ThZeal - The Zeal

orcic-20230930

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 September 30, 2023

☐ 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 November 9, 2023, the registrant had 292,341,953 shares of Class S common stock, 66,386,537 shares of Class D common stock, and 494,407,471 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 as of September 30, 2023 (Unaudited) and December 31, 2022	4
	Consolidated Statements of Operations for the Three and Nine Months Ended Se ptember 30, 2023 and 2022 (Unaudited)	5
	Consolidated Schedules of Investments as of September 30, 2023 (Unaudited) and December 31, 2022	6
	Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended Septe mber 30, 2023 and 2022 (Unaudited)	51
	Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 2023 and 2022 (Unaudited)	52
	Notes to Consolidated Financial Statements (Unaudited)	53
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	117
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	182
Item 4.	Controls and Procedures	183

PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	184
Item 1A.	Risk Factors	184
Item 2.	Unregistered Sales of Equity Securities , Use of Proceeds, and Issuer Purchases of Equity Securities	184
Item 3.	Defaults Upon Senior Securities	185
Item 4.	Mine Safety Disclosures	185
Item 5.	Other Information	185
Item 6.	Exhibits	187
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 interest rates, elevated inflation rates, ongoing supply chain and labor market disruptions, instability in the U.S. and international banking systems, and the risk of recession or a shutdown of government services could impact our business prospects and the prospects of our portfolio companies;

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

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

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

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

•our future operating results;

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

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

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

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

•the adequacy of our financing sources and working capital;

•the loss of key personnel;

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

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

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

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

•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

•the escalated conflict in the Middle East;

•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 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)


	September 30, 2023 (Unaudited)		December 31, 2022
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $13,808,253 and $10,585,542, respectively)	$	13,810,549	$	10,469,767
Non-controlled, affiliated investments (amortized cost of $74,421 and $6,224, respectively)	77,407		6,175
Controlled, affiliated investments (amortized cost of $472,453 and $233,026, respectively)	479,324		231,642
Total investments at fair value (amortized cost of $14,355,127 and $10,824,792, respectively)	14,367,280		10,707,584
Cash (restricted cash of $33,803 and $23,000, respectively)	419,376		225,247
Interest receivable	111,750		80,402

Receivable from controlled affiliates	8,724		20,202

Receivable for investments sold	22,904		—
Prepaid expenses and other assets	183,850		2,927
Total Assets	$	15,113,884	$	11,036,362
Liabilities
Debt (net of unamortized debt issuance costs of $80,765 and $63,306, respectively)	$	6,975,321	$	5,477,411
Distribution payable	55,079		37,036
Payable for investments purchased	174,083		41,706
Payables to affiliates	41,740		32,590
Tender offer payable	103,908		110,836
Accrued expenses and other liabilities	101,785		87,030
Total Liabilities	7,451,916		5,786,609
Commitments and contingencies (Note 7)
Net Assets
Class S Common shares $0.01 par value, 1,000,000,000 shares authorized; 277,661,749 and 196,951,435 shares issued and outstanding, respectively	2,777		1,970
Class D Common shares $0.01 par value, 1,000,000,000 shares authorized; 63,961,682 and 48,895,298 shares issued and outstanding, respectively	640		489
Class I Common shares $0.01 par value, 1,000,000,000 shares authorized; 471,968,302 and 332,811,718 shares issued and outstanding, respectively	4,720		3,328
Additional paid-in-capital	7,493,625		5,322,239
Accumulated undistributed (overdistributed) earnings	160,206		(78,273)
Total Net Assets	7,661,968		5,249,753
Total Liabilities and Net Assets	$	15,113,884	$	11,036,362
Net Asset Value Per Class S Share	$	9.40	$	9.06
Net Asset Value Per Class D Share	$	9.41	$	9.07
Net Asset Value Per Class I Share	$	9.43	$	9.08

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 September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income	$	357,354	$	174,782	$	931,597	$	345,230
Payment-in-kind (“PIK”) interest income	18,178		12,198		51,140		24,369
Dividend income	2,338		—		6,470		—
Payment-in-kind (“PIK”) dividend income	16,729		13,166		51,131		21,829
Other income	2,995		5,073		10,412		12,857
Total investment income from non-controlled, non-affiliated investments	397,594		205,219		1,050,750		404,285
Investment income from non-controlled, affiliated investments:


Dividend income	214		—		547		—

Total investment income from non-controlled, affiliated investments	214		—		547		—
Investment income from controlled, affiliated investments:

Payment-in-kind (“PIK”) interest income	773		—		773		—
Dividend income	10,200		—		26,318		—

Total investment income from controlled, affiliated investments	10,973		—		27,091		—
Total Investment Income	408,781		205,219		1,078,388		404,285
Operating Expenses

Offering costs	1,156		1,090		2,093		3,440
Interest expense	127,342		61,773		331,488		113,254
Management fees	21,466		12,672		57,262		27,570
Performance based incentive fees	30,803		15,142		82,050		29,489
Professional fees	4,416		2,916		10,330		6,250
Directors’ fees	448		296		972		845
Shareholder servicing fees	5,696		3,558		14,916		8,444
Other general and administrative	1,828		1,755		4,981		4,087
Total Operating Expenses	193,155		99,202		504,092		193,379

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

Net Operating Expenses	193,155		99,202		504,092		186,604
Net Investment Income (Loss) Before Taxes	215,626		106,017		574,296		217,681
Income tax expense (benefit), including excise tax expense (benefit)	1,027		4		2,529		4
Net Investment Income (Loss) After Taxes	$	214,599	$	106,013	$	571,767	$	217,677
Net Realized and Change in Unrealized Gain (Loss)
Net change in unrealized gain (loss):
Non-controlled, non-affiliated investments	$	46,417	$	48,819	$	119,573	$	(142,695)
Non-controlled, affiliated investments	2,986		—		3,035		—
Controlled, affiliated investments	3,541		—		8,254		—
Translation of assets and liabilities in foreign currencies	4		(1,779)		351		(2,652)
Income tax (provision) benefit	6		—		(1)		—
Total Net Change in Unrealized Gain (Loss)	52,954		47,040		131,212		(145,347)
Net realized gain (loss):
Non-controlled, non-affiliated investments	(2,411)		(234)		(9,589)		125
Non-controlled, affiliated investments	—		—		—		—
Controlled, affiliated investments	—		—		—		—
Foreign currency transactions	267		52		207		261
Total Net Realized Gain (Loss)	(2,144)		(182)		(9,382)		386
Total Net Realized and Change in Unrealized Gain (Loss)	50,810		46,858		121,830		(144,961)
Total Net Increase (Decrease) in Net Assets Resulting from Operations	$	265,409	$	152,871	$	693,597	$	72,716
Net Increase (Decrease) in Net Assets Resulting from Operations - Class S Common Stock	$	89,934	$	51,124	$	233,584	$	20,523
Net Increase (Decrease) in Net Assets Resulting from Operations - Class D Common Stock	$	21,281	$	13,457	$	57,320	$	6,459
Net Increase (Decrease) in Net Assets Resulting from Operations - Class I Common Stock	$	154,194	$	88,290	$	402,694	$	45,734
Earnings Per Share - Basic and Diluted of Class S Common Stock	$	0.34	$	0.30	$	0.99	$	0.15
Weighted Average Shares of Class S Common Stock Outstanding - Basic and Diluted	266,167,781		171,779,747		236,530,998		134,859,276
Earnings Per Share - Basic and Diluted of Class D Common Stock	$	0.34	$	0.31	$	0.99	$	0.18
Weighted Average Shares of Class D Common Stock Outstanding - Basic and Diluted	62,982,453		43,183,930		58,042,790		35,082,254
Earnings Per Share - Basic and Diluted of Class I Common Stock	$	0.34	$	0.31	$	0.99	$	0.22
Weighted Average Shares of Class I Common Stock Outstanding - Basic and Diluted	456,349,592		280,852,155		407,774,285		211,931,540

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

Blue Owl Credit Income Corp.

Consolidated Schedule of Investments

As of September 30, 2023

(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
Non-controlled/non-affiliated portfolio company investments
Debt Investments(5)
Advertising and media
Global Music Rights, LLC(7)	First lien senior secured loan	SR +	5.75%	08/2028	$	82,898	$	81,641	$	82,898	1.1	%
Global Music Rights, LLC(7)(17)(18)	First lien senior secured revolving loan	SR +	5.75%	08/2027	—		(98)		—		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	227,246		223,286		224,972		2.9	%
Circana Group, L.P. (fka The NPD Group, L.P.)(6)(17)	First lien senior secured revolving loan	SR +	5.75%	12/2027	2,568		2,346		2,425		0.0	%
					312,712		307,175		310,295		4.0	%
Aerospace and defense
Bleriot US Bidco, Inc.(7)(22)	First lien senior secured loan	SR +	4.00%	10/2028	$	11,891	$	11,832	$	11,891	0.2	%
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(6)(22)	First lien senior secured loan	SR +	4.00%	08/2028	9,077		8,986		9,051		0.1	%
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(6)(22)	First lien senior secured loan	SR +	4.00%	08/2028	3,890		3,851		3,879		0.1	%
ManTech International Corporation(7)	First lien senior secured loan	SR +	5.75%	09/2029	14,075		13,824		13,968		0.2	%
ManTech International Corporation(6)(17)(19)	First lien senior secured delayed draw term loan	SR +	5.75%	09/2024	1,193		1,153		1,184		0.0	%
ManTech International Corporation(7)(17)(18)	First lien senior secured revolving loan	SR +	5.75%	09/2028	—		(30)		(14)		0.0	%
Peraton Corp.(6)(22)	First lien senior secured loan	SR +	3.75%	02/2028	14,589		14,568		14,544		0.2	%
Peraton Corp.(7)(22)	Second lien senior secured loan	SR +	7.75%	02/2029	4,831		4,777		4,719		0.1	%
					59,546		58,961		59,222		0.9	%
Automotive
Holley Inc.(7)(22)	First lien senior secured loan	SR +	3.75%	11/2028	$	2,289	$	2,277	$	2,206	0.0	%
Mavis Tire Express Services Topco Corp.(6)(22)	First lien senior secured loan	SR +	4.00%	05/2028	9,775		9,741		9,741		0.1	%
OAC Holdings I Corp. (dba Omega Holdings)(8)	First lien senior secured loan	SR +	5.00%	03/2029	9,073		8,922		8,846		0.1	%
OAC Holdings I Corp. (dba Omega Holdings)(8)(17)(18)	First lien senior secured revolving loan	SR +	5.00%	03/2028	—		(39)		(64)		0.0	%
Power Stop, LLC(6)(21)	First lien senior secured loan	SR +	4.75%	01/2029	29,550		29,311		25,118		0.3	%
Spotless Brands, LLC(7)	First lien senior secured loan	SR +	6.50%	07/2028	54,030		53,120		53,491		0.7	%


Spotless Brands, LLC(7)(17)(18)	First lien senior secured revolving loan	SR +	6.50%	07/2028	—		(23)		(15)		0.0	%
					104,717		103,309		99,323		1.2	%
Asset based lending and fund finance
Hg Genesis 9 Sumoco Limited(13)(23)	Unsecured facility	E +	7.00% PIK	03/2027	$	132,556	$	137,057	$	132,556	1.7	%
Hg Saturn Luchaco Limited(14)(23)	Unsecured facility	SA +	7.50% PIK	03/2026	2,154		2,376		2,154		0.0	%
					134,710		139,433		134,710		1.7	%
Buildings and real estate
Associations, Inc.(7)	First lien senior secured loan	SR +	6.50% (2.50% PIK)	07/2027	$	106,674	$	105,808	$	105,874	1.4	%
Associations, Inc.(7)(17)(18)	First lien senior secured revolving loan	SR +	6.50%	07/2027	—		(30)		(36)		0.0	%

Associations, Inc.(7)(17)(19)	First lien senior secured delayed draw term loan	SR +	6.50% (2.50% PIK)	06/2024	47,688		47,237		47,228		0.6	%
CoreLogic Inc.(6)(22)	First lien senior secured loan	SR +	3.50%	06/2028	36,762		36,177		33,899		0.4	%

Blue Owl Credit Income Corp.

Consolidated Schedule of Investments (Continued)

As of September 30, 2023

(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
Cushman & Wakefield U.S. Borrower, LLC(6)(22)	First lien senior secured loan	SR +	2.75%	08/2025	1,233		1,216		1,230		0.0	%
Dodge Construction Network, LLC(7)	First lien senior secured loan	SR +	4.75%	02/2029	16,985		16,777		13,843		0.2	%
RealPage, Inc.(6)(22)	First lien senior secured loan	SR +	3.00%	04/2028	14,095		14,081		13,919		0.2	%
RealPage, Inc.(6)(22)	Second lien senior secured loan	SR +	6.50%	04/2029	27,500		27,177		27,536		0.4	%
Wrench Group LLC(7)	First lien senior secured loan	SR +	4.50%	04/2026	16,958		16,673		16,915		0.2	%
Wrench Group LLC(7)	First lien senior secured loan	SR +	4.00%	04/2026	10,463		10,356		10,411		0.1	%
					278,358		275,472		270,819		3.5	%
Business services
Access CIG, LLC(6)(22)	First lien senior secured loan	SR +	5.00%	02/2025	$	80,000	$	78,035	$	78,823	1.0	%
Access CIG, LLC(7)	Second lien senior secured loan	SR +	7.75%	02/2026	2,385		2,381		2,361		0.0	%
BrightView Landscapes, LLC(7)(22)	First lien senior secured loan	SR +	3.25%	04/2029	5,781		5,599		5,779		0.1	%
Capstone Acquisition Holdings, Inc.(6)	First lien senior secured loan	SR +	4.75%	11/2027	9,924		9,857		9,899		0.1	%

ConnectWise, LLC(6)(22)	First lien senior secured loan	SR +	3.50%	09/2028	29,776		29,831		29,255		0.4	%
CoolSys, Inc.(7)	First lien senior secured loan	SR +	4.75%	08/2028	13,914		12,934		12,835		0.2	%
CoreTrust Purchasing Group LLC(6)	First lien senior secured loan	SR +	6.75%	10/2029	96,663		94,925		95,695		1.2	%
CoreTrust Purchasing Group LLC(6)(17)(18)(19)	First lien senior secured delayed draw term loan	SR +	6.75%	09/2024	—		(61)		—		0.0	%
CoreTrust Purchasing Group LLC(6)(17)(18)	First lien senior secured revolving loan	SR +	6.75%	10/2029	—		(226)		(142)		0.0	%
Denali BuyerCo, LLC (dba Summit Companies)(7)	First lien senior secured loan	SR +	5.50%	09/2028	198,248		195,679		197,751		2.6	%


Denali BuyerCo, LLC (dba Summit Companies)(7)(17)(18)	First lien senior secured revolving loan	SR +	5.50%	09/2027	—		(85)		(25)		0.0	%
Diamondback Acquisition, Inc. (dba Sphera)(6)	First lien senior secured loan	SR +	5.50%	09/2028	46,988		46,271		46,284		0.6	%
Entertainment Benefits Group, LLC(6)	First lien senior secured loan	SR +	4.75%	09/2025	74,458		73,863		74,457		1.0	%
Entertainment Benefits Group, LLC(6)(17)	First lien senior secured revolving loan	SR +	4.75%	09/2025	1,933		1,850		1,933		0.0	%
Fullsteam Operations, LLC(7)	First lien senior secured loan	SR +	7.50% (3.00% PIK)	10/2027	85,300		83,734		86,153		1.1	%
Hercules Borrower, LLC (dba The Vincit Group)(7)	First lien senior secured loan	SR +	6.25%	12/2026	802		794		802		0.0	%
Hercules Borrower, LLC (dba The Vincit Group)(7)	First lien senior secured loan	SR +	5.50%	12/2026	2,176		2,162		2,171		0.0	%
Hercules Borrower, LLC (dba The Vincit Group)(7)(17)(19)	First lien senior secured delayed draw term loan	SR +	5.50%	12/2026	13,000		12,905		12,967		0.2	%
Hercules Borrower, LLC (dba The Vincit Group)(7)(17)	First lien senior secured revolving loan	SR +	6.25%	12/2026	5		4		5		0.0	%
Hercules Buyer, LLC (dba The Vincit Group)(16)(28)	Unsecured notes		0.48% PIK	12/2029	24		24		27		0.0	%





Kaseya Inc.(7)	First lien senior secured loan	SR +	6.25% (2.50% PIK)	06/2029	71,871		70,634		71,692		0.9	%
Kaseya Inc.(7)(17)(19)	First lien senior secured delayed draw term loan	SR +	6.25% (2.50% PIK)	06/2024	265		227		265		0.0	%
Kaseya Inc.(7)(17)	First lien senior secured revolving loan	SR +	6.25% (2.50% PIK)	06/2029	1,093		1,022		1,082		0.0	%
KPSKY Acquisition, Inc. (dba BluSky)(7)	First lien senior secured loan	SR +	5.25%	10/2028	83,568		82,341		82,733		1.1	%

Blue Owl Credit Income Corp.

Consolidated Schedule of Investments (Continued)

As of September 30, 2023

(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
KPSKY Acquisition, Inc. (dba BluSky)(7)(17)(19)	First lien senior secured delayed draw term loan	SR +	5.25%	06/2024	13,431		13,157		13,296		0.2	%
Packers Holdings, LLC(6)(22)	First lien senior secured loan	SR +	3.25%	03/2028	16,617		16,517		9,804		0.1	%
Ping Identity Holding Corp.(6)	First lien senior secured loan	SR +	7.00%	10/2029	21,818		21,522		21,709		0.3	%
Ping Identity Holding Corp.(6)(17)(18)	First lien senior secured revolving loan	SR +	7.00%	10/2028	—		(28)		(11)		0.0	%
					870,040		855,868		857,600		11.1	%
Chemicals
Aruba Investments Holdings LLC (dba Angus Chemical Company)(6)(22)	First lien senior secured loan	SR +	4.00%	11/2027	$	13,796	$	13,591	$	13,504	0.2	%
Aruba Investments Holdings LLC (dba Angus Chemical Company)(6)	Second lien senior secured loan	SR +	7.75%	11/2028	40,137		40,126		37,328		0.5	%
Cyanco Intermediate 2 Corp.(6)(22)	First lien senior secured loan	SR +	4.75%	07/2028	22,000		21,350		22,007		0.3	%
Gaylord Chemical Company, L.L.C.(7)	First lien senior secured loan	SR +	6.00%	03/2027	101,734		101,021		101,226		1.3	%

Gaylord Chemical Company, L.L.C.(7)(17)(18)	First lien senior secured revolving loan	SR +	6.00%	03/2026	—		(22)		(20)		0.0	%

Nouryon Finance B.V.(7)(22)(23)	First lien senior secured loan	SR +	4.00%	04/2028	2,993		2,986		2,953		0.0	%
Nouryon Finance B.V.(6)(22)(23)	First lien senior secured loan	SR +	4.00%	10/2025	10,971		10,800		10,815		0.1	%
Velocity HoldCo III Inc. (dba VelocityEHS)(7)	First lien senior secured loan	SR +	5.75%	04/2027	2,305		2,272		2,305		0.0	%
Velocity HoldCo III Inc. (dba VelocityEHS)(6)(17)	First lien senior secured revolving loan	SR +	5.75%	04/2026	35		34		35		0.0	%
					193,971		192,158		190,153		2.4	%
Consumer products
ConAir Holdings LLC(6)	Second lien senior secured loan	SR +	7.50%	05/2029	$	32,500	$	32,090	$	30,794	0.4	%
Foundation Consumer Brands, LLC(7)	First lien senior secured loan	SR +	6.25%	02/2027	47,416		47,430		47,416		0.6	%
Foundation Consumer Brands, LLC(7)	First lien senior secured loan	SR +	6.25%	02/2027	59,219		57,549		59,219		0.8	%
Lignetics Investment Corp.(7)	First lien senior secured loan	SR +	6.00%	11/2027	84,643		83,872		83,797		1.1	%

Lignetics Investment Corp.(8)(17)	First lien senior secured revolving loan	SR +	6.00%	10/2026	11,088		11,000		10,974		0.1	%
Olaplex, Inc.(6)(22)(23)	First lien senior secured loan	SR +	3.50%	02/2029	49,309		48,607		41,114		0.5	%
SWK BUYER, Inc. (dba Stonewall Kitchen)(7)	First lien senior secured loan	SR +	5.25%	03/2029	59,224		58,265		56,855		0.7	%
SWK BUYER, Inc. (dba Stonewall Kitchen)(7)(17)	First lien senior secured revolving loan	SR +	5.25%	03/2029	3,626		3,540		3,403		0.0	%
					347,025		342,353		333,572		4.2	%
Containers and packaging
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)	First lien senior secured loan	SR +	6.40%	10/2028	$	49,327	$	48,946	$	49,327	0.6	%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)(17)(18)	First lien senior secured revolving loan	SR +	6.40%	09/2027	—		(34)		—		0.0	%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)	First lien senior secured loan	SR +	6.40%	10/2028	30,463		29,928		30,463		0.4	%
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)	First lien senior secured loan	SR +	6.75%	09/2028	8,933		8,770		8,933		0.1	%
Berlin Packaging L.L.C.(6)(22)	First lien senior secured loan	SR +	3.75%	03/2028	14,895		14,562		14,717		0.2	%
BW Holding, Inc.(7)(22)	First lien senior secured loan	SR +	4.00%	12/2028	21,783		20,963		19,504		0.3	%
Charter NEX US, Inc.(6)(22)	First lien senior secured loan	SR +	3.75%	12/2027	34,690		34,272		34,343		0.4	%

Blue Owl Credit Income Corp.

Consolidated Schedule of Investments (Continued)

As of September 30, 2023

(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
Five Star Lower Holding LLC(7)	First lien senior secured loan	SR +	4.25%	05/2029	21,656		21,403		20,790		0.3	%
Fortis Solutions Group, LLC(7)	First lien senior secured loan	SR +	5.50%	10/2028	67,131		66,077		65,620		0.9	%

Fortis Solutions Group, LLC(7)(17)(18)	First lien senior secured revolving loan	SR +	5.50%	10/2027	—		(91)		(152)		0.0	%
Indigo Buyer, Inc. (dba Inovar Packaging Group)(7)	First lien senior secured loan	SR +	6.25%	05/2028	113,030		112,088		113,030		1.5	%

Indigo Buyer, Inc. (dba Inovar Packaging Group)(7)(17)	First lien senior secured revolving loan	SR +	6.25%	05/2028	2,117		2,018		2,117		0.0	%
Pregis Topco LLC(6)(21)(22)	First lien senior secured loan	SR +	3.75%	07/2026	6,933		6,781		6,913		0.1	%
Pregis Topco LLC(6)	Second lien senior secured loan	SR +	6.75%	08/2029	30,000		30,000		29,925		0.4	%
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(15)(22)	First lien senior secured loan	P +	3.50%	09/2028	20,000		19,888		19,870		0.3	%
Ring Container Technologies Group, LLC(6)(22)	First lien senior secured loan	SR +	3.50%	08/2028	16,127		16,085		16,111		0.2	%
Tricorbraun Holdings, Inc.(6)(22)	First lien senior secured loan	SR +	3.25%	03/2028	17,419		17,051		17,069		0.2	%
					457,004		451,207		451,080		5.9	%
Distribution
ABB/Con-cise Optical Group LLC(7)	First lien senior secured loan	SR +	7.50%	02/2028	$	33,306	$	32,912	$	32,057	0.4	%
Aramsco, Inc.(6)	First lien senior secured loan	SR +	5.75%	08/2025	30,743		30,611		30,743		0.3	%

Aramsco, Inc.(6)(17)	First lien senior secured revolving loan	SR +	5.75%	08/2025	1,434		1,422		1,434		0.0	%

Aramsco, Inc.(6)(17)(19)	First lien senior secured delayed draw term loan	SR +	5.75%	04/2024	3,275		3,219		3,275		0.0	%
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(6)(22)	First lien senior secured loan	SR +	4.75%	12/2028	54,855		54,335		54,800		0.7	%
Dealer Tire, LLC(6)(22)	First lien senior secured loan	SR +	4.50%	12/2027	5,010		5,016		5,013		0.1	%
Dealer Tire, LLC(16)(21)(22)	Unsecured notes		8.00%	02/2028	56,120		55,071		52,618		0.7	%
Formerra, LLC(7)	First lien senior secured loan	SR +	7.25%	11/2028	5,224		5,073		5,132		0.1	%
Formerra, LLC(7)(17)(19)	First lien senior secured delayed draw term loan	SR +	7.25%	11/2023	156		151		154		0.0	%
Formerra, LLC(7)(17)	First lien senior secured revolving loan	SR +	7.25%	11/2028	47		33		38		0.0	%
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(6)	First lien senior secured loan	SR +	6.25%	11/2025	1,282		1,272		1,282		0.0	%
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(7)	First lien senior secured loan	SR +	6.25%	11/2025	62,329		61,984		62,329		0.8	%
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(6)	First lien senior secured loan	SR +	6.75%	11/2025	1,938		1,923		1,938		0.0	%



BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(6)	First lien senior secured delayed draw term loan	SR +	6.25%	11/2025	36,326		36,102		36,326		0.5	%
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(7)(17)(19)	First lien senior secured delayed draw term loan	SR +	6.75%	12/2023	3,698		3,639		3,698		0.0	%
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(6)(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	SR +	3.50%	06/2028	23,955		23,744		23,690		0.3	%

Blue Owl Credit Income Corp.

Consolidated Schedule of Investments (Continued)

As of September 30, 2023

(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
White Cap Supply Holdings, LLC(6)(22)	First lien senior secured loan	SR +	3.75%	10/2027	16,501		16,083		16,456		0.2	%
					336,208		332,598		330,992		4.1	%
Education
Community Brands ParentCo, LLC(7)	First lien senior secured loan	SR +	5.50%	02/2028	$	31,397	$	30,912	$	31,083	0.4	%
Community Brands ParentCo, LLC(7)(17)(18)(19)	First lien senior secured delayed draw term loan	SR +	5.50%	02/2024	—		(28)		—		0.0	%
Community Brands ParentCo, LLC(7)(17)(18)	First lien senior secured revolving loan	SR +	5.50%	02/2028	—		(28)		(19)		0.0	%
Learning Care Group (US) No. 2 Inc.(7)(22)	First lien senior secured loan	SR +	4.75%	08/2028	22,500		22,163		22,462		0.3	%
Severin Acquisition, LLC (dba Powerschool)(7)(22)	First lien senior secured loan	SR +	3.00%	08/2025	14,742		14,732		14,716		0.2	%
Sophia, L.P.(6)	First lien senior secured loan	SR +	4.25%	10/2027	14,999		14,883		14,961		0.2	%
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(6)	First lien senior secured loan	SR +	4.50%	09/2030	13,337		13,171		13,171		0.2	%
Pluralsight, LLC(7)	First lien senior secured loan	SR +	8.00%	04/2027	6,255		6,211		6,051		0.1	%
Pluralsight, LLC(7)(17)	First lien senior secured revolving loan	SR +	8.00%	04/2027	246		244		233		0.0	%
Renaissance Learning, Inc.(6)(22)	First lien senior secured loan	SR +	4.75%	04/2030	20,000		19,469		19,818		0.3	%
					123,476		121,729		122,476		1.7	%
Energy equipment and services
Pike Corp.(6)(22)	First lien senior secured loan	SR +	3.00%	01/2028	$	5,991	$	5,978	$	5,977	0.1	%
					5,991		5,978		5,977		0.1	%
Financial services
Acuris Finance US, Inc. (ION Analytics) (7)(22)	First lien senior secured loan	SR +	4.00%	02/2028	$	10,500	$	10,438	$	10,337	0.1	%
Adenza Group, Inc.(6)	First lien senior secured loan	SR +	5.75%	12/2027	34,566		34,315		34,566		0.5	%
Adenza Group, Inc.(6)(17)(18)	First lien senior secured revolving loan	SR +	5.75%	12/2025	—		(13)		—		0.0	%
Boost Newco Borrower, LLC (dba WorldPay)(22)(23)	First lien senior secured loan	SR +	3.00%	09/2030	50,000		49,750		49,965		0.7	%
BTRS Holdings Inc. (dba Billtrust)(7)	First lien senior secured loan	SR +	8.00%	12/2028	10,850		10,555		10,688		0.1	%
BTRS Holdings Inc. (dba Billtrust)(7)(17)(19)	First lien senior secured delayed draw term loan	SR +	8.00%	12/2024	336		336		322		0.0	%
BTRS Holdings Inc. (dba Billtrust)(6)(17)(18)	First lien senior secured revolving loan	SR +	8.00%	12/2028	—		(30)		(17)		0.0	%
Computer Services, Inc. (dba CSI)(7)	First lien senior secured loan	SR +	6.75%	11/2029	30,348		29,793		30,196		0.4	%
Deerfield Dakota Holdings(7)(22)	First lien senior secured loan	SR +	3.75%	04/2027	7,938		7,720		7,732		0.1	%
Finastra USA, Inc.(7)(23)	First lien senior secured loan	SR +	7.25%	09/2029	164,763		163,116		163,116		2.1	%
Finastra USA, Inc.(7)(17)(23)	First lien senior secured revolving loan	SR +	7.25%	09/2029	3,619		3,448		3,448		0.0	%
Helios Software Holdings, Inc.(7)(22)(23)	First lien senior secured loan	SR +	4.25%	07/2030	5,611		5,424		5,579		0.1	%
Muine Gall, LLC(8)(23)(27)	First lien senior secured loan	SR +	7.00% PIK	09/2026	30,358		30,557		30,358		0.4	%
KRIV Acquisition Inc. (dba Riveron)(7)	First lien senior secured loan	SR +	6.50%	07/2029	81,295		78,924		78,857		1.0	%
KRIV Acquisition Inc. (dba Riveron)(7)(17)(18)	First lien senior secured delayed draw term loan	SR +	6.50%	07/2029	—		(175)		(182)		0.0	%

Blue Owl Credit Income Corp.

Consolidated Schedule of Investments (Continued)

As of September 30, 2023

(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
KRIV Acquisition Inc. (dba Riveron)(7)(17)(18)	First lien senior secured revolving loan	SR +	6.50%	07/2029	—		(315)		(328)		0.0	%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)	First lien senior secured loan	SR +	5.75%	09/2025	5,628		5,598		5,600		0.1	%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)	First lien senior secured loan	SR +	5.75%	09/2025	2,127		2,124		2,116		0.0	%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)	First lien senior secured loan	SR +	5.75%	09/2025	149		148		149		0.0	%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)	First lien senior secured loan	SR +	5.75%	09/2025	504		501		502		0.0	%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)	First lien senior secured loan	SR +	5.75%	09/2025	904		877		899		0.0	%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)	First lien senior secured delayed draw term loan	SR +	5.75%	09/2025	3,023		2,996		3,008		0.0	%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(17)(18)	First lien senior secured revolving loan	SR +	5.75%	09/2025	—		(4)		(3)		0.0	%
Saphilux S.a.r.L (dba IQ EQ)(7)(23)	First lien senior secured loan	SR +	4.75%	07/2028	22,500		22,163		22,163		0.3	%
Smarsh Inc.(8)	First lien senior secured loan	SR +	6.50%	02/2029	83,048		82,364		82,839		1.1	%
Smarsh Inc.(8)(17)(19)	First lien senior secured delayed draw term loan	SR +	6.50%	02/2024	10,381		10,211		10,355		0.1	%
Smarsh Inc.(8)(17)(18)	First lien senior secured revolving loan	SR +	6.50%	02/2029	—		(6)		(2)		0.0	%
USI, Inc.(7)(22)	First lien senior secured loan	SR +	3.25%	09/2030	12,000		11,970		11,965		0.2	%
USI, Inc.(7)(22)	First lien senior secured loan	SR +	3.25%	09/2030	3,000		2,993		2,990		0.0	%
					573,448		565,778		567,218		7.3	%
Food and beverage
Balrog Acquisition, Inc. (dba Bakemark)(6)(22)	First lien senior secured loan	SR +	4.00%	09/2028	$	13,755	$	13,647	$	13,583	0.2	%
Balrog Acquisition, Inc. (dba BakeMark)(6)	Second lien senior secured loan	SR +	7.00%	09/2029	6,000		5,959		5,955		0.1	%
CFS Brands, LLC(15)	First lien senior secured loan	P +	2.00%	03/2025	43,960		43,152		43,960		0.6	%
Dessert Holdings(6)	First lien senior secured loan	SR +	4.00%	06/2028	19,649		19,573		17,488		0.2	%
Hissho Sushi Merger Sub, LLC(7)	First lien senior secured loan	SR +	5.50%	05/2028	112,265		111,348		112,265		1.5	%
Hissho Sushi Merger Sub, LLC(7)(17)(18)	First lien senior secured revolving loan	SR +	5.50%	05/2028	—		(67)		—		0.0	%
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(6)	First lien senior secured loan	SR +	6.25%	03/2027	275,000		271,231		271,564		3.5	%


KBP Brands, LLC(7)	First lien senior secured loan	SR +	6.50% (1.00% PIK)	05/2027	14,687		14,549		14,430		0.2	%
KBP Brands, LLC(6)(17)(19)	First lien senior secured delayed draw term loan	SR +	6.50% (1.00% PIK)	12/2023	33,657		33,356		33,055		0.4	%
Naked Juice LLC (dba Tropicana)(7)(22)	First lien senior secured loan	SR +	3.25%	01/2029	14,194		14,172		13,450		0.2	%
Ole Smoky Distillery, LLC(6)	First lien senior secured loan	SR +	5.50%	03/2028	24,721		24,328		24,350		0.3	%
Ole Smoky Distillery, LLC(6)	First lien senior secured loan	SR +	5.50%	03/2028	5,833		5,720		5,746		0.1	%
Ole Smoky Distillery, LLC(6)(17)(18)	First lien senior secured revolving loan	SR +	5.50%	03/2028	—		(50)		(50)		0.0	%
Pegasus BidCo B.V.(7)(22)	First lien senior secured loan	SR +	4.25%	07/2029	10,421		10,330		10,395		0.1	%
Shearer's Foods, LLC(6)(22)	First lien senior secured loan	SR +	3.50%	09/2027	39,264		39,263		39,166		0.5	%
Sovos Brands Intermediate, Inc.(7)(22)	First lien senior secured loan	SR +	3.50%	06/2028	10,145		10,137		10,134		0.1	%

Blue Owl Credit Income Corp.

