(21)	First lien senior secured loan	SR +	3.75%	05/2028	22,246	22,246		22,262		0.2	%
Mister Car Wash Holdings, Inc.(6)(21)	First lien senior secured loan	SR +	3.00%	03/2031	5,000	5,000		5,009		0.0	%
Spotless Brands, LLC(6)	First lien senior secured loan	SR +	6.50%	07/2028	53,758	52,928		53,624		0.4	%


Spotless Brands, LLC(6)(16)(17)	First lien senior secured revolving loan	SR +	6.50%	07/2028	—	(21)		(4)		0.0	%

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
Global Music Rights, LLC(10) First lien senior secured loan SR + 5.75% 08/2028 $ 83,109 $ 81,800 $ 83,108 1.2 %
Global Music Rights, LLC(10)(17)(18) First lien senior secured revolving loan SR + 5.75% 08/2027 — (104) — 0.0 %
Circana Group, L.P. (fka The NPD Group, L.P.)(9) First lien senior secured loan SR + 6.25% (2.75% PIK) 12/2028 226,154 222,043 223,327 3.3 %
Circana Group, L.P. (fka The NPD Group, L.P.)(9)(17) First lien senior secured revolving loan SR + 5.75% 12/2027 1,141 906 963 0.0 %
310,404 304,645 307,398 4.5 %
Aerospace and defense
Bleriot US Bidco Inc.(10)(22) First lien senior secured loan SR + 4.00% 10/2026 $ 5,070 $ 5,070 $ 5,063 0.1 %
ManTech International Corporation(10) First lien senior secured loan SR + 5.75% 09/2029 14,110 13,851 13,969 0.2 %
ManTech International Corporation(10)(17)(18)(19) First lien senior secured delayed draw term loan SR + 5.75% 09/2024 — (30) — 0.0 %
ManTech International Corporation(10)(17)(18) First lien senior secured revolving loan SR + 5.75% 09/2028 — (31) (18) 0.0 %
Peraton Corp.(9)(22) First lien senior secured loan SR + 3.75% 02/2028 14,669 14,647 14,383 0.2 %
Peraton Corp.(10)(22) Second lien senior secured loan SR + 7.75% 02/2029 4,854 4,798 4,695 0.1 %
38,703 38,305 38,092 0.6 %
Automotive
Holley Inc.(10)(22) First lien senior secured loan SR + 3.75% 11/2028 $ 2,335 $ 2,322 $ 1,989 0.0 %
Mavis Tire Express Services Topco Corp.(9)(22) First lien senior secured loan SR + 4.00% 05/2028 9,800 9,764 9,702 0.1 %
OAC Holdings I Corp. (dba Omega Holdings)(11) First lien senior secured loan SR + 5.00% 03/2029 9,096 8,939 8,823 0.1 %
OAC Holdings I Corp. (dba Omega Holdings)(10)(17) First lien senior secured revolving loan SR + 5.00% 03/2028 1,838 1,797 1,760 0.0 %
Power Stop, LLC(6)(21) First lien senior secured loan L + 4.75% 01/2029 29,625 29,377 24,441 0.4 %
Spotless Brands, LLC(10) First lien senior secured loan SR + 6.50% 07/2028 54,030 53,083 53,491 0.9 %
Spotless Brands, LLC(10)(17)(18) First lien senior secured revolving loan SR + 6.50% 07/2028 — (25) (15) 0.0 %
106,724 105,257 100,191 1.5 %
Asset based lending and fund finance
Hg Genesis 9 Sumoco Ltd.(13)(23) Unsecured facility E + 7.00% PIK 03/2027 $ 133,034 $ 133,553 $ 133,034 2.0 %
Hg Saturn LuchaCo Ltd.(14)(23) Unsecured facility S + 7.50% PIK 03/2026 2,112 2,249 2,091 0.0 %
135,146 135,802 135,125 2.0 %
Buildings and real estate
Associations, Inc.(10) First lien senior secured loan SR + 6.50% (2.50% PIK) 07/2027 $ 106,000 $ 105,087 $ 105,205 1.6 %
Associations, Inc.(10)(17)(18) First lien senior secured revolving loan SR + 6.50% 07/2027 — (32) (24) 0.0 %
Associations, Inc.(11)(17)(19) First lien senior secured delayed draw term loan SR + 6.50% (2.50% PIK) 06/2024 39,630 39,148 39,172 0.6 %

Blue Owl Credit Income Corp.

Consolidated ~~Schedule~~Schedules of Investments (Continued)

As of ~~June 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(20)(29) Investment Interest Maturity
Date Par /
Units Amortized
Cost(4)(25) Fair
Value Percentage
of Net
Assets
CoreLogic Inc.(6)(22) First lien senior secured loan L + 3.50% 06/2028 36,856 36,246 33,226 0.5 %
Cushman & Wakefield U.S. Borrower, LLC(9)(22) First lien senior secured loan SR + 2.75% 08/2025 10,000 9,910 9,900 0.1 %
Dodge Construction Network, LLC(10) First lien senior secured loan SR + 4.75% 02/2029 17,028 16,812 13,622 0.2 %
RealPage, Inc.(9)(22) First lien senior secured loan SR + 3.00% 04/2028 14,131 14,117 13,810 0.2 %
RealPage, Inc.(9)(22) Second lien senior secured loan SR + 6.50% 04/2029 27,500 27,167 26,559 0.4 %
Wrench Group LLC(10) First lien senior secured loan SR + 4.50% 04/2026 17,000 16,690 16,830 0.3 %
Wrench Group LLC(10)(22) First lien senior secured loan SR + 4.00% 04/2026 10,491 10,374 10,364 0.2 %
278,636 275,519 268,664 4.1 %
Business services
Access CIG, LLC(9) Second lien senior secured loan SR + 7.75% 02/2026 $ 2,385 $ 2,381 $ 2,379 0.0 %
BrightView Landscapes, LLC(10)(22) First lien senior secured loan SR + 3.25% 04/2029 9,306 9,004 9,149 0.1 %
Capstone Acquisition Holdings, Inc.(9) First lien senior secured loan SR + 4.75% 11/2027 9,949 9,878 9,924 0.1 %
ConnectWise, LLC(6)(22) First lien senior secured loan L + 3.50% 09/2028 29,851 29,909 29,013 0.4 %
CoolSys, Inc.(10)(22) First lien senior secured loan SR + 4.75% 08/2028 7,534 6,997 6,897 0.1 %
CoolSys, Inc.(10)(17)(19)(22) First lien senior secured delayed draw term loan SR + 4.75% 08/2023 640 539 521 0.0 %
CoreTrust Purchasing Group LLC(9) First lien senior secured loan SR + 6.75% 10/2029 96,906 95,114 95,937 1.4 %
CoreTrust Purchasing Group LLC(9)(17)(18)(19) First lien senior secured delayed draw term loan SR + 6.75% 09/2024 — (63) — 0.0 %
CoreTrust Purchasing Group LLC(9)(17)(18) First lien senior secured revolving loan SR + 6.75% 10/2029 — (240) (142) 0.0 %
Denali BuyerCo, LLC (dba Summit Companies)(7) First lien senior secured loan L + 5.75% 09/2028 198,751 196,063 197,758 2.9 %
Denali BuyerCo, LLC (dba Summit Companies)(7)(17)(18) First lien senior secured revolving loan L + 5.75% 09/2027 — (90) (50) 0.0 %
Diamondback Acquisition, Inc. (dba Sphera)(9) First lien senior secured loan SR + 5.50% 09/2028 47,108 46,362 46,402 0.7 %
Diamondback Acquisition, Inc. (dba Sphera)(9)(17)(18)(19) First lien senior secured delayed draw term loan SR + 5.50% 09/2023 — (71) (48) 0.0 %
Entertainment Benefits Group, LLC(9) First lien senior secured loan SR + 4.75% 05/2028 74,646 74,022 74,646 1.1 %
Entertainment Benefits Group, LLC(9)(17) First lien senior secured revolving loan SR + 4.75% 04/2027 1,933 1,845 1,933 0.0 %
Fullsteam Operations, LLC(10) First lien senior secured loan SR + 7.50% (3.00% PIK) 10/2027 83,701 82,032 84,538 1.3 %
Hercules Borrower, LLC (dba The Vincit Group)(10) First lien senior secured loan SR + 6.25% 12/2026 804 796 804 0.0 %
Hercules Borrower, LLC (dba The Vincit Group)(10) First lien senior secured loan SR + 5.50% 12/2026 2,182 2,166 2,165 0.0 %
Hercules Borrower, LLC (dba The Vincit Group)(10)(17)(19) First lien senior secured delayed draw term loan SR + 5.50% 09/2023 13,033 12,930 12,935 0.2 %
Hercules Borrower, LLC (dba The Vincit Group)(10)(17) First lien senior secured revolving loan SR + 6.25% 12/2026 10 9 10 0.0 %
Hercules Buyer, LLC (dba The Vincit Group)(16)(28) Unsecured notes 0.48% PIK 12/2029 24 24 27 0.0 %


Company(1)(2)(3)(19)(28)	Investment	Interest		Maturity Date	Par/Units		Amortized Cost(4)(24)		Fair Value		Percentage of Net Assets

Wand Newco 3, Inc. (dba Caliber )(6)(21)	First lien senior secured loan	SR +	3.75%	01/2031	17,500		17,456		17,540		0.2	%
							99,874		100,680		0.8	%
Asset based lending and fund finance
Hg Genesis 9 Sumoco Limited(11)(22)	Unsecured facility	E +	7.00% PIK	03/2027	€	132,188	$	144,812	$	142,763	1.4	%
Hg Saturn Luchaco Limited(13)(22)	Unsecured facility	SA +	7.50% PIK	03/2026	£	1,640	2,194		2,072		0.0	%
							147,006		144,835		1.4	%
Buildings and real estate
Associations, Inc.(7)	First lien senior secured loan	SR +	6.50% (2.50% PIK)	07/2027	130,870		$	129,878	$	130,870	1.3	%

Associations, Inc.(7)(16)	First lien senior secured revolving loan	SR +	6.50%	07/2027	2,479		2,453		2,479		0.0	%

Associations, Inc.(7)(16)(18)	First lien senior secured delayed draw term loan	SR +	6.50% (2.50% PIK)	06/2024	61,268		60,878		61,268		0.6	%
CoreLogic Inc.(6)(21)	First lien senior secured loan	SR +	3.50%	06/2028	36,575		36,041		35,686		0.4	%
Cushman & Wakefield U.S. Borrower, LLC(6)(21)	First lien senior secured loan	SR +	2.75%	08/2025	914		904		911		0.0	%
Dodge Construction Network, LLC(7)	First lien senior secured loan	SR +	4.75%	02/2029	16,899		16,707		13,687		0.1	%
RealPage, Inc.(6)(21)	Second lien senior secured loan	SR +	6.50%	04/2029	27,500		27,198		27,202		0.3	%
RealPage, Inc.(6)(21)	First lien senior secured loan	SR +	3.00%	04/2028	14,023		14,011		13,633		0.1	%
Wrench Group LLC(7)(21)	First lien senior secured loan	SR +	4.00%	10/2028	27,351		27,286		27,419		0.3	%
							315,356		313,155		3.1	%
Business services
Access CIG, LLC(6)(21)	First lien senior secured loan	SR +	5.00%	08/2028	79,600		$	77,804	$	79,584	0.8	%



Boxer Parent Company Inc. (f/k/a BMC)(6)(21)	First lien senior secured loan	SR +	4.25%	12/2028	49,875		49,376		50,154		0.5	%
BrightView Landscapes, LLC(7)(21)	First lien senior secured loan	SR +	3.00%	04/2029	5,781		5,613		5,781		0.1	%
Capstone Acquisition Holdings, Inc.(6)	First lien senior secured loan	SR +	4.75%	11/2027	9,873		9,812		9,873		0.1	%

ConnectWise, LLC(7)(21)	First lien senior secured loan	SR +	3.50%	09/2028	29,624		29,675		29,597		0.3	%
Conservice Midco, LLC(6)(21)	First lien senior secured loan	SR +	4.00%	05/2027	1,995		1,995		1,999		0.0	%
CoolSys, Inc.(7)(21)	First lien senior secured loan	SR +	4.75%	08/2028	13,843		12,951		13,549		0.1	%
CoreTrust Purchasing Group LLC(6)	First lien senior secured loan	SR +	6.50%	10/2029	96,176		94,549		95,934		0.9	%
CoreTrust Purchasing Group LLC(6)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	6.75%	09/2024	—		(56)		—		0.0	%
CoreTrust Purchasing Group LLC(6)(16)(17)	First lien senior secured revolving loan	SR +	6.75%	10/2029	—		(197)		(35)		0.0	%
Denali BuyerCo, LLC (dba Summit Companies)(7)	First lien senior secured loan	SR +	5.50%	09/2028	197,240		194,917		197,240		1.9	%


Denali BuyerCo, LLC (dba Summit Companies)(7)(16)(17)	First lien senior secured revolving loan	SR +	5.50%	09/2027	—		(74)		—		0.0	%
Diamondback Acquisition, Inc. (dba Sphera)(6)	First lien senior secured loan	SR +	5.50%	09/2028	46,749		46,091		46,280		0.5	%
Entertainment Benefits Group, LLC(6)	First lien senior secured loan	SR +	5.25%	09/2025	73,327		73,110		73,693		0.7	%
Entertainment Benefits Group, LLC(6)(16)	First lien senior secured revolving loan	SR +	5.25%	09/2025	4,640		4,569		4,663		0.0	%
Fullsteam Operations, LLC(7)	First lien senior secured loan	SR +	8.25%	11/2029	8,938		8,679		8,938		0.1	%
Fullsteam Operations, LLC(7)(16)(18)	First lien senior secured delayed draw term loan	SR +	8.25%	05/2025	1,765		1,700		1,765		0.0	%

Blue Owl Credit Income Corp.

Consolidated ~~Schedule~~Schedules of Investments (Continued)

As of ~~June 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(20)(29) Investment Interest Maturity
Date Par /
Units Amortized
Cost(4)(25) Fair
Value Percentage
of Net
Assets
Kaseya Inc.(9) First lien senior secured loan SR + 6.25% (2.50% PIK) 06/2029 71,717 70,439 71,538 1.1 %
Kaseya Inc.(9)(17)(19) First lien senior secured delayed draw term loan SR + 6.25% (2.50% PIK) 06/2024 265 225 265 0.0 %
Kaseya Inc.(9)(17) First lien senior secured revolving loan SR + 6.25% (2.50% PIK) 06/2029 1,085 1,011 1,075 0.0 %
KPSKY Acquisition, Inc. (dba BluSky)(10) First lien senior secured loan SR + 5.50% 10/2028 83,782 82,437 82,525 1.2 %
KPSKY Acquisition, Inc. (dba BluSky)(10)(17)(19) First lien senior secured delayed draw term loan SR + 5.50% 06/2024 10,401 10,144 10,202 0.2 %
Packers Holdings, LLC(9)(22) First lien senior secured loan SR + 3.25% 03/2028 25,987 25,873 17,926 0.3 %
Ping Identity Holding Corp.(9) First lien senior secured loan SR + 7.00% 10/2029 21,818 21,514 21,600 0.3 %
Ping Identity Holding Corp.(9)(17)(18) First lien senior secured revolving loan SR + 7.00% 10/2028 — (29) (22) 0.0 %
793,818 781,221 779,907 11.4 %
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(6)(22) First lien senior secured loan L + 4.00% 11/2027 $ 13,832 $ 13,615 $ 13,324 0.2 %
Aruba Investments Holdings LLC (dba Angus Chemical Company)(6) Second lien senior secured loan L + 7.75% 11/2028 40,137 40,126 35,321 0.5 %
Cyanco Intermediate 2 Corp.(9) First lien senior secured loan SR + 4.75% 07/2028 22,000 21,340 21,340 0.3 %
Douglas Products and Packaging Company LLC(10) First lien senior secured loan SR + 7.00% 06/2025 24,310 24,115 24,188 0.4 %
Douglas Products and Packaging Company LLC(15)(17) First lien senior secured revolving loan P + 6.00% 06/2025 320 295 304 0.0 %
Gaylord Chemical Company, L.L.C.(10) First lien senior secured loan SR + 6.00% 03/2027 101,996 101,239 101,996 1.5 %
Gaylord Chemical Company, L.L.C.(10)(17)(18) First lien senior secured revolving loan SR + 6.00% 03/2026 — (24) — 0.0 %
Nouryon Finance B.V.(10)(22)(23) First lien senior secured loan SR + 4.00% 04/2028 3,000 2,993 2,969 0.0 %
Nouryon Finance B.V.(10)(22)(23) First lien senior secured loan SR + 2.75% 10/2025 4,983 4,867 4,977 0.1 %
Velocity HoldCo III Inc. (dba VelocityEHS)(10) First lien senior secured loan SR + 5.75% 04/2027 2,311 2,275 2,311 0.0 %
Velocity HoldCo III Inc. (dba VelocityEHS)(9)(17) First lien senior secured revolving loan SR + 5.75% 04/2026 94 93 94 0.0 %
212,983 210,934 206,824 3.0 %
Consumer products
ConAir Holdings LLC(7) Second lien senior secured loan L + 7.50% 05/2029 $ 32,500 $ 32,077 $ 30,550 0.5 %
Foundation Consumer Brands, LLC(10) First lien senior secured loan SR + 6.25% 02/2027 48,041 48,051 48,041 0.7 %
Foundation Consumer Brands, LLC(10) First lien senior secured loan SR + 6.25% 02/2027 60,000 58,204 60,000 0.9 %
Lignetics Investment Corp.(10) First lien senior secured loan SR + 6.00% 11/2027 84,859 84,047 83,798 1.2 %
Lignetics Investment Corp.(11)(17) First lien senior secured revolving loan SR + 6.00% 10/2026 11,088 10,993 10,945 0.2 %
Olaplex, Inc.(9)(22)(23) First lien senior secured loan SR + 3.50% 02/2029 49,434 48,705 46,097 0.7 %
SWK BUYER, Inc. (dba Stonewall Kitchen)(11) First lien senior secured loan SR + 5.25% 03/2029 59,374 58,381 56,999 0.9 %


Company(1)(2)(3)(19)(28)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(24)		Fair Value		Percentage of Net Assets

Fullsteam Operations, LLC(7)(16)(18)	First lien senior secured delayed draw term loan	SR +	8.25%	11/2025	346	323		346		0.0	%
Fullsteam Operations, LLC(7)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	7.00%	08/2025	—	(37)		(38)		0.0	%
Fullsteam Operations, LLC(7)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	7.00%	02/2026	—	(9)		(9)		0.0	%
Fullsteam Operations, LLC(7)(16)(17)	First lien senior secured revolving loan	SR +	8.25%	11/2029	—	(14)		—		0.0	%
Hercules Borrower, LLC (dba The Vincit Group)(7)	First lien senior secured loan	SR +	6.25%	12/2026	797	791		797		0.0	%
Hercules Borrower, LLC (dba The Vincit Group)(7)	First lien senior secured loan	SR +	5.50%	12/2026	2,165	2,153		2,165		0.0	%
Hercules Borrower, LLC (dba The Vincit Group)(7)	First lien senior secured delayed draw term loan	SR +	5.50%	12/2026	12,934	12,857		12,934		0.1	%
Hercules Borrower, LLC (dba The Vincit Group)(7)(16)(17)	First lien senior secured revolving loan	SR +	6.25%	12/2026	—	(1)		—		0.0	%
Hercules Buyer, LLC (dba The Vincit Group)(15)(27)	Unsecured notes		0.48% PIK	12/2029	24	24		27		0.0	%





Kaseya Inc.(7)	First lien senior secured loan	SR +	6.00% (2.50% PIK)	06/2029	72,792	71,640		72,791		0.7	%
Kaseya Inc.(7)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	5.50%	06/2025	—	(33)		—		0.0	%
Kaseya Inc.(7)	First lien senior secured delayed draw term loan	SR +	5.50%	06/2029	269	267		269		0.0	%
Kaseya Inc.(6)(16)	First lien senior secured revolving loan	SR +	5.50%	06/2029	1,097	1,033		1,097		0.0	%
KPSKY Acquisition, Inc. (dba BluSky)(7)	First lien senior secured loan	SR +	5.25%	10/2028	101,964	100,530		101,199		1.0	%


KPSKY Acquisition, Inc. (dba BluSky)(7)(16)(18)	First lien senior secured delayed draw term loan	SR +	5.75%	11/2025	73	16		73		0.0	%
Packers Holdings, LLC(6)(21)	First lien senior secured loan	SR +	3.25%	03/2028	16,534	16,443		10,479		0.1	%
Ping Identity Holding Corp.(6)	First lien senior secured loan	SR +	7.00%	10/2029	21,818	21,540		21,818		0.2	%
Ping Identity Holding Corp.(6)(16)(17)	First lien senior secured revolving loan	SR +	7.00%	10/2028	—	(25)		—		0.0	%
POLARIS PURCHASER, INC. (dba Plusgrade)(7)(22)	First lien senior secured loan	SR +	4.50%	03/2031	27,500	27,230		27,225		0.3	%
						865,242		870,188		8.4	%
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(6)(21)	First lien senior secured loan	SR +	4.00%	11/2027	19,212	$	18,950	$	19,141	0.2	%
Aruba Investments Holdings LLC (dba Angus Chemical Company)(6)	Second lien senior secured loan	SR +	7.75%	11/2028	40,137	40,127		39,736		0.4	%
Cyanco Intermediate 2 Corp.(6)(21)	First lien senior secured loan	SR +	4.75%	07/2028	18,747	18,240		18,802		0.2	%
Derby Buyer LLC (dba Delrin)(6)(21)	First lien senior secured loan	SR +	4.25%	11/2030	65,000	63,053		65,344		0.6	%
Gaylord Chemical Company, L.L.C.(7)	First lien senior secured loan	SR +	6.00%	03/2027	101,211	100,588		100,958		1.0	%

Gaylord Chemical Company, L.L.C.(7)(16)(17)	First lien senior secured revolving loan	SR +	6.00%	03/2026	—	(18)		(10)		0.0	%

Nouryon Finance B.V.(6)(21)(22)	First lien senior secured loan	SR +	4.00%	04/2028	2,978	2,971		2,982		0.0	%
Nouryon Finance B.V.(7)(21)(22)	First lien senior secured loan	SR +	4.00%	10/2025	15,891	15,706		15,930		0.2	%
Velocity HoldCo III Inc. (dba VelocityEHS)(7)	First lien senior secured loan	SR +	5.75%	04/2027	2,294	2,264		2,294		0.0	%
Velocity HoldCo III Inc. (dba VelocityEHS)(7)(16)	First lien senior secured revolving loan	SR +	5.75%	04/2026	18	16		18		0.0	%

Blue Owl Credit Income Corp.

Consolidated ~~Schedule~~Schedules of Investments (Continued)

As of ~~June 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(20)(29) Investment Interest Maturity
Date Par /
Units Amortized
Cost(4)(25) Fair
Value Percentage
of Net
Assets
SWK BUYER, Inc. (dba Stonewall Kitchen)(11)(17) First lien senior secured revolving loan SR + 5.25% 03/2029 5,161 5,070 4,937 0.1 %
350,457 345,528 341,367 5.2 %
Containers and packaging
Ascend Buyer, LLC (dba PPC Flexible Packaging)(10) First lien senior secured loan SR + 6.40% 10/2028 $ 49,453 $ 49,057 $ 49,453 0.7 %
Ascend Buyer, LLC (dba PPC Flexible Packaging)(10)(17)(18) First lien senior secured revolving loan SR + 6.40% 09/2027 — (36) — 0.0 %
Ascend Buyer, LLC (dba PPC Flexible Packaging)(10) First lien senior secured loan SR + 6.40% 10/2028 30,540 29,984 30,540 0.5 %
Ascend Buyer, LLC (dba PPC Flexible Packaging)(10) First lien senior secured loan SR + 6.75% 09/2028 8,955 8,787 8,955 0.1 %
Berlin Packaging L.L.C.(7)(22) First lien senior secured loan L + 3.75% 03/2028 14,933 14,584 14,663 0.2 %
BW Holding, Inc.(10) First lien senior secured loan SR + 4.00% 12/2028 14,005 13,848 12,768 0.2 %
Charter NEX US, Inc.(9)(22) First lien senior secured loan SR + 3.75% 12/2027 34,690 34,251 34,388 0.5 %
Five Star Lower Holding LLC(11)(22) First lien senior secured loan SR + 4.25% 05/2029 21,711 21,448 21,377 0.3 %
Fortis Solutions Group, LLC(10) First lien senior secured loan SR + 5.50% 10/2028 67,302 66,204 65,787 1.0 %
Fortis Solutions Group, LLC(10)(17) First lien senior secured revolving loan SR + 5.50% 10/2027 900 803 748 0.0 %
Indigo Buyer, Inc. (dba Inovar Packaging Group)(10) First lien senior secured loan SR + 6.25% 05/2028 113,316 112,329 113,316 1.7 %
Indigo Buyer, Inc. (dba Inovar Packaging Group)(10)(17) First lien senior secured revolving loan SR + 6.25% 05/2028 2,117 2,013 2,117 0.0 %
Pregis Topco LLC(9)(21)(22) First lien senior secured loan SR + 3.75% 07/2026 6,951 6,787 6,898 0.1 %
Pregis Topco LLC(6) Second lien senior secured loan L + 6.75% 08/2029 30,000 30,000 29,850 0.4 %
Pregis Topco LLC(6) Second lien senior secured loan L + 7.75% 08/2029 2,500 2,500 2,500 0.0 %
Ring Container Technologies Group, LLC(9)(22) First lien senior secured loan SR + 3.50% 08/2028 16,168 16,124 16,084 0.2 %
Tricorbraun Holdings, Inc.(9)(22) First lien senior secured loan SR + 3.25% 03/2028 17,463 17,077 16,978 0.3 %
431,004 425,760 426,422 6.2 %
Distribution
ABB/Con-cise Optical Group LLC(10) First lien senior secured loan SR + 7.50% 02/2028 $ 33,223 $ 32,812 $ 32,476 0.5 %
Aramsco, Inc.(9) First lien senior secured loan SR + 5.75% 08/2025 30,823 30,661 30,823 0.5 %
Aramsco, Inc.(9)(17)(18) First lien senior secured revolving loan SR + 5.75% 08/2025 — (15) — 0.0 %
Aramsco, Inc.(9)(17)(19) First lien senior secured delayed draw term loan SR + 5.75% 04/2024 2,205 2,142 2,205 0.0 %
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(9)(22) First lien senior secured loan SR + 4.75% 12/2028 54,992 54,452 54,794 0.8 %
Dealer Tire, LLC(9)(22) First lien senior secured loan SR + 4.50% 12/2027 5,023 5,029 4,998 0.1 %
Dealer Tire, LLC(16)(21)(22) Unsecured notes 8.00% 02/2028 56,120 55,022 51,372 0.8 %
Formerra, LLC(10) First lien senior secured loan SR + 7.25% 11/2028 5,237 5,080 5,119 0.1 %
Formerra, LLC(10)(17)(19) First lien senior secured delayed draw term loan SR + 7.25% 11/2023 157 151 153 0.0 %


Company(1)(2)(3)(19)(28)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(24)		Fair Value		Percentage of Net Assets

						261,897		265,195		2.6	%
Consumer products
ConAir Holdings LLC(6)	Second lien senior secured loan	SR +	7.50%	05/2029	30,518	$	30,157	$	30,365	0.3	%
Foundation Consumer Brands, LLC(7)	First lien senior secured loan	SR +	6.25%	02/2027	102,995	101,594		102,995		1.0	%

Lignetics Investment Corp.(7)	First lien senior secured loan	SR +	6.00%	11/2027	96,964	96,120		96,722		0.9	%


Lignetics Investment Corp.(7)(16)	First lien senior secured revolving loan	SR +	6.00%	10/2026	1,529	1,455		1,501		0.0	%
Olaplex, Inc.(6)(21)(22)	First lien senior secured loan	SR +	3.50%	02/2029	49,058	48,414		45,389		0.4	%
SWK BUYER, Inc. (dba Stonewall Kitchen)(7)	First lien senior secured loan	SR +	5.25%	03/2029	58,924	58,037		57,009		0.6	%
SWK BUYER, Inc. (dba Stonewall Kitchen)(7)(16)(17)	First lien senior secured revolving loan	SR +	5.25%	03/2029	—	(79)		(181)		0.0	%
						335,698		333,800		3.2	%
Containers and packaging
Arctic Holdco, LLC (dba Novvia Group)(7)	First lien senior secured loan	SR +	6.00%	12/2026	13,495	$	13,250	$	13,292	0.1	%
Arctic Holdco, LLC (dba Novvia Group)(7)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	6.00%	12/2024	—	(173)		(145)		0.0	%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)	First lien senior secured loan	SR +	6.40%	10/2028	49,076	48,725		48,952		0.5	%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(6)(16)	First lien senior secured revolving loan	SR +	6.25%	09/2027	1,702	1,672		1,689		0.0	%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)	First lien senior secured loan	SR +	6.40%	10/2028	30,310	29,818		30,234		0.3	%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)	First lien senior secured loan	SR +	6.75%	09/2028	8,888	8,738		8,888		0.1	%
Berlin Packaging L.L.C.(6)(21)	First lien senior secured loan	SR +	3.75%	03/2028	31,653	31,208		31,672		0.3	%
BW Holding, Inc.(7)(21)	First lien senior secured loan	SR +	4.00%	12/2028	21,672	20,900		20,248		0.2	%
Charter NEX US, Inc.(6)(21)	First lien senior secured loan	SR +	3.50%	12/2027	49,453	49,453		49,527		0.5	%
Five Star Lower Holding LLC(7)(21)	First lien senior secured loan	SR +	4.25%	05/2029	21,547	21,312		21,325		0.2	%
Fortis Solutions Group, LLC(7)	First lien senior secured loan	SR +	5.50%	10/2028	66,789	65,823		65,621		0.6	%

Fortis Solutions Group, LLC(7)(16)	First lien senior secured revolving loan	SR +	5.50%	10/2027	337	258		219		0.0	%
Indigo Buyer, Inc. (dba Inovar Packaging Group)(7)	First lien senior secured loan	SR +	6.25%	05/2028	112,458	111,607		112,178		1.1	%

Indigo Buyer, Inc. (dba Inovar Packaging Group)(7)(16)	First lien senior secured revolving loan	SR +	6.25%	05/2028	7,620	7,532		7,588		0.1	%
Pregis Topco LLC(6)(21)	First lien senior secured loan	SR +	3.75%	07/2026	16,871	16,699		16,886		0.2	%
Pregis Topco LLC(6)	Second lien senior secured loan	SR +	6.75%	08/2029	30,000	30,000		30,000		0.3	%
Pregis Topco LLC(6)	Second lien senior secured loan	SR +	7.75%	08/2029	2,500	2,500		2,500		0.0	%
ProAmpac PG Borrower LLC(7)(21)	First lien senior secured loan	SR +	4.00%	09/2028	39,413	39,413		39,432		0.4	%
Ring Container Technologies Group, LLC(6)(21)	First lien senior secured loan	SR +	3.50%	08/2028	16,045	16,007		16,073		0.2	%
SupplyOne, Inc.(7)	First lien senior secured loan	SR +	4.25%	04/2031	17,500	17,325		17,413		0.2	%
Tricorbraun Holdings, Inc.(6)(21)	First lien senior secured loan	SR +	3.25%	03/2028	32,441	31,771		32,036		0.3	%
						563,838		565,628		5.6	%
Distribution
ABB/Con-cise Optical Group LLC(7)	First lien senior secured loan	SR +	7.50%	02/2028	33,306	$	32,945	$	32,473	0.3	%

Blue Owl Credit Income Corp.

Consolidated ~~Schedule~~Schedules of Investments (Continued)

As of ~~June 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(20)(29) Investment Interest Maturity
Date Par /
Units Amortized
Cost(4)(25) Fair
Value Percentage
of Net
Assets
Formerra, LLC(10)(17) First lien senior secured revolving loan SR + 7.25% 11/2028 47 32 36 0.0 %
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(10) First lien senior secured loan SR + 6.25% 11/2025 1,285 1,275 1,285 0.0 %
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(10) First lien senior secured loan SR + 6.25% 11/2025 62,487 62,102 62,487 0.9 %
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(10) First lien senior secured loan SR + 6.75% 11/2025 1,942 1,926 1,942 0.0 %
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(10) First lien senior secured delayed draw term loan SR + 6.25% 11/2025 36,417 36,167 36,417 0.5 %
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(10)(17)(19) First lien senior secured delayed draw term loan SR + 6.75% 12/2023 1,046 980 1,046 0.0 %
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(10)(17) First lien senior secured revolving loan SR + 6.25% 11/2024 9 8 9 0.0 %
SRS Distribution, Inc.(6)(22) First lien senior secured loan L + 3.50% 06/2028 24,017 23,796 23,317 0.4 %
White Cap Supply Holdings, LLC(9)(22) First lien senior secured loan SR + 3.75% 10/2027 16,542 16,103 16,372 0.2 %
331,572 327,723 324,851 4.8 %
Education
CIG Emerald Holding LLC(9)(23) First lien senior secured loan SR + 5.50% 06/2027 $ 76,000 $ 75,225 $ 75,810 1.1 %
Community Brands ParentCo, LLC(9) First lien senior secured loan SR + 5.50% 02/2028 31,477 30,968 31,162 0.5 %
Community Brands ParentCo, LLC(9)(17)(18)(19) First lien senior secured delayed draw term loan SR + 5.50% 02/2024 — (29) — 0.0 %
Community Brands ParentCo, LLC(9)(17)(18) First lien senior secured revolving loan SR + 5.50% 02/2028 — (29) (19) 0.0 %
Severin Acquisition, LLC (dba Powerschool)(10)(22) First lien senior secured loan SR + 3.00% 08/2025 14,781 14,769 14,766 0.2 %
Sophia, L.P.(9) First lien senior secured loan SR + 4.25% 10/2027 15,037 14,914 14,999 0.2 %
Pluralsight, LLC(10) First lien senior secured loan SR + 8.00% 04/2027 6,255 6,209 6,161 0.1 %
Pluralsight, LLC(10)(17) First lien senior secured revolving loan SR + 8.00% 04/2027 196 194 190 0.0 %
Renaissance Learning, Inc.(10)(22) First lien senior secured loan SR + 4.75% 05/2025 20,000 19,455 19,726 0.3 %
163,746 161,676 162,795 2.4 %
Energy equipment and services
Pike Corp.(9)(22) First lien senior secured loan SR + 3.00% 01/2028 $ 5,991 $ 5,977 $ 5,960 0.1 %
5,991 5,977 5,960 0.1 %
Financial services
Acuris Finance US, Inc. (ION Analytics) (10)(22) First lien senior secured loan SR + 4.00% 02/2028 $ 10,500 $ 10,435 $ 10,354 0.2 %
Adenza Group, Inc.(9) First lien senior secured loan SR + 5.75% 12/2027 34,654 34,391 34,654 0.5 %
Adenza Group, Inc.(9)(17)(18)(19) First lien senior secured delayed draw term loan SR + 5.75% 07/2023 — (7) — 0.0 %
Adenza Group, Inc.(9)(17)(18) First lien senior secured revolving loan SR + 5.75% 12/2025 — (15) — 0.0 %
BTRS Holdings Inc. (dba Billtrust)(10) First lien senior secured loan SR + 8.00% 12/2028 10,850 10,545 10,633 0.2 %


Company(1)(2)(3)(19)(28)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(24)		Fair Value		Percentage of Net Assets

Aramsco, Inc.(7)(21)	First lien senior secured loan	SR +	4.75%	10/2030	44,703	43,809		44,779		0.4	%
Aramsco, Inc.(7)(16)(18)(21)	First lien senior secured delayed draw term loan	SR +	4.75%	10/2025	—	—		—		0.0	%
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(6)(21)	First lien senior secured loan	SR +	4.00%	01/2027	62,217	62,199		62,242		0.6	%
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)(7)	First lien senior secured loan	SR +	6.00%	10/2029	163,693	162,144		162,874		1.6	%
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)(7)(16)(18)	First lien senior secured delayed draw term loan	SR +	6.00%	10/2025	4,420	4,294		4,398		0.0	%
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)(7)(16)(17)	First lien senior secured revolving loan	SR +	6.00%	10/2029	—	(129)		(70)		0.0	%
Dealer Tire Financial, LLC(6)	First lien senior secured loan	SR +	3.75%	12/2027	4,985	4,973		5,010		0.0	%
Dealer Tire Financial, LLC(15)(20)(21)	Unsecured notes		8.00%	02/2028	56,120	55,172		55,974		0.5	%
Endries Acquisition, Inc.(7)	First lien senior secured loan	SR +	5.25%	12/2028	83,912	83,312		83,283		0.8	%
Endries Acquisition, Inc.(7)(16)(18)	First lien senior secured delayed draw term loan	SR +	5.25%	06/2024	17,622	17,474		17,465		0.2	%
Endries Acquisition, Inc.(7)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	5.25%	12/2025	—	(57)		(60)		0.0	%
Formerra, LLC(7)	First lien senior secured loan	SR +	7.25%	11/2028	5,197	5,058		5,145		0.1	%
Formerra, LLC(7)	First lien senior secured delayed draw term loan	SR +	7.25%	11/2028	209	204		207		0.0	%
Formerra, LLC(6)(16)	First lien senior secured revolving loan	SR +	7.25%	11/2028	105	92		100		0.0	%
Foundation Building Materials, Inc.(7)(21)	First lien senior secured loan	SR +	4.00%	11/2028	5,000	4,950		5,018		0.0	%
SRS Distribution, Inc.(6)(21)	First lien senior secured loan	SR +	3.50%	06/2028	23,833	23,642		23,972		0.2	%

White Cap Supply Holdings, LLC(6)(21)	First lien senior secured loan	SR +	3.75%	10/2027	26,361	25,988		26,429		0.3	%
						526,070		529,239		5.0	%
Education
Community Brands ParentCo, LLC(6)	First lien senior secured loan	SR +	5.50%	02/2028	31,238	$	30,799	$	31,002	0.3	%
Community Brands ParentCo, LLC(6)(16)(17)	First lien senior secured revolving loan	SR +	5.50%	02/2028	—	(24)		(14)		0.0	%
Learning Care Group (US) No. 2 Inc.(7)(21)	First lien senior secured loan	SR +	4.75%	08/2028	22,388	22,062		22,383		0.2	%
Pluralsight, LLC(7)	First lien senior secured loan	SR +	8.00%	04/2027	6,255	6,217		5,223		0.1	%
Pluralsight, LLC(7)	First lien senior secured revolving loan	SR +	8.00%	04/2027	392	390		327		0.0	%
Renaissance Learning, Inc.(6)(21)	First lien senior secured loan	SR +	4.25%	04/2030	31,361	31,343		31,402		0.3	%
Severin Acquisition, LLC (dba Powerschool)(7)(21)	First lien senior secured loan	SR +	3.00%	08/2025	14,705	14,640		14,727		0.1	%
Sophia, L.P.(6)(21)	First lien senior secured loan	SR +	3.50%	10/2029	47,961	47,902		48,143		0.5	%
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(7)(21)	First lien senior secured loan	SR +	4.50%	10/2030	15,299	15,138		15,353		0.2	%
						168,467		168,546		1.7	%
Energy equipment and services
Dresser Utility Solutions, LLC(6)	First lien senior secured loan	SR +	5.50%	03/2029	82,910	$	82,092	$	82,080	0.8	%
Dresser Utility Solutions, LLC(6)(16)(18)	First lien senior secured delayed draw term loan	SR +	5.50%	09/2025	—	—		—		0.0	%

Blue Owl Credit Income Corp.

Consolidated ~~Schedule~~Schedules of Investments (Continued)

As of ~~June 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(20)(29) Investment Interest Maturity
Date Par /
Units Amortized
Cost(4)(25) Fair
Value Percentage
of Net
Assets
BTRS Holdings Inc. (dba Billtrust)(10)(17)(19) First lien senior secured delayed draw term loan SR + 8.00% 12/2024 221 221 202 0.0 %
BTRS Holdings Inc. (dba Billtrust)(9)(17) First lien senior secured revolving loan SR + 7.25% 12/2028 405 373 382 0.0 %
Computer Services, Inc. (dba CSI)(10) First lien senior secured loan SR + 6.75% 11/2029 30,424 29,853 30,043 0.4 %
Deerfield Dakota Holdings(10)(22) First lien senior secured loan SR + 3.75% 04/2027 7,959 7,726 7,709 0.1 %
Muine Gall, LLC(8)(23)(27) First lien senior secured loan L + 7.00% PIK 09/2026 47,857 48,154 47,498 0.7 %
NMI Acquisitionco, Inc. (dba Network Merchants)(9) First lien senior secured loan SR + 5.75% 09/2025 5,643 5,609 5,600 0.1 %
NMI Acquisitionco, Inc. (dba Network Merchants)(9) First lien senior secured loan SR + 5.75% 09/2025 2,133 2,128 2,117 0.0 %
NMI Acquisitionco, Inc. (dba Network Merchants)(9) First lien senior secured loan SR + 5.75% 09/2025 150 149 149 0.0 %
NMI Acquisitionco, Inc. (dba Network Merchants)(9) First lien senior secured loan SR + 5.75% 09/2025 505 502 502 0.0 %
NMI Acquisitionco, Inc. (dba Network Merchants)(9)(17)(19) First lien senior secured delayed draw term loan SR + 5.75% 10/2023 1,989 1,967 1,974 0.0 %
NMI Acquisitionco, Inc. (dba Network Merchants)(9)(17)(18) First lien senior secured revolving loan SR + 5.75% 09/2025 — (5) (4) 0.0 %
Smarsh Inc.(11) First lien senior secured loan SR + 6.50% 02/2029 83,048 82,340 82,632 1.2 %
Smarsh Inc.(11)(17)(19) First lien senior secured delayed draw term loan SR + 6.50% 02/2024 10,381 10,203 10,329 0.2 %
Smarsh Inc.(11)(17)(18) First lien senior secured revolving loan SR + 6.50% 02/2029 — (7) (4) 0.0 %
246,719 244,562 244,770 3.6 %
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(10)(22) First lien senior secured loan SR + 4.00% 09/2028 $ 13,790 $ 13,678 $ 13,587 0.2 %
Balrog Acquisition, Inc. (dba BakeMark)(10) Second lien senior secured loan SR + 7.00% 09/2029 6,000 5,958 5,940 0.1 %
CFS Brands, LLC(9) First lien senior secured loan SR + 3.00% 03/2025 44,071 43,132 41,648 0.6 %
Dessert Holdings(7) First lien senior secured loan L + 4.00% 06/2028 19,699 19,619 18,025 0.3 %
Hissho Sushi Merger Sub LLC(10) First lien senior secured loan SR + 5.50% 05/2028 112,549 111,591 112,549 1.7 %
Hissho Sushi Merger Sub LLC(10)(17) First lien senior secured revolving loan SR + 5.50% 05/2028 583 512 583 0.0 %
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(9) First lien senior secured loan SR + 6.25% 03/2027 275,000 270,978 270,189 4.0 %
KBP Brands, LLC(10) First lien senior secured loan SR + 7.00% (1.50% PIK) 05/2027 14,673 14,527 14,416 0.2 %
KBP Brands, LLC(10)(17)(19) First lien senior secured delayed draw term loan SR + 7.00% (1.50% PIK) 12/2023 33,554 33,232 32,954 0.5 %
Naked Juice LLC (dba Tropicana)(10)(22) First lien senior secured loan SR + 3.25% 01/2029 14,230 14,207 13,209 0.2 %
Ole Smoky Distillery, LLC(9) First lien senior secured loan SR + 5.00% 03/2028 24,784 24,373 24,412 0.4 %
Ole Smoky Distillery, LLC(9)(17)(18) First lien senior secured revolving loan SR + 5.00% 03/2028 — (52) (50) 0.0 %
Pegasus BidCo B.V.(10)(23) First lien senior secured loan SR + 4.25% 07/2029 10,448 10,353 10,395 0.2 %


Company(1)(2)(3)(19)(28)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(24)		Fair Value		Percentage of Net Assets

Dresser Utility Solutions, LLC(6)(16)(17)	First lien senior secured revolving loan	SR +	5.50%	03/2029	—	(104)		(106)		0.0	%
Pike Corp.(6)(21)	First lien senior secured loan	SR +	3.00%	01/2028	5,991	5,979		6,007		0.1	%
						87,967		87,981		0.9	%
Financial services
Acuris Finance US, Inc. (ION Analytics) (7)(21)	First lien senior secured loan	SR +	4.00%	02/2028	10,500	$	10,444	$	10,477	0.1	%
Ascensus Holdings, Inc.(6)(21)	First lien senior secured loan	SR +	3.50%	08/2028	11,969	11,881		11,909		0.1	%
Blackhawk Network Holdings, Inc.(6)(21)	First lien senior secured loan	SR +	5.00%	03/2029	75,000	73,500		75,045		0.7	%
Boost Newco Borrower, LLC (dba WorldPay)(7)(21)(22)	First lien senior secured loan	SR +	3.00%	01/2031	25,000	24,882		25,068		0.2	%
BTRS Holdings Inc. (dba Billtrust)(7)	First lien senior secured loan	SR +	8.00%	12/2028	10,850	10,576		10,715		0.1	%
BTRS Holdings Inc. (dba Billtrust)(7)(16)(18)	First lien senior secured delayed draw term loan	SR +	8.00%	12/2024	564	564		552		0.0	%
BTRS Holdings Inc. (dba Billtrust)(7)(16)	First lien senior secured revolving loan	SR +	7.25%	12/2028	579	551		564		0.0	%
Citco Funding LLC(7)(21)(22)	First lien senior secured loan	SR +	3.25%	04/2028	14,925	14,850		14,938		0.1	%
Computer Services, Inc. (dba CSI)(7)	First lien senior secured loan	SR +	5.25%	11/2029	52,920	52,266		52,788		0.5	%


Computer Services, Inc. (dba CSI)(7)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	5.25%	02/2026	—	(62)		—		0.0	%
Deerfield Dakota Holdings(7)(21)	First lien senior secured loan	SR +	3.75%	04/2027	22,912	22,519		22,788		0.2	%
Finastra USA, Inc.(8)(22)	First lien senior secured loan	SR +	7.25%	09/2029	164,763	163,150		163,939		1.6	%
Finastra USA, Inc.(6)(16)(22)	First lien senior secured revolving loan	SR +	7.25%	09/2029	3,167	2,996		3,081		0.0	%
KRIV Acquisition Inc. (dba Riveron)(7)	First lien senior secured loan	SR +	6.50%	07/2029	81,092	78,875		79,470		0.8	%
KRIV Acquisition Inc. (dba Riveron)(7)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	6.50%	07/2025	—	(160)		(61)		0.0	%
KRIV Acquisition Inc. (dba Riveron)(7)(16)(17)	First lien senior secured revolving loan	SR +	6.50%	07/2029	—	(288)		(219)		0.0	%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)	First lien senior secured loan	SR +	5.75%	09/2028	12,272	12,205		12,242		0.1	%





NMI Acquisitionco, Inc. (dba Network Merchants)(6)(16)(17)	First lien senior secured revolving loan	SR +	5.75%	09/2028	—	(3)		(1)		0.0	%
OneDigital Borrower LLC(6)(21)	First lien senior secured loan	SR +	4.25%	11/2027	7,462	7,411		7,453		0.1	%
Saphilux S.a.r.L. (dba IQ-EQ)(7)(22)	First lien senior secured loan	SR +	4.00%	07/2028	24,439	24,439		24,500		0.2	%
Smarsh Inc.(7)	First lien senior secured loan	SR +	5.75%	02/2029	83,048	82,412		83,048		0.8	%
Smarsh Inc.(7)(16)(18)	First lien senior secured delayed draw term loan	SR +	5.75%	02/2025	10,381	10,227		10,381		0.1	%
Smarsh Inc.(6)(16)	First lien senior secured revolving loan	SR +	5.75%	02/2029	332	326		332		0.0	%
Teneo Holdings LLC(6)(21)	First lien senior secured loan	SR +	4.75%	03/2031	15,000	14,850		15,020		0.1	%
USI, Inc.(7)(21)	First lien senior secured loan	SR +	3.25%	09/2030	14,925	14,888		14,931		0.1	%
						633,299		638,960		5.9	%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(6)(21)	First lien senior secured loan	SR +	4.00%	09/2028	13,685	$	13,587	$	13,656	0.1	%
Balrog Acquisition, Inc. (dba BakeMark)(6)	Second lien senior secured loan	SR +	7.00%	09/2029	6,000	5,963		5,999		0.1	%

Blue Owl Credit Income Corp.

Consolidated ~~Schedule~~Schedules of Investments (Continued)

As of ~~June 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(20)(29) Investment Interest Maturity
Date Par /
Units Amortized
Cost(4)(25) Fair
Value Percentage
of Net
Assets
Shearer's Foods, LLC(9)(22) First lien senior secured loan SR + 3.50% 09/2027 39,365 39,364 38,826 0.6 %
Sovos Brands Intermediate, Inc.(7)(22) First lien senior secured loan L + 3.50% 06/2028 10,145 10,137 10,018 0.1 %
Ultimate Baked Goods Midco, LLC(9) First lien senior secured loan SR + 6.25% 08/2027 16,253 15,952 16,049 0.2 %
Ultimate Baked Goods Midco, LLC(9)(17)(18) First lien senior secured revolving loan SR + 6.25% 08/2027 — (34) (25) 0.0 %
635,144 627,527 622,725 9.3 %
Healthcare equipment and services
Canadian Hospital Specialties Ltd.(12)(23) First lien senior secured loan C + 4.50% 04/2028 $ 3,709 $ 3,875 $ 3,636 0.0 %
Canadian Hospital Specialties Ltd.(15)(17)(23) First lien senior secured revolving loan P + 3.50% 04/2027 164 171 146 0.0 %
Confluent Medical Technologies, Inc.(10) First lien senior secured loan SR + 3.75% 02/2029 24,850 24,745 24,477 0.4 %
Confluent Medical Technologies, Inc.(10) Second lien senior secured loan SR + 6.50% 02/2030 46,000 45,194 45,195 0.7 %
Dermatology Intermediate Holdings III, Inc.(10)(22) First lien senior secured loan SR + 4.25% 03/2029 13,038 12,813 12,868 0.2 %
Dermatology Intermediate Holdings III, Inc.(10)(17)(19)(22) First lien senior secured delayed draw term loan SR + 4.25% 04/2024 2,426 2,363 2,394 0.0 %
CSC MKG Topco LLC. (dba Medical Knowledge Group)(9) First lien senior secured loan SR + 5.75% 02/2029 97,220 95,583 95,762 1.4 %
CSC MKG Topco LLC. (dba Medical Knowledge Group)(10) First lien senior secured loan SR + 5.75% 02/2029 3,069 2,980 3,023 0.0 %
Medline Borrower, LP(9)(22) First lien senior secured loan SR + 3.25% 10/2028 24,688 24,591 24,386 0.4 %
Medline Borrower, LP(9)(17)(18) First lien senior secured revolving loan SR + 3.25% 10/2026 — (29) (56) 0.0 %
Natus Medical Inc.(10) First lien senior secured loan SR + 5.50% 07/2029 498 466 473 0.0 %
Packaging Coordinators Midco, Inc.(7)(22) First lien senior secured loan L + 3.50% 11/2027 4,738 4,660 4,663 0.1 %
Packaging Coordinators Midco, Inc.(7) Second lien senior secured loan L + 7.00% 12/2029 53,918 52,470 52,031 0.8 %
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(10)(23) First lien senior secured loan SR + 6.75% 01/2028 50,645 50,035 50,013 0.7 %
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(10)(17)(18)(23) First lien senior secured revolving loan SR + 6.75% 01/2026 — (1) (1) 0.0 %
PERKINELMER U.S. LLC(10) First lien senior secured loan SR + 6.75% 03/2029 78,094 76,589 76,728 1.1 %
Rhea Parent, Inc.(10) First lien senior secured loan SR + 5.75% 02/2029 76,990 75,684 76,220 1.1 %
Zest Acquisition Corp.(9)(21)(22) First lien senior secured loan SR + 5.50% 02/2028 11,844 11,316 11,356 0.2 %
491,891 483,505 483,314 7.1 %
Healthcare providers and services
BELMONT BUYER, INC. (dba Valenz)(10) First lien senior secured loan SR + 6.50% 06/2029 $ 56,301 $ 55,178 $ 55,175 0.8 %
BELMONT BUYER, INC. (dba Valenz)(10)(17)(18)(19) First lien senior secured delayed draw term loan SR + 6.50% 12/2024 — (99) (66) 0.0 %
BELMONT BUYER, INC. (dba Valenz)(10)(17) First lien senior secured revolving loan SR + 6.50% 06/2029 725 592 592 0.0 %
Covetrus, Inc.(10)(22) First lien senior secured loan SR + 5.00% 10/2029 10,464 9,932 9,723 0.1 %
Covetrus Inc.(10) Second lien senior secured loan SR + 9.25% 10/2030 160,000 156,906 154,800 2.3 %


Company(1)(2)(3)(19)(28)	Investment	Interest		Maturity Date	Par/Units		Amortized Cost(4)(24)		Fair Value		Percentage of Net Assets

Blast Bidco Inc. (dba Bazooka Candy Brands)(7)	First lien senior secured loan	SR +	6.00%	10/2030	35,821		34,968		35,194		0.3	%
Blast Bidco Inc. (dba Bazooka Candy Brands)(7)(16)(17)	First lien senior secured revolving loan	SR +	6.00%	10/2029	—		(96)		(73)		0.0	%
Dessert Holdings(6)(21)	First lien senior secured loan	SR +	4.00%	06/2028	19,549		19,480		18,218		0.2	%
Fiesta Purchaser, Inc. (dba Shearer's Foods)(6)(21)	First lien senior secured loan	SR +	4.00%	02/2031	75,000		72,138		75,083		0.7	%
Fiesta Purchaser, Inc. (dba Shearer's Foods)(7)(16)	First lien senior secured revolving loan	SR +	4.50%	02/2029	1,717		1,353		1,717		0.0	%
Hissho Sushi Merger Sub, LLC(7)	First lien senior secured loan	SR +	5.50%	05/2028	111,697		110,863		111,697		1.1	%
Hissho Sushi Merger Sub, LLC(7)(16)(17)	First lien senior secured revolving loan	SR +	5.50%	05/2028	—		(60)		—		0.0	%
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(6)	First lien senior secured loan	SR +	6.25%	03/2027	275,000		271,742		272,939		2.6	%


KBP Brands, LLC(7)	First lien senior secured loan	SR +	5.50%	05/2027	14,682		14,561		14,462		0.1	%
KBP Brands, LLC(7)	First lien senior secured delayed draw term loan	SR +	5.50%	05/2027	33,690		33,436		33,184		0.3	%
Ole Smoky Distillery, LLC(6)	First lien senior secured loan	SR +	5.50%	03/2028	30,400		29,942		30,096		0.3	%

Ole Smoky Distillery, LLC(6)(16)(17)	First lien senior secured revolving loan	SR +	5.25%	03/2028	—		(44)		(33)		0.0	%
Pegasus BidCo B.V.(7)(22)	First lien senior secured loan	SR +	3.75%	07/2029	16,603		16,603		16,603		0.2	%
Rushmore Investment III LLC (dba Winland Foods)(7)	First lien senior secured loan	SR +	6.00%	10/2030	317,200		312,341		314,028		3.1	%
Tacala, LLC(6)(21)	First lien senior secured loan	SR +	4.00%	01/2031	35,000		34,913		34,990		0.3	%
Ultimate Baked Goods Midco, LLC(6)	First lien senior secured loan	SR +	6.25%	08/2027	16,129		15,875		16,129		0.2	%
Ultimate Baked Goods Midco, LLC(6)(16)(17)	First lien senior secured revolving loan	SR +	6.25%	08/2027	—		(28)		—		0.0	%
							987,537		993,889		9.6	%
Healthcare equipment and services
Bamboo US BidCo LLC(7)	First lien senior secured loan	SR +	6.75% (3.38% PIK)	09/2030	97,449		$	94,699	$	95,256	0.9	%
Bamboo US BidCo LLC(11)	First lien senior secured EUR term loan	E +	6.75% (3.38% PIK)	09/2030	€	60,631	62,611		64,008		0.6	%
Bamboo US BidCo LLC(7)(16)(17)	First lien senior secured revolving loan	SR +	6.00%	10/2029	—		(553)		(453)		0.0	%
Bamboo US BidCo LLC(7)(16)(18)	First lien senior secured delayed draw term loan	SR +	6.75% (3.38% PIK)	03/2025	1,614		1,381		1,477		0.0	%
Canadian Hospital Specialties Ltd.(10)(22)	First lien senior secured CAD term loan	C +	4.50%	04/2028	C$	4,870	3,850		3,465		0.0	%



Canadian Hospital Specialties Ltd.(10)(16)(22)	First lien senior secured CAD revolving loan	C +	4.50%	04/2027	C$	494	393		342		0.0	%
Confluent Medical Technologies, Inc.(7)	First lien senior secured loan	SR +	3.75%	02/2029	94,724		94,006		94,724		0.9	%
CSC MKG Topco LLC (dba Medical Knowledge Group)(6)	First lien senior secured loan	SR +	5.75%	02/2029	99,530		97,992		98,534		0.9	%

Dermatology Intermediate Holdings III, Inc.(7)(21)	First lien senior secured loan	SR +	4.25%	03/2029	15,397		15,141		15,020		0.1	%
Medline Borrower, LP(6)(21)	First lien senior secured loan	SR +	2.75%	10/2028	22,317		22,317		22,366		0.2	%
Medline Borrower, LP(6)(16)	First lien senior secured revolving loan	SR +	3.00%	10/2026	—		—		—		0.0	%
Natus Medical, Inc.(7)	First lien senior secured loan	SR +	5.50%	07/2029	494		465		462		0.0	%

Blue Owl Credit Income Corp.

Consolidated ~~Schedule~~Schedules of Investments (Continued)

As of ~~June 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(20)(29) Investment Interest Maturity
Date Par /
Units Amortized
Cost(4)(25) Fair
Value Percentage
of Net
Assets
Ex Vivo Parent Inc. (dba OB Hospitalist)(7) First lien senior secured loan L + 9.75% PIK 09/2028 32,720 32,220 31,902 0.5 %
Engage Debtco Ltd.(10)(23) First lien senior secured loan SR + 5.90% 07/2029 60,833 59,470 59,768 0.9 %
Engage Debtco Ltd.(10)(23) First lien senior secured loan SR + 5.90% 07/2029 30,367 29,506 30,139 0.5 %
Engage Debtco Ltd.(10)(23) First lien senior secured delayed draw term loan SR + 5.75% 07/2029 19,750 19,320 19,405 0.3 %
HAH Group Holding Company LLC (dba Help at Home)(10) First lien senior secured delayed draw term loan SR + 5.00% 10/2027 8,986 8,733 8,761 0.1 %
MJH Healthcare Holdings, LLC(9) First lien senior secured loan SR + 3.50% 01/2029 19,750 19,684 19,553 0.3 %
Natural Partners, LLC(10)(23) First lien senior secured loan SR + 6.00% 11/2027 68,333 67,232 67,650 1.0 %
Natural Partners, LLC(10)(17)(18)(23) First lien senior secured revolving loan SR + 6.00% 11/2027 — (78) (51) 0.0 %
OB Hospitalist Group, Inc.(9) First lien senior secured loan SR + 5.50% 09/2027 60,730 59,814 59,667 0.9 %
OB Hospitalist Group, Inc.(10)(17) First lien senior secured revolving loan SR + 5.50% 09/2027 3,517 3,404 3,377 0.1 %
OneOncology LLC(10) First lien senior secured loan SR + 6.25% 06/2030 71,345 70,281 70,211 1.0 %
OneOncology LLC(10)(17)(18) First lien senior secured revolving loan SR + 6.25% 06/2029 — (212) (227) 0.0 %
OneOncology LLC(10)(17)(18)(19) First lien senior secured delayed draw term loan SR + 6.25% 12/2024 — (166) (91) 0.0 %
Pacific BidCo Inc.(10)(23) First lien senior secured loan SR + 5.75% 08/2029 161,148 157,498 158,731 2.4 %
Pacific BidCo Inc.(10)(17)(18)(19)(23) First lien senior secured delayed draw term loan SR + 5.75% 08/2025 — (195) (45) 0.0 %
Phoenix Newco, Inc. (dba Parexel)(9)(22) First lien senior secured loan SR + 3.25% 11/2028 19,750 19,671 19,572 0.3 %
Phoenix Newco, Inc. (dba Parexel)(9) Second lien senior secured loan SR + 6.50% 11/2029 140,000 138,765 138,950 2.1 %
Physician Partners, LLC(10)(22) First lien senior secured loan SR + 4.00% 12/2028 12,813 12,706 12,012 0.2 %
Plasma Buyer LLC (dba Pathgroup)(10) First lien senior secured loan SR + 5.75% 05/2029 109,306 107,390 106,573 1.6 %
Plasma Buyer LLC (dba Pathgroup)(10)(17)(18)(19) First lien senior secured delayed draw term loan SR + 5.75% 05/2024 — (239) (428) 0.0 %
Plasma Buyer LLC (dba Pathgroup)(10)(17)(18) First lien senior secured revolving loan SR + 5.75% 05/2028 — (198) (306) 0.0 %
Pediatric Associates Holding Company, LLC(9)(22) First lien senior secured loan SR + 3.25% 12/2028 19,750 19,679 19,282 0.3 %
Pediatric Associates Holding Company, LLC(9) First lien senior secured loan SR + 4.50% 12/2028 25,000 24,014 24,875 0.4 %
Pediatric Associates Holding Company, LLC(9)(17)(19)(22) First lien senior secured delayed draw term loan SR + 3.25% 02/2024 2,991 2,981 2,911 0.0 %
PPV Intermediate Holdings, LLC(10) First lien senior secured loan SR + 5.75% 08/2029 163,397 160,454 161,354 2.4 %
PPV Intermediate Holdings, LLC(10)(17)(18) First lien senior secured revolving loan SR + 5.75% 08/2029 — (209) (148) 0.0 %
TC Holdings, LLC (dba TrialCard)(11) First lien senior secured loan SR + 5.00% 04/2027 64,085 63,577 64,085 1.0 %


Company(1)(2)(3)(19)(28)	Investment	Interest		Maturity Date	Par/Units		Amortized Cost(4)(24)		Fair Value		Percentage of Net Assets

NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(11)	First lien senior secured EUR term loan	E +	5.50%	03/2031	€	60,541	59,792		59,633		0.6	%
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(11)(16)(17)(18)	First lien senior secured EUR delayed draw term loan	E +	5.50%	03/2027	€	—	(175)		(236)		0.0	%
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.(11)(16)(17)	First lien senior secured EUR revolving loan	E +	5.50%	03/2031	€	—	(65)		(77)		0.0	%
Nelipak Holding Company(7)	First lien senior secured loan	SR +	5.50%	03/2031	30,612		30,154		30,153		0.3	%
Nelipak Holding Company(7)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	5.50%	03/2027	—		(88)		(88)		0.0	%
Nelipak Holding Company(7)(16)	First lien senior secured revolving loan	SR +	5.50%	03/2031	2,639		2,507		2,507		0.0	%
Packaging Coordinators Midco, Inc.(7)(21)	First lien senior secured loan	SR +	3.50%	11/2027	39,611		39,371		39,663		0.4	%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(7)(22)	First lien senior secured loan	SR +	5.50%	01/2028	40,829		40,400		40,829		0.4	%

Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(7)(16)(17)(18)(22)	First lien senior secured delayed draw term loan	SR +	5.25%	08/2025	—		(83)		—		0.0	%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(7)(16)(17)(22)	First lien senior secured revolving loan	SR +	5.50%	01/2028	—		(1)		—		0.0	%
PERKINELMER U.S. LLC(6)	First lien senior secured loan	SR +	6.75%	03/2029	77,509		76,160		77,509		0.8	%
PERKINELMER U.S. LLC(6)	First lien senior secured loan	SR +	5.75%	03/2029	35,208		34,868		35,032		0.3	%
Resonetics, LLC(7)	First lien senior secured loan	SR +	6.00%	04/2028	55,219		53,707		55,219		0.5	%
Resonetics, LLC(7)(21)	First lien senior secured loan	SR +	4.00%	04/2028	15,395		15,303		15,409		0.2	%
Rhea Parent, Inc.(7)	First lien senior secured loan	SR +	5.50%	02/2029	76,407		75,242		76,407		0.8	%
Zest Acquisition Corp.(6)	First lien senior secured loan	SR +	5.50%	02/2028	19,685		19,086		19,537		0.2	%
							838,480		846,698		8.1	%
Healthcare providers and services
Allied Benefit Systems Intermediate LLC(6)	First lien senior secured loan	SR +	5.25%	10/2030	17,753		$	17,498	$	17,575	0.2	%
Allied Benefit Systems Intermediate LLC(6)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	5.25%	10/2025	—		(23)		(8)		0.0	%
BELMONT BUYER, INC. (dba Valenz)(8)	First lien senior secured loan	SR +	6.50%	06/2029	55,879		54,867		55,599		0.5	%
BELMONT BUYER, INC. (dba Valenz)(8)(16)(18)	First lien senior secured delayed draw term loan	SR +	6.50%	12/2024	5,280		5,121		5,253		0.1	%
BELMONT BUYER, INC. (dba Valenz)(8)(16)(17)	First lien senior secured revolving loan	SR +	6.50%	06/2029	—		(116)		(33)		0.0	%
Confluent Health, LLC(6)	First lien senior secured loan	SR +	5.00%	11/2028	20,000		19,413		20,000		0.2	%
Covetrus, Inc.(7)(21)	First lien senior secured loan	SR +	5.00%	10/2029	10,385		9,904		10,389		0.1	%
Covetrus, Inc.(7)	Second lien senior secured loan	SR +	9.25%	10/2030	160,000		157,100		160,000		1.6	%
Diagnostic Services Holdings, Inc. (dba Rayus Radiology)(6)	First lien senior secured loan	SR +	5.50%	03/2025	119,838		119,838		119,838		1.1	%



Engage Debtco Limited(7)(22)	First lien senior secured loan	SR +	5.75% (2.25% PIK)	07/2029	92,604		90,577		91,293		0.9	%

Engage Debtco Limited(7)(22)	First lien senior secured delayed draw term loan	SR +	6.00% (2.50% PIK)	07/2029	20,003		19,627		19,653		0.2	%
Ex Vivo Parent Inc. (dba OB Hospitalist)(7)	First lien senior secured loan	SR +	9.75% PIK	09/2028	37,601		37,152		37,131		0.4	%

Blue Owl Credit Income Corp.

Consolidated ~~Schedule~~Schedules of Investments (Continued)

As of ~~June 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(20)(29) Investment Interest Maturity
Date Par /
Units Amortized
Cost(4)(25) Fair
Value Percentage
of Net
Assets
TC Holdings, LLC (dba TrialCard)(11)(17)(18) First lien senior secured revolving loan SR + 5.00% 04/2027 — (59) — 0.0 %
Tivity Health, Inc.(10) First lien senior secured loan SR + 6.00% 06/2029 150,860 147,505 149,729 2.2 %
Unified Women's Healthcare, LP(9) First lien senior secured loan SR + 5.25% 06/2029 82,955 82,405 82,955 1.2 %
Unified Women's Healthcare, LP(9)(17)(18)(19) First lien senior secured delayed draw term loan SR + 5.25% 06/2024 — (2) — 0.0 %
Unified Women's Healthcare, LP(9)(17)(18) First lien senior secured revolving loan SR + 5.25% 06/2029 — (52) — 0.0 %
Quva Pharma, Inc. (9) First lien senior secured loan SR + 5.50% 04/2028 4,466 4,367 4,399 0.1 %
Quva Pharma, Inc. (9)(17) First lien senior secured revolving loan SR + 5.50% 04/2026 209 202 202 0.0 %
Diagnostic Services Holdings, Inc. (dba Rayus Radiology)(9) First lien senior secured loan SR + 5.50% 03/2025 119,988 119,988 119,088 1.8 %
Vermont Aus Pty Ltd.(10)(23) First lien senior secured loan SR + 5.50% 03/2028 53,819 52,708 53,011 0.8 %
1,734,358 1,704,673 1,707,090 25.6 %
Healthcare technology
Athenahealth Group Inc.(9)(22) First lien senior secured loan SR + 3.50% 02/2029 $ 29,485 $ 29,103 $ 28,344 0.4 %
Athenahealth Group Inc.(9)(17)(18)(19)(22) First lien senior secured delayed draw term loan SR + 3.50% 08/2023 — (39) (122) 0.0 %
BCPE Osprey Buyer, Inc. (dba PartsSource)(7) First lien senior secured loan L + 5.75% 08/2028 53,496 52,825 52,560 0.8 %
BCPE Osprey Buyer, Inc. (dba PartsSource)(7)(17)(18)(19) First lien senior secured delayed draw term loan L + 5.75% 08/2023 — (173) (194) 0.0 %
BCPE Osprey Buyer, Inc. (dba PartsSource)(7)(17) First lien senior secured revolving loan L + 5.75% 08/2026 1,759 1,712 1,677 0.0 %
Bracket Intermediate Holding Corp.(10) First lien senior secured loan SR + 5.00% 05/2028 50,000 48,537 49,000 0.7 %
Color Intermediate, LLC (dba ClaimsXten)(9) First lien senior secured loan SR + 5.50% 10/2029 9,211 9,041 9,096 0.1 %
IMO Investor Holdings, Inc.(10) First lien senior secured loan SR + 6.00% 05/2029 20,690 20,327 20,534 0.3 %
IMO Investor Holdings, Inc.(11)(17)(19) First lien senior secured delayed draw term loan SR + 6.00% 05/2024 1,337 1,282 1,327 0.0 %
IMO Investor Holdings, Inc.(10)(17)(18) First lien senior secured revolving loan SR + 6.00% 05/2028 — (40) (19) 0.0 %
Interoperability Bidco, Inc. (dba Lyniate)(10) First lien senior secured loan SR + 7.00% 12/2026 75,565 75,194 74,809 1.1 %
Interoperability Bidco, Inc. (dba Lyniate)(10)(17) First lien senior secured revolving loan SR + 7.00% 12/2024 1,805 1,762 1,745 0.0 %
GHX Ultimate Parent Corporation(10)(22) First lien senior secured loan SR + 4.75% 06/2027 12,500 12,197 12,508 0.2 %
GI Ranger Intermediate, LLC (dba Rectangle Health)(10) First lien senior secured loan SR + 5.75% 10/2028 20,712 20,378 20,349 0.3 %
GI Ranger Intermediate, LLC (dba Rectangle Health)(10)(17)(19) First lien senior secured delayed draw term loan SR + 5.75% 03/2024 2,382 2,281 2,283 0.0 %
GI Ranger Intermediate, LLC (dba Rectangle Health)(10)(17) First lien senior secured revolving loan SR + 5.75% 10/2027 669 645 640 0.0 %
Imprivata, Inc.(9)(22) First lien senior secured loan SR + 4.25% 12/2027 10,503 10,213 10,340 0.2 %


Company(1)(2)(3)(19)(28)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(24)	Fair Value	Percentage of Net Assets

HAH Group Holding Company LLC (dba Help at Home)(6)	First lien senior secured delayed draw term loan	SR +	5.00%	10/2027	11,910	11,680	11,791	0.1	%
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)(8)	First lien senior secured loan	SR +	6.25%	12/2029	164,423	161,290	161,957	1.6	%
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)(8)(16)(17)	First lien senior secured revolving loan	SR +	6.25%	12/2029	—	(419)	(335)	0.0	%
MED ParentCo, LP(6)(21)	First lien senior secured loan	SR +	4.25%	08/2026	22,481	22,219	22,424	0.2	%
MJH Healthcare Holdings, LLC(6)(21)	First lien senior secured loan	SR +	3.50%	01/2029	19,600	19,542	19,514	0.2	%
Natural Partners, LLC(7)(22)	First lien senior secured loan	SR +	4.50%	11/2027	67,814	66,874	67,814	0.7	%
Natural Partners, LLC(7)(16)(17)(22)	First lien senior secured revolving loan	SR +	4.50%	11/2027	—	(65)	—	0.0	%
Neptune Holdings, Inc. (dba NexTech)(8)	First lien senior secured loan	SR +	6.00%	08/2030	30,805	30,079	30,189	0.3	%
Neptune Holdings, Inc. (dba NexTech)(8)(16)(17)	First lien senior secured revolving loan	SR +	6.00%	08/2029	—	(94)	(82)	0.0	%
OB Hospitalist Group, Inc.(7)	First lien senior secured loan	SR +	5.50%	09/2027	60,266	59,492	59,664	0.6	%
OB Hospitalist Group, Inc.(6)(16)	First lien senior secured revolving loan	SR +	5.50%	09/2027	3,091	2,998	3,011	0.0	%
OneOncology LLC(7)	First lien senior secured loan	SR +	6.25%	06/2030	70,988	70,009	70,988	0.7	%
OneOncology LLC(7)(16)(17)	First lien senior secured revolving loan	SR +	6.25%	06/2029	—	(185)	—	0.0	%
OneOncology LLC(7)(16)(18)	First lien senior secured delayed draw term loan	SR +	6.25%	12/2024	9,275	9,012	9,275	0.1	%
Pacific BidCo Inc.(8)(22)	First lien senior secured loan	SR +	5.75% (3.20% PIK)	08/2029	163,958	160,638	162,729	1.6	%
Pacific BidCo Inc.(8)(16)(17)(18)(22)	First lien senior secured delayed draw term loan	SR +	5.75%	08/2025	—	(171)	—	0.0	%
Pediatric Associates Holding Company, LLC(6)	First lien senior secured loan	SR +	3.25%	12/2028	32,476	31,388	28,660	0.3	%
Pediatric Associates Holding Company, LLC(6)	First lien senior secured loan	SR +	4.50%	12/2028	27,625	26,564	25,139	0.2	%
PetVet Care Centers, LLC(6)	First lien senior secured loan	SR +	6.00%	11/2030	242,358	240,025	241,146	2.4	%
PetVet Care Centers, LLC(6)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	6.00%	11/2025	—	(150)	—	0.0	%
PetVet Care Centers, LLC(6)(16)(17)	First lien senior secured revolving loan	SR +	6.00%	11/2029	—	(336)	(166)	0.0	%
Phoenix Newco, Inc. (dba Parexel)(6)(21)	First lien senior secured loan	SR +	3.25%	11/2028	69,473	69,278	69,605	0.7	%
Physician Partners, LLC(7)(21)	First lien senior secured loan	SR +	4.00%	12/2028	27,243	26,449	20,195	0.2	%
Physician Partners, LLC(7)	First lien senior secured loan	SR +	5.50%	12/2028	124,688	118,458	97,880	1.0	%
Plasma Buyer LLC (dba Pathgroup)(7)	First lien senior secured loan	SR +	5.75%	05/2029	108,480	106,761	106,582	1.0	%
Plasma Buyer LLC (dba Pathgroup)(7)(16)(18)	First lien senior secured delayed draw term loan	SR +	5.75%	09/2025	816	778	777	0.0	%
Plasma Buyer LLC (dba Pathgroup)(7)(16)	First lien senior secured revolving loan	SR +	5.75%	05/2028	7,342	7,174	7,128	0.1	%
PPV Intermediate Holdings, LLC(7)	First lien senior secured loan	SR +	5.75%	08/2029	163,397	160,684	161,354	1.6	%
PPV Intermediate Holdings, LLC(7)(16)(17)	First lien senior secured revolving loan	SR +	5.75%	08/2029	—	(183)	(148)	0.0	%
PPV Intermediate Holdings, LLC(7)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	6.00%	09/2025	—	(46)	(25)	0.0	%

Blue Owl Credit Income Corp.

Consolidated ~~Schedule~~Schedules of Investments (Continued)

As of ~~June 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(20)(29) Investment Interest Maturity
Date Par /
Units Amortized
Cost(4)(25) Fair
Value Percentage
of Net
Assets
Imprivata, Inc.(9) Second lien senior secured loan SR + 6.25% 12/2028 50,294 49,791 49,539 0.7 %
Ocala Bidco, Inc.(7) First lien senior secured loan L + 6.25% (2.75% PIK) 11/2028 82,636 81,029 81,190 1.2 %
Ocala Bidco, Inc.(7)(17)(18)(19) First lien senior secured delayed draw term loan L + 5.75% 05/2024 — (82) (42) 0.0 %
Ocala Bidco, Inc.(10) Second lien senior secured loan SR + 10.50% PIK 11/2033 46,052 45,343 45,591 0.7 %
Intelerad Medical Systems Inc.(10)(23) First lien senior secured loan SR + 6.50% 08/2026 29,929 29,663 29,555 0.4 %
Intelerad Medical Systems Inc.(10)(17)(23) First lien senior secured revolving loan SR + 6.50% 08/2026 899 886 874 0.0 %
PointClickCare Technologies Inc.(10)(23) First lien senior secured loan SR + 4.00% 12/2027 19,750 19,509 19,750 0.3 %
Project Ruby Ultimate Parent Corp. (dba Wellsky)(9)(22) First lien senior secured loan SR + 3.25% 03/2028 14,323 13,889 13,983 0.2 %
Zelis Cost Management Buyer, Inc.(6)(22) First lien senior secured loan L + 3.50% 09/2026 4,875 4,844 4,867 0.1 %
538,872 530,117 530,184 7.7 %
Household products
Aptive Environmental, LLC(16) First lien senior secured loan 12.00% (6.00% PIK) 01/2026 $ 8,821 $ 7,630 $ 8,314 0.1 %
Home Service TopCo IV, Inc.(9) First lien senior secured loan SR + 6.00% 12/2027 36,471 36,110 36,107 0.5 %
Home Service TopCo IV, Inc.(17)(18) First lien senior secured revolving loan SR + 6.00% 12/2027 — (33) (34) 0.0 %
Home Service TopCo IV, Inc.(17)(18)(19) First lien senior secured delayed draw term loan SR + 6.00% 12/2024 — (42) (42) 0.0 %
Mario Purchaser, LLC (dba Len the Plumber)(9) First lien senior secured loan SR + 5.75% 04/2029 75,522 74,206 75,144 1.1 %
Mario Purchaser, LLC (dba Len the Plumber)(9)(17)(19) First lien senior secured delayed draw term loan SR + 5.75% 04/2024 18,382 17,881 18,290 0.3 %
Mario Purchaser, LLC (dba Len the Plumber)(9)(17)(18) First lien senior secured revolving loan SR + 5.75% 04/2028 — (129) (40) 0.0 %
Mario Midco Holdings, Inc. (dba Len the Plumber)(9) Unsecured facility SR + 10.75% PIK 04/2032 25,687 25,075 25,494 0.4 %
Simplisafe Holding Corporation(9) First lien senior secured loan SR + 6.25% 05/2028 127,111 124,965 126,158 1.9 %
Simplisafe Holding Corporation(9)(17)(18)(19) First lien senior secured delayed draw term loan SR + 6.25% 05/2024 — (129) — 0.0 %
Southern Air & Heat Holdings, LLC(10) First lien senior secured loan SR + 4.50% 10/2027 1,074 1,062 1,063 0.0 %
Southern Air & Heat Holdings, LLC(8) First lien senior secured delayed draw term loan L + 4.50% 10/2027 1,120 1,108 1,106 0.0 %
Southern Air & Heat Holdings, LLC(10)(17) First lien senior secured revolving loan SR + 4.50% 10/2027 79 76 76 0.0 %
Walker Edison Furniture Company LLC(9)(26)(32) First lien senior secured revolving loan SR + 6.25% PIK 03/2027 1,333 1,333 1,333 0.0 %
Walker Edison Furniture Company LLC(9)(26)(32) First lien senior secured loan SR + 6.75% PIK 03/2027 2,623 2,451 2,571 0.0 %
Walker Edison Furniture Company LLC(9)(17)(19)(26)(32) First lien senior secured delayed draw term loan SR + 6.75% PIK 03/2027 67 67 67 0.0 %
298,290 291,631 295,607 4.3 %
Human resource support services


Company(1)(2)(3)(19)(28)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(24)		Fair Value		Percentage of Net Assets

Premise Health Holding Corp.(7)	First lien senior secured loan	SR +	5.50%	03/2031	70,659	69,609		69,599		0.7	%
Premise Health Holding Corp.(7)(16)(17)	First lien senior secured revolving loan	SR +	5.50%	03/2030	—	(121)		(123)		0.0	%
Quva Pharma, Inc. (7)	First lien senior secured loan	SR +	5.50%	04/2028	4,432	4,346		4,421		0.0	%
Quva Pharma, Inc. (7)(16)	First lien senior secured revolving loan	SR +	5.50%	04/2026	91	85		90		0.0	%
Surgery Center Holdings, Inc.(6)(21)(22)	First lien senior secured loan	SR +	3.50%	12/2030	2,000	1,980		2,008		0.0	%
TC Holdings, LLC (dba TrialCard)(7)	First lien senior secured loan	SR +	5.00%	04/2027	63,599	63,180		63,599		0.6	%
TC Holdings, LLC (dba TrialCard)(7)(16)(17)	First lien senior secured revolving loan	SR +	5.00%	04/2027	—	(47)		—		0.0	%
Team Services Group, LLC(8)(21)	First lien senior secured loan	SR +	5.00%	12/2027	14,961	14,889		14,924		0.1	%
Tivity Health, Inc.(7)	First lien senior secured loan	SR +	6.00%	06/2029	149,720	146,699		149,346		1.5	%
Unified Women's Healthcare, LP(6)	First lien senior secured loan	SR +	5.25%	06/2029	82,664	82,169		82,664		0.8	%
Unified Women's Healthcare, LP(6)(16)(17)	First lien senior secured revolving loan	SR +	5.25%	06/2029	—	(45)		—		0.0	%
Unified Women's Healthcare, LP(6)	First lien senior secured loan	SR +	5.50%	06/2029	45,885	45,563		45,885		0.5	%
Unified Women's Healthcare, LP(6)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	5.50%	10/2025	—	(89)		—		0.0	%
Unified Women's Healthcare, LP(6)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	5.25%	03/2026	—	(268)		—		0.0	%
Vermont Aus Pty Ltd(7)(22)	First lien senior secured loan	SR +	5.65%	03/2028	53,410	52,449		53,009		0.5	%
XRL 1 LLC (dba XOMA)(15)	First lien senior secured loan		9.88%	12/2038	58,500	57,450		56,745		0.6	%
XRL 1 LLC (dba XOMA)(15)(16)(17)(18)	First lien senior secured delayed draw term loan		9.88%	12/2025	—	(66)		(135)		0.0	%
						2,468,484		2,455,788		24.2	%
Healthcare technology
Athenahealth Group Inc.(6)(21)	First lien senior secured loan	SR +	3.25%	02/2029	29,262	$	28,923	$	28,946	0.3	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(7)	First lien senior secured loan	SR +	5.75%	08/2028	53,088	52,500		52,690		0.5	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)	First lien senior secured delayed draw term loan	SR +	5.75%	08/2028	6,424	6,338		6,375		0.1	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(7)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	5.75%	10/2025	—	(240)		—		0.0	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(16)	First lien senior secured revolving loan	SR +	5.75%	08/2026	2,483	2,447		2,448		0.0	%
Bracket Intermediate Holding Corp.(7)(21)	First lien senior secured loan	SR +	5.00%	05/2028	49,625	48,354		49,699		0.5	%
Color Intermediate, LLC (dba ClaimsXten)(7)	First lien senior secured loan	SR +	5.50%	10/2029	9,142	8,988		9,050		0.1	%
Cotiviti, Inc.(7)(21)	First lien senior secured loan	SR +	3.25%	03/2031	100,000	99,500		99,830		1.0	%
Ensemble RCM, LLC(7)(21)(22)	First lien senior secured loan	SR +	3.00%	08/2029	7,500	7,463		7,513		0.1	%
GHX Ultimate Parent Corporation (dba Global Healthcare Exchange)(7)	First lien senior secured loan	SR +	4.00%	06/2027	16,147	16,127		16,228		0.2	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(7)	First lien senior secured loan	SR +	6.00%	10/2028	24,770	24,415		24,398		0.2	%


GI Ranger Intermediate, LLC (dba Rectangle Health)(7)(16)(17)	First lien senior secured revolving loan	SR +	6.00%	10/2027	—	(20)		(25)		0.0	%
IMO Investor Holdings, Inc.(8)	First lien senior secured loan	SR +	6.00%	05/2029	20,533	20,208		20,431		0.2	%

Blue Owl Credit Income Corp.

Consolidated ~~Schedule~~Schedules of Investments (Continued)

As of ~~June 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(20)(29) Investment Interest Maturity
Date Par /
Units Amortized
Cost(4)(25) Fair
Value Percentage
of Net
Assets
Cornerstone OnDemand, Inc.(10)(21)(22) First lien senior secured loan SR + 3.75% 10/2028 $ 19,750 $ 19,672 $ 18,379 0.3 %
Cornerstone OnDemand, Inc.(10) Second lien senior secured loan SR + 6.50% 10/2029 44,583 44,022 41,908 0.6 %
IG Investments Holdings, LLC (dba Insight Global)(10) First lien senior secured loan SR + 6.00% 09/2028 47,789 47,044 47,430 0.7 %
IG Investments Holdings, LLC (dba Insight Global)(10)(17)(18) First lien senior secured revolving loan SR + 6.00% 09/2027 — (51) (27) 0.0 %
112,122 110,687 107,690 1.6 %
Infrastructure and environmental services
Aegion Corp.(9)(21)(22) First lien senior secured loan SR + 4.75% 05/2028 $ 4,912 $ 4,895 $ 4,757 0.1 %
GI Apple Midco LLC (dba Atlas Technical Consultants)(9)(17) First lien senior secured revolving loan SR + 6.75% 04/2029 3,166 2,952 2,940 0.0 %
GI Apple Midco LLC (dba Atlas Technical Consultants)(9) First lien senior secured loan SR + 6.75% 04/2030 72,824 71,395 71,338 1.1 %
GI Apple Midco LLC (dba Atlas Technical Consultants)(9)(17)(18)(19) First lien senior secured delayed draw term loan SR + 6.75% 04/2025 — (115) (85) 0.0 %
The Goldfield Corp.(9) First lien senior secured loan SR + 6.25% 12/2026 990 974 983 0.0 %
Osmose Utilities Services, Inc.(9)(22) First lien senior secured loan SR + 3.25% 06/2028 16,714 16,623 16,354 0.2 %
USIC Holdings, Inc.(6)(22) First lien senior secured loan L + 3.50% 05/2028 11,877 11,583 11,224 0.2 %
USIC Holdings, Inc.(6)(21) Second lien senior secured loan L + 6.50% 05/2029 39,691 39,493 36,218 0.5 %
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(10) First lien senior secured loan SR + 5.25% 03/2028 32,284 31,752 31,880 0.5 %
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(10)(17) First lien senior secured revolving loan SR + 5.25% 03/2028 881 797 814 0.0 %
183,339 180,349 176,423 2.6 %
Insurance
Acrisure, LLC(10)(22) First lien senior secured loan SR + 5.75% 02/2027 $ 53,260 $ 52,479 $ 53,393 0.8 %
Acrisure, LLC(6)(22) First lien senior secured loan L + 3.50% 02/2027 8,683 8,235 8,413 0.1 %
Acrisure, LLC(6)(22) First lien senior secured loan L + 4.25% 02/2027 1,985 1,932 1,941 0.0 %
Acrisure, LLC(6)(22) First lien senior secured loan L + 3.75% 02/2027 1,985 1,906 1,932 0.0 %
Alera Group, Inc.(9) First lien senior secured loan SR + 6.00% 10/2028 149,232 146,640 149,232 2.2 %
AmeriLife Holdings LLC(11) First lien senior secured loan SR + 5.75% 08/2029 129,531 127,166 128,236 1.9 %
AmeriLife Holdings LLC(11)(17) First lien senior secured revolving loan SR + 5.75% 08/2028 2,712 2,432 2,549 0.0 %
AmeriLife Holdings LLC(11)(17)(19) First lien senior secured delayed draw term loan SR + 5.75% 09/2024 21,588 21,109 21,372 0.3 %
AssuredPartners, Inc.(9)(22) First lien senior secured loan SR + 3.50% 02/2027 7,840 7,840 7,755 0.1 %
AssuredPartners, Inc.(9)(22) First lien senior secured loan SR + 3.50% 02/2027 24,688 24,641 24,441 0.4 %
AssuredPartners, Inc.(9)(22) First lien senior secured loan SR + 4.25% 02/2027 4,963 4,811 4,947 0.1 %
Asurion, LLC(7)(22) First lien senior secured loan L + 3.00% 11/2024 14,273 13,913 14,250 0.2 %
Asurion, LLC(9)(22) Second lien senior secured loan SR + 5.25% 01/2029 154,017 150,611 128,805 1.9 %


Company(1)(2)(3)(19)(28)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(24)		Fair Value		Percentage of Net Assets

IMO Investor Holdings, Inc.(8)(16)(18)	First lien senior secured delayed draw term loan	SR +	6.00%	05/2024	2,053	1,999		2,043		0.0	%
IMO Investor Holdings, Inc.(7)(16)	First lien senior secured revolving loan	SR +	6.00%	05/2028	397	363		385		0.0	%
Imprivata, Inc.(7)	First lien senior secured loan	SR +	3.50%	12/2027	10,423	10,423		10,423		0.1	%
Imprivata, Inc.(7)	Second lien senior secured loan	SR +	6.25%	12/2028	50,294	49,791		50,294		0.5	%
Indikami Bidco, LLC (dba IntegriChain)(6)	First lien senior secured loan	SR +	6.50% (2.50% PIK)	12/2030	37,616	36,795		37,052		0.4	%
Indikami Bidco, LLC (dba IntegriChain)(6)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	6.00%	12/2025	—	(51)		—		0.0	%
Indikami Bidco, LLC (dba IntegriChain)(6)(16)	First lien senior secured revolving loan	SR +	6.00%	06/2030	939	838		868		0.0	%
Intelerad Medical Systems Incorporated(7)(22)	First lien senior secured loan	SR +	6.50%	08/2026	29,701	29,492		28,884		0.3	%
Intelerad Medical Systems Incorporated(7)(22)	First lien senior secured revolving loan	SR +	6.50%	08/2026	2,049	2,039		1,993		0.0	%
Interoperability Bidco, Inc. (dba Lyniate)(7)	First lien senior secured loan	SR +	7.00%	12/2026	74,992	74,693		73,492		0.7	%

Interoperability Bidco, Inc. (dba Lyniate)(7)(16)	First lien senior secured revolving loan	SR +	7.00%	12/2024	2,287	2,265		2,166		0.0	%
Ocala Bidco, Inc.(7)	First lien senior secured loan	SR +	6.25% (2.75% PIK)	11/2028	84,205	82,778		83,153		0.8	%
Ocala Bidco, Inc.(7)(16)(18)	First lien senior secured delayed draw term loan	SR +	6.25% (2.75% PIK)	05/2024	3,966	3,848		3,917		0.0	%
Ocala Bidco, Inc.(7)	Second lien senior secured loan	SR +	10.50% PIK	11/2033	51,297	50,611		50,784		0.5	%
PointClickCare Technologies Inc.(7)(22)	First lien senior secured loan	SR +	4.00%	12/2027	19,600	19,395		19,600		0.2	%
Project Ruby Ultimate Parent Corp. (dba Wellsky)(6)(21)	First lien senior secured loan	SR +	3.25%	03/2028	19,738	19,331		19,698		0.2	%
Project Ruby Ultimate Parent Corp. (dba Wellsky)(6)(21)	First lien senior secured loan	SR +	3.50%	03/2028	75,000	74,625		75,000		0.7	%
Waystar Technologies, Inc. (F/K/A Navicure, Inc.)(6)(21)	First lien senior secured loan	SR +	4.00%	10/2029	15,000	14,981		15,023		0.1	%
Zelis Cost Management Buyer, Inc.(6)(21)	First lien senior secured loan	SR +	2.75%	09/2029	5,000	4,976		4,997		0.0	%
						794,195		797,355		7.7	%
Household products
Aptive Environmental, LLC(15)	First lien senior secured loan		12.00% (6.00% PIK)	01/2026	9,228	$	8,348	$	9,482	0.1	%
Home Service TopCo IV, Inc.(7)	First lien senior secured loan	SR +	6.00%	12/2027	36,197	35,887		36,016		0.4	%
Home Service TopCo IV, Inc.(7)(16)(17)	First lien senior secured revolving loan	SR +	6.00%	12/2027	—	(28)		(17)		0.0	%
Home Service TopCo IV, Inc.(7)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	6.00%	12/2024	—	(35)		—		0.0	%
Mario Purchaser, LLC (dba Len the Plumber)(6)	First lien senior secured loan	SR +	5.75%	04/2029	74,951	73,773		74,764		0.7	%
Mario Purchaser, LLC (dba Len the Plumber)(6)(16)(18)	First lien senior secured delayed draw term loan	SR +	5.75%	04/2024	34,279	33,687		34,193		0.3	%
Mario Purchaser, LLC (dba Len the Plumber)(6)(16)(17)	First lien senior secured revolving loan	SR +	5.75%	04/2028	—	(109)		(20)		0.0	%
Mario Midco Holdings, Inc. (dba Len the Plumber)(6)	Unsecured facility	SR +	10.75% PIK	04/2032	28,998	28,412		28,853		0.3	%
Simplisafe Holding Corporation(6)	First lien senior secured loan	SR +	6.25%	05/2028	126,148	124,281		125,833		1.2	%
Simplisafe Holding Corporation(6)(16)(18)	First lien senior secured delayed draw term loan	SR +	6.25%	05/2024	4,248	4,102		4,237		0.0	%

Blue Owl Credit Income Corp.

Consolidated ~~Schedule~~Schedules of Investments (Continued)

As of ~~June 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(20)(29) Investment Interest Maturity
Date Par /
Units Amortized
Cost(4)(25) Fair
Value Percentage
of Net
Assets
Brightway Holdings, LLC(10) First lien senior secured loan SR + 6.50% 12/2027 17,671 17,496 17,318 0.3 %
Brightway Holdings, LLC(10)(17) First lien senior secured revolving loan SR + 6.50% 12/2027 1,053 1,033 1,011 0.0 %
Broadstreet Partners, Inc.(9)(22) First lien senior secured loan SR + 4.00% 01/2029 8,750 8,643 8,687 0.1 %
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(10) First lien senior secured loan SR + 7.50% 03/2029 909 887 891 0.0 %
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(10)(17)(18) First lien senior secured revolving loan SR + 7.50% 03/2029 — (2) (2) 0.0 %
Evolution BuyerCo, Inc. (dba SIAA)(10) First lien senior secured loan SR + 6.25% 04/2028 26,204 25,951 25,942 0.4 %
Evolution BuyerCo, Inc. (dba SIAA)(10)(17)(19) First lien senior secured delayed draw term loan SR + 6.75% 12/2023 1,393 1,393 1,386 0.0 %
Evolution BuyerCo, Inc. (dba SIAA)(10)(17)(18) First lien senior secured revolving loan SR + 6.25% 04/2027 — (6) (7) 0.0 %
Hub International(9)(22) First lien senior secured loan SR + 4.25% 04/2025 10,000 9,900 10,018 0.1 %
Hyperion Refinance S.a.r.l (dba Howden Group)(9)(23) First lien senior secured loan SR + 5.25% 11/2027 131,000 128,611 131,000 2.0 %
IMA Financial Group, Inc.(9) First lien senior secured loan SR + 4.25% 11/2028 10,000 9,754 9,750 0.1 %
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(9) First lien senior secured loan SR + 10.50% PIK 07/2030 13,022 12,858 12,957 0.2 %
KWOR Acquisition, Inc. (dba Alacrity Solutions)(9)(17)(19) First lien senior secured delayed draw term loan SR + 5.25% 06/2024 1,956 1,863 1,947 0.0 %
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(9) First lien senior secured loan SR + 6.00% 11/2028 132,976 131,758 132,976 2.0 %
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(9) First lien senior secured delayed draw term loan SR + 6.00% 11/2028 69,011 68,417 69,011 1.0 %
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(9)(17)(18) First lien senior secured revolving loan SR + 6.00% 11/2027 — (19) — 0.0 %
PCF Midco II, LLC (dba PCF Insurance Services)(16) First lien senior secured loan 9.00% PIK 10/2031 51,508 47,736 47,259 0.7 %
Tempo Buyer Corp. (dba Global Claims Services)(10) First lien senior secured loan SR + 5.50% 08/2028 35,976 35,409 35,436 0.5 %
Tempo Buyer Corp. (dba Global Claims Services)(10)(17)(18)(19) First lien senior secured delayed draw term loan SR + 5.50% 08/2023 — (76) (52) 0.0 %
Tempo Buyer Corp. (dba Global Claims Services)(15)(17) First lien senior secured revolving loan P + 4.25% 08/2027 1,960 1,889 1,883 0.0 %
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(10) First lien senior secured loan SR + 5.75% 07/2027 14,829 14,613 14,680 0.2 %
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(10)(17)(18) First lien senior secured revolving loan SR + 5.75% 07/2027 — (15) (11) 0.0 %
Summit Acquisition Inc. (dba K2 Insurance Services)(10)(17)(18)(19) First lien senior secured delayed draw term loan SR + 6.75% 11/2024 — (180) (184) 0.0 %
Summit Acquisition Inc. (dba K2 Insurance Services)(10)(17)(18) First lien senior secured revolving loan SR + 6.75% 05/2029 — (179) (184) 0.0 %
Summit Acquisition Inc. (dba K2 Insurance Services)(10) First lien senior secured loan SR + 6.75% 05/2030 50,600 49,105 49,082 0.7 %
KWOR Acquisition, Inc. (dba Alacrity Solutions)(9) First lien senior secured loan SR + 5.25% 12/2028 32,538 32,093 32,376 0.5 %
KWOR Acquisition, Inc. (dba Alacrity Solutions)(15)(17) First lien senior secured revolving loan P + 4.25% 12/2027 1,878 1,840 1,861 0.0 %


Company(1)(2)(3)(19)(28)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(24)		Fair Value		Percentage of Net Assets

Southern Air & Heat Holdings, LLC(7)	First lien senior secured loan	SR +	4.75%	10/2027	1,066	1,055		1,060		0.0	%
Southern Air & Heat Holdings, LLC(8)	First lien senior secured delayed draw term loan	SR +	4.75%	10/2027	1,112	1,102		1,106		0.0	%
Southern Air & Heat Holdings, LLC(8)(16)(18)	First lien senior secured delayed draw term loan	SR +	5.25%	10/2027	7,448	6,396		7,448		0.1	%
Southern Air & Heat Holdings, LLC(7)(16)	First lien senior secured revolving loan	SR +	4.75%	10/2027	62	60		61		0.0	%
Walker Edison Furniture Company LLC(6)(25)(31)	First lien senior secured loan	SR +	6.75% PIK	03/2027	3,009	2,454		2,633		0.0	%
Walker Edison Furniture Company LLC(6)(25)(31)	First lien senior secured delayed draw term loan	SR +	6.75% PIK	03/2027	355	333		311		0.0	%
Walker Edison Furniture Company LLC(7)(16)(18)(25)(31)	First lien senior secured delayed draw term loan	SR +	6.75% PIK	03/2027	352	350		248		0.0	%
Walker Edison Furniture Company LLC(6)(25)(31)	First lien senior secured revolving loan	SR +	6.25%	03/2027	1,333	1,333		1,217		0.0	%
						321,401		327,425		3.1	%
Human resource support services
AQ Carver Buyer, Inc. (dba CoAdvantage)(7)(21)	First lien senior secured loan	SR +	5.50%	08/2029	22,388	$	21,958	$	22,410	0.2	%
Cornerstone OnDemand, Inc.(6)(20)(21)	First lien senior secured loan	SR +	3.75%	10/2028	19,600	19,531		19,192		0.2	%
Cornerstone OnDemand, Inc.(6)	Second lien senior secured loan	SR +	6.50%	10/2029	44,583	44,071		42,689		0.4	%
IG Investments Holdings, LLC (dba Insight Global)(7)	First lien senior secured loan	SR +	6.00%	09/2028	47,424	46,767		47,067		0.4	%

IG Investments Holdings, LLC (dba Insight Global)(7)(16)(17)	First lien senior secured revolving loan	SR +	6.00%	09/2027	—	(42)		(27)		0.0	%
iSolved, Inc.(6)(21)	First lien senior secured loan	SR +	4.00%	10/2030	27,431	27,194		27,552		0.3	%
UKG Inc.(7)(21)	First lien senior secured loan	SR +	3.50%	02/2031	40,625	40,579		40,820		0.4	%
						200,058		199,703		1.9	%
Infrastructure and environmental services
Aegion Corp.(6)(20)(21)	First lien senior secured loan	SR +	4.25%	02/2028	54,529	$	54,529	$	54,709	0.5	%
AWP Group Holdings, Inc.(7)	First lien senior secured loan	SR +	5.50%	12/2029	34,832	34,296		34,484		0.3	%
AWP Group Holdings, Inc.(7)(16)(18)	First lien senior secured delayed draw term loan	SR +	5.50%	08/2025	349	280		346		0.0	%
AWP Group Holdings, Inc.(7)(16)	First lien senior secured revolving loan	SR +	5.50%	12/2029	1,683	1,592		1,625		0.0	%
FR Vision Holdings, Inc. (dba CHA Consulting)(7)	First lien senior secured loan	SR +	5.50%	01/2031	45,786	45,338		45,329		0.4	%
FR Vision Holdings, Inc. (dba CHA Consulting)(7)(16)(18)	First lien senior secured delayed draw term loan	SR +	5.50%	01/2026	3,855	3,745		3,762		0.0	%
FR Vision Holdings, Inc. (dba CHA Consulting)(7)(16)(17)	First lien senior secured revolving loan	SR +	5.50%	01/2030	—	(36)		(37)		0.0	%
GI Apple Midco LLC (dba Atlas Technical Consultants)(7)	First lien senior secured loan	SR +	6.75%	04/2030	81,753	80,444		81,140		0.8	%
GI Apple Midco LLC (dba Atlas Technical Consultants)(7)(16)(18)	First lien senior secured delayed draw term loan	SR +	6.75%	04/2025	1,737	1,611		1,724		0.0	%
GI Apple Midco LLC (dba Atlas Technical Consultants)(7)(16)(17)	First lien senior secured revolving loan	SR +	6.75%	04/2029	—	(186)		(83)		0.0	%
KENE Acquisition, Inc. (dba Entrust Solutions Group)(7)	First lien senior secured loan	SR +	5.25%	02/2031	16,887	16,554		16,549		0.2	%
KENE Acquisition, Inc. (dba Entrust Solutions Group)(7)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	5.25%	02/2026	—	(73)		(75)		0.0	%

Blue Owl Credit Income Corp.

Consolidated ~~Schedule~~Schedules of Investments (Continued)

As of ~~June 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(20)(29) Investment Interest Maturity
Date Par /
Units Amortized
Cost(4)(25) Fair
Value Percentage
of Net
Assets
1,187,991 1,164,487 1,152,297 16.8 %
Internet software and services
Anaplan, Inc.(9) First lien senior secured loan SR + 6.50% 06/2029 $ 229,639 $ 227,620 $ 229,639 3.4 %
Anaplan, Inc.(9)(17)(18) First lien senior secured revolving loan SR + 6.50% 06/2028 — (137) — 0.0 %
Appfire Technologies, LLC(10) First lien senior secured loan SR + 5.50% 03/2027 4,017 3,993 3,997 0.1 %
Appfire Technologies, LLC(17)(18)(19) First lien senior secured delayed draw term loan SR + 5.50% 06/2024 — (110) — 0.0 %
Appfire Technologies, LLC(10)(17)(18) First lien senior secured revolving loan SR + 5.50% 03/2027 — (19) (8) 0.0 %
Avalara, Inc.(10) First lien senior secured loan SR + 7.25% 10/2028 70,455 69,488 70,102 1.0 %
Avalara, Inc.(10)(17)(18) First lien senior secured revolving loan SR + 7.25% 10/2028 — (93) (35) 0.0 %
Armstrong Bidco Ltd. (dba The Access Group)(14)(23) First lien senior secured loan SA + 5.25% 06/2029 33,780 31,961 33,527 0.5 %
Armstrong Bidco Ltd. (dba The Access Group)(14)(17)(19)(23) First lien senior secured delayed draw term loan SA + 5.25% 06/2025 15,483 14,642 15,449 0.2 %
Barracuda Parent, LLC(10)(22) First lien senior secured loan SR + 4.50% 08/2029 27,512 26,762 26,502 0.4 %
Barracuda Parent, LLC(10) Second lien senior secured loan SR + 7.00% 08/2030 93,250 90,649 89,287 1.3 %
Bayshore Intermediate #2, L.P. (dba Boomi)(7) First lien senior secured loan L + 7.50% PIK 10/2028 22,820 22,471 22,478 0.3 %
Bayshore Intermediate #2, L.P. (dba Boomi)(10)(17) First lien senior secured revolving loan SR + 6.50% 10/2027 319 294 295 0.0 %
BCPE Nucleon (DE) SPV, LP(8)(23) First lien senior secured loan L + 7.00% 09/2026 24,012 23,823 24,012 0.4 %
BCTO BSI Buyer, Inc. (dba Buildertrend)(10) First lien senior secured loan SR + 8.00% PIK 12/2026 1,102 1,094 1,102 0.0 %
BCTO BSI Buyer, Inc. (dba Buildertrend)(10)(17)(18) First lien senior secured revolving loan SR + 7.00% 12/2026 — (1) — 0.0 %
Central Parent, Inc.(10)(22) First lien senior secured loan SR + 4.25% 07/2029 9,353 9,103 9,320 0.1 %
CivicPlus, LLC(7) First lien senior secured loan L + 6.75% (2.50% PIK) 08/2027 27,889 27,672 27,889 0.4 %
CivicPlus, LLC(6)(17) First lien senior secured revolving loan L + 6.00% 08/2027 404 387 404 0.0 %
CP PIK Debt Issuer, LLC (dba CivicPlus, LLC)(11) Unsecured notes SR + 11.75% PIK 06/2034 15,719 15,350 15,641 0.2 %
Coupa Holdings, LLC(9) First lien senior secured loan SR + 7.50% 02/2030 24,344 23,755 23,735 0.4 %
Coupa Holdings, LLC(9)(17)(18) First lien senior secured revolving loan SR + 7.50% 02/2029 — (39) (42) 0.0 %
Coupa Holdings, LLC(9)(17)(18)(19) First lien senior secured delayed draw term loan SR + 7.50% 08/2024 — (26) (27) 0.0 %
Delta TopCo, Inc. (dba Infoblox, Inc.)(11)(22) First lien senior secured loan SR + 3.75% 12/2027 27,182 25,657 26,261 0.4 %
Delta TopCo, Inc. (dba Infoblox, Inc.)(11) Second lien senior secured loan SR + 7.25% 12/2028 49,222 48,980 47,745 0.7 %
EET Buyer, Inc. (dba e-Emphasys)(7) First lien senior secured loan L + 6.50% 11/2027 19,301 19,153 19,301 0.3 %
EET Buyer, Inc. (dba e-Emphasys)(10) First lien senior secured loan SR + 6.50% 11/2027 17,189 16,938 17,189 0.3 %


Company(1)(2)(3)(19)(28)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(24)		Fair Value		Percentage of Net Assets

KENE Acquisition, Inc. (dba Entrust Solutions Group)(7)(16)(17)	First lien senior secured revolving loan	SR +	5.25%	02/2031	—	(44)		(45)		0.0	%
Osmose Utilities Services, Inc.(6)(21)	First lien senior secured loan	SR +	3.25%	06/2028	13,777	13,703		13,570		0.1	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(7)	First lien senior secured loan	SR +	5.75%	03/2028	32,808	32,331		32,398		0.3	%

Tamarack Intermediate, L.L.C. (dba Verisk 3E)(7)(16)(18)	First lien senior secured delayed draw term loan	SR +	5.75%	10/2025	1,195	1,146		1,180		0.0	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(7)(16)(17)	First lien senior secured revolving loan	SR +	5.75%	03/2028	—	(70)		(67)		0.0	%
The Goldfield Corp.(6)	First lien senior secured loan	SR +	6.25%	12/2026	1,382	1,362		1,382		0.0	%

USIC Holdings, Inc.(7)(21)	First lien senior secured loan	SR +	3.50%	05/2028	26,748	26,275		26,676		0.3	%
USIC Holdings, Inc.(7)(20)(21)	Second lien senior secured loan	SR +	6.50%	05/2029	39,691	39,512		39,262		0.4	%
						352,309		353,829		3.3	%
Insurance
Acrisure, LLC(6)(21)(22)	First lien senior secured loan	SR +	3.50%	02/2027	11,600	$	11,225	$	11,575	0.1	%
Acrisure, LLC(6)(21)(22)	First lien senior secured loan	SR +	4.25%	02/2027	1,970	1,927		1,972		0.0	%
Acrisure, LLC(6)(21)(22)	First lien senior secured loan	SR +	3.75%	02/2027	4,954	4,883		4,950		0.0	%
Acrisure, LLC(6)(21)(22)	First lien senior secured loan	SR +	4.50%	12/2030	58,978	58,456		59,126		0.6	%
Alera Group, Inc.(6)	First lien senior secured loan	SR +	5.25%	10/2028	148,096	145,847		148,096		1.4	%


Alera Group, Inc.(6)(16)(18)	First lien senior secured delayed draw term loan	SR +	5.75%	11/2025	2,293	2,070		2,293		0.0	%
AmeriLife Holdings LLC(7)	First lien senior secured loan	SR +	5.75%	08/2029	128,555	126,420		128,233		1.3	%
AmeriLife Holdings LLC(7)(16)(17)	First lien senior secured revolving loan	SR +	5.75%	08/2028	—	(239)		(41)		0.0	%
AmeriLife Holdings LLC(8)	First lien senior secured delayed draw term loan	SR +	5.75%	08/2029	32,234	31,714		32,153		0.3	%
AmeriLife Holdings LLC(7)(16)(18)	First lien senior secured delayed draw term loan	SR +	5.75%	10/2025	2,658	2,383		2,651		0.0	%
AssuredPartners, Inc.(6)(21)	First lien senior secured loan	SR +	3.50%	02/2027	34,270	34,230		34,292		0.4	%

AssuredPartners, Inc.(6)(21)	First lien senior secured loan	SR +	3.50%	02/2031	9,000	8,956		9,008		0.1	%
Asurion, LLC(6)(21)	Second lien senior secured loan	SR +	5.25%	01/2029	174,017	168,651		155,015		1.5	%
Asurion, LLC(6)(21)	Second lien senior secured loan	SR +	5.25%	01/2028	53,900	50,171		48,375		0.5	%
Brightway Holdings, LLC(7)	First lien senior secured loan	SR +	6.50%	12/2027	2,100	2,079		2,069		0.0	%
Brightway Holdings, LLC(8)	First lien senior secured loan	SR +	6.50%	12/2027	17,537	17,387		17,274		0.2	%
Brightway Holdings, LLC(7)(16)	First lien senior secured revolving loan	SR +	6.50%	12/2027	316	300		284		0.0	%
Broadstreet Partners, Inc.(6)(21)	First lien senior secured loan	SR +	3.75%	01/2029	18,681	18,656		18,719		0.2	%
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(7)	First lien senior secured loan	SR +	7.50%	03/2029	909	889		900		0.0	%
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(7)(16)(17)	First lien senior secured revolving loan	SR +	7.50%	03/2029	—	(2)		(1)		0.0	%
Evolution BuyerCo, Inc. (dba SIAA)(7)	First lien senior secured loan	SR +	6.25%	04/2028	26,005	25,791		26,005		0.3	%


Evolution BuyerCo, Inc. (dba SIAA)(7)	First lien senior secured delayed draw term loan	SR +	6.75%	04/2028	1,582	1,580		1,582		0.0	%

Blue Owl Credit Income Corp.

Consolidated ~~Schedule~~Schedules of Investments (Continued)

As of ~~June 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(20)(29) Investment Interest Maturity
Date Par /
Units Amortized
Cost(4)(25) Fair
Value Percentage
of Net
Assets
EET Buyer, Inc. (dba e-Emphasys)(7)(17)(18) First lien senior secured revolving loan L + 6.50% 11/2027 — (35) — 0.0 %
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(10) First lien senior secured loan SR + 5.50% 08/2027 8,221 8,070 7,727 0.1 %
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(10)(17)(19) First lien senior secured delayed draw term loan SR + 5.50% 08/2023 1,850 1,810 1,697 0.0 %
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(9)(17) First lien senior secured revolving loan SR + 5.50% 08/2027 793 778 740 0.0 %
Granicus, Inc.(10) First lien senior secured loan SR + 5.50% 01/2027 1,813 1,785 1,782 0.0 %
Granicus, Inc.(10)(17) First lien senior secured revolving loan SR + 6.50% 01/2027 50 48 47 0.0 %
Granicus, Inc.(10) First lien senior secured delayed draw term loan SR + 6.00% 01/2027 341 337 335 0.0 %
Grayshift, LLC(9)(23) First lien senior secured loan SR + 8.00% 07/2028 115,122 113,134 112,820 1.7 %
Grayshift, LLC(9)(17)(18)(23) First lien senior secured revolving loan SR + 8.00% 07/2028 — (20) (48) 0.0 %
GS Acquisitionco, Inc. (dba insightsoftware)(10) First lien senior secured loan SR + 5.75% 05/2026 8,948 8,918 8,925 0.1 %
Help/Systems Holdings, Inc.(10)(22) First lien senior secured loan SR + 4.00% 11/2026 64,202 63,914 58,424 0.9 %
Help/Systems Holdings, Inc.(9) Second lien senior secured loan SR + 6.75% 11/2027 25,000 24,753 20,938 0.3 %
Hyland Software, Inc.(6)(22) First lien senior secured loan L + 3.50% 07/2024 23,533 23,389 23,321 0.3 %
Hyland Software, Inc.(6)(22) Second lien senior secured loan L + 6.25% 07/2025 60,517 60,318 57,945 0.9 %
Ivanti Software, Inc.(7) Second lien senior secured loan L + 7.25% 12/2028 19,000 18,921 14,013 0.2 %
MessageBird BidCo B.V.(9)(23) First lien senior secured loan SR + 6.75% 05/2027 2,917 2,872 2,888 0.0 %
Ministry Brands Holdings, LLC.(9) First lien senior secured loan SR + 5.50% 12/2028 48,817 48,006 47,841 0.7 %
Ministry Brands Holdings, LLC.(9)(17)(19) First lien senior secured delayed draw term loan SR + 5.50% 12/2023 1,992 1,849 1,814 0.0 %
Ministry Brands Holdings, LLC.(10)(17) First lien senior secured revolving loan SR + 5.50% 12/2027 1,740 1,669 1,645 0.0 %
Mitnick Corporate Purchaser, Inc.(15)(17)(21) First lien senior secured revolving loan P + 2.50% 05/2027 2,500 2,506 2,500 0.0 %
Oranje Holdco, Inc. (dba KnowBe4)(10) First lien senior secured loan SR + 7.75% 02/2029 81,182 80,023 79,964 1.2 %
Oranje Holdco, Inc. (dba KnowBe4)(10)(17)(18) First lien senior secured revolving loan SR + 7.75% 02/2029 — (142) (152) 0.0 %
QAD Inc.(9) First lien senior secured loan SR + 5.38% 11/2027 45,919 45,210 45,000 0.7 %
QAD Inc.(9)(17)(18) First lien senior secured revolving loan SR + 5.38% 11/2027 — (87) (120) 0.0 %
Quartz Acquireco, LLC (dba Qualtrics AcquireCo, LLC)(9) First lien senior secured loan SR + 3.50% 04/2030 10,000 9,903 9,900 0.1 %
Perforce Software, Inc.(9) First lien senior secured loan SR + 4.50% 07/2026 14,850 14,569 14,293 0.2 %
Proofpoint, Inc.(9)(22) First lien senior secured loan SR + 3.25% 08/2028 12,170 11,789 11,896 0.2 %
Proofpoint, Inc.(9) Second lien senior secured loan SR + 6.25% 08/2029 7,500 7,469 7,256 0.1 %


Company(1)(2)(3)(19)(28)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(24)	Fair Value	Percentage of Net Assets

Evolution BuyerCo, Inc. (dba SIAA)(7)(16)(18)	First lien senior secured delayed draw term loan	SR +	6.00%	12/2025	732	704	729	0.0	%
Evolution BuyerCo, Inc. (dba SIAA)(7)(16)(17)	First lien senior secured revolving loan	SR +	6.25%	05/2028	—	(5)	—	0.0	%
Galway Borrower LLC(7)(16)	First lien senior secured revolving loan	SR +	5.25%	09/2028	1,013	952	950	0.0	%
Galway Borrower LLC(7)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	5.00%	02/2026	—	(242)	(249)	0.0	%
Hub International(7)(21)	First lien senior secured loan	SR +	3.25%	06/2030	12,475	12,490	12,477	0.1	%
Hyperion Refinance S.a.r.l (dba Howden Group)(6)(21)(22)	First lien senior secured loan	SR +	4.00%	04/2030	34,824	34,563	34,932	0.3	%
Hyperion Refinance S.a.r.l (dba Howden Group)(6)(21)(22)	First lien senior secured loan	SR +	3.50%	02/2031	146,000	145,270	146,015	1.4	%
IMA Financial Group, Inc.(6)(21)	First lien senior secured loan	SR +	3.75%	11/2028	70,439	70,126	70,495	0.7	%
Integrated Specialty Coverages, LLC(8)	First lien senior secured loan	SR +	6.00%	07/2030	54,963	54,194	54,413	0.5	%
Integrated Specialty Coverages, LLC(8)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	6.00%	01/2025	—	(72)	—	0.0	%
Integrated Specialty Coverages, LLC(8)(16)(17)	First lien senior secured revolving loan	SR +	6.00%	07/2029	—	(79)	(59)	0.0	%
Integrity Marketing Acquisition, LLC(7)	First lien senior secured loan	SR +	5.80%	08/2026	55,034	54,930	55,034	0.5	%


Integrity Marketing Acquisition, LLC(7)	First lien senior secured loan	SR +	6.05%	08/2026	5,450	5,439	5,450	0.0	%

Integrity Marketing Acquisition, LLC(7)	First lien senior secured loan	SR +	6.00%	08/2026	2,780	2,757	2,780	0.0	%
Integrity Marketing Acquisition, LLC(7)(16)(18)	First lien senior secured delayed draw term loan	SR +	6.00%	02/2025	1,642	1,541	1,642	0.0	%
Integrity Marketing Acquisition, LLC(7)(16)(17)	First lien senior secured revolving loan	SR +	6.50%	08/2026	—	(21)	—	0.0	%
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(7)	First lien senior secured loan	SR +	10.50% PIK	07/2030	14,499	14,352	14,499	0.1	%
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6)	First lien senior secured loan	SR +	5.25%	12/2028	32,374	31,979	32,212	0.3	%
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6)(16)	First lien senior secured revolving loan	SR +	5.25%	12/2027	1,929	1,897	1,912	0.0	%
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6)(16)(18)	First lien senior secured delayed draw term loan	SR +	5.25%	06/2024	2,377	2,293	2,365	0.0	%
PCF Midco II, LLC (dba PCF Insurance Services)(15)	First lien senior secured loan		9.00% PIK	10/2031	55,104	51,555	51,523	0.5	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(6)	First lien senior secured loan	SR +	6.00%	11/2028	184,419	182,858	184,419	1.9	%




Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(6)(16)(17)	First lien senior secured revolving loan	SR +	6.00%	11/2027	—	(15)	—	0.0	%
Summit Acquisition Inc. (dba K2 Insurance Services)(7)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	6.75%	11/2024	—	(160)	—	0.0	%
Summit Acquisition Inc. (dba K2 Insurance Services)(7)(16)(17)	First lien senior secured revolving loan	SR +	6.75%	05/2029	—	(156)	(61)	0.0	%
Summit Acquisition Inc. (dba K2 Insurance Services)(7)	First lien senior secured loan	SR +	6.75%	05/2030	50,347	48,971	49,844	0.5	%
Tempo Buyer Corp. (dba Global Claims Services)(7)	First lien senior secured loan	SR +	5.50%	08/2028	35,702	35,204	35,613	0.3	%
Tempo Buyer Corp. (dba Global Claims Services)(7)(16)	First lien senior secured revolving loan	SR +	5.00%	08/2027	2,167	2,108	2,154	0.0	%
Truist Insurance Holdings, LLC(7)(21)	First lien senior secured loan	SR +	3.25%	03/2031	50,000	49,875	49,915	0.5	%
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(8)	First lien senior secured loan	SR +	5.75%	07/2027	14,754	14,572	14,680	0.1	%

Blue Owl Credit Income Corp.

Consolidated ~~Schedule~~Schedules of Investments (Continued)

As of ~~June 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(20)(29) Investment Interest Maturity
Date Par /
Units Amortized
Cost(4)(25) Fair
Value Percentage
of Net
Assets
Sailpoint Technologies Holdings, Inc.(9) First lien senior secured loan SR + 6.25% 08/2029 59,880 58,729 59,131 0.9 %
Sailpoint Technologies Holdings, Inc.(9)(17)(18) First lien senior secured revolving loan SR + 6.25% 08/2028 — (98) (71) 0.0 %
Securonix, Inc.(10) First lien senior secured loan SR + 6.50% 04/2028 29,661 29,413 28,623 0.4 %
Securonix, Inc.(10)(17)(18) First lien senior secured revolving loan SR + 6.50% 04/2028 — (42) (187) 0.0 %
Sedgwick Claims Management Services, Inc.(9)(21)(22) First lien senior secured loan SR + 3.75% 02/2028 9,975 9,782 9,905 0.1 %
Sophos Holdings, LLC(9)(22)(23) First lien senior secured loan SR + 3.50% 03/2027 20,031 19,981 19,853 0.3 %
Tahoe Finco, LLC(6)(23) First lien senior secured loan L + 6.00% 09/2028 83,721 83,051 82,884 1.2 %
Tahoe Finco, LLC(6)(17)(18)(23) First lien senior secured revolving loan L + 6.00% 10/2027 — (45) (63) 0.0 %
Thunder Purchaser, Inc. (dba Vector Solutions)(10) First lien senior secured loan SR + 5.75% 06/2028 11,881 11,791 11,792 0.1 %
Thunder Purchaser, Inc. (dba Vector Solutions)(10)(17) First lien senior secured revolving loan SR + 5.75% 06/2027 602 597 597 0.0 %
Thunder Purchaser, Inc. (dba Vector Solutions)(10)(17)(19) First lien senior secured delayed draw term loan SR + 5.75% 08/2023 728 721 722 0.0 %
When I Work, Inc.(7) First lien senior secured loan L + 7.00% PIK 11/2027 24,241 24,070 23,817 0.4 %
When I Work, Inc.(7)(17)(18) First lien senior secured revolving loan L + 6.00% 11/2027 — (30) (73) 0.0 %
Zendesk, Inc.(10) First lien senior secured loan SR + 7.00% (3.50% PIK) 11/2028 121,372 119,153 119,248 1.8 %
Zendesk, Inc.(10)(17)(18)(19) First lien senior secured delayed draw term loan SR + 6.50% 11/2024 — (1,006) (226) 0.0 %
Zendesk, Inc.(10)(17)(18) First lien senior secured revolving loan SR + 6.50% 11/2028 — (223) (217) 0.0 %
1,634,061 1,606,967 1,592,889 23.3 %
Leisure and entertainment
Troon Golf, L.L.C.(10) First lien senior secured loan SR + 5.75% 08/2027 $ 92,939 $ 92,599 $ 92,474 1.4 %
Troon Golf, L.L.C.(10)(17)(18) First lien senior secured revolving loan SR + 5.75% 08/2026 — (22) (36) 0.0 %
Troon Golf, L.L.C.(10) First lien senior secured delayed draw term loan SR + 5.75% 08/2027 49,650 49,039 49,402 0.7 %
142,589 141,616 141,840 2.1 %
Manufacturing
ACR Group Borrower, LLC(10) First lien senior secured loan SR + 6.00% 03/2028 $ 4,043 $ 4,000 $ 3,972 0.1 %
ACR Group Borrower, LLC(10) First lien senior secured loan SR + 6.00% 03/2028 868 857 868 0.0 %
ACR Group Borrower, LLC(7)(17) First lien senior secured revolving loan L + 4.50% 03/2026 630 623 615 0.0 %
BCPE Watson (DE) ORML, LP(11)(23)(27) First lien senior secured loan SR + 6.50% 07/2028 101,500 100,615 100,993 1.5 %
EMRLD Borrower LP (dba Emerson Climate Technologies, Inc.)(10)(22) First lien senior secured loan SR + 3.00% 05/2030 10,743 10,638 10,733 0.2 %
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(22) First lien senior secured loan L + 3.50% 05/2028 9,900 9,846 9,694 0.1 %


Company(1)(2)(3)(19)(28)	Investment	Interest		Maturity Date	Par/Units		Amortized Cost(4)(24)		Fair Value		Percentage of Net Assets

USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(8)(16)(17)	First lien senior secured revolving loan	SR +	5.75%	07/2027	—		(12)		(5)		0.0	%
							1,531,242		1,528,209		14.6	%
Internet software and services
Activate Holdings (US) Corp. (dba Absolute Software)(7)(22)	First lien senior secured loan	SR +	6.25%	07/2030	4,625		$	4,506	$	4,555	0.0	%
Activate Holdings (US) Corp. (dba Absolute Software)(7)(16)(17)(22)	First lien senior secured revolving loan	SR +	6.25%	07/2029	—		(9)		(5)		0.0	%
Anaplan, Inc.(7)	First lien senior secured loan	SR +	6.50%	06/2029	224,639		222,848		224,639		2.2	%
Anaplan, Inc.(7)(16)(17)	First lien senior secured revolving loan	SR +	6.50%	06/2028	—		(116)		—		0.0	%
Appfire Technologies, LLC(7)	First lien senior secured loan	SR +	5.50%	03/2027	8,203		8,155		8,182		0.1	%
Appfire Technologies, LLC(14)(16)	First lien senior secured revolving loan	P +	4.50%	03/2027	373		358		369		0.0	%
Appfire Technologies, LLC(7)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	5.50%	06/2024	—		(87)		—		0.0	%
Aptean Acquiror, Inc. (dba Aptean)(7)	First lien senior secured loan	SR +	5.25%	01/2031	78,527		77,755		77,742		0.8	%
Aptean Acquiror, Inc. (dba Aptean)(7)(16)(17)	First lien senior secured revolving loan	SR +	5.25%	01/2031	—		(71)		(73)		0.0	%
Aptean Acquiror, Inc. (dba Aptean)(7)(16)(18)	First lien senior secured delayed draw term loan	SR +	5.25%	01/2026	691		618		616		0.0	%
Armstrong Bidco Limited (dba The Access Group)(13)(22)	First lien senior secured GBP term loan	SA +	5.25%	06/2029	£	26,570	32,031		33,313		0.3	%
Armstrong Bidco Limited (dba The Access Group)(13)(22)	First lien senior secured GBP delayed draw term loan	SA +	5.25%	06/2029	£	13,863	16,714		17,381		0.2	%
Avalara, Inc.(7)	First lien senior secured loan	SR +	7.25%	10/2028	70,455		69,591		70,455		0.7	%
Avalara, Inc.(7)(16)(17)	First lien senior secured revolving loan	SR +	7.25%	10/2028	—		(80)		—		0.0	%
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(6)	First lien senior secured loan	SR +	6.50%	03/2031	5,486		5,404		5,404		0.1	%
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(6)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	6.50%	03/2026	—		(93)		(94)		0.0	%
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(6)(16)(17)	First lien senior secured revolving loan	SR +	6.50%	03/2031	—		(30)		(30)		0.0	%
Barracuda Parent, LLC(7)(21)	First lien senior secured loan	SR +	4.50%	08/2029	27,304		26,629		27,121		0.3	%
Barracuda Parent, LLC(7)	Second lien senior secured loan	SR +	7.00%	08/2030	93,250		90,830		86,023		0.8	%
Bayshore Intermediate #2, L.P. (dba Boomi)(7)	First lien senior secured loan	SR +	7.50% PIK	10/2028	24,631		24,320		24,447		0.2	%
Bayshore Intermediate #2, L.P. (dba Boomi)(6)(16)	First lien senior secured revolving loan	SR +	6.75%	10/2027	212		192		201		0.0	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(7)	First lien senior secured loan	SR +	7.50% PIK	12/2026	1,143		1,137		1,143		0.0	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(7)(16)(17)	First lien senior secured revolving loan	SR +	7.50%	12/2026	—		(1)		—		0.0	%
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(7)	First lien senior secured loan	SR +	5.50%	08/2027	8,158		8,031		7,872		0.1	%
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(7)	First lien senior secured delayed draw term loan	SR +	5.50%	08/2027	1,836		1,816		1,771		0.0	%
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(7)(16)	First lien senior secured revolving loan	SR +	5.50%	08/2027	303		291		273		0.0	%
Central Parent Inc. (dba CDK Global Inc.)(7)(21)	First lien senior secured loan	SR +	4.00%	07/2029	9,330		9,308		9,354		0.1	%
CivicPlus, LLC(7)	First lien senior secured loan	SR +	6.50% (2.50% PIK)	08/2027	28,422		28,240		28,422		0.2	%

Blue Owl Credit Income Corp.

