# EDGAR Filing Document

**Accession Number:** 0002059436
**File Stem:** 0001628280-26-012442
**Filing Date:** 2026-2
**Character Count:** 1710794
**Document Hash:** 746066ac4282a7da631e60e421e9ba3f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-012442.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001628280-26-012442

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260226

**EFFECTIVENESS DATE**: 20260227

**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
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24062
- **FILM NUMBER:** 26690776

**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

ii

**Item 1. Report to Shareholders**

a.The annual report of the registrant for the period ended December 31, 2025 transmitted to shareholders pursuant to Rule 30e-1 promulgated under the Investment

Company Act of 1940, as amended (the "1940 Act"), is as follows:

**Blue Owl Alternative Credit Fund**<br>

![image1.jpg](image1.jpg)

**Annual Report**

For the Period Ended December 31, 2025

iii

---

| | |
|:---|:---|
| **Blue Owl Alternative Credit Fund** | |
| **Table of Contents** |  |
| **For the Period Ended December 31, 2025** |  |
| <u>[Annual Shareholder Letter](#i2dfd22b5c15340e48f4c16a31719c802_10)</u> ........................................................................................................................................................................... | <u>[4](#i2dfd22b5c15340e48f4c16a31719c802_10)</u> |
| <u>[Performance Summary](#i2dfd22b5c15340e48f4c16a31719c802_674)</u> ................................................................................................................................................................................. | <u>[6](#i2dfd22b5c15340e48f4c16a31719c802_674)</u> |
| <u>[Consolidated Statement of Assets and Liabilities as of December 31, 2025](#i2dfd22b5c15340e48f4c16a31719c802_16)</u> ............................................................................................... | <u>[7](#i2dfd22b5c15340e48f4c16a31719c802_16)</u> |
| <u>[Consolidated Statement of Operations for the Period from March 7, 2025 (Commencement of Operations) to December 31, 2025](#i2dfd22b5c15340e48f4c16a31719c802_19)</u> | <u>[8](#i2dfd22b5c15340e48f4c16a31719c802_19)</u> |
| <u>[Consolidated Summary Schedule of Investments as of December 31, 2025](#i2dfd22b5c15340e48f4c16a31719c802_22)</u> ............................................................................................... | <u>[9](#i2dfd22b5c15340e48f4c16a31719c802_22)</u> |
| <u>[Consolidated Statement of Changes in Net Assets for the Period from March 7, 2025 (Commencement of Operations) to December](#i2dfd22b5c15340e48f4c16a31719c802_25)</u><br><u>[31, 2025](#i2dfd22b5c15340e48f4c16a31719c802_25)</u> ........................................................................................................................................................................................................<br>| <u>[18](#i2dfd22b5c15340e48f4c16a31719c802_25)</u> |
| <u>[Consolidated Statement of Cash Flows for the Period from March 7, 2025 (Commencement of Operations) to December 31, 2025](#i2dfd22b5c15340e48f4c16a31719c802_28)</u> ...... | <u>[19](#i2dfd22b5c15340e48f4c16a31719c802_28)</u> |
| <u>[Consolidated Financial Highlights](#i2dfd22b5c15340e48f4c16a31719c802_31)</u> ............................................................................................................................................................... | <u>[20](#i2dfd22b5c15340e48f4c16a31719c802_31)</u> |
| <u>[Notes to Consolidated Financial Statements](#i2dfd22b5c15340e48f4c16a31719c802_34)</u> ................................................................................................................................................ | <u>[21](#i2dfd22b5c15340e48f4c16a31719c802_34)</u> |
| <u>[Report of Independent Registered Public Accounting Firm](#i2dfd22b5c15340e48f4c16a31719c802_711)</u> ........................................................................................................................ | <u>[47](#i2dfd22b5c15340e48f4c16a31719c802_711)</u> |
| <u>[Other Information](#i2dfd22b5c15340e48f4c16a31719c802_76)</u> ......................................................................................................................................................................................... | <u>[48](#i2dfd22b5c15340e48f4c16a31719c802_76)</u> |
| <u>[Management of the Fund](#i2dfd22b5c15340e48f4c16a31719c802_691)</u> ............................................................................................................................................................................. | <u>[48](#i2dfd22b5c15340e48f4c16a31719c802_691)</u> |
| <u>[Shareholder Privacy Notice](#i2dfd22b5c15340e48f4c16a31719c802_79)</u> .......................................................................................................................................................................... | <u>[50](#i2dfd22b5c15340e48f4c16a31719c802_79)</u> |

---

---

| |
|:---|
| Fund <br>highlights<br>|
| 65 |
| **Total # of**<br>**investments**<br>|
| 93% |
| **of investments in** <br>**asset based finance**<br>|
| 75% |
| **of investments from repeat** <br>**relationships**<br>|

---

![floatingimage_1.jpg](floatingimage_1.jpg)

Blue Owl Alternative Credit Fund

**Annual shareholder letter**

**February 2026**

We are pleased to present the fiscal year 2025 Annual Report for the Blue Owl Alternative Credit

Fund ("OWLCX," or the "Fund"). OWLCX is advised by Blue Owl Alternative Credit Advisors

II LLC (the "Adviser").

The Fund aims to generate current income and, to a lesser extent, capital appreciation by

investing primarily in non-traded asset-based finance ("ABF") investments. We believe ABF

investments can enhance portfolio diversification, having historically exhibited relatively low

correlation with public credit, public equities, and private credit direct lending strategies. The

Fund delivered an unannualized total return of 7.83% for Class I<sup>(1)</sup> and 5.29% for Class U<sup>(1)</sup>

during fiscal year 2025. The Morningstar LSTA U.S. Leveraged Loan Index delivered an

unannualized total return of 5.2% over the same time period as Class I and 2.3% over the same

time period as Class U.

As of December 31, 2025, the Fund's portfolio was comprised of 65 investments, 93% of which

were attributable to various ABF strategies. Within ABF, OWLCX has primarily invested in

specialty finance and asset leasing opportunities. These two ABF sectors – longstanding areas of

focus for the Blue Owl Alternative Credit team – can offer attractive risk-adjusted yields, in part

due to their short duration profiles and self-amortizing cashflows, which we believe can reduce

the probability of capital loss events.

In the six months ending December 31, 2025, OWLCX's portfolio grew by more than 50

investments. Deployment activity was particularly strong in December, reflecting a seasonal

pattern that we have observed in prior years as well. Among other factors, increased December

deal activity is often driven by counterparties seeking to optimize balance sheets prior to the

fiscal year-end. We believe this deadline can create motivated counterparties prioritizing speed

and certainty of execution above all else, creating favorable dynamics for capital providers such

as OWLCX.

This trend continued in 2025, for example, when a repeat specialty finance counterparty of the

Fund reached out in November regarding the sale of a consumer installment loan portfolio from

its balance sheet. As a public company, the counterparty was motivated to execute ahead of its

year-end reporting date. We engaged directly with the company given the existing relationship

and our ability to execute efficiently on prior transactions with deep asset class expertise.

We quickly negotiated and closed the transaction ahead of year-end, and consistent with our

general approach, the transaction was a structured solution, requiring loss-sharing from the seller

and other risk-mitigating features. Additionally, we did not acquire the entire loan pool, but

instead selectively purchased what our in-house data science team determined to be the highest

quality loans made available by the counterparty. Despite negotiating what we believe to be

buyer-friendly terms, we understand the counterparty was pleased to receive an effective balance

sheet solution tailored to its specific needs. Transactions like this demonstrate the partnership

orientation that drives long-term, repeat ABF relationships.

In addition to OWLCX's primary focus on privately negotiated ABF investments, we believe the

Fund is also well positioned to capitalize on opportunities in the public asset-backed securities

("ABS") market. Public ABS issuances allow originators and other asset owners to securitize

assets, providing cost-efficient, fixed-rate, and often term-matched financing. Many of the Fund's

counterparties in its non-traded investments also raise capital as issuers in the public ABS

markets, positioning OWLCX to invest in related public ABS opportunities.

Investor demand for public ABS was generally strong throughout 2025, and many deals were

"oversubscribed" as demand significantly exceeded issuance size. This drove public ABS spreads

tighter, increasing the returns available to asset owners that utilize these financing structures.

While market tightness made it difficult for some investors to deploy capital in public ABS, the

Adviser has sought to leverage its longstanding relationships with originators to both contribute

assets to securitizations and selectively purchase attractive public ABS issuances on behalf of the

Fund.

![floatingimage_1.jpg](floatingimage_1.jpg)

Blue Owl Alternative Credit Fund

**Annual shareholder letter (continued)**

**February 2026**

Looking ahead, the Adviser plans to build on the strong deployment momentum achieved in

2025, with a continued focus on specialty finance and asset leasing. Within leasing, the Adviser

has recently executed several aviation-related transactions, sourcing opportunities directly

through longstanding joint venture partnerships. We believe that the aviation sector continues to

benefit from favorable supply-demand dynamics driven by inconsistent deliveries from aviation

manufacturers alongside sustained consumer demand for air travel.

![floatingimage_1.jpg](floatingimage_1.jpg)

![floatingimage_1.jpg](floatingimage_1.jpg)

Beyond aviation, OWLCX has negotiated leases backed by mission-critical medical assets,

including MRI and X ray machines. The current U.S. Presidential Administration's extension of

100% bonus depreciation for qualifying equipment expenditures may further incentivize such

investment, providing a potential tailwind for asset leasing activity. In our view, we are well

positioned to capitalize on this opportunity, having executed hundreds of lease agreements across

a wide range of asset types since the inception of Blue Owl Alternative Credit.

In specialty finance, we remain focused on deepening existing relationships with origination

platforms. We currently maintain more than 60 active partnerships with non-bank lending

platforms and have worked with over 100 since the inception of Blue Owl Alternative Credit. We

believe these platforms value our partnership because, over time, we aim to develop a deep

understanding of their unique operations, underwriting standards, and performance history,

enabling investments to be underwritten with speed and certainty. Many of the Fund's

investments are "repeat" transactions whereby existing agreements are either extended, upsized,

or refinanced.

While the Fund's primary focus in specialty finance remains on bilaterally negotiated

investments, we are also an active participant in competitive and brokered processes. Given our

longstanding industry relationships, we are often included early in these opportunities; however,

the rate of execution for such processes is typically lower than in private transactions due to

competitive dynamics.

Recently, we have elected not to pursue certain transactions where we believed that clearing

terms did not offer sufficient downside protection. In some of these instances, transactions

ultimately closed on terms where, in our view, even modest asset underperformance could have

materially impacted investor outcomes. Accordingly, we believe these decisions to "pass" reflect

disciplined underwriting rather than missed opportunities. We continue to perform bottom-up

analyses on relevant transactions, recognizing that pricing dynamics can evolve and that

competing bidders may withdraw. At a minimum, these processes provide valuable market

insight. Importantly, the Fund's pipeline of repeatable opportunities with existing counterparties

has, as of the date hereof, remained more than sufficient to meet deployment needs while

maintaining a focus on limiting downside exposure.

On behalf of the Adviser, we thank you for your investment in OWLCX. We are honored to be

stewards of your capital and excited about the outlook ahead.

(1) Class I shares commenced operations on March 7, 2025 and Class U shares commenced operations on <br>July 15, 2025. Total return is not annualized. Total return displayed is net of all fees, including all operating <br>expenses such as management fees, incentive fees, general and administrative expenses, organization and <br>amortized offering expenses, and interest expenses, net of any waivers. Total return is calculated as the <br>change in net asset value ("NAV") per share (assuming dividends and distributions, if any, are reinvested in <br>accordance with the Fund's dividend reinvestment plan), if any, divided by the beginning NAV per share.<br>

![floatingimage_1.jpg](floatingimage_1.jpg)

Blue Owl Alternative Credit Fund

**OWLCX Class I Performance Data**<sup>(1)</sup>

**Total Return Based on a $250,000 Initial Investment**

The below graph compares a hypothetical $250,000 investment in the Fund's Class I Shares

(which represents the minimum initial investment amount for such class of shares), made at its

inception, with the same investment in the Morningstar LSTA U.S. Leveraged Loan Index,

Bloomberg U.S. Corporate High Yield Index, and 50% Morningstar LSTA U.S. Leveraged Loan

Index/50% Bloomberg U.S. Corporate High Yield Index. Results include the reinvestment of all

dividends and capital gains. The indices do not reflect expenses, fees, or sales charges, which

would lower performance. The indices listed are not intended to represent benchmarks for the

Fund, and instead are intended to allow for comparison of the Fund's performance to that of

commonly used indices. The Morningstar LSTA U.S. Leveraged Loan Index is intended to be an

appropriate broad-based securities market index to which the Fund's performance is compared.

The performance of the other classes of the Fund's shares will be less than the performance

shown in the graph below due to different expenses applicable to such class. The graph and

performance table below do not reflect the deduction of taxes that a shareholder would pay on

Fund distributions or the redemption of Fund shares. During the period, expenses of the Fund

have been waived or reimbursed by the Adviser; without such waiver or reimbursement of

expenses, the Fund's returns would have been lower. Past performance is no guarantee of future

results.

![image.jpg](image.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns at Net Asset Value for the Period Ended December 31, 2025**<sup>(8)</sup> | **Average Annual Total Returns at Net Asset Value for the Period Ended December 31, 2025**<sup>(8)</sup> |
| Class I<sup>(2)</sup> | 7.8% |
| Class U<sup>(2)</sup> | 5.3% |
| Morningstar LSTA U.S. Leveraged Loan Index<sup>(3)</sup> | 5.2%<sup>(6)</sup> / 2.3%<sup>(7)</sup> |
| Bloomberg U.S. Corporate High Yield Index<sup>(4)</sup> | 6.7%<sup>(6)</sup> / 4.0%<sup>(7)</sup> |
| 50% Morningstar LSTA U.S. Leveraged Loan Index/50% Bloomberg U.S. Corporate High <br>Yield Index<sup>(5)</sup><br>| 6.0%<sup>(6)</sup> / 3.1%<sup>(7)</sup> |

---

---

| |
|:---|
| (1) Performance for the unmanaged indices does not reflect any fees or expenses. The performance of the indices is not necessarily representative of the <br>Fund's performance.<br>|
| (2) Class I shares commenced operations on March 7, 2025. Class U shares commenced operations on July 15, 2025. |
| (3) The Morningstar LSTA U.S. Leveraged Loan Index is market value weighted and comprises constituents derived from U.S. dollar-denominated <br>syndicated term leveraged loans that are held within top-tier institutional investor loan portfolios tracked by PitchBook LCD. An investor cannot make an <br>investment directly in an index.<br>|
| (4) The Bloomberg U.S. Corporate High Yield Index measures the U.S. dollar-denominated, high yield (i.e., the middle rating of Moody's, Fitch and S&P is <br>Ba1/BB+/BB+ or below), fixed-rate corporate bond market. An investor cannot make an investment directly in an index.<br>|
| (5) In addition, the chart and table include a blended index of 50% Morningstar LSTA U.S. Leveraged Loan Index and 50% Bloomberg U.S. Corporate <br>High Yield Index, which seeks to better align with portfolio asset allocation.<br>|
| (6) Represents performance for the period from inception of Class I shares through December 31, 2025. |
| (7) Represents performance for the period from inception of Class U shares through December 31, 2025. |
| (8) The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal <br>value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or <br>higher than the performance information quoted. The most recent quarter end performance may be obtained by calling 212-419-3000.<br>|

---

**Blue Owl Alternative Credit Fund**

**Consolidated Statement of Assets and Liabilities**

**As of December 31, 2025**

---

| | |
|:---|:---|
|  | **December 31, 2025** |
| **Assets** |  |
| Investments at fair value |  |
| Non-controlled, non-affiliated investments (amortized cost of $1,130,518,230) | $1132295974 |
| Non-controlled, affiliated investments (amortized cost of $44,144,190) | 45626076 |
| Controlled, affiliated investments (amortized cost of $389,272,132) | 378905365 |
| Total investments at fair value (amortized cost of $1,563,934,552) | 1556827415 |
| Cash | 6594526 |
| Interest receivable | 10489393 |
| Due from adviser<sup>(1)</sup> | 6220421 |
| Subscriptions receivable | 16177444 |
| Prepaid expenses and other assets | 8721674 |
| Derivative assets at fair value (including upfront payments of $7,700) | 27012 |
| **Total Assets** | $1605057885 |
| **Liabilities** |  |
| Debt (net of unamortized debt issuance costs of $3,645,410) | $278354590 |
| Payable for reverse repurchase agreements | 50125000 |
| Distribution payable | 12604088 |
| Payable to affiliates | 209925 |
| Incentive fee payable | 3091811 |
| Management fee payable | 902014 |
| Accrued expenses and other liabilities | 12403489 |
| Derivative liabilities at fair value | 208239 |
| **Total Liabilities** | 357899156 |
| Commitments and contingencies (Note 9) |  |
| **Net Assets** |  |
| Paid-in-capital | 1259565874 |
| Distributable earnings (losses) | (12407145) |
| **Total Net Assets** | 1247158729 |
| **Total Liabilities and Net Assets** | $1605057885 |
| Class I shares of beneficial interest Net Asset Value, 103,638,237 shares issued and outstanding | $1032754208 |
| Class U shares of beneficial interest Net Asset Value, 21,515,774 shares issued and outstanding | $214404521 |
| **Net Asset Value Per Class I Share** | $9.96 |
| **Net Asset Value Per Class U Share** | $9.96 |

---

<sup>(1)</sup> See Note 4, Agreements and Related Party Transactions, for detail on Due from adviser under the terms of the Expense Limitation

Agreement.

The accompanying notes are an integral part of these consolidated financial statements.

**Blue Owl Alternative Credit Fund**

**Consolidated Statement of Operations**

---

| | |
|:---|:---|
|  | **Period From March 7, 2025** <br>**(Commencement of Operations)** <br>**to December 31, 2025**<br>|
| **Investment Income** |  |
| Investment income from non-controlled, non-affiliated investments: |  |
| Interest income | $38695195 |
| Dividend income | 429699 |
| Other income | 357660 |
| Total investment income from non-controlled, non-affiliated investments | 39482554 |
| Investment income from non-controlled, affiliated investments: |  |
| Dividend income | 1249247 |
| Total investment income from non-controlled, affiliated investments | 1249247 |
| Investment income from controlled, affiliated investments: |  |
| Dividend income | 23742861 |
| Total investment income from controlled, affiliated investments | 23742861 |
| **Total Investment Income** | 64474662 |
| **Operating Expenses** |  |
| Interest expense | 2701954 |
| Initial organization costs | 1607309 |
| Offering costs | 1055272 |
| Management fees | 3760640 |
| Incentive fees | 5399785 |
| Professional fees | 3677040 |
| Director's fees | 292500 |
| Shareholder servicing fees | 655048 |
| Other general and administrative | 3268593 |
| **Total Operating Expenses** | 22418141 |
| Management fees waived<sup>(1)</sup> | (788286) |
| Incentive fees waived<sup>(1)</sup> | (1387632) |
| Expenses waived by Adviser<sup>(1)</sup> | (7433983) |
| **Net Operating Expenses** | 12808240 |
| Other expenses<sup>(2)</sup> | 1655026 |
| **Total Expenses** | 14463266 |
| **Net Investment Income (Loss) Before Taxes** | 50011396 |
| Income tax expense (benefit), including excise tax expense (benefit) | 150000 |
| **Net Investment Income (Loss) After Taxes** | $49861396 |
| **Net Realized and Change in Unrealized Gain (Loss)** |  |
| Net change in unrealized gain (loss): |  |
| Non-controlled, non-affiliated investments | $1777745 |
| Non-controlled, affiliated investments | 1481886 |
| Controlled, affiliated investments | (10366768) |
| Derivative instruments | (188927) |
| **Total Net Change in Unrealized Gain (Loss)** | (7296064) |
| Net realized gain (loss): |  |
| Non-controlled, non-affiliated investments | 10987029 |
| Controlled, affiliated investments | (121960) |
| Derivative instruments | 114517 |
| Foreign currency transactions and other transactions | (58205) |
| **Total Net Realized Gain (Loss)** | 10921381 |
| **Total Net Realized and Change in Unrealized Gain (Loss)** | 3625317 |
| **Total Net Increase (Decrease) in Net Assets Resulting from Operations** | $53486713 |

---

<sup>(1)</sup> See Note 4, Agreements and Related Party Transactions, for detail on Management Fees and Incentive Fees waived under the terms of the

Investment Advisory Agreement, as well as for expenses waived by Adviser under the terms of the Expense Limitation Agreement.

<sup>(2)</sup> Costs associated with special purpose vehicles ("SPVs"), such as accounting and servicing fees.

The accompanying notes are an integral part of these consolidated financial statements.

**Blue Owl Alternative Credit Fund**

**Consolidated Summary Schedule of Investments**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
| <br>**Issuer/Borrower(1)(2)(11)(25)(32)** | <br>**Investment** | **Ref.** <br>**Rate**<br>| **Rate/**<br>**Spread**<br>| <br>**Maturity** <br>**Date**<br>| <br>**Par/**<br>**Units(14)**<br>| <br>**Amortized Cost** | <br>**Fair Value** | <br>**% of Net**<br>**Assets(15)**<br>|
| **Non-controlled/non-affiliated investments** | **Non-controlled/non-affiliated investments** |  |  |  |  |  |  |  |
| **Asset Based Finance ("ABF")** |  |  |  |  |  |  |  |  |
| **Buildings and real estate** |  |  |  |  |  |  |  |  |
| NY 36th Street Holdings LLC(7) | Second lien senior secured loan | S+ | 8.25% | 11/2027 | 25000000 | $24761678 | $24750003 |  |
| Wells Fargo Commercial Mortgage Trust 2025-5C7 Class E Certificate(16)(36) | Asset-backed security | N/A | 6.28% | 12/2058 | 4900000 | 4654990 | 4655000 |  |
| Wells Fargo Commercial Mortgage Trust 2025-5C7 Class F Certificate(16)(36) | Asset-backed security | N/A | 6.28% | 12/2058 | 5100000 | 4434632 | 4437000 |  |
| Wells Fargo Commercial Mortgage Trust 2025-5C7 Class G Certificate(16)(36) | Asset-backed security | N/A | 6.28% | 12/2058 | 1000000 | 819443 | 820000 |  |
|  |  |  |  |  |  | 34670743 | 34662003 | 2.8% |
| **Commercial - credit cards** |  |  |  |  |  |  |  |  |
| New Wave Capital Limited(17)(23) | First lien senior secured GBP revolving loan | SA+ | 8.50% | 12/2028 | £10,814,903 | 14624887 | 14599296 |  |
| New Wave Capital Limited(7) | First lien senior secured revolving loan | S+ | 6.00% | 05/2029 | 3691124 | 3639596 | 3624613 |  |
|  |  |  |  |  |  | 18264483 | 18223909 | 1.5% |
| **Commercial - other** |  |  |  |  |  |  |  |  |
| U.S. Claims Litigation Funding, LLC(36) | Secured notes | N/A | 10.25% | 06/2030 | 32000000 | 29902887 | 30080000 |  |
|  |  |  |  |  |  | 29902887 | 30080000 | 2.4% |
| **Commercial - SME lending(35)** |  |  |  |  |  |  |  |  |
| Various(38)(41) | ABF asset | N/A |  | 01/2027 - <br>06/2027<br>| 105806437 | 98238720 | 98031055 |  |
| OnDeck Asset Securitization IV, LLC 2025-2 Class D Note(16)(36) | Asset-backed security | N/A | 8.58% | 11/2032 | 11200000 | 11198507 | 11198481 |  |
|  |  |  |  |  |  | 109437227 | 109229536 | 8.8% |
| **Consumer - auto loans** |  |  |  |  |  |  |  |  |
| GLS Auto Receivables Issuer Trust 2025-1 Series Certificate(10)(16) | Asset-backed security | N/A |  | 03/2032 | 15043 | 9234925 | 10269442 |  |
| GLS Auto Receivables Issuer Trust 2025-2 Series Certificate(10)(16) | Asset-backed security | N/A |  | 06/2032 | 14996 | 14554452 | 14722227 |  |
| GLS Auto Receivables Issuer Trust 2025-3 Class E Series Note(16)(33)(34)(36) | Asset-backed security | N/A | 6.52% | 08/2032 | 17530000 | 17529469 | 17647260 |  |
| GLS Auto Receivables Issuer Trust 2025-3 Series Certificate(10)(16) | Asset-backed security | N/A |  | 03/2030 | 35683 | 24504248 | 24581568 |  |
| GLS Auto Receivables Issuer Trust 2025-4 Class E Series Note(16)(33)(34)(36) | Asset-backed security | N/A | 7.17% | 12/2032 | 18668000 | 18665229 | 18632810 |  |
| GLS Auto Receivables Issuer Trust 2025-4 Series Certificate(10)(16) | Asset-backed security | N/A |  | 12/2032 | 38475 | 27319404 | 27314074 |  |
|  |  |  |  |  |  | 111807727 | 113167381 | 9.1% |
| **Consumer - credit cards** |  |  |  |  |  |  |  |  |
| Continental Finance Company, LLC(7) | First lien senior secured loan | S+ | 8.00% | 03/2029 | 50000000 | 49797125 | 49625000 |  |
| Continental Finance Credit Card ABS Master Trust Series 2025-A Class E <br>Note(16)(36)<br>| Asset-backed security | N/A | 11.44% | 12/2035 | 8567000 | 8566769 | 8565385 |  |
| Continental Finance Credit Card ABS Master Trust Series 2025-A Class D <br>Note(16)(36)<br>| Asset-backed security | N/A | 8.36% | 12/2035 | 10081000 | 10078442 | 10078760 |  |
| Mission Lane Credit Card Master Trust(7)(33) | First lien senior secured revolving loan | S+ | 6.50% | 03/2030 | 2631579 | 2556086 | 2523204 |  |
|  |  |  |  |  |  | 70998422 | 70792349 | 5.7% |
| **Consumer - other** |  |  |  |  |  |  |  |  |
| ACHD Trust 2025-DS1 Class B Note(16)(36) | Asset-backed security | N/A | 9.38% | 01/2034 | 2500000 | 2499979 | 2499834 |  |
| ACHD Trust 2025-DS1 Class C Note(16)(36) | Asset-backed security | N/A | 11.33% | 01/2034 | 20500000 | 20499943 | 20500636 |  |
|  |  |  |  |  |  | 22999922 | 23000470 | 1.8% |

---

**Blue Owl Alternative Credit Fund**

**Consolidated Summary Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
| <br>**Issuer/Borrower(1)(2)(11)(25)(32)** | <br>**Investment** | **Ref.** <br>**Rate**<br>| **Rate/**<br>**Spread**<br>| <br>**Maturity** <br>**Date**<br>| <br>**Par/**<br>**Units(14)**<br>| <br>**Amortized Cost** | <br>**Fair Value** | <br>**% of Net**<br>**Assets(15)**<br>|
| **Consumer - personal loans** |  |  |  |  |  |  |  |  |
| CLP Issuer III, LLC(7) | First lien senior secured revolving loan | S+ | 6.50% | 05/2028 | 74531250 | 74069279 | 73782137 |  |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-P11 Class B <br>Series Note(16)(36)<br>| Asset-backed security | N/A | 6.78% | 09/2040 | 14218000 | 14240339 | 14270675 |  |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-P11 Series <br>Certificate(10)(16)<br>| Asset-backed security | N/A |  | 09/2040 | 1000000 | 30468590 | 30696251 |  |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-P14 Class B <br>Series Note(16)(36)<br>| Asset-backed security | N/A | 6.50% | 11/2040 | 8546000 | 8560090 | 8607584 |  |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-P14 Series <br>Certificate(10)(16)<br>| Asset-backed security | N/A |  | 11/2040 | 1000000 | 20516935 | 20548179 |  |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-P16 Class B <br>Series Note(16)(36)<br>| Asset-backed security | N/A | 6.51% | 01/2041 | 21332000 | 21354813 | 21347404 |  |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-P16 Series <br>Certificate(10)(16)<br>| Asset-backed security | N/A |  | 01/2041 | 1000000 | 56994117 | 57087583 |  |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-RP1 Class B <br>Series Note(16)(36)<br>| Asset-backed security | N/A | 6.73% | 02/2032 | 6215000 | 6238117 | 6390668 |  |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-RP1 Series <br>Certificate(10)(16)<br>| Asset-backed security | N/A |  | 03/2040 | 1000000 | 8660609 | 8194903 |  |
| Opportunity Funding SPE V, LLC(7)(33) | First lien senior secured revolving loan | S+ | 7.30% | 02/2029 | 48677632 | 48194833 | 48038149 |  |
| Various(36)(39)(41) | ABF asset | N/A | 4.16% - <br>26.27%<br>| 08/2027 - <br>12/2032<br>| 186562204 | 189974783 | 188891652 |  |
| Salary Finance Limited(17)(23)(33) | First lien senior secured GBP revolving loan | SA+ | 10.00% | 10/2034 | £6,825,000 | 9098356 | 9129423 |  |
| Skylark Loans Limited(17)(23)(33) | Second lien senior secured GBP revolving loan | SA+ | 6.75% | 10/2034 | £11,741,969 | 15663760 | 15710652 |  |
| SoFi Consumer Loan Program 2025-2 Trust Class D Note(16)(36) | Asset-backed security | N/A | 5.62% | 06/2034 | 1389000 | 1391913 | 1389415 |  |
| SoFi Consumer Loan Program 2025-3 Trust Class D Note(16)(36) | Asset-backed security | N/A | 5.35% | 08/2034 | 930000 | 929865 | 934891 |  |
| Upgrade Warehouse Trust 2025-3(7)(33) | First lien senior secured revolving loan | S+ | 6.00% | 12/2028 | 5707692 | 5618992 | 5618685 |  |
| Upgrade Warehouse Trust 2025-3(30)(31)(33) | First lien senior secured CAD revolving loan | C+ | 6.38% | 12/2028 | C$5,000,000 | 3609879 | 3620281 |  |
| Upstart Securitization Trust 2025-4 Class D Note(16)(36) | Asset-backed security | N/A | 7.67% | 11/2026 | 5272000 | 5270945 | 5270247 |  |
|  |  |  |  |  |  | 520856215 | 519528779 | 41.7% |
| **Equipment leasing** |  |  |  |  |  |  |  |  |
| VCI Intermediate TopCo 1 LLC(16) | ABF equity | N/A |  | N/A | 340909 | 340909 | 340888 |  |
| Heartland Dental, LLC(36) | Promissory note | N/A | 10.97% | 04/2029 | 3031030 | 3045247 | 3053852 |  |
| Heartland Dental, LLC(36) | Promissory note | N/A | 10.94% | 06/2029 | 1218375 | 1226834 | 1228415 |  |
| Heartland Dental, LLC(36) | Promissory note | N/A | 9.25% | 08/2029 | 4272456 | 4272456 | 4274644 |  |
| Heartland Dental, LLC(36) | Promissory note | N/A | 9.25% | 10/2029 | 1137473 | 1137473 | 1132660 |  |
| Pharmalogic Los Angeles, LLC(36) | Financing lease | N/A | 10.20% | 10/2032 | 4015964 | 4015964 | 3980550 |  |
| Pharmalogic New York City, LLC(36) | Financing lease | N/A | 10.18% | 10/2030 | 388864 | 388864 | 386591 |  |
| VCI Asset Holdings LLC(36) | First lien senior secured loan | N/A | 10.00% | 11/2030 | 6818182 | 6751569 | 6750000 |  |
|  |  |  |  |  |  | 21179316 | 21147600 | 1.7% |

---

**Blue Owl Alternative Credit Fund**

**Consolidated Summary Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
| <br>**Issuer/Borrower(1)(2)(11)(25)(32)** | <br>**Investment** | **Ref.** <br>**Rate**<br>| **Rate/**<br>**Spread**<br>| <br>**Maturity** <br>**Date**<br>| <br>**Par/**<br>**Units(14)**<br>| <br>**Amortized Cost** | <br>**Fair Value** | <br>**% of Net**<br>**Assets(15)**<br>|
| **Residential** |  |  |  |  |  |  |  |  |
| Various(37)(40)(41) | ABF asset | N/A |  | N/A(28) | 82203294 | 85889259 | 88682716 |  |
| Point Securitization Trust 2025-2 A1 Note(16)(33)(34)(36) | Asset-backed security | N/A | 5.75% | 09/2055 | 31893416 | 31951993 | 31801467 |  |
| Point Securitization Trust 2025-2 A2 Note(16)(36)(37) | Asset-backed security | N/A | 7.00% | 09/2055 | 9500000 | 9554287 | 9506560 |  |
| Point Securitization Trust 2025-2 B1 Note(16)(36)(37) | Asset-backed security | N/A | 7.00% | 09/2055 | 9300000 | 8128410 | 8073087 |  |
| Point Securitization Trust 2025-2 B2 Note(16)(36)(37) | Asset-backed security | N/A | 5.50% | 09/2055 | 9156767 | 7286520 | 7224624 |  |
| Point Securitization Trust 2025-2 Series Certificate(10)(16)(37) | Asset-backed security | N/A |  | 10/2055 | 21083 | 10957102 | 10624020 |  |
|  |  |  |  |  |  | 153767571 | 155912474 | 12.5% |
| **Total non-controlled/non-affiliated asset based finance unfunded commitments (4)(12)(Note 4)** | **Total non-controlled/non-affiliated asset based finance unfunded commitments (4)(12)(Note 4)** |  |  |  |  | $— | $(71603) | 0.0% |
| **Total non-controlled/non-affiliated asset based finance investments** | **Total non-controlled/non-affiliated asset based finance investments** |  |  |  |  | $1093884513 | $1095672898 | 87.9% |
| **Corporate** |  |  |  |  |  |  |  |  |
| **Buildings and real estate** |  |  |  |  |  |  |  |  |
| Associations Inc.(29) | First lien senior secured delayed draw term loan | S+ | 6.76% | 07/2028 | 9808468 | $9810078 | $9804968 |  |
| Associations Inc.(29) | First lien senior secured loan | S+ | 6.76% | 07/2028 | 15797631 | 15799073 | 15797631 |  |
|  |  |  |  |  |  | 25609151 | 25602599 | 2.1% |
| **Total non-controlled/non-affiliated corporate unfunded commitments (4)(12)(Note 4)** | **Total non-controlled/non-affiliated corporate unfunded commitments (4)(12)(Note 4)** |  |  |  |  | $3382 | $(700) | 0.0% |
| **Total non-controlled/non-affiliated corporate investments** | **Total non-controlled/non-affiliated corporate investments** |  |  |  |  | $25612533 | $25601899 | 2.1% |
| **Fund Solution Investments** |  |  |  |  |  |  |  |  |
| **LP interests** |  |  |  |  |  |  |  |  |
| Valor CI Blocker Feeder LP(16) | Investment partnership | N/A |  | N/A | 119318 | 119318 | 119311 |  |
|  |  |  |  |  |  | 119318 | 119311 | 0.0% |
| **Total non-controlled/non-affiliated fund solution investments** | **Total non-controlled/non-affiliated fund solution investments** |  |  |  |  | $119318 | $119311 | 0.0% |
| **Total non-controlled/non-affiliated investments** | **Total non-controlled/non-affiliated investments** |  |  |  |  | $1119616364 | $1121394108 | 89.9% |
| **Non-controlled/affiliated investments** | **Non-controlled/affiliated investments** |  |  |  |  |  |  |  |
| **Asset Based Finance ("ABF")** |  |  |  |  |  |  |  |  |
| **Consumer - credit cards** |  |  |  |  |  |  |  |  |
| CCI GPCC Syndicate LLC (5)(6)(13)(16)(33) | ABF equity | N/A |  | N/A | 1230723 | $1230723 | $1262061 |  |
|  |  |  |  |  |  | 1230723 | 1262061 | 0.1% |
| **Total non-controlled/affiliated asset based finance investments** | **Total non-controlled/affiliated asset based finance investments** |  |  |  |  | $1230723 | $1262061 | 0.1% |
| **Fund Solution Investments** |  |  |  |  |  |  |  |  |
| **LP interests** |  |  |  |  |  |  |  |  |
| AgAmerica Lending LLC(13)(16)(33) | Investment partnership | N/A |  | N/A | 42555736 | $42913467 | $44364015 |  |
|  |  |  |  |  |  | 42913467 | 44364015 | 3.6% |
| **Total non-controlled/affiliated fund solutions investments** | **Total non-controlled/affiliated fund solutions investments** |  |  |  |  | $42913467 | $44364015 | 3.6% |
| **Total non-controlled/affiliated investments** | **Total non-controlled/affiliated investments** |  |  |  |  | $44144190 | $45626076 | 3.6% |

---

**Blue Owl Alternative Credit Fund**

**Consolidated Summary Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
| <br>**Issuer/Borrower(1)(2)(11)(25)(32)** | <br>**Investment** | **Ref.** <br>**Rate**<br>| **Rate/**<br>**Spread**<br>| <br>**Maturity** <br>**Date**<br>| <br>**Par/**<br>**Units(14)**<br>| <br>**Amortized Cost** | <br>**Fair Value** | <br>**% of Net**<br>**Assets(15)**<br>|
| **Controlled/affiliated investments** |  |  |  |  |  |  |  |  |
| **Asset Based Finance ("ABF")** |  |  |  |  |  |  |  |  |
| **Aircraft leasing** |  |  |  |  |  |  |  |  |
| Blue Crest Aviation Partners 2025-1 LLC(6)(13)(16) | ABF equity | N/A |  | N/A | 69199023 | $69199023 | $70520309 |  |
| BOAC IAT Aviation Opco 1 LLC(5)(6)(13)(16)(33) | ABF equity | N/A |  | N/A | 49174300 | 49174300 | 49204346 |  |
| Contrail JV II LLC Sunrise Portfolio Offshore LLC(6)(13)(16) | ABF equity | N/A |  | N/A | 18022642 | 18434273 | 19607992 |  |
| Contrail JV II LLC Sunrise Portfolio Onshore LLC(6)(13)(16)(18) | ABF equity | N/A |  | N/A | 8192752 | 8617256 | 9044691 |  |
|  |  |  |  |  |  | 145424852 | 148377338 | 11.9% |
| **Commercial - SME lending** |  |  |  |  |  |  |  |  |
| BOAC Crevasse I LLC(5)(6)(13)(16) | ABF equity | N/A |  | N/A | 34236090 | 34236090 | 30949117 |  |
|  |  |  |  |  |  | 34236090 | 30949117 | 2.5% |
| **Consumer - personal loans** |  |  |  |  |  |  |  |  |
| ACM Uprise Direct 2024 LLC(5)(6)(13)(16) | ABF equity | N/A |  | N/A | 32410838 | 32410838 | 32274388 |  |
| BOAC AIF A4 Interval Pagani Depositor LLC(5)(6)(13)(16) | ABF equity | N/A |  | N/A | 66132747 | 66132747 | 54670685 |  |
| BOAC Up Owl Night E 2025 JV LLC(5)(6)(13)(16) | ABF equity | N/A |  | N/A | 50315440 | 50315440 | 50730140 |  |
|  |  |  |  |  |  | 148859025 | 137675213 | 11.0% |
| **Equipment leasing** |  |  |  |  |  |  |  |  |
| Blue Owl Leasing LLC(5)(6)(13)(16) | ABF equity | N/A |  | N/A | 31000000 | 31000000 | 30887749 |  |
|  |  |  |  |  |  | 31000000 | 30887749 | 2.5% |
| **Total controlled/affiliated asset based finance investments** | **Total controlled/affiliated asset based finance investments** |  |  |  |  | $359519967 | $347889417 | 27.9% |
| **Other** |  |  |  |  |  |  |  |  |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |
| LSI Financing LLC(5)(6)(13)(16) | Common equity | N/A |  | N/A | 29752165 | $29752165 | $31015948 |  |
|  |  |  |  |  |  | 29752165 | 31015948 | 2.5% |
| **Total controlled/affiliated other investments** | **Total controlled/affiliated other investments** |  |  |  |  | $29752165 | $31015948 | 2.5% |
|  |  |  |  |  |  | $389272132 | $378905365 | 30.4% |
| **Short term investments** |  |  |  |  |  |  |  |  |
| Blackrock Liquidity Funds Treasury Trust Fund - Administration Class(8)(9) | Short term investments | N/A | 3.53% | N/A | 6724194 | $6724194 | $6724194 |  |
| State Street Institutional Liquid Reserves Government Money Market Fund - <br>Investor Class(8)(9)<br>| Short term investments | N/A | 3.65% | N/A | 4177672 | 4177672 | 4177672 |  |
|  |  |  |  |  |  | 10901866 | 10901866 | 0.9% |
| **Total short term investments** |  |  |  |  |  | $10901866 | $10901866 | 0.9% |
| **Total investments** |  |  |  |  |  | $1563934552 | $1556827415 | 124.7% |
| **Net Assets**  |  |  |  |  |  |  | $1247158729 | 100.0% |

---

**Blue Owl Alternative Credit Fund**

**Consolidated Summary Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts as of December 31, 2025**  | **Forward Foreign Currency Contracts as of December 31, 2025**  | **Forward Foreign Currency Contracts as of December 31, 2025**  | **Forward Foreign Currency Contracts as of December 31, 2025**  | **Forward Foreign Currency Contracts as of December 31, 2025**  | **Forward Foreign Currency Contracts as of December 31, 2025**  | **Forward Foreign Currency Contracts as of December 31, 2025**  |
| | | **Amount to be Purchased** | **Amount to be Purchased** | **Amount to be Sold** | **Amount to be Sold** | |
| <br>**Counterparty** | <br>**Settlement Date** | **Notional** | **Currency**  | **Notional** | **Currency**  | <br>**Unrealized Gain (Loss)** |
| Silicon Valley Bank | 3/26/2026 | 15047654 | USD | 11259000 | GBP | $(93030) |
| Silicon Valley Bank | 12/11/2026 | 6484017 | USD | 4813000 | GBP | 19312 |
| Silicon Valley Bank | 12/11/2026 | 9499301 | USD | 7106000 | GBP | (45307) |
| Silicon Valley Bank | 12/11/2026 | 3958987 | USD | 2958000 | GBP | (14127) |
| Silicon Valley Bank | 12/11/2026 | 7881838 | USD | 5889000 | GBP | (28125) |
| Silicon Valley Bank | 12/15/2026 | 3999853 | USD | 5457000 | CAD | (27650) |
| **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** |  |  |  |  | $(188927) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Cap Transactions as of December 31, 2025**  | **Interest Rate Cap Transactions as of December 31, 2025**  | **Interest Rate Cap Transactions as of December 31, 2025**  | **Interest Rate Cap Transactions as of December 31, 2025**  | **Interest Rate Cap Transactions as of December 31, 2025**  | **Interest Rate Cap Transactions as of December 31, 2025**  | **Interest Rate Cap Transactions as of December 31, 2025**  |
| **Counterparty** | **Termination Date** | **Notional Amount** | **Reference Rate** | **Cap Rate** | **Upfront Payments/**<br>**Receipts**<br>| **Fair Value** |
| Bank of America, N.A. | 4/30/2026 | $100000000 | USD-SOFR | 6.00% | $7700 | $7700 |
| **Total Interest Rate Cap Transactions** | **Total Interest Rate Cap Transactions** | **Total Interest Rate Cap Transactions** | **Total Interest Rate Cap Transactions** | **Total Interest Rate Cap Transactions** | $7700 | $7700 |

---

(1) Unless otherwise indicated, all investments are considered Level 3 investments. The value of each investment was determined using unobservable inputs as required to be notated by Article 12-12, footnote 9 of Regulation S-X.

(2) Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate ("SOFR" or "S") (which can include one-, three-, six- or twelve-month SOFR), Euro Interbank Offered Rate ("EURIBOR" or "E"), Canadian Overnight Repo Rate Average ("CORRA" or "C") (which can include one- or three-month CORRA), Australian Bank Bill Swap Bid Rate ("BBSY" or "B") (which can include one-, three-, or six-month BBSY), Sterling (SP) Overnight Interbank Average Rate ("SONIA" or "SA") or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate ("Prime" or "P"), at the borrower's option, and which reset periodically based on the terms of the loan agreement).

(3) Reserved.

(4) Position or portion thereof is a partially unfunded debt, ABF asset, or equity commitment. See Note 9 "Commitments and Contingencies".

**Blue Owl Alternative Credit Fund**

**Consolidated Summary Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Unfunded** | **Unfunded** |
| <br>**Issuer/Borrower** | <br>**Sub Asset Class** | <br>**Commitment Type** | <br>**Maturity Date(24)** | <br>**Funded** <br>**Commitment**<br>| **Commitment** | **Fair Value** |
| **Non-controlled/non-affiliated - delayed draw term loan unfunded commitments** | **Non-controlled/non-affiliated - delayed draw term loan unfunded commitments** |  |  |  |  |  |
| Associations Inc. | Buildings and real estate | First lien senior secured delayed draw term loan | 07/2028 | $9808468 | $7832661 | $— |
| Associations Inc. | Buildings and real estate | First lien senior secured delayed draw term loan | 07/2028 |  | 1481855 | (700) |
| **Total non-controlled/non-affiliated - delayed draw term loans** | **Total non-controlled/non-affiliated - delayed draw term loans** |  |  | $9808468 | $9314516 | $(700) |
| **Non-controlled/non-affiliated - revolving debt unfunded commitments** | **Non-controlled/non-affiliated - revolving debt unfunded commitments** |  |  |  |  |  |
| CLP Issuer III, LLC | Consumer - personal loans | First lien senior secured revolving loan | 05/2028 | $74531250 | $468750 | $— |
| Mission Lane Credit Card Master Trust | Consumer - credit cards | First lien senior secured revolving loan | 03/2030 | 2631579 | 33082707 |  |
| New Wave Capital Limited | Commercial - credit cards | First lien senior secured GBP revolving loan | 12/2028 | 14546581 | 15488170 | (52715) |
| New Wave Capital Limited | Commercial - credit cards | First lien senior secured revolving loan | 05/2029 | 3691124 | 3566076 |  |
| Opportunity Funding SPE V, LLC | Consumer - personal loans | First lien senior secured revolving loan | 02/2029 | 48677632 | 38822368 |  |
| Salary Finance Limited | Consumer - personal loans | First lien senior secured GBP revolving loan | 10/2034 | 9179964 | 2983488 | (10155) |
| Skylark Loans Limited | Consumer - personal loans | Second lien senior secured GBP revolving loan | 10/2034 | 15793531 | 2565703 | (8733) |
| Upgrade Warehouse Trust 2025-3 | Consumer - personal loans | First lien senior secured revolving loan | 12/2028 | 5707692 | 6292308 |  |
| **Total non-controlled/non-affiliated - revolving debt** | **Total non-controlled/non-affiliated - revolving debt** |  |  | $174759353 | $103269570 | $(71603) |
| **Non-controlled/non-affiliated - ABF asset unfunded commitments(26)** | **Non-controlled/non-affiliated - ABF asset unfunded commitments(26)** |  |  |  |  |  |
| Various | Commercial - SME lending | ABF asset | 01/2027 - 06/2027 | $133394442 | $190605558 | $— |
| Various | Residential | ABF asset | N/A | 31109791 | 48890209 |  |
| **Total non-controlled/non-affiliated - ABF asset** | **Total non-controlled/non-affiliated - ABF asset** |  |  | $164504233 | $239495767 | $— |
| **Non-controlled/affiliated - ABF equity unfunded commitments** | **Non-controlled/affiliated - ABF equity unfunded commitments** |  |  |  |  |  |
| ACM Uprise Direct 2024 LLC(a) | Consumer - personal loans | ABF equity | N/A | $32410838 | $2184618 | $— |
| **Total non controlled/affiliated - ABF equity** | **Total non controlled/affiliated - ABF equity** |  |  | $32410838 | $2184618 | $— |
| **Total** |  |  |  | $381482892 | $354264471 | $(72303) |

---

(a) Funded commitment includes recoverable distributions.

(5) Investment measured at net asset value ("NAV").

(6) Underlying investments generate net investment income, which is distributed periodically.

(7) The interest rate on these investments is subject to 1 month SOFR, which as of December 31, 2025 was 3.69%.

(8) Short term investments (Level 1 investment) represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less.

(9) 7-day effective yield as of December 31, 2025.

(10) Considered equity positions in the vehicles held which are not rated. These positions are entitled to recurring distributions, which are generally equal to the remaining cash flow of the payments made by the underlying vehicle's securities, less contractual payments and expenses. An estimated yield is accrued based upon a current projection of the amount and timing of these recurring distributions and the estimated amount of repayment of principal upon termination. Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.

(11) Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which Blue Owl Alternative Credit Fund (the "Fund") owns less than 5% of the company's outstanding voting securities and does not have the power to exercise control over the management or policies of such company.

(12) The negative cost and fair value results from unamortized fees, which are capitalized to the investment cost of unfunded commitments.

(13) The Fund is deemed to be an "affiliated person" (as defined in the Investment Company Act of 1940, as amended (the "1940 Act") of this company as the Fund either has common control with affiliates, has the power to exercise control over the management or policies of such company ("controlled affiliates") or the Fund owns more than 5% but less than 25% of the company's voting securities ("non-controlled affiliates"). Transactions related to investments in non-controlled affiliates and controlled affiliates for the period ended December 31, 2025 were as follows:

**Blue Owl Alternative Credit Fund**

**Consolidated Summary Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer/Borrower** | **Fair Value as of** <br>**March 7, 2025** <br>**(Commencement of** <br>**Operations)**<br>| **Gross Additions(a)** | **Gross Reductions(b)** | **Net Change in** <br>**Unrealized Gain/**<br>**(Loss)**<br>| **Realized Gain/**<br>**(Loss)**<br>| **Fair Value as of** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Non-Controlled Affiliates** |  |  |  |  |  |  |  |
| AgAmerica Lending LLC | $— | $42913467 | $— | $1450548 | $— | $44364015 | $1249247 |
| CCI GPCC Syndicate LLC  |  | 1230723 |  | 31338 |  | 1262061 |  |
| **Total** | $— | $44144190 | $— | $1481886 | $— | $45626076 | $1249247 |
| **Controlled Affiliates** |  |  |  |  |  |  |  |
| ACM Uprise Direct 2024 LLC | $— | $42662394 | $(10251556) | $(136450) | $— | $32274388 | $2450924 |
| Blue Crest Aviation Partners 2025-1 LLC |  | 74644023 | (5445000) | 1321286 |  | 70520309 |  |
| Blue Owl Leasing LLC |  | 31000000 |  | (112251) |  | 30887749 |  |
| BOAC AIF A4 Interval Pagani Depositor LLC |  | 66132747 |  | (11462062) |  | 54670685 | 14847515 |
| BOAC Crevasse I LLC |  | 57805150 | (23569060) | (3286973) |  | 30949117 | 5437034 |
| BOAC IAT Aviation Opco 1 LLC |  | 49174300 |  | 30046 |  | 49204346 |  |
| BOAC Up Owl Night E 2025 JV LLC |  | 50315440 |  | 414700 |  | 50730140 |  |
| Contrail JV II LLC Sunrise Portfolio Offshore LLC |  | 18434274 |  | 1173718 |  | 19607992 |  |
| Contrail JV II LLC Sunrise Portfolio Onshore LLC |  | 8872946 | (255690) | 427435 |  | 9044691 |  |
| LSI Financing LLC |  | 41872279 | (12120114) | 1263783 |  | 31015948 | 1007388 |
| **Total** | $— | $440913553 | $(51641420) | $(10366768) | $— | $378905365 | $23742861 |

---

(a) Gross additions may include increases in the cost basis of investments resulting from new investments, additional contributions, amounts related to payment-in-kind ("PIK") interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing company into this non-controlled affiliated category from a different category.

(b) Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.

(14) Par/Units is denominated in USD ("$") unless otherwise noted as denominated in British Pound ("£") or Canadian Dollars ("CAD")

(15) Totals presented may differ than actuals due to rounding.