Consolidated Schedule of Investments (Continued)

As of September 30, 2023

(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
Ultimate Baked Goods Midco, LLC(6)	First lien senior secured loan	SR +	6.25%	08/2027	16,211		15,926		16,211		0.2	%
Ultimate Baked Goods Midco, LLC(6)(17)(18)	First lien senior secured revolving loan	SR +	6.25%	08/2027	—		(32)		—		0.0	%
					639,762		632,542		631,702		8.2	%
Healthcare equipment and services
Bamboo US BidCo LLC(7)	First lien senior secured loan	SR +	6.00%	09/2030	$	96,615	$	93,719	$	93,717	1.2	%
Bamboo US BidCo LLC(13)	First lien senior secured EUR term loan	E +	6.00%	09/2030	63,644		61,736		61,735		0.8	%
Bamboo US BidCo LLC(7)(17)(18)	First lien senior secured revolving loan	SR +	6.00%	10/2029	—		(604)		(604)		0.0	%
Bamboo US BidCo LLC(7)(17)(18)(19)	First lien senior secured delayed draw term loan	SR +	6.00%	03/2025	—		(226)		(226)		0.0	%
Canadian Hospital Specialties Ltd.(12)(23)	First lien senior secured loan	C +	4.50%	04/2028	3,621		3,867		3,558		0.0	%



Canadian Hospital Specialties Ltd.(11)(17)(23)	First lien senior secured revolving loan	C +	4.50%	04/2027	190		203		172		0.0	%
Confluent Medical Technologies, Inc.(7)	First lien senior secured loan	SR +	3.75%	02/2029	24,787		24,686		24,353		0.3	%
Confluent Medical Technologies, Inc.(7)	Second lien senior secured loan	SR +	6.50%	02/2030	46,000		45,215		45,080		0.6	%
Dermatology Intermediate Holdings III, Inc.(7)(22)	First lien senior secured loan	SR +	4.25%	03/2029	13,005		12,789		12,911		0.2	%
Dermatology Intermediate Holdings III, Inc.(7)(22)	First lien senior secured delayed draw term loan	SR +	4.25%	03/2029	2,471		2,410		2,453		0.0	%
CSC MKG Topco LLC (dba Medical Knowledge Group)(6)	First lien senior secured loan	SR +	5.75%	02/2029	96,975		95,396		95,762		1.2	%
CSC MKG Topco LLC. (dba Medical Knowledge Group)(7)	First lien senior secured loan	SR +	5.75%	02/2029	3,061		2,975		3,023		0.0	%
Medline Borrower, LP(6)(22)	First lien senior secured loan	SR +	3.25%	10/2028	24,625		24,533		24,544		0.3	%
Medline Borrower, LP(6)(17)(18)	First lien senior secured revolving loan	SR +	3.25%	10/2026	—		(27)		(35)		0.0	%
Natus Medical, Inc.(7)	First lien senior secured loan	SR +	5.50%	07/2029	496		466		469		0.0	%
Packaging Coordinators Midco, Inc.(7)(22)	First lien senior secured loan	SR +	3.50%	11/2027	4,726		4,652		4,701		0.1	%
Packaging Coordinators Midco, Inc.(7)	Second lien senior secured loan	SR +	7.00%	12/2029	53,918		52,507		52,705		0.7	%
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(7)(23)	First lien senior secured loan	SR +	6.75%	01/2028	50,517		49,934		50,012		0.6	%

Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(7)(17)(18)(23)	First lien senior secured revolving loan	SR +	6.75%	01/2026	—		(1)		(1)		0.0	%
PERKINELMER U.S. LLC(7)	First lien senior secured loan	SR +	6.75%	03/2029	77,899		76,445		76,925		1.0	%
Rhea Parent, Inc.(7)	First lien senior secured loan	SR +	5.50%	02/2029	76,796		75,536		76,412		1.0	%
Zest Acquisition Corp.(6)(21)	First lien senior secured loan	SR +	5.50%	02/2028	11,784		11,282		11,519		0.2	%
					651,130		637,493		639,185		8.2	%
Healthcare providers and services
BELMONT BUYER, INC. (dba Valenz)(8)	First lien senior secured loan	SR +	6.50%	06/2029	$	56,160	$	55,074	$	55,318	0.7	%
BELMONT BUYER, INC. (dba Valenz)(8)(17)(19)	First lien senior secured delayed draw term loan	SR +	6.50%	12/2024	5,306		5,132		5,227		0.1	%
BELMONT BUYER, INC. (dba Valenz)(8)(17)(18)	First lien senior secured revolving loan	SR +	6.50%	06/2029	—		(127)		(100)		0.0	%
Covetrus, Inc.(7)(22)	First lien senior secured loan	SR +	5.00%	10/2029	10,438		9,922		10,316		0.1	%

Blue Owl Credit Income Corp.

Consolidated Schedule of Investments (Continued)

As of September 30, 2023

(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
Covetrus, Inc.(7)	Second lien senior secured loan	SR +	9.25%	10/2030	160,000	156,969	159,200	2.1	%
Ex Vivo Parent Inc. (dba OB Hospitalist)(7)	First lien senior secured loan	SR +	9.75% PIK	09/2028	33,997	33,513	33,147	0.4	%
Engage Debtco Limited(7)(23)	First lien senior secured loan	SR +	5.90%	07/2029	60,833	59,511	59,768	0.8	%
Engage Debtco Ltd.(7)(23)	First lien senior secured loan	SR +	7.25%	07/2029	30,367	29,530	30,139	0.4	%
Engage Debtco Ltd.(7)(23)	First lien senior secured delayed draw term loan	SR +	5.75%	07/2029	19,750	19,338	19,405	0.3	%
HAH Group Holding Company LLC (dba Help at Home)(6)	First lien senior secured delayed draw term loan	SR +	5.00%	10/2027	8,963	8,722	8,784	0.1	%
MJH Healthcare Holdings, LLC(6)	First lien senior secured loan	SR +	3.50%	01/2029	19,700	19,637	19,651	0.3	%
Natural Partners, LLC(7)(23)	First lien senior secured loan	SR +	6.00%	11/2027	68,160	67,111	67,649	0.9	%
Natural Partners, LLC(7)(17)(18)(23)	First lien senior secured revolving loan	SR +	6.00%	11/2027	—	(74)	(38)	0.0	%
Neptune Holdings, Inc. (dba NexTech)(8)	First lien senior secured loan	SR +	6.00%	08/2030	30,882	30,117	30,110	0.4	%
Neptune Holdings, Inc. (dba NexTech)(8)(17)(18)	First lien senior secured revolving loan	SR +	6.00%	08/2029	—	(102)	(103)	0.0	%
OB Hospitalist Group, Inc.(7)	First lien senior secured loan	SR +	5.50%	09/2027	60,575	59,706	59,515	0.8	%
OB Hospitalist Group, Inc.(7)(17)	First lien senior secured revolving loan	SR +	5.50%	09/2027	3,623	3,517	3,484	0.0	%
OneOncology LLC(7)	First lien senior secured loan	SR +	6.25%	06/2030	71,345	70,307	70,632	0.9	%
OneOncology LLC(7)(17)(18)	First lien senior secured revolving loan	SR +	6.25%	06/2029	—	(203)	(143)	0.0	%
OneOncology LLC(7)(17)(18)(19)	First lien senior secured delayed draw term loan	SR +	6.25%	12/2024	—	(160)	—	0.0	%
Pacific BidCo Inc.(7)(23)	First lien senior secured loan	SR +	6.00% (0.25% PIK)	08/2029	162,541	158,999	160,509	2.1	%
Pacific BidCo Inc.(7)(17)(18)(19)(23)	First lien senior secured delayed draw term loan	SR +	5.75%	08/2025	—	(187)	—	0.0	%
Phoenix Newco, Inc. (dba Parexel)(6)(22)	First lien senior secured loan	SR +	3.25%	11/2028	19,700	19,624	19,544	0.3	%
Phoenix Newco, Inc. (dba Parexel)(6)	Second lien senior secured loan	SR +	6.50%	11/2029	140,000	138,799	138,950	1.8	%
Physician Partners, LLC(6)(22)	First lien senior secured loan	SR +	4.00%	12/2028	12,780	12,678	12,126	0.2	%
Plasma Buyer LLC (dba Pathgroup)(7)	First lien senior secured loan	SR +	5.75%	05/2029	109,031	107,179	106,850	1.4	%
Plasma Buyer LLC (dba Pathgroup)(7)(17)(18)(19)	First lien senior secured delayed draw term loan	SR +	5.75%	05/2024	—	(229)	(286)	0.0	%
Plasma Buyer LLC (dba Pathgroup)(7)(17)	First lien senior secured revolving loan	SR +	5.75%	05/2028	2,447	2,259	2,203	0.0	%
Pediatric Associates Holding Company, LLC(6)	First lien senior secured loan	SR +	4.50%	12/2028	24,938	23,988	24,688	0.3	%
Pediatric Associates Holding Company, LLC(6)(22)	First lien senior secured loan	SR +	3.25%	12/2028	19,700	19,632	19,164	0.3	%
Pediatric Associates Holding Company, LLC(6)(22)	First lien senior secured delayed draw term loan	SR +	3.25%	12/2028	3,515	3,503	3,420	0.0	%
PPV Intermediate Holdings, LLC(7)	First lien senior secured loan	SR +	5.75%	08/2029	163,397	160,540	161,762	2.1	%
PPV Intermediate Holdings, LLC(7)(17)(18)(19)	First lien senior secured delayed draw term loan	SR +	6.00%	09/2025	—	(50)	(25)	0.0	%

Blue Owl Credit Income Corp.

Consolidated Schedule of Investments (Continued)

As of September 30, 2023

(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
PPV Intermediate Holdings, LLC(7)(17)(18)	First lien senior secured revolving loan	SR +	5.75%	08/2029	—		(200)		(119)		0.0	%
TC Holdings, LLC (dba TrialCard)(8)	First lien senior secured loan	SR +	5.00%	04/2027	63,923		63,444		63,923		0.8	%
TC Holdings, LLC (dba TrialCard)(8)(17)(18)	First lien senior secured revolving loan	SR +	5.00%	04/2027	—		(55)		—		0.0	%
Tivity Health, Inc.(7)	First lien senior secured loan	SR +	6.00%	06/2029	150,480		147,234		149,350		1.9	%
Unified Women's Healthcare, LP(6)	First lien senior secured loan	SR +	5.25%	06/2029	83,084		82,550		83,084		1.1	%
Unified Women's Healthcare, LP(6)(17)	First lien senior secured revolving loan	SR +	5.25%	06/2029	1,861		1,811		1,861		0.0	%
Quva Pharma, Inc. (6)	First lien senior secured loan	SR +	5.50%	04/2028	4,455		4,360		4,410		0.1	%
Quva Pharma, Inc. (6)(17)	First lien senior secured revolving loan	SR +	5.50%	04/2026	100		93		95		0.0	%
Diagnostic Services Holdings, Inc. (dba Rayus Radiology)(6)	First lien senior secured loan	SR +	5.50%	03/2025	119,988		119,988		119,389		1.5	%



Vermont Aus Pty Ltd(7)(23)	First lien senior secured loan	SR +	5.50%	03/2028	53,683		52,621		53,011		0.7	%
					1,775,722		1,746,021		1,755,870		22.9	%
Healthcare technology
Athenahealth Group Inc.(6)(22)	First lien senior secured loan	SR +	3.25%	02/2029	$	29,411	$	29,043	$	28,814	0.4	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(7)	First lien senior secured loan	SR +	5.75%	08/2028	53,360		52,717		52,693		0.7	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(17)(19)	First lien senior secured delayed draw term loan	SR +	5.75%	08/2028	6,440		6,203		6,328		0.1	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(17)	First lien senior secured revolving loan	SR +	5.75%	08/2026	724		681		666		0.0	%
Bracket Intermediate Holding Corp.(7)(22)	First lien senior secured loan	SR +	5.00%	05/2028	49,875		48,475		49,759		0.6	%
Color Intermediate, LLC (dba ClaimsXten)(7)	First lien senior secured loan	SR +	5.50%	10/2029	9,188		9,023		9,096		0.1	%
IMO Investor Holdings, Inc.(7)	First lien senior secured loan	SR +	6.00%	05/2029	20,638		20,287		20,534		0.3	%
IMO Investor Holdings, Inc.(8)(17)(19)	First lien senior secured delayed draw term loan	SR +	6.00%	05/2024	1,333		1,281		1,327		0.0	%
IMO Investor Holdings, Inc.(8)(17)	First lien senior secured revolving loan	SR +	6.00%	05/2028	397		359		385		0.0	%
Interoperability Bidco, Inc. (dba Lyniate)(7)	First lien senior secured loan	SR +	7.00%	12/2026	75,374		75,027		74,620		1.0	%

Interoperability Bidco, Inc. (dba Lyniate)(7)(17)	First lien senior secured revolving loan	SR +	7.00%	12/2024	1,805		1,769		1,745		0.0	%
GHX Ultimate Parent Corporation(7)(22)	First lien senior secured loan	SR +	4.75%	06/2027	12,469		12,183		12,454		0.2	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(7)	First lien senior secured loan	SR +	5.75%	10/2028	20,659		20,339		20,349		0.2	%

GI Ranger Intermediate, LLC (dba Rectangle Health)(7)(17)(19)	First lien senior secured delayed draw term loan	SR +	5.75%	03/2024	2,376		2,280		2,302		0.0	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(7)(17)	First lien senior secured revolving loan	SR +	5.75%	10/2027	669		647		644		0.0	%
Imprivata, Inc.(6)(22)	First lien senior secured loan	SR +	4.25%	12/2027	10,476		10,187		10,464		0.1	%
Imprivata, Inc.(6)	Second lien senior secured loan	SR +	6.25%	12/2028	50,294		49,791		50,294		0.7	%
Ocala Bidco, Inc.(7)	First lien senior secured loan	SR +	6.25% (2.75% PIK)	11/2028	83,217		81,668		81,968		1.1	%
Ocala Bidco, Inc.(7)(17)(18)(19)	First lien senior secured delayed draw term loan	SR +	5.75%	05/2024	—		(78)		(21)		0.0	%

Blue Owl Credit Income Corp.

Consolidated Schedule of Investments (Continued)

As of September 30, 2023

(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
Ocala Bidco, Inc.(7)	Second lien senior secured loan	SR +	10.50% PIK	11/2033	47,933		47,232		47,454		0.6	%
Intelerad Medical Systems Incorporated(7)(23)	First lien senior secured loan	SR +	6.50%	08/2026	29,853		29,606		29,331		0.4	%
Intelerad Medical Systems Incorporated(7)(17)(23)	First lien senior secured revolving loan	SR +	6.50%	08/2026	1,429		1,417		1,393		0.0	%
PointClickCare Technologies Inc.(7)(23)	First lien senior secured loan	SR +	4.00%	12/2027	19,700		19,471		19,700		0.3	%
Project Ruby Ultimate Parent Corp. (dba Wellsky)(6)(22)	First lien senior secured loan	SR +	3.25%	03/2028	14,286		13,873		14,086		0.2	%
Zelis Cost Management Buyer, Inc.(6)(22)	First lien senior secured loan	SR +	3.50%	09/2026	4,862		4,834		4,860		0.1	%
					546,768		538,315		541,245		7.1	%
Household products
Aptive Environmental, LLC(16)	First lien senior secured loan		12.00% (6.00% PIK)	01/2026	$	8,955	$	7,865	$	9,179	0.1	%
Home Service TopCo IV, Inc.(7)	First lien senior secured loan	SR +	6.00%	12/2027	36,380		36,035		36,107		0.5	%
Home Service TopCo IV, Inc.(7)(17)(18)	First lien senior secured revolving loan	SR +	6.00%	12/2027	—		(31)		(25)		0.0	%
Home Service TopCo IV, Inc.(7)(17)(18)(19)	First lien senior secured delayed draw term loan	SR +	6.00%	12/2024	—		(39)		(21)		0.0	%
Mario Purchaser, LLC (dba Len the Plumber)(6)	First lien senior secured loan	SR +	5.75%	04/2029	75,332		74,061		74,955		1.0	%
Mario Purchaser, LLC (dba Len the Plumber)(6)(17)(19)	First lien senior secured delayed draw term loan	SR +	5.75%	04/2024	18,336		17,857		18,244		0.2	%
Mario Purchaser, LLC (dba Len the Plumber)(6)(17)(18)	First lien senior secured revolving loan	SR +	5.75%	04/2028	—		(122)		(40)		0.0	%
Mario Midco Holdings, Inc. (dba Len the Plumber)(6)	Unsecured facility	SR +	10.75% PIK	04/2032	26,747		26,142		26,546		0.3	%
Simplisafe Holding Corporation(6)	First lien senior secured loan	SR +	6.25%	05/2028	126,790		124,734		125,838		1.6	%
Simplisafe Holding Corporation(6)(17)(19)	First lien senior secured delayed draw term loan	SR +	6.25%	05/2024	4,269		4,105		4,237		0.1	%
Southern Air & Heat Holdings, LLC(7)	First lien senior secured loan	SR +	4.75%	10/2027	1,071		1,060		1,060		0.0	%
Southern Air & Heat Holdings, LLC(7)	First lien senior secured delayed draw term loan	SR +	4.75%	10/2027	1,117		1,106		1,106		0.0	%
Southern Air & Heat Holdings, LLC(7)(17)(19)	First lien senior secured delayed draw term loan	SR +	5.25%	10/2027	2,749		1,546		2,591		0.0	%
Southern Air & Heat Holdings, LLC(7)(17)	First lien senior secured revolving loan	SR +	4.75%	10/2027	23		20		20		0.0	%
Walker Edison Furniture Company LLC(6)(26)(32)	First lien senior secured revolving loan	SR +	6.25% PIK	03/2027	1,333		1,333		1,307		0.0	%
Walker Edison Furniture Company LLC(6)(26)(32)	First lien senior secured loan	SR +	6.75% PIK	03/2027	2,747		2,452		2,651		0.0	%
Walker Edison Furniture Company LLC(6)(17)(19)(26)(32)	First lien senior secured delayed draw term loan	SR +	6.75% PIK	03/2027	70		67		63		0.0	%
					305,919		298,191		303,818		3.8	%
Human resource support services
AQ Carver Buyer, Inc. (dba CoAdvantage)(8)	First lien senior secured loan	SR +	5.50%	08/2029	$	22,500	$	22,050	$	22,106	0.3	%
Cornerstone OnDemand, Inc.(6)(21)(22)	First lien senior secured loan	SR +	3.75%	10/2028	19,700		19,625		18,691		0.2	%
Cornerstone OnDemand, Inc.(6)	Second lien senior secured loan	SR +	6.50%	10/2029	44,583		44,038		40,459		0.5	%
IG Investments Holdings, LLC (dba Insight Global)(7)	First lien senior secured loan	SR +	6.00%	09/2028	47,667		46,951		47,310		0.6	%

Blue Owl Credit Income Corp.

Consolidated Schedule of Investments (Continued)

As of September 30, 2023

(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
IG Investments Holdings, LLC (dba Insight Global)(7)(17)(18)	First lien senior secured revolving loan	SR +	6.00%	09/2027	—		(48)		(27)		0.0	%
					134,450		132,616		128,539		1.6	%
Infrastructure and environmental services
Aegion Corp.(6)(21)(22)	First lien senior secured loan	SR +	4.75%	05/2028	$	54,789	$	53,254	$	54,356	0.7	%
GI Apple Midco LLC (dba Atlas Technical Consultants)(6)(17)	First lien senior secured revolving loan	SR +	6.75%	04/2029	6,807		6,603		6,641		0.1	%
GI Apple Midco LLC (dba Atlas Technical Consultants)(6)	First lien senior secured loan	SR +	6.75%	04/2030	72,642		71,253		71,552		0.9	%
GI Apple Midco LLC (dba Atlas Technical Consultants)(6)(17)(19)	First lien senior secured delayed draw term loan	SR +	6.75%	04/2025	1,741		1,604		1,715		0.0	%
AWP Group Holdings, Inc.(7)	First lien senior secured loan	SR +	5.50%	12/2029	35,007		34,427		34,423		0.4	%
AWP Group Holdings, Inc.(7)(17)(19)	First lien senior secured delayed draw term loan	SR +	5.50%	08/2025	351		276		298		0.0	%
AWP Group Holdings, Inc.(7)(17)	First lien senior secured revolving loan	SR +	5.50%	12/2029	2,351		2,252		2,254		0.0	%
The Goldfield Corp.(6)	First lien senior secured loan	SR +	6.25%	12/2026	988		973		983		0.0	%
Osmose Utilities Services, Inc.(6)(22)	First lien senior secured loan	SR +	3.25%	06/2028	16,671		16,584		16,526		0.2	%
USIC Holdings, Inc.(6)(22)	First lien senior secured loan	SR +	3.50%	05/2028	11,847		11,565		11,640		0.2	%
USIC Holdings, Inc.(6)(21)	Second lien senior secured loan	SR +	6.50%	05/2029	39,691		39,499		37,706		0.5	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(7)	First lien senior secured loan	SR +	5.75%	03/2028	32,202		31,694		31,800		0.4	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(7)(17)	First lien senior secured revolving loan	SR +	5.75%	03/2028	881		802		814		0.0	%
					275,968		270,786		270,708		3.4	%
Insurance
Abacus Life, Inc.(7)	First lien senior secured loan	SR +	7.25%	07/2028	$	9,375	$	9,194	$	9,188	0.1	%
Abacus Life, Inc.(7)(17)(18)(19)	First lien senior secured delayed draw term loan	SR +	7.25%	01/2024	—		(178)		(188)		0.0	%
Acrisure, LLC(7)(22)	First lien senior secured loan	SR +	5.75%	02/2027	53,126		52,392		53,259		0.7	%
Acrisure, LLC(9)(22)	First lien senior secured loan	L +	3.50%	02/2027	8,660		8,240		8,527		0.1	%
Acrisure, LLC(9)(22)	First lien senior secured loan	L +	4.25%	02/2027	1,980		1,930		1,971		0.0	%
Acrisure, LLC(9)(22)	First lien senior secured loan	L +	3.75%	02/2027	1,980		1,905		1,949		0.0	%
Alera Group, Inc.(6)	First lien senior secured loan	SR +	6.00%	10/2028	148,853		146,375		148,853		1.9	%


AmeriLife Holdings LLC(6)	First lien senior secured loan	SR +	5.75%	08/2029	129,205		126,916		128,559		1.7	%
AmeriLife Holdings LLC(8)(17)	First lien senior secured revolving loan	SR +	5.75%	08/2028	2,712		2,445		2,631		0.0	%
AmeriLife Holdings LLC(8)(17)(19)	First lien senior secured delayed draw term loan	SR +	5.75%	09/2024	21,534		21,075		21,427		0.3	%
AssuredPartners, Inc.(6)(22)	First lien senior secured loan	SR +	3.50%	02/2027	7,820		7,820		7,811		0.1	%
AssuredPartners, Inc.(6)(22)	First lien senior secured loan	SR +	3.50%	02/2027	24,625		24,582		24,541		0.3	%
AssuredPartners, Inc.(6)(22)	First lien senior secured loan	SR +	4.25%	02/2027	4,950		4,808		4,947		0.1	%
Asurion, LLC(6)(22)	Second lien senior secured loan	SR +	5.25%	01/2029	174,017		168,351		153,918		2.0	%

Blue Owl Credit Income Corp.

Consolidated Schedule of Investments (Continued)

As of September 30, 2023

(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
Asurion, LLC(6)(22)	Second lien senior secured loan	SR +	5.25%	01/2028	15,000	13,433	13,470	0.2	%
Brightway Holdings, LLC(7)	First lien senior secured loan	SR +	6.50%	12/2027	17,626	17,460	17,274	0.2	%
Brightway Holdings, LLC(7)(17)	First lien senior secured revolving loan	SR +	6.50%	12/2027	1,053	1,034	1,011	0.0	%
Broadstreet Partners, Inc.(6)(22)	First lien senior secured loan	SR +	4.00%	01/2029	8,728	8,625	8,718	0.1	%
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)(17)(18)	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	26,137	25,897	25,942	0.3	%


Evolution BuyerCo, Inc. (dba SIAA)(7)(17)(19)	First lien senior secured delayed draw term loan	SR +	6.75%	12/2023	1,390	1,390	1,386	0.0	%
Evolution BuyerCo, Inc. (dba SIAA)(7)(17)(18)	First lien senior secured revolving loan	SR +	6.25%	04/2027	—	(6)	(5)	0.0	%
Hub International(7)(22)	First lien senior secured loan	SR +	4.25%	04/2025	10,000	9,903	10,017	0.1	%
Hyperion Refinance S.a.r.l (dba Howden Group)(6)(23)	First lien senior secured loan	SR +	5.25%	11/2027	131,000	128,722	131,000	1.7	%
IMA Financial Group, Inc.(6)	First lien senior secured loan	SR +	4.25%	11/2028	9,975	9,738	9,925	0.1	%
Integrated Specialty Coverages, LLC(7)	First lien senior secured loan	SR +	6.00%	07/2030	55,101	54,288	54,247	0.7	%
Integrated Specialty Coverages, LLC(7)(17)(18)(19)	First lien senior secured delayed draw term loan	SR +	6.00%	01/2024	—	(77)	(38)	0.0	%
Integrated Specialty Coverages, LLC(7)(17)(18)	First lien senior secured revolving loan	SR +	6.00%	07/2029	—	(86)	(92)	0.0	%
Integrity Marketing Acquisition, LLC(7)	First lien senior secured loan	SR +	5.80%	08/2026	55,312	55,178	55,312	0.7	%


Integrity Marketing Acquisition, LLC(7)	First lien senior secured loan	SR +	6.00%	08/2026	2,794	2,767	2,794	0.0	%
Integrity Marketing Acquisition, LLC(7)	First lien senior secured loan	SR +	6.05%	08/2026	5,478	5,464	5,478	0.0	%

Integrity Marketing Acquisition, LLC(7)(17)(18)(19)	First lien senior secured delayed draw term loan	SR +	6.00%	02/2025	—	(114)	—	0.0	%
Integrity Marketing Acquisition, LLC(7)(17)(18)	First lien senior secured revolving loan	SR +	6.50%	08/2026	—	(16)	—	0.0	%
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(6)	First lien senior secured loan	SR +	10.50% PIK	07/2030	13,556	13,398	13,523	0.2	%
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6)(17)(19)	First lien senior secured delayed draw term loan	SR +	5.25%	06/2024	2,388	2,295	2,376	0.0	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(6)	First lien senior secured loan	SR +	6.00%	11/2028	132,639	131,464	129,323	1.7	%



Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(6)	First lien senior secured delayed draw term loan	SR +	6.00%	11/2028	68,837	68,244	67,116	0.9	%
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(6)(17)(18)	First lien senior secured revolving loan	SR +	6.00%	11/2027	—	(18)	(64)	0.0	%
PCF Midco II, LLC (dba PCF Insurance Services)(16)	First lien senior secured loan		9.00% PIK	10/2031	52,680	48,980	48,861	0.6	%
Tempo Buyer Corp. (dba Global Claims Services)(7)	First lien senior secured loan	SR +	5.50%	08/2028	35,885	35,269	35,410	0.5	%

Tempo Buyer Corp. (dba Global Claims Services)(15)(17)	First lien senior secured revolving loan	P +	4.00%	08/2027	1,960	1,893	1,896	0.0	%
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(7)	First lien senior secured loan	SR +	5.75%	07/2027	14,792	14,587	14,681	0.2	%

Blue Owl Credit Income Corp.

Consolidated Schedule of Investments (Continued)

As of September 30, 2023

(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
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(7)(17)(18)	First lien senior secured revolving loan	SR +	5.75%	07/2027	—		(14)		(8)		0.0	%
Summit Acquisition Inc. (dba K2 Insurance Services)(7)	First lien senior secured loan	SR +	6.75%	05/2030	50,600		49,141		49,335		0.6	%
Summit Acquisition Inc. (dba K2 Insurance Services)(7)(17)(18)(19)	First lien senior secured delayed draw term loan	SR +	6.75%	11/2024	—		(173)		(123)		0.0	%
Summit Acquisition Inc. (dba K2 Insurance Services)(7)(17)(18)	First lien senior secured revolving loan	SR +	6.75%	05/2029	—		(171)		(153)		0.0	%
KWOR Acquisition, Inc. (dba Alacrity Solutions)(15)	First lien senior secured loan	P +	4.25%	12/2028	32,538		32,109		32,376		0.4	%
KWOR Acquisition, Inc. (dba Alacrity Solutions)(15)(17)	First lien senior secured revolving loan	P +	4.25%	12/2027	1,876		1,839		1,858		0.0	%
					1,337,091		1,309,184		1,301,133		16.5	%
Internet software and services
Activate Holdings (US) Corp. (dba Absolute Software)(7)(23)	First lien senior secured loan	SR +	6.75%	07/2030	$	4,648	$	4,522	$	4,520	0.1	%
Activate Holdings (US) Corp. (dba Absolute Software)(7)(17)(18)(23)	First lien senior secured revolving loan	SR +	6.75%	07/2030	—		(9)		(10)		0.0	%
Anaplan, Inc.(6)	First lien senior secured loan	SR +	6.50%	06/2029	229,639		227,681		229,639		3.0	%
Anaplan, Inc.(6)(17)(18)	First lien senior secured revolving loan	SR +	6.50%	06/2028	—		(130)		—		0.0	%
Appfire Technologies, LLC(7)	First lien senior secured loan	SR +	5.50%	03/2027	7,040		7,001		7,004		0.1	%
Appfire Technologies, LLC(7)(17)(18)(19)	First lien senior secured delayed draw term loan	SR +	5.50%	06/2024	—		(108)		—		0.0	%
Appfire Technologies, LLC(7)(17)(18)	First lien senior secured revolving loan	SR +	5.50%	03/2027	—		(18)		(8)		0.0	%
Avalara, Inc.(7)	First lien senior secured loan	SR +	7.25%	10/2028	70,455		69,521		70,102		0.9	%
Avalara, Inc.(7)(17)(18)	First lien senior secured revolving loan	SR +	7.25%	10/2028	—		(89)		(35)		0.0	%
Armstrong Bidco Limited (dba The Access Group)(14)(23)	First lien senior secured loan	SA +	5.00%	06/2029	32,431		31,984		32,187		0.4	%
Armstrong Bidco Ltd. (dba The Access Group)(14)(23)	First lien senior secured delayed draw term loan	SA +	5.00%	06/2029	16,920		16,680		16,794		0.2	%
Barracuda Parent, LLC(7)(22)	First lien senior secured loan	SR +	4.50%	08/2029	27,443		26,717		27,138		0.4	%
Barracuda Parent, LLC(7)	Second lien senior secured loan	SR +	7.00%	08/2030	93,250		90,708		87,189		1.1	%
Bayshore Intermediate #2, L.P. (dba Boomi)(7)	First lien senior secured loan	SR +	7.50% PIK	10/2028	23,568		23,231		23,273		0.3	%
Bayshore Intermediate #2, L.P. (dba Boomi)(7)(17)	First lien senior secured revolving loan	SR +	6.50%	10/2027	319		295		299		0.0	%
BCPE Nucleon (DE) SPV, LP(8)(23)	First lien senior secured loan	SR +	7.00%	09/2026	24,012		23,835		24,012		0.3	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(7)	First lien senior secured loan	SR +	7.00%	12/2026	1,102		1,095		1,102		0.0	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(7)(17)(18)	First lien senior secured revolving loan	SR +	7.00%	12/2026	—		(1)		—		0.0	%
Central Parent, Inc.(7)(22)	First lien senior secured loan	SR +	4.25%	07/2029	9,330		9,088		9,325		0.1	%
CivicPlus, LLC(7)	First lien senior secured loan	SR +	6.50% (2.50% PIK)	08/2027	28,066		27,860		28,066		0.4	%


CivicPlus, LLC(6)(17)	First lien senior secured revolving loan	SR +	6.00%	08/2027	179		164		179		0.0	%
CP PIK Debt Issuer, LLC (dba CivicPlus, LLC)(8)	Unsecured notes	SR +	11.75% PIK	06/2034	15,719		15,358		15,680		0.2	%
Coupa Holdings, LLC(6)	First lien senior secured loan	SR +	7.50%	02/2030	24,344		23,769		23,857		0.3	%

Blue Owl Credit Income Corp.

