Blue Owl Alternative Credit Fund
Sponsored by Blue Owl. Interval Fund structure focused on private credit.
Interval FundPrivate Credit
- Net assets
- $1.50B
source
Monthly portfolio report (Form N-PORT) · filed 2026-05-29 · period 2026-03-31
Net assets (N-PORT Part B, Item B.2)
Method Direct: read from a structured filing field
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-03-31 - NAV / share
- $9.96
source
Shareholder report (Form N-CSR) · filed 2026-02-27 · period 2025-12-31
Consolidated Statement of Assets and Liabilities: 'Class I shares of beneficial interest Net Asset Value, 103,638,237 shares issued and outstanding $1,032,754,208 Class U shares of beneficial interest Net Asset Value, 21,515,774 shares issued and outstanding $214,404,521 Net Asset Value Per Class I Share $9.96 Net Asset Value Per Class U Share $9.96' (each class ties its own net-assets/shares-outstanding line: 1,032,754,208/103,638,237 = $9.96498..., rounds to $9.96; 214,404,521/21,515,774 = $9.96497..., rounds to $9.96). Class I is canonical: listed first and the majority class (82.8% of the Fund's $1,247,158,729 total net assets). Both classes disclose the identical $9.96 NAV/share, so the canonical choice does not change the headline.
“Class I shares of beneficial interest Net Asset Value, 103,638,237 shares issued and outstanding $ 1,032,754,208 Class U shares of beneficial interest Net Asset Value, 21,515,774 shares issued and outstanding $ 214,404,521 Net Asset Value Per Class I Share $ 9.96 Net Asset Value Per Class U Share $ 9.96”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
Class I · as of 2025-12-31 - Net flows, last qtr
- +17.4% qtr ended 2026-03-31
- Distribution coverage (NII)
- 75% period ended 2025-12-31
- Leverage in use
- 27% debt / equity 0.22x
- Total return, 12m
- Pending SEC-filed periodic NAV + distributions
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
The Adviser's voluntary pre-offering waiver of the Management Fee and Incentive Fee terminated upon commencement of the Fund's public offering of Shares, effective August 29,... (2025-08-29)
The Adviser's voluntary pre-offering waiver of the Management Fee and Incentive Fee terminated upon commencement of the Fund's public offering of Shares, effective August 29, 2025; fees became payable at the Fund's standard schedule from that date forward.
Why it matters and what changed
A fee waiver ended. Net expenses rise immediately and net returns fall by roughly the waived amount; because no dramatic filing accompanies a quiet lapse, this is exactly the kind of change a wholesaler will not volunteer.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/2059436/000162828026012442/owlcx12312025ncsr.htm | N-CSR narrative
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Monthly performance eligibility
Canonical class: Class I · basis: no qualifying monthly chain · qualifying history: 0 months.
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
Pending
Where exit demand met the cap.
The disclosed history shows no rationed period.
Pending
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
Pending
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
Class I 68.6%Class U 14.3%Not attributed 17.1%
| Class | Terms-based role description | Load | Servicing | Minimum | Assets |
|---|---|---|---|---|---|
| Class I | Pending | Pending | Pending | Pending | $1,032,754,2082025-12-31 |
| Class U | Pending | Pending | Pending | Pending | $214,404,5212025-12-31 |
Management fee: 0.75% of avg daily managed assets per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001628280-26-012442.
Canonical-class fee profile
| Class | Management | Incentive | Load | Servicing | Gross expenses | Net expenses |
|---|---|---|---|---|---|---|
| Class I | 0.75% | Pending | Pending | Pending | 5.00%*Filed label: Ratio of operating expenses to average daily net assets before expense waivers; period 2025-12-31. gross ratios are display-only SEC source 0001628280-26-012442 |
2.80%*Filed label: Ratio of net operating expenses to average daily net assets after expense waivers; period 2025-12-31. After waiver: yes; interest: not separately stated; tax: not separately stated; incentive compensation: not separately stated; acquired-fund expenses: not separately stated. candidate reported-basis ratio; NULL component flags are unknown, not included SEC source 0001628280-26-012442 |
Expense-ratio caution. These are the issuer’s filed figures for the designated analysis class. They are not placed in a fee ranking because denominators and included expenses are not yet normalized across funds. Hover or click * for the filed label, period, components, and SEC source.
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (2)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | Pending | 0.75 pct_annual_of_avg_daily_managed_assets | Pending |
| incentive_fee_schedule | Under the terms of the Investment Advisory Agreement, the Fund will pay the Adviser advisory fees for services performed under the Investment Advisory Agreement consisting of two components: a management fee and an incentive fee. 31 Blue Owl Alternative Credit Fund Notes to Consolidated Financial Statements - Continued The Fund will pay the Adviser a management fee (the “Management Fee”) at an annual rate of 0.75% based on the average daily value of the Fund`s Managed Assets, payable monthly in arrears. “Managed Assets” means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes) as of each day. The Management Fee is paid to the Adviser before giving effect to any repurchases of Shares effective as of that date. In the case of a partial month, the Management Fee will be appropriately prorated based on the number of days during the month in which the Adviser provided services to the Fund. For the period ended December 31, 2025 , the Management Fee was $ 3,760,640 . The Fund will pay the Adviser an incentive fee (the “Incentive Fee”) based on Pre-Incentive Fee Net Investment Income Returns. “Pre-Incentive Fee Net Investment Income Returns” include dividends (including reinvested dividends), interest and fee income accrued by the Fund during the calendar quarter, minus operating expenses for the calendar quarter (including the Management Fee, expenses payable under the Administration Agreement (as defined below), and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK and zero coupon securities), accrued income that the Fund may not have received in cash. For the period ended December 31, 2025 , the Incentive Fee was $ 5,399,785 . The Incentive Fee will be paid quarterly in arrears with respect to the Fund’s Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: • No Incentive Fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Fund’s Pre- Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.50% per quarter (6.00% annualized); • 100% of the dollar amount of the Fund’s Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.667% (6.668% annualized). This portion of the Pre-Incentive Fee Net Investment Income Returns is referred to as the “catch-up.” The “catch-up” is meant to provide the Adviser with approximately 10% of the Fund’s Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.667% in any calendar quarter; | Text disclosure | Pending |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-05-29 | NPORT-P | 0001410368-26-056000 |
| 2026-04-13 | N-23C3A | 0001628280-26-024908 |
| 2026-03-02 | NPORT-P | 0001410368-26-021130 |
| 2026-02-27 | N-CSR | 0001628280-26-012442 |
| 2026-01-12 | N-23C3A | 0001628280-26-001845 |
| 2025-11-28 | NPORT-P | 0001410368-25-032711 |
| 2025-10-14 | N-23C3A | 0001628280-25-044941 |
| 2025-08-29 | N-CSRS | 0002059436-25-000063 |
| 2025-08-22 | NPORT-P | 0001752724-25-200390 |
| 2025-07-14 | N-23C3A | 0002059436-25-000056 |
| 2025-05-15 | NPORT-P | 0001752724-25-103032 |