Consolidated ~~Schedule~~Schedules of Investments (Continued)

As of ~~June 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(20)(29) Investment Interest Maturity
Date Par /
Units Amortized
Cost(4)(25) Fair
Value Percentage
of Net
Assets
Engineered Machinery Holdings, Inc. (dba Duravant)(7) Second lien senior secured loan L + 6.50% 05/2029 37,181 37,034 36,716 0.5 %
Engineered Machinery Holdings, Inc. (dba Duravant)(7) Second lien senior secured loan L + 6.00% 05/2029 19,160 19,118 18,873 0.3 %
Filtration Group Corporation(9)(22) First lien senior secured loan SR + 4.25% 10/2028 21,945 21,729 21,919 0.3 %
Gloves Buyer, Inc. (dba Protective Industrial Products)(9) First lien senior secured loan SR + 4.00% 12/2027 18,681 18,368 18,541 0.3 %
Gloves Buyer, Inc. (dba Protective Industrial Products)(9) Second lien senior secured loan SR + 8.25% 12/2028 11,728 11,472 11,553 0.2 %
Helix Acquisition Holdings, Inc. (dba MW Industries)(9) First lien senior secured loan SR + 7.00% 03/2030 65,000 63,096 63,213 0.9 %
Ideal Tridon Holdings, Inc.(9)(17) First lien senior secured revolving loan SR + 6.75% 04/2028 2,466 2,219 2,207 0.0 %
Ideal Tridon Holdings, Inc.(10) First lien senior secured loan SR + 6.75% 04/2028 92,236 89,568 89,469 1.3 %
MHE Intermediate Holdings, LLC (dba OnPoint Group)(10) First lien senior secured loan SR + 6.00% 07/2027 86,610 85,945 86,176 1.3 %
MHE Intermediate Holdings, LLC (dba OnPoint Group)(10) First lien senior secured loan SR + 6.25% 07/2027 12,903 12,680 12,870 0.2 %
MHE Intermediate Holdings, LLC (dba OnPoint Group)(9)(17) First lien senior secured revolving loan SR + 6.00% 07/2027 929 904 911 0.0 %
Pro Mach Group, Inc.(6)(22) First lien senior secured loan L + 4.00% 08/2028 30,473 30,319 30,373 0.5 %
Sonny's Enterprises, LLC(10) First lien senior secured loan SR + 6.75% 08/2028 135,469 133,482 133,437 2.0 %
Sonny's Enterprises, LLC(17)(18) First lien senior secured revolving loan SR + 6.75% 08/2027 — (376) (390) 0.0 %
Sonny's Enterprises, LLC(17)(18)(19) First lien senior secured delayed draw term loan SR + 6.75% 11/2024 — (401) (413) 0.0 %
662,465 651,736 652,330 9.7 %
Professional services
Apex Group Treasury, LLC(10)(23) First lien senior secured loan SR + 5.00% 07/2028 $ 24,875 $ 23,490 $ 24,751 0.4 %
Apex Group Treasury, LLC(7)(23) Second lien senior secured loan L + 6.75% 07/2029 11,618 11,452 11,415 0.2 %
Apex Service Partners, LLC(10) First lien senior secured loan SR + 5.50% 07/2025 91,011 90,113 90,784 1.4 %
Apex Service Partners, LLC(10)(17)(18) First lien senior secured revolving loan SR + 5.25% 07/2025 — (44) (12) 0.0 %
Apex Service Partners Intermediate 2, LLC(16) First lien senior secured loan 12.50% PIK 07/2027 5,614 5,507 5,543 0.1 %
Corporation Service Company(9)(22) First lien senior secured loan SR + 3.25% 11/2029 2,865 2,787 2,868 0.0 %
EM Midco2 Ltd. (dba Element Materials Technology)(10)(22)(23) First lien senior secured loan SR + 4.25% 06/2029 27,807 27,778 27,182 0.4 %
EP Purchaser, LLC(10) First lien senior secured loan SR + 4.50% 11/2028 24,938 23,952 23,940 0.4 %
Guidehouse Inc.(9) First lien senior secured loan SR + 6.25% 10/2028 106,193 105,192 105,662 1.6 %
Relativity ODA LLC(9) First lien senior secured loan SR + 6.50% 05/2027 5,094 5,048 5,094 0.1 %
Relativity ODA LLC(9)(17)(18) First lien senior secured revolving loan SR + 6.50% 05/2027 — (4) — 0.0 %
Sensor Technology Topco, Inc. (dba Humanetics)(10) First lien senior secured loan SR + 6.50% 05/2026 230,746 229,079 229,016 3.4 %
Sensor Technology Topco, Inc. (dba Humanetics)(13)(17) First lien senior secured revolving loan E + 6.75% 05/2026 — 4,026 4,020 0.1 %


Company(1)(2)(3)(19)(28)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(24)	Fair Value	Percentage of Net Assets

CivicPlus, LLC(7)(16)(17)	First lien senior secured revolving loan	SR +	6.00%	08/2027	—	(14)	—	0.0	%
CP PIK Debt Issuer, LLC (dba CivicPlus, LLC)(7)	Unsecured notes	SR +	11.75% PIK	06/2034	17,052	16,706	17,052	0.2	%
Cloud Software Group, Inc.(7)(21)	First lien senior secured loan	SR +	4.50%	03/2029	74,622	71,264	74,226	0.7	%
Cloud Software Group, Inc.(7)	First lien senior secured loan	SR +	4.50%	03/2031	25,000	24,813	24,875	0.2	%
Coupa Holdings, LLC(7)	First lien senior secured loan	SR +	7.50%	02/2030	24,344	23,800	24,161	0.2	%
Coupa Holdings, LLC(7)(16)(17)	First lien senior secured revolving loan	SR +	7.50%	02/2029	—	(34)	(12)	0.0	%
Coupa Holdings, LLC(7)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	7.50%	08/2024	—	(23)	—	0.0	%
Crewline Buyer, Inc. (dba New Relic)(7)	First lien senior secured loan	SR +	6.75%	11/2030	164,955	162,574	163,305	1.6	%
Crewline Buyer, Inc. (dba New Relic)(7)(16)(17)	First lien senior secured revolving loan	SR +	6.75%	11/2030	—	(244)	(172)	0.0	%
Delta TopCo, Inc. (dba Infoblox, Inc.)(8)(21)	First lien senior secured loan	SR +	3.75%	12/2027	28,969	27,644	28,984	0.3	%
Delta TopCo, Inc. (dba Infoblox, Inc.)(8)	Second lien senior secured loan	SR +	7.25%	12/2028	49,222	49,005	49,345	0.5	%
E2open, LLC(6)(21)	First lien senior secured loan	SR +	3.50%	02/2028	5,173	5,167	5,172	0.1	%
EET Buyer, Inc. (dba e-Emphasys)(7)	First lien senior secured loan	SR +	6.50%	11/2027	36,258	35,916	36,258	0.4	%

EET Buyer, Inc. (dba e-Emphasys)(7)(16)	First lien senior secured revolving loan	SR +	6.50%	11/2027	677	649	677	0.0	%
Entrata, Inc.(6)	First lien senior secured loan	SR +	6.00%	07/2030	4,476	4,414	4,442	0.0	%
Entrata, Inc.(6)(16)(17)	First lien senior secured revolving loan	SR +	6.00%	07/2028	—	(7)	(4)	0.0	%
Granicus, Inc.(6)	First lien senior secured loan	SR +	5.75% (2.25% PIK)	01/2031	32,729	32,409	32,402	0.3	%
Granicus, Inc.(6)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	5.75% (2.25% PIK)	01/2026	—	(24)	(24)	0.0	%
Granicus, Inc.(6)(16)(17)	First lien senior secured revolving loan	SR +	5.25%	01/2031	—	(45)	(46)	0.0	%
Grayshift, LLC(6)(22)	First lien senior secured loan	SR +	8.00%	07/2028	128,044	126,123	127,084	1.2	%

Grayshift, LLC(6)(16)(17)(22)	First lien senior secured revolving loan	SR +	8.00%	07/2028	—	(17)	(18)	0.0	%
GS Acquisitionco, Inc. (dba insightsoftware)(7)	First lien senior secured loan	SR +	5.00%	05/2026	8,878	8,856	8,856	0.1	%
GS Acquisitionco, Inc. (dba insightsoftware)(7)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	5.00%	03/2026	—	(2)	—	0.0	%
GS Acquisitionco, Inc. (dba insightsoftware)(7)(16)(17)	First lien senior secured revolving loan	SR +	5.50%	05/2026	—	(1)	(1)	0.0	%
Help/Systems Holdings, Inc.(6)(21)	First lien senior secured loan	SR +	4.00%	11/2026	63,705	63,418	61,558	0.6	%
Help/Systems Holdings, Inc.(7)	Second lien senior secured loan	SR +	6.75%	11/2027	25,000	24,753	22,188	0.2	%
Hyland Software, Inc.(6)(16)(17)	First lien senior secured revolving loan	SR +	6.00%	09/2029	—	(95)	(105)	0.0	%
Hyland Software, Inc.(6)	First lien senior secured loan	SR +	6.00%	09/2030	146,867	144,781	144,664	1.4	%
Icefall Parent, Inc. (dba EngageSmart)(7)	First lien senior secured loan	SR +	6.50%	01/2030	28,869	28,304	28,291	0.3	%
Icefall Parent, Inc. (dba EngageSmart)(7)(16)(17)	First lien senior secured revolving loan	SR +	6.50%	01/2030	—	(53)	(55)	0.0	%
Ivanti Software, Inc.(7)(21)	First lien senior secured loan	SR +	4.25%	12/2027	12,934	12,067	12,084	0.1	%
Ivanti Software, Inc.(7)	Second lien senior secured loan	SR +	7.25%	12/2028	19,000	18,929	16,293	0.2	%

Blue Owl Credit Income Corp.

Consolidated ~~Schedule~~Schedules of Investments (Continued)

As of ~~June 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(20)(29) Investment Interest Maturity
Date Par /
Units Amortized
Cost(4)(25) Fair
Value Percentage
of Net
Assets
Sensor Technology Topco, Inc. (dba Humanetics)(13) First lien senior secured EUR term loan E + 6.75% 05/2026 45,318 44,795 44,979 0.7 %
Sovos Compliance, LLC(9)(22) First lien senior secured loan SR + 4.50% 08/2028 29,192 28,699 28,109 0.4 %
Vistage Worldwide, Inc.(9) First lien senior secured loan SR + 5.25% 07/2029 4,963 4,840 4,913 0.1 %
VT Topco, Inc. (dba Veritext)(9)(21)(22) First lien senior secured loan SR + 3.75% 08/2025 2,745 2,727 2,702 0.0 %
612,979 609,437 610,966 9.3 %
Specialty retail
Ideal Image Development, LLC(9) First lien senior secured loan SR + 6.50% 09/2027 $ 5,810 $ 5,709 $ 5,316 0.1 %
Ideal Image Development, LLC(9) First lien senior secured revolving loan SR + 6.50% 09/2027 915 899 837 0.0 %
Notorious Topco, LLC (dba Beauty Industry Group)(10) First lien senior secured loan SR + 6.75% 11/2027 60,002 59,296 58,952 0.9 %
Notorious Topco, LLC (dba Beauty Industry Group)(10) First lien senior secured loan SR + 6.75% 11/2027 163,431 161,383 160,571 2.4 %
Notorious Topco, LLC (dba Beauty Industry Group)(10)(17)(19) First lien senior secured delayed draw term loan SR + 6.75% 11/2023 5,229 5,133 5,120 0.1 %
Notorious Topco, LLC (dba Beauty Industry Group)(10)(17) First lien senior secured revolving loan SR + 6.75% 05/2027 352 296 260 0.0 %
Milan Laser Holdings LLC(9) First lien senior secured loan SR + 5.00% 04/2027 20,321 20,182 20,321 0.3 %
Milan Laser Holdings LLC(9)(17)(18) First lien senior secured revolving loan SR + 5.00% 04/2026 — (10) — 0.0 %
The Shade Store, LLC(10) First lien senior secured loan SR + 6.00% 10/2027 67,159 66,519 64,305 1.0 %
The Shade Store, LLC(10) First lien senior secured loan SR + 7.00% 10/2026 10,634 10,357 10,315 0.2 %
The Shade Store, LLC(10)(17) First lien senior secured revolving loan SR + 6.00% 10/2026 3,545 3,489 3,256 0.0 %
337,398 333,253 329,253 5.0 %
Telecommunications
EOS U.S. Finco LLC(10)(23) First lien senior secured loan SR + 6.00% 10/2029 $ 18,328 $ 17,420 $ 17,961 0.3 %
EOS U.S. Finco LLC(17)(18)(23) First lien senior secured loan SR + 6.00% 10/2029 — (250) — 0.0 %
Park Place Technologies, LLC(9)(22) First lien senior secured loan SR + 5.00% 11/2027 1,139 1,108 1,105 0.0 %
19,467 18,278 19,066 0.3 %
Transportation
Lightbeam Bidco, Inc. (dba Lazer Spot)(10) First lien senior secured loan SR + 6.25% 05/2030 $ 96,397 $ 95,448 $ 95,385 1.4 %
Lightbeam Bidco, Inc. (dba Lazer Spot)(10)(17)(18) First lien senior secured revolving loan SR + 6.25% 05/2029 — (114) (123) 0.0 %
Lightbeam Bidco, Inc. (dba Lazer Spot)(10)(17)(18)(19) First lien senior secured delayed draw term loan SR + 6.25% 11/2024 — (71) (7) 0.0 %
Motus Group, LLC(6) Second lien senior secured loan L + 6.50% 12/2029 10,000 9,914 9,850 0.1 %
Safe Fleet Holdings, LLC(9)(22) First lien senior secured loan SR + 3.75% 02/2029 25,921 25,358 25,866 0.4 %
132,318 130,535 130,971 1.9 %
Total non-controlled/non-affiliated portfolio
company debt investments $ 12,129,187 $ 11,947,707 $ 11,895,011 176.0 %
Equity Investments


Company(1)(2)(3)(19)(28)	Investment	Interest		Maturity Date	Par/Units		Amortized Cost(4)(24)	Fair Value	Percentage of Net Assets

MessageBird BidCo B.V.(6)(22)	First lien senior secured loan	SR +	6.75%	05/2027	1,833		1,810	1,833	0.0	%
Ministry Brands Holdings, LLC(6)	First lien senior secured loan	SR +	5.50%	12/2028	48,446		47,727	47,477	0.5	%
Ministry Brands Holdings, LLC(6)	First lien senior secured delayed draw term loan	SR +	5.50%	12/2028	4,898		4,843	4,800	0.0	%
Ministry Brands Holdings, LLC(6)(16)	First lien senior secured revolving loan	SR +	5.50%	12/2027	475		415	380	0.0	%
Mitnick Corporate Purchaser, Inc.(14)(16)(20)	First lien senior secured revolving loan	P +	3.00%	05/2027	—		5	—	0.0	%
Oranje Holdco, Inc. (dba KnowBe4)(7)	First lien senior secured loan	SR +	7.50%	02/2029	81,182		80,136	80,776	0.8	%
Oranje Holdco, Inc. (dba KnowBe4)(7)(16)(17)	First lien senior secured revolving loan	SR +	7.50%	02/2029	—		(123)	(51)	0.0	%
PDI TA Holdings, Inc.(6)	First lien senior secured loan	SR +	5.50%	02/2031	57,640		56,789	56,775	0.6	%
PDI TA Holdings, Inc.(6)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	5.50%	02/2026	—		(213)	(218)	0.0	%
PDI TA Holdings, Inc.(6)(16)(17)	First lien senior secured revolving loan	SR +	5.50%	02/2031	—		(96)	(98)	0.0	%
Perforce Software, Inc.(6)	First lien senior secured loan	SR +	4.50%	07/2026	14,738		14,521	14,738	0.1	%
Perforce Software, Inc.(6)	First lien senior secured loan	SR +	4.75%	07/2026	5,000		4,975	5,000	0.0	%
Project Alpha Intermediate Holding, Inc. (dba Qlik)(7)(21)	First lien senior secured loan	SR +	4.75%	10/2030	77,000		75,460	77,362	0.8	%
Proofpoint, Inc.(6)(21)	First lien senior secured loan	SR +	3.25%	08/2028	91,873		91,097	91,873	0.9	%
QAD, Inc.(6)	First lien senior secured loan	SR +	5.38%	11/2027	45,570		44,968	45,228	0.4	%
QAD, Inc.(6)(16)(17)	First lien senior secured revolving loan	SR +	6.00%	11/2027	—		(72)	(45)	0.0	%
Quartz Acquireco, LLC (dba Qualtrics)(7)(21)	First lien senior secured loan	SR +	3.50%	06/2030	9,950		9,862	9,963	0.1	%
Sailpoint Technologies Holdings, Inc.(7)	First lien senior secured loan	SR +	6.00%	08/2029	59,880		58,832	59,730	0.6	%
Sailpoint Technologies Holdings, Inc.(7)(16)(17)	First lien senior secured revolving loan	SR +	6.00%	08/2028	—		(83)	(14)	0.0	%
Securonix, Inc.(7)	First lien senior secured loan	SR +	6.00%	04/2028	29,661		29,444	27,288	0.3	%
Securonix, Inc.(7)(16)(17)	First lien senior secured revolving loan	SR +	6.00%	04/2028	—		(36)	(427)	0.0	%
Sedgwick Claims Management Services, Inc.(6)(20)(21)	First lien senior secured loan	SR +	3.75%	02/2028	9,900		9,734	9,914	0.1	%
Sitecore Holding III A/S(8)	First lien senior secured loan	SR +	7.25% (4.25% PIK)	03/2029	24,103		23,931	24,043	0.2	%
Sitecore USA, Inc.(8)	First lien senior secured loan	SR +	7.25% (4.25% PIK)	03/2029	3,998		3,969	3,988	0.0	%
Sitecore Holding III A/S(12)	First lien senior secured EUR term loan	E +	7.25% (4.25% PIK)	03/2029	€	23,489	24,575	25,305	0.2	%
Sophos Holdings, LLC(6)(21)(22)	First lien senior secured loan	SR +	3.50%	03/2027	19,876		19,835	19,902	0.2	%
The Dun & Bradstreet Corporation(6)(21)(22)	First lien senior secured loan	SR +	2.75%	01/2029	2,000		2,000	1,999	0.0	%
Thunder Purchaser, Inc. (dba Vector Solutions)(7)	First lien senior secured loan	SR +	5.75%	06/2028	12,745		12,659	12,713	0.1	%

Thunder Purchaser, Inc. (dba Vector Solutions)(7)(16)	First lien senior secured revolving loan	SR +	5.75%	06/2027	704		698	702	0.0	%


When I Work, Inc.(7)	First lien senior secured loan	SR +	7.00% PIK	11/2027	25,575		25,428	24,936	0.2	%
When I Work, Inc.(7)(16)(17)	First lien senior secured revolving loan	SR +	6.00%	11/2027	—		(25)	(104)	0.0	%
Zendesk, Inc.(7)	First lien senior secured loan	SR +	6.25%	11/2028	123,453		121,484	122,836	1.2	%

Blue Owl Credit Income Corp.

Consolidated ~~Schedule~~Schedules of Investments (Continued)

As of ~~June 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(20)(29) Investment Interest Maturity
Date Par /
Units Amortized
Cost(4)(25) Fair
Value Percentage
of Net
Assets
Automotive
CD&R Value Building Partners I, L.P. (dba Belron)(23)(24)(26) LP Interest N/A N/A 33,061 $ 32,912 $ 35,155 0.5 %
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(16)(24) Series A Convertible Preferred Stock 7.00% PIK N/A 12,510 12,225 12,511 0.2 %
45,137 47,666 0.7 %
Buildings and real estate
Associations Finance, Inc.(16)(24) Preferred Stock 13.50% PIK N/A 215,000,000 $ 230,992 $ 233,956 3.5 %
Associations Finance, Inc.(16)(24) Preferred Stock 13.50% PIK N/A 35,000,000 34,061 34,650 0.5 %
Dodge Construction Network Holdings, L.P.(10)(24) Series A Preferred Units SR + 8.25% PIK N/A — 3 3 0.0 %
Dodge Construction Network Holdings, L.P.(24)(26) Class A-2 Common Units N/A N/A 143,963 123 84 0.0 %
265,179 268,693 4.0 %
Business services
Denali Holding LP (dba Summit Companies)(24)(26) Class A Units N/A N/A 686,513 $ 7,076 $ 9,459 0.1 %
Hercules Buyer, LLC (dba The Vincit Group)(24)(26)(28) Common Units N/A N/A 10,000 10 11 0.0 %
Knockout Intermediate Holdings I Inc. (dba Kaseya)(16)(24) Perpetual Preferred Stock 11.75% PIK N/A 60,212 59,006 60,062 0.9 %
66,092 69,532 1.0 %
Consumer products
ASP Conair Holdings LP(24)(26) Class A Units N/A N/A 9,286 $ 929 $ 877 0.0 %
929 877 0.0 %
Food and beverage
Hissho Sushi Holdings, LLC(24)(26) Class A Units N/A N/A 941,780 $ 9,418 $ 11,421 0.2 %
9,418 11,421 0.2 %
Healthcare equipment and services
Maia Aggregator, LP(24)(26) Class A-2 Units N/A N/A 12,921,348 $ 12,921 $ 13,711 0.2 %
KPCI Holdings, L.P.(24)(26) Class A Units N/A N/A 1,781 2,313 2,057 0.0 %
Patriot Holdings SCSp (dba Corza Health, Inc.)(16)(23)(24) Class A Units 8.00% PIK N/A 982 1,204 1,204 0.0 %
Patriot Holdings SCSp (dba Corza Health, Inc.)(23)(24)(26) Class B Units N/A N/A 13,517 164 225 0.0 %
Rhea Acquisition Holdings, LP(24)(26) Series A-2 Units N/A N/A 11,964,286 11,964 15,523 0.2 %
28,566 32,720 0.4 %
Healthcare providers and services
KOBHG Holdings, L.P. (dba OB Hospitalist)(24)(26) Class A Interests N/A N/A 3,520 $ 3,520 $ 3,269 0.0 %
3,520 3,269 0.0 %
Healthcare technology
Minerva Holdco, Inc.(16)(24) Series A Preferred Stock 10.75% PIK N/A 115,916 $ 114,158 $ 107,223 1.6 %
BEHP Co-Investor II, L.P.(23)(24)(26) LP Interest N/A N/A 1,269,969 1,266 1,325 0.0 %
Orange Blossom Parent, Inc.(24)(26) Common Equity N/A N/A 16,667 1,667 1,710 0.0 %
WP Irving Co-Invest, L.P.(23)(24)(26) Partnership Units N/A N/A 1,250,000 1,251 1,304 0.0 %
118,342 111,562 1.6 %
Household products
Evology LLC(24)(26) Class B Units N/A N/A 316 $ 1,512 $ 2,082 0.0 %
Walker Edison Holdco LLC(24)(26) Common Equity N/A N/A 29,167 2,818 2,548 0.0 %
4,330 4,630 0.0 %
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand)(16)(24) Series A Preferred Stock 10.50% PIK N/A 15,188 $ 14,917 $ 13,366 0.2 %


Company(1)(2)(3)(19)(28)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(24)		Fair Value		Percentage of Net Assets

Zendesk, Inc.(7)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	6.25%	11/2024	—	(865)		—		0.0	%
Zendesk, Inc.(7)(16)(17)	First lien senior secured revolving loan	SR +	6.25%	11/2028	—	(191)		(62)		0.0	%
						2,272,813		2,279,103		22.0	%
Leisure and entertainment
Troon Golf, L.L.C.(7)	First lien senior secured loan	SR +	5.50%	08/2027	92,230	$	91,944	$	92,230	0.9	%
Troon Golf, L.L.C.(7)(16)(17)	First lien senior secured revolving loan	SR +	5.50%	08/2026	—	(17)		—		0.0	%
Troon Golf, L.L.C.(7)	First lien senior secured delayed draw term loan	SR +	5.50%	08/2027	49,275	48,779		49,275		0.5	%
						140,706		141,505		1.4	%
Manufacturing
ACR Group Borrower, LLC(7)	First lien senior secured loan	SR +	4.25%	03/2028	4,012	$	3,975	$	3,961	0.0	%
ACR Group Borrower, LLC(7)	First lien senior secured loan	SR +	5.75%	03/2028	862	852		862		0.0	%
ACR Group Borrower, LLC(7)(16)	First lien senior secured revolving loan	SR +	4.25%	03/2026	450	445		439		0.0	%
Chariot Buyer LLC (dba Chamberlain Group)(6)(21)	First lien senior secured loan	SR +	3.75%	11/2028	15,000	14,891		15,020		0.1	%
CPM Holdings, Inc.(6)(20)(21)	First lien senior secured loan	SR +	4.50%	09/2028	49,875	48,589		49,895		0.5	%
CPM Holdings, Inc.(6)(16)(21)	First lien senior secured revolving loan	SR +	4.50%	06/2028	350	305		350		0.0	%
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(21)	First lien senior secured loan	SR +	3.75%	05/2028	25,758	25,402		25,650		0.3	%
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(20)	Second lien senior secured loan	SR +	6.50%	05/2029	37,181	37,048		36,995		0.4	%
Engineered Machinery Holdings, Inc. (dba Duravant)(7)	Second lien senior secured loan	SR +	6.00%	05/2029	19,160	19,122		18,921		0.2	%
FARADAY BUYER, LLC (dba MacLean Power Systems)(7)	First lien senior secured loan	SR +	6.00%	10/2028	135,953	133,397		133,914		1.3	%
FARADAY BUYER, LLC (dba MacLean Power Systems)(7)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	6.00%	11/2025	—	(132)		(72)		0.0	%
Filtration Group Corporation(6)(21)	First lien senior secured loan	SR +	4.25%	10/2028	21,780	21,590		21,832		0.2	%
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)	First lien senior secured loan	SR +	4.00%	12/2027	18,540	18,274		18,540		0.2	%
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)	Second lien senior secured loan	SR +	8.25%	12/2028	11,728	11,497		11,699		0.1	%

Helix Acquisition Holdings, Inc. (dba MW Industries)(7)	First lien senior secured loan	SR +	7.00%	03/2030	61,484	59,818		60,254		0.6	%
Ideal Tridon Holdings, Inc.(6)(16)(17)	First lien senior secured revolving loan	SR +	6.75%	04/2028	—	(208)		(151)		0.0	%
Ideal Tridon Holdings, Inc.(6)	First lien senior secured loan	SR +	6.75%	04/2028	91,542	89,219		89,940		0.9	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(7)	First lien senior secured loan	SR +	6.00%	07/2027	68,257	67,819		68,257		0.7	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(7)	First lien senior secured loan	SR +	6.25%	07/2027	7,147	7,043		7,147		0.1	%


MHE Intermediate Holdings, LLC (dba OnPoint Group)(7)(16)(17)	First lien senior secured revolving loan	SR +	6.00%	07/2027	—	(20)		—		0.0	%
Pro Mach Group, Inc.(6)(21)	First lien senior secured loan	SR +	3.75%	08/2028	30,319	30,319		30,410		0.3	%
Sonny's Enterprises, LLC(7)	First lien senior secured loan	SR +	6.75%	08/2028	129,906	128,216		129,906		1.3	%
Sonny's Enterprises, LLC(7)(16)(17)	First lien senior secured revolving loan	SR +	6.75%	08/2027	—	(297)		—		0.0	%
Sonny's Enterprises, LLC(7)(16)(18)	First lien senior secured delayed draw term loan	SR +	6.75%	11/2024	16,599	16,270		16,599		0.2	%
						733,434		740,368		7.4	%

Blue Owl Credit Income Corp.

Consolidated ~~Schedule~~Schedules of Investments (Continued)

As of ~~June 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(20)(29) Investment Interest Maturity
Date Par /
Units Amortized
Cost(4)(25) Fair
Value Percentage
of Net
Assets
14,917 13,366 0.2 %
Insurance
Accelerate Topco Holdings, LLC(24)(26) Common Units N/A N/A 91,805 $ 2,535 $ 2,676 0.0 %
Evolution Parent, LP (dba SIAA)(24)(26) LP Interest N/A N/A 2,703 270 302 0.0 %
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(24)(26) LP Interest N/A N/A 408 426 408 0.0 %
PCF Holdco, LLC (dba PCF Insurance Services)(16)(17)(19)(24) Series A Preferred Units 15.00% PIK N/A 8,099 7,897 8,099 0.1 %
PCF Holdco, LLC (dba PCF Insurance Services)(24)(26) Class A Unit Warrants N/A N/A 1,504 5,129 5,134 0.1 %
PCF Holdco, LLC (dba PCF Insurance Services)(24)(26) Class A Units N/A N/A 6,047,390 15,336 27,614 0.4 %
31,593 44,233 0.6 %
Internet software and services
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(24)(26) Common Units N/A N/A 1,729,439 $ 1,730 $ 1,776 0.0 %
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(23)(24)(26) LP Interest N/A N/A — 987 987 0.0 %
Elliott Alto Co-Investor Aggregator L.P.(23)(24)(26) LP Interest N/A N/A 6,723 6,568 6,369 0.1 %
Picard Holdco, Inc.(10)(24) Series A Preferred Stock SR + 12.00% PIK N/A 57,459 55,990 52,431 0.8 %
MessageBird Holding B.V.(23)(24)(26) Extended Series C Warrants N/A N/A 7,980 49 9 0.0 %
Project Alpine Co-Invest Fund, L.P.(23)(24)(26) LP Interest N/A N/A 17,000 17,010 18,655 0.3 %
Thunder Topco L.P. (dba Vector Solutions)(24)(26) Common Units N/A N/A 712,884 713 730 0.0 %
WMC Bidco, Inc. (dba West Monroe)(16)(24) Senior Preferred Stock 11.25% PIK N/A 40,053 38,228 36,814 0.5 %
Project Hotel California Co-Invest Fund, L.P.(23)(24)(26) LP Interest N/A N/A 3,522 3,525 3,524 0.1 %
BCTO WIW Holdings, Inc. (dba When I Work)(24)(26) Class A Common Stock N/A N/A 57,000 5,700 5,134 0.1 %
Zoro TopCo, Inc. (16)(24) Series A Preferred Stock 12.50% PIK N/A 17,846 17,285 17,444 0.3 %
Zoro TopCo, Inc. (24)(26) Class A Common Units N/A N/A 1,380,129 13,801 13,801 0.2 %
161,586 157,674 2.4 %
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(24)(26) LP Interest N/A N/A 10 $ 100 $ 118 0.0 %
100 118 0.0 %
Total non-controlled/non-affiliated portfolio company equity investments $ 749,709 $ 765,761 11.1 %
Total non-controlled/non-affiliated portfolio company investments $ 12,697,416 $ 12,660,772 187.1 %
Non-controlled/affiliated portfolio company investments
Equity Investments
Pharmaceuticals
LSI Financing 1 DAC(23)(24)(26)(30) Preferred equity N/A N/A 79,272 $ 76,348 $ 76,348 1.1 %
76,348 76,348 1.1 %
Total non-controlled/affiliated portfolio company equity investments $ 76,348 $ 76,348 1.1 %


Company(1)(2)(3)(19)(28)	Investment	Interest		Maturity Date	Par/Units		Amortized Cost(4)(24)		Fair Value		Percentage of Net Assets

Pharmaceuticals
BridgeBio Pharma, Inc.(7)(22)	First lien senior secured loan	SR +	6.75%	01/2029	135,000		$	134,804	$	133,650	1.3	%
							134,804		133,650		1.3	%
Professional services
Apex Group Treasury, LLC(7)(22)	First lien senior secured loan	SR +	5.00%	07/2028	124,184		$	121,132	$	124,184	1.2	%
Apex Group Treasury, LLC(14)(22)	Second lien senior secured loan	P +	5.75%	07/2029	11,618		11,467		11,560		0.1	%

Apex Service Partners, LLC(7)	First lien senior secured loan	SR +	7.00% (2.00% PIK)	10/2030	97,184		94,875		94,998		0.9	%
Apex Service Partners, LLC(7)(16)(18)	First lien senior secured delayed draw term loan	SR +	7.00% (2.00% PIK)	10/2025	12,678		12,255		12,289		0.1	%
Apex Service Partners, LLC(7)(16)	First lien senior secured revolving loan	SR +	6.50%	10/2029	2,924		2,746		2,751		0.0	%
Certinia, Inc.(7)	First lien senior secured loan	SR +	7.25%	08/2029	33,088		32,480		32,592		0.3	%
Certinia, Inc.(7)(16)(17)	First lien senior secured revolving loan	SR +	7.25%	08/2029	—		(79)		(66)		0.0	%
Corporation Service Company(6)(21)	First lien senior secured loan	SR +	2.75%	11/2029	2,384		2,384		2,387		0.0	%
EM Midco2 Ltd. (dba Element Materials Technology)(7)(20)(21)(22)	First lien senior secured loan	SR +	4.25%	06/2029	27,598		27,572		27,587		0.3	%

EP Purchaser, LLC(7)(21)	First lien senior secured loan	SR +	4.50%	11/2028	24,750		23,879		24,535		0.2	%
Gerson Lehrman Group, Inc.(7)	First lien senior secured loan	SR +	5.25%	12/2027	166,014		164,603		164,536		1.6	%
Gerson Lehrman Group, Inc.(7)(16)(17)	First lien senior secured revolving loan	SR +	5.25%	12/2027	—		(71)		(75)		0.0	%
Guidehouse Inc.(6)	First lien senior secured loan	SR +	5.75% (2.00% PIK)	12/2030	106,543		106,543		106,277		1.0	%
Omnia Partners, LLC(7)(21)	First lien senior secured loan	SR +	3.75%	07/2030	2,993		2,993		3,004		0.0	%
Relativity ODA LLC(6)	First lien senior secured loan	SR +	6.50%	05/2027	5,094		5,056		5,094		0.1	%
Relativity ODA LLC(6)(16)(17)	First lien senior secured revolving loan	SR +	6.50%	05/2027	—		(3)		—		0.0	%
Sensor Technology Topco, Inc. (dba Humanetics)(7)	First lien senior secured loan	SR +	7.00% (2.00% PIK)	05/2026	234,302		233,026		234,302		2.3	%
Sensor Technology Topco, Inc. (dba Humanetics)(6)(16)	First lien senior secured revolving loan	SR +	6.50%	05/2026	11,942		11,833		11,942		0.1	%
Sensor Technology Topco, Inc. (dba Humanetics)(11)	First lien senior secured EUR term loan	E +	7.25% (2.25% PIK)	05/2026	€	42,259	45,655		45,640		0.4	%
Sovos Compliance, LLC(6)(21)	First lien senior secured loan	SR +	4.50%	08/2028	28,970		28,537		28,677		0.3	%
Thevelia (US) LLC (dba Tricor)(7)(21)(22)	First lien senior secured loan	SR +	3.75%	06/2029	12,968		12,968		12,975		0.1	%
Vistage Worldwide, Inc.(7)(21)	First lien senior secured loan	SR +	4.75%	07/2029	30,070		29,835		29,995		0.3	%
							969,686		975,184		9.3	%
Specialty retail
Galls, LLC(7)	First lien senior secured loan	SR +	6.50% (1.50% PIK)	03/2030	117,435		$	115,684	$	115,568	1.1	%
Galls, LLC(7)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	6.50% (1.50% PIK)	03/2026	—		(243)		(245)		0.0	%
Galls, LLC(7)(16)	First lien senior secured revolving loan	SR +	6.50% (1.50% PIK)	03/2030	2,355		2,121		2,067		0.0	%
Ideal Image Development, LLC(9)	First lien senior secured loan	SR +	6.50%	02/2029	2,195		2,173		2,173		0.0	%
Ideal Image Development, LLC(9)(16)	First lien senior secured revolving loan	SR +	6.50%	02/2029	366		366		359		0.0	%
Milan Laser Holdings LLC(7)	First lien senior secured loan	SR +	5.00%	04/2027	20,165		20,051		20,165		0.2	%

Blue Owl Credit Income Corp.

Consolidated ~~Schedule~~Schedules of Investments (Continued)

As of ~~June 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(2)(3)(20)(29) Investment Interest Maturity
Date Par /
Units Amortized
Cost(4)(25) Fair
Value Percentage
of Net
Assets
Controlled/affiliated portfolio company investments
Asset based lending and fund finance
Amergin Asset Management, LLC(23)(24)(26)(31) Class A Units N/A N/A 50,000,000 $ — $ — 0.0 %
AAM Series 2.1 Aviation Feeder, LLC(17)(19)(23)(24)(26)(31) LLC Interest N/A N/A 18,944 18,945 18,944 0.3 %
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(17)(19)(23)(24)(26)(31) LLC Interest N/A N/A 6,116 6,081 6,116 0.1 %
25,026 25,060 0.4 %
Insurance
Fifth Season Investments LLC(24)(26)(27)(31) Class A Units N/A N/A 28 $ 111,234 $ 111,234 1.7 %
111,234 111,234 1.7 %
Joint ventures
Blue Owl Credit Income Senior Loan Fund, LLC (f/k/a ORCIC Senior Loan Fund, LLC)(23)(24)(27)(31)(33) LLC Interest N/A N/A 222,933 $ 222,933 $ 226,230 3.4 %
222,933 226,230 3.4 %
Total controlled/affiliated portfolio company equity investments $ 359,193 $ 362,524 5.5 %
Total Investments $ 13,132,957 $ 13,099,644 193.7 %


Company(1)(2)(3)(19)(28)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(24)		Fair Value		Percentage of Net Assets

Milan Laser Holdings LLC(7)(16)(17)	First lien senior secured revolving loan	SR +	5.00%	04/2026	—	(14)		—		0.0	%
Notorious Topco, LLC (dba Beauty Industry Group)(7)	First lien senior secured loan	SR +	6.75%	11/2027	221,735	219,378		208,985		2.1	%

Notorious Topco, LLC (dba Beauty Industry Group)(7)	First lien senior secured delayed draw term loan	SR +	6.75%	11/2027	5,189	5,137		4,891		0.0	%
Notorious Topco, LLC (dba Beauty Industry Group)(7)(16)	First lien senior secured revolving loan	SR +	6.75%	05/2027	1,761	1,715		1,457		0.0	%
The Shade Store, LLC(7)	First lien senior secured loan	SR +	6.00%	10/2029	66,648	66,104		65,815		0.6	%
The Shade Store, LLC(7)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	7.00%	03/2026	—	(65)		—		0.0	%
The Shade Store, LLC(7)(16)	First lien senior secured revolving loan	SR +	6.00%	10/2028	2,045	2,002		1,960		0.0	%
						434,409		423,195		4.0	%
Telecommunications
CCI BUYER, INC. (dba Consumer Cellular)(7)(21)	First lien senior secured loan	SR +	4.00%	12/2027	39,897	$	39,606	$	39,642	0.4	%
EOS U.S. Finco LLC(7)(21)(22)	First lien senior secured loan	SR +	6.00%	10/2029	67,467	64,173		55,053		0.5	%
EOS U.S. Finco LLC(7)(16)(17)(18)(21)(22)	First lien senior secured delayed draw term loan	SR +	6.00%	05/2026	280	53		(1,335)		0.0	%
Level 3 Financing, Inc.(7)(21)(22)	First lien senior secured loan	SR +	1.75%	03/2027	20,733	20,397		20,544		0.2	%
Level 3 Financing, Inc.(7)(22)	First lien senior secured loan	SR +	6.56%	04/2029	1,954	1,954		1,954		0.0	%
Level 3 Financing, Inc.(7)(22)	First lien senior secured loan	SR +	6.56%	04/2030	1,954	1,954		1,954		0.0	%
Park Place Technologies, LLC(6)	First lien senior secured loan	SR +	5.25%	03/2031	86,393	85,531		85,529		0.8	%
Park Place Technologies, LLC(6)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	5.25%	09/2025	—	(67)		(67)		0.0	%
Park Place Technologies, LLC(6)(16)(17)	First lien senior secured revolving loan	SR +	5.25%	03/2030	—	(101)		(101)		0.0	%
PPT Holdings III, LLC (dba Park Place Technologies)(15)	First lien senior secured loan		12.75% PIK	03/2034	27,500	26,813		26,813		0.3	%
						240,313		229,986		2.2	%
Transportation
Lightbeam Bidco, Inc. (dba Lazer Spot)(7)	First lien senior secured loan	SR +	6.25%	05/2030	96,156	$	95,282	$	96,156	0.9	%
Lightbeam Bidco, Inc. (dba Lazer Spot)(7)	First lien senior secured loan	SR +	5.50%	05/2030	9,828	9,781		9,804		0.1	%
Lightbeam Bidco, Inc. (dba Lazer Spot)(7)	First lien senior secured delayed draw term loan	SR +	6.25%	05/2030	14,569	14,369		14,569		0.1	%
Lightbeam Bidco, Inc. (dba Lazer Spot)(7)(16)(18)	First lien senior secured delayed draw term loan	SR +	5.50%	11/2025	19,706	19,499		19,657		0.2	%
Lightbeam Bidco, Inc. (dba Lazer Spot)(7)(16)	First lien senior secured revolving loan	SR +	6.25%	05/2029	1,558	1,459		1,558		0.0	%
Motus Group, LLC(7)	Second lien senior secured loan	SR +	6.50%	12/2029	10,000	9,922		9,900		0.1	%
						150,312		151,644		1.4	%
Total non-controlled/non-affiliated portfolio company debt investments						$	17,298,654	$	17,323,211	167.0	%
Equity Investments
Asset based lending and fund finance
Amergin Asset Management, LLC(22)(23)(25)	Class A Units		N/A	N/A	50,000,000	$	—	$	1	0.0	%
						—		1		0.0	%

Interest Rate Swaps as of June 30, 2023
Company
Receives Company
Pays Maturity Date Notional Amount Hedged
Instrument Footnote
Reference
Interest rate swap 7.75% S+ 3.84% 9/16/2027 $ 600,000 September 2027 Notes Note 6
Total $ 600,000

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of March 31, 2024

(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		Percentage of Net Assets

Automotive
CD&R Value Building Partners I, L.P. (dba Belron)(22)(23)(25)(32)	LP Interest		N/A	N/A	33,061	$	32,911	$	41,090	0.4	%
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(15)(23)	Series A Convertible Preferred Stock		7.00% PIK	N/A	10,769	12,922		13,177		0.1	%
						45,833		54,267		0.5	%
Buildings and real estate
Associations Finance, Inc.(15)(23)	Preferred Stock		13.50% PIK	N/A	250,000,000	$	293,751	$	297,261	2.9	%

Dodge Construction Network Holdings, L.P.(7)(23)	Series A Preferred Units	SR +	8.25%	N/A	—	3		2		0.0	%
Dodge Construction Network Holdings, L.P.(23)(25)	Class A-2 Common Units		N/A	N/A	143,963	123		98		0.0	%
						293,877		297,361		2.9	%
Business services
Denali Holding, LP (dba Summit Companies)(23)(25)	Class A Units		N/A	N/A	686,513	$	7,076	$	11,131	0.1	%
Hercules Buyer, LLC (dba The Vincit Group)(23)(25)(27)	Common Units		N/A	N/A	10	10		11		0.0	%




Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(8)(23)	Perpetual Preferred Stock	SR +	10.75% PIK	N/A	53,600	62,692		63,630		0.6	%
						69,778		74,772		0.7	%
Consumer products
ASP Conair Holdings LP(23)(25)	Class A Units		N/A	N/A	9,286	$	929	$	918	0.0	%
						929		918		0.0	%
Financial services
Vestwell Holdings, Inc.(23)(25)	Series D Preferred Stock		N/A	N/A	50,726	$	1,000	$	1,000	0.0	%
						1,000		1,000		0.0	%
Food and beverage
Hissho Sushi Holdings, LLC(23)(25)	Class A Units		N/A	N/A	941,780	$	9,418	$	13,050	0.1	%
						9,418		13,050		0.1	%
Healthcare equipment and services
Maia Aggregator, LP(23)(25)	Class A-2 Units		N/A	N/A	12,921,348	$	12,921	$	12,990	0.1	%
KPCI Holdings, L.P.(23)(25)	Class A Units		N/A	N/A	1,781	2,313		3,007		0.0	%
Patriot Holdings SCSp (dba Corza Health, Inc.)(15)(22)(23)	Class A Units		8.00% PIK	N/A	13,517	1,278		1,278		0.0	%
Patriot Holdings SCSp (dba Corza Health, Inc.)(22)(23)(25)	Class B Units		N/A	N/A	982	164		238		0.0	%
Rhea Acquisition Holdings, LP(23)(25)	Series A-2 Units		N/A	N/A	11,964,286	11,964		16,154		0.2	%
						28,640		33,667		0.3	%
Healthcare providers and services
KOBHG Holdings, L.P. (dba OB Hospitalist)(23)(25)	Class A Interests		N/A	N/A	3,520	$	3,520	$	3,104	0.0	%
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)(23)(25)	Class A Interest		N/A	N/A	1,205	12,049		12,047		0.1	%
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(15)(23)	Series A Preferred Stock		15.00% PIK	N/A	28,403,207	27,885		27,835		0.3	%
XOMA Corporation(23)(25)	Warrants		N/A	N/A	54,000	369		615		0.0	%


						43,823		43,601		0.4	%
Healthcare technology
Minerva Holdco, Inc.(15)(23)	Series A Preferred Stock		10.75% PIK	N/A	100,000	$	120,827	$	117,239	1.2	%
BEHP Co-Investor II, L.P.(22)(23)(25)	LP Interest		N/A	N/A	1,269,969	1,266		1,278		0.0	%
Orange Blossom Parent, Inc.(23)(25)	Common Equity		N/A	N/A	16,667	1,667		1,664		0.0	%
WP Irving Co-Invest, L.P.(22)(23)(25)	Partnership Units		N/A	N/A	1,250,000	1,251		1,258		0.0	%
						125,011		121,439		1.2	%
Household products
Evology, LLC(23)(25)	Class B Units		N/A	N/A	316	$	1,512	$	1,446	0.0	%
Walker Edison Holdco LLC(23)(25)	Common Equity		N/A	N/A	29,167	2,818		122		0.0	%
						4,330		1,568		0.0	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of March 31, 2024

(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		Percentage of Net Assets

Human resource support services
Gloves Holdings, LP (dba Protective Industrial Products)(23)(25)	LP Interest		N/A	N/A	1,000	$	100	$	118	0.0	%
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand)(15)(23)	Series A Preferred Stock		10.50% PIK	N/A	12,750	15,753		14,521		0.1	%
						15,853		14,639		0.1	%
Insurance
Accelerate Topco Holdings, LLC(23)(25)	Common Units		N/A	N/A	91,805	$	2,535	$	3,116	0.0	%
Evolution Parent, LP (dba SIAA)(23)(25)	LP Interest		N/A	N/A	2,703	270		307		0.0	%
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(23)(25)	LP Interest		N/A	N/A	421	426		408		0.0	%
Hockey Parent Holdings, L.P.(23)(25)	Class A Units		N/A	N/A	25,000	25,000		25,000		0.2	%
PCF Holdco, LLC (dba PCF Insurance Services)(15)(23)	Series A Preferred Units		15.00% PIK	N/A	19,423	16,027		17,074		0.2	%
PCF Holdco, LLC (dba PCF Insurance Services)(23)(25)	Class A Unit Warrants		N/A	N/A	1,503,286	5,129		4,722		0.0	%

PCF Holdco, LLC (dba PCF Insurance Services)(23)(25)	Class A Units		N/A	N/A	6,047,390	15,336		26,657		0.3	%
						64,723		77,284		0.7	%
Internet software and services
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(23)(25)	Common Units		N/A	N/A	1,729,439	$	1,729	$	1,886	0.0	%
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(22)(23)(25)	LP Interest		N/A	N/A	989,292	989		1,068		0.0	%
Elliott Alto Co-Investor Aggregator L.P.(22)(23)(25)	LP Interest		N/A	N/A	6,530	6,572		7,023		0.1	%
Picard Holdco, Inc.(7)(23)	Series A Preferred Stock	SR +	12.00% PIK	N/A	44,040	46,572		50,796		0.5	%
MessageBird Holding B.V.(22)(23)(25)	Extended Series C Warrants		N/A	N/A	7,980	49		10		0.0	%
Project Alpine Co-Invest Fund, LP(22)(23)(25)	LP Interest		N/A	N/A	17,000,000	17,010		20,089		0.2	%
Thunder Topco L.P. (dba Vector Solutions)(23)(25)	Common Units		N/A	N/A	712,884	713		770		0.0	%
WMC Bidco, Inc. (dba West Monroe)(15)(23)	Senior Preferred Stock		11.25% PIK	N/A	33,385	43,035		40,957		0.4	%
Project Hotel California Co-Invest Fund, L.P.(22)(23)(25)	LP Interest		N/A	N/A	3,522	3,525		4,046		0.0	%
BCTO WIW Holdings, Inc. (dba When I Work)(23)(25)	Class A Common Stock		N/A	N/A	57,000	5,700		4,154		0.0	%
Zoro TopCo, Inc. (dba Zendesk, Inc.)(15)(23)	Series A Preferred Stock		12.50% PIK	N/A	16,562	18,457		18,899		0.2	%
Zoro TopCo, L.P. (dba Zendesk, Inc.)(23)(25)	Class A Common Units		N/A	N/A	1,380,129	13,801		15,027		0.1	%
						158,152		164,725		1.5	%
Specialty retail
Ideal Topco, L.P.(23)(25)	Class A-1 Preferred Units		N/A	N/A	3,658,537	$	3,659	$	3,659	0.0	%
Ideal Topco, L.P.(23)(25)	Class A-2 Common Units		N/A	N/A	3,109,756	—		—		0.0	%
						3,659		3,659		0.0	%
Total non-controlled/non-affiliated portfolio company equity investments						$	865,026	$	901,951	8.4	%
Total non-controlled/non-affiliated portfolio company investments						$	18,163,680	$	18,225,162	175.4	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of March 31, 2024

(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		Percentage of Net Assets

Non-controlled/affiliated portfolio company investments
Equity Investments
Pharmaceuticals
LSI Financing 1 DAC(16)(18)(22)(23)(29)	Preferred equity		N/A	N/A	70,106,000	$	70,177	$	77,556	0.8	%




						70,177		77,556		0.8	%
Total non-controlled/affiliated portfolio company equity investments						$	70,177	$	77,556	0.8	%

Controlled/affiliated portfolio company investments
Debt Investments
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(15)(22)(30)	First lien senior secured loan		12.00% PIK	07/2030	39,720	$	39,720	$	39,720	0.4	%


AAM Series 2.1 Aviation Feeder, LLC(15)(22)(30)	First lien senior secured loan		12.00% PIK	11/2030	46,515	46,515		46,515		0.5	%


						86,235		86,235		0.9	%
Total controlled/affiliated portfolio company debt investments						$	86,235	$	86,235	0.9	%
Equity Investments
Asset based lending and fund finance
AAM Series 2.1 Aviation Feeder, LLC(22)(23)(25)(30)	LLC Interest		N/A	N/A	31,086	$	31,125	$	31,125	0.3	%
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(16)(18)(22)(23)(25)(30)	LLC Interest		N/A	N/A	26,943	26,946		26,943		0.3	%
						58,071		58,068		0.6	%
Insurance
Fifth Season Investments LLC(23)(26)(30)	Class A Units		N/A	N/A	28	$	225,853	$	233,262	2.3	%
						225,853		233,262		2.3	%

Joint ventures
OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund LLC)(20)(22)(23)(30)(32)	LLC Interest		N/A	N/A	296,433	$	296,433	$	305,676	3.0	%
						296,433		305,676		3.0	%

Total controlled/affiliated portfolio company equity investments						$	580,357	$	597,006	5.9	%
Total controlled/affiliated portfolio company investments						$	666,592	$	683,241	6.8	%
Total Investments						$	18,900,449	$	18,985,959	183.0	%


	Interest Rate Swaps as of March 31, 2024
	Company Receives	Company Pays	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%	SR + 3.84%	9/16/2027	$	600,000	$	(3,741)	$	—	$	(10,244)	September 2027 Notes	Note 5
Interest rate swap(a)(b)	7.95%	SR + 3.79%	5/13/2028	650,000		(89)		—		(89)		June 2028 Notes	Note 5
Interest rate swap(a)(b)	7.75%	SR + 3.65%	1/15/2029	550,000		255		—		(11,893)		January 2029 Notes	Note 5
Interest rate swap(a)(b)	6.65%	SR + 2.90%	1/15/2031	750,000		(9,528)		—		(9,528)		March 2031 Notes	Note 5
Total				$	2,550,000

________

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

(b) Instrument is used in a hedge accounting relationship. The associated change in fair value is recorded along with the change in fair value of the hedging item within interest expense.

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)

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

(2)Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

(3)Unless otherwise indicated, all investments are considered Level 3 investments.

(4)The amortized cost represents the original cost adjusted for the amortization and accretion of premiums and discounts, as applicable, on debt investments using the effective interest method.

(5)Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate (“SOFR” or “SR”) (which can include one-, three-, six- or twelve-month SOFR), Euro Interbank Offered Rate (“EURIBOR” or “E”), Canadian Dollar Offered Rate (“CDOR” or “C”) (which can include one- or three-month CDOR), Sterling (SP) Overnight Interbank Average Rate (“SONIA” or “SA”) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate (“Prime” or “P”), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.

(6)The interest rate on these investments is subject to 1 month SOFR, which as of March 31, 2024 was 5.33%.

(7)The interest rate on these investments is subject to 3 month SOFR, which as of March 31, 2024 was 5.30%.

(8)The interest rate on these investments is subject to 6 month SOFR, which as of March 31, 2024 was 5.22%.

(9)The interest rate on these investments is subject to 12 month SOFR, which as of March 31, 2024 was 5.00%.

(10)The interest rate on these investments is subject to 3 month CDOR, which as of March 31, 2024 was 5.30%.

(11)The interest rate on these investments is subject to 3 month EURIBOR, which as of March 31, 2024 was 3.89%.

(12)The interest rate on these investments is subject to 6 month EURIBOR, which as of March 31, 2024 was 3.85%.

(13)The interest rate on these investments is subject to SONIA, which as of March 31, 2024 was 5.19%.

(14)The interest rate on these investments is subject to Prime, which as of March 31, 2024 was 8.50%.

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

(16)Position or portion thereof is an unfunded loan or equity commitment. See Note 7 “Commitments and Contingencies”.

(17)The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.

(18)The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date.

(19)Unless otherwise indicated, represents a co-investment made with the Company’s affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 “Agreements and Related Party Transactions”.

(20)This portfolio company was not a co-investment made with the Company’s affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission.

(21)Level 2 Investment.

(22)This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of March 31, 2024, 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, 2024, the aggregate fair value of these securities is $1.58 billion, or 15.5% 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

Associations Finance, Inc.

Preferred Stock

June 10, 2022

Associations Finance, Inc.

Preferred Stock

April 10, 2023

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

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

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company

Investment

Acquisition Date

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

Evology LLC

Class B Units

January 21, 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 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)

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.

Common stock

December 12, 2023

LSI Financing 1 DAC**

Preferred equity

December 14, 2022

Maia Aggregator, LP

Class A-2 Units

February 1, 2022

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)

Preferred equity

February 13, 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 13, 2023

Picard Holdco, Inc.

Series A Preferred Stock

September 29, 2022

Project Alpine Co-Invest Fund, L.P.

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)

Series A Preferred Stock

November 15, 2023

Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand)

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 8, 2021

WP Irving Co-Invest, L.P.

Partnership Units

May 18, 2022

XOMA Corporation

Warrants

December 15, 2023

Zoro TopCo, Inc.

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”, for further information.

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

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)

(24)As of March 31, 2024, the net estimated unrealized gain on investments for U.S. federal income tax purposes was $174.2 million based on a tax cost basis of $18.81 billion. As of March 31, 2024, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $38.9 million. As of March 31, 2024, the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $213.1 million.

(25)Investment is non-income producing.

(26)Investment is not pledged as collateral under the Company’s Amended and Restated Senior Secured Revolving Credit Agreement (the “Revolving Credit Facility”, credit facilities to which certain of our subsidiaries are parties (the “SPV Asset Facilities”) and collateral loan obligation transactions (“CLOs”).

(27)We invest in this portfolio company through underlying blocker entities Hercules Blocker 1 LLC, Hercules Blocker 2 LLC, Hercules Blocker 3 LLC, Hercules Blocker 4 LLC, and Hercules Blocker 5 LLC.

(28)Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facilities and CLOs. See Note 5 “Debt”.

(29)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of this portfolio company as the Company owns more than 5% but less than 25% of the portfolio company’s voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the period ended March 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 March 31, 2024		Dividend Income		Interest Income		Other Income
LSI Financing 1 DAC	$	78,406	$	1	$	(2,194)	$	1,343	$	—	$	77,556	$	145	$	—	$	—
Total	$	78,406	$	1	$	(2,194)	$	1,343	$	—	$	77,556	$	145	$	—	$	—

________

(a) Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“PIK”) interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category.

(b) Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.

(30)As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement (“controlled affiliate”). The Company’s investment in controlled affiliates for the period ended March 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 March 31, 2024		Dividend Income		Interest and PIK Income		Other Income
AAM Series 2.1 Aviation Feeder, LLC(c)	$	78,476	$	33	$	(872)	$	3	$	—	$	77,640	$	—	$	1,422	$	—
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(c)	64,839		1,860		—		(36)		—		66,663		—		1,199		—
Fifth Season Investments LLC	156,794		69,044		—		7,424		—		233,262		2,804		—		—
OCIC SLF LLC (fka Blue Owl Credit Income Corp. Senior Loan Fund LLC)	273,441		35,000		—		(2,765)		—		305,676		10,788		—		—
Total	$	573,550	$	105,937	$	(872)	$	4,626	$	—	$	683,241	$	13,592	$	2,621	$	—

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)

________

(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.

(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, 2024.

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

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

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(18)(27)	Investment	Interest		Maturity Date	Par/Units		Amortized Cost(4)(23)		Fair Value		Percentage of Net Assets

Non-controlled/non-affiliated portfolio company investments
Debt Investments(5)
Advertising and media
Global Music Rights, LLC(7)	First lien senior secured loan	SR +	5.50%	08/2028	82,688		$	81,483	$	82,688	0.9	%
Global Music Rights, LLC(7)(15)(16)	First lien senior secured revolving loan	SR +	5.50%	08/2027	—		(91)		—		0.0	%
Circana Group, L.P. (fka The NPD Group, L.P.)(6)	First lien senior secured loan	SR +	6.25% (2.75% PIK)	12/2028	228,310		224,505		226,027		2.5	%
Circana Group, L.P. (fka The NPD Group, L.P.)(6)(15)	First lien senior secured revolving loan	SR +	5.75%	12/2027	2,568		2,359		2,425		0.0	%
							308,256		311,140		3.4	%
Aerospace and defense
Bleriot US Bidco, Inc.(7)(20)	First lien senior secured loan	SR +	4.00%	10/2028	11,861		$	11,802	$	11,898	0.1	%
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(6)(20)	First lien senior secured loan	SR +	4.00%	04/2026	9,055		8,963		9,073		0.1	%
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(6)(20)	First lien senior secured loan	SR +	4.00%	08/2028	3,881		3,842		3,888		0.0	%
ManTech International Corporation(7)	First lien senior secured loan	SR +	5.75%	09/2029	14,039		13,797		13,933		0.2	%
ManTech International Corporation(7)(15)(17)	First lien senior secured delayed draw term loan	SR +	5.75%	09/2024	1,190		1,152		1,181		0.0	%
ManTech International Corporation(7)(15)(16)	First lien senior secured revolving loan	SR +	5.75%	09/2028	—		(28)		(14)		0.0	%
Peraton Corp.(6)(20)	First lien senior secured loan	SR +	3.75%	02/2028	22,530		22,500		22,558		0.3	%
Peraton Corp.(7)(20)	Second lien senior secured loan	SR +	7.75%	02/2029	4,831		4,779		4,794		0.1	%
Transdigm Inc.(7)(20)	First lien senior secured loan	SR +	3.25%	02/2031	10,000		9,975		10,038		0.1	%
							76,782		77,349		0.9	%
Automotive
Holley Inc.(6)(20)	First lien senior secured loan	SR +	3.75%	11/2028	2,282		$	2,271	$	2,195	0.0	%
Mavis Tire Express Services Topco Corp.(6)(20)	First lien senior secured loan	SR +	4.00%	05/2028	9,750		9,717		9,755		0.1	%
OAC Holdings I Corp. (dba Omega Holdings)(6)	First lien senior secured loan	SR +	5.00%	03/2029	9,050		8,904		8,891		0.1	%
OAC Holdings I Corp. (dba Omega Holdings)(6)(15)(16)	First lien senior secured revolving loan	SR +	5.00%	03/2028	—		(36)		(45)		0.0	%
Power Stop, LLC(6)(19)	First lien senior secured loan	SR +	4.75%	01/2029	29,474		29,245		27,484		0.3	%
Spotless Brands, LLC(7)	First lien senior secured loan	SR +	6.50%	07/2028	53,895		53,023		53,491		0.6	%
Spotless Brands, LLC(6)(15)	First lien senior secured revolving loan	SR +	6.50%	07/2028	316		293		305		0.0	%
							103,417		102,076		1.1	%
Asset based lending and fund finance
Hg Genesis 9 Sumoco Limited(10)(21)	Unsecured facility	E +	7.00% PIK	03/2027	€	128,625	$	140,872	$	142,086	1.6	%
Hg Saturn Luchaco Limited(12)(21)	Unsecured facility	SA +	7.50% PIK	03/2026	£	1,765	2,377		2,250		0.0	%
							143,249		144,336		1.6	%
Buildings and real estate
Associations, Inc.(7)	First lien senior secured loan	SR +	6.50% (2.50% PIK)	07/2027	130,352		$	129,307	$	129,700	1.5	%
Associations, Inc.(7)(15)	First lien senior secured revolving loan	SR +	6.50%	07/2027	1,706		1,678		1,682		0.0	%
Associations, Inc.(7)(15)(17)	First lien senior secured delayed draw term loan	SR +	6.50% (2.50% PIK)	06/2024	61,030		60,609		60,722		0.7	%
CoreLogic Inc.(6)(20)	First lien senior secured loan	SR +	3.50%	06/2028	36,669		36,109		35,591		0.4	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(18)(27)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(23)		Fair Value		Percentage of Net Assets

Cushman & Wakefield U.S. Borrower, LLC(6)	First lien senior secured loan	SR +	2.75%	08/2025	1,233	1,218		1,230		0.0	%
Dodge Construction Network, LLC(7)(20)	First lien senior secured loan	SR +	4.75%	02/2029	16,942	16,742		13,045		0.1	%
RealPage, Inc.(6)(20)	First lien senior secured loan	SR +	3.00%	04/2028	14,059	14,046		13,931		0.2	%
RealPage, Inc.(6)(20)	Second lien senior secured loan	SR +	6.50%	04/2029	27,500	27,188		27,430		0.3	%
Wrench Group LLC(7)	First lien senior secured loan	SR +	4.50%	04/2026	16,915	16,655		16,915		0.2	%
Wrench Group LLC(7)(20)	First lien senior secured loan	SR +	4.00%	04/2026	10,436	10,339		10,445		0.1	%
						313,891		310,691		3.5	%
Business services
Access CIG, LLC(7)(20)	First lien senior secured loan	SR +	5.00%	08/2028	79,800	$	77,919	$	79,848	0.9	%
Access CIG, LLC(7)	Second lien senior secured loan	SR +	7.75%	02/2026	2,385	2,381		2,385		0.0	%
Boxer Parent Company Inc. (f/k/a BMC)(6)(20)	First lien senior secured loan	SR +	4.25%	12/2028	50,000	49,500		50,290		0.6	%
BrightView Landscapes, LLC(7)(20)	First lien senior secured loan	SR +	3.00%	04/2029	5,781	5,606		5,779		0.1	%
Capstone Acquisition Holdings, Inc.(6)	First lien senior secured loan	SR +	4.75%	11/2027	9,898	9,835		9,874		0.1	%
ConnectWise, LLC(7)(20)	First lien senior secured loan	SR +	3.50%	09/2028	29,700	29,753		29,599		0.3	%
CoolSys, Inc.(7)(20)	First lien senior secured loan	SR +	4.75%	08/2028	14,650	13,665		13,631		0.2	%
CoreTrust Purchasing Group LLC(6)	First lien senior secured loan	SR +	6.75%	10/2029	96,419	94,737		95,455		1.1	%
CoreTrust Purchasing Group LLC(6)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	6.75%	09/2024	—	(58)		—		0.0	%
CoreTrust Purchasing Group LLC(6)(15)(16)	First lien senior secured revolving loan	SR +	6.75%	10/2029	—	(211)		(142)		0.0	%
Denali BuyerCo, LLC (dba Summit Companies)(7)	First lien senior secured loan	SR +	5.50%	09/2028	197,744	195,299		197,249		2.3	%
Denali BuyerCo, LLC (dba Summit Companies)(7)(15)(16)	First lien senior secured revolving loan	SR +	5.50%	09/2027	—	(80)		(25)		0.0	%
Diamondback Acquisition, Inc. (dba Sphera)(6)	First lien senior secured loan	SR +	5.50%	09/2028	46,868	46,182		46,165		0.5	%
Entertainment Benefits Group, LLC(6)	First lien senior secured loan	SR +	5.25%	09/2025	74,269	73,884		74,269		0.8	%
Entertainment Benefits Group, LLC(6)(15)	First lien senior secured revolving loan	SR +	5.25%	09/2025	4,640	4,563		4,640		0.1	%
Fullsteam Operations, LLC(7)	First lien senior secured loan	SR +	8.25%	11/2029	8,938	8,672		8,669		0.1	%
Fullsteam Operations, LLC(7)(15)(17)	First lien senior secured delayed draw term loan	SR +	8.25%	05/2025	851	797		796		0.0	%
Fullsteam Operations, LLC(7)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	8.25%	11/2025	—	(18)		(19)		0.0	%
Fullsteam Operations, LLC(7)(15)(16)	First lien senior secured revolving loan	SR +	8.25%	11/2029	—	(15)		(15)		0.0	%
Hercules Borrower, LLC (dba The Vincit Group)(7)	First lien senior secured loan	SR +	6.25%	12/2026	800	793		798		0.0	%
Hercules Borrower, LLC (dba The Vincit Group)(7)	First lien senior secured loan	SR +	5.50%	12/2026	2,171	2,157		2,154		0.0	%
Hercules Borrower, LLC (dba The Vincit Group)(7)	First lien senior secured delayed draw term loan	SR +	5.50%	12/2026	12,967	12,883		12,870		0.1	%
Hercules Borrower, LLC (dba The Vincit Group)(7)(15)(16)	First lien senior secured revolving loan	SR +	6.25%	12/2026	—	(1)		—		0.0	%
Hercules Buyer, LLC (dba The Vincit Group)(14)(26)	Unsecured notes		0.48% PIK	12/2029	24	24		27		0.0	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(18)(27)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(23)		Fair Value		Percentage of Net Assets

Kaseya Inc.(7)	First lien senior secured loan	SR +	6.25% (2.50% PIK)	06/2029	72,330	71,136		72,150		0.8	%
Kaseya Inc.(7)(15)(17)	First lien senior secured delayed draw term loan	SR +	6.25% (2.50% PIK)	06/2024	267	231		266		0.0	%
Kaseya Inc.(6)(15)	First lien senior secured revolving loan	SR +	5.50%	06/2029	1,097	1,030		1,087		0.0	%
KPSKY Acquisition, Inc. (dba BluSky)(7)	First lien senior secured loan	SR +	5.25%	10/2028	102,224	100,721		101,202		1.1	%
KPSKY Acquisition, Inc. (dba BluSky)(7)(15)(17)	First lien senior secured delayed draw term loan	SR +	5.75%	11/2025	73	13		73		0.0	%
Packers Holdings, LLC(6)(20)	First lien senior secured loan	SR +	3.25%	03/2028	16,575	16,480		10,368		0.1	%
Ping Identity Holding Corp.(6)	First lien senior secured loan	SR +	7.00%	10/2029	21,818	21,531		21,709		0.2	%
Ping Identity Holding Corp.(6)(15)(16)	First lien senior secured revolving loan	SR +	7.00%	10/2028	—	(26)		(11)		0.0	%
						839,383		841,141		9.4	%
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(6)(20)	First lien senior secured loan	SR +	4.00%	11/2027	13,761	$	13,566	$	13,547	0.2	%
Aruba Investments Holdings LLC (dba Angus Chemical Company)(6)	Second lien senior secured loan	SR +	7.75%	11/2028	40,137	40,127		37,528		0.4	%
Cyanco Intermediate 2 Corp.(6)(20)	First lien senior secured loan	SR +	4.75%	07/2028	21,945	21,325		21,982		0.2	%
Derby Buyer LLC(6)	First lien senior secured loan	SR +	4.25%	11/2030	65,000	63,053		65,000		0.7	%
Gaylord Chemical Company, L.L.C.(7)	First lien senior secured loan	SR +	6.00%	03/2027	101,473	100,804		100,965		1.1	%
Gaylord Chemical Company, L.L.C.(7)(15)(16)	First lien senior secured revolving loan	SR +	6.00%	03/2026	—	(20)		(20)		0.0	%
Nouryon Finance B.V.(6)(20)(21)	First lien senior secured loan	SR +	4.00%	04/2028	2,985	2,979		2,992		0.0	%
Nouryon Finance B.V.(7)(20)(21)	First lien senior secured loan	SR +	4.00%	10/2025	15,931	15,740		15,975		0.2	%
Velocity HoldCo III Inc. (dba VelocityEHS)(7)	First lien senior secured loan	SR +	5.75%	04/2027	2,300	2,268		2,300		0.0	%
Velocity HoldCo III Inc. (dba VelocityEHS)(7)(15)	First lien senior secured revolving loan	SR +	5.75%	04/2026	18	16		18		0.0	%
						259,858		260,287		2.8	%
Consumer products
ConAir Holdings LLC(6)	Second lien senior secured loan	SR +	7.50%	05/2029	32,500	$	32,103	$	31,444	0.4	%
Foundation Consumer Brands, LLC(7)	First lien senior secured loan	SR +	6.25%	02/2027	103,408	101,900		103,408		1.1	%
Lignetics Investment Corp.(7)	First lien senior secured loan	SR +	6.00%	11/2027	84,428	83,698		83,795		0.9	%
Lignetics Investment Corp.(7)(15)	First lien senior secured revolving loan	SR +	6.00%	10/2026	9,559	9,478		9,473		0.1	%
Olaplex, Inc.(6)(20)(21)	First lien senior secured loan	SR +	3.50%	02/2029	49,184	48,512		45,372		0.5	%
SWK BUYER, Inc. (dba Stonewall Kitchen)(7)	First lien senior secured loan	SR +	5.25%	03/2029	59,074	58,151		56,859		0.6	%
SWK BUYER, Inc. (dba Stonewall Kitchen)(7)(15)(16)	First lien senior secured revolving loan	SR +	5.25%	03/2029	—	(83)		(209)		0.0	%
						333,759		330,142		3.6	%
Containers and packaging
Arctic Holdco, LLC(7)	First lien senior secured loan	SR +	6.00%	12/2026	13,529	$	13,264	$	13,258	0.1	%
Arctic Holdco, LLC(7)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	6.00%	12/2024	—	(189)		(194)		0.0	%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)	First lien senior secured loan	SR +	6.40%	10/2028	49,202	48,836		49,079		0.6	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(18)(27)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(23)		Fair Value		Percentage of Net Assets

Ascend Buyer, LLC (dba PPC Flexible Packaging)(6)(15)	First lien senior secured revolving loan	SR +	6.25%	09/2027	1,702	1,670		1,689		0.0	%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)	First lien senior secured loan	SR +	6.40%	10/2028	30,387	29,873		30,311		0.3	%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)	First lien senior secured loan	SR +	6.75%	09/2028	8,910	8,754		8,910		0.1	%
Berlin Packaging L.L.C.(6)(20)	First lien senior secured loan	SR +	3.75%	03/2028	31,742	31,275		31,745		0.4	%
BW Holding, Inc.(7)	First lien senior secured loan	SR +	4.00%	12/2028	21,728	20,926		20,207		0.2	%
Charter NEX US, Inc.(6)(20)	First lien senior secured loan	SR +	3.75%	12/2027	49,580	49,167		49,749		0.6	%
Five Star Lower Holding LLC(7)(20)	First lien senior secured loan	SR +	4.25%	05/2029	21,602	21,358		21,191		0.2	%
Fortis Solutions Group, LLC(7)	First lien senior secured loan	SR +	5.50%	10/2028	66,960	65,950		65,453		0.7	%
Fortis Solutions Group, LLC(7)(15)	First lien senior secured revolving loan	SR +	5.50%	10/2027	337	252		186		0.0	%
Indigo Buyer, Inc. (dba Inovar Packaging Group)(7)	First lien senior secured loan	SR +	6.25%	05/2028	112,745	111,847		112,462		1.3	%
Indigo Buyer, Inc. (dba Inovar Packaging Group)(7)(15)	First lien senior secured revolving loan	SR +	6.25%	05/2028	5,080	4,987		5,048		0.1	%
OneDigital Borrower LLC(7)(20)	First lien senior secured loan	SR +	4.25%	11/2027	7,481	7,427		7,467		0.1	%
Pregis Topco LLC(6)(19)(20)	First lien senior secured loan	SR +	3.75%	07/2026	6,915	6,775		6,925		0.1	%
Pregis Topco LLC(6)	Second lien senior secured loan	SR +	6.75%	08/2029	30,000	30,000		30,000		0.3	%
Pregis Topco LLC(6)	Second lien senior secured loan	SR +	7.75%	08/2029	2,500	2,500		2,500		0.0	%
ProAmpac PG Borrower LLC(7)(20)	First lien senior secured loan	SR +	4.50%	11/2028	35,000	34,790		35,011		0.4	%
Ring Container Technologies Group, LLC(6)(20)	First lien senior secured loan	SR +	3.50%	08/2028	16,086	16,046		16,110		0.2	%
Tricorbraun Holdings, Inc.(6)(20)	First lien senior secured loan	SR +	3.25%	03/2028	32,524	31,835		32,290		0.4	%
						537,343		539,397		6.1	%
Distribution
ABB/Con-cise Optical Group LLC(7)	First lien senior secured loan	SR +	7.50%	02/2028	33,306	$	32,929	$	32,057	0.4	%
Aramsco, Inc.(7)(20)	First lien senior secured loan	SR +	4.75%	10/2030	44,703	43,814		44,609		0.5	%
Aramsco, Inc.(7)(15)(16)(17)(20)	First lien senior secured delayed draw term loan	SR +	4.75%	10/2025	—	—		(16)		0.0	%
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(6)(20)	First lien senior secured loan	SR +	4.75%	12/2028	54,717	54,219		54,816		0.6	%
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(7)	First lien senior secured loan	SR +	6.00%	10/2029	164,103	162,498		162,380		1.8	%
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(7)(15)(17)	First lien senior secured delayed draw term loan	SR +	6.00%	10/2025	4,431	4,300		4,378		0.0	%
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(7)(15)(16)	First lien senior secured revolving loan	SR +	6.00%	10/2029	—	(135)		(146)		0.0	%
Dealer Tire, LLC(6)(20)	First lien senior secured loan	SR +	4.50%	12/2027	4,998	5,003		5,007		0.1	%
Dealer Tire, LLC(14)(19)(20)	Unsecured notes		8.00%	02/2028	56,120	55,121		55,643		0.6	%
Endries Acquisition, Inc.(7)	First lien senior secured loan	SR +	5.25%	12/2028	84,122	83,495		83,491		0.9	%
Endries Acquisition, Inc.(7)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	5.25%	06/2024	—	(156)		(157)		0.0	%
Endries Acquisition, Inc.(7)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	5.25%	12/2025	—	(60)		(60)		0.0	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(18)(27)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(23)		Fair Value		Percentage of Net Assets

Formerra, LLC(7)	First lien senior secured loan	SR +	7.25%	11/2028	5,211	5,065		5,132		0.1	%
Formerra, LLC(7)	First lien senior secured delayed draw term loan	SR +	7.25%	11/2028	210	204		206		0.0	%
Formerra, LLC(7)(15)(16)	First lien senior secured revolving loan	SR +	7.25%	11/2028	—	(14)		(8)		0.0	%
SRS Distribution, Inc.(6)(20)	First lien senior secured loan	SR +	3.50%	06/2028	23,895	23,694		23,896		0.3	%
White Cap Supply Holdings, LLC(6)(20)	First lien senior secured loan	SR +	3.75%	10/2027	26,428	26,033		26,473		0.3	%
						496,010		497,701		5.6	%
Education
Community Brands ParentCo, LLC(6)	First lien senior secured loan	SR +	5.50%	02/2028	31,317	$	30,855	$	31,004	0.3	%
Community Brands ParentCo, LLC(6)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	5.50%	02/2024	—	(26)		—		0.0	%
Community Brands ParentCo, LLC(6)(15)(16)	First lien senior secured revolving loan	SR +	5.50%	02/2028	—	(26)		(19)		0.0	%
Learning Care Group (US) No. 2 Inc.(7)(20)	First lien senior secured loan	SR +	4.75%	08/2028	22,444	22,107		22,545		0.3	%
Severin Acquisition, LLC (dba Powerschool)(7)(20)	First lien senior secured loan	SR +	3.25%	08/2025	14,742	14,672		14,788		0.2	%
Sophia, L.P.(6)(20)	First lien senior secured loan	SR +	4.25%	10/2027	14,961	14,851		14,926		0.2	%
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(7)(20)	First lien senior secured loan	SR +	4.50%	10/2030	15,337	15,172		15,373		0.2	%
Pluralsight, LLC(7)	First lien senior secured loan	SR +	8.00%	04/2027	6,255	6,214		6,051		0.1	%
Pluralsight, LLC(7)(15)	First lien senior secured revolving loan	SR +	8.00%	04/2027	305	303		292		0.0	%
Renaissance Learning, Inc.(6)(20)	First lien senior secured loan	SR +	4.75%	04/2030	23,940	23,425		23,997		0.3	%
						127,547		128,957		1.6	%
Energy equipment and services
Pike Corp.(6)(20)	First lien senior secured loan	SR +	3.00%	01/2028	5,991	$	5,978	$	6,004	0.1	%
						5,978		6,004		0.1	%
Financial services
Acuris Finance US, Inc. (ION Analytics) (7)(20)	First lien senior secured loan	SR +	4.00%	02/2028	10,500	$	10,441	$	10,477	0.1	%
Boost Newco Borrower, LLC (dba WorldPay)(7)(20)(21)	First lien senior secured loan	SR +	3.00%	09/2030	25,000	24,875		25,095		0.3	%
BTRS Holdings Inc. (dba Billtrust)(7)	First lien senior secured loan	SR +	8.00%	12/2028	10,850	10,565		10,688		0.1	%
BTRS Holdings Inc. (dba Billtrust)(7)(15)(17)	First lien senior secured delayed draw term loan	SR +	8.00%	12/2024	449	449		436		0.0	%
BTRS Holdings Inc. (dba Billtrust)(7)(15)	First lien senior secured revolving loan	SR +	7.25%	12/2028	289	261		272		0.0	%
Citco Funding LLC(7)(20)(21)	First lien senior secured loan	SR +	3.25%	04/2028	14,963	14,888		15,000		0.2	%
Computer Services, Inc. (dba CSI)(7)	First lien senior secured loan	SR +	6.75%	11/2029	30,271	29,734		30,271		0.3	%
Computer Services, Inc. (dba CSI)(7)	First lien senior secured loan	SR +	6.00%	11/2029	5,095	5,045		5,044		0.1	%
Deerfield Dakota Holdings(7)(20)	First lien senior secured loan	SR +	3.75%	04/2027	22,972	22,561		22,724		0.3	%
Finastra USA, Inc.(8)(21)	First lien senior secured loan	SR +	7.25%	09/2029	164,763	163,150		163,116		1.8	%
Finastra USA, Inc.(6)(15)(21)	First lien senior secured revolving loan	SR +	7.25%	09/2029	4,524	4,353		4,353		0.0	%
Helios Software Holdings, Inc.(7)(20)(21)	First lien senior secured loan	SR +	4.25%	07/2030	5,611	5,424		5,597		0.1	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(18)(27)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(23)		Fair Value		Percentage of Net Assets

KRIV Acquisition Inc. (dba Riveron)(7)	First lien senior secured loan	SR +	6.25%	07/2029	81,295	78,997		79,060		0.9	%
KRIV Acquisition Inc. (dba Riveron)(7)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	6.25%	07/2025	—	(167)		(152)		0.0	%
KRIV Acquisition Inc. (dba Riveron)(7)(15)(16)	First lien senior secured revolving loan	SR +	6.25%	07/2029	—	(302)		(301)		0.0	%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)	First lien senior secured loan	SR +	5.75%	09/2025	12,304	12,225		12,242		0.1	%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(15)(16)	First lien senior secured revolving loan	SR +	5.75%	09/2025	—	(4)		(3)		0.0	%
Saphilux S.a.r.L (dba IQ EQ)(8)(20)(21)	First lien senior secured loan	SR +	4.75%	07/2028	22,500	22,165		22,514		0.3	%
Smarsh Inc.(7)	First lien senior secured loan	SR +	5.75%	02/2029	83,048	82,388		82,840		0.9	%
Smarsh Inc.(7)(15)(17)	First lien senior secured delayed draw term loan	SR +	5.75%	02/2024	10,381	10,219		10,355		0.1	%
Smarsh Inc.(7)(15)(16)	First lien senior secured revolving loan	SR +	5.75%	02/2029	—	(6)		(2)		0.0	%
USI, Inc.(7)(20)	First lien senior secured loan	SR +	3.25%	09/2030	14,963	14,925		14,967		0.2	%
						512,186		514,593		5.8	%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(6)(20)	First lien senior secured loan	SR +	4.00%	09/2028	13,720	$	13,617	$	13,484	0.2	%
Balrog Acquisition, Inc. (dba BakeMark)(6)	Second lien senior secured loan	SR +	7.00%	09/2029	6,000	5,960		5,925		0.1	%
Blast Bidco Inc.(7)	First lien senior secured loan	SR +	6.00%	10/2030	35,821	34,946		34,925		0.4	%
Blast Bidco Inc.(7)(15)(16)	First lien senior secured revolving loan	SR +	6.00%	10/2029	—	(100)		(104)		0.0	%
Dessert Holdings(6)	First lien senior secured loan	SR +	4.00%	06/2028	19,599	19,526		17,639		0.2	%
Hissho Sushi Merger Sub, LLC(7)	First lien senior secured loan	SR +	5.50%	05/2028	111,981	111,105		111,981		1.3	%
Hissho Sushi Merger Sub, LLC(7)(15)(16)	First lien senior secured revolving loan	SR +	5.50%	05/2028	—	(64)		—		0.0	%
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(6)	First lien senior secured loan	SR +	6.25%	03/2027	275,000	271,486		271,564		3.0	%
KBP Brands, LLC(7)	First lien senior secured loan	SR +	6.50% (1.00% PIK)	05/2027	14,700	14,571		14,443		0.2	%
KBP Brands, LLC(7)	First lien senior secured delayed draw term loan	SR +	6.50% (1.00% PIK)	05/2027	33,687	33,413		33,097		0.4	%
Naked Juice LLC (dba Tropicana)(7)(20)	First lien senior secured loan	SR +	3.25%	01/2029	14,158	14,137		13,661		0.2	%
Ole Smoky Distillery, LLC(6)	First lien senior secured loan	SR +	5.50%	03/2028	30,477	29,995		30,020		0.4	%
Ole Smoky Distillery, LLC(6)(15)(16)	First lien senior secured revolving loan	SR +	5.25%	03/2028	—	(47)		(50)		0.0	%
Pegasus BidCo B.V.(7)(20)	First lien senior secured loan	SR +	4.25%	07/2029	10,395	10,307		10,386		0.1	%
Rushmore Investment III LLC (dba Winland Foods)(6)	First lien senior secured loan	SR +	6.00%	10/2030	317,200	312,216		312,125		3.5	%
Shearer's Foods, LLC(6)(20)	First lien senior secured loan	SR +	3.50%	09/2027	39,163	39,162		39,179		0.4	%
Sovos Brands Intermediate, Inc.(7)(20)	First lien senior secured loan	SR +	3.50%	06/2028	10,145	10,138		10,173		0.1	%
Ultimate Baked Goods Midco, LLC(6)	First lien senior secured loan	SR +	6.25%	08/2027	16,170	15,901		16,170		0.2	%
Ultimate Baked Goods Midco, LLC(6)(15)(16)	First lien senior secured revolving loan	SR +	6.25%	08/2027	—	(30)		—		0.0	%
						936,239		934,618		10.7	%
Healthcare equipment and services

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(18)(27)	Investment	Interest		Maturity Date	Par/Units		Amortized Cost(4)(23)		Fair Value		Percentage of Net Assets

Bamboo US BidCo LLC(7)	First lien senior secured loan	SR +	6.00%	09/2030	96,615		$	93,788	$	93,717	1.1	%
Bamboo US BidCo LLC(10)	First lien senior secured EUR term loan	E +	6.00%	09/2030	€	60,112	61,996		64,411		0.7	%
Bamboo US BidCo LLC(6)(15)(16)	First lien senior secured revolving loan	SR +	6.00%	10/2029	—		(578)		(604)		0.0	%
Bamboo US BidCo LLC(6)(15)(17)	First lien senior secured delayed draw term loan	SR +	6.00%	03/2025	1,037		803		795		0.0	%
Canadian Hospital Specialties Ltd.(9)(21)	First lien senior secured CAD term loan	C +	4.50%	04/2028	$	4,883	3,860		3,611		0.0	%
Canadian Hospital Specialties Ltd.(9)(15)(21)	First lien senior secured CAD revolving loan	C +	4.50%	04/2027	$	494	393		364		0.0	%
Confluent Medical Technologies, Inc.(7)	First lien senior secured loan	SR +	3.75%	02/2029	24,724		24,627		24,600		0.3	%
Confluent Medical Technologies, Inc.(7)	Second lien senior secured loan	SR +	6.50%	02/2030	46,000		45,236		45,655		0.5	%
Dermatology Intermediate Holdings III, Inc.(7)(20)	First lien senior secured loan	SR +	4.25%	03/2029	15,443		15,176		14,898		0.2	%
CSC MKG Topco LLC (dba Medical Knowledge Group)(6)	First lien senior secured loan	SR +	5.75%	02/2029	99,783		98,182		98,286		1.1	%
Medline Borrower, LP(6)(20)	First lien senior secured loan	SR +	3.00%	10/2028	24,563		24,474		24,663		0.3	%
Medline Borrower, LP(6)(15)(16)	First lien senior secured revolving loan	SR +	3.00%	10/2026	—		(25)		(20)		0.0	%
Natus Medical, Inc.(7)	First lien senior secured loan	SR +	5.50%	07/2029	495		466		460		0.0	%
Packaging Coordinators Midco, Inc.(7)(20)	First lien senior secured loan	SR +	3.50%	11/2027	4,713		4,643		4,711		0.1	%
Packaging Coordinators Midco, Inc.(6)	Second lien senior secured loan	SR +	7.00%	12/2029	53,918		52,546		53,784		0.6	%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(6)(21)	First lien senior secured loan	SR +	6.75%	01/2028	50,388		49,833		50,262		0.6	%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(7)(15)(21)	First lien senior secured revolving loan	SR +	6.75%	01/2026	19		18		19		0.0	%
PERKINELMER U.S. LLC(6)	First lien senior secured loan	SR +	6.75%	03/2029	77,704		76,302		77,704		0.9	%
PERKINELMER U.S. LLC(6)	First lien senior secured loan	SR +	5.75%	03/2029	35,208		34,856		34,856		0.4	%
Resonetics, LLC(7)	First lien senior secured loan	SR +	6.00%	04/2028	55,357		53,768		55,357		0.6	%
Resonetics, LLC(7)(20)	First lien senior secured loan	SR +	4.00%	04/2028	15,434		15,342		15,419		0.2	%
Rhea Parent, Inc.(7)	First lien senior secured loan	SR +	5.50%	02/2029	76,601		75,389		76,218		0.9	%
Zest Acquisition Corp.(6)(19)	First lien senior secured loan	SR +	5.50%	02/2028	19,734		19,111		19,241		0.2	%
							750,206		758,407		8.7	%
Healthcare providers and services
Allied Benefit Systems Intermediate LLC(7)	First lien senior secured loan	SR +	5.25%	10/2030	17,753		$	17,491	$	17,486	0.2	%
Allied Benefit Systems Intermediate LLC(7)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	5.25%	10/2025	—		(24)		(24)		0.0	%
BELMONT BUYER, INC. (dba Valenz)(8)	First lien senior secured loan	SR +	6.50%	06/2029	56,019		54,970		55,459		0.6	%
BELMONT BUYER, INC. (dba Valenz)(7)(15)(17)	First lien senior secured delayed draw term loan	SR +	6.50%	12/2024	5,293		5,127		5,240		0.1	%
BELMONT BUYER, INC. (dba Valenz)(7)(15)(16)	First lien senior secured revolving loan	SR +	6.50%	06/2029	—		(121)		(66)		0.0	%
Covetrus, Inc.(7)(20)	First lien senior secured loan	SR +	5.00%	10/2029	10,411		9,913		10,392		0.1	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(18)(27)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(23)	Fair Value	Percentage of Net Assets

Covetrus, Inc.(7)	Second lien senior secured loan	SR +	9.25%	10/2030	160,000	157,033	159,600	1.8	%
Diagnostic Services Holdings, Inc. (dba Rayus Radiology)(6)	First lien senior secured loan	SR +	5.50%	03/2025	119,913	119,913	119,613	1.3	%
Ex Vivo Parent Inc. (dba OB Hospitalist)(6)	First lien senior secured loan	SR +	9.75% PIK	09/2028	36,208	35,742	35,484	0.4	%
Engage Debtco Limited(7)(21)	First lien senior secured loan	SR +	5.75% (2.25% PIK)	07/2029	91,899	89,807	90,597	1.0	%
Engage Debtco Limited(7)(21)	First lien senior secured delayed draw term loan	SR +	5.75% (2.25% PIK)	07/2029	19,876	19,483	19,529	0.2	%
HAH Group Holding Company LLC (dba Help at Home)(6)	First lien senior secured delayed draw term loan	SR +	5.00%	10/2027	8,941	8,713	8,851	0.1	%
KWOL Acquisition Inc.(8)	First lien senior secured loan	SR +	6.25%	12/2029	164,423	161,191	161,169	1.8	%
KWOL Acquisition Inc.(8)(15)	First lien senior secured revolving loan	SR +	6.25%	12/2029	6,697	6,260	6,256	0.1	%
MED ParentCo, LP(6)(20)	First lien senior secured loan	SR +	4.25%	08/2026	22,540	22,256	22,283	0.3	%
MJH Healthcare Holdings, LLC(6)(20)	First lien senior secured loan	SR +	3.50%	01/2029	19,650	19,589	19,528	0.2	%
Natural Partners, LLC(7)(21)	First lien senior secured loan	SR +	4.50%	11/2027	67,987	66,992	67,647	0.8	%
Natural Partners, LLC(7)(15)(16)(21)	First lien senior secured revolving loan	SR +	4.50%	11/2027	—	(69)	(25)	0.0	%
Neptune Holdings, Inc. (dba NexTech)(8)	First lien senior secured loan	SR +	6.00%	08/2030	30,882	30,135	30,110	0.3	%
Neptune Holdings, Inc. (dba NexTech)(8)(15)(16)	First lien senior secured revolving loan	SR +	6.00%	08/2029	—	(98)	(103)	0.0	%
OB Hospitalist Group, Inc.(7)	First lien senior secured loan	SR +	5.50%	09/2027	60,421	59,599	59,666	0.7	%
OB Hospitalist Group, Inc.(6)(15)	First lien senior secured revolving loan	SR +	5.50%	09/2027	3,091	2,991	2,991	0.0	%
OneOncology LLC(7)	First lien senior secured loan	SR +	6.25%	06/2030	71,167	70,158	70,811	0.8	%
OneOncology LLC(7)(15)(16)	First lien senior secured revolving loan	SR +	6.25%	06/2029	—	(194)	(71)	0.0	%
OneOncology LLC(7)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	6.25%	12/2024	—	(154)	—	0.0	%
Pacific BidCo Inc.(8)(21)	First lien senior secured loan	SR +	5.75% (3.20% PIK)	08/2029	163,958	160,526	162,319	1.8	%
Pacific BidCo Inc.(8)(15)(16)(17)(21)	First lien senior secured delayed draw term loan	SR +	5.75%	08/2025	—	(179)	—	0.0	%
PetVet Care Centers, LLC(6)	First lien senior secured loan	SR +	6.00%	11/2030	242,965	240,567	240,414	2.7	%
PetVet Care Centers, LLC(6)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	6.00%	11/2025	—	(156)	(16)	0.0	%
PetVet Care Centers, LLC(6)(15)(16)	First lien senior secured revolving loan	SR +	6.00%	11/2029	—	(354)	(349)	0.0	%
Phoenix Newco, Inc. (dba Parexel)(6)(20)	First lien senior secured loan	SR +	3.25%	11/2028	19,650	19,577	19,754	0.2	%
Phoenix Newco, Inc. (dba Parexel)(6)	Second lien senior secured loan	SR +	6.50%	11/2029	140,000	138,834	140,000	1.6	%
Physician Partners, LLC(7)(20)	First lien senior secured loan	SR +	4.00%	12/2028	18,312	17,885	17,259	0.2	%
Physician Partners, LLC(7)	First lien senior secured loan	SR +	5.50%	12/2028	125,000	118,753	121,250	1.4	%
Plasma Buyer LLC (dba Pathgroup)(7)	First lien senior secured loan	SR +	5.75%	05/2029	108,755	106,970	106,580	1.2	%
Plasma Buyer LLC (dba Pathgroup)(7)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	5.75%	05/2024	—	(219)	(286)	0.0	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(18)(27)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(23)		Fair Value		Percentage of Net Assets

Plasma Buyer LLC (dba Pathgroup)(7)(15)	First lien senior secured revolving loan	SR +	5.75%	05/2028	4,079	3,901		3,834		0.0	%
Pediatric Associates Holding Company, LLC(6)	First lien senior secured loan	SR +	4.50%	12/2028	24,875	23,963		24,502		0.3	%
Pediatric Associates Holding Company, LLC(6)	First lien senior secured loan	SR +	3.25%	12/2028	19,650	19,585		18,962		0.2	%
Pediatric Associates Holding Company, LLC(6)	First lien senior secured delayed draw term loan	SR +	3.25%	12/2028	3,506	3,495		3,384		0.0	%
PPV Intermediate Holdings, LLC(7)	First lien senior secured loan	SR +	5.75%	08/2029	163,397	160,593		161,354		1.8	%
PPV Intermediate Holdings, LLC(7)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	6.00%	09/2025	—	(48)		(25)		0.0	%
PPV Intermediate Holdings, LLC(7)(15)(16)	First lien senior secured revolving loan	SR +	5.75%	08/2029	—	(192)		(148)		0.0	%
Surgery Center Holdings, Inc.(7)(20)(21)	First lien senior secured loan	SR +	3.50%	12/2030	2,000	1,980		2,006		0.0	%
TC Holdings, LLC (dba TrialCard)(7)	First lien senior secured loan	SR +	5.00%	04/2027	63,761	63,312		63,761		0.7	%
TC Holdings, LLC (dba TrialCard)(7)(15)(16)	First lien senior secured revolving loan	SR +	5.00%	04/2027	—	(51)		—		0.0	%
Tivity Health, Inc.(7)	First lien senior secured loan	SR +	6.00%	06/2029	150,100	146,966		148,974		1.7	%
Unified Women's Healthcare, LP(6)	First lien senior secured loan	SR +	5.25%	06/2029	82,874	82,359		82,874		0.9	%
Unified Women's Healthcare, LP(6)	First lien senior secured loan	SR +	5.50%	06/2029	27,600	27,397		27,600		0.3	%
Unified Women's Healthcare, LP(6)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	5.50%	10/2025	—	(151)		—		0.0	%
Unified Women's Healthcare, LP(6)(15)(16)	First lien senior secured revolving loan	SR +	5.25%	06/2029	—	(47)		—		0.0	%
Quva Pharma, Inc. (6)	First lien senior secured loan	SR +	5.50%	04/2028	4,443	4,353		4,410		0.0	%
Quva Pharma, Inc. (6)(15)(16)	First lien senior secured revolving loan	SR +	5.50%	04/2026	—	(6)		(3)		0.0	%
Vermont Aus Pty Ltd(7)(21)	First lien senior secured loan	SR +	5.50%	03/2028	53,546	52,535		53,011		0.6	%
XRL 1 LLC (f/k/a XOMA)(14)	First lien senior secured loan		9.88%	12/2038	58,500	57,262		57,184		0.6	%
XRL 1 LLC (f/k/a XOMA)(14)(15)(16)(17)	First lien senior secured delayed draw term loan		9.88%	12/2025	—	(67)		(101)		0.0	%
						2,406,046		2,420,927		27.0	%
Healthcare technology
Athenahealth Group Inc.(6)(20)	First lien senior secured loan	SR +	3.25%	02/2029	29,337	$	28,982	$	29,175	0.3	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(7)	First lien senior secured loan	SR +	5.75%	08/2028	53,224	52,609		52,559		0.6	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)	First lien senior secured delayed draw term loan	SR +	5.75%	08/2028	6,440	6,348		6,359		0.1	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	5.75%	10/2025	—	(254)		(66)		0.0	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(15)	First lien senior secured revolving loan	SR +	5.75%	08/2026	1,448	1,409		1,390		0.0	%
Bracket Intermediate Holding Corp.(7)(20)	First lien senior secured loan	SR +	5.00%	05/2028	49,750	48,414		49,675		0.6	%
Color Intermediate, LLC (dba ClaimsXten)(7)	First lien senior secured loan	SR +	5.50%	10/2029	9,165	9,006		9,073		0.1	%
IMO Investor Holdings, Inc.(7)	First lien senior secured loan	SR +	6.00%	05/2029	20,585	20,247		20,482		0.2	%
IMO Investor Holdings, Inc.(8)(15)(17)	First lien senior secured delayed draw term loan	SR +	6.00%	05/2024	1,825	1,770		1,816		0.0	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(18)(27)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(23)		Fair Value		Percentage of Net Assets

IMO Investor Holdings, Inc.(7)(15)	First lien senior secured revolving loan	SR +	6.00%	05/2028	99	63		87		0.0	%
Indikami Bidco, LLC(6)	First lien senior secured loan	SR +	6.00%	12/2030	37,540	36,698		36,695		0.4	%
Indikami Bidco, LLC(6)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	6.00%	12/2025	—	(53)		(41)		0.0	%
Indikami Bidco, LLC(6)(15)(16)	First lien senior secured revolving loan	SR +	6.00%	06/2030	—	(105)		(106)		0.0	%
Interoperability Bidco, Inc. (dba Lyniate)(7)	First lien senior secured loan	SR +	7.00%	12/2026	75,182	74,859		74,054		0.8	%
Interoperability Bidco, Inc. (dba Lyniate)(7)(15)	First lien senior secured revolving loan	SR +	7.00%	12/2024	2,528	2,499		2,437		0.0	%
GHX Ultimate Parent Corporation(7)(20)	First lien senior secured loan	SR +	4.75%	06/2027	12,438	12,168		12,442		0.1	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(7)	First lien senior secured loan	SR +	5.75%	10/2028	20,606	20,299		20,297		0.2	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(7)(15)(17)	First lien senior secured delayed draw term loan	SR +	5.75%	03/2024	2,370	2,279		2,296		0.0	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(7)(15)	First lien senior secured revolving loan	SR +	5.75%	10/2027	1,004	983		979		0.0	%
Imprivata, Inc.(6)(20)	First lien senior secured loan	SR +	4.25%	12/2027	10,450	10,161		10,480		0.1	%
Imprivata, Inc.(7)	Second lien senior secured loan	SR +	6.25%	12/2028	50,294	49,791		50,294		0.6	%
Ocala Bidco, Inc.(6)	First lien senior secured loan	SR +	6.25% (2.75% PIK)	11/2028	84,012	82,524		82,962		0.9	%
Ocala Bidco, Inc.(6)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	5.75%	05/2024	—	(74)		—		0.0	%
Ocala Bidco, Inc.(6)	Second lien senior secured loan	SR +	10.50% PIK	11/2033	50,557	49,863		50,052		0.6	%
Intelerad Medical Systems Incorporated(7)(21)	First lien senior secured loan	SR +	6.50%	08/2026	29,777	29,549		28,958		0.3	%
Intelerad Medical Systems Incorporated(7)(21)	First lien senior secured revolving loan	SR +	6.50%	08/2026	2,049	2,038		1,993		0.0	%
PointClickCare Technologies Inc.(7)(21)	First lien senior secured loan	SR +	4.00%	12/2027	19,650	19,433		19,650		0.2	%
Project Ruby Ultimate Parent Corp. (dba Wellsky)(6)(20)	First lien senior secured loan	SR +	3.25%	03/2028	19,789	19,362		19,753		0.2	%
Zelis Cost Management Buyer, Inc.(6)(20)	First lien senior secured loan	SR +	3.50%	09/2026	4,850	4,823		4,854		0.1	%
						585,691		588,599		6.4	%
Household products
Aptive Environmental, LLC(14)	First lien senior secured loan		12.00% (6.00% PIK)	01/2026	9,091	$	8,102	$	9,318	0.1	%
Home Service TopCo IV, Inc.(7)	First lien senior secured loan	SR +	6.00%	12/2027	36,289	35,961		36,016		0.4	%
Home Service TopCo IV, Inc.(7)(15)(16)	First lien senior secured revolving loan	SR +	6.00%	12/2027	—	(30)		(25)		0.0	%
Home Service TopCo IV, Inc.(7)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	6.00%	12/2024	—	(37)		(21)		0.0	%
Mario Purchaser, LLC (dba Len the Plumber)(6)	First lien senior secured loan	SR +	5.75%	04/2029	75,141	73,916		74,766		0.8	%
Mario Purchaser, LLC (dba Len the Plumber)(6)(15)(17)	First lien senior secured delayed draw term loan	SR +	5.75%	04/2024	18,290	17,833		18,198		0.2	%
Mario Purchaser, LLC (dba Len the Plumber)(6)(15)	First lien senior secured revolving loan	SR +	5.75%	04/2028	2,411	2,296		2,371		0.0	%
Mario Midco Holdings, Inc. (dba Len the Plumber)(6)	Unsecured facility	SR +	10.75% PIK	04/2032	27,855	27,260		27,647		0.3	%
Simplisafe Holding Corporation(6)	First lien senior secured loan	SR +	6.25%	05/2028	126,469	124,507		125,204		1.4	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(18)(27)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(23)		Fair Value		Percentage of Net Assets

Simplisafe Holding Corporation(6)(15)(17)	First lien senior secured delayed draw term loan	SR +	6.25%	05/2024	4,258	4,104		4,216		0.0	%
Southern Air & Heat Holdings, LLC(7)	First lien senior secured loan	SR +	4.75%	10/2027	1,068	1,058		1,058		0.0	%
Southern Air & Heat Holdings, LLC(8)	First lien senior secured delayed draw term loan	SR +	4.75%	10/2027	1,115	1,104		1,103		0.0	%
Southern Air & Heat Holdings, LLC(8)(15)(17)	First lien senior secured delayed draw term loan	SR +	5.25%	10/2027	2,742	1,615		2,585		0.0	%
Southern Air & Heat Holdings, LLC(7)(15)	First lien senior secured revolving loan	SR +	4.75%	10/2027	23	20		20		0.0	%
Walker Edison Furniture Company LLC(6)(24)(30)	First lien senior secured loan	SR +	6.75% PIK	03/2027	2,878	2,452		2,648		0.0	%
Walker Edison Furniture Company LLC(6)(24)(30)	First lien senior secured delayed draw term loan	SR +	6.75% PIK	03/2027	345	333		318		0.0	%
Walker Edison Furniture Company LLC(6)(15)(16)(17)(24)(30)	First lien senior secured delayed draw term loan	SR +	6.75% PIK	03/2027	—	—		(67)		0.0	%
Walker Edison Furniture Company LLC(6)(24)(30)	First lien senior secured revolving loan	SR +	6.25%	03/2027	1,333	1,333		1,247		0.0	%
						301,827		306,602		3.2	%
Human resource support services
AQ Carver Buyer, Inc. (dba CoAdvantage)(8)(20)	First lien senior secured loan	SR +	5.50%	08/2029	22,444	$	22,000	$	22,500	0.3	%
Cornerstone OnDemand, Inc.(6)(19)(20)	First lien senior secured loan	SR +	3.75%	10/2028	19,650	19,578		18,968		0.2	%
Cornerstone OnDemand, Inc.(6)	Second lien senior secured loan	SR +	6.50%	10/2029	44,583	44,054		41,908		0.5	%
IG Investments Holdings, LLC (dba Insight Global)(7)	First lien senior secured loan	SR +	6.00%	09/2028	47,545	46,859		47,188		0.5	%
IG Investments Holdings, LLC (dba Insight Global)(7)(15)(16)	First lien senior secured revolving loan	SR +	6.00%	09/2027	—	(45)		(27)		0.0	%
iSolved, Inc.(7)(20)	First lien senior secured loan	SR +	4.00%	10/2030	27,500	27,263		27,500		0.3	%
						159,709		158,037		1.8	%
Infrastructure and environmental services
Aegion Corp.(7)(19)(20)	First lien senior secured loan	SR +	4.75%	05/2028	54,666	$	53,240	$	54,644	0.6	%
GI Apple Midco LLC (dba Atlas Technical Consultants)(6)(15)	First lien senior secured revolving loan	SR +	6.75%	04/2029	6,174	5,979		6,008		0.1	%
GI Apple Midco LLC (dba Atlas Technical Consultants)(6)	First lien senior secured loan	SR +	6.75%	04/2030	72,460	71,110		71,373		0.8	%
GI Apple Midco LLC (dba Atlas Technical Consultants)(6)(15)(17)	First lien senior secured delayed draw term loan	SR +	6.75%	04/2025	1,741	1,610		1,715		0.0	%
AWP Group Holdings, Inc.(7)	First lien senior secured loan	SR +	5.50%	12/2029	34,920	34,368		34,396		0.4	%
AWP Group Holdings, Inc.(7)(15)(17)	First lien senior secured delayed draw term loan	SR +	5.50%	08/2025	350	278		310		0.0	%
AWP Group Holdings, Inc.(7)(15)	First lien senior secured revolving loan	SR +	5.50%	12/2029	1,248	1,153		1,161		0.0	%
The Goldfield Corp.(6)	First lien senior secured loan	SR +	6.25%	12/2026	1,385	1,363		1,378		0.0	%
Osmose Utilities Services, Inc.(6)(20)	First lien senior secured loan	SR +	3.25%	06/2028	16,629	16,545		16,600		0.2	%
USIC Holdings, Inc.(7)(20)	First lien senior secured loan	SR +	3.50%	05/2028	11,817	11,548		11,704		0.1	%
USIC Holdings, Inc.(7)(19)	Second lien senior secured loan	SR +	6.50%	05/2029	39,691	39,505		36,714		0.4	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(7)	First lien senior secured loan	SR +	5.75%	03/2028	32,892	32,389		32,480		0.4	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(18)(27)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(23)		Fair Value		Percentage of Net Assets

Tamarack Intermediate, L.L.C. (dba Verisk 3E)(7)(15)(17)	First lien senior secured delayed draw term loan	SR +	5.75%	10/2025	1,198	1,141		1,183		0.0	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(7)(15)(16)	First lien senior secured revolving loan	SR +	5.75%	03/2028	—	(75)		(67)		0.0	%
						270,154		269,599		3.0	%
Insurance
Acrisure, LLC(7)(20)(21)	First lien senior secured loan	SR +	3.50%	02/2027	11,630	$	11,227	$	11,591	0.1	%
Acrisure, LLC(7)(20)(21)	First lien senior secured loan	SR +	4.25%	02/2027	1,975	1,928		1,977		0.0	%
Acrisure, LLC(7)(20)(21)	First lien senior secured loan	SR +	3.75%	02/2027	4,967	4,890		4,957		0.1	%
Acrisure, LLC(7)(20)(21)	First lien senior secured loan	SR +	4.50%	12/2030	59,126	58,588		59,173		0.7	%
Alera Group, Inc.(6)	First lien senior secured loan	SR +	6.00%	10/2028	148,475	146,111		148,475		1.7	%
AmeriLife Holdings LLC(6)	First lien senior secured loan	SR +	5.75%	08/2029	128,880	126,668		128,236		1.4	%
Alera Group, Inc.(6)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	5.75%	11/2025	—	(223)		—		0.0	%
AmeriLife Holdings LLC(6)(15)(16)	First lien senior secured revolving loan	SR +	5.75%	08/2028	—	(253)		(81)		0.0	%
AmeriLife Holdings LLC(7)(15)(17)	First lien senior secured delayed draw term loan	SR +	5.75%	09/2024	26,858	26,368		26,724		0.3	%
AmeriLife Holdings LLC(6)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	5.75%	10/2025	—	(260)		—		0.0	%
AssuredPartners, Inc.(6)(20)	First lien senior secured loan	SR +	3.50%	02/2027	34,357	34,315		34,407		0.4	%
Asurion, LLC(6)(20)	Second lien senior secured loan	SR +	5.25%	01/2029	174,017	168,469		163,628		1.8	%
Asurion, LLC(6)(20)	Second lien senior secured loan	SR +	5.25%	01/2028	32,400	29,273		30,806		0.3	%
Brightway Holdings, LLC(8)	First lien senior secured loan	SR +	6.50%	12/2027	17,582	17,423		17,230		0.2	%
Brightway Holdings, LLC(7)(15)	First lien senior secured revolving loan	SR +	6.50%	12/2027	947	930		905		0.0	%
Broadstreet Partners, Inc.(6)(20)	First lien senior secured loan	SR +	3.75%	01/2029	18,728	18,703		18,758		0.2	%
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(7)	First lien senior secured loan	SR +	7.50%	03/2029	909	888		895		0.0	%
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(7)(15)(16)	First lien senior secured revolving loan	SR +	7.50%	03/2029	—	(2)		(1)		0.0	%
Evolution BuyerCo, Inc. (dba SIAA)(7)	First lien senior secured loan	SR +	6.25%	04/2028	26,070	25,845		25,875		0.3	%
Evolution BuyerCo, Inc. (dba SIAA)(7)	First lien senior secured delayed draw term loan	SR +	6.75%	04/2028	1,586	1,584		1,582		0.0	%
Evolution BuyerCo, Inc. (dba SIAA)(7)(15)(17)	First lien senior secured delayed draw term loan	SR +	6.00%	12/2025	734	701		727		0.0	%
Evolution BuyerCo, Inc. (dba SIAA)(7)(15)(16)	First lien senior secured revolving loan	SR +	6.25%	04/2027	—	(5)		(5)		0.0	%
Hub International(7)(20)	First lien senior secured loan	SR +	4.25%	06/2030	9,975	9,883		10,013		0.1	%
Hyperion Refinance S.a.r.l (dba Howden Group)(6)(21)	First lien senior secured loan	SR +	5.25%	11/2027	92,823	91,280		92,823		1.0	%
Hyperion Refinance S.a.r.l (dba Howden Group)(7)(20)(21)	First lien senior secured loan	SR +	4.00%	04/2030	34,912	34,650		34,947		0.4	%
IMA Financial Group, Inc.(6)	First lien senior secured loan	SR +	3.75%	11/2028	70,619	70,290		70,442		0.8	%
Integrated Specialty Coverages, LLC(7)	First lien senior secured loan	SR +	6.00%	07/2030	55,101	54,309		54,274		0.6	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(18)(27)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(23)		Fair Value		Percentage of Net Assets

Integrated Specialty Coverages, LLC(7)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	6.00%	01/2024	—	(75)		(32)		0.0	%
Integrated Specialty Coverages, LLC(7)(15)(16)	First lien senior secured revolving loan	SR +	6.00%	07/2029	—	(83)		(89)		0.0	%
Integrity Marketing Acquisition, LLC(7)	First lien senior secured loan	SR +	5.80%	08/2026	55,173	55,054		55,173		0.6	%
Integrity Marketing Acquisition, LLC(7)	First lien senior secured loan	SR +	6.00%	08/2026	2,787	2,762		2,787		0.0	%
Integrity Marketing Acquisition, LLC(7)	First lien senior secured loan	SR +	6.05%	08/2026	5,464	5,451		5,464		0.0	%
Integrity Marketing Acquisition, LLC(7)(15)(17)	First lien senior secured delayed draw term loan	SR +	6.00%	02/2025	1,646	1,534		1,646		0.0	%
Integrity Marketing Acquisition, LLC(7)(15)(16)	First lien senior secured revolving loan	SR +	6.50%	08/2026	—	(23)		—		0.0	%
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(7)	First lien senior secured loan	SR +	10.50% PIK	07/2030	13,931	13,778		13,896		0.2	%
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6)(15)(17)	First lien senior secured delayed draw term loan	SR +	5.25%	06/2024	2,383	2,294		2,377		0.0	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(6)	First lien senior secured loan	SR +	6.00%	11/2028	184,888	183,285		184,428		2.1	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(6)(15)(16)	First lien senior secured revolving loan	SR +	6.00%	11/2027	—	(16)		(6)		0.0	%
PCF Midco II, LLC (dba PCF Insurance Services)(14)	First lien senior secured loan		9.00% PIK	10/2031	53,879	50,254		50,107		0.6	%
Tempo Buyer Corp. (dba Global Claims Services)(7)	First lien senior secured loan	SR +	5.50%	08/2028	35,793	35,272		35,525		0.4	%
Tempo Buyer Corp. (dba Global Claims Services)(13)(15)	First lien senior secured revolving loan	P +	4.00%	08/2027	1,651	1,588		1,612		0.0	%
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(8)	First lien senior secured loan	SR +	5.75%	07/2027	14,792	14,598		14,681		0.2	%
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(8)(15)(16)	First lien senior secured revolving loan	SR +	5.75%	07/2027	—	(13)		(8)		0.0	%
Summit Acquisition Inc. (dba K2 Insurance Services)(7)	First lien senior secured loan	SR +	6.75%	05/2030	50,474	49,056		49,338		0.6	%
Summit Acquisition Inc. (dba K2 Insurance Services)(7)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	6.75%	11/2024	—	(166)		(92)		0.0	%
Summit Acquisition Inc. (dba K2 Insurance Services)(7)(15)(16)	First lien senior secured revolving loan	SR +	6.75%	05/2029	—	(164)		(138)		0.0	%
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6)	First lien senior secured loan	SR +	5.25%	12/2028	32,456	32,044		32,375		0.4	%
KWOR Acquisition, Inc. (dba Alacrity Solutions)(13)(15)	First lien senior secured revolving loan	P +	4.25%	12/2027	1,468	1,434		1,460		0.0	%
						1,381,444		1,388,862		15.5	%
Internet software and services
Activate Holdings (US) Corp. (dba Absolute Software)(7)(21)	First lien senior secured loan	SR +	6.75%	07/2030	4,636	$	4,514	$	4,520	0.1	%
Activate Holdings (US) Corp. (dba Absolute Software)(7)(15)(21)	First lien senior secured revolving loan	SR +	6.75%	07/2030	70	61		62		0.0	%
Anaplan, Inc.(7)	First lien senior secured loan	SR +	6.50%	06/2029	224,639	222,786		224,639		2.5	%
Anaplan, Inc.(7)(15)(16)	First lien senior secured revolving loan	SR +	6.50%	06/2028	—	(123)		—		0.0	%
Appfire Technologies, LLC(7)	First lien senior secured loan	SR +	5.50%	03/2027	7,718	7,673		7,679		0.1	%
Appfire Technologies, LLC(7)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	5.50%	06/2024	—	(97)		—		0.0	%
Appfire Technologies, LLC(13)(15)	First lien senior secured revolving loan	P +	4.50%	03/2027	373	357		365		0.0	%
Avalara, Inc.(7)	First lien senior secured loan	SR +	7.25%	10/2028	70,455	69,556		70,102		0.8	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(18)(27)	Investment	Interest		Maturity Date	Par/Units		Amortized Cost(4)(23)	Fair Value	Percentage of Net Assets

Avalara, Inc.(7)(15)(16)	First lien senior secured revolving loan	SR +	7.25%	10/2028	—		(84)	(35)	0.0	%
Armstrong Bidco Limited (dba The Access Group)(12)(21)	First lien senior secured GBP term loan	SA +	5.25%	06/2029	£	26,570	32,007	33,618	0.4	%
Armstrong Bidco Limited (dba The Access Group)(12)(21)	First lien senior secured GBP delayed draw term loan	SA +	5.25%	06/2029	£	13,863	16,697	17,540	0.2	%
Barracuda Parent, LLC(7)(20)	First lien senior secured loan	SR +	4.50%	08/2029	27,374		26,673	26,656	0.3	%
Barracuda Parent, LLC(7)	Second lien senior secured loan	SR +	7.00%	08/2030	93,250		90,768	87,655	1.0	%
Bayshore Intermediate #2, L.P. (dba Boomi)(7)	First lien senior secured loan	SR +	7.50% PIK	10/2028	24,342		24,018	24,038	0.3	%
Bayshore Intermediate #2, L.P. (dba Boomi)(7)(15)	First lien senior secured revolving loan	SR +	6.75%	10/2027	319		296	299	0.0	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(7)	First lien senior secured loan	SR +	7.50% PIK	12/2026	1,124		1,118	1,124	0.0	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(7)(15)(16)	First lien senior secured revolving loan	SR +	7.50%	12/2026	—		(1)	—	0.0	%
Central Parent Inc. (dba CDK Global Inc.)(7)(20)	First lien senior secured loan	SR +	4.00%	07/2029	9,330		9,307	9,367	0.1	%
CivicPlus, LLC(7)	First lien senior secured loan	SR +	6.50% (2.50% PIK)	08/2027	28,245		28,050	28,245	0.4	%
CivicPlus, LLC(6)(15)	First lien senior secured revolving loan	SR +	6.00%	08/2027	763		748	763	0.0	%
CP PIK Debt Issuer, LLC (dba CivicPlus, LLC)(6)	Unsecured notes	SR +	11.75% PIK	06/2034	17,052		16,698	17,008	0.2	%
Cloud Software Group, Inc.(7)(20)	First lien senior secured loan	SR +	4.50%	03/2029	74,811		71,444	72,933	0.8	%
Coupa Holdings, LLC(6)	First lien senior secured loan	SR +	7.50%	02/2030	24,344		23,784	23,857	0.3	%
Coupa Holdings, LLC(6)(15)(16)	First lien senior secured revolving loan	SR +	7.50%	02/2029	—		(36)	(33)	0.0	%
Coupa Holdings, LLC(6)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	7.50%	08/2024	—		(24)	(16)	0.0	%
Crewline Buyer, Inc.(7)	First lien senior secured loan	SR +	6.75%	11/2030	165,368		162,923	162,888	1.8	%
Crewline Buyer, Inc.(7)(15)(16)	First lien senior secured revolving loan	SR +	6.75%	11/2030	—		(253)	(258)	0.0	%
Delta TopCo, Inc. (dba Infoblox, Inc.)(8)(20)	First lien senior secured loan	SR +	3.75%	12/2027	29,044		27,646	28,971	0.3	%
Delta TopCo, Inc. (dba Infoblox, Inc.)(7)	Second lien senior secured loan	SR +	7.25%	12/2028	49,222		48,996	49,222	0.6	%
EET Buyer, Inc. (dba e-Emphasys)(7)	First lien senior secured loan	SR +	6.50%	11/2027	36,349		35,989	36,349	0.4	%
EET Buyer, Inc. (dba e-Emphasys)(8)(15)	First lien senior secured revolving loan	SR +	6.50%	11/2027	677		647	677	0.0	%
Entrata, Inc.(6)	First lien senior secured loan	SR +	6.00%	07/2030	4,487		4,423	4,420	0.0	%
Entrata, Inc.(6)(15)(16)	First lien senior secured revolving loan	SR +	6.00%	07/2028	—		(7)	(8)	0.0	%
E2open, LLC(6)(20)	First lien senior secured loan	SR +	3.50%	02/2028	5,187		5,180	5,186	0.1	%
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(7)	First lien senior secured loan	SR +	5.50%	08/2027	8,179		8,044	7,892	0.1	%
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(7)	First lien senior secured delayed draw term loan	SR +	5.50%	08/2027	1,840		1,819	1,776	0.0	%
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(7)(15)	First lien senior secured revolving loan	SR +	5.50%	08/2027	303		290	273	0.0	%
Granicus, Inc.(7)	First lien senior secured loan	SR +	5.50%	01/2027	1,823		1,798	1,818	0.0	%
Granicus, Inc.(7)(15)	First lien senior secured revolving loan	SR +	6.50%	01/2027	34		32	33	0.0	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(18)(27)	Investment	Interest		Maturity Date	Par/Units		Amortized Cost(4)(23)	Fair Value	Percentage of Net Assets

Granicus, Inc.(7)	First lien senior secured delayed draw term loan	SR +	6.00%	01/2027	340		336	339	0.0	%
Grayshift, LLC(6)(21)	First lien senior secured loan	SR +	8.00%	07/2028	128,368		126,355	126,443	1.5	%
Grayshift, LLC(6)(15)(16)(21)	First lien senior secured revolving loan	SR +	7.50%	07/2028	—		(18)	(36)	0.0	%
GS Acquisitionco, Inc. (dba insightsoftware)(7)	First lien senior secured loan	SR +	5.50%	05/2026	8,902		8,876	8,879	0.1	%
Help/Systems Holdings, Inc.(7)(20)	First lien senior secured loan	SR +	4.00%	11/2026	63,870		63,583	60,383	0.7	%
Help/Systems Holdings, Inc.(7)	Second lien senior secured loan	SR +	6.75%	11/2027	25,000		24,753	21,688	0.2	%
Hyland Software, Inc.(6)(15)(16)	First lien senior secured revolving loan	SR +	6.00%	09/2029	—		(100)	(105)	0.0	%
Hyland Software, Inc.(6)	First lien senior secured loan	SR +	6.00%	09/2030	147,235		145,088	145,027	1.6	%
Ivanti Software, Inc.(7)(20)	First lien senior secured loan	SR +	4.25%	12/2027	12,967		12,098	12,280	0.1	%
Ivanti Software, Inc.(7)(20)	Second lien senior secured loan	SR +	7.25%	12/2028	19,000		18,927	15,200	0.2	%
MessageBird BidCo B.V.(6)(21)	First lien senior secured loan	SR +	6.75%	05/2027	2,500		2,465	2,494	0.0	%
Ministry Brands Holdings, LLC(6)	First lien senior secured loan	SR +	5.50%	12/2028	48,570		47,820	47,599	0.5	%
Ministry Brands Holdings, LLC(6)	First lien senior secured delayed draw term loan	SR +	5.50%	12/2028	4,898		4,840	4,800	0.1	%
Ministry Brands Holdings, LLC(6)(15)	First lien senior secured revolving loan	SR +	5.50%	12/2027	2,531		2,468	2,436	0.0	%
Mitnick Corporate Purchaser, Inc.(6)(15)(19)	First lien senior secured revolving loan	SR +	2.00%	05/2027	—		5	—	0.0	%
Oranje Holdco, Inc. (dba KnowBe4)(7)	First lien senior secured loan	SR +	7.50%	02/2029	81,182		80,097	80,370	0.9	%
Oranje Holdco, Inc. (dba KnowBe4)(7)(15)(16)	First lien senior secured revolving loan	SR +	7.50%	02/2029	—		(129)	(101)	0.0	%
QAD, Inc.(6)	First lien senior secured loan	SR +	5.38%	11/2027	45,686		45,048	45,001	0.5	%
QAD, Inc.(6)(15)(16)	First lien senior secured revolving loan	SR +	5.38%	11/2027	—		(77)	(90)	0.0	%
Quartz Acquireco, LLC (dba Qualtrics AcquireCo, LLC)(6)	First lien senior secured loan	SR +	3.50%	06/2030	9,975		9,884	9,900	0.1	%
Perforce Software, Inc.(6)	First lien senior secured loan	SR +	4.50%	07/2026	14,775		14,536	14,738	0.2	%
Project Alpha Intermediate Holding, Inc.(6)(20)	First lien senior secured loan	SR +	4.75%	10/2030	77,000		75,460	77,254	0.9	%
Proofpoint, Inc.(6)(20)	First lien senior secured loan	SR +	3.25%	08/2028	12,108		11,759	12,096	0.1	%
Proofpoint, Inc.(6)(20)	Second lien senior secured loan	SR +	6.25%	08/2029	7,500		7,471	7,556	0.1	%
Sailpoint Technologies Holdings, Inc.(6)	First lien senior secured loan	SR +	6.00%	08/2029	59,880		58,797	59,431	0.7	%
Sailpoint Technologies Holdings, Inc.(6)(15)(16)	First lien senior secured revolving loan	SR +	6.00%	08/2028	—		(88)	(43)	0.0	%
Securonix, Inc.(7)	First lien senior secured loan	SR +	6.00%	04/2028	29,661		29,433	27,807	0.3	%
Securonix, Inc.(7)(15)(16)	First lien senior secured revolving loan	SR +	6.50%	04/2028	—		(38)	(334)	0.0	%
Sedgwick Claims Management Services, Inc.(6)(19)(20)	First lien senior secured loan	SR +	3.75%	02/2028	9,925		9,750	9,949	0.1	%
Sitecore Holding III A/S(8)	First lien senior secured loan	SR +	7.75% (4.25% PIK)	03/2029	3,998		3,968	3,968	0.0	%
Sitecore USA, Inc.(8)	First lien senior secured loan	SR +	7.75% (4.25% PIK)	03/2029	24,103		23,925	23,923	0.3	%
Sitecore Holding III A/S(11)	First lien senior secured EUR term loan	E +	7.75% (4.25% PIK)	03/2029	€	23,489	24,569	25,753	0.3	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(18)(27)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(23)		Fair Value		Percentage of Net Assets