Consolidated Schedule of Investments (Continued)

As of September 30, 2023

(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
Coupa Holdings, LLC(6)(17)(18)	First lien senior secured revolving loan	SR +	7.50%	02/2029	—	(38)	(33)	0.0	%
Coupa Holdings, LLC(6)(17)(18)(19)	First lien senior secured delayed draw term loan	SR +	7.50%	08/2024	—	(25)	(16)	0.0	%
Delta TopCo, Inc. (dba Infoblox, Inc.)(8)(22)	First lien senior secured loan	SR +	3.75%	12/2027	27,113	25,658	26,812	0.3	%
Delta TopCo, Inc. (dba Infoblox, Inc.)(8)	Second lien senior secured loan	SR +	7.25%	12/2028	49,222	48,988	48,606	0.6	%
EET Buyer, Inc. (dba e-Emphasys)(7)	First lien senior secured loan	SR +	6.50%	11/2027	19,252	19,111	19,252	0.3	%
EET Buyer, Inc. (dba e-Emphasys)(7)	First lien senior secured loan	SR +	6.50%	11/2027	17,189	16,950	17,189	0.2	%
EET Buyer, Inc. (dba e-Emphasys)(7)(17)	First lien senior secured revolving loan	SR +	6.50%	11/2027	677	645	677	0.0	%
Entrata, Inc.(6)	First lien senior secured loan	SR +	6.00%	07/2030	4,487	4,421	4,420	0.1	%
Entrata, Inc.(6)(17)(18)	First lien senior secured revolving loan	SR +	6.00%	07/2028	—	(7)	(8)	0.0	%
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(7)	First lien senior secured loan	SR +	5.50%	08/2027	8,200	8,057	7,769	0.1	%
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(7)	First lien senior secured delayed draw term loan	SR +	5.50%	08/2027	1,845	1,822	1,755	0.0	%
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(6)(17)	First lien senior secured revolving loan	SR +	5.50%	08/2027	303	289	257	0.0	%
Granicus, Inc.(7)	First lien senior secured loan	SR +	5.50%	01/2027	1,821	1,794	1,793	0.0	%
Granicus, Inc.(7)(17)	First lien senior secured revolving loan	SR +	6.50%	01/2027	74	72	72	0.0	%
Granicus, Inc.(7)	First lien senior secured delayed draw term loan	SR +	6.00%	01/2027	341	337	336	0.0	%
Grayshift, LLC(6)(23)	First lien senior secured loan	SR +	8.00%	07/2028	13,859	13,655	13,616	0.2	%
Grayshift, LLC(6)(23)	First lien senior secured loan	SR +	8.00%	07/2028	114,833	112,935	112,824	1.5	%
Grayshift, LLC(6)(17)(18)(23)	First lien senior secured revolving loan	SR +	8.00%	07/2028	—	(19)	(42)	0.0	%
GS Acquisitionco, Inc. (dba insightsoftware)(7)	First lien senior secured loan	SR +	5.75%	05/2026	8,925	8,897	8,902	0.1	%
Help/Systems Holdings, Inc.(7)(22)	First lien senior secured loan	SR +	4.00%	11/2026	64,036	63,748	61,219	0.8	%
Help/Systems Holdings, Inc.(8)	Second lien senior secured loan	SR +	6.75%	11/2027	25,000	24,753	22,438	0.3	%
Hyland Software, Inc.(6)(17)(18)	First lien senior secured revolving loan	SR +	6.00%	09/2029	—	(104)	(105)	0.0	%
Hyland Software, Inc.(6)	First lien senior secured loan	SR +	6.00%	09/2030	147,235	145,034	145,027	1.9	%
Ivanti Software, Inc.(10)	Second lien senior secured loan	L +	7.25%	12/2028	19,000	18,924	13,522	0.2	%
MessageBird BidCo B.V.(6)(23)	First lien senior secured loan	SR +	6.75%	05/2027	2,917	2,874	2,895	0.0	%
Ministry Brands Holdings, LLC(6)	First lien senior secured loan	SR +	5.50%	12/2028	48,694	47,913	47,841	0.6	%
Ministry Brands Holdings, LLC(6)(17)(19)	First lien senior secured delayed draw term loan	SR +	5.50%	12/2023	2,526	2,385	2,382	0.0	%
Ministry Brands Holdings, LLC(6)(17)	First lien senior secured revolving loan	SR +	5.50%	12/2027	2,136	2,068	2,053	0.0	%
Mitnick Corporate Purchaser, Inc.(7)(17)(21)	First lien senior secured revolving loan	SR +	3.00%	05/2027	—	5	—	0.0	%
Oranje Holdco, Inc. (dba KnowBe4)(7)	First lien senior secured loan	SR +	7.75%	02/2029	81,182	80,060	80,370	1.0	%

Blue Owl Credit Income Corp.

Consolidated Schedule of Investments (Continued)

As of September 30, 2023

(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
Oranje Holdco, Inc. (dba KnowBe4)(7)(17)(18)	First lien senior secured revolving loan	SR +	7.75%	02/2029	—		(135)		(101)		0.0	%
QAD, Inc.(6)	First lien senior secured loan	SR +	5.38%	11/2027	45,803		45,129		45,001		0.6	%
QAD, Inc.(6)(17)(18)	First lien senior secured revolving loan	SR +	5.38%	11/2027	—		(82)		(105)		0.0	%
Quartz Acquireco, LLC (dba Qualtrics AcquireCo, LLC)(6)	First lien senior secured loan	SR +	3.50%	06/2030	10,000		9,906		9,925		0.1	%
Perforce Software, Inc.(6)	First lien senior secured loan	SR +	4.50%	07/2026	14,813		14,557		14,553		0.2	%
Proofpoint, Inc.(6)(22)	First lien senior secured loan	SR +	3.25%	08/2028	12,139		11,774		12,026		0.2	%
Proofpoint, Inc.(6)(22)	Second lien senior secured loan	SR +	6.25%	08/2029	7,500		7,470		7,507		0.1	%
Sailpoint Technologies Holdings, Inc.(6)	First lien senior secured loan	SR +	6.25%	08/2029	59,880		58,762		59,431		0.8	%
Sailpoint Technologies Holdings, Inc.(6)(17)(18)	First lien senior secured revolving loan	SR +	6.25%	08/2028	—		(93)		(43)		0.0	%
Securonix, Inc.(7)	First lien senior secured loan	SR +	6.50%	04/2028	29,661		29,423		28,104		0.4	%
Securonix, Inc.(7)(17)(18)	First lien senior secured revolving loan	SR +	6.50%	04/2028	—		(40)		(280)		0.0	%
Sedgwick Claims Management Services, Inc.(6)(21)(22)	First lien senior secured loan	SR +	3.75%	02/2028	9,950		9,766		9,924		0.1	%
Sophos Holdings, LLC(6)(22)(23)	First lien senior secured loan	SR +	3.50%	03/2027	19,980		19,932		19,922		0.3	%
Tahoe Finco, LLC(6)(23)	First lien senior secured loan	SR +	6.00%	09/2028	83,721		83,075		83,093		1.1	%
Tahoe Finco, LLC(6)(17)(18)(23)	First lien senior secured revolving loan	SR +	6.00%	10/2027	—		(42)		(47)		0.0	%
Thunder Purchaser, Inc. (dba Vector Solutions)(7)	First lien senior secured loan	SR +	5.75%	06/2028	11,851		11,764		11,791		0.1	%

Thunder Purchaser, Inc. (dba Vector Solutions)(7)(17)	First lien senior secured revolving loan	SR +	5.75%	06/2027	602		598		599		0.0	%

Thunder Purchaser, Inc. (dba Vector Solutions)(7)	First lien senior secured delayed draw term loan	SR +	5.75%	06/2028	960		952		955		0.0	%
When I Work, Inc.(7)	First lien senior secured loan	SR +	7.00% PIK	11/2027	24,674		24,511		24,243		0.3	%
When I Work, Inc.(7)(17)(18)	First lien senior secured revolving loan	SR +	6.00%	11/2027	—		(28)		(73)		0.0	%
Zendesk, Inc.(7)	First lien senior secured loan	SR +	6.75% (3.25% PIK)	11/2028	122,436		120,301		120,600		1.6	%
Zendesk, Inc.(7)(17)(18)(19)	First lien senior secured delayed draw term loan	SR +	6.50%	11/2024	—		(959)		(150)		0.0	%
Zendesk, Inc.(7)(17)(18)	First lien senior secured revolving loan	SR +	6.50%	11/2028	—		(212)		(186)		0.0	%
					1,723,302		1,696,685		1,688,825		21.9	%
Leisure and entertainment
Troon Golf, L.L.C.(7)	First lien senior secured loan	SR +	5.75%	08/2027	$	92,703	$	92,380	$	92,239	1.2	%
Troon Golf, L.L.C.(7)(17)(18)	First lien senior secured revolving loan	SR +	5.75%	08/2026	—		(21)		(36)		0.0	%
Troon Golf, L.L.C.(6)	First lien senior secured delayed draw term loan	SR +	5.75%	08/2027	49,525		48,952		49,277		0.6	%
					142,228		141,311		141,480		1.8	%
Manufacturing
ACR Group Borrower, LLC(7)	First lien senior secured loan	SR +	4.50%	03/2028	$	4,032	$	3,991	$	3,972	0.1	%
ACR Group Borrower, LLC(7)	First lien senior secured loan	SR +	6.00%	03/2028	866		855		866		0.0	%

Blue Owl Credit Income Corp.

Consolidated Schedule of Investments (Continued)

As of September 30, 2023

(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
ACR Group Borrower, LLC(7)(17)	First lien senior secured revolving loan	SR +	4.50%	03/2026	537		531		524		0.0	%
BCPE Watson (DE) ORML, LP(8)(23)(27)	First lien senior secured loan	SR +	6.50%	07/2028	101,500		100,648		100,993		1.3	%
CPM Holdings, Inc.(6)(22)	First lien senior secured loan	SR +	4.50%	09/2028	50,000		48,643		49,845		0.7	%
CPM Holdings, Inc.(6)(17)(18)(22)	First lien senior secured revolving loan	SR +	4.50%	09/2030	—		(50)		(16)		0.0	%
EMRLD Borrower LP (dba Emerson Climate Technologies, Inc.)(6)(22)	First lien senior secured loan	SR +	3.00%	05/2030	10,743		10,642		10,723		0.1	%
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(22)	First lien senior secured loan	SR +	3.50%	05/2028	9,875		9,823		9,813		0.1	%
Engineered Machinery Holdings, Inc. (dba Duravant)(7)	Second lien senior secured loan	SR +	6.50%	05/2029	37,181		37,039		37,181		0.5	%
Engineered Machinery Holdings, Inc. (dba Duravant)(7)	Second lien senior secured loan	SR +	6.00%	05/2029	19,160		19,119		19,160		0.3	%
Filtration Group Corporation(6)(22)	First lien senior secured loan	SR +	4.25%	10/2028	21,890		21,682		21,899		0.3	%
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)	First lien senior secured loan	SR +	4.00%	12/2027	18,634		18,337		18,494		0.2	%
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)	Second lien senior secured loan	SR +	8.25%	12/2028	11,728		11,480		11,582		0.1	%

Helix Acquisition Holdings, Inc. (dba MW Industries)(7)	First lien senior secured loan	SR +	7.00%	03/2030	65,000		63,143		63,213		0.8	%
Ideal Tridon Holdings, Inc.(6)(17)	First lien senior secured revolving loan	SR +	6.75%	04/2028	2,466		2,232		2,250		0.0	%
Ideal Tridon Holdings, Inc.(8)	First lien senior secured loan	SR +	6.75%	04/2028	92,005		89,449		89,704		1.2	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(7)	First lien senior secured loan	SR +	6.00%	07/2027	86,390		85,764		86,390		1.1	%
MHE Intermediate Holdings, LLC (dba OnPoint Group)(7)	First lien senior secured loan	SR +	6.25%	07/2027	12,870		12,660		12,870		0.2	%


MHE Intermediate Holdings, LLC (dba OnPoint Group)(7)(17)	First lien senior secured revolving loan	SR +	6.00%	07/2027	1,929		1,906		1,929		0.0	%
Pro Mach Group, Inc.(6)(22)	First lien senior secured loan	SR +	4.00%	08/2028	30,396		30,248		30,399		0.4	%
Sonny's Enterprises, LLC(7)	First lien senior secured loan	SR +	6.75%	08/2028	130,571		128,727		129,592		1.7	%
Sonny's Enterprises, LLC(7)(17)(18)	First lien senior secured revolving loan	SR +	6.75%	08/2027	—		(341)		(189)		0.0	%
Sonny's Enterprises, LLC(7)(17)(18)(19)	First lien senior secured delayed draw term loan	SR +	6.75%	11/2024	—		(367)		(199)		0.0	%
					707,773		696,161		700,995		9.1	%
Professional services
Apex Group Treasury, LLC(7)(23)	First lien senior secured loan	SR +	5.00%	07/2028	$	24,813	$	23,484	$	24,813	0.3	%
Apex Group Treasury, LLC(7)(23)	Second lien senior secured loan	SR +	6.75%	07/2029	11,618		11,458		11,501		0.2	%

Apex Service Partners, LLC(7)	First lien senior secured loan	SR +	5.50%	07/2025	91,011		90,222		91,011		1.2	%
Apex Service Partners, LLC(8)(17)	First lien senior secured revolving loan	SR +	5.25%	07/2025	2,875		2,837		2,875		0.0	%
Apex Service Partners Intermediate 2, LLC(16)	First lien senior secured loan		12.50% PIK	07/2027	5,789		5,687		5,789		0.1	%
Certinia, Inc.(8)	First lien senior secured loan	SR +	0.0725	08/2029	33,088		32,438		32,426		0.4	%
Certinia, Inc.(8)(17)(18)	First lien senior secured revolving loan	SR +	0.0725	08/2029	—		(86)		(88)		0.0	%
Corporation Service Company(6)(22)	First lien senior secured loan	SR +	3.25%	11/2029	2,858		2,782		2,854		0.0	%
EM Midco2 Ltd. (dba Element Materials Technology)(7)(22)(23)	First lien senior secured loan	SR +	4.25%	06/2029	27,738		27,709		27,322		0.3	%

Blue Owl Credit Income Corp.

Consolidated Schedule of Investments (Continued)

As of September 30, 2023

(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
EP Purchaser, LLC(7)	First lien senior secured loan	SR +	4.50%	11/2028	24,875		23,927		23,942		0.3	%
Guidehouse Inc.(6)	First lien senior secured loan	SR +	6.25%	10/2028	105,924		104,960		105,394		1.4	%
Omnia Partners, LLC(7)(22)	First lien senior secured loan	SR +	4.25%	07/2030	1,828		1,810		1,829		0.0	%
Omnia Partners, LLC(7)(17)(18)(19)(22)	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		5,051		5,094		0.1	%
Relativity ODA LLC(6)(17)(18)	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	231,926		230,384		231,346		3.0	%
Sensor Technology Topco, Inc. (dba Humanetics)(6)(17)	First lien senior secured revolving loan	SR +	6.50%	05/2026	8,286		8,152		8,235		0.1	%
Sensor Technology Topco, Inc. (dba Humanetics)(13)	First lien senior secured EUR term loan	E +	7.25% (2.25% PIK)	05/2026	44,232		45,082		44,121		0.6	%
Sovos Compliance, LLC(6)(22)	First lien senior secured loan	SR +	4.50%	08/2028	29,118		28,644		28,614		0.4	%
Vistage Worldwide, Inc.(6)	First lien senior secured loan	SR +	5.25%	07/2029	4,950		4,832		4,932		0.1	%
					656,023		649,367		652,010		8.5	%
Specialty retail
Ideal Image Development, LLC(7)	First lien senior secured loan	SR +	6.50%	09/2027	$	5,795	$	5,700	$	5,259	0.1	%
Ideal Image Development, LLC(7)	First lien senior secured revolving loan	SR +	6.50%	09/2027	915		900		830		0.0	%
Notorious Topco, LLC (dba Beauty Industry Group)(7)	First lien senior secured loan	SR +	6.75%	11/2027	59,849		59,177		57,007		0.7	%
Notorious Topco, LLC (dba Beauty Industry Group)(7)	First lien senior secured loan	SR +	6.75%	11/2027	163,018		161,065		155,274		2.0	%
Notorious Topco, LLC (dba Beauty Industry Group)(7)(17)(19)	First lien senior secured delayed draw term loan	SR +	6.75%	11/2023	5,216		5,125		4,845		0.1	%
Notorious Topco, LLC (dba Beauty Industry Group)(7)(17)	First lien senior secured revolving loan	SR +	6.75%	05/2027	352		300		101		0.0	%
Milan Laser Holdings LLC(6)	First lien senior secured loan	SR +	5.00%	04/2027	20,269		20,138		20,269		0.3	%
Milan Laser Holdings LLC(6)(17)(18)	First lien senior secured revolving loan	SR +	5.00%	04/2026	—		(9)		—		0.0	%
The Shade Store, LLC(7)	First lien senior secured loan	SR +	6.00%	10/2027	66,989		66,381		64,309		0.8	%
The Shade Store, LLC(7)	First lien senior secured loan	SR +	7.00%	10/2027	10,607		10,343		10,315		0.1	%
The Shade Store, LLC(7)(17)	First lien senior secured revolving loan	SR +	6.00%	10/2026	3,000		2,948		2,727		0.0	%
					336,010		332,068		320,936		4.1	%
Telecommunications
EOS U.S. Finco LLC(7)(23)	First lien senior secured loan	SR +	6.00%	10/2029	$	68,773	$	65,367	$	67,397	0.9	%
EOS U.S. Finco LLC(17)(18)(19)(23)	First lien senior secured delayed draw term loan	SR +	6.00%	05/2026	—		(239)		—		0.0	%
Park Place Technologies, LLC(6)(22)	First lien senior secured loan	SR +	5.00%	11/2027	1,136		1,107		1,116		0.0	%
					69,909		66,235		68,513		0.9	%
Transportation
Lightbeam Bidco, Inc. (dba Lazer Spot)(8)	First lien senior secured loan	SR +	6.25%	05/2030	$	96,397	$	95,472	$	95,674	1.2	%
Lightbeam Bidco, Inc. (dba Lazer Spot)(8)(17)	First lien senior secured revolving loan	SR +	6.25%	05/2029	1,558		1,449		1,470		0.0	%

Blue Owl Credit Income Corp.

Consolidated Schedule of Investments (Continued)

As of September 30, 2023

(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
Lightbeam Bidco, Inc. (dba Lazer Spot)(8)(17)(18)(19)	First lien senior secured delayed draw term loan	SR +	6.25%	11/2024	—		(69)		—		0.0	%
Motus Group, LLC(6)	Second lien senior secured loan	SR +	6.50%	12/2029	10,000		9,917		9,875		0.1	%
Safe Fleet Holdings, LLC(6)(22)	First lien senior secured loan	SR +	3.75%	02/2029	25,855		25,312		25,834		0.3	%
					133,810		132,081		132,853		1.6	%
Total non-controlled/non-affiliated portfolio company debt investments					$	13,233,071	$	13,031,075	$	13,011,249	167.7	%
Equity Investments
Asset based lending and fund finance
Amergin Asset Management, LLC(23)(24)(26)	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)(23)(24)(26)	LP Interest		N/A	N/A	33,061		$	32,912	$	39,078	0.5	%
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(16)(24)	Series A Convertible Preferred Stock		7.00% PIK	N/A	10,769		12,454		12,729		0.2	%
							45,366		51,807		0.7	%
Buildings and real estate
Associations Finance, Inc.(16)(24)	Preferred Stock		13.50% PIK	N/A	215,000,000		$	239,021	$	241,765	3.2	%
Associations Finance, Inc.(16)(24)	Preferred Stock		13.50% PIK	N/A	35,000,000		35,151		35,702		0.5	%
Dodge Construction Network Holdings, L.P.(7)(24)	Series A Preferred Units	SR +	8.25%	N/A	—		3		2		0.0	%
Dodge Construction Network Holdings, L.P.(24)(26)	Class A-2 Common Units		N/A	N/A	143,963		123		101		0.0	%
							274,298		277,570		3.7	%
Business services
Denali Holding, LP (dba Summit Companies)(24)(26)	Class A Units		N/A	N/A	686,513		$	7,076	$	10,212	0.1	%
Hercules Buyer, LLC (dba The Vincit Group)(24)(26)(28)	Common Units		N/A	N/A	10		10		11		0.0	%




Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(16)(24)	Perpetual Preferred Stock		11.75% PIK	N/A	53,600		59,042		60,062		0.8	%
							66,128		70,285		0.9	%
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	$	12,187	0.2	%
							9,418		12,187		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		2,056		0.0	%
Patriot Holdings SCSp (dba Corza Health, Inc.)(16)(23)(24)	Class A Units		8.00% PIK	N/A	13,517		1,228		1,228		0.0	%
Patriot Holdings SCSp (dba Corza Health, Inc.)(23)(24)(26)	Class B Units		N/A	N/A	982		164		225		0.0	%
Rhea Acquisition Holdings, LP(24)(26)	Series A-2 Units		N/A	N/A	11,964,286		11,964		16,154		0.2	%
							28,590		33,374		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	$	3,105	0.0	%
							3,520		3,105		0.0	%
Healthcare technology
Minerva Holdco, Inc.(16)(24)	Series A Preferred Stock		10.75% PIK	N/A	100,000		$	114,204	$	109,540	1.4	%

Blue Owl Credit Income Corp.

Consolidated Schedule of Investments (Continued)

As of September 30, 2023

(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
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	%
						118,388		113,879		1.4	%
Household products
Evology, LLC(24)(26)	Class B Units		N/A	N/A	316	$	1,512	$	1,446	0.0	%
Walker Edison Holdco LLC(24)(26)	Common Equity		N/A	N/A	29,167	2,818		1,685		0.0	%
						4,330		3,131		0.0	%
Human resource support services
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand)(16)(24)	Series A Preferred Stock		10.50% PIK	N/A	12,750	$	14,925	$	13,024	0.2	%
						14,925		13,024		0.2	%
Insurance
Accelerate Topco Holdings, LLC(24)(26)	Common Units		N/A	N/A	91,805	$	2,535	$	2,895	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	421	426		408		0.0	%
Hockey Parent Holdings, L.P.(24)(26)	Class A Units		N/A	N/A	12,438	25,000		25,000		0.3	%
PCF Holdco, LLC (dba PCF Insurance Services)(16)(17)(19)(24)	Series A Preferred Units		15.00% PIK	N/A	19,423	7,897		8,378		0.1	%
PCF Holdco, LLC (dba PCF Insurance Services)(24)(26)	Class A Unit Warrants		N/A	N/A	1,503,286	5,129		5,134		0.0	%

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	%
						56,593		69,731		0.8	%
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	$	1,776	0.0	%
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(23)(24)(26)	LP Interest		N/A	N/A	987,461	987		1,032		0.0	%
Elliott Alto Co-Investor Aggregator L.P.(23)(24)(26)	LP Interest		N/A	N/A	6,529,851	6,569		6,187		0.1	%
Picard Holdco, Inc.(7)(24)	Series A Preferred Stock	SR +	12.00% PIK	N/A	51,493	46,631		42,186		0.6	%
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, LP(23)(24)(26)	LP Interest		N/A	N/A	17,000,000	17,010		18,656		0.2	%
Thunder Topco L.P. (dba Vector Solutions)(24)(26)	Common Units		N/A	N/A	712,884	713		791		0.0	%
WMC Bidco, Inc. (dba West Monroe)(16)(24)	Senior Preferred Stock		11.25% PIK	N/A	33,385	40,587		39,124		0.5	%
Project Hotel California Co-Invest Fund, L.P.(23)(24)(26)	LP Interest		N/A	N/A	3,522	3,525		3,679		0.0	%
BCTO WIW Holdings, Inc. (dba When I Work)(24)(26)	Class A Common Stock		N/A	N/A	57,000	5,700		4,808		0.1	%
Zoro TopCo, Inc. (dba Zendesk, Inc.)(16)(24)	Series A Preferred Stock		12.50% PIK	N/A	16,562	17,292		17,489		0.2	%
Zoro TopCo, L.P. (dba Zendesk, Inc.)(24)(26)	Class A Common Units		N/A	N/A	1,380,129	13,801		14,481		0.2	%
						154,593		150,218		1.9	%
Manufacturing
Gloves Holdings, LP (dba Protective Industrial Products)(24)(26)	LP Interest		N/A	N/A	1,000	$	100	$	112	0.0	%
						100		112		0.0	%
Total non-controlled/non-affiliated portfolio company equity investments						$	777,178	$	799,300	10.2	%

Blue Owl Credit Income Corp.

Consolidated Schedule of Investments (Continued)

As of September 30, 2023

(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
Total non-controlled/non-affiliated portfolio company investments							$	13,808,253	$	13,810,549	177.9	%

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		$	74,421	$	77,407	1.0	%



							74,421		77,407		1.0	%
Total non-controlled/affiliated portfolio company equity investments							$	74,421	$	77,407	1.0	%

Controlled/affiliated portfolio company investments
Debt Investments
Asset based lending and fund finance
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(16)(23)(31)	First lien senior secured loan		12.00% PIK	07/2030	$	36,380	$	36,380	$	36,380	0.5	%
					36,380		36,380		36,380		0.5	%
Total controlled/affiliated portfolio company debt investments					$	36,380	$	36,380	$	36,380	0.5	%
Equity Investments
Asset based lending and fund finance
AAM Series 2.1 Aviation Feeder, LLC(17)(19)(23)(24)(26)(31)	LLC Interest		N/A	N/A	30,706		$	30,708	$	30,706	0.4	%
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(17)(19)(23)(24)(26)(31)	LLC Interest		N/A	N/A	23,966		23,932		23,966		0.3	%
							54,640		54,672		0.7	%
Insurance
Fifth Season Investments LLC(24)(26)(27)(31)	Class A Units		N/A	N/A	28		$	123,500	$	123,500	1.6	%
							123,500		123,500		1.6	%

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	257,933		$	257,933	$	264,772	3.5	%
							257,933		264,772		3.5	%

Total controlled/affiliated portfolio company equity investments							$	436,073	$	442,944	5.8	%
Total controlled/affiliated portfolio company investments							$	472,453	$	479,324	6.3	%
Total Investments							$	14,355,127	$	14,367,280	185.2	%


	Interest Rate Swaps as of September 30, 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	$	(10,984)	$	—	$	(580)	September 2027 Notes	Note 6
Total				$	600,000

________

(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 Schedule of Investments (Continued)

As of September 30, 2023

(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), London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three-, six-, or twelve-month LIBOR), 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 loans is subject to 1 month SOFR, which as of September 30, 2023 was 5.32%.

(7)The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2023 was 5.40%.

(8)The interest rate on these loans is subject to 6 month SOFR, which as of September 30, 2023 was 5.47%.

(9)The interest rate on these loans is subject to 1 month LIBOR, which as of September 30, 2023 was 5.43%.

(10)The interest rate on these loans is subject to 3 month LIBOR, which as of September 30, 2023 was 5.66%.

(11)The interest rate on these loans is subject to 1 month CDOR, which as of September 30, 2023 was 5.39%.

(12)The interest rate on these loans is subject to 3 month CDOR, which as of September 30, 2023 was 5.51%.

(13)The interest rate on these loans is subject to 3 month EURIBOR, which as of September 30, 2023 was 3.95%.

(14)The interest rate on these loans is subject to SONIA, which as of September 30, 2023 was 5.19%.

(15)The interest rate on these loans is subject to Prime, which as of September 30, 2023 was 8.50%.

(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 assets. As of September 30, 2023, non-qualifying assets represented 14.1% 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 September 30, 2023, the aggregate fair value of these securities is $1.32 billion, 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

Associations Finance, Inc.

Preferred Stock

April 10, 2023

Blue Owl Credit Income Corp.

Consolidated Schedule of Investments (Continued)

As of September 30, 2023

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company

Investment

Acquisition Date

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

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

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

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

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

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 - Blue Owl Credit Income Senior Loan Fund LLC", for further information.

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

Blue Owl Credit Income Corp.

Consolidated Schedule of Investments (Continued)

As of September 30, 2023

(Amounts in thousands, except share amounts)

(Unaudited)

(25)As of September 30, 2023, the net estimated unrealized gain on investments for U.S. federal income tax purposes was $65.6 million based on a tax cost basis of $14.3 billion. As of September 30, 2023, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $66.6 million. As of September 30, 2023, the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $132.2 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 period ended September 30, 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 September 30, 2023		Dividend Income		Other Income
LSI Financing 1 DAC	$	6,175	$	73,099	$	(4,902)	$	3,035	$	—	$	77,407	$	547	$	—
Total	$	6,175	$	73,099	$	(4,902)	$	3,035	$	—	$	77,407	$	547	$	—

________

(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.

(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 September 30, 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 September 30, 2023		Dividend Income		Other Income
AAM Series 2.1 Aviation Feeder, LLC(c)	$	1,568	$	29,138	$	—	$	—	$	—	$	30,706	$	—	$	—
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(c)	—		60,312		—		34		—		60,346		—		—
Fifth Season Investments LLC	89,680		33,820		—		—		—		123,500		2,860		—
Blue Owl Credit Income Senior Loan Fund, LLC (f/k/a ORCIC Senior Loan Fund, LLC)	140,394		116,158		—		8,220		—		264,772		23,458		—
Total	$	231,642	$	239,428	$	—	$	8,254	$	—	$	479,324	$	26,318	$	—

________

Blue Owl Credit Income Corp.

Consolidated Schedule of Investments (Continued)

As of September 30, 2023

(Amounts in thousands, except share amounts)

(Unaudited)

(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 September 30, 2023.

(33)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 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		—	%

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

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	%
						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

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

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	%

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.

(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”.

Blue Owl Credit Income Corp.

Consolidated Schedule of Investments (Continued)

As of December 31, 2022

(Amounts in thousands, except share amounts)

(22)Level 2 Investment.

(23)This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of December 31, 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

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

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

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.