(16) Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted security" under the Securities Act. As of December 31, 2025, the aggregate fair value of these securities is $842,881,675, or 67.6% of the Fund's net assets. The acquisition dates of the restricted securities are as follows:

---

| | | |
|:---|:---|:---|
| **Issuer/Borrower** | **Investment** | **Acquisition Date** |
| ACHD Trust 2025-DS1 Class B Note | Asset-backed security | 12/2025 |
| ACHD Trust 2025-DS1 Class C Note | Asset-backed security | 12/2025 |
| ACM Uprise Direct 2024 LLC | ABF equity | 05/2025 |
| AgAmerica Lending LLC | Investment partnership | 07/2025 |
| Blue Crest Aviation Partners 2025-1 LLC | ABF equity | 09/2025 |
| Blue Owl Leasing LLC | ABF equity | 10/2025 |
| BOAC AIF A4 Interval Pagani Depositor LLC | ABF equity | 05/2025 |
| BOAC Crevasse I LLC | ABF equity | 06/2025 |
| BOAC IAT Aviation Opco 1 LLC | ABF equity | 12/2025 |

---

**Blue Owl Alternative Credit Fund**

**Consolidated Summary Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Issuer/Borrower** | **Investment** | **Acquisition Date** |
| BOAC Up Owl Night E 2025 JV LLC | ABF equity | 12/2025 |
| VCI Intermediate TopCo 1 LLC | ABF equity | 11/2025 |
| CCI GPCC Syndicate LLC  | ABF equity | 12/2025 |
| Continental Finance Credit Card ABS Master Trust Series 2025-A Class E Note | Asset-backed security | 12/2025 |
| Continental Finance Credit Card ABS Master Trust Series 2025-A Class D Note | Asset-backed security | 12/2025 |
| Contrail JV II LLC Sunrise Portfolio Offshore LLC | ABF equity | 07/2025 |
| Contrail JV II LLC Sunrise Portfolio Onshore LLC | ABF equity | 07/2025 |
| GLS Auto Receivables Issuer Trust 2025-1 Series Certificate | Asset-backed security | 05/2025 |
| GLS Auto Receivables Issuer Trust 2025-2 Series Certificate | Asset-backed security | 05/2025 |
| GLS Auto Receivables Issuer Trust 2025-3 Class E Series Note | Asset-backed security | 08/2025 |
| GLS Auto Receivables Issuer Trust 2025-3 Series Certificate | Asset-backed security | 08/2025 |
| GLS Auto Receivables Issuer Trust 2025-4 Class E Series Note | Asset-backed security | 11/2025 |
| GLS Auto Receivables Issuer Trust 2025-4 Series Certificate | Asset-backed security | 11/2025 |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-P11 Class B Series Note | Asset-backed security | 08/2025 |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-P11 Series Certificate | Asset-backed security | 08/2025 |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-P14 Class B Series Note | Asset-backed security | 09/2025 |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-P14 Series Certificate | Asset-backed security | 09/2025 |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-P16 Class B Series Note | Asset-backed security | 11/2025 |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-P16 Series Certificate | Asset-backed security | 11/2025 |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-RP1 Class B Series Note | Asset-backed security | 05/2025 |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-RP1 Series Certificate | Asset-backed security | 05/2025 |
| LSI Financing LLC | Common equity | 07/2025 |
| OnDeck Asset Securitization IV, LLC 2025-2 Class D Note | Asset-backed security | 11/2025 |
| Point Securitization Trust 2025-2 A1 Note | Asset-backed security | 10/2025 |
| Point Securitization Trust 2025-2 A2 Note | Asset-backed security | 10/2025 |
| Point Securitization Trust 2025-2 B1 Note | Asset-backed security | 10/2025 |
| Point Securitization Trust 2025-2 B2 Note | Asset-backed security | 10/2025 |
| Point Securitization Trust 2025-2 Series Certificate | Asset-backed security | 10/2025 |
| SoFi Consumer Loan Program 2025-2 Trust Class D Note | Asset-backed security | 06/2025 |
| SoFi Consumer Loan Program 2025-3 Trust Class D Note | Asset-backed security | 08/2025 |
| Upstart Securitization Trust 2025-4 Class D Note | Asset-backed security | 11/2025 |
| Valor CI Blocker Feeder LP | Investment partnership | 11/2025 |
| Wells Fargo Commercial Mortgage Trust 2025-5C7 Class E Certificate | Asset-backed security | 12/2025 |
| Wells Fargo Commercial Mortgage Trust 2025-5C7 Class F Certificate | Asset-backed security | 12/2025 |
| Wells Fargo Commercial Mortgage Trust 2025-5C7 Class G Certificate | Asset-backed security | 12/2025 |

---

**Blue Owl Alternative Credit Fund**

**Consolidated Summary Schedule of Investments - Continued**

**As of December 31, 2025**

(17) The interest rate on these investments is subject to SONIA, which as of December 31, 2025 was 3.73%.

(18) The Fund invests in this company through blocker entity OWLCX Sunrise Onshore 7x LLC.

(19) Reserved.

(20) Reserved.

(21) Reserved.

(22) Reserved.

(23) Domiciled in the United Kingdom.

(24) The date disclosed represents the commitment period of the unfunded loan. Upon expiration of the commitment period, the funded portion of the loan may be subject to a longer maturity date.

(25) Unless otherwise indicated, all investments are domiciled in the United States.

(26) The Fund has entered into forward flow arrangements that require the purchase of certain ABF assets. These unfunded commitments are subject to specific maximum monthly purchase amounts and are not structured as funding- on-demand obligations of the alternative lending platforms.

(27) Reserved.

(28) Home equity investments will be realized upon the sale or refinancing of the underlying homes, portfolio sales, or through securitization.

(29) The interest rate on these investments is subject to 3 month SOFR, which as of December 31, 2025 was 3.65%.

(30) The interest rate on these investments is subject to 1 month CORRA, which as of December 31, 2025 was 2.30%.

(31) Domiciled in Canada.

(32) Unless otherwise indicated, the Fund's investment is pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facility I, or SPV Asset Facility II.

(33) The Fund's investment is not pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facility I, or SPV Asset Facility II.

(34) The Fund's investment is pledged as collateral supporting the amounts outstanding under the payable for reverse repurchase agreements.

(35) "SME" means small and medium-sized enterprises.

(36) Investment does not contain a variable rate structure.

(37) The Fund holds various individual home equity investments through OWLCX REIT LLC.

(38) The Fund owns various individual SME loans, purchased through forward flow arrangements, through consolidated Special Purpose Vehicles ("SPVs") (see additional information in Note 2: "Significant Accounting Policies"). Information on the entire pool of assets can be found in Item 6.

(39) The Fund owns various individual consumer personal loans, purchased through forward flow arrangements, through consolidated SPVs (see additional information in Note 2: "Significant Accounting Policies"). Information on the entire pool of assets can be found in Item 6.

(40) The Fund owns various individual home equity investments, purchased through forward flow arrangements, through consolidated SPVs (see additional information in Note 2: "Significant Accounting Policies"). Information on the entire pool of assets can be found in Item 6.

(41) Investment is subject to a forward flow arrangement. See Note 2 "Significant Accounting Policies".

**Blue Owl Alternative Credit Fund**

**Consolidated Statement of Changes in Net Assets**

---

| | |
|:---|:---|
|  | **Period From March 7,** <br>**2025 (Commencement of** <br>**Operations) to** <br>**December 31, 2025**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |
| Net investment income (loss) | $49861396 |
| Net change in unrealized gain (loss) | (7296064) |
| Net realized gain (loss) | 10921381 |
| Net increase (Decrease) in net assets resulting from Operations | 53486713 |
| **Distributions to Shareholders** |  |
| Class I | (49262626) |
| Class I-F | (5647121) |
| Class U | (10461414) |
| Class U-F | (1153861) |
| Net Decrease in Net Assets Resulting from Shareholders' Distributions | (66525022) |
| **Capital Share Transactions** |  |
| **Class I-F** <sup>(1)</sup>**:** |  |
| Issuance of shares of beneficial interest | 696621490 |
| Share transfers between classes | (698205411) |
| Reinvestment of shareholders' distributions | 1954960 |
| Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class I-F | 371039 |
| **Class U-F** <sup>(1)</sup>**:** |  |
| Issuance of shares of beneficial interest | 178619636 |
| Share transfers between classes | (179535041) |
| Reinvestment of shareholders' distributions | 806015 |
| Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class U-F | (109390) |
| **Class I:** |  |
| Issuance of shares of beneficial interest | 324065109 |
| Share transfers between classes | 698205411 |
| Repurchased shares of beneficial interest | (641) |
| Reinvestment of shareholders' distributions | 21194497 |
| Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class I | 1043464376 |
| **Class U:** |  |
| Issuance of shares of beneficial interest | 29625378 |
| Share transfers between classes | 179535041 |
| Repurchased shares of beneficial interest <sup>(2)</sup> | (127520) |
| Reinvestment of shareholders' distributions | 7438114 |
| Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class U | $216471013 |
| Total Increase (Decrease) in Net Assets | 1247158729 |
| Net Assets, at beginning of period |  |
| **Net Assets, at end of period** | $1247158729 |

---

<sup>(1)</sup> Following the completion of the private offering of the Fund's shares and prior to the commencement of the public offering of the

Fund's shares on August 29, 2025, Class I-F and Class U-F shares were reclassified as Class I and Class U shares, respectively.

<sup>(2)</sup> Repurchased amount is net of the 2.00% early repurchase fee.

The accompanying notes are an integral part of these consolidated financial statements.

**Blue Owl Alternative Credit Fund**

**Consolidated Statement of Cash Flows**

---

| | |
|:---|:---|
|  | **Period From** <br>**March 7, 2025** <br>**(Commencement** <br>**of Operations) to** <br>**December 31, 2025**<br>|
| **Cash Flows from Operating Activities** | $53486713 |
| Net Increase (Decrease) in Net Assets Resulting from Operations |  |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in <br>operating activities:<br>|  |
| Purchases of investments, net | (1812434759) |
| Proceeds from investments, net | 259780387 |
| Upfront payment made for derivative instruments | (7700) |
| Net change in unrealized (gain) loss on investments | 7107137 |
| Net change in unrealized (gain) loss on derivative instruments | 188927 |
| Net realized gain (loss) on investments | (10865069) |
| Net amortization/accretion of premium/discount on investments | (415111) |
| Amortization of debt issuance costs | 242884 |
| Changes in operating assets and liabilities: |  |
| (Increase) decrease in interest receivable | (10489393) |
| (Increase) decrease in due from adviser | (6220421) |
| (Increase) decrease in prepaid expenses and other assets | (8721674) |
| Increase (decrease) in incentive fee payable | 3091811 |
| Increase (decrease) in management fee payable | 902014 |
| Increase (decrease) in accrued expenses and other liabilities | 12403489 |
| Increase (decrease) in payables to affiliate | 209925 |
| **Net cash used in operating activities** | (1511740841) |
| **Cash Flows from Financing Activities** |  |
| Borrowings on debt | 309979818 |
| Repayments of debt | (27979818) |
| Proceeds from reverse repurchase agreements | 50125000 |
| Debt issuance costs paid | (3888294) |
| Proceeds from issuance of shares of beneficial interest | 1212754169 |
| Repurchases of shares of beneficial interest | (128161) |
| Cash distributions paid to shareholders | (22527348) |
| **Net cash provided by financing activities** | 1518335366 |
| **Net increase (decrease) in cash** | 6594526 |
| Cash, beginning of period |  |
| **Cash, end of period** | $6594526 |
| **Supplemental and Non-Cash Information**  |  |
| Interest paid during the period | $904740 |
| Reinvestment of distributions during the period | $31393586 |
| Taxes, including excise tax, paid during the period | $— |

---

The accompanying notes are an integral part of these consolidated financial statements.

**Blue Owl Alternative Credit Fund**

**Consolidated Financial Highlights**

---

| | | |
|:---|:---|:---|
|  | **For the period from March 7, 2025** <br>**(Commencement of Operations) to** <br>**December 31, 2025** | **For the period from March 7, 2025** <br>**(Commencement of Operations) to** <br>**December 31, 2025** |
|  | **Class I**<sup>(6)</sup> | **Class U**<sup>(6) (7)</sup> |
| **Per share data:** |  |  |
| Net asset value, at beginning of period | $10.00 | $10.05 |
| Results of operations: |  |  |
| Net investment income (loss)<sup>(1)</sup> | 0.96 | 0.47 |
| Net realized and unrealized gain (loss)<sup>(2)</sup> | 0.28 | 0.06 |
| Net increase (decrease) in net assets resulting from operations | $1.24 | $0.53 |
| Shareholder distributions:<sup>(1)</sup> |  |  |
| Distributions from net investment income | (0.96) | (0.47) |
| Distributions from realized gains | (0.21) | (0.10) |
| Distributions in excess of net investment income and realized gains | (0.11) | (0.05) |
| Net decrease in net assets from shareholders' distributions | $(1.28) | $(0.62) |
| Total increase (decrease) in net assets | (0.04) | (0.09) |
| Net asset value, at end of period | $9.96 | $9.96 |
| Total return<sup>(3)</sup> | 7.8% | 5.3% |
| **Ratios** |  |  |
| Ratio of operating expenses to average daily net assets before expense waivers<sup>(4)(5)</sup> | 5.0% | 4.6% |
| Ratio of net operating expenses to average daily net assets after expense waivers<sup>(4)(5)</sup> | 2.8% | 3.6% |
| Ratio of net investment income to average daily net assets<sup>(5)</sup> | 11.5% | 9.8% |
| Portfolio turnover rate<sup>(8)</sup> | 40.0% | 40.0% |
| **Supplemental Data** |  |  |
| Daily average shares outstanding | 42870436 | 18656627 |
| Shares outstanding, end of period | 103638237 | 21515774 |
| Net assets, end of period | $1032754208 | $214404521 |

---

(1)The per share data was derived using the daily average shares outstanding during the period.

(2)The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this

caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio

securities for the period because of the timing of sales of the Fund's shares in relation to fluctuating market values for the portfolio.

(3)Total return is not annualized. Total return displayed is net of all fees, including all operating expenses such as management fees,

incentive fees, general and administrative expenses, organization and amortized offering expenses, and interest expenses, net of any

waivers. Total return is calculated as the change in net asset value ("NAV") per share (assuming dividends and distributions, if any,

are reinvested in accordance with the Fund's dividend reinvestment plan), if any, divided by the beginning NAV per share.

(4)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. For the period ended December 31, 2025, the total operating expenses (excluding interest expense,

management fees, incentive fees, and shareholder servicing fees) to average daily net assets were 2.3% and 1.3% for Class I and Class

U, respectively, prior to expenses waived by the Adviser, and expense recoupment paid to the Adviser, if any. For the period ended

December 31, 2025, the total operating expenses (excluding interest expense, management fees, incentive fees, and shareholder

servicing fees) to average daily net assets were 0.5% and 0.5% for Class I and Class U, respectively, after factoring in expenses

waived by the Adviser, and expense recoupment paid to the Adviser, if any.

(5)The ratio reflects an annualized amount, except in the case of non-recurring expenses including organization and offering expenses.

(6)Following the completion of the private offering of the Fund's shares and prior to the commencement of the public offering of the

Fund's shares on August 29, 2025, Class I-F and Class U-F shares were reclassified as Class I and Class U shares, respectively.

(7)For the period from July 15, 2025 (inception of offering) through December 31, 2025.

(8)Portfolio turnover rate is calculated at the Fund level.

**Blue Owl Alternative Credit Fund**

**Notes to Consolidated Financial Statements**

**Note 1. Organization**

Blue Owl Alternative Credit Fund (the "Fund") is a Delaware statutory trust formed on January 14, 2025. The Fund commenced

operations on March 7, 2025. The Fund is registered as a non-diversified, closed-end management investment company under the

Investment Company Act of 1940, as amended (the "1940 Act"). Blue Owl Alternative Credit Advisors II LLC, a Delaware limited

liability company (the "Adviser"), serves as the Fund's investment adviser and is responsible for the day-to-day management of the

Fund. The Adviser is registered as an investment adviser with the Securities and Exchange Commission ("SEC") under the Investment

Advisers Act of 1940, as amended. The Adviser is an indirect subsidiary of Blue Owl Capital Inc. (NYSE: OWL) (together with its

affiliates, "Blue Owl").

The Fund's investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. The Fund

intends primarily to employ a flexible mandate and dynamically allocate assets across a wide range of alternative credit assets and

strategies, including asset-based finance investments. To a lesser extent, the Fund will invest in other credit investments, with a focus

on private investments.

The Fund is an "interval fund" pursuant to which it, subject to applicable law, will conduct quarterly repurchase offers for

between 5% and 25% of the Fund's outstanding shares of beneficial interest ("Shares") at net asset value ("NAV"). In connection with

any given repurchase offer, it is likely that the Fund will offer to repurchase only the minimum amount of 5% of its outstanding

Shares. It is possible that a repurchase offer will be oversubscribed, with the result that shareholders of the Fund ("Shareholders") may

only be able to have a portion of their Shares repurchased. The Fund does not currently intend to list its Shares for trading on any

national securities exchange. The Shares are, therefore, not readily marketable. Even though the Fund will make quarterly repurchase

offers to repurchase a portion of the Shares to seek to provide liquidity to Shareholders, the Shares should be considered illiquid.

The Fund intends to elect to be treated for federal income tax purposes, and intends to qualify annually, as a regulated investment

company (a "RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), for its tax year ending

December 31, 2025 and for each taxable year thereafter. Because the Fund intends to elect to be regulated as a RIC under the Code,

the Fund's portfolio is subject to diversification and other requirements.

The Fund received an exemptive order that permits it to offer multiple classes of shares of beneficial interest and to impose

varying sales loads, asset-based servicing and/or distribution fees and early withdrawal fees. During the fiscal period ended December

31, 2025, the Fund completed a private offering to certain accredited investors of Class I-F, Class S-F and Class U-F Shares.

Following the completion of the private offering of the Shares and prior to the commencement of the public offering of the Shares on

August 29, 2025, Class I-F, Class S-F and Class U-F shares were reclassified as Class I, Class S and Class U shares, respectively. The

Fund currently offers three separate classes of Shares designated as Class S Shares, Class U Shares and Class I Shares, and the Fund

may offer additional classes of Shares in the future.

**Note 2. Significant Accounting Policies**

*Basis of Presentation*

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in

the United States of America ("U.S. GAAP"). The Fund is an investment company and, therefore, applies the specialized accounting

and reporting guidance in Accounting Standards Codification ("ASC") Topic 946, *Financial Services – Investment Companies*. In the

opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements have

been included.

*Consolidation*

As provided under Regulation S-X and ASC Topic 946 - Financial Services - Investment Companies, the Fund will generally not

consolidate its investment in a company other than a wholly-owned investment company or controlled operating company whose

business consists of providing services to the Fund. Accordingly, the Fund consolidated the accounts of the Fund's wholly-owned

subsidiaries listed below in its consolidated financial statements (each, a "Subsidiary"). All significant intercompany balances and

transactions have been eliminated in consolidation.

**Blue Owl Alternative Credit Fund**

**Notes to Consolidated Financial Statements - Continued**

The Fund has consolidated the following Subsidiaries as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Subsidiary** | **Date of Formation** | **Net Assets of Subsidiary** | **Percentage of Fund's Total** <br>**Net Assets**<br>|
| BOAC SQ 2025L IF Purchaser LLC | 6/26/2025 | $38060005 | 3.05% |
| OWLCX REIT LLC | 6/27/2025 | $124820872 | 10.01% |
| OWLCX Sunrise Onshore 7X LLC | 6/27/2025 | $9044691 | 0.73% |
| OWLCX SF 2025L Purchaser Trust | 8/4/2025 | $96440801 | 7.73% |
| BOACF Blocker LLC | 11/14/2025 | $340888 | 0.03% |
| BO OWLCX GPCC BI LLC | 11/26/2025 | $434765 | 0.03% |
| BO OWLCX GPCC GI Ltd. | 11/26/2025 | $827296 | 0.07% |
| OWLCX Cayman Holdco Ltd. | 11/26/2025 | $159891838 | 12.82% |

---

*Use of Estimates*

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates

and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date

of the consolidated financial statements. Actual amounts could differ from those estimates and such differences could be material.

*Cash and Cash Equivalents*

Cash and cash equivalents consists of deposits held at a custodian bank and highly liquid investments with maturities of three or

fewer months at the time of acquisition. Cash and cash equivalents are carried at cost, which approximates fair value. The Fund

deposits its cash with highly-rated banking corporations and, at times, may exceed the insured limits under applicable law.

*Investments at Fair Value*

Investment transactions are recorded on the trade date. However, for daily NAV determination, portfolio securities transactions

are reflected no later than in the first calculation on the first business day following trade date. Realized gains or losses are measured

by the difference between the net proceeds received and the amortized cost basis of the investment using the specific identification

method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net

of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of

previously recorded unrealized gains or losses with respect to investments realized during the period.

Investments for which market quotations are readily available are typically valued at the average bid price of those market

quotations. To validate market quotations, the Fund utilizes a number of factors to determine if the quotations are representative of fair

value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market

prices are not readily available, as is expected to be the case for substantially all of the Fund's investments, are valued at fair value as

determined in good faith by the Adviser, who is, as the valuation designee, responsible for such determination.

The Adviser may consider, as one input among others, certain procedures performed by one or more independent third-party

valuation firm(s) engaged at the direction of the Adviser. Pursuant to the terms of the applicable engagement agreement(s) and the

valuation policy, the services of any such independent valuation firm(s) will consist of certain limited procedures that the Adviser

requests the independent valuation firm(s) to perform, which will be based on data and assumptions provided by the Adviser and third-

party sources that the independent valuation firm(s) will not independently verify. The results of such procedures will be prepared

solely for the Adviser and may not be relied upon by any other person.

As part of the valuation process, the Adviser, as the valuation designee, takes into account relevant factors in determining the fair

value of the Fund's investments, including: the estimated enterprise value of a portfolio investment (i.e., the total fair value of the

portfolio investment's debt and equity), the nature and realizable value of any collateral, the portfolio investment's ability to make

payments based on its earnings and cash flow, the markets in which the portfolio investment does business, a comparison of the

portfolio investment's securities to any similar publicly traded securities, and overall changes in the interest rate environment and the

credit markets that may affect the price at which similar investments may be made in the future. In accordance with Rule 2a-5 under

the 1940 Act, the Adviser, as the valuation designee, conducts periodic due diligence in connection with considering whether certain

external events or conditions corroborate the valuation of investments.

**Blue Owl Alternative Credit Fund**

**Notes to Consolidated Financial Statements - Continued**

The value of the Fund's investments will be based on information reasonably available at the time the valuation is made and that

the Adviser believes to be reliable. The Adviser generally will value the Fund's investments in accordance with Financial Accounting

Standards Board ("FASB") Accounting Standards Codification 820, *Fair Value Measurements* ("ASC 820"), as amended, which

establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements.

ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly

transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the

principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC

820, the Fund considers its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a

fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance

with ASC 820, these levels are summarized below:

• Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that the Fund has the ability to

access.

• Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable,

either directly or indirectly.

• Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

The Fund applies the practical expedient provided by ASC Topic 820 relating to investments in entities such as Special Purpose

Vehicles ("SPVs") and private investment companies that calculate net asset value ("NAV") per share (or its equivalent). ASC Topic

820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an

investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the

fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments valued using

NAV per share as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820.

If the practical expedient NAV is not as of the reporting entity's measurement date, the NAV should be adjusted to reflect any

significant event that may change the valuation.

Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs. Consistent with its

valuation policy, the Adviser, as the valuation designee, evaluates the source of the inputs, including any markets in which its

investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an

investment is valued based on prices provided by reputable dealers or pricing services (such as broker quotes), the Adviser, as the

valuation designee, subjects those prices to various criteria in making the determination as to whether a particular investment would

qualify for treatment as a Level 2 or Level 3 investment. For example, the Adviser, as the valuation designee, or the independent

valuation firm(s), reviews pricing support provided by dealers or pricing services in order to determine if observable market

information is being used, versus unobservable inputs.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the

fair value of the Fund's investments may fluctuate from period to period. Additionally, the fair value of such investments may differ

significantly from the values that would have been used had a ready market existed for such investments and may differ materially

from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and

may be subject to contractual and other restrictions on resale. If the Fund were required to liquidate a portfolio investment in a forced

or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the

gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.

*Foreign Currency*

Foreign currency amounts are translated into U.S. dollars on the following basis:

• cash, fair value of investments, outstanding debt, other assets and liabilities: at the spot exchange rate on the last business day

of the period; and

• purchases and sales of investments, borrowings and repayments of such borrowings, income and expenses: at the rates of

exchange prevailing on the respective dates of such transactions.

**Blue Owl Alternative Credit Fund**

**Notes to Consolidated Financial Statements - Continued**

*Forward Foreign Currency Contracts*

Forward foreign currency contracts are recognized at fair value through current period gains or losses on the date on which the

contract is entered into and are subsequently re-measured at fair value. All forward purchase agreements are carried as assets when fair

value is positive and as liabilities when fair value is negative. A forward foreign currency contract is derecognized when the obligation

specified in the contract is discharged, canceled, or expired.

*Interest and Dividend Income Recognition*

Interest income is recorded on the accrual basis and includes accretion and amortization of discounts or premiums. Discounts and

premiums to par value on securities purchased are amortized into interest income over the contractual life of the respective security

using the straight-line method, provided that the results are not materially different from those obtained using the effective yield

method. The amortized cost of investments reflects the original purchase price adjusted for any accretion or amortization of discounts

or premiums. In the event of a loan or debt security prepayment, any prepayment premiums, unamortized upfront loan origination

fees, and unamortized discounts are recorded as interest income in the period in which the prepayment occurs.

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full.

Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans

may be recognized as income or applied to principal depending upon management's judgment regarding the loan's collectability. Non-

accrual loans are restored to accrual status when past due principal and interest is paid current and, in management's judgment, are

likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if

the loan has sufficient collateral value and is in the process of collection.

Dividend income on equity securities is recorded on the record date for private portfolio investments or on the ex-dividend date

for publicly-traded portfolio investments, if any. Distributions received from SPVs, ABF equity investments, private investment

companies, or secondary limited partnership investments are evaluated to determine if the distribution should be recorded as dividend

income or a return of capital.

Residual tranches of asset-backed securities ("ABS") recognize interest income by using the effective interest methodology based

on an effective yield to maturity utilizing projected cash flow, in accordance with ASC Topic 325-40, Beneficial Interest in

Securitized Financial Assets.

The Fund acquires various assets, including consumer loan receivables, SME receivables, and home equity investments ("HEIs")

from multiple alternative lending platforms ("Platforms") at specifically negotiated prices and terms through forward flow

arrangements. Platforms that the Fund acquires loans, receivables, and other assets from include SoFi, Pagaya, Square, Everest,

Upstart, Point Digital and Splitero.

The Fund invests in HEIs, which are contractual agreements that provide homeowners with upfront cash in exchange for a

percentage of the future appreciation in the value of their homes. HEIs do not have a fixed maturity date or a stated coupon rate. HEIs

will be realized upon the sale or refinancing of the underlying homes, portfolio sales, or through securitization. The Fund classifies

HEIs as other financial assets under ASC Topic 946 and measures them at fair value through earnings.

The Fund provides working capital advances to SMEs through the purchase of a specified amount of the business's future

receivables. Interest income from purchased future receivables is recognized when collections are received under each contract. The

allocation of each amount received is determined by apportioning the collections based on the factor (discount) rate specified in the

business's contract. The Fund believes this methodology best reflects the effective interest method for these investments.

The Fund invests in arrangements where it provides financing to a lessee for the lease of an asset. Under a financing lease,

substantially all risks and rewards of ownership are transferred to the lessee, and the Fund recognizes interest income over the lease

term using the effective interest method.

*Other Income*

From time to time, the Fund may receive fees for services provided to portfolio investments. These fees are generally only

available to the Fund as a result of closing investments, are generally paid at the closing of the investments, are generally non-

recurring and are recognized as revenue when earned upon closing of the investment. The services that the Fund provides vary by

investment, but can include closing, work, diligence or other similar fees and fees for providing managerial assistance to the Fund's

portfolio investments.

*Organizational Expenses*

Costs associated with the organization of the Fund are expensed as incurred. These expenses consist primarily of legal fees and

other costs of organizing the Fund.

**Blue Owl Alternative Credit Fund**

**Notes to Consolidated Financial Statements - Continued**

*Offering Expenses*

Costs associated with the offering of the Shares are capitalized as deferred offering expenses and are included in prepaid expenses

and other assets in the Consolidated Statement of Assets and Liabilities and are amortized over a twelve-month period from incurrence

(no earlier than commencement of operations). Expenses for any additional offerings are deferred and amortized as incurred. These

expenses consist primarily of legal fees and other costs incurred in connection with the offering of the Shares, the preparation of the

Fund's registration statement, and registration fees.

*Debt Issuance Costs*

The Fund records origination and other expenses related to its debt obligations as debt issuance costs. These expenses are deferred

and amortized utilizing the effective yield method, over the life of the related debt instrument. Debt issuance costs are presented on the

Consolidated Statements of Assets and Liabilities as a direct deduction from the debt liability. In circumstances in which there is not

an associated debt liability amount recorded in the consolidated financial statements when the debt issuance costs are incurred, such

debt issuance costs will be reported on the Consolidated Statements of Assets and Liabilities as an asset until the debt liability is

recorded.

*Reimbursement of Transaction-Related Expenses*

The Fund may receive reimbursement for certain transaction-related expenses in pursuing investments. Transaction-related

expenses, which are generally expected to be reimbursed by the Fund's portfolio companies, are typically deferred until the transaction

is consummated and are recorded in prepaid expenses and other assets on the date incurred. The costs of successfully completed

investments not otherwise reimbursed are borne by the Fund and are included as a component of the investment's cost basis.

Cash advances received in respect of transaction-related expenses are recorded as cash with an offset to accrued expenses and

other liabilities. Accrued expenses and other liabilities are relieved as reimbursable expenses are incurred.

*Income Taxes*

The Fund intends to elect to be treated as a RIC under the Internal Revenue Code of 1986, as amended, for the taxable period

ending December 31, 2025 and intends to qualify as a RIC annually. So long as the Fund maintains its tax treatment as a RIC, it

generally will not pay corporate-level U.S. federal income taxes at corporate rates on any ordinary income or capital gains that it

distributes at least annually to its stockholders as dividends. Instead, any tax liability related to income earned and distributed by the

Fund represents obligations of the Fund`s investors and will not be reflected in the consolidated financial statements of the Fund.

To qualify as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements. In

addition, to qualify for RIC tax treatment, the Fund must distribute to its Shareholders, for each taxable year, at least 90% of its

"investment company taxable income" for that year, which is generally its ordinary income plus the excess of its realized net short-

term capital gains over its realized net long-term capital losses. In order for the Fund not to be subject to U.S. federal excise taxes, it

must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals

and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October

31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not

distributed during such years. The Fund, at its discretion, may carry forward taxable income in excess of calendar year dividends and

pay a 4% nondeductible U.S. federal excise tax on this income.

The Fund evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to

determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not

deemed to meet the "more-likely-than-not" threshold are reserved and recorded as a tax benefit or expense in the current year. All

penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are

subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws,

regulations and interpretations thereof.

*Income and Expense Allocations*

Income and realized and unrealized capital gains and losses are allocated to each class of Shares of the Fund on the basis of the

aggregate net asset value of that class in relation to the aggregate net asset value of the Fund.

Expenses that are common to all Share classes are borne by each class of Shares based on the net assets of the Fund attributable to

each class. Expenses that are specific to a class of Shares are allocated to such class either directly or through the distribution and/or

servicing fees paid pursuant to the Fund's distribution and servicing plan.

**Blue Owl Alternative Credit Fund**

**Notes to Consolidated Financial Statements - Continued**

*Distributions to Shareholders*

The Fund intends to declare income distributions daily and distribute them to Shareholders monthly in aggregate amounts

representing substantially all of the Fund's net investment income, if any, earned during the period. Any long-term and short-term

capital gains will be paid out as permitted by the 1940 Act or any exemptive relief provided by the SEC. The distribution rate that the

Fund pays on its Shares may vary as portfolio and market conditions change, and will depend on a number of factors, including

without limitation the amount of the Fund's undistributed net investment income and net short- and long-term capital gains, as well as

the costs of any leverage obtained by the Fund (including interest expenses on any reverse repurchase agreements, dollar rolls and

borrowings and dividends payable on any preferred shares issued by the Fund). As portfolio and market conditions change, the rate of

distributions on the Shares and the Fund's distribution policy could change.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ

from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain

recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two

methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ

significantly from the net investment income (loss) and realized gains (losses) reported on the Fund's annual financial statements

presented under U.S. GAAP.

The Fund may finance its cash distributions to Shareholders from any sources of funds available to the Fund, including offering

proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets (including fund

investments), non-capital gains proceeds from the sale of assets (including fund investments), dividends or other distributions paid to

the Fund on account of preferred and common equity investments by the Fund in structured and/or securitized products or vehicles

and/or direct investments and expense reimbursements from the Adviser. The Fund does not intend to establish limits on the amount

of funds the Fund may use from available sources to make distributions.

*Segment Reporting*

In accordance with ASC Topic 280 – "Segment Reporting (ASC 280)," the Fund has determined that it has a single operating and

reporting segment. As a result, the Fund's segment accounting policies are the same as described herein and the Fund does not have

any intra-segment sales and transfers of assets.

The Fund operates through a single operating and reporting segment with an investment objective to generate both current

income, and to a lesser extent, capital appreciation through debt and equity investments. The chief operating decision maker

("CODM") is comprised of the Fund's chief executive officer and chief financial officer and assesses the performance and make

operating decisions of the Fund on a consolidated basis primarily based on the Fund's net increase in shareholder's equity resulting

from operations ("net income"). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in

determining the amount of dividends to be distributed to the Fund's shareholders. As the Fund's operations comprise of a single

reporting segment, the segment assets are reflected on the accompanying balance sheet as "total assets" and the significant segment

expenses are listed on the accompanying Consolidated Statement of Operations.

*New Accounting Pronouncements*

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740)," which updates annual income tax

disclosure requirements related to rate reconciliation, income taxes paid and other disclosures. The Fund adopted ASU 2023-09

effective December 31, 2025, and concluded the adoption of the standard had no material impact on the consolidated financial

statements of the Fund.

In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense

Disaggregation Disclosures (Subtopic 2200-40)," which requires disaggregated disclosure of certain costs and expenses, including

purchases of inventory, employee compensation, depreciation, amortization and depletion, in each relevant expense caption. ASU

2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15,

2027. Early adoption and retrospective application is permitted. The Fund is currently assessing the impact of this guidance, however,

the Fund does not expect a material impact on its consolidated financial statements.

Other than the aforementioned guidance, the Fund's management does not believe that any recently issued, but not yet effective,

accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements.

**Blue Owl Alternative Credit Fund**

**Notes to Consolidated Financial Statements - Continued**

**Note 3. Risk Factors**

In the normal course of business, the Fund invests in financial instruments and enters into financial transactions where risk of

potential loss exists. See below for a detailed description of select principal risks. The following list is not intended to be a

comprehensive listing of all of the potential risks associated with the Fund. For a more comprehensive list of potential risks the Fund

may be subject to, please refer to the Fund's Prospectus and Statement of Additional Information.

*Valuation Risk*

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. The Adviser may, but is not required to, use an independent pricing service or prices provided by dealers

to value securities at their market value. Because the secondary markets for certain investments may be limited, such instruments may

be difficult to value.

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. In addition, the valuation of these types of securities may result

in substantial write-downs and earnings volatility. There can be no assurance that valuation decisions with respect to an investment

will represent the value realized by the Fund on the eventual disposition of such investment or that would, in fact, be realized upon an

immediate disposition of such investment on the date of its valuation.

The Fund's NAV is a critical component in several operational matters including computation of the Management Fee and

Incentive Fee payable by the Fund, and determination of the price at which the Shares will be offered and at which a repurchase offer

will be made. Consequently, variance in the valuation of the Fund's investments will impact, positively or negatively, the fees and

expenses Shareholders will pay, the price a Shareholder will receive in connection with a repurchase offer and the number of Shares

an investor will receive upon investing in the Fund.

The number of Shares a Shareholder will receive will be based on the Fund's most recent NAV, which may not be ascertainable at

the time a prospective investor submits a subscription agreement to purchase Shares.

*Credit Risk*

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.

Although the Fund may make investments that the Adviser believes are secured by specific collateral, the value of which may

initially exceed the principal amount of such investments or the Fund's fair value of such investments, there can be no assurance that

the liquidation of any such collateral would satisfy the borrower's obligation in the event of non-payment of scheduled interest or

principal payments with respect to such investment, or that such collateral could be readily liquidated. The Fund may also invest in

leveraged loans, high-yield securities, marketable and non-marketable common and preferred equity securities and other unsecured

investments, each of which involves a higher degree of risk than senior secured loans. Furthermore, the Fund's right to payment and its

security interest, if any, may be subordinated to the payment rights and security interests of a senior lender, to the extent applicable.

Certain of these investments may have an interest-only payment schedule, with the principal amount remaining outstanding and at risk

until the maturity of the investment. In addition, loans may provide for payments-in-kind, which have a similar effect of deferring

current cash payments. In such cases, an issuer's ability to repay the principal of an investment may depend on a liquidity event or the

long-term success of the company, the occurrence of which is uncertain.

**Blue Owl Alternative Credit Fund**

**Notes to Consolidated Financial Statements - Continued**

*Credit Spread Risk*

Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences in their

credit quality) may increase when the market expects below-investment-grade bonds to default more frequently. Widening credit

spreads may quickly reduce the market values of below-investment-grade and unrated securities.

*High-Yield Securities*

The Fund may invest in unrated and "below 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. Among the risks inherent in investments in troubled entities is the

fact that it frequently may be difficult to obtain information as to the true condition of such issuers.

*Asset-Backed Securities Risk*

The investment characteristics of ABS and mortgage-backed securities differ from traditional debt securities. Among the major

differences are that interest and principal payments are made more frequently, usually monthly, and that the principal may be prepaid

at any time because the underlying loans or other assets generally may be prepaid at any time. The frequency at which prepayments

(including voluntary prepayments by the obligors and liquidations due to default and foreclosures) occur on loans underlying ABS and

mortgage-backed securities will be affected by a variety of factors.

ABS which represent an interest in a pool of assets such as credit card receivables, automobile loans or home equity loans, have

yield and maturity characteristics corresponding to their underlying assets. The risk of each ABS depends both on the underlying

assets and the legal structure of such security. (For example, credit card receivables are generally unsecured and the debtors entitled to

the protection of a number of state and federal consumer credit laws.) Through the use of trusts and special purpose corporations,

various types of assets, primarily automobile and credit card receivables and including assets such as unsecured consumer or other

receivables, consumer loans, trade receivables, equipment leases, and other assets that produce streams of payments, are securitized in

pass-through structures. Through collateralized debt obligations ("CDOs"), CLOs and/or other types of structured or securitized

products, the Fund may invest in these and other types of ABS that may be developed in the future.

There is a possibility that recoveries on repossessed collateral may not, in some cases, be available to support payments on these

securities. Further, unlike traditional debt securities, which may pay a fixed rate of interest until maturity when the entire principal

amount comes due, payments on certain ABS include both interest and a partial payment of principal. This partial payment of

principal may be comprised of a scheduled principal payment as well as an unscheduled payment from the voluntary prepayment,

refinancing or foreclosure of the underlying loans. As a result of these unscheduled payments of principal, or prepayments on the

underlying securities, the price and yield of ABS can be adversely affected. For example, during periods of declining interest rates,

prepayments can be expected to accelerate, and the Fund would be required to reinvest the proceeds at the lower interest rates then

available. Prepayments of loans that underlie securities purchased at a premium could result in capital losses because the premium

may not have been fully amortized at the time the obligation is prepaid. In addition, like other interest-bearing securities, the values of

ABS generally fall when interest rates rise, but when interest rates fall, their potential for capital appreciation is limited due to the

existence of the prepayment option.

The risk of investing in consumer or commercial ABS is ultimately dependent upon payment of loans by the debtor. The collateral

supporting ABS is of shorter maturity than mortgage loans and is less likely to experience substantial prepayments. As with mortgage-

backed securities, ABS are often backed by a pool of assets, such as loans, receivables, leases, and other financial assets, representing

the obligations of a number of different parties and use credit enhancement techniques such as letters of credit, guarantees or

preference rights. The value of an ABS is affected by changes in the market's perception of the asset backing the security and the

creditworthiness of the servicing agent for the loan pool, the originator of the assets or the financial institution providing any credit

enhancement, as well as by the expiration or removal of any credit enhancement.

*Risks Related to Investments in Loans*

The Fund may invest in loans, either through primary issuances or in secondary transactions, including potentially on a synthetic

basis. The value of the Fund's loans may be detrimentally affected to the extent a borrower defaults on its obligations. There can be no

assurance that the value assigned by the Adviser to collateralize an underlying loan can be realized upon liquidation, nor can there be

any assurance that any such collateral will retain its value. Furthermore, circumstances could arise (such as in the bankruptcy of a

borrower) that could cause the Fund's security interest in the loan's collateral to be invalidated. Also, much of the collateral will be

**Blue Owl Alternative Credit Fund**

**Notes to Consolidated Financial Statements - Continued**

subject to restrictions on transfer intended to satisfy securities regulations, which will limit the number of potential purchasers if the

Fund intends to liquidate such collateral. The amount realizable with respect to a loan may be detrimentally affected if a guarantor, if

any, fails to meet its obligations under a guarantee. Finally, there may be a monetary, as well as a time cost involved in collecting on

defaulted loans and, if applicable, taking possession of various types of collateral.

The portfolio may include first lien senior secured, second and third lien loans, unsecured loans, and any other loans.

*Transportation Finance Risk*

The Fund may invest in transportation finance-related instruments, including transactions involving the acquisition, securitization,

financing or leasing of financial instruments that are directly or indirectly related to or backed by aircraft, railcars, locomotives,

vessels, or fleet vehicles. The transportation finance sector is cyclical in nature and will likely be dependent upon continued economic

growth in the world's economies. Economic recessions, terrorism, pandemics, the price of fuel, and newer, more efficient vehicles are

all risks to these types of investments. Further, funds operating in these sectors will often have greater portfolio concentration.

*Consumer Risk*

The Fund may invest in consumer loans (or ABS backed by consumer loans), including debt consolidation loans, home

improvement loans, personal loans, residential real estate investments, credit cards, and automobile loans. The performance of such

investments are affected by, among other things, general economic conditions. Consumer loans are susceptible to prepayment risks

and default risks. Unsecured consumer loans are not secured by any collateral of the borrowers. The repayment of unsecured consumer

loans is dependent upon the ability and willingness of the borrowers to repay. Other consumer loans, like automobile loans, may be

secured by collateral, but the value of that collateral is not guaranteed. Automobile loans are not typically insured or guaranteed by

any other person or entity. Increases in unemployment, decreases in home values or the values of other consumer assets or lack of

availability of credit may lead to increased default rates and may also be accompanied by decreased consumer demand for automobiles

and declining values of automobiles securing outstanding automobile loan contracts, which weakens collateral coverage and increases

the amount of a loss in the event of default. Significant increases in the inventory of used automobiles during periods of economic

recession or otherwise may also depress the prices at which repossessed automobiles may be sold or delay the timing of these sales.

The occurrence of any of the foregoing risks could, among other things, adversely affect the consumer loans (or the ABS backed by

consumer loans) in which the Fund may invest.

*Marketplace Lending Risk*

Marketplace lending allows lenders to make loans via a centralized, often online, platform (the "Platform"). In most Platform

programs, a bank originates the loans which after sale to investors are serviced by the operator of the marketplace Platform. The

borrowers on such Platforms are a wide range of individuals and businesses, and the Fund's ability to assess their creditworthiness may

be limited. In the event of a default, certain lending Platforms offer lenders almost no chance of recovery. In addition, marketplace

loans are relatively illiquid investments. In many cases it is difficult or impossible for the lender to get its money back before a loan

matures, even absent a default.

These lending models and systems are also subject to increasing regulatory risk, as several federal and state regulators have

examined the possibility of regulating them as well as the banks with which they often partner. Such regulations could result in

increased compliance costs for these systems and a lessened ability for them to make loans on a cost effective basis, or could

ultimately eliminate their ability to make such loans entirely.

*Risks in Equipment Leasing and Lending Against Equipment*

The Fund may engage in equipment leasing, which may expose the Fund to considerable risk. In cases of a non-performing lessee,

there are considerable costs associated with terminating leases and retrieving hard assets that can disrupt and reduce cash flow. These

risks may be exacerbated in the case of lessee bankruptcy. Further, it may be difficult to re-lease or sell retrieved equipment,

depending on market conditions, especially if such equipment is outdated or has been misused. Financing leases in which the lessee

pays the value of the leased equipment over the lease term and has the option to purchase the equipment for no or nominal

consideration can be considered commercial loans and present additional compliance risks for the Fund.

*Aircraft and Aviation Industry Risk*

The Fund may acquire assets related to the aviation industry. Investments in securitizations and other financial instruments backed

by aircraft and aircraft equipment are subject to a number of risks relating to the aviation industry. Airline business and results of

operations are significantly impacted by general economic and industry conditions. The airline industry is highly cyclical, and the

level of demand for air travel is correlated to the strength of the U.S. and global economies. Robust demand for air transportation

services depends on favorable economic conditions, including the strength of the domestic and foreign economies, low unemployment

**Blue Owl Alternative Credit Fund**

**Notes to Consolidated Financial Statements - Continued**

levels, strong consumer confidence levels and the availability of consumer and business credit. In addition, airlines are subject to

extensive regulatory oversight. Compliance with U.S. and international regulations imposes significant costs and may have adverse

effects on an airline. Market events such as economic declines and recessions, geopolitical conflicts and the occurrence or threat of

pandemics, terrorism or war may also have an adverse effect on the aviation industry generally and securities related to the same,

especially when such market events cause declines in travel, increases in costs or future uncertainty for airlines, aircraft or the

commercial aviation industry generally. There can be no assurance that future events will not have a negative impact on the aviation

industry or securities collateralized or otherwise backed by aircraft or aircraft equipment.

*Interest Rate Risk*

The Fund is subject to financial market risks, including changes in interest rates. General interest rate fluctuations may have a

substantial negative impact on the Fund's ability to make investments, the value of its investments and its ability to realize gains from

the disposition of investments and, accordingly, have a material adverse effect on the Fund's investment objectives and its rate of

return on invested capital. In addition, an increase in interest rates would make it more expensive to use debt for the Fund's financing

needs.

*Inflation Risk*

Inflation risk is the risk that the value of certain assets or income from the Fund's investments will be worth less in the future as

inflation decreases the value of money. As inflation increases, the real value of investments and distributions can decline. In addition,

during any periods of rising inflation, the dividend rates or borrowing costs associated with the Fund's use of leverage would likely

increase, which would tend to further reduce returns to Shareholders.

*Hedging Risk*

The Fund may utilize financial instruments for risk management purposes in order to: (i) protect against possible changes in the

market value of the Fund's investment portfolio resulting from fluctuations in the securities markets and changes in interest rates; (ii)

protect the Fund's unrealized gains in the value of the Fund's investment portfolio; (iii) facilitate the sale of any such investments; (iv)

preserve returns, spreads or gains on any investment in the Fund's portfolio; (v) hedge the interest rate or currency exchange rate on

any of the Fund's liabilities or assets; (vi) protect against any increase in the price of any securities the Fund anticipates purchasing at a

later date; or (vii) for any other reason that the Adviser deems appropriate.

While the Fund may enter into hedging transactions to seek to reduce risk, such transactions may result in a poorer overall

performance for the Fund than if it has not engaged in any such hedging transaction.

*Derivatives Risk*

The Fund may use various derivative instruments, such as options, futures, forwards, commodities, swaps and swaptions

(including interest rate and credit default swaps). Generally, derivatives are financial contracts whose value depends on, or is derived

from, the value of an underlying asset, reference rate or index, and may relate to individual debt or equity instruments, interest rates,

currencies or currency exchange rates, commodities, related indexes and other assets. The Fund may, directly or indirectly, use various

derivative instruments including options contracts, futures contracts, forward contracts, options on futures contracts, indexed

securities, credit default swaps, interest rate swaps and other swap agreements primarily for hedging and risk management purposes.

The Fund may treat reverse repurchase agreements and similar financing transactions as derivatives. The Fund also may use derivative

instruments for investment purposes and/or to approximate or achieve the economic equivalent of an otherwise permitted investment

(as if the Fund directly invested in the securities, loans or claims of the subject portfolio company) or if such instruments are related to

an otherwise permitted investment. The Fund's use of derivative instruments involves investment risks and transaction costs to which

the Fund would not be subject absent the use of these instruments and, accordingly, may result in losses greater than if they had not

been used. The use of derivative instruments may have risks including, among others, leverage risk, market risk, volatility risk,

duration mismatch risk, correlation risk, counterparty risk, market liquidity risk, fund liquidity risk and legal and operational risk.

**Note 4. Agreements and Related Party Transactions**

*Investment Advisory Agreement*

On March 7, 2025, the Fund entered into an Investment Advisory Agreement (the "Investment Advisory Agreement") with the

Adviser. The basis for the Board's approval of the Investment Advisory Agreement is detailed in "Other Information" section of the

semi-annual report.

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.

**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; and

• 10% of the dollar amount of the Fund's Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of

1.667% (6.668% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 10% of all Pre-Incentive

Fee Net Investment Income Returns thereafter are allocated to the Adviser.

The Adviser voluntarily agreed to waive receipt of the Management Fee and Incentive Fee until the commencement of any public

offering of the Fund's Shares. The public offering of the Shares commenced on August 29, 2025, at which time, the voluntary fee

waiver terminated. During the period ended December 31, 2025, $788,286 of Management Fees and $1,387,632 of Incentive Fees

were permanently waived.

*Affiliated Transactions* 

The Fund may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without the prior

approval of the SEC. The Fund, the Adviser and certain of their affiliates were granted an order for exemptive relief that permitted co-

investing with affiliates of the Fund subject to various approvals of the Board and other conditions. On May 6, 2025, the Fund, the

Adviser and certain of their affiliates were granted a new order for exemptive relief that superseded the prior order for exemptive relief

(the "Order") by the SEC for the Fund to co-invest with other funds managed by the Adviser or certain affiliates, in a manner

consistent with the Fund's investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and

other pertinent factors. Pursuant to such Order, the Fund generally is permitted to co-invest with certain of its affiliates if such co-

investments are done on the same terms and at the same time, as further detailed in the Order. The Order requires that a "required

majority" (as defined in Section 57(o) of the 1940 Act) of the Board make certain findings (1) in most instances when the Fund co-

invests with its affiliates in an issuer where an affiliate of the Fund has an existing investment in the issuer, and (2) if the Fund

disposes of an asset acquired in a transaction under the Order unless the disposition is done on a pro rata basis. Pursuant to the Order,

the Board will oversee the Fund's participation in the co-investment program. As required by the Order, the Fund has adopted, and the

Board has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Order, and the Adviser

and the Fund's Chief Compliance Officer will provide reporting to the Board.

*Administration Agreement*

On March 7, 2025, the Fund entered into an Administration Agreement (the "Administration Agreement") with the Adviser (in

such capacity, the "Administrator"). Under the terms of the Administration Agreement, the Adviser performs, or oversees or arranges

for, the administrative services necessary for the operation of the Fund, which include, among other things, providing assistance in

**Blue Owl Alternative Credit Fund**

**Notes to Consolidated Financial Statements - Continued**

accounting, legal, compliance, operations, technology, and investor relations, being responsible for the financial records that the Fund

is required to maintain and preparing reports to the Shareholders and reports filed with the SEC. In addition, the Administrator will

assist the Fund in determining and publishing the Fund's NAV, conduct relations with the Fund's service providers, oversee the

preparation and filing of the Fund's tax returns and the dissemination of reports to the Shareholders, and generally oversee the

payment of the Fund's expenses and the performance of administrative and professional services rendered to the Fund by others.

Except as specifically provided in the Administration Agreement entered into between the Fund and the Administrator, all

investment professionals and staff of the Administrator, when and to the extent engaged in providing investment advisory and

management services to the Fund, and the base compensation, bonus and benefits, and the routine overhead expenses, of such

personnel allocable to such services, are provided and paid for by the Administrator. The Fund bears its allocable portion of the

compensation paid by the Administrator (or its affiliates) to the Fund's Chief Compliance Officer and Chief Financial Officer and their

respective staffs (based on a percentage of time such individuals devote, on an estimated basis, to the Fund's business affairs). The

Fund bears all other costs and expenses of its operations, administration and transactions, including (i) Management Fees and

Incentive Fees paid to the Adviser pursuant to the Investment Advisory Agreement (ii) the Fund's allocable portion of overhead and

other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement; and

(iii) all other expenses of the Fund's operations and transactions.

