OCIC by Blue Owl: 2026 Overview of the Owl Rock/Blue Owl Direct Lending BDC
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OCIC by Blue Owl: 2026 Overview of the Owl Rock/Blue Owl Direct Lending BDC

OCIC Blue Owl: What Blue Owl Capital Income Corp (OCIC) Is and How It Works

OCIC by Blue Owl: What Blue Owl Capital Income Corp Is and How It Works
OCIC by Blue Owl: 2026 Overview of the Owl Rock/Blue Owl Direct Lending BDC

By CT Acquisitions Editorial Team, reviewed by senior M&A advisors. Last reviewed: June 2026.

OCIC Blue Owl (formally Blue Owl Capital Income Corp) is a non-listed perpetual-life business development company (BDC) managed by an affiliate of Blue Owl Capital Inc. (NYSE: OWL) that lends senior secured debt to private-equity-backed U.S. middle-market companies. As of the March 31, 2026 10-Q, OCIC held roughly $20.4 billion of investments at fair value across 344 portfolio companies, with 82.6% in first-lien senior secured loans. Blue Owl parent AUM crossed $273 billion at year-end 2025, per the Q4 2025 earnings release, making OCIC one of the largest private credit vehicles available to accredited retail investors through the non-traded BDC wrapper.

This guide explains what OCIC actually is, how it makes money, what you pay to own it, how you get in and out, and how it compares to Blue Owl’s listed BDCs, OBDC (formerly ORCC) and OBDE (formerly OBDC II). It is written for business owners, investors, and dealmakers who need a clear read on a vehicle that increasingly shows up on both sides of middle-market M&A financing.

What is OCIC by Blue Owl?

OCIC, ticker-less because it is not exchange-listed, is a Maryland corporation that has elected to be regulated as a business development company under the Investment Company Act of 1940 and taxed as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code. It was formed in 2020 as Owl Rock Core Income Corp, began investment operations on January 27, 2022, and rebranded to Blue Owl Capital Income Corp in mid-2023 following the Owl Rock and Dyal Capital merger that created Blue Owl Capital Inc.

The company files with the SEC under CIK 0001807046. Its N-2 registration statement, currently effective under Rule 415 for a continuous offering, is the primary document that governs share issuance, fees, and shareholder rights. As of the latest 10-Q, OCIC had 969.3 million shares outstanding across four common share classes (Class S, Class D, Class I, and Class F), with a March 31, 2026 net asset value per share of $8.85 for the Class I benchmark.

Because OCIC is non-listed, it does not trade on any exchange. Investors buy shares monthly at NAV plus applicable sales load, and exit either through the quarterly share repurchase program or, historically, through periodic tender offers.

Who manages OCIC?

The investment adviser is Blue Owl Credit Private Fund Advisors LLC, an SEC-registered adviser that is a wholly owned subsidiary of Blue Owl Capital Inc. Blue Owl’s credit platform, led by co-presidents Craig Packer and Marc Lipschultz, oversaw $138.9 billion of credit AUM as of December 31, 2025, per the Blue Owl Q4 2025 earnings release. The same investment team that runs OCIC also runs OBDC, OBDE, and multiple institutional direct lending funds, and portfolio companies are typically allocated across vehicles under the SEC exemptive relief order granted in 2018 (as amended).

Is OCIC publicly traded?

No. OCIC is a non-listed BDC. Its shares do not trade on the NYSE, Nasdaq, or OTC markets. Blue Owl operates two listed BDCs alongside OCIC: Blue Owl Capital Corporation (NYSE: OBDC), formerly Owl Rock Capital Corporation, and Blue Owl Capital Corporation III (NYSE: OBDE), formerly Owl Rock Capital Corporation III, which listed on the NYSE in January 2024. If you want daily liquidity in Blue Owl direct lending exposure, OBDC or OBDE are the vehicles that provide it.

Blue Owl Capital Inc.: the parent and its scale

Blue Owl Capital Inc. is the publicly traded asset manager (NYSE: OWL) that owns and controls OCIC’s adviser. Blue Owl reported $273.2 billion of AUM as of December 31, 2025, per the Q4 2025 earnings release published February 6, 2026, with three business lines: Credit ($138.9 billion), GP Strategic Capital ($68.6 billion), and Real Estate ($65.7 billion). Fee-paying AUM was $178.6 billion, and management fee revenue for FY 2025 was $2.05 billion.