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	$	—	$	—

________

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	$	—

________

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

(33)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 Statements of Changes in Net Assets

(Amounts in thousands)

(Unaudited)


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)	$	214,599	$	106,013	$	571,767	$	217,677
Net change in unrealized gain (loss)	52,954		47,040		131,212		(145,347)
Net realized gain (loss) on investments	(2,144)		(182)		(9,382)		386
Net Increase (Decrease) in Net Assets Resulting from Operations	265,409		152,871		693,597		72,716
Distributions
Class S	(55,089)		(28,903)		(144,741)		(63,284)
Class D	(13,872)		(7,852)		(37,824)		(17,866)
Class I	(103,204)		(52,708)		(272,657)		(111,969)
Net Decrease in Net Assets Resulting from Shareholders' Distributions	(172,165)		(89,463)		(455,222)		(193,119)
Capital Share Transactions
Class S:
Issuance of shares of common stock	326,523		229,005		746,022		1,095,257
Share transfers between classes(1)	—		—		(2,127)		—
Repurchase of common shares	(14,790)		(8,769)		(52,800)		(23,135)
Reinvestment of shareholders' distributions	21,384		9,333		55,159		19,227
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class S	333,117		229,569		746,254		1,091,349
Class D:
Issuance of shares of common stock	50,663		50,343		152,677		238,491
Share transfers between classes(1)	—		—		—		—
Repurchase of common shares	(12,978)		(1,132)		(30,240)		(2,546)
Reinvestment of shareholders' distributions	6,202		3,060		16,698		6,921
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class D	43,887		52,271		139,135		242,866
Class I:
Issuance of shares of common stock	534,370		515,241		1,374,471		1,946,144
Share transfers between classes(1)	—		—		2,127		—
Repurchase of common shares	(76,140)		(32,978)		(190,235)		(68,370)
Reinvestment of shareholders' distributions	39,933		17,350		102,088		33,943
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class I	498,163		499,613		1,288,451		1,911,717
Total Increase (Decrease) in Net Assets	968,411		844,861		2,412,215		3,125,529
Net Assets, at beginning of period	6,693,557		3,861,396		5,249,753		1,580,728
Net Assets, at end of period	$	7,661,968	$	4,706,257	$	7,661,968	$	4,706,257

(1)In certain cases, and subject to the Dealer Manager’s approval, 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 Nine Months Ended September 30,
	2023		2022
Cash Flows from Operating Activities
Net Increase (Decrease) in Net Assets Resulting from Operations	$	693,597	$	72,716
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Purchases of investments, net	(4,068,207)		(7,495,239)
Proceeds from investments and investment repayments, net	660,506		499,443
Net change in unrealized (gain) loss on investments	(130,862)		142,695
Net change in unrealized (gain) loss on interest rate swap attributed to unsecured notes	1,029		—
Net change in unrealized (gain) loss on translation of assets and liabilities in foreign currencies	(351)		2,652
Net change in unrealized (gain) loss on Income tax (provision) benefit	1		—
Net realized (gain) loss on investments	9,589		(125)
Net realized (gain) loss on foreign currency transactions relating to investments	(207)		(261)
Paid-in-kind interest and dividends	(105,731)		(37,613)
Net amortization/accretion of premium/discount on investments	(26,492)		(11,616)
Amortization of debt issuance costs	12,727		7,036
Amortization of offering costs	2,093		3,440
Changes in operating assets and liabilities:
(Increase) decrease in interest receivable	(31,348)		(43,009)
(Increase) decrease in receivable from controlled affiliates	11,478		—
(Increase) decrease in receivable for investments sold	(22,904)		(1,965)
(Increase) decrease in due from affiliates	—		(4,777)
(Increase) decrease in prepaid expenses and other assets	(181,952)		32,425
Increase (decrease) in payable for investments purchased	132,377		13,391
Increase (decrease) in payables to affiliates	9,150		41,465
Increase (decrease) in accrued expenses and other liabilities	12,873		38,173
Net cash used in operating activities	(3,022,634)		(6,741,169)
Cash Flows from Financing Activities
Borrowings on debt	5,004,216		8,348,247
Repayments of debt	(3,487,000)		(4,479,600)
Debt issuance costs	(30,186)		(49,880)
Repurchase of common stock	(280,203)		(94,051)
Proceeds from issuance of common shares	2,273,170		3,279,892
Distributions paid to shareholders	(263,234)		(108,548)
Net cash provided by financing activities	3,216,763		6,896,060
Net increase (decrease) in cash and restricted cash, including foreign cash (restricted cash of $10,803 and $0, respectively)	194,129		154,891
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 $33,803 and $0, respectively)	$	419,376	$	176,350

Supplemental and Non-Cash Information
Interest paid during the period	$	309,139	$	75,272
Distributions declared during the period	$	455,222	$	193,119
Reinvestment of distributions during the period	$	173,945	$	60,091
Taxes, including excise tax, paid during the period	$	239	$	4
Distributions payable	$	55,079	$	33,485

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

The Company received an exemptive order that permits it to offer multiple classes of shares of common stock and to impose asset-based servicing and distribution fees and early withdrawal fees. On November 12, 2020, the Company commenced its initial public offering pursuant to which it offered, on a continuous basis, $2,500,000,000 in any combination of amount of shares of Class S, Class D and Class I common stock. On February 14, 2022, the Company commenced it's follow-on offering, on a continuous basis, of up to $7,500,000,000 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 the Company’s net asset value per share of such class, as determined in accordance with the Company's share pricing policy, plus applicable upfront selling commissions. The Company also engages in private placement offerings of its common stock.

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

Since meeting the minimum offering requirement and commencing its continuous public offering through September 30, 2023, the Company has issued 279,894,130 shares of Class S common stock, 64,917,136 shares of Class D common stock and 490,445,875

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

shares of Class I common stock, exclusive of any tender offers, for gross proceeds of $2.6 billion, $0.6 billion and $4.5 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 and 21,954,224 shares of Class I common stock issued in a private placement to feeder vehicles primarily created to hold the Company's Class I shares for gross proceeds of approximately $0.2 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 in AAM Series 1.1 Rail and Domestic Intermodal Feeder, Fifth Season, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, "Amergin AssetCo") and since November 2, 2022 has not consolidated its equity positions in Blue Owl Credit Income Senior Loan Fund LLC (f/k/a ORCIC Senior Loan Fund LLC) ("OCIC SLF"). OCIC SLF was formed as a wholly-owned subsidiary of the Company and commenced operations on February 14, 2022. On November 2, 2022, the Company and State Teachers Retirement System of Ohio ("OSTRS" and together with the Company, the "Members" and each, a "Member") entered into an Amended and Restated Limited Liability Company Agreement to co-manage OCIC SLF as a joint-venture. See Note 3 "Agreements and Related Party Transactions - Controlled/Affiliated Portfolio Companies".

Investments at Fair Value

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. Rule 2a-5 under the 1940 Act 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 to Rule 2a-5, the Board designated the Adviser as the Company's valuation designee to perform fair value determinations relating to the value of assets held by the Company for which market quotations are not readily available.

Investments for which market quotations are readily available are typically valued at the average bid price of those market quotations. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available are valued at fair value as determined in good faith by the Adviser, as the valuation designee, based on, among other things, the input of the independent third-party valuation firm(s) engaged at the direction of the Adviser.

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.

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 became effective in August 2022. Rule 18f-4 requires BDCs that use derivatives to, among other things, comply with a value-at-risk leverage limit, adopt a derivatives risk management program, and implement certain testing and board reporting procedures. Rule 18f-4 provides that a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Pursuant to Rule 18f-4, when we trade reverse repurchase agreements or similar financing transactions, including certain tender option bonds, we need to aggregate the amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. Rule 18f-4 exempts BDCs that qualify as “limited derivatives users” from the aforementioned requirements, provided that these BDCs adopt written policies and procedures that are reasonably designed to manage the BDC’s derivatives risks and comply with certain recordkeeping requirements. The Company currently qualifies as a “limited derivatives user” and expects to continue to do so. The Company adopted a derivatives policy by Rule 18f-4’s August 2022 compliance date, and complies with the recordkeeping requirements.

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

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

Discounts and premiums to par value on securities purchased are amortized into interest income over the contractual life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the amortization and accretion of discounts or premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. If at any point the Company believes PIK interest is not expected to be realized, the investment generating PIK interest will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest income. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

Other Income

From time to time, the Company may receive fees for services provided to portfolio companies. These fees are generally only available to the Company as a result of closing investments, are generally paid at the closing of the investments, are generally non-recurring and are recognized as revenue when earned upon closing of the investment. The services that the Adviser provides vary by investment, but can include closing, work, diligence or other similar fees and fees for providing managerial assistance to the Company’s portfolio companies.

Organization Expenses

Costs associated with the organization of the Company are expensed as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company.

Offering Expenses

Costs associated with the offering of common shares of the Company are capitalized as deferred offering expenses and are included in prepaid expenses and other assets in the Consolidated Statements of Assets and Liabilities and are amortized over a twelve-month period from incurrence. Expenses for any additional offerings are deferred and amortized as incurred. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s share offerings, the preparation of the Company’s registration statement, and registration fees.

Debt Issuance Costs

The Company records origination and other expenses related to its debt obligations as debt issuance costs. These expenses are deferred and amortized utilizing the effective yield method, over the life of the related debt instrument. Debt issuance costs are presented on the Consolidated Statements of Assets and Liabilities as a direct deduction from the debt liability. In circumstances in which there is not an associated debt liability amount recorded in the consolidated financial statements when the debt issuance costs are incurred, such debt issuance costs will be reported on the Consolidated Statements of Assets and Liabilities as an asset until the debt liability is recorded.

Reimbursement of Transaction-Related Expenses

The Company may receive reimbursement for certain transaction-related expenses in pursuing investments. Transaction-related expenses, which are generally expected to be reimbursed by the Company’s portfolio companies, are typically deferred until the transaction is consummated and are recorded in prepaid expenses and other assets on the date incurred. The costs of successfully completed investments not otherwise reimbursed are borne by the Company and are included as a component of the investment’s cost basis.

Cash advances received in respect of transaction-related expenses are recorded as cash with an offset to accrued expenses and other liabilities. Accrued expenses and other liabilities are relieved as reimbursable expenses are incurred.

Income Taxes

The Company has elected to be treated as a RIC under the Code beginning with the taxable year ended December 31, 2020 and intends to qualify as a RIC annually. So long as the Company obtains and maintains its tax treatment as a RIC, it generally will not pay U.S. federal income taxes at corporate rates on any ordinary income or capital gains that it distributes at least annually to its

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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 distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income.

Certain of the Company's consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain income tax positions through December 31, 2022. As applicable, the Company's prior three tax years remain subject to examination by U.S. federal, state and local tax authorities.

Income and Expense Allocations

Income and realized and unrealized capital gains and losses are allocated to each class of shares of the Company on the basis of the aggregate net asset value of that class in relation to the aggregate net asset value of the Company.

Expenses that are common to all share classes are borne by each class of shares based on the net assets of the Company attributable to each class. Expenses that are specific to a class of shares are allocated to such class either directly or through the servicing fees paid pursuant to the Company’s distribution plan. See Note 3. "Agreements and Related Party Transactions – Shareholder Servicing Plan.”

Distributions to Common Shareholders

Distributions to common shareholders are recorded on the record date. The amount to be distributed is determined by the Board and is generally based upon the earnings estimated by the Adviser. In addition, the Board may consider the level of undistributed taxable income carried forward from the prior year for distribution in the current year. Net realized long-term capital gains, if any, would be generally distributed at least annually although the Company may decide to retain such capital gains for investment.

Subject to the Company’s board of directors’ discretion and applicable legal restrictions, the Company intends to authorize and declare cash distributions to the Company’s shareholders on a monthly or quarterly basis and pay such distributions on a monthly basis. The per share amount of distributions for Class S, Class D, and Class I shares will differ because of different allocations of class-specific expenses. Specifically, because the ongoing servicing fees are calculated based on the Company’s net asset value for the Company’s Class S and Class D shares, the ongoing service fees will reduce the net asset value or, alternatively, the distributions payable, with respect to the shares of each such class, including shares issued under the Company’s distribution reinvestment plan. As a result, the distributions on Class S shares and Class D shares may be lower than the distributions on Class I shares.

New Accounting Pronouncements

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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.

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. The Company is currently evaluating the impact of adopting ASU No. 2022-03 on the consolidated financial statements.

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

Note 3. Agreements and Related Party Transactions

As of September 30, 2023, the Company had payables to affiliates of $41.7 million, primarily comprised of $30.8 million of accrued performance based incentive fees, $7.5 million of management fees, and $3.4 million of costs and expenses reimbursable to the Adviser pursuant to the Administration Agreement. As of December 31, 2022, the Company had payables to affiliates of $32.6 million, primarily comprised of $19.4 million of accrued performance based incentive fees, $5.2 million of management fees, $6.8 million of expense support reimbursement, and $1.2 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 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, the Board approved the continuation of the Administration Agreement.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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

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

For the three and nine months ended September 30, 2023, the Company incurred expenses of approximately $1.0 million and $2.9 million, respectively, for costs and expenses reimbursable to the Adviser under the terms of the Administration Agreement. For the three and nine months ended September 30, 2022, the Company incurred expenses of approximately $1.0 million and $3.0 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 similar services to other entities so long as its services to the Company are not impaired.

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, 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.

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 nine months ended September 30, 2023, management fees were $21.5 million and $57.3 million, respectively. For the three and nine months ended September 30, 2022, management fees were $12.7 million and $27.6 million, respectively.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

Pursuant to the Investment Advisory Agreement, the Adviser is entitled to an incentive fee. The incentive fee consists of two parts: (i) an incentive fee on income and (ii) an incentive fee on capital gains. Each part of the incentive fee is outlined below.

The incentive fee on income will be calculated and payable quarterly in arrears and will be based upon the Company’s pre- incentive fee net investment income for the immediately preceding calendar quarter. In the case of a liquidation of the Company or if the Investment Advisory Agreement is terminated, the fee will also become payable as of the effective date of the event.

The incentive fee on income for each calendar quarter will be calculated as follows:

•No incentive fee on income will be payable in any calendar quarter in which the pre-incentive fee net investment income does not exceed a quarterly return to investors of 1.25% of the Company’s net asset value for that immediately preceding calendar quarter. The Company refers to this as the quarterly preferred return.

•All of the Company’s pre-incentive fee net investment income, if any, that exceeds the quarterly preferred return, but is less than or equal to 1.43%, which the Company refers to as the upper level breakpoint, of the Company’s net asset value for that immediately preceding calendar quarter, will be payable to the Company’s Adviser. The Company refers to this portion of the incentive fee on income as the “catch-up.” It is intended to provide an incentive fee of 12.50% on all of the Company’s pre-incentive fee net investment income when the pre-incentive fee net investment income reaches 1.43% of the Company’s net asset value for that calendar quarter, measured as of the end of the immediately preceding calendar quarter. The quarterly preferred return of 1.25% and upper level breakpoint of 1.43% are also adjusted for the actual number of days each calendar quarter.

•For any quarter in which the Company’s pre-incentive fee net investment income exceeds the upper level break point of 1.43% of the Company’s net asset value for that immediately preceding calendar quarter, the incentive fee on income will equal 12.50% of the amount of the Company’s pre-incentive fee net investment income, because the quarterly preferred return and catch up will have been achieved.

•Pre-incentive fee net investment income is defined as investment income and any other income, accrued during the calendar quarter, minus operating expenses for the quarter, including the base management fee, expenses payable under the Investment Advisory Agreement and the Administration Agreement, any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee. Pre-incentive fee net investment income does not include any expense support payments or any reimbursement by the Company of expense support payments, or any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

The second component of the incentive fee, the "Capital Gains Incentive Fee", will be determined and payable in arrears as of the end of each calendar year during which the Investment Advisory Agreement is in effect. In the case of a liquidation, or if the Investment Advisory Agreement is terminated, the fee will also become payable as of the effective date of such event. The annual fee will equal (i) 12.50% of the Company’s realized capital gains on a cumulative basis from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less (ii) the aggregate amount of any previously paid incentive fees on capital gains as calculated in accordance with U.S. GAAP. The Company will accrue but will not pay a Capital Gains Incentive Fee with respect to unrealized appreciation because a Capital Gains Incentive Fee would be owed to the Adviser if the Company was to sell the relevant investment and realize a capital gain. In no event will the incentive fee on capital gains payable pursuant hereto be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.

For the three and nine months ended September 30, 2023, the Company incurred performance based incentive fees on net investment income of $30.8 million and $82.1 million, respectively. For the three and nine months ended September 30, 2022, the Company incurred performance based incentive fees on net investment income of $15.1 million and $30.1 million, respectively.

For the three and nine months ended September 30, 2023 and 2022, the Company did not incur performance based incentive fees based on capital gains. For the nine months ended September 30, 2022, the Company recorded a reversal of previously recorded performance based incentive fees based on capital gains of $0.6 million.

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,

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

including the cost of any third-party valuation services; the cost of effecting any sales and repurchases of the common stock and other securities; fees and expenses payable under any dealer manager agreements, if any; debt service and other costs of borrowings or other financing arrangements; costs of hedging; expenses, including travel expense, incurred by the Adviser, or members of the Investment Team, or payable to third parties, performing due diligence on prospective portfolio companies and, if necessary, enforcing the Company’s rights; escrow agent, transfer agent and custodial fees and expenses; fees and expenses associated with marketing efforts; federal and state registration fees, any stock exchange listing fees and fees payable to rating agencies; federal, state and local taxes; independent directors’ fees and expenses, including certain travel expenses; costs of preparing financial statements and maintaining books and records and filing reports or other documents with the SEC (or other regulatory bodies) and other reporting and compliance costs, including registration fees, listing fees and licenses, and the compensation of professionals responsible for the preparation of the foregoing; the costs of any reports, proxy statements or other notices to shareholders (including printing and mailing costs); the costs of any shareholder or director meetings and the compensation of personnel responsible for the preparation of the foregoing and related matters; commissions and other compensation payable to brokers or dealers; research and market data; fidelity bond, directors and officers errors and omissions liability insurance and other insurance premiums; direct costs and expenses of administration, including printing, mailing, long distance telephone and staff; fees and expenses associated with independent audits, outside legal and consulting costs; costs of winding up; costs incurred in connection with the formation or maintenance of entities or vehicles to hold the Company’s assets for tax or other purposes; extraordinary expenses (such as litigation or indemnification); and costs associated with reporting and compliance obligations under the Advisers Act and applicable federal and state securities laws. Notwithstanding anything to the contrary contained herein, the Company shall reimburse the Adviser (or its affiliates) for an allocable portion of the compensation paid by the Adviser (or its affiliates) to the Company’s Chief Compliance Officer and Chief Financial Officer and their respective staffs (based on a percentage of time such individuals devote, on an estimated basis, to the business affairs of the Company). Any such reimbursements will not exceed actual expenses incurred by the Adviser and its affiliates. The Adviser is responsible for the payment of the Company’s organization and offering expenses to the extent that these expenses exceed 1.5% of the aggregate gross offering proceeds, without recourse against or reimbursement by the Company.

For the three and nine months ended September 30, 2023, subject to the 1.5% organization and offering cost cap and the re-categorization of certain expenses as servicing fees, the Company accrued $0.1 million and $0.4 million, respectively, of initial organization and offering expenses that are reimbursable to the Adviser.

For the three and nine months ended September 30, 2022, subject to the 1.5% organization and offering cost cap, the Company accrued less than $0.1 million of initial organization and offering expenses that are reimbursable to the Adviser.

Affiliated Transactions

The Company may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. The Company relies on an order for exemptive relief (as amended, the "Order") that has been granted to the Adviser and its affiliates by the SEC to permit us to co-invest with other funds managed by the Adviser or certain affiliates, in a manner consistent with the Company’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such Order, the Company generally is permitted to co-invest with certain of its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Company and its shareholders and do not involve overreaching by the Company or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of the Company’s shareholders and is consistent with its investment objective and strategies, (3) the investment by its affiliates would not disadvantage the Company, and the Company’s participation would not be on a basis different from or less advantageous than that on which its affiliates are investing, and (4) the proposed investment by the Company would not benefit the Adviser or its affiliates or any affiliated person of any of them (other than the parties to the transaction), except to the extent permitted by the Order and applicable law, including the limitations set forth in Section 57(k) of the 1940 Act. In addition, the Order permits the Company to participate in follow-on investments in its existing portfolio companies with certain affiliates that are private funds, even if such private funds did not have an investment in such existing portfolio company.

The Adviser is affiliated with Blue Owl Technology Credit Advisors LLC (“OTCA”), Blue Owl Technology Credit Advisors II LLC ("OTCA II"), Blue Owl Credit Private Fund Advisors LLC (“OPFA”) and Blue Owl Diversified Credit Advisors LLC (“ODCA” together with OTCA, OTCA II, OPFA and the Adviser, the "Blue Owl Advisers"), which are also registered investment advisers. The Blue Owl Credit Advisers are affiliates of Blue Owl and comprise part of Blue Owl's Credit platform, which focuses on direct lending.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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, private funds and separately managed accounts managed by the Blue Owl Credit Advisers (collectively the "Blue Owl Credit Clients") and/or other funds managed by the Adviser or its affiliates that could avail themselves of the Order and that have an investment objective similar to the Company's.

Dealer Manager Agreement

The Company has entered into a dealer manager agreement (the “Dealer Manager Agreement”) with Blue Owl Securities, an affiliate of the Adviser, and participating broker-dealer agreements with certain broker-dealers. Under the terms of the Dealer Manager Agreement and the participating broker-dealer agreements, Blue Owl Securities serves as the dealer manager, and certain participating broker-dealers solicit capital, for the Company’s public offering of shares of Class S, Class D, and Class I common stock. Blue Owl Securities will be entitled to receive upfront selling commissions of up to 3.50% of the offering price of each Class S share sold in this offering. Blue Owl Securities will be entitled to receive upfront selling commissions of up to 1.50% of the offering price of each Class D share sold in this offering. Blue Owl Securities anticipates that all or a portion of the upfront selling commissions will be retained by, or reallowed (paid) to, participating broker-dealers. Blue Owl Securities will not receive upfront selling commissions with respect to any class of shares issued pursuant to the Company’s distribution reinvestment plan or with respect to purchases of Class I shares.

Upfront selling commissions for sales of Class S and Class D shares may be reduced or waived in connection with volume or other discounts, other fee arrangements or for sales to certain categories of purchasers.

Blue Owl Securities, an affiliate of Blue Owl, is registered as a broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority.

Shareholder Servicing Plan

Subject to FINRA limitations on underwriting compensation and pursuant to a distribution plan adopted by the Company in compliance with Rules 12b-1 and 17d-3 under the 1940 Act, as if those rules applied to the Company, the Company will pay Blue Owl Securities servicing fees for ongoing services as follows:

•with respect to the Company’s outstanding Class S shares equal to 0.85% per annum of the aggregate net asset value of the Company’s outstanding Class S shares; and

•with respect to the Company’s outstanding Class D shares equal to 0.25% per annum of the aggregate net asset value of the Company’s outstanding Class D shares.

The Company will not pay an ongoing servicing fee with respect to the Company’s outstanding Class I shares.

For the three and nine months ended September 30, 2023, the Company paid servicing fees with respect to Class D shares of $0.4 million and $1.0 million, respectively. For the three and nine months ended September 30, 2023, the Company paid servicing fees with respect to Class S shares of $5.3 million and $13.9 million, respectively.

For the three and nine months ended September 30, 2022, the Company paid servicing fees with respect to Class D shares of $0.2 million and $0.6 million, respectively. For the three and nine months ended September 30, 2022, the Company paid servicing fees with respect to Class S shares of $3.3 million and $7.8 million, respectively.

The servicing fees are paid monthly in arrears. Blue Owl Securities will reallow (pay) all or a portion of the ongoing servicing fees to participating broker-dealers and servicing broker-dealers for ongoing services performed by such broker-dealers, and will waive ongoing servicing fees to the extent a broker-dealer is not eligible to receive it for failure to provide such services. Because the ongoing servicing fees are calculated based on the Company’s net asset values for the Company’s Class S and Class D shares, they will reduce the net asset values or, alternatively, the distributions payable, with respect to the shares of each such class, including shares issued under its distribution reinvestment plan. The Company will cease paying ongoing servicing fees at the date at which total underwriting compensation from any source in connection with this offering equals 10% of the gross proceeds from its offering (excluding proceeds from issuances pursuant to its distribution reinvestment plan). This limitation is intended to ensure that the Company satisfies the requirements of FINRA Rule 2310, which provides that the maximum aggregate underwriting compensation from any source, including compensation paid from offering proceeds and in the form of “trail commissions,” payable to underwriters, broker-dealers, or affiliates thereof participating in an offering may not exceed 10% of gross offering proceeds, excluding proceeds received in connection with the issuance of shares through a distribution reinvestment plan.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

Expense Support and Conditional Reimbursement Agreement

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

Pursuant to the Expense Support Agreement, prior to its termination on March 7, 2023, on a quarterly basis, the Adviser reimbursed the Company for “Operating Expenses” (as defined below) in an amount equal to the excess of the Company’s cumulative distributions paid to the Company’s shareholders in each quarter over “Available Operating Funds” (as defined below) received by the Company on account of its investment portfolio during such quarter. Any payments that the Adviser was required to make pursuant to the preceding sentence are referred to herein as an “Expense Payment”.

Under the Expense Support Agreement, “Operating Expenses” was defined as all of the Company’s operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies. “Available Operating Funds” was defined as the sum of (i) the Company’s estimated investment company taxable income (including realized net short-term capital gains reduced by realized net long-term capital losses), (ii) the Company’s realized net capital gains (including the excess of realized net long-term capital gains over realized net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of preferred and common equity investments in portfolio companies, if any (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The Adviser’s obligation to make Expense Payments under the Expense Support Agreement automatically became a liability of the Adviser and the right to such Expense Payment was an asset of the Company’s on the last business day of the applicable quarter. The Expense Payment for any quarter was paid by the Adviser to the Company in any combination of cash or other immediately available funds, and/or offset against amounts due from the Company to the Adviser no later than the earlier of (i) the date on which the Company closes its books for such quarter, or (ii) forty-five days after the end of such quarter.

Following any quarter in which Available Operating Funds exceed the cumulative distributions paid by the Company in respect of such quarter (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company is required to pay such Excess Operating Funds, or a portion thereof, in accordance with the stipulations below, as applicable, to the Adviser, until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such quarter have been reimbursed. Any payments required to be made by the Company are referred to as a “Reimbursement Payment”.

The amount of the Reimbursement Payment for any quarter shall equal the lesser of (i) the Excess Operating Funds in respect of such quarter and (ii) the aggregate amount of all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such quarter that have not been previously reimbursed by the Company to the Adviser. The payment will be reduced to the extent that such Reimbursement Payments, together with all other Reimbursement Payments paid during the fiscal year, would cause Other Operating Expenses defined as the Company’s total Operating Expenses, excluding base management fees, incentive fees, organization and offering expenses, distribution and shareholder servicing fees, financing fees and costs, interest expense, brokerage commissions and extraordinary expenses on an annualized basis and net of any Expense Payments received by the Company during the fiscal year to exceed the lesser of: (i) 1.75% of the Company’s average net assets attributable to the shares of the Company’s common stock for the fiscal year-to-date period after taking such Expense Payments into account; and (ii) the percentage of the Company’s average net assets attributable to shares of the Company's common stock represented by Other Operating Expenses during the fiscal year in which such Expense Payment was made (provided, however, that this clause (ii) shall not apply to any Reimbursement Payment which relates to an Expense Payment made during the same fiscal year).

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

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

The specific amount of expenses reimbursed by the Adviser, if any, will be determined at the end of each quarter. The Company's obligation to make Reimbursement Payments, subject to the conditions above, survives the termination of the Expense Support Agreement. There are no Reimbursement Payments conditionally due from the Company to the Adviser.

Prior to termination of the Expense Support Agreement, Expense Support Payments provided by the Adviser since inception was $9.4 million. All Expense Support Payments were repaid prior to termination.

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.


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.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the accompanying consolidated financial statements, including the consolidated schedule of investments.

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

Amergin was created to invest in a leasing platform focused on railcar and aviation assets. Amergin consists of Amergin AssetCo and Amergin Asset Management LLC, which has entered into a Servicing Agreement with Amergin AssetCo. The Company made a $90.0 million equity commitment to Amergin AssetCo on July 1, 2022. The Company increased its commitment to Amergin AssetCo on July 28, 2023 to $110.0 million, of which $74.4 million is equity and $35.6 million is debt. The Company's investments in Amergin are co-investments made with the Company's affiliates in accordance with the terms of the exemptive relief that the Company received from the SEC. The Company does not consolidate its equity interest in Amergin AssetCo.

Fifth Season is a portfolio company created to invest in life settlement assets. On July 18, 2022, the Company made a $15.9 million equity commitment to Fifth Season. The Company has made periodic increases to its investment in Fifth Season, including $12.3 million and $33.3 million during the three and nine months ended September 30, 2023, respectively. The Company's investment in Fifth Season is a co-investment with its affiliates in accordance with the terms of the exemptive relief that the Company received from the SEC. The Company does not consolidate its equity interest in Fifth Season.

LSI Financing is a portfolio company formed to acquire contractual rights to revenue pursuant to earnout agreements generally in the life sciences space. On December 14, 2022, the Company made a $6.2 million equity commitment to LSI Financing. The Company has made periodic increases to its investment in LSI Financing, including $73.1 million during the nine months ended September 30, 2023. The Company's investment in LSI Financing is a co-investment made with the Company's affiliates in accordance with the terms of the exemptive relief that the Company received from the SEC. The Company does not consolidate its equity interest in LSI Financing.

Note 4. Investments

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


	September 30, 2023				December 31, 2022
($ in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First-lien senior secured debt investments(1)	$	11,650,727	$	11,669,133	$	8,499,854	$	8,448,540
Second-lien senior secured debt investments	1,180,700		1,148,915		1,203,388		1,142,862
Unsecured debt investments	236,028		229,581		221,564		211,328
Preferred equity investments(2)	661,628		657,408		510,033		500,023
Common equity investments(3)	368,111		397,471		248,176		264,437
Joint ventures(4)(5)	257,933		264,772		141,777		140,394
Total Investments	$	14,355,127	$	14,367,280	$	10,824,792	$	10,707,584

_______________

(1)Includes debt investment in Amergin AssetCo.

(2)Includes equity investment in LSI Financing.

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

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

(5)This was disclosed as “Investment funds and vehicles” as of December 31, 2022.

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


	September 30, 2023		December 31, 2022
Advertising and media	2.2	%	2.8	%
Aerospace and defense	0.4		0.4
Asset based lending and fund finance(1)	1.6		1.2
Automotive	1.1		1.4

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)


	September 30, 2023		December 31, 2022
Buildings and real estate	3.8		4.0
Business services	6.6		7.3
Chemicals	1.3		1.7
Consumer products	2.3		2.4
Containers and packaging	3.1		3.6
Distribution	2.3		2.3
Education	0.9		1.4
Energy equipment and services	—		0.1
Financial services	3.9		2.6
Food and beverage	4.5		5.8
Healthcare equipment and services	4.7		3.9
Healthcare providers and services	12.2		14.4
Healthcare technology	4.6		5.2
Household products	2.1		2.4
Human resource support services	1.0		1.1
Infrastructure and environmental services	1.9		0.9
Insurance(2)	10.4		9.7
Internet software and services	12.8		13.6
Joint ventures(3)(5)	1.8		1.3
Leisure and entertainment	1.0		1.2
Manufacturing	4.9		3.0
Pharmaceuticals(4)	0.5		—
Professional services	4.5		2.8
Specialty retail	2.2		3.2
Telecommunications	0.5		—
Transportation	0.9		0.3
Total	100.0	%	100.0	%

_______________

(1)Includes investment in Amergin AssetCo.

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

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

(4)Includes equity investment in LSI Financing.

(5)This was disclosed as “Investment funds and vehicles” as of December 31, 2022.

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


	September 30, 2023		December 31, 2022
United States:
Midwest	20.3	%	20.4	%
Northeast	18.6		20.0
South	34.1		29.7
West	17.4		20.7
International	9.6		9.2
Total	100.0	%	100.0	%

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

OCIC SLF

Blue Owl Credit Income Senior Loan Fund LLC (fka ORCIC Senior Loan Fund LLC) ("OCIC SLF"), a Delaware limited liability company, was formed as a wholly-owned subsidiary of the Company and commenced operations on February 14, 2022. On November 2, 2022, the Company and State Teachers Retirement System of Ohio ("OSTRS" and together with the Company, the "Members" and each, a "Member") entered into an Amended and Restated Limited Liability Company Agreement to co-manage OCIC SLF as a joint-venture. OCIC SLF’s principal purpose is to make investments, primarily in senior secured loans that are made to middle market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. The Company and OSTRS have agreed to contribute $437.5 million and $62.5 million, respectively, to OCIC SLF. The Company and OSTRS have a 87.5% and 12.5% economic ownership, respectively, in OCIC SLF. Except under certain circumstances, contributions to OCIC SLF cannot be redeemed. OCIC SLF is managed by a board consisting of an equal number of representatives appointed by each Member and which acts unanimously. Investment decisions must be approved unanimously by an investment committee consisting of an equal number of representative appointed by each Member.

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 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 September 30, 2023 and December 31, 2022, OCIC SLF had total investments in senior secured debt at fair value, as determined by an independent valuation firm, of $937.8 million and $506.2 million, respectively. The determination of fair value is in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 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 portfolio as the following periods:


($ in thousands)	September 30, 2023			December 31, 2022
Total senior secured debt investments(1)	$	953,942		$	529,463
Weighted average spread over base rate(1)	3.8		%	4.4		%
Number of portfolio companies	176			74
Largest funded investment to a single borrower(1)	$	14,457		$	14,547

________________

(1)At par.


