# EDGAR Filing Document

**Accession Number:** 0002059436
**File Stem:** 0001628280-26-038450
**Filing Date:** 2026-5
**Character Count:** 15901
**Document Hash:** 43b691d056f27258f22ea6b81a091edb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-038450.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0001628280-26-038450

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**EFFECTIVENESS DATE**: 20260527

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blue Owl Alternative Credit Fund
- **CENTRAL INDEX KEY:** 0002059436

**ORGANIZATION NAME:**
- **EIN:** 333384873
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24062
- **FILM NUMBER:** 261026065

**BUSINESS ADDRESS:**
- **STREET 1:** 399 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-201-1924

**MAIL ADDRESS:**
- **STREET 1:** 399 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

i

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT**

**OF REGISTERED MANAGEMENT**

**INVESTMENT COMPANIES**

Investment Company Act File Number 811-24062

**Blue Owl Alternative Credit Fund**

(Exact name of registrant as specified in charter)

**399 Park Avenue** 

**New York, New York 10022**

(Address of principal executive offices)

**(212) 419-3000**

(Registrant's Area Code and Telephone Number)

**Andrew C. Murphy**

**Blue Owl Alternative Credit Fund**

**399 Park Avenue**

**New York, New York 10022**

(Name and address of agent for service)

Date of fiscal year end: December 31

Date of reporting period: December 31, 2025

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**Explanatory Note**

The Registrant is filing this amendment to its Form N-CSR for the fiscal period ended December 31, 2025 originally filed with

the U.S. Securities and Exchange Commission on February 27, 2026, accession number 0001628280-26-012442 (the "Initial Filing").

The sole purpose of this amendment is to (1) update Item 4(g) to include that no non-audit fees were billed by the Registrant's

independent registered public accountant for services rendered to the Registrant or its investment adviser for the fiscal period ended

December 31, 2025 and (2) update the signature page and certification dates to the amendment date. Except as set forth above, this

amendment does not amend, update or change any other items or disclosures found in the Initial Filing. Other than as noted above,

items 1 through 19 of this amendment are incorporated by reference to the <u>[Initial Filing](https://www.sec.gov/Archives/edgar/data/2059436/000162828026012442/owlcx12312025ncsr.htm)</u>.

**Item 4. Independent Registered Public Accountant Fees and Services.**

(g) For the fiscal period ended December 31, 2025, aggregate non-audit fees billed by the Fund's independent registered

public accountant for services rendered to the Fund and to the Fund's investment adviser were $0 and $0, respectively.

**Item 19. Exhibits, Financial Statement Schedules.**

---

| | |
|:---|:---|
| **Exhibit**<br>**Number**<br>| **Description of Exhibits** |
| (a)(1) | <u>[The Fund's Sarbanes Oxley Code of Ethics (incorporated by reference to the corresponding exhibit of the Fund's annual report on Form N-CSR, filed on](https://www.sec.gov/Archives/edgar/data/2059436/000162828026012442/owlcx12312025-ex19a1.htm)</u><br><u>[February 27, 2026).](https://www.sec.gov/Archives/edgar/data/2059436/000162828026012442/owlcx12312025-ex19a1.htm)</u><br>|
| (a)(2) | Not applicable. |
| (a)(3) | <u>[Separate certifications for the Principal Executive Officer and the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](owlcx12312025-ex19a3a.htm)</u><br><u>[Filed herewith.](owlcx12312025-ex19a3a.htm)</u><br>|
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | <u>[Separate certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.](owlcx12312025-ex19ba.htm)</u> |
| (c) | <u>[The Consolidated Schedule of Investments (incorporated by reference to the corresponding exhibit of the Fund's annual report on Form N-CSR, filed on](https://www.sec.gov/Archives/edgar/data/2059436/000162828026012442/owlcx12312025-ex19c.htm)</u><br><u>[February 27, 2026).](https://www.sec.gov/Archives/edgar/data/2059436/000162828026012442/owlcx12312025-ex19c.htm)</u><br>|
| (d) | <u>[Opinion of KPMG (incorporated by reference to the corresponding exhibit of the Fund's annual report on Form N-CSR, filed on February 27, 2026).](https://www.sec.gov/Archives/edgar/data/2059436/000162828026012442/owlcx12312025-ex19d.htm)</u> |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly

caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**Blue Owl Alternative Credit Fund**

---

| | |
|:---|:---|
| By: | /s/ Ivan Zinn |
| Name: | Ivan Zinn |
| Title: | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: | May 27, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been

signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

---

| | |
|:---|:---|
| By: | /s/ Ivan Zinn |
| Name: | Ivan Zinn |
| Title: | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: | May 27, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Gerald Cammarata |
| Name: | Gerald Cammarata |
| Title: | Treasurer and Chief Financial Officer |
|  | (Principal Financial Officer) |
| Date: | May 27, 2026 |

---

## Ex-99.A3

**Exhibit (a)(2)**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Ivan Zinn, President and Chief Executive Officer of Blue Owl Alternative Credit Fund, certify that:

1. I have reviewed this report on Form N-CSR of Blue Owl Alternative Credit Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: May 27, 2026 | By: | /s/ Ivan Zinn |
|  |  | **Ivan Zinn** |
|  |  | **President and Chief Executive Officer**<br>**(Principal Executive Officer)** |

---

------

**Exhibit (a)(2)**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Gerald Cammarata, Treasurer and Chief Financial Officer of Blue Owl Alternative Credit Fund, certify that:

1. I have reviewed this report on Form N-CSR of Blue Owl Alternative Credit Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: May 27, 2026 | By: | /s/ Gerald Cammarata |
|  |  | **Gerald Cammarata** |
|  |  | **Treasurer and Chief Financial Officer**<br>**(Principal Financial Officer)** |

---

## Ex-99.B

**Exhibit (b)**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, Ivan Zinn, as President and Chief Executive Officer of Blue Owl Alternative Credit Fund (the "Fund"), certify that:

1)the Form N-CSR of the Fund (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

---

| | | |
|:---|:---|:---|
| Date: May 27, 2026 | By: | /s/ Ivan Zinn |
|  |  | **Ivan Zinn** |
|  |  | **President and Chief Executive Officer**<br>**(Principal Executive Officer)** |

---

------

**Exhibit (b)**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, Gerald Cammarata, as Treasurer and Chief Financial Officer of Blue Owl Alternative Credit Fund (the "Fund"), certify that:

1)the Form N-CSR of the Fund (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

---

| | | |
|:---|:---|:---|
| Date: May 27, 2026 | By: | /s/ Gerald Cammarata |
|  |  | **Gerald Cammarata** |
|  |  | **Treasurer and Chief Financial Officer**<br>**(Principal Financial Officer)** |

---

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