Sophos Holdings, LLC(6)(20)(21)	First lien senior secured loan	SR +	3.50%	03/2027	19,928	19,884		19,954		0.2	%
Thunder Purchaser, Inc. (dba Vector Solutions)(7)	First lien senior secured loan	SR +	5.75%	06/2028	12,777	12,687		12,714		0.1	%
Thunder Purchaser, Inc. (dba Vector Solutions)(7)(15)	First lien senior secured revolving loan	SR +	5.75%	06/2027	602	595		597		0.0	%
When I Work, Inc.(7)	First lien senior secured loan	SR +	7.00% PIK	11/2027	25,116	24,961		24,676		0.3	%
When I Work, Inc.(7)(15)(16)	First lien senior secured revolving loan	SR +	6.00%	11/2027	—	(27)		(73)		0.0	%
Zendesk, Inc.(7)	First lien senior secured loan	SR +	6.25% (3.25% PIK)	11/2028	123,453	121,403		121,910		1.4	%
Zendesk, Inc.(7)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	6.25%	11/2024	—	(912)		(75)		0.0	%
Zendesk, Inc.(7)(15)(16)	First lien senior secured revolving loan	SR +	6.25%	11/2028	—	(202)		(155)		0.0	%
						1,973,967		1,973,778		22.3	%
Leisure and entertainment
Troon Golf, L.L.C.(7)	First lien senior secured loan	SR +	5.50%	08/2027	92,466	$	92,162	$	92,004	1.0	%
Troon Golf, L.L.C.(7)(15)(16)	First lien senior secured revolving loan	SR +	5.50%	08/2026	—	(19)		(36)		0.0	%
Troon Golf, L.L.C.(7)	First lien senior secured delayed draw term loan	SR +	5.50%	08/2027	49,400	48,866		49,153		0.6	%
						141,009		141,121		1.6	%
Manufacturing
ACR Group Borrower, LLC(7)	First lien senior secured loan	SR +	4.25%	03/2028	4,022	$	3,983	$	3,972	0.0	%
ACR Group Borrower, LLC(7)	First lien senior secured loan	SR +	5.75%	03/2028	864	854		864		0.0	%
ACR Group Borrower, LLC(7)(15)	First lien senior secured revolving loan	SR +	4.25%	03/2026	450	444		439		0.0	%
BCPE Watson (DE) ORML, LP(8)(21)(25)	First lien senior secured loan	SR +	6.50%	07/2028	101,500	100,682		100,993		1.1	%
CPM Holdings, Inc.(6)(20)	First lien senior secured loan	SR +	4.50%	09/2028	50,000	48,654		50,125		0.6	%
CPM Holdings, Inc.(6)(15)(16)	First lien senior secured revolving loan	SR +	4.50%	06/2028	—	(47)		—		0.0	%
EMRLD Borrower LP (dba Emerson Climate Technologies, Inc.)(6)(20)	First lien senior secured loan	SR +	3.00%	05/2030	10,716	10,618		10,747		0.1	%
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(20)	First lien senior secured loan	SR +	3.75%	05/2028	19,824	19,500		19,658		0.2	%
Engineered Machinery Holdings, Inc. (dba Duravant)(7)	Second lien senior secured loan	SR +	6.50%	05/2029	37,181	37,043		36,995		0.4	%
Engineered Machinery Holdings, Inc. (dba Duravant)(7)	Second lien senior secured loan	SR +	6.00%	05/2029	19,160	19,121		18,921		0.2	%
FARADAY BUYER, LLC (dba MacLean Power Systems)(7)	First lien senior secured loan	SR +	6.00%	10/2028	136,295	133,623		133,569		1.5	%
FARADAY BUYER, LLC (dba MacLean Power Systems)(7)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	6.00%	11/2025	—	(139)		(143)		0.0	%
Filtration Group Corporation(6)(20)	First lien senior secured loan	SR +	4.25%	10/2028	21,835	21,636		21,907		0.2	%
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)	First lien senior secured loan	SR +	4.00%	12/2027	18,587	18,305		18,494		0.2	%
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)	Second lien senior secured loan	SR +	8.25%	12/2028	11,728	11,489		11,611		0.1	%
Helix Acquisition Holdings, Inc. (dba MW Industries)(7)	First lien senior secured loan	SR +	7.00%	03/2030	61,484	59,772		59,793		0.7	%
Ideal Tridon Holdings, Inc.(7)(15)(16)	First lien senior secured revolving loan	SR +	6.75%	04/2028	—	(221)		(194)		0.0	%
Ideal Tridon Holdings, Inc.(7)	First lien senior secured loan	SR +	6.75%	04/2028	91,773	89,333		89,709		1.0	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(18)(27)	Investment	Interest		Maturity Date	Par/Units		Amortized Cost(4)(23)		Fair Value		Percentage of Net Assets

MHE Intermediate Holdings, LLC (dba OnPoint Group)(7)	First lien senior secured loan	SR +	6.00%	07/2027	69,627		69,149		69,627		0.9	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(7)	First lien senior secured loan	SR +	6.25%	07/2027	7,547		7,431		7,547		0.1	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(7)(15)(16)	First lien senior secured revolving loan	SR +	6.00%	07/2027	—		(21)		—		0.0	%
Pro Mach Group, Inc.(6)(20)	First lien senior secured loan	SR +	4.00%	08/2028	30,319		30,177		30,376		0.3	%
Sonny's Enterprises, LLC(7)	First lien senior secured loan	SR +	6.75%	08/2028	130,239		128,471		129,913		1.5	%
Sonny's Enterprises, LLC(7)(15)(16)	First lien senior secured revolving loan	SR +	6.75%	08/2027	—		(319)		(63)		0.0	%
Sonny's Enterprises, LLC(7)(15)(17)	First lien senior secured delayed draw term loan	SR +	6.75%	11/2024	11,320		10,972		11,254		0.1	%
							820,510		826,114		9.2	%
Professional services
Apex Group Treasury, LLC(7)(21)	First lien senior secured loan	SR +	5.00%	07/2028	124,498		$	121,298	$	124,498	1.4	%
Apex Group Treasury, LLC(7)(21)	Second lien senior secured loan	SR +	6.75%	07/2029	11,618		11,462		11,560		0.2	%
Apex Service Partners, LLC(7)	First lien senior secured loan	SR +	7.00% (2.00% PIK)	10/2030	96,529		94,158		94,116		1.1	%
Apex Service Partners, LLC(7)(15)(17)	First lien senior secured delayed draw term loan	SR +	7.00% (2.00% PIK)	10/2025	5,131		4,786		4,778		0.1	%
Apex Service Partners, LLC(7)(15)	First lien senior secured revolving loan	SR +	6.50%	10/2029	616		429		423		0.0	%
Certinia, Inc.(8)	First lien senior secured loan	SR +	7.25%	08/2029	33,088		32,460		32,426		0.4	%
Certinia, Inc.(7)(15)(16)	First lien senior secured revolving loan	SR +	7.25%	08/2029	—		(82)		(88)		0.0	%
Corporation Service Company(6)(20)	First lien senior secured loan	SR +	3.25%	11/2029	2,574		2,509		2,577		0.0	%
EM Midco2 Ltd. (dba Element Materials Technology)(7)(20)(21)	First lien senior secured loan	SR +	4.25%	06/2029	27,668		27,640		27,358		0.3	%
EP Purchaser, LLC(7)	First lien senior secured loan	SR +	4.50%	11/2028	24,813		23,903		23,882		0.3	%
Guidehouse Inc.(6)	First lien senior secured loan	SR +	5.75% (2.00% PIK)	10/2028	106,012		106,012		105,482		1.2	%
Omnia Partners, LLC(7)(20)	First lien senior secured loan	SR +	4.25%	07/2030	1,828		1,810		1,838		0.0	%
Omnia Partners, LLC(7)(15)(16)(17)(20)	First lien senior secured delayed draw term loan	SR +	4.25%	01/2024	—		(2)		—		0.0	%
Relativity ODA LLC(6)	First lien senior secured loan	SR +	6.50%	05/2027	5,094		5,053		5,094		0.1	%
Relativity ODA LLC(6)(15)(16)	First lien senior secured revolving loan	SR +	6.50%	05/2027	—		(4)		—		0.0	%
Sensor Technology Topco, Inc. (dba Humanetics)(7)	First lien senior secured loan	SR +	7.00% (2.00% PIK)	05/2026	233,111		231,701		232,528		2.6	%
Sensor Technology Topco, Inc. (dba Humanetics)(7)(15)	First lien senior secured revolving loan	SR +	6.50%	05/2026	11,485		11,363		11,433		0.1	%
Sensor Technology Topco, Inc. (dba Humanetics)(10)	First lien senior secured EUR term loan	E +	7.25% (2.25% PIK)	05/2026	€	42,018	45,368		46,299		0.5	%
Sovos Compliance, LLC(6)(20)	First lien senior secured loan	SR +	4.50%	08/2028	29,044		28,591		28,646		0.3	%
Vistage Worldwide, Inc.(7)	First lien senior secured loan	SR +	5.25%	07/2029	4,938		4,823		4,925		0.1	%
							753,278		757,775		8.7	%
Specialty retail
Ideal Image Development, LLC(7)(30)	First lien senior secured loan	SR +	6.50%	09/2027	5,795		$	5,705	$	4,361	0.0	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(18)(27)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(23)		Fair Value		Percentage of Net Assets

Ideal Image Development, LLC(7)(30)	First lien senior secured delayed draw term loan	SR +	6.50%	02/2024	1,098	549		826		0.0	%
Ideal Image Development, LLC(7)(15)(17)(30)	First lien senior secured delayed draw term loan	SR +	6.50%	02/2024	604	220		454		0.0	%
Ideal Image Development, LLC(7)(30)	First lien senior secured revolving loan	SR +	6.50%	09/2027	915	901		688		0.0	%
Notorious Topco, LLC (dba Beauty Industry Group)(7)	First lien senior secured loan	SR +	6.75%	11/2027	222,301	219,808		207,852		2.3	%
Notorious Topco, LLC (dba Beauty Industry Group)(7)	First lien senior secured delayed draw term loan	SR +	6.75%	11/2027	5,202	5,146		4,864		0.1	%
Notorious Topco, LLC (dba Beauty Industry Group)(7)(15)	First lien senior secured revolving loan	SR +	6.75%	05/2027	352	303		9		0.0	%
Milan Laser Holdings LLC(6)	First lien senior secured loan	SR +	5.00%	04/2027	20,217	20,094		20,217		0.2	%
Milan Laser Holdings LLC(6)(15)(16)	First lien senior secured revolving loan	SR +	5.00%	04/2026	—	(15)		—		0.0	%
The Shade Store, LLC(7)	First lien senior secured loan	SR +	6.00%	10/2027	66,818	66,242		64,313		0.7	%
The Shade Store, LLC(7)	First lien senior secured loan	SR +	7.00%	10/2027	10,580	10,330		10,316		0.1	%
The Shade Store, LLC(7)(15)	First lien senior secured revolving loan	SR +	6.00%	10/2026	4,364	4,316		4,108		0.0	%
						333,599		318,008		3.4	%
Telecommunications
EOS U.S. Finco LLC(7)(21)	First lien senior secured loan	SR +	5.75%	10/2029	67,902	$	64,563	$	62,131	0.7	%
EOS U.S. Finco LLC(7)(15)(16)(17)(21)	First lien senior secured delayed draw term loan	SR +	5.75%	05/2026	282	45		(332)		0.0	%
Park Place Technologies, LLC(6)(20)	First lien senior secured loan	SR +	5.00%	11/2027	1,133	1,105		1,126		0.0	%
						65,713		62,925		0.7	%
Transportation
Lightbeam Bidco, Inc. (dba Lazer Spot)(7)	First lien senior secured loan	SR +	6.25%	05/2030	96,397	$	95,496	$	96,397	1.1	%
Lightbeam Bidco, Inc. (dba Lazer Spot)(7)	First lien senior secured loan	SR +	5.50%	05/2030	9,853	9,805		9,783		0.1	%
Lightbeam Bidco, Inc. (dba Lazer Spot)(7)	First lien senior secured delayed draw term loan	SR +	6.25%	05/2030	14,606	14,397		14,606		0.2	%
Lightbeam Bidco, Inc. (dba Lazer Spot)(7)(15)(17)	First lien senior secured delayed draw term loan	SR +	5.50%	11/2025	6,063	5,918		5,934		0.1	%
Lightbeam Bidco, Inc. (dba Lazer Spot)(7)(15)(16)	First lien senior secured revolving loan	SR +	6.25%	05/2029	—	(104)		—		0.0	%
Motus Group, LLC(6)	Second lien senior secured loan	SR +	6.50%	12/2029	10,000	9,919		9,900		0.1	%
Safe Fleet Holdings, LLC(6)(20)	First lien senior secured loan	SR +	3.75%	02/2029	25,789	25,267		25,828		0.3	%
						160,698		162,448		1.9	%
Total non-controlled/non-affiliated portfolio company debt investments						$	15,097,749	$	15,131,634	169.6	%
Equity Investments
Asset based lending and fund finance
Amergin Asset Management, LLC(21)(22)(24)	Class A Units		N/A	N/A	50,000,000	$	—	$	—	0.0	%
						—		—		0.0	%
Automotive
CD&R Value Building Partners I, L.P. (dba Belron)(21)(22)(24)	LP Interest		N/A	N/A	33,061	$	32,911	$	40,794	0.5	%
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(14)(22)	Series A Convertible Preferred Stock		7.00% PIK	N/A	10,769	12,686		12,951		0.1	%
						45,597		53,745		0.6	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(18)(27)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(23)		Fair Value		Percentage of Net Assets

Buildings and real estate
Associations Finance, Inc.(14)(22)	Preferred Stock		13.50% PIK	N/A	250,000,000	$	283,802	$	287,556	3.2	%
Dodge Construction Network Holdings, L.P.(7)(22)	Series A Preferred Units	SR +	8.25%	N/A	—	3		2		0.0	%
Dodge Construction Network Holdings, L.P.(22)(24)	Class A-2 Common Units		N/A	N/A	143,963	123		98		0.0	%
						283,928		287,656		3.2	%
Business services
Denali Holding, LP (dba Summit Companies)(22)(24)	Class A Units		N/A	N/A	686,513	$	7,076	$	10,536	0.1	%
Hercules Buyer, LLC (dba The Vincit Group)(22)(24)(26)	Common Units		N/A	N/A	10	10		11		0.0	%
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(14)(22)	Perpetual Preferred Stock		11.75% PIK	N/A	53,600	59,078		60,062		0.7	%
						66,164		70,609		0.8	%
Consumer products
ASP Conair Holdings LP(22)(24)	Class A Units		N/A	N/A	9,286	$	929	$	877	0.0	%
						929		877		0.0	%
Financial services
Vestwell Holdings, Inc.(22)(24)	Series D Preferred Stock		N/A	N/A	50,726	$	1,000	$	1,000	0.0	%
						1,000		1,000		0.0	%
Food and beverage
Hissho Sushi Holdings, LLC(22)(24)	Class A Units		N/A	N/A	941,780	$	9,418	$	12,598	0.1	%
						9,418		12,598		0.1	%
Healthcare equipment and services
Maia Aggregator, LP(22)(24)	Class A-2 Units		N/A	N/A	12,921,348	$	12,921	$	12,990	0.1	%
KPCI Holdings, L.P.(22)(24)	Class A Units		N/A	N/A	1,781	2,313		2,600		0.0	%
Patriot Holdings SCSp (dba Corza Health, Inc.)(14)(21)(22)	Class A Units		8.00% PIK	N/A	13,517	1,253		1,253		0.0	%
Patriot Holdings SCSp (dba Corza Health, Inc.)(21)(22)(24)	Class B Units		N/A	N/A	982	164		225		0.0	%
Rhea Acquisition Holdings, LP(22)(24)	Series A-2 Units		N/A	N/A	11,964,286	11,964		16,154		0.2	%
						28,615		33,222		0.3	%
Healthcare providers and services
KOBHG Holdings, L.P. (dba OB Hospitalist)(22)(24)	Class A Interests		N/A	N/A	3,520	$	3,520	$	3,105	0.0	%
KWOL Acquisition Inc.(22)(24)	Common stock		N/A	N/A	1,205	12,049		12,049		0.1	%
Romulus Intermediate Holdings 1 Inc. (dba PetVet)(14)(22)	Series A Preferred Stock		15.00% PIK	N/A	27,354,613	26,817		26,808		0.3	%
XOMA Corporation(22)(24)	Warrants		N/A	N/A	54,000	369		369		0.0	%
						42,755		42,331		0.4	%
Healthcare technology
Minerva Holdco, Inc.(14)(22)	Series A Preferred Stock		10.75% PIK	N/A	100,000	$	117,505	$	115,594	1.3	%
BEHP Co-Investor II, L.P.(21)(22)(24)	LP Interest		N/A	N/A	1,269,969	1,266		1,278		0.0	%
Orange Blossom Parent, Inc.(22)(24)	Common Equity		N/A	N/A	16,667	1,668		1,665		0.0	%
WP Irving Co-Invest, L.P.(21)(22)(24)	Partnership Units		N/A	N/A	1,250,000	1,251		1,258		0.0	%
						121,690		119,795		1.3	%
Household products
Evology, LLC(22)(24)	Class B Units		N/A	N/A	316	$	1,512	$	1,446	0.0	%
Walker Edison Holdco LLC(22)(24)	Common Equity		N/A	N/A	29,167	2,818		303		0.0	%
						4,330		1,749		0.0	%
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand)(14)(22)	Series A Preferred Stock		10.50% PIK	N/A	12,750	$	14,933	$	13,556	0.2	%
						14,933		13,556		0.2	%
Insurance
Accelerate Topco Holdings, LLC(22)(24)	Common Units		N/A	N/A	91,805	$	2,535	$	2,988	0.0	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(18)(27)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(23)		Fair Value		Percentage of Net Assets

Evolution Parent, LP (dba SIAA)(22)(24)	LP Interest		N/A	N/A	2,703	270		318		0.0	%
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(22)(24)	LP Interest		N/A	N/A	421	426		408		0.0	%
Hockey Parent Holdings, L.P.(22)(24)	Class A Units		N/A	N/A	25,000	25,000		25,000		0.3	%
PCF Holdco, LLC (dba PCF Insurance Services)(14)(22)	Series A Preferred Units		15.00% PIK	N/A	19,423	15,337		16,163		0.2	%
PCF Holdco, LLC (dba PCF Insurance Services)(22)(24)	Class A Unit Warrants		N/A	N/A	1,503,286	5,129		5,054		0.0	%
PCF Holdco, LLC (dba PCF Insurance Services)(22)(24)	Class A Units		N/A	N/A	6,047,390	15,336		27,983		0.3	%
						64,033		77,914		0.8	%
Internet software and services
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(22)(24)	Common Units		N/A	N/A	1,729,439	$	1,729	$	1,887	0.0	%
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(21)(22)(24)	LP Interest		N/A	N/A	989,292	989		1,068		0.0	%
Elliott Alto Co-Investor Aggregator L.P.(21)(22)(24)	LP Interest		N/A	N/A	6,530	6,568		6,553		0.1	%
Picard Holdco, Inc.(7)(22)	Series A Preferred Stock	SR +	12.00% PIK	N/A	44,040	46,550		51,273		0.6	%
MessageBird Holding B.V.(21)(22)(24)	Extended Series C Warrants		N/A	N/A	7,980	49		9		0.0	%
Project Alpine Co-Invest Fund, LP(21)(22)(24)	LP Interest		N/A	N/A	17,000,000	17,010		20,089		0.2	%
Thunder Topco L.P. (dba Vector Solutions)(22)(24)	Common Units		N/A	N/A	712,884	713		791		0.0	%
WMC Bidco, Inc. (dba West Monroe)(14)(22)	Senior Preferred Stock		11.25% PIK	N/A	33,385	41,800		40,036		0.5	%
Project Hotel California Co-Invest Fund, L.P.(21)(22)(24)	LP Interest		N/A	N/A	3,522	3,525		3,994		0.0	%
BCTO WIW Holdings, Inc. (dba When I Work)(22)(24)	Class A Common Stock		N/A	N/A	57,000	5,700		4,468		0.1	%
Zoro TopCo, Inc. (dba Zendesk, Inc.)(14)(22)	Series A Preferred Stock		12.50% PIK	N/A	16,562	17,869		18,138		0.2	%
Zoro TopCo, L.P. (dba Zendesk, Inc.)(22)(24)	Class A Common Units		N/A	N/A	1,380,129	13,801		15,027		0.2	%
						156,303		163,333		1.9	%
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(22)(24)	LP Interest		N/A	N/A	1,000	$	100	$	118	0.0	%
						100		118		0.0	%
Total non-controlled/non-affiliated portfolio company equity investments						$	839,795	$	878,503	9.6	%
Total non-controlled/non-affiliated portfolio company investments						$	15,937,544	$	16,010,137	179.2	%

Non-controlled/affiliated portfolio company investments
Equity Investments
Pharmaceuticals
LSI Financing 1 DAC(21)(22)(24)(28)	Preferred equity		N/A	N/A	72,300,000	$	72,371	$	78,406	0.9	%
						72,371		78,406		0.9	%
Total non-controlled/affiliated portfolio company equity investments						$	72,371	$	78,406	0.9	%

Controlled/affiliated portfolio company investments
Debt Investments
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(14)(21)(29)	First lien senior secured loan		12.00% PIK	07/2030	39,529	$	39,529	$	39,529	0.4	%

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(2)(3)(18)(27)	Investment	Interest		Maturity Date	Par/Units	Amortized Cost(4)(23)		Fair Value		Percentage of Net Assets

AAM Series 2.1 Aviation Feeder, LLC(14)(21)(29)	First lien senior secured loan		12.00% PIK	11/2030	46,970	46,970		46,970		0.5	%
						86,499		86,499		0.9	%
Total controlled/affiliated portfolio company debt investments						$	86,499	$	86,499	0.9	%
Equity Investments
Asset based lending and fund finance
AAM Series 2.1 Aviation Feeder, LLC(15)(17)(21)(22)(24)(29)	LLC Interest		N/A	N/A	31,506	$	31,508	$	31,506	0.4	%
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(15)(17)(21)(22)(24)(29)	LLC Interest		N/A	N/A	25,310	25,277		25,310		0.3	%
						56,785		56,816		0.7	%
Insurance
Fifth Season Investments LLC(22)(24)(25)(29)	Class A Units		N/A	N/A	28	$	156,811	$	156,794	1.8	%
						156,811		156,794		1.8	%

Joint ventures
Blue Owl Credit Income Senior Loan Fund, LLC (f/k/a ORCIC Senior Loan Fund, LLC)(21)(22)(25)(29)(31)	LLC Interest		N/A	N/A	261,433	$	261,433	$	273,441	3.1	%
						261,433		273,441		3.1	%
Total controlled/affiliated portfolio company equity investments						$	475,029	$	487,051	5.6	%
Total controlled/affiliated portfolio company investments						$	561,528	$	573,550	6.5	%
Total Investments						$	16,571,443	$	16,662,093	186.6	%


	Interest Rate Swaps as of December 31, 2023
	Company Receives	Company Pays	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%	SR + 3.84%	9/16/2027	$	600,000	$	6,503	$	—	$	2,500	September 2027 Notes	Note 5
Interest rate swap(a)(b)	7.75%	SR + 3.65%	1/15/2029	$	550,000	$	12,147	$	—	$	12,147	January 2029 Notes	Note 5
Total				$	1,150,000

________

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

(b) Instrument is used in a hedge accounting relationship. The associated change in fair value is recorded along with the change in fair value of the hedging item within interest expense.

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

(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 ~~London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three-, six-, or twelve-month LIBOR),~~ Secured Overnight Financing Rate ~~("SOFR"~~(“SOFR” or ~~"SR"~~“SR”) (which can include one-, three-, six- or twelve-month SOFR), Euro Interbank Offered Rate ~~("EURIBOR"~~(“EURIBOR” or ~~"E"~~“E”), Canadian Dollar Offered Rate ~~("CDOR"~~(“CDOR” or ~~"C"~~“C”) (which can include one-~~, the-, six-~~ or ~~twelve-month~~three-month CDOR), Sterling (SP) Overnight Interbank Average Rate ~~("SONIA"~~(“SONIA” or ~~"SA"~~“SA”) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate ~~("Prime"~~(“Prime” or ~~"P"~~“P”), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.

(6)The interest rate on these ~~loans is subject to 1 month LIBOR, which as of June 30, 2023 was 5.22%.~~

~~(7)The interest rate on these loans is subject to 3 month LIBOR, which as of June 30, 2023 was 5.55%.~~

~~(8)The interest rate on these loans is subject to 6 month LIBOR, which as of June 30, 2023 was 5.76%.~~

~~(9)The interest rate on these loans~~investments is subject to 1 month SOFR, which as of ~~June 30,~~December 31, 2023 was ~~5.14%.~~

~~(10)The interest rate on these loans is subject to 3 month SOFR, which as of June 30, 2023 was 5.27%.~~

~~(11)The interest rate on these loans is subject to 6 month SOFR, which as of June 30, 2023 was 5.39%.~~

~~(12)The interest rate on these loans is subject to 3 month CDOR, which as of June 30, 2023 was 5.02%.~~

~~(13)The interest rate on these loans is subject to 3 month EURIBOR, which as of June 30, 2023 was 3.58%~~5.35%.

Blue Owl Credit Income Corp.

Consolidated ~~Schedule~~Schedules of Investments (Continued)

As of ~~June 30,~~December 31, 2023

(Amounts in thousands, except share amounts)

~~(Unaudited)~~

~~(14)~~(7)The interest rate on these ~~loans~~investments is subject to 3 month SOFR, which as of December 31, 2023 was 5.33%.

(8)The interest rate on these investments is subject to 6 month SOFR, which as of December 31, 2023 was 5.16%.

(9)The interest rate on these investments is subject to 3 month CDOR, which as of December 31, 2023 was 5.45%.

(10)The interest rate on these investments is subject to 3 month EURIBOR, which as of December 31, 2023 was 3.91%.

(11)The interest rate on these investments is subject to 6 month EURIBOR, which as of December 31, 2023 was 3.86%.

(12)The interest rate on these investments is subject to SONIA, which as of ~~June 30,~~December 31, 2023 was ~~4.93%~~5.19%.

~~(15)~~(13)The interest rate on these ~~loans~~investments is subject to Prime, which as of ~~June 30,~~December 31, 2023 was ~~8.25%~~8.50%.

~~(16)~~(14)Investment does not contain a variable rate structure.

~~(17)~~(15)Position or portion thereof is an unfunded loan or equity commitment. See Note 7 “Commitments and Contingencies”.

~~(18)~~(16)The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.

~~(19)~~(17)The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date.

~~(20)~~(18)Unless otherwise indicated, represents a co-investment made with the Company’s affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 ~~"Agreements~~“Agreements and Related Party ~~Transactions"~~Transactions”.

~~(21)~~(19)This portfolio company was not a co-investment made with the ~~Company's~~Company’s affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission.

~~(22)~~(20)Level 2 Investment.

~~(23)~~(21)This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of ~~June 30,~~December 31, 2023, non-qualifying assets represented ~~13.3%~~13.0% of total assets as calculated in accordance with the regulatory requirements.

~~(24)~~(22)Security acquired in transaction exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted security” under the Securities Act. As of ~~June 30,~~December 31, 2023, the aggregate fair value of these securities is ~~$1.2~~$1.44 billion, or ~~18.0%~~16.2% 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

Associations Finance, Inc.

Preferred Stock

June 10, 2022

Associations Finance, Inc.

Preferred Stock

April 10, 2023

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

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

Evology LLC

Class B Units

January 21, 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 Units

September 14, 2023

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

LP Interest

June 8, 2022

Knockout Intermediate Holdings I Inc. (dba Kaseya)

Perpetual Preferred Stock

June 22, 2022

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of December 31, 2023

(Amounts in thousands, except share amounts)

Portfolio Company

Investment

Acquisition Date

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.

Common stock

December 12, 2023

LSI Financing 1 DAC**

Preferred equity

December 14, 2022

Maia Aggregator, LP

Class A-2 Units

February 1, 2022

~~Blue Owl Credit Income Corp.~~

~~Consolidated Schedule of Investments (Continued)~~

~~As of June 30, 2023~~

~~(Amounts in thousands, except share amounts)~~

~~(Unaudited)~~

~~Portfolio Company~~

~~Investment~~

~~Acquisition Date~~

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

Blue Owl Credit Income Senior Loan Fund, LLC (f/k/a ORCIC 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)

Preferred equity

February 13, 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 13, 2023

Picard Holdco, Inc.

Series A Preferred Stock

September 29, 2022

Project Alpine Co-Invest Fund, L.P.

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)

Series A Preferred Stock

November 15, 2023

Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand)

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 8, 2021

WP Irving Co-Invest, L.P.

Partnership Units

May 18, 2022

XOMA Corporation

Warrants

December 15, 2023

Zoro TopCo, Inc.

Class A Common Units

November 22, 2022

Zoro TopCo, Inc.

Series A Preferred Stock

November 22, 2022

*Refer to Note 4 ~~"Investments~~“Investments - ~~Blue Owl Credit Income Senior Loan Fund LLC"~~OCIC SLF LLC”, for further information.

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

~~(25)~~(23)As of ~~June 30,~~December 31, 2023, the net estimated unrealized gain on investments for U.S. federal income tax purposes was ~~$2.3~~$155.0 million based on a tax cost basis of ~~$13.1~~$16.50 billion. As of ~~June 30,~~December 31, 2023, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was ~~$96.0~~$24.1 million. As of ~~June 30,~~December 31, 2023, the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was ~~$98.3~~$179.1 million.

~~(26)~~(24)Investment is non-income producing.

~~(27)~~(25)Investment is not pledged as collateral under the Revolving Credit Facility, ~~and the~~ SPV Asset ~~Facilities.~~Facilities and CLOs.

~~(28)~~(26)We invest in this portfolio company through underlying blocker entities Hercules Blocker 1 LLC, Hercules Blocker 2 LLC, Hercules Blocker 3 LLC, Hercules Blocker 4 LLC, and Hercules Blocker 5 LLC.

~~(29)~~(27)Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, ~~and~~ SPV Asset ~~Facilities.~~Facilities and CLOs. See Note ~~6 "Debt"~~5 “Debt”.

~~(30)~~(28)As defined in the 1940 Act, the Company is deemed to be an ~~"affiliated person"~~“affiliated person” of this portfolio company as the Company owns more than 5% but less than 25% of the portfolio ~~company's~~company’s voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement ~~(non-controlled affiliate"~~(“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the ~~period~~year ended ~~June 30,~~December 31, 2023 were as follows:

Company Fair value as of December 31, 2022 Gross Additions(a) Gross Reductions(b) Net Change in Unrealized Gain/ (Loss) Realized Gain/(Loss) Fair value as of June 30, 2023 Dividend Income Other Income
LSI Financing 1 DAC $ 6,175 $ 73,098 $ (2,974) $ 49 $ — $ 76,348 $ 333 $ —
Total $ 6,175 $ 73,098 $ (2,974) $ 49 $ — $ 76,348 $ 333 $ —

Blue Owl Credit Income Corp.

Consolidated Schedules of Investments (Continued)

As of December 31, 2023

(Amounts in thousands, except share amounts)


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

________

~~Blue Owl Credit Income Corp.~~

~~Consolidated Schedule of Investments (Continued)~~

~~As of June 30, 2023~~

~~(Amounts in thousands, except share amounts)~~

~~(Unaudited)~~

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.

~~(31)~~(29)As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement (“controlled affiliate”). The Company’s investment in controlled affiliates for the period ended ~~June 30,~~December 31, 2023 were as follows:


Company	Company	Fair value as of December 31, 2022		Gross Additions(a)		Gross Reductions(b)		Net Change in Unrealized Gain/ (Loss)		Realized Gain/(Loss)		Fair value as of June 30, 2023		Dividend Income		Other Income		Company	Fair value as of December 31, 2022	Gross Additions(a)	Gross Reductions(b)	Net Change in Unrealized Gain/(Loss)	Realized Gain/(Loss)	Fair value as of December 31, 2023	Dividend Income	Interest and PIK Income	Other Income
AAM Series 2.1 Aviation Feeder, LLC(c)	AAM Series 2.1 Aviation Feeder, LLC(c)	$	1,568	$	17,376	$	—	$	—	$	—	$	18,944	$	—	$	—
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(c)	AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(c)	—		6,081		—		35		—		6,116		—		—
Fifth Season Investments LLC	Fifth Season Investments LLC	89,680		21,554		—		—		—		111,234		1,360		—
Blue Owl Credit Income Senior Loan Fund, LLC (f/k/a ORCIC Senior Loan Fund, LLC)		140,394		81,158		—		4,678		—		226,230		14,758		—
Blue Owl Credit Income Senior Loan Fund, LLC
Total	Total	$	231,642	$	126,169	$	—	$	4,713	$	—	$	362,524	$	16,118	$	—

________

(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”~~AssetCo”) the Company made a minority investment in Amergin Asset Management, LLC which has entered into a Servicing Agreement with Amergin ~~Assetco.~~AssetCo.

~~(32)~~(30)Investment was on non-accrual status as of ~~June 30,~~December 31, 2023.

~~(33)~~(31)Investment measured at net asset value ~~("NAV"~~(“NAV”).

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

Blue Owl Credit Income Corp.

~~Consolidated Schedule of Investments~~

~~As of December 31, 2022~~

~~(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
Global Music Rights, LLC(7) First lien senior secured loan L + 5.50% 08/2028 $ 83,531 $ 82,119 $ 83,530 1.6 %
Global Music Rights, LLC(7)(17)(18) First lien senior secured revolving loan L + 5.75% 08/2027 — (116) — — %
The NPD Group, L.P.(9) First lien senior secured loan SR + 6.25% (2.75% PIK) 12/2028 224,081 219,669 219,600 4.2 %
The NPD Group, L.P.(9)(17) First lien senior secured revolving loan SR + 5.75% 12/2027 1,712 1,449 1,427 — %
309,324 303,121 304,557 5.8 %
Aerospace and Defense
Bleriot US Bidco Inc.(7)(22) First lien senior secured loan L + 4.00% 10/2026 $ 5,096 $ 5,095 $ 5,031 0.1 %
ManTech International Corporation(10) First lien senior secured loan SR + 5.75% 09/2029 14,181 13,907 13,898 0.3 %
ManTech International Corporation(10)(17)(18)(19) First lien senior secured delayed draw term loan SR + 5.75% 09/2024 — (32) (34) — %
ManTech International Corporation(10)(17)(18) First lien senior secured revolving loan SR + 5.75% 09/2028 — (34) (36) — %
Peraton Corp.(6)(22) First lien senior secured loan L + 3.75% 02/2028 14,746 14,722 14,377 0.3 %
Peraton Corp.(6)(22) Second lien senior secured loan L + 7.75% 02/2029 4,854 4,795 4,599 0.1 %
38,877 38,453 37,835 0.8 %
Automotive
Holley Inc.(7)(22) First lien senior secured loan L + 3.75% 11/2028 $ 2,348 $ 2,339 $ 2,027 — %
Mavis Tire Express Services Topco Corp.(9)(22) First lien senior secured loan SR + 4.00% 05/2028 9,850 9,811 9,378 0.2 %
OAC Holdings I Corp. (dba Omega Holdings)(10) First lien senior secured loan SR + 5.00% 03/2029 9,142 8,974 8,867 0.2 %
OAC Holdings I Corp. (dba Omega Holdings)(10)(17) First lien senior secured revolving loan SR + 5.00% 03/2028 1,433 1,388 1,356 — %
Power Stop, LLC(7)(21) First lien senior secured loan L + 4.75% 01/2029 29,775 29,509 26,798 0.5 %
Spotless Brands, LLC(10) First lien senior secured loan SR + 6.50% 07/2028 54,425 53,397 53,335 1.1 %
Spotless Brands, LLC(10)(17)(18) First lien senior secured revolving loan SR + 6.50% 07/2028 — (27) (29) — %
106,973 105,391 101,732 2.0 %
Asset Based Lending and Fund Finance
Hg Genesis 9 Sumoco Limited(13)(23) Unsecured facility E+ 7.00% PIK 03/2027 $ 124,092 $ 127,414 $ 124,092 2.4 %
Hg Saturn LuchaCo Limited(14)(23) Unsecured facility S + 7.50% PIK 03/2026 1,898 2,144 1,874 — %
125,990 129,558 125,966 2.4 %
Buildings and real estate
Associations, Inc.(10) First lien senior secured loan SR + 6.50% (2.50% PIK) 07/2027 $ 104,673 $ 103,666 $ 104,412 2.0 %
Associations, Inc.(10)(17)(18) First lien senior secured revolving loan SR + 6.50% 07/2027 — (36) (12) — %
Associations, Inc.(10)(17)(19) First lien senior secured delayed draw term loan SR + 6.50% (2.50% PIK) 06/2024 4,565 4,024 4,413 0.1 %
CoreLogic Inc.(6)(22) First lien senior secured loan L + 3.50% 06/2028 42,056 41,236 34,962 0.7 %

~~Blue Owl Credit Income Corp.~~

~~Consolidated Schedule of Investments (Continued)~~

~~As of December 31, 2022~~

~~(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
Dodge Construction Network, LLC(11) First lien senior secured loan SR + 4.75% 02/2029 17,114 16,878 14,547 0.3 %
RealPage, Inc.(6)(21)(22) First lien senior secured loan L + 3.00% 04/2028 14,203 14,187 13,478 0.3 %
RealPage, Inc.(6) Second lien senior secured loan L + 6.50% 04/2029 27,500 27,146 26,330 0.5 %
Wrench Group LLC(7) First lien senior secured loan L + 4.00% 04/2026 10,545 10,410 10,176 0.2 %
220,656 217,511 208,306 4.1 %
Business services
Access CIG, LLC(6) Second lien senior secured loan L + 7.75% 02/2026 $ 2,385 $ 2,379 $ 2,373 — %
BrightView Landscapes, LLC(9)(21)(22) First lien senior secured loan SR + 3.25% 04/2029 9,353 9,029 8,979 0.2 %
ConnectWise, LLC(6)(22) First lien senior secured loan L + 3.50% 09/2028 30,003 30,065 28,436 0.5 %
CoreTrust Purchasing Group LLC(10) First lien senior secured loan SR + 6.75% 10/2029 97,393 95,495 95,445 1.8 %
CoreTrust Purchasing Group LLC(10)(17)(18)(19) First lien senior secured delayed draw term loan SR + 6.75% 09/2024 — (68) (71) — %
CoreTrust Purchasing Group LLC(10)(17)(18) First lien senior secured revolving loan SR + 6.75% 10/2029 — (269) (284) — %
Denali BuyerCo, LLC (dba Summit Companies)(7) First lien senior secured loan L + 5.75% 09/2028 131,499 129,752 130,184 2.5 %
Denali BuyerCo, LLC (dba Summit Companies)(7) First lien senior secured loan L + 5.75% 09/2028 35,205 34,470 34,853 0.7 %
Denali BuyerCo, LLC (dba Summit Companies)(7)(17)(19) First lien senior secured delayed draw term loan L + 5.75% 09/2023 27,343 26,953 27,070 0.5 %
Denali BuyerCo, LLC (dba Summit Companies)(7)(17)(18) First lien senior secured revolving loan L + 5.75% 09/2027 — (101) (100) — %
Diamondback Acquisition, Inc. (dba Sphera)(6) First lien senior secured loan L + 5.50% 09/2028 47,348 46,544 46,874 0.9 %
Diamondback Acquisition, Inc. (dba Sphera)(6)(17)(18)(19) First lien senior secured delayed draw term loan L + 5.50% 09/2023 — (78) — — %
Entertainment Benefits Group, LLC(9) First lien senior secured loan SR + 4.75% 05/2028 75,023 74,343 75,023 1.4 %
Entertainment Benefits Group, LLC(9)(17) First lien senior secured revolving loan SR + 4.75% 04/2027 7,733 7,633 7,733 0.1 %
Fullsteam Operations, LLC(7)(17)(19) First lien senior secured delayed draw term loan L + 7.50% (3.00% PIK) 05/2024 48,970 47,520 47,953 0.9 %
Hercules Borrower, LLC (dba The Vincit Group)(7) First lien senior secured loan L + 6.50% 12/2026 808 799 806 — %
Hercules Borrower, LLC (dba The Vincit Group)(7) First lien senior secured loan L + 5.50% 12/2026 2,193 2,176 2,155 — %
Hercules Borrower, LLC (dba The Vincit Group)(7)(17)(19) First lien senior secured delayed draw term loan L + 5.50% 09/2023 10,346 10,258 10,091 0.2 %
Hercules Borrower, LLC (dba The Vincit Group)(8)(17) First lien senior secured revolving loan L + 6.50% 12/2026 10 9 10 — %
Hercules Buyer, LLC (dba The Vincit Group)(16)(28) Unsecured notes 0.48% PIK 12/2029 24 24 24 — %
Kaseya Inc.(10) First lien senior secured loan SR + 5.75% 06/2029 71,717 70,363 71,000 1.4 %
Kaseya Inc.(10)(17)(18)(19) First lien senior secured delayed draw term loan SR + 5.75% 06/2024 — (40) — — %
Kaseya Inc.(10)(17)(18) First lien senior secured revolving loan SR + 5.75% 06/2029 — (80) (43) — %

~~Blue Owl Credit Income Corp.~~

~~Consolidated Schedule of Investments (Continued)~~

~~As of December 31, 2022~~

~~(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
KPSKY Acquisition, Inc. (dba BluSky)(6) First lien senior secured loan L + 5.50% 10/2028 84,239 82,789 82,133 1.6 %
KPSKY Acquisition, Inc. (dba BluSky)(15)(17)(19) First lien senior secured delayed draw term loan P + 4.50% 06/2024 2,363 2,167 2,055 — %
Packers Holdings, LLC(6)(22) First lien senior secured loan L + 3.25% 03/2028 34,003 33,860 29,583 0.6 %
Ping Identity Holding Corp.(9) First lien senior secured loan SR + 7.00% 10/2029 21,818 21,498 21,491 0.4 %
Ping Identity Holding Corp.(9)(17)(18) First lien senior secured revolving loan SR + 7.00% 10/2028 — (32) (33) — %
739,776 727,458 723,740 13.7 %
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(6) First lien senior secured loan L + 3.75% 11/2027 $ 12,902 $ 12,696 $ 12,515 0.2 %
Aruba Investments Holdings, LLC (dba Angus Chemical Company)(6) Second lien senior secured loan L + 7.75% 11/2028 40,137 40,125 39,535 0.8 %
Douglas Products and Packaging Company LLC(9) First lien senior secured loan SR + 7.00% 06/2025 24,432 24,193 24,188 0.5 %
Douglas Products and Packaging Company LLC(17)(18) First lien senior secured revolving loan SR + 7.00% 06/2025 — (31) (32) — %
Gaylord Chemical Company, L.L.C.(7) First lien senior secured loan L + 6.50% 03/2027 103,309 102,462 103,309 2.0 %
Gaylord Chemical Company, L.L.C.(7)(17)(18) First lien senior secured revolving loan L + 6.00% 03/2026 — (29) — — %
Velocity HoldCo III Inc. (dba VelocityEHS)(8) First lien senior secured loan L + 5.75% 04/2027 2,323 2,283 2,323 — %
Velocity HoldCo III Inc. (dba VelocityEHS)(6)(17) First lien senior secured revolving loan L + 5.75% 04/2026 28 26 28 — %
183,131 181,725 181,866 3.5 %
Consumer products
ConAir Holdings LLC(7) Second lien senior secured loan L + 7.50% 05/2029 $ 32,500 $ 32,051 $ 29,575 0.6 %
Foundation Consumer Brands, LLC(7) First lien senior secured loan L + 5.50% 02/2027 49,710 49,722 49,585 0.9 %
Lignetics Investment Corp.(7) First lien senior secured loan L + 6.00% 11/2027 75,706 74,909 74,192 1.4 %
Lignetics Investment Corp.(7)(17)(18)(19) First lien senior secured delayed draw term loan L + 6.00% 11/2023 — (96) (191) — %
Lignetics Investment Corp.(6)(17) First lien senior secured revolving loan L + 6.00% 10/2026 6,882 6,772 6,653 0.1 %
Olaplex, Inc.(9)(23) First lien senior secured loan SR + 3.50% 02/2029 40,473 40,335 38,045 0.7 %
SWK BUYER, Inc. (dba Stonewall Kitchen)(11) First lien senior secured loan SR + 5.25% 03/2029 59,674 58,613 57,884 1.1 %
SWK BUYER, Inc. (dba Stonewall Kitchen)(9)(17) First lien senior secured revolving loan SR + 5.25% 03/2029 1,953 1,854 1,785 — %
SWK BUYER, Inc. (dba Stonewall Kitchen)(11)(17)(18)(19) First lien senior secured delayed draw term loan SR + 5.25% 03/2024 — (123) (279) — %
266,898 264,037 257,249 4.8 %
Containers and packaging
Ascend Buyer, LLC (dba PPC Flexible Packaging)(9) First lien senior secured loan SR + 6.25% 10/2028 $ 49,704 $ 49,278 $ 49,331 0.9 %
Ascend Buyer, LLC (dba PPC Flexible Packaging)(9)(17)(18) First lien senior secured revolving loan SR + 6.25% 09/2027 — (40) (38) — %
Ascend Buyer, LLC (dba PPC Flexible Packaging)(9) First lien senior secured loan SR + 6.25% 09/2028 30,694 30,096 30,464 0.6 %

~~Blue Owl Credit Income Corp.~~

~~Consolidated Schedule of Investments (Continued)~~

~~As of December 31, 2022~~

~~(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
Berlin Packaging L.L.C.(6)(21)(22) First lien senior secured loan L + 3.75% 03/2028 15,009 14,628 14,412 0.3 %
BW Holding, Inc.(10) First lien senior secured loan SR + 4.00% 12/2028 14,076 13,907 12,950 0.2 %
Charter NEX US, Inc.(6)(21)(22) First lien senior secured loan L + 3.75% 12/2027 34,957 34,477 33,898 0.6 %
Five Star Lower Holding LLC(11) First lien senior secured loan SR + 4.25% 05/2029 21,820 21,539 21,275 0.4 %
Fortis Solutions Group, LLC(7) First lien senior secured loan L + 5.50% 10/2028 67,451 66,277 65,596 1.2 %
Fortis Solutions Group, LLC(7)(17)(18)(19) First lien senior secured delayed draw term loan L + 5.50% 10/2023 — (4) (3) — %
Fortis Solutions Group, LLC(8)(17) First lien senior secured revolving loan L + 5.50% 10/2027 900 792 714 — %
Indigo Buyer, Inc. (dba Inovar Packaging Group)(10) First lien senior secured loan SR + 5.75% 05/2028 82,137 81,386 82,137 1.6 %
Indigo Buyer, Inc. (dba Inovar Packaging Group)(10)(17)(19) First lien senior secured delayed draw term loan SR + 5.75% 05/2024 — — — — %
Indigo Buyer, Inc. (dba Inovar Packaging Group)(10)(17) First lien senior secured revolving loan SR + 5.75% 05/2028 2,117 2,003 2,117 — %
Pregis Topco LLC(10)(21)(22) First lien senior secured loan SR + 3.75% 07/2026 4,987 4,928 4,838 0.1 %
Pregis Topco LLC(6) Second lien senior secured loan L + 6.75% 08/2029 30,000 29,999 29,625 0.6 %
Pregis Topco LLC(6) Second lien senior secured loan L + 7.75% 08/2029 2,500 2,500 2,488 — %
Ring Container Technologies Group, LLC(6)(22) First lien senior secured loan L + 3.50% 08/2028 16,250 16,202 16,007 0.3 %
Tricorbraun Holdings, Inc.(6)(21)(22) First lien senior secured loan L + 3.25% 03/2028 15,886 15,511 15,123 0.3 %
388,488 383,479 380,934 7.1 %
Distribution
ABB/Con-cise Optical Group LLC(8) First lien senior secured loan L + 7.50% 02/2028 $ 35,206 $ 34,736 $ 35,117 0.7 %
ABB/Con-cise Optical Group LLC(8)(17) First lien senior secured revolving loan L + 7.50% 02/2028 3,510 3,463 3,501 0.1 %
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(9)(22) First lien senior secured loan SR + 4.63% 06/2026 31,823 30,838 30,869 0.6 %
Dealer Tire, LLC(9) First lien senior secured loan SR + 4.50% 12/2025 5,048 5,055 4,973 0.1 %
Dealer Tire, LLC(16)(21) Unsecured notes 8.00% 02/2028 56,120 54,928 47,842 0.9 %
Formerra, LLC(10) First lien senior secured loan SR + 7.25% 11/2028 5,250 5,083 5,079 0.1 %
Formerra, LLC(10)(17)(18)(19) First lien senior secured delayed draw term loan SR + 7.25% 11/2023 — (3) (3) — %
Formerra, LLC(10)(17)(18) First lien senior secured revolving loan SR + 7.25% 11/2028 — (17) (17) — %
Individual Foodservice Holdings, LLC(10) First lien senior secured loan SR + 6.25% 11/2025 1,292 1,279 1,288 — %
Individual Foodservice Holdings, LLC(7) First lien senior secured loan L + 6.25% 11/2025 62,804 62,341 62,648 1.2 %
Individual Foodservice Holdings, LLC(10) First lien senior secured loan SR + 6.75% 11/2025 1,952 1,933 1,952 — %
Individual Foodservice Holdings, LLC(7)(17)(19) First lien senior secured delayed draw term loan L + 6.25% 11/2023 18,151 17,847 18,059 0.3 %
Individual Foodservice Holdings, LLC(10)(17)(18)(19) First lien senior secured delayed draw term loan SR + 6.75% 12/2023 — (80) — — %

~~Blue Owl Credit Income Corp.~~

~~Consolidated Schedule of Investments (Continued)~~

~~As of December 31, 2022~~

~~(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
Individual Foodservice Holdings, LLC(10)(17)(18) First lien senior secured revolving loan SR + 6.25% 11/2024 — (1) — — %
SRS Distribution, Inc.(6)(22) First lien senior secured loan L + 3.50% 06/2028 24,139 23,899 23,052 0.4 %
White Cap Supply Holdings, LLC(9)(21)(22) First lien senior secured loan SR + 3.75% 10/2027 11,614 11,169 11,212 0.2 %
256,909 252,470 245,572 4.6 %
Education
CIG Emerald Holding LLC(10)(23) First lien senior secured loan SR + 6.50% 06/2027 $ 78,000 $ 77,124 $ 77,609 1.5 %
Community Brands ParentCo, LLC(9) First lien senior secured loan SR + 5.75% 02/2028 31,636 31,083 31,161 0.6 %
Community Brands ParentCo, LLC(9)(17)(18)(19) First lien senior secured delayed draw term loan SR + 5.75% 02/2024 — (32) (19) — %
Community Brands ParentCo, LLC(9)(17)(18) First lien senior secured revolving loan SR + 5.75% 02/2028 — (32) (28) — %
Severin Acquisition, LLC (dba Powerschool)(10)(22) First lien senior secured loan SR + 3.00% 08/2025 14,858 14,844 14,747 0.3 %
Sophia, L.P.(9) First lien senior secured loan SR + 4.25% 10/2027 15,113 14,978 15,075 0.3 %
Pluralsight, LLC(7) First lien senior secured loan L + 8.00% 04/2027 6,255 6,192 6,161 0.1 %
Pluralsight, LLC(6)(17) First lien senior secured revolving loan L + 8.00% 04/2027 196 192 190 — %
146,058 144,349 144,896 2.8 %
Energy equipment and services
Pike Corp.(6)(21)(22) First lien senior secured loan L + 3.00% 01/2028 $ 5,991 $ 5,976 $ 5,900 0.1 %
5,991 5,976 5,900 0.1 %
Financial services
Acuris Finance US, Inc. (ION Analytics) (10)(21)(22) First lien senior secured loan SR + 4.00% 02/2028 $ 10,500 $ 10,429 $ 10,304 0.2 %
AxiomSL Group, Inc.(6) First lien senior secured loan L + 5.75% 12/2027 34,831 34,540 34,309 0.7 %
AxiomSL Group, Inc.(6)(17)(18)(19) First lien senior secured delayed draw term loan L + 6.00% 07/2023 — (8) (11) — %
AxiomSL Group, Inc.(6)(17)(18) First lien senior secured revolving loan L + 6.50% 12/2025 — (18) (39) — %
Computer Services, Inc. (dba CSI)(10) First lien senior secured loan SR + 6.75% 11/2029 30,500 29,898 29,890 0.6 %
Muine Gall, LLC(8)(23)(27) First lien senior secured loan L + 7.00% PIK 09/2024 94,583 95,126 92,218 1.8 %
NMI Acquisitionco, Inc. (dba Network Merchants)(6) First lien senior secured loan L + 5.75% 09/2025 5,671 5,631 5,600 0.1 %
NMI Acquisitionco, Inc. (dba Network Merchants)(6) First lien senior secured loan L + 5.75% 09/2025 2,143 2,128 2,117 — %
NMI Acquisitionco, Inc. (dba Network Merchants)(6) First lien senior secured loan L + 5.75% 09/2025 150 149 149 — %
NMI Acquisitionco, Inc. (dba Network Merchants)(6) First lien senior secured loan L + 5.75% 09/2025 508 504 502 — %
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(17)(19) First lien senior secured delayed draw term loan L + 5.75% 10/2023 1,999 1,975 1,969 — %
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(17)(18) First lien senior secured revolving loan L + 5.75% 09/2025 — (6) (7) — %
Smarsh Inc.(11) First lien senior secured loan SR + 6.50% 02/2029 83,048 82,296 82,217 1.6 %

~~Blue Owl Credit Income Corp.~~

~~Consolidated Schedule of Investments (Continued)~~

~~As of December 31, 2022~~

~~(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
Smarsh Inc.(11)(17)(19) First lien senior secured delayed draw term loan SR + 6.50% 02/2024 10,381 10,188 10,277 0.2 %
Smarsh Inc.(11)(17)(18) First lien senior secured revolving loan SR + 6.50% 02/2029 — (45) (52) — %
274,314 272,787 269,443 5.2 %
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(7) First lien senior secured loan L + 4.00% 09/2028 $ 13,860 $ 13,739 $ 13,548 0.3 %
Balrog Acquisition, Inc. (dba BakeMark)(7) Second lien senior secured loan L + 7.00% 09/2029 6,000 5,956 5,940 0.1 %
CFS Brands, LLC(8) First lien senior secured loan L + 3.00% 03/2025 44,294 43,100 41,858 0.8 %
Dessert Holdings(7) First lien senior secured loan L + 4.00% 06/2028 19,800 19,712 18,315 0.3 %
Hissho Sushi Merger Sub LLC(10) First lien senior secured loan SR + 5.75% 05/2028 113,118 112,079 112,835 2.1 %
Hissho Sushi Merger Sub LLC(10)(17) First lien senior secured revolving loan SR + 5.75% 05/2028 1,749 1,671 1,727 — %
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(9) First lien senior secured loan SR + 6.25% 03/2027 275,000 270,490 269,500 5.1 %
KBP Brands, LLC(10) First lien senior secured loan SR + 6.50% (0.50% PIK) 05/2027 14,690 14,530 14,360 0.3 %
KBP Brands, LLC(10)(17)(19) First lien senior secured delayed draw term loan SR + 6.00% (0.50% PIK) 12/2023 33,381 33,019 32,614 0.6 %
Naked Juice LLC (dba Tropicana)(10)(22) First lien senior secured loan SR + 3.25% 01/2029 14,302 14,277 12,756 0.2 %
Ole Smoky Distillery, LLC(9) First lien senior secured loan SR + 5.25% 03/2028 24,909 24,463 24,411 0.5 %
Ole Smoky Distillery, LLC(9)(17)(18) First lien senior secured revolving loan SR + 5.25% 03/2028 — (58) (66) — %
Pegasus BidCo B.V.(10)(21)(23) First lien senior secured loan SR + 4.25% 07/2029 5,500 5,448 5,321 0.1 %
Shearer's Foods, LLC(6)(22) First lien senior secured loan L + 3.50% 09/2027 39,567 39,566 37,632 0.7 %
Sovos Brands Intermediate, Inc.(7)(22) First lien senior secured loan L + 3.50% 06/2028 10,145 10,137 9,858 0.2 %
Ultimate Baked Goods Midco, LLC(6) First lien senior secured loan L + 6.50% 08/2027 16,335 16,004 15,845 0.3 %
Ultimate Baked Goods Midco, LLC(6)(17) First lien senior secured revolving loan L + 6.50% 08/2027 525 487 465 — %
633,175 624,620 616,919 11.6 %
Healthcare equipment and services
Canadian Hospital Specialties Ltd.(12)(23) First lien senior secured loan C + 4.50% 04/2028 $ 3,258 $ 3,480 $ 3,184 0.1 %
Canadian Hospital Specialties Ltd.(17)(18)(19)(23) First lien senior secured delayed draw term loan C + 4.50% 04/2023 — (6) (10) — %
Canadian Hospital Specialties Ltd.(12)(23) First lien senior secured delayed draw term loan C + 4.50% 04/2028 112 121 110 — %
Canadian Hospital Specialties Ltd.(12)(23) First lien senior secured delayed draw term loan C + 4.50% 04/2028 125 134 122 — %
Canadian Hospital Specialties Ltd.(12)(17)(23) First lien senior secured revolving loan C + 4.50% 04/2027 190 167 180 — %
Confluent Medical Technologies, Inc.(10) First lien senior secured loan SR + 3.75% 02/2029 24,975 24,863 23,664 0.5 %
Confluent Medical Technologies, Inc.(10) Second lien senior secured loan SR + 6.50% 02/2030 46,000 45,154 43,585 0.8 %

~~Blue Owl Credit Income Corp.~~

~~Consolidated Schedule of Investments (Continued)~~

~~As of December 31, 2022~~

~~(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
Dermatology Intermediate Holdings III, Inc(9)(21) First lien senior secured loan SR + 4.25% 04/2029 13,103 12,864 12,841 0.2 %
Dermatology Intermediate Holdings III, Inc(9)(17)(19) First lien senior secured delayed draw term loan SR + 4.25% 04/2024 2,219 2,155 2,175 — %
CSC MKG Topco LLC. (dba Medical Knowledge Group)(6) First lien senior secured loan L + 5.75% 02/2029 97,711 95,958 95,513 1.8 %
CSC MKG Topco LLC. (dba Medical Knowledge Group)(10) First lien senior secured loan SR + 5.75% 02/2029 3,085 2,989 3,015 0.1 %
Medline Borrower, LP(6)(22) First lien senior secured loan L + 3.25% 10/2028 24,813 24,709 23,547 0.4 %
Medline Borrower, LP(6)(17)(18) First lien senior secured revolving loan L + 3.25% 10/2026 — (34) (136) — %
Natus Medical Inc.(10)(21) First lien senior secured loan SR + 5.50% 07/2029 500 467 468 — %
Packaging Coordinators Midco, Inc.(7) Second lien senior secured loan L + 7.00% 12/2029 53,918 52,397 50,953 1.0 %
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(10)(23) First lien senior secured loan SR + 6.75% 01/2028 50,902 50,237 50,266 0.9 %
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(10)(17)(23) First lien senior secured revolving loan SR + 6.75% 01/2026 19 18 18 — %
Rhea Parent, Inc.(10) First lien senior secured loan SR + 5.75% 02/2029 77,379 75,982 75,638 1.4 %
398,309 391,655 385,133 7.2 %
Healthcare providers and services
Covetrus, Inc.(10)(22) First lien senior secured loan SR + 5.00% 10/2029 $ 7,490 $ 7,052 $ 6,999 0.1 %
Covetrus Inc.(10) Second lien senior secured loan SR + 9.25% 10/2030 160,000 156,786 156,736 3.0 %
Ex Vivo Parent Inc. (dba OB Hospitalist)(7) First lien senior secured loan L + 9.50% 09/2028 30,503 29,972 29,816 0.6 %
Engage Debtco Limited(10)(23) First lien senior secured loan SR + 5.75% 07/2029 60,833 59,389 59,464 1.1 %
Engage Debtco Limited(9)(23) First lien senior secured loan SR + 7.25% 07/2029 30,367 29,456 30,139 0.6 %
Engage Debtco Limited(10)(23) First lien senior secured delayed draw term loan SR + 5.75% 07/2029 19,750 19,285 19,306 0.4 %
MJH Healthcare Holdings, LLC(9)(21) First lien senior secured loan SR + 3.50% 01/2029 19,850 19,779 19,056 0.4 %
Natural Partners, LLC(8)(23) First lien senior secured loan L + 6.00% 11/2027 68,679 67,476 67,306 1.3 %
Natural Partners, LLC(8)(17)(18)(23) First lien senior secured revolving loan L + 6.00% 11/2027 — (87) (101) — %
OB Hospitalist Group, Inc.(7) First lien senior secured loan L + 5.50% 09/2027 61,193 60,186 60,429 1.2 %
OB Hospitalist Group, Inc.(7)(17) First lien senior secured revolving loan L + 5.50% 09/2027 2,771 2,645 2,671 0.1 %
Pacific BidCo Inc.(10)(23) First lien senior secured loan SR + 5.75% 08/2029 161,148 157,289 157,522 3.0 %
Pacific BidCo Inc.(10)(17)(18)(19)(23) First lien senior secured delayed draw term loan SR + 5.25% 08/2025 — (211) (179) — %
Parexel International, Inc. (dba Parexel)(6)(22) First lien senior secured loan L + 3.25% 11/2028 19,850 19,764 19,084 0.4 %
Parexel International, Inc. (dba Parexel)(6) Second lien senior secured loan L + 6.50% 11/2029 140,000 138,699 137,200 2.6 %
Physician Partners, LLC(9)(22) First lien senior secured loan SR + 4.00% 12/2028 12,878 12,763 12,240 0.2 %
Plasma Buyer LLC (dba Pathgroup)(9) First lien senior secured loan SR + 5.75% 05/2029 109,857 107,814 107,934 2.1 %

~~Blue Owl Credit Income Corp.~~

~~Consolidated Schedule of Investments (Continued)~~

~~As of December 31, 2022~~

~~(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
Plasma Buyer LLC (dba Pathgroup)(9)(17)(18)(19) First lien senior secured delayed draw term loan SR + 5.75% 05/2024 — (259) (214) — %
Plasma Buyer LLC (dba Pathgroup)(9)(17)(18) First lien senior secured revolving loan SR + 5.75% 05/2028 — (219) (214) — %
Pediatric Associates Holding Company, LLC(6)(21) First lien senior secured loan L + 3.25% 12/2028 19,850 19,774 18,808 0.4 %
Pediatric Associates Holding Company, LLC(6)(17)(19) First lien senior secured delayed draw term loan L + 3.25% 02/2024 1,763 1,758 1,586 — %
PPV Intermediate Holdings, LLC(10) First lien senior secured loan SR + 5.75% 08/2029 144,149 141,541 141,266 2.7 %
PPV Intermediate Holdings, LLC(10)(17) First lien senior secured revolving loan SR + 5.75% 08/2029 3,201 2,975 2,964 0.1 %
PPV Intermediate Holdings, LLC(10)(17)(18)(19) First lien senior secured delayed draw term loan SR + 5.75% 09/2024 — (235) (192) — %
TC Holdings, LLC (dba TrialCard)(10) First lien senior secured loan SR + 5.00% 04/2027 64,408 63,844 64,247 1.2 %
TC Holdings, LLC (dba TrialCard)(10)(17)(18) First lien senior secured revolving loan SR + 5.00% 04/2027 — (67) (19) — %
Tivity Health, Inc(10) First lien senior secured loan SR + 6.00% 06/2029 151,620 148,052 149,346 2.8 %
Unified Women's Healthcare, LP(9) First lien senior secured loan SR + 5.25% 06/2029 80,664 80,094 80,664 1.5 %
Unified Women's Healthcare, LP(9)(17)(18)(19) First lien senior secured delayed draw term loan SR + 5.25% 06/2024 — (21) — — %
Unified Women's Healthcare, LP(9)(17)(18) First lien senior secured revolving loan SR + 5.50% 06/2029 — (56) — — %
Quva Pharma, Inc. (7) First lien senior secured loan L + 5.50% 04/2028 4,489 4,381 4,399 0.1 %
Quva Pharma, Inc. (7)(17) First lien senior secured revolving loan L + 5.50% 04/2026 218 209 209 — %
WP CityMD Bidco LLC(6)(21)(22) First lien senior secured loan L + 3.25% 12/2028 19,294 19,245 19,247 0.4 %
Diagnostic Services Holdings, Inc. (dba Rayus Radiology)(6) First lien senior secured loan L + 5.50% 03/2025 120,215 120,215 119,012 2.3 %
Vermont Aus Pty Ltd.(10)(23) First lien senior secured loan SR + 5.50% 03/2028 54,091 52,885 52,739 1.0 %
1,569,131 1,542,173 1,539,470 29.6 %
Healthcare technology
Athenahealth Group Inc.(9)(22) First lien senior secured loan SR + 3.50% 02/2029 $ 29,634 $ 29,215 $ 26,683 0.5 %
Athenahealth Group Inc.(9)(17)(18)(19)(22) First lien senior secured delayed draw term loan SR + 3.50% 08/2023 — (34) (344) — %
BCPE Osprey Buyer, Inc. (dba PartsSource)(7) First lien senior secured loan L + 5.75% 08/2028 53,767 53,044 52,557 1.0 %
BCPE Osprey Buyer, Inc. (dba PartsSource)(7)(17)(18)(19) First lien senior secured delayed draw term loan L + 5.75% 08/2023 — (189) (349) — %
BCPE Osprey Buyer, Inc. (dba PartsSource)(7)(17)(18) First lien senior secured revolving loan L + 5.75% 08/2026 — (54) (105) — %
Color Intermediate, LLC(10) First lien senior secured loan SR + 5.50% 10/2029 9,234 9,054 9,050 0.2 %
IMO Investor Holdings, Inc.(11) First lien senior secured loan SR + 6.00% 05/2029 20,794 20,407 20,534 0.4 %
IMO Investor Holdings, Inc.(11)(17)(18)(19) First lien senior secured delayed draw term loan SR + 6.00% 05/2024 — (45) (12) — %

~~Blue Owl Credit Income Corp.~~

~~Consolidated Schedule of Investments (Continued)~~

~~As of December 31, 2022~~

~~(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
IMO Investor Holdings, Inc.(11)(17) First lien senior secured revolving loan SR + 6.00% 05/2028 472 427 440 — %
Interoperability Bidco, Inc. (dba Lyniate)(10) First lien senior secured loan SR + 7.00% 12/2026 75,948 75,530 75,378 1.4 %
Interoperability Bidco, Inc. (dba Lyniate)(7)(17) First lien senior secured revolving loan L + 7.00% 12/2024 1,739 1,724 1,713 — %
GI Ranger Intermediate, LLC (dba Rectangle Health)(10) First lien senior secured loan SR + 6.00% 10/2028 20,817 20,457 20,296 0.4 %
GI Ranger Intermediate, LLC (dba Rectangle Health)(10)(17)(19) First lien senior secured delayed draw term loan SR + 6.00% 03/2024 2,394 2,283 2,220 — %
GI Ranger Intermediate, LLC (dba Rectangle Health)(10)(17) First lien senior secured revolving loan SR + 6.00% 10/2027 167 140 125 — %
Imprivata, Inc.(9)(22) First lien senior secured loan SR + 4.25% 12/2027 10,556 10,264 10,160 0.2 %
Imprivata, Inc.(9) Second lien senior secured loan SR + 6.25% 12/2028 50,294 49,791 49,036 0.9 %
Ocala Bidco, Inc.(7) First lien senior secured loan L + 6.25% (2.75% PIK) 11/2028 81,511 79,789 79,473 1.5 %
Ocala Bidco, Inc.(7)(17)(18)(19) First lien senior secured delayed draw term loan L + 3.50% 05/2024 — (89) (106) — %
Ocala Bidco, Inc.(7) Second lien senior secured loan L + 10.50% PIK 11/2033 42,611 41,889 41,972 0.8 %
Intelerad Medical Systems Inc.(10)(23) First lien senior secured loan SR + 6.50% 08/2026 30,081 29,779 29,930 0.6 %
Intelerad Medical Systems Inc.(9)(23) First lien senior secured revolving loan SR + 6.50% 08/2026 1,145 1,145 1,139 — %
PointClickCare Technologies Inc.(10)(23) First lien senior secured loan SR + 4.00% 12/2027 19,850 19,587 19,503 0.4 %
Project Ruby Ultimate Parent Corp. (dba Wellsky)(6)(22) First lien senior secured loan L + 3.25% 03/2028 14,396 13,922 13,581 0.3 %
465,410 458,036 452,874 8.6 %
Household products
Aptive Environmental, LLC(16) First lien senior secured loan 12.00% (6.00% PIK) 01/2026 $ 8,559 $ 7,179 $ 7,703 0.1 %
Mario Purchaser, LLC (dba Len the Plumber)(9) First lien senior secured loan SR + 5.75% 04/2029 75,902 74,499 75,143 1.4 %
Mario Purchaser, LLC (dba Len the Plumber)(9)(17)(19) First lien senior secured delayed draw term loan SR + 5.75% 04/2024 11,760 11,285 11,642 0.2 %
Mario Purchaser, LLC (dba Len the Plumber)(9)(17)(18) First lien senior secured revolving loan SR + 5.75% 04/2028 — (142) (80) — %
Mario Midco Holdings, Inc. (dba Len the Plumber)(9) Unsecured facility SR + 10.75% PIK 04/2032 23,752 23,124 23,396 0.4 %
Simplisafe Holding Corporation(9) First lien senior secured loan SR + 6.25% 05/2028 127,753 125,429 126,156 2.4 %
Simplisafe Holding Corporation(9)(17)(18)(19) First lien senior secured delayed draw term loan SR + 6.25% 05/2024 — (143) (40) — %
Southern Air & Heat Holdings, LLC(7) First lien senior secured loan L + 4.50% 10/2027 1,079 1,066 1,060 — %
Southern Air & Heat Holdings, LLC(8)(17)(19) First lien senior secured delayed draw term loan L + 4.50% 10/2023 810 797 791 — %
Southern Air & Heat Holdings, LLC(7)(17) First lien senior secured revolving loan L + 4.50% 10/2027 79 76 74 — %
Walker Edison Furniture Company LLC(7)(32) First lien senior secured loan L + 8.75% (3.00% PIK) 03/2027 10,199 9,867 5,214 0.1 %
259,893 253,037 251,059 4.6 %

~~Blue Owl Credit Income Corp.~~

~~Consolidated Schedule of Investments (Continued)~~

~~As of December 31, 2022~~

~~(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
Human resource support services
Cornerstone OnDemand, Inc.(6)(21) First lien senior secured loan L + 3.75% 10/2028 $ 19,850 $ 19,765 $ 18,858 0.4 %
Cornerstone OnDemand, Inc.(6) Second lien senior secured loan L + 6.50% 10/2029 44,583 43,991 42,800 0.8 %
IG Investments Holdings, LLC (dba Insight Global)(6) First lien senior secured loan L + 6.00% 09/2028 48,031 47,231 47,431 0.9 %
IG Investments Holdings, LLC (dba Insight Global)(6)(17) First lien senior secured revolving loan L + 6.00% 09/2027 1,445 1,388 1,400 — %
113,909 112,375 110,489 2.1 %
Infrastructure and environmental services
Aegion Corp.(6)(21) First lien senior secured loan L + 4.75% 05/2028 $ 4,937 $ 4,918 $ 4,617 0.1 %
The Goldfield Corp.(9) First lien senior secured loan SR + 6.25% 12/2026 995 977 983 — %
Osmose Utilities Services, Inc.(6)(21)(22) First lien senior secured loan L + 3.25% 06/2028 14,799 14,766 14,022 0.3 %
USIC Holdings, Inc.(6)(21)(22) First lien senior secured loan L + 3.50% 05/2028 4,938 4,918 4,704 0.1 %
USIC Holdings, Inc.(6)(21) Second lien senior secured loan L + 6.50% 05/2029 39,691 39,481 36,913 0.7 %
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(11) First lien senior secured loan SR + 5.75% 03/2028 32,447 31,869 31,798 0.6 %
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(9)(17) First lien senior secured revolving loan SR + 5.75% 03/2028 949 856 842 — %
98,756 97,785 93,879 1.8 %
Insurance
Acrisure, LLC(10)(22) First lien senior secured loan SR + 5.75% 02/2027 $ 12,500 $ 11,892 $ 12,375 0.2 %
Acrisure, LLC(6)(22) First lien senior secured loan L + 3.50% 02/2027 8,728 8,226 8,182 0.2 %
Acrisure, LLC(6)(22) First lien senior secured loan L + 4.25% 02/2027 1,995 1,936 1,930 — %
Acrisure, LLC(10)(22) First lien senior secured loan SR + 3.75% 02/2027 1,995 1,906 1,890 — %
Alera Group, Inc.(9) First lien senior secured loan SR + 6.00% 10/2028 149,990 147,175 148,864 2.8 %
AmeriLife Holdings LLC(10) First lien senior secured loan SR + 5.75% 08/2029 130,182 127,670 127,904 2.4 %
AmeriLife Holdings LLC(10)(17)(18) First lien senior secured revolving loan SR + 5.75% 08/2028 — (307) (285) — %
AmeriLife Holdings LLC(11)(17)(19) First lien senior secured delayed draw term loan SR + 5.75% 09/2024 21,697 21,177 21,236 0.4 %
AssuredPartners, Inc.(6)(22) First lien senior secured loan L + 3.50% 02/2027 7,880 7,880 7,624 0.1 %
AssuredPartners, Inc.(9)(22) First lien senior secured loan SR + 3.50% 02/2027 24,813 24,760 24,068 0.5 %
AssuredPartners, Inc.(9)(22) First lien senior secured loan SR + 4.25% 02/2027 4,988 4,818 4,875 0.1 %
Asurion, LLC(6)(22) First lien senior secured loan L + 3.00% 11/2024 21,295 20,601 20,657 0.4 %
Asurion, LLC(6)(22) Second lien senior secured loan L + 5.25% 01/2029 154,017 150,387 119,040 2.3 %
Brightway Holdings, LLC(6) First lien senior secured loan L + 6.50% 12/2027 17,761 17,570 17,405 0.3 %
Brightway Holdings, LLC(6)(17)(18) First lien senior secured revolving loan L + 6.50% 12/2027 — (22) (42) — %
Evolution BuyerCo, Inc. (dba SIAA)(10) First lien senior secured loan SR + 6.25% 04/2028 26,336 26,094 25,941 0.4 %

~~Blue Owl Credit Income Corp.~~

~~Consolidated Schedule of Investments (Continued)~~

~~As of December 31, 2022~~

~~(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)(10)(17)(19) First lien senior secured delayed draw term loan SR + 6.75% 12/2023 1,400 1,400 1,386 — %
Evolution BuyerCo, Inc. (dba SIAA)(10)(17)(18) First lien senior secured revolving loan SR + 6.25% 04/2027 — (7) (10) — %
Hyperion Refinance S.a.r.l (dba Howden Group)(9)(23) First lien senior secured loan SR + 5.25% 11/2027 38,177 37,436 37,414 0.7 %
Hyperion Refinance S.a.r.l (dba Howden Group)(9)(17)(19)(23) First lien senior secured delayed draw term loan SR + 5.25% 04/2023 — — — — %
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(8) First lien senior secured loan L + 9.50% PIK 07/2028 13,670 13,460 13,499 0.3 %
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6)(17)(18)(19) First lien senior secured delayed draw term loan L + 5.25% 06/2024 — (80) — — %
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(8) First lien senior secured loan L + 6.00% 11/2028 133,649 132,347 133,316 2.5 %
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(11)(17)(19) First lien senior secured delayed draw term loan SR + 6.00% 12/2023 60,469 59,959 60,317 1.1 %
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(8)(17)(18) First lien senior secured revolving loan L + 6.00% 11/2027 — (21) (6) — %
PCF Midco II, LLC (dba PCF Insurance Services)(16) First lien senior secured loan 9.00% PIK 10/2031 49,242 45,330 44,318 0.8 %
Tempo Buyer Corp. (dba Global Claims Services)(7) First lien senior secured loan L + 5.50% 08/2028 36,159 35,548 35,255 0.7 %
Tempo Buyer Corp. (dba Global Claims Services)(7)(17)(18)(19) First lien senior secured delayed draw term loan L + 5.50% 08/2023 — (83) (155) — %
Tempo Buyer Corp. (dba Global Claims Services)(15)(17) First lien senior secured revolving loan P + 4.50% 08/2027 413 333 284 — %
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(7) First lien senior secured loan L + 5.50% 07/2027 14,904 14,666 14,606 0.3 %
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(15)(17)(18) First lien senior secured revolving loan P + 5.50% 07/2027 — (17) (22) — %
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6) First lien senior secured loan L + 5.25% 12/2028 32,703 32,285 32,436 0.6 %
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6)(17)(18) First lien senior secured revolving loan L + 5.25% 12/2027 — (42) (34) — %
964,963 944,277 914,268 17.1 %
Internet software and services
Anaplan, Inc.(9) First lien senior secured loan SR + 6.50% 06/2029 $ 229,639 $ 227,472 $ 229,065 4.4 %
Anaplan, Inc.(9)(17)(18) First lien senior secured revolving loan SR + 6.50% 06/2028 — (151) (41) — %
Appfire Technologies, LLC(10) First lien senior secured loan SR + 5.50% 03/2027 1,996 1,983 1,981 — %
Appfire Technologies, LLC(10)(17)(18)(19) First lien senior secured delayed draw term loan SR + 5.50% 06/2024 — (122) — — %
Appfire Technologies, LLC(10)(17) First lien senior secured revolving loan SR + 5.50% 03/2027 93 72 81 — %
Avalara, Inc.(10) First lien senior secured loan SR + 7.25% 10/2028 70,455 69,424 69,398 1.3 %
Avalara, Inc.(10)(17)(18) First lien senior secured revolving loan SR + 7.25% 10/2028 — (102) (106) — %
Armstrong Bidco Limited (dba The Access Group)(14)(23) First lien senior secured loan SA + 5.25% 06/2029 31,962 31,917 31,562 0.6 %

~~Blue Owl Credit Income Corp.~~

~~Consolidated Schedule of Investments (Continued)~~

~~As of December 31, 2022~~

~~(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
Armstrong Bidco Limited (dba The Access Group)(14)(17)(19)(23) First lien senior secured delayed draw term loan SA + 5.25% 06/2025 12,942 12,914 12,780 0.2 %
Barracuda Parent, LLC(10)(22) First lien senior secured loan SR + 4.50% 08/2029 24,400 23,699 23,485 0.4 %
Barracuda Parent, LLC(10) Second lien senior secured loan SR + 7.00% 08/2030 93,250 90,535 89,054 1.7 %
Bayshore Intermediate #2, L.P. (dba Boomi)(6) First lien senior secured loan L + 7.75% PIK 10/2028 21,395 21,023 20,967 0.4 %
Bayshore Intermediate #2, L.P. (dba Boomi)(6)(17) First lien senior secured revolving loan L + 6.75% 10/2027 532 503 500 — %
BCPE Nucleon (DE) SPV, LP(8)(23) First lien senior secured loan L + 7.00% 09/2026 24,012 23,799 23,952 0.5 %
BCTO BSI Buyer, Inc. (dba Buildertrend)(10) First lien senior secured loan SR + 8.00% PIK 12/2026 1,059 1,050 1,059 — %
BCTO BSI Buyer, Inc. (dba Buildertrend)(10)(17)(18) First lien senior secured revolving loan SR + 8.00% 12/2026 — (2) — — %
BTRS Holdings Inc. (dba Billtrust)(10) First lien senior secured loan SR + 8.00% 12/2028 10,850 10,527 10,548 0.2 %
BTRS Holdings Inc. (dba Billtrust)(17)(18)(19) First lien senior secured delayed draw term loan SR + 7.00% 12/2024 — — (26) — %
BTRS Holdings Inc. (dba Billtrust)(17)(18) First lien senior secured revolving loan SR + 7.00% 12/2028 — (34) (32) — %
CivicPlus, LLC(7) First lien senior secured loan L + 6.75% (2.50% PIK) 08/2027 27,539 27,299 27,471 0.6 %
CivicPlus, LLC(7)(17)(18) First lien senior secured revolving loan L + 6.25% 08/2027 — (19) (6) — %
CP PIK Debt Issuer, LLC (dba CivicPlus, LLC)(11) Unsecured notes SR + 11.75% PIK 06/2034 14,315 13,930 14,100 0.3 %
Delta TopCo, Inc. (dba Infoblox, Inc.)(10)(22) First lien senior secured loan SR + 3.75% 12/2027 4,314 4,289 3,974 0.1 %
Delta TopCo, Inc. (dba Infoblox, Inc.)(10) Second lien senior secured loan SR + 7.25% 12/2028 49,222 48,964 45,776 0.9 %
EET Buyer, Inc. (dba e-Emphasys)(8) First lien senior secured loan L + 5.25% 11/2027 19,399 19,236 19,399 0.4 %
EET Buyer, Inc. (dba e-Emphasys)(8)(17)(18) First lien senior secured revolving loan L + 5.75% 11/2027 — (16) — — %
GovBrands Intermediate, Inc.(7) First lien senior secured loan L + 5.50% 08/2027 8,262 8,097 7,891 0.2 %
GovBrands Intermediate, Inc.(15)(17)(19) First lien senior secured delayed draw term loan P + 4.50% 08/2023 1,864 1,819 1,752 — %
GovBrands Intermediate, Inc.(7)(17) First lien senior secured revolving loan L + 5.50% 08/2027 793 776 753 — %
Granicus, Inc.(6) First lien senior secured loan L + 5.50% 01/2027 1,816 1,784 1,771 — %
Granicus, Inc.(6)(17) First lien senior secured revolving loan L + 6.50% 01/2027 54 51 50 — %
Granicus, Inc.(6) First lien senior secured delayed draw term loan L + 6.00% 01/2027 343 338 334 — %
Grayshift, LLC(9) First lien senior secured loan SR + 7.50% 07/2028 22,468 22,257 22,299 0.4 %
Grayshift, LLC(9)(17)(18) First lien senior secured revolving loan SR + 7.50% 07/2028 — (22) (18) — %
GS Acquisitionco, Inc. (dba insightsoftware)(7) First lien senior secured loan L + 5.75% 05/2026 8,994 8,959 8,949 0.2 %

~~Blue Owl Credit Income Corp.~~

~~Consolidated Schedule of Investments (Continued)~~

~~As of December 31, 2022~~

~~(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
Help/Systems Holdings, Inc.(10)(22) First lien senior secured loan SR + 4.00% 11/2026 64,534 64,244 57,919 1.1 %
Help/Systems Holdings, Inc.(10) Second lien senior secured loan SR + 6.75% 11/2027 25,000 24,753 22,500 0.4 %
Hyland Software, Inc.(6)(22) First lien senior secured loan L + 3.50% 07/2024 23,656 23,442 23,308 0.4 %
Hyland Software, Inc.(6) Second lien senior secured loan L + 6.25% 07/2025 60,517 60,275 57,188 1.1 %
Ivanti Software, Inc.(7) Second lien senior secured loan L + 7.25% 12/2028 19,000 18,916 14,250 0.3 %
MessageBird BidCo B.V.(6)(23) First lien senior secured loan L + 6.75% 05/2027 5,000 4,915 4,888 0.1 %
Ministry Brands Holdings, LLC.(6) First lien senior secured loan L + 5.50% 12/2028 49,064 48,195 47,838 0.9 %
Ministry Brands Holdings, LLC.(6)(17)(18)(19) First lien senior secured delayed draw term loan L + 5.50% 12/2023 — (135) (237) — %
Ministry Brands Holdings, LLC.(6)(17) First lien senior secured revolving loan L + 5.50% 12/2027 2,373 2,294 2,254 — %
Mitnick Corporate Purchaser, Inc.(9)(17)(21) First lien senior secured revolving loan SR + 3.50% 05/2027 663 669 663 — %
QAD Inc.(6) First lien senior secured loan L + 6.00% 11/2027 46,151 45,375 44,997 0.9 %
QAD Inc.(6)(17)(18) First lien senior secured revolving loan L + 6.00% 11/2027 — (97) (150) — %
Perforce Software, Inc.(9) First lien senior secured loan SR + 4.50% 07/2026 14,925 14,602 14,701 0.3 %
Proofpoint, Inc.(7)(22) First lien senior secured loan L + 3.25% 08/2028 3,232 3,122 3,101 0.1 %
Proofpoint, Inc.(7) Second lien senior secured loan L + 6.25% 08/2029 7,500 7,467 7,181 0.1 %
Sailpoint Technologies Holdings, Inc.(9) First lien senior secured loan SR + 6.25% 08/2029 59,880 58,663 58,682 1.1 %
Sailpoint Technologies Holdings, Inc.(9)(17)(18) First lien senior secured revolving loan SR + 6.25% 08/2028 — (107) (114) — %
Securonix, Inc.(10) First lien senior secured loan SR + 6.50% 04/2028 29,661 29,394 29,364 0.6 %
Securonix, Inc.(10)(17)(18) First lien senior secured revolving loan SR + 6.50% 04/2028 — (47) (53) — %
Sophos Holdings, LLC(7)(22)(23) First lien senior secured loan L + 3.50% 03/2027 20,134 20,078 19,480 0.4 %
Tahoe Finco, LLC(6)(23) First lien senior secured loan L + 6.00% 09/2028 83,721 83,003 82,256 1.6 %
Tahoe Finco, LLC(6)(17)(18)(23) First lien senior secured revolving loan L + 6.00% 10/2027 — (50) (110) — %
Thunder Purchaser, Inc. (dba Vector Solutions)(7) First lien senior secured loan L + 5.75% 06/2028 11,942 11,844 11,703 0.1 %
Thunder Purchaser, Inc. (dba Vector Solutions)(7)(17) First lien senior secured revolving loan L + 5.75% 06/2027 245 240 231 — %
Thunder Purchaser, Inc. (dba Vector Solutions)(7)(17)(19) First lien senior secured delayed draw term loan L + 5.75% 08/2023 731 724 704 — %
When I Work, Inc.(7) First lien senior secured loan L + 7.00% PIK 11/2027 23,410 23,223 22,942 0.4 %
Zendesk, Inc.(10) First lien senior secured loan SR + 6.50% 11/2028 120,319 117,945 117,311 2.2 %
Zendesk, Inc.(10)(17)(18)(19) First lien senior secured delayed draw term loan SR + 6.50% 11/2024 — (1,098) (451) — %

~~Blue Owl Credit Income Corp.~~

~~Consolidated Schedule of Investments (Continued)~~

~~As of December 31, 2022~~

~~(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
Zendesk, Inc.(10)(17)(18) First lien senior secured revolving loan SR + 6.50% 11/2028 — (243) (310) — %
When I Work, Inc.(7)(17)(18) First lien senior secured revolving loan L + 6.00% 11/2027 — (34) (83) — %
1,353,626 1,333,821 1,310,675 24.9 %
Leisure and entertainment
Troon Golf, L.L.C.(8) First lien senior secured loan L + 5.75% 08/2027 $ 93,412 $ 93,037 $ 93,412 1.8 %
Troon Golf, L.L.C.(8)(17)(18) First lien senior secured revolving loan L + 6.00% 08/2026 — (26) — — %
Troon Golf, L.L.C.(7)(17)(19) First lien senior secured delayed draw term loan L + 5.75% 05/2024 39,850 39,275 39,850 0.8 %
133,262 132,286 133,262 2.6 %
Manufacturing
ACR Group Borrower, LLC(7) First lien senior secured loan L + 4.50% 03/2028 $ 4,063 $ 4,016 $ 3,972 0.1 %
ACR Group Borrower, LLC(10) First lien senior secured loan SR + 6.00% 03/2028 873 861 866 — %
ACR Group Borrower, LLC(7)(17) First lien senior secured revolving loan L + 4.50% 03/2026 337 329 318 — %
BCPE Watson (DE) ORML, LP(11)(23)(27) First lien senior secured loan SR + 6.50% 07/2028 101,500 100,550 100,485 1.9 %
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(22) First lien senior secured loan L + 3.75% 05/2028 4,950 4,930 4,783 0.1 %
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(21) Second lien senior secured loan L + 6.50% 05/2029 37,181 37,026 36,902 0.7 %
Engineered Machinery Holdings, Inc. (dba Duravant)(7) Second lien senior secured loan L + 6.00% 05/2029 19,160 19,115 18,921 0.4 %
Gloves Buyer, Inc. (dba Protective Industrial Products)(6) First lien senior secured loan L + 4.00% 12/2027 18,775 18,433 18,634 0.4 %
Gloves Buyer, Inc. (dba Protective Industrial Products)(6) Second lien senior secured loan L + 8.25% 12/2028 11,728 11,457 11,553 0.2 %
MHE Intermediate Holdings, LLC (dba OnPoint Group)(11) First lien senior secured loan SR + 6.00% 07/2027 87,049 86,306 86,177 1.7 %
MHE Intermediate Holdings, LLC (dba OnPoint Group)(11) First lien senior secured loan SR + 6.25% 07/2027 12,968 12,722 12,870 0.2 %
MHE Intermediate Holdings, LLC (dba OnPoint Group)(11)(17) First lien senior secured revolving loan SR + 6.00% 07/2027 500 473 464 — %
Pro Mach Group, Inc.(6)(22) First lien senior secured loan L + 4.00% 08/2028 30,628 30,462 29,740 0.6 %
329,712 326,680 325,685 6.3 %
Professional Services
Apex Group Treasury, LLC(9)(23) First lien senior secured loan SR + 5.00% 07/2028 $ 25,000 $ 23,509 $ 24,000 0.5 %
Apex Group Treasury, LLC(7)(23) Second lien senior secured loan L + 6.75% 07/2029 11,618 11,444 11,037 0.2 %
Apex Service Partners, LLC(11) First lien senior secured delayed draw term loan SR + 5.50% 07/2025 91,701 90,581 91,013 1.7 %
Apex Service Partners, LLC(11)(17) First lien senior secured revolving loan SR + 5.25% 07/2025 2,875 2,821 2,841 0.1 %
Apex Service Partners Intermediate 2, LLC(16) First lien senior secured loan 12.50% PIK 07/2027 5,120 5,003 5,017 0.1 %
Corporation Service Company(9)(21)(22) First lien senior secured loan SR + 3.25% 11/2029 3,000 2,914 2,963 0.1 %
EM Midco2 Ltd. (dba Element Materials Technology)(10)(21)(23) First lien senior secured loan SR + 4.25% 06/2029 27,948 27,916 27,388 0.5 %

~~Blue Owl Credit Income Corp.~~

~~Consolidated Schedule of Investments (Continued)~~

~~As of December 31, 2022~~

~~(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
Guidehouse Inc.(6) First lien senior secured loan L + 6.25% 10/2028 106,731 105,657 105,664 2.0 %
Relativity ODA LLC(6) First lien senior secured loan L + 7.75% PIK 05/2027 4,984 4,933 4,972 0.1 %
Relativity ODA LLC(6)(17)(18) First lien senior secured revolving loan L + 6.50% 05/2027 — (5) (1) — %
Sovos Compliance, LLC(6)(22) First lien senior secured loan L + 4.50% 08/2028 24,330 23,965 22,383 0.4 %
Vistage Worldwide, Inc.(9)(21) First lien senior secured loan SR + 5.25% 07/2029 4,988 4,857 4,863 0.1 %
308,295 303,595 302,140 5.8 %
Specialty retail
Central Parent, Inc.(10)(22) First lien senior secured loan SR + 4.50% 07/2029 $ 9,400 $ 9,133 $ 9,304 0.2 %
Ideal Image Development, LLC(9) First lien senior secured loan SR + 6.50% 09/2027 5,839 5,729 5,737 0.1 %
Ideal Image Development, LLC(9)(17)(18)(19) First lien senior secured delayed draw term loan SR + 6.50% 03/2024 — (3) (2) — %
Ideal Image Development, LLC(9)(17)(18) First lien senior secured revolving loan SR + 6.50% 09/2027 — (17) (16) — %
Notorious Topco, LLC (dba Beauty Industry Group)(10) First lien senior secured loan SR + 6.75% 11/2027 60,306 59,536 60,005 1.1 %
Notorious Topco, LLC (dba Beauty Industry Group)(10) First lien senior secured loan SR + 6.75% 11/2027 164,259 162,023 163,437 3.1 %
Notorious Topco, LLC (dba Beauty Industry Group)(10)(17)(19) First lien senior secured delayed draw term loan SR + 6.75% 11/2023 5,255 5,148 5,229 0.1 %
Notorious Topco, LLC (dba Beauty Industry Group)(10)(17) First lien senior secured revolving loan SR + 6.75% 05/2027 880 817 854 — %
Milan Laser Holdings LLC(9) First lien senior secured loan SR + 5.00% 04/2027 20,424 20,270 20,424 0.4 %
Milan Laser Holdings LLC(9)(17)(18) First lien senior secured revolving loan SR + 5.00% 04/2026 — (12) — — %
The Shade Store, LLC(10) First lien senior secured loan SR + 6.00% 10/2027 67,500 66,799 65,644 1.3 %
The Shade Store, LLC(10) First lien senior secured loan SR + 7.00% 10/2026 10,714 10,411 10,527 0.2 %
The Shade Store, LLC(10)(17) First lien senior secured revolving loan SR + 6.00% 10/2026 1,909 1,845 1,722 — %
346,486 341,679 342,865 6.5 %
Telecommunications
Park Place Technologies, LLC(9)(22) First lien senior secured loan SR + 5.00% 11/2027 $ 1,145 $ 1,111 $ 1,076 — %
1,145 1,111 1,076 — %
Transportation
Motus Group, LLC(6) Second lien senior secured loan L + 6.50% 12/2029 $ 10,000 $ 9,910 $ 9,800 0.2 %
Safe Fleet Holdings, LLC(9)(22) First lien senior secured loan SR + 3.75% 02/2029 26,052 25,451 25,140 0.5 %
36,052 35,361 34,940 0.7 %
Total non-controlled/non-affiliated portfolio
company debt investments $ 10,075,509 $ 9,924,806 $ 9,802,730 186.3 %
Equity Investments
Automotive
CD&R Value Building Partners I, L.P. (dba Belron)(23)(24)(26) LP Interest N/A N/A 33,061 $ 33,108 $ 33,957 0.6 %

~~Blue Owl Credit Income Corp.~~

~~Consolidated Schedule of Investments (Continued)~~

~~As of December 31, 2022~~

~~(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
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(16)(24) Series A Convertible Preferred Stock 7.00% PIK N/A 12,085 11,781 11,632 0.2 %
44,889 45,589 0.8 %
Buildings and real estate
Associations Finance, Inc.(16)(24) Preferred Stock 12.00% PIK N/A 215,000,000 $ 217,148 $ 218,299 4.2 %
Dodge Construction Network Holdings, L.P.(10)(24) Series A Preferred Units SR + 8.25% PIK N/A — 3 3 — %
Dodge Construction Network Holdings, L.P.(24)(26) Class A-2 Common Units N/A N/A 143,963 123 122 — %
217,274 218,424 4.2 %
Business services
Denali Holding LP (dba Summit Companies)(24)(26) Class A Units N/A N/A 686,513 $ 7,076 $ 8,837 0.2 %
Hercules Buyer, LLC (dba The Vincit Group)(24)(26)(28) Common Units N/A N/A 10,000 10 11 — %
Knockout Intermediate Holdings I Inc. (dba Kaseya)(16)(24) Perpetual Preferred Stock 11.75% PIK N/A 53,600 52,327 52,930 1.0 %
59,413 61,778 1.2 %
Consumer products
ASP Conair Holdings LP(24)(26) Class A Units N/A N/A 9,286 $ 929 $ 833 — %
929 833 — %
Food and beverage
Hissho Sushi Holdings, LLC(24)(26) Class A Units N/A N/A 941,780 $ 9,418 $ 10,404 0.2 %
9,418 10,404 0.2 %
Healthcare equipment and services
Maia Aggregator, LP(24)(26) Class A-2 Units N/A N/A 12,921,348 $ 12,921 $ 13,711 0.3 %
KPCI Holdings, L.P.(24)(26) Class A Units N/A N/A 1,781 2,313 2,472 — %
Patriot Holdings SCSp (dba Corza Health, Inc.)(16)(23)(24) Class A Units 8.00% PIK N/A 982 1,073 1,086 — %
Patriot Holdings SCSp (dba Corza Health, Inc.)(23)(24)(26) Class B Units N/A N/A 13,517 146 158 — %
Rhea Acquisition Holdings, LP(24)(26) Series A-2 Units N/A N/A 11,964,286 11,964 11,964 0.2 %
28,417 29,391 0.5 %
Healthcare providers and services
KOBHG Holdings, L.P. (dba OB Hospitalist)(24)(26) Class A Interests N/A N/A 3,520 $ 3,520 $ 3,269 0.1 %
3,520 3,269 0.1 %
Healthcare technology
Minerva Holdco, Inc.(16)(24) Series A Preferred Stock 10.75% PIK N/A 106,896 $ 105,050 $ 96,206 1.8 %
BEHP Co-Investor II, L.P.(23)(24)(26) LP Interest N/A N/A 1,269,969 1,266 1,265 — %
Orange Blossom Parent, Inc.(24)(26) Common Equity N/A N/A 16,667 1,667 1,667 — %
WP Irving Co-Invest, L.P.(23)(24)(26) Partnership Units N/A N/A 1,250,000 1,251 1,250 — %
109,234 100,388 1.8 %
Household products
Evology LLC(24)(26) Class B Units N/A N/A 316 $ 1,512 $ 1,940 — %
1,512 1,940 — %
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand)(16)(24) Series A Preferred Stock 10.50% PIK N/A 13,711 $ 13,425 $ 12,408 0.2 %
13,425 12,408 0.2 %
Insurance
Accelerate Topco Holdings, LLC(24)(26) Common Units N/A N/A 88,211 $ 2,435 $ 2,435 — %
Evolution Parent, LP (dba SIAA)(24)(26) LP Interest N/A N/A 2,703 270 270 — %
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(24)(26) LP Interest N/A N/A 421 426 421 — %
PCF Holdco, LLC (dba PCF Insurance Services)(24)(26) Class A Units N/A N/A 6,047,390 15,336 27,614 0.5 %

~~Blue Owl Credit Income Corp.~~

~~Consolidated Schedule of Investments (Continued)~~

~~As of December 31, 2022~~

~~(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
18,467 30,740 0.5 %
Internet software and services
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(24)(26) Common Units N/A N/A 1,729,439 $ 1,729 $ 1,701 — %
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(23)(24)(26) LP Interest N/A N/A — 987 987 — %
Elliott Alto Co-Investor Aggregator L.P.(23)(24)(26) LP Interest N/A N/A 6,530 6,549 6,530 0.1 %
Picard Holdco, Inc.(10)(24) Series A Preferred Stock SR + 12.00% PIK N/A 53,535 52,016 51,929 1.0 %
MessageBird Holding B.V.(23)(24)(26) Extended Series C Warrants N/A N/A 7,980 49 6 — %
Project Alpine Co-Invest Fund, L.P.(23)(24)(26) LP Interest N/A N/A 17,000 17,010 17,000 0.3 %
Thunder Topco L.P. (dba Vector Solutions)(24)(26) Common Units N/A N/A 712,884 713 704 — %
WMC Bidco, Inc. (dba West Monroe)(16)(24) Senior Preferred Stock 11.25% PIK N/A 36,855 36,077 34,459 0.7 %
Project Hotel California Co-Invest Fund, L.P.(23)(24)(26) LP Interest N/A N/A 3,522 3,525 3,522 0.1 %
BCTO WIW Holdings, Inc. (dba When I Work)(24)(26) Class A Common Stock N/A N/A 57,000 5,700 5,134 0.1 %
Zoro TopCo, Inc. (dba Zendesk, Inc.)(16)(24) Series A Preferred Stock 12.50% PIK N/A 16,562 15,982 15,982 0.3 %
Zoro TopCo, L.P. (dba Zendesk, Inc.)(24)(26) Class A Common Units N/A N/A 1,380,129 13,801 13,801 0.3 %
154,138 151,755 2.9 %
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(24)(26) LP Interest N/A N/A 1,000 $ 100 $ 118 — %
100 118 — %
Total non-controlled/non-affiliated portfolio
company equity investments $ 660,736 $ 667,037 12.4 %
Total non-controlled/non-affiliated portfolio
company investments $ 10,585,542 $ 10,469,767 198.7 %
Non-controlled/affiliated portfolio company investments
Equity Investments
Healthcare technology
LSI Financing 1 DAC(23)(24)(26)(27)(30) Preferred equity N/A N/A 6,175 $ 6,224 $ 6,175 0.1 %
6,224 6,175 0.1 %
Total non-controlled/affiliated portfolio
company equity investments $ 6,224 $ 6,175 0.1 %
Controlled/affiliated portfolio company investments
Asset Based Lending and Fund Finance
Amergin Asset Management, LLC(23)(24)(26)(31) Class A Units N/A N/A 50,000,000 $ — $ — — %
AAM Series 2.1 Aviation Feeder, LLC(17)(19)(23)(24)(26)(31) LLC Interest N/A N/A 1,568 1,569 1,568 — %
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(17)(19)(23)(24)(26)(31) LLC Interest N/A N/A — — — — %
1,569 1,568 — %
Insurance
Fifth Season Investments LLC(24)(26)(27)(31) Class A Units N/A N/A 28 $ 89,680 $ 89,680 1.7 %
89,680 89,680 1.7 %

~~Blue Owl Credit Income Corp.~~

~~Consolidated Schedule of Investments (Continued)~~

~~As of December 31, 2022~~

~~(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
Investment Funds & Vehicles
ORCIC Senior Loan Fund LLC (21)(23)(24)(27)(31)(33) LLC Interest N/A N/A 141,777 $ 141,777 $ 140,394 2.7 %
141,777 140,394 2.7 %
Total controlled/affiliated portfolio
company equity investments $ 233,026 $ 231,642 4.4 %
Total Investments $ 10,824,792 $ 10,707,584 203.2 %

Interest Rate Swaps as of December 31, 2022
Company
Receives Company
Pays Maturity Date Notional Amount Hedged
Instrument Footnote
Reference
Interest rate swap 7.75% S+ 3.84% 9/16/2027 $ 600,000 September 2027 Notes Note 6
Total $ 600,000

~~(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 London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three-, six-, or twelve-month LIBOR), Secured Overnight Financing Rate ("SOFR" or "SR") (which can include one-, three-, six- or twelve-month SOFR), Euro Interbank Offered Rate ("EURIBOR" or "E"), Canadian Dollar Offered Rate ("CDOR" or "C") (which can include one-, the-, six- or twelve-month CDOR), Sterling (SP) Overnight Interbank Average Rate ("SONIA" or "SA") or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate ("Prime" or "P"), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.

~~(6)The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2022 was 4.39%.~~

~~(7)The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2022 was 4.77%.~~

~~(8)The interest rate on these loans is subject to 6 month LIBOR, which as of December 31, 2022 was 5.14%.~~

~~(9)The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2022 was 4.36%~~

~~(10)The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2022 was 4.59%.~~

~~(11)The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2022 was 4.78%.~~

~~(12)The interest rate on these loans is subject to 3 month CDOR, which as of December 31, 2022 was 4.94%.~~

~~(13)The interest rate on these loans is subject to 3 month EURIBOR, which as of December 31, 2022 was 2.13%~~

~~(14)The interest rate on these loans is subject to SONIA, which as of December 31, 2022 was 3.43%.~~

~~(15)The interest rate on these loans is subject to Prime, which as of December 31, 2022 was 7.50%~~

~~(16)Investment does not contain a variable rate structure.~~

~~(17)Position or portion thereof is an unfunded loan or equity commitment. See Note 7 “Commitments and Contingencies”.~~

~~(18)~~The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.

~~(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

~~Blue Owl Credit Income Corp.~~

~~Consolidated Schedule of Investments (Continued)~~

~~As of December 31, 2022~~

~~(Amounts in thousands, except share amounts)~~

~~assets. As of December 31, 2022, non-qualifying assets represented 12.8% 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, 2022, the aggregate fair value of these securities is $904.9 million, or 17.2% 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~~

~~Associations Finance, Inc.~~

~~Preferred Stock~~

~~June 10, 2022~~

~~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~~

~~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~~

~~Evology LLC~~

~~Class B Units~~

~~January 21, 2022~~

~~Evolution Parent, LP (dba SIAA)~~

~~LP Interest~~

~~April 30, 2021~~

Fifth Season Investments LLC (fka Chapford SMA Partnership, L.P.)**

~~Class A Units~~

~~October 17, 2022~~

~~Gloves Holding, 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~~

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

~~LP Interest~~

~~June 8, 2022~~

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

~~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~~

LSI Financing 1 DAC**

~~Preferred equity~~

~~December 14, 2022~~

~~Maia Aggregator, LP~~

~~Class A-2 Units~~

~~February 1, 2022~~

~~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~~

ORCIC 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)~~

~~Class A Units~~

~~November 1, 2021~~

~~Picard Holdco, Inc.~~

~~Series A Preferred Stock~~

~~September 29, 2022~~

~~Project Alpine Co-Invest Fund, L.P.~~

~~LP Interest~~

~~June 13, 2022~~

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

~~LP Interest~~

~~August 9, 2022~~

~~Rhea Acquistion Holdings, LP~~

~~Series A-2 Units~~

~~February 18, 2022~~

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

~~Series A Preferred Stock~~

~~October 14, 2021~~

~~Blue Owl Credit Income Corp.~~

~~Consolidated Schedule of Investments (Continued)~~

~~As of December 31, 2022~~

~~(Amounts in thousands, except share amounts)~~

~~Portfolio Company~~

~~Investment~~

~~Acquisition Date~~

~~Thunder Topco L.P. (dba Vector Solutions)~~

~~Common Units~~

~~June 30, 2021~~

~~WMC Bidco, Inc. (dba West Monroe)~~

~~Senior Preferred Stock~~

~~November 8, 2021~~

~~WP Irving Co-Invest, L.P.~~

~~Partnership Units~~

~~May 18, 2022~~

~~Zoro TopCo, Inc. (dba Zendesk)~~

~~Class A Common Units~~

~~November 22, 2022~~

~~Zoro TopCo, L.P. (dba Zendesk)~~

~~Series A Preferred Stock~~

~~November 22, 2022~~

*Refer to Note 4 "Investments - Blue Owl Credit Income Senior Loan Fund LLC", for further information.

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

~~(25)~~As of December 31, 2022, the net estimated unrealized loss on investments for U.S. federal income tax purposes was $109.1 million based on a tax cost basis of $10.8 billion. As of December 31, 2022, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $158.9 million. As of December 31, 2022, the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $49.8 million.

~~(26)Investment is non-income producing.~~

~~(27)Investment is not pledged as collateral under the Revolving Credit Facility and the SPV Asset Facilities.~~

~~(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 and SPV Asset Facilities. See Note 6 "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 or has the power to exercise control over management or policies of such portfolio company, including through a management agreement (non-controlled affiliate"). Transactions related to investments in non-controlled affiliates for the year ended December 31, 2022 were as follows:

~~________~~

~~(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 investment in controlled affiliates for the period ended December 31, 2022 were as follows:

~~Blue Owl Credit Income Corp.~~

~~Consolidated Schedule of Investments (Continued)~~

~~As of December 31, 2022~~

~~(Amounts in thousands, except share amounts)~~

Company Fair value
as of December 31, 2021
Gross Additions(a)
Gross Reductions(b)
Net Change in Unrealized Gain/ (Loss) Realized Gain/(Loss) Fair value as of December 31, 2022 Dividend Income Other Income
AAM Series 2.1 Aviation Feeder, LLC (c) $ — $ 1,569 $ — $ (1) $ — $ 1,568 $ — $ —
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC (c) — — — — — — — —
Fifth Season Investments LLC — 99,162 (9,800) — — 89,680 201 —
ORCIC Senior Loan Fund LLC — 141,777 — (1,383) — 140,394 3,171 —
Total $ — $ 242,508 $ (9,800) $ (1,384) $ — $ 231,642 $ 3,372 $ —

~~________~~

(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.

~~(32)Investment was on non-accrual status as of December 31, 2022.~~

~~(33)Investment measured at net asset value ("NAV")~~

~~Blue Owl Credit Income Corp.~~

Consolidated Statements of Changes in Net Assets

(Amounts in thousands)

(Unaudited)


		For the Three Months Ended June 30,				For the Six Months Ended June 30,
		2023		2022		2023		2022
		For the Three Months Ended March 31,
		For the Three Months Ended March 31,
		For the Three Months Ended March 31,
		2024
		2024
		2024
Increase (Decrease) in Net Assets Resulting from Operations
Increase (Decrease) in Net Assets Resulting from Operations
Increase (Decrease) in Net Assets Resulting from Operations	Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)	Net investment income (loss)	$	191,593	$	69,073	$	357,168	$	111,664
Net investment income (loss)
Net investment income (loss)
Net change in unrealized gain (loss)
Net change in unrealized gain (loss)
Net change in unrealized gain (loss)	Net change in unrealized gain (loss)	14,223		(168,930)		78,258		(192,387)
Net realized gain (loss) on investments	Net realized gain (loss) on investments	(2,661)		131		(7,238)		568
Net realized gain (loss) on investments
Net realized gain (loss) on investments
Net Increase (Decrease) in Net Assets Resulting from Operations
Net Increase (Decrease) in Net Assets Resulting from Operations
Net Increase (Decrease) in Net Assets Resulting from Operations	Net Increase (Decrease) in Net Assets Resulting from Operations	203,155		(99,726)		428,188		(80,155)
Distributions	Distributions
Distributions
Distributions
Class S
Class S
Class S	Class S	(47,220)		(20,656)		(89,652)		(34,381)
Class D	Class D	(12,734)		(5,880)		(23,952)		(10,014)
Class D
Class D
Class I	Class I	(89,529)		(36,741)		(169,453)		(59,261)
Net Decrease in Net Assets Resulting from Shareholders' Distributions		(149,483)		(63,277)		(283,057)		(103,656)
Class I
Class I
Net Decrease in Net Assets Resulting from Shareholders’ Distributions
Net Decrease in Net Assets Resulting from Shareholders’ Distributions
Net Decrease in Net Assets Resulting from Shareholders’ Distributions
Capital Share Transactions
Capital Share Transactions
Capital Share Transactions	Capital Share Transactions
Class S:	Class S:
Class S:
Class S:
Issuance of shares of common stock
Issuance of shares of common stock
Issuance of shares of common stock	Issuance of shares of common stock	258,724		416,884		419,499		866,252
Share transfers between classes(1)	Share transfers between classes(1)	(2,127)		—		(2,127)		—
Share transfers between classes(1)
Share transfers between classes(1)
Repurchase of common shares	Repurchase of common shares	(16,367)		(8,365)		(38,010)		(14,366)
Reinvestment of shareholders' distributions		17,943		6,264		33,775		9,894
Repurchase of common shares
Repurchase of common shares
Reinvestment of shareholders’ distributions
Reinvestment of shareholders’ distributions
Reinvestment of shareholders’ distributions
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class S
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class S
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class S	Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class S	258,173		414,783		413,137		861,780
Class D:	Class D:
Class D:
Class D:
Issuance of shares of common stock
Issuance of shares of common stock
Issuance of shares of common stock	Issuance of shares of common stock	55,839		72,746		102,014		188,148
Share transfers between classes(1)	Share transfers between classes(1)	—		—		—		—
Share transfers between classes(1)
Share transfers between classes(1)
Repurchase of common shares	Repurchase of common shares	(13,809)		(1,110)		(17,262)		(1,414)
Reinvestment of shareholders' distributions		5,709		2,400		10,496		3,861
Repurchase of common shares
Repurchase of common shares
Reinvestment of shareholders’ distributions
Reinvestment of shareholders’ distributions
Reinvestment of shareholders’ distributions
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class D
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class D
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class D	Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class D	47,739		74,036		95,248		190,595
Class I:	Class I:
Class I:
Class I:
Issuance of shares of common stock
Issuance of shares of common stock
Issuance of shares of common stock	Issuance of shares of common stock	472,093		779,907		840,101		1,430,903
Share transfers between classes(1)	Share transfers between classes(1)	2,127		—		2,127		—
Share transfers between classes(1)
Share transfers between classes(1)
Repurchase of common shares	Repurchase of common shares	(46,071)		(18,414)		(114,095)		(35,392)
Reinvestment of shareholders' distributions		33,427		10,708		62,155		16,593
Repurchase of common shares
Repurchase of common shares
Reinvestment of shareholders’ distributions
Reinvestment of shareholders’ distributions
Reinvestment of shareholders’ distributions
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class I
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class I
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class I	Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class I	461,576		772,201		790,288		1,412,104
Total Increase (Decrease) in Net Assets	Total Increase (Decrease) in Net Assets	821,160		1,098,017		1,443,804		2,280,668
Total Increase (Decrease) in Net Assets
Total Increase (Decrease) in Net Assets
Net Assets, at beginning of period
Net Assets, at beginning of period
Net Assets, at beginning of period	Net Assets, at beginning of period	5,872,397		2,763,379		5,249,753		1,580,728
Net Assets, at end of period	Net Assets, at end of period	$	6,693,557	$	3,861,396	$	6,693,557	$	3,861,396
Net Assets, at end of period
Net Assets, at end of period

(1)In certain cases, and subject to ~~the Dealer Manager’s~~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 Six Months Ended June 30,
2023 2022
Cash Flows from Operating Activities
Net Increase (Decrease) in Net Assets Resulting from Operations $ 428,188 $ (80,155)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Purchases of investments, net (2,493,205) (5,777,986)
Proceeds from investments and investment repayments, net 266,272 277,973
Net change in unrealized (gain) loss on investments (77,918) 191,514
Net change in unrealized (gain) loss on translation of assets and liabilities in foreign currencies (347) 873
Net change in unrealized (gain) loss on Income tax (provision) benefit 7 —
Net realized (gain) loss on investments 7,178 (359)
Net realized (gain) loss on foreign currency transactions relating to investments 60 —
Paid-in-kind interest and dividends (72,633) (23,514)
Net amortization/accretion of premium/discount on investments (15,775) (6,090)
Amortization of debt issuance costs 8,131 4,069
Amortization of offering costs 937 2,350
Changes in operating assets and liabilities:
(Increase) decrease in interest receivable (18,558) (19,041)
(Increase) decrease in receivable from a controlled affiliate 11,886 —
(Increase) decrease in receivable for investments sold (36,262) (423)
(Increase) decrease in due from affiliates — (6,775)
(Increase) decrease in prepaid expenses and other assets (276) (103,397)
Increase (decrease) in payable for investments purchased 8,658 48,211
Increase (decrease) in payables to affiliates 6,585 9,209
Increase (decrease) in accrued expenses and other liabilities 17,560 29,820
Net cash used in operating activities (1,959,512) (5,453,721)
Cash Flows from Financing Activities
Borrowings on debt 3,282,117 6,000,061
Repayments of debt (2,156,390) (2,838,600)
Debt issuance costs (18,329) (30,864)
Repurchase of common stock (203,939) (24,696)
Proceeds from issuance of common shares 1,361,614 2,485,303
Distributions paid to shareholders (166,646) (59,048)
Net cash provided by financing activities 2,098,427 5,532,156
Net increase (decrease) in cash and restricted cash, including foreign cash (restricted cash of $3,326 and $0, respectively) 138,915 78,435
Cash and restricted cash, including foreign cash, beginning of period (restricted cash of $23,000 and $0, respectively) 225,247 21,459
Cash and restricted cash, including foreign cash, end of period (restricted cash of $26,326 and $0, respectively) $ 364,162 $ 99,894
Supplemental and Non-Cash Information
Interest paid during the period $ 179,124 $ 20,029
Distributions declared during the period $ 283,057 $ 103,656
Reinvestment of distributions during the period $ 106,426 $ 30,348
Taxes, including excise tax, paid during the period $ 212 $ 20
Distributions payable $ 47,021 $ 23,265


	For the Three Months Ended March 31,
	2024		2023
Cash Flows from Operating Activities
Net Increase (Decrease) in Net Assets Resulting from Operations	$	272,370	$	225,033
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Purchases of investments, net	(3,044,601)		(858,378)
Proceeds from investments and investment repayments, net	775,095		78,272
Net change in unrealized (gain) loss on investments	(1,898)		(63,904)
Net change in unrealized (gain) loss on interest rate swap attributed to unsecured notes	(27,128)		(676)
Net change in unrealized (gain) loss on translation of assets and liabilities in foreign currencies	291		(138)
Net change in unrealized (gain) loss on Income tax (provision) benefit	(8)		7
Net realized (gain) loss on investments	3,447		4,577
Net realized (gain) loss on foreign currency transactions relating to investments	(76)		—
Paid-in-kind interest and dividends	(40,769)		(33,563)
Net amortization/accretion of premium/discount on investments	(22,178)		(6,804)
Amortization of debt issuance costs	6,281		3,697
Amortization of offering costs	1,251		613
Changes in operating assets and liabilities:
(Increase) decrease in interest receivable	(23,293)		(1,766)
(Increase) decrease in receivable from controlled affiliates	(2,678)		—
(Increase) decrease in receivable for investments sold	20,619		—
(Increase) decrease in due from affiliates	—		20,202
(Increase) decrease in prepaid expenses and other assets	(1,897)		(320)
Increase (decrease) in payable for investments purchased	137,293		71,999
Increase (decrease) in payables to affiliates	6,512		509

Increase (decrease) in accrued expenses and other liabilities	33,152		(28,398)
Net cash used in operating activities	(1,908,215)		(589,038)
Cash Flows from Financing Activities
Borrowings on debt	4,176,729		992,000
Repayments of debt	(3,048,000)		(545,000)
Debt issuance costs	(27,281)		(3,532)
Repurchase of common stock	(113,988)		(110,836)
Proceeds from issuance of common shares	1,299,301		574,958
Distributions paid to shareholders	(130,954)		(79,748)
Net cash provided by financing activities	2,155,807		827,842
Net increase (decrease) in cash and restricted cash, including foreign cash (restricted cash of $71,589 and $(6,000), respectively)	247,592		238,804
Cash and restricted cash, including foreign cash, beginning of period (restricted cash of $40,872 and $23,000, respectively)	415,384		225,247
Cash and restricted cash, including foreign cash, end of period (restricted cash of $112,461 and $17,000, respectively)	$	662,976	$	464,051

Supplemental and Non-Cash Information
Interest paid during the period	$	158,336	$	112,416
Distributions declared during the period	$	243,516	$	133,574
Reinvestment of distributions during the period	$	99,237	$	49,347
Taxes, including excise tax, paid during the period	$	11	$	—
Distributions payable	$	107,255	$	41,515

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.~~(f/k/a Owl Rock Core Income Corp.),~~ (the “Company”) is a Maryland corporation formed on April 22, 2020. The Company was formed primarily to originate and make loans to, and make debt and equity investments in, U.S. middle market companies. The Company’s investment objective is to generate current income and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities which include common and preferred stock, securities convertible into common stock, and warrants. The Company may on occasion invest in smaller or larger companies if an attractive opportunity presents itself, especially when there are dislocations in the capital markets, including the high yield and large syndicated loan markets, which are often referred to as “junk” investments. The target credit investments will typically have maturities between three and ten years and generally range in size between $10 million and $125 million, although the investment size will vary with the size of the Company’s capital base. The Company intends, under normal circumstances, to invest directly, or indirectly through its investment in OCIC SLF LLC (f/k/a Blue Owl Credit Income Senior Loan Fund ~~LLC (f/k/a ORCIC Senior Loan Fund~~ LLC) (“OCIC SLF”) or any similarly situated companies, at least 80% of the value of its total assets in credit investments. The Company defines “credit” to mean debt investments made in exchange for regular interest payments.

The Company is an externally managed closed-end management investment company that has elected to be regulated as a business development company, or BDC, under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company has elected to be treated for federal income tax purposes, and intends to qualify annually, as a regulated investment company (a “RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). Because the Company has elected to be regulated as a BDC and as a RIC under the Code, the Company's portfolio is subject to diversification and other requirements.

In November 2020, the Company commenced operations and made its first portfolio company investment. On October 23, 2020, the Company formed a wholly-owned subsidiary, OR Lending IC LLC, a Delaware limited liability company, which holds a California finance lenders license. OR Lending IC LLC makes loans to borrowers headquartered in California. From time to time the Company may form wholly-owned subsidiaries to facilitate the normal course of business.

The Company is managed by Blue Owl Credit Advisors LLC ~~(f/k/a Owl Rock Capital Advisors LLC)~~ (the “Adviser”). The Adviser is an indirect affiliate of Blue Owl Capital Inc. (“Blue ~~Owl"~~Owl”) (NYSE: OWL) and part of Blue ~~Owl's~~Owl’s Credit platform which focuses on direct lending. The Adviser is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940 (the “Advisers Act”). Blue Owl consists of three divisions: (1) Credit, which focuses on direct lending, (2) GP Strategic Capital, which focuses on providing capital to institutional alternative asset managers and (3) Real Estate, which focuses on triple net lease real estate strategies. Subject to the overall supervision of the Company’s board of directors (the ~~"Board"~~“Board”), the Adviser manages the day-to-day operations of, and provides investment advisory and management services to, the Company.

The Company received an exemptive order that permits it to offer multiple classes of shares of common stock and to impose asset-based servicing and distribution fees and early withdrawal fees. On November 12, 2020, the Company commenced its initial public offering pursuant to which it offered, on a continuous basis, $2,500,000,000 in any combination of amount of shares of Class S, Class D and Class I common stock. On February 14, 2022, the Company commenced ~~it's~~it’s follow-on offering, on a continuous basis, pursuant to which it is currently offering of up to ~~$7,500,000,000~~$13,500,000,000 in any combination of amount of shares of Class S, Class D and Class I common stock. The share classes have different upfront selling commissions and ongoing servicing fees. Each class of common stock will be offered through Blue Owl Securities LLC (d/b/a Blue Owl Securities) (the “Dealer Manager” or “Blue Owl Securities”). The Dealer Manager is entitled to receive upfront selling commissions of up to 3.50% of the offering price of each Class S share sold in the offering and 1.50% of the offering price of each Class D share sold. Class I shares are not subject to upfront selling commissions. Any upfront selling commissions for the Class S shares and Class D shares sold in the offering will be deducted from the purchase price. Class S, Class D and Class I shares were offered at initial purchase prices per shares of $10.35, $10.15 and $10.00, respectively. Currently, the purchase price per share for

each class of common stock varies, but will not be sold at a price below the Company’s net asset value per share of such class, as determined in accordance with the ~~Company's~~Company’s share pricing policy, plus applicable upfront selling commissions. The Company also engages in private placement offerings of its common stock.

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

Since meeting the minimum offering requirement and commencing its continuous public offering through June 30, 2023, the Company has issued 244,886,936 shares of Class S common stock, 59,492,163 shares of Class D common stock and 433,343,601

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

Since meeting the minimum offering requirement and commencing its continuous public offering through March 31, 2024, the Company has issued 373,781,589 shares of Class S common stock, 79,652,941 shares of Class D common stock and 644,767,597 shares of Class I common stock, exclusive of any tender offers and shares issued pursuant to our distribution reinvestment plan, for gross proceeds of ~~$2.3~~$3.50 billion, ~~$0.5~~$0.74 billion and ~~$4.0~~$5.98 billion, respectively, including $1,000 of seed capital contributed by its Adviser in September of 2020, $25.0 million in gross proceeds raised ~~in a private placement~~ from ~~Owl Rock Feeder FIC ORCIC Equity LLC~~an entity affiliated with the Adviser and ~~18,470,188~~36,013,591 shares of Class I common stock issued in a private placement to feeder vehicles primarily created to hold the ~~Company's~~Company’s Class I shares for gross proceeds of approximately ~~$0.2~~$0.34 billion.

Note 2. Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements have been included.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual amounts could differ from those estimates and such differences could be material.

Cash and Restricted Cash

Cash consists of deposits held at a custodian bank and restricted cash pledged as collateral. Cash is carried at cost, which approximates fair value. The Company deposits its cash with highly-rated banking corporations and, at times, may exceed the insured limits under applicable law.

Consolidation

As provided under Regulation S-X and ASC Topic 946—Financial Services—Investment Companies, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company or controlled operating company whose business consists of providing services to the Company.