Blue Owl Credit Income Senior Loan Fund's Portfolio as of September 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.(7)	First lien senior secured loan	SR +	2.75%	02/2028	$	1,980	$	1,945	$	1,964	0.6	%
Avolon TLB Borrower 1 (US) LLC(6)	First lien senior secured loan	SR +	2.50%	06/2028	7,980		7,903		7,973		2.7	%
Barnes Group, Inc.(6)	First lien senior secured loan	SR +	3.00%	08/2030	6,500		6,452		6,503		2.1	%
Bleriot US Bidco, Inc.(7)	First lien senior secured loan	SR +	4.00%	10/2028	5,942		5,859		5,942		2.0	%
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(6)	First lien senior secured loan	SR +	4.00%	08/2028	1,047		1,037		1,044		0.3	%
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(6)	First lien senior secured loan	SR +	4.00%	08/2028	2,444		2,420		2,437		0.8	%
Peraton Corp.(6)	First lien senior secured loan	SR +	3.75%	02/2028	7,491		7,246		7,468		2.5	%
Transdigm, Inc.(7)	First lien senior secured loan	SR +	3.25%	08/2028	3,980		3,972		3,979		1.3	%
Transdigm, Inc.(7)	First lien senior secured loan	SR +	3.25%	02/2027	2,978		2,928		2,979		1.0	%
Vertex Aerospace Services Corp. (dba V2X)(7)	First lien senior secured loan	SR +	3.50%	12/2028	2,992		2,989		2,991		1.0	%
					43,334		42,751		43,280		14.3	%

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)


Blue Owl Credit Income Senior Loan Fund's Portfolio as of September 30, 2023 ($ in thousands) (Unaudited)
Company(1)(2)(4)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(3)		Fair Value		Percentage of Members’ Equity
Automotive
Belron Finance US LLC(7)	First lien senior secured loan	SR +	2.75%	04/2029	$	2,494	$	2,482	$	2,493	0.8	%
PAI Holdco, Inc.(7)	First lien senior secured loan	SR +	3.75%	10/2027	6,579		6,135		6,215		2.1	%
					9,073		8,617		8,708		2.9	%
Buildings and real estate
84 Lumber Company(6)	First lien senior secured loan	SR +	3.00%	11/2026	$	1,712	$	1,718	$	1,711	0.6	%
Beacon Roofing Supply, Inc.(6)	First lien senior secured loan	SR +	2.25%	05/2028	3,477		3,473		3,473		1.1	%
CPG International LLC(6)	First lien senior secured loan	SR +	2.50%	04/2029	6,907		6,873		6,898		2.3	%
Cushman & Wakefield U.S. Borrower, LLC(6)	First lien senior secured loan	SR +	4.00%	01/2030	7,247		7,070		7,176		2.4	%
Dodge Construction Network, LLC(7)(13)	First lien senior secured loan	SR +	4.75%	02/2029	5,234		4,913		4,266		1.3	%
Greystar Real Estate Partners, LLC (dba Greystar)(6)(13)	First lien senior secured loan	SR +	3.75%	08/2030	7,000		6,896		6,895		2.3	%
GYP Holdings III Corp.(6)	First lien senior secured loan	SR +	3.00%	05/2030	2,000		1,990		2,004		0.7	%
Quikrete Holdings, Inc.(6)	First lien senior secured loan	SR +	2.75%	03/2029	1,995		1,995		1,994		0.7	%
RealPage, Inc.(6)	First lien senior secured loan	SR +	3.00%	04/2028	10,466		9,922		10,336		3.4	%
Wrench Group LLC(7)(13)	First lien senior secured loan	SR +	4.00%	04/2026	9,685		9,668		9,637		3.2	%
					55,723		54,518		54,390		18.0	%
Business services
ASGN, Inc.(6)	First lien senior secured loan	SR +	2.25%	08/2030	$	2,500	$	2,494	$	2,506	0.8	%
BrightView Landscapes, LLC(7)	First lien senior secured loan	SR +	3.25%	04/2029	6,519		6,342		6,517		2.2	%
Brown Group Holdings, LLC(7)	First lien senior secured loan	SR +	3.75%	07/2029	3,504		3,470		3,498		1.2	%
ConnectWise, LLC(6)	First lien senior secured loan	SR +	3.50%	09/2028	10,459		9,943		10,283		3.3	%
IDEMIA Group SAS(7)	First lien senior secured loan	SR +	4.75%	09/2028	1,995		1,971		1,992		0.7	%
Packers Holdings, LLC(6)	First lien senior secured loan	SR +	3.25%	03/2028	3,938		3,652		2,323		0.8	%
Prime Security Services Borrower, LLC(6)	First lien senior secured loan	SR +	2.75%	09/2026	1,985		1,958		1,981		0.7	%
Sitel Worldwide Corp.(6)	First lien senior secured loan	SR +	3.75%	08/2028	6,957		6,855		6,772		2.2	%
VM Consolidated, Inc.(6)	First lien senior secured loan	SR +	3.25%	03/2028	2,113		2,093		2,112		0.7	%
					39,970		38,778		37,984		12.6	%
Chemicals
Aruba Investments Holdings, LLC (dba Angus Chemical Company)(6)	First lien senior secured loan	SR +	4.75%	11/2027	$	2,978	$	2,797	$	2,955	1.0	%
Axalta Coating Systems US Holdings Inc.(7)	First lien senior secured loan	SR +	2.50%	09/2023	7,095		7,049		7,100		2.3	%
Blue Tree Holdings, Inc.(7)	First lien senior secured loan	SR +	2.50%	03/2028	3,975		3,939		3,895		1.3	%
Cyanco Intermediate 2 Corp.(6)	First lien senior secured loan	SR +	4.75%	07/2028	3,000		2,912		3,001		1.0	%
DCG Acquisition Corp.(6)	First lien senior secured loan	SR +	4.50%	09/2026	2,283		2,271		2,258		0.7	%
H.B. Fuller Company(6)	First lien senior secured loan	SR +	2.25%	02/2030	1,995		1,995		1,997		0.6	%
Ineos US Finance LLC(6)	First lien senior secured loan	SR +	3.50%	02/2030	1,995		1,976		1,978		0.7	%
Ineos US Finance LLC(6)	First lien senior secured loan	SR +	3.75%	11/2027	2,985		2,891		2,969		1.0	%
Ineos US Petrochem LLC(6)	First lien senior secured loan	SR +	3.75%	03/2030	1,995		1,976		1,984		0.7	%
Nouryon Finance B.V.(7)	First lien senior secured loan	SR +	4.00%	04/2028	5,985		5,928		5,902		2.0	%
Windsor Holdings III LLC(7)	First lien senior secured loan	SR +	4.50%	08/2030	5,000		4,901		4,975		1.6	%
					39,286		38,635		39,014		12.9	%
Consumer products
Olaplex, Inc.(6)	First lien senior secured loan	SR +	3.50%	02/2029	$	5,234	$	4,890	$	4,364	1.4	%
					5,234		4,890		4,364		1.4	%
Containers and packaging
Berlin Packaging L.L.C.(6)	First lien senior secured loan	SR +	3.75%	03/2028	$	11,518	$	11,117	$	11,380	3.8	%
BW Holding, Inc.(7)	First lien senior secured loan	SR +	4.00%	12/2028	7,708		7,592		6,902		2.3	%
Charter NEX US, Inc.(6)	First lien senior secured loan	SR +	3.75%	12/2027	4,974		4,930		4,925		1.6	%
Plaze, Inc.(7)	First lien senior secured loan	SR +	3.50%	08/2026	997		971		960		0.3	%

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)


Blue Owl Credit Income Senior Loan Fund's Portfolio as of September 30, 2023 ($ in thousands) (Unaudited)
Company(1)(2)(4)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(3)		Fair Value		Percentage of Members’ Equity
ProAmpac PG Borrower LLC(12)(13)	First lien senior secured loan	P +	3.50%	09/2028	6,250		6,188		6,209		2.1	%
Ring Container Technologies Group, LLC(6)	First lien senior secured loan	SR +	3.50%	08/2028	9,688		9,532		9,678		3.2	%
Tricorbraun Holdings, Inc.(6)	First lien senior secured loan	SR +	3.25%	03/2028	10,466		9,983		10,256		3.4	%
Trident TPI Holdings, Inc.(7)	First lien senior secured loan	SR +	4.50%	09/2028	3,990		3,877		3,977		1.3	%
Valcour Packaging, LLC(11)	First lien senior secured loan	L +	3.75%	10/2028	9,850		9,830		7,901		2.6	%
					65,441		64,020		62,188		20.6	%
Distribution
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(6)	First lien senior secured loan	SR +	4.75%	12/2028	$	5,279	$	5,228	$	5,273	1.7	%
Dealer Tire, LLC(6)	First lien senior secured loan	SR +	4.50%	12/2027	3,930		3,867		3,932		1.3	%
SRS Distribution, Inc.(6)	First lien senior secured loan	SR +	3.50%	06/2028	10,493		9,843		10,375		3.4	%
White Cap Supply Holdings, LLC(6)	First lien senior secured loan	SR +	3.75%	10/2027	10,493		10,014		10,465		3.5	%
					30,195		28,952		30,045		9.9	%
Education
Renaissance Learning, Inc.(7)	First lien senior secured loan	SR +	4.75%	04/2030	$	4,500	$	4,411	$	4,459	1.5	%
Severin Acquisition, LLC (dba Powerschool)(7)	First lien senior secured loan	SR +	3.00%	08/2025	7,851		7,773		7,837		2.6	%
Sophia, L.P.(6)(13)	First lien senior secured loan	SR +	4.25%	10/2027	9,689		9,671		9,664		3.2	%
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(7)(13)	First lien senior secured loan	SR +	4.50%	09/2030	3,663		3,617		3,617		1.2	%
					25,703		25,472		25,577		8.5	%
Energy equipment and services
AMG Advanced Metallurgical Group N.V(6)	First lien senior secured loan	SR +	3.50%	11/2028	$	3,439	$	3,418	$	3,424	1.1	%
AZZ Inc.(6)	First lien senior secured loan	SR +	3.75%	05/2029	7,925		7,864		7,931		2.7	%
Brookfield WEC Holdings Inc.(6)	First lien senior secured loan	SR +	3.75%	08/2025	3,465		3,446		3,470		1.1	%
Calpine Construction Finance Company(6)	First lien senior secured loan	SR +	2.25%	07/2030	2,000		1,985		1,988		0.7	%
Pike Corp.(6)	First lien senior secured loan	SR +	3.00%	01/2028	9,800		9,630		9,777		3.2	%
Rockwood Service Corp.(6)	First lien senior secured loan	SR +	4.00%	01/2027	6,483		6,467		6,499		2.1	%
					33,112		32,810		33,089		10.9	%
Financial services
Acuris Finance US, Inc. (ION Analytics) (7)	First lien senior secured loan	SR +	4.00%	02/2028	$	4,500	$	4,409	$	4,430	1.5	%
AlixPartners, LLP(6)	First lien senior secured loan	SR +	2.75%	02/2028	2,992		2,970		2,988		1.0	%
AllSpring Buyer(7)	First lien senior secured loan	SR +	3.75%	11/2028	4,950		4,892		4,927		1.6	%
Boost Newco Borrower, LLC(7)	First lien senior secured loan	SR +	3.00%	09/2030	12,000		11,941		11,992		4.0	%
Citadel Securities, LP(6)	First lien senior secured loan	SR +	2.50%	07/2030	3,990		3,960		3,978		1.4	%
Deerfield Dakota Holdings(7)	First lien senior secured loan	SR +	3.75%	04/2027	7,849		7,524		7,645		2.5	%
Focus Financial Partners, LLC(6)	First lien senior secured loan	SR +	3.25%	06/2028	4,950		4,873		4,933		1.6	%
Focus Financial Partners, LLC(6)	First lien senior secured loan	SR +	3.50%	06/2028	3,000		2,943		2,994		1.0	%
Guggenheim Partners Investment Management Holdings, LLC(7)	First lien senior secured loan	SR +	3.25%	12/2029	4,963		4,882		4,963		1.6	%
Harbourvest Partners, L.P.(7)	First lien senior secured loan	SR +	3.00%	04/2030	2,500		2,464		2,496		0.8	%
Helios Software Holdings, Inc. (ION Corporate Solutions Finance S.a r.l.)(7)	First lien senior secured loan	SR +	4.25%	07/2030	5,000		4,803		4,972		1.6	%
Janus International Group, LLC(6)	First lien senior secured loan	SR +	3.25%	08/2030	5,000		4,970		4,977		1.6	%
Saphilux S.a.r.L (dba IQ EQ)(7)(13)	First lien senior secured loan	SR +	4.75%	07/2028	7,500		7,389		7,388		2.5	%
The Edelman Financial Engines Center, LLC(6)	First lien senior secured loan	SR +	3.50%	04/2028	3,970		3,886		3,923		1.3	%
TMF Sapphire Bidco B.V.(7)	First lien senior secured loan	SR +	5.00%	05/2028	2,500		2,456		2,491		0.8	%
USI Inc.(7)	First lien senior secured loan	SR +	3.75%	09/2030	4,000		3,990		3,988		1.3	%
					79,664		78,352		79,085		26.1	%

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)


Blue Owl Credit Income Senior Loan Fund's Portfolio as of September 30, 2023 ($ in thousands) (Unaudited)
Company(1)(2)(4)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(3)		Fair Value		Percentage of Members’ Equity
Food and beverage
1011778 BC / NEW RED FIN (dba Restaurant Brands)(6)	First lien senior secured loan	SR +	2.25%	09/2030	$	5,250	$	5,225	$	5,227	1.7	%
AI Aqua Merger Sub, Inc. (dba Culligan International)(6)	First lien senior secured loan	SR +	3.75%	07/2028	2,283		2,280		2,257		0.7	%
Aramark Services, Inc.(6)	First lien senior secured loan	SR +	2.50%	06/2030	1,995		1,975		1,990		0.7	%
Balrog Acquisition, Inc. (dba Bakemark)(6)	First lien senior secured loan	SR +	4.00%	09/2028	2,283		2,254		2,254		0.7	%
Naked Juice LLC (dba Tropicana)(7)	First lien senior secured loan	SR +	3.25%	01/2029	10,494		9,682		9,944		3.3	%
Pegasus BidCo B.V.(7)	First lien senior secured loan	SR +	4.25%	07/2029	5,459		5,328		5,445		1.8	%
Shearer's Foods, LLC(6)	First lien senior secured loan	SR +	3.50%	09/2027	8,740		8,210		8,718		2.9	%
Simply Good Foods USA, Inc.(6)	First lien senior secured loan	SR +	2.50%	03/2027	3,892		3,865		3,897		1.3	%
					40,396		38,819		39,732		13.1	%
Healthcare equipment and services
Confluent Medical Technologies, Inc.(7)(13)	First lien senior secured loan	SR +	3.75%	02/2029	$	9,688	$	9,562	$	9,519	3.1	%
Curium BidCo S.A.R.L (dba Curium Pharma)(7)	First lien senior secured loan	SR +	4.50%	07/2029	1,995		1,975		1,990		0.7	%
Dermatology Intermediate Holdings III, Inc.(7)	First lien senior secured loan	SR +	4.25%	03/2029	9,875		9,766		9,804		3.2	%
Dermatology Intermediate Holdings III, Inc.(7)	First lien senior secured delayed draw term loan	SR +	4.25%	03/2029	1,814		1,803		1,801		0.7	%
Medline Borrower, LP(6)	First lien senior secured loan	SR +	3.25%	10/2028	8,264		7,770		8,237		2.7	%
Natus Medical Inc.(7)(13)	First lien senior secured loan	SR +	5.50%	07/2029	4,466		4,177		4,221		1.4	%
Zest Acquisition Corp.(6)(13)	First lien senior secured loan	SR +	5.50%	02/2028	5,960		5,730		5,826		1.9	%
					42,062		40,783		41,398		13.7	%
Healthcare providers and services
Covetrus, Inc.(7)	First lien senior secured loan	SR +	5.00%	10/2029	$	9,453	$	8,940	$	9,343	3.1	%
HAH Group Holding Company LLC (dba Help at Home)(6)(13)	First lien senior secured loan	SR +	5.00%	10/2027	2,026		2,006		1,986		0.7	%
HAH Group Holding Company LLC (dba Help at Home)(6)(13)	First lien senior secured loan	SR +	5.00%	10/2027	1,252		1,250		1,227		0.4	%
LSCS Holdings, Inc.(6)	First lien senior secured loan	SR +	4.50%	12/2028	8,380		8,211		8,234		2.7	%
MJH Healthcare Holdings, LLC(6)(13)	First lien senior secured loan	SR +	3.50%	01/2029	3,802		3,744		3,793		1.3	%
Pediatric Associates Holding Company, LLC(6)	First lien senior secured loan	SR +	4.50%	12/2028	1,995		1,918		1,975		0.6	%
Pediatric Associates Holding Company, LLC(6)	First lien senior secured delayed draw term loan	SR +	3.25%	12/2028	261		257		254		0.1	%
Pediatric Associates Holding Company, LLC(6)	First lien senior secured loan	SR +	3.25%	12/2028	5,104		5,023		4,966		1.6	%
Phoenix Newco, Inc. (dba Parexel)(6)	First lien senior secured loan	SR +	3.25%	11/2028	7,388		7,145		7,329		2.4	%
Physician Partners, LLC(6)	First lien senior secured loan	SR +	4.00%	12/2028	9,875		9,388		9,369		3.1	%
Premise Health Holding(7)(13)	First lien senior secured loan	SR +	4.75%	07/2025	3,209		3,183		3,193		1.1	%
Select Medical Corp.(6)	First lien senior secured loan	SR +	3.00%	03/2027	2,993		2,978		2,981		1.0	%
					55,738		54,043		54,650		18.1	%
Healthcare technology
Athenahealth Group Inc.(6)	First lien senior secured loan	SR +	3.25%	02/2029	$	9,332	$	8,642	$	9,142	3.0	%
Bracket Intermediate Holding Corp.(7)	First lien senior secured loan	SR +	5.00%	05/2028	5,653		5,492		5,639		1.9	%
Gainwell Acquisition Corp.(7)	First lien senior secured loan	SR +	4.00%	10/2027	6,108		6,002		5,950		2.0	%
GHX Ultimate Parent Corp.(7)	First lien senior secured loan	SR +	4.75%	06/2027	2,993		2,923		2,989		1.0	%
Imprivata, Inc.(6)	First lien senior secured loan	SR +	4.25%	12/2027	9,689		9,533		9,677		3.0	%
PointClickCare Technologies Inc.PointClickCare Technologies Inc(7)	First lien senior secured loan	SR +	3.00%	12/2027	1,990		1,961		1,982		0.7	%
R1 RCM Inc.(6)	First lien senior secured loan	SR +	3.00%	06/2029	3,980		3,980		3,977		1.3	%
Verscend Holding Corp.(6)	First lien senior secured loan	SR +	4.00%	08/2025	9,869		9,777		9,858		3.3	%

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)


Blue Owl Credit Income Senior Loan Fund's Portfolio as of September 30, 2023 ($ in thousands) (Unaudited)
Company(1)(2)(4)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(3)		Fair Value		Percentage of Members’ Equity
Zelis Cost Management Buyer, Inc.(6)	First lien senior secured loan	SR +	3.50%	09/2026	4,466		4,462		4,463		1.5	%
					54,080		52,772		53,677		17.7	%
Household products
Samsonite International S.A.(6)	First lien senior secured loan	SR +	2.75%	06/2030	$	1,995	$	1,985	$	1,996	0.7	%
					1,995		1,985		1,996		0.7	%
Human resource support services
AQ Carver Buyer, Inc.(8)(13)	First lien senior secured loan	SR +	5.50%	08/2029	$	3,000	$	2,941	$	2,948	1.0	%
					3,000		2,941		2,948		1.0	%
Infrastructure and environmental services
Asplundh Tree Expert, LLC(6)	First lien senior secured loan	SR +	1.75%	09/2027	$	2,433	$	2,427	$	2,429	0.8	%
Madison IAQ, LLC(7)	First lien senior secured loan	SR +	3.25%	06/2028	997		989		980		0.3	%
Osmose Utilities Services, Inc.(6)	First lien senior secured loan	SR +	3.25%	06/2028	9,688		9,058		9,604		3.2	%
USIC Holdings, Inc.(6)	First lien senior secured loan	SR +	3.50%	05/2028	2,955		2,825		2,903		1.0	%
					16,073		15,299		15,916		5.3	%
Insurance
Acrisure, LLC(7)	First lien senior secured loan	SR +	5.75%	02/2027	$	7,444	$	7,178	$	7,462	2.5	%
AssuredPartners, Inc.(7)	First lien senior secured loan	SR +	3.75%	02/2027	10,484		10,338		10,477		3.5	%
Broadstreet Partners, Inc.(6)	First lien senior secured loan	SR +	3.00%	01/2027	4,144		4,099		4,121		1.4	%
Broadstreet Partners, Inc.(6)	First lien senior secured loan	SR +	4.00%	01/2029	2,993		2,956		2,989		1.0	%
Howden Group Holdings Ltd. (dba HIG Finance 2 Ltd. / Preatorian)(6)	First lien senior secured loan	SR +	4.00%	04/2030	3,980		3,827		3,975		1.3	%
Hub International(7)	First lien senior secured loan	SR +	4.25%	04/2025	8,000		7,921		8,014		2.6	%
IMA Financial Group, Inc.(6)(13)	First lien senior secured loan	SR +	4.25%	11/2028	3,491		3,407		3,474		1.1	%
					40,536		39,726		40,512		13.4	%
Internet software and services
Aptean, Inc.(6)	First lien senior secured loan	SR +	4.25%	04/2026	$	1,141	$	1,136	$	1,133	0.4	%
Barracuda Parent, LLC(7)	First lien senior secured loan	SR +	4.50%	08/2029	10,521		10,108		10,404		3.4	%
Boxer Parent Company Inc.(6)	First lien senior secured loan	SR +	3.75%	10/2025	3,123		3,104		3,119		1.0	%
Central Parent, Inc.(7)	First lien senior secured loan	SR +	4.25%	07/2029	7,963		7,803		7,959		2.6	%
DCert Buyer, Inc.(7)	First lien senior secured loan	SR +	4.00%	10/2026	5,967		5,938		5,921		2.0	%
Delta TopCo, Inc. (dba Infoblox, Inc.)(8)	First lien senior secured loan	SR +	3.75%	12/2027	10,493		9,705		10,376		3.4	%
Dun & Bradstreet Corporation, The(6)	First lien senior secured loan	SR +	2.75%	02/2026	1,995		1,995		1,990		0.7	%
E2open, LLC(6)	First lien senior secured loan	SR +	3.50%	02/2028	6,824		6,720		6,809		2.3	%
Idera, Inc.(7)	First lien senior secured loan	SR +	3.75%	03/2028	6,535		6,369		6,476		2.0	%
Infinite Bidco LLC(6)	First lien senior secured loan	SR +	3.75%	03/2028	2,978		2,883		2,918		1.0	%
McAfee Corp.(6)	First lien senior secured loan	SR +	3.75%	03/2029	2,977		2,855		2,904		1.0	%
MeridianLink, Inc.(7)	First lien senior secured loan	SR +	3.00%	11/2028	2,283		2,277		2,274		0.8	%
Mitnick Corporate Purchaser, Inc.(7)	First lien senior secured loan	SR +	4.50%	05/2029	2,853		2,726		2,745		0.9	%
Perforce Software, Inc.(6)	First lien senior secured loan	SR +	3.75%	07/2026	2,977		2,842		2,888		1.0	%
Quartz Acquireco, LLC (dba Qualtrics AcquireCo, LLC)(6)(13)	First lien senior secured loan	SR +	3.50%	06/2030	4,000		3,961		3,970		1.3	%
Rocket Software, Inc.(6)	First lien senior secured loan	SR +	4.25%	11/2025	5,585		5,505		5,578		1.8	%
SONICWALL US Holdings, Inc.(6)	First lien senior secured loan	SR +	5.00%	05/2028	6,184		5,953		6,056		2.0	%
Sophos Holdings, LLC(6)	First lien senior secured loan	SR +	3.50%	03/2027	10,465		10,278		10,435		3.4	%
UST Holdings, Ltd.(6)	First lien senior secured loan	SR +	3.50%	11/2028	7,060		7,036		6,919		2.3	%
VS Buyer LLC(6)	First lien senior secured loan	SR +	3.25%	02/2027	2,977		2,977		2,962		1.0	%
					104,901		102,171		103,836		34.3	%
Investment funds and vehicle
Finco I, LLC(7)	First lien senior secured loan	SR +	3.00%	06/2029	$	2,993	$	2,978	$	2,990	1.0	%
					2,993		2,978		2,990		1.0	%
Leisure and entertainment

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)


Blue Owl Credit Income Senior Loan Fund's Portfolio as of September 30, 2023 ($ in thousands) (Unaudited)
Company(1)(2)(4)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(3)		Fair Value		Percentage of Members’ Equity
Delta 2 (Lux) SARL (dba Formula One)(7)	First lien senior secured loan	SR +	2.25%	01/2030	$	4,000	$	3,973	$	3,996	1.3	%
					4,000		3,973		3,996		1.3	%
Manufacturing
Altar Bidco, Inc.(8)	First lien senior secured loan	SR +	3.10%	02/2029	$	4,727	$	4,535	$	4,703	1.6	%
Columbus McKinnon Corp.(7)	First lien senior secured loan	SR +	2.75%	05/2028	477		473		476		0.2	%
DXP Enterprises, Inc.(8)	First lien senior secured loan	SR +	5.25%	12/2027	6,934		6,651		6,908		2.3	%
EMRLD Borrower LP (dba Emerson Climate Technologies, Inc.)(6)	First lien senior secured loan	SR +	3.00%	05/2030	10,018		9,922		9,999		3.2	%
Engineered Machinery Holdings, Inc. (dba Duravant)(7)	First lien senior secured loan	SR +	3.50%	05/2028	6,957		6,905		6,914		2.3	%
Entegris, Inc.(7)	First lien senior secured loan	SR +	2.50%	07/2029	2,307		2,307		2,306		0.8	%
Filtration Group Corp.(6)	First lien senior secured loan	SR +	4.25%	10/2028	3,980		3,941		3,982		1.3	%
Gates Global LLC(6)	First lien senior secured loan	SR +	3.50%	11/2029	2,977		2,923		2,975		1.0	%
Pro Mach Group, Inc.(6)	First lien senior secured loan	SR +	4.00%	08/2028	10,467		10,231		10,468		3.5	%
Pro Mach Group, Inc.(6)	First lien senior secured loan	SR +	5.00%	08/2028	3,990		3,810		3,990		1.2	%
Refficiency Holdings, LLC (dba Legence)(6)	First lien senior secured loan	SR +	3.75%	12/2027	1,496		1,485		1,489		0.5	%
Watlow Electric Manufacturing Company(7)	First lien senior secured loan	SR +	3.75%	03/2028	10,045		9,915		9,963		3.3	%
					64,375		63,098		64,173		21.2	%
Pharmaceuticals
Fortrea Holdings Inc.(6)	First lien senior secured loan	SR +	3.75%	07/2030	$	3,408	$	3,379	$	3,394	1.1	%
					3,408		3,379		3,394		1.1	%
Professional services
Apex Group Treasury, LLC(7)(13)	First lien senior secured loan	SR +	3.75%	07/2028	$	4,900	$	4,733	$	4,849	1.6	%
Apex Group Treasury, LLC(7)(13)	First lien senior secured loan	SR +	5.00%	07/2028	2,481		2,348		2,481		0.8	%
Arsenal AIC Parent, LLC (dba Arconic)(7)	First lien senior secured loan	SR +	4.50%	08/2030	3,000		2,970		2,991		1.0	%
Camelot U.S. Acquisition 1 Co.(6)	First lien senior secured loan	SR +	3.00%	10/2026	3,144		3,129		3,136		1.0	%
Corporation Service Company(6)	First lien senior secured loan	SR +	3.25%	11/2029	1,984		1,980		1,982		0.7	%
EM Midco2 Ltd. (dba Element Materials Technology)(7)	First lien senior secured loan	SR +	4.25%	06/2029	9,037		8,931		8,901		2.9	%
Genuine Financial Holdings, LLC(7)	First lien senior secured loan	SR +	4.00%	09/2030	7,238		7,129		7,166		2.4	%
Omnia Partners, LLC(7)	First lien senior secured loan	SR +	4.25%	07/2030	1,828		1,810		1,829		0.6	%
Omnia Partners, LLC(7)(14)	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	3,980		3,942		3,947		1.3	%
Skopima Merger Sub Inc.(6)	First lien senior secured loan	SR +	4.00%	05/2028	4,962		4,735		4,825		1.6	%
Sovos Compliance, LLC(6)	First lien senior secured loan	SR +	4.50%	08/2028	10,467		10,158		10,286		3.4	%
Vistage Worldwide, Inc.(6)(13)	First lien senior secured loan	SR +	5.25%	07/2029	3,960		3,815		3,945		1.3	%
					56,981		55,678		56,338		18.6	%
Specialty retail
Pilot Travel Centers LLC(6)	First lien senior secured loan	SR +	2.00%	08/2028	$	796	$	791	$	794	0.3	%
					796		791		794		0.3	%
Telecommunications
Cable One, Inc.(6)	First lien senior secured loan	SR +	2.00%	05/2028	$	2,283	$	2,280	$	2,264	0.7	%
Ciena Corp.(6)	First lien senior secured loan	SR +	2.50%	01/2030	1,990		1,982		1,990		0.7	%
Cogeco Communications (USA) II L.P.(7)	First lien senior secured loan	SR +	2.50%	09/2028	2,977		2,964		2,898		1.0	%
Park Place Technologies, LLC(6)	First lien senior secured loan	SR +	5.00%	11/2027	9,687		9,258		9,518		3.1	%
Zayo Group Holdings, Inc.(6)	First lien senior secured loan	SR +	4.33%	03/2027	9,850		8,455		7,981		2.6	%
					26,787		24,939		24,651		8.1	%
Transportation
Echo Global Logistics, Inc.(6)	First lien senior secured loan	SR +	3.50%	11/2028	$	1,141	$	1,120	$	1,100	0.4	%

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)


Blue Owl Credit Income Senior Loan Fund's Portfolio as of September 30, 2023 ($ in thousands) (Unaudited)
Company(1)(2)(4)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(3)		Fair Value		Percentage of Members’ Equity
Safe Fleet Holdings, LLC(6)	First lien senior secured loan	SR +	3.75%	02/2029	3,975		3,932		3,972		1.3	%
Uber Technologies, Inc.(7)	First lien senior secured loan	SR +	2.75%	03/2030	3,970		3,960		3,966		1.3	%
					9,086		9,012		9,038		3.0	%

Total Debt Investments					$	953,942	$	930,182	$	937,763	310.0	%
Total Investments					$	953,942	$	930,182	$	937,763	310.0	%

________________

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

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

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

(5)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)The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2023 was 5.32%.

(7)The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2023 was 5.40%.

(8)The interest rate on these loans is subject to 6 month SOFR, which as of September 30, 2023 was 5.47%.

(9)The interest rate on these loans is subject to 1 month LIBOR, which as of September 30, 2023 was 5.43%.

(10)The interest rate on these loans is subject to 3 month LIBOR, which as of September 30, 2023 was 5.66%.

(11)The interest rate on these loans is subject to 6 month LIBOR, which as of September 30, 2023 was 5.90%.

(12)The interest rate on these loans is subject to Prime, which as of September 30, 2023 was 8.50%.

(13)Level 3 investment.

(14)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	%

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
					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	%
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	%

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
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	%
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	%

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
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
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	%

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
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	%

_____________

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

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

(3)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)Unless otherwise indicated, all investments are considered Level 3 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)The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2022 was 4.36%.

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

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

(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)

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


($ in thousands)	September 30, 2023 (Unaudited)		December 31, 2022
Assets
Investments at fair value (amortized cost of $930,182 and $507,996, respectively)	$	937,763	$	506,202
Cash	103,929		15,237
Interest receivable	5,148		2,202
Receivable due on investments sold	9,903		4,622
Prepaid expenses and other assets	662		151

Total Assets	$	1,057,405	$	528,414
Liabilities
Debt (net of unamortized debt issuance costs of $6,125 and $3,509, respectively)	$	678,714	$	343,035
Payable for investments purchased	64,180		13,958
Interest payable	1,280		1,522
Return of capital payable	—		4,489
Distribution payable	9,943		3,624
Accrued expenses and other liabilities	688		1,337
Total Liabilities	$	754,805	$	367,965

Members’ Equity
Members’ Equity	302,600		160,449
Total Members’ Equity	302,600		160,449
Total Liabilities and Members’ Equity	$	1,057,405	$	528,414

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


($ in thousands)	For the Three Months Ended September 30, 2023 (Unaudited)		For the Nine Months Ended September 30, 2023 (Unaudited)
Investment Income
Interest income	$	21,115	$	51,905

Total Investment Income	21,115		51,905
Operating Expenses
Interest expense	$	10,027	$	23,745
Professional fees	699		1,059
Other general and administrative	178		453
Total Operating Expenses	10,904		25,257
Net Investment Income	$	10,211	$	26,648
Net Realized and Change in Unrealized Gain (Loss) on Investments
Net change in unrealized gain (loss) on investments	4,056		9,375
Net realized gain (loss) on investments	(272)		(256)
Total Net Realized and Change in Unrealized Gain (Loss) on Investments	3,784		9,119
Net Increase in Members’ Equity Resulting from Operations	$	13,995	$	35,767

Note 5. Fair Value of Investments

Investments

The below tables present the fair value hierarchy of investments as of the following periods:

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)


	Fair Value Hierarchy as of September 30, 2023
($ in thousands)	Level 1		Level 2		Level 3		Total
First-lien senior secured debt investments(1)	$	—	$	1,610,334	$	10,058,799	$	11,669,133
Second-lien senior secured debt investments	—		207,150		941,765		1,148,915
Unsecured debt investments	—		52,618		176,963		229,581
Preferred equity investments(2)	—		—		657,408		657,408
Common equity investments(3)	—		—		397,471		397,471

Subtotal	$	—	$	1,870,102	$	12,232,406	$	14,102,508
Investments measured at NAV(4)	—		—		—		264,772
Total Investments at fair value	$	—	$	1,870,102	$	12,232,406	$	14,367,280

_______________

(1)Includes debt investment in Amergin AssetCo.

(2)Includes equity investment in LSI Financing.