The scale matters for OCIC holders in three ways. First, the direct lending sourcing engine is shared across every Blue Owl credit vehicle, so OCIC gets access to the same deal flow as the institutional funds. Second, Blue Owl underwrites large unitranche facilities up to and above $1 billion, letting OCIC hold meaningful positions in flagship LBOs without single-name over-concentration. Third, Blue Owl is one of a small number of direct lenders (alongside Ares, Blackstone Credit, KKR Credit, HPS, Golub, and Antares) that regularly leads or co-leads $500 million-plus middle-market financings, so OCIC’s origination pipeline is not dependent on syndicated broadly-marketed deals.

OCIC investment strategy: what it actually lends into

OCIC’s stated strategy under its N-2 is to invest primarily in senior secured loans to U.S. middle-market companies, defined as businesses with $10 million to $250 million of annual EBITDA. In practice, the portfolio skews to the upper middle market. Per the March 31, 2026 10-Q, the weighted-average portfolio company had approximately $217 million of annual EBITDA and a weighted-average loan-to-value of 43.5%, indicating substantial equity cushions below OCIC’s debt positions.

Roughly 96% of the portfolio (by fair value) is backed by private equity sponsors. The typical borrower is a sponsor-owned platform company financing an LBO, a bolt-on acquisition, a dividend recapitalization, or a refinancing of a prior facility. If you have ever run a leveraged buyout model, OCIC is the type of debt you were penciling in as the term loan B substitute in the capital structure.

Portfolio composition by security type

The 10-Q for the quarter ended March 31, 2026 breaks the OCIC portfolio down as follows (percentages by fair value):

Security type % of portfolio Approx. fair value
First-lien senior secured debt 82.6% ~$16.9B
Second-lien senior secured debt 3.9% ~$0.8B
Unsecured debt 0.7% ~$0.1B
Preferred equity 2.2% ~$0.4B
Common equity 2.1% ~$0.4B
Joint ventures 8.5% ~$1.7B

The joint venture line represents OCIC’s interests in unconsolidated investment vehicles that themselves hold senior secured loans, most notably OCIC Senior Loan Fund LLC. Adjusting for the JV look-through, effective first-lien exposure is close to 89% of the total book.

Industry concentration

OCIC’s five largest industries by fair value as of Q1 2026 were software (~13.9%), insurance (~12.1%), professional services (~7.1%), healthcare providers and services (~6.4%), and buildings and real estate (~5.9%). Software concentration is a common Blue Owl pattern because sponsor-owned recurring-revenue software companies have driven middle-market LBO activity for the past decade. That concentration is a double-edged variable: sponsors underwrite these deals to high recurring revenue quality, but a broad software revenue re-rating (as in mid-2022 through 2023) pressures underlying enterprise values and pushes some borrowers into covenant relief conversations.

Floating rate structure

Approximately 99.8% of OCIC’s debt investments are floating rate, indexed to SOFR (with a limited legacy tail on LIBOR-successor terms). The weighted-average interest rate on debt investments at fair value was 9.72% as of March 31, 2026, per the 10-Q. When SOFR falls, OCIC’s investment income falls, and vice versa. This is not a rate-locked bond fund, and any owner needs to model distribution sensitivity to the front end of the curve.

OCIC fee structure: what you actually pay

The OCIC fee stack has three main components: sales load on issuance, ongoing management fee, and incentive fee. Additionally, some share classes carry an ongoing distribution and shareholder servicing fee. All figures below reflect the current prospectus effective in 2026; see the N-2 for the definitive schedule.

Sales load

The upfront sales load differs by share class:

Share class Max upfront sales load Ongoing shareholder servicing / distribution fee Typical investor
Class S Up to 3.5% of gross investment 0.85% of NAV per year Retail via broker-dealer channels
Class D Up to 1.5% of gross investment 0.25% of NAV per year Fee-based advisory / wrap accounts
Class I No upfront load None RIAs, institutions, high-minimum private clients
Class F No upfront load 0.50% of NAV per year Certain intermediary platforms

The load is deducted at subscription; only the net amount buys shares. On a Class S investment of $100,000 at the maximum 3.5% load, you are placing $96,500 of NAV into the fund from day one, which extends your payback and lowers your effective yield on invested capital.

