Spotlighting 1-year of Performance OWLCX

Endnotes

All data as of May 31, 2026 unless otherwise noted. Past performance is not a guarantee of future results.

1. Distribution payments are not guaranteed. Blue Owl Alternative Credit Fund may pay distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital, offering proceeds, and advances or the deferral of fees and expense reimbursements. The annualized distribution rate shown is calculated by annualizing the most recent monthly distribution per share, excluding any special distributions (based on dividing the number of calendar days in the year by the number of calendar days over which the most recent distribution accumulated) and dividing that amount by the end-of-month NAV. The annualized distribution rate should not be confused with yield or performance. It is not a projection, target return, or indication of future results and may differ materially from future distributions.  No distributions paid were classified as a return of capital for the month ending April 30, 2026. For further information, please see our SEC filings at www.sec.gov. 

2. Past performance is not a guarantee of future results. Assumes an initial investment on the business day before the first day of the fiscal period and investment held through the last business day of the fiscal period. Total return is calculated based on the change in quoted market price of the fund’s shares, taking into account dividends reinvested in accordance with the terms of the dividend reinvestment plan or lacking such plan, at the lesser of net asset value or market price on the dividend distribution date (total investment return computed based on net asset value per share may also be presented if the difference in results between the two calculations is explained). Returns greater than one year are annualized. Returns reflect reinvestments of distributions and the deduction of ongoing expenses that are borne by investors, such as management fees, incentive fees, servicing fees, interest expense, offering costs, professional fees, director fees and other general and administrative expenses. Operating expenses may vary in the future based on the amount of capital raised, the Adviser’s election to continue expense support, and other unpredictable variables. Total returns based on the inception of each share class; for performance purposes, the inception date of the fund was the commencement of the private offering: May 2025 for the Class I Share and July 2025 for the Class U Share. Class I Shares do not have upfront fees.

The performance data for Class S Shares will be available beginning three-months after the inception date of such class.

The performance calculation for the months of May, June, and July 2025 does not include the Management Fee and Incentive Fee which was voluntarily waived during such period.  The Fund’s public registration statement went effective on August 28th, 2025; performance subsequent to such date will take into account the Management Fee and Incentive Fee.

No upfront sales load will be paid to the Fund or Blue Owl Securities LLC with respect to Class S and Class U Shares. If, however, Class S Shares or Class U Shares are purchased through certain financial intermediaries, those financial intermediaries may directly charge transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that the selling agents limit such charges to 3.50% of the net offering price per share for each Class S Share and 3.00% of the net offering price per share for each Class U Share. The performance data shown above does not reflect the deduction of such a sales load or fee, and if reflected, the load or fee would reduce the performance quoted.

3. Indices listed do not represent benchmarks for the funds but allow for comparison of a fund’s performance to an Index. An investor cannot invest directly in an index. Index performance does not reflect fees and expense which may include management fees, access fund expenses, and administrative fees. Leveraged Loans represented by the Morningstar LSTA US Leveraged Loan Index. High Yield is represented by Bloomberg Corporate High Yield Index. Data source for indices: Bloomberg. U.S. Aggregate represented by the Bloomberg US Aggregate Bond Index.

4. Assets Under Management ("AUM") is calculated as net asset value plus assets attributable to borrowings for investment purposes.

5. “Total Investments" include all transactions, which can be defined as multiple transactions, or "investments", with the same counterparty and underlying assets.

6. Asset-based finance ("ABF") investments generally refers to investments that will be structured as loans or securities that represent a participation in, or are collateralized by and payable from, a stream of payments generated by specified pools of financial, physical or other assets.

7. The Alternative Credit platform’s inception date is March 2006 with the founding of Atalaya Capital Management LLC ("Atalaya"). Atalaya was acquired by Blue Owl in September 2024.

8. The remainder of the portfolio is composed of fixed rate instruments and other investments that do not possess a fixed coupon.

9. Leverage is calculated as debt outstanding, less cash and cash equivalents, less deferred financing costs, divided by $ NAV.