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

(4)Includes equity investment in OCIC SLF.


	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

_______________

(1)Includes equity investment in LSI Financing.

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

(3)Includes equity investment in OCIC SLF.

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 September 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	$	9,215,983	$	938,417	$	176,287	$	652,907	$	325,496	$	11,309,090
Purchases of investments, net	1,032,428		1		—		—		66,880		1,099,309
Payment-in-kind	15,000		1,881		4,689		11,503		24		33,097
Proceeds from investments, net	(171,797)		—		—		(12,068)		—		(183,865)
Net change in unrealized gain (loss)	2,333		8,432		(4,030)		3,984		5,071		15,790
Net realized gains (losses)	(4)		—		—		484		—		480
Net amortization/accretion of premium/discount on investments	7,845		290		17		598		—		8,750
Transfers between investment types	—		—		—		—		—		—
Transfers into (out of) Level 3(1)	(42,989)		(7,256)		—		—		—		(50,245)
Fair value, end of period	$	10,058,799	$	941,765	$	176,963	$	657,408	$	397,471	$	12,232,406

_______________

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 September 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 Nine Months Ended September 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	2,902,705		1		613		116,612		119,287		3,139,218
Payment-in-kind	38,307		5,323		13,623		48,336		143		105,732
Proceeds from investments, net	(360,665)		—		(3)		(15,043)		(2,313)		(378,024)
Net change in unrealized gain (loss)	36,665		7,070		(845)		5,790		13,099		61,779
Net realized gains (losses)	(4,583)		—		—		484		—		(4,099)
Net amortization/accretion of premium/discount on investments	19,311		849		89		1,206		—		21,455
Transfers between investment types	(2,818)		—		—		—		2,818		—
Transfers into (out of) Level 3(1)	(173,624)		(90,701)		(47,842)		—		—		(312,167)
Fair value, end of period	$	10,058,799	$	941,765	$	176,963	$	657,408	$	397,471	$	12,232,406

_______________

(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the nine months ended September 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 September 30, 2022
($ 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	$	5,845,642	$	758,921	$	152,698	$	411,936	$	127,965	$	7,297,162
Purchases of investments, net	1,411,759		96,934		—		49,947		22,908		1,581,548
Payment-in-kind	4,337		869		2,896		5,976		21		14,099
Proceeds from investments, net	(108,434)		—		—		—		—		(108,434)
Net change in unrealized gain (loss)	44,344		(1,909)		(6,396)		11		12,267		48,317
Net realized gains (losses)	86		—		—		—		—		86
Net amortization/accretion of premium/discount on investments	4,412		328		53		253		—		5,046
Transfers between investment types	—		—		—		—		—		—
Transfers into (out of) Level 3(1)	(33,104)		(63,167)		—		—		—		(96,271)
Fair value, end of period	$	7,169,042	$	791,976	$	149,251	$	468,123	$	163,161	$	8,741,553

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

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)


	As of and for the Nine Months Ended September 30, 2022
($ 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	$	2,328,346	$	450,477	$	2,116	$	56,970	$	71,705	$	2,909,614
Purchases of investments, net	5,109,129		434,636		154,853		409,305		80,059		6,187,982
Payment-in-kind	15,697		3,429		5,510		12,915		61		37,612
Proceeds from investments, net	(299,517)		(39,832)		—		(642)		—		(339,991)
Net change in unrealized gain (loss) on investments	(15,039)		(24,416)		(13,336)		(10,947)		11,213		(52,525)
Net realized gain (loss) on investments	242		—		—		202		—		444
Net amortization/accretion of premium/discount on investments	9,274		514		108		443		—		10,339
Transfers between investment types	—		—		—		(123)		123		—
Transfers into (out of) Level 3(1)	20,910		(32,832)		—		—		—		(11,922)
Fair value, end of period	$	7,169,042	$	791,976	$	149,251	$	468,123	$	163,161	$	8,741,553

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

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


($ in thousands)	Net change in unrealized gain (loss) for the Three Months Ended September 30, 2023 on Investments Held at September 30, 2023		Net change in unrealized gain (loss) for the Three Months Ended September 30, 2022 on Investments Held at September 30, 2022
First-lien senior secured debt investments	$	2,333	$	44,807
Second-lien senior secured debt investments	8,432		1,749
Unsecured debt investments	(4,030)		(6,396)
Preferred equity investments	3,984		11
Common equity investments	5,071		12,267
Total Investments	$	15,790	$	52,438


($ in thousands)	Net change in unrealized gain (loss) for the Nine Months Ended September 30, 2023 on Investments Held at September 30, 2023		Net change in unrealized gain (loss) for the Nine Months Ended September 30, 2022 on Investments Held at September 30, 2022
First-lien senior secured debt investments	$	36,665	$	(15,044)
Second-lien senior secured debt investments	7,070		(24,416)
Unsecured debt investments	(845)		(13,336)
Preferred equity investments	5,790		(10,947)
Common equity investments	13,099		11,527
Total Investments	$	61,779	$	(52,216)

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of September 30, 2023 and December 31, 2022. The weighted average range of unobservable inputs is based on fair

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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.

As of September 30, 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)

9,248,853

Yield Analysis

Market Yield

8.4% - 21.1% (12.6%)

Decrease

787,526

Recent Transaction

Transaction Price

84.9% - 100.0% (98.1%)

Increase

Second-lien senior secured debt investments(1)

928,243

Yield Analysis

Market Yield

12.1% - 18.3% (14.9%)

Decrease

Unsecured debt investments

176,936

Yield Analysis

Market Yield

12.9% - 17.5% (14.1%)

Decrease

Market Approach

EBITDA Multiple

12.4x - 12.4x (12.4x)

Increase

Preferred equity investments

657,408

Yield Analysis

Market Yield

11.4% - 23.6% (14.8%)

Decrease

Common equity investments

203,172

Recent Transaction

Transaction Price

100.0% - 100.0% (100.0%)

Increase

148,411

Market Approach

EBITDA Multiple

6.3x - 36.3x (16.3x)

Increase

45,879

Market Approach

Revenue Multiple

2.0x - 14.3x (10.3x)

Increase

Market Approach

Gross Profit Multiple

9.9x - 9.9x (9.9x)

Increase

(1) Excludes $22.4 and $13.5 million of first- and second-lien level 3 investments, respectively, 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

Yield Analysis

Market Yield

8.2% - 19.3% (11.9%)

Decrease

323,358

Recent Transaction

Transaction Price

96.8% - 99.0% (98.0%)

Increase

5,214

Collateral Analysis

Recovery Rate

51.0% - 51.0% (51.0%)

Increase

Second-lien senior secured debt investments

862,487

Yield Analysis

Market Yield

11.9% - 25.2% (15.7%)

Decrease

156,736

Recent Transaction

Transaction Price

98.0% - 98.0% (98.0%)

Increase

Unsecured debt investments

211,304

Yield Analysis

Market Yield

10.8% - 20.2% (13.1%)

Decrease

Market Approach

EBITDA Multiple

14.3x - 14.3x (14.3x)

Increase

Preferred equity investments

477,863

Yield Analysis

Market Yield

11.9% - 17.9% (14.6%)

Decrease

22,157

Recent Transaction

Transaction Price

96.5% - 100.0% (97.5%)

Increase

Market Approach

EBITDA Multiple

11.5x - 11.5x (11.5x)

Increase

Common equity investments

105,049

Recent Transaction

Transaction Price

100.0% - 100.0% (100.0%)

Increase

129,098

Market Approach

EBITDA Multiple

11.0x - 31.6x (15.8x)

Increase

30,284

Market Approach

Revenue Multiple

1.8x - 16.6x (12.9x)

Increase

Market Approach

Gross Profit Multiple

8.6x - 8.6x (8.6x)

Increase

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

When the debtor is not performing or when there is insufficient value to cover the investment, the Company may utilize a net recovery approach to determine the fair value of debt investments in subject companies. A net recovery analysis typically consists of two steps. First, the total enterprise value for the subject company is estimated using standard valuation approaches, most commonly the market approach. Second, the fair value for each investment in the subject company is then estimated by allocating the subject 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.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

Significant unobservable quantitative inputs typically used in the fair value measurement of the Company’s Level 3 debt investments primarily include current market yields, including relevant market indices, but may also include quotes from brokers, dealers, and pricing services as indicated by comparable investments. For the Company’s Level 3 equity investments, a market approach, based on comparable publicly-traded company and comparable market transaction multiples of revenues, 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.


	September 30, 2023				December 31, 2022
($ in thousands)	Net Carrying Value(1)		Fair Value		Net Carrying Value(2)		Fair Value
Revolving Credit Facility(3)	$	591,651	$	591,651	$	288,636	$	288,636
SPV Asset Facility I	488,762		488,762		437,241		437,241
SPV Asset Facility II	1,710,071		1,710,071		1,528,048		1,528,048
SPV Asset Facility III	550,812		550,812		549,851		549,851
SPV Asset Facility IV	51,192		51,192		460,869		460,869
SPV Asset Facility V	196,571		196,571		—		—
SPV Asset Facility VI	12,922		12,922		—		—
CLO VIII	287,859		287,859		287,946		287,946
CLO XI	258,198		258,198		—		—
CLO XII	258,155		258,155		—		—
March 2025 Notes	496,836		483,750		495,309		485,000
September 2026 Notes	344,980		308,000		344,226		299,250
February 2027 Notes	494,788		453,750		493,735		447,500
September 2027 Notes(4)	592,720		594,920		591,550		597,449
June 2028 Notes	639,804		643,500		—		—
Total Debt	$	6,975,321	$	6,890,113	$	5,477,411	$	5,381,790

(1)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 are presented net of unamortized debt issuance costs of $11.5 million, $6.2 million, $7.9 million, $4.2 million, $3.8 million, $3.4 million, $7.1 million, $2.1 million, $1.8 million, $1.8 million, $3.2 million, $5.0 million, $5.2 million, $7.3 million, and $10.3 million, respectively.

(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.

(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)	September 30, 2023		December 31, 2022
Level 1	$	—	$	—
Level 2	2,483,920		1,829,199
Level 3	4,406,193		3,552,591
Total Debt	$	6,890,113	$	5,381,790

Financial Instruments Not Carried at Fair Value

As of September 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.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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 205% and 193% as of September 30, 2023 and December 31, 2022, respectively.

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


	September 30, 2023
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Net Carrying Value(2)
Revolving Credit Facility(3)	$	1,845,000	$	603,086	$	1,241,914	$	591,651
SPV Asset Facility I	525,000		495,000		24,692		488,762
SPV Asset Facility II	1,800,000		1,718,000		82,000		1,710,071
SPV Asset Facility III	750,000		555,000		62,916		550,812
SPV Asset Facility IV	500,000		55,000		270,654		51,192
SPV Asset Facility V	300,000		200,000		33,231		196,571
SPV Asset Facility VI	750,000		20,000		123,020		12,922
CLO VIII	290,000		290,000		—		287,859
CLO XI	260,000		260,000		—		258,198
CLO XII	260,000		260,000		—		258,155
March 2025 Notes	500,000		500,000		—		496,836
September 2026 Notes	350,000		350,000		—		344,980
February 2027 Notes	500,000		500,000		—		494,788
September 2027 Notes	600,000		600,000		—		592,720
June 2028 Notes	650,000		650,000		—		639,804
Total Debt	$	9,880,000	$	7,056,086	$	1,838,427	$	6,975,321

(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 are presented net of unamortized debt issuance costs of $11.5 million, $6.2 million, $7.9 million, $4.2 million, $3.8 million, $3.4 million, $7.1 million, $2.1 million, $1.8 million, $1.8 million, $3.2 million, $5.0 million, $5.2 million, $7.3 million, and $10.3 million, respectively.

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


	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.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

(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 September 30,						For the Nine Months Ended September 30,
($ in thousands)	2023			2022			2023			2022
Interest expense	$	122,244		$	58,806		$	317,732		$	106,218
Amortization of debt issuance costs	4,596			2,967			12,727			7,036
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items(1)	502			—			1,029			—
Total Interest Expense	$	127,342		$	61,773		$	331,488		$	113,254
Average interest rate	7.2		%	4.6		%	6.8		%	4.2		%
Average daily borrowings	$	6,636,362		$	4,989,751		$	6,150,468		$	3,328,010

(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.

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 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.

The unpaid principal balance of the Revolving Promissory Note and accrued interest thereon was payable by the Company from time to time 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.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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.

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. 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 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.

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.

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

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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.

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.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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 August 1, 2022 (the "SPV Asset Facility II Sixth 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 $1.8 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.

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

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.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

From time to time, the Company expects to sell and contribute certain investments to Core Income Funding 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.

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 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 (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 0.11930%, 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

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 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)

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.

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.

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.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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.

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 million; the availability of this amount is subject to an overcollateralization ratio test, which is based on the value of Core Income Funding VI’s assets from time to time, and satisfaction of certain conditions, including an interest coverage ratio test, certain concentration limits and collateral quality tests.

The SPV Asset Facility VI provides for the ability to (1) draw term loans and (2) draw and redraw revolving loans under the SPV Asset Facility VI for a period of up to two years after the SPV Asset Facility VI Closing Date unless the revolving commitments are terminated or converted to term loans sooner as provided in the SPV Asset Facility VI (the “SPV Asset Facility VI Commitment Termination Date”). Unless otherwise terminated, the SPV Asset Facility VI will mature on August 29, 2032 (the “SPV Asset Facility VI Stated Maturity”). Prior to the SPV Asset Facility VI Stated Maturity, proceeds received by Core Income Funding VI from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility VI Stated Maturity, Core Income Funding VI must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company.

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

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

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, LLC, a limited liability organized under the laws of the State of Delaware (the “CLO VIII Issuer”) and are backed by a portfolio of

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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.

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 $143.098 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. 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

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.

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

As part of the CLO XI Transaction, the Company entered into a loan sale agreement with the CLO XI Issuer dated as of the CLO XI Closing Date, which provided for the contribution of approximately $96.4 million funded par amount of middle market loans from the Company to the CLO XI Issuer on the CLO XI Closing Date and for future sales from the Company to the CLO XI Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XI Debt. The remainder of the initial portfolio assets securing the CLO XI Debt consisted of approximately $260.6 million funded par amount of middle market loans purchased by the CLO XI Issuer from Core Income Funding IV LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the CLO XI Closing Date between the CLO XI Issuer and Core Income Funding IV LLC (the “Core Income Funding IV Loan Sale Agreement”). No gain or loss was recognized as a result of these sales and contributions. The Company and Core Income Funding IV LLC each made customary representations, warranties, and covenants to the CLO XI Issuer under the applicable loan sale agreement.

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.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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 million of AAA(sf) Class A-1A Notes, which bear interest at three-month term SOFR plus 2.55%, (ii) $22 million of AAA(sf) Class A-1B Notes, which bear interest at 6.37%, (iii) $8 million of AAA(sf) Class A-2 Notes, which bear interest at three-month term SOFR plus 3.10% and (iv) $24 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 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 July 20, 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 $77.963 million funded par amount of middle market loans from the Company to the CLO XII Issuer on the CLO XII Closing Date and for future sales from the Company to the CLO XII Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the CLO XII Debt. The remainder of the initial portfolio assets securing the CLO XII Debt consisted of approximately $295.704 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

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(Unaudited)

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.

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

The September 2026 Notes were issued pursuant to the Base Indenture and the First Supplemental Indenture (together, the “September 2026 Indenture”). The September 2026 Notes will mature on September 23, 2026 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the September 2026 Indenture. The September 2026 Notes initially bear interest at a rate of 3.125% per year payable semi-annually on March 23 and September 23 of each year, commencing on March 23, 2022. Concurrent with the issuance of the September 2026 Notes, the Company entered into a Registration Rights Agreement (the "September 2026 Registration Rights Agreement") for the benefit of the purchasers of the September 2026 Notes. Pursuant to the terms of the September 2026 Registration Rights Agreement, the Company filed a registration statement with the SEC and, on July 25, 2022, commenced an offer to exchange the notes initially issued on September 23, 2021 for newly issued registered notes with substantially similar terms, which expired on August 23, 2022 and was completed promptly thereafter.

The September 2026 Notes are the direct, general unsecured obligations and will rank senior in right of payment to all of the future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the September 2026 Notes. The September 2026 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior. The September 2026 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The September 2026 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The September 2026 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with the asset coverage requirements of the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the September 2026 Notes and the Successor Trustee if the Company is no longer subject to the reporting 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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Notes to Consolidated Financial Statements - Continued

(Unaudited)

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 million aggregate principal amount of 4.70% notes due 2027 (the notes initially issued on February 8, 2022, together with the registered notes issued in the exchange offer described below, the “February 2027 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. When initially issued, the February 2027 Notes were not registered under the Securities Act and could not be offered or sold in the United States absent registration or an applicable exemption from registration.

The February 2027 Notes were issued pursuant to the Base Indenture and the Second Supplemental Indenture (together, the “February 2027 Indenture”). The February 2027 Notes will mature on February 8, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the February 2027 Indenture. The February 2027 Notes initially bear interest at a rate of 4.70% per year payable semi-annually on February 8 and August 8 of each year, commencing on August 8, 2022. Concurrent with the issuance of the February 2027 Notes the Company entered into a Registration Rights Agreement (the “February 2027 Registration Rights Agreement”) for the benefit of the purchasers of the February 2027 Notes. Pursuant to the terms of the February 2027 Registration Rights Agreement the Company filed a registration statement with the SEC and, on July 25, 2022, commenced an offer to exchange the notes initially issued on February 8, 2022 for newly issued registered notes with substantially similar terms, which expired on August 23, 2022 and was completed promptly thereafter.

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

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

March 2025 Notes

On March 29, 2022, the Company issued $500 million aggregate principal amount of its 5.500% notes due 2025 (the notes initially issued on March 29, 2022, together with the registered notes issued in the exchange offer described below, the “March 2025 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale by the Initial Purchasers to persons they reasonably believe to be qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. When initially issued, the March 2025 Notes were not registered under the Securities Act and could not be offered or sold in the United States absent registration or an applicable exemption from registration.

The March 2025 Notes were issued pursuant to the Base Indenture and the Third Supplemental Indenture (together, the “March 2025 Indenture”). The March 2025 Notes will mature on March 21, 2025 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the March 2025 Indenture. The March 2025 Notes bear interest at a rate of 5.500% per year payable semi-annually on March 21 and September 21 of each year, commencing on September 21, 2022. Concurrent with the issuance of the March 2025 Notes, the Company In connection with the offering, the Company entered into a Registration Rights Agreement, dated as of March 29, 2022 (the “March 2025 Registration Rights Agreement”), for the benefit of the purchasers of the March 2025 Notes. Pursuant to the terms of the March 2025 Registration Rights Agreement, the Company

Blue Owl Credit Income Corp.

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(Unaudited)

filed a registration statement with the SEC and, on July 25, 2022, commenced an offer to exchange the notes initially issued on March 29, 2022 for newly issued registered notes with substantially similar terms, which expired on August 23, 2022 and was completed promptly thereafter.

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

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

September 2027 Notes

On September 16, 2022, the Company issued $600 million aggregate principal amount of 7.750% notes due 2027 (the notes initially issued on September 16, 2022, together with the registered notes issued in the exchange offer described below, the “September 2027 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. When initially issued, the September 2027 Notes were not registered under the Securities Act and could not be offered or sold in the United States absent registration or an applicable exemption from registration.

The September 2027 Notes were issued pursuant to the Base Indenture and the Fourth Supplemental Indenture (together, the “September 2027 Indenture”). The September 2027 Notes will mature on September 16, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the September 2027 Indenture. The September 2027 Notes bear interest at a rate of 7.750% per year payable semi-annually on March 16 and September 16 of each year, commencing on March 16, 2023. Concurrent with the issuance of the September 2027 Notes, the Company entered into a Registration Rights Agreement (the “September 2027 Registration Rights Agreement”) for the benefit of the purchasers of the September 2027 Notes. Pursuant to the terms of the September 2027 Registration Rights Agreement, the Company filed a registration statement with the SEC and, on July 24, 2023, commenced an offer to exchange the notes initially issued on September 16, 2022 for newly issued registered notes with substantially similar terms, which expired on August 23, 2023 and was completed promptly thereafter.

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

The September 2027 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with Section 18(a)(1)(A) of the 1940 Act whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the September 2027 Notes and the Successor Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the September 2027 Indenture.

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 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 September 30, 2023, the Company made a periodic payment of $4.2 million. For the nine months ended September 30, 2023, the Company made periodic payments of $4.9 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 September 30, 2023, the interest rate swap had a fair value of $(11.0) million ($(0.6) 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 and on July 14, 2023, the Company issued an additional $150 million aggregate principal amount of its 7.950% notes due 2028 (together, the “June 2028 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The June 2028 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

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

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

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.

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

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.

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	September 30, 2023		December 31, 2022
($ in thousands)
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC	LLC Interest	$	9,788	$	45,000
AAM Series 2.1 Aviation Feeder, LLC	LLC Interest	9,909		43,432
Abacus Life, Inc.	First lien senior secured delayed draw term loan	9,375		—
ABB/Con-cise Optical Group LLC	First lien senior secured revolving loan	—		186
ACR Group Borrower, LLC	First lien senior secured revolving loan	337		537
Activate Holdings (US) Corp. (dba Absolute Software)	First lien senior secured revolving loan	352		—
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	1,725		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	11,285		16,366
Aramsco, Inc.	First lien senior secured revolving loan	2,151		—
Aramsco, Inc.	First lien senior secured delayed draw term loan	223		—
Armstrong Bidco Ltd. (dba The Access Group)	First lien senior secured delayed draw term loan	—		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	13,544		56,283
Athenahealth Group Inc.	First lien senior secured delayed draw term loan	—		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
Adenza Group, Inc.	First lien senior secured revolving loan	2,591		2,591
AWP Group Holdings, Inc.	First lien senior secured delayed draw term loan	7,024		—

100

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Portfolio Company	Investment	September 30, 2023	December 31, 2022
AWP Group Holdings, Inc.	First lien senior secured revolving loan	3,454	—
Bamboo US BidCo LLC	First lien senior secured revolving loan	20,128	—
Bamboo US BidCo LLC	First lien senior secured delayed draw term loan	15,096	—
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	24,595	31,034
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured revolving loan	3,931	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	7,980	—
BELMONT BUYER, INC. (dba Valenz)	First lien senior secured revolving loan	6,650	—
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	581	917
BTRS Holdings Inc. (dba Billtrust)	First lien senior secured revolving loan	1,157	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	146	248
Certinia, Inc.	First lien senior secured revolving loan	4,412	—
CivicPlus, LLC	First lien senior secured revolving loan	2,064	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
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	—
CPM Holdings, Inc.	First lien senior secured revolving loan	5,000	—
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	—	278
Diamondback Acquisition, Inc. (dba Sphera)	First lien senior secured delayed draw term loan	—	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	—	3,199

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Portfolio Company	Investment	September 30, 2023	December 31, 2022
EET Buyer, Inc. (dba e-Emphasys)	First lien senior secured revolving loan	2,710	1,955
Entertainment Benefits Group, LLC	First lien senior secured revolving loan	9,667	3,867
Entrata, Inc.	First lien senior secured revolving loan	513	—
EOS U.S. Finco LLC	First lien senior secured delayed draw term 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
Finastra USA, Inc.	First lien senior secured revolving loan	13,473	—
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	6,747	5,848
Fullsteam Operations, LLC	First lien senior secured delayed draw term 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 (dba Atlas Technical Consultants)	First lien senior secured revolving loan	4,274	—
GI Apple Midco LLC (dba Atlas Technical Consultants)	First lien senior secured delayed draw term loan	14,090	—
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
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)	First lien senior secured revolving loan	577	88
Granicus, Inc.	First lien senior secured revolving loan	87	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	90	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	8,745	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	—
Hyland Software, Inc.	First lien senior secured revolving loan	6,978	—

102

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(Unaudited)


Portfolio Company	Investment	September 30, 2023	December 31, 2022
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	2,085	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
Integrity Marketing Acquisition, LLC	First lien senior secured revolving loan	5,450	—
Integrity Marketing Acquisition, LLC	First lien senior secured delayed draw term loan	23,574	—
Integrated Specialty Coverages, LLC	First lien senior secured delayed draw term loan	12,716	—
Integrated Specialty Coverages, LLC	First lien senior secured revolving loan	5,934	—
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	4,343	8,048
Intelerad Medical Systems Incorporated	First lien senior secured revolving loan	621	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	5,486	16,625
KRIV Acquisition Inc. (dba Riveron)	First lien senior secured delayed draw term loan	12,134	—
KRIV Acquisition Inc. (dba Riveron)	First lien senior secured revolving loan	10,944	—
KWOR Acquisition, Inc. (dba Alacrity Solutions)	First lien senior secured revolving loan	1,539	3,415
KWOR Acquisition, Inc. (dba Alacrity Solutions)	First lien senior secured delayed draw term loan	6,360	8,748
Lightbeam Bidco, Inc. (dba Lazer Spot)	First lien senior secured revolving loan	10,127	—
Lightbeam Bidco, Inc. (dba Lazer Spot)	First lien senior secured delayed draw term loan	14,606	—
Lignetics Investment Corp.	First lien senior secured delayed draw term loan	—	9,559

103

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(Unaudited)


Portfolio Company	Investment	September 30, 2023	December 31, 2022
Lignetics Investment Corp.	First lien senior secured revolving loan	382	4,588
ManTech International Corporation	First lien senior secured delayed draw term loan	2,164	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	1,643	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	13,282	15,819
Ministry Brands Holdings, LLC	First lien senior secured revolving loan	2,610	2,373
Mitnick Corporate Purchaser, Inc.	First lien senior secured revolving loan	9,375	8,713
Natural Partners, LLC	First lien senior secured revolving loan	5,063	5,063
Neptune Holdings, Inc. (dba NexTech)	First lien senior secured revolving loan	4,118	—
NMI Acquisitionco, Inc. (dba Network Merchants)	First lien senior secured delayed draw term loan	—	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	2,572	1,139
OB Hospitalist Group, Inc.	First lien senior secured revolving loan	4,369	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
Omnia Partners, LLC	First lien senior secured delayed draw term loan	172	—
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	—	1,776

104

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(Unaudited)


Portfolio Company	Investment	September 30, 2023	December 31, 2022
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	9,790	12,237
Pluralsight, LLC	First lien senior secured revolving loan	146	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
PPV Intermediate Holdings, LLC	First lien senior secured delayed draw term loan	10,076	—
QAD, Inc.	First lien senior secured revolving loan	6,000	6,000
Quva Pharma, Inc.	First lien senior secured revolving loan	355	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. (dba Humanetics)	First lien senior secured revolving loan	12,275	—
Simplisafe Holding Corporation	First lien senior secured delayed draw term loan	11,770	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	25,158	—
Sonny's Enterprises, LLC	First lien senior secured delayed draw term loan	26,532	—
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	259	203
Southern Air & Heat Holdings, LLC	First lien senior secured delayed draw term loan	28,750	—
Spotless Brands, LLC	First lien senior secured revolving loan	1,461	1,461
Summit Acquisition Inc. (dba K2 Insurance Services)	First lien senior secured delayed draw term loan	12,267	—
Summit Acquisition Inc. (dba K2 Insurance Services)	First lien senior secured revolving loan	6,133	—
SWK BUYER, Inc. (dba Stonewall Kitchen)	First lien senior secured revolving loan	1,953	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

105

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Notes to Consolidated Financial Statements - Continued

(Unaudited)


Portfolio Company	Investment	September 30, 2023		December 31, 2022
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
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	11,699		12,555
The Shade Store, LLC	First lien senior secured revolving loan	3,818		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
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	—		3,045
Unified Women's Healthcare, LP	First lien senior secured revolving loan	6,259		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	106		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		$	1,045,971	$	1,067,317

As of September 30, 2023, 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 $2.1 million for the period from April 22, 2020 (Inception) to September 30, 2023, of which $2.1 million has been charged to the Company pursuant to the Investment Advisory Agreement. Under the Investment Advisory Agreement and Administration Agreement, the Adviser is entitled to receive up to 1.5% of gross offering proceeds raised in the Company’s continuous public offering until all organization and offering costs paid by the Adviser have been recovered. The Adviser is responsible for the payment of the Company’s organization and offering expenses to the extent that these expenses exceed 1.5% of the aggregate gross offering proceeds, without recourse against or reimbursement by the Company.

Other Commitments and Contingencies

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of September 30, 2023, management was not aware of any pending or threatened litigation.

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(Unaudited)

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.

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 continuous public offering of $2.5 million.

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(Unaudited)

The following table summarizes transactions with respect to shares of the Company’s common stock during the following periods:


	For the Three Months Ended September 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	35,007,017	$	329,144	5,425,168	$	50,663	53,848,440	$	503,958	94,280,625	$	883,765
Shares/gross proceeds from the private placements	—	—		—	—		3,253,834	30,412		3,253,834	30,412
Share Transfers between classes	—	—		—	—		—	—		—	—
Reinvestment of distributions	2,292,217	21,384		664,198	6,202		4,268,507	39,933		7,224,922	67,519
Repurchased shares	(1,573,405)	(14,790)		(1,379,185)	(12,978)		(8,074,185)	(76,140)		(11,026,775)	(103,908)
Total shares/gross proceeds	35,725,829	335,738		4,710,181	43,887		53,296,596	498,163		93,732,606	877,788
Sales load	—	(2,621)		—	—		—	—		—	(2,621)
Total shares/net proceeds	35,725,829	$	333,117	4,710,181	$	43,887	53,296,596	$	498,163	93,732,606	$	875,167


	For the Three Months Ended September 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	25,525,944	$	231,220	5,608,407	$	50,343	53,594,346	$	483,022	84,728,697	$	764,585
Shares/gross proceeds from the private placements	—	—		—	—		3,573,813	32,219		3,573,813	32,219
Reinvestment of distributions	1,037,935	9,333		339,854	3,060		1,922,051	17,350		3,299,840	29,743
Repurchased shares	(975,399)	(8,769)		(125,759)	(1,132)		(3,660,100)	(32,978)		(4,761,258)	(42,878)
Total shares/gross proceeds	25,588,480	231,784		5,822,502	52,271		55,430,110	499,613		86,841,092	783,669
Sales load	—	(2,215)		—	—		—	—		—	(2,215)
Total shares/net proceeds	25,588,480	$	229,569	5,822,502	$	52,271	55,430,110	$	499,613	86,841,092	$	781,454

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(Unaudited)


	For the Nine Months Ended September 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	80,662,197	$	752,341	16,501,836	$	152,821	140,706,099	$	1,304,023	237,870,132	$	2,209,185
Shares/gross proceeds from the private placements	—	—		—	—		7,594,982	70,448		7,594,982	70,448
Share Transfers between classes	(230,952)	(2,127)		—	—		230,202	2,127		(750)	—
Reinvestment of distributions	5,966,108	55,159		1,804,722	16,698		11,009,979	102,088		18,780,809	173,945
Repurchased shares	(5,687,039)	(52,800)		(3,240,174)	(30,240)		(20,384,678)	(190,235)		(29,311,891)	(273,275)
Total shares/gross proceeds	80,710,314	752,573		15,066,384	139,279		139,156,584	1,288,451		234,933,282	2,180,303
Sales load	—	(6,319)		—	(144)		—	—		—	(6,463)
Total shares/net proceeds	80,710,314	$	746,254	15,066,384	$	139,135	139,156,584	$	1,288,451	234,933,282	$	2,173,840


	For the Nine Months Ended September 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	119,271,531	$	1,104,545	25,925,981	$	238,937	199,692,008	$	1,834,660	344,889,520	$	3,178,142
Shares/gross proceeds from the private placements	—	—		—	—		12,152,271	111,484		12,152,271	111,484
Reinvestment of distributions	2,112,563	19,227		758,555	6,921		3,721,296	33,943		6,592,414	60,091
Repurchased shares	(2,571,103)	(23,135)		(283,888)	(2,546)		(7,567,237)	(68,370)		(10,422,228)	(94,051)
Total shares/gross proceeds	118,812,991	1,100,637		26,400,648	243,312		207,998,338	1,911,717		353,211,977	3,255,666
Sales load	—	(9,288)		—	(446)		—	—		—	(9,734)
Total shares/net proceeds	118,812,991	$	1,091,349	26,400,648	$	242,866	207,998,338	$	1,911,717	353,211,977	$	3,245,932

In accordance with the Company’s share pricing policy, the Company will modify its public offering prices to the extent necessary to comply with the requirements of the 1940 Act, including the requirement that it not sell shares at a net offering price below the net asset value per share unless the Company obtains the requisite approval from its shareholders.