The Company does not consolidate its equity ~~interest~~interests in AAM Series 1.1 Rail and Domestic Intermodal Feeder, Fifth Season, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, ~~"Amergin AssetCo"~~“Amergin AssetCo”) and since November 2, 2022 has not consolidated its equity ~~positions~~position in ~~Blue Owl Credit Income Senior Loan Fund LLC (f/k/a ORCIC Senior Loan Fund LLC) ("~~OCIC ~~SLF").~~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"~~(“OSTRS” and together with the Company, the ~~"Members"~~“Members” and each, a ~~"Member"~~“Member”) entered into an Amended and Restated Limited Liability Company Agreement to co-manage OCIC SLF as a ~~joint-venture.~~joint venture. See Note 3 ~~"Agreements~~“Agreements and Related Party Transactions - Controlled/Affiliated Portfolio ~~Companies"~~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 ~~was adopted by the SEC in January 2021 and~~ establishes requirements for determining fair value in good faith for purposes of the 1940 Act. ~~The Company complied with the mandatory provisions of Rule 2a-5 by the September 2022 compliance date. Additionally, commencing with the fourth quarter of 2022, pursuant~~Pursuant to Rule 2a-5, the Board designated the Adviser as the ~~Company's~~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

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market prices are not readily available are valued at fair value as determined in good faith by the Adviser, as the valuation designee, based on, among other things, the input of the independent third-party valuation firm(s) engaged at the direction of the Adviser.

As part of the valuation process, the Adviser, as the valuation designee, takes into account relevant factors in determining the fair value of the Company’s investments, including: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company’s debt and equity), the nature and realizable value of any collateral, the portfolio company’s ability to make

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

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

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Notes to Consolidated Financial Statements - Continued

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either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

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 ~~was adopted by the SEC in December of 2020, and~~ requires BDCs that use derivatives to, among other things, comply with a value-at-risk leverage limit, adopt a derivatives risk management program, and implement certain testing and board reporting procedures. Rule 18f-4 provides that a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Pursuant to Rule 18f-4, when we trade reverse repurchase agreements or similar financing transactions, including certain tender option bonds, we need to aggregate the amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. Rule 18f-4 exempts BDCs that qualify as “limited derivatives users” from the aforementioned requirements, provided that these BDCs adopt written policies and procedures that are reasonably designed to manage the BDC’s derivatives risks and comply with certain recordkeeping requirements. The Company currently qualifies as a “limited derivatives user” and expects to continue to do so. The Company has adopted a derivatives policy and complies with the recordkeeping requirements of Rule 18f-4.

Foreign Currency

Foreign currency amounts are translated into U.S. dollars on the following basis:

•cash, fair value of investments, outstanding debt, other assets and liabilities: at the spot exchange rate on the last business day of the period; and

•purchases and sales of investments, borrowings and repayments of such borrowings, income and expenses: at the rates of exchange prevailing on the respective dates of such transactions.

The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations with the change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. The Company’s current approach to hedging the foreign currency exposure in its non-U.S. dollar denominated investments is primarily to borrow the par amount in local currency under the Company’s Revolving Credit Facility and SPV Asset Facilities to fund these investments. Fluctuations arising from the translation of foreign currency borrowings are included with the net change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations.

Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar.

Interest and Dividend Income Recognition

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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

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

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.

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

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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

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

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~~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, ~~2022.~~2023. As applicable, the ~~Company's~~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~~“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 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

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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.

New Accounting Pronouncements

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848),” which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. In December 2022, the FASB issued ASU No. 2022-06, “Reference Rate Reform (Topic 848),” which extended the transition period provided under ASU No. 2020-04 and 2021-01 for all entities from December 31, 2022 to December 31, 2024. ASU No. 2021-01 provides increased clarity as the Company continues to evaluate the transition of reference rates and is currently evaluating the impact of adopting ASU No. 2020-04, 2021-01, and 2022-06 on the consolidated financial statements.

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement (Topic 820),” which clarifies the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The amendments affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. ASU 2022-03 is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. An entity that qualifies as an investment company under Topic 946 should apply the amendments in ASU No. 2022-03 to an investment in an equity security subject to a contractual sale restriction that is executed or modified on or after the date of adoption. Management has adopted the aforementioned accounting pronouncement and concluded that it does not have a material effect on the accompanying consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740),” which updates income tax disclosure requirements related to rate reconciliation, income taxes paid and other disclosures. ASU 2023-09 is effective for public business entities for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact of adopting ASU No. ~~2022-03~~2023-09 on the consolidated financial statements.

Other than the aforementioned guidance, the ~~Company's~~Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements.

Note 3. Agreements and Related Party Transactions

As of ~~June 30, 2023,~~March 31, 2024, the Company had payables to affiliates of ~~$39.2~~$61.1 million, ~~primarily~~ comprised of ~~$27.6~~$46.7 million of accrued performance based incentive fees, ~~$6.5~~$10.0 million of management fees, and ~~$5.1~~$4.4 million of costs and expenses reimbursable to the Adviser pursuant to the Administration Agreement. As of December 31, ~~2022,~~2023, the Company had payables to affiliates of ~~$32.6~~$54.5 million, ~~primarily~~ comprised of ~~$19.4~~$43.9 million of accrued performance based incentive fees, ~~$5.2~~$8.6 million of management fees, ~~$6.8 million of expense support reimbursement,~~ and ~~$1.2~~$2.0 million of costs and expenses reimbursable to the Adviser pursuant to the Administration Agreement.

Administration Agreement

The Company has entered into an amended and restated Administration Agreement (the “Administration Agreement”) with the Adviser. The Administration Agreement became effective on May 18, 2021. Under the terms of the Administration Agreement, the 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 ~~8, 2023,~~6, 2024, the Board approved the continuation of the Administration Agreement.

The Administration Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice, by the vote of a majority of the outstanding voting securities of the Company (as defined in the 1940 Act), or by the vote of a majority of the Board or by the Adviser.

No person who is an officer, director, or employee of the Adviser or its affiliates and who serves as a director of the Company receives any compensation from the Company for his or her services as a director. However, the Company reimburses the Adviser (or its affiliates) for an allocable portion of the compensation paid by the Adviser or its affiliates to the Company’s Chief Compliance Officer, Chief Financial Officer and their respective staffs (based on the percentage of time those individuals devote, on an estimated basis, to the business and affairs of the Company). Directors who are not affiliated with the Adviser receive compensation for their services and reimbursement of expenses incurred to attend meetings.

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

For the three ~~and six~~ months ended ~~June 30,~~March 31, 2024, and 2023 the Company incurred expenses of approximately ~~$0.9~~$1.3 million, and $1.9 million, respectively, for costs and expenses reimbursable to the Adviser under the terms of the Administration Agreement. For the three and six months ended June 30, 2022, the Company incurred expenses of approximately $1.0 ~~million and $2.0~~ 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 ~~it is free to furnish~~accordingly, the Adviser may provide similar services to ~~other entities so long as its services to the Company are not impaired.~~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 ~~8, 2023,~~6, 2024, the Board approved the continuation of the Investment Advisory Agreement.

The Investment Advisory Agreement will automatically terminate within the meaning of the 1940 Act and related SEC guidance and interpretations in the event of its assignment. In accordance with the 1940 Act, without payment of penalty, the Company may terminate the Investment Advisory Agreement with the Adviser upon 60 days’ written notice. The decision to terminate the agreement may be made by a majority of the Board of Directors or the shareholders holding a majority (as defined under the 1940 Act) of the 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.

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From time to time, the Adviser may pay amounts owed by the Company to third-party providers of goods or services, including the Board, and the Company will subsequently reimburse the Adviser for such amounts paid on its behalf. Amounts payable to the Adviser are settled in the normal course of business without formal payment terms.

The base management fee is payable monthly in arrears. The base management fee is calculated at an annual rate of 1.25% based on the average value of the Company’s net assets at the end of the two most recently completed calendar months. All or part of the base management fee not taken as to any month will be deferred without interest and may be taken in any such month prior to the occurrence of a liquidity event. Base management fees for any partial month are prorated based on the number of days in the month. On September 30, 2020 and February 23, 2021, the Adviser agreed to waive 100% of the base management fee for the quarters ended

December 31, 2020 and March 31, 2021, respectively. Any portion of management fees waived shall not be subject to recoupment.

For the three ~~and six~~ months ended ~~June 30,~~March 31, 2024, management fees were $28.5 million. For the three months ended March 31, 2023, management fees were ~~$18.9 million and $35.8 million, respectively. For the three and six months ended June 30, 2022, management fees were $9.3 million and $14.9 million, respectively.~~$16.9 million.

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.

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

•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~~“Capital Gains Incentive ~~Fee"~~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.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

For the three ~~and six~~ months ended ~~June 30,~~March 31, 2024, and 2023, the Company incurred performance based incentive fees on net investment income of ~~$27.6~~$39.1 million, and ~~$51.2 million, respectively. For the three and six months ended June 30, 2022, the Company incurred performance based incentive fees on net investment income of $9.5 million and $14.9~~$23.7 million, respectively.

For the three ~~and six~~ months ended ~~June 30, 2023 and 2022, the Company did not incur performance based incentive fees based on capital gains. For the six months ended June 30, 2022,~~March 31, 2024, the Company recorded a reversal of previously recorded performance based incentive fees based on capital gains of ~~$0.6~~$0.2 million. For the three months ended March 31, 2023, the Company did not incur performance based incentive fees based on capital gains.

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive up to 1.5% of gross offering proceeds raised in the continuous public offering until all organization and offering costs paid by the Adviser or its affiliates have been recovered. The Company bears all other expenses of its operations and transactions including, without limitation, those relating to: expenses deemed to be “organization and offering expenses” for purposes of Conduct Rule 2310(a)(12) of Financial Industry Regulatory Authority (exclusive of commissions, the dealer manager fee, any discounts and other similar expenses paid by investors at the time of sale of the Company’s stock); the cost of corporate and organizational expenses relating to offerings of shares of common stock, subject to limitations included in the Investment Advisory Agreement; the cost of calculating the Company’s net asset value, including the cost of any third-party valuation services; the cost of effecting any sales and repurchases of the common stock and other securities; fees and expenses payable under any dealer manager agreements, if any; debt service and other costs of borrowings or other financing arrangements; costs of hedging; expenses, including travel expense, incurred by the Adviser, or members of the Investment Team, or payable to third parties, performing due diligence on prospective portfolio companies and, if necessary, enforcing the Company’s rights; escrow agent, transfer agent and custodial fees and expenses; fees and expenses associated with marketing efforts; federal and state registration fees, any stock exchange listing fees and fees payable to rating agencies; federal, state and local taxes; independent directors’ fees and expenses, including certain travel expenses; costs of preparing financial statements and maintaining books and records and filing reports or other documents with the SEC (or other regulatory bodies) and other reporting and compliance costs, including registration fees, listing fees and licenses, and the compensation of professionals responsible for the preparation of the foregoing; the costs of any reports, proxy statements or other notices to shareholders (including printing and mailing costs); the costs of any shareholder or director meetings and the compensation of personnel responsible for the preparation of the foregoing and related matters; commissions and other compensation payable to brokers or dealers; research and market data; fidelity bond, directors and

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

officers errors and omissions liability insurance and other insurance premiums; direct costs and expenses of administration, including printing, mailing, long distance telephone and staff; fees and expenses associated with independent audits, outside legal and consulting costs; costs of winding up; costs incurred in connection with the formation or maintenance of entities or vehicles to hold the Company’s assets for tax or other purposes; extraordinary expenses (such as litigation or indemnification); and costs associated with reporting and compliance obligations under the Advisers Act and applicable federal and state securities laws. Notwithstanding anything to the contrary contained herein, the Company shall reimburse the Adviser (or its affiliates) for an allocable portion of the compensation paid by the Adviser (or its affiliates) to the Company’s Chief Compliance Officer and Chief Financial Officer and their respective staffs (based on a percentage of time such individuals devote, on an estimated basis, to the business affairs of the Company). Any such reimbursements will not exceed actual expenses incurred by the Adviser and its affiliates. The Adviser is responsible for the payment of the Company’s organization and offering expenses to the extent that these expenses exceed 1.5% of the aggregate gross offering proceeds, without recourse against or reimbursement by the Company.

For the three ~~and six~~ months ended ~~June 30, 2023,~~March 31, 2024, subject to the 1.5% organization and offering cost cap, ~~and the re-categorization of certain expenses as servicing fees,~~ the Company accrued less than $0.1 million, ~~and $0.3 million, respectively,~~ of initial organization and offering expenses that are reimbursable to the Adviser.

For the three ~~and six~~ months ended ~~June 30, 2022,~~March 31, 2023, subject to the 1.5% organization and offering cost cap, the Company ~~did not accrue any~~accrued less than $0.2 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 relies on an order for exemptive relief ~~(the "Order"~~(as amended, the “Order”) that has been granted to the Adviser and its affiliates by the SEC to permit us 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 a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain conclusions in connection with a co-investment transaction, including that (1) the

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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

The Adviser is affiliated with Blue Owl Technology Credit Advisors LLC (“OTCA”), Blue Owl Technology Credit Advisors II LLC ("(“OTCA ~~II"~~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~~“Blue Owl ~~Advisers"~~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~~Owl’s Credit platform, which focuses on direct lending. The Blue Owl Credit Advisers’ allocation policy seeks to ensure equitable allocation of investment opportunities over time between the Company and other funds managed by the Adviser or its affiliates. As a result of the Order, there could be significant overlap in the Company’s investment portfolio and the investment portfolio of the ~~business development companies,~~BDCs, private funds and separately managed accounts managed by the Blue Owl Credit Advisers (collectively the ~~"Blue~~“Blue Owl Credit ~~Clients"~~Clients”) and/or other funds managed by the Adviser or its affiliates that could avail themselves of the Order and that have an investment objective similar to the ~~Company's.~~Company’s.

Dealer Manager Agreement

The Company has entered into a dealer manager agreement (the “Dealer Manager Agreement”) with Blue Owl Securities, an affiliate of the Adviser, and participating broker-dealer agreements with certain broker-dealers. Under the terms of the Dealer Manager Agreement and the participating broker-dealer agreements, Blue Owl Securities serves as the dealer manager, and certain participating broker-dealers solicit capital, for the Company’s public offering of shares of Class S, Class D, and Class I common stock. Blue Owl

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

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 ~~and six~~ months ended ~~June 30,~~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.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

For the three months ended March 31, 2023, the Company ~~paid~~accrued servicing fees with respect to Class D shares of $0.3 ~~million and $0.6 million, respectively.~~million. For the three ~~and six~~ months ended ~~June 30,~~March 31, 2023, the Company ~~paid~~accrued servicing fees with respect to Class S shares of ~~$4.6 million and $8.6 million, respectively.~~

For the three and six months ended June 30, 2022, the Company paid servicing fees with respect to Class D shares of $0.2 million and $0.4 million, respectively. For the three and six months ended June 30, 2022, the Company paid servicing fees with respect to Class S shares of $2.7 million and $4.5 million, respectively.$4.0 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 shares issued under its distribution reinvestment plan. The Company will cease paying ongoing servicing fees at the date at which total underwriting compensation from any source in connection with this offering equals 10% of the gross proceeds from its offering (excluding proceeds from issuances pursuant to its distribution reinvestment plan). This limitation is intended to ensure that the Company satisfies the requirements of FINRA Rule 2310, which provides that the maximum aggregate underwriting compensation from any source, including compensation paid from offering proceeds and in the form of “trail commissions,” payable to underwriters, broker-dealers, or affiliates thereof participating in an offering may not exceed 10% of gross offering proceeds, excluding proceeds received in connection with the issuance of shares through a distribution reinvestment plan.

Expense Support and Conditional Reimbursement Agreement

On September 30, 2020, the Company entered into the Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with the Adviser, the purpose of which is to ensure that no portion of the Company’s distributions to shareholders represented a return of capital for U.S. federal income tax purposes. The Expense Support Agreement became effective as of the date that the Company met the minimum offering requirement and was terminated by the Adviser on March 7, 2023.

Pursuant to the Expense Support Agreement, prior to its termination on March 7, 2023, on a quarterly basis, the Adviser reimbursed the Company for “Operating Expenses” (as defined below) in an amount equal to the excess of the Company’s cumulative distributions paid to the Company’s shareholders in each quarter over “Available Operating Funds” (as defined below) received by the

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

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

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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~~Company’s common stock represented by Other Operating Expenses during the fiscal year in which such Expense Payment was made (provided, however, that this clause (ii) shall not apply to any Reimbursement Payment which relates to an Expense Payment made during the same fiscal year).

No Reimbursement Payment for any quarter will be made if: (1) the “Effective Rate of Distributions Per Share” (as defined below) declared by the Company at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the Company’s “Operating Expense Ratio” (as defined below) at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates. Pursuant to the Expense Support Agreement, “Effective Rate of Distributions Per Share” means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder fees, and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing Operating Expenses, less organizational and offering expenses, base management and incentive fees owed to Adviser, and interest expense, by the Company’s net assets.

The specific amount of expenses reimbursed by the Adviser, if any, will be determined at the end of each quarter. The ~~Company's~~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.

The following table presents a summary of all expenses supported, and recouped, by the Adviser for each of the following three month periods in which the Company received Expense Support from the Adviser and the associated dates through which such expenses may be subject to reimbursement from the Company pursuant to the Expense Support Agreement. The Company did not receive any expense support post year end/prior to termination of the Expense Support Agreement.

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

For the Quarter Ended Amount of Expense Support Recoupment of Expense Support Unreimbursed Expense Support
Effective Rate of Distribution
per Share(1)
Reimbursement Eligibility Expiration
Operating Expense
Ratio(2)
($ in thousands)
March 31, 2021 $ 822 $ 822 $ — 6.7 % March 31, 2024 9.47 %
June 30, 2021 1,756 1,756 — 6.6 % June 30, 2024 2.43 %
March 31, 2022 4,062 — 4,062 7.2 % March 31, 2025 0.67 %
June 30, 2022 2,713 — 2,713 7.4 % June 30, 2025 0.67 %
September 30, 2022 — — — 8.3 % September 30, 2025 0.72 %
December 31, 2022 — 6,775 (6,775) 8.8 % December 31, 2025 0.62 %
Total $ 9,353 $ 9,353 $ —

~~_______________~~

~~(1)~~The effective rate of distribution per share is expressed as a percentage equal to the projected annualized distribution amount as of the end of the applicable period (which is calculated by annualizing the regular monthly cash distributions per share as of such date without compounding), divided by the Company’s net asset value per share as of such date.

~~(2)~~The operating expense ratio is calculated by dividing annualized operating expenses, less organizational and offering expenses, base management and incentive fees owed to the Adviser, and interest expense, by the Company’s net assets.

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.

~~Promissory Note~~

The Company as borrower, entered into a Loan Agreement as amended and restated through the date hereof (the "Loan Agreement") with Owl Rock Feeder FIC ORCIC Debt LLC ("Feeder FIC Debt"), an affiliate of the Adviser, as lender, to enter into revolving promissory notes (the "Promissory Notes") to borrow up to an aggregate of $250 million from Feeder FIC Debt. See Note 6 “Debt”.

On June 22, 2022, the Company and Feeder FIC Debt, entered into a Termination Agreement (the “Termination Agreement”) pursuant to which the Loan Agreement was terminated. Upon execution of the Termination Agreement there were no amounts outstanding pursuant to the Loan Agreement or the Promissory Notes.

Controlled/Affiliated Portfolio Companies

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the accompanying consolidated financial statements, including the consolidated schedule of investments.

The Company has made investments in controlled, affiliated companies, including OCIC SLF, Amergin AssetCo, and Fifth Season Investments LLC ("(“Fifth ~~Season"~~Season”). For further description of OCIC SLF see ~~"Note~~“Note 4 ~~Investments"~~Investments”. The Company has also made investments in a non-controlled, affiliated company, LSI Financing 1 DAC ("(“LSI ~~Financing"~~Financing”).

Amergin ~~AssetCo~~ 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 ~~a $90.0 million~~an initial equity commitment to Amergin AssetCo on July 1, 2022. As of March 31, 2024 the Company’s commitment to Amergin AssetCo is $148.3 million, of which $62.1 million is equity and $86.2 million is debt. The ~~Company's~~Company’s investments in Amergin are co-investments made with the ~~Company's~~Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the SEC. The Company does not consolidate its equity interest in Amergin AssetCo.

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

Fifth Season is a portfolio company created to invest in life settlement assets. On July 18, 2022, the Company made ~~a $15.9 million~~an initial equity commitment to Fifth Season. ~~The Company increased its commitment to~~As of March 31, 2024, the Company’s equity investment in Fifth Season on October 17, 2022, November 9, 2022, November 15, 2022, November 29, 2022, February 9, 2023, May 3, 2023, June 1, 2023, June 13, 2023 and June 20, 2023 by $73.6 million, $1.7 million, $7.3 million, $7.0 million, $5.3 million, $5.3 million, $3.5 million, $3.5 million and $3.5 million, respectively.is $225.9 million. The ~~Company's~~Company’s investment in Fifth Season is a co-investment with its affiliates in accordance with the terms of the exemptive relief that the Company received from the SEC. The Company does not consolidate its equity interest in Fifth Season.

LSI Financing is a portfolio company formed to acquire contractual rights to revenue pursuant to earnout agreements generally in the life sciences space. On December 14, 2022, the Company made ~~a $6.2 million~~an initial equity commitment to LSI Financing. ~~The~~As of March 31,

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

2024, the Company’s investment at fair value in LSI Financing is $77.6 million. During the three months ended March 31, 2024, the Company increased ~~its~~it’s commitment to LSI Financing ~~on February 17, 2023, February 24, 2023, and March 16, 2023~~ by ~~$2.8 million, $0.3 million, and $69.9 million, respectively.~~$129.6 million. The ~~Company's~~Company’s investment in LSI Financing is a co-investment made with the ~~Company's~~Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the SEC. The Company does not consolidate its equity interest in LSI Financing.

Note 4. Investments

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


		June 30, 2023				December 31, 2022
		March 31, 2024
		March 31, 2024
		March 31, 2024
($ in thousands)	($ in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First-lien senior secured debt investments		$	10,508,752	$	10,510,930	$	8,499,854	$	8,448,540
($ in thousands)
($ in thousands)
First-lien senior secured debt investments(1)
First-lien senior secured debt investments(1)
First-lien senior secured debt investments(1)
Second-lien senior secured debt investments
Second-lien senior secured debt investments
Second-lien senior secured debt investments	Second-lien senior secured debt investments	1,207,682		1,156,422		1,203,388		1,142,862
Unsecured debt investments	Unsecured debt investments	231,273		227,659		221,564		211,328
Preferred equity investments(1)		661,110		652,907		510,033		500,023
Common equity investments(2)		301,207		325,496		248,176		264,437
Joint ventures(3)		222,933		226,230		141,777		140,394
Unsecured debt investments
Unsecured debt investments
Preferred equity investments(2)
Preferred equity investments(2)
Preferred equity investments(2)
Common equity investments(3)
Common equity investments(3)
Common equity investments(3)
Joint ventures(4)
Joint ventures(4)
Joint ventures(4)
Total Investments	Total Investments	$	13,132,957	$	13,099,644	$	10,824,792	$	10,707,584
Total Investments
Total Investments

~~_______________~~

(1)Includes debt investment in Amergin AssetCo.

(2)Includes equity investment in LSI Financing.

~~(2)~~(3)Includes equity investment in Amergin AssetCo and Fifth Season.

~~(3)~~(4)Includes equity investment in OCIC SLF. See below, within Note 4, for more information regarding OCIC SLF.

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


		June 30, 2023		December 31, 2022
	March 31, 2024								March 31, 2024			December 31, 2023
Advertising and media	Advertising and media	2.3	%	2.8	%	Advertising and media	3.2	%		1.9	%
Aerospace and defense	Aerospace and defense	0.3		0.4
Asset based lending and fund finance(1)	Asset based lending and fund finance(1)	1.2		1.2
Automotive		1.1		1.4
Automotive services(2)
Automotive aftermarket(2)
Buildings and real estate	Buildings and real estate	4.1		4.0
Business services	Business services	6.6		7.3
Chemicals	Chemicals	1.6		1.7
Consumer products	Consumer products	2.6		2.4
Containers and packaging	Containers and packaging	3.3		3.6
Distribution	Distribution	2.5		2.3
Education	Education	1.2		1.4
Energy equipment and services	Energy equipment and services	—		0.1
Financial services	Financial services	1.9		2.6
Food and beverage	Food and beverage	4.8		5.8
Healthcare equipment and services	Healthcare equipment and services	3.9		3.9
Healthcare providers and services
Healthcare technology
Household products
Human resource support services
Infrastructure and environmental services
Insurance(3)
Internet software and services
Joint ventures(4)

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

June 30, 2023 December 31, 2022
Healthcare providers and services 13.1 14.4
Healthcare technology 4.9 5.2
Household products 2.3 2.4
Human resource support services 0.9 1.1
Infrastructure and environmental services 1.3 0.9
Insurance(2)
10.0 9.7
Internet software and services 13.4 13.6
Joint ventures(3)
1.7 1.3
Leisure and entertainment 1.1 1.2
Manufacturing 5.0 3.0
Pharmaceuticals(4)
0.6 —
Professional services 4.7 2.8
Specialty retail 2.5 3.2
Telecommunications 0.1 —
Transportation 1.0 0.3
Total 100.0 % 100.0 %


	March 31, 2024		December 31, 2023
Leisure and entertainment	0.7		0.8
Manufacturing	3.9		5.0
Pharmaceuticals(5)	1.1		0.5
Professional services	5.1		4.4
Specialty retail	2.2		1.9
Telecommunications	1.2		0.4
Transportation	0.8		1.0
Total	100.0	%	100.0	%

~~_______________~~

(1)Includes ~~equity~~ investment in Amergin AssetCo.

(2)This was disclosed as “Automotive” as of December 31, 2023.

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

~~(3)~~(4)Includes equity investment in OCIC SLF. See below, within Note 4, for more information regarding OCIC SLF.

~~(4)~~(5)Includes equity investment in LSI Financing.

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


		June 30, 2023		December 31, 2022
	March 31, 2024								March 31, 2024				December 31, 2023
United States:	United States:
Midwest
Midwest
Midwest	Midwest	19.1	%	20.4	%	22.1	%			23.3	%
Northeast	Northeast	18.6		20.0
South	South	34.7		29.7
West	West	18.8		20.7
International	International	8.8		9.2
Total	Total	100.0	%	100.0	%	Total	100.0	%			100.0	%

OCIC SLF LLC

OCIC SLF LLC (f/k/a Blue Owl Credit Income Senior Loan Fund ~~LLC (fka ORCIC Senior Loan Fund~~ LLC) ("(“OCIC ~~SLF"~~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"~~(“OSTRS” and together with the Company, the ~~"Members"~~“Members” and each, a ~~"Member"~~“Member”) entered into an Amended and Restated Limited Liability Company Agreement to co-manage OCIC SLF as a joint-venture. OCIC SLF’s principal purpose is to make investments, primarily in senior secured loans that are made to middle market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. The Company and OSTRS have agreed to contribute $437.5 million and $62.5 million, respectively, to OCIC SLF. The Company and OSTRS have a 87.5% and 12.5% economic ownership, respectively, in OCIC SLF. Except under certain circumstances, contributions to OCIC SLF cannot be redeemed. OCIC SLF is managed by a board consisting of an equal number of representatives appointed by each Member and which acts unanimously. Investment decisions must be approved unanimously by an investment committee consisting of an equal number of representative appointed by each Member.

Prior to the Effective Date, OCIC SLF’s wholly owned subsidiaries, ORCIC JV WH LLC and ORCIC JV WH II entered into revolving loan facilities (the “OCIC SLF SPV Asset Facilities”) and in connection therewith entered into master sale and participation agreements pursuant to which we contributed certain collateral assets to the Subsidiaries and such collateral assets became collateral under the OCIC SLF SPV Asset Facilities (the “OCIC SLF SPV Asset Facility Assets”).

On the Effective Date, the Company was deemed to have made a capital contribution of approximately $108.9 million and OSTRS acquired a 12.5% interest in OCIC SLF from the Company for approximately $15.6 million. The amount of the Company’s deemed contribution, and OSTRS’ purchase from the Company, were based on the fair value of the OCIC SLF SPV Asset Facility Assets less certain amounts that had been distributed to the Company and subject to certain adjustments. In connection therewith, the Company and OSTRS agreed and acknowledged that OCIC SPV Asset Facility Assets were assets of OCIC SLF as if they had been acquired pursuant to the terms of the LLC Agreement.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

The Company has determined that OCIC SLF is an investment company under Accounting Standards Codification ~~(“ASC”)~~ 946, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

wholly owned investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company does not consolidate its non-controlling interest in OCIC SLF.

As of ~~June 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, OCIC SLF had total investments in senior secured debt at fair value, as determined by an independent valuation firm, of ~~$789.8 million~~$1.49 billion and ~~$506.2~~$1.15 ~~million,~~billion, respectively. The determination of fair value is in accordance with ~~Financial Accounting Standards Board (“FASB”) Accounting Standards Codification~~FASB ASC 820, ~~Fair Value Measurements (“ASC 820”),~~ as amended; however, such fair value is not included in our valuation process. The following table is a summary of OCIC SLF’s portfolio as well as a listing of the portfolio investments in OCIC ~~SLF's~~SLF’s portfolio as of the following periods:


($ in thousands)	($ in thousands)	June 30, 2023			December 31, 2022			($ in thousands)	March 31, 2024		December 31, 2023
Total senior secured debt investments(1)	Total senior secured debt investments(1)	$	809,964		$	529,463
Weighted average spread over base rate(1)	Weighted average spread over base rate(1)	3.8		%	4.4		%	Weighted average spread over base rate(1)	3.7	%	3.8	%
Number of portfolio companies	Number of portfolio companies	142			74
Largest funded investment to a single borrower(1)	Largest funded investment to a single borrower(1)	$	14,493		$	14,547

~~________________~~

(1)At par.


OCIC SLF LLC’s Portfolio as of March 31, 2024 (Amounts in thousands) (Unaudited)
Company(1)(3)(4)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)		Fair Value		Percentage of Members’ Equity
Debt Investments
Advertising and media
Fleet U.S. Bidco Inc. (dba Argus Media)(5)(8)	First lien senior secured loan	SR +	3.25%	02/2031	7,249	$	7,216	$	7,249	2.1	%
						7,216		7,249		2.1	%
Aerospace and defense
American Airlines, Inc.(7)	First lien senior secured loan	SR +	2.75%	02/2028	1,980	$	1,949	$	1,978	0.6	%
Avolon TLB Borrower 1 (US) LLC(5)	First lien senior secured loan	SR +	2.00%	06/2028	5,487	5,449		5,486		1.6	%
Bleriot US Bidco, Inc.(6)	First lien senior secured loan	SR +	4.00%	10/2028	8,207	8,143		8,233		2.4	%
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(5)	First lien senior secured loan	SR +	3.50%	08/2028	9,030	8,992		9,040		2.5	%
KBR, Inc(6)	First lien senior secured loan	SR +	2.25%	01/2031	2,887	2,882		2,891		0.8	%
Peraton Corp.(5)	First lien senior secured loan	SR +	3.75%	02/2028	12,425	12,202		12,402		3.5	%
Transdigm Inc.(6)	First lien senior secured loan	SR +	2.75%	08/2028	2,973	2,968		2,982		0.8	%
Transdigm Inc.(6)	First lien senior secured loan	SR +	3.25%	02/2031	4,988	4,976		5,010		1.4	%
Transdigm Inc.(6)	First lien senior secured loan	SR +	2.75%	02/2030	2,370	2,352		2,374		0.7	%
United Airlines, Inc.(6)	First lien senior secured loan	SR +	2.75%	02/2031	2,000	1,990		2,000		0.6	%
Vertex Aerospace Services Corp. (dba V2X)(5)	First lien senior secured loan	SR +	3.25%	12/2028	2,985	2,984		2,990		0.9	%
						54,887		55,386		15.8	%
Automotive services
Belron Finance US LLC(6)	First lien senior secured loan	SR +	2.25%	04/2029	1,244	$	1,238	$	1,244	0.4	%
First Brands Group LLC(6)	First lien senior secured loan	SR +	5.00%	03/2027	3,991	3,962		3,989		1.1	%
Mister Car Wash Holdings, Inc.(5)	First lien senior secured loan	SR +	3.00%	03/2031	5,143	5,144		5,152		1.5	%
PAI Holdco, Inc.(6)(8)	First lien senior secured loan	SR +	3.75%	10/2027	6,545	6,149		6,168		1.8	%
Wand Newco 3, Inc. (dba Caliber )(5)	First lien senior secured loan	SR +	3.75%	01/2031	3,324	3,318		3,332		0.9	%
						19,811		19,885		5.7	%
Buildings and real estate
84 Lumber Company(5)	First lien senior secured loan	SR +	2.75%	11/2030	5,199	$	5,176	$	5,210	1.5	%
American Builders & Contractors Supply Co., Inc.(6)	First lien senior secured loan	SR +	2.00%	01/2031	3,107	3,105		3,107		0.9	%
American Residential Services, LLC(6)	First lien senior secured loan	SR +	3.50%	10/2027	4,477	4,477		4,468		1.3	%
Beacon Roofing Supply, Inc.(5)	First lien senior secured loan	SR +	2.25%	05/2028	1,232	1,229		1,233		0.4	%

Blue Owl Credit Income Senior Loan Fund's Portfolio as of June 30, 2023
($ in thousands)
(Unaudited)
Company(1)(2)(4) Investment Interest Maturity
Date Par /
Units Amortized
Cost(3) Fair
Value Percentage of Members’ Equity
Debt Investments(5)
Aerospace and defense
American Airlines, Inc.(11) First lien senior secured loan SR + 2.75% 02/2028 $ 2,000 $ 1,964 $ 1,961 0.8 %
Avolon TLB Borrower 1 (US) LLC(9) First lien senior secured loan SR + 2.50% 06/2028 8,000 7,920 7,990 3.0 %
Bleriot US Bidco Inc.(10) First lien senior secured loan SR + 4.00% 10/2026 5,246 5,164 5,238 2.0 %
Peraton Corp.(9) First lien senior secured loan SR + 3.75% 02/2028 7,532 7,277 7,385 2.9 %
Transdigm, Inc.(10) First lien senior secured loan SR + 3.25% 08/2028 3,990 3,982 3,986 1.5 %
Transdigm, Inc.(10) First lien senior secured loan SR + 3.25% 02/2027 2,985 2,933 2,985 1.2 %
29,753 29,240 29,545 11.4 %
Automotive
Belron Finance US LLC(10) First lien senior secured loan SR + 2.75% 04/2029 $ 2,500 $ 2,488 $ 2,499 0.9 %
PAI Holdco, Inc.(7) First lien senior secured loan L + 3.75% 10/2027 6,595 6,130 6,096 2.4 %
9,095 8,618 8,595 3.3 %
Buildings and real estate
CPG International LLC(9) First lien senior secured loan SR + 2.50% 04/2029 $ 6,924 $ 6,889 $ 6,887 2.7 %
Beacon Roofing Supply, Inc.(6) First lien senior secured loan L + 2.25% 05/2028 3,486 3,482 3,473 1.3 %
Cushman & Wakefield U.S. Borrower, LLC(9) First lien senior secured loan SR + 2.75% 08/2025 2,000 1,967 1,980 0.8 %
Dodge Construction Network, LLC(10)(12) First lien senior secured loan SR + 4.75% 02/2029 5,247 4,915 4,198 1.6 %
GYP Holdings III Corp.(10)(12) First lien senior secured loan SR + 3.00% 05/2030 2,000 1,990 2,000 0.8 %
RealPage, Inc.(9) First lien senior secured loan SR + 3.00% 04/2028 10,493 9,924 10,255 3.9 %
Wrench Group LLC(10) First lien senior secured loan SR + 4.00% 04/2026 9,710 9,693 9,593 3.7 %
39,860 38,860 38,386 14.8 %
Business services
Prime Security Services Borrower, LLC(6) First lien senior secured loan L + 2.75% 09/2026 $ 1,990 $ 1,961 $ 1,988 0.8 %
BrightView Landscapes, LLC(10) First lien senior secured loan SR + 3.25% 04/2029 10,486 10,201 10,319 4.0 %
ConnectWise, LLC(6) First lien senior secured loan L + 3.50% 09/2028 10,493 9,951 10,199 3.9 %
IDEMIA Group SAS(10)(12) First lien senior secured loan SR + 4.75% 09/2028 2,000 1,975 1,975 0.8 %
Packers Holdings, LLC(9) First lien senior secured loan SR + 3.25% 03/2028 6,159 5,693 4,248 1.6 %
Brown Group Holdings, LLC(10) First lien senior secured loan SR + 3.75% 07/2029 3,512 3,478 3,503 1.4 %
Sitel Worldwide Corp.(6) First lien senior secured loan L + 3.75% 08/2028 6,975 6,868 6,806 2.6 %
VM Consolidated, Inc.(9) First lien senior secured loan SR + 3.25% 03/2028 2,419 2,396 2,419 0.9 %
44,034 42,523 41,457 16.0 %

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

Blue Owl Credit Income Senior Loan Fund's Portfolio as of June 30, 2023
($ in thousands)
(Unaudited)
Company(1)(2)(4) Investment Interest Maturity
Date Par /
Units Amortized
Cost(3) Fair
Value Percentage of Members’ Equity
Chemicals
Aruba Investments Holdings, LLC (dba Angus Chemical Company)(9)(12) First lien senior secured loan SR + 4.75% 11/2027 $ 2,985 $ 2,796 $ 2,925 1.1 %
Axalta Coating Systems US Holdings Inc.(10) First lien senior secured loan SR + 3.00% 12/2029 4,613 4,571 4,618 1.7 %
Cyanco Intermediate 2 Corp.(9)(12) First lien senior secured loan SR + 4.75% 07/2028 3,000 2,910 2,910 1.1 %
H.B. Fuller Company(9) First lien senior secured loan SR + 2.50% 02/2030 1,995 1,995 2,000 0.8 %
Ineos US Petrochem LLC(9)(12) First lien senior secured loan SR + 3.75% 03/2030 2,000 1,980 1,990 0.8 %
Ineos US Finance LLC(9) First lien senior secured loan SR + 3.50% 02/2030 2,000 1,981 1,987 0.8 %
Ineos US Finance LLC(9) First lien senior secured loan SR + 3.75% 11/2027 2,993 2,895 2,979 1.2 %
Nouryon Finance B.V.(10) First lien senior secured loan SR + 4.00% 04/2028 2,000 1,981 1,979 0.8 %
Blue Tree Holdings, Inc.(10) First lien senior secured loan SR + 2.50% 03/2028 3,985 3,948 3,908 1.5 %
Windsor Holdings III LLC(10) First lien senior secured loan SR + 4.50% 06/2030 5,000 4,900 4,908 1.9 %
30,571 29,957 30,204 11.7 %
Consumer products
Olaplex, Inc.(9) First lien senior secured loan SR + 3.50% 02/2029 $ 5,247 $ 4,892 $ 4,893 1.9 %
5,247 4,892 4,893 1.9 %
Containers and packaging
Berlin Packaging L.L.C.(7) First lien senior secured loan L + 3.75% 03/2028 $ 11,548 $ 11,128 $ 11,339 4.4 %
BW Holding, Inc.(10)(12) First lien senior secured loan SR + 4.00% 12/2028 7,728 7,608 7,046 2.7 %
Charter NEX US, Inc.(9) First lien senior secured loan SR + 3.75% 12/2027 4,974 4,929 4,931 1.9 %
Valcour Packaging, LLC(8) First lien senior secured loan L + 3.75% 10/2028 9,875 9,856 8,300 3.2 %
Ring Container Technologies Group, LLC(9) First lien senior secured loan SR + 3.50% 08/2028 9,713 9,552 9,662 3.8 %
Trident TPI Holdings, Inc.(10) First lien senior secured loan SR + 4.50% 09/2028 4,000 3,883 3,939 1.5 %
Tricorbraun Holdings, Inc.(9) First lien senior secured loan SR + 3.25% 03/2028 10,493 9,989 10,201 3.9 %
58,331 56,945 55,418 21.4 %
Distribution
Dealer Tire, LLC(9) First lien senior secured loan SR + 4.50% 12/2027 $ 3,939 $ 3,875 $ 3,920 1.5 %
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(9) First lien senior secured loan SR + 4.75% 12/2028 5,292 5,240 5,273 2.1 %
SRS Distribution, Inc.(6) First lien senior secured loan L + 3.50% 06/2028 10,520 9,844 10,204 3.9 %
White Cap Supply Holdings, LLC(9) First lien senior secured loan SR + 3.75% 10/2027 10,520 10,018 10,412 4.0 %
30,271 28,977 29,809 11.5 %
Education
Sophia, L.P.(9)(12) First lien senior secured loan SR + 4.25% 10/2027 $ 9,713 $ 9,696 $ 9,689 3.7 %
Severin Acquisition, LLC (dba Powerschool)(10) First lien senior secured loan SR + 3.00% 08/2025 4,872 4,799 4,867 2.0 %
Renaissance Learning, Inc.(10) First lien senior secured loan SR + 4.75% 05/2025 3,500 3,404 3,452 1.3 %
18,085 17,899 18,008 7.0 %
Energy equipment and services
AMG Advanced Metallurgical Group N.V(9) First lien senior secured loan SR + 3.50% 11/2028 $ 3,448 $ 3,423 $ 3,430 1.3 %
AZZ Inc.(9) First lien senior secured loan SR + 4.25% 05/2029 7,925 7,864 7,923 3.1 %
Pike Corp.(9) First lien senior secured loan SR + 3.00% 01/2028 9,800 9,624 9,749 3.8 %
Brookfield WEC Holdings Inc.(9) First lien senior secured loan SR + 3.75% 08/2025 3,474 3,453 3,473 1.3 %
24,647 24,364 24,575 9.5 %
Financial services
Acuris Finance US, Inc. (ION Analytics) (10) First lien senior secured loan SR + 4.00% 02/2028 $ 4,500 $ 4,406 $ 4,437 1.7 %
AllSpring Buyer(10) First lien senior secured loan SR + 3.75% 11/2028 4,963 4,903 4,938 1.9 %
Deerfield Dakota Holdings(10) First lien senior secured loan SR + 3.75% 04/2027 7,869 7,525 7,622 2.9 %
The Edelman Financial Engines Center, LLC(6) First lien senior secured loan L + 3.75% 04/2028 3,980 3,893 3,874 1.5 %
Focus Financial Partners, LLC(9) First lien senior secured loan SR + 3.25% 06/2028 4,963 4,884 4,918 1.9 %


OCIC SLF LLC’s Portfolio as of March 31, 2024 (Amounts in thousands) (Unaudited)
Company(1)(3)(4)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)		Fair Value		Percentage of Members’ Equity
Core & Main LP(6)(8)	First lien senior secured loan	SR +	2.25%	02/2031	6,082	6,053		6,067		1.7	%
CPG International LLC(5)	First lien senior secured loan	SR +	2.50%	04/2029	6,877	6,850		6,883		2.0	%
Cushman & Wakefield U.S. Borrower, LLC(5)(8)	First lien senior secured loan	SR +	4.00%	01/2030	8,978	8,821		8,978		2.6	%
Cushman & Wakefield U.S. Borrower, LLC(5)	First lien senior secured loan	SR +	2.75%	08/2025	183	181		182		0.1	%
Dodge Construction Network, LLC(6)(8)	First lien senior secured loan	SR +	4.75%	02/2029	5,207	4,495		4,218		1.2	%
EMRLD Borrower LP (dba Emerson Climate Technologies, Inc.)(5)	First lien senior secured loan	SR +	2.50%	05/2030	9,233	9,225		9,224		2.6	%
Greystar Real Estate Partners, LLC (dba Greystar)(6)(8)	First lien senior secured loan	SR +	3.25%	08/2030	7,963	7,866		7,863		2.2	%
GYP Holdings III Corp.(6)	First lien senior secured loan	SR +	2.25%	05/2030	1,995	1,986		1,994		0.6	%
Kodiak BP LLC(6)(8)	First lien senior secured loan	SR +	3.75%	03/2028	6,451	6,420		6,419		1.8	%
MIWD Holdco II LLC(6)	First lien senior secured loan	SR +	3.50%	03/2031	7,714	7,677		7,744		2.2	%
Quikrete Holdings, Inc.(6)	First lien senior secured loan	SR +	2.63%	02/2027	2,657	2,666		2,656		0.8	%
Quikrete Holdings, Inc.(6)(8)	First lien senior secured loan	SR +	2.50%	03/2031	4,398	4,387		4,387		1.2	%
Quikrete Holdings, Inc.(5)	First lien senior secured loan	SR +	2.75%	03/2029	1,985	1,985		1,985		0.6	%
RealPage, Inc.(5)	First lien senior secured loan	SR +	3.00%	04/2028	13,405	12,957		13,033		3.7	%
Wrench Group LLC(6)	First lien senior secured loan	SR +	4.00%	10/2028	11,660	11,645		11,689		3.3	%
						107,201		107,340		30.7	%
Business services
ASGN, Inc.(6)	First lien senior secured loan	SR +	1.75%	08/2030	995	$	993	$	995	0.3	%
Boxer Parent Company Inc. (f/k/a BMC)(5)	First lien senior secured loan	SR +	4.25%	12/2028	9,100	9,042		9,151		2.6	%
BrightView Landscapes, LLC(6)	First lien senior secured loan	SR +	3.00%	04/2029	6,519	6,369		6,519		1.9	%
Brown Group Holdings, LLC(6)	First lien senior secured loan	SR +	3.00%	07/2029	5,392	5,370		5,389		1.6	%
ConnectWise, LLC(6)	First lien senior secured loan	SR +	3.50%	09/2028	10,414	9,967		10,404		3.0	%
Conservice Midco, LLC(5)	First lien senior secured loan	SR +	4.00%	05/2027	998	998		1,000		0.3	%
IDEMIA Group SAS(6)(8)	First lien senior secured loan	SR +	4.25%	09/2028	4,990	4,983		5,002		1.4	%
MKS Instruments, Inc.(6)	First lien senior secured loan	SR +	2.50%	08/2029	2,955	2,950		2,954		0.8	%
Packers Holdings, LLC(5)	First lien senior secured loan	SR +	3.25%	03/2028	3,918	2,718		2,483		0.7	%
POLARIS PURCHASER, INC. (dba Plusgrade)(6)(8)	First lien senior secured loan	SR +	4.50%	03/2031	7,568	7,494		7,492		2.1	%
Sitel Worldwide Corp.(5)	First lien senior secured loan	SR +	3.75%	08/2028	6,921	6,830		5,916		1.7	%
Vestis Corp(6)	First lien senior secured loan	SR +	2.25%	02/2031	4,571	4,561		4,566		1.3	%
VM Consolidated, Inc.(6)	First lien senior secured loan	SR +	2.75%	03/2028	2,100	2,091		2,107		0.6	%
						64,366		63,978		18.3	%
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(5)(8)	First lien senior secured loan	SR +	4.75%	11/2027	7,451	$	7,256	$	7,434	2.1	%
Axalta Coating Systems US Holdings Inc.(6)	First lien senior secured loan	SR +	2.00%	12/2029	5,117	5,118		5,121		1.5	%
Blue Tree Holdings, Inc.(6)	First lien senior secured loan	SR +	2.50%	03/2028	3,954	3,923		3,938		1.1	%
Cyanco Intermediate 2 Corp.(5)	First lien senior secured loan	SR +	4.75%	07/2028	5,117	5,055		5,132		1.5	%
DCG Acquisition Corp.(5)	First lien senior secured loan	SR +	4.50%	09/2026	10,022	10,000		10,003		2.9	%
H.B. Fuller Company(6)	First lien senior secured loan	SR +	2.00%	02/2030	1,741	1,739		1,742		0.5	%
Ineos US Finance LLC(5)	First lien senior secured loan	SR +	3.75%	11/2027	2,970	2,888		2,971		0.8	%
Ineos US Finance LLC(5)	First lien senior secured loan	SR +	3.50%	02/2030	3,477	3,445		3,473		1.0	%
Ineos US Finance LLC(6)	First lien senior secured loan	SR +	3.75%	01/2031	4,000	3,963		4,003		1.1	%
Ineos US Petrochem LLC(5)	First lien senior secured loan	SR +	3.75%	03/2030	5,975	5,934		5,956		1.7	%
Nouryon Finance B.V.(5)	First lien senior secured loan	SR +	4.00%	04/2028	2,481	2,462		2,487		0.7	%
Nouryon Finance B.V.(6)	First lien senior secured loan	SR +	4.00%	10/2025	7,766	7,711		7,778		2.2	%

Windsor Holdings III LLC(6)	First lien senior secured loan	SR +	4.00%	08/2030	10,709	10,643		10,729		3.1	%
						70,137		70,767		20.2	%
Consumer products
HomeServe USA Holding Corp.(5)	First lien senior secured loan	SR +	3.00%	10/2030	5,500	$	5,464	$	5,513	1.6	%

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

Blue Owl Credit Income Senior Loan Fund's Portfolio as of June 30, 2023
($ in thousands)
(Unaudited)
Company(1)(2)(4) Investment Interest Maturity
Date Par /
Units Amortized
Cost(3) Fair
Value Percentage of Members’ Equity
Focus Financial Partners, LLC(10) First lien senior secured loan SR + 3.50% 06/2028 3,000 2,955 2,978 1.2 %
Guggenheim Partners Investment Management Holdings, LLC(10) First lien senior secured loan SR + 3.25% 12/2029 4,975 4,893 4,965 1.9 %
Harbourvest Partners, L.P.(10) First lien senior secured loan SR + 3.00% 04/2030 2,500 2,463 2,494 1.0 %
TMF Sapphire Bidco B.V.(10) First lien senior secured loan SR + 5.00% 05/2028 2,500 2,450 2,497 1.0 %
39,250 38,372 38,723 15.0 %
Food and beverage
Aramark Services, Inc.(9)(12) First lien senior secured loan SR + 2.50% 06/2030 $ 2,000 $ 1,980 $ 1,980 0.8 %
Nomad Foods Europe Midco Ltd.(11) First lien senior secured loan SR + 3.75% 11/2029 5,000 4,812 4,994 1.9 %
Pegasus BidCo B.V.(10)(12) First lien senior secured loan SR + 4.25% 07/2029 5,473 5,316 5,199 2.0 %
Shearer's Foods, LLC(9) First lien senior secured loan SR + 3.50% 09/2027 8,762 8,207 8,642 3.3 %
Simply Good Foods USA, Inc.(9) First lien senior secured loan SR + 2.50% 03/2027 4,097 4,068 4,079 1.6 %
Naked Juice LLC (dba Tropicana)(10) First lien senior secured loan SR + 3.25% 01/2029 10,520 9,679 9,766 3.8 %
35,852 34,062 34,660 13.4 %
Healthcare equipment and services
Confluent Medical Technologies, Inc.(10)(12) First lien senior secured loan SR + 3.75% 02/2029 $ 9,713 $ 9,583 $ 9,567 3.7 %
Dermatology Intermediate Holdings III, Inc.(10) First lien senior secured loan SR + 4.25% 03/2029 9,900 9,788 9,771 3.8 %
Dermatology Intermediate Holdings III, Inc.(10)(13) First lien senior secured delayed draw term loan SR + 4.25% 03/2029 1,781 1,771 1,757 0.7 %
Medline Borrower, LP(9) First lien senior secured loan SR + 3.25% 10/2028 8,285 7,773 8,184 3.2 %
Natus Medical Inc.(10)(12) First lien senior secured loan SR + 5.50% 07/2029 4,478 4,180 4,455 1.7 %
Zest Acquisition Corp.(9) First lien senior secured loan SR + 5.50% 02/2028 5,990 5,750 5,743 2.2 %
40,147 38,845 39,477 15.3 %
Healthcare providers and services
Covetrus, Inc.(10) First lien senior secured loan SR + 5.00% 10/2029 $ 9,476 $ 8,949 $ 8,805 3.4 %
LSCS Holdings, Inc.(6)(12) First lien senior secured loan L + 4.50% 12/2028 6,152 5,994 5,992 2.3 %
HAH Group Holding Company LLC (dba Help at Home)(10)(12) First lien senior secured loan SR + 5.00% 10/2027 998 998 973 0.4 %
MJH Healthcare Holdings, LLC(9)(12) First lien senior secured loan SR + 3.50% 01/2029 3,812 3,753 3,774 1.5 %
Phoenix Newco, Inc. (dba Parexel)(9) First lien senior secured loan SR + 3.25% 11/2028 7,406 7,155 7,340 2.8 %
Pediatric Associates Holding Company, LLC(9)(12) First lien senior secured loan SR + 4.50% 12/2028 2,000 1,921 1,990 0.8 %
Pediatric Associates Holding Company, LLC(9)(13) First lien senior secured delayed draw term loan SR + 3.25% 12/2028 222 218 216 0.1 %
Pediatric Associates Holding Company, LLC(9) First lien senior secured loan SR + 3.25% 12/2028 5,119 5,036 4,998 1.9 %
Physician Partners, LLC(10) First lien senior secured loan SR + 4.00% 12/2028 9,900 9,396 9,281 3.6 %
Premise Health Holding(10)(12) First lien senior secured loan SR + 4.75% 07/2025 3,218 3,188 3,193 1.2 %
48,303 46,608 46,562 18.0 %
Healthcare technology
Athenahealth Group Inc.(9) First lien senior secured loan SR + 3.50% 02/2029 $ 9,355 $ 8,641 $ 8,993 3.5 %
Athenahealth Group Inc.(9)(13) First lien senior secured delayed draw term loan SR + 3.50% 02/2029 — (104) (39) — %
Gainwell Acquisition Corp.(10) First lien senior secured loan SR + 4.00% 10/2027 4,980 4,887 4,899 1.9 %
GHX Ultimate Parent Corp.(10) First lien senior secured loan SR + 4.75% 06/2027 3,000 2,927 3,002 1.2 %
Imprivata, Inc.(9) First lien senior secured loan SR + 4.25% 12/2027 9,713 9,552 9,563 3.7 %
PointClickCare Technologies Inc.PointClickCare Technologies Inc(8) First lien senior secured loan L + 3.00% 12/2027 1,995 1,965 1,990 0.8 %
R1 RCM Inc.(9) First lien senior secured loan SR + 3.00% 06/2029 3,990 3,990 3,990 1.5 %
Bracket Intermediate Holding Corp.(10)(12) First lien senior secured loan SR + 5.00% 05/2028 5,667 5,500 5,553 2.1 %
Verscend Holding Corp.(9) First lien senior secured loan SR + 4.00% 08/2025 9,894 9,793 9,879 3.8 %
Zelis Cost Management Buyer, Inc.(6) First lien senior secured loan L + 3.50% 09/2026 4,477 4,473 4,470 1.7 %
53,071 51,624 52,300 20.2 %


OCIC SLF LLC’s Portfolio as of March 31, 2024 (Amounts in thousands) (Unaudited)
Company(1)(3)(4)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)		Fair Value		Percentage of Members’ Equity
Olaplex, Inc.(5)	First lien senior secured loan	SR +	3.50%	02/2029	5,207	4,892		4,818		1.4	%
						10,356		10,331		3.0	%
Containers and packaging
Berlin Packaging L.L.C.(5)	First lien senior secured loan	SR +	3.75%	03/2028	12,470	$	12,130	$	12,478	3.6	%
BW Holding, Inc.(6)	First lien senior secured loan	SR +	4.00%	12/2028	7,669	7,566		7,165		2.0	%
Charter NEX US, Inc.(5)	First lien senior secured loan	SR +	3.50%	12/2027	4,916	4,885		4,924		1.4	%
Plaze, Inc.(5)	First lien senior secured loan	SR +	3.75%	08/2026	6,842	6,681		6,722		1.9	%
Pregis Topco LLC(5)	First lien senior secured loan	SR +	3.75%	07/2026	5,984	5,965		5,990		1.7	%
ProAmpac PG Borrower LLC(6)	First lien senior secured loan	SR +	4.50%	11/2028	12,222	12,150		12,228		3.5	%
Ring Container Technologies Group, LLC(5)	First lien senior secured loan	SR +	3.50%	08/2028	9,639	9,498		9,655		2.8	%
SupplyOne, Inc.(6)(8)	First lien senior secured loan	SR +	4.25%	04/2031	7,357	7,284		7,320		2.1	%
Tricorbraun Holdings, Inc.(5)	First lien senior secured loan	SR +	3.25%	03/2028	14,103	13,724		13,927		4.0	%
						79,883		80,409		23.0	%
Distribution
Aramsco, Inc.(6)	First lien senior secured loan	SR +	4.75%	10/2030	8,515	$	8,350	$	8,529	2.4	%
Aramsco, Inc.(6)(9)	First lien senior secured delayed draw term loan	SR +	4.75%	10/2030	—	—		—		—	%
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(5)	First lien senior secured loan	SR +	4.00%	01/2027	9,765	9,738		9,769		2.8	%
Dealer Tire Financial, LLC(5)(8)	First lien senior secured loan	SR +	3.75%	12/2027	5,905	5,884		5,934		1.7	%
Foundation Building Materials, Inc.(6)	First lien senior secured loan	SR +	4.00%	11/2028	8,523	8,439		8,552		2.5	%
SRS Distribution, Inc.(5)	First lien senior secured loan	SR +	3.50%	06/2028	11,500	10,950		11,570		3.3	%
White Cap Supply Holdings, LLC(5)	First lien senior secured loan	SR +	3.75%	10/2027	13,269	12,898		13,304		3.8	%
						56,259		57,658		16.5	%
Education
Renaissance Learning, Inc.(5)	First lien senior secured loan	SR +	4.25%	04/2030	11,459	$	11,380	$	11,474	3.3	%
Severin Acquisition, LLC (dba Powerschool)(6)	First lien senior secured loan	SR +	3.00%	08/2025	8,438	8,361		8,450		2.4	%
Sophia, L.P.(5)	First lien senior secured loan	SR +	3.50%	10/2029	12,664	12,540		12,712		3.6	%
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(6)	First lien senior secured loan	SR +	4.50%	10/2030	8,641	8,611		8,671		2.5	%
						40,892		41,307		11.8	%
Energy equipment and services
AMG Advanced Metallurgical Group N.V(5)	First lien senior secured loan	SR +	3.50%	11/2028	3,421	$	3,409	$	3,402	1.0	%
AZZ Inc.(5)	First lien senior secured loan	SR +	3.25%	05/2029	10,131	10,094		10,167		2.9	%
Brookfield WEC Holdings Inc.(6)	First lien senior secured loan	SR +	2.75%	01/2031	11,690	11,640		11,673		3.3	%
Calpine Construction Finance Company(5)	First lien senior secured loan	SR +	2.25%	07/2030	995	989		994		0.3	%
Calpine Corporation(6)	First lien senior secured loan	SR +	2.00%	01/2031	5,123	5,105		5,090		1.5	%
Pike Corp.(5)	First lien senior secured loan	SR +	3.00%	01/2028	5,300	5,219		5,314		1.5	%
Rockwood Service Corp.(5)	First lien senior secured loan	SR +	4.25%	01/2027	6,449	6,436		6,463		1.8	%
						42,892		43,103		12.3	%
Financial services
Acuris Finance US, Inc. (ION Analytics) (6)	First lien senior secured loan	SR +	4.00%	02/2028	6,847	$	6,747	$	6,832	2.0	%
AllSpring Buyer(6)	First lien senior secured loan	SR +	3.75%	11/2028	7,917	7,880		7,905		2.3	%
Ascensus Holdings, Inc.(5)	First lien senior secured loan	SR +	3.50%	08/2028	2,992	2,971		2,977		0.9	%
Boost Newco Borrower, LLC (dba WorldPay)(6)	First lien senior secured loan	SR +	3.00%	01/2031	12,000	11,946		12,032		3.4	%
Citadel Securities, LP(6)	First lien senior secured loan	SR +	2.25%	07/2030	9,944	9,919		9,931		2.8	%
Citco Funding LLC(6)	First lien senior secured loan	SR +	3.25%	04/2028	6,219	6,191		6,224		1.8	%
Deerfield Dakota Holdings(6)	First lien senior secured loan	SR +	3.75%	04/2027	9,801	9,500		9,748		2.8	%
Focus Financial Partners, LLC(6)	First lien senior secured loan	SR +	2.75%	06/2028	7,910	7,781		7,881		2.3	%
Guggenheim Partners Investment Management Holdings, LLC(6)	First lien senior secured loan	SR +	3.25%	12/2029	4,938	4,863		4,953		1.4	%
Harbourvest Partners, L.P.(6)(8)	First lien senior secured loan	SR +	2.50%	04/2030	2,494	2,473		2,494		0.6	%

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

Blue Owl Credit Income Senior Loan Fund's Portfolio as of June 30, 2023
($ in thousands)
(Unaudited)
Company(1)(2)(4) Investment Interest Maturity
Date Par /
Units Amortized
Cost(3) Fair
Value Percentage of Members’ Equity
Household products
Samsonite International S.A.(9) First lien senior secured loan SR + 2.75% 06/2030 $ 2,000 $ 1,990 $ 2,004 0.8 %
2,000 1,990 2,004 0.8 %
Infrastructure and environmental services
Asplundh Tree Expert, LLC(9) First lien senior secured loan SR + 1.75% 09/2027 $ 997 $ 993 $ 994 0.4 %
Osmose Utilities Services, Inc.(9) First lien senior secured loan SR + 3.25% 06/2028 9,713 9,058 9,504 3.6 %
USIC Holdings, Inc.(6) First lien senior secured loan L + 3.50% 05/2028 2,962 2,828 2,799 1.1 %
13,672 12,879 13,297 5.1 %
Insurance
Acrisure, LLC(10) First lien senior secured loan SR + 5.75% 02/2027 $ 7,463 $ 7,181 $ 7,481 2.9 %
AssuredPartners, Inc.(9) First lien senior secured loan SR + 4.25% 02/2027 4,963 4,808 4,947 1.9 %
Broadstreet Partners, Inc.(10) First lien senior secured loan SR + 2.75% 01/2027 4,155 4,107 4,095 1.6 %
Broadstreet Partners, Inc.(9) First lien senior secured loan SR + 4.00% 01/2029 3,000 2,963 2,978 1.2 %
Hub International(9) First lien senior secured loan SR + 4.25% 04/2025 8,000 7,920 8,014 3.1 %
Howden Group Holdings Ltd. (dba HIG Finance 2 Ltd. / Preatorian)(9) First lien senior secured loan SR + 4.00% 04/2030 3,990 3,833 3,975 1.5 %
IMA Financial Group, Inc.(9)(12) First lien senior secured loan SR + 4.25% 11/2028 3,500 3,413 3,413 1.3 %
35,071 34,225 34,903 13.5 %
Internet software and services
Barracuda Parent, LLC(10) First lien senior secured loan SR + 4.50% 08/2029 $ 10,547 $ 10,120 $ 10,160 3.9 %
Boxer Parent Company Inc.(9) First lien senior secured loan SR + 3.75% 10/2025 1,988 1,968 1,970 0.8 %
Central Parent, Inc.(10) First lien senior secured loan SR + 4.25% 07/2029 10,547 10,331 10,510 4.1 %
DCert Buyer, Inc.(10) First lien senior secured loan SR + 4.00% 10/2026 4,982 4,955 4,931 1.9 %
E2open, LLC(9) First lien senior secured loan SR + 3.50% 02/2028 6,841 6,732 6,801 2.7 %
Hyland Software, Inc.(6) First lien senior secured loan L + 3.50% 07/2024 9,896 9,752 9,807 3.8 %
Idera, Inc.(9) First lien senior secured loan SR + 3.75% 03/2028 5,980 5,814 5,813 2.2 %
Infinite Bidco LLC(10)(12) First lien senior secured loan SR + 3.25% 03/2028 2,985 2,886 2,881 1.1 %
Delta TopCo, Inc. (dba Infoblox, Inc.)(11) First lien senior secured loan SR + 3.75% 12/2027 10,519 9,693 10,163 3.9 %
McAfee Corp.(9) First lien senior secured loan SR + 3.75% 03/2029 2,985 2,858 2,849 1.1 %
Perforce Software, Inc.(6) First lien senior secured loan L + 3.75% 07/2026 2,985 2,839 2,818 1.1 %
Quartz Acquireco, LLC (dba Qualtrics AcquireCo, LLC)(9)(12) First lien senior secured loan SR + 3.50% 04/2030 4,000 3,960 3,960 1.5 %
Rocket Software, Inc.(9) First lien senior secured loan SR + 4.25% 11/2025 5,600 5,514 5,535 2.2 %
SONICWALL US Holdings Inc.(10) First lien senior secured loan SR + 3.75% 05/2025 4,195 4,141 4,135 1.6 %
Sophos Holdings, LLC(9) First lien senior secured loan SR + 3.50% 03/2027 10,492 10,294 10,399 4.0 %
UST Holdings, Ltd.(9)(12) First lien senior secured loan SR + 3.50% 11/2028 7,078 7,053 6,954 2.7 %
VS Buyer LLC(9) First lien senior secured loan SR + 3.25% 02/2027 2,985 2,985 2,940 1.1 %
104,605 101,895 102,626 39.7 %
Leisure and entertainment
Delta 2 (Lux) SARL (dba Formula One)(9) First lien senior secured loan SR + 3.00% 01/2030 $ 3,000 $ 2,972 $ 2,999 1.2 %
3,000 2,972 2,999 1.2 %
Manufacturing
Altar Bidco, Inc.(11) First lien senior secured loan SR + 3.10% 02/2029 $ 4,739 $ 4,538 $ 4,659 1.8 %
Columbus McKinnon Corp.(10) First lien senior secured loan SR + 2.75% 05/2028 491 487 489 0.2 %
EMRLD Borrower LP (dba Emerson Climate Technologies, Inc.)(10) First lien senior secured loan SR + 3.00% 05/2030 10,018 9,919 10,009 3.9 %
Engineered Machinery Holdings, Inc. (dba Duravant)(7) First lien senior secured loan L + 3.50% 05/2028 4,975 4,941 4,871 1.9 %
DXP Enterprises, Inc.(11) First lien senior secured loan SR + 5.25% 12/2027 6,952 6,657 6,966 2.8 %
Entegris, Inc.(9) First lien senior secured loan SR + 2.75% 07/2029 2,384 2,384 2,385 0.9 %
Filtration Group Corp.(9) First lien senior secured loan SR + 4.25% 10/2028 3,990 3,950 3,985 1.5 %
Gates Global LLC(9) First lien senior secured loan SR + 3.50% 11/2029 1,985 1,929 1,983 0.8 %
Pro Mach Group, Inc.(6) First lien senior secured loan L + 4.00% 08/2028 10,493 10,250 10,459 4.0 %


OCIC SLF LLC’s Portfolio as of March 31, 2024 (Amounts in thousands) (Unaudited)
Company(1)(3)(4)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)		Fair Value		Percentage of Members’ Equity
Jane Street Group, LLC(6)	First lien senior secured loan	SR +	2.50%	01/2028	4,471	4,456		4,472		1.3	%
Janus International Group, LLC(6)	First lien senior secured loan	SR +	3.25%	08/2030	4,975	4,948		4,989		1.4	%
Kestra Advisor Services Holdings A Inc(6)	First lien senior secured loan	SR +	4.00%	03/2031	6,571	6,556		6,583		1.9	%
MARINER WEALTH ADVISORS, LLC(6)(8)	First lien senior secured loan	SR +	3.25%	08/2028	1,578	1,578		1,578		0.5	%
OneDigital Borrower LLC(5)	First lien senior secured loan	SR +	4.25%	11/2027	5,896	5,900		5,889		1.7	%
Saphilux S.a.r.L (dba IQ EQ)(6)(8)	First lien senior secured loan	SR +	4.00%	07/2028	10,474	10,366		10,500		3.0	%
Teneo Holdings LLC(5)	First lien senior secured loan	SR +	4.75%	03/2031	12,875	12,746		12,892		3.7	%
TMF Sapphire Bidco B.V.(6)	First lien senior secured loan	SR +	4.00%	05/2028	2,494	2,454		2,498		0.7	%
USI, Inc.(6)	First lien senior secured loan	SR +	3.25%	09/2030	3,295	3,288		3,296		0.9	%
						122,563		123,674		35.4	%
Food and beverage
1011778 BC / NEW RED FIN (dba Restaurant Brands)(5)	First lien senior secured loan	SR +	2.25%	09/2030	2,993	$	2,980	$	2,990	0.9	%
AI Aqua Merger Sub, Inc. (dba Culligan International)(5)	First lien senior secured loan	SR +	3.75%	07/2028	4,565	4,552		4,570		1.3	%
AI Aqua Merger Sub, Inc. (dba Culligan International)(6)(9)(10)	First lien senior secured delayed draw term loan	SR +	4.25%	07/2028	7,179	6,953		7,188		2.1	%
Aramark Services, Inc.(6)	First lien senior secured loan	SR +	2.00%	06/2030	1,985	1,970		1,984		0.6	%
Aspire Bakeries Holdings, LLC(5)	First lien senior secured loan	SR +	4.25%	12/2030	5,000	4,952		5,009		1.4	%
Balrog Acquisition, Inc. (dba Bakemark)(5)	First lien senior secured loan	SR +	4.00%	09/2028	10,846	10,735		10,824		3.1	%
Fiesta Purchaser, Inc. (dba Shearer's Foods)(5)	First lien senior secured loan	SR +	4.00%	02/2031	8,498	8,426		8,507		2.4	%
IRB Holding Corp (dba Inspire Brands, Inc.)(6)	First lien senior secured loan	SR +	2.75%	12/2027	1,723	1,724		1,723		0.5	%
Pegasus BidCo B.V.(6)(8)	First lien senior secured loan	SR +	3.75%	07/2029	12,409	11,988		12,409		3.5	%
Simply Good Foods USA, Inc.(5)	First lien senior secured loan	SR +	2.50%	03/2027	2,857	2,839		2,851		0.8	%
Utz Quality Foods, LLC(6)	First lien senior secured loan	SR +	3.00%	01/2028	2,105	2,106		2,108		0.6	%
Whatabrands LLC (dba Whataburger Restaurants LLC)(6)	First lien senior secured loan	SR +	3.25%	08/2028	1,995	1,991		1,995		0.6	%
						61,216		62,158		17.8	%
Healthcare equipment and services
Confluent Medical Technologies, Inc.(6)(8)	First lien senior secured loan	SR +	3.75%	02/2029	9,664	$	9,547	$	9,664	2.8	%
Curium BidCo S.A.R.L (dba Curium Pharma)(6)(8)	First lien senior secured loan	SR +	4.50%	07/2029	8,027	8,022		8,027		2.2	%
Dermatology Intermediate Holdings III, Inc.(6)	First lien senior secured loan	SR +	4.25%	03/2029	13,881	13,730		13,541		3.9	%
Medline Borrower, LP(5)	First lien senior secured loan	SR +	3.00%	10/2028	3,878	3,473		3,887		1.1	%
Natus Medical, Inc.(6)(8)	First lien senior secured loan	SR +	5.50%	07/2029	4,444	4,174		4,155		1.2	%
Nexstar Broadcasting, Inc.(5)	First lien senior secured loan	SR +	2.50%	09/2026	4,300	4,302		4,299		1.2	%
Resonetics, LLC(6)	First lien senior secured loan	SR +	4.00%	04/2028	8,571	8,504		8,571		2.5	%
Zest Acquisition Corp.(5)(8)	First lien senior secured loan	SR +	5.50%	02/2028	9,415	9,169		9,344		2.7	%
						60,921		61,488		17.6	%
Healthcare providers and services
Covetrus, Inc.(6)	First lien senior secured loan	SR +	5.00%	10/2029	9,405	$	8,925	$	9,409	2.7	%
HAH Group Holding Company LLC (dba Help at Home)(5)(8)	First lien senior secured loan	SR +	5.00%	10/2027	3,790	3,762		3,790		1.1	%
HAH Group Holding Company LLC (dba Help at Home)(5)(8)	First lien senior secured loan	SR +	5.00%	10/2027	7,450	7,425		7,413		2.1	%
Inception Finco S.à.r.l (dba IVI RMA)(6)	First lien senior secured loan	SR +	4.50%	03/2031	5,571	5,545		5,565		1.6	%
Inizio Group Limited (dba UDG Healthcare)(6)	First lien senior secured loan	SR +	4.25%	08/2028	4,731	4,691		4,719		1.3	%
LSCS Holdings, Inc.(5)	First lien senior secured loan	SR +	4.50%	12/2028	9,829	9,655		9,657		2.8	%
Pacific Dental Services, LLC(6)(8)	First lien senior secured loan	SR +	3.25%	03/2031	7,786	7,767		7,766		2.2	%
Pediatric Associates Holding Company, LLC(5)(8)	First lien senior secured loan	SR +	4.50%	12/2028	3,013	2,871		2,742		0.8	%
Pediatric Associates Holding Company, LLC(5)(8)	First lien senior secured loan	SR +	3.25%	12/2028	7,858	7,508		6,935		2.0	%

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)


OCIC SLF LLC’s Portfolio as of March 31, 2024 (Amounts in thousands) (Unaudited)
Company(1)(3)(4)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)		Fair Value		Percentage of Members’ Equity
Phoenix Guarantor Inc(6)	First lien senior secured loan	SR +	3.25%	02/2031	14,672	14,529		14,473		4.1	%
Phoenix Newco, Inc. (dba Parexel)(5)	First lien senior secured loan	SR +	3.25%	11/2028	7,350	7,147		7,364		2.1	%
Physician Partners, LLC(6)	First lien senior secured loan	SR +	4.00%	12/2028	11,819	11,289		8,762		2.5	%
Select Medical Corp.(5)	First lien senior secured loan	SR +	3.00%	03/2027	2,872	2,860		2,874		0.8	%
Surgery Center Holdings, Inc.(5)	First lien senior secured loan	SR +	3.50%	12/2030	3,416	3,397		3,430		1.0	%
Team Services Group, LLC(7)	First lien senior secured loan	SR +	5.00%	12/2027	6,227	6,197		6,212		1.8	%
						103,568		101,111		28.9	%
Healthcare technology
Bracket Intermediate Holding Corp.(6)	First lien senior secured loan	SR +	5.00%	05/2028	9,811	$	9,678	$	9,825	2.8	%
Cotiviti, Inc.(6)	First lien senior secured loan	SR +	3.25%	03/2031	7,333	7,298		7,321		2.1	%
Ensemble RCM, LLC(6)	First lien senior secured loan	SR +	3.00%	08/2029	6,649	6,619		6,661		1.9	%
Gainwell Acquisition Corp.(6)	First lien senior secured loan	SR +	4.00%	10/2027	2,305	2,251		2,201		0.6	%
GHX Ultimate Parent Corporation (dba Global Healthcare Exchange)(6)(8)	First lien senior secured loan	SR +	4.00%	06/2027	5,970	5,924		6,000		1.8	%
Imprivata, Inc.(6)(8)	First lien senior secured loan	SR +	4.25%	12/2027	9,640	9,497		9,645		2.8	%
Imprivata, Inc.(6)(8)	First lien senior secured loan	SR +	3.50%	12/2027	8,875	8,875		8,875		2.5	%
IQVIA, Inc.(6)	First lien senior secured loan	SR +	2.00%	01/2031	2,106	2,107		2,114		0.6	%
PointClickCare Technologies Inc.(6)	First lien senior secured loan	SR +	3.00%	12/2027	1,980	1,955		1,982		0.6	%
Project Ruby Ultimate Parent Corp. (dba Wellsky)(5)	First lien senior secured loan	SR +	3.50%	03/2028	7,459	7,427		7,445		2.1	%
R1 RCM Inc.(5)	First lien senior secured loan	SR +	3.00%	06/2029	6,770	6,714		6,785		1.9	%
Waystar Technologies, Inc. (F/K/A Navicure, Inc.)(5)	First lien senior secured loan	SR +	4.00%	10/2029	3,486	3,485		3,492		1.0	%
Zelis Cost Management Buyer, Inc.(5)	First lien senior secured loan	SR +	2.75%	09/2029	12,403	12,354		12,395		3.5	%
						84,184		84,741		24.2	%
Household products
Samsonite International S.A.(5)	First lien senior secured loan	SR +	2.75%	06/2030	1,985	$	1,976	$	1,989	0.6	%
						1,976		1,989		0.6	%
Human resource support services
AQ Carver Buyer, Inc. (dba CoAdvantage)(6)	First lien senior secured loan	SR +	5.50%	08/2029	7,560	$	7,515	$	7,568	2.2	%
iSolved, Inc.(5)	First lien senior secured loan	SR +	4.00%	10/2030	6,234	6,175		6,262		1.8	%
UKG Inc.(6)	First lien senior secured loan	SR +	3.50%	02/2031	9,540	9,532		9,586		2.7	%
						23,222		23,416		6.7	%
Infrastructure and environmental services
Madison IAQ, LLC(5)	First lien senior secured loan	SR +	3.25%	06/2028	5,604	$	5,523	$	5,592	1.6	%
Osmose Utilities Services, Inc.(5)	First lien senior secured loan	SR +	3.25%	06/2028	7,014	6,616		6,909		2.0	%
						12,139		12,501		3.6	%
Insurance
Acrisure, LLC(5)	First lien senior secured loan	SR +	4.25%	02/2027	1,995	$	2,006	$	1,997	0.6	%
Acrisure, LLC(5)	First lien senior secured loan	SR +	4.50%	12/2030	9,199	8,865		9,222		2.7	%
AssuredPartners, Inc.(5)	First lien senior secured loan	SR +	3.50%	02/2031	11,679	11,534		11,686		3.3	%
Broadstreet Partners, Inc.(5)	First lien senior secured loan	SR +	3.75%	01/2029	7,474	7,441		7,489		2.1	%
Hub International(6)	First lien senior secured loan	SR +	3.25%	06/2030	6,990	6,995		6,991		2.0	%
Hyperion Refinance S.a.r.l (dba Howden Group)(5)	First lien senior secured loan	SR +	4.00%	04/2030	3,960	3,817		3,972		1.1	%
Hyperion Refinance S.a.r.l (dba Howden Group)(5)	First lien senior secured loan	SR +	3.50%	02/2031	10,224	10,175		10,225		2.9	%
IMA Financial Group, Inc.(5)	First lien senior secured loan	SR +	3.75%	11/2028	5,691	5,672		5,696		1.6	%

Truist Insurance Holdings, LLC(6)	First lien senior secured loan	SR +	3.25%	03/2031	7,357	7,339		7,345		2.2	%
						63,844		64,623		18.5	%
Internet software and services
Applied Systems, Inc.(6)	First lien senior secured loan	SR +	3.50%	02/2031	3,000	$	2,997	$	3,017	0.9	%
Barracuda Parent, LLC(6)	First lien senior secured loan	SR +	4.50%	08/2029	10,468	10,107		10,397		3.0	%

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)


OCIC SLF LLC’s Portfolio as of March 31, 2024 (Amounts in thousands) (Unaudited)
Company(1)(3)(4)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)		Fair Value		Percentage of Members’ Equity
Cloud Software Group, Inc.(6)(8)	First lien senior secured loan	SR +	4.50%	03/2031	8,211	8,150		8,169		2.3	%
Cloud Software Group, Inc.(6)	First lien senior secured loan	SR +	4.50%	03/2029	4,975	4,761		4,948		1.4	%
Dayforce Inc(6)(8)	First lien senior secured loan	SR +	2.50%	03/2031	7,685	7,667		7,665		2.2	%
Delta TopCo, Inc. (dba Infoblox, Inc.)(7)	First lien senior secured loan	SR +	3.75%	12/2027	12,338	11,694		12,344		3.5	%
E2open, LLC(5)	First lien senior secured loan	SR +	3.50%	02/2028	8,318	8,225		8,317		2.4	%
Idera, Inc.(6)	First lien senior secured loan	SR +	3.75%	03/2028	9,258	9,103		9,208		2.6	%
Infinite Bidco LLC(6)	First lien senior secured loan	SR +	3.75%	03/2028	5,056	4,921		4,976		1.3	%
McAfee Corp.(5)	First lien senior secured loan	SR +	3.75%	03/2029	6,246	6,015		6,239		1.8	%
MeridianLink, Inc.(6)	First lien senior secured loan	SR +	3.00%	11/2028	4,819	4,803		4,814		1.4	%
Mitnick Corporate Purchaser, Inc.(6)	First lien senior secured loan	SR +	4.50%	05/2029	7,862	7,420		7,508		2.1	%
Perforce Software, Inc.(5)	First lien senior secured loan	SR +	3.75%	07/2026	4,951	4,771		4,896		1.4	%
Project Alpha Intermediate Holding, Inc. (dba Qlik)(6)	First lien senior secured loan	SR +	4.75%	10/2030	10,000	9,856		10,047		2.9	%
Project Sky Merger Sub, Inc.(6)	First lien senior secured loan	SR +	3.75%	10/2028	4,494	4,470		4,471		1.3	%
Proofpoint, Inc.(5)	First lien senior secured loan	SR +	3.25%	08/2028	15,003	15,003		15,003		4.3	%
Quartz Acquireco, LLC (dba Qualtrics)(6)	First lien senior secured loan	SR +	3.50%	06/2030	7,010	6,971		7,019		2.0	%
SONICWALL US Holdings, Inc.(6)	First lien senior secured loan	SR +	5.00%	05/2028	9,000	8,714		8,922		2.7	%
Sophos Holdings, LLC(5)	First lien senior secured loan	SR +	3.50%	03/2027	10,411	10,265		10,424		3.0	%
The Dun & Bradstreet Corporation(5)	First lien senior secured loan	SR +	2.75%	01/2029	4,427	4,428		4,426		1.3	%
UST Holdings, Ltd.(5)	First lien senior secured loan	SR +	3.50%	11/2028	8,516	8,496		8,469		2.4	%
Vertiv Group Corp.(5)	First lien senior secured loan	SR +	2.50%	03/2027	517	518		518		0.1	%
VS Buyer LLC(6)	First lien senior secured loan	SR +	3.25%	02/2027	2,961	2,961		2,960		0.8	%
Webpros Luxembourg Sarl(6)(8)	First lien senior secured loan	SR +	4.00%	03/2031	6,857	6,840		6,840		2.0	%
						169,156		171,597		49.1	%
Investment funds and vehicle
Finco I, LLC(6)	First lien senior secured loan	SR +	3.00%	06/2029	4,970	$	4,966	$	4,975	1.4	%
First Eagle Investments Management LLC(6)	First lien senior secured loan	SR +	3.00%	02/2029	6,554	6,457		6,480		1.9	%
						11,423		11,455		3.3	%
Leisure and entertainment
Delta 2 (Lux) SARL (dba Formula One)(6)	First lien senior secured loan	SR +	2.25%	01/2030	1,500	$	1,497	$	1,500	0.4	%
						1,497		1,500		0.4	%
Manufacturing
Altar Bidco, Inc.(7)	First lien senior secured loan	SR +	3.10%	02/2029	4,703	$	4,526	$	4,694	1.3	%
Chariot Buyer LLC (dba Chamberlain Group)(5)	First lien senior secured loan	SR +	3.75%	11/2028	6,000	5,977		6,008		1.7	%
Columbus McKinnon Corp.(6)(8)	First lien senior secured loan	SR +	2.50%	05/2028	444	442		445		0.1	%
DXP Enterprises, Inc.(7)	First lien senior secured loan	SR +	4.75%	10/2030	10,382	10,228		10,375		3.1	%
Engineered Machinery Holdings, Inc. (dba Duravant)(6)	First lien senior secured loan	SR +	3.75%	05/2028	11,508	11,431		11,460		3.3	%
Entegris, Inc.(5)	First lien senior secured loan	SR +	2.50%	07/2029	1,592	1,593		1,592		0.5	%
Filtration Group Corporation(5)	First lien senior secured loan	SR +	4.25%	10/2028	7,950	7,932		7,969		2.3	%
Gates Global LLC(5)	First lien senior secured loan	SR +	3.00%	11/2029	1,980	1,955		1,985		0.6	%
Pro Mach Group, Inc.(5)	First lien senior secured loan	SR +	3.75%	08/2028	14,420	14,046		14,464		4.1	%
Refficiency Holdings, LLC (dba Legence)(5)	First lien senior secured loan	SR +	3.50%	12/2027	8,552	8,521		8,550		2.4	%
STS Operating, Inc.(6)	First lien senior secured loan	SR +	4.00%	03/2031	9,571	9,525		9,590		2.7	%
Summit Materials, LLC(6)	First lien senior secured loan	SR +	2.50%	01/2029	4,339	4,329		4,358		1.2	%
Watlow Electric Manufacturing Company(6)	First lien senior secured loan	SR +	3.75%	03/2028	10,357	10,243		10,371		3.0	%
Zekelman Industries Inc. (dba Zekelman Industries)(6)	First lien senior secured loan	SR +	2.25%	01/2031	9,217	9,194		9,218		2.6	%
						99,942		101,079		28.9	%
Pharmaceuticals
Fortrea Holdings Inc.(5)	First lien senior secured loan	SR +	3.75%	07/2030	5,386	$	5,368	$	5,399	1.5	%
						5,368		5,399		1.5	%

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)


OCIC SLF LLC’s Portfolio as of March 31, 2024 (Amounts in thousands) (Unaudited)
Company(1)(3)(4)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)		Fair Value		Percentage of Members’ Equity
Professional services
Apex Group Treasury, LLC(6)	First lien senior secured loan	SR +	3.75%	07/2028	4,875	$	4,724	$	4,865	1.4	%
Apex Group Treasury, LLC(6)(8)	First lien senior secured loan	SR +	5.00%	07/2028	7,213	7,004		7,213		2.1	%
Arsenal AIC Parent, LLC (dba Arconic)(6)	First lien senior secured loan	SR +	3.75%	08/2030	7,220	7,192		7,237		2.0	%
Camelot U.S. Acquisition 1 Co.(6)	First lien senior secured loan	SR +	2.75%	01/2031	7,180	7,165		7,175		2.1	%
Corporation Service Company(5)	First lien senior secured loan	SR +	2.75%	11/2029	1,656	1,653		1,658		0.5	%
Element Solutions, Inc.(6)	First lien senior secured loan	SR +	2.00%	12/2030	1,995	1,992		1,995		0.6	%
Genuine Financial Holdings, LLC(5)	First lien senior secured loan	SR +	4.00%	09/2030	9,197	9,105		9,123		2.6	%
Omnia Partners, LLC(6)	First lien senior secured loan	SR +	4.25%	07/2030	9,191	9,180		9,226		2.5	%
Red Ventures, LLC(6)	First lien senior secured loan	SR +	3.00%	03/2030	2,327	2,306		2,315		0.7	%
Skopima Merger Sub Inc.(5)	First lien senior secured loan	SR +	4.00%	05/2028	5,702	5,475		5,672		1.6	%
Sovos Compliance, LLC(5)	First lien senior secured loan	SR +	4.50%	08/2028	13,406	13,079		13,271		3.8	%
Thevelia (US) LLC (dba Tricor)(6)	First lien senior secured loan	SR +	3.75%	06/2029	2,993	2,993		2,994		0.9	%
Vistage Worldwide, Inc.(6)	First lien senior secured loan	SR +	4.75%	07/2029	9,751	9,616		9,727		2.8	%
						81,484		82,471		23.6	%
Telecommunications
Cable One, Inc.(5)	First lien senior secured loan	SR +	2.00%	05/2028	4,767	$	4,755	$	4,718	1.3	%
Ciena Corp.(5)	First lien senior secured loan	SR +	2.00%	10/2030	2,988	2,981		2,991		0.9	%
Cogeco Communications (USA) II L.P.(5)	First lien senior secured loan	SR +	2.50%	09/2028	4,458	4,412		4,341		1.2	%
Zayo Group Holdings, Inc.(5)	First lien senior secured loan	SR +	4.33%	03/2027	9,800	8,036		8,733		2.5	%
						20,184		20,783		5.9	%
Transportation
Echo Global Logistics, Inc.(5)	First lien senior secured loan	SR +	3.50%	11/2028	3,629	$	3,575	$	3,571	1.0	%
KKR Apple Bidco, LLC(6)	First lien senior secured loan	SR +	3.50%	09/2028	2,192	2,189		2,197		0.6	%
Uber Technologies, Inc.(6)	First lien senior secured loan	SR +	2.75%	03/2030	1,577	1,573		1,583		0.5	%
						7,337		7,351		2.1	%

Total Debt Investments						$	1,483,924	$	1,494,749	427.5	%
Total Investments						$	1,483,924	$	1,494,749	427.5	%

________________

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

2.(1)Unless otherwise indicated, OCIC SLF’s investments are pledged as collateral supporting the amounts outstanding under OCIC ~~SLF's SPV Asset~~SLF’s Debt Facilities.

3.(2)The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

4.(3)Unless otherwise indicated, all investments are considered Level 2 investments.

5.(4)Unless otherwise indicated, loan contains a variable rate structure, which may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to ~~either the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three- or six-month LIBOR),~~ Secured Overnight Financing Rate (“SOFR” or “SR”) (which can include one-, three-, six- or twelve-month SOFR) ~~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.(5)The interest rate on these loans is subject to 1 month ~~LIBOR,~~SOFR, which as of ~~June 30, 2023~~March 31, 2024 was ~~5.22%~~5.33%.

7.(6)The interest rate on these loans is subject to 3 month ~~LIBOR,~~SOFR, which as of ~~June 30, 2023~~March 31, 2024 was ~~5.55%~~5.30%.

8.(7)The interest rate on these loans is subject to 6 month ~~LIBOR,~~SOFR, which as of ~~June 30, 2023~~March 31, 2024 was ~~5.76%~~5.22%.

(8)Level 3 investment.

(9)Position or portion thereof is an unfunded loan commitment.

(10)The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

9.~~The interest rate on these loans is subject to 1 month SOFR, which as of June 30, 2023 was 5.14%.~~


Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2023 (Amounts in thousands)
Company(1)(3)(4)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)		Fair Value		Percentage of Members’ Equity
Debt Investments
Aerospace and defense
American Airlines, Inc.(7)	First lien senior secured loan	SR +	2.75%	02/2028	1,980	$	1,947	$	1,976	0.7	%
Avolon TLB Borrower 1 (US) LLC(5)	First lien senior secured loan	SR +	2.50%	06/2028	9,490	9,413		9,505		3.1	%
Barnes Group, Inc.(5)	First lien senior secured loan	SR +	3.00%	09/2030	6,484	6,437		6,497		2.1	%
Bleriot US Bidco, Inc.(6)	First lien senior secured loan	SR +	4.00%	10/2028	5,927	5,847		5,946		2.0	%
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(5)	First lien senior secured loan	SR +	4.00%	08/2028	1,809	1,797		1,813		0.6	%
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(5)	First lien senior secured loan	SR +	4.00%	04/2026	4,221	4,194		4,229		1.4	%
Peraton Corp.(5)	First lien senior secured loan	SR +	3.75%	02/2028	12,458	12,219		12,474		4.0	%
Transdigm Inc.(6)	First lien senior secured loan	SR +	3.25%	02/2031	5,000	4,988		5,019		1.7	%
Transdigm, Inc.(6)	First lien senior secured loan	SR +	3.25%	08/2028	2,973	2,967		2,984		1.0	%
Transdigm, Inc.(6)	First lien senior secured loan	SR +	3.25%	02/2027	2,970	2,923		2,980		1.0	%
Vertex Aerospace Services Corp. (dba V2X)(5)	First lien senior secured loan	SR +	3.25%	12/2028	2,993	2,989		2,994		1.0	%
						55,721		56,417		18.6	%
Automotive
Belron Finance US LLC(6)	First lien senior secured loan	SR +	2.50%	04/2029	2,488	$	2,476	$	2,491	0.8	%
PAI Holdco, Inc.(6)(8)	First lien senior secured loan	SR +	3.75%	10/2027	6,562	6,141		6,102		2.0	%
						8,617		8,593		2.8	%
Buildings and real estate
84 Lumber Company(5)	First lien senior secured loan	SR +	2.75%	11/2030	5,212	$	5,186	$	5,220	1.7	%
American Residential Services, LLC(6)(8)	First lien senior secured loan	SR +	3.50%	10/2027	4,488	4,487		4,483		1.5	%
Beacon Roofing Supply, Inc.(5)	First lien senior secured loan	SR +	2.50%	05/2028	2,970	2,966		2,980		1.0	%
CPG International LLC(5)	First lien senior secured loan	SR +	2.50%	04/2029	6,894	6,865		6,898		2.2	%
Cushman & Wakefield U.S. Borrower, LLC(5)(8)	First lien senior secured loan	SR +	4.00%	01/2030	7,000	6,831		6,930		2.3	%
Cushman & Wakefield U.S. Borrower, LLC(5)(8)	First lien senior secured loan	SR +	2.75%	08/2025	247	243		246		0.1	%
Dodge Construction Network, LLC(6)	First lien senior secured loan	SR +	4.75%	02/2029	5,221	4,911		4,020		1.3	%
Greystar Real Estate Partners, LLC (dba Greystar)(6)(8)	First lien senior secured loan	SR +	3.75%	08/2030	6,983	6,883		6,878		2.3	%
GYP Holdings III Corp.(5)	First lien senior secured loan	SR +	3.00%	05/2030	2,000	1,990		2,005		0.7	%
Quikrete Holdings, Inc.(5)	First lien senior secured loan	SR +	2.75%	03/2029	1,990	1,990		1,995		0.7	%
RealPage, Inc.(5)	First lien senior secured loan	SR +	3.00%	04/2028	10,440	9,921		10,345		3.4	%
Wrench Group LLC(6)	First lien senior secured loan	SR +	4.00%	04/2026	9,660	9,642		9,669		3.2	%
						61,916		61,669		20.4	%
Business services
ASGN, Inc.(5)	First lien senior secured loan	SR +	2.25%	08/2030	2,494	$	2,488	$	2,502	0.8	%
Boxer Parent Company Inc. (f/k/a BMC)(5)	First lien senior secured loan	SR +	4.25%	12/2028	6,123	6,050		6,159		2.0	%
BrightView Landscapes, LLC(6)	First lien senior secured loan	SR +	3.00%	04/2029	6,519	6,347		6,517		2.2	%
Brown Group Holdings, LLC(5)	First lien senior secured loan	SR +	3.75%	07/2029	4,492	4,462		4,503		1.5	%
ConnectWise, LLC(6)	First lien senior secured loan	SR +	3.50%	09/2028	10,440	9,939		10,405		3.4	%
IDEMIA Group SAS(6)	First lien senior secured loan	SR +	4.75%	09/2028	1,990	1,967		1,994		0.7	%
Packers Holdings, LLC(5)	First lien senior secured loan	SR +	3.25%	03/2028	3,928	3,655		2,457		0.8	%
Sitel Worldwide Corp.(5)	First lien senior secured loan	SR +	3.75%	08/2028	6,939	6,841		6,648		2.2	%
VM Consolidated, Inc.(5)	First lien senior secured loan	SR +	3.25%	03/2028	2,107	2,088		2,114		0.7	%
						43,837		43,299		14.3	%
Chemicals
Aruba Investments Holdings, LLC (dba Angus Chemical Company)(5)(8)	First lien senior secured loan	SR +	4.75%	11/2027	2,970	$	2,799	$	2,963	1.0	%
Axalta Coating Systems US Holdings Inc.(6)	First lien senior secured loan	SR +	2.50%	12/2029	6,884	6,842		6,900		2.3	%

~~10.The interest rate on these loans is subject to 3 month SOFR, which as of June 30, 2023 was 5.27%.~~

~~11.The interest rate on these loans is subject to 6 month SOFR, which as of June 30, 2023 was 5.39%.~~

~~12.Level 3 investment.~~

~~13.Position or portion thereof is an unfunded loan commitment.~~

Blue Owl Credit Income Senior Loan Fund's Portfolio as of December 31, 2022
($ in thousands)
Company(1)(2)(4)(5) Investment Interest Maturity
Date Par /
Units Amortized
Cost(3) Fair
Value Percentage of Members’ Equity
Debt Investments
Aerospace and defense
Bleriot US Bidco Inc.(7) First lien senior secured loan L + 4.00% 10/2026 $ 5,273 $ 5,178 $ 5,207 3.2 %
Peraton Corp.(6) First lien senior secured loan L + 3.75% 02/2028 7,571 7,290 7,382 4.6 %
Transdigm, Inc.(8)(11) First lien senior secured loan SR + 3.25% 02/2027 3,000 2,940 2,985 1.9 %
15,844 15,408 15,574 9.7 %
Automotive
PAI Holdco, Inc.(7) First lien senior secured loan L + 3.75% 10/2027 $ 4,950 $ 4,538 $ 4,356 2.7 %
4,950 4,538 4,356 2.7 %
Buildings and real estate
Dodge Construction Network, LLC(10) First lien senior secured loan SR + 4.75% 02/2029 $ 5,274 $ 4,917 $ 4,482 2.8 %
RealPage, Inc.(6)(11) First lien senior secured loan L + 3.00% 04/2028 10,547 9,925 10,009 6.2 %
Wrench Group LLC(7) First lien senior secured loan L + 4.00% 04/2026 9,761 9,737 9,419 5.9 %
25,582 24,579 23,910 14.9 %
Business services
BrightView Landscapes, LLC(8) First lien senior secured loan SR + 3.25% 04/2029 $ 10,547 $ 10,230 $ 10,125 6.3 %
Brown Group Holdings, LLC(9)(11) First lien senior secured loan SR + 3.75% 07/2029 2,026 2,005 2,017 1.3 %
ConnectWise, LLC(7)(11) First lien senior secured loan L + 3.50% 09/2028 10,547 9,961 9,996 6.2 %
Packers Holdings, LLC(6) First lien senior secured loan L + 3.25% 03/2028 6,190 5,682 5,384 3.4 %
Vistage Worldwide, Inc.(8) First lien senior secured loan SR + 5.25% 07/2029 3,990 3,831 3,890 2.4 %
33,300 31,709 31,412 19.6 %
Capital markets
Guggenheim Partners Investment Management Holdings, LLC(9) First lien senior secured loan SR + 3.25% 12/2029 $ 5,000 $ 4,913 $ 4,913 3.1 %
5,000 4,913 4,913 3.1 %
Chemicals
Aruba Investments Holdings, LLC (dba Angus Chemical Company)(8) First lien senior secured loan SR + 4.75% 11/2027 $ 3,000 $ 2,794 $ 2,933 1.9 %
Axalta Coating Systems US Holdings Inc.(9)(11) First lien senior secured loan SR + 3.00% 12/2029 5,000 4,950 5,000 3.1 %
Ineos US Finance LLC(9) First lien senior secured loan SR + 3.75% 11/2027 3,000 2,895 2,948 1.8 %
11,000 10,639 10,881 6.8 %
Consumer products
Olaplex, Inc.(8) First lien senior secured loan SR + 3.50% 02/2029 $ 5,287 $ 4,905 $ 4,970 3.1 %
5,287 4,905 4,970 3.1 %
Containers and packaging
Berlin Packaging L.L.C.(7)(11) First lien senior secured loan L + 3.75% 03/2028 $ 10,547 $ 10,102 $ 10,127 6.3 %
BW Holding, Inc.(9) First lien senior secured loan SR + 4.00% 12/2028 7,767 7,637 7,146 4.5 %

7281

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

Blue Owl Credit Income Senior Loan Fund's Portfolio as of December 31, 2022
($ in thousands)
Company(1)(2)(4)(5) Investment Interest Maturity
Date Par /
Units Amortized
Cost(3) Fair
Value Percentage of Members’ Equity
Ring Container Technologies Group, LLC(6) First lien senior secured loan L + 3.50% 08/2028 9,762 9,585 9,616 6.0 %
Tricorbraun Holdings, Inc.(6)(11) First lien senior secured loan L + 3.25% 03/2028 10,546 9,995 10,040 6.3 %
Valcour Packaging, LLC(9) First lien senior secured loan SR + 3.75% 10/2028 9,925 9,901 8,883 5.5 %
48,547 47,220 45,812 28.6 %
Distribution
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(8)(11) First lien senior secured loan SR + 4.63% 06/2026 $ 9,762 $ 9,434 $ 9,469 5.9 %
Dealer Tire, LLC(8) First lien senior secured loan SR + 4.25% 12/2027 3,959 3,888 3,900 2.4 %
SRS Distribution, Inc.(6) First lien senior secured loan L + 3.50% 06/2028 10,573 9,839 10,097 6.3 %
White Cap Supply Holdings, LLC(8)(11) First lien senior secured loan SR + 3.75% 10/2027 10,573 10,020 10,208 6.4 %
34,867 33,181 33,674 21.0 %
Diversified financial services
Focus Financial Partners, LLC(8)(11) First lien senior secured loan SR + 3.25% 06/2028 $ 4,988 $ 4,901 $ 4,921 3.1 %
4,988 4,901 4,921 3.1 %
Education
Severin Acquisition, LLC (dba Powerschool)(8) First lien senior secured loan SR + 3.00% 08/2025 $ 4,897 $ 4,807 $ 4,860 3.0 %
Sophia, L.P.(8) First lien senior secured loan SR + 4.25% 10/2027 9,762 9,739 9,738 6.1 %
14,659 14,546 14,598 9.1 %
Energy equipment and services
AZZ Inc.(9) First lien senior secured loan SR + 4.25% 05/2029 $ 7,950 $ 7,882 $ 7,950 5.0 %
Brookfield WEC Holdings Inc.(8)(11) First lien senior secured loan SR + 3.75% 08/2025 3,491 3,465 3,473 2.1 %
Pike Corp.(6)(11) First lien senior secured loan L + 3.00% 01/2028 9,800 9,607 9,651 6.0 %
21,241 20,954 21,074 13.1 %
Financial services
Acuris Finance US, Inc. (ION Analytics) (9)(11) First lien senior secured loan SR + 4.00% 02/2028 $ 4,500 $ 4,396 $ 4,416 2.8 %
AllSpring Buyer(9) First lien senior secured loan SR + 4.00% 11/2028 4,988 4,921 4,925 3.1 %
Deerfield Dakota Holding, LLC(8)(11) First lien senior secured loan SR + 3.75% 04/2027 5,910 5,597 5,509 3.4 %
15,398 14,914 14,850 9.3 %
Food and beverage
Eagle Parent Corp.(9)(11) First lien senior secured loan SR + 4.25% 04/2029 $ 2,722 $ 2,674 $ 2,668 1.7 %
Naked Juice LLC (dba Tropicana)(9)(11) First lien senior secured loan SR + 3.25% 01/2029 10,573 9,668 9,430 5.9 %
Nomad Foods Europe Midco Ltd.(8)(11) First lien senior secured loan SR + 3.75% 11/2029 5,000 4,801 4,979 3.1 %
Pegasus BidCo B.V.(9) First lien senior secured loan SR + 4.25% 07/2029 4,500 4,306 4,354 2.7 %
Shearer’s Foods, LLC(6)(11) First lien senior secured loan L + 3.50% 09/2027 8,807 8,196 8,376 5.2 %
31,602 29,645 29,807 18.6 %
Healthcare equipment and services
Confluent Medical Technologies, Inc.(9) First lien senior secured loan SR + 3.75% 02/2029 $ 9,762 $ 9,620 $ 9,250 5.8 %
Dermatology Intermediate Holdings III, Inc(8) First lien senior secured loan SR + 4.25% 03/2029 9,950 9,829 9,751 6.1 %


Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2023 (Amounts in thousands)
Company(1)(3)(4)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)		Fair Value		Percentage of Members’ Equity
Blue Tree Holdings, Inc.(6)	First lien senior secured loan	SR +	2.50%	03/2028	3,964	3,930		3,935		1.3	%
Cyanco Intermediate 2 Corp.(5)	First lien senior secured loan	SR +	4.75%	07/2028	3,990	3,908		3,997		1.2	%
DCG Acquisition Corp.(5)	First lien senior secured loan	SR +	4.50%	09/2026	7,383	7,349		7,318		2.4	%
H.B. Fuller Company(5)	First lien senior secured loan	SR +	2.25%	02/2030	1,741	1,741		1,743		0.6	%
Ineos US Finance LLC(5)	First lien senior secured loan	SR +	3.50%	02/2030	3,486	3,451		3,486		1.2	%
Ineos US Finance LLC(5)	First lien senior secured loan	SR +	3.75%	11/2027	2,978	2,888		2,984		1.0	%
Ineos US Petrochem LLC(5)(8)	First lien senior secured loan	SR +	3.75%	03/2030	1,990	1,971		1,990		0.7	%
Nouryon Finance B.V.(5)	First lien senior secured loan	SR +	4.00%	04/2028	2,488	2,466		2,493		0.8	%
Nouryon Finance B.V.(6)	First lien senior secured loan	SR +	4.00%	10/2025	5,785	5,726		5,802		1.9	%
Windsor Holdings III LLC(5)	First lien senior secured loan	SR +	4.50%	08/2030	5,736	5,636		5,766		1.9	%
						48,707		49,377		16.3	%
Consumer products
HomeServe USA Holding Corp.(5)	First lien senior secured loan	SR +	3.00%	10/2030	4,000	$	3,961	$	4,011	1.3	%
Olaplex, Inc.(5)	First lien senior secured loan	SR +	3.50%	02/2029	5,220	4,890		4,816		1.6	%
						8,851		8,827		2.9	%

Containers and packaging
Berlin Packaging L.L.C.(5)	First lien senior secured loan	SR +	3.75%	03/2028	12,486	$	12,094	$	12,488	4.1	%
BW Holding, Inc.(6)(8)	First lien senior secured loan	SR +	4.00%	12/2028	7,689	7,578		7,151		2.4	%
Charter NEX US, Inc.(5)	First lien senior secured loan	SR +	3.75%	12/2027	5,731	5,686		5,750		1.9	%
OneDigital Borrower LLC(6)(8)	First lien senior secured loan	SR +	4.25%	11/2027	1,911	1,897		1,907		0.6	%
Plaze, Inc.(5)	First lien senior secured loan	SR +	3.75%	08/2026	3,990	3,865		3,870		1.3	%
Plaze, Inc.(5)	First lien senior secured loan	SR +	3.50%	08/2026	995	971		965		0.3	%
ProAmpac PG Borrower LLC(6)	First lien senior secured loan	SR +	4.50%	11/2028	10,250	10,165		10,253		3.4	%
Ring Container Technologies Group, LLC(5)	First lien senior secured loan	SR +	3.50%	08/2028	9,663	9,513		9,678		3.2	%
Tricorbraun Holdings, Inc.(5)	First lien senior secured loan	SR +	3.25%	03/2028	10,439	9,981		10,364		3.4	%
Trident TPI Holdings, Inc.(6)	First lien senior secured loan	SR +	4.50%	09/2028	1,990	1,941		1,989		0.7	%
Valcour Packaging, LLC(5)	First lien senior secured loan	SR +	3.75%	10/2028	3,077	3,073		2,405		0.8	%
						66,764		66,820		22.1	%
Distribution
Aramsco, Inc.(6)(9)(10)	First lien senior secured delayed draw term loan	SR +	4.75%	10/2025	—	$	—	$	—	—	%
Aramsco, Inc.(6)	First lien senior secured loan	SR +	4.75%	10/2030	8,515	8,346		8,497		2.8	%
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(5)	First lien senior secured loan	SR +	4.75%	12/2028	5,265	5,216		5,275		1.7	%
Dealer Tire, LLC(5)	First lien senior secured loan	SR +	4.50%	12/2027	3,920	3,860		3,927		1.3	%
SRS Distribution, Inc.(5)	First lien senior secured loan	SR +	3.50%	06/2028	11,530	10,887		11,534		3.7	%
White Cap Supply Holdings, LLC(5)	First lien senior secured loan	SR +	3.75%	10/2027	11,298	10,843		11,317		3.7	%
						39,152		40,550		13.2	%
Education
Renaissance Learning, Inc.(5)	First lien senior secured loan	SR +	4.75%	04/2030	4,988	$	4,905	$	4,999	1.7	%
Severin Acquisition, LLC (dba Powerschool)(6)	First lien senior secured loan	SR +	3.25%	08/2025	11,451	11,335		11,487		3.7	%
Sophia, L.P.(5)	First lien senior secured loan	SR +	4.25%	10/2027	9,664	9,648		9,642		3.2	%
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(6)	First lien senior secured loan	SR +	4.50%	10/2030	3,663	3,618		3,671		1.2	%
						29,506		29,799		9.8	%
Energy equipment and services
AMG Advanced Metallurgical Group N.V(5)	First lien senior secured loan	SR +	3.50%	11/2028	3,430	$	3,413	$	3,411	1.1	%
AZZ Inc.(5)	First lien senior secured loan	SR +	4.25%	05/2029	7,925	7,866		7,952		2.6	%
Brookfield WEC Holdings Inc.(5)	First lien senior secured loan	SR +	3.75%	08/2025	3,456	3,439		3,465		1.1	%
Calpine Construction Finance Company(5)	First lien senior secured loan	SR +	2.25%	07/2030	1,995	1,980		1,994		0.7	%
Pike Corp.(5)	First lien senior secured loan	SR +	3.00%	01/2028	9,800	9,638		9,821		3.1	%

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

Blue Owl Credit Income Senior Loan Fund's Portfolio as of December 31, 2022
($ in thousands)
Company(1)(2)(4)(5) Investment Interest Maturity
Date Par /
Units Amortized
Cost(3) Fair
Value Percentage of Members’ Equity
Dermatology Intermediate Holdings III, Inc(8)(12) First lien senior secured delayed draw term loan SR + 4.25% 03/2029 1,629 1,618 1,596 1.0 %
Medline Borrower, LP(6)(11) First lien senior secured loan L + 3.25% 10/2028 6,327 5,831 6,005 3.7 %
MJH Healthcare Holdings, LLC(8) First lien senior secured loan SR + 3.50% 01/2029 3,831 3,767 3,678 2.3 %
Natus Medical Inc.(10) First lien senior secured loan SR + 5.50% 07/2029 4,500 4,191 4,207 2.6 %
35,999 34,856 34,487 21.5 %
Healthcare providers and services
Covetrus, Inc.(9)(11) First lien senior secured loan SR + 5.00% 10/2029 $ 9,500 $ 8,940 $ 8,878 5.5 %
Pediatric Associates Holding Company, LLC(6) First lien senior secured loan L + 3.25% 12/2028 3,422 3,356 3,242 2.0 %
Phoenix Newco, Inc. (dba Parexel)(6)(11) First lien senior secured loan L + 3.25% 11/2028 7,444 7,170 7,156 4.5 %
Physician Partners, LLC(8)(11) First lien senior secured loan SR + 4.00% 12/2028 9,950 9,407 9,457 5.9 %
Premise Health Holding(9) First lien senior secured loan SR + 4.75% 07/2025 3,234 3,197 3,193 2.0 %
33,550 32,070 31,926 19.9 %
Healthcare technology
Athenahealth Group Inc.(8)(11) First lien senior secured loan SR + 3.50% 02/2029 $ 9,403 $ 8,636 $ 8,466 5.3 %
Athenahealth Group Inc.(8)(11)(12) First lien senior secured delayed draw term loan SR + 3.50% 02/2029 — (112) (109) (0.1) %
Imprivata, Inc.(8) First lien senior secured loan SR + 4.25% 12/2027 9,762 9,583 9,396 5.9 %
Verscend Holding Corp.(6) First lien senior secured loan L + 4.00% 08/2025 9,944 9,821 9,870 6.1 %
29,109 27,928 27,623 17.2 %
Infrastructure and environmental services
Osmose Utilities Services, Inc.(6) First lien senior secured loan L + 3.25% 06/2028 $ 9,762 $ 9,052 $ 9,249 5.8 %
USIC Holdings, Inc.(6)(11) First lien senior secured loan L + 3.50% 05/2028 2,977 2,831 2,837 1.7 %
12,739 11,883 12,086 7.5 %
Insurance
Acrisure, LLC(9) First lien senior secured loan SR + 5.75% 02/2027 $ 6,500 $ 6,182 $ 6,435 4.1 %
AssuredPartners, Inc.(8) First lien senior secured loan SR + 4.25% 02/2027 4,988 4,814 4,875 3.0 %
Hub International Limited(7)(11) First lien senior secured loan L + 3.25% 04/2025 9,924 9,756 9,823 6.1 %
21,412 20,752 21,133 13.2 %
Internet software and services
Barracuda Parent, LLC(8) First lien senior secured loan SR + 4.50% 08/2029 $ 10,600 $ 10,141 $ 10,203 6.3 %
CDK Global, Inc.(9)(11) First lien senior secured loan SR + 4.50% 07/2029 10,600 10,366 10,492 6.5 %
Delta TopCo, Inc. (dba Infoblox, Inc.)(9)(11) First lien senior secured loan SR + 3.75% 12/2027 10,573 9,666 9,741 6.1 %
E2open, LLC(6)(11) First lien senior secured loan L + 3.50% 02/2028 3,868 3,756 3,793 2.4 %
Hyland Software, Inc.(6)(11) First lien senior secured loan L + 3.50% 07/2024 9,948 9,732 9,802 6.1 %
Sophos Holdings, LLC(7) First lien senior secured loan L + 3.50% 03/2027 10,546 10,319 10,203 6.4 %
56,135 53,980 54,234 33.8 %
Leisure and entertainment


Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2023 (Amounts in thousands)
Company(1)(3)(4)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)		Fair Value		Percentage of Members’ Equity
Rockwood Service Corp.(5)	First lien senior secured loan	SR +	4.25%	01/2027	6,466	6,451		6,477		2.1	%
						32,787		33,120		10.7	%

Financial services
Acuris Finance US, Inc. (ION Analytics) (6)	First lien senior secured loan	SR +	4.00%	02/2028	7,619	$	7,496	$	7,602	2.5	%
AlixPartners, LLP(5)	First lien senior secured loan	SR +	2.75%	02/2028	1,492	1,482		1,495		0.5	%
AllSpring Buyer(6)	First lien senior secured loan	SR +	3.75%	11/2028	4,938	4,881		4,911		1.6	%
Boost Newco Borrower, LLC (dba WorldPay)(6)	First lien senior secured loan	SR +	3.00%	09/2030	12,000	11,940		12,046		4.0	%
Citadel Securities, LP(5)	First lien senior secured loan	SR +	2.50%	07/2030	8,968	8,933		8,980		3.0	%
Citco Funding LLC(6)	First lien senior secured loan	SR +	3.25%	04/2028	6,234	6,204		6,250		2.1	%
Deerfield Dakota Holdings(6)	First lien senior secured loan	SR +	3.75%	04/2027	8,830	8,511		8,734		2.8	%
Focus Financial Partners, LLC(5)	First lien senior secured loan	SR +	3.25%	06/2028	4,938	4,864		4,941		1.6	%
Focus Financial Partners, LLC(5)	First lien senior secured loan	SR +	3.50%	06/2028	2,993	2,938		2,996		1.0	%
Guggenheim Partners Investment Management Holdings, LLC(6)	First lien senior secured loan	SR +	3.25%	12/2029	4,950	4,873		4,954		1.6	%
Harbourvest Partners, L.P.(6)(8)	First lien senior secured loan	SR +	3.00%	04/2030	2,494	2,458		2,488		0.8	%
Helios Software Holdings, Inc.(6)	First lien senior secured loan	SR +	4.25%	07/2030	5,000	4,807		4,988		1.6	%
Janus International Group, LLC(6)	First lien senior secured loan	SR +	3.25%	08/2030	4,988	4,958		4,992		1.6	%
Saphilux S.a.r.L (dba IQ EQ)(7)	First lien senior secured loan	SR +	4.75%	07/2028	7,500	7,395		7,505		2.5	%
The Edelman Financial Engines Center, LLC(5)	First lien senior secured loan	SR +	3.50%	04/2028	3,959	3,880		3,962		1.3	%
TMF Sapphire Bidco B.V.(6)	First lien senior secured loan	SR +	5.00%	05/2028	2,500	2,458		2,510		0.8	%
USI, Inc.(6)	First lien senior secured loan	SR +	3.25%	09/2030	3,990	3,981		3,991		1.3	%
						92,059		93,345		30.6	%
Food and beverage
1011778 BC / NEW RED FIN (dba Restaurant Brands)(5)	First lien senior secured loan	SR +	2.25%	09/2030	4,000	$	3,981	$	3,998	1.3	%
AI Aqua Merger Sub, Inc. (dba Culligan International)(5)	First lien senior secured loan	SR +	3.75%	07/2028	2,576	2,571		2,575		0.9	%
AI Aqua Merger Sub, Inc. (dba Culligan International)(6)(9)(10)	First lien senior secured delayed draw term loan	SR +	4.25%	12/2024	6,609	6,369		6,605		2.2	%
Aramark Services, Inc.(5)	First lien senior secured loan	SR +	2.50%	06/2030	1,990	1,971		1,992		0.7	%
Aspire Bakeries Holdings, LLC(5)(8)	First lien senior secured loan	SR +	4.25%	12/2030	5,000	4,950		4,925		1.6	%
Balrog Acquisition, Inc. (dba Bakemark)(5)	First lien senior secured loan	SR +	4.00%	09/2028	9,374	9,259		9,213		3.0	%
Naked Juice LLC (dba Tropicana)(6)	First lien senior secured loan	SR +	3.25%	01/2029	10,467	9,686		10,100		3.2	%
Pegasus BidCo B.V.(6)	First lien senior secured loan	SR +	4.25%	07/2029	7,440	7,332		7,433		2.5	%
Shearer's Foods, LLC(5)	First lien senior secured loan	SR +	3.50%	09/2027	8,717	8,216		8,721		2.9	%
Simply Good Foods USA, Inc.(5)	First lien senior secured loan	SR +	2.50%	03/2027	2,976	2,956		2,976		1.0	%
Utz Quality Foods, LLC(6)	First lien senior secured loan	SR +	3.00%	01/2028	1,153	1,153		1,153		0.4	%
						58,444		59,691		19.7	%
Healthcare equipment and services
Confluent Medical Technologies, Inc.(6)(8)	First lien senior secured loan	SR +	3.75%	02/2029	9,664	$	9,541	$	9,615	3.2	%
Curium BidCo S.A.R.L (dba Curium Pharma)(6)	First lien senior secured loan	SR +	4.50%	07/2029	6,047	6,026		6,036		2.0	%
Dermatology Intermediate Holdings III, Inc.(6)	First lien senior secured loan	SR +	4.25%	03/2029	11,664	11,551		11,252		3.7	%
Medline Borrower, LP(5)	First lien senior secured loan	SR +	3.00%	10/2028	6,248	5,910		6,274		2.1	%
Natus Medical, Inc.(6)(8)	First lien senior secured loan	SR +	5.50%	07/2029	4,455	4,175		4,143		1.4	%
Nexstar Broadcasting, Inc.(5)	First lien senior secured loan	SR +	2.50%	09/2026	4,300	4,302		4,300		1.4	%
Resonetics, LLC(6)	First lien senior secured loan	SR +	4.00%	04/2028	6,593	6,511		6,586		2.1	%
Zest Acquisition Corp.(5)(8)	First lien senior secured loan	SR +	5.50%	02/2028	8,439	8,180		8,228		2.7	%
						56,196		56,434		18.6	%

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)


Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2023 (Amounts in thousands)
Company(1)(3)(4)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)		Fair Value		Percentage of Members’ Equity
Healthcare providers and services
Covetrus, Inc.(6)	First lien senior secured loan	SR +	5.00%	10/2029	9,429	$	8,932	$	9,411	3.1	%
HAH Group Holding Company LLC (dba Help at Home)(5)(8)	First lien senior secured loan	SR +	5.00%	10/2027	2,685	2,666		2,658		0.9	%
HAH Group Holding Company LLC (dba Help at Home)(5)(8)	First lien senior secured loan	SR +	5.00%	10/2027	3,328	3,321		3,295		1.1	%
LSCS Holdings, Inc.(5)(8)	First lien senior secured loan	SR +	4.50%	12/2028	9,356	9,182		9,193		3.0	%
MJH Healthcare Holdings, LLC(5)	First lien senior secured loan	SR +	3.50%	01/2029	3,793	3,737		3,769		1.2	%
Pediatric Associates Holding Company, LLC(5)(8)	First lien senior secured loan	SR +	4.50%	12/2028	1,990	1,916		1,960		0.6	%
Pediatric Associates Holding Company, LLC(5)(8)	First lien senior secured loan	SR +	3.25%	12/2028	5,352	5,273		5,165		1.7	%
Phoenix Newco, Inc. (dba Parexel)(5)	First lien senior secured loan	SR +	3.25%	11/2028	7,369	7,136		7,408		2.4	%
Physician Partners, LLC(6)	First lien senior secured loan	P +	4.00%	12/2028	9,850	9,381		9,283		3.1	%
Premise Health Holding(6)(8)	First lien senior secured loan	SR +	4.75%	07/2025	3,201	3,178		3,185		1.1	%
Select Medical Corp.(5)	First lien senior secured loan	SR +	3.00%	03/2027	2,985	2,971		2,982		1.1	%
Surgery Center Holdings, Inc.(6)	First lien senior secured loan	SR +	3.50%	12/2030	2,416	2,392		2,423		0.8	%
						60,085		60,732		20.1	%
Healthcare technology
Athenahealth Group Inc.(5)	First lien senior secured loan	SR +	3.25%	02/2029	9,308	$	8,644	$	9,257	3.1	%
Bracket Intermediate Holding Corp.(6)	First lien senior secured loan	SR +	5.00%	05/2028	6,835	6,681		6,825		2.3	%
Gainwell Acquisition Corp.(6)	First lien senior secured loan	SR +	4.00%	10/2027	7,859	7,695		7,623		2.5	%
GHX Ultimate Parent Corporation(6)	First lien senior secured loan	SR +	4.75%	06/2027	2,985	2,920		2,986		1.0	%
Imprivata, Inc.(5)	First lien senior secured loan	SR +	4.25%	12/2027	9,664	9,515		9,692		3.1	%
IQVIA, Inc.(6)	First lien senior secured loan	SR +	2.00%	01/2031	4,111	4,111		4,123		1.4	%
PointClickCare Technologies Inc.PointClickCare Technologies Inc(6)(8)	First lien senior secured loan	SR +	3.00%	12/2027	1,985	1,957		1,980		0.7	%
R1 RCM Inc.(6)(8)	First lien senior secured loan	SR +	3.50%	06/2029	5,000	4,940		5,000		1.7	%
R1 RCM Inc.(5)	First lien senior secured loan	SR +	3.00%	06/2029	3,970	3,970		3,966		1.3	%
Verscend Holding Corp.(5)	First lien senior secured loan	SR +	4.00%	08/2025	9,843	9,763		9,851		3.3	%
Zelis Cost Management Buyer, Inc.(5)	First lien senior secured loan	SR +	3.50%	09/2026	4,454	4,451		4,459		1.5	%
						64,647		65,762		21.9	%
Household products
Samsonite International S.A.(5)	First lien senior secured loan	SR +	2.75%	06/2030	1,990	$	1,981	$	1,990	0.7	%
						1,981		1,990		0.7	%
Human resource support services
AQ Carver Buyer, Inc. (dba CoAdvantage)(7)	First lien senior secured loan	SR +	5.50%	08/2029	4,738	$	4,680	$	4,750	1.6	%
iSolved, Inc.(6)	First lien senior secured loan	SR +	4.00%	10/2030	6,250	6,188		6,250		2.0	%
						10,868		11,000		3.6	%
Infrastructure and environmental services
Asplundh Tree Expert, LLC(5)	First lien senior secured loan	SR +	1.75%	09/2027	1,430	$	1,426	$	1,430	0.5	%
Madison IAQ, LLC(5)	First lien senior secured loan	SR +	3.25%	06/2028	8,355	8,200		8,317		2.7	%
Osmose Utilities Services, Inc.(5)	First lien senior secured loan	SR +	3.25%	06/2028	8,466	7,938		8,452		2.8	%
USIC Holdings, Inc.(6)	First lien senior secured loan	SR +	3.50%	05/2028	2,947	2,824		2,919		1.0	%
						20,388		21,118		7.0	%
Insurance
Acrisure, LLC(6)	First lien senior secured loan	SR +	4.50%	12/2030	9,222	$	8,876	$	9,229	3.0	%
AssuredPartners, Inc.(5)	First lien senior secured loan	SR +	3.75%	02/2027	7,705	7,568		7,718		2.6	%
Broadstreet Partners, Inc.(5)	First lien senior secured loan	SR +	3.00%	01/2027	2,067	2,050		2,067		0.7	%
Broadstreet Partners, Inc.(5)	First lien senior secured loan	SR +	3.75%	01/2029	5,993	5,950		6,002		2.0	%
Hub International(6)	First lien senior secured loan	SR +	4.25%	06/2030	7,980	7,903		8,010		2.6	%
Hyperion Refinance S.a.r.l (dba Howden Group)(6)	First lien senior secured loan	SR +	4.00%	04/2030	3,970	3,821		3,974		1.3	%

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)


Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2023 (Amounts in thousands)
Company(1)(3)(4)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)		Fair Value		Percentage of Members’ Equity
IMA Financial Group, Inc.(5)(8)	First lien senior secured loan	SR +	3.75%	11/2028	5,968	5,938		5,953		2.0	%
						42,106		42,953		14.2	%
Internet software and services
Aptean, Inc.(5)	First lien senior secured loan	SR +	4.25%	04/2026	2,136	$	2,128	$	2,129	0.7	%
Barracuda Parent, LLC(6)	First lien senior secured loan	SR +	4.50%	08/2029	10,494	10,095		10,219		3.4	%
Boxer Parent Company Inc.(5)	First lien senior secured loan	SR +	3.75%	10/2025	—	—		—		—	%
Cloud Software Group, Inc.(6)	First lien senior secured loan	SR +	4.50%	03/2029	4,987	4,764		4,862		1.6	%
DCert Buyer, Inc.(5)	First lien senior secured loan	SR +	4.00%	10/2026	7,206	7,171		7,131		2.4	%
Delta TopCo, Inc. (dba Infoblox, Inc.)(7)	First lien senior secured loan	SR +	3.75%	12/2027	13,147	12,393		13,114		4.3	%
Dun & Bradstreet Corporation, The(5)	First lien senior secured loan	SR +	2.75%	02/2026	995	995		996		0.3	%
E2open, LLC(5)	First lien senior secured loan	SR +	3.50%	02/2028	8,340	8,238		8,338		2.8	%
Idera, Inc.(6)	First lien senior secured loan	SR +	3.75%	03/2028	6,518	6,360		6,476		2.1	%
Infinite Bidco LLC(6)	First lien senior secured loan	SR +	3.75%	03/2028	3,568	3,464		3,464		1.1	%
McAfee Corp.(5)	First lien senior secured loan	SR +	3.75%	03/2029	6,261	6,021		6,218		2.1	%
MeridianLink, Inc.(6)	First lien senior secured loan	SR +	3.00%	11/2028	7,475	7,445		7,467		2.5	%
Mitnick Corporate Purchaser, Inc.(6)	First lien senior secured loan	SR +	4.50%	05/2029	7,882	7,421		7,434		2.5	%
Perforce Software, Inc.(5)	First lien senior secured loan	SR +	3.75%	07/2026	4,964	4,765		4,902		1.6	%
Project Alpha Intermediate Holding, Inc.(5)	First lien senior secured loan	SR +	4.75%	10/2030	8,000	7,843		8,026		2.7	%
Project Sky Merger Sub, Inc.(6)	First lien senior secured loan	SR +	3.75%	10/2028	2,500	2,476		2,472		0.8	%
Quartz Acquireco, LLC (dba Qualtrics AcquireCo, LLC)(5)(8)	First lien senior secured loan	SR +	3.50%	06/2030	3,990	3,952		3,960		1.3	%
SONICWALL US Holdings, Inc.(6)	First lien senior secured loan	SR +	5.00%	05/2028	9,000	8,700		8,888		2.8	%
Sophos Holdings, LLC(5)	First lien senior secured loan	SR +	3.50%	03/2027	10,438	10,263		10,451		3.3	%
UST Holdings, Ltd.(5)(8)	First lien senior secured loan	SR +	3.50%	11/2028	8,538	8,515		8,389		2.8	%
Vertiv Group Corp.(5)	First lien senior secured loan	SR +	2.50%	03/2027	1,516	1,516		1,521		0.5	%
VS Buyer LLC(6)	First lien senior secured loan	SR +	3.25%	02/2027	2,969	2,969		2,973		1.0	%
						127,494		129,430		42.6	%
Investment funds and vehicle
Finco I, LLC(6)	First lien senior secured loan	SR +	3.00%	06/2029	3,982	$	3,971	$	3,994	1.3	%
						3,971		3,994		1.3	%
Leisure and entertainment
Delta 2 (Lux) SARL (dba Formula One)(6)	First lien senior secured loan	SR +	2.25%	01/2030	3,000	$	2,983	$	3,006	1.0	%
						2,983		3,006		1.0	%
Manufacturing
Altar Bidco, Inc.(7)	First lien senior secured loan	SR +	3.10%	02/2029	4,715	$	4,530	$	4,702	1.6	%
Columbus McKinnon Corp.(6)	First lien senior secured loan	SR +	2.75%	05/2028	463	460		463		0.2	%
DXP Enterprises, Inc.(7)(8)	First lien senior secured loan	SR +	4.75%	10/2030	10,408	10,254		10,382		3.4	%
EMRLD Borrower LP (dba Emerson Climate Technologies, Inc.)(5)	First lien senior secured loan	SR +	3.00%	05/2030	9,345	9,257		9,372		3.1	%
Engineered Machinery Holdings, Inc. (dba Duravant)(6)	First lien senior secured loan	SR +	3.50%	05/2028	7,538	7,485		7,474		2.5	%
Entegris, Inc.(5)	First lien senior secured loan	SR +	2.50%	07/2029	1,620	1,620		1,625		0.5	%
Filtration Group Corporation(5)	First lien senior secured loan	SR +	4.25%	10/2028	3,970	3,933		3,983		1.3	%
Gates Global LLC(5)	First lien senior secured loan	SR +	3.00%	11/2029	2,972	2,920		2,979		1.0	%
Pro Mach Group, Inc.(5)	First lien senior secured loan	SR +	4.00%	08/2028	10,440	10,214		10,460		3.3	%
Pro Mach Group, Inc.(5)(8)	First lien senior secured loan	SR +	5.00%	08/2028	3,980	3,807		4,000		1.3	%
Refficiency Holdings, LLC (dba Legence)(5)	First lien senior secured loan	SR +	3.50%	12/2027	7,574	7,541		7,572		2.4	%
Summit Materials, LLC(6)	First lien senior secured loan	SR +	2.50%	11/2028	4,339	4,328		4,352		1.4	%
Watlow Electric Manufacturing Company(6)	First lien senior secured loan	SR +	3.75%	03/2028	10,558	10,433		10,541		3.5	%
						76,782		77,905		25.5	%

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)


Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2023 (Amounts in thousands)
Company(1)(3)(4)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)		Fair Value		Percentage of Members’ Equity
Pharmaceuticals
Fortrea Holdings Inc.(5)	First lien senior secured loan	SR +	3.75%	07/2030	3,399	$	3,371	$	3,394	1.1	%
						3,371		3,394		1.1	%
Professional services
Apex Group Treasury, LLC(6)(8)	First lien senior secured loan	SR +	3.75%	07/2028	4,888	$	4,727	$	4,863	1.6	%
Apex Group Treasury, LLC(6)(8)	First lien senior secured loan	SR +	5.00%	07/2028	7,232	7,011		7,232		2.4	%
Arsenal AIC Parent, LLC (dba Arconic)(5)	First lien senior secured loan	SR +	4.50%	08/2030	4,738	4,708		4,751		1.6	%
Camelot U.S. Acquisition 1 Co.(5)	First lien senior secured loan	SR +	3.00%	10/2026	2,943	2,930		2,946		1.0	%
Corporation Service Company(5)	First lien senior secured loan	SR +	3.25%	11/2029	1,787	1,783		1,790		0.6	%
Element Solutions, Inc.(6)(8)	First lien senior secured loan	SR +	2.00%	12/2030	4,811	4,799		4,799		1.6	%
EM Midco2 Ltd. (dba Element Materials Technology)(6)	First lien senior secured loan	SR +	4.25%	06/2029	9,014	8,911		8,913		2.9	%
Genuine Financial Holdings, LLC(5)	First lien senior secured loan	SR +	4.00%	09/2030	7,220	7,115		7,189		2.4	%
Omnia Partners, LLC(6)	First lien senior secured loan	SR +	4.25%	07/2030	6,594	6,576		6,631		2.2	%
Omnia Partners, LLC(6)(9)(10)	First lien senior secured delayed draw term loan	SR +	4.25%	01/2024	—	(2)		—		—	%
Red Ventures, LLC(6)	First lien senior secured loan	SR +	3.00%	03/2030	3,970	3,933		3,955		1.2	%
Skopima Merger Sub Inc.(5)	First lien senior secured loan	SR +	4.00%	05/2028	5,716	5,477		5,687		1.9	%
Sovos Compliance, LLC(5)	First lien senior secured loan	SR +	4.50%	08/2028	10,440	10,144		10,297		3.4	%
Vistage Worldwide, Inc.(6)(8)	First lien senior secured loan	SR +	5.25%	07/2029	9,776	9,636		9,752		3.2	%
						77,748		78,805		26.0	%
Specialty retail
Pilot Travel Centers LLC(5)	First lien senior secured loan	SR +	2.00%	08/2028	796	$	791	$	798	0.3	%
						791		798		0.3	%
Telecommunications
Cable One, Inc.(5)	First lien senior secured loan	SR +	2.00%	05/2028	3,274	$	3,268	$	3,255	1.1	%
Ciena Corp.(5)	First lien senior secured loan	SR +	2.00%	10/2030	3,990	3,978		3,997		1.2	%
Cogeco Communications (USA) II L.P.(5)	First lien senior secured loan	SR +	2.50%	09/2028	2,974	2,961		2,919		1.0	%
Park Place Technologies, LLC(5)	First lien senior secured loan	SR +	5.00%	11/2027	9,662	9,253		9,597		3.2	%
Zayo Group Holdings, Inc.(5)	First lien senior secured loan	SR +	4.25%	03/2027	9,825	8,506		8,404		2.8	%
						27,966		28,172		9.3	%
Transportation
Echo Global Logistics, Inc.(5)	First lien senior secured loan	SR +	3.50%	11/2028	1,138	$	1,118	$	1,111	0.4	%
KKR Apple Bidco, LLC(6)	First lien senior secured loan	SR +	3.50%	09/2028	2,055	2,051		2,061		0.7	%
Safe Fleet Holdings, LLC(5)	First lien senior secured loan	SR +	3.75%	02/2029	3,965	3,924		3,971		1.3	%
Uber Technologies, Inc.(6)	First lien senior secured loan	SR +	2.75%	03/2030	3,164	3,156		3,171		1.0	%
						10,249		10,314		3.4	%
Total Debt Investments						$	1,133,987	$	1,147,314	378.2	%
Total Investments						$	1,133,987	$	1,147,314	378.2	%

_____________

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

2.(1)Unless otherwise indicated, OCIC ~~SLF's~~SLF’s investments are pledged as collateral supporting the amounts outstanding under OCIC ~~SLF's~~SLF’s SPV Asset Facilities.