The Administrator has entered into agreements on behalf of the Fund with State Street Bank and Trust Company (in such

capacity, the "Sub-Administrator") to assist in the provision of administrative and accounting services. The Sub-Administrator

receives compensation for its provision of administrative and accounting services under the sub-administration agreement. The

compensation is paid directly or indirectly by the Fund.

*Dealer Manager Agreement*

Blue Owl Securities LLC will act as the dealer manager (the "Dealer Manager") of the Fund's Shares, pursuant to a Dealer

Manager Agreement (the "Dealer Manager Agreement"), on a best efforts basis, subject to various conditions. Neither the Dealer

Manager nor any other party will be obligated to purchase any Shares from the Fund. There will be no minimum aggregate number of

Shares required to be purchased. Pursuant to the Dealer Manager Agreement, the Dealer Manager shall pay its own costs and expenses

connected with the offering of Shares. The Dealer Manager Agreement will also provide that the Fund will indemnify the Dealer

Manager and its affiliates and certain other persons against certain liabilities.

The Fund has adopted a Distribution and Servicing Plan for its Class S Shares and Class U Shares to pay to the Dealer Manager a

Distribution and Servicing Fee to compensate financial industry professionals for distribution-related expenses, if applicable, and

providing ongoing services in respect of Shareholders who own such Shares. These activities include marketing and other activities

primarily intended to result in the sale of Class S Shares and Class U Shares and activities related to administration and servicing of

Class S or Class U Share accounts. The Distribution and Servicing Plan is operated in a manner consistent with Rule 12b-1 under the

1940 Act, which regulates the manner in which an open-end investment company may directly or indirectly bear the expenses of

distributing its shares. Although the Fund is not an open-end investment company, as a result of the exemptive relief permitting the

Fund to offer multiple classes of Shares, the Fund has undertaken to comply with the terms of Rule 12b-1.

Under the Distribution and Servicing Plan, Class S and Class U Shares will pay a Distribution and Servicing Fee to the Dealer

Manager at an annual rate of 0.85% and 0.75%, respectively, based on the aggregate net assets of the Fund attributable to such class,

respectively, to be calculated as of the beginning of the first calendar day of each applicable month, and payable monthly in arrears.

The Distribution and Servicing Fee will be paid out of the relevant class's assets and will decrease the net profits or increase the net

losses of the Fund solely with respect to such class. Because the Distribution and Servicing Fee will be paid out of the Fund's assets on

an on-going basis, over time these fees will increase the cost of a Shareholder's investment and may cost the Shareholder more than

paying other types of sales charges, if applicable.

Class I Shares will not be subject to any Distribution and Servicing Fee and will not bear any expenses associated therewith.

*Expense Limitation Agreement*

The Fund has entered into an amended and restated expense limitation agreement (the "Expense Limitation Agreement") with the

Adviser, whereby the Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund, if

required to ensure that Specified Expenses do not exceed 0.50% of the average daily net assets of the Fund on an annual basis (the

"Expense Limit"). "Specified Expenses" of the Fund mean all expenses incurred in the business of the Fund, including organizational

and certain offering expenses, with the exception of: (i) the Management Fee, (ii) the Incentive Fee, (iii) any distribution and/or

servicing fee, (iv) all fees and expenses of special purpose vehicles in which the Fund or its subsidiaries invests (including

management fees, performance-based incentive fees, and administrative service fees), (v) fees payable to third parties in connection

with the sourcing or identification of portfolio investments, (vi) brokerage costs, (vii) dividend/interest payments (including any

**Blue Owl Alternative Credit Fund**

**Notes to Consolidated Financial Statements - Continued**

dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Fund), (ix)

transaction-related expenses associated with consummated and unconsummated transactions, including legal costs, sourcing fees, due

diligence related fees, structuring, and advisory costs, costs of third party consultants, and brokerage commissions, associated with the

acquisition, disposition and maintenance of investments, (x) acquired fund fees and expenses, (xi) taxes, (xii) litigation and (xiii)

extraordinary expenses (as determined in the sole discretion of the Adviser).

The Fund has agreed to repay to the (i) Adviser any fees waived or assumed under the Expense Limitation Agreement and/or (ii)

Adviser, or an affiliate thereof, any expenses reimbursed in excess of the Expense Limit (each, a "Waiver"), provided the repayments

do not cause the Fund's expense ratio (after recoupment) to exceed the lesser of (i) the Expense Limitation in effect at the time of the

Waiver and (ii) the Expense Limitation in effect at the time of the recoupment. Any such repayments must be made within three years

after the month in which a Waiver is made. The Fund's repayment obligations shall survive any termination of the Expense Limitation

Agreement. During the period ended December 31, 2025, $7,433,983 of expenses were waived by the Adviser. The amount subject to

repayment by the Fund to the Adviser under the waiver is $7,433,983, all of which will expire in the year ended December 31, 2028.

*Payable to Affiliates*

In the ordinary course of operations, the Fund enters, and may continue to enter into transactions in which the Adviser or its

affiliates prepay for the Fund's expenses that may be considered related party transactions. As of December 31, 2025, the Fund has an

outstanding balance of $209,925 payable to affiliates in deal expense reimbursements.

*Transfer Agent and Custodian*

SS&C GIDS, Inc. serves as Transfer Agent of the Fund. The Fund has entered into a transfer agency agreement with the Transfer

Agent, under which the Transfer Agent provides transfer agency services to the Fund.

State Street Bank and Trust Company serves as Custodian of the Fund. The Fund has entered into a custody agreement with the

Custodian under which the Custodian provides custodian services to the Fund.

*Significant Investments* 

The following investments are considered significant under Regulation S-X, Rule 4-08(g) for the period ending December 31,

2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Significant Investment** | **Total Assets** | **Total Liabilities** | **Net Investment** <br>**Income (Loss)**<br>| **Total Net Realized** <br>**and Change in** <br>**Unrealized Gain** <br>**(loss)**<br>| **Net Income** |
| ACM Uprise Direct 2024 LLC | $355018291 | $— | $71589706 | $(22540605) | $49049101 |
| Blue Crest Aviation Partners <br>2025-1 LLC<br>| $86406092 | $48620396 | $(564303) | $— | $(564303) |
| Blue Owl Leasing LLC | $74531055 | $10076469 | $(173068) | $27653 | $(145415) |
| BOAC AIF A4 Interval Pagani <br>Depositor LLC<br>| $506132098 | $384641741 | $18522280 | $(34498440) | $(15976160) |
| BOAC Crevasse I LLC | $77484769 | $112000 | $3377172 | $(11685169) | $(8307997) |
| BOAC IAT Aviation Opco 1 LLC | $214536249 | $5350 | $(5350) | $136299 | $130949 |
| BOAC Up Owl Night E 2025 JV <br>LLC<br>| $122682124 | $37869 | $2848248 | $(1845715) | $1002533 |
| CCI GPCC Syndicate LLC  | $7643461 | $15000 | $192893 | $(3468) | $189425 |
| Contrail JV II LLC Sunrise <br>Portfolio Offshore LLC<br>| $19255339 | $836540 | $(79913) | $(3738664) | $(3818577) |
| Contrail JV II LLC Sunrise <br>Portfolio Onshore LLC<br>| $11421801 | $70809 | $(42094) | $(1194311) | $(1236405) |
| LSI Financing LLC | $1070629973 | $333269971 | $45444924 | $43560960 | $89005884 |

---

**Blue Owl Alternative Credit Fund**

**Notes to Consolidated Financial Statements - Continued**

**Note 5. Investments**

The sub asset class composition of investments based on fair value consisted of the below as of December 31, 2025:

---

| | |
|:---|:---|
|  | **December 31, 2025** |
| Aircraft leasing | 9.5% |
| Buildings and real estate | 3.9 |
| Commercial - credit cards | 1.2 |
| Commercial - other | 1.9 |
| Commercial - SME lending | 9.0 |
| Consumer - auto loans | 7.3 |
| Consumer - credit cards | 4.6 |
| Consumer - other | 1.5 |
| Consumer - personal loans | 42.4 |
| Equipment leasing | 3.4 |
| LP interests | 2.9 |
| Pharmaceuticals | 2.0 |
| Residential | 10.1 |
| Short term investments | 0.3 |
| **Total** | 100.0% |

---

**Blue Owl Alternative Credit Fund**

**Notes to Consolidated Financial Statements - Continued**

**Note 6. Fair Value of Financial Instruments**

The following table presents the fair value hierarchy of the Fund's cash, investments, and derivatives as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Hierarchy as of December 31, 2025** | **Fair Value Hierarchy as of December 31, 2025** | **Fair Value Hierarchy as of December 31, 2025** | **Fair Value Hierarchy as of December 31, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments:** |  |  |  |  |
| ABF asset | $— | $— | $375605423 | $375605423 |
| ABF equity |  |  | 99513880 | 99513880 |
| Asset-backed security |  |  | 417890035 | 417890035 |
| Financing lease |  |  | 4367141 | 4367141 |
| First-lien senior secured debt investments |  |  | 242849817 | 242849817 |
| Investment partnerships |  |  | 44483326 | 44483326 |
| Promissory notes |  |  | 9689571 | 9689571 |
| Second-lien senior secured debt investments |  |  | 40451920 | 40451920 |
| Secured notes |  |  | 30080000 | 30080000 |
| Short term investments | 10901866 |  |  | 10901866 |
| **Subtotal** | 10901866 |  | 1264931113 | 1275832979 |
| Investments measured at Net Asset Value ("NAV")<sup>(1)</sup> |  |  |  | 280994436 |
| **Total investments at fair value** | $10901866 | $— | $1264931113 | $1556827415 |
| **Derivative assets:** |  |  |  |  |
| Forward foreign currency contracts | $— | $19312 | $— | $19312 |
| Interest rate cap |  | 7700 |  | 7700 |
| **Total derivative assets** | $— | $27012 | $— | $27012 |
| **Derivative liabilities:** |  |  |  |  |
| Forward foreign currency contracts | $— | $(208239) | $— | $(208239) |
| **Total derivative liabilities** | $— | $(208239) | $— | $(208239) |

---

(1)Includes various equity investments categorized as ABF equity or common equity, which is measured at fair value using the NAV per share (or its equivalent)

practical expedient and has not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the

fair value hierarchy to the amounts presented in the Consolidated Summary Schedule of Investments.

**Blue Owl Alternative Credit Fund**

**Notes to Consolidated Financial Statements - Continued**

The following table present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of and for the period ended December 31, 2025** | **As of and for the period ended December 31, 2025** | **As of and for the period ended December 31, 2025** | **As of and for the period ended December 31, 2025** | **As of and for the period ended December 31, 2025** | **As of and for the period ended December 31, 2025** | **As of and for the period ended December 31, 2025** | **As of and for the period ended December 31, 2025** | **As of and for the period ended December 31, 2025** | **As of and for the period ended December 31, 2025** |
|  | **ABF asset** | **ABF equity** | **Asset-backed** <br>**security**<br>| **Financing** <br>**lease**<br>| **First-lien** <br>**senior** <br>**secured debt** <br>**investments**<br>| **Investment** <br>**partnerships**<br>| **Promissory** <br>**notes**<br>| **Second-lien** <br>**senior** <br>**secured debt** <br>**investments**<br>| **Secured** <br>**notes**<br>| **Total** |
| Fair value, beginning of period | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |
| Purchases of investments, net | 497102504 | 102292151 | 450651907 | 4494836 | 268283933 | 43032785 | 10491458 | 40412949 | 29740402 | 1446502925 |
| Proceeds from investments, net | (133933533) | (5700690) | (33666853) | (90009) | (24929136) |  | (805873) |  |  | (199126094) |
| Net change in unrealized gain <br>(loss)<br>| 1502661 | 2922419 | 824958 | (37686) | (722311) | 1450541 | 7560 | 26484 | 177113 | 6151739 |
| Net realized gains (losses) | 11098154 |  | (109761) |  |  |  | (961) |  |  | 10987432 |
| Net amortization/accretion of <br>premium/discount on <br>investments<br>| (164363) |  | 189784 |  | 217331 |  | (2613) | 12487 | 162485 | 415111 |
| Transfers into (out of) Level 3<sup>(1)</sup> |  |  |  |  |  |  |  |  |  |  |
| **Fair value, end of period** | $375605423 | $99513880 | $417890035 | $4367141 | $242849817 | $44483326 | $9689571 | $40451920 | $30080000 | $1264931113 |
| **Net change in unrealized gain** <br>**(loss) for the period ended** <br>**December 31, 2025 on** <br>**investments held at** <br>**December 31, 2025**<br>| $1502661 | $2922419 | $824958 | $(37686) | $(722311) | $1450541 | $7560 | $26484 | $177113 | $6151739 |

---

<sup>(1)</sup> Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur.

**Blue Owl Alternative Credit Fund**

**Notes to Consolidated Financial Statements - Continued**

The following tables present quantitative information about the significant unobservable inputs of the Fund's Level 3 investments as of December 31, 2025. The tables are not

intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Fund's determination of fair value.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Fair Value** | **Valuation Technique** | **Unobservable Input** | **Range (Weighted Average)**<sup>(1)</sup> | **Impact to Valuation from an** <br>**Increase in Input**<br>|
| ABF asset | $375605423 | Discounted Cash Flow | Loss-Adjusted Discounted Rate | 8.7% - 16.5% (10.9%) | Decrease |
|  |  |  | Constant Default Rate | 0.3% - 4.3% (2.4%) | Decrease |
|  |  |  | Constant Prepayment Rate | 0.0% - 23.0% (14.8%) | Decrease |
| ABF equity | $99172992 | Discounted Cash Flow | Loss-Adjusted Discounted Rate | 13.3% - 21.4% (14.2%) | Decrease |
|  | 340888 | Market Approach | Market Adjustment Factor<sup>(2)</sup> | 0.0% - 0.0% (0.0%) | Increase |
| Asset-backed security | $407978035 | Discounted Cash Flow | Loss-Adjusted Discounted Rate | 5.8% - 25.0% (13.7%) | Decrease |
|  |  |  | Constant Default Rate | 6.5% - 15.0% (8.3%) | Decrease |
|  |  |  | Constant Prepayment Rate | 0.0% - 23.0% (8.8%) | Decrease |
|  | 9912000 | Discounted Cash Flow | Loss-Adjusted Discounted Rate | 7.9% - 11.7% (9.2%) | Decrease |
| Financing lease | $4367141 | Discounted Cash Flow | Loss-Adjusted Discounted Rate | 11.1% - 11.2% (11.2%) | Decrease |
| First-lien senior secured debt investments | $242849817 | Discounted Cash Flow | Loss-Adjusted Discounted Rate | 10.0% - 14.6% (11.5%) | Decrease |
| Investment partnerships | $44483326 | Market Approach | Market Adjustment Factor<sup>(2)</sup> | 0.0% - 2.2% (2.2%) | Increase |
| Promissory notes | $9689571 | Discounted Cash Flow | Loss-Adjusted Discounted Rate | 9.7% - 11.4% (10.5%) | Decrease |
| Second-lien senior secured debt <br>investments<br>| $40451920 | Discounted Cash Flow | Loss-Adjusted Discounted Rate | 11.0% - 12.9% (12.2%) | Decrease |
| Secured notes | $30080000 | Discounted Cash Flow | Loss-Adjusted Discounted Rate | 12.9% - 12.9% (12.9%) | Decrease |

---

<sup>(1)</sup> The weighted average range of unobservable inputs is based on fair value of investments.

<sup>(2)</sup> Market adjustment factor was applied to the NAV provided by the manager of the underlying fund. The adjustment reflects market conditions based on relevant

benchmarks and the fund's historical performance.

**Blue Owl Alternative Credit Fund**

**Notes to Consolidated Financial Statements - Continued**

**Note 7. Debt**

The Fund may not borrow money, except to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the

SEC, SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff

or other authority. The 1940 Act requires the Fund to maintain at all times an asset coverage of at least 300% of the amount of its

borrowings that are indebtedness. For the purpose of borrowing money, "asset coverage" means the ratio that the value of the Fund's

total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Certain trading practices and

investments may be considered to be borrowings and thus subject to the 1940 Act restrictions. On the other hand, certain practices and

investments may involve leverage but are not considered to be borrowings under the 1940 Act, such as the purchasing of securities on

a when-issued or delayed delivery basis, entering into reverse repurchase agreements, credit default swaps or futures contracts,

engaging in short sales and writing options on portfolio securities, so long as the Fund complies with an applicable exemption in Rule

18f-4. The Fund's asset coverage was 545.71% as of December 31, 2025. Pursuant to Rule 18f-4 under the 1940 Act, the Fund has

elected to treat reverse repurchase agreements as derivatives and, therefore, they do not qualify as "senior securities" for purposes of

the 1940 Act and are not counted towards the Fund's asset coverage.

Debt obligations consisted of the following as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the period ended December 31, 2025** | **For the period ended December 31, 2025** | **For the period ended December 31, 2025** | **For the period ended December 31, 2025** | **For the period ended December 31, 2025** |
|  | **Aggregate** <br>**Principal** <br>**Committed**<br>| **Outstanding** <br>**Principal**<br>| **Amount** <br>**Available**<sup>(1)</sup><br>| **Unamortized** <br>**Debt Issuance** <br>**Costs** <br>**(Premium)**<br>| **Net Carrying** <br>**Value**<br>|
| Fund Credit Facility | $300000000 | $120000000 | $180000000 | $(3152052) | 116847948 |
| SPV Asset Facility I | 100000000 | 100000000 |  | (274693) | 99725307 |
| SPV Asset Facility II | 100000000 | 62000000 | 2152389 | (218665) | 61781335 |
| Short-Term Borrowings | 50125000 | 50125000 |  |  | 50125000 |
| **Total Debt** | $550125000 | $332125000 | $182152389 | $(3645410) | $328479590 |

---

<sup>(1)</sup> The amount available reflects any limitations related to each credit facility's borrowing base.

The below table represents the components of interest expense for the period ended December 31, 2025:

---

| | |
|:---|:---|
|  | **For the period ended December 31, 2025** |
| Interest expense | $2459070 |
| Amortization of debt issuance (costs) premium | 242884 |
| **Total Interest Expense** | $2701954 |
| Average interest rate | 6.47% |
| Average daily borrowings | $109388077 |

---

***Credit Facilities***

*Fund Credit Facility* 

On September 22, 2025, the Fund entered into a Senior Secured Credit Agreement (as amended from time to time, the "Credit

Facility"). The parties to the Credit Facility include the Fund, as Borrower, the lenders and issuing banks from time to time parties

thereto (each a "Credit Lender" and collectively, the "Credit Lenders") and Regions Bank, as Administrative Agent. The following

describes the terms of the Credit Facility as modified through November 19, 2025 (the "Credit Facility First Amendment Date").

The Credit Facility is guaranteed by certain subsidiaries of the Fund in existence as of the Credit Facility First Amendment Date,

and will be guaranteed by certain subsidiaries of the Fund that are formed or acquired by the Fund thereafter (each a "Guarantor" and

collectively, the "Guarantors"). The Credit Facility provides for, on an aggregated basis, a revolving credit facility in the principal

amount of $300.0 million. The amount available for borrowing under the Credit Facility is reduced by any standby letters of credit

issued through the Credit Facility. Maximum capacity under the Credit Facility may be increased to $1.00 billion through the Fund's

exercise of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional

**Blue Owl Alternative Credit Fund**

**Notes to Consolidated Financial Statements - Continued**

financing. The Credit Facility includes a $30.0 million limit for swingline loans and is secured by a perfected first-priority interest in

substantially all of the portfolio investments held by the Fund and each Guarantor, subject to certain exceptions.

The availability period under the Credit Facility will terminate on September 22, 2028 (the "Credit Facility Commitment

Termination Date"). The Credit Facility will mature on September 22, 2030 (the "Credit Facility Maturity Date"). During the period

from the Credit Facility Commitment Termination Date to the Credit Facility Maturity Date, the Fund will be obligated to make

mandatory prepayments under the Credit Facility out of the proceeds of certain asset sales and other recovery events and equity and

debt issuances.

The Fund may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Credit Facility in

U.S. dollars bear interest at term SOFR, daily simple SOFR or an index rate plus margin of 2.90% per annum, or the alternative base

rate plus margin of 1.90% per annum. Amounts drawn under the Credit Facility in other permitted currencies bear interest at the

relevant rate specified therein (including any applicable credit adjustment spread) plus margin of 2.90% per annum. The Credit

Facility includes customary covenants and events of default. The Credit Facility requires a minimum asset coverage ratio with respect

to the consolidated assets of the Fund and its subsidiaries to senior securities that constitute indebtedness of no less than 3.00 to 1.00 at

any time.

*SPV Asset Facility I*

On August 19, 2025, OWLCX SF 2025L Borrower Trust, a Delaware statutory trust and wholly-owned subsidiary of the Fund,

entered into a Credit Agreement (the "SPV Asset Facility I"), with OWLCX SF 2025L Borrower Trust, as borrower, Wilmington

Trust, National Association, as Paying Agent and Securities Intermediary, Bank of America, N.A., as Administrative Agent for the

Lenders, and the institutions from time to time party thereto as lenders (the "SPV Asset Facility I Lenders"). The following describes

the terms of the SPV Asset Facility I.

The aggregate commitment of the SPV Asset Facility I is $100.0 million and may be further increased from time to time in

accordance with the terms of the facility. The availability of this amount is subject to a borrowing base which is based on the value of

OWLCX SF 2025L Borrower Trust's assets from time to time, and satisfaction of certain conditions, including certain concentration

limits and asset performance tests.

The SPV Asset Facility I provides for the ability to draw and redraw revolving loans through August 19, 2026 unless the

revolving commitments are terminated as provided in the SPV Asset Facility I. Unless otherwise accelerated, the SPV Asset Facility I

will mature on August 17, 2029 (the "SPV Asset Facility I Scheduled Maturity Date"). Prior to the SPV Asset Facility I Scheduled

Maturity Date, proceeds received by OWLCX SF 2025L Borrower Trust from principal and interest or fees on assets must be used to

pay fees, expenses, principal (as applicable) and interest on outstanding borrowings, and the excess may be returned to OWLCX SF

2025L Borrower Trust, subject to certain conditions. On the SPV Asset Facility I Scheduled Maturity Date, OWLCX SF 2025L

Borrower Trust must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the

excess may be returned to OWLCX SF 2025L Borrower Trust.

Amounts drawn bear interest at Daily Simple SOFR plus an applicable margin of 1.05% during the revolving period and pro rata

period (1.55% after pro rata date) and there is an unused fee ranging from 0.15% to 0.25% (depending on utilization) on the undrawn

amount of the aggregate commitment during the revolving period.

*SPV Asset Facility II*

On September 3, 2025, BOAC SQ 2025L IF Borrower LLC, a Delaware limited liability company and wholly-owned subsidiary

of the Fund, entered into a Credit Agreement (the "SPV Asset Facility II"), with BOAC SQ 2025L IF Borrower LLC, as borrower,

Truist Bank, as Administrative Agent for the Lenders, and the institutions from time to time party thereto as lenders (the "SPV Asset

Facility II Lenders"). The following describes the terms of the SPV Asset Facility II.

The aggregate commitment of the SPV Asset Facility II is $100.0 million and may be further increased from time to time in

accordance with the terms of the facility. The availability of this amount is subject to a borrowing base which is based on the value of

BOAC SQ 2025L IF Borrower LLC's assets from time to time, and satisfaction of certain conditions, including certain concentration

limits and asset performance tests.

The SPV Asset Facility II provides for the ability to draw and redraw revolving loans through September 3, 2026 unless the

revolving commitments are terminated as provided in the SPV Asset Facility II. Unless otherwise accelerated, the SPV Asset Facility

II will mature on September 3, 2027 (the "SPV Asset Facility II Scheduled Maturity Date"). Prior to the SPV Asset Facility II

Scheduled Maturity Date, proceeds received by BOAC SQ 2025L IF Borrower LLC from principal and interest or fees on assets must

be used to pay fees, expenses, principal (as applicable) and interest on outstanding borrowings, and the excess may be returned to

BOAC SQ 2025L IF Borrower LLC, subject to certain conditions. On the SPV Asset Facility II Scheduled Maturity Date, BOAC SQ

**Blue Owl Alternative Credit Fund**

**Notes to Consolidated Financial Statements - Continued**

2025L IF Borrower LLC must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings,

and the excess may be returned to BOAC SQ 2025L IF Borrower LLC.

Amounts drawn bear interest at 30-Day SOFR Average plus an applicable margin of 1.40% during the funding period (1.65%

after the funding period) and there is an unused fee ranging from 0.00% to 0.35% (depending on utilization) on the undrawn amount

of the aggregate commitment during the revolving period.

***Short-Term Borrowings***

*Master Repurchase Agreements*

On various dates beginning on May 13, 2025, the Fund entered into Master Repurchase Agreements (the "Repurchase

Agreements") with certain counterparties to provide short-term borrowings in the form of reverse repurchase agreements which the

Fund utilizes from time-to-time to manage its working capital needs. As part of the Repurchase Agreements, the Fund can sell a

security to the lender for cash with an agreement to buy it back in the future at a pre-determined price.

The Fund's ability to draw down borrowings under the agreement is subject to 1940 Act leverage limitations and dependent on

the Fund pledging eligible assets to the banks as collateral. No commitment fees were paid in connection with execution of these

agreements. Pursuant to Rule 18f-4 under the 1940 Act, the Fund has elected to treat reverse repurchase agreements as derivatives

and, therefore, they do not qualify as "senior securities" for purposes of the 1940 Act and are not counted towards the Fund's asset

coverage.

As of December 31, 2025, the Fund had outstanding $50.13 million of short-term borrowings under the Repurchase Agreements,

reflected as payable for reverse repurchase agreements on the Fund's Consolidated Statement of Assets and Liabilities. Short-term

borrowings under the Repurchase Agreements bore interest at a weighted average applicable margin of 4.68% per annum as of

December 31, 2025. Certain of the Fund's investments serve as collateral for the Fund's obligations under the Repurchase Agreements

and the carrying value of pledged investments were $68.08 million as of December 31, 2025.

**Note 8. Derivatives**

The Fund enters into derivative financial instruments in the normal course of business to achieve certain risk management

objectives, including managing its interest rate and foreign currency risk exposures. The fair value of foreign currency and interest rate

derivative contracts are included within Derivative assets at fair value and Derivative liabilities at fair value, respectively, in the

Consolidated Statements of Assets and Liabilities.

The Fund operates as a "limited derivatives user" for purposes of the derivatives transactions exemption in Rule 18f-4. To qualify

as a limited derivatives user, the Fund's "derivatives exposure" is limited to 10% of its net assets subject to exclusions for certain

currency or interest rate hedging transactions (as calculated in accordance with Rule 18f-4). If the Fund ceases to qualify as a "limited

derivatives user" as defined in Rule 18f-4, the rule would, among other things, require the Fund to establish a comprehensive

derivatives risk management program, to comply with certain value-at-risk based leverage limits, to appoint a derivatives risk manager

and to provide additional disclosure both publicly and to the SEC regarding its derivatives positions.

The following table presents the aggregate notional amount and fair value hierarchy of the Fund's derivative financial instruments

as of December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total Fair Value** | **Notional** |
| **Derivative Assets** |  |  |  |  |  |
| Forward foreign currency contracts | $— | $19312 | $— | $19312 | $6484017 |
| Interest rate caps |  | 7700 |  | 7700 | 100000000 |
| **Total Derivative Assets at fair value** | $— | $27012 | $— | $27012 | $106484017 |
| Cash collateral posted |  |  |  |  |  |

---

**Blue Owl Alternative Credit Fund**

**Notes to Consolidated Financial Statements - Continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total Fair Value** | **Notional** |
| **Derivative Liabilities** |  |  |  |  |  |
| Forward foreign currency contracts | $— | $(208239) | $— | $(208239) | $40387633 |
| **Total Derivative Liabilities at fair value** | $— | $(208239) | $— | $(208239) | $40387633 |
| Cash collateral posted |  |  |  |  |  |

---

In the table above:

• The fair value of derivative assets and derivative liabilities, as applicable, is presented on a gross basis.

• The notional amount represents the absolute value amount of all outstanding derivative contracts.

• All foreign currency derivatives and interest rate caps are not designated in hedge relationships.

• The Fund has not applied counterparty netting or collateral netting; as such, the amounts of cash collateral received and

posted are not offset against the derivative assets and derivative liabilities in the Consolidated Statements of Assets and Liabilities.

The table below presents the impact to the Consolidated Statements of Operations from derivative assets and derivative liabilities

not designated in a qualifying hedge accounting relationship for the period ended December 31, 2025. The net change in unrealized

gains and losses on the derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship are

included within net change in unrealized gain (loss) on derivative instruments in Consolidated Statements of Operations. The net

realized gains and losses on the derivative assets and derivative liabilities not designated in a qualifying hedge accounting relationship

are included within Net realized gain (loss) on derivative instruments in the Consolidated Statements of Operations.

---

| | |
|:---|:---|
| **For the period ended December 31, 2025** | **For the period ended December 31, 2025** |
| ***Unrealized gain (loss)*** |  |
| Forward foreign currency contracts | $(188927) |
| Interest rate caps |  |
| **Net change in unrealized gain (loss)** | $(188927) |
| ***Realized gain (loss)*** |  |
| Forward foreign currency contracts | $114517 |
| Interest rate caps |  |
| **Net realized gain (loss)** | $114517 |

---

**Blue Owl Alternative Credit Fund**

**Notes to Consolidated Financial Statements - Continued**

**Note 9. Commitments and Contingencies**

*Investment Commitments*

From time to time, the Fund may enter into commitments to fund investments in the form of revolving credit, delayed draw, ABF

asset, or equity commitments, which require the Fund to provide funding when requested by the underlying investment in accordance

with underlying agreements. The Fund had the following outstanding commitments as of December 31, 2025:

---

| | |
|:---|:---|
|  | **As of December 31, 2025** |
| Total unfunded delayed draw term loan commitments | $9314516 |
| Total unfunded revolving debt commitments | 103269570 |
| Total unfunded ABF asset commitments<sup>(1)</sup> | 239495767 |
| Total unfunded ABF equity commitments | 2184618 |
| **Total unfunded commitments** | $354264471 |

---

<sup>(1)</sup> The Fund has entered into forward flow arrangements that require the purchase of certain ABF assets. These unfunded

commitments are subject to specified maximum monthly purchase amounts and are not structured as funding-on-demand obligations

of the Platform.

As of December 31, 2025, and as of the date of entry into each unfunded investment commitment, the Fund believed it had

adequate financial resources to satisfy the unfunded investment commitments.

*Other Commitments and Contingencies*

From time to time, the Fund may become a party to certain legal proceedings incidental to the normal course of its business. As of

December 31, 2025, management was not aware of any pending or threatened litigation relating to the Fund or its business.

*Contractual Obligations*

A summary of the Fund's contractual payment obligations of its borrowings as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Less than 1 year</u>** | **<u>1-3 Years</u>** | **<u>3-5 Years</u>** | **<u>Total</u>** |
| Fund Credit Facility | $— | $— | $120000000 | $120000000 |
| SPV Asset Facility I |  |  | 100000000 | 100000000 |
| SPV Asset Facility II |  | 62000000 |  | 62000000 |
| Short-Term Borrowings | 50125000 |  |  | 50125000 |
| **Total Contractual Obligations** | $50125000 | $62000000 | $220000000 | $332125000 |

---

**Note 10. Net Assets**

*Shares of Beneficial Interest; Share Class Description; Share Activity* 

The Fund is authorized to issue an unlimited number Shares. The Fund has received an exemptive order from the SEC that

permits the Fund to offer multiple classes of Shares and to, among other things, impose asset-based distribution fees and early

withdrawal fees. Following the completion of the private offering of the Fund's shares and prior to the commencement of the public

offering of the Fund's shares on August 29, 2025, Class I-F, Class S-F and Class U-F shares were reclassified as Class I, Class S and

Class U shares, respectively. As a result, amounts reflected herein for Class I, Class S and Class U reflect activity relating to Class I-

F, Class S-F and Class U-F, respectively, prior to such reclassification. As of December 31, 2025, the Fund offered three separate

classes of Shares designated as Class I, Class S and Class U Shares. As of December 31, 2025, no Class S Shares were outstanding.

Each class of Shares is subject to different fees and expenses.

No upfront selling commission, dealer manager fees, or other similar placement fees (together, the "Upfront Sales Load") will be

paid to the Fund or Dealer Manager with respect to Class S and Class U Shares. If, however, Class S 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. Such fees are not Upfront Sales Loads paid to the Fund or Dealer Manager. Financial intermediaries will not charge such fees

on Class I Shares.

**Blue Owl Alternative Credit Fund**

**Notes to Consolidated Financial Statements - Continued**

*Share Issuances*

The following table summarizes transactions with respect to the Fund's Shares during the following period:

---

| | | |
|:---|:---|:---|
| **Class I - F** | **For the period from March 7, 2025 (Commencement of** <br>**Operations) to December 31, 2025** | **For the period from March 7, 2025 (Commencement of** <br>**Operations) to December 31, 2025** |
|  | **Shares** | **Amount** |
| Shares/gross proceeds from the Private Placement  | 69209966 | $696621490 |
| Share transfers between classes <sup>(1)</sup> | (69404117) | (698205411) |
| Reinvestment of shareholders' distributions | 194151 | 1954960 |
| Repurchased shares of beneficial interest |  |  |
| Total shares/proceeds |  | $371039 |
| **Class U - F** | **For the period from March 7, 2025 (Commencement of** <br>**Operations) to December 31, 2025** | **For the period from March 7, 2025 (Commencement of** <br>**Operations) to December 31, 2025** |
|  | **Shares** | **Amount** |
| Shares/gross proceeds from the Private Placement  | 17766384 | 178619636 |
| Share transfers between classes <sup>(1)</sup> | (17846425) | (179535041) |
| Reinvestment of shareholders' distributions | 80041 | 806015 |
| Repurchased shares of beneficial interest |  |  |
| Total shares/proceeds |  | $(109390) |
| **Class I**  | **For the period from March 7, 2025 (Commencement of** <br>**Operations) to December 31, 2025** | **For the period from March 7, 2025 (Commencement of** <br>**Operations) to December 31, 2025** |
|  | **Shares** | **Amount** |
| Shares/gross proceeds from the continuous public offering | 32119322 | 324065109 |
| Share transfers between classes <sup>(1)</sup> | 69404116 | 698205411 |
| Reinvestment of shareholders' distributions | 2114864 | 21194497 |
| Repurchased shares of beneficial interest | (65) | (641) |
| Total shares/proceeds | 103638237 | $1043464376 |
| **Class U** | **For the period from March 7, 2025 (Commencement of** <br>**Operations) to December 31, 2025** | **For the period from March 7, 2025 (Commencement of** <br>**Operations) to December 31, 2025** |
|  | **Shares** | **Amount** |
| Shares/gross proceeds from the continuous public offering | 2940785 | 29625378 |
| Share transfers between classes <sup>(1)</sup> | 17846426 | 179535041 |
| Reinvestment of shareholders' distributions | 741410 | 7438114 |
| Repurchased shares of beneficial interest <sup>(2)</sup> | (12847) | (127520) |
| Total shares/proceeds | 21515774 | $216471013 |

---

<sup>(1)</sup> Following the completion of the private offering of the Fund's shares and prior to the commencement of the public

offering of the Fund's shares, Class I-F and Class U-F shares were reclassified as Class I and Class U shares, respectively. As a result,

amounts reflected herein for Class I and Class U reflect activity relating to Class I-F and Class U-F, respectively, prior to such

reclassification.

<sup>(2)</sup> Repurchased amount is net of the 2.00% early repurchase fee.

**Blue Owl Alternative Credit Fund**

**Notes to Consolidated Financial Statements - Continued**

*Distributions*

The following table presents cash distributions per Share that were recorded during the following periods:

---

| | | | |
|:---|:---|:---|:---|
| **For the period ended December 31, 2025** | **For the period ended December 31, 2025** | **For the period ended December 31, 2025** | **For the period ended December 31, 2025** |
| **Record Date** | **Payment Date** | **Distribution Per** <br>**Share**<sup>(1)</sup><br>| **Distribution** <br>**Amount**<br>|
| May 31, 2025 | June 3, 2025 | $0.06 | $428470 |
| June 30, 2025 | July 3, 2025 | 0.09 | 1224007 |
| July 31, 2025 | August 11, 2025 | 0.09 | 5148506 |
| August 31, 2025 | September 4, 2025 | 0.09 | 8028749 |
| September 30, 2025 | October 1, 2025 | 0.08 | 7230452 |
| October 31, 2025 | November 3, 2025 | 0.08 | 8390124 |
| November 30, 2025 | December 1, 2025 | 0.08 | 9164802 |
| December 31, 2025 | January 2, 2026 | 0.22 | 26909912 |
|  | **Total** | $0.79 | $66525022 |

---

<sup>(1)</sup> The per share data was derived using actual Shares outstanding at the date of the relevant transaction.

The Fund has implemented a dividend reinvestment plan (the "DRIP") for its Shareholders, which is an "opt out" distribution

reinvestment plan. Under this plan, if the Fund declares a cash dividend or other distribution, each holder of Shares who has not

elected to "opt out" to the DRIP will have their cash distribution automatically reinvested in additional Shares, rather than receiving

the cash distribution. If a Shareholder elects to "opt out," that Shareholder will receive cash dividends or other distributions.

Shareholders who receive dividends and other distributions in the form of Shares generally are subject to the same U.S. federal tax

consequences as Shareholders who elect to receive their distributions in cash; however, since their cash dividends will be reinvested,

those Shareholders will not receive cash with which to pay any applicable taxes on reinvested dividends.

The following tables reflect the sources of cash distributions on a U.S. GAAP basis that the Fund has processed on its Shares

during the following periods:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the period ended December 31, 2025** | **For the period ended December 31, 2025** | **For the period ended December 31, 2025** |
| **Source of Distribution**<sup>(2)</sup> | **Per Share** | **Amount** | **Percentage** |
| Net investment income | $0.59 | $49861396 | 75.0% |
| Net realized gain on investments | 0.13 | 10921381 | 16.4% |
| Excess (undistributed) <sup>(1)</sup> | 0.07 | 5742245 | 8.6% |
| **Total** | $0.79 | $66525022 | 100.0% |

---

(1) Represents the distributions in excess of net investment income and net realized gains for the current period. On a tax

basis, distributions were solely derived from ordinary income. See Note 11, Income Taxes for more details.

(2) Data in this table is presented on a consolidated basis. Refer to Consolidated Financial Highlights for amounts by share

class.

*Share Repurchases*

The Fund has adopted a fundamental policy to make quarterly repurchase offers at NAV of not less than 5% nor more than 25%

of the Fund's outstanding Shares. The Fund generally anticipates making repurchases of 5% of its outstanding Shares on a quarterly

basis, commencing during its second full quarter of investment operations. If the value of Shares tendered for repurchase exceeds the

value the Fund intended to repurchase, the Fund may determine to repurchase less than the full number of Shares tendered. In such

event, Shareholders will have their Shares repurchased on a pro rata basis, and tendering Shareholders will not have all of their

tendered Shares repurchased by the Fund. Shareholders tendering Shares for repurchase will be asked to give written notice of their

intent to do so by the "Repurchase Request Deadline" (i.e., the date by which Shareholders can tender their Shares in response to a

repurchase offer) of the applicable repurchase offer, which date is generally anticipated to be the same date as the "Repurchase Pricing

Date" (i.e., the date upon which the Fund determines the NAV applicable to repurchases).

**Blue Owl Alternative Credit Fund**

**Notes to Consolidated Financial Statements - Continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Commencement** <br>**Date**<br>| **Class** | **Expiration Date** | **Total Shares**<br>**Tendered**<br>| **Purchase Price** <br>**Per Share**<br>| **Total Shares**<br>**Repurchased**<br>|
| July 14, 2025 | I-F | August 14, 2025 |  | $— |  |
| July 14, 2025 | S-F | August 14, 2025 |  | $— |  |
| July 14, 2025 | U-F | August 14, 2025 |  | $— |  |
| October 14, 2025 | I | November 13, 2025 | (65) | $10.12 | (65) |
| October 14, 2025 | S | November 13, 2025 |  | $— |  |
| October 14, 2025 | U | November 13, 2025 | (12847) | $10.12 | (12847) |

---

**Note 11. Income Taxes** 

The Fund intends to elect to be treated for federal income tax purposes, and intends to qualify annually thereafter, as a RIC under

Subchapter M of the Code. As a RIC, the Fund generally will not have to pay corporate-level federal income taxes on any ordinary

income or capital gains that the Fund distributes to its Shareholders from its tax earnings and profits. To qualify as a RIC for any

taxable year, the Fund must, among other things, meet specified source-of-income and asset diversification requirements and distribute

annually at least 90% of its ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses,

if any.

The Fund has not recorded a liability for any uncertain tax positions pursuant to the provisions of ASC 740, Income Taxes, as of

December 31, 2025.

Taxable income generally differs from increase in net assets resulting from operations due to temporary and permanent

differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or

losses are generally not included in taxable income until they are realized.

The tax components of capital shown in the following table represent distribution requirements the Fund must satisfy under the

income tax regulations, losses, if any, the Fund may be able to offset against income and gains realized in future years and unrealized

appreciation or depreciation of securities and other investments.

The following reflects the components of distributable earnings (losses) for the period ended December 31, 2025:

---

| | |
|:---|:---|
|  | **For the period ended December 31, 2025** |
| Undistributed ordinary income | $1847489 |
| Accumulated loss carryforwards | (16174427) |
| Other temporary differences | (383545) |
| Net tax basis unrealized gain (loss) | 2303338 |
| Distributable earnings (losses) | $(12407145) |

---

Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of

dividends and distributions made during the fiscal year from net investment income or net realized gains are determined in accordance

with federal income tax requirements, which may differ from the character of net investment income or net realized gains presented in

those financial statements in accordance with U.S. GAAP. Also, due to timing of dividends and distributions, the fiscal year in which

amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

Accordingly, the following amounts have been reclassified for the reporting period. These reclassifications have no impact on the

net asset value of the Fund and result primarily from certain non-deductible expenses, preferential dividend, and differences in the tax

treatment of underlying fund investments.

---

| | |
|:---|:---|
| **Reduction to Paid-in-Capital** | **Increase to Distributable earnings (losses)** |
| $631164 | $631164 |

---

Depending on the level of taxable income earned in a tax year, the Fund can be expected to carry forward taxable income

(including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and

pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that the Fund determines that its

estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the

**Blue Owl Alternative Credit Fund**

**Notes to Consolidated Financial Statements - Continued**

Fund will accrue excise tax on estimated excess taxable income. As of December 31, 2025, the Fund accrued $150,000 of excise tax

on estimated excess taxable income.

Total distributions processed during the period ended December 31, 2025 of $65,297,459 were derived from ordinary income of

$65,297,459, determined on a tax basis. Each year, a statement on Form 1099-DIV identifying the tax character of the distributions

will be sent to our Shareholders. The tax character of the distributions are not determined until the Fund's taxable year end.

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of

securities and other investments for federal income tax purposes at period end are noted in the following table. The primary difference

between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to interest in pass-

through entities, mark-to-market gains (losses) on foreign currency contracts and non-deductible organizational costs.

---

| | |
|:---|:---|
|  | **For the period ended December 31, 2025** |
| Federal tax cost of securities | $1554342850 |
| Gross unrealized appreciation | 11192599 |
| Gross unrealized depreciation | (8889261) |
| Net unrealized appreciation | $2303338 |

---

*Taxable Subsidiaries*

The Fund did not record a provision for income tax expense during the period ending on December 31, 2025 as the subsidiaries

net investment income and realized or unrealized gains (losses) were immaterial for consolidation.

**Note 12. Subsequent Events**

The Fund's management evaluated subsequent events through the date of issuance of these consolidated financial statements.

Other than those discussed below, there have been no subsequent events that occurred during such period that would require

disclosure in, or would be required to be recognized in, these consolidated financial statements.

*Quarterly Repurchases*

The Fund commenced a quarterly repurchase offer beginning on January 12, 2026 and ending on February 12, 2026. Shareholders

that desired to tender shares for repurchase were required to do so on or before February 12, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Commencement** <br>**Date**<br>| **Class** | **Expiration Date** | **Total Shares**<br>**Tendered**<br>| **Repurchase Price**<br>**per Share**<br>| **Total Shares**<br>**Repurchased**<br>|
| January 12, 2026 | I | February 12, 2026 | (1627166) | $9.94 | (1627166) |
| January 12, 2026 | S | February 12, 2026 |  | $— |  |
| January 12, 2026 | U | February 12, 2026 | (164671) | $9.94 | (164671) |

---

*Amendment to Credit Facility*

On February 20, 2026, the Fund entered into an Amendment to the Credit Facility in order to increase the total revolving

commitment of the Credit Facility from $300.0 million to $750.0 million.

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees

Blue Owl Alternative Credit Fund:

*Opinion on the Consolidated Financial Statements*

We have audited the accompanying consolidated statement of assets and liabilities of Blue Owl Alternative Credit Fund (the Fund),

including the consolidated summary schedule of investments, as of December 31, 2025, the related consolidated statements of

operations, changes in net assets and cash flows for the period from March 7, 2025 (Commencement of Operations) to December 31,

2025, and the related notes (collectively, the consolidated financial statements) and the consolidated financial highlights for the period

from March 7, 2025 (Commencement of Operations) to December 31, 2025. In our opinion, the consolidated financial statements and

consolidated financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the

results of its operations, changes in its net assets and its cash flows for the period from March 7, 2025 (Commencement of Operations)

to December 31, 2025, and the consolidated financial highlights for the period from March 7, 2025 (Commencement of Operations) to

December 31, 2025, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These consolidated financial statements and consolidated financial highlights are the responsibility of the Fund's management. Our

responsibility is to express an opinion on these consolidated financial statements and consolidated financial highlights based on our

audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB)

and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules

and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit

to obtain reasonable assurance about whether the consolidated financial statements and consolidated financial highlights are free of

material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material

misstatement of the consolidated financial statements and consolidated financial highlights, whether due to error or fraud, and

performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the

amounts and disclosures in the consolidated financial statements and consolidated financial highlights. Such procedures also included

confirmation of securities owned as of December 31, 2025, by correspondence with custodians, brokers and other counterparties;

when replies were not received from custodians, brokers and/or counterparties, we performed other auditing procedures. Our audit also

included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall

presentation of the consolidated financial statements and consolidated financial highlights. We believe that our audit provides a

reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the Fund's auditor since 2025.

New York, New York

February 26, 2026

**Other Information (Unaudited)**

*Proxy Voting Record*

The Fund is required to file Form N-PX, with its complete proxy voting record for the twelve-month period ending on June 30, no

later than August 31. The Fund's Form N-PX filing and a description of the Fund's proxy voting policies and procedures are available:

(i) without charge, upon request, by calling the Fund at 212-419-3000 or (ii) by visiting the SEC's website at www.sec.gov.

*Complete Consolidated Schedule of Investments*

The Fund's complete consolidated schedule of investments is filed with the SEC on Form N-CSR. The Fund's Form N-CSR, and

the complete consolidated schedule of investments, are available on the SEC website at sec.gov or without charge and upon request by

calling the Fund at 212-419-3000, and on the Fund's website at https://owlcx.com/.

*Quarterly Portfolio Schedules*

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form

N-PORT. The Fund's Form N-PORT is available on the SEC website at sec.gov or without charge and upon request by calling the

Fund at 212-419-3000.

The Fund makes public certain information about its investments. For more information about the Fund, visit https://owlcx.com/.

Here you will find the Fund's most recently available fact sheets and other information about the Fund. The information posted on the

Fund's website is subject to change without notice.

**Management of the Fund (Unaudited)**

The business and affairs of the Fund are managed under the direction of the Trustees. Information concerning the Trustees and

officers of the Fund is set forth below. Generally, each Trustee and officer serves an indefinite term or until certain circumstances such

as his resignation, death, or otherwise as specified in the Fund's organizational documents. The Statement of Additional Information

of the Fund includes additional information about the Trustees and officers and is available, without charge, upon request by calling

the Fund toll-free at 212-419-3000.

The address of each Trustee and officer as it relates to the Fund's business is c/o Blue Owl Alternative Credit Advisors II LLC,

399 Park Avenue, New York, NY 10022.

**Trustees**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held** <br>**with the Fund** <br>**(Length of Time** <br>**Served)**<br>| **Principal Occupation(s)** <br>**During Past 5 Years**<br>| **Number of** <br>**Portfolios in Fund** <br>**Complex Overseen** <br>**by Trustee**<br>| **Other** <br>**Directorships** <br>**Held by Trustee**<br>|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| James Gillies (1975) | Chair of the Board, <br>Trustee (since <br>inception)<br>| Founder, Clay Island Advisors, <br>LLC (since December 2022); <br>Senior Managing Director, <br>Wafra Inc. (an alternative <br>investment manager) <br>(September 2004 to September <br>2021)<br>| 1 |  |
| Jane Nelson (1958) | Trustee (since <br>inception)<br>| Retired; Personal Investor | 1 | Adams Funds <br>(since December <br>2021); First Eagle <br>Alternative Capital <br>BDC, Inc. <br>(December 2018 <br>to February 2022)<br>|
| Paul Quistberg (1962) | Trustee (since <br>inception)<br>| Chief Investment Officer, <br>Fidelity High Income & <br>Alternatives (September 2021 to <br>December 2024); Chief <br>Investment Officer, Fidelity <br>Strategic Advisers (March 2018 <br>to September 2021)<br>| 1 |  |

---

**Blue Owl Alternative Credit Fund**

**Other Information - Continued**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held** <br>**with the Fund** <br>**(Length of Time** <br>**Served)**<br>| **Principal Occupation(s)** <br>**During Past 5 Years**<br>| **Number of** <br>**Portfolios in Fund** <br>**Complex Overseen** <br>**by Trustee**<br>| **Other** <br>**Directorships** <br>**Held by Trustee**<br>|
| Robert Flowers (1958) | Trustee (since <br>inception)<br>| Managing Member, Tamerlane <br>Advisors (since 2008); Senior <br>Advisor, Atalaya Capital <br>Management (January 2019 to <br>May 2022)<br>| 1 |  |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| Ivan Zinn (1974) | Trustee, President <br>and Chief Executive <br>Officer (since <br>inception)<br>| Head of Alternative Credit, Blue <br>Owl (since September 2024); <br>Founder and Chief Investment <br>Officer, Atalaya Capital <br>Management (February 2006 to <br>September 2024)<br>| 1 |  |

---

**Officers**

---

| | | |
|:---|:---|:---|
| **Name (Year of Birth)** | **Position Held (Length of Time Served)** | **Principal Occupation(s) During Past 5** <br>**Years**<br>|
| Andrew Murphy (1972) | Secretary (since inception) | Senior Managing Director, Blue Owl <br>(since January 2025); Managing Director, <br>Blue Owl (February 2020 to December <br>2024)<br>|
| Gerald Cammarata (1981) | Treasurer and Chief Financial Officer <br>(since inception)<br>| Senior Managing Director, Blue Owl <br>(since October 2024); Chief Financial <br>Officer, Atalaya Capital Management LP <br>(March 2012 to September 2024)<br>|
| Tara Dempsey (1981) | Chief Compliance Officer (since inception) | Managing Director, Compliance Officer, <br>Blue Owl (since May 2023); Compliance <br>Officer, Onex Credit (May 2021 to April <br>2023); Compliance Officer, Goldman <br>Sachs Asset Management (August 2014 to <br>May 2021)<br>|
| Vincent Cataldo (1984) | Vice President (since inception) | Senior Managing Director, Blue Owl; <br>Head of Tax of Blue Owl Capital Inc., <br>Blue Owl Advisers and Blue Owl BDCs <br>(since 2018)<br>|

---

**Shareholder Privacy Notice (Unaudited)**

We collect nonpublic personal information about our shareholders in the ordinary course of establishing and servicing their accounts.

Nonpublic personal information means personally identifiable financial information that is not publicly available and any list,

description, or other grouping of shareholders that is derived using such information. For example, it includes a shareholder's address,

social security number, account balance, income, investment activity, and bank account information. We collect this information from

the following sources:

• account applications or other required forms, correspondence (written or electronic), or from telephone contacts with

customers inquiring about us;

• transaction history of a shareholder's account; and

• service providers.

We do not disclose nonpublic personal information about you or your account(s) to anyone without your consent other than to:

• Our service providers, including our Adviser, as necessary for the servicing of your account. Our service providers in turn

have an obligation to protect the confidentiality of your personal information.

