Doug Ostrover, Co-CEO of Blue Owl Capital, along with key executives provide context on the announcement, address recent headlines, and reinforce the strength and long-term conviction behind the Blue Owl platform.
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The sale of $1.4bn of investments at 99.7% of par value underscores the rigor of our underwriting and the quality of our portfolio.
We are not halting liquidity for OBDC II. In fact, the impetus for the transaction was to accelerate the return of capital for the ~10‑year‑old fund, which was designed with a finite life.
Subject to board approval, investors in OBDC II are expected to receive approximately 30% of capital within the next 45 days — about 6x a typical quarterly tender amount.
Strong demand for our assets allowed us to increase the transaction in order to modestly optimize our portfolios in OBDC and OTIC.
OCIC was not involved in this transaction. Only OBDC, OBDC II, and OTIC were strategically included.
In all cases, our funds maintain their strong performance, with meaningful monthly income and minimal investment losses.
OCIC: generated an ITD return of 9.7% for Class I, 9.4% for Class D, and 8.8% for Class S. The annualized total distribution rate was 9.4% for Class I, 9.1% for Class D, and 8.5% for Class S, with an average annual net gain/loss rate of -14bps since inception.1,2,3
OTIC: generated an ITD return of 10.8% for Class I, 10.5% for Class D, and 9.8% for Class S. The annualized total distribution rate was 8.6% for Class I, 8.4% for Class D, and 7.8% for Class I, with an average annual net gain/loss rate of 3bps since inception3,4,5
OBDC II: generated an ITD return of 9.3%, distribution rate of 8.4%, with an average annual net gain/loss rate of only -27bps since inception3,6,7
We believe short‑term volatility driven by negative sentiment can potentially lead to moderate spread widening, creating attractive investment opportunities for established private direct lenders like Blue Owl.
This transaction represents a small portion of Blue Owl’s overall business. We remain a diversified $307B AUM asset manager with scaled capabilities across Real Assets, GP Strategic Capital and Credit.
Reach out to member of our Private Wealth team today.
Individual investors, please contact your financial advisor for more information.
Endnotes
1. Past performance is not a guarantee of future results. Returns are compounded monthly. Total return is calculated as the change in monthly NAV (assuming any dividends and distributions, net of shareholder servicing fees, are reinvested in accordance with the Company’s dividend reinvestment plan), if any, divided by the beginning NAV. Returns greater than one year are annualized. Returns reflect reinvestments of distributions and the deduction of ongoing expenses that are borne by investors, such as management fees, incentive fees, servicing fees, interest expense, offering costs, professional fees, director fees and other general and administrative expenses. An investment in the Company is subject to a maximum upfront sales load (Class S: 3.5%, Class D: 1.5%, Class I: No sales load) which will reduce the amount of capital available for investment. 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. Total returns based on the max upfront fee load for an investor starting at the inception of the respective share class, which for Class S is April 1, 2021 and for Class D and Class I are March 1, 2021. Class I does not have upfront fees.
Class S (With Max Sales Load): -2.83% (1-mo), -1.93% (3-mo), 3.48% (YTD), 3.48% (1-yr), 9.49% (3-yr), 7.99% (ITD)
Class S (No Sales Load): 0.57% (1-mo), 1.51% (3-mo), 7.10% (YTD), 7.10% (1-yr), 10.75% (3-yr), 8.77% (ITD)
Class D (With Max Sales Load): -0.87% (1-mo), 0.15% (3-mo), 6.14% (YTD), 6.14% (1-yr), 10.85% (3-yr), 9.05% (ITD)
Class D (No Sales Load): 0.62% (1-mo), 1.66% (3-mo), 7.73% (YTD), 7.73% (1-yr), 11.40% (3-yr), 9.39% (ITD)
Class I (No Sales Load): 0.64% (1-mo), 1.61% (3-mo), 7.87% (YTD), 7.87% (1-yr), 11.66% (3-yr), 9.67% (ITD)
2. Distribution payments are not guaranteed. Blue Owl Credit Income Corp. may pay distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and advances or the deferral of fees and expense reimbursements. The annualized distribution rate shown is calculated by multiplying the sum of the last three base distributions per share paid and special distribution per share paid by four, and dividing the result by the NAV per share of the month preceding the relevant three month period. Excluding special dividends, the Fund declared an annualized distribution amount of $0.84 per share for Class I, $0.82 per share for Class D, and $0.76 per share for Class S, resulting in annualized distribution rates of 9.01% for Class I shares, 8.76% for Class D shares, and 8.16% for Class S shares based on the last reported NAV. The annualized distribution rate shown may be rounded and is net of applicable servicing fees (Class I: No servicing fee, Class D: 0.25%, Class S: 0.85%). The payment of future distributions is subject to the discretion of OCIC’s board of directors and applicable legal restrictions, therefore there can be no assurance as to the amount or timing of any such future distributions. Distributions are not guaranteed. Up to 100% of distributions have been funded and may continue to be funded by the reimbursement of certain expenses that are subject to repayment to the Adviser of OCIC. Such waivers and reimbursements by the Adviser may not continue in the future. No distributions paid were classified as a return of capital for the quarter ending September 30, 2025. For further information, please see our SEC filings at www.sec.gov. Annualized total distribution rate: Class I: 9.36%, Class D: 9.13%, Class S: 8.54%.