3.(2)The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

4.(3)Unless otherwise indicated, all investments are considered Level 32 investments.

6.~~The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2022 was 4.39%.~~

7.~~The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2022 was 4.77%.~~

8.(5)The interest rate on these loans is subject to 1 month SOFR, which as of December 31, ~~2022~~2023 was ~~4.36%~~5.35%.

9.(6)The interest rate on these loans is subject to 3 month SOFR, which as of December 31, ~~2022~~2023 was ~~4.59%~~5.33%.

~~10.~~(7)The interest rate on these loans is subject to 6 month SOFR, which as of December 31, ~~2022~~2023 was ~~4.78%~~5.16%.

~~11.Level 2 investment.~~

~~12.Position or portion thereof is an unfunded loan commitment.~~

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

(8)Level 3 investment.

(9)Position or portion thereof is an unfunded loan commitment.

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


($ in thousands)	($ in thousands)	June 30, 2023 (Unaudited)		December 31, 2022		($ in thousands)	March 31, 2024	December 31, 2023
Assets	Assets
Investments at fair value (amortized cost of $786,298 and $507,996, respectively)		$	789,823	$	506,202
Investments at fair value (amortized cost of $1,483,924 and $1,133,987, respectively)
Investments at fair value (amortized cost of $1,483,924 and $1,133,987, respectively)
Investments at fair value (amortized cost of $1,483,924 and $1,133,987, respectively)
Cash	Cash	17,288		15,237
Interest receivable	Interest receivable	2,373		2,202
Receivable due on investments sold	Receivable due on investments sold	—		4,622
Prepaid expenses and other assets		1		151

Total Assets

Total Assets

Total Assets	Total Assets	$	809,485	$	528,414
Liabilities	Liabilities
Debt (net of unamortized debt issuance costs of $4,082 and $3,509, respectively)		$	499,139	$	343,035
Debt (net of unamortized debt issuance costs of $10,421 and $8,292, respectively)
Debt (net of unamortized debt issuance costs of $10,421 and $8,292, respectively)
Debt (net of unamortized debt issuance costs of $10,421 and $8,292, respectively)
Payable for investments purchased	Payable for investments purchased	40,460		13,958
Interest payable	Interest payable	1,417		1,522
Return of capital payable		—		4,489

Distribution payable
Distribution payable
Distribution payable	Distribution payable	9,455		3,624
Accrued expenses and other liabilities	Accrued expenses and other liabilities	466		1,337
Total Liabilities	Total Liabilities	$	550,937	$	367,965

Members’ Equity	Members’ Equity
Members’ Equity	Members’ Equity	258,548		160,449
Members’ Equity
Members’ Equity
Members’ Equity
Members’ Equity
Total Members’ Equity	Total Members’ Equity	258,548		160,449
Total Liabilities and Members’ Equity	Total Liabilities and Members’ Equity	$	809,485	$	528,414

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


($ in thousands)			For the Three Months Ended June 30, 2023 (Unaudited)		For the Six Months Ended June 30, 2023 (Unaudited)
		For the Three Months Ended March 31,						For the Three Months Ended March 31,
		2024					2024		2023
Investment Income	Investment Income
Interest income
Interest income
Interest income	Interest income		$	17,609	$	30,790

Total Investment Income	Total Investment Income		17,609		30,790
Total Investment Income
Total Investment Income
Operating Expenses	Operating Expenses
Interest expense
Interest expense
Interest expense	Interest expense		$	7,824	$	13,718
Professional fees	Professional fees		170		360
Other general and administrative	Other general and administrative		146		275
Total Operating Expenses	Total Operating Expenses		8,140		14,353
Net Investment Income	Net Investment Income		$	9,469	$	16,437
Net Realized and Change in Unrealized Gain (Loss) on Investments	Net Realized and Change in Unrealized Gain (Loss) on Investments
Net change in unrealized gain (loss) on investments	Net change in unrealized gain (loss) on investments		1,656		5,319
Net change in unrealized gain (loss) on investments
Net change in unrealized gain (loss) on investments
Net realized gain (loss) on investments	Net realized gain (loss) on investments		2		16
Total Net Realized and Change in Unrealized Gain (Loss) on Investments	Total Net Realized and Change in Unrealized Gain (Loss) on Investments		1,658		5,335
Net Increase in Members’ Equity Resulting from Operations	Net Increase in Members’ Equity Resulting from Operations		$	11,127	$	21,772

~~Note 5. Fair Value of Investments~~

~~Investments~~

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 ~~below tables present~~Company’s asset coverage was 208% and 209% as of March 31, 2024 and December 31, 2023, respectively.

Debt obligations consisted of the ~~fair value hierarchy of investments~~following as of the following periods:


	March 31, 2024
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Net Carrying Value(2)
Revolving Credit Facility(3)	$	1,945,000	$	1,026,111	$	918,889	$	1,010,177
SPV Asset Facility I	525,000		200,000		128,816		194,067
SPV Asset Facility II	1,800,000		995,000		637,604		988,398
SPV Asset Facility III	1,000,000		622,000		159,313		613,501
SPV Asset Facility IV	500,000		200,000		96,731		196,396
SPV Asset Facility V	300,000		200,000		40,176		197,183
SPV Asset Facility VI	750,000		350,000		75,300		343,145
CLO VIII	290,000		290,000		—		287,955
CLO XI	260,000		260,000		—		258,185
CLO XII	260,000		260,000		—		258,049
CLO XV	312,000		312,000		—		309,194
CLO XVI	420,000		420,000		—		417,528
March 2025 Notes	500,000		500,000		—		496,928
September 2026 Notes	350,000		350,000		—		345,100
February 2027 Notes	500,000		500,000		—		497,220
September 2027 Notes(4)	600,000		600,000		—		589,386
June 2028 Notes(4)	650,000		650,000		—		640,716
January 2029 Notes(4)	550,000		550,000		—		536,981
March 2031 Notes(4)	750,000		750,000		—		721,719
Total Debt	$	12,262,000	$	9,035,111	$	2,056,829	$	8,901,828

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

(2)The carrying values of the Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, SPV Asset Facility V, SPV Asset Facility VI, CLO VIII, CLO XI, CLO XII, CLO XV, CLO XVI, March 2025 Notes, September 2026 Notes, February 2027 Notes, September 2027 Notes, June 2028 Notes, January 2029 Notes, and March 2031 Notes are presented net of unamortized debt issuance costs of $15.9 million, $5.9 million, $6.6 million, $8.5 million, $3.6 million, $2.8 million, $6.9 million, $2.0 million, $1.8 million, $2.0 million, $2.8 million, $2.5 million, $3.0 million, $4.9 million, $2.8 million, $6.5 million, $9.5 million, $13.2 million, and $21.0 million, respectively.

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

(4)The carrying value is inclusive of change in fair market value of effective hedge.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

Fair Value Hierarchy as of June 30, 2023
($ in thousands) Level 1 Level 2 Level 3 Total
First-lien senior secured debt investments $ — $ 1,294,947 $ 9,215,983 $ 10,510,930
Second-lien senior secured debt investments — 218,005 938,417 1,156,422
Unsecured debt investments — 51,372 176,287 227,659
Preferred equity investments(1)
— — 652,907 652,907
Common equity investments(2)
— — 325,496 325,496
Subtotal $ — $ 1,564,324 $ 11,309,090 $ 12,873,414
Investments measured at NAV(3)
— — — 226,230
Total Investments at fair value $ — $ 1,564,324 $ 11,309,090 $ 13,099,644


	December 31, 2023
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Net Carrying Value(2)
Revolving Credit Facility(3)	$	1,945,000	$	628,128	$	1,316,872	$	611,396
SPV Asset Facility I	525,000		475,000		50,000		468,920
SPV Asset Facility II	1,800,000		1,718,000		82,000		1,710,745
SPV Asset Facility III	1,000,000		522,000		289,180		513,046
SPV Asset Facility IV	500,000		250,000		61,848		246,296
SPV Asset Facility V	300,000		200,000		12,439		197,005
SPV Asset Facility VI	750,000		160,000		18,188		152,994
CLO VIII	290,000		290,000		—		287,907
CLO XI	260,000		260,000		—		258,144
CLO XII	260,000		260,000		—		258,002
March 2025 Notes	500,000		500,000		—		496,586
September 2026 Notes	350,000		350,000		—		344,682
February 2027 Notes	500,000		500,000		—		496,699
September 2027 Notes(4)	600,000		600,000		—		598,564
June 2028 Notes	650,000		650,000		—		640,012
January 2029 Notes(4)	550,000		550,000		—		546,975
Total Debt	$	10,780,000	$	7,913,128	$	1,830,527	$	7,827,973

~~_______________~~

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

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

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

(4)The carrying value is inclusive of change in fair market value of effective hedge.

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


	For the Three Months Ended March 31,
($ in thousands)	2024			2023
Interest expense	$	158,509		$	86,574
Amortization of debt issuance costs	6,281			3,697
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items(1)	4,626			(676)
Total Interest Expense	$	169,416		$	89,595
Average interest rate	7.6		%	6.2		%
Average daily borrowings	$	8,255,253		$	5,579,502

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

Revolving Credit Facility

On August 11, 2022, the Company entered into an Amended and Restated Senior Secured Revolving Credit Agreement (the “Revolving Credit Facility”), which amends and restates in its entirety that certain Senior Secured Revolving Credit Agreement, dated as of April 14, 2021 (as amended, restated, supplemented or otherwise modified prior to August 11, 2022). The parties to the Revolving Credit Facility include the Company, as Borrower, the lenders from time to time parties thereto (each an “Revolving Credit Lender” and collectively, the “Revolving Credit Lenders”) and Sumitomo Mitsui Banking Corporation, as Administrative Agent. On November 2, 2023, the parties to the Revolving Credit Facility entered into an amendment, including to extend the availability period

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

and maturity date for certain lenders, convert a portion of the existing revolver availability into term loan availability, reduce the credit adjustment spread to 0.10% for all Loan tenors and make various other changes. The following describes the terms of the Revolving Credit Facility amended through November 2, 2023 (the “Revolving Credit Facility First Amendment Date”).

The Revolving Credit Facility is guaranteed by certain domestic subsidiaries of the Company in existence as of the Revolving Credit Facility First Amendment Date, and will be guaranteed by certain domestic subsidiaries of the Company that are formed or acquired by the Company in the future (collectively, the “Guarantors”). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including the funding of portfolio investments.

The maximum principal amount of the Revolving Credit Facility is $2.00 billion (increased from $1.95 billion to $2.00 billion on May 8, 2024), subject to availability under the borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness. The amount available for borrowing under the Revolving Credit Facility is reduced by any standby letters of credit issued through the Revolving Credit Facility. Maximum capacity under the Revolving Credit Facility may be increased to $2.84 billion through the Company’s exercise of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Revolving Credit Facility includes a $200.0 million limit for swingline loans and is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions.

As of the Revolving Credit Facility First Amendment Date, the availability period under the Revolving Credit Facility will terminate on August 11, 2026 with respect to $200.0 million of commitments (the “Non-Extending Commitments”), and on November 2, 2027 with respect to the remaining commitments (such remaining commitments, the “Extending Commitments”) (together, the “Revolving Credit Facility Commitment Termination Date”). The Revolving Credit Facility will mature on August 11, 2027 with respect to the Non-Extending Commitments and will mature on November 2, 2028 with respect to the Extending Commitments (together, the “Revolving Credit Facility Maturity Date”). During the period from the Revolving Credit Facility Commitment Termination Date to the Revolving Credit Facility Maturity Date, the Company will be obligated to make mandatory prepayments under the Revolving Credit Facility out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Revolving Credit Facility in U.S. dollars will bear interest at term SOFR plus any applicable credit adjustment spread plus margin of 2.00% per annum, or the alternative base rate plus margin of 1.00% per annum. With respect to loans denominated in U.S. dollars, the Company may elect either term SOFR or the alternative base rate at the time of drawdown, and such loans may be converted from one rate to another at any time at the Company’s option, subject to certain conditions. Amounts drawn under the Revolving Credit Facility in other permitted currencies will bear interest at the relevant rate specified therein (including any applicable credit adjustment spread) plus margin of 2.00% per annum. The Company will also pay a fee of 0.375% on undrawn amounts under the Revolving Credit Facility.

The Revolving Credit Facility includes customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company’s ability to make distributions to the Company’s shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events and certain financial covenants related to asset coverage and other maintenance covenants, as well as customary events of default. The Revolving Credit Facility requires a minimum asset coverage ratio with respect to the consolidated assets of the Company and its subsidiaries to senior securities that constitute indebtedness of no less than 1.50 to 1.00 at any time.

SPV Asset 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”).

From time to time, the Company expects to sell and contribute certain investments to Core Income Funding I pursuant to a Sale and Contribution Agreement by and between the Company and Core Income Funding I. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility I will be used to finance the origination and acquisition of eligible assets by Core Income Funding I, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by Core Income Funding I through its ownership of Core Income Funding I. The maximum principal amount of the Credit Facility is $525.0 million (decreased from $550.0 million on the SPV Asset Facility I Second Amendment Date); the availability of this amount is subject to an overcollateralization ratio test, which is based on the value of Core Income Funding I’s

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.

The SPV Asset Facility I provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Asset Facility I through September 16, 2025 unless the revolving commitments are terminated or converted to term loans sooner as provided in the SPV Asset Facility I (the “ SPV Asset Facility I Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility I will mature on September 16, 2033 (the “SPV Asset Facility I Stated Maturity”). Prior to the SPV Asset Facility I Stated Maturity, proceeds received by Core Income Funding I from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset I Facility Stated Maturity, Core Income Funding I must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company.

Amounts drawn bear interest at Term SOFR (or, in the case of certain lenders that are commercial paper conduits, the lower of their cost of funds and Term SOFR plus 0.40%) plus an applicable margin that ranges from 2.00% to 2.85% depending on a ratio of broadly syndicated loans to middle market loans in the collateral. From the SPV Asset I Facility Closing Date to the SPV Asset I Facility Commitment Termination Date, there is a commitment fee that steps up during the year after the SPV Asset I Facility Closing Date from 0.00% to 0.625% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility I. The SPV Asset Facility I contains customary covenants, including certain financial maintenance covenants, limitations on the activities of Core Income Funding I, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility I is secured by a perfected first priority security interest in the assets of Core Income Funding I and on any payments received by Core Income Funding I in respect of those assets. Assets pledged to the SPV Asset Facility I Lenders will not be available to pay the debts of the Company.

Borrowings of Core Income Funding I are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the Investment Company Act of 1940, as amended.

SPV Asset Facility II

On October 5, 2021 (the “SPV Asset Facility II Closing Date”), Core Income Funding II LLC (“Core Income Funding II”), a Delaware limited liability company and our newly formed subsidiary entered into a loan and financing and servicing agreement (as amended through the date hereof, the “SPV Asset Facility II”), with Core Income Funding II, as borrower, us, as equityholder and service provider, the lenders from time to time parties thereto (the “SPV Asset Facility II Lenders”), Deutsche Bank AG, New York Branch, as Facility Agent, State Street Bank and Trust Company, as collateral agent, and Alter Domus (US) LLC as collateral custodian. The following describes the terms of the SPV Asset Facility II as amended through March 7, 2024 (the “SPV Asset Facility II Seventh Amendment Date”).

From time to time, the Company expects to sell and contribute certain loan assets to Core Income Funding II pursuant to a Sale and Contribution Agreement by and between the Company and Core Income Funding II. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility II will be used to finance the origination and acquisition of eligible assets by Core Income Funding II, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by Core Income Funding II through our ownership of Core Income Funding II. The maximum principal amount of the SPV Asset Facility II is $1.80 billion; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of Core Income Funding II’s assets from time to time, and satisfaction of certain conditions, including interest spread and weighted average coupon tests, certain concentration limits and collateral quality tests.

The SPV Asset Facility II provides for the ability to borrow, reborrow, repay and prepay advances under the SPV Asset Facility II for a period of up to three years after the SPV Asset Facility II Closing Date unless such period is extended or accelerated under the terms of the SPV Asset Facility II (the “Revolving Period”). Unless otherwise extended, accelerated or terminated under the terms of the SPV Asset Facility II, the SPV Asset Facility II will mature on the date that is two years after the last day of the Revolving Period (the “Facility Termination Date”). Prior to the Facility Termination Date, proceeds received by Core Income Funding II from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding advances, and the excess may be returned to the Company, subject to certain conditions. On the Facility Termination Date, Core Income Funding II must pay in full 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)

spread, the “Applicable Margin”). Term SOFR may be replaced as a base rate under certain circumstances. During the Revolving Period, Core Income Funding II will pay an undrawn fee ranging from 0.00% to 0.25% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility II. During the Revolving Period, if the undrawn commitments are in excess of a certain portion (initially 12.5% and increasing in stages to 25%, 50% and 75%) of the total commitments under the SPV Asset Facility II, Core Income Funding II will also pay a make-whole fee equal to the Applicable Margin multiplied by such excess undrawn commitment amount, reduced by the undrawn fee payable on such excess. Core Income Funding II will also pay Deutsche Bank AG, New York Branch, certain fees (and reimburse certain expenses) in connection with its role as facility agent. The SPV Asset Facility II contains customary covenants, including certain financial maintenance covenants, limitations on the activities of Core Income Funding II, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility II is secured by a perfected first priority security interest in the assets of Core Income Funding II and on any payments received by Core Income Funding II in respect of those assets. Assets pledged to the SPV Asset Facility II Lenders will not be available to pay the Company’s debts.

Borrowings of Core Income Funding II are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the Investment Company Act of 1940, as amended.

SPV Asset Facility III

On March 24, 2022 (the “SPV Asset Facility III Closing Date”), Core Income Funding III LLC (“Core Income Funding III”), a Delaware limited liability company and newly formed subsidiary of the Company entered into a Credit Agreement (the “SPV Asset Facility III”), with Core Income Funding III, as borrower, the Adviser, as servicer, the lenders from time to time parties thereto (the “SPV Asset Facility III Lenders”), Bank of America, N.A., as administrative agent, State Street Bank and Trust Company, as collateral agent, Alter Domus (US) LLC as collateral custodian and Bank of America, N.A., as sole lead arranger and sole book manager. On November 21, 2023, the parties to the SPV Asset Facility III entered into an amendment, including to increase the maximum principal amount available under the facility, extend the availability period and maturity date, change the interest rate and make various other changes. The following describes the terms of SPV Asset Facility III amended through November 21, 2023 (the “SPV Asset Facility III First Amendment Date”).

From time to time, the Company expects to sell and contribute certain investments to Core Income Funding III pursuant to a Sale and Contribution Agreement, dated as of the SPV Asset Facility III Closing Date, by and between the Company and Core Income Funding III. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility III will be used to finance the origination and acquisition of eligible assets by Core Income Funding III, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by Core Income Funding III through the Company’s ownership of Core Income Funding III. The maximum principal amount of the SPV Asset Facility III is $1.00 billion (increased from $750.0 million to $1.00 billion on November 21, 2023), which can be drawn in multiple currencies subject to certain conditions; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of Core Income Funding III’s assets from time to time, and satisfaction of certain conditions, including certain portfolio criteria.

The SPV Asset Facility III provides for the ability to draw and redraw revolving loans under the SPV Asset Facility III for a period of up to three years after the SPV Asset Facility III First Amendment Date unless the commitments are terminated sooner as provided in the SPV Asset Facility III (the “SPV Asset Facility III Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility III will mature on November 21, 2028 (the “SPV Asset Facility III Stated Maturity”). To the extent the commitments are terminated or permanently reduced during the first two years following the SPV Asset Facility III Closing Date, Core Income Funding III may owe a prepayment penalty. Prior to the SPV Asset Facility III Stated Maturity, proceeds received by Core Income Funding III from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility III Stated Maturity, Core Income Funding III must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company.

Amounts drawn in U.S. dollars are benchmarked to Daily SOFR, amounts drawn in British pounds are benchmarked to SONIA plus an adjustment of 0.12%, amounts drawn in Canadian dollars are benchmarked to CDOR, and amounts drawn in Euros are benchmarked to EURIBOR, and in each case plus a spread equal to the Applicable Margin. As of the SPV Asset Facility III First Amendment Date, the “SPV Asset Facility III Applicable Margin” ranges from 1.75% to 2.60% depending on the composition of the collateral. The SPV Asset Facility III also allows for amounts drawn in U.S. dollars to bear interest at an alternate base rate without a spread.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility III is secured by a perfected first priority security interest in the assets of Core Income Funding III and on any payments received by Core Income Funding III in respect of those assets. Assets pledged to the SPV Asset Facility III Lenders will not be available to pay the debts of the Company.

Borrowings of Core Income Funding III are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

SPV Asset Facility IV

On March 16, 2022 (the “SPV Facility IV Closing Date”), Core Income Funding IV LLC (“Core Income Funding IV”), a Delaware limited liability company and newly formed subsidiary of the Company, entered into a Credit Agreement (the “SPV Asset Facility IV”), with Core Income Funding IV, as Borrower, the lenders from time to time parties thereto (the “SPV Asset Facility IV Lenders”), Sumitomo Mitsui Banking Corporation, as Administrative Agent, State Street Bank and Trust Company, as Collateral Agent, Collateral Administrator and Custodian and Alter Domus (US) LLC as Document Custodian.

From time to time, the Company expects to sell and contribute certain investments to Core Income Funding IV pursuant to a Sale and Contribution Agreement, dated as of the SPV Facility IV Closing Date, by and between the Company and Core Income Funding IV. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Facility IV will be used to finance the origination and acquisition of eligible assets by Core Income Funding IV, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by Core Income Funding IV through its ownership of Core Income Funding IV. The maximum principal amount of the SPV Facility IV is $500.0 million; the availability of this amount is subject to an overcollateralization ratio test, which is based on the value of Core Income Funding IV’s assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.

The SPV Facility IV provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Facility IV for a period of up to three years after the SPV Facility IV Closing Date unless the revolving commitments are terminated or converted to term loans sooner as provided in the SPV Facility IV (the “SPV Facility IV Commitment Termination Date”). Unless otherwise terminated, the SPV Facility IV will mature on March 16, 2033 (the “SPV Facility IV Stated Maturity”). Prior to the SPV Facility IV Stated Maturity, proceeds received by Core Income Funding IV from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Facility IV Stated Maturity, Core Income Funding IV must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company.

Amounts drawn bear interest at Term SOFR (or, in the case of certain SPV Asset Facility IV Lenders that are commercial paper conduits, the lower of their cost of funds and Term SOFR plus 0.15%) plus an applicable margin that ranges from 1.70% to 2.30% depending on a ratio of broadly syndicated loans to middle market loans in the collateral. From the SPV Facility IV Closing Date to the SPV Facility IV Commitment Termination Date, there is a commitment fee that steps up during the year after the SPV Facility IV Closing Date from 0.00% to 0.50% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Facility IV. The SPV Facility IV contains customary covenants, including certain financial maintenance covenants, limitations on the activities of Core Income Funding IV, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Facility IV is secured by a perfected first priority security interest in the assets of Core Income Funding IV and on any payments received by Core Income Funding IV in respect of those assets. Assets pledged to the SPV Asset Facility IV Lenders will not be available to pay the debts of the Company.

Borrowings of Core Income Funding IV are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

SPV Asset Facility V

On March 9, 2023 (the “SPV Facility V Closing Date”), Core Income Funding V LLC (“Core Income Funding V”), a Delaware limited liability company and newly formed subsidiary of the Company, entered into a loan and security agreement (the “SPV Asset 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.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

origination and acquisition of eligible assets by Core Income Funding V, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by Core Income Funding V through its ownership of Core Income Funding V. The maximum principal amount of the SPV Facility V is $300.0 million; the availability of this amount is subject to a borrowing base test, which is based on the value of Core Income Funding V’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits and other portfolio tests.

The SPV Facility V provides for the ability to borrow, reborrow, repay and prepay advances under the SPV Facility V for a period of up to three years after the SPV Facility V Closing Date unless such period is extended or accelerated under the terms of the SPV Facility V (the “SPV Facility V Reinvestment Period”). Unless otherwise extended, accelerated or terminated under the terms of the SPV Facility V, the SPV Facility V will mature on the date that is two years after the last day of the SPV Facility V Reinvestment Period (the “SPV Facility V Maturity Date”). Prior to the SPV Facility V Maturity Date, proceeds received by Core Income Funding V from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding advances, and the excess may be returned to the Company, subject to certain conditions. On the SPV Facility V Maturity Date, Core Income Funding V must pay in full all outstanding fees and expenses and all principal and interest on outstanding advances, and the excess may be returned to the Company.

Amounts drawn bear interest at Daily Simple SOFR plus a spread equal to 2.70% per annum, which spread will increase by 2.00% per annum upon the occurrence and during the existence of an event of default or following the SPV Facility V Termination Date (such spread, the “SPV Facility V Applicable Spread”). Daily Simple SOFR may be replaced as a base rate under certain circumstances. During the SPV Facility V Reinvestment Period, Core Income Funding V will pay an undrawn fee ranging from 0.25% to 0.50% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Facility V that are not subject to the separate, higher fee described below. On and after the six-month anniversary of the SPV Facility V Closing Date and during the SPV Facility V Reinvestment Period, if the undrawn commitments are in excess of a certain portion (initially 50% and decreasing to 30%) of the total commitments under the SPV Facility V, such portion will not be subject to the undrawn fee described above, but Core Income Funding V will pay a separate fee on this portion of the undrawn commitments equal to 1.50% multiplied by such excess undrawn commitment amount over 50% or 30% of the total commitments, as applicable. The SPV Facility V contains customary covenants, including certain financial maintenance covenants, limitations on the activities of Core Income Funding V, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Facility V is secured by a perfected first priority security interest in the assets of Core Income Funding V and on any payments received by Core Income Funding V in respect of those assets. Assets pledged to the Lenders will not be available to pay the debts of the Company.

Borrowings of Core Income Funding V are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

SPV Asset Facility VI

On August 29, 2023 (the “SPV Asset Facility VI Closing Date”), Core Income Funding VI LLC (“Core Income Funding VI”), a Delaware limited liability company and newly formed subsidiary of the Company, entered into a Credit Agreement (the “SPV Asset Facility VI”), with Core Income Funding VI LLC, as Borrower, the lenders from time to time parties thereto (the “SPV Asset Facility VI Lenders”), The Bank of Nova Scotia, as Administrative Agent, State Street Bank and Trust Company as Collateral Agent and Alter Domus (US) LLC as Document Custodian. On March 1, 2024 (the “SPV Asset Facility VI First Amendment Date”), the parties to the SPV Asset Facility VI entered into Amendment No. 1 (the “SPV Asset Facility VI Amendment No. 1”) in order to, among other changes, convert a portion of the existing revolver availability into term loan availability, modify the eligibility criteria and concentration limitations for the assets that are included in the borrowing base calculations under the SPV Asset Facility VI. On the SPV Asset Facility VI First Amendment Date, the Company also consented to the assignment of the term commitment under the SPV Asset Facility VI, and all of the outstanding term loans, to Hamburg Commercial Bank AG, Luxembourg Branch.

From time to time, the Company expects to sell and contribute certain investments to Core Income Funding VI pursuant to a Sale and Contribution Agreement by and between the Company and Core Income Funding VI. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility VI will be used to finance the origination and acquisition of eligible assets by Core Income Funding VI, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by Core Income Funding VI through its ownership of Core Income Funding VI. The maximum principal amount of the SPV Asset Facility VI is $750.0 million; the availability of this amount is subject to an overcollateralization ratio test, which is based on the value of Core Income Funding VI’s assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

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Termination Date”). Unless otherwise terminated, the SPV Asset Facility VI will mature on August 29, 2032 (the “SPV Asset Facility VI Stated Maturity”). Prior to the SPV Asset Facility VI Stated Maturity, proceeds received by Core Income Funding VI from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility VI Stated Maturity, Core Income Funding VI must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company.

Amounts drawn bear interest at Term SOFR plus an applicable margin that ranges from 1.85% to 2.85% depending on a ratio of broadly syndicated loans to middle market loans in the collateral during the SPV Asset Facility VI Reinvestment Period. From the SPV Asset Facility VI Closing Date to the SPV Asset Facility VI Commitment Termination Date, there is a commitment fee that steps up during the year after the SPV Asset Facility VI Closing Date from 0.00% to 0.55% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility VI. The SPV Asset Facility VI contains customary covenants, including certain financial maintenance covenants, limitations on the activities of Core Income Funding VI, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility VI is secured by a perfected first priority security interest in the assets of Core Income Funding VI and on any payments received by Core Income Funding VI in respect of those assets. Assets pledged to the Lenders will not be available to pay the debts of the Company.

Borrowings of Core Income Funding VI are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

CLO VIII

On October 21, 2022 (the “CLO VIII Closing Date”), the Company completed a $391.7 million term debt securitization transaction (the “CLO VIII Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by the Company. The secured notes and preferred shares issued in the CLO VIII Transaction and the secured loan borrowed in the CLO VIII Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiary CLO VIII, LLC, a limited liability organized under the laws of the State of Delaware (the “CLO VIII Issuer”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO VIII Issuer.

The CLO VIII Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO VIII Closing Date (the “CLO VIII Indenture”), by and among the CLO VIII Issuer and State Street Bank and Trust Company: (i) $152.0 million of AAA(sf) Class A-T Notes, which bear interest at three-month term SOFR plus 2.50%, (ii) $46.0 million of AAA(sf) Class A-F Notes, which bear interest at 6.02%, (iii) $32.0 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 3.50% and (iv) $30.0 million of A(sf) Class C Notes, which bear interest at 4.90% (together, the “CLO VIII Secured Notes”) and (B) the borrowing by the CLO VIII Issuer of $30.0 million under floating rate Class A-L loans (the “Class A-L Loans” and together with the CLO VIII Secured Notes, the “CLO VIII Debt”). The Class A-L Loans bear interest at three-month term SOFR plus 2.50%. The Class A-L Loans were borrowed under a loan agreement (the “A-L Loan Agreement”), dated as of the CLO VIII Closing Date, by and among the CLO VIII Issuer, as borrower, various financial institutions, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO VIII Debt is secured by middle market loans, participation interests in middle market loans and other assets of the CLO VIII Issuer. The CLO VIII Debt is scheduled to mature on the Payment Date (as defined in the CLO VIII Indenture) in November, 2034. The CLO VIII Secured Notes were privately placed by Natixis Securities Americas LLC as placement agent.

Concurrently with the issuance of the CLO VIII Secured Notes and the borrowing under the Class A-L Loans, the CLO VIII Issuer issued approximately $101.7 million of subordinated securities in the form of 101,675 preferred shares at an issue price of U.S.$1,000 per share (the “CLO VIII Preferred Shares”). The CLO VIII Preferred Shares were issued by the CLO VIII Issuer as part of its issued share capital and are not secured by the collateral securing the CLO VIII Debt. The Company purchased all of the CLO VIII Preferred Shares. The Company acts as retention holder in connection with the CLO VIII Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the CLO VIII Preferred Shares.

As part of the CLO VIII Transaction, the Company entered into a loan sale agreement with the CLO VIII Issuer dated as of the CLO VIII Closing Date, which provided for the sale and contribution of approximately $143.1 million funded par amount of middle market loans from the Company to the CLO VIII Issuer on the CLO VIII Closing Date and for future sales from the Company to the CLO VIII Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO VIII Debt. The remainder of the initial portfolio assets securing the CLO VIII Debt consisted of approximately $113.0 million funded par amount of middle market loans purchased by the CLO VIII Issuer from Core Income Funding I LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the CLO VIII Closing Date between the CLO VIII Issuer and Core

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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 July 20, 2025, a portion of the proceeds received by the CLO VIII Issuer from the loans securing the CLO VIII Debt may be used by the CLO VIII Issuer to purchase additional middle market loans under the direction of the Adviser in its capacity as collateral manager for the CLO VIII Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle market loans.

The CLO VIII Debt is the secured obligation of the CLO VIII Issuer, and the CLO VIII Indenture, the A-L Loan Agreement each include customary covenants and events of default. The CLO VIII Secured Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities (e.g., “blue sky”) laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration.

The Adviser will serve as collateral manager for the CLO VIII Issuer under a collateral management agreement dated as of the CLO VIII Closing Date. The Adviser is entitled to receive fees for providing these services. The Adviser has waived its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to Adviser pursuant to the Amended and Restated Investment Advisory Agreement, dated May 18, 2021, between the Adviser and the Company will be offset by the amount of the collateral management fee attributable to the CLO VIII Issuer’s equity or notes owned by the Company.

CLO XI

On May 24, 2023 (the “CLO XI Closing Date”), the Company completed a $395.8 million term debt securitization transaction (the “CLO XI Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by the Company. The secured notes and preferred shares issued in the CLO XI Transaction and the secured loan borrowed in the CLO XI Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiary CLO XI, LLC, a limited liability organized under the laws of the State of Delaware (the “CLO XI Issuer”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO XI Issuer.

The CLO XI Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO XI Closing Date (the “CLO XI Indenture”), by and among the CLO XI Issuer and State Street Bank and Trust Company: (i) $152.5 million of AAA(sf) Class A-1T Notes, which bear interest at three-month term SOFR plus 2.50%, (ii) $25.5 million of AAA(sf) Class A-1F Notes, which bear interest at 6.10% and (iii) $32.0 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 3.60% (together, the “CLO XI Secured Notes”) and (B) the borrowing by the Issuer of $50.0 million under floating rate Class A-1L loans (the “CLO XI Class A-1L Loans” and together with the CLO XI Secured Notes, the “CLO XI Debt”). The CLO XI Class A-1L Loans bear interest at three-month term SOFR plus 2.50%. The CLO XI Class A-1L Loans were borrowed under a loan agreement (the “CLO XI A-1L Loan Agreement”), dated as of the CLO XI Closing Date, by and among the CLO XI Issuer, as borrower, various financial institutions, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO XI Debt is secured by middle market loans, participation interests in middle market loans and other assets of the Issuer. The CLO XI Debt is scheduled to mature on the Payment Date (as defined in the CLO XI Indenture) in May, 2035. The CLO XI Secured Notes were privately placed by SMBC Nikko Securities America, Inc. as Initial Purchaser.

Concurrently with the issuance of the CLO XI Secured Notes and the borrowing under the CLO XI Class A-1L Loans, the CLO XI Issuer issued approximately $135.8 million of subordinated securities in the form of 135,820 preferred shares at an issue price of U.S. $1,000 per share (the “CLO XI Preferred Shares”). The CLO XI Preferred Shares were issued by the CLO XI Issuer as part of its issued share capital and are not secured by the collateral securing the CLO XI Debt. The Company purchased all of the CLO XI Preferred Shares. The Company acts as retention holder in connection with the CLO XI Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the CLO XI Preferred Shares.

As part of the CLO XI Transaction, the Company entered into a loan sale agreement with the CLO XI Issuer dated as of the CLO XI Closing Date, which provided for the contribution of approximately $96.4 million funded par amount of middle market loans from the Company to the CLO XI Issuer on the CLO XI Closing Date and for future sales from the Company to the CLO XI Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XI Debt. The remainder of the initial portfolio assets securing the CLO XI Debt consisted of approximately $260.6 million funded par amount of middle market loans purchased by the CLO XI Issuer from Core Income Funding IV LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the CLO XI Closing Date between the CLO XI Issuer and Core Income Funding IV LLC (the “Core

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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. The CLO XI Secured Notes have not been registered under the Securities Act, or any state securities (e.g., “blue sky”) laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration.

The Adviser will serve as collateral manager for the CLO XI Issuer under a collateral management agreement dated as of the CLO XI Closing Date. The Adviser is entitled to receive fees for providing these services. The Adviser has waived its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to the Adviser pursuant to the Amended and Restated Investment Advisory Agreement, dated May 18, 2021, between the Adviser and the Company will be offset by the amount of the collateral management fee attributable to the CLO XI Issuer’s equity or notes owned by the Company.

CLO XII

On July 18, 2023 (the “CLO XII Closing Date”), the Company completed a $396.5 million term debt securitization transaction (the “CLO XII Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by the Company. The secured notes and preferred shares issued in the CLO XII Transaction and the secured loan borrowed in the CLO XII Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiary Owl Rock CLO XII, LLC, a limited liability organized under the laws of the State of Delaware (the “CLO XII Issuer”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO XII Issuer.

The CLO XII Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO XII Closing Date (the “CLO XII Indenture”), by and among the CLO XII Issuer and State Street Bank and Trust Company: (i) $90.0 million of AAA(sf) Class A-1A Notes, which bear interest at three-month term SOFR plus 2.55%, (ii) $22.0 million of AAA(sf) Class A-1B Notes, which bear interest at 6.37%, (iii) $8.0 million of AAA(sf) Class A-2 Notes, which bear interest at three-month term SOFR plus 3.10% and (iv) $24.0 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 3.55% (together, the “CLO XII Secured Notes”) and (B) the borrowing by the CLO XII Issuer of $116.0 million under floating rate Class A-1L loans (the “CLO XII Class A-1L Loans” and together with the CLO XII Secured Notes, the “CLO XII Debt”). The CLO XII Class A-1L Loans bear interest at three-month term SOFR plus 2.55%. The CLO XII Class A-1L Loans were borrowed under a credit agreement (the “CLO XII Class A-1L Credit Agreement”), dated as of the CLO XII Closing Date, by and among the CLO XII Issuer, as borrower, various financial institutions, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO XII Debt is secured by middle market loans, participation interests in middle market loans and other assets of the CLO XII Issuer. The CLO XII Debt is scheduled to mature on the Payment Date (as defined in the CLO XII Indenture) in July, 2034. The CLO XII Secured Notes were privately placed by BofA Securities, Inc. as Initial Purchaser.

Concurrently with the issuance of the CLO XII Secured Notes and the borrowing under the CLO XII Class A-1L Loans, the CLO XII Issuer issued approximately $136.5 million of subordinated securities in the form of 136,500 preferred shares at an issue price of U.S. $1,000 per share (the “CLO XII Preferred Shares”). The CLO XII Preferred Shares were issued by the CLO XII Issuer as part of its issued share capital and are not secured by the collateral securing the CLO XII Debt. The Company purchased all of the CLO XII Preferred Shares. The Company acts as retention holder in connection with the CLO XII Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the CLO XII Preferred Shares.

As part of the CLO XII Transaction, the Company entered into a loan sale agreement with the CLO XII Issuer dated as of the CLO XII Closing Date (the “CLO XII OCIC Loan Sale Agreement”), which provided for the contribution of approximately $78.0 million funded par amount of middle market loans from the Company to the CLO XII Issuer on the CLO XII Closing Date and for future sales from the Company to the CLO XII Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XII Debt. The remainder of the initial portfolio assets securing the CLO XII Debt consisted of approximately

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$295.7 million funded par amount of middle market loans purchased by the CLO XII Issuer from Core Income Funding III LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the CLO XII Closing Date between the CLO XII Issuer and Core Income Funding III LLC (the “CLO XII Core Income Funding III Loan Sale Agreement”). No gain or loss was recognized as a result of these sales and contributions. The Company and Core Income Funding III LLC each made customary representations, warranties, and covenants to the CLO XII Issuer under the applicable loan sale agreement.

Through July 20, 2026, a portion of the proceeds received by the CLO XII Issuer from the loans securing the CLO XII Debt may be used by the CLO XII Issuer to purchase additional middle market loans under the direction of the Adviser in its capacity as collateral manager for the CLO XII Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle market loans.

The CLO XII Debt is the secured obligation of the CLO XII Issuer, and the CLO XII Indenture and CLO XII Class A-1L Credit Agreement each include customary covenants and events of default. The CLO XII Secured Notes have not been registered under the Securities Act, or any state securities (e.g., “blue sky”) laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration.

The Adviser will serve as collateral manager for the CLO XII Issuer under a collateral management agreement dated as of the CLO XII Closing Date (the “Collateral Management Agreement”). The Adviser is entitled to receive fees for providing these services. The Adviser has waived its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to the Adviser pursuant to the Amended and Restated Investment Advisory Agreement, dated May 18, 2021, between the Adviser and the Company will be offset by the amount of the collateral management fee attributable to the CLO XII Issuer’s equity or notes owned by the Company.

CLO XV

On January 30, 2024 (the “CLO XV Closing Date”), the Company completed a $478.0 million term debt securitization transaction (the “CLO XV Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by the Company. The secured notes and preferred shares issued in the CLO XV Transaction and the secured loan borrowed in the CLO XV Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiary Owl Rock CLO XV, LLC, a limited liability organized under the laws of the State of Delaware (the “CLO XV Issuer”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO XV Issuer.

The CLO XV Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO XV Closing Date (the “CLO XV Indenture”), by and among the CLO XV Issuer and State Street Bank and Trust Company: (i) $273.6 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 2.30%, (ii) $38.4 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 3.20% (together, the “CLO XV Secured Notes”). The CLO XV Secured Notes are secured by middle market loans, participation interests in middle market loans and other assets of the CLO XV Issuer. The CLO XV Secured Notes are scheduled to mature on the Payment Date (as defined in the CLO XV Indenture) in January, 2036. The CLO XV Secured Notes were privately placed by Natixis Securities Americas LLC as placement agent.

Concurrently with the issuance of the CLO XV Secured Notes, the CLO XV Issuer issued approximately $166.0 million of subordinated securities in the form of 165,980 preferred shares at an issue price of U.S. $1,000 per share (the “CLO XV Preferred Shares”). The CLO XV Preferred Shares were issued by the CLO XV Issuer as part of its issued share capital and are not secured by the collateral securing the CLO XV Secured Notes. The Company purchased all of the CLO XV Preferred Shares. The Company acts as retention holder in connection with the CLO XV Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the CLO XV Preferred Shares.

As part of the CLO XV Transaction, the Company entered into a loan sale agreement with the CLO XV Issuer dated as of the CLO XV Closing Date (the “CLO XV OCIC Loan Sale Agreement”), which provided for the contribution of approximately $115.4 million funded par amount of middle market loans from the Company to the CLO XV Issuer on the CLO XV Closing Date and for future sales from the Company to the CLO XV Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XV Secured Notes. The remainder of the initial portfolio assets securing the CLO XV Secured Notes consisted of approximately $329.7 million funded par amount of middle market loans purchased by the CLO XV Issuer from Core Income Funding I LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the CLO XV Closing Date between the CLO XV Issuer and Core Income Funding I LLC (the “CLO XV Core Income Funding I Loan Sale

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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. The CLO XV Secured Notes have not been registered under the Securities Act, or any state securities (e.g., “blue sky”) laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration.

The Adviser will serve as collateral manager for the CLO XV Issuer under a collateral management agreement dated as of the CLO XV Closing Date (the “Collateral Management Agreement”). The Adviser is entitled to receive fees for providing these services. The Adviser has waived its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to the Adviser pursuant to the Amended and Restated Investment Advisory Agreement, dated May 18, 2021, between the Adviser and the Company will be offset by the amount of the collateral management fee attributable to the CLO XV Issuer’s equity or notes owned by the Company.

CLO XVI

On March 7, 2024 (the “CLO XVI Closing Date”), the Company completed a $597.0 million term debt securitization transaction (the “CLO XVI Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by the Company. The secured notes and preferred shares issued in the CLO XVI Transaction and the secured loan borrowed in the CLO XVI Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiary Owl Rock CLO XVI, LLC, a limited liability organized under the laws of the State of Delaware (the “CLO XVI Issuer”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO XVI Issuer.

The CLO XVI Transaction was executed by the issuance of the following classes of notes and preferred shares pursuant to an indenture dated as of the CLO XVI Closing Date (the “CLO XVI Indenture”), by and among the CLO XVI Issuer and State Street Bank and Trust Company: (i) $342.0 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 2.00%, (ii) $48.0 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 2.50% and (iii) $30.0 million of A(sf) Class C Notes, which bear interest at three-month term SOFR plus 3.30% (together, the “CLO XVI Secured Notes”). The CLO XVI Secured Notes are secured by middle market loans, participation interests in middle market loans and other assets of the CLO XVI Issuer. The CLO XVI Secured Notes are scheduled to mature on the Payment Date (as defined in the CLO XVI Indenture) in April, 2036. The CLO XVI Secured Notes were privately placed by Deutsche Bank Securities Inc. as Initial Purchaser.

Concurrently with the issuance of the CLO XVI Secured Notes, the CLO XVI Issuer issued approximately $177.0 million of subordinated securities in the form of 177,000 preferred shares at an issue price of U.S. $1,000 per share (the “CLO XVI Preferred Shares”). The CLO XVI Preferred Shares were issued by the CLO XVI Issuer as part of its issued share capital and are not secured by the collateral securing the CLO XVI Debt. The Company purchased all of the CLO XVI Preferred Shares. The Company acts as retention holder in connection with the CLO XVI Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the CLO XVI Preferred Shares.

As part of the CLO XVI Transaction, the Company entered into a loan sale agreement with the CLO XVI Issuer dated as of the CLO XVI Closing Date (the “OCIC CLO XVI Loan Sale Agreement”), which provided for the contribution of approximately $206.6 million funded par amount of middle market loans from the Company to the CLO XVI Issuer on the CLO XVI Closing Date and for future sales from the Company to the CLO XVI Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XVI Secured Notes. The remainder of the initial portfolio assets secured the CLO XVI Secured Notes consisted of approximately $356.5 million funded par amount of middle market loans purchased by the CLO XVI Issuer from Core Income Funding II LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the CLO XVI Closing Date between the CLO XVI Issuer and Core Income Funding II LLC (the “CLO XVI Core Income Funding II Loan Sale Agreement”). The Company and Core Income Funding II LLC each made customary representations, warranties, and covenants to the CLO XVI Issuer under the applicable loan sale agreement. No gain or loss was recognized as a result of these sales and contributions.

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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. The CLO XVI Secured Notes have not been registered under the Securities Act, or any state securities (e.g., “blue sky”) laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration.

The Adviser will serve as collateral manager for the CLO XVI Issuer under a collateral management agreement dated as of the CLO XVI Closing Date (the “Collateral Management Agreement”). The Adviser is entitled to receive fees for providing these services. The Adviser has waived its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to the Adviser pursuant to the Amended and Restated Investment Advisory Agreement, dated May 18, 2021, between the Adviser and the Company will be offset by the amount of the collateral management fee attributable to the CLO XVI Issuer’s equity or notes owned by the Company.

Unsecured Notes

On November 30, 2022, the Company entered into an agreement of removal, appointment and acceptance (the “Tripartite Agreement”), with Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association (the “Retiring Trustee”) and Truist Bank (the “Successor Trustee”), with respect to the Indenture, dated September 23, 2021 between the Company and the Retiring Trustee (the “Base Indenture”), the first supplemental indenture, dated September 23, 2021 (the “First Supplemental Indenture”) between the Company and the Retiring Trustee, the second supplemental indenture, dated February 8, 2022 (the “Second Supplemental Indenture”) between the Company and the Retiring Trustee, the third supplemental indenture, dated March 29, 2022 (the “Third Supplemental Indenture”) between the Company and the Retiring Trustee, and the Fourth Supplemental Indenture, dated September 16, 2022 (the “Fourth Supplemental Indenture” and together with the Base Indenture, the First Supplemental Indenture, the Second Supplemental Indenture and the Third Supplemental Indenture, the “Indenture”) between the Company and the Retiring Trustee.

The Tripartite Agreement provided that, effective as of the date thereof, (1) the Retiring Trustee assigns, transfers, delivers and confirms to the Successor Trustee all of its rights, title and interest under the Indenture and all of the rights, power, trusts and duties as trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture; and (2) the Successor Trustee accepts its appointment successor trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture, and accepts the rights, indemnities, protections, powers, trust and duties of or afforded to Retiring Trustee as trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture. The Successor Trustee’s appointment in its capacities as paying agent and security registrar became effective on December 14, 2022.

September 2026 Notes

On September 23, 2021, the Company issued $350.0 million aggregate principal amount of 3.125% notes due 2026 (the notes initially issued on September 23, 2021, together with the registered notes issued in the exchange offer described below, the “September 2026 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. When initially issued, the September 2026 Notes were not registered under the Securities Act and could not be offered or sold in the United States absent registration or an applicable exemption from registration.

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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 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 are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of its future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the February 2027 Notes. The February 2027 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior to the February 2027 Notes. The February 2027 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness. The February 2027 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The February 2027 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with asset coverage requirements of the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the February 2027 Notes and the Successor Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the Indenture. In addition, if a change of control repurchase event, as defined in the February 2027 Indenture, occurs prior to maturity, holders of the February 2027 Notes have the right, at their option, to require us to repurchase for cash some or all of the February 2027 Notes at a repurchase price equal to 100% of the aggregate principal amount of the February 2027 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

March 2025 Notes

On March 29, 2022, the Company issued $500.0 million aggregate principal amount of its 5.500% notes due 2025 (the notes initially issued on March 29, 2022, together with the registered notes issued in the exchange offer described below, the “March 2025

101

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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.

The March 2025 Notes are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the March 2025 Notes. The March 2025 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior to the March 2025 Notes. The March 2025 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The March 2025 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The March 2025 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with Section 18(a)(1)(A) of the 1940 Act, as modified by Section 61(a) of the 1940 Act, for the period of time during which the March 2025 Notes are outstanding, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the March 2025 Notes and the Successor Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the March 2025 Indenture. In addition, if a change of control repurchase event, as defined in the March 2025 Indenture, occurs prior to maturity, holders of the March 2025 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the March 2025 Notes at a repurchase price equal to 100% of the aggregate principal amount of the March 2025 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

September 2027 Notes

On September 16, 2022, the Company issued $600.0 million aggregate principal amount of 7.750% notes due 2027 (the notes initially issued on September 16, 2022, together with the registered notes issued in the exchange offer described below, the “September 2027 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. When initially issued, the September 2027 Notes were not registered under the Securities Act and could not be offered or sold in the United States absent registration or an applicable exemption from registration.

102

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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, 2024, the Company made periodic payments of $4.7 million. For the three months ended March 31, 2023, the Company made periodic payments of $0.7 million. The interest expense related to the September 2027 Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. As of March 31, 2024, the interest rate swap had a fair value of $(3.7) million ($0.4 million net of the present value of the cash flows of the September 2027 Notes). As of December 31, 2023, the interest rate swap had a fair value of $6.5 million ($1.1 million net of the present value of the cash flows of the September 2027 Notes). Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the September 2027 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.

June 2028 Notes

On June 13, 2023, the Company issued $500.0 million aggregate principal amount of its 7.950% notes due 2028 and on July 14, 2023, the Company issued an additional $150.0 million aggregate principal amount of its 7.950% notes due 2028 (together, the “June 2028 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The June 2028 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

The June 2028 Notes were issued pursuant to the Base Indenture and the Fifth Supplemental Indenture (together with the Base Indenture, the “June 2028 Indenture”), between the Company and the Trustee. The June 2028 Notes will mature on June 13, 2028 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the June 2028 Indenture. The June 2028 Notes bear interest at a rate of 7.950% per year payable semi-annually on June 13 and December 13 of each year, commencing on December 13, 2023. Concurrent with the issuance of the June 2028 Notes, the Company entered into a Registration Rights Agreement (the “June 2028 Registration Rights Agreement”) for the benefit of the purchasers of the June 2028 Notes. Pursuant to the June 2028 Registration Rights Agreement, the Company is obligated to file a registration statement with the SEC with respect to an offer to exchange the June 2028 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the June 2028 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use its commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the June 2028 Notes. If the Company fails to satisfy its registration obligations under the June 2028 Registration Rights Agreement, it will be required to pay additional interest to the holders of the June 2028 Notes.

The June 2028 Notes are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the June 2028 Notes. The June 2028 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior to the June 2028 Notes. The June 2028 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The June 2028 Notes will rank structurally

103

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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, 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, 2024, the interest rate swap had a fair value of $(0.1) million ($(0.3) million net of the present value of the cash flows of the June 2028 Notes). Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the June 2028 Notes, with the remaining difference included as a component of interest expense on the Company’s Consolidated Statements of Operations.

January 2029 Notes

On December 4, 2023, the Company issued $550.0 million aggregate principal amount of its 7.750% notes due 2029 (the “January 2029 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The January 2029 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

The January 2029 Notes were issued pursuant to the Base Indenture and a Sixth Supplemental Indenture, dated as of December 4, 2023 (the “Sixth Supplemental Indenture” and together with the Base Indenture, the “January 2029 Indenture”), between the Company and the Trustee. The January 2029 Notes will mature on January 15, 2029 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the January 2029 Indenture. The January 2029 Notes bear interest at a rate of 7.750% per year payable semi-annually on January 15 and July 15 of each year, commencing on July 15, 2024. Concurrent with the issuance of the January 2029 Notes, the Company entered into a Registration Rights Agreement (the “January 2029 Registration Rights Agreement”) for the benefit of the purchasers of the January 2029 Notes. Pursuant to the January 2029 Registration Rights Agreement, the Company is obligated to file a registration statement with the SEC with respect to an offer to exchange the January 2029 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the January 2029 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use its commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the January 2029 Notes. If the Company fails to satisfy its registration obligations under the January 2029 Registration Rights Agreement, it will be required to pay additional interest to the holders of the January 2029 Notes.

The January 2029 Notes are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the January 2029 Notes. The January 2029 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior, to the January 2029 Notes. The January 2029 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The January 2029 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The January 2029 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with Section 18(a)(1)(A) of the 1940 Act, as modified by Section 61(a) of the 1940 Act, for the period of time during which the January 2029 Notes

104

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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, 2024, the Company did not make a periodic payment. The interest expense related to the January 2029 Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. As of March 31, 2024, the interest rate swap had a fair value of $0.3 million ($0.1 million net of the present value of the cash flows of the January 2029 Notes). As of December 31, 2023, the interest rate swap had a fair value of $12.1 million ($1.5 million net of the present value of the cash flows of the January 2029 notes). Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the January 2029 Notes, with the remaining difference included as a component of interest expense on the Company’s Consolidated Statements of Operations.

March 2031 Notes

On February 1, 2024, the Company issued $750.0 million aggregate principal amount of its 6.650% notes due 2031 (the “March 2031 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The March 2031 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

The March 2031 Notes were issued pursuant to the Base Indenture and a Seventh Supplemental Indenture, dated as of February 1, 2024 (the “Seventh Supplemental Indenture” and together with the Base Indenture, the “March 2031 Indenture”), between the Company and the Trustee. The March 2031 Notes will mature on March 15, 2031 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the March 2031 Indenture. The March 2031 Notes bear interest at a rate of 6.650% per year payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2024. Concurrent with the issuance of the March 2031 Notes, the Company entered into a Registration Rights Agreement (the “March 2031 Registration Rights Agreement”) for the benefit of the purchasers of the March 2031 Notes. Pursuant to the March 2031 Registration Rights Agreement, the Company is obligated to file a registration statement with the SEC with respect to an offer to exchange the March 2031 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the March 2031 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use its commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the March 2031 Notes. If the Company fails to satisfy its registration obligations under the March 2031 Registration Rights Agreement, it will be required to pay additional interest to the holders of the March 2031 Notes.

The March 2031 Notes are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the March 2031 Notes. The March 2031 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior, to the March 2031 Notes. The March 2031 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The March 2031 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The March 2031 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with Section 18(a)(1)(A) of the 1940 Act, as modified by Section 61(a) of the 1940 Act, for the period of time during which the March 2031 Notes are outstanding, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the March 2031 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the March 2031 Indenture.

105

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

In addition, if a change of control repurchase event, as defined in the 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, 2024, the Company did not make a periodic payment. The interest expense related to the March 2031 Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. As of March 31, 2024, the interest rate swap had a fair value of $(9.5) million ($(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.

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, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash (including restricted cash)	$	662,976	$	—	$	—	$	662,976
Investments:
First-lien senior secured debt investments(1)	—		3,434,296		12,778,425		16,212,721
Second-lien senior secured debt investments	—		274,692		675,291		949,983
Unsecured debt investments	—		55,974		190,767		246,741
Preferred equity investments(2)	—		—		743,606		743,606
Common equity investments(3)	—		—		486,142		486,142
Subtotal	$	—	$	3,764,962	$	14,874,231	$	18,639,193
Investments measured at NAV(4)	—		—		—		346,766
Total investments at fair value	$	—	$	3,764,962	$	14,874,231	$	18,985,959
Derivatives:
Interest rate swaps	$	—	$	(13,103)	$	—	$	(13,103)

(1)Includes debt investment in Amergin AssetCo.

(2)Includes equity investment in LSI Financing.

~~(2)~~(3)Includes equity investments in Amergin AssetCo and Fifth Season.

~~(3)~~(4)Includes equity investment in OCIC ~~SLF.~~SLF, which is measured at fair value using the net asset value per share (or its equivalent) practical expedient and has not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

Fair Value Hierarchy as of December 31, 2022
($ in thousands) Level 1 Level 2 Level 3 Total
First-lien senior secured debt investments $ — $ 845,039 $ 7,603,501 $ 8,448,540
Second-lien senior secured debt investments — 123,639 1,019,223 1,142,862
Unsecured debt investments — — 211,328 211,328
Preferred equity investments(1)
— — 500,023 500,023
Common equity investments(2)
— — 264,437 264,437
Subtotal $ — $ 968,678 $ 9,598,512 $ 10,567,190
Investments measured at NAV(3)
— — — 140,394
Total Investments at fair value $ — $ 968,678 $ 9,598,512 $ 10,707,584

~~_______________~~

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Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)


	Fair Value Hierarchy as of December 31, 2023
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash (including restricted cash)	$	415,384	$	—	$	—	$	415,384
Investments:
First-lien senior secured debt investments(1)	—		2,248,212		11,540,505		13,788,717
Second-lien senior secured debt investments	—		249,417		935,338		1,184,755
Unsecured debt investments	—		55,643		189,018		244,661
Preferred equity investments(2)	—		—		721,545		721,545
Common equity investments(3)	—		—		448,974		448,974
Subtotal	$	—	$	2,553,272	$	13,835,380	$	16,388,652
Investments measured at NAV(4)	—		—		—		273,441
Total investments at fair value	$	—	$	2,553,272	$	13,835,380	$	16,662,093
Derivatives:
Interest rate swaps	$	—	$	18,650	$	—	$	18,650

(1)Includes debt investment in Amergin AssetCo.

(2)Includes equity investment in LSI Financing.

~~(2)~~(3)Includes equity investments in Amergin AssetCo and Fifth Season.

~~(3)~~(4)Includes equity investment in OCIC ~~SLF.~~

SLF, which is measured at fair value using the net asset value per share (or its equivalent) practical expedient and has not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the following periods:

As of and for the Three Months Ended June 30, 2023
($ 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 $ 7,969,726 $ 942,097 $ 170,187 $ 605,447 $ 282,725 $ 9,970,182
Purchases of investments, net 1,386,330 — — 35,961 37,320 1,459,611
Payment-in-kind 15,223 1,751 5,480 16,519 98 39,071
Proceeds from investments, net (138,788) — — (2,974) (2,313) (144,075)
Net change in unrealized gain (loss) 1,938 (5,714) 603 (2,363) 7,666 2,130
Net realized gains (losses) (2) — — — — (2)
Net amortization/accretion of premium/discount on investments 6,412 283 17 317 — 7,029
Transfers between investment types 1 — — — — 1
Transfers into (out of) Level 3(1)
(24,857) — — — — (24,857)
Fair value, end of period $ 9,215,983 $ 938,417 $ 176,287 $ 652,907 $ 325,496 $ 11,309,090

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

~~_______________~~

~~(1)~~Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended June 30, 2023, transfers out of Level 3 into Level 2 were as a result of changes in the observability of significant inputs for certain portfolio companies.

As of and for the Six Months Ended June 30, 2023
($ 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 $ 7,603,501 $ 1,019,223 $ 211,328 $ 500,023 $ 264,437 $ 9,598,512
Purchases of investments, net 1,913,581 — 613 116,611 52,407 2,083,212
Payment-in-kind 23,306 3,441 8,934 36,833 119 72,633
Proceeds from investments, net (176,146) — (3) (2,974) (2,313) (181,436)
Net change in unrealized gain (loss) 34,505 (1,289) 3,186 1,806 8,028 46,236
Net realized gains (losses) (4,579) — — — — (4,579)
Net amortization/accretion of premium/discount on investments 11,437 561 71 608 — 12,677
Transfers between investment types (2,818) — — — 2,818 —
Transfers into (out of) Level 3(1)
(186,804) (83,519) (47,842) — — (318,165)
Fair value, end of period $ 9,215,983 $ 938,417 $ 176,287 $ 652,907 $ 325,496 $ 11,309,090

~~_______________~~

~~(1)~~Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the six months ended June 30, 2023, transfers out of Level 3 into Level 2 were as a result of changes in the observability of significant inputs for certain portfolio companies.


		As of and for the Three Months Ended June 30, 2022
	As of and for the Three Months Ended March 31, 2024																		As of and for the Three Months Ended March 31, 2024
($ in thousands)	($ in thousands)	First-lien senior secured debt investments		Second-lien senior secured debt investments		Unsecured debt investments		Preferred equity investments		Common equity investments		Total		($ 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	Fair value, beginning of period	$	3,735,077	$	602,817	$	123,608	$	156,555	$	101,090	$	4,719,147
Purchases of investments, net	Purchases of investments, net	2,292,454		215,592		34,078		261,348		31,046		2,834,518
Payment-in-kind	Payment-in-kind	7,701		1,475		2,532		3,915		14		15,637
Proceeds from investments, net	Proceeds from investments, net	(152,174)		(39,832)		—		—		—		(192,006)
Net change in unrealized gain (loss)	Net change in unrealized gain (loss)	(45,346)		(23,870)		(7,565)		(9,976)		(4,183)		(90,940)
Net realized gains (losses)	Net realized gains (losses)	108		—		—		—		—		108
Net amortization/accretion of premium/discount on investments	Net amortization/accretion of premium/discount on investments	2,887		236		45		94		(2)		3,260
Transfers between investment types	Transfers between investment types	—		—		—		—		—		—
Transfers into (out of) Level 3(1)	Transfers into (out of) Level 3(1)	4,935		2,503		—		—		—		7,438
Fair value, end of period	Fair value, end of period	$	5,845,642	$	758,921	$	152,698	$	411,936	$	127,965	$	7,297,162

(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended ~~June 30, 2022,~~March 31, 2024, transfers ~~into~~out of Level 3 ~~out of~~into Level 2 were as a result of changes in the observability of significant inputs for certain portfolio ~~companies.~~companies and an investment measured at net asset value which is no longer categorized within the fair value hierarchy.

78107

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)


		As of and for the Six Months Ended June 30, 2022
	As of and for the Three Months Ended March 31, 2023																		As of and for the Three Months Ended March 31, 2023
($ in thousands)	($ in thousands)	First-lien senior secured debt investments		Second-lien senior secured debt investments		Unsecured debt investments		Preferred equity investments		Common equity investments		Total		($ 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	Fair value, beginning of period	$	2,328,346	$	450,477	$	2,116	$	56,970	$	71,705	$	2,909,614
Purchases of investments, net	Purchases of investments, net	3,731,936		384,585		154,853		359,358		57,151		4,687,883
Payment-in-kind	Payment-in-kind	11,360		2,561		2,614		6,938		40		23,513
Proceeds from investments, net	Proceeds from investments, net	(196,052)		(39,832)		—		(642)		—		(236,526)
Net change in unrealized gain (loss) on investments	Net change in unrealized gain (loss) on investments	(59,849)		(26,799)		(6,940)		(10,958)		(1,054)		(105,600)
Net realized gain (loss) on investments	Net realized gain (loss) on investments	156		—		—		202		—		358
Net amortization/accretion of premium/discount on investments	Net amortization/accretion of premium/discount on investments	4,855		367		55		191		—		5,468
Transfers between investment types	Transfers between investment types	—		—		—		(123)		123		—
Transfers into (out of) Level 3(1)	Transfers into (out of) Level 3(1)	24,890		(12,438)		—		—		—		12,452
Fair value, end of period	Fair value, end of period	$	5,845,642	$	758,921	$	152,698	$	411,936	$	127,965	$	7,297,162

(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the ~~six~~three months ended ~~June 30, 2022,~~March 31, 2023, transfers out of Level 23 into Level ~~3 and transfers into Level~~ 2 ~~from Level 3~~ were as a result of changes in the observability of significant inputs for certain portfolio companies.

The below tables present information with respect to the net change in unrealized gains (losses) on investments for which Level 3 inputs were used in determining the fair value that are still held by the Company for the following periods:

($ in thousands) Net change in unrealized gain (loss) for the Three Months Ended June 30, 2023 on Investments Held at June 30, 2023 Net change in unrealized gain (loss) for the Three Months Ended June 30, 2022 on Investments Held at June 30, 2022
First-lien senior secured debt investments $ 2,025 $ (45,471)
Second-lien senior secured debt investments (5,714) (23,860)
Unsecured debt investments 601 (7,565)
Preferred equity investments (2,363) (9,991)
Common equity investments 7,664 (4,182)
Total Investments $ 2,213 $ (91,069)

($ in thousands) Net change in unrealized gain (loss) for the Six Months Ended June 30, 2023 on Investments Held at June 30, 2023 Net change in unrealized gain (loss) for the Six Months Ended June 30, 2022 on Investments Held at June 30, 2022
First-lien senior secured debt investments $ 34,505 $ (59,851)
Second-lien senior secured debt investments (1,289) (26,165)
Unsecured debt investments 3,186 (6,940)
Preferred equity investments 1,806 (10,958)
Common equity investments 8,028 (740)
Total Investments $ 46,236 $ (104,654)


($ in thousands)	Net change in unrealized gain (loss) for the Three Months Ended March 31, 2024 on Investments Held at March 31, 2024		Net change in unrealized gain (loss) for the Three Months Ended March 31, 2023 on Investments Held at March 31, 2023
First-lien senior secured debt investments	$	5,673	$	33,157
Second-lien senior secured debt investments	4,306		4,425
Unsecured debt investments	(3,168)		2,583
Preferred equity investments	(948)		4,169
Common equity investments	7,605		362
Total Investments	$	13,468	$	44,696

The

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

~~The~~ following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of ~~June 30, 2023~~March 31, 2024 and December 31, ~~2022.~~2023. The weighted average range of unobservable inputs is based on fair value of investments. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

108

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

As of March 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

11,496,272

Yield Analysis

Market Yield

7.2% - 21.6% (11.8%)

Decrease

1,282,153

Recent Transaction

Transaction Price

97.5% - 100.0% (98.8%)

Increase

Second-lien senior secured debt investments

675,291

Yield Analysis

Market Yield

11.9% - 19.2% (14.6%)

Decrease

Unsecured debt investments

190,741

Yield Analysis

Market Yield

10.0% - 17.5% (11.7%)

Decrease

Market Approach

EBITDA Multiple

13.0x - 13.0x (13.0x)

Increase

Preferred equity investments

738,947

Yield Analysis

Market Yield

10.7% - 25.9% (14.4%)

Decrease

3,659

Recent Transaction

Transaction Price

100.0% - 100.0% (100.0%)

Increase

1,000

Market Approach

Enterprise Value

23.50x

Increase

Common equity investments

95,116

Recent Transaction

Transaction Price

100.0% - 100.0% (100.0%)

Increase

108,146

Market Approach

EBITDA Multiple

5.8x - 34.5x (14.9x)

Increase

233,262

Market Approach

AUM Multiple

1.0x

Increase

47,716

Market Approach

Revenue Multiple

1.9x - 14.5x (10.4x)

Increase

614

Options Pricing Model

Volatility

70.0%

Increase

1,278

Yield Analysis

Market Yield

8.2% - 8.2% (8.2%)

Decrease

Market Approach

Gross Profit Multiple

9.5x - 9.5x (9.5x)

Increase

As of ~~June 30,~~December 31, 2023

($ 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(1)~~

~~7,852,297~~

~~Yield Analysis~~

~~Market Yield~~

~~8.0% - 27.6% (12.1%)~~

~~Decrease~~

~~1,346,005~~

~~Recent Transaction~~

~~Transaction Price~~

~~81.7% - 99.5% (98.5%)~~

~~Increase~~

~~Second-lien senior secured debt investments~~

~~938,417~~

~~Yield Analysis~~

~~Market Yield~~

~~12.6% - 28.6% (15.6%)~~

~~Decrease~~

~~Unsecured debt investments~~

~~176,261~~

~~Yield Analysis~~

~~Market Yield~~

~~11.1% - 20.5% (13.0%)~~

~~Decrease~~

~~Market Approach~~

~~EBITDA Multiple~~

~~13.0x - 13.0x (13.0x)~~

~~Increase~~

~~Preferred equity investments~~

~~576,556~~

~~Yield Analysis~~

~~Market Yield~~

~~11.5% - 26.2% (14.1%)~~

~~Decrease~~

~~76,348~~

~~Recent Transaction~~

~~Transaction Price~~

~~100.0% - 100.0% (100.0%)~~

~~Increase~~

~~Market Approach~~

~~EBITDA Multiple~~

~~11.3x - 11.3x (11.3x)~~

~~Increase~~

~~Common equity investments~~

~~137,721~~

~~Recent Transaction~~

~~Transaction Price~~

~~100.0% - 131.1% (100.1%)~~

~~Increase~~

~~141,806~~

~~Market Approach~~

~~EBITDA Multiple~~

~~6.8x - 32.5x (15.6x)~~

~~Increase~~

~~45,960~~

~~Market Approach~~

~~Revenue Multiple~~

~~2.0x - 15.8x (10.9x)~~

~~Increase~~

~~Market Approach~~

~~Gross Profit Multiple~~

~~10.0x - 10.0x (10.0x)~~

~~Increase~~

~~(1)~~ ~~Excludes $17.7 million of level 3 investments valued based on indicative quotes.~~

~~As of December 31, 2022~~

~~($ 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

~~7,274,929~~9,713,556

Yield Analysis

Market Yield

~~8.2%~~7.4% - ~~19.3% (11.9%~~22.2% (11.6%)

Decrease

~~323,358~~1,826,949

Recent Transaction

Transaction Price

~~96.8%~~97.0% - ~~99.0% (98.0%~~99.8% (98.6%)

Increase

~~5,214~~

~~Collateral Analysis~~

~~Recovery Rate~~

~~51.0% - 51.0% (51.0%)~~

~~Increase~~

Second-lien senior secured debt investments

~~862,487~~935,338

Yield Analysis

Market Yield

~~11.9%~~11.4% - ~~25.2% (15.7%~~17.7% (14.6%)

Decrease

~~156,736~~

~~Recent Transaction~~

~~Transaction Price~~

~~98.0% - 98.0% (98.0%)~~

~~Increase~~

Unsecured debt investments

~~211,304~~188,992

Yield Analysis

Market Yield

~~10.8%~~10.6% - ~~20.2% (13.1%~~17.2% (12.0%)

Decrease

2426

Market Approach

EBITDA Multiple

11.8x - 11.8x (11.8x)

~~14.3x - 14.3x (14.3x)~~

Increase

Preferred equity investments

~~477,863~~642,464

Yield Analysis

Market Yield

~~11.9%~~10.4% - ~~17.9% (14.6%~~25.8% (14.4%)

Decrease

~~22,157~~79,081

Recent Transaction

Transaction Price

~~96.5%~~98.0% - ~~100.0% (97.5%~~107.5% (104.2%)

Increase

~~Market Approach~~

~~EBITDA Multiple~~

~~11.5x - 11.5x (11.5x)~~

~~Increase~~

Common equity investments

~~105,049~~251,028

Recent Transaction

Transaction Price

100.0% - 100.0% (100.0%)

Increase

~~129,098~~148,706

Market Approach

EBITDA Multiple

6.0x - 34.5x (16.1x)

~~11.0x - 31.6x (15.8x)~~

Increase

1,253

Yield Analysis

Market Yield

8.0% - 8.0% (8.0%)

Decrease

~~30,284~~47,978

Market Approach

Revenue Multiple

1.9x - 14.7x (10.5x)

~~1.8x - 16.6x (12.9x)~~

Increase

Market Approach

Gross Profit Multiple

9.9x - 9.9x (9.9x)

~~8.6x - 8.6x (8.6x)~~

Increase

The fair value of the ~~Company's~~Company’s performing Level 3 debt investments is typically determined utilizing a yield analysis. In a yield analysis, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to the expected life, portfolio company performance since close, and other terms and risks associated with an investment. Among other factors, a determinant of risk is the amount of leverage used by the portfolio company relative to its total enterprise value, and the rights and remedies of the Company’s investment within the portfolio company’s capital structure.

When the debtor is not performing or when there is insufficient value to cover the investment, the Company may utilize a net recovery approach to determine the fair value of debt investments in subject companies. A net recovery analysis typically consists of

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

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,

109

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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, ~~EBITDA,~~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.~~periods:

June 30, 2023 December 31, 2022
($ in thousands)
Net Carrying Value(1)
Fair Value
Net Carrying Value(2)
Fair Value
Revolving Credit Facility(3)
$ 513,284 $ 513,284 $ 288,636 $ 288,636
SPV Asset Facility I 518,609 518,609 437,241 437,241
SPV Asset Facility II 1,709,404 1,709,404 1,528,048 1,528,048
SPV Asset Facility III 550,509 550,509 549,851 549,851
SPV Asset Facility IV 244,703 244,703 460,869 460,869
SPV Asset Facility V 96,645 96,645 — —
CLO VIII 287,811 287,811 287,946 287,946
CLO XI 258,170 258,170 — —
March 2025 Notes 496,323 482,500 495,309 485,000
September 2026 Notes 344,963 302,750 344,226 299,250
February 2027 Notes 494,449 455,000 493,735 447,500
September 2027 Notes(4)
592,323 593,922 591,550 597,449
June 2028 Notes 491,372 500,000 — —
Total Debt $ 6,598,565 $ 6,513,307 $ 5,477,411 $ 5,381,790


	March 31, 2024				December 31, 2023
($ in thousands)	Net Carrying Value(1)(2)		Fair Value		Net Carrying Value(1)(3)		Fair Value
Revolving Credit Facility(4)	$	1,010,177	$	1,010,178	$	611,396	$	611,395
SPV Asset Facility I	194,067		194,067		468,920		468,920
SPV Asset Facility II	988,398		988,399		1,710,745		1,710,744
SPV Asset Facility III	613,501		613,501		513,046		513,045
SPV Asset Facility IV	196,396		196,396		246,296		246,296
SPV Asset Facility V	197,183		197,183		197,005		197,005
SPV Asset Facility VI	343,145		343,145		152,994		152,994
CLO VIII	287,955		287,955		287,907		287,907
CLO XI	258,185		258,185		258,144		258,144
CLO XII	258,049		258,049		258,002		258,002
CLO XV	309,194		309,194		—		—
CLO XVI	417,528		417,528		—		—
March 2025 Notes	496,928		496,250		496,586		492,500
September 2026 Notes	345,100		321,125		344,682		319,375
February 2027 Notes	497,220		473,750		496,699		472,500
September 2027 Notes	589,386		615,000		598,564		619,500
June 2028 Notes	640,716		674,375		640,012		672,750
January 2029 Notes	536,981		566,500		546,975		566,500
March 2031 Notes	721,719		735,000		—		—
Total Debt	$	8,901,828	$	8,955,780	$	7,827,973	$	7,847,577

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

(2)The carrying values of the ~~Company's~~Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, SPV Asset Facility V, SPV Asset Facility VI, CLO VIII, CLO XI, CLO XII, CLO XV, CLO XVI, March 2025 Notes, September 2026 Notes, February 2027 Notes, September 2027 Notes, ~~and~~ June 2028 Notes, January 2029 Notes, and March 2031 Notes are presented net of unamortized debt issuance costs of ~~$12.2~~$15.9 million, ~~$6.4~~$5.9 million, ~~$8.6~~$6.6 million, ~~$4.5~~$8.5 million, ~~$3.8~~$3.6 million, ~~$3.4~~$2.8 million, ~~$2.2~~$6.9 million, $2.0 million, $1.8 million, ~~$3.7~~$2.0 million, ~~$5.0~~$2.8 million, ~~$5.6~~$2.5 million, ~~$7.7~~$3.0 million, $4.9 million, $2.8 million, $6.5 million, $9.5 million, $13.2 million, and ~~$8.6~~$21.0 million, respectively.

~~(2)~~(3)The carrying values of the Company's Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, CLO VIII, March 2025 Notes, September 2026 Notes, February 2027 Notes, and September 2027 Notes are presented net of unamortized debt issuance costs of $13.6 million, $3.2 million, $10.0 million, $5.1 million, $4.1 million, $2.1 million, $4.7 million, $5.8 million, $6.3 million, and $8.4 million, respectively.

~~(3)Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies.~~

~~(4)Inclusive of change in fair market value of effective hedge.~~

~~The below table presents fair value measurements of the~~ Company’s ~~debt obligations as of the following periods:~~

($ in thousands) June 30, 2023 December 31, 2022
Level 1 $ — $ —
Level 2 2,334,172 1,829,199
Level 3 4,179,135 3,552,591
Total Debt $ 6,513,307 $ 5,381,790

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

~~Financial Instruments Not Carried at Fair Value~~

As of June 30, 2023 and December 31, 2022, the carrying amounts of the Company’s assets and liabilities, other than investments at fair value and debt, approximate fair value due to their short maturities.

~~Note 6. 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 198% and 193% as of June 30, 2023 and December 31, 2022, respectively.

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

June 30, 2023
($ in thousands) Aggregate Principal
Committed Outstanding
Principal
Amount
Available(1)
Net Carrying
Value(2)
Revolving Credit Facility(3)
$ 1,845,000 $ 525,469 $ 1,319,531 $ 513,284
SPV Asset Facility I 525,000 525,000 — 518,609
SPV Asset Facility II 1,800,000 1,718,000 82,000 1,709,404
SPV Asset Facility III 750,000 555,000 195,000 550,509
SPV Asset Facility IV 500,000 248,610 92,974 244,703
SPV Asset Facility V 300,000 100,000 37,566 96,645
CLO VIII 290,000 290,000 — 287,811
CLO XI 260,000 260,000 — 258,170
March 2025 Notes 500,000 500,000 — 496,323
September 2026 Notes 350,000 350,000 — 344,963
February 2027 Notes 500,000 500,000 — 494,449
September 2027 Notes 600,000 600,000 — 592,323
June 2028 Notes 500,000 500,000 — 491,372
Total Debt $ 8,720,000 $ 6,672,079 $ 1,727,071 $ 6,598,565

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

~~(2)The carrying values of the Company's~~ Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, SPV Asset Facility V, SPV Asset Facility VI, CLO VIII, CLO XI, CLO XII, March 2025 Notes, September 2026 Notes, February 2027 Notes, September 2027 Notes, ~~and~~ June 2028 Notes, and January 2029 Notes are presented net of unamortized debt issuance costs of ~~$12.2~~$16.6 million, ~~$6.4~~$6.1 million, ~~$8.6~~$7.3 million, ~~$4.5~~$9.0 million, ~~$3.8~~$3.7 million, $3.0 million, $7.0 million, $2.1 million, $1.9 million, $2.0 million, $3.4 million, ~~$2.2~~$5.4 million, ~~$1.8~~$3.3 million, ~~$3.7~~$6.9 million, ~~$5.0 million, $5.6 million, $7.7~~$9.9 million, and ~~$8.6~~$13.6 million, respectively.

~~(3)~~(4)Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies.

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

December 31, 2022
($ in thousands) Aggregate Principal
Committed Outstanding
Principal
Amount
Available(1)
Net Carrying
Value(2)
Revolving Credit Facility(3)
$ 1,845,000 $ 302,287 $ 1,542,713 $ 288,636
SPV Asset Facility I 550,000 440,430 72,337 437,241
SPV Asset Facility II 1,800,000 1,538,000 164,506 1,528,048
SPV Asset Facility III 750,000 555,000 50,764 549,851
SPV Asset Facility IV 500,000 465,000 26,911 460,869
CLO VIII 290,000 290,000 — 287,946
March 2025 Notes 500,000 500,000 — 495,309
September 2026 Notes 350,000 350,000 — 344,226
February 2027 Notes 500,000 500,000 — 493,735
September 2027 Notes 600,000 600,000 — 591,550
Total Debt $ 7,685,000 $ 5,540,717 $ 1,857,231 $ 5,477,411

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

~~(2)~~The carrying values of the Company's Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, CLO VIII, March 2025 Notes, September 2026 Notes, February 2027 Notes, and September 2027 Notes are presented net of unamortized debt issuance costs of $13.6 million, $3.2 million, $10.0 million, $5.1 million, $4.1 million, $2.1 million, $4.7 million, $5.8 million, $6.3 million, and $8.4 million, respectively.

~~(3)Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies.~~

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

For the Three Months Ended
June 30, For the Six Months Ended June 30,
($ in thousands) 2023 2022 2023 2022
Interest expense $ 108,913 $ 32,308 $ 195,488 $ 47,412
Amortization of debt issuance costs 4,434 3,802 8,131 4,069
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items(1)
1,204 — 527 —
Total Interest Expense $ 114,551 $ 36,110 $ 204,146 $ 51,481
Average interest rate 6.9 % 3.9 % 6.6 % 3.6 %
Average daily borrowings $ 6,223,801 $ 3,310,387 $ 5,903,426 $ 2,598,780

~~(1)Refer to the September 2027 Notes for details on the facility's interest rate swap.~~

~~Promissory Note~~

On October 15, 2020, the Company as borrower, entered into a Loan Agreement (the "Loan Agreement") with Owl Rock Feeder FIC ORCIC Debt LLC ("Feeder FIC Debt"), an affiliate of the Adviser, as lender, to enter into revolving promissory notes (the "Promissory Notes") to borrow up to an aggregate of $50 million from Feeder FIC Debt. The Loan Agreement was subsequently amended on March 31, 2021, August 26, 2021, September 13, 2021, and March 8, 2022, and amended and restated on May 12, 2021. Prior to June 22, 2022, the aggregate amount that could be borrowed under the Loan Agreement was $250 million and the stated maturity date was February 28, 2023.

The interest rate on amounts borrowed pursuant to the Promissory Notes after March 8, 2022 was based on the lesser of the rate of interest for a SOFR Loan or an ABR Loan under the Credit Agreement dated as of December 7, 2021, as amended or supplemented from time to time, by and among Blue Owl Finance LLC, as Borrower, Blue Owl Capital Holdings LP and Blue Owl Capital Carry LP as Parent Guarantors, the Subsidiary Guarantors party thereto, Bank of America, N.A., as Syndication Agent, JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association and Sumitomo Mitsui Banking Corporation, as Co-Documentation Agents and MUFG Bank, Ltd., as Administrative Agent.

83110

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

The ~~interest rate on amounts borrowed pursuant to the Promissory Notes between March 8, 2022 and May 12, 2021 was based on the lesser~~below table presents fair value measurements of the ~~rate of interest for an ABR Loan or a Eurodollar Loan under the Credit Agreement dated~~Company’s debt obligations as of ~~April 15, 2021, as amended or supplemented from time to time, by and among~~ the ~~Adviser, as borrower, the several lenders from time to time party thereto, MUFG Union Bank, N.A., as Collateral Agent and MUFG Bank, Ltd., as Administrative Agent.~~following periods:

The interest rate on amounts borrowed pursuant to Promissory Notes, prior to May 12, 2021, was based on either the rate of interest for a LIBOR-Based Advance or the rate of interest for a Prime-Based Advance as defined in the Loan and Security Agreement, dated as of February 20, 2020, as amended from time to time, by and among the Adviser, as borrower, East West Bank, as Administrative Agent, Issuing Lender, Swingline Lender and a Lender and Investec Bank PLC as a Lender.


($ in thousands)	March 31, 2024		December 31, 2023
Level 1	$	—	$	—
Level 2	3,882,000		3,143,125
Level 3	5,073,780		4,704,452
Total Debt	$	8,955,780	$	7,847,577

~~The unpaid principal balance of the Revolving Promissory Note and accrued interest thereon was payable by the Company from time to time~~Financial Instruments Not Carried at the discretion of the Company but immediately due and payable upon 120 days written notice by Owl Rock Feeder FIC ORCIC Debt LLC, and in any event due and payable in full no later than February 28, 2023.

On June 22, 2022, the Company and Feeder FIC Debt entered into a Termination Agreement (the “Termination Agreement”) pursuant to which the Loan Agreement was terminated. At the time the Termination Agreement was executed, there were no amounts outstanding pursuant to the Loan Agreement or the Promissory Notes.

~~Revolving Credit Facility~~

The Revolving Credit Facility is guaranteed by certain domestic subsidiaries of the Company in existence as of the closing date of the Revolving Credit Facility, and will be guaranteed by certain domestic subsidiaries of the Company that are formed or acquired by the Company in the future (collectively, the “Guarantors”). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including the funding of portfolio investments.

The maximum principal amount of the Revolving Credit Facility is $1.845 billion (increased from $1.550 billion to $1.775 billion on September 22, 2022, increased from $1.775 billion to $1.795 billion on October 5, 2022 and subsequently increased from $1.795 billion to $1.845 billion on November 22, 2022), subject to availability under the borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness. Maximum capacity under the Revolving Credit Facility may be increased to $2.325 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 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.

The availability period under the Revolving Credit Facility will terminate on August 11, 2026 (the “Revolving Credit Facility Commitment Termination Date”). The Revolving Credit Facility will mature on August 11, 2027 (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.

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

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.

~~ORCIC JV WH~~

On August 24, 2022 (the “ORCIC JV WH Closing Date”), ORCIC JV WH LL, a Delaware limited liability company (“ORCIC JV WH”) entered into a $400 million credit facility (the “Credit Agreement”) among the lenders party thereto (the “ORCIC JV WH Lenders”), Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and BofA Securities, Inc., as sole lead arranger and sole book manager. ORCIC JV WH was a wholly owned subsidiary of ORCIC BC 9 LLC, a Delaware limited liability company (the “Collateral Manager”) and the Collateral Manager was a wholly owned subsidiary of the Company. On November 2, 2022 (the “OCIC SLF Effective Date”), the Company and State Teachers Retirement System of Ohio (“OSTRS”) entered into an Amended and Restated Limited Liability Company Agreement (the “LLC Agreement”) to co-manage OCIC SLF, a Delaware limited liability company. OCIC SLF is a joint venture that is expected to invest primarily in senior secured loans to middle market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. Prior to the OCIC SLF Effective Date, the ORCIC JV WH Lenders consented to the change in control of OCIC SLF. From and following the OCIC SLF Effective Date, the Credit Agreement continued as an obligation of OCIC SLF and its subsidiaries but was no longer indebtedness of the Company.

~~ORCIC JV WH II~~

On October 14, 2022 (the “ORCIC JV WH II Closing Date”), ORCIC JV WH II LLC, a Delaware limited liability company (“ORCIC JV WH II”) entered into an up to $500 million revolving loan facility (the “Revolving Loan Agreement”) among the lenders party thereto (the “ORCIC JV WH II Lenders”), and Royal Bank of Canada, as a ORCIC JV WH II Lender and as administrative agent (in such capacity, the “ORCIC JV WH II Administrative Agent”). ORCIC JV WH II was a wholly owned subsidiary of ORCIC BC 9 LLC, a Delaware limited liability company (the “Collateral Manager”) and the Collateral Manager was a wholly owned subsidiary of the Company. On the OCIC SLF Effective Date, the Company and OSTRS entered into the LLC Agreement to co-manage OCIC SLF. OCIC SLF is a joint venture that is expected to invest primarily in senior secured loans to middle market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. Prior to the OCIC SLF Effective Date, the ORCIC JV WH II Lenders consented to the change in control of OCIC SLF. From and following the OCIC SLF Effective Date, the Revolving Loan Agreement continued as an obligation of OCIC SLF and its subsidiaries but was no longer indebtedness of the Company.

~~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").

From time to time, the Company expects to sell and contribute certain investments to Core Income Funding I pursuant to a Sale and Contribution Agreement by and between the Company and Core Income Funding I. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility I will be used to finance the origination and acquisition of eligible assets by Core Income Funding I, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by Core Income Funding I through its ownership of Core Income Funding I. The maximum principal amount of the Credit Facility is $525 million (decreased from $550 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.

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

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.

~~Borrowings of Core Income Funding I are considered the Company's borrowings for purposes of complying with the asset coverage requirements under the Investment Company Act of 1940, as amended.~~

~~SPV Asset Facility II~~

On October 5, 2021 (the "SPV Asset Facility II Closing Date"), Core Income Funding II LLC (“Core Income Funding II”), a Delaware limited liability company and our newly formed subsidiary entered into a loan and financing and servicing agreement (as amended through the date hereof, the “SPV Asset Facility II”), with Core Income Funding II, as borrower, us, as equityholder and service provider, the lenders from time to time parties thereto (the "SPV Asset Facility II Lenders"), Deutsche Bank AG, New York Branch, as Facility Agent, State Street Bank and Trust Company, as collateral agent, and Alter Domus (US) LLC as collateral custodian.

On October 27, 2021, the parties to the SPV Asset Facility II amended certain terms of the facility, including increasing the aggregate commitment of the SPV Asset Facility II Lenders from $500 million to $1 billion.

~~On December 20, 2021, the parties to the SPV Asset Facility II amended certain terms of the facility, including changes related to the elevation of Assigned Participation Interests.~~

On February 18, 2022, the parties to the SPV Asset Facility II amended certain terms of the facility including, among other changes, reallocating commitments of the SPV Asset Facility II Lenders and converting the benchmark rate of the facility from LIBOR to term SOFR.

On April 11, 2022, the parties to the SPV Asset Facility II amended certain terms of the facility including, among other changes, increasing the Facility Amount from $1 billion to $1.275 billion, extending the Ramp-up Period through December 31, 2022 and adding two additional lenders.

On May 3, 2022, the parties to the SPV Asset Facility II amended certain terms of the facility including, among other changes, increasing the Facility Amount from $1.275 billion to $1.65 billion and adding two additional lenders.

~~On July 11, 2022, the parties to the SPV Asset Facility II entered into a joinder agreement increasing the Facility Amount from $1.65 billion to $1.69 billion and adding an additional lender.~~

On August 1, 2022, the parties to the SPV Asset Facility II entered into joinder agreements and amended certain terms of the facility including, among other changes, increasing the Facility Amount from $1.69 billion to $1.8 billion and adding additional lenders.

From time to time, the Company expects to sell and contribute certain loan assets to Core Income Funding II pursuant to a Sale and Contribution Agreement by and between the Company and Core Income Funding II. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility II will be used to finance the origination and acquisition of eligible assets by Core Income Funding II, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by Core Income Funding II through our ownership of Core Income Funding II. The maximum principal amount of the SPV Asset Facility II is $1.8 billion; the availability of this amount is subject to the borrowing base, which is

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

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.

Amounts drawn under the SPV Asset Facility II bear interest at Term SOFR (or, in the case of certain SPV Asset Facility II Lenders that are commercial paper conduits, the lower of (a) their cost of funds and (b) Term SOFR, such Term SOFR not to be lower than zero) plus a spread equal to 2.00% per annum, which spread will increase (a) on and after the end of the Revolving Period by 0.15% per annum if no event of default has occurred and (b) by 2.00% per annum upon the occurrence of an event of default (such spread, the “Applicable Margin”). Term SOFR may be replaced as a base rate under certain circumstances. During the Revolving Period, Core Income Funding II will pay an undrawn fee ranging from 0.00% to 0.25% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility II. During the Revolving Period, if the undrawn commitments are in excess of a certain portion (initially 12.5% and increasing in stages to 25%, 50% and 75%) of the total commitments under the SPV Asset Facility II, Core Income Funding II will also pay a make-whole fee equal to the Applicable Margin multiplied by such excess undrawn commitment amount, reduced by the undrawn fee payable on such excess. Core Income Funding II will also pay Deutsche Bank AG, New York Branch, certain fees (and reimburse certain expenses) in connection with its role as facility agent. The SPV Asset Facility II contains customary covenants, including certain financial maintenance covenants, limitations on the activities of Core Income Funding II, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility II is secured by a perfected first priority security interest in the assets of Core Income Funding II and on any payments received by Core Income Funding II in respect of those assets. Assets pledged to the SPV Asset Facility II Lenders will not be available to pay the Company's debts.

~~Borrowings of Core Income Funding II are considered the Company's borrowings for purposes of complying with the asset coverage requirements under the Investment Company Act of 1940, as amended.~~

~~SPV Asset Facility III~~

From time to time, the Company expects to sell and contribute certain investments to Core Income Funding III pursuant to a Sale and Contribution Agreement, dated as of the SPV Asset Facility III Closing Date, by and between the Company and Core Income Funding III. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility III will be used to finance the origination and acquisition of eligible assets by Core Income Funding III, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by Core Income Funding III through the Company’s ownership of Core Income Funding III. The maximum principal amount of the SPV Asset Facility III is $750 million, 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.

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

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 0.11930%, amounts drawn in Canadian dollars are benchmarked to CDOR, and amounts drawn in Euros are benchmarked to EURIBOR, and in each case plus a spread equal to the Applicable Margin. The “SPV Asset Facility III Applicable Margin” ranges from 1.60% to 2.10% depending on the composition of the collateral. The SPV Asset Facility III also allows for amounts drawn in U.S. dollars to bear interest at an alternate base rate without a spread.

From the SPV Asset Facility III Closing Date to the SPV Asset Facility III Commitment Termination Date, there is a commitment fee, calculated on a daily basis, ranging from 0.25% to 1.25% on the undrawn amount under the SPV Asset Facility III. The SPV Asset Facility III contains customary covenants, including certain limitations on the activities of Core Income Funding III, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility III is secured by a perfected first priority security interest in the assets of Core Income Funding III and on any payments received by Core Income Funding III in respect of those assets. Assets pledged to the SPV Asset Facility III Lenders will not be available to pay the debts of the Company.

~~Borrowings of Core Income Funding III are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.~~

~~SPV Asset Facility IV~~

From time to time, the Company expects to sell and contribute certain investments to Core Income Funding IV pursuant to a Sale and Contribution Agreement, dated as of the SPV Facility IV Closing Date, by and between the Company and Core Income Funding IV. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Facility IV will be used to finance the origination and acquisition of eligible assets by Core Income Funding IV, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by Core Income Funding IV through its ownership of Core Income Funding IV. The maximum principal amount of the SPV Facility IV is $500 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.

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

~~received by Core Income Funding IV in respect of those assets. Assets pledged to the SPV Asset Facility IV Lenders will not be available to pay the debts of the Company.~~

~~Borrowings of Core Income Funding IV are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.~~

~~SPV Asset Facility V~~

From time to time, the Company expects to sell and contribute certain loan assets to Core Income Funding V pursuant to a Sale and Contribution Agreement, dated as of the SPV Facility V Closing Date, by and between the Company and Core Income Funding V. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Facility V will be used to finance the origination and acquisition of eligible assets by Core Income Funding V, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by Core Income Funding V through its ownership of Core Income Funding V. The maximum principal amount of the SPV Facility V is $300 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.

~~Borrowings of Core Income Funding V are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.~~

~~CLO VIII~~

On October 21, 2022 (the “CLO VIII Closing Date”), the Company completed a $391.675 million term debt securitization transaction (the “CLO VIII Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by the Company. The secured notes and preferred shares issued in the CLO VIII Transaction and the secured loan borrowed in the CLO VIII Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiary CLO VIII,

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

LLC, a limited liability organized under the laws of the State of Delaware (the “CLO VIII Issuer”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO VIII Issuer.

The CLO VIII Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO VIII Closing Date (the “CLO VIII Indenture”), by and among the CLO VIII Issuer and State Street Bank and Trust Company: (i) $152 million of AAA(sf) Class A-T Notes, which bear interest at three-month term SOFR plus 2.50%, (ii) $46 million of AAA(sf) Class A-F Notes, which bear interest at 6.02%, (iii) $32 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 3.50% and (iv) $30 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 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 November 20, 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 $101.675 million of subordinated securities in the form of 101,675 preferred shares at an issue price of U.S.$1,000 per share (the “CLO VIII Preferred Shares”). The CLO VIII Preferred Shares were issued by the CLO VIII Issuer as part of its issued share capital and are not secured by the collateral securing the CLO VIII Debt. The Company purchased all of the CLO VIII Preferred Shares. The Company acts as retention holder in connection with the CLO VIII Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the CLO VIII Preferred Shares.Fair Value

As ~~part~~of March 31, 2024 and December 31, 2023, the carrying amounts of the ~~CLO VIII Transaction,~~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 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 $143.098 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 $113.025 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. 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.hierarchy.

~~CLO XI~~

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

by the Company. The secured notes and preferred shares issued in the CLO XI Transaction and the secured loan borrowed in the CLO XI Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiary CLO XI, LLC, a limited liability organized under the laws of the State of Delaware (the “CLO XI Issuer”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO XI Issuer.

The CLO XI Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO XI Closing Date (the “CLO XI Indenture”), by and among the CLO XI Issuer and State Street Bank and Trust Company: (i) $152.5 million of AAA(sf) Class A-1T Notes, which bear interest at three-month term SOFR plus 2.50%, (ii) $25.5 million of AAA(sf) Class A-1F Notes, which bear interest at 6.10% and (iii) $32 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 million under floating rate Class A-1L loans (the “CLO XI Class A-1L Loans” and together with the CLO XI Secured Notes, the “CLO XI Debt”). The CLO XI Class A-1L Loans bear interest at three-month term SOFR plus 2.50%. The CLO XI Class A-1L Loans were borrowed under a loan agreement (the “CLO XI A-1L Loan Agreement”), dated as of the CLO XI Closing Date, by and among the CLO XI Issuer, as borrower, various financial institutions, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO XI Debt is secured by middle market loans, participation interests in middle market loans and other assets of the Issuer. The CLO XI Debt is scheduled to mature on May 15, 2035. The CLO XI Secured Notes were privately placed by SMBC Nikko Securities America, Inc. as Initial Purchaser.

The CLO XI Debt is the secured obligation of the CLO XI Issuer, and the CLO XI Indenture and CLO XI A-1L Loan Agreement each include customary covenants and events of default. The CLO XI Secured Notes have not been registered under the Securities Act , or any state securities (e.g., “blue sky”) laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration.

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

~~Unsecured Notes~~

~~September 2026 Notes~~

On September 23, 2021, the Company issued $350 million aggregate principal amount of 3.125% notes due 2026 (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. The September 2026 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 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 September 2026 Registration Rights Agreement, the Company is obligated to file a registration statement with the SEC with respect to an offer to exchange the September 2026 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the September 2026 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 2026 Notes. If the Company fails to satisfy its registration obligations under the September 2026 Registration Rights Agreement, it will be required to pay additional interest to the holders of the September 2026 Notes. The Company filed a registration statement with the SEC and, on July 25, 2022, commenced an offer to exchange the September 2026 Notes for newly issued registered notes with substantially similar terms, which expired on August 23, 2022.

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.

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

~~requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the September 2026 Indenture.~~

~~February 2027 Notes~~

On February 8, 2022, the Company issued $500 million aggregate principal amount of 4.70% notes due 2027 (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. The February 2027 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 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 February 2027 Registration Rights Agreement the Company is obligated to file a registration statement with the SEC with respect to an offer to exchange the February 2027 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the February 2027 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 February 2027 Notes. If the Company fails to satisfy its registration obligations under the February 2027 Registration Rights Agreement, the Company will be required to pay additional interest to the holders of the February 2027 Notes. The Company filed a registration statement with the SEC and, on July 24, 2023, commenced an offer to exchange the February 2027 Notes for newly issued registered notes with substantially similar terms. See Note 12. "Subsequent Events."

~~March 2025 Notes~~

On March 29, 2022, the Company issued $500 million aggregate principal amount of its 5.500% notes due 2025 (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. The March 2025 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.

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

The March 2025 Notes were issued pursuant to the Base Indenture and the Third Supplemental Indenture (together, the “March 2025 Indenture”). The March 2025 Notes will mature on March 21, 2025 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the March 2025 Indenture. The March 2025 Notes bear interest at a rate of 5.500% per year payable semi-annually on March 21 and September 21 of each year, commencing on September 21, 2022. Concurrent with the issuance of the March 2025 Notes, the Company In connection with the offering, the Company entered into a Registration Rights Agreement, dated as of March 29, 2022 (the “March 2025 Registration Rights Agreement”), for the benefit of the purchasers of the March 2025 Notes. Pursuant to the March 2025 Registration Rights Agreement, the Company is obligated to file with the SEC a registration statement with respect to an offer to exchange the March 2025 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the March 2025 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 2025 Notes. If the Company fails to satisfy its registration obligations under the March 2025 Registration Rights Agreement, it will be required to pay additional interest to the holders of the March 2025 Notes. The Company filed a registration statement with the SEC and, on July 25, 2022, commenced an offer to exchange the March 2025 Notes for newly issued registered notes with substantially similar terms, which expired on August 23, 2022.

~~September 2027 Notes~~

On September 16, 2022, the Company issued $600 million aggregate principal amount of 7.750% notes due 2027 (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. The September 2027 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 2027 Notes were issued pursuant to the Base Indenture and the Fourth Supplemental Indenture (together, the “September 2027 Indenture”). The September 2027 Notes will mature on September 16, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the September 2027 Indenture. The September 2027 Notes bear interest at a rate of 7.750% per year payable semi-annually on March 16 and September 16 of each year, commencing on March 16, 2023. Concurrent with the issuance of the September 2027 Notes, the Company entered into a Registration Rights Agreement (the “September 2027 Registration Rights Agreement”) for the benefit of the purchasers of the September 2027 Notes. Pursuant to the September 2027 Registration Rights Agreement, the Company is obligated to file a registration statement with the SEC with respect to an offer to exchange the September 2027 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the September 2027 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 2027 Notes. If the Company fails to satisfy its registration obligations under the September 2027 Registration Rights Agreement, it will be required to pay additional interest to the holders of the September 2027 Notes.

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

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 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.

~~In connection with the issuance of the September 2027 Notes, on October~~ 18, 2022 the Company entered into centrally cleared interest rate swaps. The notional amount of the interest rate swaps is $600.0 million. The Company will receive fixed rate interest at 7.750% and pay variable rate interest based on ~~SOFR plus 3.84%~~. The interest rate swaps mature on September 16, 2027. For the three months ended June 30, 2023, the Company did not make any periodic payments. For the six months ended June 30, 2023, the Company made a periodic payment of $0.7 million. The interest expense related to the September 2027 Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company's Consolidated Statements of Operations. As of June 30, 2023, the interest rate swap had a fair value of $(3.1) million ($(0.1) million net of the present value of the cash flows of the September 2027 Notes). As of December 31, 2022, the interest rate swap had a fair value of $4.0 million ($0.4 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 million aggregate principal amount of its 7.950% notes due 2028 (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.

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

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.

Note 7. Commitments and Contingencies

Portfolio Company Commitments

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

Portfolio Company

Investment

June 30, 2023

December 31, 2022

Portfolio Company

Investment

March 31, 2024

December 31, 2023

($ in thousands)

AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC

LLC Interest

38,884

45,000

AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC

AAM Series 2.1 Aviation Feeder, LLC

LLC Interest

26,056

43,432

ABB/Con-cise Optical Group LLC

First lien senior secured revolving loan

—

186

ACR Group Borrower, LLC

First lien senior secured revolving loan

245

537

Activate Holdings (US) Corp. (dba Absolute Software)

Alera Group, Inc.

Allied Benefit Systems Intermediate LLC

AmeriLife Holdings LLC

First lien senior secured revolving loan

13,561

16,273

AmeriLife Holdings LLC

First lien senior secured delayed draw term loan

10,848

10,849

Anaplan, Inc.

First lien senior secured revolving loan

16,528

Apex Service Partners, LLC

First lien senior secured revolving loan

4,600

1,725

Apex Service Partners, LLC

Appfire Technologies, LLC

First lien senior secured revolving loan

1,633

1,539

Appfire Technologies, LLC

First lien senior secured delayed draw term loan

14,326

16,366

Aptean Acquiror, Inc.

Aramsco, Inc.

First lien senior secured revolving loan

3,584

—

Aramsco, Inc.

First lien senior secured delayed draw term loan

1,299

—

Armstrong Bidco Ltd. (dba The Access Group)

First lien senior secured delayed draw term loan

2,142

3,734

Ascend Buyer, LLC (dba PPC Flexible Packaging)

First lien senior secured revolving loan

5,106

Associations, Inc.

First lien senior secured revolving loan

4,829

Associations, Inc.

