Holders asked to redeem about $3.1 billion, or 16.8% of shares, down from 21.9% in the first quarter. The fund will again buy back 5%, filling roughly 30% of each request.
Private Markets · FinancialMarkets.com · October 2, 2026 · Tickers: OWL, BIZD
The line to leave Blue Owl's largest non-traded credit fund is getting shorter. It is still much longer than the exit.
Blue Owl Credit Income Corp. said in a filing Friday that investors asked to redeem an estimated $3.1 billion of shares in its third-quarter tender offer, which closed Sept. 30. That equals 16.8% of the fund's shares. In the second quarter, requests totaled $3.6 billion, or 18.8%. In the first, they were $4.2 billion, or 21.9%.
The cap
The fund will repurchase 5% of its shares, about $0.9 billion, on a pro rata basis. That means each investor who tendered will have roughly 30% of the request filled. Payment is expected around Oct. 30.
Requests fell about 14% from the second quarter and about 26% from the first. If they kept falling by about 2 percentage points a quarter, as they did from the second quarter to the third, it would take about six more quarters for requests to match the 5% the fund pays out.
The fund said that after this payment it will have filled about 60% of investors' original requests since the first quarter, counting the repeated rounds in which unfilled holders have tendered again. It reported $11.2 billion of liquidity by its own definition, about 12 times the size of this quarter's repurchase.
The technology fund
Blue Owl Technology Income Corp. again limited repurchases to 5%. Requests there were reported at about $1.1 billion, or about 39% of shares, up slightly from 38.1% in the second quarter. Across the two funds, requests totaled about $4.2 billion, down from about $4.7 billion.
The direction at the two vehicles differs. Pressure at the flagship credit fund is easing, while the technology-lending fund's queue is roughly flat at a far higher share of its capital.
Elsewhere in the channel
Semi-liquid private credit funds sold to wealthy individuals have spent the year testing their redemption limits. Goldman Sachs' private credit fund received third-quarter requests of about 2%. In Australia, Metrics Credit Partners has frozen redemptions at some of its funds, a freeze that followed its auditor's inability to deliver an opinion on time.
The case each way
One reading is that the wave of withdrawals is passing. Requests at the flagship fund have fallen two quarters running, the fund has met most original requests over time, and its liquidity covers the payout many times over.
A second reading is that a queue of 16.8% against a 5% cap still represents more than three quarters of pent-up exits, and that the technology fund's 39% shows the pressure has concentrated rather than ended.
The next window
The fourth-quarter tender will show whether requests at the flagship fund keep falling. A figure near or below 10% would point to a queue that clears within a year. The funds' third-quarter net asset values and net flows, when reported, will show whether new money is replacing what leaves.