Key Takeaways
- • Cox Capital Partners moved the commencement date of its cash tender offer for Class I shares of Blue Owl Credit Income Corp. (OCIC) to October 23, 2026, as an accommodation to Blue Owl, while leaving the economic terms unchanged.
- • The Purchaser, Cox Capital Retail Secondaries Fund I, LP, seeks up to $10 million of OCIC Class I shares at $7.31 per share, a 20% discount to the fund's $9.14 NAV as of August 31, 2026.
- • The offer expires at 5:00 p.m. ET on November 25, 2026, unless extended or terminated earlier.
- • Blue Owl objected that the $10 million initial amount differed materially from the amount in Cox's original notice of September 21; Cox maintains the original notice complied with OCIC's 10-business-day requirement.
- • OCIC reported preliminary third-quarter repurchase requests of about $3.1 billion, or 16.8% of shares outstanding, against its 5% quarterly repurchase offer.
Summary
Cox Capital Partners, a Conshohocken, Pennsylvania-based secondary-liquidity firm, announced that Cox Capital Retail Secondaries Fund I, LP has revised the commencement date of its previously announced cash tender offer for Class I shares of Blue Owl Credit Income Corp. to October 23, 2026, according to a Business Wire release. Cox said the change was made as an accommodation to Blue Owl after the fund manager requested a new tender offer notice. The purchase price, offer size and November 25, 2026 expiration remain unchanged.
The Purchaser continues to seek up to $10 million in aggregate value of OCIC Class I shares at $7.31 per share, a 20% discount to OCIC's reported net asset value of $9.14 as of August 31, 2026. The release noted that the purchase price is below NAV and that no independent person has been retained to evaluate the fairness of the price.
The dispute stems from the size of the offer. Before its October 5 announcement, the Purchaser had notified Blue Owl of its intention to pursue a tender for up to 33 million Class I shares, roughly $240 million at the offer price. The announced offer covers $10 million, with the Purchaser reserving the right to buy up to an additional 2% of outstanding Class I shares, which it said would represent about $196 million at the offer price. Blue Owl told the Purchaser that the $10 million initial amount was materially different from the amount in the original notice and requested a new notice. OCIC's charter requires at least 10 business days' notice before commencement. Cox maintains its September 21 notice covered the announced amount, but provided a new notice on October 7 with an October 23 commencement date. Blue Owl confirmed receipt on October 8. John Cox, CEO and CIO of Cox Capital Partners, said the firm wanted to be a good partner to fund sponsors and to keep the process moving for advisors and their clients.
The release placed the offer in the context of OCIC's liquidity position. In its October 2, 2026 shareholder update, OCIC reported preliminary third-quarter repurchase requests of approximately $3.1 billion, or 16.8% of shares outstanding as of June 30, 2026, against its 5% quarterly repurchase offer; OCIC said these figures remain subject to adjustment. For comparison, the release cited Blue Owl Capital Corporation (NYSE: OBDC), a separate publicly traded BDC managed by Blue Owl Credit Advisors, which closed at $10.11 on October 9, 2026, a 29.1% discount to its $14.26 NAV as of June 30, 2026. Cox noted that OBDC and OCIC have different portfolios and liquidity terms.
Shareholders may tender through CoxCapitalPortal.com once the offer commences, and those holding shares through brokers or custodians may need a countersignature and may face earlier internal deadlines. The release stressed that Cox and the Purchaser are not affiliated with OCIC or its advisers, that tendering is voluntary, and that the SEC has not approved or disapproved the offer.
The Purchaser continues to seek up to $10 million in aggregate value of OCIC Class I shares at $7.31 per share, a 20% discount to OCIC's reported net asset value of $9.14 as of August 31, 2026. The release noted that the purchase price is below NAV and that no independent person has been retained to evaluate the fairness of the price.
The dispute stems from the size of the offer. Before its October 5 announcement, the Purchaser had notified Blue Owl of its intention to pursue a tender for up to 33 million Class I shares, roughly $240 million at the offer price. The announced offer covers $10 million, with the Purchaser reserving the right to buy up to an additional 2% of outstanding Class I shares, which it said would represent about $196 million at the offer price. Blue Owl told the Purchaser that the $10 million initial amount was materially different from the amount in the original notice and requested a new notice. OCIC's charter requires at least 10 business days' notice before commencement. Cox maintains its September 21 notice covered the announced amount, but provided a new notice on October 7 with an October 23 commencement date. Blue Owl confirmed receipt on October 8. John Cox, CEO and CIO of Cox Capital Partners, said the firm wanted to be a good partner to fund sponsors and to keep the process moving for advisors and their clients.
The release placed the offer in the context of OCIC's liquidity position. In its October 2, 2026 shareholder update, OCIC reported preliminary third-quarter repurchase requests of approximately $3.1 billion, or 16.8% of shares outstanding as of June 30, 2026, against its 5% quarterly repurchase offer; OCIC said these figures remain subject to adjustment. For comparison, the release cited Blue Owl Capital Corporation (NYSE: OBDC), a separate publicly traded BDC managed by Blue Owl Credit Advisors, which closed at $10.11 on October 9, 2026, a 29.1% discount to its $14.26 NAV as of June 30, 2026. Cox noted that OBDC and OCIC have different portfolios and liquidity terms.
Shareholders may tender through CoxCapitalPortal.com once the offer commences, and those holding shares through brokers or custodians may need a countersignature and may face earlier internal deadlines. The release stressed that Cox and the Purchaser are not affiliated with OCIC or its advisers, that tendering is voluntary, and that the SEC has not approved or disapproved the offer.
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