Management fee

OCIC pays the adviser a base management fee of 1.25% of the average value of gross assets (excluding cash), calculated and paid monthly. Because gross assets include leverage, the effective management fee on shareholder equity is materially higher. With OCIC running at approximately 1.10x debt-to-equity as of Q1 2026, the effective management fee on net equity is roughly 2.6% per year, before incentive fees.

Incentive fee

The incentive fee has two parts. On net investment income, OCIC pays 12.5% of the amount by which pre-incentive-fee net investment income exceeds a 5.0% annualized hurdle rate (measured on adjusted capital), subject to a catch-up so the adviser receives 100% of income between the hurdle and 5.71% annualized. Above 5.71%, the adviser and shareholders split at 12.5%/87.5%. On realized capital gains net of unrealized losses, OCIC pays 12.5% annually.

Compared with the older-generation BDC standard of 20% incentive fees with a 7% hurdle plus 100% catch-up, OCIC’s 12.5% rate is materially lower and reflects the market compression that started with the first non-traded BDCs launched in 2021.

Other operating expenses

The prospectus lists other operating expenses that flow through to shareholders, including administration fees paid to the administrator (Blue Owl Credit Advisors LLC), custody fees, audit and legal expenses, insurance premiums, transfer agent fees, and interest and other financing costs. Total annual expenses for Class I as reported in the fee table are approximately 8.3% assuming leverage at the top of the target range, of which the largest single component is interest expense on borrowings (approximately 5.4%), not fees paid to the adviser.

Distributions: how OCIC pays and how much

OCIC pays distributions monthly, declared and payable to holders of record. To maintain its RIC tax status, the company must distribute at least 90% of its taxable ordinary income each year. The annualized distribution rate has ranged from approximately 7.4% to 9.2% of NAV since inception, depending on share class and the prevailing short rate environment.

Recent distribution rate

Based on the June 2026 monthly declaration, the annualized Class I distribution rate is approximately 8.6% of NAV. Class S and Class F rates run lower by the amount of their respective ongoing servicing fees. Distributions have been fully covered by net investment income in every quarter since 2023, per the 10-K MD&A. There has been no return-of-capital component in the distribution since Q3 2022, when the fund was still in its initial ramp phase.

Tax treatment

Because floating-rate senior loan income is taxed as ordinary income, the majority of OCIC distributions arrive in the shareholder’s hands taxed at ordinary rates (up to 37% federal for 2026 top bracket), plus applicable state income tax and the 3.8% net investment income tax where it applies. Some portion of distributions may be classified as long-term capital gains or return of capital in specific years, but investors should model OCIC income as ordinary for planning purposes.

Because of the ordinary-income tax treatment, OCIC and similar non-traded BDCs are frequently held inside tax-deferred accounts (IRAs, defined-benefit plans, defined-contribution plans permitted to hold BDCs) where the ordinary-rate drag is deferred until distribution.

OCIC share classes: which one you actually get

OCIC has four common share classes, each with different fee economics and distribution channels:

Class Distribution channel Minimum Ongoing fee Sales load
Class S Full-service brokerage $2,500 0.85% Up to 3.5%
Class D Fee-based advisory $2,500 0.25% Up to 1.5%
Class I Institutional / RIA / large private client $1,000,000 None None
Class F Certain intermediary platforms $2,500 0.50% None

The right class depends on your intermediary, not on your preference. A brokerage relationship typically forces you into Class S. An RIA or fee-based advisor can generally access Class I on your behalf if the platform aggregate qualifies for the $1 million minimum. If your advisor has a choice, Class I is meaningfully cheaper over any multi-year hold.

Subscription mechanics: how you buy in

OCIC accepts subscriptions monthly. Subscribers submit paperwork and funds through their intermediary; the subscription is settled on the first business day of the next month at that month’s NAV per share, calculated and reported by Blue Owl typically within 15 business days of month-end. Because settlement is monthly, the price you get is not the NAV on the day you signed the subscription; it is the NAV on the effective date.

Blue Owl has the right to reject or modify subscriptions in whole or in part in its discretion. In practice, the fund has raised at scale every month since 2022. Gross monthly capital raised across all Blue Owl non-listed credit vehicles has averaged well above $500 million per month through 2025, according to Blue Owl’s disclosed monthly fundraising updates.