The changes to the Company's offering price per share since the commencement of the 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

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(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
July 1, 2022	$	8.84	$	0.31	$	9.15
August 1, 2022	$	9.02	$	0.32	$	9.34
September 1, 2022	$	9.09	$	0.32	$	9.41



January 1, 2023	$	9.06	$	0.32	$	9.38
February 1, 2023	$	9.24	$	0.32	$	9.56
March 1, 2023	$	9.23	$	0.32	$	9.55
April 1, 2023	$	9.21	$	0.32	$	9.53
May 1, 2023	$	9.21	$	0.32	$	9.53
June 1, 2023	$	9.18	$	0.32	$	9.50
July 1, 2023	$	9.28	$	0.32	$	9.60
August 1, 2023	$	9.33	$	0.33	$	9.66
September 1, 2023	$	9.37	$	0.33	$	9.70


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










January 1, 2022	$	9.34	$	0.14	$	9.48
February 1, 2022	$	9.33	$	0.14	$	9.47
March 1, 2022	$	9.27	$	0.14	$	9.41
April 1, 2022	$	9.25	$	0.14	$	9.39
May 1, 2022	$	9.24	$	0.14	$	9.38
June 1, 2022	$	9.04	$	0.14	$	9.18
July 1, 2022	$	8.86	$	0.13	$	8.99
August 1, 2022	$	9.04	$	0.14	$	9.18
September 1, 2022	$	9.09	$	0.14	$	9.23



January 1, 2023	$	9.07	$	0.14	$	9.21
February 1, 2023	$	9.25	$	0.14	$	9.39
March 1, 2023	$	9.24	$	0.14	$	9.38
April 1, 2023	$	9.22	$	0.14	$	9.36
May 1, 2023	$	9.22	$	0.14	$	9.36
June 1, 2023	$	9.19	$	0.14	$	9.33
July 1, 2023	$	9.29	$	0.14	$	9.43
August 1, 2023	$	9.34	$	0.14	$	9.48
September 1, 2023	$	9.38	$	0.14	$	9.52

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(Unaudited)


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
July 1, 2022	$	8.88	$	—	$	8.88
August 1, 2022	$	9.06	$	—	$	9.06
September 1, 2022	$	9.11	$	—	$	9.11



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

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
May 9, 2023	July 31, 2023	August 22, 2023	0.08765		20,574		5,252		38,233
August 21, 2023	August 31, 2023	September 26, 2023	0.07010		16,878		4,262		31,886
August 21, 2023	September 30, 2023	October 26, 2023	0.07010		17,637		4,358		33,085



		Total	$	0.67375	$	144,741	$	37,824	$	272,657

(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:

111

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)


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
May 3, 2022	July 31, 2022	August 24, 2022	0.06038		8,877		2,445		15,923
May 3, 2022	August 31, 2022	September 26, 2022	0.06038		9,247		2,505		16,982
May 3, 2022	September 30, 2022	October 26, 2022	0.06643		10,779		2,902		19,803



		Total	$	0.52199	$	63,284	$	17,866	$	111,969

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

The Company has adopted a distribution reinvestment plan pursuant to which 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 enrollment in the distribution reinvestment plan) will have their cash distributions automatically reinvested in additional shares of the Company’s same class of common stock to which the distribution relates unless they elect to receive their distributions in cash. The Company expects to use newly issued shares to implement the distribution reinvestment plan. The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Adviser, which is subject to recoupment. In no event, however, will funds be advanced or borrowed for the purpose of distributions, if the amount of such distributions would exceed the Company’s accrued and received revenues for the previous four quarters, less paid and accrued operating expenses with respect to such revenues and costs. Through September 30, 2023, 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 Nine Months Ended September 30, 2023
Source of Distribution(2)	Per Share(1)		Amount		Percentage
($ in thousands, except per share amounts)
Net investment income	$	0.67375	$	455,222	100.0	%
Total	$	0.67375	$	455,222	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.

112

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)


	For the Nine Months Ended September 30, 2022
Source of Distribution(2)	Per Share(1)		Amount		Percentage
($ in thousands, except per share amounts)
Net investment income	$	0.52199	$	193,119	100.0	%


Total	$	0.52199	$	193,119	100.0	%

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

(2)Data in this table is presented on a consolidated basis. Refer to Note 11 "Financial Highlights" for amounts by share class.

Share Repurchases

The Board has complete discretion to determine whether the Company will engage in any share repurchase, and if so, the terms of such repurchase. At the discretion of the Board, the Company may use cash on hand, cash available from borrowings, and cash from the sale of its investments as of the end of the applicable period to repurchase shares. The Company has commenced a share repurchase program pursuant to which the Company intends to conduct quarterly repurchase offers to allow its shareholders to tender their shares at a price equal to the net offering price per share for the applicable class of shares on each date of repurchase. All shares purchased by the Company pursuant to the terms of each offer to repurchase will be retired and thereafter will be authorized and unissued shares. The Company intends to limit the number of shares to be repurchased in each quarter to no more than 5.00% of its’ outstanding shares of common stock. Any periodic repurchase offers are subject in part to the Company’s available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act and the Code, respectively. While the Company intends to continue to conduct quarterly tender offers as described above, the Company is not required to do so and may suspend or terminate the share repurchase program at any time.


Offer Date	Class	Tender Offer Expiration	Tender Offer		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
August 25, 2022	S	September 30, 2022	$	8,769	$	8.99	975,399
August 25, 2022	D	September 30, 2022	$	1,132	$	9.00	125,759
August 25, 2022	I	September 30, 2022	$	33,853	$	9.01	3,757,292



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	$	68,023	$	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	$	46,072	$	9.31	4,948,651
August 24, 2023	S	September 30, 2023	$	14,790	$	9.40	1,573,405
August 24, 2023	D	September 30, 2023	$	12,978	$	9.41	1,379,185
August 24, 2023	I	September 30, 2023	$	76,140	$	9.43	8,074,185

Note 9. Earnings Per Share

The following tables set forth the computation of basic and diluted earnings per common share for the following periods:

113

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)


	For the Three Months Ended September 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	$	89,934	$	21,281	$	154,194	$	51,124	$	13,457	$	88,290
Weighted average shares of common stock outstanding—basic and diluted	266,167,781		62,982,453		456,349,592		171,779,747		43,183,930		280,852,155
Earnings (loss) per common share—basic and diluted	$	0.34	$	0.34	$	0.34	$	0.30	$	0.31	$	0.31


	For the Nine Months Ended September 30, 2023
	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	$	233,584	$	57,320	$	402,694	$	20,523	$	6,459	$	45,734
Weighted average shares of common stock outstanding—basic and diluted	236,530,998		58,042,790		407,774,285		134,859,276		35,082,254		211,931,540
Earnings (loss) per common share—basic and diluted	$	0.99	$	0.99	$	0.99	$	0.15	$	0.18	$	0.22

Note 10. Income Taxes

The Company has elected to be treated as a RIC under Subchapter M of the Code, and intends to operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC thereafter, the Company must, among other things, distribute to its shareholders in each taxable year generally at least 90% of the Company’s investment company taxable income, as defined by the Code, and net tax-exempt income for that taxable year. To maintain tax treatment as a RIC, the Company, among other things, intends to make the requisite distributions to its shareholders, which generally relieves the Company from corporate-level U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, the Company can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the Company will accrue excise tax on estimated excess taxable income.

For the three and nine months ended September 30, 2023, the Company recorded U.S. federal excise tax expense of $1.0 million and $2.5 million, respectively. For the three and nine months ended September 30, 2022, the Company recorded U.S. federal excise tax expense of approximately $4 thousand.

Taxable Subsidiaries

Certain of the Company's consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the three and nine months ended September 30, 2023 the Company recorded a net tax benefit of approximately $1 thousand and $3 thousand for taxable subsidiaries. For the three and nine months ended September 30, 2022, the Company did not record a net-tax benefit (provision).

The Company recorded net deferred tax asset of $2 thousand as of September 30, 2023 for taxable subsidiaries, which is significantly related to GAAP to tax outside basis differences in the taxable 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.

114

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 Nine Months Ended September 30,
	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)	0.78			0.82			0.84			0.53			0.57			0.59
Net realized and unrealized gain (loss)(2)	0.17			0.17			0.18			(0.35)			(0.38)			(0.40)
Net increase (decrease) in net assets resulting from operations	$	0.95		$	0.99		$	1.02		$	0.18		$	0.19		$	0.19
Shareholder distributions:
Distributions from net investment income(3)	(0.61)			(0.65)			(0.67)			(0.52)			(0.52)			(0.52)
Distributions from realized gains(3)	—			—			—			—			—			—
Distributions in excess of net investment income(3)	—			—			—			—			—			—
Net decrease in net assets from shareholders' distributions	$	(0.61)		$	(0.65)		$	(0.67)		$	(0.52)		$	(0.52)		$	(0.52)
Total increase (decrease) in net assets	0.34			0.34			0.35			(0.34)			(0.33)			(0.33)
Net asset value, at end of period	$	9.40		$	9.41		$	9.43		$	8.99		$	9.00		$	9.01

Total return(4)	8.6		%	9.1		%	9.4		%	1.4		%	1.9		%	2.1		%

Ratios
Ratio of net expenses to average net assets(5)(6)	11.1		%	10.6		%	10.3		%	8.2		%	7.3		%	7.4		%
Ratio of net investment income to average net assets(6)	11.4		%	12.1		%	12.4		%	8.5		%	8.8		%	9.4		%
Portfolio turnover rate	3.7		%	3.7		%	3.7		%	5.6		%	5.6		%	5.6		%

Supplemental Data
Weighted-average shares outstanding	236,530,998			58,042,790			407,774,285			134,859,276			35,082,254			211,931,540
Shares outstanding, end of period	277,661,749			63,961,682			471,968,302			179,513,911			44,952,979			298,101,538
Net assets, end of period	$	2,610,435		$	602,053		$	4,449,480		$	1,614,723		$	404,527		$	2,687,007

(1)The per share data was derived using the weighted average shares outstanding during the period.

(2)The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales of the Company’s shares in relation to fluctuating market values for the portfolio.

(3)The per share data was derived using actual shares outstanding at the date of the relevant transaction.

(4)Total return is not annualized. An investment in the Company is subject to maximum upfront sales load of 3.5% and 1.5% for Class S and Class D common stock, respectively, of the offering price, which will reduce the amount of capital available for investment. Class I common stock is not subject to upfront sales load. Total return displayed is net of all fees, including all operating expenses such as management fees, incentive fees, general and administrative expenses, organization and amortized offering expenses, and interest expenses. Total return is calculated as the change in net asset value (“NAV”) per share (assuming dividends and 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 nine months ended September 30, 2023, 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 nine months ended September 30, 2022, the total operating expenses to average net assets were 8.5%, 7.6% and 7.7%, 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.

115

Blue Owl Credit Income Corp.

Notes to Consolidated Financial Statements - Continued

(Unaudited)

Note 12. Subsequent Events

In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date of issuance. There are no subsequent events to disclose except for the following:

Revolving Credit Facility Amendment

On November 2, 2023, the Company entered into the First Amendment to the Revolving Credit Facility (the “First Amendment”), which amends the Revolving Credit Facility. The parties to the First Amendment include the Company, as Borrower, the subsidiary guarantors party thereto solely with respect to Section 6.9 therein, the lenders party thereto and Sumitomo Mitsui Banking Corporation, as Administrative Agent. The First Amendment, among other things, (i) solely with respect to the commitments of extending lenders, extends the revolver availability period from August 2026 to November 2027, (ii) solely with respect to the commitments of extending lenders, extends the scheduled maturity date from August 2027 to November 2028, (iii) converts a portion of the existing revolver availability into term loan availability, (iv) increases the total facility amount from $1.845 billion to $1.895 billion, (v) increases the accordion provision to permit increases to a total facility amount of up to $2.843 billion, and (vi) reduces the credit adjustment spread for Term Benchmark Loans from 0.10% for one-month tenor Loans, 0.15% for three-month tenor Loans and 0.25% for six-month tenor Loans to 0.10% for all Loan tenors.

Amended and Restated Bylaws

On November 6, 2023, the Board approved Amended and Restated Bylaws (the “Third Amended and Restated Bylaws”), to be effective as of November 6, 2023. The Third Amended and Restated Bylaws clarify that the exclusive forum provisions do not apply to claims arising under state law. All of the other provisions of the Company’s bylaws shall remain in full force and effect.

Equity Raise

As of November 9, 2023, we have issued 293,846,783 shares of Class S common stock, 67,125,461 shares of Class D common stock, and 511,358,549 shares of Class I common stock and have raised total gross proceeds of $2.7 billion, $0.6 billion, and $4.7 billion, respectively, including seed capital of $1,000 contributed by our Adviser in September 2020 and approximately $25.0 million in gross proceeds raised from Feeder FIC Equity. In addition, we received $427.0 million in subscription payments which we accepted on November 1, 2023 and which is pending our determination of the net asset value per share applicable to such purchase.

116

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 year December 31, 2022 and our Form 10-Q for the quarter ended March 31, 2023 in “ITEM 1A. RISK FACTORS”. This discussion also should be read in conjunction with the “Cautionary Statement Regarding Forward Looking Statements” set forth on page 3 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 Credit platform ("Credit"), which focuses on direct lending. Our Adviser is registered with the U.S. Securities and Exchange Commission (the “SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Subject to the overall supervision of our Board, our Adviser manages the day-to-day operations of, and provides investment advisory and management services, to us. The Adviser or its affiliates may engage in certain organizational 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 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 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, of up to $7,500,000,000 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 September 30, 2023, we have issued 279,894,130 shares of Class S common stock, 64,917,136 shares of Class D common stock, and 490,445,875 shares of Class I common stock for gross proceeds of $2.6 billion, $0.6 billion, and $4.5 billion, respectively, including $1,000 of seed capital contributed by our Adviser in September 2020, approximately $25.0 million in gross proceeds raised in the private placement from Feeder FIC Equity, and 21,954,224 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 billion. The shares purchased by the Adviser and

117

Feeder FIC Equity are subject to a lock-up pursuant to FINRA Rule 5110(e)(1) for a period of 180 days from 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.

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

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 real estate strategies. Blue Owl's Credit platform is comprised of the Adviser, Blue Owl Technology Credit Advisors LLC (“OTCA”), Blue Owl Technology Credit Advisors II LLC ("OTCA II”), Blue Owl Credit Private Fund Advisors LLC (“OPFA”) and Blue Owl Diversified Credit Advisors LLC (“ODCA” and together with the Adviser, OTCA, OTCA II, and OPFA, the “Blue Owl Credit Advisers”), which also are registered investment advisers. As of September 30, 2023, the Adviser and its affiliates had $79.5 billion of assets under management across the Blue Owl Credit platform.

The management of our investment portfolio is the responsibility of the Adviser and the Diversified Lending Investment Committee. We consider these individuals to be our portfolio managers. The Investment Team, is led by Douglas I. Ostrover, Marc S. Lipschultz and Craig W. Packer and is supported by certain members of the Adviser's senior executive team and the Diversified Lending Investment Committee. The Investment Team, under the Diversified Lending Investment Committee's supervision, sources investment opportunities, conducts research, performs due diligence on potential investments, structures our investments and will monitor our portfolio companies on an ongoing basis. The Diversified Lending Investment Committee is comprised of Douglas I. Ostrover, Marc S. Lipschultz, Craig W. Packer, Alexis Maged, and Jeff Walwyn and, effective December 1, 2023, includes Patrick Linnemann, Meenal Mehta and Logan Nicholson. See “Item 5. — Other Information”.

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 1940 Act from participating in certain transactions with our affiliates without the prior approval of our directors who are not interested persons and, in some cases, the prior approval of the SEC. We rely on an order for exemptive relief (as amended, the "Order") that has been granted to our Adviser and its affiliates by the SEC to permit us to co-invest with other funds managed by our Adviser or certain affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to the Order, we generally are permitted to co-invest with certain of our affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to us and our shareholders and do not involve overreaching by us or our shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of our shareholders and is consistent with our investment objective and strategies, (3) the investment by our affiliates would not disadvantage us, and our participation would not be on a basis different from or less advantageous than that on which our affiliates are investing, and (4) the proposed investment by us would not benefit our Adviser or its affiliates or any affiliated person of any of them (other than the parties to the transaction), except to the extent permitted by the Order and applicable law, including the limitations set forth in Section 57(k) of the 1940 Act. In addition, the Order permits us to 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` investment allocation policy seeks to ensure equitable allocation of investment opportunities between us and/or 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 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 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 September 30, 2023, our Adviser and its affiliates have originated $82.5 billion aggregate principal amount of investments, of which $78.8 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. 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 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 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 companies with a loan-to-value of 50% or below.

We expect that generally our portfolio composition will be majority debt or income producing securities, which may include “covenant-lite” loans (as defined below), with a lesser allocation to equity or equity-linked opportunities, including publicly traded debt instruments, which we may hold directly or through special purposes vehicles. These investments may include high-yield bonds, which are often referred to as “junk bonds”, and broadly syndicated loans. In addition, we may invest a portion of our portfolio in opportunistic investments and broadly syndicated loans, which will not be our primary focus, but will be intended to enhance returns to our shareholders and from time to time, we may evaluate and enter into strategic portfolio transactions which may result in additional portfolio companies which we are considered to control. These investments may include high-yield bonds and broadly-syndicated loans, including publicly traded debt instruments, which are typically originated and structured by banks on behalf of large corporate borrowers with employee counts, revenues, EBITDAs and enterprise values larger than those of middle market companies, and equity investments in portfolio companies that make senior secured loan or invest in broadly syndicated loans or structured products, such as life settlements and royalty interests. Our portfolio composition may fluctuate from time to time based on market conditions and interest rates.

Covenants are contractual restrictions that lenders place on companies to limit the corporate actions a company may pursue. Generally, the loans in which we expect to invest will have financial maintenance covenants, which are used to proactively address materially adverse changes in a portfolio company’s financial performance. However, to a lesser extent, we may invest in “covenant- lite” loans. We use the term “covenant-lite” to refer generally to loans that do not have a complete set of financial maintenance covenants. Generally, “covenant-lite” loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Accordingly, to the extent we invest in “covenant-lite” loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.

We target portfolio companies where we can structure larger transactions that comprise 1-2% of our portfolio (with no individual portfolio company generally expected to comprise greater than 5% of our portfolio). As of September 30, 2023, our average investment size in each of our portfolio companies was approximately $55.0 million based on fair value. As of September 30, 2023, excluding the investment in OCIC SLF and certain investments that fall outside our typical borrower profile, our portfolio companies

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representing 85.4% of our total debt portfolio based on fair value, had weighted average annual revenue of $979.5 million, weighted average annual EBITDA of $233.5 million, an average interest coverage of 1.9x and an average net loan-to-value of 39.2%.

The companies in which we invest use our capital primarily to support their growth, acquisitions, market or product expansion, refinancings and/or recapitalizations. The debt in which we invest typically is not rated by any rating agency, but if these instruments were rated, they would likely receive a rating of below investment grade (that is, below BBB- or Baa3), which is often referred to as “junk”.

Key Components of Our Results of Operations

Investments

We focus primarily on the direct origination of loans to middle market companies domiciled in the United States.

Our level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make.

In addition, as part of our risk strategy on investments, we may reduce the levels of certain investments through partial sales or syndication to additional lenders.

Revenues

We generate revenues primarily in the form of interest income from the investments we hold. In addition, we may generate income from dividends on either direct equity investments or equity interests obtained in connection with originating loans, such as options, warrants or conversion rights. Our debt investments typically have a term of three to ten years. As of September 30, 2023, 98.8% of our debt investments based on fair value bear interest at a floating rate, subject to interest rate floors in certain cases. Interest on our debt investments is generally payable either monthly or quarterly.

Our investment portfolio consists of floating rate loans, and our credit facility bears interest at a floating rate. Macro trends in base interest rates like SOFR and any other alternative reference rates may affect our net investment income over the long term. However, because we generally originate loans to a small number of portfolio companies each quarter, and those investments vary in size, our results in any given period, including the interest rate on investments that were sold or repaid in a period compared to the interest rate of new investments made during that period, often are idiosyncratic, and reflect the characteristics of the particular portfolio companies that we invested in or exited during the period and not necessarily any trends in our business or macro trends.

Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts under U.S. generally accepted accounting principles (“U.S. GAAP”) as interest income using the effective yield method for term instruments and the straight-line method for revolving or delayed draw instruments. Repayments of our debt investments can reduce interest income from period to period. The frequency or volume of these repayments may fluctuate significantly. We record prepayment premiums on loans as interest income. We may also generate revenue in the form of commitment, loan origination, structuring, or due diligence fees, fees for providing managerial assistance to our portfolio companies and possibly consulting fees.

Dividend income on equity investments is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded companies.

Our portfolio activity also reflects the proceeds from sales of investments. We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized gains (losses) on investments in the Consolidated Statements of Operations.

Expenses

Our primary operating expenses include the payment of the management fee, performance based incentive fee, expenses reimbursable under the Administration Agreement and Investment Advisory Agreement, legal and professional fees, interest and other debt expenses and other operating expenses. The management fee and performance based incentive fee compensate our Adviser for work in identifying, evaluating, negotiating, closing, monitoring and realizing our investments.

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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 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 September 30, 2023, the amount of Expense Support payments provided by our Adviser since inception is $9.4 million.

Our obligation to make Reimbursement Payments, subject to the conditions above, survives the termination of the Expense Support Agreement. There are no Reimbursement Payments conditionally due from the Company to the Adviser.

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

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We will reimburse our Adviser for the administrative expenses necessary for its performance of services to us. However, such reimbursement will be made at an amount equal to the lower of our Adviser’s actual costs or the amount that we would be required to pay for comparable administrative services in the same geographic location. Also, such costs will be reasonably allocated to us on the basis of assets, revenues, time records or other reasonable methods. We will not reimburse our Adviser for any services for which it receives a separate fee, for example rent, depreciation, utilities, capital equipment or other administrative items allocated to a controlling person of our Adviser.

Leverage

The amount of leverage we use in any period depends on a variety of factors, including cash available for investing, the cost of financing and general economic and market conditions. On September 30, 2020, we received shareholder approval that allowed us to 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.

Market Trends

We believe the middle market lending environment provides opportunities for us to meet our goal of making investments that generate attractive risk-adjusted returns based on a combination of the following factors,

Limited Availability of Capital for Middle Market Companies. The middle market is a large addressable market. According to GE Capital’s National Center for the Middle Market 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 regulatory and structural factors, industry consolidation and general risk aversion, limit the amount of traditional financing available to U.S. middle market companies. We believe that many commercial and investment banks have, in recent years, de-emphasized their service and product offerings to middle market businesses in favor of lending to large corporate clients and managing capital markets transactions. In addition, these lenders may be constrained in their ability to underwrite and hold bank loans and high yield securities for middle market issuers as they seek to meet existing and future regulatory capital requirements. We also believe that there are a lack of market participants that are willing to hold meaningful amounts of certain middle market loans. As a result, we believe our ability to minimize syndication risk for a company seeking financing by being able to hold its loans without having to syndicate them, coupled with reduced capacity of traditional lenders to serve the middle market, present an attractive opportunity to invest in middle market companies.

Capital Markets Have Been Unable to Fill the Void in U.S. Middle Market Finance Left by Banks. Access to underwritten bond and syndicated loan markets is challenging for middle market companies due to loan size and liquidity. For example, high yield bonds are generally purchased by institutional investors, such as mutual funds and exchange traded funds ("ETFs"), who among other things, are focused on the liquidity characteristics of the bond being issued in order to fund investor redemptions and/or comply with regulatory requirements. Accordingly, the existence of an active secondary market for bonds is an important consideration in these entities’ initial investment decision.

Syndicated loans arranged through a bank are done either on a “best efforts” basis or are underwritten with terms plus provisions that permit the underwriters to change certain terms, including pricing, structure, yield and tenor, otherwise known as “flex”, to successfully syndicate the loan, in the event the terms initially marketed are insufficiently attractive to investors. Furthermore, banks are generally reluctant to underwrite middle market loans because the arrangement fees they may earn on the placement of the debt generally are not sufficient to meet the banks’ return hurdles. Loans provided by companies such as ours provide certainty to issuers in that we have a more stable capital base and have the ability to invest in illiquid assets, and we can commit to a given amount of debt on specific terms, at stated coupons and with agreed upon fees. As we are the ultimate holder of the loans, we do not require market

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“flex” or other arrangements that banks may require when acting on an agency basis. In addition, our Adviser has teams focused on both liquid credit and private credit and these teams are able to collaborate with respect to syndicated loans.

Secular Trends Supporting Growth for Private Credit. We believe that periods of market volatility, current period of market volatility caused, in par, by elevated inflation, rising interest rates, and current geopolitical conditions, have accentuated the advantages of private credit. The availability of capital in the liquid credit market is highly sensitive to market conditions whereas we believe private lending has proven to be a stable and reliable source of capital through periods of volatility. We believe the opportunity set for private credit will continue to expand even 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 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 trillion as of January 2022, 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 September 30, 2023, based on fair value, our portfolio consisted of 81.2% first lien senior secured debt investments (of which 47.5% we consider to be unitranche debt investments (including "last-out" portions of such loans)), 8.0% second-lien senior secured debt investments, 1.6% unsecured debt investments, 1.8% joint ventures, 4.6% preferred equity investments, and 2.8% common equity investments.

As of September 30, 2023, our weighted average total yield of the portfolio at fair value and amortized cost was 11.5% and 11.6%, respectively, and our weighted average yield of accruing debt and income producing securities at fair value and amortized cost was 11.8% and 11.8%, respectively(1). As of September 30, 2023, the weighted average spread of total debt investments was 6.0%.

(1)Refer to footnote (1) of our weighted average yields and interest rates table for more information on our calculation of weighted average yields.

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As of September 30, 2023 we had investments in 261 portfolio companies with an aggregate fair value of $14.4 billion. As of September 30, 2023, we had net leverage of 0.87x debt-to-equity and we target net leverage of 0.90x-1.25x debt-to-equity.

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, uncertainty around the pace of inflation growth, in conjunction with elevated interest rates and slowing global gross domestic product growth continue to weigh on merger and acquisitions activity, though activity has picked up from earlier in the year. We have seen more new deal opportunities from refinancings, add-on acquisitions and buyout activity over the quarter; however, because we have continued to raise funds in our public and private offerings, the pace of our originations is strong and the credit quality of our portfolio has been consistent. We continue to focus on investing in recession resistant industries that we are familiar with, including service oriented sectors such as software, insurance, food and beverage and healthcare, and on additional financings to our existing borrowers. Blue Owl serves as the administrative agent on many of our investments and the majority of our investments are supported by sophisticated financial sponsors who provide operational and financial resources. In addition, the current lending environment is favorable to direct lenders, which gives us the ability to structure the terms and spreads of such deals to include wider spreads, lower loan to values, extended call protection, attractive leverage profiles and credit protections. We are continuing to monitor the effect that market volatility, including as a result of an elevated interest rate environment may have on our portfolio companies and our investment activities.

We also continue to invest in specialty financing 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."

Many of the companies in which we invest have experienced relief and are experiencing improved profitability from earlier supply chain disruptions 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 the U.S. economy enters into a recession, it is possible that the results of some of the middle market companies similar to those in which we invest could experience deterioration. 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.

Our investment activity for the following periods are presented below (information presented herein is at par value unless otherwise indicated).


	For the Three Months Ended September 30,
($ in thousands)	2023		2022
New investment commitments
Gross originations	$	1,827,171	$	1,746,640
Less: Sell downs	(19,944)		—
Total new investment commitments	$	1,807,227	$	1,746,640
Principal amount of investments funded:
First-lien senior secured debt investments	$	1,491,719	$	1,279,619
Second-lien senior secured debt investments	35,000		93,250

Joint ventures	35,000		—
Preferred equity investments	—		51,493
Common equity investments	37,266		21,859
Total principal amount of investments funded	$	1,598,985	$	1,446,221
Principal amount of investments sold or repaid:
First-lien senior secured debt investments	$	(251,695)	$	(173,079)
Second-lien senior secured debt investments	(60,539)		—


Preferred equity investments	(11,584)		—

Total principal amount of investments sold or repaid	$	(323,818)	$	(173,079)
Number of new investment commitments in new portfolio companies(1)	23		25
Average new investment commitment amount in new portfolio companies	31,950		67,122

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	For the Three Months Ended September 30,
($ in thousands)	2023		2022
Weighted average term for new investment commitments (in years)	5.5		6.1
Percentage of new debt investment commitments at floating rates	97.9	%	99.6	%
Percentage of new debt investment commitments at fixed rates	2.1	%	0.4	%
Weighted average interest rate of new debt investment commitments(2)(3)	11.2	%	9.6	%
Weighted average spread over applicable base rate of new floating rate debt investment commitments	5.8	%	6.0	%

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

(2)For the three months ended September 30, 2023, assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 5.40% as of September 30, 2023.

(3)For the three months ended September 30, 2022, assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR which was 3.59% as of September 30, 2022.

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


	September 30, 2023					December 31, 2022
($ in thousands)	Amortized Cost		Fair Value			Amortized Cost		Fair Value
First-lien senior secured debt investments(1)	$	11,650,727	$	11,669,133	(6)	$	8,499,854	$	8,448,540	(7)
Second-lien senior secured debt investments	1,180,700		1,148,915			1,203,388		1,142,862
Unsecured debt investments	236,028		229,581			221,564		211,328
Preferred equity investments(2)	661,628		657,408			510,033		500,023
Common equity investments(3)	368,111		397,471			248,176		264,437
Joint ventures(4)(5)	257,933		264,772			141,777		140,394
Total Investments	$	14,355,127	$	14,367,280		$	10,824,792	$	10,707,584

(1)Includes debt investment in Amergin AssetCo.

(2)Includes equity investment in LSI Financing.

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

(4)Includes equity investment in OCIC SLF.

(5)This was disclosed as “Investment funds and vehicles” as of December 31, 2022.

(6)47.5% of which we consider unitranche loans.

(7)55.4% of which we consider unitranche loans.

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


	September 30, 2023		December 31, 2022
Advertising and media	2.2	%	2.8	%
Aerospace and defense	0.4		0.4
Asset based lending and fund finance(1)	1.6		1.2
Automotive	1.1		1.4
Buildings and real estate	3.8		4.0
Business services	6.6		7.3
Chemicals	1.3		1.7
Consumer products	2.3		2.4
Containers and packaging	3.1		3.6
Distribution	2.3		2.3
Education	0.9		1.4
Energy equipment and services	—		0.1
Financial services	3.9		2.6
Food and beverage	4.5		5.8

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	September 30, 2023		December 31, 2022
Healthcare equipment and services	4.7		3.9
Healthcare providers and services	12.2		14.4
Healthcare technology	4.6		5.2
Household products	2.1		2.4
Human resource support services	1.0		1.1
Infrastructure and environmental services	1.9		0.9
Insurance(2)	10.4		9.7
Internet software and services	12.8		13.6
Joint ventures(3)(5)	1.8		1.3
Leisure and entertainment	1.0		1.2
Manufacturing	4.9		3.0
Pharmaceuticals(4)	0.5		—
Professional services	4.5		2.8
Specialty retail	2.2		3.2
Telecommunications	0.5		—
Transportation	0.9		0.3
Total	100.0	%	100.0	%

(1)Includes investment in Amergin AssetCo.

(2)Includes equity investment in Fifth Season.

(3)Includes equity investment in OCIC SLF.

(4)Includes equity investment in LSI Financing.

(5)This was disclosed as “Investment funds and vehicles” as of December 31, 2022.

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


	September 30, 2023		December 31, 2022
United States:
Midwest	20.3	%	20.4	%
Northeast	18.6		20.0
South	34.1		29.7
West	17.4		20.7
International	9.6		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:


	September 30, 2023		December 31, 2022
Weighted average total yield of portfolio(1)	11.5	%	10.6	%
Weighted average total yield of debt and income producing securities(1)	11.8	%	10.9	%
Weighted average interest rate of debt securities	11.3	%	10.2	%
Weighted average spread over base rate of all floating rate investments	6.0	%	5.9	%

______________

(1)For non-stated rate income producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending fair value. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annualized.

The weighted average yield of our debt and income producing securities is not the same as a return on investment for our shareholders but, rather, relates to a portion of our investment portfolio and is calculated before the payment of all of our and our subsidiaries’ fees and expenses. The weighted average yield was computed using the effective interest rates as of each respective date,

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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.

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 of our investments has been placed on non-accrual status.

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


	September 30, 2023				December 31, 2022
Investment Rating	Fair Value		Percentage		Fair Value		Percentage
($ in thousands)
1	$	588,928	4.1	%	$	239,458	2.2	%
2	13,393,268		93.2		10,335,440		96.6
3	379,378		2.6		127,472		1.2
4	5,706		0.1		—		—
5	—		—		5,214		—
Total	$	14,367,280	100.0	%	$	10,707,584	100.0	%

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


	September 30, 2023				December 31, 2022
($ in thousands)	Amortized Cost		Percentage		Amortized Cost		Percentage
Performing	$	13,063,603	100.0	%	$	9,914,939	99.9	%
Non-accrual	3,852		—		9,867		0.1
Total	$	13,067,455	100.0	%	$	9,924,806	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 and aviation assets. 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 equity commitment to Amergin AssetCo on July 1, 2022. We increased our commitment to Amergin AssetCo on July 28, 2023 to $110.0 million, of which $74.4 million is equity and $35.6 million is debt. Our investment in Amergin is a co-investment made with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC. We do not consolidate our equity interest in Amergin AssetCo.