• Companies that may perform marketing services on our behalf or pursuant to joint marketing agreements. These marketing

companies also have an obligation to protect confidential information.

• Government officials or other persons unaffiliated with us, to the extent required by federal or Delaware law or our governing

documents, including in accordance with subpoenas, court orders, and requests from government regulators.

If you decide to close your account(s), we will continue to adhere to the practices described in this notice.

If you invest in our Shares through a financial intermediary, such as a broker-dealer, bank or trust company, the privacy policy of your

financial intermediary will govern how your nonpublic personal information will be shared with other parties.

We maintain physical, electronic and procedural safeguards to protect your nonpublic personal information.

(b)Not applicable.

**Item 2. Code of Ethics.**

(a)Blue Owl Alternative Credit Fund (the "Fund") has adopted a Code of Ethics that applies to the Fund's principal

executive officer and principal financial officer (the "Code of Ethics").

(b) Not applicable.

(c)The Fund has not made any amendment to its Code of Ethics during the period covered by this Form N-CSR.

(d)There have been no waivers, including any implicit waivers, granted by the Fund to individuals covered by the

Fund's Code of Ethics during the reporting period for this Form N-CSR.

(e)Not applicable.

(f)The Fund's Code of Ethics is attached herewith as Exhibit 19(a)(1).

**Item 3. Audit Committee Financial Expert.**

The Board of Trustees of the Fund has determined that Jane Nelson qualifies as an "audit committee financial expert" as such

term is defined in Item 3(b) of Form N-CSR and is an "independent" trustee pursuant to paragraph (a)(2) of Item 3 of Form N-

CSR.

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

(a)-(d)The Fund has engaged its independent registered public accountant to perform audit services, audit-related services, tax

services and other services during the last fiscal year. The following information is provided for the period ending December 31,

2025. "Audit Fees" refer to the aggregate fees billed for professional services rendered by the Fund's independent registered public

accountant for the audit of the Fund's annual financial statements or services that are normally provided by the accountant in

connection with statutory and regulatory filings or engagements for that year. "Audit-Related Fees" refer to the aggregate fees

billed for assurance and related services by the independent registered public accountant that are reasonably related to the

performance of the audit of the Fund's financial statements and are not reported under "Audit Fees". "Tax Fees" refer to the

aggregate fees billed for professional services rendered by the independent registered public accountant for review of federal tax

forms and other tax compliance, tax advice, and tax planning. "All Other Fees" refer to the aggregate fees billed for professional

services rendered by the independent registered public accountant for certain review of the Fund's registration statement.

---

| | |
|:---|:---|
| **Fiscal period ended December 31, 2025** | **Fiscal period ended December 31, 2025** |
| Audit Fees | $519500 |
| Audit-Related Fees | 50000 |
| Tax Fees |  |
| All Other Fees |  |
| Total Fees | $569500 |

---

(e)(1)The Fund's Audit Committee Charter requires that the Audit Committee pre-approve all audit and non-audit services to

be provided to the Fund by the Fund's independent registered public accounting firm; provided, however, that the pre-approval

requirement with respect to the provision of non-auditing services to the Fund by the Fund's independent registered public accounting

firm may be waived by the Audit Committee under the circumstances described in the Securities Exchange Act of 1934, as amended

(the "1934 Act").

(e)(2)All of the audit and tax services described above for which KPMG billed the Fund fees for the fiscal period ended

December 31, 2025 were pre-approved by the Audit Committee.

(f)Not applicable.

(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 $[ ] and $[ ], respectively.

(h)The Fund's Audit Committee has considered whether the provision of non-audit services that were rendered to the

Fund's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that

provides ongoing services to the Fund that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is

compatible with maintaining the independent registered public accountant's independence. No such services were rendered.

(i)Not applicable.

(j)Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

(a) A Consolidated Summary Schedule of Investments is included as part of the Report to Shareholders filed under Item 1(a) of

this form, and additional details are provided in the Consolidated Schedule of Investments attached as Exhibit 19(c) hereto.

Additionally, attached as Exhibit 19(d) is the opinion rendered by KPMG, the fund's independent registered public accounting

firm.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

Not applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers and Others of Open-End Management Investment Companies.**

Not applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

**<u>Proxy Voting Policies</u>**

The Fund has delegated its proxy voting responsibility to the Adviser. The proxy voting policies and procedures of the Adviser

are set out below. The guidelines are reviewed periodically by the Adviser and the Board and, accordingly, are subject to change.

For purposes of these proxy voting policies and procedures described below, "we," "our" and "us" refer to the Adviser.

Introduction

As an investment adviser registered under the Adviser Act, we have a fiduciary duty to act solely in the best interests of our

clients. As part of this duty, we recognize that we must vote client securities in a timely manner free of conflicts of interest and in

the best interests of our clients.

These policies and procedures for voting proxies for our investment advisory clients are intended to comply with Section 206 of,

and Rule 206(4)-6 under, the Advisers Act.

**<u>Proxy Policies</u>**

We will vote proxies relating to our clients' securities in the best interest of our clients' shareholders. We will review on a case-by-

case basis each proposal submitted for a shareholder vote to determine its impact on the portfolio securities held by our clients.

Although we will generally vote against proposals that may have a negative impact on our clients' portfolio securities, we may

vote for such a proposal if there exist compelling long-term reasons to do so.

Our proxy voting decisions are made by the senior officers who are responsible for monitoring each of our clients' investments.

To ensure that our vote is not the product of a conflict of interest, we will require that: (i) anyone involved in the decision-making

process disclose to our chief compliance officer any potential conflict that he or she is aware of and any contact that he or she has

had with any interested party regarding a proxy vote; and (ii) employees involved in the decision making process or vote

administration are prohibited from revealing how we intend to vote on a proposal in order to reduce any attempted influence from

interested parties.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

(a)(1) **Identification of Portfolio Managers**

As of the date of this filing, the portfolio managers of the Fund are as follows:

**Nicole Drapkin, *Senior Managing Director and Portfolio Manager (since inception)***

Nicole Drapkin joined Blue Owl in 2016 and is a Senior Managing Director and member of the Direct Lending Investment Team.

In her role, she serves as co-head of Opportunistic Credit and shares responsibility for the Blue Owl Opportunistic Lending Fund.

Previously, Nicole served as a member of Owl Rock Capital Advisors' Originations team. Prior to joining Blue Owl, Nicole was a

Principal in the Principal Credit Investments Group at the CPP Investment Board, where she focused on sourcing and evaluating

credit investments across the gaming, consumer retail, software and healthcare sectors. Prior to that, Nicole was a Vice President

in the Leveraged Finance Group at Goldman Sachs & Co. in New York. Nicole currently serves on the board of directors of the

Marlene Meyerson JCC of Manhattan. Nicole received a BA, with Honors, from Princeton University.

**Justin Burns*, Managing Director and Portfolio Manager (since inception)***

Justin Burns joined Blue Owl in 2024 and is a Managing Director and member of the Alternative Credit Investment Team. In his

role, he is responsible for sourcing, underwriting, executing, and managing investments, primarily within asset-based

opportunities. Before joining Blue Owl, Justin was a Managing Director at Atalaya Capital Management, the predecessor firm to

Blue Owl's Alternative Credit team, from 2012 to 2024, where he was a senior member of the Financial Asset investment team.

Prior to that, Justin was an investment banking analyst at Citigroup where he covered the Power & Utilities sector. Justin received

his BS in Business Management with concentrations in Finance and Corporate Reporting & Analysis from the Carroll School of

Management at Boston College.

(a)(2) **Other Accounts Managed by Portfolio Managers**

As of December 31, 2025, the portfolio managers were primarily responsible for the day-to-day portfolio management of the

following accounts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Accounts** | **Total Number of** <br>**Accounts** <br>**Managed**<br>| **Total Assets (in** <br>**millions)**<br>| **Number of** <br>**Accounts** <br>**Managed subject** <br>**to a Performance** <br>**Based Advisory** <br>**Fee**<br>| **Total Assets** <br>**Managed subject** <br>**to a Performance** <br>**Based Advisory** <br>**Fee (in millions)**<br>|
| **Nicole Drapkin** | **Nicole Drapkin** | **Nicole Drapkin** | **Nicole Drapkin** | **Nicole Drapkin** |
| Other Registered Investment Companies | 0 | $— | 0 | $— |
| Other Pooled Investment Vehicles: | 4 | $1486 | 2 | $1249 |
| Other Accounts: | 0 | $— | 0 | $— |
| **Justin Burns** | **Justin Burns** | **Justin Burns** | **Justin Burns** | **Justin Burns** |
| Other Registered Investment Companies | 0 | $— | 0 | $— |
| Other Pooled Investment Vehicles: | 0 | $— | 0 | $— |
| Other Accounts: | 0 | $— | 0 | $— |

---

(a)(3) **Compensation Structure of Portfolio Managers**

The portfolio managers are paid by Blue Owl based on their individual performance, and the performance of Blue Owl's business

as a whole. Portfolio managers are paid a base salary, and may be paid discretionary and/or formulaic bonuses and other incentive

compensation, including bonuses and incentive compensation tied to the management or incentive fees earned by Blue Owl and

its affiliates from certain funds and other investment products managed by Blue Owl. In addition, portfolio managers' incentive

compensation may be paid partially in the form of restricted stock units and other grants of Blue Owl stock.

(a)(4) **Disclosure of Securities Ownership of Portfolio Managers**

The following table sets forth, for each portfolio manager, the aggregate dollar range of the Fund's equity securities beneficially

owned as of December 31, 2025.

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Beneficially Owned** |
| Nicole Drapkin | $500001-$1000000 |
| Justin Burns | $100001-$500000 |

---

(b) Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

None.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund's Board of

Trustees since the registrant last provided disclosure in response to applicable regulatory requirements.

**Item 16. Controls and Procedures.**

(a) The Fund's President and Chief Executive Officer (Principal Executive Officer) and Treasurer and Chief Financial Officer

(Principal Financial Officer) have concluded that the Fund's disclosure controls and procedures (as defined in Rule 30a-3(c) under

the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of

this report, that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures

required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as

amended.

(b) There were no changes in the Fund's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act)

that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect,

the Fund's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

(a) Not applicable.

(b) Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

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

---

| | |
|:---|:---|
| **Exhibit**<br>**Number**<br>| **Description of Exhibits** |
| (a)(1) | <u>[The Fund's Sarbanes Oxley Code of Ethics is attached hereto in response to Item 2(f).](owlcx12312025-ex19a1.htm)</u> |
| (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-ex19a3.htm)</u><br><u>[Filed herewith.](owlcx12312025-ex19a3.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-ex19b.htm)</u> |
| (c) | <u>[The Consolidated Schedule of Investments is attached hereto.](owlcx12312025-ex19c.htm)</u> |
| (d) | <u>[Opinion of KPMG is attached hereto.](owlcx12312025-ex19d.htm)</u> |

---

**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: | February 26, 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: | February 26, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Gerald Cammarata |
| Name: | Gerald Cammarata |
| Title: | Treasurer and Chief Financial Officer |
|  | (Principal Financial Officer) |
| Date: | February 26, 2026 |

---

## Ex-99.A1

**Exhibit (a)(1)**

**Code of Ethics** 

---

| |
|:---|
| **<u>I. Entities Covered by This Policy</u>** |
| • The Blue Owl Alternative Credit Fund (the "Fund," and collectively with the entities listed below, the "Companies")<br>• The Blue Owl Credit Advisers <br>• Blue Owl Securities to the extent it is the affiliated principal underwriter to the Blue Owl Alternative Credit Fund |
| **<u>II. Purpose of These Policies and Procedures</u>** |
| The Blue Owl Alternative Credit Fund has adopted this Code of Ethics in compliance with Rule 17j-1 under the Investment Company Act of 1940 ("Rule 17j-1"). Rule 17j-1 requires that the Code of Ethics must set forth standards of conduct expected by Access Persons and address potential conflicts of interest that may arise between the Companies and Access Persons, including those associated with personal securities transactions. <br>Rule 17j-1 makes it unlawful for affiliated persons of the Companies, in connection with the purchase or sale, directly or indirectly, by such person of any security held or to be acquired by the Fund to:<br>• employ any device, scheme or artifice to defraud the Fund;<br>• make any untrue statement of a material fact to the Fund or omit to state a material fact necessary in order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;<br>• engage in an act, practice, or course of business that operates or would operate as a fraud or deceit on the Fund; or<br>• engage in any manipulative practice with respect to the Fund.<br>Each of the Companies has adopted this Code of Ethics, which contains provisions each deems reasonably appropriate to prevent its Access Persons from engaging in any of these prohibited acts. <br>In addition, the Blue Owl Credit Advisers are each registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Rule 204A-1 under the Advisers Act requires a registered investment adviser to establish, maintain and enforce a code of ethics that includes certain specified provisions. The Blue Owl Credit Advisers have adopted a separate code of ethics designed to meet the requirements of Rule 204A-1 of the Advisers Act. The provisions of the Blue Owl Credit Advisers' Code of Ethics may contain additional provisions relating to the obligations of Access Persons. Access Persons of the Blue Owl Credit Advisers are subject to this Code of Ethics as well as the Code of Ethics for the Blue Owl Credit Advisers.<br>Capitalized terms can be found in Appendix A. |

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**Code of Ethics** 

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| **<u>III. Policies Relating to Your Securities Holdings Reporting<sup>1</sup></u>** |
| • *Initial and Annual Holdings Reports* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are deemed an Access Person of the Companies, within ten (10) days after commencing employment (or otherwise becoming an Access Person of the Companies) and annually thereafter, you must submit a list of brokerage accounts and securities holdings current as of a date no more than forty-five (45) days prior to your date of hire (or otherwise becoming an Access Person of the Companies) or the date of the annual report, as applicable. This reporting is done via ComplySci.<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following information must be included in your initial and annual holdings reports:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)for each security in which you have any direct or indirect beneficial ownership:<br>the title and type of security, and as applicable,<br>the exchange ticker symbol or CUSIP number, <br>number of shares, and <br>principal amount of each reportable security; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the name of any broker, dealer or bank with which you maintain an account in which any securities are held for your direct or indirect benefit; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)the date you have submitted the report to compliance. |
| • *New Account Reporting* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You must report new accounts in which any securities were held during the quarter. This report must contain:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the name of the broker, dealer or bank with which you have established the account; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the date the account was established; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)the date you have submitted the report to compliance.<br>This reporting is done via ComplySci.<br>*<u>Note</u>* – New accounts may only be opened at brokerage firms that have a reporting relationship with ComplySci. For a complete list, please contact a member of the Compliance Department for assistance. <br>Our general policy is that all brokerage accounts should be disclosed, including those managed on behalf of an Access Person on a discretionary basis by a third party. Depending on the facts and circumstances of each account, you may not need to report transactions or holdings in one or more of your brokerage accounts. In all cases, however, any such determination will ultimately be made by the CCO. |

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<sup>1</sup> Disinterested Trustees of the Blue Owl Alternative Credit Fund are not subject to the requirements of this section unless specifically noted.

<sup>2</sup> In the event that the Companies cannot establish a direct feed with your broker(s), you will be required to manually input this information into ComplySci. The Compliance Department may periodically request brokerage statements for these accounts for testing purposes.

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**Code of Ethics** 

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| • *Quarterly Transactions Reports* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You must report, within thirty (30) days of the end of the calendar quarter, a list of transactions in reportable securities even if not executed through a broker-dealer or subject to preclearance in which you have or had any direct or indirect beneficial ownership (defined in Appendix A below) during the quarter. This reporting is done via ComplySci. <br>The following information must, at a minimum, be included for each transaction :<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the date of the transaction;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the title of the security and, as applicable, <br>the exchange ticker symbol or CUSIP number,<br>interest rate and maturity date,<br>number of shares, and<br>principal amount of each reportable security involved;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)the nature of the transactions, i.e., purchase, sale or any other type of acquisition or disposition;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)the price of the reportable security at which the transaction was effected;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)the name of the broker, dealer or bank with or through which the transaction was effected; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)the date you have submitted the report to compliance.<br>*<u>Notes</u>*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Transactions may generally only be executed in accounts at brokerage firms that have a reporting relationship with ComplySci. For a complete list, please contact a member of the Compliance Department for assistance. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Disinterested Trustees of the Blue Owl Alternative Credit Fund need not submit a quarterly transaction report, unless the Disinterested Trustee knew or, in the ordinary course of fulfilling his or her official duties as a trustee, should have known that during the fifteen (15) day period immediately before or after such Disinterested Trustee's transaction in a security, the Fund purchased or sold the security or the Fund considered purchasing or selling the security.<sup>3</sup> |

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<sup>3</sup> In the event that the Companies cannot establish a direct feed with your broker(s), you will be required to manually input this information into ComplySci. The Compliance Department may periodically request brokerage statements for these accounts for testing purposes.

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**Code of Ethics** 

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| • *Initial and Annual Certifications* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compliance Department will provide a copy of this policy to you (including Disinterested Trustees and officers of the Fund) at time of hire or otherwise becoming an Access Person of the Companies (or in the case of a Disinterested Trustee or officer of Fund, upon their appointment), if not previously provided. You will be required to acknowledge that you have received a copy of this policy.<br>Once each calendar year, as well as any time there is an amendment to this policy, the Compliance Department will provide a copy of this policy to you (including each Disinterested Trustee and officer of the Fund). You will be required to certify that you have read and understood the Code of Ethics and recognize that you are subject to the Code of Ethics. In addition, you must certify annually that you have complied with the requirements of the Code of Ethics and that you have disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the requirements of the Code of Ethics. |
| • *Review of Reports* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The CCO of the Fund, or another person acting at the direction and under the supervision of the CCO, will review the reports submitted, and account statements and account information provided, under this Code of Ethics to determine whether any transactions disclosed therein constitute a violation of this Code of Ethics. Before making any determination that a violation has been committed by any Access Person, the CCO shall afford the Access Person an opportunity to supply additional explanatory material.<sup>4</sup> |
| • Waivers and Exemptions |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees cannot approve his or her own exemptions from the Code of Ethics or clear trades in his or her personal account submitted under this policy. Such approvals, preclearance and reviews are to be completed by other employees with guidance from the CCO.<br>The CCO may grant waivers of any substantive restrictions in appropriate circumstances.  |

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<sup>4</sup> The CFO or General Counsel will review and waive or preclear requests or reports submitted under these policies by the CCO.

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**Code of Ethics** 

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| • *Disclaimer of Beneficial Ownership* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may at any time or from time to time deliver to the CCO a statement that your submission of any report hereunder or the delivery on your behalf of any duplicate account statement or information required under this Code of Ethics will not be construed as an admission by you that you have any direct or indirect beneficial ownership in the security to which the report or duplicate account statement or information relates. |
| **<u>IV. Trading Considerations</u>** |
| Preclearance of transactions in Covered Securities as defined in Annex A, including, without limitation, Covered Securities to be purchased in a Limited Offering, must be requested through ComplySci and such preclearance will be valid, unless otherwise indicated during the approval process, for five (5) business days (120 days in the case of a Limited Offering) from the day that approval was granted. Transactions in Covered Securities which are publicly traded may only be effected in accounts at brokerage firms that have a reporting relationship with ComplySci.<br>If preclearance approval is not granted, you are not permitted to engage in the proposed transaction and should direct any further inquiries to the CCO. <br>**If you are not sure whether preclearance is required prior to effecting a trade or whether accounts or particular trades/holdings in an account need to be reported, you must speak to a member of the Compliance Department <u>prior to</u> effecting the trade.** |
| • *Securities Not Requiring Preclearance* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, the following types of transactions do not require preclearance:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)registered money market funds, open-end mutual funds or unit investment trusts;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)exchange traded funds (ETFs) and similar products such as exchange traded notes (ETNs) and commodity-based exchange traded products (ETPs) if such shares or interests have been held for a period of not less than 60 days;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)publicly listed closed-end registered funds if such shares or interests have been held for a period of not less than 60 days;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)cryptocurrencies that are considered securities under Federal law. For the avoidance of doubt, Bitcoin and Ether <u>are not</u> considered securities;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)investments in 529 Plans;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)state, municipal and local government securities;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)direct obligations of the US government, commercial paper, bank certificates of deposit, bankers' acceptances or high-quality short-term debt instruments;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)transactions that are part of an automatic investment plan such as a dividend reinvestment plan, employee stock purchase plan etc. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)transactions that are non-volitional, such as stock splits, mergers etc.; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)transactions in accounts where you do not have direct or indirect influence or control, such as those managed for you by a third party provided that there is no communication or influence regarding the securities being purchased or sold between you and the third party portfolio manager prior to the transaction. |

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**Code of Ethics** 

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| • *Prohibited Transactions* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, notwithstanding the foregoing, the below transactions will not receive preclearance approval and Access Persons are prohibited from engaging in such transactions:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Initial Public Offerings;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)securities of an affiliated issuer during a blackout period;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)sales of Covered Securities before the 60 day holding period has expired;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)transactions between you and any client account managed by a Blue Owl Credit Adviser and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)transactions in securities on the restricted list. |
| **<u>V. Compliance Reporting Requirements under the 1940 Act</u>** |
| At least annually, each Company must review this policy and the effectiveness of its implementation, and furnish to Fund's Board of Trustees (the "Board"), and the Board must consider, a written report that:<br>• describes any issues arising under the Code of Ethics or procedures since the last report to the Board, including but not limited to, information about material violations of the Code of Ethics or procedures and sanctions imposed in response to the material violations; and<br>• certifies that the Companies have adopted procedures reasonably necessary to prevent Access Persons from violating the Code of Ethics. |
| **<u>VI. Reporting a Violation</u>** |
| **You are required to ensure that you do not violate this policy. You are expected to use good judgment in recognizing situations where a violation of this policy may occur and to ensure that no violations occur.** <br>In addition to ensuring that you do not violate this policy, you are encouraged to report any concerns you may have under this policy to the CCO. <br>No officer, trustee or employee of the Fund or their affiliates may retaliate in any fashion against you if you report a suspected or actual violation of this policy in good faith. Making a report in "good faith" generally means that you have a reasonable and genuine belief that the information you are providing relates to a possible violation of law or this policy, regardless of whether the report turns out to be founded. |

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**Code of Ethics** 

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| **<u>VII. Sanctions</u>** |
| Upon determination that a violation of this Code of Ethics has occurred, the Fund, as appropriate, may impose such sanctions as they deem appropriate, including, among other things, a memorandum of warning, a ban on personal trading or a suspension or termination of the employment of the violator. Where applicable, violations of this Code of Ethics and any sanctions imposed with respect thereto will be reported in a timely manner to the Fund Board. |
| **<u>VIII. Books and Records</u>** |
| Each of the Companies that is required to adopt a code of ethics or to which reports are required to be made by Access Persons must, at its principal place of business, maintain records in the manner and to the extent set out below, and must make these records available to the Securities and Exchange Commission ("SEC") or any representative of the SEC at any time and from time to time for reasonable periodic, special or other examination:<br>• a copy of each code of ethics for the organization that is in effect, or at any time within the past five years was in effect, must be maintained in an easily accessible place;<br>• a record of any violation of the code of ethics, and of any action taken as a result of the violation, must be maintained in an easily accessible place for at least five years after the end of the fiscal year in which the violation occurs;<br>• a copy of each report made by an Access Person as required by this section, including any information provided in lieu of the reports under paragraph (d)(2)(v) of Rule 17j-1, must be maintained for at least five years after the end of the fiscal year in which the report is made or the information is provided, the first two years in an easily accessible place;<br>• a record of all persons, currently or within the past five years, who are or were required to make reports under paragraph (d) of Rule 17j-1, or who are or were responsible for reviewing these reports, must be maintained in an easily accessible place; and<br>• a copy of each report required by paragraph (c)(2)(ii) of Rule 17j-1 must be maintained for at least five years after the end of the fiscal year in which it is made, the first two years in an easily accessible place; and<br>• the Fund or Blue Owl Credit Adviser must maintain a record of any decision, and the reasons supporting the decision, to approve the acquisition by investment personnel of securities under paragraph (e) of Rule 17j-1, for at least five years after the end of the <u>fiscal year</u> in which the approval is granted. |

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Adopted February 2025

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**Code of Ethics – Appendix A**

<u>Definitions</u>

**Access Person** means:

• any Advisory Person of the Fund or a Blue Owl Credit Adviser;

• any trustee, officer, or general partner of the Fund or the Blue Owl Credit Advisers; and

• any trustee, officer, or general partner of Blue Owl Securities who, in the ordinary course of business, makes, participates in or obtains information regarding, the purchase or sale of Covered Securities by the Fund for which Blue Owl Securities acts, or whose functions or duties in the ordinary course of business relate to the making of any recommendation to the Fund regarding the purchase or sale of Covered Securities.

**Advisory person** of the Blue Owl Alternative Credit Fund or of a Blue Owl Credit Adviser means:

• any trustee, officer, general partner or employee of the Fund or the Blue Owl Credit Advisers (or of any company in a control relationship to the Companies) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding, the purchase or sale of Covered Securities by the Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and

• any natural person in a control relationship to the Blue Owl Alternative Credit Fund or the Blue Owl Credit Advisers who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of Covered Securities by the Fund.

**Beneficial ownership** means, in general, through any contract, arrangement, understanding, relationship, or otherwise, directly or indirectly having or sharing a pecuniary interest in a security. A pecuniary interest generally includes any opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the subject securities, and also includes interests of members of a person's immediate family (i.e., any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, inclusive of adoptive relationships) sharing the same household, or by certain partnerships, trusts, corporations, or other arrangements.

**Blue Owl Credit Advisers** means the Blue Owl Credit Adviser that currently manages the Blue Owl Alternative Credit Interval Fund, including Blue Owl Credit Advisors LLC; Blue Owl Diversified Credit Advisors LLC; Blue Owl Technology Credit Advisors LLC; ; Blue Owl Technology Credit Advisors II LLC; and Blue Owl Alternative Credit Advisors II LLC, each of which is registered as an investment adviser with the SEC.

**CCO** means the Chief Compliance Officer of each of the Companies and/or such Chief Compliance Officer's designees.

**Covered Security** means a Security as defined in Section 2(a)(36) of the 1940 Act, but excludes direct obligations of the U.S. government, bankers' acceptances, bank certificates of deposit, commercial paper, high quality short-term debt instruments (including repurchase agreements), and shares issued by a registered open-end investment company.

**Disinterested Trustee** means member(s) of the Blue Owl Alternative Credit Fund's Board of Trustees who are deemed independent (i.e., not "interested persons" as defined in the 1940 Act).

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**Code of Ethics – Appendix A**

**Initial Public Offering** means an offering of securities registered under the 1933 Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the 1934 Act.

**Limited Offering** means an offering that is exempt from registration under the 1933 Act pursuant to Section 4(2) or Section 4(6) thereof or pursuant to Rule 504, Rule 505, or Rule 506 thereunder.

**Security** means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

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## 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.

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| Date: February 26, 2026 | By: | /s/ Ivan Zinn |
|  |  | **Ivan Zinn** |
|  |  | **President and Chief Executive Officer**<br>**(Principal Executive Officer)** |

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**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.

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| Date: February 26, 2026 | By: | /s/ Gerald Cammarata |
|  |  | **Gerald Cammarata** |
|  |  | **Treasurer and Chief Financial Officer**<br>**(Principal Financial Officer)** |

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## 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.

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|:---|:---|:---|
| Date: February 26, 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: February 26, 2026 | By: | /s/ Gerald Cammarata |
|  |  | **Gerald Cammarata** |
|  |  | **Treasurer and Chief Financial Officer**<br>**(Principal Financial Officer)** |

