Key Takeaways
- • Cox Capital Partners, through its private fund Cox Capital Retail Secondaries Fund I, LP, commenced a cash tender offer on Oct. 5, 2026 for up to $10 million of Class I shares of Blue Owl Credit Income Corp. (OCIC) at $7.31 per share, a 20% discount to the $9.14 Class I NAV as of Aug. 31, 2026.
- • The offer follows Blue Owl's disclosure of approximately $3.1 billion in preliminary third-quarter repurchase requests, equal to 16.8% of OCIC's shares outstanding, against a 5% quarterly repurchase limit; Blue Owl expects to accept about 30% of tendered shares pro rata.
- • The Purchaser reserved the right to accept up to an additional 2% of OCIC's outstanding Class I shares, roughly $196 million at the offer price, without extending the offer.
- • The offer expires at 5:00 p.m. ET on Nov. 25, 2026, unless extended or terminated, and is the Purchaser's fifth active cash tender offer for non-traded BDC shares.
- • The discount narrowed from 25% in the July OCIC offer, which expired Aug. 24, a trend John Cox attributes to a developing secondary market for retail investors.
Summary
Cox Capital Partners ("Cox Capital"), a Conshohocken, Pennsylvania-based private investment firm focused on secondary liquidity for holders of non-traded alternative investments, announced on Oct. 5, 2026 that Cox Capital Retail Secondaries Fund I, LP (the "Purchaser") has commenced a cash tender offer for Class I shares of Blue Owl Credit Income Corp. (OCIC), according to a Business Wire release. The offer seeks up to $10 million in aggregate value at $7.31 per share, a 20% discount to the fund's reported Class I net asset value of $9.14 as of Aug. 31, 2026.
The offer is positioned as a secondary liquidity option for OCIC shareholders whose requests exceed the fund's own repurchase program. Blue Owl reported preliminary third-quarter repurchase requests of approximately $3.1 billion, or 16.8% of OCIC's shares outstanding, against a 5% quarterly repurchase limit, and said it expects to accept roughly 30% of tendered shares on a pro rata basis. Cox Capital describes the offer as the latest in a series of non-traded business development companies (BDCs) with oversubscribed repurchase programs.
The Purchaser now has five cash tender offers in the market, including previously announced offers for Blackstone Private Credit Fund (BCRED), HPS Corporate Lending Fund (HLEND), Apollo Debt Solutions BDC (ADS), and Ares Strategic Income Fund (ASIF). The Purchaser also reserved the right, without extending the offer and under Rule 14e-1(b) of the Securities Exchange Act of 1934, to accept up to an additional 2% of OCIC's outstanding Class I shares, approximately $196 million at the offer price. The July OCIC offer expired Aug. 24 at a 25% discount, and the release presents the narrower current discount as evidence of market development. John Cox, CEO and CIO of Cox Capital Partners, said advisors and retail clients "deserve an additional path to liquidity" when repurchase programs are oversubscribed.
The offer expires at 5:00 p.m. ET on Nov. 25, 2026, unless extended or terminated. Shareholders can access materials and submit documentation through CoxCapitalPortal.com; shares held through brokers or custodians may require countersignature and may face earlier internal deadlines. Cox Capital and the Purchaser state they are not affiliated with OCIC or its advisers, and that no independent party has evaluated the fairness of the offer price. The release notes that the offers have not been approved or disapproved by the SEC or any state regulator, that tendering is voluntary, and that shareholders should weigh the discount to NAV, the absence of an established trading market, and tax consequences before tendering.
The offer is positioned as a secondary liquidity option for OCIC shareholders whose requests exceed the fund's own repurchase program. Blue Owl reported preliminary third-quarter repurchase requests of approximately $3.1 billion, or 16.8% of OCIC's shares outstanding, against a 5% quarterly repurchase limit, and said it expects to accept roughly 30% of tendered shares on a pro rata basis. Cox Capital describes the offer as the latest in a series of non-traded business development companies (BDCs) with oversubscribed repurchase programs.
The Purchaser now has five cash tender offers in the market, including previously announced offers for Blackstone Private Credit Fund (BCRED), HPS Corporate Lending Fund (HLEND), Apollo Debt Solutions BDC (ADS), and Ares Strategic Income Fund (ASIF). The Purchaser also reserved the right, without extending the offer and under Rule 14e-1(b) of the Securities Exchange Act of 1934, to accept up to an additional 2% of OCIC's outstanding Class I shares, approximately $196 million at the offer price. The July OCIC offer expired Aug. 24 at a 25% discount, and the release presents the narrower current discount as evidence of market development. John Cox, CEO and CIO of Cox Capital Partners, said advisors and retail clients "deserve an additional path to liquidity" when repurchase programs are oversubscribed.
The offer expires at 5:00 p.m. ET on Nov. 25, 2026, unless extended or terminated. Shareholders can access materials and submit documentation through CoxCapitalPortal.com; shares held through brokers or custodians may require countersignature and may face earlier internal deadlines. Cox Capital and the Purchaser state they are not affiliated with OCIC or its advisers, and that no independent party has evaluated the fairness of the offer price. The release notes that the offers have not been approved or disapproved by the SEC or any state regulator, that tendering is voluntary, and that shareholders should weigh the discount to NAV, the absence of an established trading market, and tax consequences before tendering.
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