Blue Owl BDCs Pay $1.07 Billion in Q3 Tenders as OTIC Fills 12.8% of Requests

Blue Owl Capital’s two largest nontraded business development companies paid about $1.07 billion to tendering shareholders in their third-quarter repurchase offers, according to final results the funds filed with the U.S. Securities and Exchange Commission on Oct. 26. Both held repurchases to 5% of shares outstanding and filled requests on a pro rata basis.

Blue Owl Credit Income Corp., or OCIC, bought back about 101.6 million shares for approximately $931.1 million, satisfying 29.8% of the roughly 341.4 million shares tendered. Tendered shares equaled 16.8% of OCIC’s shares outstanding as of June 30. The fund repurchased shares at Sept. 30 net offering prices of $9.17 for Class I, $9.15 for Class D, and $9.14 for Class S.

Blue Owl Technology Income Corp., or OTIC, accepted about 13.9 million shares for approximately $137.2 million, filling 12.8% of the roughly 108.6 million shares tendered. Those requests represented 39% of shares outstanding, compared with 38.1% in the second quarter. All three OTIC share classes were priced at $9.85.

Both funds paid tendering shareholders with non-interest-bearing promissory notes, which transfer agent DST Systems Inc. holds on their behalf, the same method the funds used in the fourth quarter of 2025.

The results track the estimates in the shareholder letters Blue Owl filed Oct. 2, which AltsWire reported at the time. OCIC had said its tender would satisfy about 30% of shares tendered, and OTIC had projected about 13%.

OCIC’s fill rate has climbed each quarter this year as requests have eased, from 22.8% in the first quarter to 26.6% in the second and 29.8% in the third. OTIC’s has held between about 13% and 14% all year, a reversal from the fourth quarter of 2025, when it raised its offer to about 19% of shares and met every request.

Across the 19 net asset value BDCs that had reported third-quarter results by early October, redemption requests totaled $13.8 billion and sponsors met about 40%, according to investment banking firm Robert A. Stanger & Co. The two Blue Owl funds account for about 17% of the NAV BDC market by assets, Stanger said.

Performance and Leverage

OCIC’s Class I shares returned 1.1% in September and 5.2% year to date through Sept. 30, the company said in its monthly update. Its aggregate NAV was $18 billion, and net leverage stood at 0.91x debt to equity, at the low end of its 0.90x to 1.25x target range. OCIC reported $11.9 billion of available liquidity and investments in 328 portfolio companies valued at $35.1 billion.

OTIC’s Class I shares returned 1.8% in September and 1.6% year to date, the company said. Its NAV per share of $9.85 compares with $10.38 at the end of 2025. OTIC’s leverage rose to 0.86x at Sept. 30 from 0.83x at Aug. 31, and it reported $1.2 billion of available liquidity. The fund fully repaid $75 million of its Series 2023B-B notes at par on Oct. 15.

Software remains OTIC’s largest exposure. Application and systems software together made up 29.3% of the $5 billion portfolio at fair value as of Sept. 30.

Both funds’ annualized Class I distribution rates held near 9%, at 9.2% for OCIC and 9.1% for OTIC, the companies said. OCIC has said its next tender window is expected in December.

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