10. Weighted Average Life is the average time in years that each dollar of principal in a portfolio is expected to be outstanding before being repaid. Excludes investments in limited partnerships and investments that have not yet generated cash flows 

Important information

OWLCX Risk Factors

Prospective investors that may be interested in a potential investment must receive and carefully review the Fund’s prospectus (the "Prospectus") that contains additional information and sets forth information about the Fund, prior to investing. The Fund’s Prospectus is the sole means by which the offering of the Fund will be made, information in the Prospectus is or will supersede and qualify in its entirety any other information contained herein, and any decision to invest should be made after reviewing the Prospectus. In the event that the disclosures or terms described in the information contained herein are inconsistent with or contrary to the disclosures or terms in the Prospectus, the Prospectus shall control.

An investment in the Fund is speculative and entails substantial risk.  An investment in the Fund is considered illiquid. Fund performance may be volatile and a Shareholder could incur a total or substantial loss of its investment.

There is no assurance that the investments held by the Fund will be profitable, that there will be proceeds from such investments available for distribution to Shareholders, or that the Fund will achieve its investment objective. Prospective investors should carefully consider all of the risk factors set forth in the Prospectus, each of which could have an adverse effect on the Fund or other investment vehicle and on the value of shares of the Fund. The "Risk Factors" and "Potential Conflicts of Interest" sections of the Prospectus set forth the principal risks of investing in the Fund, including that:

