OCIC Redemptions: Blue Owl Credit Income Corp Paid 22.8%, Then 26.6% of Requests

What OCIC is, in one paragraph

OCIC is Blue Owl's flagship private credit fund for individual investors: a business development company that lends mostly to large private companies backed by private equity sponsors, more than 91% in senior secured loans by its own description, and sells shares every month at NAV through brokers and advisers. It launched in March 2021 and has raised $22.46 billion in its public and private offerings (8-K of September 23, 2026, excluding reinvested distributions). At August 31, 2026 it reported $18.7 billion of NAV, a $35.1 billion portfolio and $17.23 billion of debt outstanding, and the fund counts about 90,000 shareholders, not including investors who hold through feeder funds. There is no market for the shares. The exit is the quarterly tender offer for up to 5% of shares.

Eleven quarters of repurchases

Each row is the final amendment OCIC filed after the offer closed. Shares are the sum of Class S, D and I (our arithmetic); the price is the Class I net offering price at the quarter-end valuation date.

The break came all at once. Through September 2025 requests were 12-49 million shares a quarter and the fund paid them all. In the offer that closed December 31, 2025 requests reached 108.2 million shares and OCIC still took them all, using the rule that lets an issuer buy up to an extra 2% of its shares without extending the offer; it paid $1.01 billion, "the value of 5.2% of the aggregate number of the Company's shares outstanding as of September 30, 2025." Three months later requests were more than four times larger, 463.8 million shares, and from then on OCIC bought 5% and prorated.

The third quarter, and the 30% versus 60% in the October letter

OCIC's October 2026 shareholder update gives the third-quarter numbers before the final filing: requests of "$3.1 billion, or 16.8%" of shares outstanding at June 30, down from $3.6 billion (18.8%) and $4.2 billion (21.9%), and "OCIC will fulfill its 5% tender offer on a pro rata basis, approximately 30% of total shares tendered." Our arithmetic agrees: 5 divided by 16.8 is 29.8%. The letter adds that after this payment OCIC "will have provided shareholders with $2.8 billion of liquidity within six months, fulfilling approximately 60% of shareholders' original tender requests since the first quarter of 2026," and that "the vast majority of requests" were resubmissions of earlier ones.

Read the footnotes carefully. Footnote 4 describes the third quarter as "representing approximately 60% of each shareholder's tender request." On the fund's own numbers that 60% is the cumulative figure for someone who tendered everything in Q1 and resubmitted the rest each quarter (1 − 0.772 × 0.734 × 0.70 = 60%, our arithmetic), not the third-quarter fill, which is about 30%. A holder who first tendered in Q2 has had about 26.6% plus about 30% of the remainder, roughly 49%.

The other line that matters is in the FAQ filed with it: "Unfulfilled repurchase requests do not carry over to the next tender offer and must be resubmitted in any future quarterly tender offer window, with the next expected in December 2026."

OTIC: the same manager, a longer queue

Blue Owl Technology Income Corp (OTIC, CIK 1869453), its technology-lending sibling, shows the same pattern with roughly twice the pressure. Its January 2026 result shows it paid every share tendered in the offer that expired January 8, $527.2 million, "the value of 15.4%" of its shares at September 30, 2025. Then:

OTIC's own letter says demand "remained elevated relative to the broader non-traded BDC industry due to its specialized investment mandate," and that after the third quarter it will have filled "approximately 35% of original tender requests from the first quarter of 2026."

Why the queue formed: money in, money out

OCIC's monthly 8-K lists the cumulative shares and dollars raised in its public and private offerings, excluding reinvested distributions. Between the January and September 2026 reports that total rose $587.5 million; between the same reports in 2025 it rose $4,989.4 million. That is about 88% less money coming in (our arithmetic). In the July-to-September 2026 reports alone it rose $79.2 million. Against that, OCIC paid out $1.9 billion in tenders in the first two quarters of 2026 and has a $0.9 billion offer pending.

Net assets are from the 10-K and 10-Qs except August, from the monthly 8-K; debt outstanding and leverage are from the monthly 8-Ks. The direction is the story: since December debt rose $1.48 billion while net assets fell about $1.1 billion (our arithmetic). The fund frames this as capacity rather than strain. It reported $11.2 billion of available liquidity at August 31, says it "does not need to sell a single private loan to satisfy the tender offer," and that "approximately $4.0 billion in ordinary-course portfolio repayments" this year cover all 2026 tenders to date. Net leverage of 0.88x is below its 0.90x-1.25x target range.

NAV, income and the distribution

Class I NAV per share went from $9.57 at December 31, 2024 to $9.14 at August 31, 2026, down 4.5% (our arithmetic), with the low at $9.08 in June. The first quarter of 2026 was a loss: net assets from operations fell $80.4 million, before a $371.6 million gain in the second quarter (XBRL). Credit, by the fund's count, is clean: non-accruals of 0.2% of fair value at June 30 and "no new issuers on non-accrual" in 2026. About 6% of total investment income was paid in kind rather than cash, $103.6 million of $1,675.0 million in the first half of 2026 (XBRL; our arithmetic).

The monthly base distribution has been $0.0701 per share since August 2023, and the board has declared it through November 2026, a 9.2% annualized rate for Class I at the August NAV, per the fund. What went away were the extras: per-share distributions declared were $0.9493 in 2025, which included special distributions, and $0.4206 in the first half of 2026, exactly six months of the base. Net investment income covered 92.8% of distributions in 2025 and 98.4% in the first half of 2026 (our arithmetic from XBRL).

The Cox and Saba bid that never came

On February 20, 2026 Cox Capital Partners and Saba Capital filed a Schedule TO-C announcing a planned tender offer for OCIC shares, with an offer price "expected to be at a 20-35% discount to the most recent estimated net asset value." They filed the same notice for OTIC and OBDC II. For OBDC II a full offer followed at $3.80 (our read of OBDC II); for OCIC, as of October 4, 2026, no Schedule TO-T has been filed on EDGAR. On today's NAV, a 20-35% discount would be $5.94 to $7.31 a share for Class I (our arithmetic). Cox has bid for other funds since (every Cox offer on EDGAR).

What a holder can do with this

• If you tendered in Q2: you were paid 26.6% of what you tendered at $9.08 (Class I). The rest stayed invested and had to be resubmitted for Q3.
• If you tendered in Q3: expect about 30% of the request at the September 30 NAV, with the final figure in the Schedule TO-I/A due in late October.
• If you are deciding for December: fills have gone 22.8%, 26.6%, about 30% as requests fall. If requests keep falling at the same pace the fill keeps rising, but new money is a fraction of 2025's, so the queue depends on holders, not inflows.
• What would change the math: inflows recovering, the board buying more than 5% (it used the extra 2% in December 2025, not since), or a third-party offer below NAV for those who need all of the cash now.

FAQ

All figures are from SEC filings read on EDGAR on October 4, 2026: eleven OCIC Schedule TO-I/A final amendments (January 2024 to July 2026), the October 2, 2026 Form 8-K with the shareholder update and FAQ (Ex. 99.1 and 99.2, accession 0001193125-26-411315), 22 monthly Form 8-Ks (December 2024 to September 2026), XBRL data from the 2025 Form 10-K and 2026 Form 10-Qs, the February 20, 2026 Schedule TO-C, and OTIC's Schedule TO-I/A filings and October 2, 2026 update (accession 0001193125-26-411314). The third-quarter figures are the fund's preliminary estimates. Sums across classes, fill rates not stated in the filings, money raised between reports and the cumulative fill are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.