Blue Owl Alternative Credit Fund

Blue Owl Alternative Credit Fund (OWLCX): Institutional-Quality Asset-Based Finance for Individual Investors

Blue Owl Alternative Credit Fund Launches with $850m in Committed Capital As of September 2025, the Blue Owl Alternative Credit Fund, or “OWLCX,” debuted with $850 million in committed capital in what is likely one of the larger interval fund launches in history. This fund provides institutional allocators with access to what has traditionally been a closed shop: the asset-based finance market, which now comprises $11.2 trillion of assets. OWLCX invests in credit instruments that are collateralized by cash flows that are contractually secured by a broad-based basket of financial and real assets. The goal is to offer investors a reliable stream of current income with built-in downside risk protection, while minimizing beta to the core fixed income markets and providing exposure to a fast-growing portion of the private credit markets, which were spawned by banks’ continued retreat from the consumer and specialty finance markets.

Investment Strategy

OWLCX has a relatively open-ended mandate, investing in a broad spectrum of asset classes of credit products, collateralized by contractual, amortizing cash flows from both financial and real assets. The fund’s portfolio will consist of a diverse group of consumer installment loans, credit card receivables, point-of-sale, small business and mission-critical/equipment leases. Rather than focus on any one single originator or asset type, the fund will engage with a diverse group of over 100 non-bank originators, and will currently source new production from over 50 such counterparties, using both forward flow purchase agreements as well as other, structured transactions. The fund’s portfolio will consist of a large, diverse, and self-liquidating group of short-duration assets with full principal paydown, on a continuous basis and with minimal reinvestment risk. The assets will pay down over time, and with minimal rollover needs, will automatically reduce leverage over time. The fund’s underwriting team, which is augmented by our proprietary data science capabilities that span all of the underlying asset classes, will enable us to draw on best-in-class insights of every type of credit product within the alternative credit universe. The team will be able to draw upon extensive proprietary experience in analyzing large sets of loan level data across all of the fund’s targeted asset classes and derive unique insights to help in order to identify opportunities of relative value throughout the full breadth of the alternative credit universe.

• Targets the $11.2 trillion asset-based finance market, one of the largest and fastest-growing segments of private credit as traditional banks continue to pull back from specialty lending
• Launched with $850 million in capital — one of the largest interval fund debuts on record — providing immediate scale and diversification from day one
• Nearly two decades of alternative credit investing experience with over $24 billion deployed across approximately 950 investments on the broader Blue Owl platform
• Investment team of 65+ professionals with dedicated data science capabilities for granular loan-level analysis and portfolio surveillance
• Short-duration, fully amortizing structures reduce credit risk through continuous principal paydown and natural deleveraging across diversified collateral pools
• Deep sourcing network with 100+ non-bank originator relationships provides differentiated access to private credit opportunities outside traditional syndicated and broadly marketed channels
• Low structural correlation to traditional corporate credit and public fixed income markets, offering genuine portfolio diversification benefits
• Monthly distribution schedule targeting consistent current income generation for investors seeking reliable yield

Fund Structure & Access

OWLCX is organized as a Delaware Statutory Trust and operates as a 1940 Act-registered interval fund. Daily purchases and sales are made at the current net asset value (NAV) of the fund which is calculated and published daily. Quarterly repurchase offers for up to 5% of outstanding shares afford liquidity. The fund is offered in three share classes: • Class I shares (Ticker: OWLCX) are intended for institutional investors with no front-end sales charge. • Class U shares (Ticker: OWLUX) are available through financial advisors who may impose a sales charge of up to 3.00%. • Class S shares may be available with a sales charge of up to 3.50% through financial advisors. The management fee is 0.75% of assets with a 10% incentive fee that kicks in only after the portfolio reaches a 6% annualized net-of-fees hurdle. The expense cap limits certain regulatory Sections 61(b) expenses to 0.50% of average daily net assets. Please be advised that any proration that may occur as a result of exceeding the 5% repurchase limitation on a quarterly basis is discussed in detail in the Offering Circular. In addition, the shares should not be viewed as being liquid in the same way that instruments traded on a major exchange on a daily basis are liquid.

Performance & Track Record

Blue Owl CAlt Credit Strategies Fund Inc. (OWLCX) started trading in September 2025 and now, six months into existence, has some initial experience. So far, so good. As of early February 2026, the NAV per share stood at $9.93 and the fund was up approximately 1.9% net of fees year to date. This reflects the relatively low beta nature of the portfolio as it continues to ramp up as well as the initial realization of income. Importantly, OWLCX is able to leverage the huge institutional credentials of Blue Owl’s alternative credit platform, led by Ivan Zinn, which has been invested in alternative credit for nearly 20 years. The firm, which has assets under management of over $24 billion and has made approximately 950 investments across multiple credit cycles, has built a large and granular data set as well as relationships with numerous originators, giving them broad reach and access to opportunistic credit investments. Additionally, the team has extensive experience investing through various stress points, including the financial crisis, the COVID-19 pandemic and multiple interest rate environments, which is invaluable in understanding how investments perform in difficult markets.

We are excited to finally launch OWLCX, an alternative credit fund that we believe could not have come at a more opportune time. The move by traditional banks away from consumer and specialty lending – in response to higher capital requirements and regulatory changes – has created a structural void that is being increasingly filled by non-bank lenders and asset-based finance platforms. As a result of this secular trend, the size of the investable universe of alternative credit has more than quadrupled, providing ample opportunity for larger and more sophisticated managers to source high quality assets at compelling risk-adjusted yields. We believe that investors looking to reduce their exposure to traditional corporate credit markets and seek a distinct and alternative income stream from a diversified portfolio of amortizing, collateralized assets should strongly consider OWLCX. This institutional-grade, manager-led fund offers a daily subscription platform with quartery redemption periods and is managed by one of the most experienced teams in the alternative credit industry.