• The Fund has limited operating history.  The Fund is subject to all of the business risks and uncertainties associated with any new business, including the risk that the Fund will not achieve its investment objectives and that the value of Shares could decline.
• The Fund is subject to management risk because it is an actively managed investment portfolio.  The Adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.  The Fund may be subject to a relatively high level of management  risk because the Fund invests in alternative credit assets, which are highly specialized instruments that require investment techniques and risk analyses different from those associated with investing in public equities and bonds.  The Fund’s allocation of its investments across portfolio investments representing various strategies, geographic regions, asset classes and sectors may vary significantly over time based on the Adviser’s analysis and judgment.  As a result, the particular risks most relevant to an investment in the Fund, as well as the overall risk profile of the Fund’s portfolio, may vary over time.  It is possible that the Fund will focus on an investment that performs poorly or underperforms other investments under various market conditions.
• One of the fundamental risks associated with the Fund’s investments is credit risk, which is the risk that an issuer will be unable to make principal and interest payments on its outstanding debt obligations when due.  The Fund’s return to investors would be adversely impacted if an issuer of debt in which the Fund invests becomes unable to make such payments when due.
• The Fund may invest in unrated and " investment grade" loans, securities and obligations of issuers in weak financial condition, experiencing poor operating results, having substantial capital needs or negative net worth, facing special competitive or product obsolescence problems, including companies involved in bankruptcy or other reorganization and liquidation proceedings (also known as "high-yield" or "junk" bonds).  These loans, securities and obligations are likely to be particularly risky investments although they also may offer the potential for correspondingly high returns.
• There is not expected to be any secondary trading market in the shares. Unlike an investor in many closed-end funds, shareholders should not expect to be able to sell their shares regardless of how the Fund performs. An investment in the Fund is considered illiquid. Unlike many closed-end funds, the shares are not listed on any securities exchange. The Fund intends to provide liquidity through quarterly offers to repurchase a limited amount of the Fund’s shares.
• There is no assurance that distributions paid by the Fund will be maintained or that dividends will be paid at all, and the amount of distributions that the Fund may pay, if any, is uncertain. The Fund may pay distributions, in significant part, from sources that may not be available in the future and that are unrelated to the Fund’s performance, such as offering proceeds or borrowings. The Fund’s distributions may be funded from unlimited amounts of offering proceeds or borrowings, which may constitute a return of capital and reduce the amount of capital available to the Fund for investment. Any capital returned to shareholders through distributions will be distributed after payment of fees and expenses.
• The payment of fees and expenses will reduce the funds available for investment, the net income generated, the funds available for distribution and the book value of the common shares. In addition, the fees and expenses paid will require investors to achieve a higher total net return in order to recover their initial investment. Please see the Prospectus for additional details regarding the Fund's fees and expenses.
• The Fund is subject to valuation risk, which is the risk that one or more of the securities in which the Fund invests are valued at prices that the Fund is unable to obtain upon sale due to factors such as incomplete data, market instability, human error, or, with respect to securities for which there are no readily available market quotations, the inherent difficulty in determining the fair value of certain types of investments. A significant amount of the Fund’s investments are expected to be in securities that do not have readily ascertainable market prices.  Assets that are not publicly traded or whose market prices are not readily available are valued at fair value as determined in good faith by the Adviser (who may consider, as one input among others, certain procedures performed by one or more independent valuation firms, if any).  Because fair values, and particularly fair values of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time, and are often based to a large extent on estimates, comparisons and qualitative evaluations of private information, the Fund’s determinations of fair value may differ materially from the values that would have been determined if a ready market for these securities existed.  This could make it more difficult to value accurately the Fund’s portfolio investments and could lead to undervaluation or overvaluation of the Fund’s interests.
• The Adviser and its affiliates currently manage assets for other investment funds and accounts and/or may manage assets for such other investment funds and accounts in the future.  Actions taken by the Adviser or its affiliates on behalf of such investment funds and accounts have the potential to be adverse to the Fund and the Fund’s investments, which could harm the Fund’s performance. The Adviser and its affiliates currently manage, and expect to manage in the future, investment entities other than the Fund, including investment funds and accounts that invest in investments similar to those in which the Fund is investing.  As a result, the time and resources that the Adviser devotes to the Fund may be diverted, and during times of intense activity in other programs they may devote less time and resources to the Fund than is necessary or appropriate.  In addition, the Fund may compete with any such investment entity also managed by the Adviser or its affiliates for the same investors and investment opportunities. Furthermore, the Adviser may face conflicts of interest with respect to services it may perform for companies in which the Fund invests as it may receive fees in connection with such services that may not be shared with the Fund.
• The incentive fee payable by the Fund to the Adviser may create an incentive for the Adviser to make investments on the Fund's behalf that are risky or more speculative than would be the case in the absence of such compensation arrangements. The Fund may be obligated to pay the Adviser incentive fees even if the Fund incurs a net loss due to a decline in the value of its portfolio and even if its earned interest income is not payable in cash.
• The Fund operates as a "non-diversified" management investment company for purposes of the Investment Company Act of 1940, as amended, which means it will not be subject to percentage limitations on assets that may be invested in the securities of any one issuer.  As a result, the Fund may invest in relatively few industries or issuers.  To the extent that the Fund holds large positions in a small number of issuers, or within a particular industry, the Fund’s NAV may be subject to greater fluctuation.
• Market risks, including political, regulatory, market, economic and social developments and developments that impact specific economic sectors, industries or segments of the market, can affect the value and liquidity of the Fund’s investments, which may become more difficult to value.
• The Fund intends to elect to be treated as a "regulated investment company" under the Internal Revenue Code of 1986, as amended, and intends each year to qualify and be eligible to be treated as such, so that it generally will not be subject to U.S. federal income tax on its net investment income or net short-term or long-term capital gains, that are distributed as dividends for U.S. federal income tax purposes to shareholders.  If, in any year, the Fund were to fail to qualify for treatment as a "regulated investment company", and were ineligible to or did not otherwise cure such failure, the Fund would be subject to tax on its taxable income at regular corporate rates and, when such income is distributed, shareholders would be subject to a further tax to the extent of the Fund’s current or accumulated earnings and profits.

Past performance is not a guarantee of future results.

Assets Under Management ("AUM") is calculated as net asset value plus assets attributable to borrowings for investment purposes.

The material presented is proprietary information regarding Blue Owl Capital Inc. ("Blue Owl"), its affiliates and investment program, funds sponsored by Blue Owl, including the Blue Owl Credit, GP Strategic Capital Funds and the Real Assets Funds (collectively the "Blue Owl Funds") as well as investment held by the Blue Owl Funds.

An investment in the Fund or other investment vehicle entails a high degree of risk. Prospective investors should consider all of the risk factors set forth in the "Risk Factors and Special Considerations" and "Conflicts of Interest" sections of the prospectus, each of which could have an adverse effect on the Fund or other investment vehicle and on the value of Interests.