3. 'Annual total net realized gain/loss rate' is calculated as the total net realized gain or loss for a given year, divided by the average quarterly investments at amortized cost for that year. Results are calculated at the portfolio level and do not reflect the deduction of management fees, incentive fees, financing costs, or expenses. This metric reflects realized activity only and does not include unrealized gains or losses; it is not a measure of total return.
4. Past performance is not a guarantee of future results. Returns are compounded monthly. Total return is calculated as the change in monthly NAV (assuming any dividends and distributions, net of shareholder servicing fees, are reinvested in accordance with the Company’s dividend reinvestment plan), if any, divided by the beginning NAV. Returns greater than one year are annualized. Returns reflect reinvestments of distributions and the deduction of ongoing expenses that are borne by investors, such as management fees, incentive fees, servicing fees, interest expense, offering costs, professional fees, director fees and other general and administrative expenses. An investment in the Company is subject to a maximum upfront sales load (Class S: 3.5%, Class D: 1.5%, Class I: No sales load) which will reduce the amount of capital available for investment. 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. Total returns based on the max upfront fee load for an investor starting at the inception of the respective share class, which for Class S is April 1, 2021 and for Class D and Class I are March 1, 2021. Class I does not have upfront fees.
Class S (With Max Sales Load): -2.94% (1-mo), -1.87% (3-mo), 4.42% (YTD), 4.42% (1-yr), 9.11% (3-yr), 8.82% (ITD)
Class S (No Sales Load): 0.45% (1-mo), 1.57% (3-mo), 8.08% (YTD), 8.08% (1-yr), 10.36% (3-yr), 9.85% (ITD)
Class D (With Max Sales Load): -0.98% (1-mo), 0.21% (3-mo), 7.12% (YTD), 7.12% (1-yr), 10.47% (3-yr), 10.05% (ITD)
Class D (No Sales Load): 0.51% (1-mo), 1.72% (3-mo), 8.73% (YTD), 8.73% (1-yr), 11.02% (3-yr), 10.50% (ITD)
Class I (No Sales Load): 0.53% (1-mo), 1.78% (3-mo), 9.00% (YTD), 9.00% (1-yr), 11.30% (3-yr), 10.78% (ITD)
5. Distribution payments are not guaranteed. Blue Owl Technology Income Corp. may pay distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and advances or the deferral of fees and expense reimbursements. The annualized distribution rate shown is calculated by multiplying the sum of the last three base distributions per share paid and special distribution per share paid by four, and dividing the result by the NAV per share of the month preceding the relevant three month period. Excluding special dividends, the Fund declared an annualized distribution amount of $0.90 per share for Class I, $0.87 per share for Class D, and $0.81 per share for Class S, resulting in annualized distribution rates of 8.64% for Class I shares, 8.39% for Class D shares, and 7.78% for Class S shares based on the last reported NAV. The annualized distribution rate shown may be rounded and is net of applicable servicing fees (Class I: No servicing fee, Class D: 0.25%, Class S: 0.85%). The payment of future distributions is subject to the discretion of OTIC’s board of directors and applicable legal restrictions, therefore there can be no assurance as to the amount or timing of any such future distributions. Distributions are not guaranteed. Up to 100% of distributions have been funded and may continue to be funded by the reimbursement of certain expenses that are subject to repayment to the Adviser of OTIC. Such waivers and reimbursements by the Adviser may not continue in the future. No distributions paid were classified as a return of capital for the quarter ending September 30, 2025. For further information, please see our SEC filings at www.sec.gov. Annualized total distribution rate: Class I: 8.61%, Class D: 8.36%, Class S: 7.76%.
6. Past performance is not a guarantee of future results. Returns are compounded monthly. Total return is calculated as the change in monthly NAV (assuming any dividends and distributions, net of shareholder servicing fees, are reinvested in accordance with the Company’s dividend reinvestment plan), if any, divided by the beginning NAV. Returns greater than one year are annualized. Returns reflect reinvestments of distributions and the deduction of ongoing expenses that are borne by investors, such as management fees, incentive fees, servicing fees, interest expense, offering costs, professional fees, director fees and other general and administrative expenses.
7. The annualized distribution rate shown is calculated by annualizing the declared distributions per share in the current quarter and dividing by the average of previous three quarters’ published NAV per share. The annualized distribution rate shown may be rounded. The payment of future distributions is subject to the discretion of OBDC II’s board of directors and applicable legal restrictions, therefore there can be no assurance as to the amount or timing of any such future distributions. Distributions are not guaranteed.