First lien senior secured delayed draw term loan

21,350

56,283

Arctic Holdco, LLC (dba Novvia Group)

111

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

Portfolio Company Investment June 30, 2023 December 31, 2022
Athenahealth Group Inc. First lien senior secured delayed draw term loan 3,631 3,631
Avalara, Inc. First lien senior secured revolving loan 7,045 7,045
Adenza Group, Inc. First lien senior secured delayed draw term loan 2,145 2,145
Adenza Group, Inc. First lien senior secured revolving loan 2,591 2,591
Bayshore Intermediate #2, L.P. (dba Boomi) First lien senior secured revolving loan 1,274 1,062
BCPE Osprey Buyer, Inc. (dba PartsSource) First lien senior secured delayed draw term loan 31,034 31,034
BCPE Osprey Buyer, Inc. (dba PartsSource) First lien senior secured revolving loan 2,897 4,655
BCTO BSI Buyer, Inc. (dba Buildertrend) First lien senior secured revolving loan 161 161
BELMONT BUYER, INC. (dba Valenz) First lien senior secured delayed draw term loan 13,300 —
BELMONT BUYER, INC. (dba Valenz) First lien senior secured revolving loan 5,925 —
Brightway Holdings, LLC First lien senior secured revolving loan 1,053 2,105
BTRS Holdings Inc. (dba Billtrust) First lien senior secured delayed draw term loan 697 917
BTRS Holdings Inc. (dba Billtrust) First lien senior secured revolving loan 752 1,157
Canadian Hospital Specialties Ltd. First lien senior secured delayed draw term loan — 637
Canadian Hospital Specialties Ltd. First lien senior secured revolving loan 179 248
CivicPlus, LLC First lien senior secured revolving loan 1,840 2,245
Community Brands ParentCo, LLC First lien senior secured delayed draw term loan 3,750 3,750
Community Brands ParentCo, LLC First lien senior secured revolving loan 1,875 1,875
CoolSys, Inc. First lien senior secured delayed draw term loan 770 —
CoreTrust Purchasing Group LLC First lien senior secured delayed draw term loan 14,183 14,183
CoreTrust Purchasing Group LLC First lien senior secured revolving loan 14,183 14,183
Coupa Holdings, LLC First lien senior secured revolving loan 1,664 —
Coupa Holdings, LLC First lien senior secured delayed draw term loan 2,174 —
Denali BuyerCo, LLC (dba Summit Companies) First lien senior secured delayed draw term loan — 5,712
Denali BuyerCo, LLC (dba Summit Companies) First lien senior secured revolving loan 9,963 9,963
Dermatology Intermediate Holdings III, Inc. First lien senior secured delayed draw term loan 52 278
Diamondback Acquisition, Inc. (dba Sphera) First lien senior secured delayed draw term loan 9,553 9,553
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.) First lien senior secured revolving loan 91 —
Douglas Products and Packaging Company LLC First lien senior secured revolving loan 2,880 3,199


Portfolio Company	Investment	March 31, 2024	December 31, 2023
Ascend Buyer, LLC (dba PPC Flexible Packaging)	First lien senior secured revolving loan	3,404	3,404
Associations, Inc.	First lien senior secured revolving loan	2,350	3,123
Associations, Inc.	First lien senior secured delayed draw term loan	507	507
Aurelia Netherlands Midco 2 B.V.	First lien senior secured NOK term loan	29,861	31,898
Aurelia Netherlands Midco 2 B.V.	First lien senior secured EUR term loan	29,801	30,482
Aurelia Netherlands Midco 2 B.V.	First lien senior secured EUR revolving loan	3,311	3,387
Avalara, Inc.	First lien senior secured revolving loan	7,045	7,045
AWP Group Holdings, Inc.	First lien senior secured delayed draw term loan	7,024	7,024
AWP Group Holdings, Inc.	First lien senior secured revolving loan	4,122	4,557
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)	First lien senior secured delayed draw term loan	12,469	—
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)	First lien senior secured revolving loan	1,995	—
Bamboo US BidCo LLC	First lien senior secured revolving loan	20,128	20,128
Bamboo US BidCo LLC	First lien senior secured delayed draw term loan	13,486	14,060
Bayshore Intermediate #2, L.P. (dba Boomi)	First lien senior secured revolving loan	1,381	1,275
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured revolving loan	2,172	3,207
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured delayed draw term loan	26,528	26,528
BCTO BSI Buyer, Inc. (dba Buildertrend)	First lien senior secured revolving loan	161	161
BELMONT BUYER, INC. (dba Valenz)	First lien senior secured delayed draw term loan	7,980	7,980
BELMONT BUYER, INC. (dba Valenz)	First lien senior secured revolving loan	6,650	6,650
Blast Bidco Inc. (dba Bazooka Candy Brands)	First lien senior secured revolving loan	4,179	4,179
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)	First lien senior secured delayed draw term loan	13,641	13,641
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)	First lien senior secured revolving loan	13,901	13,901
Brightway Holdings, LLC	First lien senior secured revolving loan	1,789	1,158
Broadcast Music, Inc. (fka Otis Merger Sub, Inc.)	First lien senior secured revolving loan	6,271	—
BTRS Holdings Inc. (dba Billtrust)	First lien senior secured delayed draw term loan	354	468
BTRS Holdings Inc. (dba Billtrust)	First lien senior secured revolving loan	579	868
Canadian Hospital Specialties Ltd.	First lien senior secured CAD revolving loan	73	75
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)	First lien senior secured revolving loan	577	577
Certinia, Inc.	First lien senior secured revolving loan	4,412	4,412

112

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

Portfolio Company Investment June 30, 2023 December 31, 2022
EET Buyer, Inc. (dba e-Emphasys) First lien senior secured revolving loan 3,387 1,955
Entertainment Benefits Group, LLC First lien senior secured revolving loan 9,667 3,867
EOS U.S. Finco LLC First lien senior secured loan 10,112 —
Evolution BuyerCo, Inc. (dba SIAA) First lien senior secured delayed draw term loan 200 200
Evolution BuyerCo, Inc. (dba SIAA) First lien senior secured revolving loan 676 676
Formerra, LLC First lien senior secured delayed draw term loan 54 211
Formerra, LLC First lien senior secured revolving loan 479 526
Fortis Solutions Group, LLC First lien senior secured delayed draw term loan — 191
Fortis Solutions Group, LLC First lien senior secured revolving loan 5,847 5,848
Fullsteam Operations, LLC First lien senior secured loan — 31,894
Gaylord Chemical Company, L.L.C. First lien senior secured revolving loan 3,182 3,182
Gaylord Chemical Company, L.L.C. First lien senior secured revolving loan 791 791
GI Apple Midco LLC First lien senior secured revolving loan 7,916 —
GI Apple Midco LLC First lien senior secured delayed draw term loan 15,831 —
GI Ranger Intermediate, LLC (dba Rectangle Health) First lien senior secured delayed draw term loan 7,600 7,600
GI Ranger Intermediate, LLC (dba Rectangle Health) First lien senior secured revolving loan 1,004 1,506
Global Music Rights, LLC First lien senior secured revolving loan 7,500 7,500
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) First lien senior secured delayed draw term loan 870 870
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) First lien senior secured revolving loan 88 88
Granicus, Inc. First lien senior secured revolving loan 111 107
Grayshift, LLC First lien senior secured revolving loan 2,419 2,419
Hercules Borrower, LLC (dba The Vincit Group) First lien senior secured revolving loan 85 86
Hercules Borrower, LLC (dba The Vincit Group) First lien senior secured delayed draw term loan 7,059 9,811
Hissho Sushi Merger Sub LLC First lien senior secured revolving loan 8,162 6,996
Home Service TopCo IV, Inc. First lien senior secured revolving loan 3,359 —
Home Service TopCo IV, Inc. First lien senior secured delayed draw term loan 8,397 —
Hyperion Refinance S.a.r.l (dba Howden Group) First lien senior secured delayed draw term loan — 92,823
Ideal Image Development, LLC First lien senior secured delayed draw term loan — 732
Ideal Image Development, LLC First lien senior secured revolving loan — 915


Portfolio Company	Investment	March 31, 2024	December 31, 2023
Circana Group, L.P. (fka The NPD Group, L.P.)	First lien senior secured revolving loan	6,278	11,699
CivicPlus, LLC	First lien senior secured revolving loan	2,244	1,481
Community Brands ParentCo, LLC	First lien senior secured delayed draw term loan	—	3,750
Community Brands ParentCo, LLC	First lien senior secured revolving loan	1,875	1,875
Computer Services, Inc. (dba CSI)	First lien senior secured delayed draw term loan	25,566	—
CoreTrust Purchasing Group LLC	First lien senior secured delayed draw term loan	14,183	14,183
CoreTrust Purchasing Group LLC	First lien senior secured revolving loan	14,183	14,183
Coupa Holdings, LLC	First lien senior secured revolving loan	1,664	1,664
Coupa Holdings, LLC	First lien senior secured delayed draw term loan	2,174	2,174
CPM Holdings, Inc.	First lien senior secured revolving loan	4,650	5,000
Crewline Buyer, Inc. (dba New Relic)	First lien senior secured revolving loan	17,226	17,226
Denali BuyerCo, LLC (dba Summit Companies)	First lien senior secured revolving loan	9,963	9,963
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)	First lien senior secured revolving loan	91	91
Dresser Utility Solutions, LLC	First lien senior secured revolving loan	10,552	—
Dresser Utility Solutions, LLC	First lien senior secured delayed draw term loan	7,537	—
EET Buyer, Inc. (dba e-Emphasys)	First lien senior secured revolving loan	2,710	2,710
Endries Acquisition, Inc.	First lien senior secured delayed draw term loan	3,304	20,926
Endries Acquisition, Inc.	First lien senior secured delayed draw term loan	8,048	8,048
Entertainment Benefits Group, LLC	First lien senior secured revolving loan	6,960	6,960
Entrata, Inc.	First lien senior secured revolving loan	513	513
EOS U.S. Finco LLC	First lien senior secured delayed draw term loan	9,830	9,830
Evolution BuyerCo, Inc. (dba SIAA)	First lien senior secured revolving loan	676	676
Evolution BuyerCo, Inc. (dba SIAA)	First lien senior secured delayed draw term loan	3,671	4,405
FARADAY BUYER, LLC (dba MacLean Power Systems)	First lien senior secured delayed draw term loan	14,307	14,307
Fiesta Purchaser, Inc.	First lien senior secured revolving loan	14,898	—
Finastra USA, Inc.	First lien senior secured revolving loan	13,925	12,568
Formerra, LLC	First lien senior secured revolving loan	421	526
Fortis Solutions Group, LLC	First lien senior secured revolving loan	6,409	6,409
FR Vision Holdings, Inc.	First lien senior secured delayed draw term loan	10,915	—

113

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

Portfolio Company Investment June 30, 2023 December 31, 2022
Ideal Tridon Holdings, Inc. First lien senior secured revolving loan 6,164 —
IG Investments Holdings, LLC (dba Insight Global) First lien senior secured revolving loan 3,613 2,168
IMO Investor Holdings, Inc. First lien senior secured delayed draw term loan 3,623 4,963
IMO Investor Holdings, Inc. First lien senior secured revolving loan 2,482 2,010
Indigo Buyer, Inc. (dba Inovar Packaging Group) First lien senior secured delayed draw term loan — 31,750
Indigo Buyer, Inc. (dba Inovar Packaging Group) First lien senior secured revolving loan 10,583 10,583
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC) First lien senior secured revolving loan 74 83
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC) First lien senior secured delayed draw term loan — 18,414
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC) First lien senior secured delayed draw term loan 6,999 8,048
Intelerad Medical Systems Inc. First lien senior secured revolving loan 1,150 1
Interoperability Bidco, Inc. (dba Lyniate) First lien senior secured revolving loan 4,213 1,739
Kaseya Inc. First lien senior secured delayed draw term loan 4,077 4,342
Kaseya Inc. First lien senior secured revolving loan 3,256 4,342
KBP Brands, LLC First lien senior secured delayed draw term loan 743 743
KPSKY Acquisition, Inc. (dba BluSky) First lien senior secured delayed draw term loan 8,550 16,625
KWOR Acquisition, Inc. (dba Alacrity Solutions) First lien senior secured revolving loan 1,537 3,415
KWOR Acquisition, Inc. (dba Alacrity Solutions) First lien senior secured delayed draw term loan 6,792 8,748
Lightbeam Bidco, Inc. First lien senior secured revolving loan 11,685 —
Lightbeam Bidco, Inc. First lien senior secured delayed draw term loan 14,606 —
Lignetics Investment Corp. First lien senior secured delayed draw term loan — 9,559
Lignetics Investment Corp. First lien senior secured revolving loan 382 4,588
ManTech International Corporation First lien senior secured delayed draw term loan 3,360 3,360
ManTech International Corporation First lien senior secured revolving loan 1,806 1,806
Mario Purchaser, LLC (dba Len the Plumber) First lien senior secured delayed draw term loan 21,702 28,401
Mario Purchaser, LLC (dba Len the Plumber) First lien senior secured revolving loan 8,038 8,038
Medline Borrower, LP First lien senior secured revolving loan 2,020 2,020
MHE Intermediate Holdings, LLC (dba OnPoint Group) First lien senior secured revolving loan 2,643 3,071
Milan Laser Holdings LLC First lien senior secured revolving loan 1,765 1,765
Ministry Brands Holdings, LLC. First lien senior secured delayed draw term loan 13,822 15,819


Portfolio Company	Investment	March 31, 2024	December 31, 2023
FR Vision Holdings, Inc.	First lien senior secured revolving loan	3,692	—
Fullsteam Operations, LLC	First lien senior secured delayed draw term loan	5,000	—
Fullsteam Operations, LLC	First lien senior secured delayed draw term loan	1,250	—
Fullsteam Operations, LLC	First lien senior secured loan	1,047	1,961
Fullsteam Operations, LLC	First lien senior secured loan	904	1,250
Fullsteam Operations, LLC	First lien senior secured revolving loan	500	500
Galls, LLC	First lien senior secured delayed draw term loan	39,243	—
Galls, LLC	First lien senior secured revolving loan	13,343	—
Galway Borrower LLC	First lien senior secured revolving loan	5,254	—
Galway Borrower LLC	First lien senior secured delayed draw term loan	49,734	—
Gaylord Chemical Company, L.L.C.	First lien senior secured revolving loan	3,182	3,182
Gaylord Chemical Company, L.L.C.	First lien senior secured revolving loan	791	791
Gerson Lehrman Group, Inc.	First lien senior secured revolving loan	8,404	—
GI Apple Midco LLC (dba Atlas Technical Consultants)	First lien senior secured revolving loan	11,082	4,908
GI Apple Midco LLC (dba Atlas Technical Consultants)	First lien senior secured delayed draw term loan	14,090	14,090
GI Ranger Intermediate, LLC (dba Rectangle Health)	First lien senior secured delayed draw term loan	—	7,600
GI Ranger Intermediate, LLC (dba Rectangle Health)	First lien senior secured revolving loan	1,673	669
Global Music Rights, LLC	First lien senior secured revolving loan	12,415	7,500
Granicus, Inc.	First lien senior secured delayed draw term loan	4,888	—
Granicus, Inc.	First lien senior secured revolving loan	4,633	127
Grayshift, LLC	First lien senior secured revolving loan	2,419	2,419
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured delayed draw term loan	990	—
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured revolving loan	247	—
Hercules Borrower, LLC (dba The Vincit Group)	First lien senior secured revolving loan	96	96
Hissho Sushi Merger Sub, LLC	First lien senior secured revolving loan	8,745	8,745
Home Service TopCo IV, Inc.	First lien senior secured revolving loan	3,359	3,359
Home Service TopCo IV, Inc.	First lien senior secured delayed draw term loan	8,397	8,397
Hyland Software, Inc.	First lien senior secured revolving loan	6,978	6,978
Icefall Parent, Inc. (dba EngageSmart)	First lien senior secured revolving loan	2,749	—

114

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

Portfolio Company Investment June 30, 2023 December 31, 2022
Ministry Brands Holdings, LLC. First lien senior secured revolving loan 3,006 2,373
Mitnick Corporate Purchaser, Inc. First lien senior secured revolving loan 6,875 8,713
Natural Partners, LLC First lien senior secured revolving loan 5,063 5,063
NMI Acquisitionco, Inc. (dba Network Merchants) First lien senior secured delayed draw term loan 1,039 1,039
NMI Acquisitionco, Inc. (dba Network Merchants) First lien senior secured revolving loan 558 558
Notorious Topco, LLC (dba Beauty Industry Group) First lien senior secured delayed draw term loan 3,521 3,521
Notorious Topco, LLC (dba Beauty Industry Group) First lien senior secured revolving loan 4,930 4,401
OAC Holdings I Corp. (dba Omega Holdings) First lien senior secured revolving loan 735 1,139
OB Hospitalist Group, Inc. First lien senior secured revolving loan 4,476 5,222
Ocala Bidco, Inc. First lien senior secured delayed draw term loan 8,469 8,469
Ole Smoky Distillery, LLC First lien senior secured revolving loan 3,302 3,302
OneOncology LLC First lien senior secured revolving loan 14,269 —
OneOncology LLC First lien senior secured delayed draw term loan 26,754 —
Oranje Holdco, Inc. (dba KnowBe4) First lien senior secured revolving loan 10,148 —
Pacific BidCo Inc. First lien senior secured delayed draw term loan 17,905 17,906
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.) First lien senior secured revolving loan 88 70
PCF Holdco, LLC (dba PCF Insurance Services) Series A Preferred Units 6,798 —
Pediatric Associates Holding Company, LLC First lien senior secured delayed draw term loan 533 1,776
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) First lien senior secured delayed draw term loan — 8,891
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) First lien senior secured revolving loan 2,570 2,570
Ping Identity Holding Corp. First lien senior secured revolving loan 2,182 2,182
Plasma Buyer LLC (dba Pathgroup) First lien senior secured delayed draw term loan 28,553 28,553
Plasma Buyer LLC (dba Pathgroup) First lien senior secured revolving loan 12,237 12,237
Pluralsight, LLC First lien senior secured revolving loan 196 196
PPV Intermediate Holdings, LLC First lien senior secured revolving loan 11,854 8,653
PPV Intermediate Holdings, LLC First lien senior secured delayed draw term loan — 19,248
QAD Inc. First lien senior secured revolving loan 6,000 6,000
Quva Pharma, Inc. First lien senior secured revolving loan 245 236
Relativity ODA LLC First lien senior secured revolving loan 435 435


Portfolio Company	Investment	March 31, 2024	December 31, 2023
Ideal Image Development, LLC	First lien senior secured revolving loan	366	—
Ideal Image Development, LLC	First lien senior secured revolving loan	—	329
Ideal Tridon Holdings, Inc.	First lien senior secured revolving loan	8,630	8,630
IG Investments Holdings, LLC (dba Insight Global)	First lien senior secured revolving loan	3,613	3,613
IMO Investor Holdings, Inc.	First lien senior secured delayed draw term loan	2,894	3,127
IMO Investor Holdings, Inc.	First lien senior secured revolving loan	2,085	2,382
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured revolving loan	5,080	7,620
Indikami Bidco, LLC (dba IntegriChain)	First lien senior secured delayed draw term loan	6,570	6,570
Indikami Bidco, LLC (dba IntegriChain)	First lien senior secured revolving loan	3,754	4,693
Integrated Specialty Coverages, LLC	First lien senior secured delayed draw term loan	12,716	12,716
Integrated Specialty Coverages, LLC	First lien senior secured revolving loan	5,934	5,934
Integrity Marketing Acquisition, LLC	First lien senior secured revolving loan	5,450	5,450
Integrity Marketing Acquisition, LLC	First lien senior secured delayed draw term loan	21,923	21,923
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured revolving loan	3,731	3,490
Kaseya Inc.	First lien senior secured delayed draw term loan	4,077	4,077
Kaseya Inc.	First lien senior secured revolving loan	3,256	3,256
KENE Acquisition, Inc.	First lien senior secured delayed draw term loan	7,472	—
KENE Acquisition, Inc.	First lien senior secured revolving loan	2,242	—
KPSKY Acquisition, Inc. (dba BluSky)	First lien senior secured delayed draw term loan	6,054	6,054
KRIV Acquisition Inc. (dba Riveron)	First lien senior secured delayed draw term loan	12,134	12,134
KRIV Acquisition Inc. (dba Riveron)	First lien senior secured revolving loan	10,944	10,944
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)	First lien senior secured revolving loan	22,325	15,627
KWOR Acquisition, Inc. (dba Alacrity Solutions)	First lien senior secured revolving loan	1,485	1,946
KWOR Acquisition, Inc. (dba Alacrity Solutions)	First lien senior secured delayed draw term loan	6,360	6,360
Lightbeam Bidco, Inc. (dba Lazer Spot)	First lien senior secured revolving loan	10,127	11,685
Lightbeam Bidco, Inc. (dba Lazer Spot)	First lien senior secured delayed draw term loan	27,285	40,928
Lignetics Investment Corp.	First lien senior secured revolving loan	9,941	1,912
LSI Financing 1 DAC	Series 6 Notes	129,580	—
ManTech International Corporation	First lien senior secured delayed draw term loan	2,164	2,164

~~100~~

115

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

Portfolio Company Investment June 30, 2023 December 31, 2022
Sailpoint Technologies Holdings, Inc. First lien senior secured revolving loan 5,718 5,718
Securonix, Inc. First lien senior secured revolving loan 5,339 5,339
Sensor Technology Topco, Inc. First lien senior secured revolving loan 20,562 —
Simplisafe Holding Corporation First lien senior secured delayed draw term loan 16,049 16,049
Smarsh Inc. First lien senior secured delayed draw term loan 10,381 10,381
Smarsh Inc. First lien senior secured revolving loan 830 5,190
Sonny's Enterprises, LLC First lien senior secured revolving loan 26,018 —
Sonny's Enterprises, LLC First lien senior secured delayed draw term loan 27,525 —
Southern Air & Heat Holdings, LLC First lien senior secured delayed draw term loan — 315
Southern Air & Heat Holdings, LLC First lien senior secured revolving loan 203 203
Spotless Brands, LLC First lien senior secured revolving loan 1,461 1,461
Summit Acquisition Inc. First lien senior secured delayed draw term loan 12,267 —
Summit Acquisition Inc. First lien senior secured revolving loan 6,133 —
SWK BUYER, Inc. (dba Stonewall Kitchen) First lien senior secured revolving loan 418 3,626
SWK BUYER, Inc. (dba Stonewall Kitchen) First lien senior secured delayed draw term loan — 13,947
Tahoe Finco, LLC First lien senior secured revolving loan 6,279 6,279
Tamarack Intermediate, L.L.C. (dba Verisk 3E) First lien senior secured revolving loan 4,455 4,388
TC Holdings, LLC (dba TrialCard) First lien senior secured revolving loan 7,768 7,768
Tempo Buyer Corp. (dba Global Claims Services) First lien senior secured delayed draw term loan 10,317 10,317
Tempo Buyer Corp. (dba Global Claims Services) First lien senior secured revolving loan 3,198 4,746
Circana Group, L.P. (fka The NPD Group, L.P.) First lien senior secured revolving loan 13,126 12,555
The Shade Store, LLC First lien senior secured revolving loan 3,273 4,909
Thunder Purchaser, Inc. (dba Vector Solutions) First lien senior secured revolving loan 112 470
Thunder Purchaser, Inc. (dba Vector Solutions) First lien senior secured delayed draw term loan 1,306 1,306
Troon Golf, L.L.C. First lien senior secured delayed draw term loan — 10,000
Troon Golf, L.L.C. First lien senior secured revolving loan 7,207 7,207
Ultimate Baked Goods Midco, LLC First lien senior secured revolving loan 2,000 1,475
Unified Women's Healthcare, LP First lien senior secured delayed draw term loan 338 3,045
Unified Women's Healthcare, LP First lien senior secured revolving loan 8,120 8,120


Portfolio Company	Investment	March 31, 2024	December 31, 2023
ManTech International Corporation	First lien senior secured revolving loan	1,806	1,806
Mario Purchaser, LLC (dba Len the Plumber)	First lien senior secured delayed draw term loan	5,627	21,702
Mario Purchaser, LLC (dba Len the Plumber)	First lien senior secured revolving loan	8,038	5,627
Medline Borrower, LP	First lien senior secured revolving loan	2,020	2,020
MHE Intermediate Holdings, LLC (dba OnPoint Group)	First lien senior secured revolving loan	3,571	3,571
Milan Laser Holdings LLC	First lien senior secured revolving loan	2,553	2,553
Ministry Brands Holdings, LLC	First lien senior secured revolving loan	4,271	2,215
Mitnick Corporate Purchaser, Inc.	First lien senior secured revolving loan	9,375	9,375
Monotype Imaging Holdings Inc.	First lien senior secured delayed draw term loan	14,027	—
Monotype Imaging Holdings Inc.	First lien senior secured revolving loan	21,041	—
Natural Partners, LLC	First lien senior secured revolving loan	5,063	5,063
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.	First lien senior secured EUR delayed draw term loan	23,312	—
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.	First lien senior secured revolving loan	4,349	—
Nelipak Holding Company	First lien senior secured delayed draw term loan	11,787	—
Nelipak Holding Company	First lien senior secured revolving loan	6,158	—
Neptune Holdings, Inc. (dba NexTech)	First lien senior secured revolving loan	4,118	4,118
NMI Acquisitionco, Inc. (dba Network Merchants)	First lien senior secured revolving loan	558	558
Notorious Topco, LLC (dba Beauty Industry Group)	First lien senior secured revolving loan	3,521	4,930
OAC Holdings I Corp. (dba Omega Holdings)	First lien senior secured revolving loan	2,021	2,572
OB Hospitalist Group, Inc.	First lien senior secured revolving loan	4,902	4,902
Ocala Bidco, Inc.	First lien senior secured delayed draw term loan	4,503	8,469
Ole Smoky Distillery, LLC	First lien senior secured revolving loan	3,302	3,302
Omnia Partners, LLC	First lien senior secured delayed draw term loan	—	172
OneOncology LLC	First lien senior secured revolving loan	14,267	14,267
OneOncology LLC	First lien senior secured delayed draw term loan	17,478	26,752
Oranje Holdco, Inc. (dba KnowBe4)	First lien senior secured revolving loan	10,148	10,148
Pacific BidCo Inc.	First lien senior secured delayed draw term loan	17,905	17,905
Park Place Technologies, LLC	First lien senior secured delayed draw term loan	13,490	—
Park Place Technologies, LLC	First lien senior secured revolving loan	10,117	—

~~101~~

116

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

Portfolio Company Investment June 30, 2023 December 31, 2022
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners) First lien senior secured revolving loan 1,096 1,096
Velocity HoldCo III Inc. (dba VelocityEHS) First lien senior secured revolving loan 47 113
Walker Edison Furniture Company LLC First lien senior secured delayed draw term loan 267 —
When I Work, Inc. First lien senior secured revolving loan 4,164 4,164
Zendesk, Inc. First lien senior secured delayed draw term loan 30,080 30,080
Zendesk, Inc. First lien senior secured revolving loan 12,386 12,386
Total Unfunded Portfolio Company Commitments $ 982,318 $ 1,067,317


Portfolio Company	Investment	March 31, 2024	December 31, 2023
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)	First lien senior secured delayed draw term loan	17,143	—
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)	First lien senior secured revolving loan	88	70
PDI TA Holdings, Inc.	First lien senior secured delayed draw term loan	21,800	—
PDI TA Holdings, Inc.	First lien senior secured revolving loan	6,560	—
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)	First lien senior secured revolving loan	2,570	2,570
PetVet Care Centers, LLC	First lien senior secured delayed draw term loan	31,691	31,691
PetVet Care Centers, LLC	First lien senior secured revolving loan	33,258	33,258
Ping Identity Holding Corp.	First lien senior secured revolving loan	2,182	2,182
Plasma Buyer LLC (dba Pathgroup)	First lien senior secured delayed draw term loan	3,263	28,553
Plasma Buyer LLC (dba Pathgroup)	First lien senior secured revolving loan	4,895	8,158
Pluralsight, LLC	First lien senior secured revolving loan	—	87
PPV Intermediate Holdings, LLC	First lien senior secured revolving loan	11,854	11,854
PPV Intermediate Holdings, LLC	First lien senior secured delayed draw term loan	10,076	10,076
Premise Health Holding	First lien senior secured revolving loan	8,191	—
QAD, Inc.	First lien senior secured revolving loan	6,000	6,000
Quva Pharma, Inc.	First lien senior secured revolving loan	364	455
Relativity ODA LLC	First lien senior secured revolving loan	435	435
Sailpoint Technologies Holdings, Inc.	First lien senior secured revolving loan	5,718	5,718
Securonix, Inc.	First lien senior secured revolving loan	5,339	5,339
Sensor Technology Topco, Inc. (dba Humanetics)	First lien senior secured revolving loan	8,620	9,077
Simplisafe Holding Corporation	First lien senior secured delayed draw term loan	11,770	11,770
Smarsh Inc.	First lien senior secured delayed draw term loan	10,381	10,381
Smarsh Inc.	First lien senior secured revolving loan	498	830
Sonny's Enterprises, LLC	First lien senior secured revolving loan	25,158	25,158
Sonny's Enterprises, LLC	First lien senior secured delayed draw term loan	9,905	15,212
Southern Air & Heat Holdings, LLC	First lien senior secured revolving loan	220	259
Southern Air & Heat Holdings, LLC	First lien senior secured delayed draw term loan	24,039	28,751
Spotless Brands, LLC	First lien senior secured revolving loan	1,461	1,146
Summit Acquisition Inc. (dba K2 Insurance Services)	First lien senior secured delayed draw term loan	12,267	12,267

117

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)


Portfolio Company	Investment	March 31, 2024		December 31, 2023
Summit Acquisition Inc. (dba K2 Insurance Services)	First lien senior secured revolving loan	6,133		6,133
SWK BUYER, Inc. (dba Stonewall Kitchen)	First lien senior secured revolving loan	5,579		5,579
Tamarack Intermediate, L.L.C. (dba Verisk 3E)	First lien senior secured revolving loan	5,336		5,336
Tamarack Intermediate, L.L.C. (dba Verisk 3E)	First lien senior secured delayed draw term loan	2,360		2,360
TC Holdings, LLC (dba TrialCard)	First lien senior secured revolving loan	7,768		7,768
Tempo Buyer Corp. (dba Global Claims Services)	First lien senior secured revolving loan	2,992		3,508
The Shade Store, LLC	First lien senior secured delayed draw term loan	10,580		—
The Shade Store, LLC	First lien senior secured revolving loan	4,773		2,455
Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured revolving loan	316		418
Troon Golf, L.L.C.	First lien senior secured revolving loan	7,207		7,207
Ultimate Baked Goods Midco, LLC	First lien senior secured revolving loan	2,000		2,000
Unified Women's Healthcare, LP	First lien senior secured delayed draw term loan	71,937		—
Unified Women's Healthcare, LP	First lien senior secured revolving loan	8,120		8,120
Unified Women's Healthcare, LP	First lien senior secured delayed draw term loan	23,000		41,400
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)	First lien senior secured revolving loan	1,096		1,096
Velocity HoldCo III Inc. (dba VelocityEHS)	First lien senior secured revolving loan	124		124
Walker Edison Furniture Company LLC	First lien senior secured delayed draw term loan	483		833
When I Work, Inc.	First lien senior secured revolving loan	4,164		4,164
XRL 1 LLC (dba XOMA)	First lien senior secured delayed draw term loan	4,500		4,500
Zendesk, Inc.	First lien senior secured delayed draw term loan	30,080		30,080
Zendesk, Inc.	First lien senior secured revolving loan	12,386		12,386
Total Unfunded Portfolio Company Commitments		$	1,883,748	$	1,394,947

As of ~~June 30, 2023,~~March 31, 2024, the Company believed it had adequate financial resources to satisfy the unfunded portfolio company commitments.

Organizational and Offering Costs

The Adviser has incurred organization and offering costs on behalf of the Company in the amount of ~~$2.0~~$2.9 million for the period from April 22, 2020 (Inception) to ~~June 30, 2023,~~March 31, 2024, of which ~~$2.0~~$2.9 million has been charged to the Company pursuant to the Investment Advisory Agreement. Under the Investment Advisory Agreement and Administration Agreement, the Adviser is entitled to receive up to 1.5% of gross offering proceeds raised in the Company’s continuous public offering until all organization and offering costs paid by the Adviser have been recovered. The Adviser is responsible for the payment of the Company’s organization and offering expenses to the extent that these expenses exceed 1.5% of the aggregate gross offering proceeds, without recourse against or reimbursement by the Company.

118

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

Other Commitments and Contingencies

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of ~~June 30, 2023,~~March 31, 2024, 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	1,000,000	$	0.01
Class D Shares	1,000,000	$	0.01
Class I Shares	1,000,000	$	0.01
Total	3,000,000

The Company’s Class S shares are subject to upfront selling commissions of up to 3.50% of the offering price. Pursuant to a distribution plan adopted by the Company in compliance with Rules 12b-1 and 17d-3 under the 1940 Act, as if those rules applied to the Company, the Company’s Class S shares are subject to annual ongoing services fees of 0.85% of the current net asset value of such shares, as determined in accordance with FINRA rules.

The Company’s Class D shares are subject to upfront selling commissions of up to 1.50% of the offering price. Pursuant to a distribution plan adopted by the Company in compliance with Rules 12b-1 and 17d-3 under the 1940 act, as if those rules applied to the Company, the Company’s Class D shares are subject to annual ongoing services fees of 0.25% of the current net asset value of such shares, as determined in accordance with FINRA rules.

~~102~~

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

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 Feeder FIC Equity, an entity affiliated with the Adviser, and met the minimum offering requirement for the ~~Company's~~Company’s continuous public offering of $2.5 million.

The following table summarizes transactions with respect to shares of the Company’s common stock during the following periods:

For the Three Months Ended June 30, 2023
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 28,126,207 $ 260,864 6,060,965 $ 55,934 48,327,199 $ 446,097 82,514,371 $ 762,895
Shares/gross proceeds from the private placements — — — — 2,815,812 25,996 2,815,812 25,996
Share Transfers between classes (230,952) (2,127) — — 230,202 2,127 (750) —
Reinvestment of distributions 1,950,230 17,943 619,803 5,709 3,621,469 33,427 6,191,502 57,079
Repurchased shares (1,763,641) (16,367) (1,486,423) (13,809) (4,948,651) (46,071) (8,198,715) (76,247)
Total shares/gross proceeds 28,081,844 260,313 5,194,345 47,834 50,046,031 461,576 83,322,220 769,723
Sales load — (2,140) — (95) — — — (2,235)
Total shares/net proceeds 28,081,844 $ 258,173 5,194,345 $ 47,739 50,046,031 $ 461,576 83,322,220 $ 767,488

For the Three Months Ended June 30, 2022
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 45,473,732 $ 420,307 7,913,719 $ 72,860 80,385,794 $ 739,398 133,773,245 $ 1,232,565
Shares/gross proceeds from the private placements — — — — 4,402,193 40,509 4,402,193 40,509
Reinvestment of distributions 684,558 6,264 261,628 2,400 1,167,560 10,708 2,113,746 19,372
Repurchased shares (946,284) (8,365) (125,276) (1,110) (2,073,617) (18,414) (3,145,177) (27,889)
Total shares/gross proceeds 45,212,006 418,206 8,050,071 74,150 83,881,930 772,201 137,144,007 1,264,557
Sales load — (3,423) — (114) — — — (3,537)
Total shares/net proceeds 45,212,006 $ 414,783 8,050,071 $ 74,036 83,881,930 $ 772,201 137,144,007 $ 1,261,020

~~103~~

119

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)


			For the Six Months Ended June 30, 2023
			Class S			Class D			Class I			Total
		For the Three Months Ended March 31, 2024																							For the Three Months Ended March 31, 2024
		Class S																Class S			Class D		Class I				Total
($ in thousands, except share amounts)	($ in thousands, except share amounts)		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount		($ in thousands, except share amounts)	Shares	Amount		Shares	Amount		Shares		Amount		Shares		Amount
Shares/gross proceeds from the continuous public offering	Shares/gross proceeds from the continuous public offering		45,655,179	$	423,196	11,076,668	$	102,158	86,857,659	$	800,065	143,589,506	$	1,325,419
Shares/gross proceeds from the private placements	Shares/gross proceeds from the private placements		—	—		—	—		4,341,148	40,036		4,341,148	40,036
Share Transfers between classes			(230,952)	(2,127)		—	—		230,202	2,127		(750)	—
Share Transfers between classes(1)
Reinvestment of distributions	Reinvestment of distributions		3,673,891	33,775		1,140,525	10,496		6,741,471	62,155		11,555,887	106,426
Repurchased shares	Repurchased shares		(4,113,635)	(38,010)		(1,860,989)	(17,262)		(12,310,493)	(114,095)		(18,285,116)	(169,367)
Total shares/gross proceeds	Total shares/gross proceeds		44,984,483	416,834		10,356,204	95,392		85,859,987	790,288		141,200,675	1,302,514		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	Sales load		—	(3,697)		—	(144)		—	—		—	(3,841)
Total shares/net proceeds	Total shares/net proceeds		44,984,483	$	413,137	10,356,204	$	95,248	85,859,987	$	790,288	141,200,675	$	1,298,673

For the Six Months Ended June 30, 2022
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 93,745,587 $ 873,325 20,317,574 $ 188,594 146,097,662 $ 1,351,638 260,160,823 $ 2,413,557
Shares/gross proceeds from the private placements — — — — 8,578,458 79,265 8,578,458 79,265
Reinvestment of distributions 1,074,628 9,894 418,701 3,861 1,799,245 16,593 3,292,574 30,348
Repurchased shares (1,595,704) (14,366) (158,129) (1,414) (3,907,137) (35,392) (5,660,970) (51,172)
Total shares/gross proceeds 93,224,511 868,853 20,578,146 191,041 152,568,228 1,412,104 266,370,885 2,471,998
Sales load — (7,073) — (446) — — — (7,519)
Total shares/net proceeds 93,224,511 $ 861,780 20,578,146 $ 190,595 152,568,228 $ 1,412,104 266,370,885 $ 2,464,479

(1)In certain cases, and subject to Blue Owl Securities LLC’s (d/b/a Blue Owl Securities) (the “Dealer Manager”) approval, including in situations where a holder of Class S or Class D shares exits a relationship with a participating broker-dealer for this offering and does not enter into a new relationship with a participating broker-dealer for this offering, such holder’s shares may be exchanged into an equivalent net asset value amount of Class I shares.


	For the Three Months Ended March 31, 2023
	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	17,528,972	$	162,332	5,015,703	$	46,224	38,530,460	$	353,968	61,075,135	$	562,524
Shares/gross proceeds from the private placements	—	—		—	—		1,525,337	14,040		1,525,337	14,040
Reinvestment of distributions	1,723,661	15,832		520,722	4,787		3,120,002	28,728		5,364,385	49,347
Repurchased shares	(2,349,994)	(21,643)		(374,566)	(3,453)		(7,361,842)	(68,024)		(10,086,402)	(93,120)
Total shares/gross proceeds	16,902,639	156,521		5,161,859	47,558		35,813,957	328,712		57,878,455	532,791
Sales load	—	(1,557)		—	(49)		—	—		—	(1,606)
Total shares/net proceeds	16,902,639	$	154,964	5,161,859	$	47,509	35,813,957	$	328,712	57,878,455	$	531,185

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~~Company’s offering price per share since the commencement of the ~~Company's~~Company’s 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)
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

~~104~~

120

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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

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

March 1, 2021
April 1, 2021
May 1, 2021
June 1, 2021
July 1, 2021
August 1, 2021
September 1, 2021
October 1, 2021
November 1, 2021
December 1, 2021
January 1, 2022	January 1, 2022	$	9.34	$	0.14	$	9.48
February 1, 2022	February 1, 2022	$	9.33	$	0.14	$	9.47
March 1, 2022	March 1, 2022	$	9.27	$	0.14	$	9.41
April 1, 2022	April 1, 2022	$	9.25	$	0.14	$	9.39
May 1, 2022	May 1, 2022	$	9.24	$	0.14	$	9.38
June 1, 2022	June 1, 2022	$	9.04	$	0.14	$	9.18

July 1, 2022
August 1, 2022
September 1, 2022
October 1, 2022
November 1, 2022
December 1, 2022
January 1, 2023	January 1, 2023	$	9.07	$	0.14	$	9.21
February 1, 2023	February 1, 2023	$	9.25	$	0.14	$	9.39
March 1, 2023	March 1, 2023	$	9.24	$	0.14	$	9.38
April 1, 2023	April 1, 2023	$	9.22	$	0.14	$	9.36
May 1, 2023	May 1, 2023	$	9.22	$	0.14	$	9.36
June 1, 2023	June 1, 2023	$	9.19	$	0.14	$	9.33
July 1, 2023
August 1, 2023
September 1, 2023
October 1, 2023
November 1, 2023
December 1, 2023
January 1, 2024
February 1, 2024
March 1, 2024

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

~~105~~

121

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

Class I

Class D

Effective Date

Net Offering Price
(per share)

Maximum Upfront Sales Load
(per share)

Maximum Offering Price (per share)

Effective Date

Net Offering Price
(per share)

Maximum Upfront Sales Load
(per share)

Maximum Offering Price
(per share)

March 1, 2021

April 1, 2021

May 1, 2021

June 1, 2021

July 1, 2021

August 1, 2021

September 1, 2021

October 1, 2021

November 1, 2021

December 1, 2021

January 1, 2022

February 1, 2022

March 1, 2022

April 1, 2022

May 1, 2022

June 1, 2022

July 1, 2022

August 1, 2022

September 1, 2022

October 1, 2022

November 1, 2022

December 1, 2022

January 1, 2023

February 1, 2023

March 1, 2023

April 1, 2023

May 1, 2023

9.24

—

9.24

June 1, 2023

9.21

—

9.21

July 1, 2023

August 1, 2023

September 1, 2023

October 1, 2023

November 1, 2023

December 1, 2023

January 1, 2024

February 1, 2024

March 1, 2024


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

122

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)
March 1, 2021	$	9.26	$	—	$	9.26
April 1, 2021	$	9.26	$	—	$	9.26
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

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:

Declaration Date Record Date Payment Date
Distribution Per Share(1)
Distribution Amount
($ in thousands, except per share amounts) Class S Class D Class I
December 5, 2022 January 31, 2023 February 24, 2023 $ 0.08765 $ 16,523 $ 4,296 $ 30,667
February 10, 2023 February 28, 2023 March 23, 2023 0.06765 12,882 3,372 24,319
February 10, 2023 March 31, 2023 April 26, 2023 0.06765 13,027 3,550 24,938
February 10, 2023 April 30, 2023 May 22, 2023 0.08765 18,233 4,956 33,691
May 9, 2023 May 31, 2023 June 26, 2023 0.06765 14,183 3,884 27,515
May 9, 2023 June 30, 2023 July 26, 2023 0.06765 14,804 3,894 28,323
Total $ 0.44590 $ 89,652 $ 23,952 $ 169,453

123

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)


	For the Three Months March 31, 2024
Declaration Date	Record Date	Payment Date	Distribution Per Share(1)		Distribution Amount
($ 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.

~~The following table presents cash distributions per share that were recorded during the following periods:~~

Declaration Date Record Date Payment Date
Distribution Per Share(1)
Distribution Amount
($ in thousands, except per share amounts) Class S Class D Class I
November 2, 2021 January 31, 2022 February 23, 2022 $ 0.05580 $ 3,798 $ 1,094 $ 6,348
November 2, 2021 February 28, 2022 March 24, 2022 0.05580 4,593 1,367 7,312
November 2, 2021 March 31, 2022 April 25, 2022 0.05580 5,334 1,673 8,860
February 23, 2022 April 30, 2022 May 24, 2022 0.05580 6,147 1,767 10,893
February 23, 2022 May 31, 2022 June 23, 2022 0.05580 6,896 2,003 12,307
February 23, 2022 June 30, 2022 July 26, 2022 0.05580 7,613 2,110 13,541
Total $ 0.33480 $ 34,381 $ 10,014 $ 59,261


	For the Three Months March 31, 2023
Declaration Date	Record Date	Payment Date	Distribution Per Share(1)		Distribution Amount
($ in thousands, except per share amounts)					Class S		Class D		Class I
December 5, 2022	January 31, 2023	February 24, 2023	$	0.08765	$	16,523	$	4,296	$	30,667
February 10, 2023	February 28, 2023	March 23, 2023	0.06765		12,882		3,372		24,319
February 10, 2023	March 31, 2023	April 26, 2023	0.06765		13,027		3,550		24,938









		Total	$	0.22295	$	42,432	$	11,218	$	79,924

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

The Company has adopted a distribution reinvestment plan ~~pursuant to~~ 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 (except for residents of Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Oklahoma, Oregon, Vermont and Washington and clients of participating broker-dealers that do not permit automatic enrollmentwho have enrolled in the distribution reinvestment ~~plan)~~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 ~~the Company’s same class of~~our common stock, ~~to which~~rather than receiving the ~~distribution relates unless they elect to receive their distributions in cash.~~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

~~106~~

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

such revenues and costs. Through ~~June 30, 2023,~~March 31, 2024, pursuant to the Expense Support Agreement which was terminated by the Adviser on March 7, 2023, a portion of the Company’s distributions resulted from expense support from the Adviser which is subject to repayment by the Company within three years from the date of payment. The purpose of this arrangement was to avoid distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based on the Company’s investment performance, and can only be sustained if the Company achieves positive investment performance in future periods and/or the Adviser continues to provide expense support. Shareholders should also understand that the Company’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all. Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following tables reflect the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its shares of common stock during the following periods:

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


	For the Three Months 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.

124

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

(2)Data in this table is presented on a consolidated basis. Refer to Note 11 “Financial Highlights” for amounts by share class.


	For the Three Months March 31, 2023
Source of Distribution(2)	Per Share(1)		Amount		Percentage
($ in thousands, except per share amounts)
Net investment income	$	0.22295	$	133,574	100.0	%


Total	$	0.22295	$	133,574	100.0	%

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

(2)Data in this table is presented on a consolidated basis. Refer to Note 11 ~~"Financial Highlights" for amounts by share class.~~

For the Six Months Ended June 30, 2022
Source of Distribution(2)
Per Share(1)
Amount Percentage
($ in thousands, except per share amounts)
Net investment income $ 0.33480 $ 103,656 100.0 %
Total $ 0.33480 $ 103,656 100.0 %

~~(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"~~“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 Purchase Price per Share Shares Repurchased
February 25, 2022 S March 31, 2022 $ 6,001 $ 9.24 649,420
February 25, 2022 D March 31, 2022 $ 304 $ 9.25 32,853
February 25, 2022 I March 31, 2022 $ 16,978 $ 9.26 1,833,520
May 25, 2022 S June 30, 2022 $ 8,365 $ 8.84 946,284
May 25, 2022 D June 30, 2022 $ 1,110 $ 8.86 125,276
May 25, 2022 I June 30, 2022 $ 18,414 $ 8.88 2,073,617
February 28, 2023 S March 31, 2023 $ 21,643 $ 9.21 2,349,994

~~107~~

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

Offer Date Class Tender Offer Expiration Tender Offer Purchase Price per Share Shares Repurchased
February 28, 2023 D March 31, 2023 $ 3,453 $ 9.22 374,566
February 28, 2023 I March 31, 2023 $ 68,024 $ 9.24 7,361,842
May 31, 2023 S June 30, 2023 $ 16,367 $ 9.28 1,763,641
May 31, 2023 D June 30, 2023 $ 13,809 $ 9.29 1,486,423
May 31, 2023 I June 30, 2023 $ 46,071 $ 9.31 4,948,651


Offer Date	Class	Tender Offer Expiration	Tender Offer		Purchase Price per Share		Shares Repurchased

















February 28, 2023	S	March 31, 2023	$	21,643	$	9.21	2,349,994
February 28, 2023	D	March 31, 2023	$	3,453	$	9.22	374,566
February 28, 2023	I	March 31, 2023	$	68,024	$	9.24	7,361,842









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

Note 9. Earnings Per Share

The following tables set forth the computation of basic and diluted earnings per common share for the following periods:

For the Three Months Ended June 30,
2023 2022
($ 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 $ 68,006 $ 17,233 $ 117,916 $ (36,762) $ (8,956) $ (54,008)
Weighted average shares of common stock outstanding—basic and diluted 233,305,828 59,122,097 404,528,122 139,449,179 36,329,375 219,206,555
Earnings (loss) per common share—basic and diluted $ 0.29 $ 0.29 $ 0.29 $ (0.26) $ (0.25) $ (0.25)


			For the Six Months Ended June 30,
			2023						2022
		For the Three Months Ended March 31,																				For the Three Months Ended March 31,
		2024																	2024				2023
($ in thousands, except per share amounts)	($ 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		($ 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	Increase (decrease) in net assets resulting from operations		$	143,663	$	36,023	$	248,502	$	(30,601)	$	(6,998)	$	(42,556)
Weighted average shares of common stock outstanding—basic and diluted	Weighted average shares of common stock outstanding—basic and diluted		221,466,999		55,532,022		383,084,074		116,093,069		30,964,275		176,900,067
Earnings (loss) per common share—basic and diluted	Earnings (loss) per common share—basic and diluted		$	0.65	$	0.65	$	0.65	$	(0.26)	$	(0.23)	$	(0.24)

Note 10. Income Taxes

125

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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 ~~and six~~ months ended ~~June 30,~~March 31, 2024, the Company recorded an expense for U.S. federal excise tax of $0.8 million. For the three months ended March 31, 2023, the Company recorded an expense for U.S. federal excise tax ~~expense~~ of ~~$1.4 million and $1.5 million, respectively. For the three and six months ended June 30, 2022, the Company did not record U.S. federal excise tax expense.~~

~~108~~

~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

$0.1 million.

Taxable Subsidiaries

Certain of the ~~Company's~~Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the three ~~and six~~ months ended ~~June 30, 2023~~March 31, 2024 the Company recorded a net tax benefit of approximately ~~$1.2 thousand and $2.3~~$9 thousand for taxable subsidiaries. ~~For the three and six months ended June 30, 2022, the Company did not record a net-tax benefit (provision).~~

The Company recorded net deferred tax ~~liability~~asset of ~~$5.0~~$7 thousand as of ~~June 30, 2023~~March 31, 2024 for taxable subsidiaries, which is ~~significantly~~primarily related to GAAP to tax outside basis differences in the taxable ~~subsidiaries'~~subsidiaries’ investment in certain partnership interests. ~~The Company did not record a net deferred tax asset (liability) for tax subsidiaries as of December 31, 2022.~~

126

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,
			For the Three Months Ended March 31,
			For the Three Months Ended March 31,
		2024
($ in thousands, except share and per share amounts)
($ in thousands, except share and per share amounts)
($ in thousands, except share and per share amounts)
Per share data:
Per share data:
Per share data:
Net asset value, at beginning of period
Net asset value, at beginning of period
Net asset value, at beginning of period
Results of operations:
Results of operations:
Results of operations:
Net investment income (loss)(1)
Net investment income (loss)(1)
Net investment income (loss)(1)
Net realized and unrealized gain (loss)(2)
Net realized and unrealized gain (loss)(2)
Net realized and unrealized gain (loss)(2)
Net increase (decrease) in net assets resulting from operations
Net increase (decrease) in net assets resulting from operations
Net increase (decrease) in net assets resulting from operations
Shareholder distributions:
Shareholder distributions:
Shareholder distributions:
Distributions from net investment income(3)
Distributions from net investment income(3)
Distributions from net investment income(3)

			For the Six Months Ended June 30,
Net decrease in net assets from shareholders’ distributions
			2023									2022
($ 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			$	9.06		$	9.07		$	9.08		$	9.33		$	9.33		$	9.34
Results of operations:
Net investment income (loss)(1)			0.52			0.54			0.56			0.32			0.35			0.36
Net realized and unrealized gain (loss)(2)			0.11			0.11			0.12			(0.45)			(0.46)			(0.46)
Net increase (decrease) in net assets resulting from operations			$	0.63		$	0.65		$	0.68		$	(0.13)		$	(0.11)		$	(0.10)
Shareholder distributions:
Distributions from net investment income(3)			(0.41)			(0.43)			(0.45)			(0.36)			(0.36)			(0.36)
Distributions from realized gains(3)			—			—			—			—			—			—
Distributions in excess of net investment income(3)			—			—			—			—			—			—
Net decrease in net assets from shareholders' distributions			$	(0.41)		$	(0.43)		$	(0.45)		$	(0.36)		$	(0.36)		$	(0.36)

Net decrease in net assets from shareholders’ distributions

Net decrease in net assets from shareholders’ distributions
Total increase (decrease) in net assets	Total increase (decrease) in net assets		0.22			0.22			0.23			(0.49)			(0.47)			(0.46)
Total increase (decrease) in net assets
Total increase (decrease) in net assets
Net asset value, at end of period
Net asset value, at end of period
Net asset value, at end of period	Net asset value, at end of period		$	9.28		$	9.29		$	9.31		$	8.84		$	8.86		$	8.88

Total return(4)	Total return(4)		4.9		%	5.3		%	5.5		%	(2.2		%)	(1.6		%)	(1.4)		%

Total return(4)

Total return(4)

Ratios

Ratios

Ratios	Ratios
Ratio of net expenses to average net assets(5)(6)	Ratio of net expenses to average net assets(5)(6)		11.1		%	10.6		%	10.3		%	6.9		%	6.0		%	6.1		%
Ratio of net expenses to average net assets(5)(6)
Ratio of net expenses to average net assets(5)(6)
Ratio of net investment income to average net assets(6)	Ratio of net investment income to average net assets(6)		11.6		%	12.3		%	12.5		%	7.8		%	8.1		%	8.7		%
Ratio of net investment income to average net assets(6)
Ratio of net investment income to average net assets(6)
Portfolio turnover rate
Portfolio turnover rate
Portfolio turnover rate	Portfolio turnover rate		1.3		%	1.3		%	1.3		%	3.9		%	3.9		%	3.9		%

Supplemental Data	Supplemental Data

Supplemental Data

Supplemental Data
Weighted-average shares outstanding
Weighted-average shares outstanding
Weighted-average shares outstanding	Weighted-average shares outstanding		221,466,999			55,532,022			383,084,074			116,093,069			30,964,275			176,900,067
Shares outstanding, end of period	Shares outstanding, end of period		241,935,918			59,251,502			418,671,705			153,925,431			39,130,477			242,671,428
Shares outstanding, end of period
Shares outstanding, end of period
Net assets, end of period	Net assets, end of period		$	2,245,301		$	550,643		$	3,897,613		$	1,360,549		$	346,803		$	2,154,044
Net assets, end of period
Net assets, end of period

(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.

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~~Blue Owl Credit Income Corp.~~

~~Notes to Consolidated Financial Statements - Continued~~

~~(Unaudited)~~

(4)Total return is not annualized. An investment in the Company is subject to maximum upfront sales load of 3.5% and 1.5% for Class S and Class D common stock, respectively, of the offering price, which will reduce the amount of capital available for investment. Class I common stock is not subject to upfront sales load. Total return displayed is net of all fees, including all operating expenses such as management fees, incentive fees, general and administrative expenses, organization and

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Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

amortized offering expenses, and interest expenses. Total return is calculated as the change in net asset value (“NAV”) per share (assuming dividends and distributions, if any, are reinvested in accordance with the Company’s dividend reinvestment plan), if any, divided by the beginning NAV per share (which for the purposes of this calculation is equal to the net offering price in effect at that time).

(5)Operating expenses may vary in the future based on the amount of capital raised, the Adviser’s election to continue expense support, and other unpredictable variables. For the ~~six~~three months ended ~~June 30, 2023,~~March 31, 2024, the total operating expenses to average net assets were 1.2%, 0.6% and 0.3%, 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. For the ~~six~~three months ended ~~June 30, 2022,~~March 31, 2023, the total operating expenses to average net assets were ~~7.6%~~1.2%, ~~6.7%~~0.6% and ~~6.7%~~0.3%, for Class S, Class D, and Class I common stock, respectively, prior to management fee waivers, expense support provided by the Adviser, and expense recoupment paid to the Adviser, if any. Past performance is not a guarantee of future results.

(6)The ratio reflects an annualized amount, except in the case of non-recurring expenses (e.g., initial organization expenses) and offering expenses.

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Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

Note 12. Subsequent Events

In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date of issuance. There are no subsequent events to disclose except for the following:

~~Articles of~~Revolving Credit Facility Amendment

~~Blue Owl Credit Income Corp. was formerly known as “Owl Rock Core Income Corp."~~ On ~~June 22, 2023,~~April 19, 2024, the Company ~~filed Articles~~entered into the Second Amendment to the Revolving Credit Facility (the “Second Amendment”), which amends the Revolving Credit Facility. The parties to the Second Amendment include the Company, as Borrower, the subsidiary guarantors party thereto solely with respect to Section 4.9 therein, the lenders party thereto and Sumitomo Mitsui Banking Corporation as Administrative Agent. The Second Amendment extended the commitments of ~~Amendment~~a Non-Extending Lender (as defined in the ~~state of Maryland to formally change~~Revolving Credit Facility) so that such Non-Extending Lender became an Extending Lender (as defined in the ~~Company’s name to “Blue Owl~~Revolving Credit ~~Income Corp. ” The Company’s new name took effect on July 6, 2023.~~Facility).

~~June 2028 Notes~~DRIP Amendment

On ~~July 14, 2023,~~May 6, 2024 the ~~Company issued~~Board adopted an amended and restated distribution reinvestment plan which provides for the reinvestment of any cash distributions on behalf of shareholders who have elected to enroll 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 ~~$150 million aggregate principal amount of its June 2028 Notes in a private placement in reliance on Section 4(a)(2)~~shares of the ~~Securities Act, and for initial resale to qualified institutional buyers pursuant to~~Company’s common stock, rather than receiving the ~~exemption from registration provided by Rule 144A promulgated~~cash distribution. The change will have no effect on existing distribution elections 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.distribution reinvestment plan.

~~CLO XII~~Commencement of Exchange Offer

On ~~July~~April 18, ~~2023,~~2024, the Company completed a $396.5 million term debt securitization transaction (the “CLO XII Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred bycommenced an offer to exchange the ~~Company. The secured notes and preferred shares issued in~~June 2028 Notes, the ~~CLO XII Transaction~~January 2029 Notes and the ~~secured loan borrowed in the CLO XII Transaction were~~March 2031 Notes for newly issued and incurred, as applicable, by the Company’s consolidated subsidiary Owl Rock CLO XII, LLC, a limited liability organized under the laws of the State of Delaware (the “CLO XII Issuer”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO XII Issuer.registered notes with substantially similar terms.

Equity Raise

As of ~~August 10, 2023,~~May 9, 2024, the Company ~~has~~ issued ~~256,463,360~~393,943,501 shares of ~~its~~ Class S common stock, ~~61,343,204~~80,429,545 shares of ~~its~~ Class D common stock, and ~~449,648,397~~685,850,176 shares of ~~its~~ Class I common stock and ~~has~~have raised total gross proceeds of ~~$2.4~~$3.69 billion, ~~$0.6~~$0.75 billion, and ~~$4.1~~$6.38 billion, respectively, including seed capital of $1,000 contributed by ~~its~~our Adviser in September 2020 and approximately $25.0 million in gross proceeds raised from Feeder FIC Equity. In addition, ~~the Company has~~we received ~~$275.6~~$586.3 million in gross subscription payments which ~~the Company~~we accepted on ~~August 3, 2023~~May 1, 2024 and which is pending ~~the Company's~~our determination of the net asset value per share applicable to such purchase.

~~Commencement of Exchange Offer~~Dividend

On May 7, 2024, the Company’s Board declared a distribution of (i) $0.07010 per share, payable on or before June 26, 2024 to shareholders of record as of May 31, 2024, (ii) $0.07010 per share, payable on or before July ~~24, 2023, the Company commenced an offer~~26, 2024 to ~~exchange the September 2027 Notes for newly issued registered notes with substantially similar terms.~~shareholders of record as of June 28, 2024, (iii) $0.07010 per share, payable on or before August 23, 2024 to shareholders of record as of July 31, 2024, and (iv) a special distribution of $0.03270 per share, payable on or before July 26, 2024 to shareholders of record as of June 28, 2024.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The information contained in this section should be read in conjunction with “ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS”. This discussion contains forward-looking statements, which relate to future events or the future performance or financial condition of Blue Owl Credit Income Corp. and involves numerous risks and uncertainties, including, but not limited to, those described in our Form 10-K for ~~fiscal~~the year ~~December 31, 2022 and our Form 10-Q for the quarter~~ ended ~~March~~December 31, 2023 in ““ITEM 1A. RISK ~~FACTORS”~~FACTORS.” This discussion also should be read in conjunction with the “Cautionary Statement Regarding Forward Looking Statements” set forth on page 31 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. ~~(f/k/a Owl Rock Core 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 ~~(f/k/a Owl Rock Capital 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 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~~Owl’s Credit platform ~~("Credit"~~(“Credit”), which focuses on direct lending. Our Adviser is registered with the U.S. Securities and Exchange Commission (the “SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Subject to the overall supervision of our Board, our Adviser manages ~~the~~our day-to-day operations, ~~of,~~ and provides investment advisory and management services, to us. The Adviser or its affiliates may engage in certain ~~organizational~~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 ~~management~~investment professionals.

We have received an exemptive order that permits us to offer multiple classes of shares of common stock and to impose asset-based servicing and distribution fees and early withdrawal fees. On September 30, 2020, the ~~Advisor~~Adviser purchased 100 shares of our Class I common stock at $10.00 per share, which represents the initial public offering price. The Adviser will not tender these shares for repurchase as long as the Adviser remains the investment adviser of the Company. There is no current intention for the Adviser to discontinue its role. On October 15, 2020, we received a subscription agreement, totaling $25.0 million for the purchase of Class I common shares of our common stock from Owl Rock Feeder FIC ORCIC Equity LLC (“Feeder FIC Equity”), an entity affiliated with the Adviser. On November 12, 2020, we commenced our initial public offering pursuant to which we offered, on a continuous basis, $2,500,000,000 in any combination of amount of shares of Class S, Class D and Class I common stock, and we sold 700,000 shares pursuant to the subscription agreement with Feeder FIC Equity and met the minimum offering requirement for our continuous public offering. The purchase price of these shares sold in the private placement was $10.00 per share. As of March 31, 2021, we had called all of the $25.0 million commitment from Feeder FIC Equity. On February 14, 2022, we commenced our follow-on offering, on a continuous basis, pursuant to which we are currently offering of up to ~~$7,500,000,000~~$13,500,000,000 in any combination of amount of shares of Class S, Class D and Class I common stock. The share classes have different upfront selling commissions and ongoing servicing fees. Each class of common stock will be offered through Blue Owl Securities LLC (d/b/a Blue Owl Securities) (the “Dealer Manager”). The Dealer Manager is entitled to receive upfront selling commissions of up to 3.50% of the offering price of each Class S share sold in the offering and 1.50% of the offering price of each Class D share sold. Class I shares are not subject to upfront selling commissions. Any upfront selling commissions for the Class S shares and Class D shares sold in the offering will be deducted from the purchase price. Class S, Class D and Class I shares were offered at initial purchase prices per shares of $10.35, $10.15 and $10.00, respectively. Currently, the purchase price per share for each class of common stock varies, but will not be sold at a price below our net asset value per share of such class, as determined in accordance with our share pricing policy, plus applicable upfront selling commissions. We also engage in private placements of our common stock.

Since meeting the minimum offering requirement and commencing our continuous public offering through ~~June 30, 2023,~~March 31, 2024, we have issued ~~244,886,936~~373,781,589 shares of Class S common stock, ~~59,492,163~~79,652,941 shares of Class D common stock, and ~~433,343,601~~644,767,597 shares of Class I common stock for gross proceeds, exclusive of ~~$2.3~~any tender offers and shares issued pursuant to our distribution reinvestment plan, of $3.50 billion, ~~$0.5~~$0.74 billion, and ~~$4.0~~$5.98 billion, respectively, including $1,000 of seed capital contributed by our Adviser in September 2020, approximately $25.0 million in gross proceeds raised infrom an entity affiliated with the ~~private placement from Feeder FIC Equity,~~Adviser, and ~~18,470,188~~36,013,591 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 ~~$0.2~~$0.34 billion. The ~~shares purchased by~~Adviser, the ~~Adviser and~~

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~~Feeder FIC Equity are subject to a lock-up pursuant to FINRA Rule 5110(e)(1) for a period of 180 days from~~entity affiliated with the ~~date of commencement of sales in the offering, and the~~ Adviser, ~~Feeder FIC Equity,~~ and their permitted assignees may not engage in any transaction that would result in the effective economic disposition of the Class I shares.

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

Blue Owl consists of three ~~divisions:~~investment platforms: (1) Credit, which focuses on direct lending, (2) GP Strategic Capital, which focuses on providing capital to institutional alternative asset managers and (3) Real Estate, which focuses on triple net lease real estate strategies. Blue ~~Owl's~~Owl’s Credit platform is comprised of the Adviser, Blue Owl Technology Credit Advisors LLC (“OTCA”), Blue Owl Technology Credit Advisors II LLC ("(“OTCA II”), Blue Owl Credit Private Fund Advisors LLC (“OPFA”) and Blue Owl Diversified Credit Advisors LLC (“ODCA” and together with the Adviser, OTCA, OTCA II, and OPFA, the “Blue Owl Credit Advisers”), which also are registered investment advisers. As of ~~June 30, 2023,~~March 31, 2024, the Adviser and its affiliates had ~~$73.8~~$91.29 billion of assets under management across ~~the~~ Blue ~~Owl~~Owl’s Credit platform.

The management of our investment portfolio is the responsibility of the Adviser and the Diversified Lending Investment Committee. We consider these individuals to be our portfolio managers. The Investment Team, is led by Douglas I. Ostrover, Marc S. Lipschultz and Craig W. Packer and is supported by certain members of the ~~Adviser's~~Adviser’s senior executive team and Blue Owl’s Credit platform’s investment committees. Blue Owl’s Credit platform has four investment committees each of which focuses on a specific investment strategy (Diversified Lending, Technology Lending, First Lien Lending and Opportunistic Lending). Douglas I. Ostrover, Marc S. Lipschultz, Craig W. Packer and Alexis Maged sit on each of Blue Owl’s Credit platform’s investment committees. In addition to Messrs. Ostrover, Lipschultz, Packer and Maged, the Diversified Lending Investment ~~Committee.~~Committee is comprised of Jeff Walwyn, Patrick Linnemann, Meenal Mehta and Logan Nicholson. The Investment Team, under the Diversified Lending Investment ~~Committee's~~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 ~~Investment Committee is comprised of Douglas I. Ostrover, Marc S. Lipschultz, Craig W. Packer, Alexis Maged, and Jeff Walwyn. The~~Diversified Lending Investment Committee meets regularly to consider our investments, direct our strategic initiatives and supervise the actions taken by the Adviser on our behalf. In addition, the Diversified Lending Investment Committee reviews and determines whether to make prospective investments (including approving parameters or guidelines pursuant to which investments in broadly syndicated loans may be bought and sold), structures financings and monitors the performance of the investment portfolio. Each investment opportunity requires the approval of a majority of the Diversified Lending Investment Committee. Follow-on investments in existing portfolio companies may require the Diversified Lending Investment Committee's approval beyond that obtained when the initial investment in the portfolio company was made. In addition, temporary investments, such as those in cash equivalents, U.S. government securities and other high quality debt investments that mature in one year or less, may require approval by the Diversified Lending Investment Committee. The compensation packages of certain Diversified Lending Investment Committee members from the Adviser include various combinations of discretionary bonuses and variable incentive compensation based primarily on performance for services provided and may include shares of Blue Owl.

In addition, we and the Adviser have entered into a dealer manager agreement with Blue Owl Securities and certain participating broker dealers to solicit capital.

We may be prohibited under the Investment Company Act of 1940, ~~Act~~as amended (the “1940 Act”) from participating in certain transactions with our affiliates without the prior approval of our directors who are not interested persons and, in some cases, the prior approval of the SEC. We rely on an order for exemptive relief ~~(the "Order"~~(as amended, the “Order”) that has been granted to our Adviser and its affiliates by the SEC to permit us to co-invest with other funds managed by our Adviser or certain affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to the Order, we generally are permitted to co-invest with certain of our affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to us and our shareholders and do not involve overreaching by us or our shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of our shareholders and is consistent with our investment objective and strategies, (3) the investment by our affiliates would not disadvantage us, and our participation would not be on a basis different from or less advantageous than that on which our affiliates are investing, and (4) the proposed investment by us would not benefit our Adviser or its affiliates or any affiliated person of any of them (other than the parties to the transaction), except to the extent permitted by the Order and applicable law, including the limitations set forth in Section 57(k) of the 1940 Act. In addition, ~~we have received an amendment to our order to permit~~the Order permits us to continue to invest ~~in follow-on investments~~ in our existing portfolio companies with certain affiliates that are private funds if such private funds did not have an investment in such existing portfolio company. The Blue Owl Credit ~~Advisers`~~Advisers’ investment allocation policy seeks to ensure equitable allocation of investment opportunities over time between us ~~and/or~~and other funds managed by our Adviser or its affiliates. As a result of the Order, there could be significant overlap in our investment portfolio and the investment portfolio of the business development companies (“BDCs”), private funds and separately managed accounts managed by the Blue Owl Credit Advisers (collectively, the “Blue Owl Credit Clients”) and/or other funds managed by the Adviser or its affiliates that could avail themselves of exemptive relief and that have an investment objective similar to ours.

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We have elected to be regulated as a BDC under the 1940 Act and intend to elect to be taxed as a regulated investment company (“RIC”) for tax purposes under the Code. As a result, we are required to comply with various statutory and regulatory requirements, such as:

•the requirement to invest at least 70% of our assets in “qualifying assets”, as such term is defined in the 1940 Act;

•source of income limitations;

•asset diversification requirements; and

•the requirement to distribute (or be treated as distributing) in each taxable year at least the sum of 90% of our investment company taxable income and tax-exempt interest for that taxable year.

Our Investment Framework

We are a Maryland corporation organized primarily to originate and make loans to, and make debt and equity investments in, U.S. middle market companies. Our investment objective is to generate current income, and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. Since our Adviser and its affiliates began investment activities in April 2016 through ~~June 30, 2023,~~March 31, 2024, our Adviser and its affiliates have originated ~~$78.0~~$99.59 billion aggregate principal amount of investments, of which ~~$74.4~~$95.77 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. ~~upper~~ middle market companies, both sponsored and non-sponsored, through direct originations of senior secured loans or originations of unsecured loans, subordinated loans or mezzanine loans, broadly syndicated loans and, to a lesser extent, investments in equity-related securities including warrants, preferred stock and similar forms of senior equity. ~~Our~~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 (f/k/a ORCIC~~ Senior Loan Fund) (“OCIC SLF”) or any similarly situated companies, at least 80% of the value of our total assets in credit investments. We define “credit” to mean debt investments made in exchange for regular interest payments.

We define “middle market companies” generally to mean companies with earnings before interest expense, income tax expense, depreciation and amortization, or “EBITDA,” between $10 million and $250 million annually and/or annual revenue of $50 million to ~~$2.5~~$2.50 billion at the time of investment, although we may on occasion invest in smaller or larger companies if an opportunity presents itself. We generally seek to invest in upper middle-market companies with a loan-to-value ratio of 50% or below.

We expect that generally our portfolio composition will be majority debt or income producing securities, which may include “covenant-lite” loans (as defined below), with a lesser allocation to equity or equity-linked opportunities, including publicly traded debt instruments, which we may hold directly or through special purposes vehicles. These investments may include high-yield bonds, which are often referred to as “junk bonds”, and broadly syndicated loans. In addition, we may invest a portion of our portfolio in opportunistic investments and broadly syndicated loans, which will not be our primary focus, but will be intended to enhance returns to our shareholders and from time to time, we may evaluate and enter into strategic portfolio transactions which may result in additional portfolio companies which we are considered to control. These investments may include high-yield bonds and broadly-syndicated loans, including publicly traded debt instruments, which are typically originated and structured by banks on behalf of large corporate borrowers with employee counts, revenues, EBITDAs and enterprise values larger than those of middle market companies, and equity investments in portfolio companies that make senior secured loan or invest in broadly syndicated loans or structured products, such as life settlements and royalty interests. Our portfolio composition may fluctuate from time to time based on market conditions and interest rates. ~~We generally intend to investment in companies with low loan to value ratios, which we consider to be 50% or lower.~~

Covenants are contractual restrictions that lenders place on companies to limit the corporate actions a company may pursue. Generally, the loans in which we expect to invest will have financial maintenance covenants, which are used to proactively address materially adverse changes in a portfolio company’s financial performance. However, to a lesser extent, we may invest in “covenant- lite” loans. We use the term “covenant-lite” to refer generally to loans that do not have a complete set of financial maintenance covenants. Generally, “covenant-lite” loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Accordingly, to the extent we invest in “covenant-lite” loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.

We target portfolio companies where we can structure larger transactions that comprise 1-2% of our portfolio (with no individual portfolio company generally expected to comprise greater than 5% of our portfolio). As of ~~June 30, 2023,~~March 31, 2024, our average investment size in each of our portfolio companies was approximately ~~$54.1~~$61.0 million based on fair value. As of ~~June 30, 2023,~~March 31, 2024, excluding the

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investment in OCIC SLF and certain investments that fall outside our typical borrower profile, our portfolio companies representing ~~85.3%~~

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87.2% of our total debt portfolio based on fair value, had weighted average annual revenue of ~~$939.0 million,~~$1.0 billion, weighted average annual EBITDA of ~~$215.8~~$247.0 million, ~~and~~ an average interest coverage of ~~2.1x.~~1.8x and an average net loan-to-value of 38.5%.

The companies in which we invest use our capital primarily to support their growth, acquisitions, market or product expansion, refinancings and/or recapitalizations. The debt in which we invest typically is not rated by any rating agency, but if these instruments were rated, they would likely receive a rating of below investment grade (that is, below BBB- or Baa3), which is often referred to as “junk”.

A majority of our new investments are indexed to the Secured Overnight Financing Rate ("SOFR"); however, we have material contracts that are indexed to the London Interbank Offered Rate (“LIBOR”) and are monitoring this activity, evaluating the related risks and our exposure, and adding alternative language to contracts, where necessary. Certain contracts have an orderly market transition already in process. However, it is not possible to predict the effect of any of these developments, and any future initiatives to regulate, reform or change the manner of administration of LIBOR could result in adverse consequences to the rate of interest payable and receivable on, market value of and market liquidity for LIBOR-based financial instruments.

Key Components of Our Results of Operations

Investments

We focus primarily on the direct origination of loans to middle market companies domiciled in the United States.

Our level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make.

In addition, as part of our risk strategy on investments, we may reduce the levels of certain investments through partial sales or syndication to additional lenders.

Revenues

We generate revenues primarily in the form of interest income from the investments we hold. In addition, we may generate income from dividends on either direct equity investments or equity interests obtained in connection with originating loans, such as options, warrants or conversion rights. Our debt investments typically have a term of three to ten years. As of ~~June 30, 2023, 99.1%~~March 31, 2024, 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 of floating rate loans, and our credit facility bears interest at a floating rate. Macro trends in base interest rates like SOFR ~~LIBOR,~~ 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.

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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.

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Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory and management services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, are provided and paid for by the Adviser. We bear our allocable portion of the compensation paid by the Adviser (or its affiliates) to our Chief Compliance Officer and Chief Financial Officer and their respective staffs (based on a percentage of time such individuals devote, on an estimated basis, to our business affairs). We bear all other costs and expenses of our operations, administration and transactions, including, but not limited to (i) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Investment Advisory Agreement; (ii) our allocable portion of overhead and other expenses incurred by the Adviser in performing its administrative obligations under the Administration Agreement; and (iii) all other expenses of our operations and transactions including, without limitation, those relating to:

•expenses deemed to be “organization and offering expenses” for purposes of Conduct Rule 2310(a)(12) of Financial Industry Regulatory Authority (exclusive of commissions, the dealer manager fee, any discounts and other similar expenses paid by investors at the time of sale of our stock);

•the cost of corporate and organizational expenses relating to offerings of shares of our common stock;

•the cost of calculating our net asset value, including the cost of any third-party valuation services;

•the cost of effecting any sales and repurchases of our common stock and other securities;

•fees and expenses payable under any dealer manager agreements, if any;

•debt service and other costs of borrowings or other financing arrangements;

•costs of hedging;

•expenses, including travel expense, incurred by the Adviser, or members of the investment team, or payable to third parties, performing due diligence on prospective portfolio companies and, if necessary, enforcing our rights;

•escrow agent, transfer agent and custodial fees and expenses;

•fees and expenses associated with marketing efforts;

•federal and state registration fees, any stock exchange listing fees and fees payable to rating agencies;

•federal, state and local taxes;

•independent directors’ fees and expenses, including certain travel expenses;

•costs of preparing financial statements and maintaining books and records and filing reports or other documents with the SEC (or other regulatory bodies) and other reporting and compliance costs, including registration fees, listing fees and licenses, and the compensation of professionals responsible for the preparation of the foregoing;

•the costs of any reports, proxy statements or other notices to our shareholders (including printing and mailing costs);

•the costs of any shareholder or director meetings and the compensation of personnel responsible for the preparation of the foregoing and related matters;

•commissions and other compensation payable to brokers or dealers;

•research and market data;

•fidelity bond, directors’ and officers’ errors and omissions liability insurance and other insurance premiums;

•direct costs and expenses of administration, including printing, mailing, long distance telephone and staff;

•fees and expenses associated with independent audits, outside legal and consulting costs;

•costs of winding up;

•costs incurred in connection with the formation or maintenance of entities or vehicles to hold our assets for tax or other purposes;

•extraordinary expenses (such as litigation or indemnification); and

•costs associated with reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws.

We expect, but cannot assure, that our general and administrative expenses will increase in dollar terms during periods of asset growth, but will decline as a percentage of total assets during such periods.

Expense Support and Conditional Reimbursement Agreement

On September 30, 2020, we entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with the Adviser, the purpose of which was to ensure that no portion of our distributions to shareholders represented a

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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”.

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Under the Expense Support Agreement, “Operating Expenses” was defined as all of our operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies. “Available Operating Funds” was defined as the sum of (i) our estimated investment company taxable income (including realized net short-term capital gains reduced by realized net long-term capital losses), (ii) our realized net capital gains (including the excess of realized net long-term capital gains over realized net short-term capital losses) and (iii) dividends and other distributions paid to us on account of preferred and common equity investments in portfolio companies, if any (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The Adviser’s obligation to make Expense Payments under the Expense Support Agreement automatically became a liability of the Adviser and the right to such Expense Payment was an asset of ours on the last business day of the applicable quarter. The Expense Payment for any quarter was be paid by the Adviser to us in any combination of cash or other immediately available funds, and/or offset against amounts due from us to the Adviser no later than the earlier of (i) the date on which we close our books for such quarter, or (ii) forty-five days after the end of such quarter.

Following any quarter in which Available Operating Funds exceed the cumulative distributions paid by us in respect of such quarter (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), we are required to pay such Excess Operating Funds, or a portion thereof, in accordance with the stipulations below, as applicable, to the Adviser, until such time as all Expense Payments made by the Adviser to us within three years prior to the last business day of such quarter have been reimbursed. Any payments required to be made by us are referred to as a “Reimbursement Payment”.

The amount of the Reimbursement Payment for any quarter shall equal the lesser of (i) the Excess Operating Funds in respect of such quarter and (ii) the aggregate amount of all Expense Payments made by the Adviser to us within three years prior to the last business day of such quarter that have not been previously reimbursed by us to the Adviser. The payment will be reduced to the extent that such Reimbursement Payments, together with all other Reimbursement Payments paid during the fiscal year, would cause Other Operating Expenses defined as our total Operating Expenses, excluding base management fees, incentive fees, organization and offering expenses, distribution and shareholder servicing fees, financing fees and costs, interest expense, brokerage commissions and extraordinary expenses on an annualized basis and net of any Expense Payments received by us during the fiscal year to exceed the lesser of: (i) 1.75% of our average net assets attributable to the shares of our common stock for the fiscal year-to-date period after taking such Expense Payments into account; and (ii) the percentage of our average net assets attributable to shares of our common stock represented by Other Operating Expenses during the fiscal year in which such Expense Payment was made (provided, however, that this clause (ii) shall not apply to any Reimbursement Payment which relates to an Expense Payment made during the same fiscal year).

No Reimbursement Payment for any quarter will be made if: (1) the “Effective Rate of Distributions Per Share” (as defined below) declared by us at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) our “Operating Expense Ratio” (as defined below) at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates. Pursuant to the Expense Support Agreement, “Effective Rate of Distributions Per Share” means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder fees, and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing Operating Expenses, less organizational and offering expenses, base management and incentive fees owed to Adviser, and interest expense, by our net assets.

The specific amount of expenses reimbursed by the Adviser, if any, will be determined at the end of each quarter. We or the Adviser will be able to terminate the Expense Support Agreement at any time, with or without notice. The Expense Support Agreement will automatically terminate in the event of (a) the termination of the Investment Advisory Agreement, or (b) a determination by our Board to dissolve or liquidate the Company. Upon termination of the Expense Support Agreement, we will be required to fund any Expense Payments that have not been reimbursed by us to the Adviser. As of ~~June 30, 2023,~~March 31, 2024, the amount of Expense Support payments provided by our Adviser since inception is $9.4 million.

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Our obligation to make Reimbursement Payments, subject to the conditions above, survives the termination of the Expense Support Agreement. There are no Reimbursement Payments conditionally due from the Company to the Adviser.

~~Fee Waivers~~

~~On February 23, 2021, the Adviser agreed to waive 100% of the base management fee for the quarter ended March 31, 2021. Any portion of the base management fee waived will not be subject to recoupment.~~

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

135

receives a separate fee, for example rent, depreciation, utilities, capital equipment or other administrative items allocated to a controlling person of our Adviser.

Leverage

The amount of leverage we use in any period depends on a variety of factors, including cash available for investing, the cost of financing and general economic and market conditions. On September 30, 2020, we received shareholder approval that allowed us to reduce our asset coverage ratio to 150% effective October 1, 2020. and in connection with their subscription agreements, our investors are required to acknowledge our ability to operate with an asset coverage ratio that may be as low as 150%. As a result, we generally will be permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to the common stock if our asset coverage, as defined in the 1940 Act, would at least be equal to 150% immediately after each such issuance. This reduced asset coverage ratio permits us to double the amount of leverage we can incur. For example, under a 150% asset coverage ratio we may borrow $2 for investment purposes of every $1 of investor equity whereas under a 200% asset coverage ratio we may only borrow $1 for investment purposes for every $1 of investor equity.

In any period, our interest expense will depend largely on the extent of our borrowing and we expect interest expense will increase as we increase our leverage over time subject to the limits of the 1940 Act. In addition, we may dedicate assets to financing facilities.

Potential Market Trends

We believe the middle market lending environment provides opportunities for us to meet our goal of making investments that generate attractive risk-adjusted returns based on a combination of the following ~~factors,~~factors.

Limited Availability of Capital for Middle Market Companies. The middle market is a large addressable market. According to GE Capital’s National Center for the Middle Market Year-End 2023 Middle Market Indicator, there are approximately 200,000 U.S. middle market companies, which have approximately 48 million aggregate employees. Moreover, the U.S. middle market accounts for one-third of private sector gross domestic product (“GDP”). GE defines U.S. middle market companies as those between $10 million and $1.00 billion in annual revenue, which we believe has significant overlap with our definition of U.S. middle market companies. We believe U.S. middle market companies will continue to require access to debt capital to refinance existing debt, support growth and finance acquisitions. We believe that regulatory and structural factors, industry consolidation and general risk aversion, limit the amount of traditional financing available to U.S. middle market companies. We believe that many commercial and investment banks have, in recent years, de-emphasized their service and product offerings to middle market businesses in favor of lending to large corporate clients and managing capital markets transactions. In addition, these lenders may be constrained in their ability to underwrite and hold bank loans and high yield securities for middle market issuers as they seek to meet existing and future regulatory capital requirements. We also believe that there are a lack of market participants that are willing to hold meaningful amounts of certain middle market loans. As a result, we believe our ability to minimize syndication risk for a company seeking financing by being able to hold its loans without having to syndicate them, coupled with reduced capacity of traditional lenders to serve the middle market, present an attractive opportunity to invest in middle market companies.

Capital Markets Have Been Unable to Fill the Void in U.S. Middle Market Finance Left by Banks. Access to underwritten bond and syndicated loan markets is challenging for middle market companies due to loan size and liquidity. For example, high yield bonds are generally purchased by institutional investors, such as mutual funds and exchange traded funds ~~("ETFs"~~(“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

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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.

~~Robust Demand~~Secular Trends Supporting Growth for ~~Debt Capital.~~Private Credit. The middle market is a large addressable market. According to GE Capital’s National Center for the Middle Market mid-year 2022 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 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 periods of market volatility, such as the current period of market volatility caused, in ~~par,~~part, by elevated inflation ~~rising~~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

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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 after the public markets reopen to normal levels. 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 ~~addition, we~~our view, this is supported by financial sponsors wanting to work with collaborative financing partners that have scale and breadth of capabilities. We believe the large amount of uninvested capital held by funds of private equity firms broadly, estimated by Preqin Ltd., an alternative assets industry data and research company, to be ~~$2.6~~$2.7 trillion as of ~~January 2022,~~December 31, 2023, will continue to drive deal activity. We expect that private equity sponsors will continue to pursue acquisitions and leverage their equity investments with secured loans provided by companies such as us.

Attractive Investment Dynamics. An imbalance between the supply of, and demand for, middle market debt capital creates attractive pricing dynamics. We believe the directly negotiated nature of middle market financings also generally provides more favorable terms to the lender, including stronger covenant and reporting packages, better call protection, and lender-protective change of control provisions. Additionally, we believe BDC managers’ expertise in credit selection and ability to manage through credit cycles has generally resulted in BDCs experiencing lower loss rates than U.S. commercial banks through credit cycles. Further, we believe that historical middle market default rates have been lower, and recovery rates have been higher, as compared to the larger market capitalization, broadly distributed market, leading to lower cumulative losses.

Conservative Capital Structures. Following the global credit crisis, which we define broadly as occurring between mid-2007 and mid- 2009, lenders have generally required borrowers to maintain more equity as a percentage of their total capitalization, specifically to protect lenders during economic downturns. With more conservative capital structures, U.S. middle market companies have exhibited higher levels of cash flows available to service their debt. In addition, U.S. middle market companies often are characterized by simpler capital structures than larger borrowers, which facilitates a streamlined underwriting process and, when necessary, restructuring process.

Attractive Opportunities in Investments in Loans. We invest in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities. We believe that opportunities in senior secured loans are significant because of the floating rate structure of most senior secured debt issuances and because of the strong defensive characteristics of these types of investments. We believe that debt issues with floating interest rates offer a superior return profile as compared with fixed-rate investments, since floating rate structures are generally less susceptible to declines in value experienced by fixed-rate securities in a rising interest rate environment. Senior secured debt also provides strong defensive characteristics. Senior secured debt has priority in payment among an issuer’s security holders whereby holders are due to receive payment before junior creditors and equity holders. Further, these investments are secured by the issuer’s assets, which may provide protection in the event of a default.

Portfolio and Investment Activity

As of ~~June 30, 2023,~~March 31, 2024, based on fair value, our portfolio consisted of ~~80.2%~~85.4% first lien senior secured debt investments (of which ~~51.7%~~40.6% we consider to be unitranche debt investments (including ~~"last-out"~~“last-out” portions of such loans)), ~~8.8%~~5.0% second-lien senior secured debt investments, ~~1.7%~~1.3% unsecured debt investments, ~~1.7%~~1.6% joint ventures, ~~5.0%~~3.9% preferred equity investments, and ~~2.6%~~2.8% common equity investments.

As of ~~June 30, 2023,~~March 31, 2024, our weighted average total yield of the portfolio at fair value and amortized cost was ~~11.4%~~11.2% and ~~11.4%~~11.3%, respectively, and our weighted average yield of accruing debt and income producing securities at fair value and amortized cost was ~~11.6%~~11.4% and ~~11.6%~~11.5%, 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, 2024, the weighted average spread of total debt investments was 5.7%.

As of ~~June 30, 2023~~March 31, 2024 we had investments in ~~242~~311 portfolio companies with an aggregate fair value of ~~$13.1~~$18.99 billion. As of ~~June 30, 2023,~~March 31, 2024, we had net leverage of ~~0.94x~~0.82x debt-to-equity and we target net leverage of 0.90x-1.25x debt-to-equity.

~~118~~The current lending environment has seen an increase in public market activity and merger and acquisition activity is currently limited. As a result, repayments have increased. We expect origination activity to increase in the future because of the amount of undeployed capital private equity firms have available and as there is further clarity on the interest rate environment.

We expect the pace of our originations to vary with the pace of repayments and the pace at which we raise funds in our public and private offerings. In periods with lower repayment volume, the pace of our originations is expected to slow. Currently, rising interest rates, reduced refinancing activity and market uncertainty has led to a decline in merger and acquisitions activity which in turn has led to moderate repayments and originations over the quarter. In addition, although the pace of originations remains slow, theThe credit quality of our portfolio has been consistent. We continue to focus on investing in recession resistant industries that we are familiar with, including ~~service oriented~~service-oriented sectors such as software, insurance, food and beverage and healthcare, all of which serve diversified and durable end markets. Blue Owl serves as the administrative agent on ~~additional financings to~~many of our ~~existing borrowers. The~~investments and the majority of our investments are supported by sophisticated financial sponsors who provide operational and financial resources. Our borrowers have a

137

weighted average EBITDA of $247.0 million and we believe this scale contributes to the durability of our borrowers and their ability to adapt to different economic environments. In addition, ~~the current lending environment is favorable~~Blue Owl continues to ~~direct lenders,~~invest in transactions in excess of $1.00 billion in size, which gives us the ability to structure the terms and spreads of such deals to include wider spreads, lower loan to values, extended call protection, attractive leverage profiles and credit protections.

We ~~also continue~~are continuing to ~~invest in specialty financing~~monitor the effect that a continued elevated interest rate environment, may have on our portfolio companies ~~including OCIC SLF, Fifth Season Investment LLC ("Fifth Season"), LSI Financing DAC 1 ("LSI Financing"),~~ and AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series2.1 Aviation Feeder, LLC (collectively, "Amergin AssetCo") and have seen a meaningful increase in the value of some of these strategic equity positions. These companies may use our ~~capital to support acquisitions which could continue to lead to increased dividend income across well-diversified underlying portfolios. See "Specialty Financing Portfolio Companies.~~"investment activities.

Many of the companies in which we invest have experienced relief and are experiencing improved profitability from earlier supply chain disruptions resulting from the pandemic, the war between Russia and Ukraine and elements of geopolitical, economic and financial market instability. In addition, we have seen a moderation in input costs which has helped to offset the impact of rising rates and support growth. These companies are continuing to see ~~solid demand with~~ modest growth in both revenues and EBITDA. However, in the event ~~that~~of further geopolitical, economic and financial market instability in the U.S. ~~economy enters into a recession,~~and elsewhere, or in the event of continued high interest rates, it is possible that the results of some of the middle market companies similar to those in which we invest could ~~experience deterioration.~~be challenged. While we are not seeing signs of an overall, broad deterioration in our results or those of our portfolio companies at this time, there can be no assurance that the performance of certain of our portfolio companies will not be negatively impacted by economic conditions, which could have a negative impact on our future results.

We ~~are continuing~~also continue to ~~monitor the effect that market volatility,~~invest in OCIC SLF and in specialty financing portfolio companies, including asFifth Season Investments LLC (“Fifth Season”), LSI Financing DAC 1 (“LSI Financing”), and AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series2.1 Aviation Feeder, LLC (collectively, “Amergin AssetCo”) and have seen a ~~result of a rising interest rate environment and uncertainty~~meaningful increase in the ~~banking sector~~value of some of these strategic equity positions. In the future we may ~~have on our~~invest through additional specialty finance portfolio companies, ~~and~~joint ventures, partnerships or other special purpose vehicles.See “Specialty Financing Portfolio Companies.” These companies may use our ~~investment activities. Although we anticipate that a shift in consumer demand may~~capital to support acquisitions which could continue to lead to ~~a contraction in the economy, we believe that the rapid rise in interest rates will meaningfully benefit our net investment~~increased dividend income as we begin to see the impact of interest rates exceeding our interest rate floors. We believe that the rapid rise in interest rates will meaningfully benefit our net investment income as we continue to see the impact of interest rates exceeding our interest rate floors.across well-diversified underlying portfolios.

Our investment activity for the following periods ~~are~~is presented below (information presented herein is at par value unless otherwise indicated).:

For the Three Months Ended June 30,
($ in thousands) 2023 2022
New investment commitments
Gross originations $ 1,790,416 $ 3,851,121
Less: Sell downs (32,549) (227,924)
Total new investment commitments $ 1,757,867 $ 3,623,197
Principal amount of investments funded:
First-lien senior secured debt investments $ 1,425,032 $ 2,290,127
Second-lien senior secured debt investments — 218,526
Unsecured debt investments — 63,865
Joint ventures 40,250 —
Preferred equity investments 35,019 166,062
Common equity investments 15,875 31,034
Total principal amount of investments funded $ 1,516,176 $ 2,769,614
Principal amount of investments sold or repaid:
First-lien senior secured debt investments $ (131,376) $ (76,030)
Second-lien senior secured debt investments — —
Unsecured debt investments — —
Joint ventures — —
Preferred equity investments (2,994) —

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For the Three Months Ended March 31,

($ in thousands)

New investment commitments

Gross originations

Less: Sell downs

Total new investment commitments

Principal amount of investments funded:

First-lien senior secured debt investments

Second-lien senior secured debt investments

For the Three Months Ended June 30,

($ in thousands)

2023

2022

Joint ventures

Preferred equity investments

Common equity investments

(195)

—

Common equity investments

Total principal amount of investments funded

Principal amount of investments sold or repaid:

First-lien senior secured debt investments

Second-lien senior secured debt investments

Unsecured debt investments

Preferred equity investments

Total principal amount of investments sold or repaid

(134,565)

(76,030)

Number of new investment commitments in new portfolio companies(1)

Average new investment commitment amount in new portfolio companies

63,782

42,146

Weighted average term for new investment commitments (in years)

5.1

5.2

Weighted average term for new investment commitments (in years)

Percentage of new debt investment commitments at floating rates

100.0

99.1

Percentage of new debt investment commitments at fixed rates

—

0.9

Percentage of new debt investment commitments at fixed rates

Weighted average interest rate of new debt investment commitments(2)(3)

11.4

7.8

Weighted average spread over applicable base rate of new floating rate debt investment commitments

6.2

5.7

Weighted average spread over applicable base rate of new floating rate debt investment commitments

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

(2)For the three months ended ~~June 30,~~March 31, 2024, assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 5.30% as of March 31, 2024.

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(3)For the three months ended March 31, 2023, assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was ~~5.27%~~4.91% as of ~~June 30,~~March 31, 2023.

~~(3)~~For the three months ended June 30, 2022, assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month LIBOR which was 2.12% as of June 30, 2022.

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


		June 30, 2023					December 31, 2022
	March 31, 2024
($ in thousands)	($ in thousands)	Amortized Cost		Fair Value			Amortized Cost		Fair Value
First-lien senior secured debt investments		$	10,508,752	$	10,510,930	(4)	$	8,499,854	$	8,448,540	(5)
($ in thousands)
($ in thousands)
First-lien senior secured debt investments(1)
First-lien senior secured debt investments(1)
First-lien senior secured debt investments(1)												$	16,164,363	$	16,212,721	(5)	$	13,742,305	$	13,788,717	(6)
Second-lien senior secured debt investments	Second-lien senior secured debt investments	1,207,682		1,156,422			1,203,388		1,142,862
Unsecured debt investments	Unsecured debt investments	231,273		227,659			221,564		211,328
Preferred equity investments(1)		661,110		652,907			510,033		500,023
Common equity investments(2)		301,207		325,496			248,176		264,437
Joint ventures(3)		222,933		226,230			141,777		140,394
Unsecured debt investments
Unsecured debt investments
Preferred equity investments(2)
Preferred equity investments(2)
Preferred equity investments(2)
Common equity investments(3)
Common equity investments(3)
Common equity investments(3)
Joint ventures(4)
Joint ventures(4)
Joint ventures(4)
Total Investments	Total Investments	$	13,132,957	$	13,099,644		$	10,824,792	$	10,707,584
Total Investments
Total Investments

(1)Includes debt investment in Amergin AssetCo.

(2)Includes equity investment in LSI Financing.

~~(2)~~(3)Includes equity investments in Amergin AssetCo and Fifth Season.

~~(3)~~(4)Includes ~~investments~~equity investment in OCIC SLF.

~~(4)~~(5)~~51.7%~~40.6% of which we consider unitranche loans.

~~(5)~~(6)~~55.4%~~44.6% of which we consider unitranche loans.

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


		June 30, 2023		December 31, 2022
	March 31, 2024								March 31, 2024			December 31, 2023
Advertising and media	Advertising and media	2.3	%	2.8	%	Advertising and media	3.2	%		1.9	%
Aerospace and defense	Aerospace and defense	0.3		0.4
Asset based lending and fund finance(1)	Asset based lending and fund finance(1)	1.2		1.2
Automotive		1.1		1.4
Automotive services(2)
Automotive aftermarket(2)
Buildings and real estate	Buildings and real estate	4.1		4.0
Business services	Business services	6.6		7.3
Chemicals	Chemicals	1.6		1.7
Consumer products	Consumer products	2.6		2.4
Containers and packaging	Containers and packaging	3.3		3.6
Distribution	Distribution	2.5		2.3
Education	Education	1.2		1.4
Energy equipment and services	Energy equipment and services	—		0.1
Financial services
Food and beverage
Healthcare equipment and services
Healthcare providers and services
Healthcare technology
Household products
Human resource support services
Infrastructure and environmental services
Insurance(3)
Internet software and services
Joint ventures(4)
Leisure and entertainment
Manufacturing
Pharmaceuticals(5)

~~120~~

139

June 30, 2023 December 31, 2022
Financial services 1.9 2.6
Food and beverage 4.8 5.8
Healthcare equipment and services 3.9 3.9
Healthcare providers and services 13.1 14.4
Healthcare technology 4.9 5.2
Household products 2.3 2.4
Human resource support services 0.9 1.1
Infrastructure and environmental services 1.3 0.9
Insurance(2)
10.0 9.7
Internet software and services 13.4 13.6
Joint ventures(3)
1.7 1.3
Leisure and entertainment 1.1 1.2
Manufacturing 5.0 3.0
Pharmaceuticals(4)
0.6 —
Professional services 4.7 2.8
Specialty retail 2.5 3.2
Telecommunications 0.1 —
Transportation 1.0 0.3
Total 100.0 % 100.0 %


	March 31, 2024		December 31, 2023
Professional services	5.1		4.4
Specialty retail	2.2		1.9
Telecommunications	1.2		0.4
Transportation	0.8		1.0
Total	100.0	%	100.0	%

(1)Includes ~~equity~~ investment in Amergin AssetCo.

(2)This was disclosed as “Automotive” as of December 31, 2023.

(3)Includes equity investment in Fifth Season.

~~(3)~~(4)Includes equity investment in OCIC SLF.

~~(4)~~(5)Includes equity investment in LSI Financing.

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

June 30, 2023 December 31, 2022
United States:
Midwest 19.1 % 20.4 %
Northeast 18.6 20.0
South 34.7 29.7
West 18.8 20.7
International 8.8 9.2
Total 100.0 % 100.0 %


	March 31, 2024		December 31, 2023
United States:
Midwest	22.1	%	23.3	%
Northeast	18.3		17.7
South	32.1		31.3
West	18.6		18.5
International	8.9		9.2
Total	100.0	%	100.0	%

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

June 30, 2023 December 31, 2022
Weighted average total yield of portfolio(1)
11.4 % 10.6 %
Weighted average total yield of debt and income producing securities(1)
11.6 % 10.9 %
Weighted average interest rate of debt securities 11.1 % 10.2 %
Weighted average spread over base rate of all floating rate investments 6.0 % 5.9 %

~~______________~~


	March 31, 2024		December 31, 2023
Weighted average total yield of portfolio(1)	11.2	%	11.4	%
Weighted average total yield of debt and income producing securities(1)	11.4	%	11.6	%
Weighted average interest rate of debt securities	11.0	%	11.2	%
Weighted average spread over base rate of all floating rate investments	5.7	%	5.9	%

(1)For non-stated rate income producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending fair value. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is ~~annualized~~.annualized.

~~121~~

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:

•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.

140

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, ~~only 1~~two of our investments ~~has~~have been placed on non-accrual status.

~~122~~

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


			June 30, 2023				December 31, 2022
		March 31, 2024																				March 31, 2024								December 31, 2023
Investment Rating	Investment Rating		Fair Value		Percentage		Fair Value		Percentage		Investment Rating			Fair Value					Percentage					Fair Value					Percentage
($ in thousands)	($ in thousands)
1
1
1	1		$	394,429	3.0	%	$	239,458	2.2	%		$	1,331,253			7.0		7.0		%			$	942,463			5.7		5.7		%
2	2		12,341,233		94.2		10,335,440		96.6
3	3		357,462		2.7		127,472		1.2
4	4		6,520		0.1		—		—
5	5		—		—		5,214		—
Total	Total		$	13,099,644	100.0	%	$	10,707,584	100.0	%	Total			$	18,985,959		100.0			100.0	%				$	16,662,093		100.0			100.0	%

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

June 30, 2023 December 31, 2022
($ in thousands) Amortized Cost Percentage Amortized Cost Percentage
Performing $ 11,943,856 100.0 % $ 9,914,939 99.9 %
Non-accrual 3,851 — 9,867 0.1
Total $ 11,947,707 100.0 % $ 9,924,806 100.0 %

141


	March 31, 2024				December 31, 2023
($ in thousands)	Amortized Cost		Percentage		Amortized Cost		Percentage
Performing	$	17,380,418	100.0	%	$	15,172,755	99.9	%
Non-accrual	4,471		0.0		11,493		0.1
Total	$	17,384,889	100.0	%	$	15,184,248	100.0	%

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Specialty Financing Portfolio Companies

Amergin

Amergin was created to invest in a leasing platform focused on railcar, aviation and ~~aviation~~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 ~~a $90.0 million~~an initial equity commitment to Amergin AssetCo on July 1, 2022. As of March 31, 2024, our commitment to Amergin AssetCo is $148.3 million, of which $62.1 million is equity and $86.2 million is debt. Our investment in Amergin is a co-investment made with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC. We do not consolidate our equity interest in Amergin AssetCo.

Fifth Season Investments LLC

Fifth Season is a portfolio company created to invest in life insurance based assets, including secondary and tertiary life settlement ~~assets.~~and other life insurance exposures using detailed analytics, internal life expectancy review and sophisticated portfolio management techniques. On July 18, 2022, we made ~~a $15.9 million~~an initial equity commitment to Fifth Season. ~~We increased~~As of March 31, 2024, our ~~commitment to~~equity investment in Fifth Season on October 17, 2022, November 9, 2022, November 15, 2022, November 29, 2022, February 9, 2023, May 3, 2023, June 1, 2023, June 13, 2023, June 20, 2023 by $73.6 million, $1.7 million, $7.3 million, $7.0 million, $5.3 million, $5.3 million, $3.5 million, $3.5 million and $3.5 million, respectively.was $225.9 million. Our investment in Fifth Season is a co-investment with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC. We do not consolidate our equity interest in Fifth Season.

LSI Financing 1 DAC

LSI Financing ~~1 DAC ("LSI Financing")~~ is a portfolio company formed to acquire a contractual rights to revenue pursuant to earnout agreements generally in the life sciences space. On December 14, 2022, we made ~~a $6.2 million~~an initial equity commitment to LSI Financing. WeAs of March 31, 2024, the fair value of our investment in LSI Financing was $77.6 million. During the three months ended March 31, 2024, we increased our commitment to LSI Financing ~~on February 17, 2023, February 24, 2023, and March 16, 2023~~ by ~~$2.8 million, $0.3 million, and $69.9 million, respectively.~~$129.6 million. Our investment in LSI Financing is a co-investment made with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC.

OCIC SLF LLC

OCIC SLF LLC (f/k/a Blue Owl Credit Income Senior Loan Fund ~~LLC (f/k/a ORCIC Senior Loan Fund~~ LLC)

~~123~~

~~Blue Owl Credit Income Senior Loan Fund LLC ("~~ (“OCIC ~~SLF"~~SLF”), a Delaware limited liability company, was formed as ~~our~~a wholly-owned subsidiary of the Company and commenced operations on February 14, 2022. On November 2, 2022, wethe 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. WeThe Company and OSTRS have agreed to contribute $437.5 million and $62.5 million, respectively, to OCIC SLF. WeThe 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.

WePrior to the Effective Date, OCIC SLF’s wholly owned subsidiaries, ORCIC JV WH LLC and ORCIC JV WH II entered into revolving loan facilities (the “OCIC SLF SPV Asset Facilities”) and in connection therewith entered into master sale and participation

142

agreements pursuant to which we contributed certain collateral assets to the Subsidiaries and such collateral assets became collateral under the OCIC SLF SPV Asset Facilities (the “OCIC SLF SPV Asset Facility Assets”).

The Company has determined that OCIC SLF is an investment company under Accounting Standards Codification ~~(“ASC”)~~ 946, however, in accordance with such guidance, wethe Company will generally not consolidate ~~our~~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, ~~we do~~the Company does not consolidate ~~our~~its non-controlling interest in OCIC SLF.


($ in thousands)	($ in thousands)	June 30, 2023			December 31, 2022			($ in thousands)	March 31, 2024		December 31, 2023
Total senior secured debt investments(1)	Total senior secured debt investments(1)	$	809,964		$	529,463
Weighted average spread over base rate(1)	Weighted average spread over base rate(1)	3.8		%	4.4		%	Weighted average spread over base rate(1)	3.7	%	3.8	%
Number of portfolio companies	Number of portfolio companies	142			74
Largest funded investment to a single borrower(1)	Largest funded investment to a single borrower(1)	$	14,493		$	14,547

~~_____________~~

(1)At par.


OCIC SLF LLC’s Portfolio as of March 31, 2024 (Amounts in thousands) (Unaudited)
Company(1)(3)(4)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)		Fair Value		Percentage of Members’ Equity
Debt Investments
Advertising and media
Fleet U.S. Bidco Inc. (dba Argus Media)(5)(8)	First lien senior secured loan	SR +	3.25%	02/2031	7,249	$	7,216	$	7,249	2.1	%
						7,216		7,249		2.1	%
Aerospace and defense
American Airlines, Inc.(7)	First lien senior secured loan	SR +	2.75%	02/2028	1,980	$	1,949	$	1,978	0.6	%
Avolon TLB Borrower 1 (US) LLC(5)	First lien senior secured loan	SR +	2.00%	06/2028	5,487	5,449		5,486		1.6	%
Bleriot US Bidco, Inc.(6)	First lien senior secured loan	SR +	4.00%	10/2028	8,207	8,143		8,233		2.4	%
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(5)	First lien senior secured loan	SR +	3.50%	08/2028	9,030	8,992		9,040		2.5	%
KBR, Inc(6)	First lien senior secured loan	SR +	2.25%	01/2031	2,887	2,882		2,891		0.8	%
Peraton Corp.(5)	First lien senior secured loan	SR +	3.75%	02/2028	12,425	12,202		12,402		3.5	%
Transdigm Inc.(6)	First lien senior secured loan	SR +	2.75%	08/2028	2,973	2,968		2,982		0.8	%
Transdigm Inc.(6)	First lien senior secured loan	SR +	3.25%	02/2031	4,988	4,976		5,010		1.4	%
Transdigm Inc.(6)	First lien senior secured loan	SR +	2.75%	02/2030	2,370	2,352		2,374		0.7	%
United Airlines, Inc.(6)	First lien senior secured loan	SR +	2.75%	02/2031	2,000	1,990		2,000		0.6	%
Vertex Aerospace Services Corp. (dba V2X)(5)	First lien senior secured loan	SR +	3.25%	12/2028	2,985	2,984		2,990		0.9	%
						54,887		55,386		15.8	%
Automotive services
Belron Finance US LLC(6)	First lien senior secured loan	SR +	2.25%	04/2029	1,244	$	1,238	$	1,244	0.4	%
First Brands Group LLC(6)	First lien senior secured loan	SR +	5.00%	03/2027	3,991	3,962		3,989		1.1	%
Mister Car Wash Holdings, Inc.(5)	First lien senior secured loan	SR +	3.00%	03/2031	5,143	5,144		5,152		1.5	%
PAI Holdco, Inc.(6)(8)	First lien senior secured loan	SR +	3.75%	10/2027	6,545	6,149		6,168		1.8	%
Wand Newco 3, Inc. (dba Caliber )(5)	First lien senior secured loan	SR +	3.75%	01/2031	3,324	3,318		3,332		0.9	%

Blue Owl Credit Income Senior Loan Fund's Portfolio as of June 30, 2023
($ in thousands)
(Unaudited)
Company(1)(2)(4) Investment Interest Maturity
Date Par /
Units Amortized
Cost(3) Fair
Value Percentage of Members’ Equity
Debt Investments(5)
Aerospace and defense
American Airlines, Inc.(11) First lien senior secured loan SR + 2.75% 02/2028 $ 2,000 $ 1,964 $ 1,961 0.8 %
Avolon TLB Borrower 1 (US) LLC(9) First lien senior secured loan SR + 2.50% 06/2028 8,000 7,920 7,990 3.0 %
Bleriot US Bidco Inc.(10) First lien senior secured loan SR + 4.00% 10/2026 5,246 5,164 5,238 2.0 %
Peraton Corp.(9) First lien senior secured loan SR + 3.75% 02/2028 7,532 7,277 7,385 2.9 %
Transdigm, Inc.(10) First lien senior secured loan SR + 3.25% 08/2028 3,990 3,982 3,986 1.5 %
Transdigm, Inc.(10) First lien senior secured loan SR + 3.25% 02/2027 2,985 2,933 2,985 1.2 %
29,753 29,240 29,545 11.4 %
Automotive
Belron Finance US LLC(10) First lien senior secured loan SR + 2.75% 04/2029 $ 2,500 $ 2,488 $ 2,499 0.9 %
PAI Holdco, Inc.(7) First lien senior secured loan L + 3.75% 10/2027 6,595 6,130 6,096 2.4 %
9,095 8,618 8,595 3.3 %
Buildings and real estate
CPG International LLC(9) First lien senior secured loan SR + 2.50% 04/2029 $ 6,924 $ 6,889 $ 6,887 2.7 %
Beacon Roofing Supply, Inc.(6) First lien senior secured loan L + 2.25% 05/2028 3,486 3,482 3,473 1.3 %
Cushman & Wakefield U.S. Borrower, LLC(9) First lien senior secured loan SR + 2.75% 08/2025 2,000 1,967 1,980 0.8 %
Dodge Construction Network, LLC(10)(12) First lien senior secured loan SR + 4.75% 02/2029 5,247 4,915 4,198 1.6 %
GYP Holdings III Corp.(10)(12) First lien senior secured loan SR + 3.00% 05/2030 2,000 1,990 2,000 0.8 %
RealPage, Inc.(9) First lien senior secured loan SR + 3.00% 04/2028 10,493 9,924 10,255 3.9 %

~~124~~

143

Blue Owl Credit Income Senior Loan Fund's Portfolio as of June 30, 2023
($ in thousands)
(Unaudited)
Company(1)(2)(4) Investment Interest Maturity
Date Par /
Units Amortized
Cost(3) Fair
Value Percentage of Members’ Equity
Wrench Group LLC(10) First lien senior secured loan SR + 4.00% 04/2026 9,710 9,693 9,593 3.7 %
39,860 38,860 38,386 14.8 %
Business services
Prime Security Services Borrower, LLC(6) First lien senior secured loan L + 2.75% 09/2026 $ 1,990 $ 1,961 $ 1,988 0.8 %
BrightView Landscapes, LLC(10) First lien senior secured loan SR + 3.25% 04/2029 10,486 10,201 10,319 4.0 %
ConnectWise, LLC(6) First lien senior secured loan L + 3.50% 09/2028 10,493 9,951 10,199 3.9 %
IDEMIA Group SAS(10)(12) First lien senior secured loan SR + 4.75% 09/2028 2,000 1,975 1,975 0.8 %
Packers Holdings, LLC(9) First lien senior secured loan SR + 3.25% 03/2028 6,159 5,693 4,248 1.6 %
Brown Group Holdings, LLC(10) First lien senior secured loan SR + 3.75% 07/2029 3,512 3,478 3,503 1.4 %
Sitel Worldwide Corp.(6) First lien senior secured loan L + 3.75% 08/2028 6,975 6,868 6,806 2.6 %
VM Consolidated, Inc.(9) First lien senior secured loan SR + 3.25% 03/2028 2,419 2,396 2,419 0.9 %
44,034 42,523 41,457 16.0 %
Chemicals
Aruba Investments Holdings, LLC (dba Angus Chemical Company)(9)(12) First lien senior secured loan SR + 4.75% 11/2027 $ 2,985 $ 2,796 $ 2,925 1.1 %
Axalta Coating Systems US Holdings Inc.(10) First lien senior secured loan SR + 3.00% 12/2029 4,613 4,571 4,618 1.7 %
Cyanco Intermediate 2 Corp.(9)(12) First lien senior secured loan SR + 4.75% 07/2028 3,000 2,910 2,910 1.1 %
H.B. Fuller Company(9) First lien senior secured loan SR + 2.50% 02/2030 1,995 1,995 2,000 0.8 %
Ineos US Petrochem LLC(9)(12) First lien senior secured loan SR + 3.75% 03/2030 2,000 1,980 1,990 0.8 %
Ineos US Finance LLC(9) First lien senior secured loan SR + 3.50% 02/2030 2,000 1,981 1,987 0.8 %
Ineos US Finance LLC(9) First lien senior secured loan SR + 3.75% 11/2027 2,993 2,895 2,979 1.2 %
Nouryon Finance B.V.(10) First lien senior secured loan SR + 4.00% 04/2028 2,000 1,981 1,979 0.8 %
Blue Tree Holdings, Inc.(10) First lien senior secured loan SR + 2.50% 03/2028 3,985 3,948 3,908 1.5 %
Windsor Holdings III LLC(10) First lien senior secured loan SR + 4.50% 06/2030 5,000 4,900 4,908 1.9 %
30,571 29,957 30,204 11.7 %
Consumer products
Olaplex, Inc.(9) First lien senior secured loan SR + 3.50% 02/2029 $ 5,247 $ 4,892 $ 4,893 1.9 %
5,247 4,892 4,893 1.9 %
Containers and packaging
Berlin Packaging L.L.C.(7) First lien senior secured loan L + 3.75% 03/2028 $ 11,548 $ 11,128 $ 11,339 4.4 %
BW Holding, Inc.(10)(12) First lien senior secured loan SR + 4.00% 12/2028 7,728 7,608 7,046 2.7 %
Charter NEX US, Inc.(9) First lien senior secured loan SR + 3.75% 12/2027 4,974 4,929 4,931 1.9 %
Valcour Packaging, LLC(8) First lien senior secured loan L + 3.75% 10/2028 9,875 9,856 8,300 3.2 %
Ring Container Technologies Group, LLC(9) First lien senior secured loan SR + 3.50% 08/2028 9,713 9,552 9,662 3.8 %
Trident TPI Holdings, Inc.(10) First lien senior secured loan SR + 4.50% 09/2028 4,000 3,883 3,939 1.5 %
Tricorbraun Holdings, Inc.(9) First lien senior secured loan SR + 3.25% 03/2028 10,493 9,989 10,201 3.9 %
58,331 56,945 55,418 21.4 %
Distribution
Dealer Tire, LLC(9) First lien senior secured loan SR + 4.50% 12/2027 $ 3,939 $ 3,875 $ 3,920 1.5 %
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(9) First lien senior secured loan SR + 4.75% 12/2028 5,292 5,240 5,273 2.1 %
SRS Distribution, Inc.(6) First lien senior secured loan L + 3.50% 06/2028 10,520 9,844 10,204 3.9 %
White Cap Supply Holdings, LLC(9) First lien senior secured loan SR + 3.75% 10/2027 10,520 10,018 10,412 4.0 %
30,271 28,977 29,809 11.5 %
Education
Sophia, L.P.(9)(12) First lien senior secured loan SR + 4.25% 10/2027 $ 9,713 $ 9,696 $ 9,689 3.7 %
Severin Acquisition, LLC (dba Powerschool)(10) First lien senior secured loan SR + 3.00% 08/2025 4,872 4,799 4,867 2.0 %
Renaissance Learning, Inc.(10) First lien senior secured loan SR + 4.75% 05/2025 3,500 3,404 3,452 1.3 %
18,085 17,899 18,008 7.0 %
Energy equipment and services
AMG Advanced Metallurgical Group N.V(9) First lien senior secured loan SR + 3.50% 11/2028 $ 3,448 $ 3,423 $ 3,430 1.3 %
AZZ Inc.(9) First lien senior secured loan SR + 4.25% 05/2029 7,925 7,864 7,923 3.1 %
Pike Corp.(9) First lien senior secured loan SR + 3.00% 01/2028 9,800 9,624 9,749 3.8 %


OCIC SLF LLC’s Portfolio as of March 31, 2024 (Amounts in thousands) (Unaudited)
Company(1)(3)(4)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)		Fair Value		Percentage of Members’ Equity
						19,811		19,885		5.7	%
Buildings and real estate
84 Lumber Company(5)	First lien senior secured loan	SR +	2.75%	11/2030	5,199	$	5,176	$	5,210	1.5	%
American Builders & Contractors Supply Co., Inc.(6)	First lien senior secured loan	SR +	2.00%	01/2031	3,107	3,105		3,107		0.9	%
American Residential Services, LLC(6)	First lien senior secured loan	SR +	3.50%	10/2027	4,477	4,477		4,468		1.3	%
Beacon Roofing Supply, Inc.(5)	First lien senior secured loan	SR +	2.25%	05/2028	1,232	1,229		1,233		0.4	%
Core & Main LP(6)(8)	First lien senior secured loan	SR +	2.25%	02/2031	6,082	6,053		6,067		1.7	%
CPG International LLC(5)	First lien senior secured loan	SR +	2.50%	04/2029	6,877	6,850		6,883		2.0	%
Cushman & Wakefield U.S. Borrower, LLC(5)(8)	First lien senior secured loan	SR +	4.00%	01/2030	8,978	8,821		8,978		2.6	%
Cushman & Wakefield U.S. Borrower, LLC(5)	First lien senior secured loan	SR +	2.75%	08/2025	183	181		182		0.1	%
Dodge Construction Network, LLC(6)(8)	First lien senior secured loan	SR +	4.75%	02/2029	5,207	4,495		4,218		1.2	%
EMRLD Borrower LP (dba Emerson Climate Technologies, Inc.)(5)	First lien senior secured loan	SR +	2.50%	05/2030	9,233	9,225		9,224		2.6	%
Greystar Real Estate Partners, LLC (dba Greystar)(6)(8)	First lien senior secured loan	SR +	3.25%	08/2030	7,963	7,866		7,863		2.2	%
GYP Holdings III Corp.(6)	First lien senior secured loan	SR +	2.25%	05/2030	1,995	1,986		1,994		0.6	%
Kodiak BP LLC(6)(8)	First lien senior secured loan	SR +	3.75%	03/2028	6,451	6,420		6,419		1.8	%
MIWD Holdco II LLC(6)	First lien senior secured loan	SR +	3.50%	03/2031	7,714	7,677		7,744		2.2	%
Quikrete Holdings, Inc.(6)	First lien senior secured loan	SR +	2.63%	02/2027	2,657	2,666		2,656		0.8	%
Quikrete Holdings, Inc.(6)(8)	First lien senior secured loan	SR +	2.50%	03/2031	4,398	4,387		4,387		1.2	%
Quikrete Holdings, Inc.(5)	First lien senior secured loan	SR +	2.75%	03/2029	1,985	1,985		1,985		0.6	%
RealPage, Inc.(5)	First lien senior secured loan	SR +	3.00%	04/2028	13,405	12,957		13,033		3.7	%
Wrench Group LLC(6)	First lien senior secured loan	SR +	4.00%	10/2028	11,660	11,645		11,689		3.3	%
						107,201		107,340		30.7	%
Business services
ASGN, Inc.(6)	First lien senior secured loan	SR +	1.75%	08/2030	995	$	993	$	995	0.3	%
Boxer Parent Company Inc. (f/k/a BMC)(5)	First lien senior secured loan	SR +	4.25%	12/2028	9,100	9,042		9,151		2.6	%
BrightView Landscapes, LLC(6)	First lien senior secured loan	SR +	3.00%	04/2029	6,519	6,369		6,519		1.9	%
Brown Group Holdings, LLC(6)	First lien senior secured loan	SR +	3.00%	07/2029	5,392	5,370		5,389		1.6	%
ConnectWise, LLC(6)	First lien senior secured loan	SR +	3.50%	09/2028	10,414	9,967		10,404		3.0	%
Conservice Midco, LLC(5)	First lien senior secured loan	SR +	4.00%	05/2027	998	998		1,000		0.3	%
IDEMIA Group SAS(6)(8)	First lien senior secured loan	SR +	4.25%	09/2028	4,990	4,983		5,002		1.4	%
MKS Instruments, Inc.(6)	First lien senior secured loan	SR +	2.50%	08/2029	2,955	2,950		2,954		0.8	%
Packers Holdings, LLC(5)	First lien senior secured loan	SR +	3.25%	03/2028	3,918	2,718		2,483		0.7	%
POLARIS PURCHASER, INC. (dba Plusgrade)(6)(8)	First lien senior secured loan	SR +	4.50%	03/2031	7,568	7,494		7,492		2.1	%
Sitel Worldwide Corp.(5)	First lien senior secured loan	SR +	3.75%	08/2028	6,921	6,830		5,916		1.7	%
Vestis Corp(6)	First lien senior secured loan	SR +	2.25%	02/2031	4,571	4,561		4,566		1.3	%
VM Consolidated, Inc.(6)	First lien senior secured loan	SR +	2.75%	03/2028	2,100	2,091		2,107		0.6	%
						64,366		63,978		18.3	%
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(5)(8)	First lien senior secured loan	SR +	4.75%	11/2027	7,451	$	7,256	$	7,434	2.1	%
Axalta Coating Systems US Holdings Inc.(6)	First lien senior secured loan	SR +	2.00%	12/2029	5,117	5,118		5,121		1.5	%
Blue Tree Holdings, Inc.(6)	First lien senior secured loan	SR +	2.50%	03/2028	3,954	3,923		3,938		1.1	%
Cyanco Intermediate 2 Corp.(5)	First lien senior secured loan	SR +	4.75%	07/2028	5,117	5,055		5,132		1.5	%
DCG Acquisition Corp.(5)	First lien senior secured loan	SR +	4.50%	09/2026	10,022	10,000		10,003		2.9	%
H.B. Fuller Company(6)	First lien senior secured loan	SR +	2.00%	02/2030	1,741	1,739		1,742		0.5	%
Ineos US Finance LLC(5)	First lien senior secured loan	SR +	3.75%	11/2027	2,970	2,888		2,971		0.8	%
Ineos US Finance LLC(5)	First lien senior secured loan	SR +	3.50%	02/2030	3,477	3,445		3,473		1.0	%
Ineos US Finance LLC(6)	First lien senior secured loan	SR +	3.75%	01/2031	4,000	3,963		4,003		1.1	%
Ineos US Petrochem LLC(5)	First lien senior secured loan	SR +	3.75%	03/2030	5,975	5,934		5,956		1.7	%
Nouryon Finance B.V.(5)	First lien senior secured loan	SR +	4.00%	04/2028	2,481	2,462		2,487		0.7	%

~~125~~

144

Blue Owl Credit Income Senior Loan Fund's Portfolio as of June 30, 2023
($ in thousands)
(Unaudited)
Company(1)(2)(4) Investment Interest Maturity
Date Par /
Units Amortized
Cost(3) Fair
Value Percentage of Members’ Equity
Brookfield WEC Holdings Inc.(9) First lien senior secured loan SR + 3.75% 08/2025 3,474 3,453 3,473 1.3 %
24,647 24,364 24,575 9.5 %
Financial services
Acuris Finance US, Inc. (ION Analytics) (10) First lien senior secured loan SR + 4.00% 02/2028 $ 4,500 $ 4,406 $ 4,437 1.7 %
AllSpring Buyer(10) First lien senior secured loan SR + 3.75% 11/2028 4,963 4,903 4,938 1.9 %
Deerfield Dakota Holdings(10) First lien senior secured loan SR + 3.75% 04/2027 7,869 7,525 7,622 2.9 %
The Edelman Financial Engines Center, LLC(6) First lien senior secured loan L + 3.75% 04/2028 3,980 3,893 3,874 1.5 %
Focus Financial Partners, LLC(9) First lien senior secured loan SR + 3.25% 06/2028 4,963 4,884 4,918 1.9 %
Focus Financial Partners, LLC(10) First lien senior secured loan SR + 3.50% 06/2028 3,000 2,955 2,978 1.2 %
Guggenheim Partners Investment Management Holdings, LLC(10) First lien senior secured loan SR + 3.25% 12/2029 4,975 4,893 4,965 1.9 %
Harbourvest Partners, L.P.(10) First lien senior secured loan SR + 3.00% 04/2030 2,500 2,463 2,494 1.0 %
TMF Sapphire Bidco B.V.(10) First lien senior secured loan SR + 5.00% 05/2028 2,500 2,450 2,497 1.0 %
39,250 38,372 38,723 15.0 %
Food and beverage
Aramark Services, Inc.(9)(12) First lien senior secured loan SR + 2.50% 06/2030 $ 2,000 $ 1,980 $ 1,980 0.8 %
Nomad Foods Europe Midco Ltd.(11) First lien senior secured loan SR + 3.75% 11/2029 5,000 4,812 4,994 1.9 %
Pegasus BidCo B.V.(10)(12) First lien senior secured loan SR + 4.25% 07/2029 5,473 5,316 5,199 2.0 %
Shearer's Foods, LLC(9) First lien senior secured loan SR + 3.50% 09/2027 8,762 8,207 8,642 3.3 %
Simply Good Foods USA, Inc.(9) First lien senior secured loan SR + 2.50% 03/2027 4,097 4,068 4,079 1.6 %
Naked Juice LLC (dba Tropicana)(10) First lien senior secured loan SR + 3.25% 01/2029 10,520 9,679 9,766 3.8 %
35,852 34,062 34,660 13.4 %
Healthcare equipment and services
Confluent Medical Technologies, Inc.(10)(12) First lien senior secured loan SR + 3.75% 02/2029 $ 9,713 $ 9,583 $ 9,567 3.7 %
Dermatology Intermediate Holdings III, Inc.(10) First lien senior secured loan SR + 4.25% 03/2029 9,900 9,788 9,771 3.8 %
Dermatology Intermediate Holdings III, Inc.(10)(13) First lien senior secured delayed draw term loan SR + 4.25% 03/2029 1,781 1,771 1,757 0.7 %
Medline Borrower, LP(9) First lien senior secured loan SR + 3.25% 10/2028 8,285 7,773 8,184 3.2 %
Natus Medical Inc.(10)(12) First lien senior secured loan SR + 5.50% 07/2029 4,478 4,180 4,455 1.7 %
Zest Acquisition Corp.(9) First lien senior secured loan SR + 5.50% 02/2028 5,990 5,750 5,743 2.2 %
40,147 38,845 39,477 15.3 %
Healthcare providers and services
Covetrus, Inc.(10) First lien senior secured loan SR + 5.00% 10/2029 $ 9,476 $ 8,949 $ 8,805 3.4 %
LSCS Holdings, Inc.(6)(12) First lien senior secured loan L + 4.50% 12/2028 6,152 5,994 5,992 2.3 %
HAH Group Holding Company LLC (dba Help at Home)(10)(12) First lien senior secured loan SR + 5.00% 10/2027 998 998 973 0.4 %
MJH Healthcare Holdings, LLC(9)(12) First lien senior secured loan SR + 3.50% 01/2029 3,812 3,753 3,774 1.5 %
Phoenix Newco, Inc. (dba Parexel)(9) First lien senior secured loan SR + 3.25% 11/2028 7,406 7,155 7,340 2.8 %
Pediatric Associates Holding Company, LLC(9)(12) First lien senior secured loan SR + 4.50% 12/2028 2,000 1,921 1,990 0.8 %
Pediatric Associates Holding Company, LLC(9)(13) First lien senior secured delayed draw term loan SR + 3.25% 12/2028 222 218 216 0.1 %
Pediatric Associates Holding Company, LLC(9) First lien senior secured loan SR + 3.25% 12/2028 5,119 5,036 4,998 1.9 %
Physician Partners, LLC(10) First lien senior secured loan SR + 4.00% 12/2028 9,900 9,396 9,281 3.6 %
Premise Health Holding(10)(12) First lien senior secured loan SR + 4.75% 07/2025 3,218 3,188 3,193 1.2 %
48,303 46,608 46,562 18.0 %
Healthcare technology
Athenahealth Group Inc.(9) First lien senior secured loan SR + 3.50% 02/2029 $ 9,355 $ 8,641 $ 8,993 3.5 %
Athenahealth Group Inc.(9)(13) First lien senior secured delayed draw term loan SR + 3.50% 02/2029 — (104) (39) — %
Gainwell Acquisition Corp.(10) First lien senior secured loan SR + 4.00% 10/2027 4,980 4,887 4,899 1.9 %
GHX Ultimate Parent Corp.(10) First lien senior secured loan SR + 4.75% 06/2027 3,000 2,927 3,002 1.2 %
Imprivata, Inc.(9) First lien senior secured loan SR + 4.25% 12/2027 9,713 9,552 9,563 3.7 %


OCIC SLF LLC’s Portfolio as of March 31, 2024 (Amounts in thousands) (Unaudited)
Company(1)(3)(4)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)		Fair Value		Percentage of Members’ Equity
Nouryon Finance B.V.(6)	First lien senior secured loan	SR +	4.00%	10/2025	7,766	7,711		7,778		2.2	%
Windsor Holdings III LLC(6)	First lien senior secured loan	SR +	4.00%	08/2030	10,709	10,643		10,729		3.1	%
						70,137		70,767		20.2	%
Consumer products
HomeServe USA Holding Corp.(5)	First lien senior secured loan	SR +	3.00%	10/2030	5,500	$	5,464	$	5,513	1.6	%
Olaplex, Inc.(5)	First lien senior secured loan	SR +	3.50%	02/2029	5,207	4,892		4,818		1.4	%
						10,356		10,331		3.0	%
Containers and packaging
Berlin Packaging L.L.C.(5)	First lien senior secured loan	SR +	3.75%	03/2028	12,470	$	12,130	$	12,478	3.6	%
BW Holding, Inc.(6)	First lien senior secured loan	SR +	4.00%	12/2028	7,669	7,566		7,165		2.0	%
Charter NEX US, Inc.(5)	First lien senior secured loan	SR +	3.50%	12/2027	4,916	4,885		4,924		1.4	%
Plaze, Inc.(5)	First lien senior secured loan	SR +	3.75%	08/2026	6,842	6,681		6,722		1.9	%
Pregis Topco LLC(5)	First lien senior secured loan	SR +	3.75%	07/2026	5,984	5,965		5,990		1.7	%
ProAmpac PG Borrower LLC(6)	First lien senior secured loan	SR +	4.50%	11/2028	12,222	12,150		12,228		3.5	%
Ring Container Technologies Group, LLC(5)	First lien senior secured loan	SR +	3.50%	08/2028	9,639	9,498		9,655		2.8	%
SupplyOne, Inc.(6)(8)	First lien senior secured loan	SR +	4.25%	04/2031	7,357	7,284		7,320		2.1	%
Tricorbraun Holdings, Inc.(5)	First lien senior secured loan	SR +	3.25%	03/2028	14,103	13,724		13,927		4.0	%
						79,883		80,409		23.0	%
Distribution
Aramsco, Inc.(6)	First lien senior secured loan	SR +	4.75%	10/2030	8,515	$	8,350	$	8,529	2.4	%
Aramsco, Inc.(6)(9)	First lien senior secured delayed draw term loan	SR +	4.75%	10/2030	—	—		—		—	%
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(5)	First lien senior secured loan	SR +	4.00%	01/2027	9,765	9,738		9,769		2.8	%
Dealer Tire Financial, LLC(5)(8)	First lien senior secured loan	SR +	3.75%	12/2027	5,905	5,884		5,934		1.7	%
Foundation Building Materials, Inc.(6)	First lien senior secured loan	SR +	4.00%	11/2028	8,523	8,439		8,552		2.5	%
SRS Distribution, Inc.(5)	First lien senior secured loan	SR +	3.50%	06/2028	11,500	10,950		11,570		3.3	%
White Cap Supply Holdings, LLC(5)	First lien senior secured loan	SR +	3.75%	10/2027	13,269	12,898		13,304		3.8	%
						56,259		57,658		16.5	%
Education
Renaissance Learning, Inc.(5)	First lien senior secured loan	SR +	4.25%	04/2030	11,459	$	11,380	$	11,474	3.3	%
Severin Acquisition, LLC (dba Powerschool)(6)	First lien senior secured loan	SR +	3.00%	08/2025	8,438	8,361		8,450		2.4	%
Sophia, L.P.(5)	First lien senior secured loan	SR +	3.50%	10/2029	12,664	12,540		12,712		3.6	%
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(6)	First lien senior secured loan	SR +	4.50%	10/2030	8,641	8,611		8,671		2.5	%
						40,892		41,307		11.8	%
Energy equipment and services
AMG Advanced Metallurgical Group N.V(5)	First lien senior secured loan	SR +	3.50%	11/2028	3,421	$	3,409	$	3,402	1.0	%
AZZ Inc.(5)	First lien senior secured loan	SR +	3.25%	05/2029	10,131	10,094		10,167		2.9	%
Brookfield WEC Holdings Inc.(6)	First lien senior secured loan	SR +	2.75%	01/2031	11,690	11,640		11,673		3.3	%
Calpine Construction Finance Company(5)	First lien senior secured loan	SR +	2.25%	07/2030	995	989		994		0.3	%
Calpine Corporation(6)	First lien senior secured loan	SR +	2.00%	01/2031	5,123	5,105		5,090		1.5	%
Pike Corp.(5)	First lien senior secured loan	SR +	3.00%	01/2028	5,300	5,219		5,314		1.5	%
Rockwood Service Corp.(5)	First lien senior secured loan	SR +	4.25%	01/2027	6,449	6,436		6,463		1.8	%
						42,892		43,103		12.3	%
Financial services
Acuris Finance US, Inc. (ION Analytics) (6)	First lien senior secured loan	SR +	4.00%	02/2028	6,847	$	6,747	$	6,832	2.0	%
AllSpring Buyer(6)	First lien senior secured loan	SR +	3.75%	11/2028	7,917	7,880		7,905		2.3	%
Ascensus Holdings, Inc.(5)	First lien senior secured loan	SR +	3.50%	08/2028	2,992	2,971		2,977		0.9	%
Boost Newco Borrower, LLC (dba WorldPay)(6)	First lien senior secured loan	SR +	3.00%	01/2031	12,000	11,946		12,032		3.4	%
Citadel Securities, LP(6)	First lien senior secured loan	SR +	2.25%	07/2030	9,944	9,919		9,931		2.8	%
Citco Funding LLC(6)	First lien senior secured loan	SR +	3.25%	04/2028	6,219	6,191		6,224		1.8	%

~~126~~

145

Blue Owl Credit Income Senior Loan Fund's Portfolio as of June 30, 2023
($ in thousands)
(Unaudited)
Company(1)(2)(4) Investment Interest Maturity
Date Par /
Units Amortized
Cost(3) Fair
Value Percentage of Members’ Equity
PointClickCare Technologies Inc.PointClickCare Technologies Inc(8) First lien senior secured loan L + 3.00% 12/2027 1,995 1,965 1,990 0.8 %
R1 RCM Inc.(9) First lien senior secured loan SR + 3.00% 06/2029 3,990 3,990 3,990 1.5 %
Bracket Intermediate Holding Corp.(10)(12) First lien senior secured loan SR + 5.00% 05/2028 5,667 5,500 5,553 2.1 %
Verscend Holding Corp.(9) First lien senior secured loan SR + 4.00% 08/2025 9,894 9,793 9,879 3.8 %
Zelis Cost Management Buyer, Inc.(6) First lien senior secured loan L + 3.50% 09/2026 4,477 4,473 4,470 1.7 %
53,071 51,624 52,300 20.2 %
Household products
Samsonite International S.A.(9) First lien senior secured loan SR + 2.75% 06/2030 $ 2,000 $ 1,990 $ 2,004 0.8 %
2,000 1,990 2,004 0.8 %
Infrastructure and environmental services
Asplundh Tree Expert, LLC(9) First lien senior secured loan SR + 1.75% 09/2027 $ 997 $ 993 $ 994 0.4 %
Osmose Utilities Services, Inc.(9) First lien senior secured loan SR + 3.25% 06/2028 9,713 9,058 9,504 3.6 %
USIC Holdings, Inc.(6) First lien senior secured loan L + 3.50% 05/2028 2,962 2,828 2,799 1.1 %
13,672 12,879 13,297 5.1 %
Insurance
Acrisure, LLC(10) First lien senior secured loan SR + 5.75% 02/2027 $ 7,463 $ 7,181 $ 7,481 2.9 %
AssuredPartners, Inc.(9) First lien senior secured loan SR + 4.25% 02/2027 4,963 4,808 4,947 1.9 %
Broadstreet Partners, Inc.(10) First lien senior secured loan SR + 2.75% 01/2027 4,155 4,107 4,095 1.6 %
Broadstreet Partners, Inc.(9) First lien senior secured loan SR + 4.00% 01/2029 3,000 2,963 2,978 1.2 %
Hub International(9) First lien senior secured loan SR + 4.25% 04/2025 8,000 7,920 8,014 3.1 %
Howden Group Holdings Ltd. (dba HIG Finance 2 Ltd. / Preatorian)(9) First lien senior secured loan SR + 4.00% 04/2030 3,990 3,833 3,975 1.5 %
IMA Financial Group, Inc.(9)(12) First lien senior secured loan SR + 4.25% 11/2028 3,500 3,413 3,413 1.3 %
35,071 34,225 34,903 13.5 %
Internet software and services
Barracuda Parent, LLC(10) First lien senior secured loan SR + 4.50% 08/2029 $ 10,547 $ 10,120 $ 10,160 3.9 %
Boxer Parent Company Inc.(9) First lien senior secured loan SR + 3.75% 10/2025 1,988 1,968 1,970 0.8 %
Central Parent, Inc.(10) First lien senior secured loan SR + 4.25% 07/2029 10,547 10,331 10,510 4.1 %
DCert Buyer, Inc.(10) First lien senior secured loan SR + 4.00% 10/2026 4,982 4,955 4,931 1.9 %
E2open, LLC(9) First lien senior secured loan SR + 3.50% 02/2028 6,841 6,732 6,801 2.7 %
Hyland Software, Inc.(6) First lien senior secured loan L + 3.50% 07/2024 9,896 9,752 9,807 3.8 %
Idera, Inc.(9) First lien senior secured loan SR + 3.75% 03/2028 5,980 5,814 5,813 2.2 %
Infinite Bidco LLC(10)(12) First lien senior secured loan SR + 3.25% 03/2028 2,985 2,886 2,881 1.1 %
Delta TopCo, Inc. (dba Infoblox, Inc.)(11) First lien senior secured loan SR + 3.75% 12/2027 10,519 9,693 10,163 3.9 %
McAfee Corp.(9) First lien senior secured loan SR + 3.75% 03/2029 2,985 2,858 2,849 1.1 %
Perforce Software, Inc.(6) First lien senior secured loan L + 3.75% 07/2026 2,985 2,839 2,818 1.1 %
Quartz Acquireco, LLC (dba Qualtrics AcquireCo, LLC)(9)(12) First lien senior secured loan SR + 3.50% 04/2030 4,000 3,960 3,960 1.5 %
Rocket Software, Inc.(9) First lien senior secured loan SR + 4.25% 11/2025 5,600 5,514 5,535 2.2 %
SONICWALL US Holdings Inc.(10) First lien senior secured loan SR + 3.75% 05/2025 4,195 4,141 4,135 1.6 %
Sophos Holdings, LLC(9) First lien senior secured loan SR + 3.50% 03/2027 10,492 10,294 10,399 4.0 %
UST Holdings, Ltd.(9)(12) First lien senior secured loan SR + 3.50% 11/2028 7,078 7,053 6,954 2.7 %
VS Buyer LLC(9) First lien senior secured loan SR + 3.25% 02/2027 2,985 2,985 2,940 1.1 %
104,605 101,895 102,626 39.7 %
Leisure and entertainment
Delta 2 (Lux) SARL (dba Formula One)(9) First lien senior secured loan SR + 3.00% 01/2030 $ 3,000 $ 2,972 $ 2,999 1.2 %
3,000 2,972 2,999 1.2 %
Manufacturing
Altar Bidco, Inc.(11) First lien senior secured loan SR + 3.10% 02/2029 $ 4,739 $ 4,538 $ 4,659 1.8 %
Columbus McKinnon Corp.(10) First lien senior secured loan SR + 2.75% 05/2028 491 487 489 0.2 %
EMRLD Borrower LP (dba Emerson Climate Technologies, Inc.)(10) First lien senior secured loan SR + 3.00% 05/2030 10,018 9,919 10,009 3.9 %
Engineered Machinery Holdings, Inc. (dba Duravant)(7) First lien senior secured loan L + 3.50% 05/2028 4,975 4,941 4,871 1.9 %