---

## Ex-99.C

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| **Non-controlled/non-affiliated investments** | **Non-controlled/non-affiliated investments** | | | | | | | |
| **Asset Based Finance ("ABF")** | | | | | | | | |
| **Buildings and real estate** | | | | | | | | |
| NY 36th Street Holdings LLC(7) | Second lien senior secured loan | S+ | 8.25% | 11/2027 | 25000000 | $24761678 | $24750003 |  |
| Wells Fargo Commercial Mortgage Trust 2025-5C7 Class E Certificate(16)(36) | Asset-backed security | N/A | 6.28% | 12/2058 | 4900000 | 4654990 | 4655000 |  |
| Wells Fargo Commercial Mortgage Trust 2025-5C7 Class F Certificate(16)(36) | Asset-backed security | N/A | 6.28% | 12/2058 | 5100000 | 4434632 | 4437000 |  |
| Wells Fargo Commercial Mortgage Trust 2025-5C7 Class G Certificate(16)(36) | Asset-backed security | N/A | 6.28% | 12/2058 | 1000000 | 819443 | 820000 |  |
|  |  |  |  |  |  | 34670743 | 34662003 | 2.8% |
| **Commercial - credit cards** |  |  |  |  |  |  |  |  |
| New Wave Capital Limited(17)(23) | First lien senior secured GBP revolving loan | SA+ | 8.50% | 12/2028 | £10814903 | 14624887 | 14599296 |  |
| New Wave Capital Limited(7) | First lien senior secured revolving loan | S+ | 6.00% | 05/2029 | 3691124 | 3639596 | 3624613 |  |
|  |  |  |  |  |  | 18264483 | 18223909 | 1.5% |
| **Commercial - other** |  |  |  |  |  |  |  |  |
| U.S. Claims Litigation Funding, LLC(36) | Secured notes | N/A | 10.25% | 06/2030 | 32000000 | 29902887 | 30080000 |  |
|  |  |  |  |  |  | 29902887 | 30080000 | 2.4% |
| **Commercial - SME lending(35)** |  |  |  |  |  |  |  |  |
| 10000193 | ABF asset | N/A |  | 04/2027 | 6242 | 5906 | 5938 |  |
| 10000215 | ABF asset | N/A |  | 04/2027 | 951 | 871 | 487 |  |
| 10000221 | ABF asset | N/A |  | 04/2027 | 15402 | 14330 | 14539 |  |
| 10000274 | ABF asset | N/A |  | 04/2027 | 7526 | 6972 | 7056 |  |
| 10000291 | ABF asset | N/A |  | 04/2027 | 10667 | 9846 | 10070 |  |
| 10000332 | ABF asset | N/A |  | 04/2027 | 11617 | 10874 | 11021 |  |
| 10000373 | ABF asset | N/A |  | 04/2027 | 3506 | 3262 | 3244 |  |
| 10000399 | ABF asset | N/A |  | 04/2027 | 10666 | 9984 | 10042 |  |
| 10000417 | ABF asset | N/A |  | 04/2027 | 1249 | 1140 | 1173 |  |
| 10000420 | ABF asset | N/A |  | 04/2027 | 14564 | 13634 | 13774 |  |
| 10000448 | ABF asset | N/A |  | 04/2027 | 11947 | 11184 | 11333 |  |
| 10003534 | ABF asset | N/A |  | 04/2027 | 32961 | 30856 | 31302 |  |
| 10003754 | ABF asset | N/A |  | 04/2027 | 15133 | 13849 | 14188 |  |
| 10003908 | ABF asset | N/A |  | 04/2027 | 8629 | 8078 | 8120 |  |
| 10003923 | ABF asset | N/A |  | 04/2027 | 5265 | 4928 | 4984 |  |
| 10003960 | ABF asset | N/A |  | 04/2027 | 6756 | 6215 | 5631 |  |
| 10004032 | ABF asset | N/A |  | 04/2027 | 1201 | 1118 | 1142 |  |
| 10004037 | ABF asset | N/A |  | 04/2027 | 9670 | 8812 | 9094 |  |
| 10004132 | ABF asset | N/A |  | 04/2027 | 5440 | 5092 | 4979 |  |
| 10004165 | ABF asset | N/A |  | 04/2027 | 9696 | 9076 | 9194 |  |
| 10004307 | ABF asset | N/A |  | 04/2027 | 13652 | 12780 | 12943 |  |
| 10004422 | ABF asset | N/A |  | 04/2027 | 1452 | 1344 | 1359 |  |
| 10004462 | ABF asset | N/A |  | 04/2027 | 30799 | 28832 | 28180 |  |
| 10004811 | ABF asset | N/A |  | 04/2027 | 3242 | 2954 | 2931 |  |
| 10004831 | ABF asset | N/A |  | 04/2027 | 2862 | 2663 | 2722 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10004875 | ABF asset | N/A |  | 04/2027 | 3536 | 3290 | 3296 |  |
| 10004890 | ABF asset | N/A |  | 04/2027 | 19334 | 18099 | 18377 |  |
| 10005020 | ABF asset | N/A |  | 04/2027 | 3798 | 3461 | 3433 |  |
| 10005043 | ABF asset | N/A |  | 04/2027 | 2704 | 2464 | 2580 |  |
| 10005064 | ABF asset | N/A |  | 04/2027 | 12823 | 11685 | 9755 |  |
| 10005180 | ABF asset | N/A |  | 04/2027 | 2392 | 2225 | 2274 |  |
| 10005200 | ABF asset | N/A |  | 04/2027 | 3020 | 2798 | 2776 |  |
| 10005227 | ABF asset | N/A |  | 04/2027 | 1393 | 1296 | 1314 |  |
| 10005233 | ABF asset | N/A |  | 04/2027 | 11330 | 10422 | 10764 |  |
| 10005338 | ABF asset | N/A |  | 04/2027 | 7112 | 6658 | 6742 |  |
| 10005413 | ABF asset | N/A |  | 04/2027 | 4598 | 4189 | 4347 |  |
| 10005456 | ABF asset | N/A |  | 04/2027 | 18066 | 16912 | 17131 |  |
| 10005620 | ABF asset | N/A |  | 04/2027 | 1500 | 1380 | 1412 |  |
| 10005637 | ABF asset | N/A |  | 04/2027 | 8276 | 7640 | 7809 |  |
| 10005681 | ABF asset | N/A |  | 04/2027 | 4811 | 4456 | 4509 |  |
| 10005708 | ABF asset | N/A |  | 04/2027 | 4867 | 4556 | 4614 |  |
| 10005763 | ABF asset | N/A |  | 04/2027 | 6877 | 6326 | 6473 |  |
| 10005804 | ABF asset | N/A |  | 04/2027 | 16267 | 14965 | 15282 |  |
| 10005890 | ABF asset | N/A |  | 04/2027 | 26123 | 24031 | 24541 |  |
| 10006037 | ABF asset | N/A |  | 04/2027 | 1772 | 1641 | 1635 |  |
| 10006044 | ABF asset | N/A |  | 04/2027 | 3465 | 3244 | 3276 |  |
| 10006056 | ABF asset | N/A |  | 04/2027 | 4721 | 4419 | 4476 |  |
| 10006096 | ABF asset | N/A |  | 04/2027 | 6513 | 6097 | 6157 |  |
| 10006128 | ABF asset | N/A |  | 04/2027 | 40675 | 37843 | 38375 |  |
| 10006242 | ABF asset | N/A |  | 04/2027 | 26204 | 24530 | 23978 |  |
| 10006380 | ABF asset | N/A |  | 04/2027 | 8243 | 7543 | 7774 |  |
| 10006415 | ABF asset | N/A |  | 04/2027 | 10002 | 9363 | 9456 |  |
| 10006453 | ABF asset | N/A |  | 04/2027 | 4738 | 4359 | 4405 |  |
| 10006471 | ABF asset | N/A |  | 04/2027 | 57020 | 53051 | 53145 |  |
| 10006633 | ABF asset | N/A |  | 04/2027 | 2513 | 2353 | 2376 |  |
| 10006635 | ABF asset | N/A |  | 04/2027 | 4934 | 4619 | 4677 |  |
| 10006638 | ABF asset | N/A |  | 04/2027 | 2589 | 2390 | 2380 |  |
| 10006639 | ABF asset | N/A |  | 04/2027 | 69294 | 64867 | 65712 |  |
| 10006806 | ABF asset | N/A |  | 04/2027 | 3334 | 3044 | 3198 |  |
| 10006823 | ABF asset | N/A |  | 04/2027 | 32595 | 29702 | 30378 |  |
| 10006885 | ABF asset | N/A |  | 04/2027 | 22598 | 21154 | 20677 |  |
| 10007000 | ABF asset | N/A |  | 04/2027 | 6049 | 5662 | 5749 |  |
| 10007046 | ABF asset | N/A |  | 04/2027 | 10817 | 10020 | 9279 |  |
| 10007073 | ABF asset | N/A |  | 04/2027 | 4436 | 4051 | 4184 |  |
| 10007087 | ABF asset | N/A |  | 04/2027 | 2803 | 2624 | 2659 |  |
| 10007089 | ABF asset | N/A |  | 04/2027 | 2069 | 1889 | 1926 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10007101 | ABF asset | N/A |  | 04/2027 | 6739 | 6243 | 6194 |  |
| 10007125 | ABF asset | N/A |  | 04/2027 | 7196 | 6585 | 6736 |  |
| 10007148 | ABF asset | N/A |  | 04/2027 | 9527 | 8864 | 9049 |  |
| 10007210 | ABF asset | N/A |  | 04/2027 | 12469 | 11550 | 11689 |  |
| 10007250 | ABF asset | N/A |  | 04/2027 | 21196 | 19498 | 19701 |  |
| 10007274 | ABF asset | N/A |  | 04/2027 | 13499 | 12637 | 12763 |  |
| 10007358 | ABF asset | N/A |  | 04/2027 | 79857 | 74756 | 75724 |  |
| 10007778 | ABF asset | N/A |  | 04/2027 | 1448 | 1332 | 1311 |  |
| 10007793 | ABF asset | N/A |  | 04/2027 | 18295 | 17126 | 17348 |  |
| 10007905 | ABF asset | N/A |  | 04/2027 | 52121 | 48792 | 49425 |  |
| 10008125 | ABF asset | N/A |  | 04/2027 | 40309 | 37503 | 37925 |  |
| 10008266 | ABF asset | N/A |  | 04/2027 | 422 | 390 | 412 |  |
| 10008273 | ABF asset | N/A |  | 04/2027 | 7614 | 7127 | 7218 |  |
| 10008302 | ABF asset | N/A |  | 04/2027 | 1361 | 1274 | 1293 |  |
| 10008309 | ABF asset | N/A |  | 04/2027 | 6171 | 5777 | 5842 |  |
| 10008323 | ABF asset | N/A |  | 04/2027 | 16968 | 15884 | 16064 |  |
| 10008369 | ABF asset | N/A |  | 04/2027 | 289 | 263 | 277 |  |
| 10008380 | ABF asset | N/A |  | 04/2027 | 1113 | 1016 | 815 |  |
| 10008381 | ABF asset | N/A |  | 04/2027 | 958 | 873 | 888 |  |
| 10008387 | ABF asset | N/A |  | 04/2027 | 2553 | 2338 | 2132 |  |
| 10008403 | ABF asset | N/A |  | 04/2027 | 22626 | 21051 | 21399 |  |
| 10008495 | ABF asset | N/A |  | 04/2027 | 15195 | 14224 | 13904 |  |
| 10008533 | ABF asset | N/A |  | 04/2027 | 1933 | 1784 | 1825 |  |
| 10008534 | ABF asset | N/A |  | 04/2027 | 8025 | 7431 | 7596 |  |
| 10008581 | ABF asset | N/A |  | 04/2027 | 2462 | 2291 | 2277 |  |
| 10008592 | ABF asset | N/A |  | 04/2027 | 15082 | 13743 | 14175 |  |
| 10008658 | ABF asset | N/A |  | 04/2027 | 9805 | 9083 | 9246 |  |
| 10008684 | ABF asset | N/A |  | 04/2027 | 9553 | 8705 | 8858 |  |
| 10008760 | ABF asset | N/A |  | 04/2027 | 875 | 798 | 835 |  |
| 10008786 | ABF asset | N/A |  | 04/2027 | 7647 | 6998 | 6199 |  |
| 10008800 | ABF asset | N/A |  | 04/2027 | 1395 | 1274 | 1026 |  |
| 10008805 | ABF asset | N/A |  | 04/2027 | 645 | 589 | 594 |  |
| 10008806 | ABF asset | N/A |  | 04/2027 | 5893 | 5441 | 5527 |  |
| 10008839 | ABF asset | N/A |  | 04/2027 | 11823 | 11068 | 11226 |  |
| 10008902 | ABF asset | N/A |  | 04/2027 | 6843 | 6295 | 6295 |  |
| 10008920 | ABF asset | N/A |  | 04/2027 | 8940 | 8253 | 8435 |  |
| 10008987 | ABF asset | N/A |  | 04/2027 | 1838 | 1697 | 1715 |  |
| 10009001 | ABF asset | N/A |  | 04/2027 | 4101 | 3753 | 3813 |  |
| 10009009 | ABF asset | N/A |  | 04/2027 | 1494 | 1383 | 1025 |  |
| 10009018 | ABF asset | N/A |  | 04/2027 | 2942 | 2716 | 2801 |  |
| 10009060 | ABF asset | N/A |  | 04/2027 | 3194 | 2939 | 2969 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10009071 | ABF asset | N/A |  | 04/2027 | 15244 | 14072 | 14297 |  |
| 10009137 | ABF asset | N/A |  | 04/2027 | 1163 | 1060 | 1028 |  |
| 10009142 | ABF asset | N/A |  | 04/2027 | 7408 | 6934 | 7021 |  |
| 10009190 | ABF asset | N/A |  | 04/2027 | 9148 | 8336 | 8398 |  |
| 10009300 | ABF asset | N/A |  | 04/2027 | 5656 | 5165 | 5216 |  |
| 10009369 | ABF asset | N/A |  | 04/2027 | 4947 | 4631 | 4683 |  |
| 10009393 | ABF asset | N/A |  | 04/2027 | 4645 | 4287 | 4268 |  |
| 10009444 | ABF asset | N/A |  | 04/2027 | 11856 | 10850 | 11021 |  |
| 10009546 | ABF asset | N/A |  | 04/2027 | 3934 | 3683 | 3736 |  |
| 10009596 | ABF asset | N/A |  | 04/2027 | 4314 | 4038 | 4068 |  |
| 10009636 | ABF asset | N/A |  | 04/2027 | 4775 | 4392 | 4494 |  |
| 10009672 | ABF asset | N/A |  | 04/2027 | 14111 | 12859 | 10779 |  |
| 10009733 | ABF asset | N/A |  | 04/2027 | 7329 | 6861 | 6896 |  |
| 10009773 | ABF asset | N/A |  | 04/2027 | 10840 | 10042 | 10161 |  |
| 10010016 | ABF asset | N/A |  | 04/2027 | 1191 | 1087 | 1037 |  |
| 10010021 | ABF asset | N/A |  | 04/2027 | 19249 | 17831 | 18359 |  |
| 10010197 | ABF asset | N/A |  | 04/2027 | 34258 | 32069 | 32530 |  |
| 10010423 | ABF asset | N/A |  | 04/2027 | 10332 | 9612 | 9745 |  |
| 10010471 | ABF asset | N/A |  | 04/2027 | 32055 | 29823 | 29645 |  |
| 10010700 | ABF asset | N/A |  | 04/2027 | 20040 | 18340 | 18627 |  |
| 10010872 | ABF asset | N/A |  | 04/2027 | 1702 | 1551 | 1588 |  |
| 10010873 | ABF asset | N/A |  | 04/2027 | 1489 | 1374 | 1417 |  |
| 10010885 | ABF asset | N/A |  | 04/2027 | 12148 | 11174 | 11411 |  |
| 10010943 | ABF asset | N/A |  | 04/2027 | 3165 | 2884 | 2762 |  |
| 10010962 | ABF asset | N/A |  | 04/2027 | 24100 | 22325 | 22444 |  |
| 10011083 | ABF asset | N/A |  | 04/2027 | 3095 | 2820 | 2806 |  |
| 10011096 | ABF asset | N/A |  | 04/2027 | 1109 | 1010 | 1029 |  |
| 10011102 | ABF asset | N/A |  | 04/2027 | 20331 | 19032 | 19171 |  |
| 10011242 | ABF asset | N/A |  | 04/2027 | 46503 | 43533 | 44157 |  |
| 10011442 | ABF asset | N/A |  | 04/2027 | 3933 | 3585 | 3168 |  |
| 10011473 | ABF asset | N/A |  | 04/2027 | 24174 | 22629 | 22954 |  |
| 10011539 | ABF asset | N/A |  | 04/2027 | 922 | 840 | 855 |  |
| 10011550 | ABF asset | N/A |  | 04/2027 | 6459 | 5898 | 4752 |  |
| 10011571 | ABF asset | N/A |  | 04/2027 | 5886 | 5363 | 5323 |  |
| 10011592 | ABF asset | N/A |  | 04/2027 | 25764 | 24118 | 24466 |  |
| 10011696 | ABF asset | N/A |  | 04/2027 | 6137 | 5616 | 5476 |  |
| 10011711 | ABF asset | N/A |  | 04/2027 | 56817 | 53188 | 52017 |  |
| 10011883 | ABF asset | N/A |  | 04/2027 | 3821 | 3497 | 3497 |  |
| 10011891 | ABF asset | N/A |  | 04/2027 | 3059 | 2846 | 2886 |  |
| 10011901 | ABF asset | N/A |  | 04/2027 | 6068 | 5620 | 5650 |  |
| 10011927 | ABF asset | N/A |  | 04/2027 | 10677 | 9729 | 9678 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10011979 | ABF asset | N/A |  | 04/2027 | 3999 | 3705 | 3719 |  |
| 10012010 | ABF asset | N/A |  | 04/2027 | 48593 | 45489 | 46137 |  |
| 10012127 | ABF asset | N/A |  | 04/2027 | 26379 | 24140 | 24688 |  |
| 10012208 | ABF asset | N/A |  | 04/2027 | 1016 | 926 | 898 |  |
| 10012212 | ABF asset | N/A |  | 04/2027 | 6625 | 6068 | 6228 |  |
| 10012229 | ABF asset | N/A |  | 04/2027 | 4070 | 3709 | 3598 |  |
| 10012236 | ABF asset | N/A |  | 04/2027 | 13303 | 12453 | 12635 |  |
| 10012289 | ABF asset | N/A |  | 04/2027 | 38166 | 35109 | 35852 |  |
| 10012369 | ABF asset | N/A |  | 04/2027 | 45828 | 42304 | 43235 |  |
| 10012641 | ABF asset | N/A |  | 04/2027 | 7480 | 6845 | 6904 |  |
| 10012678 | ABF asset | N/A |  | 04/2027 | 2786 | 2607 | 2641 |  |
| 10012709 | ABF asset | N/A |  | 04/2027 | 4346 | 4068 | 3334 |  |
| 10012728 | ABF asset | N/A |  | 04/2027 | 1533 | 1419 | 1464 |  |
| 10012742 | ABF asset | N/A |  | 04/2027 | 3071 | 2874 | 2911 |  |
| 10012786 | ABF asset | N/A |  | 04/2027 | 18597 | 17409 | 17536 |  |
| 10012876 | ABF asset | N/A |  | 04/2027 | 2976 | 2724 | 2766 |  |
| 10012895 | ABF asset | N/A |  | 04/2027 | 1377 | 1255 | 1206 |  |
| 10012917 | ABF asset | N/A |  | 04/2027 | 2371 | 2219 | 2247 |  |
| 10012941 | ABF asset | N/A |  | 04/2027 | 4334 | 3966 | 4028 |  |
| 10012968 | ABF asset | N/A |  | 04/2027 | 5523 | 5139 | 5210 |  |
| 10012988 | ABF asset | N/A |  | 04/2027 | 1635 | 1490 | 1533 |  |
| 10012998 | ABF asset | N/A |  | 04/2027 | 68554 | 64175 | 64801 |  |
| 10013403 | ABF asset | N/A |  | 04/2027 | 1230 | 1123 | 1180 |  |
| 10013409 | ABF asset | N/A |  | 04/2027 | 3750 | 3417 | 3020 |  |
| 10013453 | ABF asset | N/A |  | 04/2027 | 21208 | 19408 | 19848 |  |
| 10013681 | ABF asset | N/A |  | 04/2027 | 1097 | 1002 | 1012 |  |
| 10013682 | ABF asset | N/A |  | 04/2027 | 1139 | 1043 | 1071 |  |
| 10013706 | ABF asset | N/A |  | 04/2027 | 11477 | 10744 | 10864 |  |
| 10013795 | ABF asset | N/A |  | 04/2027 | 9117 | 8351 | 8603 |  |
| 10013838 | ABF asset | N/A |  | 04/2027 | 2598 | 2406 | 2469 |  |
| 10013882 | ABF asset | N/A |  | 05/2027 | 3330 | 3064 | 3157 |  |
| 10013901 | ABF asset | N/A |  | 05/2027 | 23666 | 21566 | 21822 |  |
| 10013937 | ABF asset | N/A |  | 05/2027 | 15394 | 14028 | 14366 |  |
| 10013980 | ABF asset | N/A |  | 05/2027 | 14757 | 13814 | 13968 |  |
| 10014016 | ABF asset | N/A |  | 05/2027 | 10416 | 9532 | 8465 |  |
| 10014035 | ABF asset | N/A |  | 05/2027 | 1148 | 1051 | 1068 |  |
| 10014036 | ABF asset | N/A |  | 05/2027 | 7272 | 6807 | 6882 |  |
| 10014046 | ABF asset | N/A |  | 05/2027 | 1156 | 1054 | 1079 |  |
| 10014049 | ABF asset | N/A |  | 05/2027 | 12881 | 11933 | 12170 |  |
| 10014084 | ABF asset | N/A |  | 05/2027 | 2738 | 2500 | 1654 |  |
| 10014094 | ABF asset | N/A |  | 05/2027 | 3758 | 3496 | 3554 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10014106 | ABF asset | N/A |  | 05/2027 | 2323 | 2161 | 2184 |  |
| 10014112 | ABF asset | N/A |  | 05/2027 | 1470 | 1356 | 1387 |  |
| 10014123 | ABF asset | N/A |  | 05/2027 | 8471 | 7929 | 8027 |  |
| 10014146 | ABF asset | N/A |  | 05/2027 | 3703 | 3466 | 3518 |  |
| 10014149 | ABF asset | N/A |  | 05/2027 | 10175 | 9425 | 9669 |  |
| 10014177 | ABF asset | N/A |  | 05/2027 | 2783 | 2549 | 2330 |  |
| 10014185 | ABF asset | N/A |  | 05/2027 | 4880 | 4447 | 3742 |  |
| 10014198 | ABF asset | N/A |  | 05/2027 | 1130 | 1029 | 1041 |  |
| 10014199 | ABF asset | N/A |  | 05/2027 | 2772 | 2579 | 2437 |  |
| 10014205 | ABF asset | N/A |  | 05/2027 | 709 | 646 | 662 |  |
| 10014208 | ABF asset | N/A |  | 05/2027 | 1446 | 1317 | 1367 |  |
| 10014211 | ABF asset | N/A |  | 05/2027 | 3519 | 3294 | 3331 |  |
| 10014229 | ABF asset | N/A |  | 05/2027 | 1210 | 1107 | 1132 |  |
| 10014233 | ABF asset | N/A |  | 05/2027 | 9940 | 9305 | 9374 |  |
| 10014253 | ABF asset | N/A |  | 05/2027 | 2256 | 2112 | 2127 |  |
| 10014255 | ABF asset | N/A |  | 05/2027 | 7807 | 7309 | 7402 |  |
| 10014276 | ABF asset | N/A |  | 05/2027 | 7916 | 7365 | 7381 |  |
| 10014290 | ABF asset | N/A |  | 05/2027 | 5187 | 4747 | 4747 |  |
| 10014297 | ABF asset | N/A |  | 05/2027 | 7790 | 7292 | 7373 |  |
| 10014317 | ABF asset | N/A |  | 05/2027 | 21319 | 19957 | 20179 |  |
| 10014360 | ABF asset | N/A |  | 05/2027 | 16317 | 15274 | 15463 |  |
| 10014399 | ABF asset | N/A |  | 05/2027 | 9216 | 8434 | 7490 |  |
| 10014427 | ABF asset | N/A |  | 05/2027 | 712 | 650 | 657 |  |
| 10014430 | ABF asset | N/A |  | 05/2027 | 11111 | 10401 | 10533 |  |
| 10014458 | ABF asset | N/A |  | 05/2027 | 33487 | 31006 | 25192 |  |
| 10014535 | ABF asset | N/A |  | 05/2027 | 2154 | 1994 | 1487 |  |
| 10014540 | ABF asset | N/A |  | 05/2027 | 2093 | 1907 | 1977 |  |
| 10014548 | ABF asset | N/A |  | 05/2027 | 7578 | 6971 | 7239 |  |
| 10014594 | ABF asset | N/A |  | 05/2027 | 2434 | 2253 | 2306 |  |
| 10014600 | ABF asset | N/A |  | 05/2027 | 7078 | 6626 | 6690 |  |
| 10014621 | ABF asset | N/A |  | 05/2027 | 4933 | 4618 | 4651 |  |
| 10014633 | ABF asset | N/A |  | 05/2027 | 12151 | 11217 | 11463 |  |
| 10014654 | ABF asset | N/A |  | 05/2027 | 1673 | 1531 | 1532 |  |
| 10014662 | ABF asset | N/A |  | 05/2027 | 9154 | 8570 | 8679 |  |
| 10014698 | ABF asset | N/A |  | 05/2027 | 642 | 586 | 596 |  |
| 10014701 | ABF asset | N/A |  | 05/2027 | 2882 | 2640 | 2642 |  |
| 10014708 | ABF asset | N/A |  | 05/2027 | 4445 | 4135 | 4144 |  |
| 10014721 | ABF asset | N/A |  | 05/2027 | 1492 | 1382 | 1260 |  |
| 10014725 | ABF asset | N/A |  | 05/2027 | 1922 | 1788 | 1807 |  |
| 10014729 | ABF asset | N/A |  | 05/2027 | 1660 | 1513 | 1298 |  |
| 10014731 | ABF asset | N/A |  | 05/2027 | 8339 | 7759 | 7864 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10014764 | ABF asset | N/A |  | 05/2027 | 2764 | 2561 | 2574 |  |
| 10014778 | ABF asset | N/A |  | 05/2027 | 14888 | 13937 | 14132 |  |
| 10014825 | ABF asset | N/A |  | 05/2027 | 1126 | 1028 | 1048 |  |
| 10014831 | ABF asset | N/A |  | 05/2027 | 22749 | 20730 | 20886 |  |
| 10014917 | ABF asset | N/A |  | 05/2027 | 3027 | 2785 | 2812 |  |
| 10014924 | ABF asset | N/A |  | 05/2027 | 17560 | 16338 | 16610 |  |
| 10014964 | ABF asset | N/A |  | 05/2027 | 7192 | 6568 | 6745 |  |
| 10014987 | ABF asset | N/A |  | 05/2027 | 1284 | 1172 | 1231 |  |
| 10015001 | ABF asset | N/A |  | 05/2027 | 1181 | 1077 | 925 |  |
| 10015006 | ABF asset | N/A |  | 05/2027 | 12958 | 12003 | 12212 |  |
| 10015052 | ABF asset | N/A |  | 05/2027 | 33377 | 30545 | 31469 |  |
| 10015151 | ABF asset | N/A |  | 05/2027 | 2824 | 2584 | 2662 |  |
| 10015161 | ABF asset | N/A |  | 05/2027 | 2513 | 2352 | 2381 |  |
| 10015168 | ABF asset | N/A |  | 05/2027 | 1792 | 1654 | 1691 |  |
| 10015175 | ABF asset | N/A |  | 05/2027 | 6542 | 6039 | 6135 |  |
| 10015199 | ABF asset | N/A |  | 05/2027 | 7435 | 6864 | 6972 |  |
| 10015219 | ABF asset | N/A |  | 05/2027 | 907 | 849 | 861 |  |
| 10015224 | ABF asset | N/A |  | 05/2027 | 3999 | 3644 | 3781 |  |
| 10015232 | ABF asset | N/A |  | 05/2027 | 1972 | 1846 | 1867 |  |
| 10015238 | ABF asset | N/A |  | 05/2027 | 790 | 732 | 739 |  |
| 10015246 | ABF asset | N/A |  | 05/2027 | 13222 | 12301 | 12230 |  |
| 10015275 | ABF asset | N/A |  | 05/2027 | 28592 | 26394 | 26810 |  |
| 10015339 | ABF asset | N/A |  | 05/2027 | 1654 | 1549 | 1571 |  |
| 10015418 | ABF asset | N/A |  | 05/2027 | 4567 | 4161 | 4041 |  |
| 10015438 | ABF asset | N/A |  | 05/2027 | 730 | 668 | 506 |  |
| 10015442 | ABF asset | N/A |  | 05/2027 | 15560 | 14566 | 14728 |  |
| 10015479 | ABF asset | N/A |  | 05/2027 | 1535 | 1422 | 1298 |  |
| 10015484 | ABF asset | N/A |  | 05/2027 | 3110 | 2894 | 2952 |  |
| 10015496 | ABF asset | N/A |  | 05/2027 | 30153 | 28226 | 28502 |  |
| 10015558 | ABF asset | N/A |  | 05/2027 | 2009 | 1831 | 1864 |  |
| 10015562 | ABF asset | N/A |  | 05/2027 | 4882 | 4448 | 4397 |  |
| 10015571 | ABF asset | N/A |  | 05/2027 | 12713 | 11901 | 12069 |  |
| 10015595 | ABF asset | N/A |  | 05/2027 | 2332 | 2160 | 1972 |  |
| 10015600 | ABF asset | N/A |  | 05/2027 | 447 | 408 | 427 |  |
| 10015604 | ABF asset | N/A |  | 05/2027 | 23062 | 21589 | 21696 |  |
| 10015662 | ABF asset | N/A |  | 05/2027 | 4537 | 4248 | 4302 |  |
| 10015674 | ABF asset | N/A |  | 05/2027 | 7285 | 6748 | 6865 |  |
| 10015689 | ABF asset | N/A |  | 05/2027 | 7096 | 6642 | 6724 |  |
| 10015707 | ABF asset | N/A |  | 05/2027 | 5374 | 4977 | 4624 |  |
| 10015722 | ABF asset | N/A |  | 05/2027 | 27336 | 25038 | 25716 |  |
| 10016727 | ABF asset | N/A |  | 05/2027 | 6968 | 6523 | 6387 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10016878 | ABF asset | N/A |  | 05/2027 | 7186 | 6727 | 6810 |  |
| 10017042 | ABF asset | N/A |  | 05/2027 | 2144 | 1958 | 1981 |  |
| 10017085 | ABF asset | N/A |  | 05/2027 | 1576 | 1439 | 1478 |  |
| 10017129 | ABF asset | N/A |  | 05/2027 | 2284 | 2108 | 2154 |  |
| 10017148 | ABF asset | N/A |  | 05/2027 | 10085 | 9310 | 9550 |  |
| 10017268 | ABF asset | N/A |  | 05/2027 | 3644 | 3375 | 3433 |  |
| 10017306 | ABF asset | N/A |  | 05/2027 | 1436 | 1314 | 1343 |  |
| 10017323 | ABF asset | N/A |  | 05/2027 | 14818 | 13871 | 14067 |  |
| 10017468 | ABF asset | N/A |  | 05/2027 | 2495 | 2335 | 2347 |  |
| 10017503 | ABF asset | N/A |  | 05/2027 | 34412 | 32213 | 32374 |  |
| 10017725 | ABF asset | N/A |  | 05/2027 | 8446 | 7820 | 8153 |  |
| 10017825 | ABF asset | N/A |  | 05/2027 | 20652 | 19131 | 19228 |  |
| 10017993 | ABF asset | N/A |  | 05/2027 | 450 | 416 | 426 |  |
| 10018002 | ABF asset | N/A |  | 05/2027 | 2337 | 2157 | 2182 |  |
| 10018010 | ABF asset | N/A |  | 05/2027 | 17625 | 16499 | 16703 |  |
| 10018265 | ABF asset | N/A |  | 05/2027 | 1096 | 998 | 957 |  |
| 10018275 | ABF asset | N/A |  | 05/2027 | 3960 | 3642 | 3699 |  |
| 10018299 | ABF asset | N/A |  | 05/2027 | 9631 | 9016 | 9130 |  |
| 10018428 | ABF asset | N/A |  | 05/2027 | 3197 | 2950 | 3016 |  |
| 10018463 | ABF asset | N/A |  | 05/2027 | 3551 | 3324 | 3365 |  |
| 10018494 | ABF asset | N/A |  | 05/2027 | 2066 | 1908 | 1938 |  |
| 10018534 | ABF asset | N/A |  | 05/2027 | 15068 | 13731 | 13670 |  |
| 10018624 | ABF asset | N/A |  | 05/2027 | 19434 | 18192 | 18469 |  |
| 10018766 | ABF asset | N/A |  | 05/2027 | 664 | 615 | 601 |  |
| 10018767 | ABF asset | N/A |  | 05/2027 | 13150 | 12235 | 12401 |  |
| 10018820 | ABF asset | N/A |  | 05/2027 | 18242 | 17076 | 17295 |  |
| 10018900 | ABF asset | N/A |  | 05/2027 | 7004 | 6416 | 6500 |  |
| 10018926 | ABF asset | N/A |  | 05/2027 | 8966 | 8170 | 7939 |  |
| 10018973 | ABF asset | N/A |  | 05/2027 | 1626 | 1522 | 1541 |  |
| 10018980 | ABF asset | N/A |  | 05/2027 | 44218 | 40817 | 41463 |  |
| 10019148 | ABF asset | N/A |  | 05/2027 | 774 | 705 | 718 |  |
| 10019149 | ABF asset | N/A |  | 05/2027 | 2132 | 1942 | 1989 |  |
| 10019157 | ABF asset | N/A |  | 05/2027 | 3751 | 3475 | 3489 |  |
| 10019169 | ABF asset | N/A |  | 05/2027 | 4875 | 4563 | 4614 |  |
| 10019200 | ABF asset | N/A |  | 05/2027 | 10608 | 9931 | 10042 |  |
| 10019245 | ABF asset | N/A |  | 05/2027 | 4506 | 4218 | 4239 |  |
| 10019272 | ABF asset | N/A |  | 05/2027 | 6468 | 5893 | 6001 |  |
| 10019295 | ABF asset | N/A |  | 05/2027 | 1193 | 1089 | 890 |  |
| 10019299 | ABF asset | N/A |  | 05/2027 | 39798 | 37256 | 37783 |  |
| 10019443 | ABF asset | N/A |  | 05/2027 | 32698 | 29923 | 30586 |  |
| 10019614 | ABF asset | N/A |  | 05/2027 | 3904 | 3614 | 3529 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10019645 | ABF asset | N/A |  | 05/2027 | 7151 | 6653 | 6787 |  |
| 10019665 | ABF asset | N/A |  | 05/2027 | 1024 | 942 | 970 |  |
| 10019673 | ABF asset | N/A |  | 05/2027 | 7567 | 7041 | 7159 |  |
| 10019742 | ABF asset | N/A |  | 05/2027 | 2092 | 1914 | 1867 |  |
| 10019757 | ABF asset | N/A |  | 05/2027 | 2358 | 2207 | 2235 |  |
| 10019760 | ABF asset | N/A |  | 05/2027 | 696 | 638 | 638 |  |
| 10019773 | ABF asset | N/A |  | 05/2027 | 7546 | 6876 | 6930 |  |
| 10019814 | ABF asset | N/A |  | 05/2027 | 7791 | 7294 | 7365 |  |
| 10019843 | ABF asset | N/A |  | 05/2027 | 2957 | 2706 | 2707 |  |
| 10019856 | ABF asset | N/A |  | 05/2027 | 2294 | 2148 | 2175 |  |
| 10019866 | ABF asset | N/A |  | 05/2027 | 2569 | 2341 | 2353 |  |
| 10019881 | ABF asset | N/A |  | 05/2027 | 19286 | 18054 | 18257 |  |
| 10019936 | ABF asset | N/A |  | 05/2027 | 752 | 696 | 730 |  |
| 10019943 | ABF asset | N/A |  | 05/2027 | 3832 | 3566 | 3604 |  |
| 10019948 | ABF asset | N/A |  | 05/2027 | 96134 | 89994 | 90872 |  |
| 10020257 | ABF asset | N/A |  | 05/2027 | 25150 | 23136 | 23500 |  |
| 10020358 | ABF asset | N/A |  | 05/2027 | 12506 | 11706 | 11822 |  |
| 10020407 | ABF asset | N/A |  | 05/2027 | 1787 | 1637 | 1733 |  |
| 10020418 | ABF asset | N/A |  | 05/2027 | 4866 | 4555 | 4606 |  |
| 10020436 | ABF asset | N/A |  | 05/2027 | 3403 | 3101 | 3231 |  |
| 10020444 | ABF asset | N/A |  | 05/2027 | 6930 | 6315 | 6476 |  |
| 10020469 | ABF asset | N/A |  | 05/2027 | 5869 | 5418 | 5451 |  |
| 10020499 | ABF asset | N/A |  | 05/2027 | 31107 | 28346 | 29030 |  |
| 10020632 | ABF asset | N/A |  | 05/2027 | 9557 | 8709 | 9034 |  |
| 10020653 | ABF asset | N/A |  | 05/2027 | 2537 | 2360 | 2400 |  |
| 10020673 | ABF asset | N/A |  | 05/2027 | 1698 | 1572 | 1611 |  |
| 10020675 | ABF asset | N/A |  | 05/2027 | 1676 | 1552 | 1618 |  |
| 10020677 | ABF asset | N/A |  | 05/2027 | 521 | 478 | 364 |  |
| 10020683 | ABF asset | N/A |  | 05/2027 | 9585 | 8973 | 9085 |  |
| 10020695 | ABF asset | N/A |  | 05/2027 | 17465 | 16349 | 16531 |  |
| 10020738 | ABF asset | N/A |  | 05/2027 | 2592 | 2393 | 2455 |  |
| 10020745 | ABF asset | N/A |  | 05/2027 | 29361 | 27103 | 25191 |  |
| 10020848 | ABF asset | N/A |  | 05/2027 | 4260 | 3988 | 4039 |  |
| 10020873 | ABF asset | N/A |  | 05/2027 | 2317 | 2169 | 2124 |  |
| 10020878 | ABF asset | N/A |  | 05/2027 | 6202 | 5806 | 5870 |  |
| 10020894 | ABF asset | N/A |  | 05/2027 | 27699 | 25930 | 25391 |  |
| 10020948 | ABF asset | N/A |  | 05/2027 | 869 | 795 | 814 |  |
| 10020953 | ABF asset | N/A |  | 05/2027 | 1632 | 1507 | 1524 |  |
| 10020954 | ABF asset | N/A |  | 05/2027 | 6497 | 5920 | 5886 |  |
| 10020956 | ABF asset | N/A |  | 05/2027 | 5395 | 4997 | 5096 |  |
| 10020967 | ABF asset | N/A |  | 05/2027 | 19938 | 18247 | 18254 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10021018 | ABF asset | N/A |  | 05/2027 | 1669 | 1545 | 1583 |  |
| 10021037 | ABF asset | N/A |  | 05/2027 | 8351 | 7818 | 7936 |  |
| 10021079 | ABF asset | N/A |  | 05/2027 | 15892 | 14619 | 14406 |  |
| 10021102 | ABF asset | N/A |  | 05/2027 | 19381 | 17953 | 18047 |  |
| 10021173 | ABF asset | N/A |  | 05/2027 | 4500 | 4139 | 4204 |  |
| 10021184 | ABF asset | N/A |  | 05/2027 | 6399 | 5990 | 6081 |  |
| 10021210 | ABF asset | N/A |  | 05/2027 | 11210 | 10215 | 10510 |  |
| 10021291 | ABF asset | N/A |  | 05/2027 | 2530 | 2369 | 2319 |  |
| 10021304 | ABF asset | N/A |  | 05/2027 | 3525 | 3280 | 3304 |  |
| 10021308 | ABF asset | N/A |  | 05/2027 | 5414 | 4954 | 4957 |  |
| 10021318 | ABF asset | N/A |  | 05/2027 | 15789 | 14781 | 14971 |  |
| 10021375 | ABF asset | N/A |  | 05/2027 | 21551 | 19722 | 20204 |  |
| 10021449 | ABF asset | N/A |  | 05/2027 | 3835 | 3590 | 3630 |  |
| 10021459 | ABF asset | N/A |  | 05/2027 | 16904 | 15404 | 15685 |  |
| 10021499 | ABF asset | N/A |  | 05/2027 | 13318 | 12467 | 12590 |  |
| 10021529 | ABF asset | N/A |  | 05/2027 | 5277 | 4939 | 5001 |  |
| 10021539 | ABF asset | N/A |  | 05/2027 | 2314 | 2109 | 2186 |  |
| 10021541 | ABF asset | N/A |  | 05/2027 | 5263 | 4874 | 5112 |  |
| 10021570 | ABF asset | N/A |  | 05/2027 | 3521 | 3296 | 3345 |  |
| 10021581 | ABF asset | N/A |  | 05/2027 | 4077 | 3774 | 3814 |  |
| 10021588 | ABF asset | N/A |  | 05/2027 | 914 | 835 | 876 |  |
| 10021593 | ABF asset | N/A |  | 05/2027 | 13173 | 12332 | 12506 |  |
| 10021606 | ABF asset | N/A |  | 05/2027 | 39739 | 37200 | 37725 |  |
| 10021697 | ABF asset | N/A |  | 05/2027 | 93789 | 85463 | 85070 |  |
| 10022029 | ABF asset | N/A |  | 05/2027 | 9857 | 9227 | 9345 |  |
| 10022049 | ABF asset | N/A |  | 05/2027 | 3840 | 3595 | 3642 |  |
| 10022073 | ABF asset | N/A |  | 05/2027 | 1529 | 1399 | 1400 |  |
| 10022079 | ABF asset | N/A |  | 05/2027 | 17550 | 16328 | 16369 |  |
| 10022104 | ABF asset | N/A |  | 05/2027 | 7067 | 6546 | 6658 |  |
| 10022120 | ABF asset | N/A |  | 05/2027 | 39613 | 36253 | 35365 |  |
| 10022352 | ABF asset | N/A |  | 05/2027 | 6481 | 5906 | 5063 |  |
| 10022409 | ABF asset | N/A |  | 05/2027 | 14317 | 13321 | 13422 |  |
| 10022645 | ABF asset | N/A |  | 05/2027 | 11752 | 10934 | 11151 |  |
| 10022788 | ABF asset | N/A |  | 05/2027 | 5826 | 5421 | 5140 |  |
| 10022826 | ABF asset | N/A |  | 05/2027 | 13635 | 12425 | 12723 |  |
| 10022939 | ABF asset | N/A |  | 05/2027 | 15799 | 14790 | 14970 |  |
| 10023072 | ABF asset | N/A |  | 05/2027 | 13260 | 12413 | 12534 |  |
| 10023210 | ABF asset | N/A |  | 05/2027 | 2134 | 1949 | 2001 |  |
| 10023218 | ABF asset | N/A |  | 05/2027 | 11407 | 10530 | 10696 |  |
| 10023316 | ABF asset | N/A |  | 05/2027 | 2843 | 2591 | 2671 |  |
| 10023335 | ABF asset | N/A |  | 05/2027 | 1735 | 1624 | 1649 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10023368 | ABF asset | N/A |  | 05/2027 | 2084 | 1939 | 1960 |  |
| 10023390 | ABF asset | N/A |  | 05/2027 | 11835 | 10784 | 11043 |  |
| 10023494 | ABF asset | N/A |  | 05/2027 | 2727 | 2495 | 2550 |  |
| 10023526 | ABF asset | N/A |  | 05/2027 | 2479 | 2321 | 2347 |  |
| 10023544 | ABF asset | N/A |  | 05/2027 | 26612 | 24759 | 23476 |  |
| 10023746 | ABF asset | N/A |  | 05/2027 | 848 | 776 | 799 |  |
| 10023769 | ABF asset | N/A |  | 05/2027 | 4669 | 4371 | 4282 |  |
| 10023814 | ABF asset | N/A |  | 05/2027 | 1723 | 1590 | 1615 |  |
| 10023819 | ABF asset | N/A |  | 05/2027 | 2056 | 1882 | 1945 |  |
| 10023852 | ABF asset | N/A |  | 05/2027 | 5957 | 5576 | 5659 |  |
| 10023938 | ABF asset | N/A |  | 05/2027 | 7618 | 7131 | 7166 |  |
| 10024145 | ABF asset | N/A |  | 05/2027 | 2011 | 1832 | 1855 |  |
| 10024190 | ABF asset | N/A |  | 05/2027 | 8698 | 7959 | 7765 |  |
| 10024247 | ABF asset | N/A |  | 05/2027 | 6043 | 5657 | 5719 |  |
| 10024303 | ABF asset | N/A |  | 05/2027 | 10846 | 9978 | 10278 |  |
| 10024370 | ABF asset | N/A |  | 05/2027 | 19784 | 18326 | 18793 |  |
| 10024499 | ABF asset | N/A |  | 05/2027 | 43883 | 40509 | 37723 |  |
| 10024682 | ABF asset | N/A |  | 05/2027 | 478 | 443 | 465 |  |
| 10024692 | ABF asset | N/A |  | 05/2027 | 19289 | 18057 | 18286 |  |
| 10024782 | ABF asset | N/A |  | 05/2027 | 9545 | 8716 | 7157 |  |
| 10024799 | ABF asset | N/A |  | 05/2027 | 1251 | 1151 | 1174 |  |
| 10024815 | ABF asset | N/A |  | 05/2027 | 29590 | 26963 | 27310 |  |
| 10024895 | ABF asset | N/A |  | 05/2027 | 1653 | 1506 | 1574 |  |
| 10024910 | ABF asset | N/A |  | 05/2027 | 2596 | 2415 | 2447 |  |
| 10024915 | ABF asset | N/A |  | 05/2027 | 9138 | 8502 | 8567 |  |
| 10024950 | ABF asset | N/A |  | 05/2027 | 3004 | 2812 | 2843 |  |
| 10024964 | ABF asset | N/A |  | 05/2027 | 38100 | 35049 | 36101 |  |
| 10025119 | ABF asset | N/A |  | 05/2027 | 701 | 642 | 666 |  |
| 10025132 | ABF asset | N/A |  | 05/2027 | 2153 | 1962 | 1194 |  |
| 10025142 | ABF asset | N/A |  | 05/2027 | 28674 | 26562 | 26915 |  |
| 10025229 | ABF asset | N/A |  | 05/2027 | 36794 | 34444 | 34698 |  |
| 10025346 | ABF asset | N/A |  | 05/2027 | 3881 | 3570 | 3604 |  |
| 10025378 | ABF asset | N/A |  | 05/2027 | 2999 | 2807 | 2843 |  |
| 10025387 | ABF asset | N/A |  | 05/2027 | 5029 | 4707 | 4611 |  |
| 10025395 | ABF asset | N/A |  | 05/2027 | 19143 | 17811 | 16887 |  |
| 10025431 | ABF asset | N/A |  | 05/2027 | 9991 | 9353 | 9484 |  |
| 10025460 | ABF asset | N/A |  | 05/2027 | 10001 | 9363 | 9503 |  |
| 10025485 | ABF asset | N/A |  | 05/2027 | 1874 | 1754 | 1777 |  |
| 10025496 | ABF asset | N/A |  | 05/2027 | 8221 | 7649 | 7729 |  |
| 10025519 | ABF asset | N/A |  | 05/2027 | 10804 | 10114 | 10212 |  |
| 10025537 | ABF asset | N/A |  | 05/2027 | 16466 | 15414 | 15602 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10025567 | ABF asset | N/A |  | 05/2027 | 2139 | 1968 | 2027 |  |
| 10025584 | ABF asset | N/A |  | 05/2027 | 1943 | 1787 | 1634 |  |
| 10025591 | ABF asset | N/A |  | 05/2027 | 2978 | 2757 | 2891 |  |
| 10025617 | ABF asset | N/A |  | 05/2027 | 4526 | 4237 | 4290 |  |
| 10025625 | ABF asset | N/A |  | 05/2027 | 3797 | 3554 | 3483 |  |
| 10025639 | ABF asset | N/A |  | 05/2027 | 35515 | 33042 | 33484 |  |
| 10025747 | ABF asset | N/A |  | 05/2027 | 9797 | 8927 | 9203 |  |
| 10025759 | ABF asset | N/A |  | 05/2027 | 1035 | 969 | 981 |  |
| 10025764 | ABF asset | N/A |  | 05/2027 | 3965 | 3689 | 3668 |  |
| 10025773 | ABF asset | N/A |  | 05/2027 | 17693 | 16562 | 16643 |  |
| 10025829 | ABF asset | N/A |  | 05/2027 | 2088 | 1933 | 1981 |  |
| 10025842 | ABF asset | N/A |  | 05/2027 | 14175 | 13131 | 13353 |  |
| 10025940 | ABF asset | N/A |  | 05/2027 | 41035 | 38414 | 38881 |  |
| 10026020 | ABF asset | N/A |  | 05/2027 | 60072 | 56235 | 56647 |  |
| 10026160 | ABF asset | N/A |  | 05/2027 | 1812 | 1696 | 1715 |  |
| 10026171 | ABF asset | N/A |  | 05/2027 | 71938 | 66931 | 63458 |  |
| 10026357 | ABF asset | N/A |  | 05/2027 | 4186 | 3919 | 3839 |  |
| 10026371 | ABF asset | N/A |  | 05/2027 | 8299 | 7661 | 7829 |  |
| 10026425 | ABF asset | N/A |  | 05/2027 | 7766 | 7270 | 7350 |  |
| 10026462 | ABF asset | N/A |  | 05/2027 | 1109 | 1015 | 1049 |  |
| 10026470 | ABF asset | N/A |  | 05/2027 | 5588 | 5231 | 5298 |  |
| 10026499 | ABF asset | N/A |  | 05/2027 | 2895 | 2673 | 2766 |  |
| 10026516 | ABF asset | N/A |  | 05/2027 | 1097 | 1009 | 1034 |  |
| 10026527 | ABF asset | N/A |  | 05/2027 | 1833 | 1706 | 1745 |  |
| 10026538 | ABF asset | N/A |  | 05/2027 | 5919 | 5540 | 5611 |  |
| 10026575 | ABF asset | N/A |  | 05/2027 | 699 | 637 | 666 |  |
| 10026576 | ABF asset | N/A |  | 05/2027 | 2799 | 2621 | 2657 |  |
| 10026578 | ABF asset | N/A |  | 05/2027 | 3540 | 3314 | 3354 |  |
| 10026579 | ABF asset | N/A |  | 05/2027 | 5027 | 4655 | 4771 |  |
| 10026601 | ABF asset | N/A |  | 05/2027 | 4410 | 4019 | 4189 |  |
| 10026637 | ABF asset | N/A |  | 05/2027 | 49435 | 46277 | 46921 |  |
| 10026833 | ABF asset | N/A |  | 05/2027 | 3298 | 3034 | 3131 |  |
| 10026844 | ABF asset | N/A |  | 05/2027 | 2496 | 2337 | 2371 |  |
| 10026861 | ABF asset | N/A |  | 05/2027 | 2301 | 2107 | 2229 |  |
| 10026869 | ABF asset | N/A |  | 05/2027 | 7052 | 6440 | 6565 |  |
| 10026910 | ABF asset | N/A |  | 05/2027 | 3251 | 2975 | 3024 |  |
| 10026923 | ABF asset | N/A |  | 05/2027 | 974 | 888 | 907 |  |
| 10026926 | ABF asset | N/A |  | 05/2027 | 6273 | 5872 | 5943 |  |
| 10026941 | ABF asset | N/A |  | 05/2027 | 3441 | 3188 | 3201 |  |
| 10026955 | ABF asset | N/A |  | 05/2027 | 5029 | 4642 | 4674 |  |
| 10026965 | ABF asset | N/A |  | 05/2027 | 6395 | 5921 | 5984 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10026986 | ABF asset | N/A |  | 05/2027 | 66447 | 61337 | 62055 |  |
| 10027236 | ABF asset | N/A |  | 05/2027 | 5111 | 4677 | 4563 |  |
| 10027245 | ABF asset | N/A |  | 05/2027 | 2766 | 2589 | 2625 |  |
| 10027249 | ABF asset | N/A |  | 05/2027 | 4573 | 4281 | 4334 |  |
| 10027271 | ABF asset | N/A |  | 05/2027 | 29974 | 27669 | 28276 |  |
| 10027315 | ABF asset | N/A |  | 05/2027 | 4236 | 3941 | 3971 |  |
| 10027324 | ABF asset | N/A |  | 05/2027 | 5405 | 5007 | 4973 |  |
| 10027344 | ABF asset | N/A |  | 05/2027 | 7745 | 7088 | 7204 |  |
| 10027365 | ABF asset | N/A |  | 05/2027 | 3407 | 3105 | 3073 |  |
| 10027386 | ABF asset | N/A |  | 05/2027 | 12114 | 11271 | 11422 |  |
| 10027415 | ABF asset | N/A |  | 05/2027 | 6169 | 5774 | 5848 |  |
| 10027427 | ABF asset | N/A |  | 05/2027 | 15963 | 14546 | 14623 |  |
| 10027477 | ABF asset | N/A |  | 05/2027 | 9500 | 8893 | 8991 |  |
| 10027493 | ABF asset | N/A |  | 05/2027 | 3872 | 3544 | 3174 |  |
| 10027502 | ABF asset | N/A |  | 05/2027 | 11633 | 10646 | 10906 |  |
| 10027519 | ABF asset | N/A |  | 05/2027 | 3358 | 3144 | 3183 |  |
| 10027524 | ABF asset | N/A |  | 05/2027 | 25725 | 23830 | 24147 |  |
| 10027650 | ABF asset | N/A |  | 05/2027 | 7270 | 6711 | 6858 |  |
| 10027668 | ABF asset | N/A |  | 05/2027 | 7530 | 6892 | 6723 |  |
| 10027703 | ABF asset | N/A |  | 05/2027 | 5392 | 4913 | 5072 |  |
| 10027726 | ABF asset | N/A |  | 05/2027 | 19788 | 18266 | 18553 |  |
| 10027792 | ABF asset | N/A |  | 05/2027 | 34606 | 32395 | 32847 |  |
| 10027903 | ABF asset | N/A |  | 05/2027 | 18932 | 17723 | 17948 |  |
| 10027950 | ABF asset | N/A |  | 05/2027 | 57363 | 53699 | 54492 |  |
| 10028092 | ABF asset | N/A |  | 05/2027 | 1093 | 1012 | 1061 |  |
| 10028145 | ABF asset | N/A |  | 05/2027 | 13696 | 12820 | 13010 |  |
| 10028262 | ABF asset | N/A |  | 05/2027 | 184 | 168 | 176 |  |
| 10028267 | ABF asset | N/A |  | 05/2027 | 2609 | 2387 | 2330 |  |
| 10028280 | ABF asset | N/A |  | 05/2027 | 4682 | 4383 | 4438 |  |
| 10028317 | ABF asset | N/A |  | 05/2027 | 1721 | 1593 | 1611 |  |
| 10028340 | ABF asset | N/A |  | 05/2027 | 1050 | 972 | 1027 |  |
| 10028351 | ABF asset | N/A |  | 05/2027 | 5314 | 4975 | 5049 |  |
| 10028392 | ABF asset | N/A |  | 05/2027 | 4182 | 3861 | 3906 |  |
| 10028418 | ABF asset | N/A |  | 05/2027 | 9533 | 8924 | 9036 |  |
| 10028463 | ABF asset | N/A |  | 05/2027 | 1924 | 1801 | 1823 |  |
| 10028491 | ABF asset | N/A |  | 05/2027 | 2360 | 2150 | 2178 |  |
| 10028514 | ABF asset | N/A |  | 05/2027 | 6909 | 6467 | 6545 |  |
| 10028542 | ABF asset | N/A |  | 05/2027 | 920 | 841 | 863 |  |
| 10028576 | ABF asset | N/A |  | 05/2027 | 14838 | 13745 | 14014 |  |
| 10028680 | ABF asset | N/A |  | 05/2027 | 7476 | 6848 | 7090 |  |
| 10028743 | ABF asset | N/A |  | 05/2027 | 2233 | 2090 | 2113 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10028756 | ABF asset | N/A |  | 05/2027 | 14836 | 13888 | 14022 |  |
| 10028854 | ABF asset | N/A |  | 05/2027 | 4034 | 3776 | 3818 |  |
| 10028940 | ABF asset | N/A |  | 05/2027 | 513 | 469 | 458 |  |
| 10028952 | ABF asset | N/A |  | 05/2027 | 27025 | 25298 | 25669 |  |
| 10029204 | ABF asset | N/A |  | 05/2027 | 2872 | 2643 | 2684 |  |
| 10029258 | ABF asset | N/A |  | 05/2027 | 9049 | 8471 | 8588 |  |
| 10029363 | ABF asset | N/A |  | 05/2027 | 1750 | 1615 | 1656 |  |
| 10029434 | ABF asset | N/A |  | 05/2027 | 875 | 799 | 833 |  |
| 10029436 | ABF asset | N/A |  | 05/2027 | 19439 | 18198 | 18397 |  |
| 10029571 | ABF asset | N/A |  | 05/2027 | 1695 | 1545 | 955 |  |
| 10029580 | ABF asset | N/A |  | 05/2027 | 1778 | 1647 | 1686 |  |
| 10029589 | ABF asset | N/A |  | 05/2027 | 8508 | 7965 | 8042 |  |
| 10029669 | ABF asset | N/A |  | 05/2027 | 4499 | 4186 | 3974 |  |
| 10029690 | ABF asset | N/A |  | 05/2027 | 1722 | 1576 | 1610 |  |
| 10029694 | ABF asset | N/A |  | 05/2027 | 2992 | 2784 | 2845 |  |
| 10029713 | ABF asset | N/A |  | 05/2027 | 18503 | 16897 | 16179 |  |