Redemption program: how you get out

OCIC operates a share repurchase program (SRP) that offers limited quarterly liquidity. Under the current program, OCIC intends to offer to repurchase up to 5% of the aggregate NAV of outstanding shares each quarter (or approximately 1.25% per month if calculated pro-rata monthly under a monthly SRP structure). Repurchase price is the transaction-date NAV per share, less any applicable early repurchase discount for shares held less than one year.

Early repurchase deduction

Shares tendered for repurchase within the first year of purchase are subject to a 2% deduction from the NAV repurchase price. There is no deduction on shares held one year or longer. This is standard for non-traded BDCs and mirrors the early repurchase mechanics used by peer vehicles.

Proration risk

If aggregate quarterly repurchase requests exceed the 5% cap, the board may prorate repurchase requests, meaning holders receive only their pro-rata share of the offered repurchase and remain in the vehicle for the balance. Under sustained heavy redemption pressure, boards of non-traded BDCs have historically suspended or reduced repurchase programs entirely. During the 2022-2023 CRE-related BDC and REIT redemption episode, several large non-traded vehicles gated redemptions. OCIC has not gated its SRP through Q1 2026, but the risk that a future stress event triggers proration or suspension is a genuine liquidity risk to model.

Tender offer program: a historical detail

Prior to the codified share repurchase program, non-traded BDCs including OCIC used periodic Rule 13e-4 tender offers to provide investor liquidity. OCIC still retains the ability to conduct discretionary tender offers alongside the SRP, though the SRP is now the primary liquidity mechanism. If the board determines that a tender offer serves shareholder interests better than the quarterly SRP in a specific quarter, the board may authorize one under Rule 13e-4.

Risks: what can actually go wrong

OCIC’s N-2 lists 60-plus pages of risk factors. The material ones for a typical investor cluster around four themes.

Credit risk in portfolio companies

OCIC lends to leveraged, sponsor-backed companies. Portfolio company defaults, restructurings, and covenant breaches directly reduce fair value and can suspend interest accrual. Non-accrual investments as of March 31, 2026 were approximately 0.9% of the portfolio at fair value, historically low compared with the direct lending market’s ~2-3% typical range. That low non-accrual figure reflects a still-benign default environment and Blue Owl’s underwriting discipline; it will not persist in a genuine credit downturn.

Leverage risk

OCIC borrows against its portfolio through subscription facilities, revolving credit facilities, CLO issuances, and unsecured notes. Debt-to-equity was approximately 1.10x at Q1 2026, close to the fund’s target 1.0-1.25x range. Leverage amplifies returns in both directions. In a scenario where portfolio fair values decline meaningfully, the leverage ratio rises mechanically, potentially forcing asset sales or triggering financing covenants.

Interest rate risk

Because both assets and much of the liability side are floating, OCIC has partial rate offset, but the offset is not complete. Investment income moves faster than financing cost as SOFR resets, so a large SOFR decline compresses net investment income and reduces distribution coverage. A 100 basis point decline in SOFR, holding other variables constant, is disclosed in the 10-Q as reducing annualized net investment income by approximately $147 million, or roughly $0.15 per share.

Liquidity and valuation risk

OCIC investments are illiquid Level 3 fair-value assets. NAV per share reflects the adviser’s fair value determinations reviewed by the board, not observable market prices. In an actual credit stress event, marks lag observable proxies (like the Cliffwater Direct Lending Index or the LSTA leveraged loan index), and the offered repurchase price at NAV may not reflect the price at which a portfolio could actually be liquidated. This is not unique to OCIC. It is a structural feature of every non-listed BDC.

OCIC vs OBDC vs OBDE: choosing the right Blue Owl BDC

Blue Owl runs three BDCs available to U.S. investors. All three lend to similar borrowers, share the same origination platform, and are managed by essentially the same investment team. They differ meaningfully in liquidity, fee structure, and price-to-NAV dynamics.

