Owl Rock Core Income Corp.
11/26/2025 | Press release | Distributed by Public on 11/26/2025 15:06
Private Placement (Form 8-K)
Item 3.02. Unregistered Sale of Equity Securities.
As of November 3, 2025, Blue Owl Credit Income Corp. (the "Company," "we" or "us") sold unregistered shares of its Class I common stock to feeder vehicles primarily created to hold the Company's Class I shares. The offer and sale of these Class I shares was exempt from the registration provisions of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) and/or Regulation S thereunder (the "Private Offering"). The following table details the shares sold:
| Date of Unregistered Sale | Approximate Number of Shares of Class I Common Stock | Consideration | ||||||||||||
|
As of November 3, 2025 (number of shares finalized on November 25, 2025)
|
4,068,830 | $ | 38,165,626 | |||||||||||
Item 8.01. Other Events.
Distribution
On November 4, 2025, the Company's board of directors declared the monthly distributions payable on or before December 31, 2025, January 31, 2026 and February 28, 2026 to shareholders of record as of November 28, 2025, December 31, 2025, and January 30, 2026. The amount of each such monthly distribution was as follows:
| Class of Common Shares | Gross Distribution |
Shareholder Servicing Fee(1)
|
Net Distributions(1)
|
|||||||||||||||||
| Class I | $ | 0.07010 | $ | 0.00000 | $ | 0.07010 | ||||||||||||||
| Class S | $ | 0.07010 | $ | 0.00663 | $ | 0.06347 | ||||||||||||||
| Class D | $ | 0.07010 | $ | 0.00195 | $ | 0.06815 | ||||||||||||||
| (1) |
Based on October 31, 2025 net asset value.
|
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On November 4, 2025, the Company's board of directors declared the following special distributions payable on or before January 31, 2026 to shareholders of record as of December 31, 2025:
| Class of Common Shares | Gross Distribution | Shareholder Servicing Fee | Net Distributions | ||||||||||||||||||||
| Class I | $ | 0.01000 | $ | 0.00000 | $ | 0.01000 | |||||||||||||||||
| Class S | $ | 0.01000 | $ | 0.00000 | $ | 0.01000 | |||||||||||||||||
| Class D | $ | 0.01000 | $ | 0.00000 | $ | 0.01000 | |||||||||||||||||
Status of the Offering
The Company is currently publicly offering on a continuous basis up to $14.0 billion (the "Current Offering") in shares of Class S, Class D and Class I common stock (the "Shares") and previously offered on a continuous basis up to $13.5 billion (the "Follow-On Offering") and up to $2.5 billion (the "Initial Offering" and together with the Follow-On Offering and the Current Offering, the "Offering") in Class S, Class D and Class I Shares. Additionally the Company has sold unregistered Shares as part of the Private Offering. The following table lists the Shares issued and total consideration for both the Offering and the Private Offering as of the date of this filing. The table below does not include Shares issued through the Company's distribution reinvestment plan.
| Offering | Common Shares Issued |
Total Consideration
|
||||||||||||
|
Class S Shares
|
704,034,225 | $ | 6,660,872,826 | |||||||||||
|
Class D Shares
|
105,380,522 | $ | 983,636,846 | |||||||||||
|
Class I Shares
|
1,282,067,344 | $ | 12,052,690,089 | |||||||||||
| Private Offering | ||||||||||||||
|
Class I Shares
|
157,881,581 | $ | 1,493,201,691 | |||||||||||
| Total Offering and Private Offering* | 2,249,363,672 | $ | 21,190,401,452 | |||||||||||
| * |
Includes seed capital of $1,000 contributed by Blue Owl Credit Advisors LLC (the "Adviser") in September 2020 and approximately $25.0 million in gross proceeds raised from an entity affiliated with the Adviser.