| 10029866 | ABF asset | N/A |  | 05/2027 | 11610 | 10717 | 10949 |  |
| 10029907 | ABF asset | N/A |  | 05/2027 | 2207 | 2066 | 2089 |  |
| 10029923 | ABF asset | N/A |  | 05/2027 | 81346 | 76149 | 76883 |  |
| 10030253 | ABF asset | N/A |  | 05/2027 | 18900 | 17584 | 16694 |  |
| 10030323 | ABF asset | N/A |  | 05/2027 | 1204 | 1115 | 1152 |  |
| 10030332 | ABF asset | N/A |  | 05/2027 | 7557 | 7074 | 7172 |  |
| 10030366 | ABF asset | N/A |  | 05/2027 | 813 | 745 | 785 |  |
| 10030367 | ABF asset | N/A |  | 05/2027 | 6835 | 6398 | 6486 |  |
| 10030397 | ABF asset | N/A |  | 05/2027 | 10994 | 10292 | 10368 |  |
| 10030435 | ABF asset | N/A |  | 05/2027 | 88462 | 82811 | 83615 |  |
| 10030787 | ABF asset | N/A |  | 05/2027 | 26526 | 24831 | 25198 |  |
| 10031348 | ABF asset | N/A |  | 05/2027 | 1807 | 1673 | 1284 |  |
| 10031354 | ABF asset | N/A |  | 05/2027 | 5798 | 5294 | 4369 |  |
| 10031368 | ABF asset | N/A |  | 05/2027 | 3674 | 3348 | 3376 |  |
| 10031379 | ABF asset | N/A |  | 05/2027 | 7069 | 6442 | 6731 |  |
| 10031426 | ABF asset | N/A |  | 05/2027 | 12498 | 11536 | 11617 |  |
| 10031474 | ABF asset | N/A |  | 05/2027 | 12609 | 11680 | 11602 |  |
| 10031523 | ABF asset | N/A |  | 05/2027 | 8067 | 7367 | 6078 |  |
| 10031569 | ABF asset | N/A |  | 05/2027 | 43969 | 41161 | 41560 |  |
| 10031802 | ABF asset | N/A |  | 05/2027 | 812 | 740 | 770 |  |
| 10031804 | ABF asset | N/A |  | 05/2027 | 4337 | 4060 | 4109 |  |
| 10031811 | ABF asset | N/A |  | 05/2027 | 13462 | 12470 | 12762 |  |
| 10031866 | ABF asset | N/A |  | 05/2027 | 10454 | 9786 | 9893 |  |
| 10031920 | ABF asset | N/A |  | 05/2027 | 9288 | 8500 | 6180 |  |
| 10031933 | ABF asset | N/A |  | 05/2027 | 4081 | 3821 | 3849 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10031936 | ABF asset | N/A |  | 05/2027 | 9858 | 9132 | 9311 |  |
| 10031957 | ABF asset | N/A |  | 05/2027 | 3796 | 3473 | 3390 |  |
| 10031967 | ABF asset | N/A |  | 05/2027 | 3900 | 3554 | 3538 |  |
| 10031977 | ABF asset | N/A |  | 05/2027 | 1168 | 1064 | 1059 |  |
| 10031978 | ABF asset | N/A |  | 05/2027 | 1448 | 1320 | 1326 |  |
| 10031982 | ABF asset | N/A |  | 05/2027 | 11581 | 10553 | 10766 |  |
| 10032019 | ABF asset | N/A |  | 05/2027 | 3719 | 3433 | 3203 |  |
| 10032033 | ABF asset | N/A |  | 05/2027 | 1367 | 1272 | 1293 |  |
| 10032047 | ABF asset | N/A |  | 05/2027 | 8492 | 7949 | 8038 |  |
| 10032095 | ABF asset | N/A |  | 05/2027 | 591 | 547 | 574 |  |
| 10032097 | ABF asset | N/A |  | 05/2027 | 8057 | 7542 | 7393 |  |
| 10032099 | ABF asset | N/A |  | 05/2027 | 9044 | 8277 | 8586 |  |
| 10032132 | ABF asset | N/A |  | 05/2027 | 34441 | 31384 | 32070 |  |
| 10032200 | ABF asset | N/A |  | 05/2027 | 3467 | 3245 | 3285 |  |
| 10032207 | ABF asset | N/A |  | 05/2027 | 2943 | 2694 | 2629 |  |
| 10032227 | ABF asset | N/A |  | 05/2027 | 6717 | 6179 | 6363 |  |
| 10032246 | ABF asset | N/A |  | 05/2027 | 1205 | 1116 | 1128 |  |
| 10032247 | ABF asset | N/A |  | 05/2027 | 4420 | 4113 | 4144 |  |
| 10032254 | ABF asset | N/A |  | 05/2027 | 20632 | 19314 | 18931 |  |
| 10032310 | ABF asset | N/A |  | 05/2027 | 8950 | 8262 | 8443 |  |
| 10032357 | ABF asset | N/A |  | 05/2027 | 25075 | 23474 | 23699 |  |
| 10032406 | ABF asset | N/A |  | 05/2027 | 2666 | 2442 | 2443 |  |
| 10032407 | ABF asset | N/A |  | 05/2027 | 34485 | 32084 | 32170 |  |
| 10032472 | ABF asset | N/A |  | 05/2027 | 3524 | 3263 | 3372 |  |
| 10032475 | ABF asset | N/A |  | 05/2027 | 5871 | 5350 | 3307 |  |
| 10032497 | ABF asset | N/A |  | 05/2027 | 19045 | 17719 | 17952 |  |
| 10032548 | ABF asset | N/A |  | 05/2027 | 2730 | 2499 | 2553 |  |
| 10032580 | ABF asset | N/A |  | 05/2027 | 52862 | 48419 | 48441 |  |
| 10032789 | ABF asset | N/A |  | 05/2027 | 7505 | 7026 | 7111 |  |
| 10032806 | ABF asset | N/A |  | 05/2027 | 5357 | 5015 | 5075 |  |
| 10032815 | ABF asset | N/A |  | 05/2027 | 7203 | 6701 | 6362 |  |
| 10032830 | ABF asset | N/A |  | 05/2027 | 18331 | 17055 | 17101 |  |
| 10032879 | ABF asset | N/A |  | 05/2027 | 12784 | 11699 | 11984 |  |
| 10032936 | ABF asset | N/A |  | 05/2027 | 15231 | 14258 | 14361 |  |
| 10033036 | ABF asset | N/A |  | 05/2027 | 61244 | 57331 | 58022 |  |
| 10033156 | ABF asset | N/A |  | 05/2027 | 9727 | 9106 | 9206 |  |
| 10033216 | ABF asset | N/A |  | 05/2027 | 520 | 474 | 496 |  |
| 10033218 | ABF asset | N/A |  | 05/2027 | 31245 | 29249 | 29569 |  |
| 10033361 | ABF asset | N/A |  | 05/2027 | 16865 | 15569 | 15910 |  |
| 10036732 | ABF asset | N/A |  | 05/2027 | 1392 | 1268 | 1301 |  |
| 10036764 | ABF asset | N/A |  | 05/2027 | 12482 | 11685 | 11809 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10036819 | ABF asset | N/A |  | 05/2027 | 9627 | 9011 | 9116 |  |
| 10036857 | ABF asset | N/A |  | 05/2027 | 2130 | 1951 | 2054 |  |
| 10036861 | ABF asset | N/A |  | 05/2027 | 1892 | 1771 | 1793 |  |
| 10036874 | ABF asset | N/A |  | 05/2027 | 3282 | 3030 | 3095 |  |
| 10036883 | ABF asset | N/A |  | 05/2027 | 4503 | 4112 | 4065 |  |
| 10036914 | ABF asset | N/A |  | 05/2027 | 1434 | 1328 | 1361 |  |
| 10036916 | ABF asset | N/A |  | 05/2027 | 15961 | 14941 | 15116 |  |
| 10036977 | ABF asset | N/A |  | 05/2027 | 4582 | 4289 | 4351 |  |
| 10037016 | ABF asset | N/A |  | 05/2027 | 9744 | 8879 | 9060 |  |
| 10037055 | ABF asset | N/A |  | 05/2027 | 2340 | 2191 | 2211 |  |
| 10037080 | ABF asset | N/A |  | 05/2027 | 4120 | 3857 | 3874 |  |
| 10037098 | ABF asset | N/A |  | 05/2027 | 1496 | 1392 | 1395 |  |
| 10037107 | ABF asset | N/A |  | 05/2027 | 1970 | 1844 | 1808 |  |
| 10037129 | ABF asset | N/A |  | 05/2027 | 6972 | 6527 | 6620 |  |
| 10037182 | ABF asset | N/A |  | 05/2027 | 12533 | 11610 | 11900 |  |
| 10037351 | ABF asset | N/A |  | 05/2027 | 4000 | 3661 | 3572 |  |
| 10037397 | ABF asset | N/A |  | 05/2027 | 10073 | 9179 | 9365 |  |
| 10037471 | ABF asset | N/A |  | 05/2027 | 47898 | 44350 | 44895 |  |
| 10038096 | ABF asset | N/A |  | 05/2027 | 2259 | 2059 | 2118 |  |
| 10038110 | ABF asset | N/A |  | 05/2027 | 26080 | 24414 | 23936 |  |
| 10038339 | ABF asset | N/A |  | 05/2027 | 19697 | 18025 | 18407 |  |
| 10038453 | ABF asset | N/A |  | 05/2027 | 6498 | 5934 | 6086 |  |
| 10038481 | ABF asset | N/A |  | 05/2027 | 5408 | 4954 | 5129 |  |
| 10038512 | ABF asset | N/A |  | 05/2027 | 47283 | 43992 | 44422 |  |
| 10038742 | ABF asset | N/A |  | 05/2027 | 3449 | 3228 | 3268 |  |
| 10038769 | ABF asset | N/A |  | 05/2027 | 36374 | 34050 | 33388 |  |
| 10038872 | ABF asset | N/A |  | 05/2027 | 1285 | 1173 | 1160 |  |
| 10038883 | ABF asset | N/A |  | 05/2027 | 14330 | 13086 | 13530 |  |
| 10038971 | ABF asset | N/A |  | 05/2027 | 2797 | 2618 | 2646 |  |
| 10039004 | ABF asset | N/A |  | 05/2027 | 25606 | 23433 | 24126 |  |
| 10039134 | ABF asset | N/A |  | 05/2027 | 13112 | 12000 | 12194 |  |
| 10039172 | ABF asset | N/A |  | 05/2027 | 34843 | 32417 | 32223 |  |
| 10039400 | ABF asset | N/A |  | 05/2027 | 10183 | 9532 | 9649 |  |
| 10039488 | ABF asset | N/A |  | 05/2027 | 11536 | 10798 | 10931 |  |
| 10039556 | ABF asset | N/A |  | 05/2027 | 5803 | 5357 | 5392 |  |
| 10039602 | ABF asset | N/A |  | 05/2027 | 8190 | 7495 | 7313 |  |
| 10039660 | ABF asset | N/A |  | 05/2027 | 9068 | 8489 | 8568 |  |
| 10039706 | ABF asset | N/A |  | 05/2027 | 37454 | 34129 | 34410 |  |
| 10039867 | ABF asset | N/A |  | 05/2027 | 2700 | 2528 | 2559 |  |
| 10039885 | ABF asset | N/A |  | 05/2027 | 48979 | 45851 | 46338 |  |
| 10040050 | ABF asset | N/A |  | 05/2027 | 39845 | 37300 | 37649 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10040177 | ABF asset | N/A |  | 05/2027 | 41761 | 39093 | 39509 |  |
| 10040338 | ABF asset | N/A |  | 05/2027 | 12909 | 11958 | 12188 |  |
| 10040413 | ABF asset | N/A |  | 05/2027 | 5212 | 4879 | 4939 |  |
| 10040420 | ABF asset | N/A |  | 05/2027 | 1832 | 1692 | 1728 |  |
| 10040424 | ABF asset | N/A |  | 05/2027 | 3838 | 3593 | 3631 |  |
| 10040442 | ABF asset | N/A |  | 05/2027 | 9234 | 8554 | 8717 |  |
| 10040493 | ABF asset | N/A |  | 05/2027 | 7382 | 6756 | 6759 |  |
| 10040536 | ABF asset | N/A |  | 05/2027 | 2322 | 2125 | 1557 |  |
| 10040547 | ABF asset | N/A |  | 05/2027 | 16267 | 14964 | 15198 |  |
| 10040577 | ABF asset | N/A |  | 05/2027 | 4163 | 3793 | 3881 |  |
| 10040589 | ABF asset | N/A |  | 05/2027 | 8204 | 7547 | 6919 |  |
| 10040606 | ABF asset | N/A |  | 05/2027 | 3213 | 2989 | 3013 |  |
| 10040610 | ABF asset | N/A |  | 05/2027 | 60257 | 56408 | 57163 |  |
| 10040783 | ABF asset | N/A |  | 05/2027 | 1213 | 1123 | 1161 |  |
| 10040792 | ABF asset | N/A |  | 05/2027 | 6462 | 6012 | 6028 |  |
| 10040847 | ABF asset | N/A |  | 05/2027 | 1512 | 1378 | 1372 |  |
| 10040848 | ABF asset | N/A |  | 05/2027 | 22452 | 21018 | 21239 |  |
| 10040920 | ABF asset | N/A |  | 05/2027 | 7952 | 7366 | 7317 |  |
| 10040929 | ABF asset | N/A |  | 05/2027 | 1128 | 1032 | 1066 |  |
| 10040934 | ABF asset | N/A |  | 05/2027 | 34113 | 31933 | 31312 |  |
| 10040998 | ABF asset | N/A |  | 05/2027 | 46206 | 43255 | 42413 |  |
| 10041099 | ABF asset | N/A |  | 05/2027 | 5878 | 5502 | 5526 |  |
| 10041103 | ABF asset | N/A |  | 05/2027 | 5179 | 4796 | 4414 |  |
| 10041119 | ABF asset | N/A |  | 05/2027 | 3042 | 2772 | 2853 |  |
| 10041131 | ABF asset | N/A |  | 05/2027 | 3446 | 3140 | 3297 |  |
| 10041174 | ABF asset | N/A |  | 05/2027 | 11710 | 10963 | 11064 |  |
| 10041213 | ABF asset | N/A |  | 05/2027 | 7589 | 6981 | 6401 |  |
| 10041245 | ABF asset | N/A |  | 05/2027 | 18186 | 16839 | 16869 |  |
| 10041302 | ABF asset | N/A |  | 05/2027 | 2781 | 2587 | 2612 |  |
| 10041316 | ABF asset | N/A |  | 05/2027 | 8357 | 7615 | 7836 |  |
| 10041333 | ABF asset | N/A |  | 05/2027 | 7898 | 7197 | 6233 |  |
| 10041353 | ABF asset | N/A |  | 05/2027 | 13657 | 12785 | 12922 |  |
| 10041389 | ABF asset | N/A |  | 05/2027 | 2946 | 2685 | 2720 |  |
| 10041434 | ABF asset | N/A |  | 05/2027 | 7967 | 7458 | 7313 |  |
| 10041438 | ABF asset | N/A |  | 05/2027 | 4904 | 4591 | 4641 |  |
| 10041444 | ABF asset | N/A |  | 05/2027 | 13909 | 12701 | 12555 |  |
| 10041460 | ABF asset | N/A |  | 05/2027 | 6428 | 5883 | 6024 |  |
| 10041469 | ABF asset | N/A |  | 05/2027 | 11985 | 10968 | 10971 |  |
| 10041489 | ABF asset | N/A |  | 05/2027 | 3504 | 3207 | 3275 |  |
| 10041514 | ABF asset | N/A |  | 05/2027 | 3562 | 3246 | 3159 |  |
| 10041517 | ABF asset | N/A |  | 05/2027 | 3084 | 2837 | 2893 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10041523 | ABF asset | N/A |  | 05/2027 | 13734 | 12569 | 12773 |  |
| 10041566 | ABF asset | N/A |  | 05/2027 | 949 | 867 | 883 |  |
| 10041573 | ABF asset | N/A |  | 05/2027 | 4955 | 4610 | 4622 |  |
| 10041618 | ABF asset | N/A |  | 05/2027 | 7663 | 7173 | 7204 |  |
| 10041626 | ABF asset | N/A |  | 05/2027 | 16391 | 15343 | 15523 |  |
| 10041719 | ABF asset | N/A |  | 05/2027 | 8564 | 7837 | 7964 |  |
| 10041736 | ABF asset | N/A |  | 05/2027 | 4720 | 4418 | 4474 |  |
| 10041757 | ABF asset | N/A |  | 05/2027 | 74766 | 69990 | 70922 |  |
| 10044917 | ABF asset | N/A |  | 05/2027 | 4469 | 4072 | 3548 |  |
| 10045228 | ABF asset | N/A |  | 05/2027 | 6937 | 6493 | 6572 |  |
| 10045266 | ABF asset | N/A |  | 05/2027 | 6233 | 5799 | 5922 |  |
| 10045292 | ABF asset | N/A |  | 05/2027 | 16444 | 15049 | 15190 |  |
| 10045326 | ABF asset | N/A |  | 05/2027 | 1463 | 1336 | 1369 |  |
| 10045333 | ABF asset | N/A |  | 05/2027 | 9621 | 9007 | 9117 |  |
| 10045366 | ABF asset | N/A |  | 05/2027 | 1660 | 1554 | 1577 |  |
| 10045373 | ABF asset | N/A |  | 05/2027 | 11043 | 10275 | 10351 |  |
| 10045392 | ABF asset | N/A |  | 05/2027 | 1767 | 1617 | 1633 |  |
| 10045400 | ABF asset | N/A |  | 05/2027 | 849 | 786 | 830 |  |
| 10045410 | ABF asset | N/A |  | 05/2027 | 5675 | 5313 | 5378 |  |
| 10045445 | ABF asset | N/A |  | 05/2027 | 8020 | 7508 | 7599 |  |
| 10045472 | ABF asset | N/A |  | 05/2027 | 12221 | 11440 | 11487 |  |
| 10045554 | ABF asset | N/A |  | 05/2027 | 8619 | 8019 | 7629 |  |
| 10045605 | ABF asset | N/A |  | 05/2027 | 5505 | 5153 | 5225 |  |
| 10045679 | ABF asset | N/A |  | 05/2027 | 4301 | 4027 | 4068 |  |
| 10045725 | ABF asset | N/A |  | 05/2027 | 14907 | 13955 | 14086 |  |
| 10045828 | ABF asset | N/A |  | 05/2027 | 3885 | 3637 | 3688 |  |
| 10045880 | ABF asset | N/A |  | 05/2027 | 2864 | 2621 | 2622 |  |
| 10045906 | ABF asset | N/A |  | 05/2027 | 2083 | 1916 | 1962 |  |
| 10045925 | ABF asset | N/A |  | 05/2027 | 2789 | 2566 | 2661 |  |
| 10045963 | ABF asset | N/A |  | 05/2027 | 2610 | 2416 | 2230 |  |
| 10045989 | ABF asset | N/A |  | 05/2027 | 4671 | 4345 | 4386 |  |
| 10046030 | ABF asset | N/A |  | 05/2027 | 2806 | 2627 | 2662 |  |
| 10046073 | ABF asset | N/A |  | 05/2027 | 720 | 658 | 642 |  |
| 10046075 | ABF asset | N/A |  | 05/2027 | 10233 | 9413 | 8650 |  |
| 10046159 | ABF asset | N/A |  | 05/2027 | 6633 | 6209 | 6266 |  |
| 10046207 | ABF asset | N/A |  | 05/2027 | 1089 | 1013 | 1035 |  |
| 10046236 | ABF asset | N/A |  | 05/2027 | 9119 | 8537 | 8657 |  |
| 10046302 | ABF asset | N/A |  | 05/2027 | 21287 | 19927 | 20009 |  |
| 10046541 | ABF asset | N/A |  | 05/2027 | 2179 | 1986 | 2048 |  |
| 10046576 | ABF asset | N/A |  | 05/2027 | 2998 | 2806 | 2832 |  |
| 10046601 | ABF asset | N/A |  | 05/2027 | 2073 | 1913 | 1935 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10046643 | ABF asset | N/A |  | 05/2027 | 229 | 211 | 219 |  |
| 10046660 | ABF asset | N/A |  | 05/2027 | 2047 | 1890 | 1936 |  |
| 10046681 | ABF asset | N/A |  | 05/2027 | 19049 | 17832 | 18047 |  |
| 10046773 | ABF asset | N/A |  | 05/2027 | 9398 | 8563 | 8825 |  |
| 10046827 | ABF asset | N/A |  | 05/2027 | 17449 | 16334 | 16402 |  |
| 10046926 | ABF asset | N/A |  | 05/2027 | 7582 | 7098 | 7183 |  |
| 10046955 | ABF asset | N/A |  | 05/2027 | 6206 | 5809 | 5885 |  |
| 10047009 | ABF asset | N/A |  | 05/2027 | 1609 | 1497 | 1508 |  |
| 10047011 | ABF asset | N/A |  | 05/2027 | 927 | 858 | 880 |  |
| 10047019 | ABF asset | N/A |  | 05/2027 | 1911 | 1789 | 1811 |  |
| 10047023 | ABF asset | N/A |  | 05/2027 | 4612 | 4291 | 4083 |  |
| 10047044 | ABF asset | N/A |  | 05/2027 | 6836 | 6399 | 6457 |  |
| 10047054 | ABF asset | N/A |  | 05/2027 | 11555 | 10629 | 9767 |  |
| 10047111 | ABF asset | N/A |  | 05/2027 | 13467 | 12272 | 8883 |  |
| 10047177 | ABF asset | N/A |  | 05/2027 | 20496 | 18855 | 17324 |  |
| 10047290 | ABF asset | N/A |  | 05/2027 | 2834 | 2653 | 2688 |  |
| 10047313 | ABF asset | N/A |  | 05/2027 | 2160 | 2010 | 2025 |  |
| 10047326 | ABF asset | N/A |  | 05/2027 | 7970 | 7461 | 7551 |  |
| 10047362 | ABF asset | N/A |  | 05/2027 | 5438 | 5091 | 5144 |  |
| 10047370 | ABF asset | N/A |  | 05/2027 | 9879 | 9248 | 9333 |  |
| 10047427 | ABF asset | N/A |  | 05/2027 | 5846 | 5377 | 4941 |  |
| 10047441 | ABF asset | N/A |  | 05/2027 | 6781 | 6348 | 6374 |  |
| 10047478 | ABF asset | N/A |  | 05/2027 | 1375 | 1258 | 1304 |  |
| 10047486 | ABF asset | N/A |  | 05/2027 | 2903 | 2718 | 2749 |  |
| 10047513 | ABF asset | N/A |  | 05/2027 | 13429 | 12353 | 12461 |  |
| 10047588 | ABF asset | N/A |  | 05/2027 | 3847 | 3601 | 3648 |  |
| 10047616 | ABF asset | N/A |  | 05/2027 | 3897 | 3626 | 3660 |  |
| 10047639 | ABF asset | N/A |  | 05/2027 | 40853 | 38244 | 38745 |  |
| 10047804 | ABF asset | N/A |  | 05/2027 | 10973 | 9999 | 8689 |  |
| 10047830 | ABF asset | N/A |  | 05/2027 | 8213 | 7688 | 7768 |  |
| 10047849 | ABF asset | N/A |  | 05/2027 | 6971 | 6352 | 6436 |  |
| 10047862 | ABF asset | N/A |  | 05/2027 | 39369 | 36854 | 37270 |  |
| 10047938 | ABF asset | N/A |  | 05/2027 | 9159 | 8521 | 8107 |  |
| 10047970 | ABF asset | N/A |  | 05/2027 | 6316 | 5768 | 5849 |  |
| 10048001 | ABF asset | N/A |  | 05/2027 | 51335 | 48056 | 48495 |  |
| 10048208 | ABF asset | N/A |  | 05/2027 | 1924 | 1760 | 1761 |  |
| 10048211 | ABF asset | N/A |  | 05/2027 | 49907 | 46719 | 47153 |  |
| 10048335 | ABF asset | N/A |  | 05/2027 | 36575 | 34029 | 34116 |  |
| 10048451 | ABF asset | N/A |  | 05/2027 | 11449 | 10717 | 10790 |  |
| 10048490 | ABF asset | N/A |  | 05/2027 | 90685 | 84892 | 85772 |  |
| 10048774 | ABF asset | N/A |  | 05/2027 | 3969 | 3651 | 3660 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10048776 | ABF asset | N/A |  | 05/2027 | 13806 | 12580 | 10961 |  |
| 10048793 | ABF asset | N/A |  | 05/2027 | 53717 | 50286 | 49329 |  |
| 10048911 | ABF asset | N/A |  | 05/2027 | 2193 | 2007 | 2081 |  |
| 10048941 | ABF asset | N/A |  | 05/2027 | 3076 | 2880 | 2913 |  |
| 10048951 | ABF asset | N/A |  | 05/2027 | 1985 | 1809 | 1863 |  |
| 10048957 | ABF asset | N/A |  | 05/2027 | 1930 | 1807 | 1828 |  |
| 10048964 | ABF asset | N/A |  | 05/2027 | 2270 | 2096 | 1959 |  |
| 10048970 | ABF asset | N/A |  | 05/2027 | 4581 | 4289 | 4349 |  |
| 10048997 | ABF asset | N/A |  | 05/2027 | 37856 | 34496 | 35542 |  |
| 10049181 | ABF asset | N/A |  | 05/2027 | 1899 | 1738 | 1766 |  |
| 10049188 | ABF asset | N/A |  | 05/2027 | 6469 | 6055 | 6111 |  |
| 10049237 | ABF asset | N/A |  | 05/2027 | 2078 | 1894 | 1970 |  |
| 10049255 | ABF asset | N/A |  | 05/2027 | 3733 | 3417 | 3488 |  |
| 10049289 | ABF asset | N/A |  | 05/2027 | 28404 | 25883 | 25747 |  |
| 10049409 | ABF asset | N/A |  | 05/2027 | 9385 | 8552 | 8809 |  |
| 10049434 | ABF asset | N/A |  | 05/2027 | 1729 | 1584 | 1584 |  |
| 10049438 | ABF asset | N/A |  | 05/2027 | 23964 | 22433 | 22689 |  |
| 10049595 | ABF asset | N/A |  | 05/2027 | 5493 | 5071 | 5178 |  |
| 10049632 | ABF asset | N/A |  | 05/2027 | 21224 | 19747 | 19932 |  |
| 10049763 | ABF asset | N/A |  | 05/2027 | 10696 | 9951 | 9892 |  |
| 10049796 | ABF asset | N/A |  | 05/2027 | 9263 | 8441 | 8372 |  |
| 10049828 | ABF asset | N/A |  | 05/2027 | 13770 | 12891 | 13038 |  |
| 10049882 | ABF asset | N/A |  | 05/2027 | 4474 | 4130 | 4231 |  |
| 10049899 | ABF asset | N/A |  | 05/2027 | 6802 | 6367 | 6433 |  |
| 10049909 | ABF asset | N/A |  | 05/2027 | 1698 | 1580 | 1594 |  |
| 10049914 | ABF asset | N/A |  | 05/2027 | 3715 | 3430 | 3514 |  |
| 10049919 | ABF asset | N/A |  | 05/2027 | 4591 | 4184 | 4256 |  |
| 10049930 | ABF asset | N/A |  | 05/2027 | 888 | 831 | 843 |  |
| 10049938 | ABF asset | N/A |  | 05/2027 | 7283 | 6818 | 6900 |  |
| 10049962 | ABF asset | N/A |  | 05/2027 | 766 | 701 | 725 |  |
| 10049963 | ABF asset | N/A |  | 05/2027 | 3817 | 3536 | 3550 |  |
| 10049970 | ABF asset | N/A |  | 05/2027 | 21027 | 19161 | 16750 |  |
| 10050019 | ABF asset | N/A |  | 05/2027 | 2418 | 2232 | 2265 |  |
| 10050025 | ABF asset | N/A |  | 05/2027 | 3872 | 3602 | 3647 |  |
| 10050033 | ABF asset | N/A |  | 05/2027 | 12462 | 11665 | 11797 |  |
| 10050065 | ABF asset | N/A |  | 05/2027 | 1347 | 1227 | 1266 |  |
| 10050073 | ABF asset | N/A |  | 05/2027 | 28409 | 26431 | 26989 |  |
| 10050151 | ABF asset | N/A |  | 05/2027 | 6061 | 5522 | 4766 |  |
| 10050171 | ABF asset | N/A |  | 05/2027 | 761 | 697 | 684 |  |
| 10050175 | ABF asset | N/A |  | 05/2027 | 3027 | 2834 | 2866 |  |
| 10050183 | ABF asset | N/A |  | 05/2027 | 12447 | 11490 | 11570 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10050209 | ABF asset | N/A |  | 05/2027 | 3508 | 3210 | 3277 |  |
| 10050212 | ABF asset | N/A |  | 05/2027 | 3859 | 3612 | 3655 |  |
| 10050227 | ABF asset | N/A |  | 05/2027 | 9761 | 9137 | 9174 |  |
| 10050254 | ABF asset | N/A |  | 05/2027 | 1787 | 1636 | 1685 |  |
| 10050262 | ABF asset | N/A |  | 05/2027 | 23002 | 21401 | 21459 |  |
| 10050307 | ABF asset | N/A |  | 05/2027 | 14147 | 13105 | 13351 |  |
| 10050356 | ABF asset | N/A |  | 05/2027 | 2123 | 1965 | 1818 |  |
| 10050364 | ABF asset | N/A |  | 05/2027 | 623 | 570 | 591 |  |
| 10050368 | ABF asset | N/A |  | 05/2027 | 5778 | 5409 | 5446 |  |
| 10050378 | ABF asset | N/A |  | 05/2027 | 1897 | 1757 | 1646 |  |
| 10050380 | ABF asset | N/A |  | 05/2027 | 15764 | 14365 | 14800 |  |
| 10050425 | ABF asset | N/A |  | 05/2027 | 9243 | 8653 | 8731 |  |
| 10050444 | ABF asset | N/A |  | 05/2027 | 3484 | 3261 | 3291 |  |
| 10050453 | ABF asset | N/A |  | 05/2027 | 16396 | 15349 | 15547 |  |
| 10050499 | ABF asset | N/A |  | 05/2027 | 764 | 698 | 715 |  |
| 10050504 | ABF asset | N/A |  | 05/2027 | 7518 | 7038 | 7117 |  |
| 10050543 | ABF asset | N/A |  | 05/2027 | 11687 | 10940 | 11015 |  |
| 10050573 | ABF asset | N/A |  | 05/2027 | 22996 | 21395 | 21268 |  |
| 10050627 | ABF asset | N/A |  | 05/2027 | 1559 | 1439 | 1469 |  |
| 10050632 | ABF asset | N/A |  | 05/2027 | 21667 | 20283 | 20465 |  |
| 10050684 | ABF asset | N/A |  | 05/2027 | 10091 | 9447 | 9532 |  |
| 10050705 | ABF asset | N/A |  | 05/2027 | 33746 | 31590 | 31719 |  |
| 10050787 | ABF asset | N/A |  | 05/2027 | 26180 | 23908 | 24507 |  |
| 10050870 | ABF asset | N/A |  | 05/2027 | 19396 | 18157 | 17829 |  |
| 10050906 | ABF asset | N/A |  | 05/2027 | 1133 | 1033 | 1042 |  |
| 10050910 | ABF asset | N/A |  | 05/2027 | 1355 | 1251 | 1277 |  |
| 10050913 | ABF asset | N/A |  | 05/2027 | 8967 | 8394 | 8489 |  |
| 10050932 | ABF asset | N/A |  | 05/2027 | 2067 | 1901 | 1917 |  |
| 10050936 | ABF asset | N/A |  | 05/2027 | 2009 | 1848 | 1884 |  |
| 10050940 | ABF asset | N/A |  | 05/2027 | 2512 | 2289 | 2329 |  |
| 10050948 | ABF asset | N/A |  | 05/2027 | 28127 | 26169 | 26241 |  |
| 10051003 | ABF asset | N/A |  | 05/2027 | 9455 | 8727 | 8667 |  |
| 10051026 | ABF asset | N/A |  | 05/2027 | 4545 | 4159 | 4201 |  |
| 10051039 | ABF asset | N/A |  | 05/2027 | 9484 | 8824 | 8908 |  |
| 10051074 | ABF asset | N/A |  | 05/2027 | 13380 | 12525 | 12655 |  |
| 10051110 | ABF asset | N/A |  | 05/2027 | 1414 | 1288 | 1311 |  |
| 10051115 | ABF asset | N/A |  | 05/2027 | 858 | 795 | 840 |  |
| 10051125 | ABF asset | N/A |  | 05/2027 | 5827 | 5397 | 5481 |  |
| 10051148 | ABF asset | N/A |  | 05/2027 | 3425 | 3162 | 3186 |  |
| 10051157 | ABF asset | N/A |  | 05/2027 | 4545 | 4255 | 4310 |  |
| 10051166 | ABF asset | N/A |  | 05/2027 | 1229 | 1135 | 1169 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10051168 | ABF asset | N/A |  | 05/2027 | 2528 | 2314 | 2259 |  |
| 10051177 | ABF asset | N/A |  | 05/2027 | 1757 | 1645 | 1662 |  |
| 10051180 | ABF asset | N/A |  | 05/2027 | 3440 | 3200 | 3252 |  |
| 10051192 | ABF asset | N/A |  | 05/2027 | 9716 | 9096 | 9199 |  |
| 10051216 | ABF asset | N/A |  | 05/2027 | 6631 | 6068 | 5500 |  |
| 10051228 | ABF asset | N/A |  | 05/2027 | 21146 | 19674 | 18760 |  |
| 10051281 | ABF asset | N/A |  | 05/2027 | 1704 | 1578 | 1641 |  |
| 10051289 | ABF asset | N/A |  | 05/2027 | 21082 | 19736 | 19959 |  |
| 10051359 | ABF asset | N/A |  | 05/2027 | 10493 | 9720 | 9935 |  |
| 10051400 | ABF asset | N/A |  | 05/2027 | 2827 | 2582 | 1886 |  |
| 10051408 | ABF asset | N/A |  | 05/2027 | 3204 | 2948 | 3019 |  |
| 10051417 | ABF asset | N/A |  | 05/2027 | 804 | 736 | 761 |  |
| 10051421 | ABF asset | N/A |  | 05/2027 | 4029 | 3679 | 3771 |  |
| 10051436 | ABF asset | N/A |  | 05/2027 | 3178 | 2958 | 2980 |  |
| 10051440 | ABF asset | N/A |  | 05/2027 | 3731 | 3456 | 3244 |  |
| 10051447 | ABF asset | N/A |  | 05/2027 | 5245 | 4826 | 3623 |  |
| 10051453 | ABF asset | N/A |  | 05/2027 | 8217 | 7488 | 7643 |  |
| 10051478 | ABF asset | N/A |  | 05/2027 | 2956 | 2728 | 2749 |  |
| 10051485 | ABF asset | N/A |  | 05/2027 | 870 | 805 | 792 |  |
| 10051487 | ABF asset | N/A |  | 05/2027 | 1884 | 1717 | 1709 |  |
| 10051491 | ABF asset | N/A |  | 05/2027 | 6188 | 5651 | 5791 |  |
| 10051516 | ABF asset | N/A |  | 05/2027 | 2312 | 2127 | 2168 |  |
| 10051526 | ABF asset | N/A |  | 05/2027 | 3599 | 3294 | 3327 |  |
| 10051533 | ABF asset | N/A |  | 05/2027 | 7237 | 6775 | 6856 |  |
| 10051559 | ABF asset | N/A |  | 05/2027 | 1664 | 1541 | 1565 |  |
| 10051565 | ABF asset | N/A |  | 05/2027 | 10488 | 9818 | 9919 |  |
| 10051581 | ABF asset | N/A |  | 05/2027 | 2787 | 2582 | 2622 |  |
| 10051586 | ABF asset | N/A |  | 05/2027 | 12956 | 11806 | 10220 |  |
| 10051610 | ABF asset | N/A |  | 05/2027 | 1478 | 1353 | 1354 |  |
| 10051614 | ABF asset | N/A |  | 05/2027 | 8115 | 7550 | 7571 |  |
| 10051637 | ABF asset | N/A |  | 05/2027 | 1579 | 1442 | 1506 |  |
| 10051645 | ABF asset | N/A |  | 05/2027 | 2393 | 2226 | 2248 |  |
| 10051654 | ABF asset | N/A |  | 05/2027 | 13891 | 12868 | 13113 |  |
| 10051692 | ABF asset | N/A |  | 05/2027 | 16239 | 15202 | 15340 |  |
| 10051735 | ABF asset | N/A |  | 05/2027 | 38213 | 35772 | 36176 |  |
| 10052502 | ABF asset | N/A |  | 05/2027 | 3100 | 2870 | 2825 |  |
| 10052517 | ABF asset | N/A |  | 05/2027 | 2107 | 1924 | 2010 |  |
| 10052552 | ABF asset | N/A |  | 05/2027 | 2174 | 1981 | 2044 |  |
| 10052561 | ABF asset | N/A |  | 05/2027 | 6673 | 6246 | 6322 |  |
| 10052590 | ABF asset | N/A |  | 05/2027 | 1290 | 1180 | 1219 |  |
| 10052608 | ABF asset | N/A |  | 05/2027 | 1485 | 1376 | 1087 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10052628 | ABF asset | N/A |  | 05/2027 | 18160 | 16620 | 17101 |  |
| 10052821 | ABF asset | N/A |  | 05/2027 | 2970 | 2711 | 2686 |  |
| 10052845 | ABF asset | N/A |  | 05/2027 | 2776 | 2598 | 2628 |  |
| 10052884 | ABF asset | N/A |  | 05/2027 | 2903 | 2645 | 2635 |  |
| 10052918 | ABF asset | N/A |  | 05/2027 | 9500 | 8694 | 8872 |  |
| 10053020 | ABF asset | N/A |  | 05/2027 | 13293 | 12444 | 12594 |  |
| 10053120 | ABF asset | N/A |  | 05/2027 | 4355 | 4052 | 4127 |  |
| 10053127 | ABF asset | N/A |  | 05/2027 | 15828 | 14423 | 14365 |  |
| 10053241 | ABF asset | N/A |  | 05/2027 | 4773 | 4441 | 4497 |  |
| 10053310 | ABF asset | N/A |  | 05/2027 | 9151 | 8374 | 8517 |  |
| 10053393 | ABF asset | N/A |  | 05/2027 | 2506 | 2295 | 2331 |  |
| 10053448 | ABF asset | N/A |  | 05/2027 | 7077 | 6625 | 6705 |  |
| 10053532 | ABF asset | N/A |  | 05/2027 | 2958 | 2710 | 2809 |  |
| 10053585 | ABF asset | N/A |  | 05/2027 | 1263 | 1151 | 1000 |  |
| 10053601 | ABF asset | N/A |  | 05/2027 | 2192 | 2052 | 2066 |  |
| 10053610 | ABF asset | N/A |  | 05/2027 | 15330 | 14351 | 14512 |  |
| 10053710 | ABF asset | N/A |  | 05/2027 | 2597 | 2366 | 2378 |  |
| 10053721 | ABF asset | N/A |  | 05/2027 | 781 | 711 | 740 |  |
| 10053743 | ABF asset | N/A |  | 05/2027 | 5174 | 4844 | 4865 |  |
| 10053770 | ABF asset | N/A |  | 05/2027 | 1938 | 1814 | 1831 |  |
| 10053791 | ABF asset | N/A |  | 05/2027 | 1296 | 1181 | 1206 |  |
| 10053794 | ABF asset | N/A |  | 05/2027 | 6844 | 6407 | 6479 |  |
| 10053832 | ABF asset | N/A |  | 05/2027 | 1540 | 1442 | 1462 |  |
| 10053841 | ABF asset | N/A |  | 05/2027 | 14880 | 13736 | 14148 |  |
| 10053889 | ABF asset | N/A |  | 05/2027 | 25589 | 23539 | 23921 |  |
| 10054003 | ABF asset | N/A |  | 05/2027 | 15495 | 14505 | 14655 |  |
| 10054083 | ABF asset | N/A |  | 05/2027 | 11625 | 10882 | 11005 |  |
| 10054150 | ABF asset | N/A |  | 05/2027 | 5210 | 4810 | 4928 |  |
| 10054184 | ABF asset | N/A |  | 05/2027 | 11492 | 10758 | 10896 |  |
| 10054223 | ABF asset | N/A |  | 05/2027 | 3783 | 3542 | 3588 |  |
| 10054233 | ABF asset | N/A |  | 05/2027 | 4186 | 3918 | 3850 |  |
| 10054256 | ABF asset | N/A |  | 05/2027 | 10507 | 9836 | 9938 |  |
| 10054296 | ABF asset | N/A |  | 05/2027 | 13193 | 12048 | 11592 |  |
| 10054345 | ABF asset | N/A |  | 05/2027 | 14786 | 13756 | 13979 |  |
| 10054397 | ABF asset | N/A |  | 05/2027 | 7854 | 7157 | 6276 |  |
| 10054433 | ABF asset | N/A |  | 05/2027 | 1447 | 1340 | 835 |  |
| 10054437 | ABF asset | N/A |  | 05/2027 | 3778 | 3488 | 3279 |  |
| 10054456 | ABF asset | N/A |  | 05/2027 | 19664 | 18408 | 18599 |  |
| 10054514 | ABF asset | N/A |  | 05/2027 | 1827 | 1673 | 1700 |  |
| 10054526 | ABF asset | N/A |  | 05/2027 | 2353 | 2154 | 2190 |  |
| 10054538 | ABF asset | N/A |  | 05/2027 | 14491 | 13565 | 13328 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10054586 | ABF asset | N/A |  | 05/2027 | 4660 | 4265 | 4353 |  |
| 10054621 | ABF asset | N/A |  | 05/2027 | 2760 | 2557 | 2570 |  |
| 10054637 | ABF asset | N/A |  | 05/2027 | 267 | 247 | 253 |  |
| 10054640 | ABF asset | N/A |  | 05/2027 | 3319 | 3088 | 3071 |  |
| 10054647 | ABF asset | N/A |  | 05/2027 | 3814 | 3570 | 3610 |  |
| 10054666 | ABF asset | N/A |  | 05/2027 | 4908 | 4473 | 4368 |  |
| 10054685 | ABF asset | N/A |  | 05/2027 | 926 | 855 | 873 |  |
| 10054689 | ABF asset | N/A |  | 05/2027 | 8518 | 7761 | 7483 |  |
| 10054725 | ABF asset | N/A |  | 05/2027 | 14740 | 13606 | 13893 |  |
| 10054777 | ABF asset | N/A |  | 05/2027 | 3472 | 3194 | 3286 |  |
| 10054802 | ABF asset | N/A |  | 05/2027 | 1173 | 1074 | 1049 |  |
| 10054809 | ABF asset | N/A |  | 05/2027 | 11375 | 10536 | 10589 |  |
| 10054869 | ABF asset | N/A |  | 05/2027 | 37183 | 33883 | 34482 |  |
| 10055004 | ABF asset | N/A |  | 05/2027 | 4074 | 3713 | 3885 |  |
| 10055051 | ABF asset | N/A |  | 05/2027 | 2380 | 2197 | 2243 |  |
| 10055053 | ABF asset | N/A |  | 05/2027 | 3008 | 2753 | 2833 |  |
| 10055062 | ABF asset | N/A |  | 05/2027 | 5285 | 4896 | 4964 |  |
| 10055078 | ABF asset | N/A |  | 05/2027 | 3422 | 3204 | 3226 |  |
| 10055090 | ABF asset | N/A |  | 05/2027 | 5115 | 4738 | 4812 |  |
| 10055101 | ABF asset | N/A |  | 05/2027 | 573 | 523 | 542 |  |
| 10055102 | ABF asset | N/A |  | 05/2027 | 1904 | 1735 | 1760 |  |
| 10055117 | ABF asset | N/A |  | 05/2027 | 4715 | 4414 | 4471 |  |
| 10055131 | ABF asset | N/A |  | 05/2027 | 15555 | 14561 | 14306 |  |
| 10055204 | ABF asset | N/A |  | 05/2027 | 4976 | 4658 | 4706 |  |
| 10055220 | ABF asset | N/A |  | 05/2027 | 1421 | 1294 | 1322 |  |
| 10055228 | ABF asset | N/A |  | 05/2027 | 2436 | 2219 | 2271 |  |
| 10055248 | ABF asset | N/A |  | 05/2027 | 6375 | 5967 | 6034 |  |
| 10055267 | ABF asset | N/A |  | 05/2027 | 648 | 590 | 620 |  |
| 10055273 | ABF asset | N/A |  | 05/2027 | 3227 | 2947 | 3006 |  |
| 10055298 | ABF asset | N/A |  | 05/2027 | 2432 | 2237 | 2246 |  |
| 10055309 | ABF asset | N/A |  | 05/2027 | 166 | 154 | 158 |  |
| 10055310 | ABF asset | N/A |  | 05/2027 | 12002 | 11118 | 10444 |  |
| 10055344 | ABF asset | N/A |  | 05/2027 | 6221 | 5824 | 5905 |  |
| 10055361 | ABF asset | N/A |  | 05/2027 | 1677 | 1528 | 1560 |  |
| 10055365 | ABF asset | N/A |  | 05/2027 | 15934 | 14759 | 14672 |  |
| 10055423 | ABF asset | N/A |  | 05/2027 | 2282 | 2089 | 2132 |  |
| 10055427 | ABF asset | N/A |  | 05/2027 | 5342 | 4893 | 4816 |  |
| 10055453 | ABF asset | N/A |  | 05/2027 | 9119 | 8345 | 8487 |  |
| 10055461 | ABF asset | N/A |  | 05/2027 | 2479 | 2320 | 2344 |  |
| 10055464 | ABF asset | N/A |  | 05/2027 | 50520 | 47293 | 47825 |  |
| 10055593 | ABF asset | N/A |  | 05/2027 | 1368 | 1252 | 1278 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10055594 | ABF asset | N/A |  | 05/2027 | 4993 | 4675 | 4727 |  |
| 10055610 | ABF asset | N/A |  | 05/2027 | 10924 | 10226 | 10333 |  |
| 10055651 | ABF asset | N/A |  | 05/2027 | 4409 | 4034 | 4103 |  |
| 10055682 | ABF asset | N/A |  | 05/2027 | 40206 | 37407 | 37881 |  |
| 10055845 | ABF asset | N/A |  | 05/2027 | 2893 | 2670 | 2511 |  |
| 10055858 | ABF asset | N/A |  | 05/2027 | 6040 | 5654 | 5722 |  |
| 10055904 | ABF asset | N/A |  | 05/2027 | 10109 | 9405 | 9578 |  |
| 10055955 | ABF asset | N/A |  | 05/2027 | 17356 | 16247 | 16430 |  |
| 10056016 | ABF asset | N/A |  | 05/2027 | 4880 | 4447 | 4418 |  |
| 10056034 | ABF asset | N/A |  | 05/2027 | 6225 | 5791 | 5847 |  |
| 10056055 | ABF asset | N/A |  | 05/2027 | 13834 | 12871 | 12973 |  |
| 10056083 | ABF asset | N/A |  | 05/2027 | 9127 | 8454 | 8496 |  |
| 10056109 | ABF asset | N/A |  | 05/2027 | 4138 | 3787 | 3913 |  |
| 10056127 | ABF asset | N/A |  | 05/2027 | 52585 | 48020 | 48986 |  |
| 10056237 | ABF asset | N/A |  | 05/2027 | 9299 | 8614 | 8776 |  |
| 10056261 | ABF asset | N/A |  | 05/2027 | 3466 | 3209 | 2984 |  |
| 10056267 | ABF asset | N/A |  | 05/2027 | 17668 | 16253 | 16566 |  |
| 10056320 | ABF asset | N/A |  | 05/2027 | 15115 | 13803 | 13677 |  |
| 10056364 | ABF asset | N/A |  | 05/2027 | 2816 | 2620 | 2653 |  |
| 10056374 | ABF asset | N/A |  | 05/2027 | 940 | 870 | 915 |  |
| 10056386 | ABF asset | N/A |  | 05/2027 | 4545 | 4159 | 4260 |  |
| 10056417 | ABF asset | N/A |  | 05/2027 | 13106 | 12268 | 12355 |  |
| 10056496 | ABF asset | N/A |  | 05/2027 | 18381 | 16822 | 15296 |  |
| 10056560 | ABF asset | N/A |  | 05/2027 | 30756 | 28791 | 29163 |  |
| 10056736 | ABF asset | N/A |  | 05/2027 | 26835 | 25121 | 25424 |  |
| 10056819 | ABF asset | N/A |  | 05/2027 | 811 | 751 | 781 |  |
| 10056825 | ABF asset | N/A |  | 05/2027 | 24491 | 22687 | 23044 |  |
| 10056887 | ABF asset | N/A |  | 05/2027 | 2009 | 1862 | 1871 |  |
| 10056902 | ABF asset | N/A |  | 05/2027 | 10044 | 9172 | 9610 |  |
| 10056940 | ABF asset | N/A |  | 05/2027 | 55914 | 51436 | 51878 |  |
| 10057088 | ABF asset | N/A |  | 05/2027 | 27717 | 25946 | 25490 |  |
| 10057234 | ABF asset | N/A |  | 05/2027 | 25098 | 23495 | 23757 |  |
| 10057297 | ABF asset | N/A |  | 05/2027 | 13105 | 12097 | 12279 |  |
| 10057319 | ABF asset | N/A |  | 05/2027 | 3495 | 3215 | 3228 |  |
| 10057322 | ABF asset | N/A |  | 05/2027 | 14351 | 13434 | 13585 |  |
| 10057364 | ABF asset | N/A |  | 05/2027 | 13144 | 12028 | 12234 |  |
| 10057381 | ABF asset | N/A |  | 05/2027 | 1347 | 1239 | 1259 |  |
| 10057383 | ABF asset | N/A |  | 05/2027 | 6263 | 5827 | 5882 |  |
| 10057401 | ABF asset | N/A |  | 05/2027 | 5401 | 4986 | 5092 |  |
| 10057414 | ABF asset | N/A |  | 05/2027 | 4580 | 4173 | 4339 |  |
| 10057432 | ABF asset | N/A |  | 05/2027 | 2369 | 2158 | 2197 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10057438 | ABF asset | N/A |  | 05/2027 | 2339 | 2142 | 1995 |  |
| 10057450 | ABF asset | N/A |  | 05/2027 | 18334 | 16866 | 16931 |  |
| 10057495 | ABF asset | N/A |  | 05/2027 | 5927 | 5549 | 5611 |  |
| 10057511 | ABF asset | N/A |  | 05/2027 | 14885 | 13934 | 14079 |  |
| 10057549 | ABF asset | N/A |  | 05/2027 | 2304 | 2157 | 2183 |  |
| 10057560 | ABF asset | N/A |  | 05/2027 | 1802 | 1643 | 1677 |  |
| 10057569 | ABF asset | N/A |  | 05/2027 | 10658 | 9804 | 9688 |  |
| 10057602 | ABF asset | N/A |  | 05/2027 | 1281 | 1167 | 1184 |  |
| 10057608 | ABF asset | N/A |  | 05/2027 | 8794 | 8089 | 8383 |  |
| 10057643 | ABF asset | N/A |  | 05/2027 | 5314 | 4920 | 3910 |  |
| 10057661 | ABF asset | N/A |  | 05/2027 | 1392 | 1275 | 1022 |  |
| 10057671 | ABF asset | N/A |  | 05/2027 | 22716 | 21265 | 21558 |  |
| 10057729 | ABF asset | N/A |  | 05/2027 | 71216 | 66667 | 67132 |  |
| 10057870 | ABF asset | N/A |  | 05/2027 | 4639 | 4316 | 4293 |  |
| 10057880 | ABF asset | N/A |  | 05/2027 | 8770 | 8068 | 8099 |  |
| 10057900 | ABF asset | N/A |  | 05/2027 | 9744 | 8879 | 9285 |  |
| 10057929 | ABF asset | N/A |  | 05/2027 | 39538 | 36029 | 35890 |  |
| 10058019 | ABF asset | N/A |  | 05/2027 | 19844 | 18462 | 18696 |  |
| 10058060 | ABF asset | N/A |  | 05/2027 | 25290 | 23144 | 22612 |  |
| 10058104 | ABF asset | N/A |  | 05/2027 | 22048 | 20353 | 20850 |  |
| 10058151 | ABF asset | N/A |  | 05/2027 | 5294 | 4835 | 3614 |  |
| 10058157 | ABF asset | N/A |  | 05/2027 | 1799 | 1639 | 1445 |  |
| 10058161 | ABF asset | N/A |  | 05/2027 | 3125 | 2860 | 2930 |  |
| 10058175 | ABF asset | N/A |  | 05/2027 | 9059 | 8273 | 8443 |  |
| 10058201 | ABF asset | N/A |  | 05/2027 | 4821 | 4393 | 4471 |  |
| 10058208 | ABF asset | N/A |  | 05/2027 | 1605 | 1470 | 1494 |  |
| 10058217 | ABF asset | N/A |  | 05/2027 | 9609 | 8870 | 9135 |  |
| 10058238 | ABF asset | N/A |  | 05/2027 | 354 | 328 | 347 |  |
| 10058241 | ABF asset | N/A |  | 05/2027 | 27240 | 25500 | 25804 |  |
| 10058284 | ABF asset | N/A |  | 05/2027 | 1942 | 1818 | 1840 |  |
| 10058285 | ABF asset | N/A |  | 05/2027 | 1991 | 1814 | 1847 |  |
| 10058286 | ABF asset | N/A |  | 05/2027 | 6305 | 5902 | 5926 |  |
| 10058311 | ABF asset | N/A |  | 05/2027 | 7199 | 6560 | 6751 |  |
| 10058319 | ABF asset | N/A |  | 05/2027 | 9867 | 9030 | 9185 |  |
| 10058323 | ABF asset | N/A |  | 05/2027 | 16680 | 15344 | 15592 |  |
| 10058349 | ABF asset | N/A |  | 05/2027 | 6025 | 5640 | 5708 |  |
| 10058355 | ABF asset | N/A |  | 05/2027 | 8286 | 7676 | 7818 |  |
| 10058364 | ABF asset | N/A |  | 05/2027 | 2780 | 2557 | 2620 |  |
| 10058371 | ABF asset | N/A |  | 05/2027 | 39614 | 37084 | 37556 |  |
| 10058415 | ABF asset | N/A |  | 05/2027 | 43144 | 39826 | 40303 |  |
| 10058457 | ABF asset | N/A |  | 05/2027 | 2553 | 2332 | 1981 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10058463 | ABF asset | N/A |  | 05/2027 | 431 | 395 | 414 |  |
| 10058464 | ABF asset | N/A |  | 05/2027 | 26183 | 24511 | 24682 |  |
| 10058488 | ABF asset | N/A |  | 05/2027 | 471 | 429 | 439 |  |
| 10058489 | ABF asset | N/A |  | 05/2027 | 1611 | 1468 | 1526 |  |
| 10058493 | ABF asset | N/A |  | 05/2027 | 236 | 220 | 224 |  |
| 10058494 | ABF asset | N/A |  | 05/2027 | 6507 | 6007 | 5972 |  |
| 10058503 | ABF asset | N/A |  | 05/2027 | 10046 | 9405 | 9490 |  |
| 10058518 | ABF asset | N/A |  | 05/2027 | 47585 | 44272 | 44834 |  |
| 10058597 | ABF asset | N/A |  | 05/2027 | 2094 | 1917 | 1956 |  |
| 10058600 | ABF asset | N/A |  | 05/2027 | 19585 | 18334 | 18024 |  |
| 10058639 | ABF asset | N/A |  | 05/2027 | 1457 | 1363 | 1380 |  |
| 10058643 | ABF asset | N/A |  | 05/2027 | 9051 | 8355 | 8532 |  |
| 10058668 | ABF asset | N/A |  | 05/2027 | 2611 | 2380 | 2303 |  |
| 10058670 | ABF asset | N/A |  | 05/2027 | 1647 | 1526 | 1565 |  |
| 10058677 | ABF asset | N/A |  | 05/2027 | 1846 | 1703 | 1739 |  |
| 10058683 | ABF asset | N/A |  | 05/2027 | 42475 | 39518 | 40350 |  |
| 10058746 | ABF asset | N/A |  | 05/2027 | 1763 | 1651 | 1666 |  |
| 10058747 | ABF asset | N/A |  | 05/2027 | 4056 | 3757 | 3774 |  |
| 10058761 | ABF asset | N/A |  | 05/2027 | 72730 | 68084 | 68706 |  |
| 10058838 | ABF asset | N/A |  | 05/2027 | 64800 | 60290 | 61053 |  |
| 10058983 | ABF asset | N/A |  | 05/2027 | 36223 | 33007 | 32899 |  |
| 10059520 | ABF asset | N/A |  | 05/2027 | 4977 | 4659 | 4707 |  |
| 10059530 | ABF asset | N/A |  | 05/2027 | 1061 | 982 | 785 |  |
| 10059531 | ABF asset | N/A |  | 05/2027 | 20705 | 19382 | 19519 |  |
| 10059675 | ABF asset | N/A |  | 05/2027 | 15662 | 14407 | 13382 |  |
| 10059767 | ABF asset | N/A |  | 05/2027 | 12361 | 11572 | 11691 |  |
| 10059867 | ABF asset | N/A |  | 05/2027 | 7381 | 6726 | 6927 |  |
| 10059893 | ABF asset | N/A |  | 05/2027 | 1861 | 1732 | 1768 |  |
| 10059907 | ABF asset | N/A |  | 05/2027 | 3359 | 3061 | 2708 |  |
| 10059921 | ABF asset | N/A |  | 05/2027 | 18067 | 16913 | 17116 |  |
| 10060147 | ABF asset | N/A |  | 05/2027 | 9498 | 8655 | 8707 |  |
| 10060240 | ABF asset | N/A |  | 05/2027 | 35430 | 32963 | 33484 |  |
| 10060618 | ABF asset | N/A |  | 05/2027 | 1018 | 942 | 753 |  |
| 10060631 | ABF asset | N/A |  | 05/2027 | 27611 | 25847 | 26214 |  |
| 10060820 | ABF asset | N/A |  | 05/2027 | 3990 | 3636 | 3745 |  |
| 10060844 | ABF asset | N/A |  | 05/2027 | 3869 | 3541 | 3643 |  |
| 10060873 | ABF asset | N/A |  | 05/2027 | 1865 | 1746 | 1765 |  |
| 10060884 | ABF asset | N/A |  | 05/2027 | 5723 | 5301 | 5373 |  |
| 10060913 | ABF asset | N/A |  | 05/2027 | 1808 | 1654 | 1702 |  |