Feature OCIC OBDC OBDE
Listing Non-listed NYSE listed NYSE listed
Ticker None OBDC OBDE
Structure Perpetual non-listed BDC Publicly traded BDC Publicly traded BDC
Investments at fair value (Q1 2026) ~$20.4B ~$13.7B ~$4.0B
Portfolio companies 344 230+ 190+
First-lien % ~82.6% ~76% ~93%
Base management fee 1.25% of gross assets 1.50% of gross assets 1.25% of gross assets
Income incentive fee 12.5% over 5% hurdle 17.5% over 6% hurdle 12.5% over 6% hurdle
Liquidity mechanism Quarterly SRP, 5% of NAV Daily NYSE trading Daily NYSE trading
Typical distribution yield ~8.5-9.0% on NAV ~10.5-11.5% on market price ~10.0-11.0% on market price

OBDE ticker note: OBDE listed on the NYSE on January 24, 2024, after operating as the non-listed Owl Rock Capital Corporation III. Its earlier public filings appear under the OBDE ticker only after that date.

When OCIC makes sense

OCIC works for investors who want direct lending exposure without market-price volatility, who can tolerate quarterly liquidity, and who value monthly NAV-based subscription and redemption over daily price discovery. If you cannot stomach OBDC trading at 0.85x NAV during a credit scare, OCIC provides psychological cover, though the underlying assets face the same credit risk.

When OBDC or OBDE makes sense

OBDC and OBDE offer daily liquidity, the potential to buy at a discount to NAV, and the ability to trade tax-loss positions. In late 2022 and mid-2023, OBDC traded as low as 0.82x NAV, allowing patient buyers to compound distributions off a discounted cost basis. That optionality does not exist in OCIC. When the listed BDCs trade meaningfully below NAV and the credit backdrop is not materially deteriorating, the listed vehicles typically offer a better risk-adjusted entry.

OCIC vs peer non-traded BDCs

OCIC competes against a growing lineup of non-traded BDCs for retail and RIA channel dollars. Direct peers include Blackstone Private Credit Fund (BCRED), Ares Strategic Income Fund (ASIF), Golub Capital Private Credit Fund (GCRED), HPS Corporate Lending Fund (HLEND), Nuveen Churchill Private Capital Income Fund (NC-PCAP), and KKR FS Income Trust and successor vehicles.

All of these run broadly similar strategies: floating-rate senior secured loans to PE-backed U.S. middle-market companies, monthly subscriptions, quarterly SRPs, monthly distributions. Differentiation is real but narrow. OCIC and BCRED have the largest scale (BCRED sits above $80 billion, OCIC above $20 billion). Blue Owl and Blackstone both have sourcing platforms deep enough that no single deal drives portfolio outcomes. HPS and Golub differentiate on sector focus and covenant discipline. KKR and Ares bring integrated LBO-adjacent perspectives from the sponsor side.

None of these vehicles is materially cheaper than OCIC on management fee, and none has a clearly better credit track record on a scaled non-traded BDC basis. The choice among them for most investors comes down to advisor availability, share class access, and prior familiarity with the sponsor.

OCIC financial summary: recent numbers

Selected metrics from the OCIC Q1 2026 10-Q (three months ended March 31, 2026):

Metric Value
Total investments at fair value $20.4B
Total net assets $8.58B
NAV per Class I share $8.85
Debt-to-equity ratio 1.10x
Number of portfolio companies 344
Weighted average yield on debt investments (fair value) 9.72%
Non-accrual investments (fair value) ~0.9%
Quarterly net investment income ~$185M
Quarterly total distributions declared ~$183M
Distribution coverage ~101%

Distribution coverage of approximately 101% means net investment income essentially fully covered distributions declared. That coverage has held above 100% since Q3 2023. In a rate-cut environment, coverage compresses, and the board has flexibility to reduce the base distribution while maintaining a supplemental distribution linked to earnings.

Regulatory and tax framework: how OCIC is legally structured

BDC election under the 1940 Act

OCIC elected to be regulated as a business development company on filing its N-2. BDC status requires that at least 70% of assets be qualifying investments in “eligible portfolio companies,” which broadly means U.S. private companies plus certain small public companies. BDCs may borrow up to a 200% asset coverage ratio (equivalent to 2:1 debt-to-equity), a limit expanded from the previous 100% coverage after the Small Business Credit Availability Act of 2018.

RIC tax election under Subchapter M

OCIC elects RIC treatment under Subchapter M, meaning it deducts distributions to shareholders and avoids entity-level federal income tax provided it distributes at least 90% of net investment income. Because RIC status requires ongoing compliance with income source, diversification, and distribution tests, any material portfolio composition change is calibrated against those tests.