Fifth Season Investments LLC

Fifth Season is a portfolio company created to invest in life settlement assets. On July 18, 2022, we made a $15.9 million equity commitment to Fifth Season. We made periodic increases to our investment in Fifth Season, including $12.3 million and $33.3 million during the three and nine months ended September 30, 2023, respectively. 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.

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 equity commitment to LSI Financing. We made periodic increases to our investment in LSI Financing, including $73.1 million during the nine months ended September 30, 2023. 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.

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

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Blue Owl Credit Income Senior Loan Fund LLC ("OCIC SLF"), a Delaware limited liability company, was formed as our wholly-owned subsidiary and commenced operations on February 14, 2022. On November 2, 2022, we 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. We and OSTRS have agreed to contribute $437.5 million and $62.5 million, respectively, to OCIC SLF. We 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.

We have determined that OCIC SLF is an investment company under Accounting Standards Codification (“ASC”) 946, however, in accordance with such guidance, we will generally not consolidate our 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 not consolidate our non-controlling interest in OCIC SLF.


($ in thousands)	September 30, 2023			December 31, 2022
Total senior secured debt investments(1)	$	953,942		$	529,463
Weighted average spread over base rate(1)	3.8		%	4.4		%
Number of portfolio companies	176			74
Largest funded investment to a single borrower(1)	$	14,457		$	14,547

_____________

(1)At par.


Blue Owl Credit Income Senior Loan Fund's Portfolio as of September 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.(7)	First lien senior secured loan	SR +	2.75%	02/2028	$	1,980	$	1,945	$	1,964	0.6	%
Avolon TLB Borrower 1 (US) LLC(6)	First lien senior secured loan	SR +	2.50%	06/2028	7,980		7,903		7,973		2.7	%
Barnes Group, Inc.(6)	First lien senior secured loan	SR +	3.00%	08/2030	6,500		6,452		6,503		2.1	%
Bleriot US Bidco, Inc.(7)	First lien senior secured loan	SR +	4.00%	10/2028	5,942		5,859		5,942		2.0	%
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(6)	First lien senior secured loan	SR +	4.00%	08/2028	1,047		1,037		1,044		0.3	%
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(6)	First lien senior secured loan	SR +	4.00%	08/2028	2,444		2,420		2,437		0.8	%
Peraton Corp.(6)	First lien senior secured loan	SR +	3.75%	02/2028	7,491		7,246		7,468		2.5	%
Transdigm, Inc.(7)	First lien senior secured loan	SR +	3.25%	08/2028	3,980		3,972		3,979		1.3	%
Transdigm, Inc.(7)	First lien senior secured loan	SR +	3.25%	02/2027	2,978		2,928		2,979		1.0	%
Vertex Aerospace Services Corp. (dba V2X)(7)	First lien senior secured loan	SR +	3.50%	12/2028	2,992		2,989		2,991		1.0	%
					43,334		42,751		43,280		14.3	%
Automotive
Belron Finance US LLC(7)	First lien senior secured loan	SR +	2.75%	04/2029	$	2,494	$	2,482	$	2,493	0.8	%
PAI Holdco, Inc.(7)	First lien senior secured loan	SR +	3.75%	10/2027	6,579		6,135		6,215		2.1	%
					9,073		8,617		8,708		2.9	%
Buildings and real estate
84 Lumber Company(6)	First lien senior secured loan	SR +	3.00%	11/2026	$	1,712	$	1,718	$	1,711	0.6	%

130


Blue Owl Credit Income Senior Loan Fund's Portfolio as of September 30, 2023 ($ in thousands) (Unaudited)
Company(1)(2)(4)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(3)		Fair Value		Percentage of Members’ Equity
Beacon Roofing Supply, Inc.(6)	First lien senior secured loan	SR +	2.25%	05/2028	3,477		3,473		3,473		1.1	%
CPG International LLC(6)	First lien senior secured loan	SR +	2.50%	04/2029	6,907		6,873		6,898		2.3	%
Cushman & Wakefield U.S. Borrower, LLC(6)	First lien senior secured loan	SR +	4.00%	01/2030	7,247		7,070		7,176		2.4	%
Dodge Construction Network, LLC(7)(13)	First lien senior secured loan	SR +	4.75%	02/2029	5,234		4,913		4,266		1.3	%
Greystar Real Estate Partners, LLC (dba Greystar)(6)(13)	First lien senior secured loan	SR +	3.75%	08/2030	7,000		6,896		6,895		2.3	%
GYP Holdings III Corp.(6)	First lien senior secured loan	SR +	3.00%	05/2030	2,000		1,990		2,004		0.7	%
Quikrete Holdings, Inc.(6)	First lien senior secured loan	SR +	2.75%	03/2029	1,995		1,995		1,994		0.7	%
RealPage, Inc.(6)	First lien senior secured loan	SR +	3.00%	04/2028	10,466		9,922		10,336		3.4	%
Wrench Group LLC(7)(13)	First lien senior secured loan	SR +	4.00%	04/2026	9,685		9,668		9,637		3.2	%
					55,723		54,518		54,390		18.0	%
Business services
ASGN, Inc.(6)	First lien senior secured loan	SR +	2.25%	08/2030	$	2,500	$	2,494	$	2,506	0.8	%
BrightView Landscapes, LLC(7)	First lien senior secured loan	SR +	3.25%	04/2029	6,519		6,342		6,517		2.2	%
Brown Group Holdings, LLC(7)	First lien senior secured loan	SR +	3.75%	07/2029	3,504		3,470		3,498		1.2	%
ConnectWise, LLC(6)	First lien senior secured loan	SR +	3.50%	09/2028	10,459		9,943		10,283		3.3	%
IDEMIA Group SAS(7)	First lien senior secured loan	SR +	4.75%	09/2028	1,995		1,971		1,992		0.7	%
Packers Holdings, LLC(6)	First lien senior secured loan	SR +	3.25%	03/2028	3,938		3,652		2,323		0.8	%
Prime Security Services Borrower, LLC(6)	First lien senior secured loan	SR +	2.75%	09/2026	1,985		1,958		1,981		0.7	%
Sitel Worldwide Corp.(6)	First lien senior secured loan	SR +	3.75%	08/2028	6,957		6,855		6,772		2.2	%
VM Consolidated, Inc.(6)	First lien senior secured loan	SR +	3.25%	03/2028	2,113		2,093		2,112		0.7	%
					39,970		38,778		37,984		12.6	%
Chemicals
Aruba Investments Holdings, LLC (dba Angus Chemical Company)(6)	First lien senior secured loan	SR +	4.75%	11/2027	$	2,978	$	2,797	$	2,955	1.0	%
Axalta Coating Systems US Holdings Inc.(7)	First lien senior secured loan	SR +	2.50%	09/2023	7,095		7,049		7,100		2.3	%
Blue Tree Holdings, Inc.(7)	First lien senior secured loan	SR +	2.50%	03/2028	3,975		3,939		3,895		1.3	%
Cyanco Intermediate 2 Corp.(6)	First lien senior secured loan	SR +	4.75%	07/2028	3,000		2,912		3,001		1.0	%
DCG Acquisition Corp.(6)	First lien senior secured loan	SR +	4.50%	09/2026	2,283		2,271		2,258		0.7	%
H.B. Fuller Company(6)	First lien senior secured loan	SR +	2.25%	02/2030	1,995		1,995		1,997		0.6	%
Ineos US Finance LLC(6)	First lien senior secured loan	SR +	3.50%	02/2030	1,995		1,976		1,978		0.7	%
Ineos US Finance LLC(6)	First lien senior secured loan	SR +	3.75%	11/2027	2,985		2,891		2,969		1.0	%
Ineos US Petrochem LLC(6)	First lien senior secured loan	SR +	3.75%	03/2030	1,995		1,976		1,984		0.7	%
Nouryon Finance B.V.(7)	First lien senior secured loan	SR +	4.00%	04/2028	5,985		5,928		5,902		2.0	%
Windsor Holdings III LLC(7)	First lien senior secured loan	SR +	4.50%	08/2030	5,000		4,901		4,975		1.6	%
					39,286		38,635		39,014		12.9	%
Consumer products
Olaplex, Inc.(6)	First lien senior secured loan	SR +	3.50%	02/2029	$	5,234	$	4,890	$	4,364	1.4	%
					5,234		4,890		4,364		1.4	%
Containers and packaging
Berlin Packaging L.L.C.(6)	First lien senior secured loan	SR +	3.75%	03/2028	$	11,518	$	11,117	$	11,380	3.8	%
BW Holding, Inc.(7)	First lien senior secured loan	SR +	4.00%	12/2028	7,708		7,592		6,902		2.3	%
Charter NEX US, Inc.(6)	First lien senior secured loan	SR +	3.75%	12/2027	4,974		4,930		4,925		1.6	%
Plaze, Inc.(7)	First lien senior secured loan	SR +	3.50%	08/2026	997		971		960		0.3	%
ProAmpac PG Borrower LLC(12)(13)	First lien senior secured loan	P +	3.50%	09/2028	6,250		6,188		6,209		2.1	%
Ring Container Technologies Group, LLC(6)	First lien senior secured loan	SR +	3.50%	08/2028	9,688		9,532		9,678		3.2	%
Tricorbraun Holdings, Inc.(6)	First lien senior secured loan	SR +	3.25%	03/2028	10,466		9,983		10,256		3.4	%
Trident TPI Holdings, Inc.(7)	First lien senior secured loan	SR +	4.50%	09/2028	3,990		3,877		3,977		1.3	%
Valcour Packaging, LLC(11)	First lien senior secured loan	L +	3.75%	10/2028	9,850		9,830		7,901		2.6	%
					65,441		64,020		62,188		20.6	%
Distribution

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Blue Owl Credit Income Senior Loan Fund's Portfolio as of September 30, 2023 ($ in thousands) (Unaudited)
Company(1)(2)(4)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(3)		Fair Value		Percentage of Members’ Equity
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(6)	First lien senior secured loan	SR +	4.75%	12/2028	$	5,279	$	5,228	$	5,273	1.7	%
Dealer Tire, LLC(6)	First lien senior secured loan	SR +	4.50%	12/2027	3,930		3,867		3,932		1.3	%
SRS Distribution, Inc.(6)	First lien senior secured loan	SR +	3.50%	06/2028	10,493		9,843		10,375		3.4	%
White Cap Supply Holdings, LLC(6)	First lien senior secured loan	SR +	3.75%	10/2027	10,493		10,014		10,465		3.5	%
					30,195		28,952		30,045		9.9	%
Education
Renaissance Learning, Inc.(7)	First lien senior secured loan	SR +	4.75%	04/2030	$	4,500	$	4,411	$	4,459	1.5	%
Severin Acquisition, LLC (dba Powerschool)(7)	First lien senior secured loan	SR +	3.00%	08/2025	7,851		7,773		7,837		2.6	%
Sophia, L.P.(6)(13)	First lien senior secured loan	SR +	4.25%	10/2027	9,689		9,671		9,664		3.2	%
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(7)(13)	First lien senior secured loan	SR +	4.50%	09/2030	3,663		3,617		3,617		1.2	%
					25,703		25,472		25,577		8.5	%
Energy equipment and services
AMG Advanced Metallurgical Group N.V(6)	First lien senior secured loan	SR +	3.50%	11/2028	$	3,439	$	3,418	$	3,424	1.1	%
AZZ Inc.(6)	First lien senior secured loan	SR +	3.75%	05/2029	7,925		7,864		7,931		2.7	%
Brookfield WEC Holdings Inc.(6)	First lien senior secured loan	SR +	3.75%	08/2025	3,465		3,446		3,470		1.1	%
Calpine Construction Finance Company(6)	First lien senior secured loan	SR +	2.25%	07/2030	2,000		1,985		1,988		0.7	%
Pike Corp.(6)	First lien senior secured loan	SR +	3.00%	01/2028	9,800		9,630		9,777		3.2	%
Rockwood Service Corp.(6)	First lien senior secured loan	SR +	4.00%	01/2027	6,483		6,467		6,499		2.1	%
					33,112		32,810		33,089		10.9	%
Financial services
Acuris Finance US, Inc. (ION Analytics) (7)	First lien senior secured loan	SR +	4.00%	02/2028	$	4,500	$	4,409	$	4,430	1.5	%
AlixPartners, LLP(6)	First lien senior secured loan	SR +	2.75%	02/2028	2,992		2,970		2,988		1.0	%
AllSpring Buyer(7)	First lien senior secured loan	SR +	3.75%	11/2028	4,950		4,892		4,927		1.6	%
Boost Newco Borrower, LLC(7)	First lien senior secured loan	SR +	3.00%	09/2030	12,000		11,941		11,992		4.0	%
Citadel Securities, LP(6)	First lien senior secured loan	SR +	2.50%	07/2030	3,990		3,960		3,978		1.4	%
Deerfield Dakota Holdings(7)	First lien senior secured loan	SR +	3.75%	04/2027	7,849		7,524		7,645		2.5	%
Focus Financial Partners, LLC(6)	First lien senior secured loan	SR +	3.25%	06/2028	4,950		4,873		4,933		1.6	%
Focus Financial Partners, LLC(6)	First lien senior secured loan	SR +	3.50%	06/2028	3,000		2,943		2,994		1.0	%
Guggenheim Partners Investment Management Holdings, LLC(7)	First lien senior secured loan	SR +	3.25%	12/2029	4,963		4,882		4,963		1.6	%
Harbourvest Partners, L.P.(7)	First lien senior secured loan	SR +	3.00%	04/2030	2,500		2,464		2,496		0.8	%
Helios Software Holdings, Inc. (ION Corporate Solutions Finance S.a r.l.)(7)	First lien senior secured loan	SR +	4.25%	07/2030	5,000		4,803		4,972		1.6	%
Janus International Group, LLC(6)	First lien senior secured loan	SR +	3.25%	08/2030	5,000		4,970		4,977		1.6	%
Saphilux S.a.r.L (dba IQ EQ)(7)(13)	First lien senior secured loan	SR +	4.75%	07/2028	7,500		7,389		7,388		2.5	%
The Edelman Financial Engines Center, LLC(6)	First lien senior secured loan	SR +	3.50%	04/2028	3,970		3,886		3,923		1.3	%
TMF Sapphire Bidco B.V.(7)	First lien senior secured loan	SR +	5.00%	05/2028	2,500		2,456		2,491		0.8	%
USI Inc.(7)	First lien senior secured loan	SR +	3.75%	09/2030	4,000		3,990		3,988		1.3	%
					79,664		78,352		79,085		26.1	%
Food and beverage
1011778 BC / NEW RED FIN (dba Restaurant Brands)(6)	First lien senior secured loan	SR +	2.25%	09/2030	$	5,250	$	5,225	$	5,227	1.7	%
AI Aqua Merger Sub, Inc. (dba Culligan International)(6)	First lien senior secured loan	SR +	3.75%	07/2028	2,283		2,280		2,257		0.7	%
Aramark Services, Inc.(6)	First lien senior secured loan	SR +	2.50%	06/2030	1,995		1,975		1,990		0.7	%
Balrog Acquisition, Inc. (dba Bakemark)(6)	First lien senior secured loan	SR +	4.00%	09/2028	2,283		2,254		2,254		0.7	%
Naked Juice LLC (dba Tropicana)(7)	First lien senior secured loan	SR +	3.25%	01/2029	10,494		9,682		9,944		3.3	%
Pegasus BidCo B.V.(7)	First lien senior secured loan	SR +	4.25%	07/2029	5,459		5,328		5,445		1.8	%
Shearer's Foods, LLC(6)	First lien senior secured loan	SR +	3.50%	09/2027	8,740		8,210		8,718		2.9	%
Simply Good Foods USA, Inc.(6)	First lien senior secured loan	SR +	2.50%	03/2027	3,892		3,865		3,897		1.3	%

132


Blue Owl Credit Income Senior Loan Fund's Portfolio as of September 30, 2023 ($ in thousands) (Unaudited)
Company(1)(2)(4)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(3)		Fair Value		Percentage of Members’ Equity
					40,396		38,819		39,732		13.1	%
Healthcare equipment and services
Confluent Medical Technologies, Inc.(7)(13)	First lien senior secured loan	SR +	3.75%	02/2029	$	9,688	$	9,562	$	9,519	3.1	%
Curium BidCo S.A.R.L (dba Curium Pharma)(7)	First lien senior secured loan	SR +	4.50%	07/2029	1,995		1,975		1,990		0.7	%
Dermatology Intermediate Holdings III, Inc.(7)	First lien senior secured loan	SR +	4.25%	03/2029	9,875		9,766		9,804		3.2	%
Dermatology Intermediate Holdings III, Inc.(7)	First lien senior secured delayed draw term loan	SR +	4.25%	03/2029	1,814		1,803		1,801		0.7	%
Medline Borrower, LP(6)	First lien senior secured loan	SR +	3.25%	10/2028	8,264		7,770		8,237		2.7	%
Natus Medical Inc.(7)(13)	First lien senior secured loan	SR +	5.50%	07/2029	4,466		4,177		4,221		1.4	%
Zest Acquisition Corp.(6)(13)	First lien senior secured loan	SR +	5.50%	02/2028	5,960		5,730		5,826		1.9	%
					42,062		40,783		41,398		13.7	%
Healthcare providers and services
Covetrus, Inc.(7)	First lien senior secured loan	SR +	5.00%	10/2029	$	9,453	$	8,940	$	9,343	3.1	%
HAH Group Holding Company LLC (dba Help at Home)(6)(13)	First lien senior secured loan	SR +	5.00%	10/2027	2,026		2,006		1,986		0.7	%
HAH Group Holding Company LLC (dba Help at Home)(6)(13)	First lien senior secured loan	SR +	5.00%	10/2027	1,252		1,250		1,227		0.4	%
LSCS Holdings, Inc.(6)	First lien senior secured loan	SR +	4.50%	12/2028	8,380		8,211		8,234		2.7	%
MJH Healthcare Holdings, LLC(6)(13)	First lien senior secured loan	SR +	3.50%	01/2029	3,802		3,744		3,793		1.3	%
Pediatric Associates Holding Company, LLC(6)	First lien senior secured loan	SR +	4.50%	12/2028	1,995		1,918		1,975		0.6	%
Pediatric Associates Holding Company, LLC(6)	First lien senior secured delayed draw term loan	SR +	3.25%	12/2028	261		257		254		0.1	%
Pediatric Associates Holding Company, LLC(6)	First lien senior secured loan	SR +	3.25%	12/2028	5,104		5,023		4,966		1.6	%
Phoenix Newco, Inc. (dba Parexel)(6)	First lien senior secured loan	SR +	3.25%	11/2028	7,388		7,145		7,329		2.4	%
Physician Partners, LLC(6)	First lien senior secured loan	SR +	4.00%	12/2028	9,875		9,388		9,369		3.1	%
Premise Health Holding(7)(13)	First lien senior secured loan	SR +	4.75%	07/2025	3,209		3,183		3,193		1.1	%
Select Medical Corp.(6)	First lien senior secured loan	SR +	3.00%	03/2027	2,993		2,978		2,981		1.0	%
					55,738		54,043		54,650		18.1	%
Healthcare technology
Athenahealth Group Inc.(6)	First lien senior secured loan	SR +	3.25%	02/2029	$	9,332	$	8,642	$	9,142	3.0	%
Bracket Intermediate Holding Corp.(7)	First lien senior secured loan	SR +	5.00%	05/2028	5,653		5,492		5,639		1.9	%
Gainwell Acquisition Corp.(7)	First lien senior secured loan	SR +	4.00%	10/2027	6,108		6,002		5,950		2.0	%
GHX Ultimate Parent Corp.(7)	First lien senior secured loan	SR +	4.75%	06/2027	2,993		2,923		2,989		1.0	%
Imprivata, Inc.(6)	First lien senior secured loan	SR +	4.25%	12/2027	9,689		9,533		9,677		3.0	%
PointClickCare Technologies Inc.PointClickCare Technologies Inc(7)	First lien senior secured loan	SR +	3.00%	12/2027	1,990		1,961		1,982		0.7	%
R1 RCM Inc.(6)	First lien senior secured loan	SR +	3.00%	06/2029	3,980		3,980		3,977		1.3	%
Verscend Holding Corp.(6)	First lien senior secured loan	SR +	4.00%	08/2025	9,869		9,777		9,858		3.3	%
Zelis Cost Management Buyer, Inc.(6)	First lien senior secured loan	SR +	3.50%	09/2026	4,466		4,462		4,463		1.5	%
					54,080		52,772		53,677		17.7	%
Household products
Samsonite International S.A.(6)	First lien senior secured loan	SR +	2.75%	06/2030	$	1,995	$	1,985	$	1,996	0.7	%
					1,995		1,985		1,996		0.7	%
Human resource support services
AQ Carver Buyer, Inc.(8)(13)	First lien senior secured loan	SR +	5.50%	08/2029	$	3,000	$	2,941	$	2,948	1.0	%
					3,000		2,941		2,948		1.0	%
Infrastructure and environmental services
Asplundh Tree Expert, LLC(6)	First lien senior secured loan	SR +	1.75%	09/2027	$	2,433	$	2,427	$	2,429	0.8	%
Madison IAQ, LLC(7)	First lien senior secured loan	SR +	3.25%	06/2028	997		989		980		0.3	%
Osmose Utilities Services, Inc.(6)	First lien senior secured loan	SR +	3.25%	06/2028	9,688		9,058		9,604		3.2	%
USIC Holdings, Inc.(6)	First lien senior secured loan	SR +	3.50%	05/2028	2,955		2,825		2,903		1.0	%
					16,073		15,299		15,916		5.3	%

133


Blue Owl Credit Income Senior Loan Fund's Portfolio as of September 30, 2023 ($ in thousands) (Unaudited)
Company(1)(2)(4)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(3)		Fair Value		Percentage of Members’ Equity
Insurance
Acrisure, LLC(7)	First lien senior secured loan	SR +	5.75%	02/2027	$	7,444	$	7,178	$	7,462	2.5	%
AssuredPartners, Inc.(7)	First lien senior secured loan	SR +	3.75%	02/2027	10,484		10,338		10,477		3.5	%
Broadstreet Partners, Inc.(6)	First lien senior secured loan	SR +	3.00%	01/2027	4,144		4,099		4,121		1.4	%
Broadstreet Partners, Inc.(6)	First lien senior secured loan	SR +	4.00%	01/2029	2,993		2,956		2,989		1.0	%
Howden Group Holdings Ltd. (dba HIG Finance 2 Ltd. / Preatorian)(6)	First lien senior secured loan	SR +	4.00%	04/2030	3,980		3,827		3,975		1.3	%
Hub International(7)	First lien senior secured loan	SR +	4.25%	04/2025	8,000		7,921		8,014		2.6	%
IMA Financial Group, Inc.(6)(13)	First lien senior secured loan	SR +	4.25%	11/2028	3,491		3,407		3,474		1.1	%
					40,536		39,726		40,512		13.4	%
Internet software and services
Aptean, Inc.(6)	First lien senior secured loan	SR +	4.25%	04/2026	$	1,141	$	1,136	$	1,133	0.4	%
Barracuda Parent, LLC(7)	First lien senior secured loan	SR +	4.50%	08/2029	10,521		10,108		10,404		3.4	%
Boxer Parent Company Inc.(6)	First lien senior secured loan	SR +	3.75%	10/2025	3,123		3,104		3,119		1.0	%
Central Parent, Inc.(7)	First lien senior secured loan	SR +	4.25%	07/2029	7,963		7,803		7,959		2.6	%
DCert Buyer, Inc.(7)	First lien senior secured loan	SR +	4.00%	10/2026	5,967		5,938		5,921		2.0	%
Delta TopCo, Inc. (dba Infoblox, Inc.)(8)	First lien senior secured loan	SR +	3.75%	12/2027	10,493		9,705		10,376		3.4	%
Dun & Bradstreet Corporation, The(6)	First lien senior secured loan	SR +	2.75%	02/2026	1,995		1,995		1,990		0.7	%
E2open, LLC(6)	First lien senior secured loan	SR +	3.50%	02/2028	6,824		6,720		6,809		2.3	%
Idera, Inc.(7)	First lien senior secured loan	SR +	3.75%	03/2028	6,535		6,369		6,476		2.0	%
Infinite Bidco LLC(6)	First lien senior secured loan	SR +	3.75%	03/2028	2,978		2,883		2,918		1.0	%
McAfee Corp.(6)	First lien senior secured loan	SR +	3.75%	03/2029	2,977		2,855		2,904		1.0	%
MeridianLink, Inc.(7)	First lien senior secured loan	SR +	3.00%	11/2028	2,283		2,277		2,274		0.8	%
Mitnick Corporate Purchaser, Inc.(7)	First lien senior secured loan	SR +	4.50%	05/2029	2,853		2,726		2,745		0.9	%
Perforce Software, Inc.(6)	First lien senior secured loan	SR +	3.75%	07/2026	2,977		2,842		2,888		1.0	%
Quartz Acquireco, LLC (dba Qualtrics AcquireCo, LLC)(6)(13)	First lien senior secured loan	SR +	3.50%	06/2030	4,000		3,961		3,970		1.3	%
Rocket Software, Inc.(6)	First lien senior secured loan	SR +	4.25%	11/2025	5,585		5,505		5,578		1.8	%
SONICWALL US Holdings, Inc.(6)	First lien senior secured loan	SR +	5.00%	05/2028	6,184		5,953		6,056		2.0	%
Sophos Holdings, LLC(6)	First lien senior secured loan	SR +	3.50%	03/2027	10,465		10,278		10,435		3.4	%
UST Holdings, Ltd.(6)	First lien senior secured loan	SR +	3.50%	11/2028	7,060		7,036		6,919		2.3	%
VS Buyer LLC(6)	First lien senior secured loan	SR +	3.25%	02/2027	2,977		2,977		2,962		1.0	%
					104,901		102,171		103,836		34.3	%
Investment funds and vehicle
Finco I, LLC(7)	First lien senior secured loan	SR +	3.00%	06/2029	$	2,993	$	2,978	$	2,990	1.0	%
					2,993		2,978		2,990		1.0	%
Leisure and entertainment
Delta 2 (Lux) SARL (dba Formula One)(7)	First lien senior secured loan	SR +	2.25%	01/2030	$	4,000	$	3,973	$	3,996	1.3	%
					4,000		3,973		3,996		1.3	%
Manufacturing
Altar Bidco, Inc.(8)	First lien senior secured loan	SR +	3.10%	02/2029	$	4,727	$	4,535	$	4,703	1.6	%
Columbus McKinnon Corp.(7)	First lien senior secured loan	SR +	2.75%	05/2028	477		473		476		0.2	%
DXP Enterprises, Inc.(8)	First lien senior secured loan	SR +	5.25%	12/2027	6,934		6,651		6,908		2.3	%
EMRLD Borrower LP (dba Emerson Climate Technologies, Inc.)(6)	First lien senior secured loan	SR +	3.00%	05/2030	10,018		9,922		9,999		3.2	%
Engineered Machinery Holdings, Inc. (dba Duravant)(7)	First lien senior secured loan	SR +	3.50%	05/2028	6,957		6,905		6,914		2.3	%
Entegris, Inc.(7)	First lien senior secured loan	SR +	2.50%	07/2029	2,307		2,307		2,306		0.8	%
Filtration Group Corp.(6)	First lien senior secured loan	SR +	4.25%	10/2028	3,980		3,941		3,982		1.3	%
Gates Global LLC(6)	First lien senior secured loan	SR +	3.50%	11/2029	2,977		2,923		2,975		1.0	%
Pro Mach Group, Inc.(6)	First lien senior secured loan	SR +	4.00%	08/2028	10,467		10,231		10,468		3.5	%
Pro Mach Group, Inc.(6)	First lien senior secured loan	SR +	5.00%	08/2028	3,990		3,810		3,990		1.2	%
Refficiency Holdings, LLC (dba Legence)(6)	First lien senior secured loan	SR +	3.75%	12/2027	1,496		1,485		1,489		0.5	%

134


Blue Owl Credit Income Senior Loan Fund's Portfolio as of September 30, 2023 ($ in thousands) (Unaudited)
Company(1)(2)(4)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(3)		Fair Value		Percentage of Members’ Equity
Watlow Electric Manufacturing Company(7)	First lien senior secured loan	SR +	3.75%	03/2028	10,045		9,915		9,963		3.3	%
					64,375		63,098		64,173		21.2	%
Pharmaceuticals
Fortrea Holdings Inc.(6)	First lien senior secured loan	SR +	3.75%	07/2030	$	3,408	$	3,379	$	3,394	1.1	%
					3,408		3,379		3,394		1.1	%
Professional services
Apex Group Treasury, LLC(7)(13)	First lien senior secured loan	SR +	3.75%	07/2028	$	4,900	$	4,733	$	4,849	1.6	%
Apex Group Treasury, LLC(7)(13)	First lien senior secured loan	SR +	5.00%	07/2028	2,481		2,348		2,481		0.8	%
Arsenal AIC Parent, LLC (dba Arconic)(7)	First lien senior secured loan	SR +	4.50%	08/2030	3,000		2,970		2,991		1.0	%
Camelot U.S. Acquisition 1 Co.(6)	First lien senior secured loan	SR +	3.00%	10/2026	3,144		3,129		3,136		1.0	%
Corporation Service Company(6)	First lien senior secured loan	SR +	3.25%	11/2029	1,984		1,980		1,982		0.7	%
EM Midco2 Ltd. (dba Element Materials Technology)(7)	First lien senior secured loan	SR +	4.25%	06/2029	9,037		8,931		8,901		2.9	%
Genuine Financial Holdings, LLC(7)	First lien senior secured loan	SR +	4.00%	09/2030	7,238		7,129		7,166		2.4	%
Omnia Partners, LLC(7)	First lien senior secured loan	SR +	4.25%	07/2030	1,828		1,810		1,829		0.6	%
Omnia Partners, LLC(7)(14)	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	3,980		3,942		3,947		1.3	%
Skopima Merger Sub Inc.(6)	First lien senior secured loan	SR +	4.00%	05/2028	4,962		4,735		4,825		1.6	%
Sovos Compliance, LLC(6)	First lien senior secured loan	SR +	4.50%	08/2028	10,467		10,158		10,286		3.4	%
Vistage Worldwide, Inc.(6)(13)	First lien senior secured loan	SR +	5.25%	07/2029	3,960		3,815		3,945		1.3	%
					56,981		55,678		56,338		18.6	%
Specialty retail
Pilot Travel Centers LLC(6)	First lien senior secured loan	SR +	2.00%	08/2028	$	796	$	791	$	794	0.3	%
					796		791		794		0.3	%
Telecommunications
Cable One, Inc.(6)	First lien senior secured loan	SR +	2.00%	05/2028	$	2,283	$	2,280	$	2,264	0.7	%
Ciena Corp.(6)	First lien senior secured loan	SR +	2.50%	01/2030	1,990		1,982		1,990		0.7	%
Cogeco Communications (USA) II L.P.(7)	First lien senior secured loan	SR +	2.50%	09/2028	2,977		2,964		2,898		1.0	%
Park Place Technologies, LLC(6)	First lien senior secured loan	SR +	5.00%	11/2027	9,687		9,258		9,518		3.1	%
Zayo Group Holdings, Inc.(6)	First lien senior secured loan	SR +	4.33%	03/2027	9,850		8,455		7,981		2.6	%
					26,787		24,939		24,651		8.1	%
Transportation
Echo Global Logistics, Inc.(6)	First lien senior secured loan	SR +	3.50%	11/2028	$	1,141	$	1,120	$	1,100	0.4	%
Safe Fleet Holdings, LLC(6)	First lien senior secured loan	SR +	3.75%	02/2029	3,975		3,932		3,972		1.3	%
Uber Technologies, Inc.(7)	First lien senior secured loan	SR +	2.75%	03/2030	3,970		3,960		3,966		1.3	%
					9,086		9,012		9,038		3.0	%

Total Debt Investments					$	953,942	$	930,182	$	937,763	310.0	%
Total Investments					$	953,942	$	930,182	$	937,763	310.0	%

_____________

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

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

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

(6)The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2023 was 5.32%.

135

(7)The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2023 was 5.40%.

(8)The interest rate on these loans is subject to 6 month SOFR, which as of September 30, 2023 was 5.47%.

(9)The interest rate on these loans is subject to 1 month LIBOR, which as of September 30, 2023 was 5.43%.

(10)The interest rate on these loans is subject to 3 month LIBOR, which as of September 30, 2023 was 5.66%.

(11)The interest rate on these loans is subject to 6 month LIBOR, which as of September 30, 2023 was 5.90%.

(12)The interest rate on these loans is subject to Prime, which as of September 30, 2023 was 8.50%.

(13)Level 3 investment.

(14)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	%

136


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
BW Holding, Inc.(9)	First lien senior secured loan	SR +	4.00%	12/2028	7,767		7,637		7,146		4.5	%
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	%

137


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
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	%

138


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
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
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	%