| 10060928 | ABF asset | N/A |  | 05/2027 | 2367 | 2157 | 2089 |  |
| 10060957 | ABF asset | N/A |  | 05/2027 | 9139 | 8436 | 8643 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10060983 | ABF asset | N/A |  | 05/2027 | 1225 | 1116 | 1152 |  |
| 10060989 | ABF asset | N/A |  | 05/2027 | 4996 | 4677 | 4725 |  |
| 10061014 | ABF asset | N/A |  | 05/2027 | 5625 | 5266 | 5303 |  |
| 10061019 | ABF asset | N/A |  | 05/2027 | 6220 | 5822 | 5848 |  |
| 10061028 | ABF asset | N/A |  | 05/2027 | 2908 | 2722 | 2761 |  |
| 10061043 | ABF asset | N/A |  | 05/2027 | 2887 | 2655 | 2721 |  |
| 10061062 | ABF asset | N/A |  | 05/2027 | 8850 | 8285 | 8377 |  |
| 10061118 | ABF asset | N/A |  | 05/2027 | 19175 | 17949 | 18027 |  |
| 10061200 | ABF asset | N/A |  | 05/2027 | 4585 | 4245 | 4398 |  |
| 10061238 | ABF asset | N/A |  | 05/2027 | 6910 | 6398 | 6647 |  |
| 10061252 | ABF asset | N/A |  | 05/2027 | 2389 | 2177 | 2242 |  |
| 10061259 | ABF asset | N/A |  | 05/2027 | 28239 | 25844 | 23635 |  |
| 10061385 | ABF asset | N/A |  | 05/2027 | 10136 | 9488 | 9603 |  |
| 10061426 | ABF asset | N/A |  | 05/2027 | 12236 | 11455 | 11536 |  |
| 10061456 | ABF asset | N/A |  | 05/2027 | 1824 | 1665 | 1745 |  |
| 10061480 | ABF asset | N/A |  | 05/2027 | 4597 | 4189 | 4318 |  |
| 10061523 | ABF asset | N/A |  | 05/2027 | 11354 | 10564 | 10595 |  |
| 10061566 | ABF asset | N/A |  | 05/2027 | 3093 | 2845 | 2915 |  |
| 10061595 | ABF asset | N/A |  | 05/2027 | 2888 | 2704 | 2738 |  |
| 10061601 | ABF asset | N/A |  | 05/2027 | 56339 | 52007 | 52638 |  |
| 10061866 | ABF asset | N/A |  | 05/2027 | 3915 | 3602 | 3662 |  |
| 10061872 | ABF asset | N/A |  | 05/2027 | 2612 | 2380 | 2081 |  |
| 10061879 | ABF asset | N/A |  | 05/2027 | 47728 | 43679 | 44581 |  |
| 10062117 | ABF asset | N/A |  | 05/2027 | 16942 | 15438 | 15853 |  |
| 10062154 | ABF asset | N/A |  | 05/2027 | 46252 | 43297 | 43820 |  |
| 10062260 | ABF asset | N/A |  | 05/2027 | 2464 | 2307 | 2333 |  |
| 10062272 | ABF asset | N/A |  | 05/2027 | 3177 | 2943 | 2983 |  |
| 10062273 | ABF asset | N/A |  | 05/2027 | 4741 | 4438 | 4495 |  |
| 10062292 | ABF asset | N/A |  | 05/2027 | 19939 | 18342 | 18874 |  |
| 10062391 | ABF asset | N/A |  | 05/2027 | 4053 | 3694 | 3841 |  |
| 10062416 | ABF asset | N/A |  | 05/2027 | 5480 | 4993 | 5098 |  |
| 10062432 | ABF asset | N/A |  | 05/2027 | 7738 | 7244 | 7347 |  |
| 10062491 | ABF asset | N/A |  | 05/2027 | 2484 | 2311 | 2334 |  |
| 10062510 | ABF asset | N/A |  | 05/2027 | 10208 | 9342 | 8544 |  |
| 10062555 | ABF asset | N/A |  | 05/2027 | 4342 | 3977 | 4103 |  |
| 10062578 | ABF asset | N/A |  | 05/2027 | 1416 | 1290 | 1325 |  |
| 10062584 | ABF asset | N/A |  | 05/2027 | 1644 | 1505 | 1541 |  |
| 10062596 | ABF asset | N/A |  | 05/2027 | 5071 | 4747 | 4800 |  |
| 10062601 | ABF asset | N/A |  | 05/2027 | 3167 | 2965 | 2995 |  |
| 10062605 | ABF asset | N/A |  | 05/2027 | 4404 | 4123 | 4166 |  |
| 10062633 | ABF asset | N/A |  | 05/2027 | 16783 | 15614 | 15533 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10062733 | ABF asset | N/A |  | 05/2027 | 4441 | 4157 | 4186 |  |
| 10062749 | ABF asset | N/A |  | 05/2027 | 578 | 528 | 553 |  |
| 10062753 | ABF asset | N/A |  | 05/2027 | 1660 | 1553 | 1572 |  |
| 10062768 | ABF asset | N/A |  | 05/2027 | 1754 | 1642 | 1657 |  |
| 10062769 | ABF asset | N/A |  | 05/2027 | 804 | 736 | 763 |  |
| 10062790 | ABF asset | N/A |  | 05/2027 | 4198 | 3906 | 3956 |  |
| 10062809 | ABF asset | N/A |  | 05/2027 | 1711 | 1580 | 1627 |  |
| 10062824 | ABF asset | N/A |  | 05/2027 | 4121 | 3775 | 3527 |  |
| 10062849 | ABF asset | N/A |  | 05/2027 | 5013 | 4693 | 4742 |  |
| 10062877 | ABF asset | N/A |  | 05/2027 | 17314 | 15845 | 14491 |  |
| 10062949 | ABF asset | N/A |  | 05/2027 | 48486 | 45388 | 45857 |  |
| 10063116 | ABF asset | N/A |  | 05/2027 | 2231 | 2076 | 2122 |  |
| 10063134 | ABF asset | N/A |  | 05/2027 | 20684 | 18930 | 19262 |  |
| 10063248 | ABF asset | N/A |  | 05/2027 | 4290 | 4016 | 4033 |  |
| 10063262 | ABF asset | N/A |  | 05/2027 | 9084 | 8277 | 8531 |  |
| 10063325 | ABF asset | N/A |  | 05/2027 | 29553 | 27665 | 27215 |  |
| 10063517 | ABF asset | N/A |  | 05/2027 | 3474 | 3179 | 3245 |  |
| 10063532 | ABF asset | N/A |  | 05/2027 | 1028 | 938 | 931 |  |
| 10063539 | ABF asset | N/A |  | 05/2027 | 7771 | 7196 | 7329 |  |
| 10063583 | ABF asset | N/A |  | 05/2027 | 7226 | 6764 | 6856 |  |
| 10063611 | ABF asset | N/A |  | 05/2027 | 3574 | 3258 | 3186 |  |
| 10063626 | ABF asset | N/A |  | 05/2027 | 17413 | 16300 | 16468 |  |
| 10063709 | ABF asset | N/A |  | 05/2027 | 16003 | 14981 | 15147 |  |
| 10063758 | ABF asset | N/A |  | 05/2027 | 3241 | 2981 | 2769 |  |
| 10063767 | ABF asset | N/A |  | 05/2027 | 14819 | 13679 | 13889 |  |
| 10063824 | ABF asset | N/A |  | 05/2027 | 50058 | 46860 | 47345 |  |
| 10066782 | ABF asset | N/A |  | 05/2027 | 1227 | 1118 | 1159 |  |
| 10066812 | ABF asset | N/A |  | 05/2027 | 9630 | 9014 | 9112 |  |
| 10066844 | ABF asset | N/A |  | 05/2027 | 8450 | 7827 | 7780 |  |
| 10066870 | ABF asset | N/A |  | 05/2027 | 18584 | 17007 | 17030 |  |
| 10066930 | ABF asset | N/A |  | 05/2027 | 3897 | 3649 | 3691 |  |
| 10066967 | ABF asset | N/A |  | 05/2027 | 6776 | 6233 | 6357 |  |
| 10066995 | ABF asset | N/A |  | 05/2027 | 3518 | 3293 | 3326 |  |
| 10067010 | ABF asset | N/A |  | 05/2027 | 1062 | 984 | 1036 |  |
| 10067019 | ABF asset | N/A |  | 05/2027 | 11402 | 10673 | 10816 |  |
| 10067082 | ABF asset | N/A |  | 05/2027 | 15362 | 14231 | 14537 |  |
| 10067173 | ABF asset | N/A |  | 05/2027 | 341 | 316 | 334 |  |
| 10067180 | ABF asset | N/A |  | 05/2027 | 5193 | 4831 | 4806 |  |
| 10067200 | ABF asset | N/A |  | 05/2027 | 1612 | 1476 | 1524 |  |
| 10067211 | ABF asset | N/A |  | 05/2027 | 4843 | 4534 | 4587 |  |
| 10067240 | ABF asset | N/A |  | 05/2027 | 22399 | 20969 | 21111 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10067374 | ABF asset | N/A |  | 05/2027 | 7619 | 7009 | 7121 |  |
| 10067458 | ABF asset | N/A |  | 05/2027 | 5127 | 4770 | 4808 |  |
| 10067503 | ABF asset | N/A |  | 05/2027 | 15464 | 14476 | 14677 |  |
| 10067595 | ABF asset | N/A |  | 05/2027 | 2522 | 2320 | 2159 |  |
| 10067608 | ABF asset | N/A |  | 05/2027 | 23084 | 21309 | 21196 |  |
| 10067741 | ABF asset | N/A |  | 05/2027 | 21709 | 19782 | 19358 |  |
| 10067898 | ABF asset | N/A |  | 05/2027 | 1036 | 944 | 987 |  |
| 10067913 | ABF asset | N/A |  | 05/2027 | 4027 | 3746 | 3776 |  |
| 10067976 | ABF asset | N/A |  | 05/2027 | 1958 | 1784 | 1816 |  |
| 10068025 | ABF asset | N/A |  | 05/2027 | 183 | 167 | 174 |  |
| 10068027 | ABF asset | N/A |  | 05/2027 | 38116 | 35681 | 35998 |  |
| 10068298 | ABF asset | N/A |  | 05/2027 | 3980 | 3725 | 3758 |  |
| 10068323 | ABF asset | N/A |  | 05/2027 | 2313 | 2165 | 2192 |  |
| 10068333 | ABF asset | N/A |  | 05/2027 | 4463 | 4084 | 4155 |  |
| 10068373 | ABF asset | N/A |  | 05/2027 | 3264 | 2987 | 3085 |  |
| 10068381 | ABF asset | N/A |  | 05/2027 | 9850 | 9221 | 9329 |  |
| 10068448 | ABF asset | N/A |  | 05/2027 | 6967 | 6376 | 6586 |  |
| 10068517 | ABF asset | N/A |  | 05/2027 | 5182 | 4798 | 4983 |  |
| 10068563 | ABF asset | N/A |  | 05/2027 | 9523 | 8915 | 9012 |  |
| 10068599 | ABF asset | N/A |  | 05/2027 | 61847 | 57896 | 58137 |  |
| 10068836 | ABF asset | N/A |  | 05/2027 | 80250 | 74338 | 75938 |  |
| 10069374 | ABF asset | N/A |  | 05/2027 | 35327 | 32191 | 32102 |  |
| 10069588 | ABF asset | N/A |  | 05/2027 | 6002 | 5619 | 5675 |  |
| 10069604 | ABF asset | N/A |  | 05/2027 | 765 | 697 | 716 |  |
| 10069605 | ABF asset | N/A |  | 05/2027 | 11399 | 10670 | 10742 |  |
| 10069647 | ABF asset | N/A |  | 05/2027 | 2059 | 1928 | 1954 |  |
| 10069667 | ABF asset | N/A |  | 05/2027 | 13634 | 12762 | 12815 |  |
| 10069717 | ABF asset | N/A |  | 05/2027 | 1224 | 1121 | 1177 |  |
| 10069723 | ABF asset | N/A |  | 05/2027 | 9431 | 8675 | 8815 |  |
| 10069754 | ABF asset | N/A |  | 05/2027 | 3653 | 3360 | 3128 |  |
| 10069766 | ABF asset | N/A |  | 05/2027 | 4446 | 4104 | 4240 |  |
| 10069781 | ABF asset | N/A |  | 05/2027 | 2230 | 2059 | 2089 |  |
| 10069791 | ABF asset | N/A |  | 05/2027 | 23021 | 21550 | 21699 |  |
| 10069874 | ABF asset | N/A |  | 05/2027 | 15695 | 14539 | 14452 |  |
| 10069910 | ABF asset | N/A |  | 05/2027 | 911 | 844 | 876 |  |
| 10069911 | ABF asset | N/A |  | 05/2027 | 4109 | 3823 | 3834 |  |
| 10069917 | ABF asset | N/A |  | 05/2027 | 14189 | 13283 | 13373 |  |
| 10069966 | ABF asset | N/A |  | 05/2027 | 11581 | 10841 | 10968 |  |
| 10070025 | ABF asset | N/A |  | 05/2027 | 12353 | 11564 | 11611 |  |
| 10070058 | ABF asset | N/A |  | 05/2027 | 4719 | 4390 | 4403 |  |
| 10070072 | ABF asset | N/A |  | 05/2027 | 20103 | 18318 | 18224 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10070126 | ABF asset | N/A |  | 05/2027 | 839 | 767 | 795 |  |
| 10070134 | ABF asset | N/A |  | 05/2027 | 9869 | 9110 | 9331 |  |
| 10070151 | ABF asset | N/A |  | 05/2027 | 3472 | 3217 | 3275 |  |
| 10070156 | ABF asset | N/A |  | 05/2027 | 45824 | 42448 | 43217 |  |
| 10070246 | ABF asset | N/A |  | 05/2027 | 5602 | 5245 | 5291 |  |
| 10070255 | ABF asset | N/A |  | 05/2027 | 2994 | 2773 | 2785 |  |
| 10070260 | ABF asset | N/A |  | 05/2027 | 4811 | 4503 | 4556 |  |
| 10070268 | ABF asset | N/A |  | 05/2027 | 20032 | 18752 | 18943 |  |
| 10070339 | ABF asset | N/A |  | 05/2027 | 4501 | 4213 | 4256 |  |
| 10070373 | ABF asset | N/A |  | 05/2027 | 6916 | 6474 | 6501 |  |
| 10070394 | ABF asset | N/A |  | 05/2027 | 3628 | 3359 | 3425 |  |
| 10070400 | ABF asset | N/A |  | 05/2027 | 2423 | 2213 | 2311 |  |
| 10070411 | ABF asset | N/A |  | 05/2027 | 5744 | 5320 | 5390 |  |
| 10070436 | ABF asset | N/A |  | 05/2027 | 2596 | 2403 | 2419 |  |
| 10070461 | ABF asset | N/A |  | 05/2027 | 4788 | 4455 | 4497 |  |
| 10070472 | ABF asset | N/A |  | 05/2027 | 13865 | 12979 | 13119 |  |
| 10070516 | ABF asset | N/A |  | 05/2027 | 2081 | 1927 | 1550 |  |
| 10070551 | ABF asset | N/A |  | 05/2027 | 2035 | 1904 | 1928 |  |
| 10070552 | ABF asset | N/A |  | 05/2027 | 5573 | 5101 | 5108 |  |
| 10070589 | ABF asset | N/A |  | 05/2027 | 7411 | 6938 | 7034 |  |
| 10070618 | ABF asset | N/A |  | 05/2027 | 4553 | 4170 | 4303 |  |
| 10070635 | ABF asset | N/A |  | 05/2027 | 16628 | 15470 | 15594 |  |
| 10070698 | ABF asset | N/A |  | 05/2027 | 1706 | 1555 | 1582 |  |
| 10070704 | ABF asset | N/A |  | 05/2027 | 816 | 744 | 760 |  |
| 10070729 | ABF asset | N/A |  | 05/2027 | 11790 | 10883 | 10274 |  |
| 10070777 | ABF asset | N/A |  | 05/2027 | 1401 | 1283 | 1296 |  |
| 10070789 | ABF asset | N/A |  | 05/2027 | 7121 | 6666 | 6755 |  |
| 10070809 | ABF asset | N/A |  | 05/2027 | 3484 | 3175 | 3246 |  |
| 10070839 | ABF asset | N/A |  | 05/2027 | 15287 | 14310 | 14478 |  |
| 10070886 | ABF asset | N/A |  | 05/2027 | 53824 | 50385 | 50931 |  |
| 10071020 | ABF asset | N/A |  | 05/2027 | 13927 | 13037 | 13167 |  |
| 10071067 | ABF asset | N/A |  | 05/2027 | 8764 | 8204 | 8070 |  |
| 10071098 | ABF asset | N/A |  | 05/2027 | 10269 | 9613 | 9717 |  |
| 10071113 | ABF asset | N/A |  | 05/2027 | 5546 | 5075 | 5003 |  |
| 10071140 | ABF asset | N/A |  | 05/2027 | 12186 | 11407 | 11508 |  |
| 10071181 | ABF asset | N/A |  | 05/2027 | 4279 | 3916 | 4045 |  |
| 10071190 | ABF asset | N/A |  | 05/2027 | 11698 | 10883 | 11021 |  |
| 10071250 | ABF asset | N/A |  | 05/2027 | 1519 | 1402 | 1412 |  |
| 10071269 | ABF asset | N/A |  | 05/2027 | 3963 | 3659 | 3702 |  |
| 10071287 | ABF asset | N/A |  | 05/2027 | 2551 | 2388 | 2414 |  |
| 10071295 | ABF asset | N/A |  | 05/2027 | 1580 | 1443 | 1480 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10071302 | ABF asset | N/A |  | 05/2027 | 20806 | 19477 | 19687 |  |
| 10071409 | ABF asset | N/A |  | 05/2027 | 36253 | 33937 | 34074 |  |
| 10071542 | ABF asset | N/A |  | 05/2027 | 85986 | 80493 | 79185 |  |
| 10071760 | ABF asset | N/A |  | 05/2027 | 3190 | 2945 | 2980 |  |
| 10071826 | ABF asset | N/A |  | 05/2027 | 1033 | 942 | 913 |  |
| 10071843 | ABF asset | N/A |  | 05/2027 | 2038 | 1888 | 1922 |  |
| 10071846 | ABF asset | N/A |  | 05/2027 | 9256 | 8664 | 8740 |  |
| 10071877 | ABF asset | N/A |  | 05/2027 | 5440 | 5022 | 5127 |  |
| 10071914 | ABF asset | N/A |  | 05/2027 | 826 | 765 | 771 |  |
| 10071915 | ABF asset | N/A |  | 05/2027 | 4431 | 4055 | 4152 |  |
| 10071921 | ABF asset | N/A |  | 05/2027 | 4768 | 4386 | 4475 |  |
| 10071932 | ABF asset | N/A |  | 05/2027 | 2994 | 2773 | 2790 |  |
| 10071959 | ABF asset | N/A |  | 05/2027 | 2582 | 2352 | 2471 |  |
| 10071987 | ABF asset | N/A |  | 05/2027 | 7133 | 6636 | 6720 |  |
| 10072023 | ABF asset | N/A |  | 05/2027 | 1236 | 1128 | 1146 |  |
| 10072032 | ABF asset | N/A |  | 05/2027 | 4784 | 4359 | 4406 |  |
| 10072052 | ABF asset | N/A |  | 05/2027 | 1018 | 947 | 955 |  |
| 10072055 | ABF asset | N/A |  | 05/2027 | 6400 | 5991 | 6055 |  |
| 10072072 | ABF asset | N/A |  | 05/2027 | 3079 | 2882 | 2918 |  |
| 10072080 | ABF asset | N/A |  | 05/2027 | 685 | 627 | 663 |  |
| 10072084 | ABF asset | N/A |  | 05/2027 | 5389 | 4958 | 5098 |  |
| 10072109 | ABF asset | N/A |  | 05/2027 | 2848 | 2666 | 2697 |  |
| 10072118 | ABF asset | N/A |  | 05/2027 | 1433 | 1309 | 1357 |  |
| 10072130 | ABF asset | N/A |  | 05/2027 | 4507 | 4219 | 4256 |  |
| 10072182 | ABF asset | N/A |  | 05/2027 | 15633 | 14634 | 14733 |  |
| 10072278 | ABF asset | N/A |  | 05/2027 | 6510 | 5932 | 6121 |  |
| 10072303 | ABF asset | N/A |  | 05/2027 | 2249 | 2049 | 2125 |  |
| 10072311 | ABF asset | N/A |  | 05/2027 | 967 | 883 | 922 |  |
| 10072321 | ABF asset | N/A |  | 05/2027 | 3765 | 3524 | 3559 |  |
| 10072337 | ABF asset | N/A |  | 05/2027 | 7704 | 7167 | 6880 |  |
| 10072379 | ABF asset | N/A |  | 05/2027 | 5340 | 4968 | 4769 |  |
| 10072395 | ABF asset | N/A |  | 05/2027 | 15447 | 14309 | 13556 |  |
| 10072435 | ABF asset | N/A |  | 05/2027 | 9310 | 8595 | 8723 |  |
| 10072492 | ABF asset | N/A |  | 05/2027 | 2367 | 2158 | 2215 |  |
| 10072499 | ABF asset | N/A |  | 05/2027 | 3966 | 3662 | 3768 |  |
| 10072542 | ABF asset | N/A |  | 05/2027 | 1650 | 1507 | 1540 |  |
| 10072566 | ABF asset | N/A |  | 05/2027 | 8788 | 8140 | 8246 |  |
| 10072644 | ABF asset | N/A |  | 05/2027 | 9262 | 8580 | 8709 |  |
| 10072747 | ABF asset | N/A |  | 05/2027 | 1861 | 1696 | 1692 |  |
| 10072784 | ABF asset | N/A |  | 05/2027 | 5988 | 5456 | 5659 |  |
| 10072831 | ABF asset | N/A |  | 05/2027 | 1386 | 1274 | 1313 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10072836 | ABF asset | N/A |  | 05/2027 | 12194 | 11416 | 11529 |  |
| 10072954 | ABF asset | N/A |  | 05/2027 | 3549 | 3235 | 3327 |  |
| 10072974 | ABF asset | N/A |  | 05/2027 | 909 | 829 | 859 |  |
| 10072993 | ABF asset | N/A |  | 05/2027 | 5509 | 5158 | 5221 |  |
| 10073033 | ABF asset | N/A |  | 05/2027 | 4218 | 3949 | 3975 |  |
| 10073079 | ABF asset | N/A |  | 05/2027 | 8572 | 8025 | 8111 |  |
| 10073156 | ABF asset | N/A |  | 05/2027 | 7380 | 6908 | 6969 |  |
| 10073188 | ABF asset | N/A |  | 05/2027 | 9283 | 8690 | 8777 |  |
| 10073252 | ABF asset | N/A |  | 05/2027 | 542 | 495 | 508 |  |
| 10073266 | ABF asset | N/A |  | 05/2027 | 6587 | 6166 | 6242 |  |
| 10073309 | ABF asset | N/A |  | 05/2027 | 4081 | 3821 | 3858 |  |
| 10073332 | ABF asset | N/A |  | 05/2027 | 32979 | 30683 | 29455 |  |
| 10073454 | ABF asset | N/A |  | 05/2027 | 8189 | 7666 | 7742 |  |
| 10073492 | ABF asset | N/A |  | 05/2027 | 4094 | 3766 | 3842 |  |
| 10073515 | ABF asset | N/A |  | 05/2027 | 22036 | 20342 | 20246 |  |
| 10073581 | ABF asset | N/A |  | 05/2027 | 64803 | 60292 | 59985 |  |
| 10073952 | ABF asset | N/A |  | 05/2027 | 2760 | 2557 | 2603 |  |
| 10073998 | ABF asset | N/A |  | 05/2027 | 57296 | 53635 | 54259 |  |
| 10074280 | ABF asset | N/A |  | 05/2027 | 1390 | 1272 | 1308 |  |
| 10074281 | ABF asset | N/A |  | 05/2027 | 2903 | 2717 | 2751 |  |
| 10074290 | ABF asset | N/A |  | 05/2027 | 3467 | 3189 | 3266 |  |
| 10074312 | ABF asset | N/A |  | 05/2027 | 9327 | 8731 | 8847 |  |
| 10074339 | ABF asset | N/A |  | 05/2027 | 7550 | 6969 | 7199 |  |
| 10074397 | ABF asset | N/A |  | 05/2027 | 4294 | 4020 | 4055 |  |
| 10074442 | ABF asset | N/A |  | 05/2027 | 4858 | 4548 | 4588 |  |
| 10074463 | ABF asset | N/A |  | 05/2027 | 3576 | 3348 | 3362 |  |
| 10074465 | ABF asset | N/A |  | 05/2027 | 78315 | 73313 | 74094 |  |
| 10074697 | ABF asset | N/A |  | 05/2027 | 18249 | 16979 | 17139 |  |
| 10074784 | ABF asset | N/A |  | 05/2027 | 8088 | 7525 | 7640 |  |
| 10074813 | ABF asset | N/A |  | 05/2027 | 400 | 366 | 386 |  |
| 10074818 | ABF asset | N/A |  | 05/2027 | 18619 | 17039 | 17065 |  |
| 10074914 | ABF asset | N/A |  | 05/2027 | 20822 | 19056 | 19513 |  |
| 10074963 | ABF asset | N/A |  | 05/2027 | 1438 | 1332 | 1359 |  |
| 10074971 | ABF asset | N/A |  | 05/2027 | 9864 | 9177 | 9131 |  |
| 10074988 | ABF asset | N/A |  | 05/2027 | 1516 | 1385 | 1406 |  |
| 10074991 | ABF asset | N/A |  | 05/2027 | 2964 | 2758 | 2818 |  |
| 10074994 | ABF asset | N/A |  | 05/2027 | 6623 | 6113 | 6292 |  |
| 10075019 | ABF asset | N/A |  | 05/2027 | 5116 | 4789 | 4821 |  |
| 10075055 | ABF asset | N/A |  | 05/2027 | 8082 | 7396 | 7549 |  |
| 10075086 | ABF asset | N/A |  | 05/2027 | 63143 | 59109 | 59637 |  |
| 10075239 | ABF asset | N/A |  | 05/2027 | 4528 | 4144 | 3209 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10075246 | ABF asset | N/A |  | 05/2027 | 35431 | 33168 | 33461 |  |
| 10075325 | ABF asset | N/A |  | 05/2027 | 16759 | 15271 | 15969 |  |
| 10075391 | ABF asset | N/A |  | 05/2027 | 19204 | 17868 | 18013 |  |
| 10075459 | ABF asset | N/A |  | 05/2027 | 4427 | 4072 | 3800 |  |
| 10075468 | ABF asset | N/A |  | 05/2027 | 2483 | 2267 | 2254 |  |
| 10075470 | ABF asset | N/A |  | 05/2027 | 11811 | 10940 | 10365 |  |
| 10075521 | ABF asset | N/A |  | 05/2027 | 1701 | 1553 | 1594 |  |
| 10075523 | ABF asset | N/A |  | 05/2027 | 14772 | 13743 | 13873 |  |
| 10075585 | ABF asset | N/A |  | 05/2027 | 4862 | 4552 | 4592 |  |
| 10075623 | ABF asset | N/A |  | 05/2027 | 3393 | 3143 | 3210 |  |
| 10075675 | ABF asset | N/A |  | 05/2027 | 1267 | 1157 | 997 |  |
| 10075677 | ABF asset | N/A |  | 05/2027 | 6087 | 5698 | 5759 |  |
| 10075707 | ABF asset | N/A |  | 05/2027 | 663 | 614 | 630 |  |
| 10075714 | ABF asset | N/A |  | 05/2027 | 8781 | 8221 | 8302 |  |
| 10075731 | ABF asset | N/A |  | 05/2027 | 28359 | 25841 | 26375 |  |
| 10075891 | ABF asset | N/A |  | 05/2027 | 5814 | 5321 | 5377 |  |
| 10075923 | ABF asset | N/A |  | 05/2027 | 3804 | 3474 | 3454 |  |
| 10075945 | ABF asset | N/A |  | 05/2027 | 7051 | 6600 | 6666 |  |
| 10076003 | ABF asset | N/A |  | 05/2027 | 2288 | 2096 | 2215 |  |
| 10076023 | ABF asset | N/A |  | 05/2027 | 6413 | 5966 | 6071 |  |
| 10076087 | ABF asset | N/A |  | 05/2027 | 7383 | 6911 | 6980 |  |
| 10076147 | ABF asset | N/A |  | 05/2027 | 2478 | 2320 | 2345 |  |
| 10076174 | ABF asset | N/A |  | 05/2027 | 8207 | 7478 | 7756 |  |
| 10076283 | ABF asset | N/A |  | 05/2027 | 5636 | 5218 | 5327 |  |
| 10076326 | ABF asset | N/A |  | 05/2027 | 9336 | 8740 | 8608 |  |
| 10076360 | ABF asset | N/A |  | 05/2027 | 50253 | 47043 | 46335 |  |
| 10076429 | ABF asset | N/A |  | 05/2027 | 29431 | 27551 | 27139 |  |
| 10076489 | ABF asset | N/A |  | 05/2027 | 3827 | 3487 | 3116 |  |
| 10076502 | ABF asset | N/A |  | 05/2027 | 3456 | 3191 | 3213 |  |
| 10076507 | ABF asset | N/A |  | 05/2027 | 1489 | 1379 | 1453 |  |
| 10076510 | ABF asset | N/A |  | 05/2027 | 7528 | 7046 | 7116 |  |
| 10076526 | ABF asset | N/A |  | 05/2027 | 24534 | 22967 | 23234 |  |
| 10076566 | ABF asset | N/A |  | 05/2027 | 871 | 794 | 829 |  |
| 10076568 | ABF asset | N/A |  | 05/2027 | 2674 | 2441 | 2114 |  |
| 10076574 | ABF asset | N/A |  | 05/2027 | 7109 | 6655 | 6725 |  |
| 10076598 | ABF asset | N/A |  | 05/2027 | 9567 | 8902 | 9084 |  |
| 10076631 | ABF asset | N/A |  | 05/2027 | 652 | 610 | 618 |  |
| 10076633 | ABF asset | N/A |  | 05/2027 | 11442 | 10711 | 10805 |  |
| 10076659 | ABF asset | N/A |  | 05/2027 | 1122 | 1027 | 1038 |  |
| 10076664 | ABF asset | N/A |  | 05/2027 | 4455 | 4170 | 4218 |  |
| 10076675 | ABF asset | N/A |  | 05/2027 | 10721 | 9932 | 10083 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10076703 | ABF asset | N/A |  | 05/2027 | 1557 | 1457 | 1463 |  |
| 10076708 | ABF asset | N/A |  | 05/2027 | 2487 | 2328 | 2355 |  |
| 10076715 | ABF asset | N/A |  | 05/2027 | 1425 | 1299 | 1294 |  |
| 10076716 | ABF asset | N/A |  | 05/2027 | 30872 | 28900 | 29205 |  |
| 10076773 | ABF asset | N/A |  | 05/2027 | 6320 | 5855 | 5892 |  |
| 10076787 | ABF asset | N/A |  | 05/2027 | 7114 | 6483 | 6587 |  |
| 10076805 | ABF asset | N/A |  | 05/2027 | 1940 | 1816 | 1789 |  |
| 10076810 | ABF asset | N/A |  | 05/2027 | 2817 | 2572 | 2488 |  |
| 10076822 | ABF asset | N/A |  | 05/2027 | 7604 | 7118 | 7166 |  |
| 10076848 | ABF asset | N/A |  | 05/2027 | 6781 | 6211 | 6245 |  |
| 10076868 | ABF asset | N/A |  | 05/2027 | 16823 | 15652 | 15851 |  |
| 10076915 | ABF asset | N/A |  | 05/2027 | 9093 | 8512 | 8596 |  |
| 10076938 | ABF asset | N/A |  | 05/2027 | 10063 | 9420 | 9513 |  |
| 10076969 | ABF asset | N/A |  | 05/2027 | 6153 | 5700 | 5667 |  |
| 10076976 | ABF asset | N/A |  | 05/2027 | 25829 | 24179 | 24341 |  |
| 10077044 | ABF asset | N/A |  | 05/2027 | 699 | 639 | 649 |  |
| 10077045 | ABF asset | N/A |  | 05/2027 | 3033 | 2800 | 2652 |  |
| 10077053 | ABF asset | N/A |  | 05/2027 | 6777 | 6176 | 6414 |  |
| 10077073 | ABF asset | N/A |  | 05/2027 | 7450 | 6974 | 7065 |  |
| 10077093 | ABF asset | N/A |  | 05/2027 | 2747 | 2515 | 1874 |  |
| 10077097 | ABF asset | N/A |  | 05/2027 | 6091 | 5667 | 5638 |  |
| 10077106 | ABF asset | N/A |  | 05/2027 | 23824 | 22303 | 22593 |  |
| 10077167 | ABF asset | N/A |  | 05/2027 | 12414 | 11549 | 11704 |  |
| 10077192 | ABF asset | N/A |  | 05/2027 | 6922 | 6479 | 6555 |  |
| 10077207 | ABF asset | N/A |  | 05/2027 | 25502 | 23873 | 24082 |  |
| 10077256 | ABF asset | N/A |  | 05/2027 | 1017 | 927 | 952 |  |
| 10077260 | ABF asset | N/A |  | 05/2027 | 4328 | 4052 | 4105 |  |
| 10077270 | ABF asset | N/A |  | 05/2027 | 40464 | 37353 | 37814 |  |
| 10077340 | ABF asset | N/A |  | 05/2027 | 1228 | 1119 | 1005 |  |
| 10077344 | ABF asset | N/A |  | 05/2027 | 25004 | 23162 | 23473 |  |
| 10077397 | ABF asset | N/A |  | 05/2027 | 29533 | 27477 | 27709 |  |
| 10077466 | ABF asset | N/A |  | 05/2027 | 999 | 918 | 944 |  |
| 10077469 | ABF asset | N/A |  | 05/2027 | 4207 | 3914 | 3896 |  |
| 10077480 | ABF asset | N/A |  | 05/2027 | 11894 | 10979 | 11297 |  |
| 10077508 | ABF asset | N/A |  | 05/2027 | 5806 | 5376 | 4418 |  |
| 10077519 | ABF asset | N/A |  | 05/2027 | 3688 | 3361 | 3387 |  |
| 10077528 | ABF asset | N/A |  | 05/2027 | 7259 | 6795 | 6867 |  |
| 10077546 | ABF asset | N/A |  | 05/2027 | 6254 | 5855 | 5912 |  |
| 10077560 | ABF asset | N/A |  | 05/2027 | 6518 | 5970 | 4916 |  |
| 10077571 | ABF asset | N/A |  | 05/2027 | 836 | 762 | 785 |  |
| 10077573 | ABF asset | N/A |  | 05/2027 | 6707 | 6240 | 6321 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10077595 | ABF asset | N/A |  | 05/2027 | 4207 | 3938 | 3985 |  |
| 10077606 | ABF asset | N/A |  | 05/2027 | 5554 | 5199 | 5244 |  |
| 10077618 | ABF asset | N/A |  | 05/2027 | 992 | 906 | 930 |  |
| 10077622 | ABF asset | N/A |  | 05/2027 | 750 | 687 | 721 |  |
| 10077623 | ABF asset | N/A |  | 05/2027 | 12540 | 11739 | 11892 |  |
| 10077648 | ABF asset | N/A |  | 05/2027 | 9803 | 9176 | 9283 |  |
| 10077672 | ABF asset | N/A |  | 05/2027 | 14390 | 13387 | 13588 |  |
| 10077701 | ABF asset | N/A |  | 05/2027 | 991 | 908 | 748 |  |
| 10077703 | ABF asset | N/A |  | 05/2027 | 17818 | 16680 | 16792 |  |
| 10077757 | ABF asset | N/A |  | 05/2027 | 5865 | 5344 | 5469 |  |
| 10077772 | ABF asset | N/A |  | 05/2027 | 8202 | 7631 | 7696 |  |
| 10077791 | ABF asset | N/A |  | 05/2027 | 8742 | 8133 | 8095 |  |
| 10077813 | ABF asset | N/A |  | 05/2027 | 12122 | 11347 | 11186 |  |
| 10077837 | ABF asset | N/A |  | 05/2027 | 3187 | 2904 | 2900 |  |
| 10077851 | ABF asset | N/A |  | 05/2027 | 1966 | 1841 | 1862 |  |
| 10077858 | ABF asset | N/A |  | 05/2027 | 6200 | 5804 | 5843 |  |
| 10077881 | ABF asset | N/A |  | 05/2027 | 15609 | 14522 | 14645 |  |
| 10077916 | ABF asset | N/A |  | 05/2027 | 8636 | 8085 | 8139 |  |
| 10077930 | ABF asset | N/A |  | 05/2027 | 5564 | 5209 | 5244 |  |
| 10077943 | ABF asset | N/A |  | 05/2027 | 8466 | 7925 | 7811 |  |
| 10077961 | ABF asset | N/A |  | 05/2027 | 1294 | 1191 | 1219 |  |
| 10077963 | ABF asset | N/A |  | 05/2027 | 22896 | 21433 | 21694 |  |
| 10078035 | ABF asset | N/A |  | 05/2027 | 3181 | 2899 | 2983 |  |
| 10078042 | ABF asset | N/A |  | 05/2027 | 9949 | 9183 | 9296 |  |
| 10078064 | ABF asset | N/A |  | 05/2027 | 2291 | 2144 | 2170 |  |
| 10078070 | ABF asset | N/A |  | 05/2027 | 1975 | 1830 | 1740 |  |
| 10078076 | ABF asset | N/A |  | 05/2027 | 4927 | 4584 | 4643 |  |
| 10078095 | ABF asset | N/A |  | 05/2027 | 4139 | 3851 | 3909 |  |
| 10078972 | ABF asset | N/A |  | 05/2027 | 8921 | 8351 | 8434 |  |
| 10078986 | ABF asset | N/A |  | 05/2027 | 1486 | 1361 | 1344 |  |
| 10078990 | ABF asset | N/A |  | 05/2027 | 946 | 867 | 874 |  |
| 10078993 | ABF asset | N/A |  | 05/2027 | 5605 | 5246 | 5298 |  |
| 10079007 | ABF asset | N/A |  | 05/2027 | 23074 | 21374 | 20365 |  |
| 10079054 | ABF asset | N/A |  | 05/2027 | 784 | 716 | 750 |  |
| 10079115 | ABF asset | N/A |  | 05/2027 | 7145 | 6616 | 6797 |  |
| 10079181 | ABF asset | N/A |  | 05/2027 | 24625 | 23052 | 23325 |  |
| 10079339 | ABF asset | N/A |  | 05/2027 | 3093 | 2896 | 2927 |  |
| 10079374 | ABF asset | N/A |  | 05/2027 | 1116 | 1022 | 1042 |  |
| 10079388 | ABF asset | N/A |  | 05/2027 | 2850 | 2668 | 2679 |  |
| 10079417 | ABF asset | N/A |  | 05/2027 | 874 | 809 | 840 |  |
| 10079432 | ABF asset | N/A |  | 05/2027 | 3018 | 2756 | 2822 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10079443 | ABF asset | N/A |  | 05/2027 | 600 | 555 | 585 |  |
| 10079445 | ABF asset | N/A |  | 05/2027 | 2081 | 1948 | 1974 |  |
| 10079458 | ABF asset | N/A |  | 05/2027 | 1804 | 1647 | 1693 |  |
| 10079467 | ABF asset | N/A |  | 05/2027 | 2413 | 2245 | 2252 |  |
| 10079511 | ABF asset | N/A |  | 05/2027 | 9550 | 8940 | 9035 |  |
| 10079577 | ABF asset | N/A |  | 05/2027 | 2075 | 1931 | 1970 |  |
| 10079609 | ABF asset | N/A |  | 05/2027 | 1695 | 1548 | 1617 |  |
| 10079635 | ABF asset | N/A |  | 05/2027 | 947 | 868 | 875 |  |
| 10079650 | ABF asset | N/A |  | 05/2027 | 7786 | 7289 | 7366 |  |
| 10079690 | ABF asset | N/A |  | 05/2027 | 1565 | 1440 | 1463 |  |
| 10079713 | ABF asset | N/A |  | 05/2027 | 33175 | 30866 | 31168 |  |
| 10079974 | ABF asset | N/A |  | 05/2027 | 30234 | 27551 | 28413 |  |
| 10080270 | ABF asset | N/A |  | 05/2027 | 4689 | 4328 | 4382 |  |
| 10080288 | ABF asset | N/A |  | 05/2027 | 19639 | 18271 | 18331 |  |
| 10080370 | ABF asset | N/A |  | 05/2027 | 1039 | 947 | 946 |  |
| 10080391 | ABF asset | N/A |  | 05/2027 | 2867 | 2626 | 2648 |  |
| 10080407 | ABF asset | N/A |  | 05/2027 | 14045 | 13148 | 13287 |  |
| 10080468 | ABF asset | N/A |  | 05/2027 | 4386 | 4014 | 4100 |  |
| 10080483 | ABF asset | N/A |  | 05/2027 | 4704 | 4327 | 4419 |  |
| 10080500 | ABF asset | N/A |  | 05/2027 | 4970 | 4653 | 4707 |  |
| 10080521 | ABF asset | N/A |  | 05/2027 | 20645 | 19326 | 19458 |  |
| 10080628 | ABF asset | N/A |  | 05/2027 | 6384 | 5976 | 6029 |  |
| 10080662 | ABF asset | N/A |  | 05/2027 | 2592 | 2426 | 2443 |  |
| 10080669 | ABF asset | N/A |  | 05/2027 | 4015 | 3758 | 3798 |  |
| 10080685 | ABF asset | N/A |  | 05/2027 | 15268 | 14293 | 14420 |  |
| 10080737 | ABF asset | N/A |  | 05/2027 | 33700 | 30841 | 31577 |  |
| 10080864 | ABF asset | N/A |  | 05/2027 | 1980 | 1827 | 1865 |  |
| 10080869 | ABF asset | N/A |  | 05/2027 | 3800 | 3470 | 3366 |  |
| 10080872 | ABF asset | N/A |  | 05/2027 | 2586 | 2356 | 2385 |  |
| 10080884 | ABF asset | N/A |  | 05/2027 | 7496 | 7017 | 7087 |  |
| 10080904 | ABF asset | N/A |  | 05/2027 | 4073 | 3790 | 3774 |  |
| 10080930 | ABF asset | N/A |  | 05/2027 | 3098 | 2883 | 2908 |  |
| 10080931 | ABF asset | N/A |  | 05/2027 | 5548 | 5081 | 5234 |  |
| 10080940 | ABF asset | N/A |  | 05/2027 | 8068 | 7352 | 7558 |  |
| 10080970 | ABF asset | N/A |  | 05/2027 | 4822 | 4394 | 4538 |  |
| 10080988 | ABF asset | N/A |  | 05/2027 | 43652 | 40156 | 40308 |  |
| 10081169 | ABF asset | N/A |  | 05/2027 | 14551 | 13317 | 13345 |  |
| 10081226 | ABF asset | N/A |  | 05/2027 | 22760 | 21084 | 21408 |  |
| 10081295 | ABF asset | N/A |  | 05/2027 | 2933 | 2746 | 2775 |  |
| 10081304 | ABF asset | N/A |  | 05/2027 | 39735 | 37197 | 37681 |  |
| 10081416 | ABF asset | N/A |  | 05/2027 | 4512 | 4150 | 4239 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10081429 | ABF asset | N/A |  | 05/2027 | 4611 | 4317 | 4367 |  |
| 10081435 | ABF asset | N/A |  | 05/2027 | 9593 | 8925 | 7330 |  |
| 10081469 | ABF asset | N/A |  | 05/2027 | 1653 | 1506 | 1505 |  |
| 10081477 | ABF asset | N/A |  | 05/2027 | 79237 | 74175 | 74837 |  |
| 10081676 | ABF asset | N/A |  | 05/2027 | 3015 | 2773 | 2819 |  |
| 10081692 | ABF asset | N/A |  | 05/2027 | 3756 | 3423 | 3522 |  |
| 10081709 | ABF asset | N/A |  | 05/2027 | 11403 | 10674 | 10788 |  |
| 10081756 | ABF asset | N/A |  | 05/2027 | 7723 | 7230 | 7318 |  |
| 10081791 | ABF asset | N/A |  | 05/2027 | 7798 | 7300 | 7377 |  |
| 10081831 | ABF asset | N/A |  | 05/2027 | 11835 | 10925 | 10379 |  |
| 10081866 | ABF asset | N/A |  | 05/2027 | 1593 | 1455 | 1490 |  |
| 10081872 | ABF asset | N/A |  | 05/2027 | 17021 | 15933 | 16091 |  |
| 10081921 | ABF asset | N/A |  | 05/2027 | 2397 | 2193 | 2271 |  |
| 10081928 | ABF asset | N/A |  | 05/2027 | 13291 | 12442 | 12588 |  |
| 10081960 | ABF asset | N/A |  | 05/2027 | 2611 | 2402 | 1912 |  |
| 10081983 | ABF asset | N/A |  | 05/2027 | 2079 | 1903 | 1907 |  |
| 10081985 | ABF asset | N/A |  | 05/2027 | 3402 | 3150 | 2991 |  |
| 10081991 | ABF asset | N/A |  | 05/2027 | 23591 | 21777 | 21708 |  |
| 10082015 | ABF asset | N/A |  | 05/2027 | 56754 | 53129 | 53491 |  |
| 10082161 | ABF asset | N/A |  | 05/2027 | 1404 | 1279 | 1332 |  |
| 10082162 | ABF asset | N/A |  | 05/2027 | 2731 | 2488 | 2425 |  |
| 10082168 | ABF asset | N/A |  | 05/2027 | 7957 | 7449 | 7536 |  |
| 10082216 | ABF asset | N/A |  | 05/2027 | 2045 | 1873 | 1937 |  |
| 10082223 | ABF asset | N/A |  | 05/2027 | 4027 | 3770 | 3810 |  |
| 10082232 | ABF asset | N/A |  | 05/2027 | 1197 | 1091 | 1133 |  |
| 10082236 | ABF asset | N/A |  | 05/2027 | 3707 | 3378 | 3503 |  |
| 10082256 | ABF asset | N/A |  | 05/2027 | 3878 | 3631 | 3656 |  |
| 10082257 | ABF asset | N/A |  | 05/2027 | 24006 | 22237 | 22527 |  |
| 10082311 | ABF asset | N/A |  | 05/2027 | 20018 | 18739 | 18819 |  |
| 10082371 | ABF asset | N/A |  | 05/2027 | 8407 | 7870 | 7965 |  |
| 10082410 | ABF asset | N/A |  | 05/2027 | 8046 | 7532 | 7623 |  |
| 10082431 | ABF asset | N/A |  | 05/2027 | 8291 | 7714 | 7831 |  |
| 10082455 | ABF asset | N/A |  | 05/2027 | 5702 | 5219 | 5347 |  |
| 10082470 | ABF asset | N/A |  | 05/2027 | 568 | 518 | 532 |  |
| 10082482 | ABF asset | N/A |  | 05/2027 | 15984 | 14872 | 15001 |  |
| 10082518 | ABF asset | N/A |  | 05/2027 | 10157 | 9508 | 9624 |  |
| 10082555 | ABF asset | N/A |  | 05/2027 | 95277 | 89191 | 90072 |  |
| 10082816 | ABF asset | N/A |  | 05/2027 | 58915 | 55151 | 55646 |  |
| 10082991 | ABF asset | N/A |  | 05/2027 | 32579 | 30498 | 30083 |  |
| 10083058 | ABF asset | N/A |  | 05/2027 | 11124 | 10414 | 10518 |  |
| 10083116 | ABF asset | N/A |  | 05/2027 | 19899 | 18628 | 18826 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10083201 | ABF asset | N/A |  | 05/2027 | 1409 | 1290 | 1326 |  |
| 10083207 | ABF asset | N/A |  | 05/2027 | 34028 | 31412 | 31651 |  |
| 10083332 | ABF asset | N/A |  | 05/2027 | 1974 | 1848 | 1870 |  |
| 10083348 | ABF asset | N/A |  | 05/2027 | 8454 | 7777 | 7997 |  |
| 10083377 | ABF asset | N/A |  | 05/2027 | 8009 | 7298 | 7569 |  |
| 10083420 | ABF asset | N/A |  | 05/2027 | 5382 | 5038 | 5082 |  |
| 10083435 | ABF asset | N/A |  | 05/2027 | 32438 | 30048 | 30273 |  |
| 10083517 | ABF asset | N/A |  | 05/2027 | 7332 | 6681 | 6890 |  |
| 10083536 | ABF asset | N/A |  | 05/2027 | 8023 | 7432 | 7487 |  |
| 10083573 | ABF asset | N/A |  | 05/2027 | 20796 | 19197 | 18238 |  |
| 10083629 | ABF asset | N/A |  | 05/2027 | 12023 | 11255 | 11367 |  |
| 10083653 | ABF asset | N/A |  | 05/2027 | 6839 | 6362 | 6445 |  |
| 10083674 | ABF asset | N/A |  | 05/2027 | 7248 | 6633 | 6820 |  |
| 10083684 | ABF asset | N/A |  | 05/2027 | 24429 | 22551 | 23101 |  |
| 10083764 | ABF asset | N/A |  | 05/2027 | 11875 | 10924 | 10271 |  |
| 10083788 | ABF asset | N/A |  | 05/2027 | 1076 | 983 | 1020 |  |
| 10083807 | ABF asset | N/A |  | 05/2027 | 7676 | 7025 | 7192 |  |
| 10083827 | ABF asset | N/A |  | 05/2027 | 6818 | 6245 | 6368 |  |
| 10083863 | ABF asset | N/A |  | 05/2027 | 1462 | 1339 | 1366 |  |
| 10083921 | ABF asset | N/A |  | 05/2027 | 5559 | 5171 | 5150 |  |
| 10083953 | ABF asset | N/A |  | 05/2027 | 1373 | 1254 | 1274 |  |
| 10083956 | ABF asset | N/A |  | 05/2027 | 10720 | 9768 | 8723 |  |
| 10084023 | ABF asset | N/A |  | 05/2027 | 29492 | 27608 | 27731 |  |
| 10084211 | ABF asset | N/A |  | 05/2027 | 8789 | 8228 | 8327 |  |
| 10084263 | ABF asset | N/A |  | 05/2027 | 4333 | 3965 | 4077 |  |
| 10084317 | ABF asset | N/A |  | 05/2027 | 616 | 570 | 594 |  |
| 10084318 | ABF asset | N/A |  | 05/2027 | 1772 | 1658 | 1679 |  |
| 10084344 | ABF asset | N/A |  | 05/2027 | 2004 | 1855 | 1766 |  |
| 10084357 | ABF asset | N/A |  | 05/2027 | 2635 | 2467 | 2501 |  |
| 10084381 | ABF asset | N/A |  | 05/2027 | 1503 | 1372 | 1437 |  |
| 10084395 | ABF asset | N/A |  | 05/2027 | 4307 | 3976 | 4027 |  |
| 10084417 | ABF asset | N/A |  | 05/2027 | 6338 | 5897 | 5949 |  |
| 10084448 | ABF asset | N/A |  | 05/2027 | 8378 | 7760 | 7721 |  |
| 10084487 | ABF asset | N/A |  | 05/2027 | 763 | 714 | 724 |  |
| 10084509 | ABF asset | N/A |  | 05/2027 | 2207 | 2066 | 2092 |  |
| 10084519 | ABF asset | N/A |  | 05/2027 | 35410 | 32574 | 33355 |  |
| 10084777 | ABF asset | N/A |  | 05/2027 | 4002 | 3746 | 3790 |  |
| 10084822 | ABF asset | N/A |  | 05/2027 | 1642 | 1520 | 1555 |  |
| 10084843 | ABF asset | N/A |  | 05/2027 | 24737 | 23157 | 23401 |  |
| 10085127 | ABF asset | N/A |  | 05/2027 | 988 | 915 | 940 |  |
| 10085129 | ABF asset | N/A |  | 05/2027 | 11430 | 10699 | 10811 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10085175 | ABF asset | N/A |  | 05/2027 | 5514 | 5024 | 4898 |  |
| 10085210 | ABF asset | N/A |  | 05/2027 | 35563 | 33291 | 33743 |  |
| 10085326 | ABF asset | N/A |  | 05/2027 | 70095 | 64931 | 65446 |  |
| 10085679 | ABF asset | N/A |  | 05/2027 | 4574 | 4282 | 4311 |  |
| 10085694 | ABF asset | N/A |  | 05/2027 | 1964 | 1839 | 1861 |  |
| 10085705 | ABF asset | N/A |  | 05/2027 | 2725 | 2515 | 2534 |  |
| 10085727 | ABF asset | N/A |  | 05/2027 | 1878 | 1712 | 1752 |  |
| 10085749 | ABF asset | N/A |  | 05/2027 | 9136 | 8552 | 8642 |  |
| 10085761 | ABF asset | N/A |  | 05/2027 | 2766 | 2520 | 2567 |  |
| 10085770 | ABF asset | N/A |  | 05/2027 | 2726 | 2508 | 2568 |  |
| 10085791 | ABF asset | N/A |  | 05/2027 | 15077 | 13918 | 14200 |  |
| 10085864 | ABF asset | N/A |  | 05/2027 | 13554 | 12351 | 12807 |  |
| 10085911 | ABF asset | N/A |  | 05/2027 | 1823 | 1661 | 1707 |  |
| 10085925 | ABF asset | N/A |  | 05/2027 | 2352 | 2164 | 2225 |  |
| 10085933 | ABF asset | N/A |  | 05/2027 | 3430 | 3210 | 3244 |  |
| 10085948 | ABF asset | N/A |  | 05/2027 | 31011 | 28258 | 25557 |  |
| 10086045 | ABF asset | N/A |  | 05/2027 | 873 | 797 | 645 |  |
| 10086049 | ABF asset | N/A |  | 05/2027 | 6368 | 5803 | 6028 |  |
| 10086099 | ABF asset | N/A |  | 05/2027 | 10640 | 9960 | 10065 |  |
| 10086155 | ABF asset | N/A |  | 05/2027 | 2412 | 2258 | 2278 |  |
| 10086166 | ABF asset | N/A |  | 05/2027 | 30178 | 27761 | 28222 |  |
| 10086272 | ABF asset | N/A |  | 05/2027 | 4325 | 3962 | 3998 |  |
| 10086278 | ABF asset | N/A |  | 05/2027 | 1990 | 1863 | 1885 |  |
| 10086285 | ABF asset | N/A |  | 05/2027 | 13001 | 12170 | 12223 |  |
| 10086318 | ABF asset | N/A |  | 05/2027 | 33580 | 30998 | 31627 |  |
| 10086427 | ABF asset | N/A |  | 05/2027 | 22447 | 20884 | 21068 |  |
| 10086485 | ABF asset | N/A |  | 05/2027 | 5059 | 4736 | 4786 |  |
| 10086501 | ABF asset | N/A |  | 05/2027 | 3185 | 2902 | 2849 |  |
| 10086521 | ABF asset | N/A |  | 05/2027 | 3360 | 3062 | 3119 |  |
| 10086529 | ABF asset | N/A |  | 05/2027 | 4927 | 4508 | 4594 |  |
| 10086544 | ABF asset | N/A |  | 05/2027 | 42900 | 40160 | 40334 |  |
| 10086640 | ABF asset | N/A |  | 05/2027 | 9882 | 9250 | 9341 |  |
| 10086673 | ABF asset | N/A |  | 05/2027 | 36928 | 34569 | 35014 |  |
| 10086768 | ABF asset | N/A |  | 05/2027 | 559 | 512 | 533 |  |
| 10086783 | ABF asset | N/A |  | 05/2027 | 8495 | 7775 | 7994 |  |
| 10086800 | ABF asset | N/A |  | 05/2027 | 5149 | 4820 | 4863 |  |
| 10086820 | ABF asset | N/A |  | 05/2027 | 4350 | 4072 | 4019 |  |
| 10086840 | ABF asset | N/A |  | 05/2027 | 9561 | 8712 | 8902 |  |
| 10086882 | ABF asset | N/A |  | 05/2027 | 1819 | 1667 | 1391 |  |
| 10086888 | ABF asset | N/A |  | 05/2027 | 20820 | 19490 | 19695 |  |
| 10086979 | ABF asset | N/A |  | 05/2027 | 4504 | 4190 | 4276 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10087004 | ABF asset | N/A |  | 05/2027 | 1879 | 1712 | 1744 |  |
| 10087014 | ABF asset | N/A |  | 05/2027 | 64942 | 60421 | 61327 |  |
| 10087251 | ABF asset | N/A |  | 05/2027 | 79521 | 73663 | 74786 |  |
| 10087484 | ABF asset | N/A |  | 05/2027 | 3331 | 3035 | 3151 |  |
| 10087488 | ABF asset | N/A |  | 05/2027 | 3433 | 3128 | 2833 |  |
| 10087493 | ABF asset | N/A |  | 05/2027 | 9302 | 8655 | 8785 |  |
| 10087530 | ABF asset | N/A |  | 05/2027 | 7690 | 7199 | 7283 |  |
| 10087532 | ABF asset | N/A |  | 05/2027 | 11773 | 10868 | 11102 |  |
| 10087544 | ABF asset | N/A |  | 05/2027 | 17660 | 16092 | 14572 |  |
| 10087612 | ABF asset | N/A |  | 05/2027 | 33477 | 30903 | 31791 |  |
| 10087729 | ABF asset | N/A |  | 05/2027 | 23948 | 22184 | 22360 |  |
| 10087774 | ABF asset | N/A |  | 05/2027 | 54350 | 50878 | 51325 |  |
| 10087889 | ABF asset | N/A |  | 05/2027 | 32023 | 29664 | 30199 |  |
| 10087953 | ABF asset | N/A |  | 05/2027 | 7366 | 6853 | 6944 |  |
| 10087967 | ABF asset | N/A |  | 05/2027 | 1534 | 1427 | 1448 |  |
| 10087975 | ABF asset | N/A |  | 05/2027 | 4972 | 4604 | 3831 |  |
| 10087993 | ABF asset | N/A |  | 05/2027 | 50191 | 45933 | 46921 |  |
| 10088125 | ABF asset | N/A |  | 05/2027 | 71780 | 66783 | 67372 |  |
| 10088282 | ABF asset | N/A |  | 05/2027 | 683 | 639 | 647 |  |
| 10088315 | ABF asset | N/A |  | 05/2027 | 5064 | 4741 | 4791 |  |
| 10088322 | ABF asset | N/A |  | 05/2027 | 2683 | 2477 | 2470 |  |