Investor eligibility

OCIC shares can be sold only to investors who meet suitability standards specified in the prospectus and, in most states, applicable state suitability standards. Typical investor eligibility requires either a minimum net worth (excluding home, home furnishings, and automobiles) plus annual income, or a higher net worth alone. State-specific suitability standards apply and vary; check the prospectus supplement for your state.

An M&A advisor’s perspective on OCIC and non-traded BDCs

Sitting on the sell-side of lower-middle-market M&A, we routinely see OCIC and its peers show up in two places. First, on the buy-side of an LBO, as the term loan lender behind a PE-backed strategic buyer paying for our client’s business. Second, on the sell-side conversation, as a portfolio company that a large sponsor is exiting and we hear about through the market. Understanding how the non-traded BDC ecosystem prices and structures middle-market debt is not academic. It changes how PE bidders think about achievable leverage, which changes valuation multiples, which changes what your business is actually worth.

When SOFR is high and non-traded BDC coverage ratios are tight, PE bidders lean toward earnouts and seller notes to stretch effective leverage without triggering unitranche pricing that would compress equity IRR. When SOFR falls and direct lending capacity is deep, PE bidders come in with cleaner all-cash offers and less structural creativity because financing is cheap and easy. Understanding OCIC-style capital, its cost, and its availability is part of understanding your own exit market.

If you are early in an exit conversation and want a practitioner read on what your business looks like to a PE bidder financed by OCIC, BCRED, or peer capital, our sell-side advisory team maps buyer universes with financing structure explicitly modeled into the offer analysis. If you are on the buy-side and evaluating whether direct lending or bank financing gets you to a better bid, our buy-side engagement integrates lender comparison as part of standard scope.

What OCIC’s underwriting says about the middle-market financing environment

Because OCIC reports quarterly with detailed portfolio, non-accrual, and yield data, its 10-Qs are a useful window into what direct lenders are actually seeing in real deals. Two signals from the recent filings deserve attention.

First, weighted-average loan-to-value stayed anchored around 43-46% through the 2024-early 2026 period, meaning sponsors are still contributing equity in the 55-58% range against senior debt. That is a conservative capital structure by historical LBO standards. It reflects a market where lenders are pricing risk carefully and sponsors are willing to write bigger equity checks to secure deals.

Second, non-accrual rates below 1% at fair value across the Blue Owl BDC book, when broader syndicated leveraged loan market default rates were higher, indicates a discipline gap between direct lending and the syndicated market. Middle-market sponsor-backed borrowers with genuine strategic value have continued to service floating-rate senior debt through the high rate environment. That does not mean the credit cycle is over; it means direct lending has proven more resilient than pre-cycle skeptics predicted.

For business owners running $10 million to $100 million EBITDA companies, this is directly relevant. It means the pool of buyers with committed financing to pay compelling multiples for your business remains deep. It means well-run middle-market companies are getting the kind of financing that supports 8-11x EBITDA acquisition multiples. And it means the negotiating leverage in a well-prepared exit still favors sellers who bring quality of earnings, clean books, and defensible growth stories to market.

The counterpoint: if OCIC and peer non-accrual rates rise materially through 2026 or 2027, expect PE bidders to tighten purchase price multiples, extend earnout periods, and negotiate harder on working capital adjustments. Watching the direct lending BDC portfolio quality prints is watching one of the leading indicators of your own exit multiple.

How to actually value a Blue Owl BDC position

Whether OCIC or a listed peer, three drivers determine the return you will earn from here.

Distribution yield less fees

Start with the current gross distribution yield on NAV (roughly 8.5% for OCIC Class I as of June 2026). Subtract any share-class ongoing fee (0.00% for Class I, 0.85% for Class S, and so on). Subtract expected credit losses, which for a properly diversified senior secured BDC portfolio in a normal environment average roughly 40-80 basis points per year of NAV. The residual is what you can reasonably expect to compound.

NAV drift

Ordinary net investment income covers distributions. But unrealized gains and losses on the portfolio also affect NAV. In a benign environment, NAV drifts sideways or slightly up. In a credit scare, NAV drifts down 3-10% as the adviser marks portfolio companies to lower fair values. Model NAV as flat in your base case and stress test both directions.

Duration

The floating-rate structure means a large SOFR cut cycle would meaningfully compress OCIC’s income yield and, over time, its distribution rate. Model the same three-year hold assuming SOFR at current, 200 bp lower, and 200 bp higher. The gap between the three scenarios is your rate-sensitivity range, and it will move your total return by more than any adviser fee change.