OCIC SLF LLC’s Portfolio as of March 31, 2024 (Amounts in thousands) (Unaudited)
Company(1)(3)(4)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)		Fair Value		Percentage of Members’ Equity
Deerfield Dakota Holdings(6)	First lien senior secured loan	SR +	3.75%	04/2027	9,801	9,500		9,748		2.8	%
Focus Financial Partners, LLC(6)	First lien senior secured loan	SR +	2.75%	06/2028	7,910	7,781		7,881		2.3	%
Guggenheim Partners Investment Management Holdings, LLC(6)	First lien senior secured loan	SR +	3.25%	12/2029	4,938	4,863		4,953		1.4	%
Harbourvest Partners, L.P.(6)(8)	First lien senior secured loan	SR +	2.50%	04/2030	2,494	2,473		2,494		0.6	%
Jane Street Group, LLC(6)	First lien senior secured loan	SR +	2.50%	01/2028	4,471	4,456		4,472		1.3	%
Janus International Group, LLC(6)	First lien senior secured loan	SR +	3.25%	08/2030	4,975	4,948		4,989		1.4	%
Kestra Advisor Services Holdings A Inc(6)	First lien senior secured loan	SR +	4.00%	03/2031	6,571	6,556		6,583		1.9	%
MARINER WEALTH ADVISORS, LLC(6)(8)	First lien senior secured loan	SR +	3.25%	08/2028	1,578	1,578		1,578		0.5	%
OneDigital Borrower LLC(5)	First lien senior secured loan	SR +	4.25%	11/2027	5,896	5,900		5,889		1.7	%
Saphilux S.a.r.L (dba IQ EQ)(6)(8)	First lien senior secured loan	SR +	4.00%	07/2028	10,474	10,366		10,500		3.0	%
Teneo Holdings LLC(5)	First lien senior secured loan	SR +	4.75%	03/2031	12,875	12,746		12,892		3.7	%
TMF Sapphire Bidco B.V.(6)	First lien senior secured loan	SR +	4.00%	05/2028	2,494	2,454		2,498		0.7	%
USI, Inc.(6)	First lien senior secured loan	SR +	3.25%	09/2030	3,295	3,288		3,296		0.9	%
						122,563		123,674		35.4	%
Food and beverage
1011778 BC / NEW RED FIN (dba Restaurant Brands)(5)	First lien senior secured loan	SR +	2.25%	09/2030	2,993	$	2,980	$	2,990	0.9	%
AI Aqua Merger Sub, Inc. (dba Culligan International)(5)	First lien senior secured loan	SR +	3.75%	07/2028	4,565	4,552		4,570		1.3	%
AI Aqua Merger Sub, Inc. (dba Culligan International)(6)(9)(10)	First lien senior secured delayed draw term loan	SR +	4.25%	07/2028	7,179	6,953		7,188		2.1	%
Aramark Services, Inc.(6)	First lien senior secured loan	SR +	2.00%	06/2030	1,985	1,970		1,984		0.6	%
Aspire Bakeries Holdings, LLC(5)	First lien senior secured loan	SR +	4.25%	12/2030	5,000	4,952		5,009		1.4	%
Balrog Acquisition, Inc. (dba Bakemark)(5)	First lien senior secured loan	SR +	4.00%	09/2028	10,846	10,735		10,824		3.1	%
Fiesta Purchaser, Inc. (dba Shearer's Foods)(5)	First lien senior secured loan	SR +	4.00%	02/2031	8,498	8,426		8,507		2.4	%
IRB Holding Corp (dba Inspire Brands, Inc.)(6)	First lien senior secured loan	SR +	2.75%	12/2027	1,723	1,724		1,723		0.5	%
Pegasus BidCo B.V.(6)(8)	First lien senior secured loan	SR +	3.75%	07/2029	12,409	11,988		12,409		3.5	%
Simply Good Foods USA, Inc.(5)	First lien senior secured loan	SR +	2.50%	03/2027	2,857	2,839		2,851		0.8	%
Utz Quality Foods, LLC(6)	First lien senior secured loan	SR +	3.00%	01/2028	2,105	2,106		2,108		0.6	%
Whatabrands LLC (dba Whataburger Restaurants LLC)(6)	First lien senior secured loan	SR +	3.25%	08/2028	1,995	1,991		1,995		0.6	%
						61,216		62,158		17.8	%
Healthcare equipment and services
Confluent Medical Technologies, Inc.(6)(8)	First lien senior secured loan	SR +	3.75%	02/2029	9,664	$	9,547	$	9,664	2.8	%
Curium BidCo S.A.R.L (dba Curium Pharma)(6)(8)	First lien senior secured loan	SR +	4.50%	07/2029	8,027	8,022		8,027		2.2	%
Dermatology Intermediate Holdings III, Inc.(6)	First lien senior secured loan	SR +	4.25%	03/2029	13,881	13,730		13,541		3.9	%
Medline Borrower, LP(5)	First lien senior secured loan	SR +	3.00%	10/2028	3,878	3,473		3,887		1.1	%
Natus Medical, Inc.(6)(8)	First lien senior secured loan	SR +	5.50%	07/2029	4,444	4,174		4,155		1.2	%
Nexstar Broadcasting, Inc.(5)	First lien senior secured loan	SR +	2.50%	09/2026	4,300	4,302		4,299		1.2	%
Resonetics, LLC(6)	First lien senior secured loan	SR +	4.00%	04/2028	8,571	8,504		8,571		2.5	%
Zest Acquisition Corp.(5)(8)	First lien senior secured loan	SR +	5.50%	02/2028	9,415	9,169		9,344		2.7	%
						60,921		61,488		17.6	%
Healthcare providers and services
Covetrus, Inc.(6)	First lien senior secured loan	SR +	5.00%	10/2029	9,405	$	8,925	$	9,409	2.7	%
HAH Group Holding Company LLC (dba Help at Home)(5)(8)	First lien senior secured loan	SR +	5.00%	10/2027	3,790	3,762		3,790		1.1	%
HAH Group Holding Company LLC (dba Help at Home)(5)(8)	First lien senior secured loan	SR +	5.00%	10/2027	7,450	7,425		7,413		2.1	%
Inception Finco S.à.r.l (dba IVI RMA)(6)	First lien senior secured loan	SR +	4.50%	03/2031	5,571	5,545		5,565		1.6	%
Inizio Group Limited (dba UDG Healthcare)(6)	First lien senior secured loan	SR +	4.25%	08/2028	4,731	4,691		4,719		1.3	%

~~127~~

146

Blue Owl Credit Income Senior Loan Fund's Portfolio as of June 30, 2023
($ in thousands)
(Unaudited)
Company(1)(2)(4) Investment Interest Maturity
Date Par /
Units Amortized
Cost(3) Fair
Value Percentage of Members’ Equity
DXP Enterprises, Inc.(11) First lien senior secured loan SR + 5.25% 12/2027 6,952 6,657 6,966 2.8 %
Entegris, Inc.(9) First lien senior secured loan SR + 2.75% 07/2029 2,384 2,384 2,385 0.9 %
Filtration Group Corp.(9) First lien senior secured loan SR + 4.25% 10/2028 3,990 3,950 3,985 1.5 %
Gates Global LLC(9) First lien senior secured loan SR + 3.50% 11/2029 1,985 1,929 1,983 0.8 %
Pro Mach Group, Inc.(6) First lien senior secured loan L + 4.00% 08/2028 10,493 10,250 10,459 4.0 %
Pro Mach Group, Inc.(10)(12) First lien senior secured loan SR + 5.00% 08/2028 4,000 3,814 4,000 1.5 %
Watlow Electric Manufacturing Company(10) First lien senior secured loan SR + 3.75% 03/2028 7,905 7,781 7,802 3.0 %
57,932 56,650 57,608 22.3 %
Pharmaceuticals
Fortrea Holdings Inc.(10) First lien senior secured loan SR + 3.75% 06/2030 $ 2,000 $ 1,970 $ 1,999 0.8 %
2,000 1,970 1,999 0.8 %
Professional services
Apex Group Treasury, LLC(7)(12) First lien senior secured loan L + 3.75% 07/2028 $ 4,913 $ 4,739 $ 4,839 1.9 %
Apex Group Treasury, LLC(10)(12) First lien senior secured loan SR + 5.00% 07/2028 2,488 2,349 2,475 1.0 %
Camelot U.S. Acquisition 1 Co.(9) First lien senior secured loan SR + 3.00% 10/2026 2,000 1,983 1,996 0.8 %
Skopima Merger Sub Inc.(6) First lien senior secured loan L + 4.00% 05/2028 4,975 4,739 4,826 1.9 %
Corporation Service Company(9) First lien senior secured loan SR + 3.25% 11/2029 1,990 1,985 1,992 0.8 %
EM Midco2 Ltd. (dba Element Materials Technology)(10) First lien senior secured loan SR + 4.25% 06/2029 9,060 8,952 8,856 3.4 %
Genuine Financial Holdings LLC(6) First lien senior secured loan L + 3.75% 07/2025 3,976 3,976 3,967 1.5 %
Red Ventures, LLC(9) First lien senior secured loan SR + 3.00% 03/2030 3,990 3,951 3,954 1.5 %
Sovos Compliance, LLC(9) First lien senior secured loan SR + 4.50% 08/2028 10,494 10,174 10,104 3.9 %
VT Topco, Inc. (dba Veritext)(9) First lien senior secured loan SR + 3.75% 08/2025 3,983 3,936 3,922 1.5 %
VT Topco, Inc. (dba Veritext)(9)(13) First lien senior secured delayed draw term loan SR + 3.75% 08/2025 — — — — %
Vistage Worldwide, Inc.(9)(12) First lien senior secured loan SR + 5.25% 07/2029 3,970 3,822 3,930 1.5 %
51,839 50,606 50,861 19.7 %
Specialty retail
Pilot Travel Centers LLC(9) First lien senior secured loan SR + 2.00% 08/2028 $ 796 $ 791 $ 794 0.3 %
796 791 794 0.3 %
Telecommunications
Ciena Corp.(9) First lien senior secured loan SR + 2.50% 01/2030 $ 1,995 $ 1,986 $ 1,995 0.8 %
Cogeco Communications (USA) II L.P.(9) First lien senior secured loan SR + 2.50% 09/2028 2,985 2,972 2,960 1.1 %
Park Place Technologies, LLC(9) First lien senior secured loan SR + 5.00% 11/2027 9,712 9,263 9,418 3.7 %
Zayo Group Holdings, Inc.(9) First lien senior secured loan SR + 4.25% 03/2027 9,875 8,401 7,792 3.0 %
24,567 22,622 22,165 8.6 %
Transportation
Safe Fleet Holdings, LLC(9) First lien senior secured loan SR + 3.75% 02/2029 $ 3,985 $ 3,942 $ 3,978 1.6 %
Uber Technologies, Inc.(10) First lien senior secured loan SR + 2.75% 03/2030 3,980 3,970 3,977 1.5 %
7,965 7,912 7,955 3.1 %
Total Debt Investments $ 809,964 $ 786,298 $ 789,823 305.5 %
Total Investments $ 809,964 $ 786,298 $ 789,823 305.5 %


OCIC SLF LLC’s Portfolio as of March 31, 2024 (Amounts in thousands) (Unaudited)
Company(1)(3)(4)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)		Fair Value		Percentage of Members’ Equity
LSCS Holdings, Inc.(5)	First lien senior secured loan	SR +	4.50%	12/2028	9,829	9,655		9,657		2.8	%
Pacific Dental Services, LLC(6)(8)	First lien senior secured loan	SR +	3.25%	03/2031	7,786	7,767		7,766		2.2	%
Pediatric Associates Holding Company, LLC(5)(8)	First lien senior secured loan	SR +	4.50%	12/2028	3,013	2,871		2,742		0.8	%
Pediatric Associates Holding Company, LLC(5)(8)	First lien senior secured loan	SR +	3.25%	12/2028	7,858	7,508		6,935		2.0	%
Phoenix Guarantor Inc(6)	First lien senior secured loan	SR +	3.25%	02/2031	14,672	14,529		14,473		4.1	%
Phoenix Newco, Inc. (dba Parexel)(5)	First lien senior secured loan	SR +	3.25%	11/2028	7,350	7,147		7,364		2.1	%
Physician Partners, LLC(6)	First lien senior secured loan	SR +	4.00%	12/2028	11,819	11,289		8,762		2.5	%
Select Medical Corp.(5)	First lien senior secured loan	SR +	3.00%	03/2027	2,872	2,860		2,874		0.8	%
Surgery Center Holdings, Inc.(5)	First lien senior secured loan	SR +	3.50%	12/2030	3,416	3,397		3,430		1.0	%
Team Services Group, LLC(7)	First lien senior secured loan	SR +	5.00%	12/2027	6,227	6,197		6,212		1.8	%
						103,568		101,111		28.9	%
Healthcare technology
Bracket Intermediate Holding Corp.(6)	First lien senior secured loan	SR +	5.00%	05/2028	9,811	$	9,678	$	9,825	2.8	%
Cotiviti, Inc.(6)	First lien senior secured loan	SR +	3.25%	03/2031	7,333	7,298		7,321		2.1	%
Ensemble RCM, LLC(6)	First lien senior secured loan	SR +	3.00%	08/2029	6,649	6,619		6,661		1.9	%
Gainwell Acquisition Corp.(6)	First lien senior secured loan	SR +	4.00%	10/2027	2,305	2,251		2,201		0.6	%
GHX Ultimate Parent Corporation (dba Global Healthcare Exchange)(6)(8)	First lien senior secured loan	SR +	4.00%	06/2027	5,970	5,924		6,000		1.8	%
Imprivata, Inc.(6)(8)	First lien senior secured loan	SR +	4.25%	12/2027	9,640	9,497		9,645		2.8	%
Imprivata, Inc.(6)(8)	First lien senior secured loan	SR +	3.50%	12/2027	8,875	8,875		8,875		2.5	%
IQVIA, Inc.(6)	First lien senior secured loan	SR +	2.00%	01/2031	2,106	2,107		2,114		0.6	%
PointClickCare Technologies Inc.(6)	First lien senior secured loan	SR +	3.00%	12/2027	1,980	1,955		1,982		0.6	%
Project Ruby Ultimate Parent Corp. (dba Wellsky)(5)	First lien senior secured loan	SR +	3.50%	03/2028	7,459	7,427		7,445		2.1	%
R1 RCM Inc.(5)	First lien senior secured loan	SR +	3.00%	06/2029	6,770	6,714		6,785		1.9	%
Waystar Technologies, Inc. (F/K/A Navicure, Inc.)(5)	First lien senior secured loan	SR +	4.00%	10/2029	3,486	3,485		3,492		1.0	%
Zelis Cost Management Buyer, Inc.(5)	First lien senior secured loan	SR +	2.75%	09/2029	12,403	12,354		12,395		3.5	%
						84,184		84,741		24.2	%
Household products
Samsonite International S.A.(5)	First lien senior secured loan	SR +	2.75%	06/2030	1,985	$	1,976	$	1,989	0.6	%
						1,976		1,989		0.6	%
Human resource support services
AQ Carver Buyer, Inc. (dba CoAdvantage)(6)	First lien senior secured loan	SR +	5.50%	08/2029	7,560	$	7,515	$	7,568	2.2	%
iSolved, Inc.(5)	First lien senior secured loan	SR +	4.00%	10/2030	6,234	6,175		6,262		1.8	%
UKG Inc.(6)	First lien senior secured loan	SR +	3.50%	02/2031	9,540	9,532		9,586		2.7	%
						23,222		23,416		6.7	%
Infrastructure and environmental services
Madison IAQ, LLC(5)	First lien senior secured loan	SR +	3.25%	06/2028	5,604	$	5,523	$	5,592	1.6	%
Osmose Utilities Services, Inc.(5)	First lien senior secured loan	SR +	3.25%	06/2028	7,014	6,616		6,909		2.0	%
						12,139		12,501		3.6	%
Insurance
Acrisure, LLC(5)	First lien senior secured loan	SR +	4.25%	02/2027	1,995	$	2,006	$	1,997	0.6	%
Acrisure, LLC(5)	First lien senior secured loan	SR +	4.50%	12/2030	9,199	8,865		9,222		2.7	%
AssuredPartners, Inc.(5)	First lien senior secured loan	SR +	3.50%	02/2031	11,679	11,534		11,686		3.3	%
Broadstreet Partners, Inc.(5)	First lien senior secured loan	SR +	3.75%	01/2029	7,474	7,441		7,489		2.1	%
Hub International(6)	First lien senior secured loan	SR +	3.25%	06/2030	6,990	6,995		6,991		2.0	%
Hyperion Refinance S.a.r.l (dba Howden Group)(5)	First lien senior secured loan	SR +	4.00%	04/2030	3,960	3,817		3,972		1.1	%
Hyperion Refinance S.a.r.l (dba Howden Group)(5)	First lien senior secured loan	SR +	3.50%	02/2031	10,224	10,175		10,225		2.9	%
IMA Financial Group, Inc.(5)	First lien senior secured loan	SR +	3.75%	11/2028	5,691	5,672		5,696		1.6	%
Truist Insurance Holdings, LLC(6)	First lien senior secured loan	SR +	3.25%	03/2031	7,357	7,339		7,345		2.2	%
						63,844		64,623		18.5	%

~~_____________~~

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

147


OCIC SLF LLC’s Portfolio as of March 31, 2024 (Amounts in thousands) (Unaudited)
Company(1)(3)(4)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)		Fair Value		Percentage of Members’ Equity
Internet software and services
Applied Systems, Inc.(6)	First lien senior secured loan	SR +	3.50%	02/2031	3,000	$	2,997	$	3,017	0.9	%
Barracuda Parent, LLC(6)	First lien senior secured loan	SR +	4.50%	08/2029	10,468	10,107		10,397		3.0	%
Cloud Software Group, Inc.(6)(8)	First lien senior secured loan	SR +	4.50%	03/2031	8,211	8,150		8,169		2.3	%
Cloud Software Group, Inc.(6)	First lien senior secured loan	SR +	4.50%	03/2029	4,975	4,761		4,948		1.4	%
Dayforce Inc(6)(8)	First lien senior secured loan	SR +	2.50%	03/2031	7,685	7,667		7,665		2.2	%
Delta TopCo, Inc. (dba Infoblox, Inc.)(7)	First lien senior secured loan	SR +	3.75%	12/2027	12,338	11,694		12,344		3.5	%
E2open, LLC(5)	First lien senior secured loan	SR +	3.50%	02/2028	8,318	8,225		8,317		2.4	%
Idera, Inc.(6)	First lien senior secured loan	SR +	3.75%	03/2028	9,258	9,103		9,208		2.6	%
Infinite Bidco LLC(6)	First lien senior secured loan	SR +	3.75%	03/2028	5,056	4,921		4,976		1.3	%
McAfee Corp.(5)	First lien senior secured loan	SR +	3.75%	03/2029	6,246	6,015		6,239		1.8	%
MeridianLink, Inc.(6)	First lien senior secured loan	SR +	3.00%	11/2028	4,819	4,803		4,814		1.4	%
Mitnick Corporate Purchaser, Inc.(6)	First lien senior secured loan	SR +	4.50%	05/2029	7,862	7,420		7,508		2.1	%
Perforce Software, Inc.(5)	First lien senior secured loan	SR +	3.75%	07/2026	4,951	4,771		4,896		1.4	%
Project Alpha Intermediate Holding, Inc. (dba Qlik)(6)	First lien senior secured loan	SR +	4.75%	10/2030	10,000	9,856		10,047		2.9	%
Project Sky Merger Sub, Inc.(6)	First lien senior secured loan	SR +	3.75%	10/2028	4,494	4,470		4,471		1.3	%
Proofpoint, Inc.(5)	First lien senior secured loan	SR +	3.25%	08/2028	15,003	15,003		15,003		4.3	%
Quartz Acquireco, LLC (dba Qualtrics)(6)	First lien senior secured loan	SR +	3.50%	06/2030	7,010	6,971		7,019		2.0	%
SONICWALL US Holdings, Inc.(6)	First lien senior secured loan	SR +	5.00%	05/2028	9,000	8,714		8,922		2.7	%
Sophos Holdings, LLC(5)	First lien senior secured loan	SR +	3.50%	03/2027	10,411	10,265		10,424		3.0	%
The Dun & Bradstreet Corporation(5)	First lien senior secured loan	SR +	2.75%	01/2029	4,427	4,428		4,426		1.3	%
UST Holdings, Ltd.(5)	First lien senior secured loan	SR +	3.50%	11/2028	8,516	8,496		8,469		2.4	%
Vertiv Group Corp.(5)	First lien senior secured loan	SR +	2.50%	03/2027	517	518		518		0.1	%
VS Buyer LLC(6)	First lien senior secured loan	SR +	3.25%	02/2027	2,961	2,961		2,960		0.8	%
Webpros Luxembourg Sarl(6)(8)	First lien senior secured loan	SR +	4.00%	03/2031	6,857	6,840		6,840		2.0	%
						169,156		171,597		49.1	%
Investment funds and vehicle
Finco I, LLC(6)	First lien senior secured loan	SR +	3.00%	06/2029	4,970	$	4,966	$	4,975	1.4	%
First Eagle Investments Management LLC(6)	First lien senior secured loan	SR +	3.00%	02/2029	6,554	6,457		6,480		1.9	%
						11,423		11,455		3.3	%
Leisure and entertainment
Delta 2 (Lux) SARL (dba Formula One)(6)	First lien senior secured loan	SR +	2.25%	01/2030	1,500	$	1,497	$	1,500	0.4	%
						1,497		1,500		0.4	%
Manufacturing
Altar Bidco, Inc.(7)	First lien senior secured loan	SR +	3.10%	02/2029	4,703	$	4,526	$	4,694	1.3	%
Chariot Buyer LLC (dba Chamberlain Group)(5)	First lien senior secured loan	SR +	3.75%	11/2028	6,000	5,977		6,008		1.7	%
Columbus McKinnon Corp.(6)(8)	First lien senior secured loan	SR +	2.50%	05/2028	444	442		445		0.1	%
DXP Enterprises, Inc.(7)	First lien senior secured loan	SR +	4.75%	10/2030	10,382	10,228		10,375		3.1	%
Engineered Machinery Holdings, Inc. (dba Duravant)(6)	First lien senior secured loan	SR +	3.75%	05/2028	11,508	11,431		11,460		3.3	%
Entegris, Inc.(5)	First lien senior secured loan	SR +	2.50%	07/2029	1,592	1,593		1,592		0.5	%
Filtration Group Corporation(5)	First lien senior secured loan	SR +	4.25%	10/2028	7,950	7,932		7,969		2.3	%
Gates Global LLC(5)	First lien senior secured loan	SR +	3.00%	11/2029	1,980	1,955		1,985		0.6	%
Pro Mach Group, Inc.(5)	First lien senior secured loan	SR +	3.75%	08/2028	14,420	14,046		14,464		4.1	%
Refficiency Holdings, LLC (dba Legence)(5)	First lien senior secured loan	SR +	3.50%	12/2027	8,552	8,521		8,550		2.4	%
STS Operating, Inc.(6)	First lien senior secured loan	SR +	4.00%	03/2031	9,571	9,525		9,590		2.7	%
Summit Materials, LLC(6)	First lien senior secured loan	SR +	2.50%	01/2029	4,339	4,329		4,358		1.2	%
Watlow Electric Manufacturing Company(6)	First lien senior secured loan	SR +	3.75%	03/2028	10,357	10,243		10,371		3.0	%
Zekelman Industries Inc. (dba Zekelman Industries)(6)	First lien senior secured loan	SR +	2.25%	01/2031	9,217	9,194		9,218		2.6	%
						99,942		101,079		28.9	%

148


OCIC SLF LLC’s Portfolio as of March 31, 2024 (Amounts in thousands) (Unaudited)
Company(1)(3)(4)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)		Fair Value		Percentage of Members’ Equity
Pharmaceuticals
Fortrea Holdings Inc.(5)	First lien senior secured loan	SR +	3.75%	07/2030	5,386	$	5,368	$	5,399	1.5	%
						5,368		5,399		1.5	%
Professional services
Apex Group Treasury, LLC(6)	First lien senior secured loan	SR +	3.75%	07/2028	4,875	$	4,724	$	4,865	1.4	%
Apex Group Treasury, LLC(6)(8)	First lien senior secured loan	SR +	5.00%	07/2028	7,213	7,004		7,213		2.1	%
Arsenal AIC Parent, LLC (dba Arconic)(6)	First lien senior secured loan	SR +	3.75%	08/2030	7,220	7,192		7,237		2.0	%
Camelot U.S. Acquisition 1 Co.(6)	First lien senior secured loan	SR +	2.75%	01/2031	7,180	7,165		7,175		2.1	%
Corporation Service Company(5)	First lien senior secured loan	SR +	2.75%	11/2029	1,656	1,653		1,658		0.5	%
Element Solutions, Inc.(6)	First lien senior secured loan	SR +	2.00%	12/2030	1,995	1,992		1,995		0.6	%
Genuine Financial Holdings, LLC(5)	First lien senior secured loan	SR +	4.00%	09/2030	9,197	9,105		9,123		2.6	%
Omnia Partners, LLC(6)	First lien senior secured loan	SR +	4.25%	07/2030	9,191	9,180		9,226		2.5	%
Red Ventures, LLC(6)	First lien senior secured loan	SR +	3.00%	03/2030	2,327	2,306		2,315		0.7	%
Skopima Merger Sub Inc.(5)	First lien senior secured loan	SR +	4.00%	05/2028	5,702	5,475		5,672		1.6	%
Sovos Compliance, LLC(5)	First lien senior secured loan	SR +	4.50%	08/2028	13,406	13,079		13,271		3.8	%
Thevelia (US) LLC (dba Tricor)(6)	First lien senior secured loan	SR +	3.75%	06/2029	2,993	2,993		2,994		0.9	%
Vistage Worldwide, Inc.(6)	First lien senior secured loan	SR +	4.75%	07/2029	9,751	9,616		9,727		2.8	%
						81,484		82,471		23.6	%
Telecommunications
Cable One, Inc.(5)	First lien senior secured loan	SR +	2.00%	05/2028	4,767	$	4,755	$	4,718	1.3	%
Ciena Corp.(5)	First lien senior secured loan	SR +	2.00%	10/2030	2,988	2,981		2,991		0.9	%
Cogeco Communications (USA) II L.P.(5)	First lien senior secured loan	SR +	2.50%	09/2028	4,458	4,412		4,341		1.2	%
Zayo Group Holdings, Inc.(5)	First lien senior secured loan	SR +	4.33%	03/2027	9,800	8,036		8,733		2.5	%
						20,184		20,783		5.9	%
Transportation
Echo Global Logistics, Inc.(5)	First lien senior secured loan	SR +	3.50%	11/2028	3,629	$	3,575	$	3,571	1.0	%
KKR Apple Bidco, LLC(6)	First lien senior secured loan	SR +	3.50%	09/2028	2,192	2,189		2,197		0.6	%
Uber Technologies, Inc.(6)	First lien senior secured loan	SR +	2.75%	03/2030	1,577	1,573		1,583		0.5	%
						7,337		7,351		2.1	%

Total Debt Investments						$	1,483,924	$	1,494,749	427.5	%
Total Investments						$	1,483,924	$	1,494,749	427.5	%

(1)Unless otherwise indicated, OCIC SLF’s investments are pledged as collateral supporting the amounts outstanding under OCIC ~~SLF's~~SLF’s SPV ~~Asset~~Debt Facilities.

3.(2)The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

4.(3)Unless otherwise indicated, all investments are considered Level 32 investments.

6.~~The interest rate on these loans is subject to 1 month LIBOR, which as of June 30, 2023 was 5.22%.~~

~~128~~

7.~~The interest rate on these loans is subject to 3 month LIBOR, which as of June 30, 2023 was 5.55%.~~

8.~~The interest rate on these loans is subject to 6 month LIBOR, which as of June 30, 2023 was 5.76%.~~

9.(5)The interest rate on these loans is subject to 1 month SOFR, which as of ~~June 30, 2023~~March 31, 2024 was ~~5.14%~~5.33%.

~~10.~~(6)The interest rate on these loans is subject to 3 month SOFR, which as of ~~June 30, 2023~~March 31, 2024 was ~~5.27%~~5.30%.

~~11.~~(7)The interest rate on these loans is subject to 6 month SOFR, which as of ~~June 30, 2023~~March 31, 2024 was ~~5.39%~~5.22%.

~~12.~~(8)Level 3 investment.

~~13.~~(9)Position or portion thereof is an unfunded loan commitment.

~~129~~

149

Blue Owl Credit Income Senior Loan Fund's Portfolio as of December 31, 2022
($ in thousands)
Company(1)(2)(4)(5) Investment Interest Maturity
Date Par /
Units Amortized
Cost(3) Fair
Value Percentage of Members’ Equity
Ring Container Technologies Group, LLC(6) First lien senior secured loan L + 3.50% 08/2028 9,762 9,585 9,616 6.0 %
Tricorbraun Holdings, Inc.(6)(11) First lien senior secured loan L + 3.25% 03/2028 10,546 9,995 10,040 6.3 %
Valcour Packaging, LLC(9) First lien senior secured loan SR + 3.75% 10/2028 9,925 9,901 8,883 5.5 %
48,547 47,220 45,812 28.6 %
Distribution
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(8)(11) First lien senior secured loan SR + 4.63% 06/2026 $ 9,762 $ 9,434 $ 9,469 5.9 %
Dealer Tire, LLC(8) First lien senior secured loan SR + 4.25% 12/2027 3,959 3,888 3,900 2.4 %
SRS Distribution, Inc.(6) First lien senior secured loan L + 3.50% 06/2028 10,573 9,839 10,097 6.3 %
White Cap Supply Holdings, LLC(8)(11) First lien senior secured loan SR + 3.75% 10/2027 10,573 10,020 10,208 6.4 %
34,867 33,181 33,674 21.0 %
Diversified financial services
Focus Financial Partners, LLC(8)(11) First lien senior secured loan SR + 3.25% 06/2028 $ 4,988 $ 4,901 $ 4,921 3.1 %
4,988 4,901 4,921 3.1 %
Education
Severin Acquisition, LLC (dba Powerschool)(8) First lien senior secured loan SR + 3.00% 08/2025 $ 4,897 $ 4,807 $ 4,860 3.0 %
Sophia, L.P.(8) First lien senior secured loan SR + 4.25% 10/2027 9,762 9,739 9,738 6.1 %
14,659 14,546 14,598 9.1 %
Energy equipment and services
AZZ Inc.(9) First lien senior secured loan SR + 4.25% 05/2029 $ 7,950 $ 7,882 $ 7,950 5.0 %
Brookfield WEC Holdings Inc.(8)(11) First lien senior secured loan SR + 3.75% 08/2025 3,491 3,465 3,473 2.1 %
Pike Corp.(6)(11) First lien senior secured loan L + 3.00% 01/2028 9,800 9,607 9,651 6.0 %
21,241 20,954 21,074 13.1 %
Financial services
Acuris Finance US, Inc. (ION Analytics) (9)(11) First lien senior secured loan SR + 4.00% 02/2028 $ 4,500 $ 4,396 $ 4,416 2.8 %
AllSpring Buyer(9) First lien senior secured loan SR + 4.00% 11/2028 4,988 4,921 4,925 3.1 %
Deerfield Dakota Holding, LLC(8)(11) First lien senior secured loan SR + 3.75% 04/2027 5,910 5,597 5,509 3.4 %
15,398 14,914 14,850 9.3 %
Food and beverage
Eagle Parent Corp.(9)(11) First lien senior secured loan SR + 4.25% 04/2029 $ 2,722 $ 2,674 $ 2,668 1.7 %
Naked Juice LLC (dba Tropicana)(9)(11) First lien senior secured loan SR + 3.25% 01/2029 10,573 9,668 9,430 5.9 %
Nomad Foods Europe Midco Ltd.(8)(11) First lien senior secured loan SR + 3.75% 11/2029 5,000 4,801 4,979 3.1 %
Pegasus BidCo B.V.(9) First lien senior secured loan SR + 4.25% 07/2029 4,500 4,306 4,354 2.7 %
Shearer’s Foods, LLC(6)(11) First lien senior secured loan L + 3.50% 09/2027 8,807 8,196 8,376 5.2 %
31,602 29,645 29,807 18.6 %
Healthcare equipment and services
Confluent Medical Technologies, Inc.(9) First lien senior secured loan SR + 3.75% 02/2029 $ 9,762 $ 9,620 $ 9,250 5.8 %
Dermatology Intermediate Holdings III, Inc(8) First lien senior secured loan SR + 4.25% 03/2029 9,950 9,829 9,751 6.1 %
Dermatology Intermediate Holdings III, Inc(8)(12) First lien senior secured delayed draw term loan SR + 4.25% 03/2029 1,629 1,618 1,596 1.0 %
Medline Borrower, LP(6)(11) First lien senior secured loan L + 3.25% 10/2028 6,327 5,831 6,005 3.7 %


Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2023 (Amounts in thousands)
Company(1)(3)(4)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)		Fair Value		Percentage of Members’ Equity
Debt Investments
Aerospace and defense
American Airlines, Inc.(7)	First lien senior secured loan	SR +	2.75%	02/2028	1,980	$	1,947	$	1,976	0.7	%
Avolon TLB Borrower 1 (US) LLC(5)	First lien senior secured loan	SR +	2.50%	06/2028	9,490	9,413		9,505		3.1	%
Barnes Group, Inc.(5)	First lien senior secured loan	SR +	3.00%	09/2030	6,484	6,437		6,497		2.1	%
Bleriot US Bidco, Inc.(6)	First lien senior secured loan	SR +	4.00%	10/2028	5,927	5,847		5,946		2.0	%
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(5)	First lien senior secured loan	SR +	4.00%	08/2028	1,809	1,797		1,813		0.6	%
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(5)	First lien senior secured loan	SR +	4.00%	04/2026	4,221	4,194		4,229		1.4	%
Peraton Corp.(5)	First lien senior secured loan	SR +	3.75%	02/2028	12,458	12,219		12,474		4.0	%
Transdigm Inc.(6)	First lien senior secured loan	SR +	3.25%	02/2031	5,000	4,988		5,019		1.7	%
Transdigm, Inc.(6)	First lien senior secured loan	SR +	3.25%	08/2028	2,973	2,967		2,984		1.0	%
Transdigm, Inc.(6)	First lien senior secured loan	SR +	3.25%	02/2027	2,970	2,923		2,980		1.0	%
Vertex Aerospace Services Corp. (dba V2X)(5)	First lien senior secured loan	SR +	3.25%	12/2028	2,993	2,989		2,994		1.0	%
						55,721		56,417		18.6	%
Automotive
Belron Finance US LLC(6)	First lien senior secured loan	SR +	2.50%	04/2029	2,488	$	2,476	$	2,491	0.8	%
PAI Holdco, Inc.(6)(8)	First lien senior secured loan	SR +	3.75%	10/2027	6,562	6,141		6,102		2.0	%
						8,617		8,593		2.8	%
Buildings and real estate
84 Lumber Company(5)	First lien senior secured loan	SR +	2.75%	11/2030	5,212	$	5,186	$	5,220	1.7	%
American Residential Services, LLC(6)(8)	First lien senior secured loan	SR +	3.50%	10/2027	4,488	4,487		4,483		1.5	%
Beacon Roofing Supply, Inc.(5)	First lien senior secured loan	SR +	2.50%	05/2028	2,970	2,966		2,980		1.0	%
CPG International LLC(5)	First lien senior secured loan	SR +	2.50%	04/2029	6,894	6,865		6,898		2.2	%
Cushman & Wakefield U.S. Borrower, LLC(5)(8)	First lien senior secured loan	SR +	4.00%	01/2030	7,000	6,831		6,930		2.3	%
Cushman & Wakefield U.S. Borrower, LLC(5)(8)	First lien senior secured loan	SR +	2.75%	08/2025	247	243		246		0.1	%
Dodge Construction Network, LLC(6)	First lien senior secured loan	SR +	4.75%	02/2029	5,221	4,911		4,020		1.3	%
Greystar Real Estate Partners, LLC (dba Greystar)(6)(8)	First lien senior secured loan	SR +	3.75%	08/2030	6,983	6,883		6,878		2.3	%
GYP Holdings III Corp.(5)	First lien senior secured loan	SR +	3.00%	05/2030	2,000	1,990		2,005		0.7	%
Quikrete Holdings, Inc.(5)	First lien senior secured loan	SR +	2.75%	03/2029	1,990	1,990		1,995		0.7	%
RealPage, Inc.(5)	First lien senior secured loan	SR +	3.00%	04/2028	10,440	9,921		10,345		3.4	%
Wrench Group LLC(6)	First lien senior secured loan	SR +	4.00%	04/2026	9,660	9,642		9,669		3.2	%
						61,916		61,669		20.4	%
Business services
ASGN, Inc.(5)	First lien senior secured loan	SR +	2.25%	08/2030	2,494	$	2,488	$	2,502	0.8	%
Boxer Parent Company Inc. (f/k/a BMC)(5)	First lien senior secured loan	SR +	4.25%	12/2028	6,123	6,050		6,159		2.0	%
BrightView Landscapes, LLC(6)	First lien senior secured loan	SR +	3.00%	04/2029	6,519	6,347		6,517		2.2	%
Brown Group Holdings, LLC(5)	First lien senior secured loan	SR +	3.75%	07/2029	4,492	4,462		4,503		1.5	%
ConnectWise, LLC(6)	First lien senior secured loan	SR +	3.50%	09/2028	10,440	9,939		10,405		3.4	%
IDEMIA Group SAS(6)	First lien senior secured loan	SR +	4.75%	09/2028	1,990	1,967		1,994		0.7	%
Packers Holdings, LLC(5)	First lien senior secured loan	SR +	3.25%	03/2028	3,928	3,655		2,457		0.8	%
Sitel Worldwide Corp.(5)	First lien senior secured loan	SR +	3.75%	08/2028	6,939	6,841		6,648		2.2	%
VM Consolidated, Inc.(5)	First lien senior secured loan	SR +	3.25%	03/2028	2,107	2,088		2,114		0.7	%
						43,837		43,299		14.3	%
Chemicals
Aruba Investments Holdings, LLC (dba Angus Chemical Company)(5)(8)	First lien senior secured loan	SR +	4.75%	11/2027	2,970	$	2,799	$	2,963	1.0	%
Axalta Coating Systems US Holdings Inc.(6)	First lien senior secured loan	SR +	2.50%	12/2029	6,884	6,842		6,900		2.3	%
Blue Tree Holdings, Inc.(6)	First lien senior secured loan	SR +	2.50%	03/2028	3,964	3,930		3,935		1.3	%
Cyanco Intermediate 2 Corp.(5)	First lien senior secured loan	SR +	4.75%	07/2028	3,990	3,908		3,997		1.2	%
DCG Acquisition Corp.(5)	First lien senior secured loan	SR +	4.50%	09/2026	7,383	7,349		7,318		2.4	%

~~130~~

150

Blue Owl Credit Income Senior Loan Fund's Portfolio as of December 31, 2022
($ in thousands)
Company(1)(2)(4)(5) Investment Interest Maturity
Date Par /
Units Amortized
Cost(3) Fair
Value Percentage of Members’ Equity
MJH Healthcare Holdings, LLC(8) First lien senior secured loan SR + 3.50% 01/2029 3,831 3,767 3,678 2.3 %
Natus Medical Inc.(10) First lien senior secured loan SR + 5.50% 07/2029 4,500 4,191 4,207 2.6 %
35,999 34,856 34,487 21.5 %
Healthcare providers and services
Covetrus, Inc.(9)(11) First lien senior secured loan SR + 5.00% 10/2029 $ 9,500 $ 8,940 $ 8,878 5.5 %
Pediatric Associates Holding Company, LLC(6) First lien senior secured loan L + 3.25% 12/2028 3,422 3,356 3,242 2.0 %
Phoenix Newco, Inc. (dba Parexel)(6)(11) First lien senior secured loan L + 3.25% 11/2028 7,444 7,170 7,156 4.5 %
Physician Partners, LLC(8)(11) First lien senior secured loan SR + 4.00% 12/2028 9,950 9,407 9,457 5.9 %
Premise Health Holding(9) First lien senior secured loan SR + 4.75% 07/2025 3,234 3,197 3,193 2.0 %
33,550 32,070 31,926 19.9 %
Healthcare technology
Athenahealth Group Inc.(8)(11) First lien senior secured loan SR + 3.50% 02/2029 $ 9,403 $ 8,636 $ 8,466 5.3 %
Athenahealth Group Inc.(8)(11)(12) First lien senior secured delayed draw term loan SR + 3.50% 02/2029 — (112) (109) (0.1) %
Imprivata, Inc.(8) First lien senior secured loan SR + 4.25% 12/2027 9,762 9,583 9,396 5.9 %
Verscend Holding Corp.(6) First lien senior secured loan L + 4.00% 08/2025 9,944 9,821 9,870 6.1 %
29,109 27,928 27,623 17.2 %
Infrastructure and environmental services
Osmose Utilities Services, Inc.(6) First lien senior secured loan L + 3.25% 06/2028 $ 9,762 $ 9,052 $ 9,249 5.8 %
USIC Holdings, Inc.(6)(11) First lien senior secured loan L + 3.50% 05/2028 2,977 2,831 2,837 1.7 %
12,739 11,883 12,086 7.5 %
Insurance
Acrisure, LLC(9) First lien senior secured loan SR + 5.75% 02/2027 $ 6,500 $ 6,182 $ 6,435 4.1 %
AssuredPartners, Inc.(8) First lien senior secured loan SR + 4.25% 02/2027 4,988 4,814 4,875 3.0 %
Hub International Limited(7)(11) First lien senior secured loan L + 3.25% 04/2025 9,924 9,756 9,823 6.1 %
21,412 20,752 21,133 13.2 %
Internet software and services
Barracuda Parent, LLC(8) First lien senior secured loan SR + 4.50% 08/2029 $ 10,600 $ 10,141 $ 10,203 6.3 %
CDK Global, Inc.(9)(11) First lien senior secured loan SR + 4.50% 07/2029 10,600 10,366 10,492 6.5 %
Delta TopCo, Inc. (dba Infoblox, Inc.)(9)(11) First lien senior secured loan SR + 3.75% 12/2027 10,573 9,666 9,741 6.1 %
E2open, LLC(6)(11) First lien senior secured loan L + 3.50% 02/2028 3,868 3,756 3,793 2.4 %
Hyland Software, Inc.(6)(11) First lien senior secured loan L + 3.50% 07/2024 9,948 9,732 9,802 6.1 %
Sophos Holdings, LLC(7) First lien senior secured loan L + 3.50% 03/2027 10,546 10,319 10,203 6.4 %
56,135 53,980 54,234 33.8 %
Leisure and entertainment
Delta 2 (Lux) SARL (dba Formula One)(8) First lien senior secured loan SR + 3.25% 01/2030 $ 3,000 $ 2,970 $ 2,993 1.8 %
WMG Acquisition Corp.(8)(11) First lien senior secured loan SR + 3.00% 01/2028 4,000 3,922 3,953 2.5 %
7,000 6,892 6,946 4.3 %
Manufacturing


Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2023 (Amounts in thousands)
Company(1)(3)(4)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)		Fair Value		Percentage of Members’ Equity
H.B. Fuller Company(5)	First lien senior secured loan	SR +	2.25%	02/2030	1,741	1,741		1,743		0.6	%
Ineos US Finance LLC(5)	First lien senior secured loan	SR +	3.50%	02/2030	3,486	3,451		3,486		1.2	%
Ineos US Finance LLC(5)	First lien senior secured loan	SR +	3.75%	11/2027	2,978	2,888		2,984		1.0	%
Ineos US Petrochem LLC(5)(8)	First lien senior secured loan	SR +	3.75%	03/2030	1,990	1,971		1,990		0.7	%
Nouryon Finance B.V.(5)	First lien senior secured loan	SR +	4.00%	04/2028	2,488	2,466		2,493		0.8	%
Nouryon Finance B.V.(6)	First lien senior secured loan	SR +	4.00%	10/2025	5,785	5,726		5,802		1.9	%
Windsor Holdings III LLC(5)	First lien senior secured loan	SR +	4.50%	08/2030	5,736	5,636		5,766		1.9	%
						48,707		49,377		16.3	%
Consumer products
HomeServe USA Holding Corp.(5)	First lien senior secured loan	SR +	3.00%	10/2030	4,000	$	3,961	$	4,011	1.3	%
Olaplex, Inc.(5)	First lien senior secured loan	SR +	3.50%	02/2029	5,220	4,890		4,816		1.6	%
						8,851		8,827		2.9	%

Containers and packaging
Berlin Packaging L.L.C.(5)	First lien senior secured loan	SR +	3.75%	03/2028	12,486	$	12,094	$	12,488	4.1	%
BW Holding, Inc.(6)(8)	First lien senior secured loan	SR +	4.00%	12/2028	7,689	7,578		7,151		2.4	%
Charter NEX US, Inc.(5)	First lien senior secured loan	SR +	3.75%	12/2027	5,731	5,686		5,750		1.9	%
OneDigital Borrower LLC(6)(8)	First lien senior secured loan	SR +	4.25%	11/2027	1,911	1,897		1,907		0.6	%
Plaze, Inc.(5)	First lien senior secured loan	SR +	3.75%	08/2026	3,990	3,865		3,870		1.3	%
Plaze, Inc.(5)	First lien senior secured loan	SR +	3.50%	08/2026	995	971		965		0.3	%
ProAmpac PG Borrower LLC(6)	First lien senior secured loan	SR +	4.50%	11/2028	10,250	10,165		10,253		3.4	%
Ring Container Technologies Group, LLC(5)	First lien senior secured loan	SR +	3.50%	08/2028	9,663	9,513		9,678		3.2	%
Tricorbraun Holdings, Inc.(5)	First lien senior secured loan	SR +	3.25%	03/2028	10,439	9,981		10,364		3.4	%
Trident TPI Holdings, Inc.(6)	First lien senior secured loan	SR +	4.50%	09/2028	1,990	1,941		1,989		0.7	%
Valcour Packaging, LLC(5)	First lien senior secured loan	SR +	3.75%	10/2028	3,077	3,073		2,405		0.8	%
						66,764		66,820		22.1	%
Distribution
Aramsco, Inc.(6)(9)(10)	First lien senior secured delayed draw term loan	SR +	4.75%	10/2025	—	$	—	$	—	—	%
Aramsco, Inc.(6)	First lien senior secured loan	SR +	4.75%	10/2030	8,515	8,346		8,497		2.8	%
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(5)	First lien senior secured loan	SR +	4.75%	12/2028	5,265	5,216		5,275		1.7	%
Dealer Tire, LLC(5)	First lien senior secured loan	SR +	4.50%	12/2027	3,920	3,860		3,927		1.3	%
SRS Distribution, Inc.(5)	First lien senior secured loan	SR +	3.50%	06/2028	11,530	10,887		11,534		3.7	%
White Cap Supply Holdings, LLC(5)	First lien senior secured loan	SR +	3.75%	10/2027	11,298	10,843		11,317		3.7	%
						39,152		40,550		13.2	%
Education
Renaissance Learning, Inc.(5)	First lien senior secured loan	SR +	4.75%	04/2030	4,988	$	4,905	$	4,999	1.7	%
Severin Acquisition, LLC (dba Powerschool)(6)	First lien senior secured loan	SR +	3.25%	08/2025	11,451	11,335		11,487		3.7	%
Sophia, L.P.(5)	First lien senior secured loan	SR +	4.25%	10/2027	9,664	9,648		9,642		3.2	%
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(6)	First lien senior secured loan	SR +	4.50%	10/2030	3,663	3,618		3,671		1.2	%
						29,506		29,799		9.8	%
Energy equipment and services
AMG Advanced Metallurgical Group N.V(5)	First lien senior secured loan	SR +	3.50%	11/2028	3,430	$	3,413	$	3,411	1.1	%
AZZ Inc.(5)	First lien senior secured loan	SR +	4.25%	05/2029	7,925	7,866		7,952		2.6	%
Brookfield WEC Holdings Inc.(5)	First lien senior secured loan	SR +	3.75%	08/2025	3,456	3,439		3,465		1.1	%
Calpine Construction Finance Company(5)	First lien senior secured loan	SR +	2.25%	07/2030	1,995	1,980		1,994		0.7	%
Pike Corp.(5)	First lien senior secured loan	SR +	3.00%	01/2028	9,800	9,638		9,821		3.1	%
Rockwood Service Corp.(5)	First lien senior secured loan	SR +	4.25%	01/2027	6,466	6,451		6,477		2.1	%
						32,787		33,120		10.7	%
Financial services
Acuris Finance US, Inc. (ION Analytics) (6)	First lien senior secured loan	SR +	4.00%	02/2028	7,619	$	7,496	$	7,602	2.5	%

~~131~~

151

Blue Owl Credit Income Senior Loan Fund's Portfolio as of December 31, 2022
($ in thousands)
Company(1)(2)(4)(5) Investment Interest Maturity
Date Par /
Units Amortized
Cost(3) Fair
Value Percentage of Members’ Equity
DXP Enterprises, Inc.(10) First lien senior secured loan SR + 5.25% 12/2027 $ 4,987 $ 4,717 $ 4,738 3.0 %
Gates Global LLC(8)(11) First lien senior secured loan SR + 3.50% 11/2029 1,995 1,936 1,978 1.2 %
Pro Mach Group, Inc.(6)(11) First lien senior secured loan L + 4.00% 08/2028 10,547 10,282 10,241 6.4 %
Pro Mach Group, Inc.(9) First lien senior secured loan SR + 5.00% 08/2028 4,000 3,800 3,884 2.4 %
21,529 20,735 20,841 13.0 %
Professional services
Apex Group Treasury, LLC(9) First lien senior secured loan SR + 5.00% 07/2028 $ 2,500 $ 2,350 $ 2,400 1.5 %
Apex Group Treasury, LLC(7)(11) First lien senior secured loan L + 3.75% 07/2028 4,938 4,748 4,691 2.9 %
EM Midco2 Ltd. (dba Element Materials Technology)(9) First lien senior secured loan SR + 4.25% 06/2029 2,053 1,988 2,012 1.3 %
Sovos Compliance, LLC(9) First lien senior secured loan SR + 4.50% 08/2028 10,547 10,200 9,703 6.0 %
20,038 19,286 18,806 11.7 %
Telecommunications
Park Place Technologies, LLC(8)(11) First lien senior secured loan SR + 5.00% 11/2027 $ 9,762 $ 9,268 $ 9,172 5.7 %
Zayo Group Holdings, Inc.(8)(11) First lien senior secured loan SR + 4.25% 03/2027 9,925 8,294 8,196 5.1 %
19,687 17,562 17,368 10.8 %
Total Debt Investments $ 529,463 $ 507,996 $ 506,202 315.6 %
Total Investments $ 529,463 $ 507,996 $ 506,202 315.6 %


Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2023 (Amounts in thousands)
Company(1)(3)(4)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)		Fair Value		Percentage of Members’ Equity
AlixPartners, LLP(5)	First lien senior secured loan	SR +	2.75%	02/2028	1,492	1,482		1,495		0.5	%
AllSpring Buyer(6)	First lien senior secured loan	SR +	3.75%	11/2028	4,938	4,881		4,911		1.6	%
Boost Newco Borrower, LLC (dba WorldPay)(6)	First lien senior secured loan	SR +	3.00%	09/2030	12,000	11,940		12,046		4.0	%
Citadel Securities, LP(5)	First lien senior secured loan	SR +	2.50%	07/2030	8,968	8,933		8,980		3.0	%
Citco Funding LLC(6)	First lien senior secured loan	SR +	3.25%	04/2028	6,234	6,204		6,250		2.1	%
Deerfield Dakota Holdings(6)	First lien senior secured loan	SR +	3.75%	04/2027	8,830	8,511		8,734		2.8	%
Focus Financial Partners, LLC(5)	First lien senior secured loan	SR +	3.25%	06/2028	4,938	4,864		4,941		1.6	%
Focus Financial Partners, LLC(5)	First lien senior secured loan	SR +	3.50%	06/2028	2,993	2,938		2,996		1.0	%
Guggenheim Partners Investment Management Holdings, LLC(6)	First lien senior secured loan	SR +	3.25%	12/2029	4,950	4,873		4,954		1.6	%
Harbourvest Partners, L.P.(6)(8)	First lien senior secured loan	SR +	3.00%	04/2030	2,494	2,458		2,488		0.8	%
Helios Software Holdings, Inc.(6)	First lien senior secured loan	SR +	4.25%	07/2030	5,000	4,807		4,988		1.6	%
Janus International Group, LLC(6)	First lien senior secured loan	SR +	3.25%	08/2030	4,988	4,958		4,992		1.6	%
Saphilux S.a.r.L (dba IQ EQ)(7)	First lien senior secured loan	SR +	4.75%	07/2028	7,500	7,395		7,505		2.5	%
The Edelman Financial Engines Center, LLC(5)	First lien senior secured loan	SR +	3.50%	04/2028	3,959	3,880		3,962		1.3	%
TMF Sapphire Bidco B.V.(6)	First lien senior secured loan	SR +	5.00%	05/2028	2,500	2,458		2,510		0.8	%
USI, Inc.(6)	First lien senior secured loan	SR +	3.25%	09/2030	3,990	3,981		3,991		1.3	%
						92,059		93,345		30.6	%
Food and beverage
1011778 BC / NEW RED FIN (dba Restaurant Brands)(5)	First lien senior secured loan	SR +	2.25%	09/2030	4,000	$	3,981	$	3,998	1.3	%
AI Aqua Merger Sub, Inc. (dba Culligan International)(5)	First lien senior secured loan	SR +	3.75%	07/2028	2,576	2,571		2,575		0.9	%
AI Aqua Merger Sub, Inc. (dba Culligan International)(6)(9)(10)	First lien senior secured delayed draw term loan	SR +	4.25%	12/2024	6,609	6,369		6,605		2.2	%
Aramark Services, Inc.(5)	First lien senior secured loan	SR +	2.50%	06/2030	1,990	1,971		1,992		0.7	%
Aspire Bakeries Holdings, LLC(5)(8)	First lien senior secured loan	SR +	4.25%	12/2030	5,000	4,950		4,925		1.6	%
Balrog Acquisition, Inc. (dba Bakemark)(5)	First lien senior secured loan	SR +	4.00%	09/2028	9,374	9,259		9,213		3.0	%
Naked Juice LLC (dba Tropicana)(6)	First lien senior secured loan	SR +	3.25%	01/2029	10,467	9,686		10,100		3.2	%
Pegasus BidCo B.V.(6)	First lien senior secured loan	SR +	4.25%	07/2029	7,440	7,332		7,433		2.5	%
Shearer's Foods, LLC(5)	First lien senior secured loan	SR +	3.50%	09/2027	8,717	8,216		8,721		2.9	%
Simply Good Foods USA, Inc.(5)	First lien senior secured loan	SR +	2.50%	03/2027	2,976	2,956		2,976		1.0	%
Utz Quality Foods, LLC(6)	First lien senior secured loan	SR +	3.00%	01/2028	1,153	1,153		1,153		0.4	%
						58,444		59,691		19.7	%
Healthcare equipment and services
Confluent Medical Technologies, Inc.(6)(8)	First lien senior secured loan	SR +	3.75%	02/2029	9,664	$	9,541	$	9,615	3.2	%
Curium BidCo S.A.R.L (dba Curium Pharma)(6)	First lien senior secured loan	SR +	4.50%	07/2029	6,047	6,026		6,036		2.0	%
Dermatology Intermediate Holdings III, Inc.(6)	First lien senior secured loan	SR +	4.25%	03/2029	11,664	11,551		11,252		3.7	%
Medline Borrower, LP(5)	First lien senior secured loan	SR +	3.00%	10/2028	6,248	5,910		6,274		2.1	%
Natus Medical, Inc.(6)(8)	First lien senior secured loan	SR +	5.50%	07/2029	4,455	4,175		4,143		1.4	%
Nexstar Broadcasting, Inc.(5)	First lien senior secured loan	SR +	2.50%	09/2026	4,300	4,302		4,300		1.4	%
Resonetics, LLC(6)	First lien senior secured loan	SR +	4.00%	04/2028	6,593	6,511		6,586		2.1	%
Zest Acquisition Corp.(5)(8)	First lien senior secured loan	SR +	5.50%	02/2028	8,439	8,180		8,228		2.7	%
						56,196		56,434		18.6	%
Healthcare providers and services
Covetrus, Inc.(6)	First lien senior secured loan	SR +	5.00%	10/2029	9,429	$	8,932	$	9,411	3.1	%
HAH Group Holding Company LLC (dba Help at Home)(5)(8)	First lien senior secured loan	SR +	5.00%	10/2027	2,685	2,666		2,658		0.9	%
HAH Group Holding Company LLC (dba Help at Home)(5)(8)	First lien senior secured loan	SR +	5.00%	10/2027	3,328	3,321		3,295		1.1	%
LSCS Holdings, Inc.(5)(8)	First lien senior secured loan	SR +	4.50%	12/2028	9,356	9,182		9,193		3.0	%
MJH Healthcare Holdings, LLC(5)	First lien senior secured loan	SR +	3.50%	01/2029	3,793	3,737		3,769		1.2	%
Pediatric Associates Holding Company, LLC(5)(8)	First lien senior secured loan	SR +	4.50%	12/2028	1,990	1,916		1,960		0.6	%

~~_____________~~

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

152


Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2023 (Amounts in thousands)
Company(1)(3)(4)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)		Fair Value		Percentage of Members’ Equity
Pediatric Associates Holding Company, LLC(5)(8)	First lien senior secured loan	SR +	3.25%	12/2028	5,352	5,273		5,165		1.7	%
Phoenix Newco, Inc. (dba Parexel)(5)	First lien senior secured loan	SR +	3.25%	11/2028	7,369	7,136		7,408		2.4	%
Physician Partners, LLC(6)	First lien senior secured loan	P +	4.00%	12/2028	9,850	9,381		9,283		3.1	%
Premise Health Holding(6)(8)	First lien senior secured loan	SR +	4.75%	07/2025	3,201	3,178		3,185		1.1	%
Select Medical Corp.(5)	First lien senior secured loan	SR +	3.00%	03/2027	2,985	2,971		2,982		1.1	%
Surgery Center Holdings, Inc.(6)	First lien senior secured loan	SR +	3.50%	12/2030	2,416	2,392		2,423		0.8	%
						60,085		60,732		20.1	%
Healthcare technology
Athenahealth Group Inc.(5)	First lien senior secured loan	SR +	3.25%	02/2029	9,308	$	8,644	$	9,257	3.1	%
Bracket Intermediate Holding Corp.(6)	First lien senior secured loan	SR +	5.00%	05/2028	6,835	6,681		6,825		2.3	%
Gainwell Acquisition Corp.(6)	First lien senior secured loan	SR +	4.00%	10/2027	7,859	7,695		7,623		2.5	%
GHX Ultimate Parent Corporation(6)	First lien senior secured loan	SR +	4.75%	06/2027	2,985	2,920		2,986		1.0	%
Imprivata, Inc.(5)	First lien senior secured loan	SR +	4.25%	12/2027	9,664	9,515		9,692		3.1	%
IQVIA, Inc.(6)	First lien senior secured loan	SR +	2.00%	01/2031	4,111	4,111		4,123		1.4	%
PointClickCare Technologies Inc.PointClickCare Technologies Inc(6)(8)	First lien senior secured loan	SR +	3.00%	12/2027	1,985	1,957		1,980		0.7	%
R1 RCM Inc.(6)(8)	First lien senior secured loan	SR +	3.50%	06/2029	5,000	4,940		5,000		1.7	%
R1 RCM Inc.(5)	First lien senior secured loan	SR +	3.00%	06/2029	3,970	3,970		3,966		1.3	%
Verscend Holding Corp.(5)	First lien senior secured loan	SR +	4.00%	08/2025	9,843	9,763		9,851		3.3	%
Zelis Cost Management Buyer, Inc.(5)	First lien senior secured loan	SR +	3.50%	09/2026	4,454	4,451		4,459		1.5	%
						64,647		65,762		21.9	%
Household products
Samsonite International S.A.(5)	First lien senior secured loan	SR +	2.75%	06/2030	1,990	$	1,981	$	1,990	0.7	%
						1,981		1,990		0.7	%
Human resource support services
AQ Carver Buyer, Inc. (dba CoAdvantage)(7)	First lien senior secured loan	SR +	5.50%	08/2029	4,738	$	4,680	$	4,750	1.6	%
iSolved, Inc.(6)	First lien senior secured loan	SR +	4.00%	10/2030	6,250	6,188		6,250		2.0	%
						10,868		11,000		3.6	%
Infrastructure and environmental services
Asplundh Tree Expert, LLC(5)	First lien senior secured loan	SR +	1.75%	09/2027	1,430	$	1,426	$	1,430	0.5	%
Madison IAQ, LLC(5)	First lien senior secured loan	SR +	3.25%	06/2028	8,355	8,200		8,317		2.7	%
Osmose Utilities Services, Inc.(5)	First lien senior secured loan	SR +	3.25%	06/2028	8,466	7,938		8,452		2.8	%
USIC Holdings, Inc.(6)	First lien senior secured loan	SR +	3.50%	05/2028	2,947	2,824		2,919		1.0	%
						20,388		21,118		7.0	%
Insurance
Acrisure, LLC(6)	First lien senior secured loan	SR +	4.50%	12/2030	9,222	$	8,876	$	9,229	3.0	%
AssuredPartners, Inc.(5)	First lien senior secured loan	SR +	3.75%	02/2027	7,705	7,568		7,718		2.6	%
Broadstreet Partners, Inc.(5)	First lien senior secured loan	SR +	3.00%	01/2027	2,067	2,050		2,067		0.7	%
Broadstreet Partners, Inc.(5)	First lien senior secured loan	SR +	3.75%	01/2029	5,993	5,950		6,002		2.0	%
Hub International(6)	First lien senior secured loan	SR +	4.25%	06/2030	7,980	7,903		8,010		2.6	%
Hyperion Refinance S.a.r.l (dba Howden Group)(6)	First lien senior secured loan	SR +	4.00%	04/2030	3,970	3,821		3,974		1.3	%
IMA Financial Group, Inc.(5)(8)	First lien senior secured loan	SR +	3.75%	11/2028	5,968	5,938		5,953		2.0	%
						42,106		42,953		14.2	%
Internet software and services
Aptean, Inc.(5)	First lien senior secured loan	SR +	4.25%	04/2026	2,136	$	2,128	$	2,129	0.7	%
Barracuda Parent, LLC(6)	First lien senior secured loan	SR +	4.50%	08/2029	10,494	10,095		10,219		3.4	%
Boxer Parent Company Inc.(5)	First lien senior secured loan	SR +	3.75%	10/2025	—	—		—		—	%
Cloud Software Group, Inc.(6)	First lien senior secured loan	SR +	4.50%	03/2029	4,987	4,764		4,862		1.6	%
DCert Buyer, Inc.(5)	First lien senior secured loan	SR +	4.00%	10/2026	7,206	7,171		7,131		2.4	%
Delta TopCo, Inc. (dba Infoblox, Inc.)(7)	First lien senior secured loan	SR +	3.75%	12/2027	13,147	12,393		13,114		4.3	%
Dun & Bradstreet Corporation, The(5)	First lien senior secured loan	SR +	2.75%	02/2026	995	995		996		0.3	%
E2open, LLC(5)	First lien senior secured loan	SR +	3.50%	02/2028	8,340	8,238		8,338		2.8	%

153


Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2023 (Amounts in thousands)
Company(1)(3)(4)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)		Fair Value		Percentage of Members’ Equity
Idera, Inc.(6)	First lien senior secured loan	SR +	3.75%	03/2028	6,518	6,360		6,476		2.1	%
Infinite Bidco LLC(6)	First lien senior secured loan	SR +	3.75%	03/2028	3,568	3,464		3,464		1.1	%
McAfee Corp.(5)	First lien senior secured loan	SR +	3.75%	03/2029	6,261	6,021		6,218		2.1	%
MeridianLink, Inc.(6)	First lien senior secured loan	SR +	3.00%	11/2028	7,475	7,445		7,467		2.5	%
Mitnick Corporate Purchaser, Inc.(6)	First lien senior secured loan	SR +	4.50%	05/2029	7,882	7,421		7,434		2.5	%
Perforce Software, Inc.(5)	First lien senior secured loan	SR +	3.75%	07/2026	4,964	4,765		4,902		1.6	%
Project Alpha Intermediate Holding, Inc.(5)	First lien senior secured loan	SR +	4.75%	10/2030	8,000	7,843		8,026		2.7	%
Project Sky Merger Sub, Inc.(6)	First lien senior secured loan	SR +	3.75%	10/2028	2,500	2,476		2,472		0.8	%
Quartz Acquireco, LLC (dba Qualtrics AcquireCo, LLC)(5)(8)	First lien senior secured loan	SR +	3.50%	06/2030	3,990	3,952		3,960		1.3	%
SONICWALL US Holdings, Inc.(6)	First lien senior secured loan	SR +	5.00%	05/2028	9,000	8,700		8,888		2.8	%
Sophos Holdings, LLC(5)	First lien senior secured loan	SR +	3.50%	03/2027	10,438	10,263		10,451		3.3	%
UST Holdings, Ltd.(5)(8)	First lien senior secured loan	SR +	3.50%	11/2028	8,538	8,515		8,389		2.8	%
Vertiv Group Corp.(5)	First lien senior secured loan	SR +	2.50%	03/2027	1,516	1,516		1,521		0.5	%
VS Buyer LLC(6)	First lien senior secured loan	SR +	3.25%	02/2027	2,969	2,969		2,973		1.0	%
						127,494		129,430		42.6	%
Investment funds and vehicle
Finco I, LLC(6)	First lien senior secured loan	SR +	3.00%	06/2029	3,982	$	3,971	$	3,994	1.3	%
						3,971		3,994		1.3	%
Leisure and entertainment
Delta 2 (Lux) SARL (dba Formula One)(6)	First lien senior secured loan	SR +	2.25%	01/2030	3,000	$	2,983	$	3,006	1.0	%
						2,983		3,006		1.0	%
Manufacturing
Altar Bidco, Inc.(7)	First lien senior secured loan	SR +	3.10%	02/2029	4,715	$	4,530	$	4,702	1.6	%
Columbus McKinnon Corp.(6)	First lien senior secured loan	SR +	2.75%	05/2028	463	460		463		0.2	%
DXP Enterprises, Inc.(7)(8)	First lien senior secured loan	SR +	4.75%	10/2030	10,408	10,254		10,382		3.4	%
EMRLD Borrower LP (dba Emerson Climate Technologies, Inc.)(5)	First lien senior secured loan	SR +	3.00%	05/2030	9,345	9,257		9,372		3.1	%
Engineered Machinery Holdings, Inc. (dba Duravant)(6)	First lien senior secured loan	SR +	3.50%	05/2028	7,538	7,485		7,474		2.5	%
Entegris, Inc.(5)	First lien senior secured loan	SR +	2.50%	07/2029	1,620	1,620		1,625		0.5	%
Filtration Group Corporation(5)	First lien senior secured loan	SR +	4.25%	10/2028	3,970	3,933		3,983		1.3	%
Gates Global LLC(5)	First lien senior secured loan	SR +	3.00%	11/2029	2,972	2,920		2,979		1.0	%
Pro Mach Group, Inc.(5)	First lien senior secured loan	SR +	4.00%	08/2028	10,440	10,214		10,460		3.3	%
Pro Mach Group, Inc.(5)(8)	First lien senior secured loan	SR +	5.00%	08/2028	3,980	3,807		4,000		1.3	%
Refficiency Holdings, LLC (dba Legence)(5)	First lien senior secured loan	SR +	3.50%	12/2027	7,574	7,541		7,572		2.4	%
Summit Materials, LLC(6)	First lien senior secured loan	SR +	2.50%	11/2028	4,339	4,328		4,352		1.4	%
Watlow Electric Manufacturing Company(6)	First lien senior secured loan	SR +	3.75%	03/2028	10,558	10,433		10,541		3.5	%
						76,782		77,905		25.5	%
Pharmaceuticals
Fortrea Holdings Inc.(5)	First lien senior secured loan	SR +	3.75%	07/2030	3,399	$	3,371	$	3,394	1.1	%
						3,371		3,394		1.1	%
Professional services
Apex Group Treasury, LLC(6)(8)	First lien senior secured loan	SR +	3.75%	07/2028	4,888	$	4,727	$	4,863	1.6	%
Apex Group Treasury, LLC(6)(8)	First lien senior secured loan	SR +	5.00%	07/2028	7,232	7,011		7,232		2.4	%
Arsenal AIC Parent, LLC (dba Arconic)(5)	First lien senior secured loan	SR +	4.50%	08/2030	4,738	4,708		4,751		1.6	%
Camelot U.S. Acquisition 1 Co.(5)	First lien senior secured loan	SR +	3.00%	10/2026	2,943	2,930		2,946		1.0	%
Corporation Service Company(5)	First lien senior secured loan	SR +	3.25%	11/2029	1,787	1,783		1,790		0.6	%
Element Solutions, Inc.(6)(8)	First lien senior secured loan	SR +	2.00%	12/2030	4,811	4,799		4,799		1.6	%
EM Midco2 Ltd. (dba Element Materials Technology)(6)	First lien senior secured loan	SR +	4.25%	06/2029	9,014	8,911		8,913		2.9	%
Genuine Financial Holdings, LLC(5)	First lien senior secured loan	SR +	4.00%	09/2030	7,220	7,115		7,189		2.4	%
Omnia Partners, LLC(6)	First lien senior secured loan	SR +	4.25%	07/2030	6,594	6,576		6,631		2.2	%

154


Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2023 (Amounts in thousands)
Company(1)(3)(4)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)		Fair Value		Percentage of Members’ Equity
Omnia Partners, LLC(6)(9)(10)	First lien senior secured delayed draw term loan	SR +	4.25%	01/2024	—	(2)		—		—	%
Red Ventures, LLC(6)	First lien senior secured loan	SR +	3.00%	03/2030	3,970	3,933		3,955		1.2	%
Skopima Merger Sub Inc.(5)	First lien senior secured loan	SR +	4.00%	05/2028	5,716	5,477		5,687		1.9	%
Sovos Compliance, LLC(5)	First lien senior secured loan	SR +	4.50%	08/2028	10,440	10,144		10,297		3.4	%
Vistage Worldwide, Inc.(6)(8)	First lien senior secured loan	SR +	5.25%	07/2029	9,776	9,636		9,752		3.2	%
						77,748		78,805		26.0	%
Specialty retail
Pilot Travel Centers LLC(5)	First lien senior secured loan	SR +	2.00%	08/2028	796	$	791	$	798	0.3	%
						791		798		0.3	%
Telecommunications
Cable One, Inc.(5)	First lien senior secured loan	SR +	2.00%	05/2028	3,274	$	3,268	$	3,255	1.1	%
Ciena Corp.(5)	First lien senior secured loan	SR +	2.00%	10/2030	3,990	3,978		3,997		1.2	%
Cogeco Communications (USA) II L.P.(5)	First lien senior secured loan	SR +	2.50%	09/2028	2,974	2,961		2,919		1.0	%
Park Place Technologies, LLC(5)	First lien senior secured loan	SR +	5.00%	11/2027	9,662	9,253		9,597		3.2	%
Zayo Group Holdings, Inc.(5)	First lien senior secured loan	SR +	4.25%	03/2027	9,825	8,506		8,404		2.8	%
						27,966		28,172		9.3	%
Transportation
Echo Global Logistics, Inc.(5)	First lien senior secured loan	SR +	3.50%	11/2028	1,138	$	1,118	$	1,111	0.4	%
KKR Apple Bidco, LLC(6)	First lien senior secured loan	SR +	3.50%	09/2028	2,055	2,051		2,061		0.7	%
Safe Fleet Holdings, LLC(5)	First lien senior secured loan	SR +	3.75%	02/2029	3,965	3,924		3,971		1.3	%
Uber Technologies, Inc.(6)	First lien senior secured loan	SR +	2.75%	03/2030	3,164	3,156		3,171		1.0	%
						10,249		10,314		3.4	%
Total Debt Investments						$	1,133,987	$	1,147,314	378.2	%
Total Investments						$	1,133,987	$	1,147,314	378.2	%

(1)Unless otherwise indicated, OCIC ~~SLF's~~SLF’s investments are pledged as collateral supporting the amounts outstanding under OCIC ~~SLF's~~SLF’s SPV Asset Facilities.

3.(2)The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

4.(3)Unless otherwise indicated, all investments are considered Level 32 investments.

6.~~The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2022 was 4.39%.~~

7.~~The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2022 was 4.77%.~~

8.(5)The interest rate on these loans is subject to 1 month SOFR, which as of December 31, ~~2022~~2023 was ~~4.36%~~5.35%.

9.(6)The interest rate on these loans is subject to 3 month SOFR, which as of December 31, ~~2022~~2023 was ~~4.59%~~5.33%.

~~10.~~(7)The interest rate on these loans is subject to 6 month SOFR, which as of December 31, ~~2022~~2023 was ~~4.78%~~5.16%.

~~11.~~(8)Level 23 investment.

~~12.~~(9)Position or portion thereof is an unfunded loan commitment.

155

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

~~132~~


($ in thousands)	March 31, 2024		December 31, 2023
Assets
Investments at fair value (amortized cost of $1,483,924 and $1,133,987, respectively)	$	1,494,749	$	1,147,314
Cash	167,023		102,559
Interest receivable	5,699		4,160
Receivable due on investments sold	39,231		14,593


Total Assets	$	1,706,702	$	1,268,626
Liabilities
Debt (net of unamortized debt issuance costs of $10,421 and $8,292, respectively)	$	1,121,775	$	861,928
Payable for investments purchased	196,697		73,821
Interest payable	25,500		10,260

Distribution payable	11,905		9,546
Accrued expenses and other liabilities	1,041		567
Total Liabilities	$	1,356,918	$	956,122

Members’ Equity
Members’ Equity	349,784		312,504
Total Members’ Equity	349,784		312,504
Total Liabilities and Members’ Equity	$	1,706,702	$	1,268,626

($ in thousands) June 30, 2023
(Unaudited) December 31, 2022
Assets
Investments at fair value (amortized cost of $786,298 and $507,996, respectively) $ 789,823 $ 506,202
Cash 17,288 15,237
Interest receivable 2,373 2,202
Receivable due on investments sold — 4,622
Prepaid expenses and other assets 1 151
Total Assets $ 809,485 $ 528,414
Liabilities
Debt (net of unamortized debt issuance costs of $4,082 and $3,509, respectively) $ 499,139 $ 343,035
Payable for investments purchased 40,460 13,958
Interest payable 1,417 1,522
Return of capital payable — 4,489
Distribution payable 9,455 3,624
Accrued expenses and other liabilities 466 1,337
Total Liabilities $ 550,937 $ 367,965
Members’ Equity
Members’ Equity 258,548 160,449
Total Members’ Equity 258,548 160,449
Total Liabilities and Members’ Equity $ 809,485 $ 528,414

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

($ in thousands) For the Three Months Ended June 30, 2023 (Unaudited) For the Six Months Ended June 30, 2023 (Unaudited)
Investment Income
Interest income $ 17,609 $ 30,790
Total Investment Income 17,609 30,790
Operating Expenses
Interest expense $ 7,824 $ 13,718
Professional fees 170 360
Other general and administrative 146 275
Total Operating Expenses 8,140 14,353
Net Investment Income $ 9,469 $ 16,437
Net Realized and Change in Unrealized Gain (Loss) on Investments
Net change in unrealized gain (loss) on investments 1,656 5,319
Net realized gain (loss) on investments 2 16
Total Net Realized and Change in Unrealized Gain (Loss) on Investments 1,658 5,335
Net Increase in Members’ Equity Resulting from Operations $ 11,127 $ 21,772


	For the Three Months Ended March 31,
	2024		2023
Investment Income
Interest income	$	31,768	$	13,181

Total Investment Income	31,768		13,181
Operating Expenses
Interest expense	19,305		5,894
Professional fees	130		190
Other general and administrative	303		129
Total Operating Expenses	19,738		6,213
Net Investment Income	$	12,030	$	6,968
Net Realized and Change in Unrealized Gain (Loss) on Investments
Net change in unrealized gain (loss) on investments	(2,502)		3,663
Net realized gain (loss) on investments	(343)		14
Total Net Realized and Change in Unrealized Gain (Loss) on Investments	(2,845)		3,677
Net Increase in Members’ Equity Resulting from Operations	$	9,185	$	10,645

Bank of America Facility

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

156

On August 8, 2023, OCIC JV WH IV Ltd., an exempt company based in the Cayman Islands and wholly-owned subsidiary of OCIC SLF, joined into the Bank of America Facility. The maturity date of the credit facility is August 25, 2025. In connection with the takeout of the Wise CLO 2024-1 CLO, certain of the assets held by OCIC JV WH IV Ltd. were transferred via a master participation agreement to OCIC JV WH VI Ltd.

On December 28, 2023, OCIC JV WH VI Ltd., an exempt company based in the Cayman Islands and wholly-owned subsidiary of OCIC SLF, joined into the Bank of America Facility. The maturity date of the credit facility is August 25, 2025. As of ~~June 30, 2023,~~March 31, 2024, there was ~~$343.6~~$23.1 million outstanding under the ~~credit facility.~~ Bank of America Facility.

RBC Facility

On October 14, 2022, ORCIC JV WH II LLC, a Delaware limited liability company and wholly-owned subsidiary of OCIC SLF, entered into an up to $500 million revolving loan facility among the lenders party thereto, and Royal Bank of ~~Canada.~~Canada (the “RBC Facility”). The maturity date of the credit facility is October 14, 2032. In connection with the takeout of the Wise CLO 2023-2 CLO, certain of the assets held by ORCIC JV WH II LLC were transferred via a master participation agreement to OCIC JV WH V Ltd.

On November 10, 2023, OCIC JV WH V Ltd., a Delaware limited liability company and wholly-owned subsidiary of OCIC SLF, joined into the RBC Facility. The maturity date of the credit facility is October 14, 2032. As of ~~June 30, 2023,~~March 31, 2024, there ~~was $159.6 million~~were no outstanding borrowings under the ~~credit facility.~~ RBC Facility.

Wells Fargo Facility

On June 30, 2023, ORCIC JV WH III LLC, a Delaware limited liability company and wholly-owned subsidiary of OCIC SLF, entered into an up to $200 million revolving loan facility among the lenders party thereto, and Wells Fargo Bank, N.A. (the “Wells Fargo Facility”). The maturity date of the credit facility is June 30, 2026. As of ~~June~~March 31, 2024, there was $109.1 million outstanding under the Wells Fargo Facility.

Wise CLO 2023-1

On September 21, 2023, ORCIC JV WH LLC merged with Wise CLO 2023-1 Ltd., a private company incorporated and existing under the laws of Jersey, with Wise CLO 2023-1 Ltd. as the surviving entity. The merger was undertaken in order for Wise CLO 2023-1 Ltd. to act as the issuer in a collateralized loan obligation transaction (the “Wise CLO 2023-1”) using the financial assets previously acquired by it as the collateral underpinning the Wise 1 CLO transaction. On September 21, 2023, Wise CLO 2023-1 Ltd., as issuer, and Wise CLO 2023-1 LLC, a Delaware limited liability company and wholly-owned subsidiary of Wise CLO 2023-1 Ltd., as co-issuer, closed the Wise CLO 2023-1 transaction and issued $195.0 million of Class A Notes, $46.3 million of Class B-1 Notes, $14.5 million of Class B-2 Notes, $29.3 million of Class C Notes, and $97.0 million of Subordinated Notes pursuant to an Indenture dated September 21, 2023 among Wise CLO 2023-1 Ltd., as issuer, Wise CLO 2023-1 LLC, as co-issuer, and U.S. Bank Trust Company, National Association as trustee. Additionally, Wise CLO 2023-1 Ltd. and Wise CLO 2023-1 LLC incurred $75.0 million in Class A Loans pursuant to a Credit Agreement dated September 21, 2023 among Wise CLO 2023-1 Ltd., as issuer, Wise CLO 2023-1 LLC, as co-issuer, the lenders party thereto and U.S. Bank Trust Company, National Association as loan agent and collateral trustee. The notes issued and loans incurred as part of the Wise CLO 1 transaction have a stated maturity of October 2036.

Wise CLO 2023-2

On October 30, 2023, ~~there were no outstanding borrowings~~ORCIC JV WH II LLC migrated as a company incorporated in the State of Delaware to a private company incorporated and existing under the ~~credit facility.~~laws of Jersey. As part of the migration, ORCIC JV WH II LLC was renamed to Wise CLO 2023-2 Ltd. The migration and renaming was undertaken in order for ORCIC JV WH II LLC (now Wise CLO 2023-2 Ltd.) to act as the issuer in a collateralized loan obligation transaction (the “Wise CLO 2023-2”) using the financial assets previously acquired by it as the collateral underpinning the Wise CLO 2023-2 transaction. On December 13, 2023, Wise CLO 2023-2 Ltd., as issuer, and Wise CLO 2023-2 LLC, a Delaware limited liability company and wholly-owned subsidiary of Wise CLO 2023-2 Ltd., as co-issuer, closed the Wise CLO 2023-2 transaction and issued $240.0 million of Class A Notes, $41.0 million of Class B-1 Notes, $15.0 million of Class B-2 Notes, $24.0 million of Class C Notes, and $84.5 million of Subordinated Notes pursuant to an Indenture dated December 13, 2023 among Wise CLO 2023-2 Ltd., as issuer, Wise CLO 2023-1 LLC, as co-issuer, and U.S. Bank Trust Company, National Association as trustee. The notes issued as part of the Wise CLO 2023-2 transaction have a stated maturity of January 2037.

Wise CLO 2024-1

On July 27, 2023, OCIC JV WH IV Ltd. was incorporated as a company under the laws of the Cayman Islands. On January 19, 2024, changed its name from OCIC JV WH IV Ltd. to Wise CLO 2024-1 Ltd.. The renaming was undertaken in order for OCIC JV WH IV Ltd. (now Wise CLO 2024-1 Ltd.) to act as the issuer in a collateralized loan obligation transaction (the “Wise CLO 2024-1”) using the financial assets previously acquired by it as the collateral underpinning the Wise CLO 2024-1 transaction. On March 7, 2024, Wise CLO 2024-1 Ltd., as issuer, and Wise CLO 2024-1 LLC, a Delaware limited liability company and wholly-owned

157

subsidiary of Wise CLO 2024-1 Ltd., as co-issuer, closed the Wise CLO 2024-1 transaction and issued $240.0 million of Class A Notes, $55.0 million of Class B-1 Notes, $5.0 million of Class B-2 Notes, $20.0 million of Class C Notes, and $88.7 million of Subordinated Notes pursuant to an Indenture dated March 7, 2024 among Wise CLO 2024-1 Ltd., as issuer, Wise CLO 2024-1 LLC, as co-issuer, and U.S. Bank Trust Company, National Association as trustee. The notes issued as part of the Wise CLO 2024-1 transaction have a stated maturity of April 2037.

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

~~133~~

($ in thousands) For the Three Months Ended June 30, 2023 (Unaudited) For the Six Months Ended June 30, 2023 (Unaudited)
Interest expense $ 7,584 $ 13,241
Amortization of debt issuance costs 240 477
Total Interest Expense $ 7,824 $ 13,718
Average interest rate(1)
6.7 % 6.5 %
Average daily borrowings $ 456,307 $ 412,160

~~(1)Average interest rate is annualized.~~



	For the Three Months Ended March 31,
($ in thousands)	2024			2023
Interest expense	$	18,808		$	5,657
Amortization of debt issuance costs	497			237

Total Interest Expense	$	19,305		$	5,894
Average interest rate	7.8		%	6.2		%
Average daily borrowings	$	983,856		$	367,522

Results of Operations

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


		For the Three Months Ended June 30,				For the Six Months Ended June 30,
		For the Three Months Ended March 31,
		For the Three Months Ended March 31,
		For the Three Months Ended March 31,
($ in thousands)
($ in thousands)
($ in thousands)	($ in thousands)	2023		2022		2023		2022
Total Investment Income	Total Investment Income	$	364,195	$	128,921	$	669,607	$	199,066
Less: Net Operating Expenses		171,195		59,848		310,937		87,402
Total Investment Income
Total Investment Income
Less: Operating Expenses
Less: Operating Expenses
Less: Operating Expenses
Net Investment Income (Loss) Before Taxes
Net Investment Income (Loss) Before Taxes
Net Investment Income (Loss) Before Taxes	Net Investment Income (Loss) Before Taxes	193,000		69,073		358,670		111,664
Less: Income taxes, including excise taxes	Less: Income taxes, including excise taxes	1,407		—		1,502		—
Less: Income taxes, including excise taxes
Less: Income taxes, including excise taxes
Net Investment Income (Loss) After Taxes
Net Investment Income (Loss) After Taxes
Net Investment Income (Loss) After Taxes	Net Investment Income (Loss) After Taxes	191,593		69,073		357,168		111,664
Net realized gain (loss)	Net realized gain (loss)	(2,661)		131		(7,238)		568
Net realized gain (loss)
Net realized gain (loss)
Net change in unrealized gain (loss)
Net change in unrealized gain (loss)
Net change in unrealized gain (loss)	Net change in unrealized gain (loss)	14,223		(168,930)		78,258		(192,387)
Net Increase (Decrease) in Net Assets Resulting from Operations	Net Increase (Decrease) in Net Assets Resulting from Operations	$	203,155	$	(99,726)	$	428,188	$	(80,155)
Net Increase (Decrease) in Net Assets Resulting from Operations
Net Increase (Decrease) in Net Assets Resulting from Operations

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including the level of new investment commitments, expenses, the recognition of realized gains and losses and changes in unrealized appreciation and ~~deprecation~~depreciation on the investment portfolio. For the three months ended March 31, 2024, our net asset value per share increased, primarily driven by earnings in excess of dividends paid. For the three months ended March 31, 2023, our net asset value per share increased, primarily driven by market spreads tightening.

~~134~~

Investment Income

The following table represents investment income for the following periods:


		For the Three Months Ended March 31,
		For the Three Months Ended March 31,
		For the Three Months Ended March 31,
($ in thousands)
($ in thousands)
($ in thousands)
Investment income
Investment income
Investment income
Interest income
Interest income
Interest income
PIK interest income
PIK interest income
PIK interest income
Dividend income
Dividend income
Dividend income
PIK dividend income
PIK dividend income
PIK dividend income
Other income
Other income
Other income

		For the Three Months Ended June 30,				For the Six Months Ended June 30,
($ in thousands)		2023		2022		2023		2022
Investment income from non-controlled, non-affiliated investments:
Interest income		$	310,981	$	110,034	$	574,243	$	170,448
PIK interest income		17,885		7,195		32,962		12,171
Dividend income		4,132		—		4,132		—
PIK dividend income		16,432		5,777		34,402		8,663
Other income		4,411		5,915		7,417		7,784
Total investment income from non-controlled, non-affiliated investments		353,841		128,921		653,156		199,066
Investment income from non-controlled, affiliated investments:

Dividend income		333		—		333		—

Total investment income from non-controlled, affiliated investments		333		—		333		—
Investment income from controlled, affiliated investments:

Dividend income		10,021		—		16,118		—

Total investment income from controlled, affiliated investments		10,021		—		16,118		—

Total Investment Income	Total Investment Income	$	364,195	$	128,921	$	669,607	$	199,066

Total Investment Income

Total Investment Income

158

For the Three Months ended ~~June 30,~~March 31, 2024 and 2023 ~~and 2022~~

Investment income increased to ~~$364.2~~$528.2 million for the three months ended ~~June 30, 2023~~March 31, 2024 from ~~$128.9~~$305.4 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 ~~$8.2~~$10.74 billion as of ~~June 30, 2022~~March 31, 2023 to ~~$12.1~~$17.64 billion as of ~~June 30, 2023.~~March 31, 2024. Included in interest income are other fees such as prepayment fees and accelerated amortization of upfront fees from unscheduled ~~paydowns.~~paydowns which are non-recurring in nature. Income generated from these fees was ~~$1.5~~$13.2 million for the three months ended ~~June 30, 2023~~March 31, 2024 and ~~$0.2~~$0.1 million for the three months ended June 30, 2022. While these fees are non-recurring in nature, we expect repayments to increase when the interest rate environment stabilizes. PIK interest and dividend income increased period-over-period primarily as a result of adding new investments with contractual PIK income to our portfolio.March 31, 2023. For the three months ended ~~June 30, 2023,~~March 31, 2024, PIK interest and PIK dividend income earned was ~~$34.3~~$27.6 million ~~representing~~and $17.2 million, respectively. PIK interest and PIK dividend income represented approximately ~~9.4%~~5.2% and 3.3% of total investment ~~income.~~income for the three months ended March 31, 2024, respectively. For the three months ended ~~June 30, 2022,~~March 31, 2023, PIK interest and PIK dividend income earned was ~~$13.0~~$15.1 million ~~representing 10.1%~~and $17.9 million, respectively. PIK interest and PIK dividend income represented approximately 4.9% and 5.9% of total investment ~~income.~~income for the three months ended March 31, 2023, respectively. Other income increased period-over-period due to an increase in incremental fee income, which are fees that are generally available to us as a result of closing investments and generally paid at the time of ~~closing.~~closing or as a result of episodic amendments made to the terms of our existing debt investments. We expect that investment income will vary based on a variety of factors including the pace of our originations and repayments.

~~For the Six Months ended June 30, 2023 and 2022~~

Investment income increased to $669.6 million for the six months ended June 30, 2023 from $199.1 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 $8.2 billion as of June 30, 2022 to $12.1 billion as of June 30, 2023. Included in interest income are other fees such as prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns. Income generated from these fees was $1.6 million for the six months ended June 30, 2023 and $0.6 million for the six months ended June 30, 2022. While these fees are non-recurring in nature, we expect repayments to increase when the interest rate environment stabilizes. PIK interest and dividend income increased period-over-period primarily as a result of adding new investments with contractual PIK income to our portfolio. For the six months ended June 30, 2023, PIK interest and dividend income earned was $67.4 million, representing approximately 10.1% of total investment income. For the six months ended June 30, 2022, PIK interest and dividend income earned was $20.8 million, representing 10.4% of total investment income. Other income increased period-over-period due to an increase in incremental fee income, which are fees that are generally available to us as a result of closing investments and generally paid at the time of closing. We expect that investment income will vary based on a variety of factors including the pace of our originations and repayments.

~~135~~

Expenses

The following table represents expenses for the following periods:


		For the Three Months Ended June 30,				For the Six Months Ended June 30,
		For the Three Months Ended March 31,
		For the Three Months Ended March 31,
		For the Three Months Ended March 31,
($ in thousands)
($ in thousands)
($ in thousands)	($ in thousands)	2023		2022		2023		2022

Offering costs	Offering costs	$	324	$	1,179	$	937	$	2,350

Offering costs

Offering costs
Interest expense
Interest expense
Interest expense	Interest expense	114,551		36,110		204,146		51,481
Management fees	Management fees	18,855		9,348		35,796		14,898
Management fees
Management fees
Performance based incentive fees
Performance based incentive fees
Performance based incentive fees	Performance based incentive fees	27,571		9,483		51,247		14,347
Professional fees	Professional fees	3,146		2,053		5,914		3,334
Directors' fees		259		267		524		549
Professional fees
Professional fees
Directors’ fees
Directors’ fees
Directors’ fees
Shareholder servicing fees
Shareholder servicing fees
Shareholder servicing fees	Shareholder servicing fees	4,893		2,924		9,220		4,886
Other general and administrative	Other general and administrative	1,596		1,197		3,153		2,332
Other general and administrative
Other general and administrative
Total operating expenses
Total operating expenses
Total operating expenses	Total operating expenses	171,195		62,561		310,937		94,177

Expense Support		—		(2,713)		—		(6,775)

Net operating expenses		$	171,195	$	59,848	$	310,937	$	87,402

For the Three Months ~~ended June 30,~~March 31, 2024 and 2023 ~~and 2022~~

Total ~~net~~ operating expenses increased to ~~$171.2~~$253.2 million for the three months ended ~~June 30, 2023~~March 31, 2024 from ~~$59.8~~$139.7 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.~~income earned during the three months ended March 31, 2024 compared to the three months ended March 31, 2023. The increase in interest expense was driven by an increase in average daily borrowings to ~~$6.2~~$8.26 billion from ~~$3.3~~$5.58 billion period over period, as well as an increase in the average interest rate to ~~6.9%~~7.6% from ~~3.9%~~6.2% period over period. As a percentage of total assets, professional fees, directors’ fees and other general and administrative expenses remained relatively consistent period over period.

~~For the Six Months ended June 30, 2023 and 2022~~

Total net operating expenses increased to $310.9 million for the six months ended June 30, 2023 from $87.4 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. The increase in interest expense was driven by an increase in average daily borrowings to $5.9 billion from $2.6 billion period over period, as well as an increase in the average interest rate to 6.6% from 3.6% period over period. As a percentage of total assets, professional fees, directors’ fees and other general and administrative expenses remained relatively consistent period over period.

Income Taxes, Including Excise Taxes

We have elected to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, we must, among other things, distribute to our shareholders in each taxable year generally at least 90% of our investment company taxable income, as defined by the Code, and net tax-exempt income for that taxable year. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our shareholders, which generally relieves us from U.S. federal income taxes as corporate tax rates.

Depending on the level of taxable income earned in a tax year, we can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, we will accrue excise tax on estimated excess taxable income.

For the three and six months ended June 30, 2023 we accrued U.S. federal excise tax of $1.4 million and $1.5 million, respectively. For the three and six months ended June 30, 2022 we did not accrue U.S. federal excise tax.

~~136~~159

For the three months ended March 31, 2024, and 2023 we recorded U.S. federal excise tax of $0.8 million, and $0.1 million, respectively.

Certain of ~~our~~the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the three ~~and six~~ months ended ~~June 30, 2023 we~~March 31, 2024 the Company recorded a net tax benefit of approximately ~~$1.2~~$9 thousand ~~and $2.3 thousand, respectively,~~ for taxable subsidiaries. ~~For the three and six months ended June 30, 2022, we~~The Company did not record a ~~net-tax~~net tax benefit ~~(provision).~~for taxable subsidiaries as of March 31, 2023.

WeThe Company recorded a net deferred tax liability of ~~$5.0~~$7 thousand as of ~~June 30, 2023~~March 31, 2024 for taxable subsidiaries, which is significantly related to GAAP to tax outside basis differences in the taxable ~~subsidiaries'~~subsidiaries’ investment in certain partnership interests. WeThe Company did not record a net deferred tax asset (liability) for tax subsidiaries as of ~~December~~March 31, ~~2022.~~2023.

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 June 30,				For the Six Months Ended June 30,
		For the Three Months Ended March 31,
		For the Three Months Ended March 31,
		For the Three Months Ended March 31,
($ in thousands)
($ in thousands)
($ in thousands)	($ in thousands)	2023		2022		2023		2022
Net change in unrealized gain (loss):	Net change in unrealized gain (loss):
Net change in unrealized gain (loss) on investments		$	14,014	$	(168,229)	$	77,918	$	(191,514)
Net change in unrealized gain (loss):
Net change in unrealized gain (loss):

Non-controlled, non-affiliated investments

Non-controlled, non-affiliated investments

Non-controlled, non-affiliated investments
Non-controlled, affiliated investments
Non-controlled, affiliated investments
Non-controlled, affiliated investments
Controlled, affiliated investments
Controlled, affiliated investments
Controlled, affiliated investments
Translation of assets and liabilities in foreign currencies
Translation of assets and liabilities in foreign currencies
Translation of assets and liabilities in foreign currencies	Translation of assets and liabilities in foreign currencies	209		(701)		347		(873)
Income tax (provision) benefit	Income tax (provision) benefit	—		—		(7)		—
Income tax (provision) benefit
Income tax (provision) benefit
Net change in unrealized gain (loss)	Net change in unrealized gain (loss)	$	14,223	$	(168,930)	$	78,258	$	(192,387)
Net change in unrealized gain (loss)
Net change in unrealized gain (loss)

For the Three Months ended ~~June 30,~~March 31, 2024 and 2023 ~~and 2022~~

For the three months ended ~~June 30, 2023,~~March 31, 2024, the net unrealized gain was primarily driven by an increase in the fair value of our debt investments as compared to ~~March~~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 ~~June 30, 2023~~March 31, 2024 consisted of the following:


Portfolio Company ($ in millions)	Net Change in Unrealized Gain (Loss)
~~Packers Holdings,~~Physician Partners, LLC	$	~~(4.8)~~(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)	~~(4.4)~~2.4
~~Rhea Parent, Inc.~~The Shade Store, LLC	~~3.9~~1.9
~~Picard Holdco, Inc.~~	~~(3.8)~~
~~Delta TopCo, Inc. (dba Infoblox, Inc.)~~	~~3.0~~
~~Covetrus, Inc.~~	~~(2.6)~~
~~CoreLogic Inc.~~	~~2.6~~
~~Olaplex, Inc.~~	~~2.1~~
~~Asurion, LLC~~	~~2.0~~
~~Foundation Consumer Brands, LLC~~	~~1.8~~
Remaining portfolio companies	~~14.2~~39.4
Total	$	~~14.0~~1.9

160

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

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

The ten largest contributors to the change in net unrealized gain (loss) on investments during the three months ended ~~June 30, 2022~~March 31, 2023 consisted of the following:

~~137~~


Portfolio Company ($ in millions)	Net Change in Unrealized Gain (Loss)
Asurion, LLC	~~(18.9)~~
~~Athenahealth Group Inc.~~	~~(9.5)~~
~~Dealer Tire, LLC~~	~~(6.8)~~
~~Cornerstone OnDemand, Inc.~~	~~(6.6)~~
~~CoreLogic Inc.~~	~~(6.0)~~
~~Delta TopCo, Inc. (dba Infoblox, Inc.)~~	~~(4.5)~~
~~Phoenix Newco, Inc. (dba Parexel)~~	~~(4.3)~~
~~Help/Systems Holdings, Inc.~~	~~(4.3)~~
~~Connectwise, LLC~~	~~(3.6)~~
~~Shearer's Foods, LLC~~	~~(3.1)~~
~~Remaining portfolio companies~~	~~(100.6)~~
~~Total~~	$	~~(168.2)~~7.8

For the six months ended June 30, 2023, the net unrealized gain was primarily driven by an increase in the fair value of our investments as compared to December 31, 2022. The primary drivers of our portfolio’s unrealized gains were current market conditions including credit spreads tightening across the broader markets.

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


~~Portfolio~~Walker Edison Furniture Company ~~($ in millions)~~	Net Change in Unrealized Gain (Loss)
~~Asurion,~~ LLC	~~9.8~~4.7
OCIC SLF LLC (fka Blue Owl Credit Income Senior Loan Fund ~~LLC (f/k/a ORCIC Senior Loan Fund,~~ LLC)(1)	3.2		~~4.7~~
~~Walker Edison Furniture Company~~Power Stop, LLC	~~4.5~~ (2.9)
~~Rhea Parent, Inc.~~	~~4.4~~
~~Aruba Investments Holdings LLC (dba Angus Chemical Company)~~	~~(4.3)~~
~~Athenahealth Group Inc.~~	~~3.9~~
~~Packers Holdings, LLC~~	~~(3.7)~~
~~Picard Holdco, Inc.~~	~~(3.7)~~
Dealer Tire, LLC	~~3.5~~2.6
~~CoreLogic~~Hyperion Refinance S.a.r.l (dba Howden Group)	2.5
Olaplex, Inc.	~~3.3~~ (2.4)
~~Remaining portfolio companies~~Associations, Inc.	~~55.5~~2.4
~~Total~~	$	~~77.9~~

For the six months ended June 30, 2022, the net unrealized loss was primarily driven by a decrease in the fair value of our investments as compared to December 31, 2021. The primary drivers of our portfolio’s unrealized losses were current market conditions, including public market volatility, and credit spreads widening across the broader markets as compared to December 31, 2021.

~~The ten largest contributors to the change in net unrealized gain (loss) on investments during the six months ended June 30, 2022 consisted of the following:~~

~~138~~


Portfolio Company ($ in millions)	~~Net Change in Unrealized Gain (Loss)~~
~~Asurion, LLC~~	$	~~(20.3)~~
Athenahealth Group Inc.	~~(9.9)~~2.2
~~Cornerstone OnDemand, Inc.~~	~~(7.2)~~
~~Dealer Tire,~~Muine Gall, LLC	~~(6.7)~~2.0
~~CoreLogic Inc.~~	~~(6.4)~~
~~Phoenix Newco, Inc. (dba Parexel)~~	~~(5.2)~~
~~Help/Systems Holdings, Inc.~~	~~(4.9)~~
~~Shearer's Foods, LLC~~	~~(4.6)~~
~~Delta TopCo, Inc. (dba Infoblox, Inc.)~~	~~(4.5)~~
~~Connectwise, LLC~~	~~(4.0)~~
Remaining portfolio companies	~~(117.8)~~41.8
Total	$	~~(191.5)~~63.9

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

Net Realized Gains (Losses)

The table below represents the realized gains and losses on fully exited and partially exited portfolio companies during the following periods:


		For the Three Months Ended June 30,				For the For the Six Months Ended June 30,
		For the Three Months Ended March 31,
		For the Three Months Ended March 31,
		For the Three Months Ended March 31,
($ in thousands)
($ in thousands)
($ in thousands)	($ in thousands)	2023		2022		2023		2022
Net realized gain (loss) on investments	Net realized gain (loss) on investments	$	(2,601)	$	109	$	(7,178)	$	359
Net realized gain (loss) on investments
Net realized gain (loss) on investments
Net realized gain (loss) on foreign currency transactions
Net realized gain (loss) on foreign currency transactions
Net realized gain (loss) on foreign currency transactions	Net realized gain (loss) on foreign currency transactions	(60)		22		(60)		209
Net realized gain (loss)	Net realized gain (loss)	$	(2,661)	$	131	$	(7,238)	$	568
Net realized gain (loss)
Net realized gain (loss)

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.

161

As of ~~June 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, our asset coverage ratios were ~~198%~~208% and ~~193%~~209%, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation to cover any outstanding unfunded commitments we are required to fund.

Cash as of ~~June 30, 2023,~~March 31, 2024, taken together with our available debt, is expected to be sufficient for our investing activities and to conduct our operations in the near term. As of ~~June 30, 2023~~March 31, 2024 we had ~~$1.7~~$2.06 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

~~139~~

liquidity and sources of capital are adequate to satisfy our short and long-term cash requirements. We cannot, however, be certain that these sources of funds will be available at a time and upon terms acceptable to us in sufficient amounts in the future.

As of ~~June 30, 2023,~~March 31, 2024, we had ~~$364.2~~$663.0 million in cash. During the three months ended ~~June 30, 2023,~~March 31, 2024, we used ~~$2.0~~$1.91 billion in cash for operating activities, primarily as a result of funding portfolio investments of ~~$2.5~~$3.04 billion, partially offset by sales and repayments of portfolio investments of ~~$0.3~~$0.78 billion and other operating activities of ~~$267.4 million.~~$0.35 billion. Lastly, cash provided by financing activities was ~~$2.1~~$2.16 billion during the period, which was the result of proceeds from net borrowings on our credit facilities, net of debt issuance costs, of ~~$1.1~~$1.10 billion, and proceeds from the issuance of shares of ~~$1.4~~$1.30 billion, partially offset by ~~$166.6~~$131.0 million of distributions paid and share repurchases of ~~$203.9~~$114.0 million.

Net Assets

Share Issuances

In connection with our formation, we had the authority to issue 3,000,000,000 common shares at $0.01 per share par value, 1,000,000,000 of which are classified as Class S common shares, 1,000,000,000 of which are classified as Class D common shares, and 1,000,000,000 of which are classified as Class I common shares. Pursuant to our ~~Registration Statement on Form N-2 (File No. 333-249525),~~initial public offering we ~~registered~~offered $2,500,000,000 in any combination of shares of Class S, Class D, and Class I common stock ~~at initial~~and pursuant to our follow-on offering we are currently offering $13,500,000,000 in any combination of shares of Class S, Class D and Class I common stock.

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 ~~offering prices of $10.35 per share, $10.15 per share, and $10.00 per share, respectively.~~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.

~~On September 30, 2020, we issued 100 common shares for $1,000 to the Adviser. We received $1,000 in cash from the Adviser on October 15, 2020.~~

On October 15, 2020, we received a subscription agreement totaling $25 million for the purchase of shares of Class I common stock from Owl Rock Feeder FIC ORCIC Equity LLC (“Feeder FIC Equity”), an entity affiliated with the Adviser. Pursuant to the terms of that subscription agreement, Feeder FIC Equity agreed to pay for such Class I shares upon demand by one of our executive officers. Such purchase or purchases of our Class I shares were included for purposes of determining when we satisfied the minimum offering requirement. On September 30, 2020, we sold 100 shares of Class I common stock to our Adviser. On November 12, 2020, we sold 700,000 shares of Class I common stock pursuant to the subscription agreement with Feeder FIC Equity and met the minimum offering requirement for our continuous public offering of $2.5 million. The purchase price of these shares sold in the private placements was $10.00 per share, which represented the initial public offering price.

~~On October 7, 2021, we filed a registration statement with respect to our follow-on offering of up to $7,500,000,000 in any combination of Class S, Class D and Class I common shares.~~

The below tables summarize transactions with respect to shares of our common stock during the following periods:

~~140~~

162


			For the Three Months Ended June 30, 2022
			Class S			Class D			Class I			Total
		For the Three Months Ended March 31, 2024																							For the Three Months Ended March 31, 2024
		Class S																Class S			Class D		Class I				Total
($ in thousands, except share amounts)	($ in thousands, except share amounts)		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount		($ in thousands, except share amounts)	Shares	Amount		Shares	Amount		Shares		Amount		Shares		Amount
Shares/gross proceeds from the continuous public offering	Shares/gross proceeds from the continuous public offering		45,473,732	$	420,307	7,913,719	$	72,860	80,385,794	$	739,398	133,773,245	$	1,232,565
Shares/gross proceeds from the private placements	Shares/gross proceeds from the private placements		—	—		—	—		4,402,193	40,509		4,402,193	40,509
Share Transfers between classes(1)
Reinvestment of distributions	Reinvestment of distributions		684,558	6,264		261,628	2,400		1,167,560	10,708		2,113,746	19,372
Repurchased shares	Repurchased shares		(946,284)	(8,365)		(125,276)	(1,110)		(2,073,617)	(18,414)		(3,145,177)	(27,889)
Total shares/gross proceeds	Total shares/gross proceeds		45,212,006	418,206		8,050,071	74,150		83,881,930	772,201		137,144,007	1,264,557		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	Sales load		—	(3,423)		—	(114)		—	—		—	(3,537)
Total shares/net proceeds	Total shares/net proceeds		45,212,006	$	414,783	8,050,071	$	74,036	83,881,930	$	772,201	137,144,007	$	1,261,020

For the Six Months Ended June 30, 2023
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 45,655,179 $ 423,196 11,076,668 $ 102,158 86,857,659 $ 800,065 143,589,506 $ 1,325,419
Shares/gross proceeds from the private placements — — — — 4,341,148 40,036 4,341,148 40,036
Share Transfers between classes (230,952) (2,127) — — 230,202 2,127 (750) —
Reinvestment of distributions 3,673,891 33,775 1,140,525 10,496 6,741,471 62,155 11,555,887 106,426
Repurchased shares (4,113,635) (38,010) (1,860,989) (17,262) (12,310,493) (114,095) (18,285,116) (169,367)
Total shares/gross proceeds 44,984,483 416,834 10,356,204 95,392 85,859,987 790,288 141,200,675 1,302,514
Sales load — (3,697) — (144) — — — (3,841)
Total shares/net proceeds 44,984,483 $ 413,137 10,356,204 $ 95,248 85,859,987 $ 790,288 141,200,675 $ 1,298,673


	For the Three Months Ended March 31, 2023
	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	17,528,972	$	162,332	5,015,703	$	46,224	38,530,460	$	353,968	61,075,135	$	562,524
Shares/gross proceeds from the private placements	—	—		—	—		1,525,337	14,040		1,525,337	14,040
Share Transfers between classes	—	—		—	—		—	—		—	—
Reinvestment of distributions	1,723,661	15,832		520,722	4,787		3,120,002	28,728		5,364,385	49,347
Repurchased shares	(2,349,994)	(21,643)		(374,566)	(3,453)		(7,361,842)	(68,024)		(10,086,402)	(93,120)
Total shares/gross proceeds	16,902,639	156,521		5,161,859	47,558		35,813,957	328,712		57,878,455	532,791
Sales load	—	(1,557)		—	(49)		—	—		—	(1,606)
Total shares/net proceeds	16,902,639	$	154,964	5,161,859	$	47,509	35,813,957	$	328,712	57,878,455	$	531,185

In accordance with the 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:

~~141~~

163


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

March 1, 2021
April 1, 2021
May 1, 2021
June 1, 2021
July 1, 2021
August 1, 2021
September 1, 2021
October 1, 2021
November 1, 2021
December 1, 2021
January 1, 2022	January 1, 2022	$	9.33	$	0.33	$	9.66
February 1, 2022	February 1, 2022	$	9.33	$	0.33	$	9.66
March 1, 2022	March 1, 2022	$	9.27	$	0.32	$	9.59
April 1, 2022	April 1, 2022	$	9.24	$	0.32	$	9.56
May 1, 2022	May 1, 2022	$	9.23	$	0.32	$	9.55
June 1, 2022	June 1, 2022	$	9.02	$	0.32	$	9.34

July 1, 2022
August 1, 2022
September 1, 2022
October 1, 2022
November 1, 2022
December 1, 2022
January 1, 2023	January 1, 2023	$	9.06	$	0.32	$	9.38
February 1, 2023	February 1, 2023	$	9.24	$	0.32	$	9.56
March 1, 2023	March 1, 2023	$	9.23	$	0.32	$	9.55
April 1, 2023	April 1, 2023	$	9.21	$	0.32	$	9.53
May 1, 2023	May 1, 2023	$	9.21	$	0.32	$	9.53
June 1, 2023	June 1, 2023	$	9.18	$	0.32	$	9.50
July 1, 2023
August 1, 2023
September 1, 2023
October 1, 2023
November 1, 2023
December 1, 2023
January 1, 2024
February 1, 2024
March 1, 2024

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
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


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

~~142~~164

Class I

Class D

Effective Date

Net Offering Price
(per share)

Maximum Upfront Sales Load
(per share)

Maximum Offering Price (per share)

Effective Date

Net Offering Price
(per share)

Maximum Upfront Sales Load
(per share)

Maximum Offering Price
(per share)

August 1, 2021

September 1, 2021

October 1, 2021

November 1, 2021

December 1, 2021

January 1, 2022

February 1, 2022

March 1, 2022

April 1, 2022

May 1, 2022

June 1, 2022

July 1, 2022

August 1, 2022

September 1, 2022

October 1, 2022

November 1, 2022

December 1, 2022

January 1, 2023

February 1, 2023

March 1, 2023

April 1, 2023

9.24

—

9.24

May 1, 2023

9.24

—

9.24

June 1, 2023

9.21

—

9.21

July 1, 2023

August 1, 2023

September 1, 2023

October 1, 2023

November 1, 2023

December 1, 2023

January 1, 2024

February 1, 2024

March 1, 2024


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
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

165


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

Distributions


	For the Three Months March 31, 2024
Declaration Date	Record Date	Payment Date	Distribution Per Share(1)		Distribution Amount
($ 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.

166


	For the Three Months March 31, 2023
Declaration Date	Record Date	Payment Date	Distribution Per Share(1)		Distribution Amount
($ in thousands, except per share amounts)					Class S		Class D		Class I
December 5, 2022	January 31, 2023	February 24, 2023	$	0.08765	$	16,523	$	4,296	$	30,667
February 10, 2023	February 28, 2023	March 23, 2023	0.06765		12,882		3,372		24,319
February 10, 2023	March 31, 2023	April 26, 2023	0.06765		13,027		3,550		24,938









		Total	$	0.22295	$	42,432	$	11,218	$	79,924

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

We have adopted a distribution reinvestment plan ~~pursuant to~~ 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 (except for residents of Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Oklahoma, Oregon, Vermont and Washington and clients of participating broker-dealers that do not permit automatic enrollmentwho have enrolled in the distribution reinvestment ~~plan)~~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 ~~same class of~~ common stock, ~~to which~~rather than receiving the ~~distribution relates unless they elect to receive their distributions in cash.~~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.

~~143~~

Through ~~June 30, 2023,~~March 31, 2024, pursuant to the Expense Support Agreement which was terminated by the Adviser on March 7, 2023, a portion of our distributions resulted from expense support from the Adviser. The purpose of this arrangement was to avoid distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based on our investment performance, and can only be sustained if we achieve positive investment performance in future periods and/or the Adviser continues to provide expense support. Shareholders should also understand that our future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that we will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The below tables reflect the sources of cash distributions on a U.S. GAAP basis that we have declared on our shares of common stock during the following periods:


			For the Six Months Ended June 30, 2023
		For the Three Months March 31, 2024															For the Three Months March 31, 2024
Source of Distribution(2)	Source of Distribution(2)		Per Share(1)		Amount		Percentage		Source of Distribution(2)	Per Share(1)			Amount			Percentage
($ in thousands, except per share amounts)	($ in thousands, except per share amounts)
Net investment income	Net investment income		$	0.44590	$	283,057	100.0	%
Net investment income
Net investment income										$	0.24300		$	243,516		100.0		%
Total	Total		$	0.44590	$	283,057	100.0	%	Total	$	0.24300	$	$	243,516	100.0		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~~“ITEM 1. - Notes to Consolidated Financial Statements - Note

11. Financial ~~Highlights"~~Highlights” for amounts by share class.


			For the Six Months Ended June 30, 2022
		For the Three Months March 31, 2023																				For the Three Months March 31, 2023
Source of Distribution(2)	Source of Distribution(2)		Per Share(1)		Amount		Percentage		Source of Distribution(2)			Per Share(1)					Amount				Percentage
($ in thousands, except per share amounts)	($ in thousands, except per share amounts)
Net investment income
Net investment income
Net investment income	Net investment income		$	0.33480	$	103,656	100.0	%		$	0.22295			$	$	133,574			100.0	100.0		%

Total	Total		$	0.33480	$	103,656	100.0	%

Total

Total												$	0.22295				$	133,574			100.0		%

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

167

(2)Data in this table is presented on a consolidated basis. Refer to ~~"ITEM~~“ITEM 1. - Notes to Consolidated Financial Statements - Note

11. Financial ~~Highlights"~~Highlights” for amounts by share class.

Share Repurchases

Our Board has complete discretion to determine whether we will engage in any share repurchase, and if so, the terms of such repurchase. At the discretion of our Board, we may use cash on hand, cash available from borrowings, and cash from the sale of our investments as of the end of the applicable period to repurchase shares.

We have commenced a share repurchase program pursuant to which we intend to conduct quarterly repurchase offers to allow our shareholders to tender their shares at a price equal to the net offering price per share for the applicable class of shares on each date of repurchase.

All shares purchased by us pursuant to the terms of each offer to repurchase will be retired and thereafter will be authorized and unissued shares.

We intend to limit the number of shares to be repurchased in each quarter to no more than 5.00% of our outstanding shares of our common stock.

Any periodic repurchase offers are subject in part to our available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act and the Code, respectively. While we intend to continue to conduct quarterly tender offers as described above, we are not required to do so and may suspend or terminate the share repurchase program at any time.

Offer Date Class Tender Offer Expiration Tender Offer Purchase Price per Share Shares Repurchased
February 25, 2022 S March 31, 2022 $ 6,001 $ 9.24 649,420

~~144~~


Offer Date	Offer Date	Class	Tender Offer Expiration	Tender Offer		Purchase Price per Share		Shares Repurchased	Offer Date	Class	Tender Offer Expiration	Tender Offer	Purchase Price per Share	Shares Repurchased
February 25, 2022		D	March 31, 2022	$	304	$	9.25	32,853
February 25, 2022		I	March 31, 2022	$	16,978	$	9.26	1,833,520
May 25, 2022		S	June 30, 2022	$	8,365	$	8.84	946,284
May 25, 2022		D	June 30, 2022	$	1,110	$	8.86	125,276
May 25, 2022		I	June 30, 2022	$	18,414	$	8.88	2,073,617

February 28, 2023

February 28, 2023

February 28, 2023	February 28, 2023	S	March 31, 2023	$	21,643	$	9.21	2,349,994
February 28, 2023	February 28, 2023	D	March 31, 2023	$	3,453	$	9.22	374,566
February 28, 2023	February 28, 2023	I	March 31, 2023	$	68,024	$	9.24	7,361,842
May 31, 2023	May 31, 2023	S	June 30, 2023	$	16,367	$	9.28	1,763,641
May 31, 2023	May 31, 2023	D	June 30, 2023	$	13,809	$	9.29	1,486,423
May 31, 2023	May 31, 2023	I	June 30, 2023	$	46,071	$	9.31	4,948,651
August 24, 2023
August 24, 2023
August 24, 2023
November 27, 2023
November 27, 2023
November 27, 2023
February 27, 2024
February 27, 2024
February 27, 2024

Debt

Aggregate Borrowings

Our debt obligations consisted of the following as of ~~June 30, 2023 and 2022:~~the following periods:

168


	March 31, 2024
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Net Carrying Value(2)
Revolving Credit Facility(3)	$	1,945,000	$	1,026,111	$	918,889	$	1,010,177
SPV Asset Facility I	525,000		200,000		128,816		194,067
SPV Asset Facility II	1,800,000		995,000		637,604		988,398
SPV Asset Facility III	1,000,000		622,000		159,313		613,501
SPV Asset Facility IV	500,000		200,000		96,731		196,396
SPV Asset Facility V	300,000		200,000		40,176		197,183
SPV Asset Facility VI	750,000		350,000		75,300		343,145
CLO VIII	290,000		290,000		—		287,955
CLO XI	260,000		260,000		—		258,185
CLO XII	260,000		260,000		—		258,049
CLO XV	312,000		312,000		—		309,194
CLO XVI	420,000		420,000		—		417,528
March 2025 Notes	500,000		500,000		—		496,928
September 2026 Notes	350,000		350,000		—		345,100
February 2027 Notes	500,000		500,000		—		497,220
September 2027 Notes(4)	600,000		600,000		—		589,386
June 2028 Notes(4)	650,000		650,000		—		640,716
January 2029 Notes(4)	550,000		550,000		—		536,981
March 2031 Notes(4)	750,000		750,000		—		721,719
Total Debt	$	12,262,000	$	9,035,111	$	2,056,829	$	8,901,828

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

(2)The carrying values of the ~~Company's~~Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, SPV Asset Facility V, SPV Asset Facility VI, CLO VIII, CLO XI, CLO XII, CLO XV, CLO XVI, March 2025 Notes, September 2026 Notes, February 2027 Notes, September 2027 Notes, ~~and~~ June 2028 Notes, January 2029 Notes, and March 2031 Notes are presented net of unamortized debt issuance costs of ~~$12.2~~$15.9 million, ~~$6.4~~$5.9 million, ~~$8.6~~$6.6 million, ~~$4.5~~$8.5 million, ~~$3.8~~$3.6 million, ~~$3.4~~$2.8 million, ~~$2.2~~$6.9 million, $2.0 million, $1.8 million, $2.0 million, $2.8 million, $2.5million, ~~$3.7~~$3.0 million, ~~$5.0~~$4.9 million, ~~$5.6~~$2.8 million, ~~$7.7~~$6.5 million, $9.5 million, $13.2 million, and ~~$8.6~~$21.0 million, respectively.

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

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

~~145~~

169


		December 31, 2022
	December 31, 2023													December 31, 2023
($ in thousands)	($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Net Carrying Value(2)		($ in thousands)	Aggregate Principal Committed	Outstanding Principal	Amount Available(1)		Net Carrying Value(2)
Revolving Credit Facility(3)	Revolving Credit Facility(3)	$	1,845,000	$	302,287	$	1,542,713	$	288,636
SPV Asset Facility I	SPV Asset Facility I	550,000		440,430		72,337		437,241
SPV Asset Facility II	SPV Asset Facility II	1,800,000		1,538,000		164,506		1,528,048
SPV Asset Facility III	SPV Asset Facility III	750,000		555,000		50,764		549,851
SPV Asset Facility IV	SPV Asset Facility IV	500,000		465,000		26,911		460,869
SPV Asset Facility V
SPV Asset Facility VI
CLO VIII	CLO VIII	290,000		290,000		—		287,946
CLO XI
CLO XII
March 2025 Notes	March 2025 Notes	500,000		500,000		—		495,309
September 2026 Notes	September 2026 Notes	350,000		350,000		—		344,226
February 2027 Notes	February 2027 Notes	500,000		500,000		—		493,735
September 2027 Notes		600,000		600,000		—		591,550
September 2027 Notes(4)
June 2028 Notes
January 2029 Notes(4)
Total Debt	Total Debt	$	7,685,000	$	5,540,717	$	1,857,231	$	5,477,411

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

(2)The carrying values of the ~~Company's~~Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, SPV Asset Facility V, SPV Asset Facility VI, CLO VIII, CLO XI, CLO XII, March 2025 Notes, September 2026 Notes, February 2027 Notes, ~~and~~ September 2027 Notes, June 2028 Notes, and January 2029 Notes are presented net of unamortized debt issuance costs of ~~$13.6~~$16.6 million, ~~$3.2~~$6.1 million, ~~$10.0~~$7.3 million, ~~$5.1~~$9.0 million, ~~$4.1~~$3.7 million, $3.0 million, $7.0 million, $2.1 million, ~~$4.7~~$1.9 million, ~~$5.8~~$2.0 million, ~~$6.3~~$3.4 million, $5.4 million, $3.3 million, $6.9 million, $9.9 million, and ~~$8.4~~$13.6 million, respectively.

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

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

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


		For the Three Months Ended June 30,						For the Six Months Ended June 30,
		For the Three Months Ended March 31,
		For the Three Months Ended March 31,
		For the Three Months Ended March 31,
($ in thousands)
($ in thousands)
($ in thousands)	($ in thousands)	2023			2022			2023			2022
Interest expense	Interest expense	$	108,913		$	32,308		$	195,488		$	47,412
Interest expense
Interest expense
Amortization of debt issuance costs
Amortization of debt issuance costs
Amortization of debt issuance costs	Amortization of debt issuance costs	4,434			3,802			8,131			4,069
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items(1)	Net change in unrealized (gain) loss on effective interest rate swaps and hedged items(1)	1,204			—			527			—
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items(1)
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items(1)
Total Interest Expense
Total Interest Expense
Total Interest Expense	Total Interest Expense	$	114,551		$	36,110		$	204,146		$	51,481
Average interest rate	Average interest rate	6.9		%	3.9		%	6.6		%	3.6		%
Average interest rate
Average interest rate
Average daily borrowings	Average daily borrowings	$	6,223,801		$	3,310,387		$	5,903,426		$	2,598,780
Average daily borrowings
Average daily borrowings

(1)Refer to the September 2027, June 2028, January 2029, and March 2031 Notes for details on the ~~facility's~~facility’s interest rate swap.