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November 3, 2025 Public Offering Price
In accordancewith the Company's share pricing policy, we intend to sell our shares on the first of each month at a net offering price that we believe reflects the net asset value per share at the end of the preceding month. The November 3, 2025public offering price for each of our share classes is approximately equal to such class's NAV per share as of October 31, 2025, plus applicable maximum upfront sales load.
|
Net Asset (per share) |
Maximum Offering Price (per share) | ||||||||||
| Class S | $9.36 | $9.69 | |||||||||
| Class D | $9.37 | $9.51 | |||||||||
| Class I | $9.38 | $9.38 | |||||||||
The average debt-to-equity leverage ratio during the month-to-date period ended October 31, 2025 was 0.69x. The table below summarizes the company's committed debt capacity and drawn amounts as of October 31, 2025.
| ($ in thousands) | Aggregate Principal Committed | Outstanding Principal | |||||||||
|
Revolving Credit Facility(1)
|
$ | 3,775,000 | $ | 1,357,954 | |||||||
| SPV Asset Facility I | 650,000 | 174,000 | |||||||||
| SPV Asset Facility II | 2,000,000 | 807,000 | |||||||||
| SPV Asset Facility III | 1,800,000 | 1,030,000 | |||||||||
| SPV Asset Facility IV | 500,000 | - | |||||||||
| SPV Asset Facility V | 750,000 | 506,250 | |||||||||
| SPV Asset Facility VI | 1,350,000 | 446,000 | |||||||||
|
SPV Asset Facility VII(1)
|
500,000 | 313,270 | |||||||||
| SPV Asset Facility VIII | 1,000,000 | 475,000 | |||||||||
| SPV Asset Facility IX | 300,000 | 100,000 | |||||||||
| CLO VIII | 375,000 | 375,000 | |||||||||
| CLO XI | 260,000 | 260,000 | |||||||||
| CLO XV | 312,000 | 312,000 | |||||||||
| CLO XVI | 420,000 | 420,000 | |||||||||
| CLO XVII | 325,000 | 325,000 | |||||||||
| CLO XVIII | 260,000 | 260,000 | |||||||||
| CLO XIX | 260,000 | 260,000 | |||||||||
| CLO XXII | 737,500 | 737,500 | |||||||||
| September 2026 Notes | 350,000 | 350,000 | |||||||||
| February 2027 Notes | 500,000 | 500,000 | |||||||||
| September 2027 Notes | 600,000 | 600,000 | |||||||||
| May 2028 Notes | 500,000 | 500,000 | |||||||||
| June 2028 Notes | 650,000 | 650,000 | |||||||||
| January 2029 Notes | 550,000 | 550,000 | |||||||||
| September 2029 Notes | 900,000 | 900,000 | |||||||||
| March 2031 Notes | 750,000 | 750,000 | |||||||||
| March 2030 Notes | 1,000,000 | 1,000,000 | |||||||||
|
EUR 2031 Notes(1)
|
577,215 | 577,215 | |||||||||
|
AUD 2027 Notes(1)
|
300,059 | 300,059 | |||||||||
| Total Debt | $ | 22,251,773 | $ | 14,836,248 | |||||||
| (1) |
Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies and cross-currency swap.
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Of the Company's committed debt capacity, $15.55 billion (69.9%) is in secured floating rate leverage, $0.03 billion (0.1%) is in secured fixed rate leverage, and $6.68 billion (30.0%) is in unsecured fixed rate leverage. Of the Company's $6.68 billion unsecured fixed rate leverage, $5.83 billion is hedged by interest rate swaps for which we receive fixed rate interest and pay variable rate interest.
Portfolio Update
As of October 31, 2025, we had debt investments in 343 portfolio companies with an aggregate par value of $32.89 billion. As of October 31, 2025, based on par value, our portfolio consisted of 88.5% first lien debt investments, 4.6% second lien debt investments, 1.3% unsecured debt investments, 0.4% specialty finance debt investments, 1.4% preferred equity investments, 0.8% common equity investments, 1.9% specialty finance equity investments, and 1.1% joint ventures. As of October 31, 2025, 98.7% of the debt investments based on par value in our portfolio were at floating rates. The table below describes investments by industry composition based on par value, excluding equity investments, as of October 31, 2025.