Bottom line on OCIC

OCIC is a legitimate scaled non-listed BDC managed by one of the top three direct lending platforms in the U.S. It owns a diversified pool of first-lien senior secured loans to PE-backed middle-market companies, distributes roughly 8.5% annually, and offers limited quarterly liquidity through a share repurchase program. It is not a substitute for daily-liquid public equities, and its non-listed structure means the price you pay to enter and exit is the adviser-determined NAV, not a market-clearing price. For investors who understand those trade-offs and want direct lending exposure through a sponsor with deep sourcing, OCIC is a defensible core allocation.

For business owners: what OCIC and its peers finance today is what the PE buyers of your business tomorrow will use to fund the deal. Understanding that capital pool is part of understanding your own market.

Frequently Asked Questions

What is OCIC Blue Owl?

OCIC is Blue Owl Capital Income Corp, a non-listed perpetual business development company managed by Blue Owl Capital. It invests primarily in first-lien senior secured loans to U.S. private-equity-backed middle-market companies. As of March 31, 2026, OCIC held approximately $20.4 billion of investments across 344 portfolio companies and distributed monthly at an annualized rate near 8.5% of NAV for Class I shares.

Is OCIC publicly traded?

No, OCIC is a non-listed BDC and does not trade on any exchange. Investors subscribe monthly at NAV plus applicable sales load, and exit through a quarterly share repurchase program that offers up to 5% of aggregate NAV each quarter. Blue Owl’s listed BDCs are OBDC on the NYSE (formerly Owl Rock Capital Corporation) and OBDE on the NYSE (formerly Owl Rock Capital Corporation III), which listed in January 2024.

What is the OCIC distribution yield?

OCIC’s annualized distribution rate on Class I NAV was approximately 8.6% as of the June 2026 monthly declaration. Class S and Class F carry lower net yields to shareholders because they bear ongoing distribution and shareholder servicing fees. Distributions are declared and paid monthly and have been fully covered by net investment income since Q3 2023 per the 10-K MD&A.

Who manages OCIC?

Blue Owl Credit Private Fund Advisors LLC, an SEC-registered investment adviser and a wholly owned subsidiary of Blue Owl Capital Inc. (NYSE: OWL), manages OCIC. Blue Owl’s credit platform, co-led by Craig Packer and Marc Lipschultz, oversaw approximately $138.9 billion of credit AUM at year-end 2025 across OCIC, OBDC, OBDE, and multiple institutional direct lending vehicles.

What are the fees on OCIC?

OCIC charges a base management fee of 1.25% of gross assets (excluding cash) annually, plus a 12.5% incentive fee on net investment income above a 5.0% annualized hurdle and a 12.5% incentive fee on realized net capital gains. Class S shares carry an ongoing 0.85% shareholder servicing fee plus up to a 3.5% upfront sales load. Class I shares carry no upfront load and no ongoing servicing fee but have a $1 million minimum investment.

How do you redeem OCIC shares?

OCIC offers a share repurchase program that intends to repurchase up to 5% of aggregate NAV each quarter at the transaction-date NAV per share. Shares held less than one year are subject to a 2% early repurchase deduction. If aggregate quarterly requests exceed the 5% cap, the board may prorate repurchase requests, meaning holders receive only a portion of their tendered shares repurchased.

What is the difference between OCIC and OBDC?

OCIC is Blue Owl’s non-listed perpetual BDC with quarterly limited liquidity; OBDC is Blue Owl’s flagship NYSE-listed BDC with daily liquidity. Both invest in senior secured loans to PE-backed middle-market borrowers through the same origination platform. OCIC has approximately $20.4 billion of investments across 344 companies; OBDC has approximately $13.7 billion across 230-plus companies. OBDC can trade above or below NAV; OCIC prices only at NAV.

Is OCIC a good investment?

OCIC offers scaled diversified exposure to U.S. middle-market direct lending with a competitive distribution yield and a lower fee structure than older-generation non-traded BDCs. It suits investors who want direct lending exposure, understand quarterly liquidity constraints, and can tolerate NAV drift in a credit downturn. It does not suit investors needing daily liquidity, and holders should always compare it against listed Blue Owl BDCs trading at a discount to NAV before allocating.

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