The table below presents information about our senior securities as of the following periods:

Class and Period

Total Amount Outstanding Exclusive of Treasury Securities(1)

($ in millions)

Asset Coverage per Unit(2)

Involuntary Liquidating Preference per Unit(3)

Average Market Value per Unit(4)

SPV Asset Facility I

March 31, 2024 (unaudited)

200.0

2,077.8

—

N/A

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)
June 30, 2023 (unaudited) $ — $ — — N/A
December 31, 2022 $ — $ — — N/A
SPV Asset Facility I
June 30, 2023 (unaudited) $ 525.0 $ 1,981.7 — N/A
December 31, 2022 $ 440.4 $ 1,927.2 — N/A
SPV Asset Facility II
June 30, 2023 (unaudited) $ 1,718.0 $ 1,981.7 — N/A

~~146~~

170

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 $ 1,538.0 $ 1,927.2 — N/A
SPV Asset Facility III
June 30, 2023 (unaudited) $ 555.0 $ 1,981.7 — N/A
December 31, 2022 $ 555.0 $ 1,927.2 — N/A
SPV Asset Facility IV
June 30, 2023 (unaudited) $ 248.6 $ 1,981.7 — N/A
December 31, 2022 $ 465.0 $ 1,927.2 — N/A
SPV Asset Facility V
June 30, 2023 (unaudited) $ 100.0 $ 1,981.7 — N/A
December 31, 2022 $ — $ — — N/A
CLO VIII
June 30, 2023 (unaudited) $ 290.0 $ 1,981.7 — N/A
December 31, 2022 $ 290.0 $ 1,927.2 — N/A
CLO XI
June 30, 2023 (unaudited) $ 260.0 $ 1,981.7 — N/A
December 31, 2022 $ — $ — — N/A
Revolving Credit Facility
June 30, 2023 (unaudited) $ 525.5 $ 1,981.7 — N/A
December 31, 2022 $ 302.3 $ 1,927.2 — N/A
September 2026 Notes
June 30, 2023 (unaudited) $ 350.0 $ 1,981.7 — N/A
December 31, 2022 $ 350.0 $ 1,927.2 — N/A
February 2027 Notes
June 30, 2023 (unaudited) $ 500.0 $ 1,981.7 — N/A
December 31, 2022 $ 500.0 $ 1,927.2 — N/A
September 2027 Notes
June 30, 2023 (unaudited) $ 600.0 $ 1,981.7 — N/A
December 31, 2022 $ 600.0 $ 1,927.2 — N/A
June 2028 Notes
June 30, 2023 (unaudited) $ 500.0 $ 1,981.7 — N/A
December 31, 2022 $ — $ — — N/A
March 2025 Notes
June 30, 2023 (unaudited) $ 500.0 $ 1,981.7 — N/A
December 31, 2022 $ 500.0 $ 1,927.2 — N/A


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities(1) ($ in millions)		Asset Coverage per Unit(2)		Involuntary Liquidating Preference per Unit(3)	Average Market Value per Unit(4)

December 31, 2023	$	475.0	$	2,085.2	—	N/A



SPV Asset Facility II
March 31, 2024 (unaudited)	$	995.0	$	2,077.8	—	N/A
December 31, 2023	$	1,718.0	$	2,085.2	—	N/A



SPV Asset Facility III
March 31, 2024 (unaudited)	$	622.0	$	2,077.8	—	N/A
December 31, 2023	$	522.0	$	2,085.2	—	N/A



SPV Asset Facility IV
March 31, 2024 (unaudited)	$	200.0	$	2,077.8	—	N/A
December 31, 2023	$	250.0	$	2,085.2	—	N/A



SPV Asset Facility V
March 31, 2024 (unaudited)	$	200.0	$	2,077.8	—	N/A
December 31, 2023	$	200.0	$	2,085.2	—	N/A



SPV Asset Facility VI
March 31, 2024 (unaudited)	$	350.0	$	2,077.8	—	N/A
December 31, 2023	$	160.0	$	2,085.2	—	N/A



CLO VIII
March 31, 2024 (unaudited)	$	290.0	$	2,077.8	—	N/A
December 31, 2023	$	290.0	$	2,085.2	—	N/A



CLO XI
March 31, 2024 (unaudited)	$	260.0	$	2,077.8	—	N/A
December 31, 2023	$	260.0	$	2,085.2	—	N/A



CLO XII
March 31, 2024 (unaudited)	$	260.0	$	2,077.8	—	N/A
December 31, 2023	$	260.0	$	2,085.2	—	N/A



CLO XV
March 31, 2024 (unaudited)	$	312.0	$	2,077.8	—	N/A
CLO XVI
March 31, 2024 (unaudited)	$	420.0	$	2,077.8	—	N/A
Revolving Credit Facility
March 31, 2024 (unaudited)	$	1,026.1	$	2,077.8	—	N/A
December 31, 2023	$	628.1	$	2,085.2	—	N/A



September 2026 Notes
March 31, 2024 (unaudited)	$	350.0	$	2,077.8	—	N/A
December 31, 2023	$	350.0	$	2,085.2	—	N/A



February 2027 Notes
March 31, 2024 (unaudited)	$	500.0	$	2,077.8	—	N/A
December 31, 2023	$	500.0	$	2,085.2	—	N/A



September 2027 Notes
March 31, 2024 (unaudited)	$	600.0	$	2,077.8	—	N/A
December 31, 2023	$	600.0	$	2,085.2	—	N/A



June 2028 Notes
March 31, 2024 (unaudited)	$	650.0	$	2,077.8	—	N/A
December 31, 2023	$	650.0	$	2,085.2	—	N/A



March 2025 Notes
March 31, 2024 (unaudited)	$	500.0	$	2,077.8	—	N/A
December 31, 2023	$	500.0	$	2,085.2	—	N/A

171


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)

January 2029 Notes
March 31, 2024 (unaudited)	$	550.0	$	2,077.8	—	N/A
December 31, 2023	$	550.0	$	2,085.2	—	N/A



March 2031 Notes
March 31, 2024 (unaudited)	$	750.0	$	2,077.8	—	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.~~

~~147~~

Credit Facilities

~~Promissory Note~~

On October 15, 2020, we as borrower, entered into a Loan Agreement (the "Loan Agreement") with Owl Rock Feeder FIC ORCIC Debt LLC ("Feeder FIC Debt"), an affiliate of the Adviser, as lender, to enter into revolving promissory notes (the "Promissory Notes") to borrow up to an aggregate of $50 million from Feeder FIC Debt. The Loan Agreement was subsequently amended on March 31, 2021, August 26, 2021, September 13, 2021, and March 8, 2022, and amended and restated on May 12, 2021. Prior to June 22, 2022, the aggregate amount that could be borrowed under the Loan Agreement was $250 million and the stated maturity date was February 28, 2023.

The interest rate on amounts borrowed pursuant to the Promissory Notes between March 8, 2022 and May 12, 2021 was based on the lesser of the rate of interest for an ABR Loan or a Eurodollar Loan under the Credit Agreement dated as of April 15, 2021, as amended or supplemented from time to time, by and among the Adviser, as borrower, the several lenders from time to time party thereto, MUFG Union Bank, N.A., as Collateral Agent and MUFG Bank, Ltd., as Administrative Agent.

The interest rate on amounts borrowed pursuant to the Promissory Notes after March 8, 2022 is based on the lesser of the rate of interest for a SOFR Loan or an ABR Loan under the Credit Agreement dated as of December 7, 2021, as amended or supplemented from time to time, by and among Blue Owl Finance LLC, as Borrower, Blue Owl Capital Holdings LP and Blue Owl Capital Carry LP as Parent Guarantors, the Subsidiary Guarantors party thereto, Bank of America, N.A., as Syndication Agent, JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association and Sumitomo Mitsui Banking Corporation, as Co-Documentation Agents and MUFG Bank, Ltd., as Administrative Agent.

The unpaid principal balance of the Revolving Promissory Note and accrued interest thereon was payable by us from time to time at the discretion of us but immediately due and payable upon 120 days written notice by Owl Rock Feeder FIC ORCIC Debt LLC, and in any event due and payable in full no later than February 28, 2023. We intend to use the borrowed funds to, among other things, make investments in portfolio companies consistent with its investment strategies. On June 22, 2022, the Company and Feeder FIC Debt entered into a Termination Agreement (the “Termination Agreement”) pursuant to which the Loan Agreement was terminated. At the time the Termination Agreement was executed, there were no amounts outstanding pursuant to the Loan Agreement or the Promissory Notes.

Revolving Credit Facility

On August 11, 2022, we entered into an Amended and Restated Senior Secured Revolving Credit Agreement (the “Revolving Credit Facility”), which amends and restates in its entirety that certain Senior Secured Revolving Credit Agreement, dated as of April 14, 2021 (as amended, restated, supplemented or otherwise modified prior to August 11, 2022). The parties to the Revolving Credit Facility include us, as Borrower, the lenders from time to time parties thereto (each a “Revolving Credit Lender” and collectively, the “Revolving Credit Lenders”) and Sumitomo Mitsui Banking Corporation, as Administrative Agent.

On November 2, 2023, the parties to the Revolving Credit Facility entered into an amendment, including to
extend the availability period and maturity date for certain lenders, convert a portion of the existing revolver availability into term loan availability, reduce the credit adjustment spread to 0.10% for all Loan tenors and make various other changes. The following describes the terms of the Revolving Credit Facility amended through November 2, 2023 (the “Revolving Credit Facility First Amendment Date”).

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

The maximum principal amount of the Revolving Credit Facility is ~~$1.845~~$2.00 billion (increased from ~~$1.550~~$1.95 billion to ~~$1.775~~$2.00 billion on ~~September 22, 2022, increased from $1.775 billion to $1.795 billion on October 5, 2022 and subsequently increased from $1.795 billion to $1.845 billion on November 22, 2022)~~May 8, 2024), subject to availability under the borrowing base, which is based on our portfolio investments and other outstanding indebtedness. The amount available for borrowing under the Revolving Credit Facility is reduced by any standby letters of credit issued through the Revolving Credit Facility. Maximum capacity under the Revolving Credit Facility may be increased to ~~$2.325~~$2.84 billion through our exercise of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Revolving Credit Facility includes a ~~$200~~$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.

~~148~~

~~The~~As of the Revolving Credit Facility First Amendment Date, the availability period under the Revolving Credit Facility will terminate on August 11, 2026 with respect to $200.0 million of commitments (the “Non-Extending Commitments”), and on November 2, 2027 with respect to the remaining commitments (such remaining commitments, the “Extending Commitments”) (together, the “Revolving Credit Facility Commitment Termination Date”). The Revolving Credit Facility will mature on August 11, 2027 ~~(the~~with respect to the Non-Extending Commitments and will mature on November 2, 2028 with respect to the Extending Commitments (together, 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. Amounts drawn under the Revolving Credit Facility in U.S. dollars will bear interest at term SOFR plus any applicable credit adjustment spread plus margin of 2.00% per annum, or the alternative base rate plus margin of 1.00% per annum. With respect to loans denominated in U.S. dollars, we may elect either

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term SOFR or the alternative base rate at the time of drawdown, and such loans may be converted from one rate to another at any time at our option, subject to certain conditions. Amounts drawn under the Revolving Credit Facility in other permitted currencies will bear interest at the relevant rate specified therein (including any applicable credit adjustment spread) plus margin of 2.00% per annum. we will also pay a fee of 0.375% on undrawn amounts under the Revolving Credit Facility.

The Revolving Credit Facility includes customary covenants, including certain limitations on the incurrence by us of additional indebtedness and on our ability to make distributions to our shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events and certain financial covenants related to asset coverage and other maintenance covenants, as well as customary events of default. The Revolving Credit Facility requires a minimum asset coverage ratio with respect to our consolidated assets and subsidiaries to senior securities that constitute indebtedness of no less than 1.50 to 1.00 at any time.

~~ORCIC JV WH~~

On August 24, 2022 (the “ORCIC JV WH Closing Date”), ORCIC JV WH LLC, a Delaware limited liability company (“ORCIC JV WH”) entered into a $400 million credit facility (the “Credit Agreement”) among the lenders party thereto (the “ORCIC JV WH Lenders”), Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and BofA Securities, Inc., as sole lead arranger and sole book manager. ORCIC JV WH was a wholly owned subsidiary of ORCIC BC 9 LLC, a Delaware limited liability company (the “Collateral Manager”) and the Collateral Manager was our wholly owned subsidiary. On November 2, 2022 (the “OCIC SLF Effective Date”), we and State Teachers Retirement System of Ohio (“OSTRS”) entered into an Amended and Restated Limited Liability Company Agreement (the “LLC Agreement”) to co-manage Blue Owl Credit Income Senior Loan Fund LLC (formerly, ORCIC BC 9 LLC) (“OCIC SLF”), a Delaware limited liability company. OCIC SLF is a joint venture that is expected to invest primarily in senior secured loans to middle market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. Prior to the OCIC SLF Effective Date, the ORCIC JV WH Lenders consented to the change in control of OCIC SLF. From and following the OCIC SLF Effective Date, the Credit Agreement continued as an obligation of OCIC SLF and its subsidiaries but was no longer indebtedness of us.

~~ORCIC JV WH II~~

On October 14, 2022 (the “ORCIC JV WH II Closing Date”), ORCIC JV WH II LLC, a Delaware limited liability company (“ORCIC JV WH II”) entered into an up to $500 million revolving loan facility (the “Revolving Loan Agreement”) among the lenders party thereto (the “ORCIC JV WH II Lenders”), and Royal Bank of Canada, as a ORCIC JV WH II Lender and as administrative agent (in such capacity, the “ORCIC JV WH II Administrative Agent”). ORCIC JV WH II was a wholly owned subsidiary of ORCIC BC 9 LLC, a Delaware limited liability company (the “Collateral Manager”) and the Collateral Manager was our wholly owned subsidiary. On the OCIC SLF Effective Date, we and OSTRS entered into the LLC Agreement to co-manage OCIC SLF. OCIC SLF is a joint venture that is expected to invest primarily in senior secured loans to middle market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. Prior to the OCIC SLF Effective Date, the ORCIC JV WH II Lenders consented to the change in control of OCIC SLF. From and following the OCIC SLF Effective Date, the Revolving Loan Agreement continued as an obligation of OCIC SLF and its subsidiaries but was no longer indebtedness of ORCIC.

SPV Asset Facilities

Certain of our wholly owned subsidiaries are parties to credit facilities (the “SPV Asset Facilities”). Pursuant to the SPV Asset Facilities, we sell and contribute certain investments to these wholly owned subsidiaries pursuant to sale and contribution agreements by and between us and the wholly owned subsidiaries. No gain or loss is recognized as a result of these contributions. Proceeds from the SPV Asset Facilities are used to finance the origination and acquisition of eligible assets by the wholly owned subsidiary, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired to the wholly owned subsidiary through our ownership of the wholly owned subsidiary. The SPV Asset Facilities are secured by a perfected first priority security interest in the assets of these wholly owned subsidiaries and on any payments received by such wholly owned subsidiaries in respect of those assets. Assets pledged to lenders under the SPV Asset Facilities will not be available to pay our debts. The SPV Asset Facilities contain customary covenants, including certain limitations on the incurrence by us of additional indebtedness and on our

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ability to make distributions to our shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events, and customary events of default (with customary cure and notice provisions).

SPV Asset Facility I

On September 16, 2021 (the “SPV Asset Facility I Closing Date”), Core Income Funding I LLC ("(“Core Income Funding I”), a Delaware limited liability company and newly formed wholly-owned subsidiary of ours entered into a Credit Agreement (the “SPV Asset Facility I”), with Core Income Funding I, as borrower, the lenders from time to time parties thereto (the “SPV Asset Facility I Lenders”), Natixis, New York Branch, as Administrative Agent, State Street Bank and Trust Company as Collateral Agent and Alter Domus (US) LLC as Document Custodian. The following describes the terms of the SPV Asset Facility I as amended through June 20, 2023 (the ~~"SPV~~“SPV Asset Facility I Second Amendment ~~Date"~~Date”).

From time to time, we expect to sell and contribute certain investments to Core Income Funding I pursuant to a Sale and Contribution Agreement by and between us and Core Income Funding I. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility I will be used to finance the origination and acquisition of eligible assets by Core Income Funding I, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired by Core Income Funding I through our ownership of Core Income Funding I. The maximum principal amount of the Credit Facility is ~~$525~~$525.0 million (decreased from ~~$550~~$550.0 million on the SPV Asset Facility I Second Amendment date); the availability of this amount is subject to an overcollateralization ratio test, which is based on the value of Core Income Funding I’s assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.

The SPV Asset Facility I provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Asset Facility I through September 16, 2025 unless the revolving commitments are terminated or converted to term loans sooner as provided in the SPV Asset Facility I (the “SPV Asset Facility I Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility I will mature on September 16, 2033 (the “SPV Asset Facility I Stated Maturity”). Prior to the SPV Asset Facility I Stated Maturity, proceeds received by Core Income Funding I from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to us, subject to certain conditions. On the SPV Asset Facility I Stated Maturity, Core Income Funding I must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to us.

Amounts drawn bear interest at Term SOFR (or, in the case of certain lenders that are commercial paper conduits, the lower of their cost of funds and Term SOFR plus 0.40%) plus an applicable margin that ranges from 2.00% to 2.85% depending on a ratio of broadly syndicated loans to middle market loans in the collateral. From the SPV Asset Facility I Closing Date to the SPV Asset Facility I Commitment Termination Date, there is a commitment fee that steps up during the year after the SPV Asset Facility I Closing Date from 0.00% to 0.625% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility I . The SPV Asset Facility I contains customary covenants, including certain financial maintenance covenants, limitations on the activities of Core Income Funding I, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility I is secured by a perfected first priority security interest in the assets of Core Income Funding I and on

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any payments received by Core Income Funding I in respect of those assets. Assets pledged to the SPV Asset Facility I Lenders will not be available to pay our debts.

Borrowings of Core Income Funding I are considered our borrowings for purposes of complying with the asset coverage requirements under the Investment Company Act of 1940, as amended.

SPV Asset Facility II

On October 5, 2021 (the ~~"SPV~~“SPV Asset Facility II Closing ~~Date"~~Date”), Core Income Funding II LLC (“Core Income Funding II”), a Delaware limited liability company and our newly formed subsidiary entered into a loan and financing and servicing agreement (as amended through the date here of, the “SPV Asset Facility II”), with Core Income Funding II, as borrower, us, as equityholder and service provider, the lenders from time to time parties thereto (the ~~"SPV~~“SPV Asset Facility II ~~Lenders"~~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.

~~On October 27, 2021,~~ The following describes the ~~parties to the SPV Asset Facility II amended certain~~ terms ~~of the facility, including increasing the aggregate commitment~~ of the SPV Asset Facility II ~~Lenders from $500 million to $1 billion.~~

~~On December 20, 2021, the parties to the SPV~~as amended through March 7, 2024 (the “SPV Asset Facility II ~~amended certain terms of the facility, including changes related to the elevation of Assigned Participation Interests.~~

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On February 18, 2022, the parties to the SPV Asset Facility II amended certain terms of the facility, including among other changes, reallocating commitments of the SPV Asset Facility II Lenders and converting the benchmark rate of the facility from LIBOR to term SOFR.

~~On July 11, 2022, the parties to the SPV Asset Facility II entered into a joinder agreement increasing the Facility Amount from $1.65 billion to $1.69 billion and adding an additional lender.~~

Seventh Amendment Date”).

From time to time, we expect to sell and contribute certain loan assets to Core Income Funding II pursuant to a Sale and Contribution Agreement by and between us and Core Income Funding II. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility II will be used to finance the origination and acquisition of eligible assets by Core Income Funding II, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired by Core Income Funding II through our ownership of Core Income Funding II. The maximum principal amount of the SPV Asset Facility II is ~~$1.8~~$1.80 billion; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of Core Income Funding II’s assets from time to time, and satisfaction of certain conditions, including interest spread and weighted average coupon tests, certain concentration limits and collateral quality tests.

The SPV Asset Facility II provides for the ability to borrow, reborrow, repay and prepay advances under the SPV Asset Facility II for a period of up to three years after the SPV Asset Facility II Closing Date unless such period is extended or accelerated under the terms of the SPV Asset Facility II (the “Revolving Period”). Unless otherwise extended, accelerated or terminated under the terms of the SPV Asset Facility II, the SPV Asset Facility II will mature on the date that is two years after the last day of the Revolving Period (the “Facility Termination Date”). Prior to the Facility Termination Date, proceeds received by Core Income Funding II from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding advances, and the excess may be returned to us, subject to certain conditions. On the Facility Termination Date, Core Income Funding II must pay in full all outstanding fees and expenses and all principal and interest on outstanding advances, and the excess may be returned to us.

Amounts drawn under the SPV Asset Facility II bear interest at Term SOFR (or, in the case of certain SPV Asset Facility II Lenders that are commercial paper conduits, the lower of (a) their cost of funds and (b) Term SOFR, such Term SOFR not to be lower than zero) plus a spread equal to 2.00% per annum, which spread will increase (a) on and after the end of the Revolving Period by 0.15% per annum if no event of default has occurred and (b) by 2.00% per annum upon the occurrence of an event of default (such spread, the “Applicable Margin”). Term SOFR may be replaced as a base rate under certain circumstances. During the Revolving Period, Core Income Funding II will pay an undrawn fee ranging from 0.00% to 0.25% per annum on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility. During the Revolving Period, if the undrawn commitments are in excess of a certain portion (initially 12.5% and increasing in stages to 25%, 50% and 75%) of the total commitments under the SPV Asset Facility II, Core Income Funding II will also pay a make-whole fee equal to the Applicable Margin multiplied by such excess undrawn commitment amount, reduced by the undrawn fee payable on such excess. Core Income Funding II will also pay Deutsche Bank AG, New York Branch, certain fees (and reimburse certain expenses) in connection with its role as facility agent. The SPV Asset Facility II contains customary covenants, including certain financial maintenance covenants, limitations on the activities of Core Income Funding II, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility II is secured by a perfected first priority security interest in the assets of Core Income Funding II and on any payments received by Core Income Funding II in respect of those assets. Assets pledged to the SPV Asset Facility II Lenders will not be available to pay our debts.

Borrowings of Core Income Funding II are considered our borrowings for purposes of complying with the asset coverage requirements under the Investment Company Act of 1940, as amended.

SPV Asset Facility III

On March 24, 2022 (the “SPV Asset Facility III Closing Date”), Core Income Funding III LLC (“Core Income Funding III”), a Delaware limited liability company and our newly formed subsidiary entered into a Credit Agreement (the “SPV Asset Facility III”),

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with Core Income Funding III, as borrower, the Adviser, as servicer, the lenders from time to time parties thereto (the ~~"SPV~~“SPV Asset Facility III ~~Lenders"~~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,

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2023, the parties to the SPV Asset Facility III entered into an amendment, including to increase the maximum principal amount available under the facility, extend the availability period and maturity date, change the interest rate and make various other changes. The following describes the terms of SPV Asset Facility III amended through November 21, 2023 (the “SPV Asset Facility III First Amendment Date”).

From time to time, we expect to sell and contribute certain investments to Core Income Funding III pursuant to a Sale and Contribution Agreement, dated as of the SPV Asset Facility III Closing Date, by and between the Company and Core Income Funding III. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility III will be used to finance the origination and acquisition of eligible assets by Core Income Funding III, including the purchase of such assets from the Company. We retain a residual interest in assets contributed to or acquired by Core Income Funding III through our ownership of Core Income Funding III. The maximum principal amount of the SPV Asset Facility III is ~~$750~~$1.00 billion (increased from $750.0 million to $1.00 billion on November 21, 2023), which can be drawn in multiple currencies subject to certain conditions; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of Core Income Funding III’s assets from time to time, and satisfaction of certain conditions, including certain portfolio criteria.

The SPV Asset Facility III provides for the ability to draw and redraw revolving loans under the SPV Asset Facility III for a period of up to three years after the SPV Asset Facility III ~~Closing~~First Amendment Date unless the commitments are terminated sooner as provided in the SPV Asset Facility III (the “SPV Asset Facility III Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility III will mature on ~~March 24, 2027~~November 21, 2028 (the “SPV Asset Facility III Stated Maturity”). To the extent the commitments are terminated or permanently reduced during the first two years following the SPV Asset Facility III Closing Date, Core Income Funding III may owe a prepayment penalty. Prior to the SPV Asset Facility III Stated Maturity, proceeds received by Core Income Funding III from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to us, subject to certain conditions. On the SPV Asset Facility III Stated Maturity, Core Income Funding III must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to us.

Amounts drawn in U.S. dollars are benchmarked to Daily SOFR, amounts drawn in British pounds are benchmarked to SONIA plus an adjustment of 0.11930%, amounts drawn in Canadian dollars are benchmarked to CDOR, and amounts drawn in Euros are benchmarked to EURIBOR, and in each case plus a spread equal to the Applicable Margin. ~~The~~As of the SPV Asset Facility III First Amendment Date, the “Applicable Margin” ranges from ~~1.60%~~1.75% to ~~2.10%~~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.

Borrowings of Core Income Funding III are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

SPV Asset Facility IV

On March 16, 2022 (the “SPV Facility IV Closing Date”), Core Income Funding IV LLC (“Core Income Funding IV”), a Delaware limited liability company and our newly formed subsidiary entered into a Credit Agreement (the “SPV Asset Facility IV”), with Core Income Funding IV, as Borrower, the lenders from time to time parties thereto (the “SPV Asset Facility IV Lenders”), Sumitomo Mitsui Banking Corporation, as Administrative Agent, State Street Bank and Trust Company, as Collateral Agent, Collateral Administrator and Custodian and Alter Domus (US) LLC as Document Custodian.

From time to time, we expect to sell and contribute certain investments to Core Income Funding IV pursuant to a Sale and Contribution Agreement, dated as of the SPV Asset Facility IV Closing Date, by and between us and Core Income Funding IV. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Facility IV will be used to finance the origination and acquisition of eligible assets by Core Income Funding IV, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired by Core Income Funding IV through our ownership of Core Income Funding IV. The maximum principal amount of the SPV Facility IV is ~~$500~~$500.0 million; the availability of this amount is subject to an overcollateralization ratio test, which is based on the value of Core Income Funding IV’s assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.

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or converted to term loans sooner as provided in the SPV Facility IV (the “SPV Facility IV Commitment Termination Date”). Unless otherwise terminated, the SPV Facility IV will mature on March 16, 2033 (the “SPV Facility IV Stated Maturity”). Prior to the SPV Facility IV Stated Maturity, proceeds received by Core Income Funding IV from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to us, subject to certain conditions. On the SPV Facility IV Stated Maturity, Core Income Funding IV must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to us.

Borrowings of Core Income Funding IV are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

SPV Asset Facility V

On March 9, 2023 (the “SPV Facility V Closing Date”), Core Income Funding V LLC (“Core Income Funding V”), a Delaware limited liability company and our newly formed subsidiary, entered into a loan and security agreement (the “SPV Asset Facility V”), with Core Income Funding V, as Borrower, us, as Servicer and Equityholder, the lenders from time to time parties thereto (the “SPV Asset Facility V Lenders”), Wells Fargo Bank, National Association, as Administrative Agent, State Street Bank and Trust Company, as Collateral Agent, and Alter Domus (US) LLC as Collateral Custodian.

From time to time, we expect to sell and contribute certain loan assets to Core Income Funding V pursuant to a Sale and Contribution Agreement, dated as of the SPV Facility V Closing Date, by and between us and Core Income Funding V. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Facility V will be used to finance the origination and acquisition of eligible assets by Core Income Funding V, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired by Core Income Funding V through our ownership of Core Income Funding V. The maximum principal amount of the SPV Facility V is ~~$300~~$300.0 million; the availability of this amount is subject to a borrowing base test, which is based on the value of Core Income Funding V’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits and other portfolio tests.

The SPV Facility V provides for the ability to borrow, reborrow, repay and prepay advances under the SPV Facility V for a period of up to three years after the SPV Facility V Closing Date unless such period is extended or accelerated under the terms of the SPV Facility V (the “SPV Facility V Reinvestment Period”). Unless otherwise extended, accelerated or terminated under the terms of the SPV Facility V, the SPV Facility V will mature on the date that is two years after the last day of the SPV Facility V Reinvestment Period (the “SPV Facility V Maturity Date”). Prior to the SPV Facility V Maturity Date, proceeds received by Core Income Funding V from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding advances, and the excess may be returned to us, subject to certain conditions. On the SPV Facility V Maturity Date, Core Income Funding V must pay in full all outstanding fees and expenses and all principal and interest on outstanding advances, and the excess may be returned to us.

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first priority security interest in the assets of Core Income Funding V and on any payments received by Core Income Funding V in respect of those assets. Assets pledged to the Lenders will not be available to pay our debts.

Borrowings of Core Income Funding V are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

SPV Asset Facility VI

On August 29, 2023 (the “SPV Asset Facility VI Closing Date”), Core Income Funding VI LLC (“Core Income Funding VI”), a Delaware limited liability company and newly formed subsidiary of ours, entered into a Credit Agreement (the “SPV Asset Facility VI”), with Core Income Funding VI LLC, as Borrower, the lenders from time to time parties thereto (the “SPV Asset Facility VI Lenders”), The Bank of Nova Scotia, as Agent, State Street Bank and Trust Company as Collateral Agent and Alter Domus (US) LLC as Document Custodian. On March 1, 2024 (the “SPV Asset Facility VI First Amendment Date”), the parties to the SPV Asset Facility VI entered into Amendment No. 1 (the “SPV Asset Facility VI Amendment No. 1”) in order to, among other changes, convert a portion of the existing revolver availability into term loan availability, modify the eligibility criteria and concentration limitations for the assets that are included in the borrowing base calculations under the SPV Asset Facility VI. On the SPV Asset Facility VI First Amendment Date, we also consented to the assignment of the term commitment under the SPV Asset Facility VI, and all of the outstanding term loans, to Hamburg Commercial Bank AG, Luxembourg Branch.

From time to time, we expect to sell and contribute certain investments to Core Income Funding VI pursuant to a Sale and Contribution Agreement by and between us and Core Income Funding VI. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility VI will be used to finance the origination and acquisition of eligible assets by Core Income Funding VI, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired by Core Income Funding VI through our ownership of Core Income Funding VI. The maximum principal amount of the SPV Asset Facility VI is $750.0 million; the availability of this amount is subject to an overcollateralization ratio test, which is based on the value of Core Income Funding VI’s assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.

The SPV Asset Facility VI provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Asset Facility VI for a period of up to two years after the SPV Asset Facility VI Closing Date unless the revolving commitments are terminated or converted to term loans sooner as provided in the SPV Asset Facility VI (the “SPV Asset Facility VI Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility VI will mature on August 29, 2032 (the “SPV Asset Facility VI Stated Maturity”). Prior to the SPV Asset Facility VI Stated Maturity, proceeds received by Core Income Funding VI from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to us, subject to certain conditions. On the SPV Asset Facility VI Stated Maturity, Core Income Funding VI must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to us.

Borrowings of Core Income Funding VI are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

CLOs

CLO VIII

On October 21, 2022 (the “CLO VIII Closing Date”), we completed a ~~$391.675~~$391.7 million term debt securitization transaction (the “CLO VIII Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by us. The secured notes and preferred shares issued in the CLO VIII Transaction and the secured loan borrowed in the CLO VIII Transaction were issued and incurred, as applicable, by our consolidated subsidiary CLO VIII, LLC, a limited liability organized under the laws of the State of Delaware (the “CLO VIII Issuer”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO VIII Issuer.

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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~~$152.0 million of AAA(sf) Class A-T Notes, which bear interest at three-month term SOFR plus 2.50%, (ii) ~~$46~~$46.0 million of AAA(sf) Class A-F Notes, which bear interest at 6.02%, (iii) ~~$32~~$32.0 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 3.50% and (iv) ~~$30~~$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~~$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, ~~20,~~ 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 ~~$101.675~~$101.7 million of subordinated securities in the form of 101,675 preferred shares at an issue price of U.S.$1,000 per share (the “CLO VIII Preferred Shares”). The CLO VIII Preferred Shares were issued by the CLO VIII Issuer as part of its issued share capital and are not secured by the collateral securing the CLO VIII Debt. We purchased all of the CLO VIII Preferred Shares. We act as retention holder in connection with the CLO VIII Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the CLO VIII Preferred Shares.

As part of the CLO VIII Transaction, we entered into a loan sale agreement with the CLO VIII Issuer dated as of the CLO VIII Closing Date, which provided for the sale and contribution of approximately ~~$143.098~~$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 ~~$113.025~~$113.0 million funded par amount of middle market loans purchased by the CLO VIII Issuer from Core Income Funding I LLC, our wholly-owned subsidiary, under an additional loan sale agreement executed on the CLO VIII Closing Date between the CLO VIII Issuer and Core Income Funding I LLC. No gain or loss was recognized as a result of these sales and contributions. We and Core Income Funding I LLC each made customary representations, warranties, and covenants to the CLO VIII Issuer under the applicable loan sale agreement.

Through July 20, 2025, 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.

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The Adviser will serve as collateral manager for the CLO VIII Issuer under a collateral management agreement dated as of the CLO VIII Closing Date. The Adviser is entitled to receive fees for providing these services. The Adviser has waived its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to Adviser pursuant to the Amended and Restated Investment Advisory Agreement, dated May 18, 2021, between the Adviser and us will be offset by the amount of the collateral management fee attributable to the CLO VIII Issuer’s equity or notes owned by us.

CLO XI

On May 24, 2023 (the “CLO XI Closing Date”), we completed a ~~$395.82~~$395.8 million term debt securitization transaction (the “CLO XI Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by us. The secured notes and preferred shares issued in the CLO XI Transaction and the secured loan borrowed in the CLO XI Transaction were issued and incurred, as applicable, by our consolidated subsidiary CLO XI, LLC, a limited liability organized under the laws of the State of Delaware (the “CLO XI Issuer”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO XI Issuer.

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SOFR plus 2.50%, (ii) $25.5 million of AAA(sf) Class A-1F Notes, which bear interest at 6.10% and (iii) ~~$32~~$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~~$50.0 million under floating rate Class A-1L loans (the “CLO XI Class A-1L Loans” and together with the CLO XI Secured Notes, the “CLO XI Debt”). The CLO XI Class A-1L Loans bear interest at three-month term SOFR plus 2.50%. The CLO XI Class A-1L Loans were borrowed under a loan agreement (the “CLO XI A-1L Loan Agreement”), dated as of the CLO XI Closing Date, by and among the CLO XI Issuer, as borrower, various financial institutions, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO XI Debt is secured by middle market loans, participation interests in middle market loans and other assets of the Issuer. The CLO XI Debt is scheduled to mature on the Payment Date (as defined in the CLO XI Indenture) in May, ~~15,~~ 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 ~~$135.82~~$135.8 million of subordinated securities in the form of 135,820 preferred shares at an issue price of U.S. $1,000 per share (the “CLO XI Preferred Shares”). The CLO XI Preferred Shares were issued by the CLO XI Issuer as part of its issued share capital and are not secured by the collateral securing the CLO XI Debt. We purchased all of the CLO XI Preferred Shares.

We act as retention holder in connection with the CLO XI Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the CLO XI Preferred Shares.

As part of the CLO XI Transaction, we entered into a loan sale agreement with the CLO XI Issuer dated as of the CLO XI Closing Date, which provided for the contribution of approximately ~~$96.434~~$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 ~~$260.584~~$260.6 million funded par amount of middle market loans purchased by the CLO XI Issuer from Core Income Funding IV LLC, our wholly-owned subsidiary, under an additional loan sale agreement executed on the CLO XI Closing Date between the CLO XI Issuer and Core Income Funding IV LLC (the “Core Income Funding IV Loan Sale Agreement”). We and Core Income Funding IV LLC each made customary representations, warranties, and covenants to the CLO XI Issuer under the applicable loan sale agreement.

Through May 15, 2027, a portion of the proceeds received by the CLO XI Issuer from the loans securing the CLO XI Debt may be used by the CLO XI Issuer to purchase additional middle market loans under the direction of Blue Owl Credit Advisors LLC (“OCA”), our investment advisor, in its capacity as collateral manager for the CLO XI Issuer and in accordance with our investing strategy and ability to originate eligible middle market loans.

The CLO XI Debt is the secured obligation of the CLO XI Issuer, and the CLO XI Indenture and CLO XI A-1L Loan Agreement each include customary covenants and events of default. The CLO XI Secured Notes have not been registered under the Securities Act, , or any state securities (e.g., “blue sky”) laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration.

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payable to the Adviser pursuant to the Amended and Restated Investment Advisory Agreement, dated May 18, 2021, between the Adviser and us will be offset by the amount of the collateral management fee attributable to the CLO XI Issuer’s equity or notes owned by us.

CLO XII

On July 18, 2023 (the “CLO XII Closing Date”), we completed a $396.5 million term debt securitization transaction (the “CLO XII Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by us. The secured notes and preferred shares issued in the CLO XII Transaction and the secured loan borrowed in the CLO XII Transaction were issued and incurred, as applicable, by our consolidated subsidiary Owl Rock CLO XII, LLC, a limited liability organized under the laws of the State of Delaware (the “CLO XII Issuer”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO XII Issuer.

~~Unsecured Notes~~

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interest at three-month term SOFR plus 3.55% (together, the “CLO XII Secured Notes”) and (B) the borrowing by the CLO XII Issuer of $116.0 million under floating rate Class A-1L loans (the “CLO XII Class A-1L Loans” and together with the CLO XII Secured Notes, the “CLO XII Debt”). The CLO XII Class A-1L Loans bear interest at three-month term SOFR plus 2.55%. The CLO XII Class A-1L Loans were borrowed under a credit agreement (the “CLO XII Class A-1L Credit Agreement”), dated as of the CLO XII Closing Date, by and among the CLO XII Issuer, as borrower, various financial institutions, as lenders, and State Street Bank and Trust Company, as collateral trustee and loan agent. The CLO XII Debt is secured by middle market loans, participation interests in middle market loans and other assets of the CLO XII Issuer. The CLO XII Debt is scheduled to mature on the Payment Date (as defined in the CLO XII Indenture) in July, 2034. The CLO XII Secured Notes were privately placed by BofA Securities, Inc. as Initial Purchaser.

Concurrently with the issuance of the CLO XII Secured Notes and the borrowing under the CLO XII Class A-1L Loans, the CLO XII Issuer issued approximately $136.5 million of subordinated securities in the form of 136,500 preferred shares at an issue price of U.S. $1,000 per share (the “CLO XII Preferred Shares”). The CLO XII Preferred Shares were issued by the CLO XII Issuer as part of its issued share capital and are not secured by the collateral securing the CLO XII Debt. We purchased all of the CLO XII Preferred Shares. We act as retention holder in connection with the CLO XII Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the CLO XII Preferred Shares.

As part of the CLO XII Transaction, we entered into a loan sale agreement with the CLO XII Issuer dated as of the CLO XII Closing Date (the “CLO XII OCIC Loan Sale Agreement”), which provided for the contribution of approximately $78.0 million funded par amount of middle market loans from us to the CLO XII Issuer on the CLO XII Closing Date and for future sales from us to the CLO XII Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XII Debt. The remainder of the initial portfolio assets securing the CLO XII Debt consisted of approximately $295.7 million funded par amount of middle market loans purchased by the CLO XII Issuer from Core Income Funding III LLC, a wholly-owned subsidiary of ours, under an additional loan sale agreement executed on the CLO XII Closing Date between the CLO XII Issuer and Core Income Funding III LLC (the “CLO XII Core Income Funding III Loan Sale Agreement”). No gain or loss was recognized as a result of these sales and contributions. We and Core Income Funding III LLC each made customary representations, warranties, and covenants to the CLO XII Issuer under the applicable loan sale agreement.

Through July 20, 2026, a portion of the proceeds received by the CLO XII Issuer from the loans securing the CLO XII Debt may be used by the CLO XII Issuer to purchase additional middle market loans under the direction of the Adviser in its capacity as collateral manager for the CLO XII Issuer and in accordance with our investing strategy and ability to originate eligible middle market loans.

The Adviser will serve as collateral manager for the CLO XII Issuer under a collateral management agreement dated as of the CLO XII Closing Date (the “Collateral Management Agreement”). The Adviser is entitled to receive fees for providing these services. The Adviser has waived its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to the Adviser pursuant to the Amended and Restated Investment Advisory Agreement, dated May 18, 2021, between the Adviser and us will be offset by the amount of the collateral management fee attributable to the CLO XII Issuer’s equity or notes owned by us.

CLO XV

On January 30, 2024 (the “CLO XV Closing Date”), we completed a $478.0 million term debt securitization transaction (the “CLO XV Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by us. The secured notes and preferred shares issued in the CLO XV Transaction and the secured loan borrowed in the CLO XV Transaction were issued and incurred, as applicable, by our consolidated subsidiary Owl Rock CLO XV, LLC, a limited liability organized under the laws of the State of Delaware (the “CLO XV Issuer”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO XV Issuer.

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Date (as defined in the CLO XV Indenture) in January, 2036. The CLO XV Secured Notes were privately placed by Natixis Securities Americas LLC as placement agent.

Concurrently with the issuance of the CLO XV Secured Notes, the CLO XV Issuer issued approximately $166.0 million of subordinated securities in the form of 165,980 preferred shares at an issue price of U.S. $1,000 per share (the “CLO XV Preferred Shares”). The CLO XV Preferred Shares were issued by the CLO XV Issuer as part of its issued share capital and are not secured by the collateral securing the CLO XV Secured Notes. We purchased all of the CLO XV Preferred Shares. We act as retention holder in connection with the CLO XV Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the CLO XV Preferred Shares.

As part of the CLO XV Transaction, we entered into a loan sale agreement with the CLO XV Issuer dated as of the CLO XV Closing Date (the “CLO XV OCIC Loan Sale Agreement”), which provided for the contribution of approximately $115.4 million funded par amount of middle market loans from us to the CLO XV Issuer on the CLO XV Closing Date and for future sales from us to the CLO XV Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XV Secured Notes. The remainder of the initial portfolio assets securing the CLO XV Secured Notes consisted of approximately $329.7 million funded par amount of middle market loans purchased by the CLO XV Issuer from Core Income Funding I LLC, our wholly-owned subsidiary, under an additional loan sale agreement executed on the CLO XV Closing Date between the CLO XV Issuer and Core Income Funding I LLC (the “CLO XV Core Income Funding I Loan Sale Agreement”). No gain or loss was recognized as a result of these sales and contributions. We and Core Income Funding I LLC each made customary representations, warranties, and covenants to the CLO XV Issuer under the applicable loan sale agreement.

Through January 20, 2028, a portion of the proceeds received by the CLO XV Issuer from the loans securing the CLO XV Secured Notes may be used by the CLO XV Issuer to purchase additional middle market loans under the direction of the Adviser in its capacity as collateral manager for the CLO XV Issuer and in accordance with our investing strategy and ability to originate eligible middle market loans.

The CLO XV Secured Notes is the secured obligation of the CLO XV Issuer, and the CLO XV Indenture each include customary covenants and events of default. The CLO XV Secured Notes have not been registered under the Securities Act, or any state securities (e.g., “blue sky”) laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration.

The Adviser will serve as collateral manager for the CLO XV Issuer under a collateral management agreement dated as of the CLO XV Closing Date (the “Collateral Management Agreement”). The Adviser is entitled to receive fees for providing these services. The Adviser has waived its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to the Adviser pursuant to the Amended and Restated Investment Advisory Agreement, dated May 18, 2021, between the Adviser and us will be offset by the amount of the collateral management fee attributable to the CLO XV Issuer’s equity or notes owned by us.

CLO XVI

On March 7, 2024 (the “CLO XVI Closing Date”), we completed a $597.0 million term debt securitization transaction (the “CLO XVI Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by us. The secured notes and preferred shares issued in the CLO XVI Transaction and the secured loan borrowed in the CLO XVI Transaction were issued and incurred, as applicable, by our consolidated subsidiary Owl Rock CLO XVI, LLC, a limited liability organized under the laws of the State of Delaware (the “CLO XVI Issuer”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO XVI Issuer.

The CLO XVI Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the CLO XVI Closing Date (the “CLO XVI Indenture”), by and among the CLO XVI Issuer and State Street Bank and Trust Company: (i) $342.0 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 2.00%, (ii) $48.0 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 2.50% and (iii) $30.0 million of A(sf) Class C Notes, which bear interest at three-month term SOFR plus 3.30% (together, the “CLO XVI Secured Notes”). The CLO XVI Secured Notes are secured by middle market loans, participation interests in middle market loans and other assets of the CLO XVI Issuer. The CLO XVI Debt is scheduled to mature on the Payment Date (as defined in the CLO XVI Indenture) in April, 2036. The CLO XVI Secured Notes were privately placed by Deutsche Bank Securities Inc. as Initial Purchaser.

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connection with the CLO XVI Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the CLO XVI Preferred Shares.

As part of the CLO XVI Transaction, we entered into a loan sale agreement with the CLO XVI Issuer dated as of the CLO XVI Closing Date (the “OCIC CLO XVI Loan Sale Agreement”), which provided for the contribution of approximately $206.6 million funded par amount of middle market loans from us to the CLO XVI Issuer on the CLO XVI Closing Date and for future sales from 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, 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 Adviser will serve as collateral manager for the CLO XVI Issuer under a collateral management agreement dated as of the CLO XVI Closing Date (the “Collateral Management Agreement”). The Adviser is entitled to receive fees for providing these services. The Adviser has waived its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to the Adviser pursuant to the Amended and Restated Investment Advisory Agreement, dated May 18, 2021, between the Adviser and us will be offset by the amount of the collateral management fee attributable to the CLO XVI Issuer’s equity or notes owned by us.

Unsecured Notes

On November 30, 2022, we entered into an agreement of removal, appointment and acceptance (the “Tripartite Agreement”), with Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association (the “Retiring Trustee”) and Trust Bank (the “Successor Trustee”), with respect to the Indenture, dated September 23, 2021 between us and the Retiring Trustee (the “Base Indenture”), the first supplemental indenture, dated September 23, 2021 (the “First Supplemental Indenture”) between us and the Retiring Trustee, the second supplemental indenture, dated February 8, 2022 (the “Second Supplemental Indenture”) between us and the Retiring Trustee, the third supplemental indenture, dated March 29, 2022 (the “Third Supplemental Indenture”) between us and the Retiring Trustee, and the ~~Fourth~~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.

September 2026 Notes

On September 23, 2021, we issued ~~$350~~$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. ~~The~~When initially issued, the September 2026 Notes ~~have~~were not ~~been~~ registered under the Securities Act and ~~may~~could not be offered or sold in the United States absent registration or an applicable exemption from registration.

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The September 2026 Notes were issued pursuant to the Base Indenture, and the First Supplemental Indenture (together, the “September 2026 Indenture”). The September 2026 Notes will mature on September 23, 2026 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the September 2026 Indenture. The September 2026 Notes initially bear interest at a rate of 3.125% per year payable semi-annually on March 23 and September 23 of each year, commencing on March 23, 2022. Concurrent with the issuance of the September 2026 Notes, we entered into a Registration Rights (the ~~"September~~“September 2026 Registration Rights ~~Agreement"~~Agreement”) Agreement for the benefit of the purchasers of the September 2026 Notes. Pursuant to the ~~September 2026 Registration Rights Agreement, we are obligated to file a registration statement with the SEC with respect to an offer to exchange the September 2026 Notes for a new issue~~terms of debt securities registered under the Securities Act with terms substantially identical to those of the September 2026 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 September 2026 Notes. If we fail to satisfy our registration obligations under the September 2026 Registration Rights Agreement, we ~~will be required to pay additional interest to the holders of the September 2026 Notes. 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 ~~2026 Notes~~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 the 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.

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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~~$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. ~~The~~When initially issued, the February 2027 Notes ~~have~~were not been registered under the Securities Act and ~~may~~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 ~~February 2027 Registration Rights Agreement we are obligated to file a registration statement with the SEC with respect to an offer to exchange the February 2027 Notes for a new issue~~terms of debt securities registered under the Securities Act with terms substantially identical to those of the February 2027 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 February 2027 Notes. If we fail to satisfy its registration obligations under the February 2027 Registration Rights Agreement we ~~will be required to pay additional interest to the holders of the February 2027 Notes. 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 ~~2027 Notes~~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

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100% of the aggregate principal amount of the Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

March 2025 Notes

On March 29, 2022, we issued ~~$500~~$500.0 million aggregate principal amount of its 5.500% notes due 2025 (the notes initially issued on March 29, 2022, together with the registered notes issued in the exchange offer described below, the “March 2025 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale by the Initial Purchasers to persons they reasonably believe to be qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. ~~The~~When initially issued, the March 2025 Notes ~~have~~were not ~~been~~ registered under the Securities Act and ~~may~~could not be offered or sold in the United States absent registration or an applicable exemption from registration.

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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 ~~March 2025 Registration Rights Agreement, we are obligated to file with the SEC a registration statement with respect to an offer to exchange the March 2025 Notes for a new issue~~terms of debt securities registered under the Securities Act with terms substantially identical to those of the March 2025 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 2025 Notes. If we fail to satisfy its registration obligations under the March 2025 Registration Rights Agreement, we ~~will be required to pay additional interest to the holders of the March 2025 Notes. 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 ~~2025 Notes~~29, 2022 for newly issuer registered notes with substantially similar terms, which expired on August 23, 2022 and was completed promptly thereafter.

The March 2025 Notes are our direct, general unsecured obligations and rank senior in right of payment to all of our future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the March 2025 Notes. The March 2025 Notes rank pari passu, or equal, in right of payment with all of our existing and future indebtedness or other obligations that are not so subordinated, or junior to the March 2025 Notes. The March 2025 Notes rank effectively subordinated, or junior, to any of ~~the Company’s~~our future secured indebtedness or other obligations (including unsecured indebtedness that we secures) to the extent of the value of the assets securing such indebtedness. The March 2025 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.

The March 2025 Indenture contains certain covenants, including covenants requiring us to (i) comply with Section 18(a)(1)(A) of the 1940 Act, as modified by Section 61(a) of the 1940 Act, for the period of time during which the March 2025 Notes are outstanding, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the March 2025 Notes and the Successor Trustee if the we are no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the March 2025 Indenture. In addition, if a change of control repurchase event, as defined in the March 2025 Indenture, occurs prior to maturity, holders of the March 2025 Notes will have the right, at their option, to require us to repurchase for cash some or all of the March 2025 Notes at a repurchase price equal to 100% of the aggregate principal amount of the March 2025 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

September 2027 Notes

On September 16, 2022, we issued ~~$600~~$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. ~~The~~When initially issued, the September 2027 Notes ~~have~~were not ~~been~~ registered under the Securities Act and ~~may~~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 ~~September 2027 Registration Rights Agreement, we are obligated to file a registration statement with the SEC with respect to an offer to exchange the September 2027 Notes for a new issue~~terms of debt securities registered under the Securities Act with terms substantially identical to those of the September 2027 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 2027 Notes. If we fail to satisfy its registration obligations under the September 2027 Registration Rights Agreement, we ~~will be required to pay additional interest to the holders of the September 2027 Notes. The Company~~ filed a registration statement with the SEC and, on July ~~24, 2024,~~12, 2023, commenced an offer to exchange the notes initially issued on September ~~2027 Notes~~16, 2022 for newly issuer registered notes with substantially similar ~~terms. See "ITEM 1. - Notes to Consolidated Financial Statements - Note 12. Subsequent Events."~~

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

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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 ~~will~~ rank structurally

~~158~~

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 ~~June 30, 2023~~March 31, 2024 we ~~did not make any~~made periodic ~~payments.~~payments of $4.7 million. For the ~~six~~three months ended ~~June 30,~~March 31, 2023, we made a periodic ~~payment~~payments of $0.7 ~~million, respectively.~~million. The interest expense related to the September 2027 Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on our Consolidated Statements of Operations. As of ~~June 30, 2023,~~March 31, 2024, the interest rate swap had a fair value of ~~$(3.1)~~$(3.7) million ($~~(0.1)~~0.4 million net of the present value of the cash flows of the September 2027 Notes). As of December 31, 2022, the interest rate swap had a fair value of ~~$4.0~~$6.5 million ($~~0.4~~1.1 million net of the present value of the cash flows of the September 2027 Notes). Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on our Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the September 2027 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations. For further details, see “ITEM 1. – Notes to Consolidated Financial Statements – Note 6.5. Debt.”

June 2028 Notes

On June 13, 2023, we issued ~~$500~~$500.0 million aggregate principal amount of ~~its~~our 7.950% notes due 2028 ~~(the~~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.

The Company 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

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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

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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, 2024, we did not make periodic payments. 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, 2024, the interest rate swap had a fair value of $(0.1) million ($(0.3) million net of the present value of the cash flows of the June 2028 Notes). Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on our Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the June 2028 Notes, with the remaining difference included as a component of interest expense on our Consolidated Statements of Operations.

January 2029 Notes

On December 4, 2023, we issued $550.0 million aggregate principal amount of our 7.750% notes due 2029 (the “January 2029 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The January 2029 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

The January 2029 Notes were issued pursuant to the Base Indenture and a Sixth Supplemental Indenture, dated as of December 4, 2023 (the “Sixth Supplemental Indenture” and together with the Base Indenture, the “January 2029 Indenture”), between us and the Trustee. The January 2029 Notes will mature on January 15, 2029 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the January 2029 Indenture. The January 2029 Notes bear interest at a rate of 7.750% per year payable semi-annually on January 15 and July 15 of each year, commencing on July 15, 2024. Concurrent with the issuance of the January 2029 Notes, we entered into a Registration Rights Agreement (the “January 2029 Registration Rights Agreement”) for the benefit of the purchasers of the January 2029 Notes. Pursuant to the January 2029 Registration Rights Agreement, we are obligated to file a registration statement with the SEC with respect to an offer to exchange the January 2029 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the January 2029 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use our commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the January 2029 Notes. If we fail to satisfy our registration obligations under the January 2029 Registration Rights Agreement, we will be required to pay additional interest to the holders of the January 2029 Notes. The Company 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

186

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 twelve months ended December 31, 2023, we did not make 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 our Consolidated Statements of Operations. As of December 31, 2023, the interest rate swap had a fair value of $0.3 million ($0.1 million net of the present value of the cash flows of the January 2029 Notes). As of December 31, 2023, the interest rate swap had a fair value of $12.1 million ($1.5 million net of the present value of the cash flows of the January 2029 notes). Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on our Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the January 2029 Notes, with the remaining difference included as a component of interest expense on our Consolidated Statements of Operations.

March 2031 Notes

On February 1, 2024, we issued $750.0 million aggregate principal amount of its 6.650% notes due 2031 (the “March 2031 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The March 2031 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

The March 2031 Notes were issued pursuant to the Base Indenture and a Seventh Supplemental Indenture, dated as of February 1, 2024 (the “Seventh Supplemental Indenture” and together with the Base Indenture, the “March 2031 Indenture”), between us and the Trustee. The March 2031 Notes will mature on March 15, 2031 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the March 2031 Indenture. The March 2031 Notes bear interest at a rate of 6.650% per year payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2024. Concurrent with the issuance of the March 2031 Notes, we entered into a Registration Rights Agreement (the “March 2031 Registration Rights Agreement”) for the benefit of the purchasers of the March 2031 Notes. Pursuant to the March 2031 Registration Rights Agreement, we are obligated to file a registration statement with the SEC with respect to an offer to exchange the March 2031 Notes for a new issue of debt securities registered under the Securities Act with terms substantially identical to those of the March 2031 Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use its commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the March 2031 Notes. If we fail to satisfy its registration obligations under the March 2031 Registration Rights Agreement, it will be required to pay additional interest to the holders of the March 2031 Notes. The Company filed a registration statement with the SEC and, on April 18, 2024, commenced an offer to exchange the March 2031 Notes for newly issued registered notes with substantially similar terms. See Note 12. “Subsequent Events.”

The March 2031 Notes are our direct, general unsecured obligations and rank senior in right of payment to all of our future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the March 2031 Notes. The March 2031 Notes rank pari passu, or equal, in right of payment with all of our existing and future indebtedness or other obligations that are not so subordinated, or junior, to the March 2031 Notes. The March 2031 Notes rank effectively subordinated, or junior, to any of our future secured indebtedness or other obligations (including unsecured indebtedness that we later secures) to the extent of the value of the assets securing such indebtedness. The March 2031 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.

The March 2031 Indenture contains certain covenants, including covenants requiring us to (i) comply with Section 18(a)(1)(A) of the 1940 Act, as modified by Section 61(a) of the 1940 Act, for the period of time during which the March 2031 Notes are outstanding, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the March 2031 Notes and the Trustee if we are no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the March 2031 Indenture.

187

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, 2024, we did not make 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 our Consolidated Statements of Operations. As of March 31, 2024, the interest rate swap had a fair value of $(9.5) million ($(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.

Off-Balance Sheet Arrangements

Portfolio Company Commitments

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


Portfolio Company	Investment	March 31, 2024		December 31, 2023
($ in thousands)
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC	LLC Interest	$	4,000	$	8,444
AAM Series 2.1 Aviation Feeder, LLC	LLC Interest	—		309
ACR Group Borrower, LLC	First lien senior secured revolving loan	425		425
Activate Holdings (US) Corp. (dba Absolute Software)	First lien senior secured revolving loan	352		282
Alera Group, Inc.	First lien senior secured delayed draw term loan	43,565		45,858
Allied Benefit Systems Intermediate LLC	First lien senior secured delayed draw term loan	3,247		3,247
AmeriLife Holdings LLC	First lien senior secured revolving loan	16,273		16,273
AmeriLife Holdings LLC	First lien senior secured delayed draw term loan	—		5,457
AmeriLife Holdings LLC	First lien senior secured delayed draw term loan	24,302		26,966
Anaplan, Inc.	First lien senior secured revolving loan	16,528		16,528
Apex Service Partners, LLC	First lien senior secured delayed draw term loan	10,446		17,957
Apex Service Partners, LLC	First lien senior secured revolving loan	4,772		7,080
Appfire Technologies, LLC	First lien senior secured revolving loan	1,260		1,260
Appfire Technologies, LLC	First lien senior secured delayed draw term loan	10,081		10,587
Aptean Acquiror, Inc.	First lien senior secured revolving loan	7,282		—
Aptean Acquiror, Inc.	First lien senior secured delayed draw term loan	13,501		—
Aramsco, Inc.	First lien senior secured delayed draw term loan	7,797		7,797
Arctic Holdco, LLC (dba Novvia Group)	First lien senior secured delayed draw term loan	9,688		9,688
Ascend Buyer, LLC (dba PPC Flexible Packaging)	First lien senior secured revolving loan	3,404		3,404

Portfolio Company Investment June 30, 2023 December 31, 2022
($ in thousands)
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC LLC Interest $ 38,884 $ 45,000
AAM Series 2.1 Aviation Feeder, LLC LLC Interest 26,056 43,432
ABB/Con-cise Optical Group LLC First lien senior secured revolving loan — 186
ACR Group Borrower, LLC First lien senior secured revolving loan 245 537
AmeriLife Holdings LLC First lien senior secured revolving loan 13,561 16,273
AmeriLife Holdings LLC First lien senior secured delayed draw term loan 10,848 10,849
Anaplan, Inc. First lien senior secured revolving loan 16,528 16,528
Apex Service Partners, LLC First lien senior secured revolving loan 4,600 1,725
Appfire Technologies, LLC First lien senior secured revolving loan 1,633 1,539
Appfire Technologies, LLC First lien senior secured delayed draw term loan 14,326 16,366
Aramsco, Inc. First lien senior secured revolving loan 3,584 —
Aramsco, Inc. First lien senior secured delayed draw term loan 1,299 —
Armstrong Bidco Ltd. (dba The Access Group) First lien senior secured delayed draw term loan 2,142 3,734
Ascend Buyer, LLC (dba PPC Flexible Packaging) First lien senior secured revolving loan 5,106 5,106
Associations, Inc. First lien senior secured revolving loan 4,829 4,829
Associations, Inc. First lien senior secured delayed draw term loan 21,350 56,283
Athenahealth Group Inc. First lien senior secured delayed draw term loan 3,631 3,631
Avalara, Inc. First lien senior secured revolving loan 7,045 7,045
Adenza Group, Inc. First lien senior secured delayed draw term loan 2,145 2,145
Adenza Group, Inc. First lien senior secured revolving loan 2,591 2,591
Bayshore Intermediate #2, L.P. (dba Boomi) First lien senior secured revolving loan 1,274 1,062
BCPE Osprey Buyer, Inc. (dba PartsSource) First lien senior secured delayed draw term loan 31,034 31,034

~~160~~

188

Portfolio Company Investment June 30, 2023 December 31, 2022
BCPE Osprey Buyer, Inc. (dba PartsSource) First lien senior secured revolving loan 2,897 4,655
BCTO BSI Buyer, Inc. (dba Buildertrend) First lien senior secured revolving loan 161 161
BELMONT BUYER, INC. (dba Valenz) First lien senior secured delayed draw term loan 13,300 —
BELMONT BUYER, INC. (dba Valenz) First lien senior secured revolving loan 5,925 —
Brightway Holdings, LLC First lien senior secured revolving loan 1,053 2,105
BTRS Holdings Inc. (dba Billtrust) First lien senior secured delayed draw term loan 697 917
BTRS Holdings Inc. (dba Billtrust) First lien senior secured revolving loan 752 1,157
Canadian Hospital Specialties Ltd. First lien senior secured delayed draw term loan — 637
Canadian Hospital Specialties Ltd. First lien senior secured revolving loan 179 248
CivicPlus, LLC First lien senior secured revolving loan 1,840 2,245
Community Brands ParentCo, LLC First lien senior secured delayed draw term loan 3,750 3,750
Community Brands ParentCo, LLC First lien senior secured revolving loan 1,875 1,875
CoolSys, Inc. First lien senior secured delayed draw term loan 770 —
CoreTrust Purchasing Group LLC First lien senior secured delayed draw term loan 14,183 14,183
CoreTrust Purchasing Group LLC First lien senior secured revolving loan 14,183 14,183
Coupa Holdings, LLC First lien senior secured revolving loan 1,664 —
Coupa Holdings, LLC First lien senior secured delayed draw term loan 2,174 —
Denali BuyerCo, LLC (dba Summit Companies) First lien senior secured delayed draw term loan — 5,712
Denali BuyerCo, LLC (dba Summit Companies) First lien senior secured revolving loan 9,963 9,963
Dermatology Intermediate Holdings III, Inc. First lien senior secured delayed draw term loan 52 278
Diamondback Acquisition, Inc. (dba Sphera) First lien senior secured delayed draw term loan 9,553 9,553
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.) First lien senior secured revolving loan 91 —
Douglas Products and Packaging Company LLC First lien senior secured revolving loan 2,880 3,199
EET Buyer, Inc. (dba e-Emphasys) First lien senior secured revolving loan 3,387 1,955
Entertainment Benefits Group, LLC First lien senior secured revolving loan 9,667 3,867
EOS U.S. Finco LLC First lien senior secured loan 10,112 —
Evolution BuyerCo, Inc. (dba SIAA) First lien senior secured delayed draw term loan 200 200
Evolution BuyerCo, Inc. (dba SIAA) First lien senior secured revolving loan 676 676
Formerra, LLC First lien senior secured delayed draw term loan 54 211
Formerra, LLC First lien senior secured revolving loan 479 526


Portfolio Company	Investment	March 31, 2024	December 31, 2023
Associations, Inc.	First lien senior secured revolving loan	2,350	3,123
Associations, Inc.	First lien senior secured delayed draw term loan	507	507
Aurelia Netherlands Midco 2 B.V.	First lien senior secured NOK term loan	29,861	31,898
Aurelia Netherlands Midco 2 B.V.	First lien senior secured EUR term loan	29,801	30,482
Aurelia Netherlands Midco 2 B.V.	First lien senior secured EUR revolving loan	3,311	3,387
Avalara, Inc.	First lien senior secured revolving loan	7,045	7,045
AWP Group Holdings, Inc.	First lien senior secured delayed draw term loan	7,024	7,024
AWP Group Holdings, Inc.	First lien senior secured revolving loan	4,122	4,557
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)	First lien senior secured delayed draw term loan	12,469	—
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)	First lien senior secured revolving loan	1,995	—
Bamboo US BidCo LLC	First lien senior secured revolving loan	20,128	20,128
Bamboo US BidCo LLC	First lien senior secured delayed draw term loan	13,486	14,060
Bayshore Intermediate #2, L.P. (dba Boomi)	First lien senior secured revolving loan	1,381	1,275
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured revolving loan	2,172	3,207
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured delayed draw term loan	26,528	26,528
BCTO BSI Buyer, Inc. (dba Buildertrend)	First lien senior secured revolving loan	161	161
BELMONT BUYER, INC. (dba Valenz)	First lien senior secured delayed draw term loan	7,980	7,980
BELMONT BUYER, INC. (dba Valenz)	First lien senior secured revolving loan	6,650	6,650
Blast Bidco Inc. (dba Bazooka Candy Brands)	First lien senior secured revolving loan	4,179	4,179
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)	First lien senior secured delayed draw term loan	13,641	13,641
BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)	First lien senior secured revolving loan	13,901	13,901
Brightway Holdings, LLC	First lien senior secured revolving loan	1,789	1,158
Broadcast Music, Inc. (fka Otis Merger Sub, Inc.)	First lien senior secured revolving loan	6,271	—
BTRS Holdings Inc. (dba Billtrust)	First lien senior secured delayed draw term loan	354	468
BTRS Holdings Inc. (dba Billtrust)	First lien senior secured revolving loan	579	868
Canadian Hospital Specialties Ltd.	First lien senior secured CAD revolving loan	73	75
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)	First lien senior secured revolving loan	577	577
Certinia, Inc.	First lien senior secured revolving loan	4,412	4,412
Circana Group, L.P. (fka The NPD Group, L.P.)	First lien senior secured revolving loan	6,278	11,699
CivicPlus, LLC	First lien senior secured revolving loan	2,244	1,481

~~161~~

189

Portfolio Company Investment June 30, 2023 December 31, 2022
Fortis Solutions Group, LLC First lien senior secured delayed draw term loan — 191
Fortis Solutions Group, LLC First lien senior secured revolving loan 5,847 5,848
Fullsteam Operations, LLC First lien senior secured loan — 31,894
Gaylord Chemical Company, L.L.C. First lien senior secured revolving loan 3,182 3,182
Gaylord Chemical Company, L.L.C. First lien senior secured revolving loan 791 791
GI Apple Midco LLC First lien senior secured revolving loan 7,916 —
GI Apple Midco LLC First lien senior secured delayed draw term loan 15,831 —
GI Ranger Intermediate, LLC (dba Rectangle Health) First lien senior secured delayed draw term loan 7,600 7,600
GI Ranger Intermediate, LLC (dba Rectangle Health) First lien senior secured revolving loan 1,004 1,506
Global Music Rights, LLC First lien senior secured revolving loan 7,500 7,500
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) First lien senior secured delayed draw term loan 870 870
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) First lien senior secured revolving loan 88 88
Granicus, Inc. First lien senior secured revolving loan 111 107
Grayshift, LLC First lien senior secured revolving loan 2,419 2,419
Hercules Borrower, LLC (dba The Vincit Group) First lien senior secured revolving loan 85 86
Hercules Borrower, LLC (dba The Vincit Group) First lien senior secured delayed draw term loan 7,059 9,811
Hissho Sushi Merger Sub LLC First lien senior secured revolving loan 8,162 6,996
Home Service TopCo IV, Inc. First lien senior secured revolving loan 3,359 —
Home Service TopCo IV, Inc. First lien senior secured delayed draw term loan 8,397 —
Hyperion Refinance S.a.r.l (dba Howden Group) First lien senior secured delayed draw term loan — 92,823
Ideal Image Development, LLC First lien senior secured delayed draw term loan — 732
Ideal Image Development, LLC First lien senior secured revolving loan — 915
Ideal Tridon Holdings, Inc. First lien senior secured revolving loan 6,164 —
IG Investments Holdings, LLC (dba Insight Global) First lien senior secured revolving loan 3,613 2,168
IMO Investor Holdings, Inc. First lien senior secured delayed draw term loan 3,623 4,963
IMO Investor Holdings, Inc. First lien senior secured revolving loan 2,482 2,010
Indigo Buyer, Inc. (dba Inovar Packaging Group) First lien senior secured delayed draw term loan — 31,750
Indigo Buyer, Inc. (dba Inovar Packaging Group) First lien senior secured revolving loan 10,583 10,583
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC) First lien senior secured revolving loan 74 83
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC) First lien senior secured delayed draw term loan — 18,414


Portfolio Company	Investment	March 31, 2024	December 31, 2023
Community Brands ParentCo, LLC	First lien senior secured delayed draw term loan	—	3,750
Community Brands ParentCo, LLC	First lien senior secured revolving loan	1,875	1,875
Computer Services, Inc. (dba CSI)	First lien senior secured delayed draw term loan	25,566	—
CoreTrust Purchasing Group LLC	First lien senior secured delayed draw term loan	14,183	14,183
CoreTrust Purchasing Group LLC	First lien senior secured revolving loan	14,183	14,183
Coupa Holdings, LLC	First lien senior secured revolving loan	1,664	1,664
Coupa Holdings, LLC	First lien senior secured delayed draw term loan	2,174	2,174
CPM Holdings, Inc.	First lien senior secured revolving loan	4,650	5,000
Crewline Buyer, Inc. (dba New Relic)	First lien senior secured revolving loan	17,226	17,226
Denali BuyerCo, LLC (dba Summit Companies)	First lien senior secured revolving loan	9,963	9,963
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)	First lien senior secured revolving loan	91	91
Dresser Utility Solutions, LLC	First lien senior secured revolving loan	10,552	—
Dresser Utility Solutions, LLC	First lien senior secured delayed draw term loan	7,537	—
EET Buyer, Inc. (dba e-Emphasys)	First lien senior secured revolving loan	2,710	2,710
Endries Acquisition, Inc.	First lien senior secured delayed draw term loan	3,304	20,926
Endries Acquisition, Inc.	First lien senior secured delayed draw term loan	8,048	8,048
Entertainment Benefits Group, LLC	First lien senior secured revolving loan	6,960	6,960
Entrata, Inc.	First lien senior secured revolving loan	513	513
EOS U.S. Finco LLC	First lien senior secured delayed draw term loan	9,830	9,830
Evolution BuyerCo, Inc. (dba SIAA)	First lien senior secured revolving loan	676	676
Evolution BuyerCo, Inc. (dba SIAA)	First lien senior secured delayed draw term loan	3,671	4,405
FARADAY BUYER, LLC (dba MacLean Power Systems)	First lien senior secured delayed draw term loan	14,307	14,307
Fiesta Purchaser, Inc.	First lien senior secured revolving loan	14,898	—
Finastra USA, Inc.	First lien senior secured revolving loan	13,925	12,568
Formerra, LLC	First lien senior secured revolving loan	421	526
Fortis Solutions Group, LLC	First lien senior secured revolving loan	6,409	6,409
FR Vision Holdings, Inc.	First lien senior secured delayed draw term loan	10,915	—
FR Vision Holdings, Inc.	First lien senior secured revolving loan	3,692	—
Fullsteam Operations, LLC	First lien senior secured delayed draw term loan	5,000	—
Fullsteam Operations, LLC	First lien senior secured delayed draw term loan	1,250	—

~~162~~

190

Portfolio Company Investment June 30, 2023 December 31, 2022
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC) First lien senior secured delayed draw term loan 6,999 8,048
Intelerad Medical Systems Inc. First lien senior secured revolving loan 1,150 1
Interoperability Bidco, Inc. (dba Lyniate) First lien senior secured revolving loan 4,213 1,739
Kaseya Inc. First lien senior secured delayed draw term loan 4,077 4,342
Kaseya Inc. First lien senior secured revolving loan 3,256 4,342
KBP Brands, LLC First lien senior secured delayed draw term loan 743 743
KPSKY Acquisition, Inc. (dba BluSky) First lien senior secured delayed draw term loan 8,550 16,625
KWOR Acquisition, Inc. (dba Alacrity Solutions) First lien senior secured revolving loan 1,537 3,415
KWOR Acquisition, Inc. (dba Alacrity Solutions) First lien senior secured delayed draw term loan 6,792 8,748
Lightbeam Bidco, Inc. First lien senior secured revolving loan 11,685 —
Lightbeam Bidco, Inc. First lien senior secured delayed draw term loan 14,606 —
Lignetics Investment Corp. First lien senior secured delayed draw term loan — 9,559
Lignetics Investment Corp. First lien senior secured revolving loan 382 4,588
ManTech International Corporation First lien senior secured delayed draw term loan 3,360 3,360
ManTech International Corporation First lien senior secured revolving loan 1,806 1,806
Mario Purchaser, LLC (dba Len the Plumber) First lien senior secured delayed draw term loan 21,702 28,401
Mario Purchaser, LLC (dba Len the Plumber) First lien senior secured revolving loan 8,038 8,038
Medline Borrower, LP First lien senior secured revolving loan 2,020 2,020
MHE Intermediate Holdings, LLC (dba OnPoint Group) First lien senior secured revolving loan 2,643 3,071
Milan Laser Holdings LLC First lien senior secured revolving loan 1,765 1,765
Ministry Brands Holdings, LLC. First lien senior secured delayed draw term loan 13,822 15,819
Ministry Brands Holdings, LLC. First lien senior secured revolving loan 3,006 2,373
Mitnick Corporate Purchaser, Inc. First lien senior secured revolving loan 6,875 8,713
Natural Partners, LLC First lien senior secured revolving loan 5,063 5,063
NMI Acquisitionco, Inc. (dba Network Merchants) First lien senior secured delayed draw term loan 1,039 1,039
NMI Acquisitionco, Inc. (dba Network Merchants) First lien senior secured revolving loan 558 558
Notorious Topco, LLC (dba Beauty Industry Group) First lien senior secured delayed draw term loan 3,521 3,521
Notorious Topco, LLC (dba Beauty Industry Group) First lien senior secured revolving loan 4,930 4,401
OAC Holdings I Corp. (dba Omega Holdings) First lien senior secured revolving loan 735 1,139
OB Hospitalist Group, Inc. First lien senior secured revolving loan 4,476 5,222


Portfolio Company	Investment	March 31, 2024	December 31, 2023
Fullsteam Operations, LLC	First lien senior secured loan	1,047	1,961
Fullsteam Operations, LLC	First lien senior secured loan	904	1,250
Fullsteam Operations, LLC	First lien senior secured revolving loan	500	500
Galls, LLC	First lien senior secured delayed draw term loan	39,243	—
Galls, LLC	First lien senior secured revolving loan	13,343	—
Galway Borrower LLC	First lien senior secured revolving loan	5,254	—
Galway Borrower LLC	First lien senior secured delayed draw term loan	49,734	—
Gaylord Chemical Company, L.L.C.	First lien senior secured revolving loan	3,182	3,182
Gaylord Chemical Company, L.L.C.	First lien senior secured revolving loan	791	791
Gerson Lehrman Group, Inc.	First lien senior secured revolving loan	8,404	—
GI Apple Midco LLC (dba Atlas Technical Consultants)	First lien senior secured revolving loan	11,082	4,908
GI Apple Midco LLC (dba Atlas Technical Consultants)	First lien senior secured delayed draw term loan	14,090	14,090
GI Ranger Intermediate, LLC (dba Rectangle Health)	First lien senior secured delayed draw term loan	—	7,600
GI Ranger Intermediate, LLC (dba Rectangle Health)	First lien senior secured revolving loan	1,673	669
Global Music Rights, LLC	First lien senior secured revolving loan	12,415	7,500
Granicus, Inc.	First lien senior secured delayed draw term loan	4,888	—
Granicus, Inc.	First lien senior secured revolving loan	4,633	127
Grayshift, LLC	First lien senior secured revolving loan	2,419	2,419
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured delayed draw term loan	990	—
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured revolving loan	247	—
Hercules Borrower, LLC (dba The Vincit Group)	First lien senior secured revolving loan	96	96
Hissho Sushi Merger Sub, LLC	First lien senior secured revolving loan	8,745	8,745
Home Service TopCo IV, Inc.	First lien senior secured revolving loan	3,359	3,359
Home Service TopCo IV, Inc.	First lien senior secured delayed draw term loan	8,397	8,397
Hyland Software, Inc.	First lien senior secured revolving loan	6,978	6,978
Icefall Parent, Inc. (dba EngageSmart)	First lien senior secured revolving loan	2,749	—
Ideal Image Development, LLC	First lien senior secured revolving loan	366	—
Ideal Image Development, LLC	First lien senior secured revolving loan	—	329
Ideal Tridon Holdings, Inc.	First lien senior secured revolving loan	8,630	8,630
IG Investments Holdings, LLC (dba Insight Global)	First lien senior secured revolving loan	3,613	3,613
IMO Investor Holdings, Inc.	First lien senior secured delayed draw term loan	2,894	3,127

~~163~~

191

Portfolio Company Investment June 30, 2023 December 31, 2022
Ocala Bidco, Inc. First lien senior secured delayed draw term loan 8,469 8,469
Ole Smoky Distillery, LLC First lien senior secured revolving loan 3,302 3,302
OneOncology LLC First lien senior secured revolving loan 14,269 —
OneOncology LLC First lien senior secured delayed draw term loan 26,754 —
Oranje Holdco, Inc. (dba KnowBe4) First lien senior secured revolving loan 10,148 —
Pacific BidCo Inc. First lien senior secured delayed draw term loan 17,905 17,906
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.) First lien senior secured revolving loan 88 70
PCF Holdco, LLC (dba PCF Insurance Services) Series A Preferred Units 6,798 —
Pediatric Associates Holding Company, LLC First lien senior secured delayed draw term loan 533 1,776
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) First lien senior secured delayed draw term loan — 8,891
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) First lien senior secured revolving loan 2,570 2,570
Ping Identity Holding Corp. First lien senior secured revolving loan 2,182 2,182
Plasma Buyer LLC (dba Pathgroup) First lien senior secured delayed draw term loan 28,553 28,553
Plasma Buyer LLC (dba Pathgroup) First lien senior secured revolving loan 12,237 12,237
Pluralsight, LLC First lien senior secured revolving loan 196 196
PPV Intermediate Holdings, LLC First lien senior secured revolving loan 11,854 8,653
PPV Intermediate Holdings, LLC First lien senior secured delayed draw term loan — 19,248
QAD Inc. First lien senior secured revolving loan 6,000 6,000
Quva Pharma, Inc. First lien senior secured revolving loan 245 236
Relativity ODA LLC First lien senior secured revolving loan 435 435
Sailpoint Technologies Holdings, Inc. First lien senior secured revolving loan 5,718 5,718
Securonix, Inc. First lien senior secured revolving loan 5,339 5,339
Sensor Technology Topco, Inc. First lien senior secured revolving loan 20,562 —
Simplisafe Holding Corporation First lien senior secured delayed draw term loan 16,049 16,049
Smarsh Inc. First lien senior secured delayed draw term loan 10,381 10,381
Smarsh Inc. First lien senior secured revolving loan 830 5,190
Sonny's Enterprises, LLC First lien senior secured revolving loan 26,018 —
Sonny's Enterprises, LLC First lien senior secured delayed draw term loan 27,525 —
Southern Air & Heat Holdings, LLC First lien senior secured delayed draw term loan — 315
Southern Air & Heat Holdings, LLC First lien senior secured revolving loan 203 203


Portfolio Company	Investment	March 31, 2024	December 31, 2023
IMO Investor Holdings, Inc.	First lien senior secured revolving loan	2,085	2,382
Indigo Buyer, Inc. (dba Inovar Packaging Group)	First lien senior secured revolving loan	5,080	7,620
Indikami Bidco, LLC (dba IntegriChain)	First lien senior secured delayed draw term loan	6,570	6,570
Indikami Bidco, LLC (dba IntegriChain)	First lien senior secured revolving loan	3,754	4,693
Integrated Specialty Coverages, LLC	First lien senior secured delayed draw term loan	12,716	12,716
Integrated Specialty Coverages, LLC	First lien senior secured revolving loan	5,934	5,934
Integrity Marketing Acquisition, LLC	First lien senior secured revolving loan	5,450	5,450
Integrity Marketing Acquisition, LLC	First lien senior secured delayed draw term loan	21,923	21,923
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured revolving loan	3,731	3,490
Kaseya Inc.	First lien senior secured delayed draw term loan	4,077	4,077
Kaseya Inc.	First lien senior secured revolving loan	3,256	3,256
KENE Acquisition, Inc.	First lien senior secured delayed draw term loan	7,472	—
KENE Acquisition, Inc.	First lien senior secured revolving loan	2,242	—
KPSKY Acquisition, Inc. (dba BluSky)	First lien senior secured delayed draw term loan	6,054	6,054
KRIV Acquisition Inc. (dba Riveron)	First lien senior secured delayed draw term loan	12,134	12,134
KRIV Acquisition Inc. (dba Riveron)	First lien senior secured revolving loan	10,944	10,944
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)	First lien senior secured revolving loan	22,325	15,627
KWOR Acquisition, Inc. (dba Alacrity Solutions)	First lien senior secured revolving loan	1,485	1,946
KWOR Acquisition, Inc. (dba Alacrity Solutions)	First lien senior secured delayed draw term loan	6,360	6,360
Lightbeam Bidco, Inc. (dba Lazer Spot)	First lien senior secured revolving loan	10,127	11,685
Lightbeam Bidco, Inc. (dba Lazer Spot)	First lien senior secured delayed draw term loan	27,285	40,928
Lignetics Investment Corp.	First lien senior secured revolving loan	9,941	1,912
LSI Financing 1 DAC	Series 6 Notes	129,580	—
ManTech International Corporation	First lien senior secured delayed draw term loan	2,164	2,164
ManTech International Corporation	First lien senior secured revolving loan	1,806	1,806
Mario Purchaser, LLC (dba Len the Plumber)	First lien senior secured delayed draw term loan	5,627	21,702
Mario Purchaser, LLC (dba Len the Plumber)	First lien senior secured revolving loan	8,038	5,627
Medline Borrower, LP	First lien senior secured revolving loan	2,020	2,020
MHE Intermediate Holdings, LLC (dba OnPoint Group)	First lien senior secured revolving loan	3,571	3,571
Milan Laser Holdings LLC	First lien senior secured revolving loan	2,553	2,553

~~164~~

192

Portfolio Company Investment June 30, 2023 December 31, 2022
Spotless Brands, LLC First lien senior secured revolving loan 1,461 1,461
Summit Acquisition Inc. First lien senior secured delayed draw term loan 12,267 —
Summit Acquisition Inc. First lien senior secured revolving loan 6,133 —
SWK BUYER, Inc. (dba Stonewall Kitchen) First lien senior secured revolving loan 418 3,626
SWK BUYER, Inc. (dba Stonewall Kitchen) First lien senior secured delayed draw term loan — 13,947
Tahoe Finco, LLC First lien senior secured revolving loan 6,279 6,279
Tamarack Intermediate, L.L.C. (dba Verisk 3E) First lien senior secured revolving loan 4,455 4,388
TC Holdings, LLC (dba TrialCard) First lien senior secured revolving loan 7,768 7,768
Tempo Buyer Corp. (dba Global Claims Services) First lien senior secured delayed draw term loan 10,317 10,317
Tempo Buyer Corp. (dba Global Claims Services) First lien senior secured revolving loan 3,198 4,746
Circana Group, L.P. (fka The NPD Group, L.P.) First lien senior secured revolving loan 13,126 12,555
The Shade Store, LLC First lien senior secured revolving loan 3,273 4,909
Thunder Purchaser, Inc. (dba Vector Solutions) First lien senior secured revolving loan 112 470
Thunder Purchaser, Inc. (dba Vector Solutions) First lien senior secured delayed draw term loan 1,306 1,306
Troon Golf, L.L.C. First lien senior secured delayed draw term loan — 10,000
Troon Golf, L.L.C. First lien senior secured revolving loan 7,207 7,207
Ultimate Baked Goods Midco, LLC First lien senior secured revolving loan 2,000 1,475
Unified Women's Healthcare, LP First lien senior secured delayed draw term loan 338 3,045
Unified Women's Healthcare, LP First lien senior secured revolving loan 8,120 8,120
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners) First lien senior secured revolving loan 1,096 1,096
Velocity HoldCo III Inc. (dba VelocityEHS) First lien senior secured revolving loan 47 113
Walker Edison Furniture Company LLC First lien senior secured delayed draw term loan 267 —
When I Work, Inc. First lien senior secured revolving loan 4,164 4,164
Zendesk, Inc. First lien senior secured delayed draw term loan 30,080 30,080
Zendesk, Inc. First lien senior secured revolving loan 12,386 12,386
Total Unfunded Portfolio Company Commitments $ 982,318 $ 1,067,317


Portfolio Company	Investment	March 31, 2024	December 31, 2023
Ministry Brands Holdings, LLC	First lien senior secured revolving loan	4,271	2,215
Mitnick Corporate Purchaser, Inc.	First lien senior secured revolving loan	9,375	9,375
Monotype Imaging Holdings Inc.	First lien senior secured delayed draw term loan	14,027	—
Monotype Imaging Holdings Inc.	First lien senior secured revolving loan	21,041	—
Natural Partners, LLC	First lien senior secured revolving loan	5,063	5,063
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.	First lien senior secured EUR delayed draw term loan	23,312	—
NELIPAK EUROPEAN HOLDINGS COÖPERATIEF U.A.	First lien senior secured revolving loan	4,349	—
Nelipak Holding Company	First lien senior secured delayed draw term loan	11,787	—
Nelipak Holding Company	First lien senior secured revolving loan	6,158	—
Neptune Holdings, Inc. (dba NexTech)	First lien senior secured revolving loan	4,118	4,118
NMI Acquisitionco, Inc. (dba Network Merchants)	First lien senior secured revolving loan	558	558
Notorious Topco, LLC (dba Beauty Industry Group)	First lien senior secured revolving loan	3,521	4,930
OAC Holdings I Corp. (dba Omega Holdings)	First lien senior secured revolving loan	2,021	2,572
OB Hospitalist Group, Inc.	First lien senior secured revolving loan	4,902	4,902
Ocala Bidco, Inc.	First lien senior secured delayed draw term loan	4,503	8,469
Ole Smoky Distillery, LLC	First lien senior secured revolving loan	3,302	3,302
Omnia Partners, LLC	First lien senior secured delayed draw term loan	—	172
OneOncology LLC	First lien senior secured revolving loan	14,267	14,267
OneOncology LLC	First lien senior secured delayed draw term loan	17,478	26,752
Oranje Holdco, Inc. (dba KnowBe4)	First lien senior secured revolving loan	10,148	10,148
Pacific BidCo Inc.	First lien senior secured delayed draw term loan	17,905	17,905
Park Place Technologies, LLC	First lien senior secured delayed draw term loan	13,490	—
Park Place Technologies, LLC	First lien senior secured revolving loan	10,117	—
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)	First lien senior secured delayed draw term loan	17,143	—
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)	First lien senior secured revolving loan	88	70
PDI TA Holdings, Inc.	First lien senior secured delayed draw term loan	21,800	—
PDI TA Holdings, Inc.	First lien senior secured revolving loan	6,560	—
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)	First lien senior secured revolving loan	2,570	2,570
PetVet Care Centers, LLC	First lien senior secured delayed draw term loan	31,691	31,691
PetVet Care Centers, LLC	First lien senior secured revolving loan	33,258	33,258

193


Portfolio Company	Investment	March 31, 2024	December 31, 2023
Ping Identity Holding Corp.	First lien senior secured revolving loan	2,182	2,182
Plasma Buyer LLC (dba Pathgroup)	First lien senior secured delayed draw term loan	3,263	28,553
Plasma Buyer LLC (dba Pathgroup)	First lien senior secured revolving loan	4,895	8,158
Pluralsight, LLC	First lien senior secured revolving loan	—	87
PPV Intermediate Holdings, LLC	First lien senior secured revolving loan	11,854	11,854
PPV Intermediate Holdings, LLC	First lien senior secured delayed draw term loan	10,076	10,076
Premise Health Holding	First lien senior secured revolving loan	8,191	—
QAD, Inc.	First lien senior secured revolving loan	6,000	6,000
Quva Pharma, Inc.	First lien senior secured revolving loan	364	455
Relativity ODA LLC	First lien senior secured revolving loan	435	435
Sailpoint Technologies Holdings, Inc.	First lien senior secured revolving loan	5,718	5,718
Securonix, Inc.	First lien senior secured revolving loan	5,339	5,339
Sensor Technology Topco, Inc. (dba Humanetics)	First lien senior secured revolving loan	8,620	9,077
Simplisafe Holding Corporation	First lien senior secured delayed draw term loan	11,770	11,770
Smarsh Inc.	First lien senior secured delayed draw term loan	10,381	10,381
Smarsh Inc.	First lien senior secured revolving loan	498	830
Sonny's Enterprises, LLC	First lien senior secured revolving loan	25,158	25,158
Sonny's Enterprises, LLC	First lien senior secured delayed draw term loan	9,905	15,212
Southern Air & Heat Holdings, LLC	First lien senior secured revolving loan	220	259
Southern Air & Heat Holdings, LLC	First lien senior secured delayed draw term loan	24,039	28,751
Spotless Brands, LLC	First lien senior secured revolving loan	1,461	1,146
Summit Acquisition Inc. (dba K2 Insurance Services)	First lien senior secured delayed draw term loan	12,267	12,267
Summit Acquisition Inc. (dba K2 Insurance Services)	First lien senior secured revolving loan	6,133	6,133
SWK BUYER, Inc. (dba Stonewall Kitchen)	First lien senior secured revolving loan	5,579	5,579
Tamarack Intermediate, L.L.C. (dba Verisk 3E)	First lien senior secured revolving loan	5,336	5,336
Tamarack Intermediate, L.L.C. (dba Verisk 3E)	First lien senior secured delayed draw term loan	2,360	2,360
TC Holdings, LLC (dba TrialCard)	First lien senior secured revolving loan	7,768	7,768
Tempo Buyer Corp. (dba Global Claims Services)	First lien senior secured revolving loan	2,992	3,508
The Shade Store, LLC	First lien senior secured delayed draw term loan	10,580	—
The Shade Store, LLC	First lien senior secured revolving loan	4,773	2,455

194


Portfolio Company	Investment	March 31, 2024		December 31, 2023
Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured revolving loan	316		418
Troon Golf, L.L.C.	First lien senior secured revolving loan	7,207		7,207
Ultimate Baked Goods Midco, LLC	First lien senior secured revolving loan	2,000		2,000
Unified Women's Healthcare, LP	First lien senior secured delayed draw term loan	71,937		—
Unified Women's Healthcare, LP	First lien senior secured revolving loan	8,120		8,120
Unified Women's Healthcare, LP	First lien senior secured delayed draw term loan	23,000		41,400
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)	First lien senior secured revolving loan	1,096		1,096
Velocity HoldCo III Inc. (dba VelocityEHS)	First lien senior secured revolving loan	124		124
Walker Edison Furniture Company LLC	First lien senior secured delayed draw term loan	483		833
When I Work, Inc.	First lien senior secured revolving loan	4,164		4,164
XRL 1 LLC (dba XOMA)	First lien senior secured delayed draw term loan	4,500		4,500
Zendesk, Inc.	First lien senior secured delayed draw term loan	30,080		30,080
Zendesk, Inc.	First lien senior secured revolving loan	12,386		12,386
Total Unfunded Portfolio Company Commitments		$	1,883,748	$	1,394,947

We maintain sufficient borrowing capacity to cover outstanding unfunded portfolio company commitments that we may be required to fund. We seek to carefully consider our unfunded portfolio company commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation to cover any outstanding portfolio company unfunded commitments we are required to fund.

Organizational and Offering Costs

~~165~~

The Adviser has incurred organization and offering costs on behalf of us in the amount of ~~$2.0~~$2.9 million for the period from April 22, 2020 (Inception) to ~~June 30, 2023,~~March 31, 2024, of which ~~$2.0~~$2.9 million has been charged to us pursuant to the Investment Advisory Agreement. Under the Investment Advisory Agreement and Administration Agreement, the Adviser is entitled to receive up to 1.5% of gross offering proceeds raised in our continuous public offering until all organization and offering costs paid by the Adviser have been recovered.

Other Commitments and Contingencies

From time to time, we may become a party to certain legal proceedings incidental to the normal course of our business. As of ~~June 30, 2023,~~March 31, 2024, management was not aware of any pending or threatened litigation.

195

Contractual Obligations

A summary of our contractual payment obligations under our credit facilities and notes as of ~~June 30, 2023,~~March 31, 2024, is as follows:


($ in thousands)	Total		Less than 1 year		1-3 Years		3-5 Years		After 5 years
Revolving Credit Facility	$	1,026,111	$	—	$	—	$	1,026,111	$	—
SPV Asset Facility I	200,000		—		—		—		200,000
SPV Asset Facility II	995,000		—		995,000		—		—
SPV Asset Facility III	622,000		—		—		622,000		—
SPV Asset Facility IV	200,000		—		—		—		200,000
SPV Asset Facility V	200,000		—		—		200,000		—
SPV Asset Facility VI	350,000		—		—		—		350,000
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
March 2025 Notes	500,000		500,000		—		—		—
September 2026 Notes	350,000		—		350,000		—		—
February 2027 Notes	500,000		—		500,000		—		—
September 2027 Notes	600,000		—		—		600,000		—
June 2028 Notes	650,000		—		—		650,000		—
January 2029 Notes	550,000		—		—		550,000		—
March 2031 Notes	750,000		—		—		—		750,000
Total Contractual Obligations	$	9,035,111	$	500,000	$	1,845,000	$	3,648,111	$	3,042,000

($ in thousands) Total Less than 1 year 1-3 Years 3-5 Years After 5 years
Revolving Credit Facility 525,469 — — 525,469 —
SPV Asset Facility I 525,000 — — — 525,000
SPV Asset Facility II 1,718,000 — — 1,718,000 —
SPV Asset Facility III 555,000 — — 555,000 —
SPV Asset Facility IV 248,610 — — — 248,610
SPV Asset Facility V 100,000 — — 100,000 —
CLO VIII 290,000 — — — 290,000
CLO XI 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 —
March 2025 Notes 500,000 — 500,000 — —
June 2028 Notes 500,000 — — 500,000 —
Total Contractual Obligations 6,672,079 — 500,000 4,848,469 1,323,610

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, and OCIC SLF, controlled affiliated investments, and LSI Financing, a non-controlled affiliated investment, as defined in the 1940 Act. See “ITEM 1. – Notes to Consolidated Financial Statements – Note 3. Agreements and Related Party Transactions” for further details.

Critical Accounting Policies

The preparation of the consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies should be read in

~~166~~

connection with our risk factors as described in our Form 10-K for the fiscal year ended December 31, ~~2022 and~~2023 in ~~our Form 10-Q for the quarter ended March 31, 2023~~ “ITEM 1A. – RISK FACTORS.”

196

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 ~~was adopted by the SEC in January 2021 and~~ establishes requirements for determining fair value in good faith for purposes of the 1940 Act. ~~We complied with the mandatory provisions of Rule 2a-5 by the September 2022 compliance date. Additionally, commencing with the fourth quarter of 2022, pursuant~~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 ~~oversee~~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, 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:

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•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.

197

•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 ~~was adopted by the SEC in December 2020, and~~ 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. ~~The Company~~We currently ~~qualifies~~qualify as a “limited derivatives user” and expects to continue to do so. ~~The Company~~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 ~~by Rule 18f-4’s August 2022 compliance date,~~ and complies with the recordkeeping ~~requirements.~~requirements of Rule 18f-4.

Interest and Dividend Income Recognition

Interest income is recorded on the accrual basis and includes accretion and amortization of discounts or premiums. Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK interest represents accrued interest that is added to the principal amount of the investment on the respective interest payment dates rather than being paid in cash and generally becomes due at maturity. PIK dividends represent accrued dividends that are added to the shares held of the equity investment on the respective interest payment dates rather than being paid in cash and generally becomes due at a certain trigger date. For the three months ended ~~June 30, 2023,~~March 31, 2024, PIK interest ~~income~~ and PIK dividend income earned was ~~$34.3~~$27.6 million ~~representing 9.4%~~and $17.2 million, respectively. PIK interest and PIK dividend income represented approximately 5.2% and 3.3% of total investment ~~income.~~income for the three months ended March 31, 2024, respectively. For the ~~six~~three months ended ~~June 30,~~March 31, 2023, PIK interest ~~income~~ and PIK dividend income earned was ~~$67.4~~$15.1 million ~~representing 10.1%~~and $17.9 million, respectively. PIK interest and PIK dividend income represented approximately 4.9% and 5.9% of total investment ~~income. For~~income for the three months ended ~~June 30, 2022, PIK interest income and PIK dividend income earned was $7.2million, representing 5.6% of total investment income. For the six months ended June 30, 2022, PIK interest income and PIK dividend income earned was $12.2million, representing 6.1% of total investment income.~~March 31, 2023, respectively. Discounts and premiums to par value on securities purchased are accreted or amortized into interest income over the contractual life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the amortization or accretion of premiums or discounts, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. If at any point we believe PIK interest is not expected to be realized, the investment generating PIK interest will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest income. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in

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198

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 ~~90% of~~ the sum ~~of our:~~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~~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 ~~pursuant to~~ 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 (except for residents of Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, Oklahoma, Oregon, Vermont and Washington and clients of participating broker-dealers that do not permit automatic enrollmentwho have enrolled in the distribution reinvestment ~~plan)~~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 ~~the Company’s same class of~~our common stock, ~~to which~~rather than receiving the ~~distribution relates unless they elect to receive their distributions in cash.~~cash distribution. We expect to use newly issued shares to implement the distribution reinvestment plan. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

~~Income Taxes~~

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199

Income Taxes

We have elected to be treated as a BDC under the 1940 Act. We also have elected to be treated as a RIC under the Code beginning with our taxable year ended December 31, 2020, and intend to qualify for tax treatment as a RIC. As a RIC, we generally will not pay U.S. federal income taxes at corporate rates on any ordinary income or capital gains that we distribute at least annually to our shareholders as distributions. Rather, any tax liability related to income earned and distributed by us represents obligations of our investors and will not be reflected in our consolidated financial statements.

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, we generally must distribute to our shareholders, for each taxable year, at least 90% of our “investment company taxable income” for that year, which is generally our ordinary income plus the excess of our realized net short- term capital gains over our realized net long-term capital losses. In addition, a RIC may, in certain cases, satisfy this distribution requirement by distributing dividends relating to a taxable year after the close of such taxable year under the ~~"spillover dividend"~~“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, ~~2022.~~2023. As applicable, the ~~Company's~~Company’s prior three tax years remain subject to examination by U.S. federal, state and local tax authorities.

Recent Developments

~~Articles of~~Revolving Credit Facility Amendment

~~Blue Owl~~On April 19, 2024, we entered into the Second Amendment to the Revolving Credit ~~Income Corp. was formerly known~~Facility (the “Second Amendment”), which amends the Revolving Credit Facility. The parties to the Second Amendment include us, as ~~“Owl Rock Core Income Corp.” On June 22, 2023, we filed Articles~~Borrower, the subsidiary guarantors party thereto solely with respect to Section 4.9 therein, the lenders party thereto and Sumitomo Mitsui Banking Corporation as Administrative Agent. The Second Amendment extended the commitments of ~~Amendment~~a Non-Extending Lender (as defined in the ~~state of Maryland to formally change our name to “Blue Owl~~Revolving Credit ~~Income Corp.” Our new name took effect on July 6, 2023.~~Facility) so that such Non-Extending Lender became an Extending Lender (as defined in the Revolving Credit Facility).

~~June 2028 Notes~~DRIP Amendment

On ~~July 14, 2023, we issued~~May 6, 2024, our Board adopted an amended and restated distribution reinvestment plan which provides for the reinvestment of any cash distributions on behalf of shareholders who have elected to enroll in the distribution reinvestment plan. As a result, if our Board authorizes and declares a cash distribution, then the shareholders who have elected to enroll in the distribution reinvestment plan will have their cash distribution automatically reinvested in additional ~~$150 million aggregate principal amount~~shares of our ~~June 2028 Notes in a private placement in reliance~~common stock, rather than receiving the cash distribution. The change will have no effect 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~~existing distribution elections 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.

~~CLO XII~~

On July 18, 2023, we completed a $396.5 million term debt securitization transaction (the “CLO XII Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by us. The secured notes and preferred shares issued in the CLO XII Transaction and the secured loan borrowed in the CLO XII Transaction were issued and incurred, as applicable, by our consolidated subsidiary Owl Rock CLO XII, LLC, a limited liability organized under the laws of the State of Delaware (the “CLO XII Issuer”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO XII Issuer.distribution reinvestment plan.

Commencement of Exchange Offer

On ~~July 24th, 2023,~~April 18, 2024, we commenced an ~~offering~~offer to exchange the ~~September 2027~~June 2028 Notes, the January 2029 Notes and the March 2031 Notes for newly issued registered notes with substantially similar terms.

Equity Raise

As of ~~August 10, 2023,~~May 9, 2024, we have issued ~~256,463,360~~393,943,501 shares of Class S common stock, ~~61,343,204~~80,429,545 shares of Class D common stock, and ~~449,648,397~~685,850,176 shares of Class I common stock and have raised total gross proceeds of ~~$2.4~~$3.69 billion, ~~$0.6~~$0.75 billion, and ~~$4.1~~$6.38 billion, respectively, including seed capital of $1,000 contributed by our Adviser in September 2020 and approximately $25.0 million

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in gross proceeds raised from Feeder FIC Equity. In addition, we received ~~$275.6~~$586.3 million in gross subscription payments which we accepted on ~~August 3, 2023~~May 1, 2024 and which is pending our determination of the net asset value per share applicable to such purchase.

Dividend

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On May 7, 2024, our Board declared a distribution of (i) $0.07010 per share, payable on or before June 26, 2024 to shareholders of record as of May 31, 2024, (ii) $0.07010 per share, payable on or before July 26, 2024 to shareholders of record as of June 28, 2024, and (iii) $0.07010 per share, payable on or before August 23, 2024 to shareholders of record as of July 31, 2024 and (iv) a special distribution of $0.03270 per share, payable on or before July 26, 2024 to shareholders of record as of June 28, 2024.

Joint Venture

On May 6, 2024, we entered into an agreement with each of Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Capital Corporation III, Blue Owl Technology Finance Corp., Blue Owl Technology Finance Corp. II, and Blue Owl Technology Income Corp. (together with us, the “Blue Owl BDCs”) and State Teachers Retirement System of Ohio (“OSTRS”) to co-manage Blue Owl Credit SLF LLC (“Credit SLF”), a joint venture that is expected to invest primarily in senior secured loans to middle market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. Each of the Blue Owl BDCs have agreed to initial commitments to Credit SLF totaling $50.0 million in the aggregate, of which we have agreed to contribute $11.25 million, representing an approximately 19.7% economic ownership. OSTRS will initially commit $7.1 million, representing a 12.5% economic ownership. Credit 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 by Credit SLF’s board.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to financial market risks, including valuation risk, interest rate risk, currency risk, credit risk, and inflation risk.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and we value these investments at fair value as determined in good faith by the Adviser, as our valuation designee, based on, among other things, the input of the independent third-party valuation firm(s) engaged at the direction of the Adviser, as our valuation designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure you that a significant change in market interest rates will not have a material adverse effect on our net investment income.

In a prolonged low interest rate environment, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net income and potentially adversely affecting our operating results. Conversely, in a rising interest rate environment, such difference could potentially increase thereby increasing our net income as indicated per the table below.

As of ~~June 30, 2023, 99.1%~~March 31, 2024, 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 ~~0.8%~~0.7%.

Based on our Consolidated Statements of Assets and Liabilities as of ~~June 30, 2023,~~March 31, 2024, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates on our debt investments (considering interest rate floors for floating rate instruments) assuming each floating rate investment is subject to 3-month reference rate election and there are no changes in our investment and borrowing structure.

($ in millions) Interest Income
Interest Expense(1)
Net Income(2)
Up 300 basis points $ 361.9 $ (142.5) $ 219.4
Up 200 basis points $ 241.3 $ (95.0) $ 146.3
Up 100 basis points $ 120.6 $ (47.5) $ 73.1
Down 100 basis points $ (120.6) $ 47.5 $ (73.1)
Down 200 basis points $ (241.3) $ 95.0 $ (146.3)
Down 300 basis points $ (361.9) $ 142.5 $ (219.4)

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($ in millions)	Interest Income		Interest Expense(1)		Net Income(2)
Up 300 basis points	$	523.8	$	(227.7)	$	296.1
Up 200 basis points	$	349.2	$	(151.8)	$	197.4
Up 100 basis points	$	174.6	$	(75.9)	$	98.7

Down 100 basis points	$	(174.6)	$	75.9	$	(98.7)
Down 200 basis points	$	(349.2)	$	151.8	$	(197.4)
Down 300 basis points	$	(523.8)	$	227.7	$	(296.1)

(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~~Transactions”" of our consolidated financial statements for more information on the income based fees.

We may in the future hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options, and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio investments.

Currency Risk

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From time to time, we may make investments that are denominated in a foreign currency. These investments are translated into U.S. dollars at each balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may seek to utilize instruments such as, but not limited to, forward contracts to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates.

Credit Risk

We generally endeavor to minimize our risk of exposure by limiting to reputable financial institutions the counterparties with which we enter into financial transactions. As of ~~June 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, we held the majority of our cash balances with a single highly rated money center bank and such balances are in excess of Federal Deposit Insurance Corporation insured limits. We seek to mitigate this exposure by monitoring the credit standing of these financial institutions.

Inflation Risk

Inflation is likely to continue in the near to medium-term, particularly in the United States, and monetary policy ~~has tightened~~may continue to tighten in response. Persistent inflationary pressures could affect the profitability of investments held by our products, which could impact the level of management fees and other revenues we may earn in the future.

Item 4. Controls and Procedures

(a)Evaluation of Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the Exchange Act, as amended, we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

(b)Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal controls over financial reporting that occurred during the ~~quarter ended June 30, 2023~~three months March 31, 2024 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.~~

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, ~~2022, and our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31,~~ 2023, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K for the fiscal year ended December ~~31, 2022 and our Quarterly Report on Form 10-Q for the fiscal quarter ended March~~ 31, 2023 are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Other than the shares issued pursuant to our dividend reinvestment plan, we did not sell any unregistered equity securities, except as previously disclosed in certain 8-Ks filed with the SEC. In order to satisfy the reinvestment portion of our dividends for the ~~six~~three months ended ~~June 30, 2023,~~March 31, 2024, we issued the following shares of common stock to stockholders of record on the dates noted below who did not opt out of our dividend reinvestment plan. These issuances were not subject to the registration requirements of the Securities Act.

Date of Issuance Record Date Number of Shares Purchase Price Share Class
February 24, 2023 January 31, 2023 687,028 $ 9.24 Class S
February 24, 2023 January 31, 2023 204,137 $ 9.25 Class D
February 24, 2023 January 31, 2023 1,232,682 $ 9.26 Class I
March 23, 2023 February 28, 2023 541,897 $ 9.23 Class S
March 23, 2023 February 28, 2023 161,442 $ 9.24 Class D
March 23, 2023 February 28, 2023 982,289 $ 9.26 Class I
April 26, 2023 March 31, 2023 550,369 $ 9.21 Class S
April 26, 2023 March 31, 2023 171,791 $ 9.22 Class D
April 26, 2023 March 31, 2023 1,033,295 $ 9.24 Class I
May 22, 2023 April 30, 2023 783,932 $ 9.21 Class S
May 22, 2023 April 30, 2023 249,352 $ 9.22 Class D
May 22, 2023 April 30, 2023 1,403,674 $ 9.24 Class I
June 26, 2023 May 31, 2023 615,928 $ 9.18 Class S
June 26, 2023 May 31, 2023 198,660 $ 9.19 Class D
June 26, 2023 May 31, 2023 1,184,501 $ 9.21 Class I
July 26, 2023 June 30, 2023 645,540 $ 9.28 Class S
July 26, 2023 June 30, 2023 196,893 $ 9.29 Class D
July 26, 2023 June 30, 2023 1,224,110 $ 9.31 Class I


Date of Issuance	Record Date	Number of Shares	Purchase Price		Share Class











































































February 23, 2024	January 31, 2024	986,339	$	9.49	Class S
February 23, 2024	January 31, 2024	104,951	$	9.50	Class D
February 23, 2024	January 31, 2024	1,928,951	$	9.51	Class I
February 23, 2024	February 29, 2024	1,050,132	$	9.49	Class S
February 23, 2024	February 29, 2024	97,632	$	9.50	Class D
February 23, 2024	February 29, 2024	2,041,594	$	9.52	Class I
April 23, 2024	March 31, 2024	1,642,976	$	9.50	Class S
April 23, 2024	March 31, 2024	135,877	$	9.51	Class D
April 23, 2024	March 31, 2024	3,161,021	$	9.53	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.

~~174~~

investments as of the end of the applicable period to repurchase ~~shares.All~~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.

Offer Date Class Tender Offer Expiration Tender Offer Purchase Price per Share Shares Repurchased
February 28, 2023 S March 31, 2023 $ 21,643 $ 9.21 2,349,994
February 28, 2023 D March 31, 2023 $ 3,453 $ 9.22 374,566
February 28, 2023 I March 31, 2023 $ 68,024 $ 9.24 7,361,842
May 31, 2023 S June 30, 2023 $ 16,367 $ 9.28 1,763,641
May 31, 2023 D June 30, 2023 $ 13,809 $ 9.29 1,486,423
May 31, 2023 I June 30, 2023 $ 46,071 $ 9.31 4,948,651

203


Offer Date	Class	Tender Offer Expiration	Tender Offer		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

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

~~Articles of Amendment~~

Effective as of July 6, 2023, the Company amended its charter to change the Company's name from Owl Rock Core Income Corp. to Blue Owl Credit Income Corp. The Company effected the name change by filing Articles of Amendment (the "Amendment") with the State Department of Assessments and Taxation of Maryland. A copy of our Articles of Amendment and Restatement, as further amended by the Amendment, is filed as Exhibit 3.1 to this report.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended ~~June 30, 2023,~~March 31, 2024, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

204

~~175~~

Item 6. Exhibits, Financial Statement Schedules.


Exhibit Number						Description of Exhibits

3.1*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						~~Second~~Third Amended and Restated Bylaws, dated ~~July~~November 6, 2023 (incorporated by reference to Exhibit 3.2 to the ~~Company's~~Company’s Current Report on Form 8-K, filed on ~~June 22,~~November 9, 2023).

4.1						~~Fifth~~Seventh Supplemental Indenture, dated as of ~~June 13, 2023,~~February 1, 2024, relating to the ~~7.950%~~6.650% notes due ~~2028,~~2031, by and between Blue Owl ~~Rock Core~~Credit Income Corp. and Truist Bank, as successor to Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the ~~Company's~~Company’s Current Report on Form 8-K, filed on ~~June 14, 2023)~~February 1, 2024).

4.2						Form of ~~7.950% notes~~6.650% Notes due ~~2028~~2031 sold in reliance on Rule 144A of the Securities Act (incorporated by reference to Exhibit 4.3 to the ~~Company's~~Company’s Current Report on Form 8-K, filed on ~~June 14, 2023)~~February 1, 2024).

4.3						Form of ~~7.950% notes~~6.650% Notes due ~~2028~~2031 sold in reliance on Rule 501(a)(1), (2), (3), (7) or (9) of the Securities Act (incorporated by reference to Exhibit 4.4 to the ~~Company's~~Company’s Current Report on Form 8-K, filed on ~~June 14, 2023)~~February 1, 2024).

4.4						Registration Rights Agreement, dated as of ~~June 13, 2023,~~February 1, 2024, by and among ~~RBC Capital Markets,~~Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc., and Truist Securities, Inc. ~~and Wells Fargo Securities, LLC,~~, as representatives of the Initial Purchasers (incorporated by reference to Exhibit 4.5 to the ~~Company's~~Company’s Current Report on Form 8-K, filed on ~~June 14, 2023)~~February 1, 2024).

10.1						Indenture and Security Agreement, dated as of ~~May 24, 2023~~January 30, 2024, by and between Owl Rock CLO ~~XI,~~XV, LLC, as Issuer and State Street Bank and Trust Company, as Collateral Trustee (incorporated by reference to Exhibit 10.1 to the ~~Company's~~Company’s Current Report on Form 8-K, filed on ~~May 26, 2023)~~February 1, 2024).

10.2						Collateral Management Agreement, dated as of ~~May 24, 2023,~~January 30, 2024, between Owl Rock CLO ~~XI,~~XV, LLC and Blue Owl ~~Rock Capital~~Credit Advisors LLC (incorporated by reference to Exhibit 10.2 to the ~~Company's~~Company’s Current Report on Form 8-K, filed on ~~May 26, 2023)~~February 1, 2024).

10.3						Loan Sale Agreement, dated as of ~~May 24, 2023,~~January 30, 2024, between Blue Owl ~~Rock Core~~Credit Income Corp., as Seller and Owl Rock CLO ~~XI,~~XV, LLC, as Purchaser (incorporated by reference to Exhibit 10.3 to the ~~Company's~~Company’s Current Report on Form 8-K, filed on ~~May 26, 2023)~~February 1, 2024).

10.4						Loan Sale Agreement, dated as of ~~May 24, 2023,~~January 30, 2024, between Core Income Funding IVI LLC, as Seller and Owl Rock CLO ~~XI,~~XV, LLC, as Purchaser (incorporated by reference to Exhibit 10.4 to the ~~Company's~~Company’s Current Report on Form 8-K, filed on ~~May 26, 2023)~~February 1, 2024).

10.5						~~Class A-1L Loan~~Amendment No. 1 to the Credit Agreement, dated as of May 24, 2023, among Owl Rock CLO XI, LLC, as Borrower, State Street Bank and Trust Company, as Loan Agent, State Street Bank and Trust Company as Collateral Trustee and each of the Class A-1L Lenders party thereto (incorporated by reference Exhibit 10.5 to the Company's Current Report on Form 8-K, filed on May 26, 2023).

~~10.6~~						~~Amendment No. 2 to the Credit Agreement by and~~March 1, 2024, among Core Income Funding IVI LLC, as Borrower, the Lenders ~~referred to therein, Natixis, New York Branch,~~party thereto, The Bank of Nova Scotia, as Administrative Agent, State Street Bank and Trust Company, as Collateral Agent, Collateral Administrator, Custodian and Alter Domus (US) LLC as ~~document custodian~~Document Custodian (incorporated by reference to Exhibit 10.1 to the ~~Company's~~Company’s Current Report on Form 8-K, filed on ~~June 23, 2023)~~March 5, 2024).

~~10.7~~10.6						~~License Agreement,~~Indenture, dated as of ~~July 6, 2023,~~March 7, 2024, by and between ~~Blue~~ Owl ~~Credit Income Corp.~~Rock CLO XVI, LLC, as Issuer and ~~Blue Owl Capital Holdings LLC~~State Street Bank and Trust Company, as Collateral Trustee (incorporated by reference to Exhibit 10.1 to the ~~Company's~~Company’s Current Report on Form 8-K, filed on ~~July 6, 2023)~~March 11, 2024).

10.7						Collateral Management Agreement, dated as of March 7, 2024, between Owl Rock CLO XVI, LLC and Blue Owl Credit Advisors LLC (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, filed on March 11, 2024).

10.8						Loan Sale Agreement, dated as of March 7, 2024, between Blue Owl Credit Income Corp., as Seller and Owl Rock CLO XVI, LLC, as Purchaser (incorporated by reference to Exhibit 10.3 the Company’s Current Report on Form 8-K, filed on March 11, 2024).

10.9						Loan Sale Agreement, dated as of March 7, 2024, between Core Income Funding II LLC, as Seller and Owl Rock CLO XVI, LLC, as Purchaser (incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K, filed on March 11, 2024).

205


10.11						Amendment No. 7 to the Loan Financing and Servicing Agreement, dated as of March 7, 2024, among Core Income Funding II LLC, as Borrower, Blue Owl Credit Income Corp., as Equityholder and Services Provider, the Lenders from time to time parties thereto, Deutsche Bank AG, New York Branch, as Facility Agent, the other Agents parties thereto, State Street Bank and Trust Company, as Collateral Agent, and Alter Domus (US) LLC, as Collateral Custodian (incorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K, filed on March 11, 2024).

10.12*						Second Amendment to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of April 19, 2024, among Blue Owl Credit Income Corp., the Subsidiary Guarantors party thereto, Citibank, N.A., as a Lender, and Sumitomo Mitsui Banking Corporation, as Administrative Agent.

10.13*						A mended and Restated Distrib ution Reinvestment Plan effective as of May 6, 2024.

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 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.

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.

~~176~~

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.

101.INS

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101.SCH

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101.CAL

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101.DEF

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101.LAB

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101.PRE

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104

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______________________

* Filed herewith.

** Furnished herewith.

~~177~~206

SIGNATURES

Pursuant to the requirements of section 13 or 15(d) the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.


	Blue Owl Credit Income Corp.

Date: ~~August 10, 2023~~May 9, 2024	By:	/s/ Craig W. Packer
		Craig W. Packer
		Chief Executive Officer

Date:~~August 10, 2023~~ May 9, 2024	By:	/s/ Bryan Cole
		Bryan Cole
		Chief Operating Officer and Chief Financial Officer

~~178~~

207


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
Global Music Rights, LLC(10)	First lien senior secured loan	SR +	5.75%	08/2028	$	83,109	$	81,800	$	83,108	1.2	%
Global Music Rights, LLC(10)(17)(18)	First lien senior secured revolving loan	SR +	5.75%	08/2027	—		(104)		—		0.0	%
Circana Group, L.P. (fka The NPD Group, L.P.)(9)	First lien senior secured loan	SR +	6.25% (2.75% PIK)	12/2028	226,154		222,043		223,327		3.3	%
Circana Group, L.P. (fka The NPD Group, L.P.)(9)(17)	First lien senior secured revolving loan	SR +	5.75%	12/2027	1,141		906		963		0.0	%
					310,404		304,645		307,398		4.5	%
Aerospace and defense
Bleriot US Bidco Inc.(10)(22)	First lien senior secured loan	SR +	4.00%	10/2026	$	5,070	$	5,070	$	5,063	0.1	%
ManTech International Corporation(10)	First lien senior secured loan	SR +	5.75%	09/2029	14,110		13,851		13,969		0.2	%
ManTech International Corporation(10)(17)(18)(19)	First lien senior secured delayed draw term loan	SR +	5.75%	09/2024	—		(30)		—		0.0	%
ManTech International Corporation(10)(17)(18)	First lien senior secured revolving loan	SR +	5.75%	09/2028	—		(31)		(18)		0.0	%
Peraton Corp.(9)(22)	First lien senior secured loan	SR +	3.75%	02/2028	14,669		14,647		14,383		0.2	%
Peraton Corp.(10)(22)	Second lien senior secured loan	SR +	7.75%	02/2029	4,854		4,798		4,695		0.1	%
					38,703		38,305		38,092		0.6	%
Automotive
Holley Inc.(10)(22)	First lien senior secured loan	SR +	3.75%	11/2028	$	2,335	$	2,322	$	1,989	0.0	%
Mavis Tire Express Services Topco Corp.(9)(22)	First lien senior secured loan	SR +	4.00%	05/2028	9,800		9,764		9,702		0.1	%
OAC Holdings I Corp. (dba Omega Holdings)(11)	First lien senior secured loan	SR +	5.00%	03/2029	9,096		8,939		8,823		0.1	%
OAC Holdings I Corp. (dba Omega Holdings)(10)(17)	First lien senior secured revolving loan	SR +	5.00%	03/2028	1,838		1,797		1,760		0.0	%
Power Stop, LLC(6)(21)	First lien senior secured loan	L +	4.75%	01/2029	29,625		29,377		24,441		0.4	%
Spotless Brands, LLC(10)	First lien senior secured loan	SR +	6.50%	07/2028	54,030		53,083		53,491		0.9	%


Spotless Brands, LLC(10)(17)(18)	First lien senior secured revolving loan	SR +	6.50%	07/2028	—		(25)		(15)		0.0	%
					106,724		105,257		100,191		1.5	%
Asset based lending and fund finance
Hg Genesis 9 Sumoco Ltd.(13)(23)	Unsecured facility	E +	7.00% PIK	03/2027	$	133,034	$	133,553	$	133,034	2.0	%
Hg Saturn LuchaCo Ltd.(14)(23)	Unsecured facility	S +	7.50% PIK	03/2026	2,112		2,249		2,091		0.0	%
					135,146		135,802		135,125		2.0	%
Buildings and real estate
Associations, Inc.(10)	First lien senior secured loan	SR +	6.50% (2.50% PIK)	07/2027	$	106,000	$	105,087	$	105,205	1.6	%
Associations, Inc.(10)(17)(18)	First lien senior secured revolving loan	SR +	6.50%	07/2027	—		(32)		(24)		0.0	%

Associations, Inc.(11)(17)(19)	First lien senior secured delayed draw term loan	SR +	6.50% (2.50% PIK)	06/2024	39,630		39,148		39,172		0.6	%


Company	Fair value as of December 31, 2021		Gross Additions(a)		Gross Reductions(b)		Net Change in Unrealized Gain/ (Loss)		Realized Gain/(Loss)		Fair value as of December 31, 2022		Dividend Income		Other Income
LSI Financing 1 DAC	$	—	$	6,224	$	—	$	(49)	$	—	$	6,175	$	—	$	—
Total	$	—	$	6,224	$	—	$	(49)	$	—	$	6,175	$	—	$	—


For the Quarter Ended	Amount of Expense Support		Recoupment of Expense Support		Unreimbursed Expense Support		Effective Rate of Distribution per Share(1)		Reimbursement Eligibility Expiration	Operating Expense Ratio(2)
($ in thousands)
March 31, 2021	$	822	$	822	$	—	6.7	%	March 31, 2024	9.47	%
June 30, 2021	1,756		1,756		—		6.6	%	June 30, 2024	2.43	%
March 31, 2022	4,062		—		4,062		7.2	%	March 31, 2025	0.67	%
June 30, 2022	2,713		—		2,713		7.4	%	June 30, 2025	0.67	%
September 30, 2022	—		—		—		8.3	%	September 30, 2025	0.72	%
December 31, 2022	—		6,775		(6,775)		8.8	%	December 31, 2025	0.62	%


Total	$	9,353	$	9,353	$	—


Blue Owl Credit Income Senior Loan Fund's Portfolio as of June 30, 2023 ($ in thousands) (Unaudited)
Company(1)(2)(4)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(3)		Fair Value		Percentage of Members’ Equity
Debt Investments(5)
Aerospace and defense
American Airlines, Inc.(11)	First lien senior secured loan	SR +	2.75%	02/2028	$	2,000	$	1,964	$	1,961	0.8	%
Avolon TLB Borrower 1 (US) LLC(9)	First lien senior secured loan	SR +	2.50%	06/2028	8,000		7,920		7,990		3.0	%
Bleriot US Bidco Inc.(10)	First lien senior secured loan	SR +	4.00%	10/2026	5,246		5,164		5,238		2.0	%
Peraton Corp.(9)	First lien senior secured loan	SR +	3.75%	02/2028	7,532		7,277		7,385		2.9	%
Transdigm, Inc.(10)	First lien senior secured loan	SR +	3.25%	08/2028	3,990		3,982		3,986		1.5	%
Transdigm, Inc.(10)	First lien senior secured loan	SR +	3.25%	02/2027	2,985		2,933		2,985		1.2	%
					29,753		29,240		29,545		11.4	%
Automotive
Belron Finance US LLC(10)	First lien senior secured loan	SR +	2.75%	04/2029	$	2,500	$	2,488	$	2,499	0.9	%
PAI Holdco, Inc.(7)	First lien senior secured loan	L +	3.75%	10/2027	6,595		6,130		6,096		2.4	%
					9,095		8,618		8,595		3.3	%
Buildings and real estate
CPG International LLC(9)	First lien senior secured loan	SR +	2.50%	04/2029	$	6,924	$	6,889	$	6,887	2.7	%
Beacon Roofing Supply, Inc.(6)	First lien senior secured loan	L +	2.25%	05/2028	3,486		3,482		3,473		1.3	%
Cushman & Wakefield U.S. Borrower, LLC(9)	First lien senior secured loan	SR +	2.75%	08/2025	2,000		1,967		1,980		0.8	%
Dodge Construction Network, LLC(10)(12)	First lien senior secured loan	SR +	4.75%	02/2029	5,247		4,915		4,198		1.6	%
GYP Holdings III Corp.(10)(12)	First lien senior secured loan	SR +	3.00%	05/2030	2,000		1,990		2,000		0.8	%
RealPage, Inc.(9)	First lien senior secured loan	SR +	3.00%	04/2028	10,493		9,924		10,255		3.9	%
Wrench Group LLC(10)	First lien senior secured loan	SR +	4.00%	04/2026	9,710		9,693		9,593		3.7	%
					39,860		38,860		38,386		14.8	%
Business services
Prime Security Services Borrower, LLC(6)	First lien senior secured loan	L +	2.75%	09/2026	$	1,990	$	1,961	$	1,988	0.8	%
BrightView Landscapes, LLC(10)	First lien senior secured loan	SR +	3.25%	04/2029	10,486		10,201		10,319		4.0	%
ConnectWise, LLC(6)	First lien senior secured loan	L +	3.50%	09/2028	10,493		9,951		10,199		3.9	%
IDEMIA Group SAS(10)(12)	First lien senior secured loan	SR +	4.75%	09/2028	2,000		1,975		1,975		0.8	%
Packers Holdings, LLC(9)	First lien senior secured loan	SR +	3.25%	03/2028	6,159		5,693		4,248		1.6	%
Brown Group Holdings, LLC(10)	First lien senior secured loan	SR +	3.75%	07/2029	3,512		3,478		3,503		1.4	%
Sitel Worldwide Corp.(6)	First lien senior secured loan	L +	3.75%	08/2028	6,975		6,868		6,806		2.6	%
VM Consolidated, Inc.(9)	First lien senior secured loan	SR +	3.25%	03/2028	2,419		2,396		2,419		0.9	%
					44,034		42,523		41,457		16.0	%


Blue Owl Credit Income Senior Loan Fund's Portfolio as of December 31, 2022 ($ in thousands)
Company(1)(2)(4)(5)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(3)		Fair Value		Percentage of Members’ Equity
Debt Investments
Aerospace and defense
Bleriot US Bidco Inc.(7)	First lien senior secured loan	L +	4.00%	10/2026	$	5,273	$	5,178	$	5,207	3.2	%
Peraton Corp.(6)	First lien senior secured loan	L +	3.75%	02/2028	7,571		7,290		7,382		4.6	%
Transdigm, Inc.(8)(11)	First lien senior secured loan	SR +	3.25%	02/2027	3,000		2,940		2,985		1.9	%
					15,844		15,408		15,574		9.7	%
Automotive
PAI Holdco, Inc.(7)	First lien senior secured loan	L +	3.75%	10/2027	$	4,950	$	4,538	$	4,356	2.7	%
					4,950		4,538		4,356		2.7	%
Buildings and real estate
Dodge Construction Network, LLC(10)	First lien senior secured loan	SR +	4.75%	02/2029	$	5,274	$	4,917	$	4,482	2.8	%
RealPage, Inc.(6)(11)	First lien senior secured loan	L +	3.00%	04/2028	10,547		9,925		10,009		6.2	%
Wrench Group LLC(7)	First lien senior secured loan	L +	4.00%	04/2026	9,761		9,737		9,419		5.9	%
					25,582		24,579		23,910		14.9	%
Business services
BrightView Landscapes, LLC(8)	First lien senior secured loan	SR +	3.25%	04/2029	$	10,547	$	10,230	$	10,125	6.3	%
Brown Group Holdings, LLC(9)(11)	First lien senior secured loan	SR +	3.75%	07/2029	2,026		2,005		2,017		1.3	%
ConnectWise, LLC(7)(11)	First lien senior secured loan	L +	3.50%	09/2028	10,547		9,961		9,996		6.2	%
Packers Holdings, LLC(6)	First lien senior secured loan	L +	3.25%	03/2028	6,190		5,682		5,384		3.4	%
Vistage Worldwide, Inc.(8)	First lien senior secured loan	SR +	5.25%	07/2029	3,990		3,831		3,890		2.4	%
					33,300		31,709		31,412		19.6	%
Capital markets
Guggenheim Partners Investment Management Holdings, LLC(9)	First lien senior secured loan	SR +	3.25%	12/2029	$	5,000	$	4,913	$	4,913	3.1	%
					5,000		4,913		4,913		3.1	%
Chemicals
Aruba Investments Holdings, LLC (dba Angus Chemical Company)(8)	First lien senior secured loan	SR +	4.75%	11/2027	$	3,000	$	2,794	$	2,933	1.9	%
Axalta Coating Systems US Holdings Inc.(9)(11)	First lien senior secured loan	SR +	3.00%	12/2029	5,000		4,950		5,000		3.1	%
Ineos US Finance LLC(9)	First lien senior secured loan	SR +	3.75%	11/2027	3,000		2,895		2,948		1.8	%
					11,000		10,639		10,881		6.8	%
Consumer products
Olaplex, Inc.(8)	First lien senior secured loan	SR +	3.50%	02/2029	$	5,287	$	4,905	$	4,970	3.1	%
					5,287		4,905		4,970		3.1	%
Containers and packaging
Berlin Packaging L.L.C.(7)(11)	First lien senior secured loan	L +	3.75%	03/2028	$	10,547	$	10,102	$	10,127	6.3	%
BW Holding, Inc.(9)	First lien senior secured loan	SR +	4.00%	12/2028	7,767		7,637		7,146		4.5	%