An investment in the Fund or other investment vehicle is suitable only for sophisticated investors and requires the financial ability and willingness to accept the high risks and lack of liquidity associated with an investment in the Fund or other investment vehicle. Investors in the Fund or other investment vehicle must be prepared to bear such risks for an indefinite period of time. There will be restrictions on transferring interests in the Fund or other investment vehicle, and the investment performance of the Fund or other investment vehicle may be volatile. Investors must be prepared to hold their interests in the Fund or other investment vehicle until its dissolution and should have the financial ability and willingness to accept the risk characteristics of the Fund's or other  investment vehicle’s investments.

There can be no assurances or guarantees that the Fund's or other investment vehicles investment objectives will be realized that the Fund's or other investment vehicle investment strategy will prove successful or that investors will not lose all or a portion of their investment in the Fund.

Furthermore, investors should not construe the performance of any predecessor funds or other investment vehicle as providing any assurances or predictive value regarding future performance of the Fund.

The views expressed and, except as otherwise indicated, the information provided are as of the report date and are subject to change, update, revision, verification, and amendment, materially or otherwise, without notice, as market or other conditions change. Since these conditions can change frequently, there can be no assurance that the trends described herein will continue or that any forecasts are accurate. In addition, certain of the statements contained in this material may be statements of future expectations and other forward-looking statements that are based on the current views and assumptions of Blue Owl and involve known and unknown risks and uncertainties (including those discussed below) that could cause actual results, performance, or events to differ materially from those expressed or implied in such statements. These statements may be forward-looking by reason of context or identified by words such as "may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential or continue" and other similar expressions. Neither Blue Owl, its affiliates, nor any of Blue Owl’s or its affiliates' respective advisers, members, directors, officers, partners, agents, representatives or employees or any other person (collectively the "Blue Owl Entities") is under any obligation to update or keep current the information contained in this document.

This material contains information from third party sources which Blue Owl has not verified. No representation or warranty, express or implied, is given by or on behalf of the Blue Owl Entities as to the accuracy, fairness, correctness or completeness of the information or opinions contained in this material and no liability whatsoever (in negligence or otherwise) is accepted by the Blue Owl Entities for any loss howsoever arising, directly or indirectly, from any use of this material or its contents, or otherwise arising in connection therewith.

All investments are subject to risk, including the loss of the principal amount invested. These risks may include limited operating history, uncertain distributions, inconsistent valuation of the portfolio, changing interest rates, leveraging of assets, reliance on the investment advisor, potential conflicts of interest, payment of substantial fees to the investment advisor and the dealer manager, potential illiquidity, and liquidation at more or less than the original amount invested. Diversification will not guarantee profitability or protection against loss. Performance may be volatile, and the NAV may fluctuate.

Performance Information:

Where performance returns have been included in this material, Blue Owl has included herein important information relating to the calculation of these returns as well as other pertinent performance related definitions.

This material is for informational purposes only and is not an offer or a solicitation to sell or subscribe for any fund or other investment vehicle and does not constitute investment, legal, regulatory, business, tax, financial, accounting, or other advice or a recommendation regarding any securities of Blue Owl, of any fund or investment vehicle managed by Blue Owl, or of any other issuer of securities. Only a definitive offering document (i.e.: Prospectus or Private Placement Memorandum or other offering material) can make such an offer. Neither the Securities and Exchange Commission, the Attorney General of the State of New York nor any state securities commission has approved or disapproved of these securities or determined if the Prospectus, Private Placement Memorandum or other offering material is truthful or complete. Any representation to the contrary is a criminal offense. Within the United States and Canada, securities are offered through Blue Owl Securities LLC, member of FINRA/SIPC, as Dealer Manager.

Copyright© Blue Owl Capital Inc. 2026. All rights reserved. This material is proprietary and may not be reproduced, transferred, or distributed in any form without prior written permission from Blue Owl. It is delivered on an "as is" basis without warranty or liability by accepting the information, you agree to abide by all applicable copyright and other laws, as well as any additional copyright notices or restrictions contained in the information.