| Industry |
Par ($ in thousands) |
% of Par | ||||||||||||
| Healthcare providers and services | $ | 4,844,589 | 14.6 | % | ||||||||||
| Internet software and services | 3,705,603 | 11.3 | % | |||||||||||
| Insurance | 2,784,793 | 8.5 | % | |||||||||||
| Healthcare equipment and services | 2,375,730 | 7.2 | % | |||||||||||
| Financial services | 2,244,456 | 6.8 | % | |||||||||||
| Healthcare technology | 1,747,829 | 5.3 | % | |||||||||||
| Business services | 1,709,106 | 5.2 | % | |||||||||||
| Food and beverage | 1,533,323 | 4.7 | % | |||||||||||
| Professional services | 1,327,185 | 4.0 | % | |||||||||||
| Buildings and real estate | 1,061,906 | 3.2 | % | |||||||||||
| Distribution | 956,532 | 2.9 | % | |||||||||||
| Leisure and entertainment | 883,235 | 2.7 | % | |||||||||||
| Manufacturing | 847,067 | 2.6 | % | |||||||||||
| Telecommunications | 814,419 | 2.5 | % | |||||||||||
| Containers and packaging | 798,005 | 2.4 | % | |||||||||||
| Chemicals | 777,573 | 2.4 | % | |||||||||||
| Consumer products | 617,912 | 1.9 | % | |||||||||||
| Automotive services | 609,454 | 1.9 | % | |||||||||||
| Specialty retail | 532,561 | 1.6 | % | |||||||||||
| Infrastructure and environmental services | 488,141 | 1.5 | % | |||||||||||
| Advertising and media | 471,734 | 1.4 | % | |||||||||||
| Household products | 355,014 | 1.1 | % | |||||||||||
| Aerospace and defense | 319,340 | 1.0 | % | |||||||||||
| Asset based lending and fund finance | 290,136 | 0.9 | % | |||||||||||
| Education | 206,539 | 0.6 | % | |||||||||||
| Transportation | 173,749 | 0.5 | % | |||||||||||
| Pharmaceuticals | 152,519 | 0.5 | % | |||||||||||
| Human resource support services | 133,472 | 0.4 | % | |||||||||||
| Energy equipment and services | 89,185 | 0.3 | % | |||||||||||
| Automotive aftermarket | 35,285 | 0.1 | % | |||||||||||
| Total | $ | 32,886,392 | 100.0 | % | ||||||||||
Past performance is not necessarily indicative of future performance, and there can be no assurance that we will achieve comparable investment results, or that any targeted returns will be met.
Statements contained herein that are not historical facts are based on current expectations, estimates, projections, opinions, and/or beliefs of our management. Such statements involve known and unknown risks, uncertainties, and other factors, and undue reliance should not be placed thereon. Certain information contained herein constitutes "forward-looking statements," which can be identified by the use of terms such as "may", "will", "should", "expect", "project", "estimate", "intend", "continue", "target", or "believe" (or the negatives thereof) or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or our actual performance may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward-looking statements in making their investment decisions.
The estimates presented above are based on management's preliminary determinations only and, consequently, the data set forth in our Form 10-Q or 10-K may differ from these estimates, and any such differences may be material. In addition, the information presented above does not include all of the information regarding our financial condition and results of operations that may be important to investors. As a result, investors are cautioned not to place undue reliance on the information presented above. The information presented above is based on management's current expectations that involve substantial risk and uncertainties that could cause actual results to differ materially from the results expressed in, or implied by, such information. We assume no duty to update these preliminary estimates except as required by law.
Neither KPMG LLP, our independent registered public accounting firm, nor any other independent accountants, have audited, reviewed, compiled or performed procedures with respect to the preliminary financial data contained herein. Accordingly, KPMG LLP does not express an opinion or any form of assurance with respect thereto and assumes no responsibility for, and disclaims any association with, this information.
Owl Rock Core Income Corp. published this content on November 26, 2025, and is solely responsible for the information contained herein. Distributed via EDGAR on November 26, 2025 at 21:06 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]