Important information
All OCIC and OTIC data are as of December 31, 2025 unless otherwise noted.
All OBDC II data are as of September 30,2025 unless otherwise noted.
Past performance is not a guarantee of future results.
Assets Under Management (“AUM”) refers to the assets that we manage and is generally equal to the sum of (i) net asset value (“NAV”); (ii) drawn and undrawn debt; (iii) uncalled capital commitments; (iv) total managed assets for certain Credit and Real Assets products; and (v) par value of collateral for collateralized loan obligations (“CLOs”) and other securitizations.
The webpage presented is proprietary information regarding Blue Owl Capital Inc. (“Blue Owl”), its affiliates and investment program, funds sponsored by Blue Owl, including the Blue Owl Credit, Real Assets Funds and the GP Strategic Capital Funds (collectively the “Blue Owl Funds”) as well as investment held by the Blue Owl Funds.
An investment in the Fund or other investment vehicle entails a high degree of risk. Prospective investors should consider all the risk factors set forth in the "Certain Risk Factors and Actual and Potential Conflicts of Interest" of the PPM or Prospectus, each of which could have an adverse effect on the Fund or other investment vehicle and on the value of Interests.
An investment in the Fund or other investment vehicle is suitable only for sophisticated investors and requires the financial ability and willingness to accept the high risks and lack of liquidity associated with an investment in the Fund or other investment vehicle. Investors in the Fund or other investment vehicle must be prepared to bear such risks for an indefinite period of time. There will be restrictions on transferring interests in the Fund or other investment vehicle, and the investment performance of the Fund or other investment vehicle may be volatile. Investors must be prepared to hold their interests in the Fund or other investment vehicle until its dissolution and should have the financial ability and willingness to accept the risk characteristics of the Fund's or other investment vehicle’s investments.
There can be no assurances or guarantees that the Fund's or other investment vehicles investment objectives will be realized that the Fund's or other investment vehicle investment strategy will prove successful or that investors will not lose all or a portion of their investment in the Fund.
Furthermore, investors should not construe the performance of any predecessor funds or other investment vehicle as providing any assurances or predictive value regarding future performance of the Fund.
The views expressed and, except as otherwise indicated, the information provided are as of the report date and are subject to change, update, revision, verification, and amendment, materially or otherwise, without notice, as market or other conditions change. Since these conditions can change frequently, there can be no assurance that the trends described herein will continue or that any forecasts are accurate. In addition, certain of the statements contained in this webpage may be statements of future expectations and other forward-looking statements that are based on the current views and assumptions of Blue Owl and involve known and unknown risks and uncertainties (including those discussed below) that could cause actual results, performance, or events to differ materially from those expressed or implied in such statements. These statements may be forward-looking by reason of context or identified by words such as “may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential or continue” and other similar expressions. Neither Blue Owl, its affiliates, nor any of Blue Owl’s or its affiliates' respective advisers, members, directors, officers, partners, agents, representatives or employees or any other person (collectively the “Blue Owl Entities”) is under any obligation to update or keep current the information contained in this webpage.
This webpage contains information from third party sources which Blue Owl has not verified. No representation or warranty, express or implied, is given by or on behalf of the Blue Owl Entities as to the accuracy, fairness, correctness or completeness of the information or opinions contained in this webpage and no liability whatsoever (in negligence or otherwise) is accepted by the Blue Owl Entities for any loss howsoever arising, directly or indirectly, from any use of this webpage or its contents, or otherwise arising in connection therewith.
All investments are subject to risk, including the loss of the principal amount invested. These risks may include limited operating history, uncertain distributions, inconsistent valuation of the portfolio, changing interest rates, leveraging of assets, reliance on the investment advisor, potential conflicts of interest, payment of substantial fees to the investment advisor and the dealer manager, potential illiquidity, and liquidation at more or less than the original amount invested. Diversification will not guarantee profitability or protection against loss. Performance may be volatile, and the NAV may fluctuate.
This webpage is for informational purposes only and is not an offer or a solicitation to sell or subscribe for any fund or other investment vehicle and does not constitute investment, legal, regulatory, business, tax, financial, accounting, or other advice or a recommendation regarding any securities of Blue Owl, of any fund or investment vehicle managed by Blue Owl, or of any other issuer of securities. Only a definitive offering document (i.e.: Prospectus or Private Placement Memorandum or other offering material) can make such an offer. Neither the Securities and Exchange Commission, the Attorney General of the State of New York nor any state securities commission has approved or disapproved of these securities or determined if the Prospectus, Private Placement Memorandum or other offering material is truthful or complete. Any representation to the contrary is a criminal offense. Within the United States and Canada, securities are offered through Blue Owl Securities LLC, member of FINRA/SIPC, as Dealer Manager.
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