| 10088340 | ABF asset | N/A |  | 05/2027 | 2954 | 2717 | 2794 |  |
| 10088361 | ABF asset | N/A |  | 05/2027 | 1862 | 1719 | 1761 |  |
| 10088366 | ABF asset | N/A |  | 05/2027 | 20279 | 18983 | 19113 |  |
| 10088441 | ABF asset | N/A |  | 05/2027 | 6575 | 6069 | 5777 |  |
| 10088515 | ABF asset | N/A |  | 05/2027 | 4512 | 4112 | 4263 |  |
| 10088541 | ABF asset | N/A |  | 05/2027 | 22187 | 20769 | 21035 |  |
| 10088738 | ABF asset | N/A |  | 05/2027 | 10127 | 9480 | 9580 |  |
| 10088777 | ABF asset | N/A |  | 05/2027 | 7767 | 7077 | 7359 |  |
| 10088847 | ABF asset | N/A |  | 05/2027 | 8479 | 7937 | 8020 |  |
| 10088956 | ABF asset | N/A |  | 05/2027 | 1479 | 1365 | 1394 |  |
| 10088969 | ABF asset | N/A |  | 05/2027 | 2713 | 2496 | 2550 |  |
| 10088991 | ABF asset | N/A |  | 05/2027 | 21771 | 20255 | 20456 |  |
| 10089118 | ABF asset | N/A |  | 05/2027 | 1773 | 1618 | 1665 |  |
| 10089136 | ABF asset | N/A |  | 05/2027 | 2783 | 2536 | 2477 |  |
| 10089176 | ABF asset | N/A |  | 05/2027 | 16536 | 15384 | 15588 |  |
| 10089270 | ABF asset | N/A |  | 05/2027 | 10107 | 9462 | 9555 |  |
| 10089353 | ABF asset | N/A |  | 05/2027 | 874 | 801 | 672 |  |
| 10089358 | ABF asset | N/A |  | 05/2027 | 19897 | 18625 | 18840 |  |
| 10089510 | ABF asset | N/A |  | 05/2027 | 9705 | 8927 | 8964 |  |
| 10089628 | ABF asset | N/A |  | 05/2027 | 4789 | 4364 | 4489 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10089740 | ABF asset | N/A |  | 05/2027 | 13138 | 12298 | 12445 |  |
| 10089826 | ABF asset | N/A |  | 05/2027 | 5564 | 5177 | 5223 |  |
| 10089852 | ABF asset | N/A |  | 05/2027 | 14438 | 13515 | 13698 |  |
| 10089939 | ABF asset | N/A |  | 05/2027 | 15387 | 14404 | 14532 |  |
| 10090017 | ABF asset | N/A |  | 05/2027 | 6157 | 5764 | 5789 |  |
| 10090046 | ABF asset | N/A |  | 05/2027 | 1470 | 1362 | 1386 |  |
| 10090057 | ABF asset | N/A |  | 05/2027 | 7608 | 7078 | 6846 |  |
| 10090086 | ABF asset | N/A |  | 05/2027 | 8086 | 7570 | 7644 |  |
| 10090126 | ABF asset | N/A |  | 05/2027 | 6179 | 5785 | 5711 |  |
| 10090153 | ABF asset | N/A |  | 05/2027 | 4093 | 3832 | 3783 |  |
| 10090159 | ABF asset | N/A |  | 05/2027 | 5800 | 5429 | 5482 |  |
| 10090190 | ABF asset | N/A |  | 05/2027 | 9656 | 8799 | 9123 |  |
| 10090232 | ABF asset | N/A |  | 05/2027 | 10082 | 9380 | 9505 |  |
| 10090278 | ABF asset | N/A |  | 05/2027 | 6347 | 5941 | 6000 |  |
| 10090302 | ABF asset | N/A |  | 05/2027 | 2566 | 2402 | 2424 |  |
| 10090303 | ABF asset | N/A |  | 05/2027 | 3796 | 3504 | 3589 |  |
| 10090310 | ABF asset | N/A |  | 05/2027 | 1986 | 1859 | 1881 |  |
| 10090320 | ABF asset | N/A |  | 05/2027 | 1342 | 1229 | 1211 |  |
| 10090321 | ABF asset | N/A |  | 05/2027 | 86435 | 80418 | 81212 |  |
| 10090623 | ABF asset | N/A |  | 05/2027 | 23268 | 21648 | 22088 |  |
| 10090682 | ABF asset | N/A |  | 05/2027 | 24325 | 22771 | 23008 |  |
| 10090775 | ABF asset | N/A |  | 05/2027 | 20989 | 19442 | 19540 |  |
| 10090857 | ABF asset | N/A |  | 05/2027 | 2501 | 2341 | 2368 |  |
| 10090873 | ABF asset | N/A |  | 05/2027 | 2281 | 2135 | 2158 |  |
| 10090879 | ABF asset | N/A |  | 05/2027 | 72162 | 67552 | 68418 |  |
| 10091197 | ABF asset | N/A |  | 05/2027 | 5058 | 4685 | 4756 |  |
| 10091214 | ABF asset | N/A |  | 05/2027 | 6169 | 5775 | 5825 |  |
| 10091227 | ABF asset | N/A |  | 05/2027 | 5896 | 5400 | 4535 |  |
| 10091236 | ABF asset | N/A |  | 05/2027 | 9124 | 8423 | 8552 |  |
| 10091253 | ABF asset | N/A |  | 05/2027 | 35854 | 33563 | 33891 |  |
| 10091339 | ABF asset | N/A |  | 05/2027 | 1236 | 1131 | 1153 |  |
| 10091359 | ABF asset | N/A |  | 05/2027 | 2608 | 2415 | 2450 |  |
| 10091366 | ABF asset | N/A |  | 05/2027 | 3089 | 2829 | 2375 |  |
| 10091369 | ABF asset | N/A |  | 05/2027 | 49920 | 46731 | 47293 |  |
| 10091440 | ABF asset | N/A |  | 05/2027 | 1930 | 1759 | 1829 |  |
| 10091453 | ABF asset | N/A |  | 05/2027 | 6436 | 5865 | 5726 |  |
| 10091464 | ABF asset | N/A |  | 05/2027 | 6229 | 5729 | 5930 |  |
| 10091489 | ABF asset | N/A |  | 05/2027 | 60181 | 55991 | 56735 |  |
| 10091631 | ABF asset | N/A |  | 05/2027 | 3375 | 3160 | 3181 |  |
| 10091654 | ABF asset | N/A |  | 05/2027 | 2781 | 2547 | 2601 |  |
| 10091667 | ABF asset | N/A |  | 05/2027 | 2243 | 2052 | 2076 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10091690 | ABF asset | N/A |  | 05/2027 | 15697 | 14366 | 14529 |  |
| 10091756 | ABF asset | N/A |  | 05/2027 | 6119 | 5575 | 5736 |  |
| 10091778 | ABF asset | N/A |  | 05/2027 | 2961 | 2772 | 2806 |  |
| 10091791 | ABF asset | N/A |  | 05/2027 | 78102 | 72664 | 72384 |  |
| 10092046 | ABF asset | N/A |  | 05/2027 | 24731 | 23151 | 23309 |  |
| 10092125 | ABF asset | N/A |  | 05/2027 | 3362 | 3064 | 3166 |  |
| 10092140 | ABF asset | N/A |  | 05/2027 | 20665 | 19345 | 19515 |  |
| 10092186 | ABF asset | N/A |  | 05/2027 | 7830 | 7228 | 7384 |  |
| 10092219 | ABF asset | N/A |  | 05/2027 | 799 | 732 | 773 |  |
| 10092221 | ABF asset | N/A |  | 05/2027 | 1432 | 1341 | 1359 |  |
| 10092227 | ABF asset | N/A |  | 05/2027 | 1342 | 1243 | 1187 |  |
| 10092238 | ABF asset | N/A |  | 05/2027 | 1476 | 1351 | 1256 |  |
| 10092239 | ABF asset | N/A |  | 05/2027 | 47767 | 43714 | 44760 |  |
| 10092356 | ABF asset | N/A |  | 05/2027 | 4674 | 4375 | 4421 |  |
| 10092358 | ABF asset | N/A |  | 05/2027 | 50132 | 46642 | 47334 |  |
| 10092478 | ABF asset | N/A |  | 05/2027 | 7603 | 6928 | 6214 |  |
| 10092481 | ABF asset | N/A |  | 05/2027 | 11051 | 10237 | 10368 |  |
| 10092523 | ABF asset | N/A |  | 05/2027 | 1524 | 1389 | 1407 |  |
| 10092531 | ABF asset | N/A |  | 05/2027 | 3356 | 3141 | 3174 |  |
| 10092551 | ABF asset | N/A |  | 05/2027 | 5075 | 4668 | 4779 |  |
| 10092564 | ABF asset | N/A |  | 05/2027 | 7310 | 6675 | 7049 |  |
| 10092595 | ABF asset | N/A |  | 05/2027 | 19822 | 18063 | 14325 |  |
| 10092626 | ABF asset | N/A |  | 05/2027 | 48794 | 45677 | 45878 |  |
| 10092739 | ABF asset | N/A |  | 05/2027 | 4384 | 4047 | 4163 |  |
| 10092744 | ABF asset | N/A |  | 05/2027 | 13169 | 12156 | 12453 |  |
| 10092786 | ABF asset | N/A |  | 05/2027 | 32746 | 30229 | 30843 |  |
| 10092849 | ABF asset | N/A |  | 05/2027 | 19024 | 17561 | 17786 |  |
| 10092878 | ABF asset | N/A |  | 05/2027 | 10089 | 9233 | 9433 |  |
| 10092892 | ABF asset | N/A |  | 05/2027 | 2159 | 1978 | 1895 |  |
| 10092899 | ABF asset | N/A |  | 05/2027 | 66030 | 61811 | 62601 |  |
| 10097344 | ABF asset | N/A |  | 05/2027 | 3550 | 3276 | 3326 |  |
| 10097416 | ABF asset | N/A |  | 05/2027 | 77114 | 70269 | 72919 |  |
| 10098061 | ABF asset | N/A |  | 05/2027 | 1988 | 1819 | 1882 |  |
| 10098094 | ABF asset | N/A |  | 05/2027 | 8275 | 7541 | 7745 |  |
| 10098116 | ABF asset | N/A |  | 05/2027 | 2123 | 1938 | 1720 |  |
| 10098130 | ABF asset | N/A |  | 05/2027 | 566 | 518 | 536 |  |
| 10098152 | ABF asset | N/A |  | 05/2027 | 11621 | 10879 | 11002 |  |
| 10098225 | ABF asset | N/A |  | 05/2027 | 3276 | 3014 | 3098 |  |
| 10098281 | ABF asset | N/A |  | 05/2027 | 2517 | 2294 | 2255 |  |
| 10098313 | ABF asset | N/A |  | 05/2027 | 1160 | 1057 | 1087 |  |
| 10098318 | ABF asset | N/A |  | 05/2027 | 3301 | 3090 | 3121 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10098331 | ABF asset | N/A |  | 05/2027 | 1431 | 1304 | 1341 |  |
| 10098349 | ABF asset | N/A |  | 05/2027 | 21363 | 19567 | 16526 |  |
| 10098502 | ABF asset | N/A |  | 05/2027 | 6285 | 5884 | 5934 |  |
| 10098557 | ABF asset | N/A |  | 05/2027 | 2035 | 1884 | 1960 |  |
| 10098577 | ABF asset | N/A |  | 05/2027 | 5224 | 4760 | 4337 |  |
| 10098640 | ABF asset | N/A |  | 05/2027 | 19119 | 17649 | 17619 |  |
| 10098811 | ABF asset | N/A |  | 05/2027 | 2995 | 2755 | 2766 |  |
| 10098842 | ABF asset | N/A |  | 05/2027 | 10564 | 9889 | 9930 |  |
| 10098912 | ABF asset | N/A |  | 05/2027 | 2119 | 1984 | 1992 |  |
| 10098929 | ABF asset | N/A |  | 05/2027 | 10791 | 10039 | 10072 |  |
| 10098990 | ABF asset | N/A |  | 05/2027 | 3998 | 3720 | 3768 |  |
| 10099008 | ABF asset | N/A |  | 05/2027 | 510 | 469 | 476 |  |
| 10099011 | ABF asset | N/A |  | 05/2027 | 30593 | 28638 | 28285 |  |
| 10099186 | ABF asset | N/A |  | 05/2027 | 27693 | 25344 | 25939 |  |
| 10099288 | ABF asset | N/A |  | 05/2027 | 4715 | 4338 | 4304 |  |
| 10099305 | ABF asset | N/A |  | 05/2027 | 51836 | 48525 | 48936 |  |
| 10099561 | ABF asset | N/A |  | 05/2027 | 15881 | 14711 | 14090 |  |
| 10099616 | ABF asset | N/A |  | 05/2027 | 9755 | 8928 | 9120 |  |
| 10099650 | ABF asset | N/A |  | 05/2027 | 8391 | 7855 | 7958 |  |
| 10099680 | ABF asset | N/A |  | 05/2027 | 24661 | 22944 | 23242 |  |
| 10099826 | ABF asset | N/A |  | 05/2027 | 4909 | 4595 | 4638 |  |
| 10099856 | ABF asset | N/A |  | 05/2027 | 11925 | 11163 | 11257 |  |
| 10099952 | ABF asset | N/A |  | 05/2027 | 20562 | 19249 | 19328 |  |
| 10100035 | ABF asset | N/A |  | 05/2027 | 4999 | 4679 | 4699 |  |
| 10100055 | ABF asset | N/A |  | 05/2027 | 1802 | 1687 | 1706 |  |
| 10100070 | ABF asset | N/A |  | 05/2027 | 3316 | 3105 | 3125 |  |
| 10100105 | ABF asset | N/A |  | 05/2027 | 6496 | 6044 | 5853 |  |
| 10100146 | ABF asset | N/A |  | 05/2027 | 10033 | 9262 | 9446 |  |
| 10100177 | ABF asset | N/A |  | 05/2027 | 5121 | 4765 | 4811 |  |
| 10100218 | ABF asset | N/A |  | 05/2027 | 3823 | 3499 | 3451 |  |
| 10100224 | ABF asset | N/A |  | 05/2027 | 3997 | 3689 | 3716 |  |
| 10100236 | ABF asset | N/A |  | 05/2027 | 844 | 771 | 806 |  |
| 10100250 | ABF asset | N/A |  | 05/2027 | 4242 | 3881 | 3973 |  |
| 10100267 | ABF asset | N/A |  | 05/2027 | 939 | 856 | 884 |  |
| 10100283 | ABF asset | N/A |  | 05/2027 | 11048 | 10199 | 10181 |  |
| 10100313 | ABF asset | N/A |  | 05/2027 | 1331 | 1216 | 1273 |  |
| 10100319 | ABF asset | N/A |  | 05/2027 | 5701 | 5337 | 5271 |  |
| 10100365 | ABF asset | N/A |  | 05/2027 | 2593 | 2427 | 2448 |  |
| 10100372 | ABF asset | N/A |  | 05/2027 | 1658 | 1517 | 1570 |  |
| 10100380 | ABF asset | N/A |  | 05/2027 | 3141 | 2869 | 2950 |  |
| 10100396 | ABF asset | N/A |  | 05/2027 | 3342 | 3094 | 3066 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10100416 | ABF asset | N/A |  | 05/2027 | 7976 | 7466 | 7541 |  |
| 10100469 | ABF asset | N/A |  | 05/2027 | 3353 | 3071 | 3106 |  |
| 10100475 | ABF asset | N/A |  | 05/2027 | 2188 | 1994 | 1960 |  |
| 10100483 | ABF asset | N/A |  | 05/2027 | 9249 | 8509 | 8745 |  |
| 10100494 | ABF asset | N/A |  | 05/2027 | 22063 | 20653 | 20850 |  |
| 10100589 | ABF asset | N/A |  | 05/2027 | 20128 | 18341 | 18951 |  |
| 10100650 | ABF asset | N/A |  | 05/2027 | 4104 | 3818 | 3872 |  |
| 10100676 | ABF asset | N/A |  | 05/2027 | 5040 | 4602 | 4599 |  |
| 10100695 | ABF asset | N/A |  | 05/2027 | 12113 | 11143 | 11385 |  |
| 10100742 | ABF asset | N/A |  | 05/2027 | 4374 | 4095 | 4122 |  |
| 10100755 | ABF asset | N/A |  | 05/2027 | 87612 | 82016 | 82715 |  |
| 10101076 | ABF asset | N/A |  | 05/2027 | 8740 | 8182 | 8277 |  |
| 10101119 | ABF asset | N/A |  | 05/2027 | 58468 | 54734 | 55371 |  |
| 10101286 | ABF asset | N/A |  | 05/2027 | 4443 | 4048 | 4158 |  |
| 10101300 | ABF asset | N/A |  | 05/2027 | 4847 | 4474 | 4571 |  |
| 10101321 | ABF asset | N/A |  | 05/2027 | 6790 | 6287 | 5298 |  |
| 10101346 | ABF asset | N/A |  | 05/2027 | 2395 | 2183 | 2215 |  |
| 10101351 | ABF asset | N/A |  | 05/2027 | 4616 | 4206 | 4326 |  |
| 10101366 | ABF asset | N/A |  | 05/2027 | 3205 | 3001 | 3020 |  |
| 10101371 | ABF asset | N/A |  | 05/2027 | 1028 | 941 | 967 |  |
| 10101388 | ABF asset | N/A |  | 05/2027 | 975 | 890 | 912 |  |
| 10101394 | ABF asset | N/A |  | 05/2027 | 17649 | 16082 | 16890 |  |
| 10101483 | ABF asset | N/A |  | 05/2027 | 9652 | 8941 | 8564 |  |
| 10101542 | ABF asset | N/A |  | 05/2027 | 2987 | 2734 | 2792 |  |
| 10101547 | ABF asset | N/A |  | 05/2027 | 4549 | 4258 | 4295 |  |
| 10101552 | ABF asset | N/A |  | 05/2027 | 7576 | 7092 | 7185 |  |
| 10101597 | ABF asset | N/A |  | 05/2027 | 3348 | 3091 | 3086 |  |
| 10101607 | ABF asset | N/A |  | 05/2027 | 76113 | 70815 | 71502 |  |
| 10101845 | ABF asset | N/A |  | 05/2027 | 3666 | 3373 | 3446 |  |
| 10101848 | ABF asset | N/A |  | 05/2027 | 5408 | 4949 | 4882 |  |
| 10101854 | ABF asset | N/A |  | 05/2027 | 508 | 475 | 480 |  |
| 10101855 | ABF asset | N/A |  | 05/2027 | 2607 | 2415 | 2464 |  |
| 10101863 | ABF asset | N/A |  | 05/2027 | 19681 | 18011 | 16784 |  |
| 10101903 | ABF asset | N/A |  | 05/2027 | 7282 | 6817 | 6733 |  |
| 10101953 | ABF asset | N/A |  | 05/2027 | 14314 | 13071 | 12730 |  |
| 10102036 | ABF asset | N/A |  | 05/2027 | 3483 | 3205 | 3294 |  |
| 10102063 | ABF asset | N/A |  | 05/2027 | 20306 | 18892 | 19059 |  |
| 10102170 | ABF asset | N/A |  | 05/2027 | 2694 | 2455 | 2399 |  |
| 10102179 | ABF asset | N/A |  | 05/2027 | 43929 | 41123 | 41394 |  |
| 10102359 | ABF asset | N/A |  | 05/2027 | 10786 | 10097 | 9972 |  |
| 10102400 | ABF asset | N/A |  | 05/2027 | 2115 | 1936 | 1972 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10102411 | ABF asset | N/A |  | 05/2027 | 2305 | 2111 | 1783 |  |
| 10102416 | ABF asset | N/A |  | 05/2027 | 9360 | 8671 | 8781 |  |
| 10102439 | ABF asset | N/A |  | 05/2027 | 10002 | 9362 | 9457 |  |
| 10102497 | ABF asset | N/A |  | 05/2027 | 65255 | 60713 | 60910 |  |
| 10102687 | ABF asset | N/A |  | 05/2027 | 3313 | 3019 | 3105 |  |
| 10102737 | ABF asset | N/A |  | 05/2027 | 4063 | 3750 | 3589 |  |
| 10102844 | ABF asset | N/A |  | 05/2027 | 8347 | 7638 | 7805 |  |
| 10102882 | ABF asset | N/A |  | 05/2027 | 5866 | 5491 | 5553 |  |
| 10102912 | ABF asset | N/A |  | 05/2027 | 2273 | 2106 | 2096 |  |
| 10102918 | ABF asset | N/A |  | 05/2027 | 18629 | 17439 | 17640 |  |
| 10103004 | ABF asset | N/A |  | 05/2027 | 5124 | 4669 | 4732 |  |
| 10103045 | ABF asset | N/A |  | 05/2027 | 34571 | 32024 | 32806 |  |
| 10103259 | ABF asset | N/A |  | 05/2027 | 10487 | 9598 | 8969 |  |
| 10103335 | ABF asset | N/A |  | 05/2027 | 8623 | 7932 | 8037 |  |
| 10103382 | ABF asset | N/A |  | 05/2027 | 1431 | 1309 | 1338 |  |
| 10103414 | ABF asset | N/A |  | 05/2027 | 6169 | 5621 | 5143 |  |
| 10103451 | ABF asset | N/A |  | 05/2027 | 32076 | 29355 | 27431 |  |
| 10103608 | ABF asset | N/A |  | 05/2027 | 5279 | 4941 | 4962 |  |
| 10103688 | ABF asset | N/A |  | 05/2027 | 4744 | 4442 | 4496 |  |
| 10103712 | ABF asset | N/A |  | 05/2027 | 5654 | 5293 | 5354 |  |
| 10103786 | ABF asset | N/A |  | 05/2027 | 2022 | 1851 | 1910 |  |
| 10103807 | ABF asset | N/A |  | 05/2027 | 2084 | 1924 | 1978 |  |
| 10103819 | ABF asset | N/A |  | 05/2027 | 3140 | 2907 | 2991 |  |
| 10103849 | ABF asset | N/A |  | 05/2027 | 8731 | 8173 | 8250 |  |
| 10103936 | ABF asset | N/A |  | 05/2027 | 2685 | 2478 | 2531 |  |
| 10103947 | ABF asset | N/A |  | 05/2027 | 40203 | 36982 | 37591 |  |
| 10104416 | ABF asset | N/A |  | 05/2027 | 10936 | 10237 | 10323 |  |
| 10104522 | ABF asset | N/A |  | 05/2027 | 6659 | 6233 | 6274 |  |
| 10104550 | ABF asset | N/A |  | 05/2027 | 9477 | 8872 | 8947 |  |
| 10104601 | ABF asset | N/A |  | 05/2027 | 18344 | 16788 | 13573 |  |
| 10104675 | ABF asset | N/A |  | 05/2027 | 5974 | 5593 | 5640 |  |
| 10104698 | ABF asset | N/A |  | 05/2027 | 1790 | 1676 | 1683 |  |
| 10104724 | ABF asset | N/A |  | 05/2027 | 3599 | 3280 | 3383 |  |
| 10104758 | ABF asset | N/A |  | 05/2027 | 93158 | 87208 | 87573 |  |
| 10105124 | ABF asset | N/A |  | 05/2027 | 22370 | 20941 | 21139 |  |
| 10105231 | ABF asset | N/A |  | 05/2027 | 609 | 564 | 578 |  |
| 10105232 | ABF asset | N/A |  | 05/2027 | 1538 | 1407 | 1440 |  |
| 10105251 | ABF asset | N/A |  | 05/2027 | 15743 | 14583 | 13999 |  |
| 10105335 | ABF asset | N/A |  | 05/2027 | 526 | 487 | 501 |  |
| 10105343 | ABF asset | N/A |  | 05/2027 | 4069 | 3756 | 3831 |  |
| 10105361 | ABF asset | N/A |  | 05/2027 | 53492 | 48744 | 47715 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10105546 | ABF asset | N/A |  | 05/2027 | 1379 | 1259 | 1282 |  |
| 10105547 | ABF asset | N/A |  | 05/2027 | 15868 | 14854 | 14979 |  |
| 10105592 | ABF asset | N/A |  | 05/2027 | 24797 | 22890 | 23345 |  |
| 10105692 | ABF asset | N/A |  | 05/2027 | 10843 | 10045 | 9642 |  |
| 10105758 | ABF asset | N/A |  | 05/2027 | 9416 | 8814 | 8913 |  |
| 10105825 | ABF asset | N/A |  | 05/2027 | 3219 | 2946 | 2979 |  |
| 10105855 | ABF asset | N/A |  | 05/2027 | 3558 | 3311 | 3340 |  |
| 10105893 | ABF asset | N/A |  | 05/2027 | 9995 | 9356 | 9479 |  |
| 10105925 | ABF asset | N/A |  | 05/2027 | 5363 | 5021 | 4962 |  |
| 10105943 | ABF asset | N/A |  | 05/2027 | 1180 | 1080 | 1083 |  |
| 10105953 | ABF asset | N/A |  | 05/2027 | 101631 | 95139 | 96087 |  |
| 10106268 | ABF asset | N/A |  | 05/2027 | 4911 | 4549 | 4573 |  |
| 10106302 | ABF asset | N/A |  | 05/2027 | 6183 | 5788 | 5843 |  |
| 10106322 | ABF asset | N/A |  | 05/2027 | 3022 | 2780 | 2827 |  |
| 10106332 | ABF asset | N/A |  | 05/2027 | 3028 | 2759 | 2821 |  |
| 10106335 | ABF asset | N/A |  | 05/2027 | 3237 | 2950 | 3060 |  |
| 10106362 | ABF asset | N/A |  | 05/2027 | 6010 | 5501 | 5140 |  |
| 10106371 | ABF asset | N/A |  | 05/2027 | 55337 | 51802 | 52291 |  |
| 10106502 | ABF asset | N/A |  | 05/2027 | 72007 | 66702 | 68328 |  |
| 10106740 | ABF asset | N/A |  | 05/2027 | 61201 | 56941 | 57756 |  |
| 10106969 | ABF asset | N/A |  | 05/2027 | 5461 | 5112 | 5160 |  |
| 10106974 | ABF asset | N/A |  | 05/2027 | 3343 | 3129 | 3159 |  |
| 10106978 | ABF asset | N/A |  | 05/2027 | 1774 | 1625 | 1644 |  |
| 10106982 | ABF asset | N/A |  | 05/2027 | 57001 | 52165 | 52756 |  |
| 10107140 | ABF asset | N/A |  | 05/2027 | 4335 | 4002 | 4053 |  |
| 10107171 | ABF asset | N/A |  | 05/2027 | 2138 | 1980 | 2015 |  |
| 10107190 | ABF asset | N/A |  | 05/2027 | 1420 | 1315 | 1115 |  |
| 10107192 | ABF asset | N/A |  | 05/2027 | 50098 | 46611 | 47066 |  |
| 10107526 | ABF asset | N/A |  | 05/2027 | 6754 | 6181 | 6251 |  |
| 10107568 | ABF asset | N/A |  | 05/2027 | 12480 | 11561 | 11661 |  |
| 10107593 | ABF asset | N/A |  | 05/2027 | 2138 | 1952 | 2003 |  |
| 10107615 | ABF asset | N/A |  | 05/2027 | 2132 | 1947 | 2055 |  |
| 10107636 | ABF asset | N/A |  | 05/2027 | 16123 | 15093 | 15243 |  |
| 10107702 | ABF asset | N/A |  | 05/2027 | 11479 | 10460 | 10870 |  |
| 10107859 | ABF asset | N/A |  | 05/2027 | 29518 | 27632 | 27311 |  |
| 10107946 | ABF asset | N/A |  | 05/2027 | 27306 | 24882 | 25252 |  |
| 10108012 | ABF asset | N/A |  | 05/2027 | 1024 | 958 | 968 |  |
| 10108013 | ABF asset | N/A |  | 05/2027 | 4543 | 4252 | 4299 |  |
| 10108026 | ABF asset | N/A |  | 05/2027 | 3004 | 2795 | 2835 |  |
| 10108031 | ABF asset | N/A |  | 05/2027 | 14005 | 13030 | 12984 |  |
| 10108058 | ABF asset | N/A |  | 05/2027 | 2560 | 2364 | 2381 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10108065 | ABF asset | N/A |  | 05/2027 | 31489 | 28817 | 29453 |  |
| 10108112 | ABF asset | N/A |  | 05/2027 | 3202 | 2997 | 3030 |  |
| 10108118 | ABF asset | N/A |  | 05/2027 | 1836 | 1682 | 1776 |  |
| 10108123 | ABF asset | N/A |  | 05/2027 | 22612 | 20694 | 21178 |  |
| 10108160 | ABF asset | N/A |  | 05/2027 | 3308 | 3054 | 3114 |  |
| 10108175 | ABF asset | N/A |  | 05/2027 | 10144 | 9496 | 9590 |  |
| 10108199 | ABF asset | N/A |  | 05/2027 | 8061 | 7464 | 7652 |  |
| 10108219 | ABF asset | N/A |  | 05/2027 | 6704 | 6237 | 6317 |  |
| 10108230 | ABF asset | N/A |  | 05/2027 | 14776 | 13832 | 13961 |  |
| 10108267 | ABF asset | N/A |  | 05/2027 | 26514 | 24212 | 24225 |  |
| 10108338 | ABF asset | N/A |  | 05/2027 | 34264 | 32075 | 32213 |  |
| 10108418 | ABF asset | N/A |  | 05/2027 | 2834 | 2616 | 2668 |  |
| 10108425 | ABF asset | N/A |  | 05/2027 | 5903 | 5379 | 5271 |  |
| 10108441 | ABF asset | N/A |  | 05/2027 | 11845 | 11089 | 11218 |  |
| 10108470 | ABF asset | N/A |  | 05/2027 | 4172 | 3906 | 3950 |  |
| 10108486 | ABF asset | N/A |  | 05/2027 | 2099 | 1965 | 1978 |  |
| 10108492 | ABF asset | N/A |  | 05/2027 | 3412 | 3160 | 3290 |  |
| 10108503 | ABF asset | N/A |  | 05/2027 | 2775 | 2540 | 2591 |  |
| 10108509 | ABF asset | N/A |  | 05/2027 | 7703 | 7212 | 7283 |  |
| 10108528 | ABF asset | N/A |  | 05/2027 | 10550 | 9772 | 9919 |  |
| 10108548 | ABF asset | N/A |  | 05/2027 | 2109 | 1947 | 1946 |  |
| 10108553 | ABF asset | N/A |  | 05/2027 | 25360 | 23594 | 23511 |  |
| 10108622 | ABF asset | N/A |  | 05/2027 | 4532 | 4216 | 4232 |  |
| 10108636 | ABF asset | N/A |  | 05/2027 | 1920 | 1797 | 1818 |  |
| 10108644 | ABF asset | N/A |  | 05/2027 | 26780 | 24807 | 25120 |  |
| 10108698 | ABF asset | N/A |  | 05/2027 | 9298 | 8651 | 8762 |  |
| 10108722 | ABF asset | N/A |  | 05/2027 | 5193 | 4861 | 4906 |  |
| 10108732 | ABF asset | N/A |  | 05/2027 | 291 | 270 | 285 |  |
| 10108734 | ABF asset | N/A |  | 05/2027 | 3397 | 3136 | 3202 |  |
| 10108747 | ABF asset | N/A |  | 05/2027 | 870 | 793 | 821 |  |
| 10108752 | ABF asset | N/A |  | 05/2027 | 3956 | 3613 | 3052 |  |
| 10108762 | ABF asset | N/A |  | 05/2027 | 26446 | 24757 | 24864 |  |
| 10108824 | ABF asset | N/A |  | 05/2027 | 3746 | 3430 | 3406 |  |
| 10108830 | ABF asset | N/A |  | 05/2027 | 2137 | 1947 | 1951 |  |
| 10108838 | ABF asset | N/A |  | 05/2027 | 1855 | 1697 | 1744 |  |
| 10108841 | ABF asset | N/A |  | 05/2027 | 3768 | 3434 | 3543 |  |
| 10108848 | ABF asset | N/A |  | 05/2027 | 4132 | 3781 | 3903 |  |
| 10108857 | ABF asset | N/A |  | 05/2027 | 7536 | 6932 | 7087 |  |
| 10108869 | ABF asset | N/A |  | 05/2027 | 1055 | 966 | 988 |  |
| 10108874 | ABF asset | N/A |  | 05/2027 | 882 | 805 | 841 |  |
| 10108879 | ABF asset | N/A |  | 05/2027 | 2346 | 2196 | 2217 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10108882 | ABF asset | N/A |  | 05/2027 | 6350 | 5945 | 6004 |  |
| 10108901 | ABF asset | N/A |  | 05/2027 | 8183 | 7457 | 7660 |  |
| 10108918 | ABF asset | N/A |  | 05/2027 | 11216 | 10353 | 10429 |  |
| 10108948 | ABF asset | N/A |  | 05/2027 | 7132 | 6526 | 6550 |  |
| 10108965 | ABF asset | N/A |  | 05/2027 | 2049 | 1918 | 1938 |  |
| 10108967 | ABF asset | N/A |  | 05/2027 | 7212 | 6634 | 6791 |  |
| 10108987 | ABF asset | N/A |  | 05/2027 | 4162 | 3809 | 3822 |  |
| 10108993 | ABF asset | N/A |  | 05/2027 | 2938 | 2713 | 2755 |  |
| 10108998 | ABF asset | N/A |  | 05/2027 | 13283 | 12435 | 12560 |  |
| 10109029 | ABF asset | N/A |  | 05/2027 | 1245 | 1154 | 1202 |  |
| 10109032 | ABF asset | N/A |  | 05/2027 | 5463 | 5082 | 5104 |  |
| 10109043 | ABF asset | N/A |  | 05/2027 | 663 | 607 | 633 |  |
| 10109044 | ABF asset | N/A |  | 05/2027 | 8243 | 7716 | 7794 |  |
| 10109062 | ABF asset | N/A |  | 05/2027 | 18461 | 17281 | 17403 |  |
| 10109098 | ABF asset | N/A |  | 05/2027 | 2549 | 2386 | 2412 |  |
| 10109104 | ABF asset | N/A |  | 05/2027 | 3128 | 2850 | 2977 |  |
| 10109113 | ABF asset | N/A |  | 05/2027 | 8146 | 7520 | 7638 |  |
| 10109140 | ABF asset | N/A |  | 05/2027 | 3175 | 2972 | 2992 |  |
| 10109150 | ABF asset | N/A |  | 05/2027 | 18505 | 17322 | 17497 |  |
| 10109196 | ABF asset | N/A |  | 05/2027 | 2046 | 1864 | 1901 |  |
| 10109200 | ABF asset | N/A |  | 05/2027 | 22392 | 20670 | 20668 |  |
| 10109245 | ABF asset | N/A |  | 05/2027 | 31614 | 29595 | 29796 |  |
| 10109306 | ABF asset | N/A |  | 05/2027 | 7663 | 6983 | 7085 |  |
| 10109319 | ABF asset | N/A |  | 05/2027 | 2334 | 2126 | 2185 |  |
| 10109322 | ABF asset | N/A |  | 05/2027 | 5616 | 5225 | 5327 |  |
| 10109339 | ABF asset | N/A |  | 05/2027 | 1736 | 1582 | 1459 |  |
| 10109343 | ABF asset | N/A |  | 05/2027 | 5280 | 4943 | 4977 |  |
| 10109353 | ABF asset | N/A |  | 05/2027 | 4722 | 4421 | 4465 |  |
| 10109366 | ABF asset | N/A |  | 05/2027 | 13301 | 12375 | 12338 |  |
| 10109397 | ABF asset | N/A |  | 05/2027 | 1529 | 1422 | 1441 |  |
| 10109399 | ABF asset | N/A |  | 05/2027 | 6014 | 5504 | 5523 |  |
| 10109416 | ABF asset | N/A |  | 05/2027 | 4586 | 4266 | 4254 |  |
| 10109421 | ABF asset | N/A |  | 05/2027 | 1760 | 1629 | 1404 |  |
| 10109426 | ABF asset | N/A |  | 05/2027 | 22967 | 21127 | 20139 |  |
| 10109476 | ABF asset | N/A |  | 05/2027 | 1547 | 1410 | 1287 |  |
| 10109480 | ABF asset | N/A |  | 05/2027 | 7489 | 6824 | 6821 |  |
| 10109501 | ABF asset | N/A |  | 05/2027 | 8086 | 7570 | 7633 |  |
| 10109529 | ABF asset | N/A |  | 05/2027 | 34606 | 32395 | 32791 |  |
| 10109622 | ABF asset | N/A |  | 05/2027 | 12327 | 11419 | 11696 |  |
| 10109655 | ABF asset | N/A |  | 05/2027 | 5864 | 5489 | 5561 |  |
| 10109677 | ABF asset | N/A |  | 05/2027 | 7840 | 7339 | 7421 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10109692 | ABF asset | N/A |  | 05/2027 | 3386 | 3085 | 3185 |  |
| 10109701 | ABF asset | N/A |  | 05/2027 | 6970 | 6456 | 6555 |  |
| 10109714 | ABF asset | N/A |  | 05/2027 | 19772 | 18316 | 18594 |  |
| 10109765 | ABF asset | N/A |  | 05/2027 | 3243 | 2961 | 2965 |  |
| 10109774 | ABF asset | N/A |  | 05/2027 | 1093 | 999 | 1046 |  |
| 10109782 | ABF asset | N/A |  | 05/2027 | 9467 | 8862 | 8951 |  |
| 10109806 | ABF asset | N/A |  | 05/2027 | 3267 | 2977 | 3080 |  |
| 10109817 | ABF asset | N/A |  | 05/2027 | 22417 | 20693 | 20963 |  |
| 10109864 | ABF asset | N/A |  | 05/2027 | 3293 | 3083 | 3109 |  |
| 10109873 | ABF asset | N/A |  | 05/2027 | 2806 | 2627 | 2649 |  |
| 10109877 | ABF asset | N/A |  | 05/2027 | 7503 | 7023 | 6952 |  |
| 10109895 | ABF asset | N/A |  | 05/2027 | 23730 | 21716 | 22205 |  |
| 10109950 | ABF asset | N/A |  | 05/2027 | 3934 | 3660 | 3722 |  |
| 10109963 | ABF asset | N/A |  | 05/2027 | 4120 | 3754 | 3810 |  |
| 10110773 | ABF asset | N/A |  | 05/2027 | 9622 | 9007 | 9083 |  |
| 10110795 | ABF asset | N/A |  | 05/2027 | 8955 | 8384 | 8477 |  |
| 10110817 | ABF asset | N/A |  | 05/2027 | 10469 | 9741 | 9831 |  |
| 10110837 | ABF asset | N/A |  | 05/2027 | 2138 | 2001 | 2020 |  |
| 10110845 | ABF asset | N/A |  | 05/2027 | 4611 | 4269 | 4247 |  |
| 10110857 | ABF asset | N/A |  | 05/2027 | 3051 | 2856 | 2880 |  |
| 10110861 | ABF asset | N/A |  | 05/2027 | 1980 | 1813 | 1854 |  |
| 10110864 | ABF asset | N/A |  | 05/2027 | 2709 | 2536 | 2560 |  |
| 10110871 | ABF asset | N/A |  | 05/2027 | 22434 | 21001 | 21214 |  |
| 10111052 | ABF asset | N/A |  | 05/2027 | 14157 | 13023 | 13242 |  |
| 10111162 | ABF asset | N/A |  | 05/2027 | 1588 | 1450 | 1506 |  |
| 10111165 | ABF asset | N/A |  | 05/2027 | 1113 | 1017 | 921 |  |
| 10111179 | ABF asset | N/A |  | 05/2027 | 5206 | 4822 | 4911 |  |
| 10111223 | ABF asset | N/A |  | 05/2027 | 1054 | 976 | 1028 |  |
| 10111235 | ABF asset | N/A |  | 05/2027 | 19742 | 18481 | 18691 |  |
| 10111429 | ABF asset | N/A |  | 05/2027 | 6607 | 6020 | 6187 |  |
| 10111491 | ABF asset | N/A |  | 05/2027 | 17889 | 16746 | 16591 |  |
| 10111592 | ABF asset | N/A |  | 05/2027 | 27668 | 25901 | 26022 |  |
| 10111802 | ABF asset | N/A |  | 05/2027 | 4768 | 4464 | 4513 |  |
| 10111831 | ABF asset | N/A |  | 05/2027 | 14086 | 12958 | 13322 |  |
| 10111966 | ABF asset | N/A |  | 05/2027 | 713 | 653 | 651 |  |
| 10111973 | ABF asset | N/A |  | 05/2027 | 11150 | 10374 | 10591 |  |
| 10112175 | ABF asset | N/A |  | 05/2027 | 5056 | 4681 | 4880 |  |
| 10112213 | ABF asset | N/A |  | 05/2027 | 10861 | 10061 | 10191 |  |
| 10112282 | ABF asset | N/A |  | 05/2027 | 7220 | 6665 | 6826 |  |
| 10112328 | ABF asset | N/A |  | 05/2027 | 4241 | 3970 | 3998 |  |
| 10112344 | ABF asset | N/A |  | 05/2027 | 6506 | 6053 | 6157 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10112394 | ABF asset | N/A |  | 05/2027 | 41090 | 38465 | 38828 |  |
| 10112625 | ABF asset | N/A |  | 05/2027 | 13177 | 12201 | 12720 |  |
| 10112690 | ABF asset | N/A |  | 05/2027 | 3827 | 3583 | 3623 |  |
| 10112710 | ABF asset | N/A |  | 05/2027 | 1989 | 1812 | 1875 |  |
| 10112716 | ABF asset | N/A |  | 05/2027 | 12751 | 11936 | 11994 |  |
| 10112738 | ABF asset | N/A |  | 05/2027 | 77579 | 71613 | 71658 |  |
| 10112918 | ABF asset | N/A |  | 05/2027 | 2916 | 2713 | 2738 |  |
| 10112928 | ABF asset | N/A |  | 05/2027 | 25789 | 23602 | 24083 |  |
| 10113021 | ABF asset | N/A |  | 05/2027 | 2074 | 1941 | 1965 |  |
| 10113023 | ABF asset | N/A |  | 05/2027 | 8724 | 7950 | 7349 |  |
| 10113053 | ABF asset | N/A |  | 05/2027 | 3747 | 3414 | 3368 |  |
| 10113075 | ABF asset | N/A |  | 05/2027 | 8823 | 8039 | 8318 |  |
| 10113095 | ABF asset | N/A |  | 05/2027 | 4200 | 3847 | 3940 |  |
| 10113106 | ABF asset | N/A |  | 05/2027 | 668 | 612 | 620 |  |
| 10113107 | ABF asset | N/A |  | 05/2027 | 13805 | 12923 | 13044 |  |
| 10113182 | ABF asset | N/A |  | 05/2027 | 6886 | 6446 | 6386 |  |
| 10113210 | ABF asset | N/A |  | 05/2027 | 2914 | 2655 | 2731 |  |
| 10113220 | ABF asset | N/A |  | 05/2027 | 9383 | 8729 | 8706 |  |
| 10113249 | ABF asset | N/A |  | 05/2027 | 477 | 436 | 460 |  |
| 10113258 | ABF asset | N/A |  | 05/2027 | 12797 | 11979 | 12080 |  |
| 10113311 | ABF asset | N/A |  | 05/2027 | 1983 | 1824 | 1855 |  |
| 10113318 | ABF asset | N/A |  | 05/2027 | 2352 | 2171 | 2188 |  |
| 10113350 | ABF asset | N/A |  | 05/2027 | 5995 | 5612 | 5674 |  |
| 10113364 | ABF asset | N/A |  | 05/2027 | 4044 | 3762 | 3664 |  |
| 10113373 | ABF asset | N/A |  | 05/2027 | 16633 | 15571 | 15719 |  |
| 10113432 | ABF asset | N/A |  | 05/2027 | 7140 | 6614 | 6394 |  |
| 10113462 | ABF asset | N/A |  | 05/2027 | 8571 | 7884 | 8072 |  |
| 10113490 | ABF asset | N/A |  | 05/2027 | 2101 | 1922 | 1814 |  |
| 10113495 | ABF asset | N/A |  | 05/2027 | 4038 | 3679 | 3429 |  |
| 10113511 | ABF asset | N/A |  | 05/2027 | 2170 | 2009 | 2095 |  |
| 10113520 | ABF asset | N/A |  | 05/2027 | 3977 | 3722 | 3768 |  |
| 10113534 | ABF asset | N/A |  | 05/2027 | 17383 | 16272 | 16458 |  |
| 10113594 | ABF asset | N/A |  | 05/2027 | 4887 | 4511 | 4513 |  |
| 10113624 | ABF asset | N/A |  | 05/2027 | 26446 | 24757 | 25032 |  |
| 10113712 | ABF asset | N/A |  | 05/2027 | 15227 | 14255 | 14413 |  |
| 10113767 | ABF asset | N/A |  | 05/2027 | 6750 | 6177 | 6253 |  |
| 10113792 | ABF asset | N/A |  | 05/2027 | 68032 | 63686 | 64225 |  |
| 10114557 | ABF asset | N/A |  | 05/2027 | 754 | 690 | 707 |  |
| 10114560 | ABF asset | N/A |  | 05/2027 | 2926 | 2739 | 2767 |  |
| 10114574 | ABF asset | N/A |  | 05/2027 | 23125 | 21648 | 21851 |  |
| 10114642 | ABF asset | N/A |  | 05/2027 | 1979 | 1804 | 1855 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10114654 | ABF asset | N/A |  | 05/2027 | 19396 | 18157 | 18359 |  |
| 10114691 | ABF asset | N/A |  | 05/2027 | 2724 | 2488 | 2606 |  |
| 10114712 | ABF asset | N/A |  | 05/2027 | 5119 | 4791 | 4836 |  |
| 10114741 | ABF asset | N/A |  | 05/2027 | 6499 | 6018 | 5825 |  |
| 10114752 | ABF asset | N/A |  | 05/2027 | 19087 | 17680 | 17911 |  |
| 10114820 | ABF asset | N/A |  | 05/2027 | 7999 | 7488 | 7522 |  |
| 10114833 | ABF asset | N/A |  | 05/2027 | 28495 | 26675 | 26800 |  |
| 10114884 | ABF asset | N/A |  | 05/2027 | 2772 | 2551 | 2608 |  |
| 10114893 | ABF asset | N/A |  | 05/2027 | 17833 | 16694 | 16912 |  |
| 10114949 | ABF asset | N/A |  | 05/2027 | 22133 | 20360 | 20251 |  |
| 10114972 | ABF asset | N/A |  | 05/2027 | 3074 | 2801 | 2859 |  |
| 10114987 | ABF asset | N/A |  | 05/2027 | 3669 | 3375 | 3477 |  |
| 10115003 | ABF asset | N/A |  | 05/2027 | 1157 | 1056 | 1086 |  |
| 10115008 | ABF asset | N/A |  | 05/2027 | 1755 | 1625 | 1409 |  |
| 10115029 | ABF asset | N/A |  | 05/2027 | 2396 | 2188 | 2146 |  |
| 10115036 | ABF asset | N/A |  | 05/2027 | 99616 | 93252 | 94197 |  |
| 10115266 | ABF asset | N/A |  | 05/2027 | 4547 | 4257 | 4297 |  |
| 10115281 | ABF asset | N/A |  | 05/2027 | 4376 | 4053 | 4039 |  |
| 10115292 | ABF asset | N/A |  | 05/2027 | 1920 | 1798 | 1781 |  |
| 10115306 | ABF asset | N/A |  | 05/2027 | 4951 | 4635 | 4692 |  |
| 10115338 | ABF asset | N/A |  | 05/2027 | 5588 | 5092 | 5233 |  |
| 10115350 | ABF asset | N/A |  | 05/2027 | 4967 | 4526 | 3489 |  |
| 10115374 | ABF asset | N/A |  | 05/2027 | 25182 | 23574 | 23836 |  |
| 10115522 | ABF asset | N/A |  | 05/2027 | 3418 | 3115 | 3245 |  |
| 10115577 | ABF asset | N/A |  | 05/2027 | 8943 | 8372 | 8431 |  |
| 10115649 | ABF asset | N/A |  | 05/2027 | 58853 | 54756 | 55818 |  |
| 10118210 | ABF asset | N/A |  | 05/2027 | 13237 | 12315 | 12524 |  |
| 10118299 | ABF asset | N/A |  | 05/2027 | 5145 | 4816 | 4865 |  |
| 10118339 | ABF asset | N/A |  | 05/2027 | 3863 | 3616 | 3649 |  |
| 10118359 | ABF asset | N/A |  | 05/2027 | 13647 | 12489 | 12644 |  |
| 10118425 | ABF asset | N/A |  | 05/2027 | 3047 | 2783 | 2910 |  |
| 10118428 | ABF asset | N/A |  | 05/2027 | 5614 | 5256 | 5305 |  |
| 10118458 | ABF asset | N/A |  | 05/2027 | 6392 | 5947 | 6000 |  |
| 10118481 | ABF asset | N/A |  | 05/2027 | 21322 | 19513 | 19353 |  |
| 10118574 | ABF asset | N/A |  | 05/2027 | 1200 | 1093 | 1139 |  |
| 10118580 | ABF asset | N/A |  | 05/2027 | 13739 | 12683 | 12238 |  |
| 10118624 | ABF asset | N/A |  | 05/2027 | 2834 | 2653 | 2679 |  |
| 10118634 | ABF asset | N/A |  | 05/2027 | 3070 | 2844 | 2861 |  |
| 10118645 | ABF asset | N/A |  | 05/2027 | 3050 | 2837 | 2891 |  |
| 10118655 | ABF asset | N/A |  | 05/2027 | 2692 | 2494 | 2416 |  |
| 10118664 | ABF asset | N/A |  | 05/2027 | 6183 | 5646 | 5905 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10118679 | ABF asset | N/A |  | 05/2027 | 68561 | 63289 | 64548 |  |
| 10118990 | ABF asset | N/A |  | 05/2027 | 14573 | 13641 | 13778 |  |
| 10119066 | ABF asset | N/A |  | 05/2027 | 8011 | 7331 | 6099 |  |
| 10119118 | ABF asset | N/A |  | 05/2027 | 2338 | 2151 | 2199 |  |
| 10119126 | ABF asset | N/A |  | 05/2027 | 16613 | 15390 | 15485 |  |
| 10119289 | ABF asset | N/A |  | 05/2027 | 9556 | 8946 | 9008 |  |
| 10119362 | ABF asset | N/A |  | 05/2027 | 4547 | 4257 | 4303 |  |
| 10119403 | ABF asset | N/A |  | 05/2027 | 2445 | 2233 | 2335 |  |
| 10119432 | ABF asset | N/A |  | 05/2027 | 10694 | 10012 | 9920 |  |
| 10119445 | ABF asset | N/A |  | 05/2027 | 2294 | 2125 | 1899 |  |
| 10119455 | ABF asset | N/A |  | 05/2027 | 30239 | 27914 | 26934 |  |
| 10119556 | ABF asset | N/A |  | 05/2027 | 2157 | 1998 | 1499 |  |
| 10119599 | ABF asset | N/A |  | 05/2027 | 7743 | 7248 | 7327 |  |
| 10119669 | ABF asset | N/A |  | 05/2027 | 1576 | 1442 | 1448 |  |
| 10119679 | ABF asset | N/A |  | 05/2027 | 2779 | 2601 | 2627 |  |
| 10119716 | ABF asset | N/A |  | 05/2027 | 1897 | 1745 | 1787 |  |
| 10119724 | ABF asset | N/A |  | 05/2027 | 1074 | 980 | 1027 |  |
| 10119734 | ABF asset | N/A |  | 05/2027 | 3515 | 3233 | 3094 |  |
| 10119755 | ABF asset | N/A |  | 05/2027 | 5645 | 5227 | 5069 |  |
| 10119785 | ABF asset | N/A |  | 05/2027 | 7389 | 6845 | 6950 |  |
| 10119828 | ABF asset | N/A |  | 05/2027 | 13745 | 12787 | 12755 |  |
| 10119877 | ABF asset | N/A |  | 05/2027 | 3017 | 2824 | 2844 |  |
| 10119891 | ABF asset | N/A |  | 05/2027 | 1582 | 1460 | 1506 |  |
| 10119906 | ABF asset | N/A |  | 05/2027 | 13292 | 12270 | 12515 |  |
| 10119959 | ABF asset | N/A |  | 05/2027 | 20736 | 19411 | 19591 |  |
| 10120042 | ABF asset | N/A |  | 05/2027 | 35182 | 32590 | 33011 |  |
| 10120215 | ABF asset | N/A |  | 05/2027 | 6850 | 6242 | 6493 |  |
| 10120249 | ABF asset | N/A |  | 05/2027 | 9155 | 8570 | 8642 |  |
| 10120278 | ABF asset | N/A |  | 05/2027 | 10198 | 9546 | 9651 |  |
| 10120308 | ABF asset | N/A |  | 05/2027 | 106758 | 99938 | 100403 |  |
| 10120775 | ABF asset | N/A |  | 05/2027 | 5969 | 5463 | 5486 |  |
| 10120800 | ABF asset | N/A |  | 05/2027 | 1155 | 1053 | 979 |  |
| 10120802 | ABF asset | N/A |  | 05/2027 | 10200 | 9549 | 9628 |  |
| 10120847 | ABF asset | N/A |  | 05/2027 | 20316 | 18513 | 18984 |  |
| 10120951 | ABF asset | N/A |  | 05/2027 | 2523 | 2300 | 2138 |  |
| 10120952 | ABF asset | N/A |  | 05/2027 | 3893 | 3594 | 3468 |  |
| 10120987 | ABF asset | N/A |  | 05/2027 | 3045 | 2774 | 2580 |  |
| 10121005 | ABF asset | N/A |  | 05/2027 | 2588 | 2422 | 2445 |  |
| 10121021 | ABF asset | N/A |  | 05/2027 | 10531 | 9797 | 9922 |  |
| 10121072 | ABF asset | N/A |  | 05/2027 | 11606 | 10798 | 10910 |  |
| 10121124 | ABF asset | N/A |  | 05/2027 | 15840 | 14829 | 14932 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10121195 | ABF asset | N/A |  | 05/2027 | 12316 | 11458 | 11577 |  |
| 10121238 | ABF asset | N/A |  | 05/2027 | 6822 | 6387 | 6458 |  |
| 10121268 | ABF asset | N/A |  | 05/2027 | 5222 | 4859 | 4902 |  |
| 10121289 | ABF asset | N/A |  | 05/2027 | 5455 | 5018 | 4801 |  |
| 10121302 | ABF asset | N/A |  | 05/2027 | 41930 | 38290 | 34836 |  |
| 10121394 | ABF asset | N/A |  | 05/2027 | 24436 | 22382 | 22342 |  |
| 10121446 | ABF asset | N/A |  | 05/2027 | 2545 | 2319 | 2136 |  |
| 10121451 | ABF asset | N/A |  | 05/2027 | 1994 | 1847 | 1864 |  |
| 10121459 | ABF asset | N/A |  | 05/2027 | 22835 | 20853 | 21284 |  |
| 10121526 | ABF asset | N/A |  | 05/2027 | 10078 | 9434 | 9348 |  |
| 10121562 | ABF asset | N/A |  | 05/2027 | 20256 | 18537 | 18961 |  |
| 10121626 | ABF asset | N/A |  | 05/2027 | 12917 | 11770 | 12009 |  |
| 10121669 | ABF asset | N/A |  | 05/2027 | 21818 | 19881 | 20340 |  |
| 10121735 | ABF asset | N/A |  | 05/2027 | 9792 | 8961 | 8482 |  |
| 10121760 | ABF asset | N/A |  | 05/2027 | 3335 | 3090 | 3109 |  |
| 10121766 | ABF asset | N/A |  | 05/2027 | 6098 | 5556 | 5803 |  |
| 10121783 | ABF asset | N/A |  | 05/2027 | 2035 | 1904 | 1913 |  |
| 10121797 | ABF asset | N/A |  | 05/2027 | 3018 | 2825 | 2844 |  |
| 10121818 | ABF asset | N/A |  | 05/2027 | 6232 | 5773 | 5593 |  |
| 10121837 | ABF asset | N/A |  | 05/2027 | 10259 | 9604 | 9683 |  |
| 10121877 | ABF asset | N/A |  | 05/2027 | 9064 | 8367 | 8544 |  |
| 10121897 | ABF asset | N/A |  | 05/2027 | 33108 | 30993 | 31366 |  |
| 10121987 | ABF asset | N/A |  | 05/2027 | 3180 | 2936 | 2994 |  |
| 10122004 | ABF asset | N/A |  | 05/2027 | 8475 | 7933 | 7970 |  |
| 10122037 | ABF asset | N/A |  | 05/2027 | 8815 | 8252 | 8328 |  |
| 10122082 | ABF asset | N/A |  | 05/2027 | 3741 | 3502 | 3518 |  |
| 10122105 | ABF asset | N/A |  | 05/2027 | 2975 | 2747 | 2749 |  |
| 10122113 | ABF asset | N/A |  | 05/2027 | 1316 | 1202 | 1259 |  |
| 10122120 | ABF asset | N/A |  | 05/2027 | 49237 | 46092 | 46519 |  |
| 10122209 | ABF asset | N/A |  | 05/2027 | 5348 | 5006 | 5030 |  |
| 10122231 | ABF asset | N/A |  | 05/2027 | 2824 | 2585 | 2563 |  |
| 10122261 | ABF asset | N/A |  | 05/2027 | 45906 | 42973 | 43488 |  |
| 10122372 | ABF asset | N/A |  | 05/2027 | 6507 | 5955 | 6077 |  |
| 10122391 | ABF asset | N/A |  | 05/2027 | 27664 | 25897 | 26237 |  |
| 10122484 | ABF asset | N/A |  | 05/2027 | 3214 | 3008 | 3036 |  |
| 10122490 | ABF asset | N/A |  | 05/2027 | 30665 | 28530 | 28895 |  |
| 10122608 | ABF asset | N/A |  | 05/2027 | 4133 | 3869 | 3907 |  |
| 10122611 | ABF asset | N/A |  | 05/2027 | 1532 | 1396 | 1432 |  |
| 10122625 | ABF asset | N/A |  | 05/2027 | 11220 | 10393 | 10070 |  |
| 10122649 | ABF asset | N/A |  | 05/2027 | 54068 | 50614 | 51031 |  |
| 10122753 | ABF asset | N/A |  | 05/2027 | 2285 | 2109 | 2143 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10122755 | ABF asset | N/A |  | 05/2027 | 9291 | 8698 | 8785 |  |
| 10122765 | ABF asset | N/A |  | 05/2027 | 14256 | 13019 | 13289 |  |
| 10122781 | ABF asset | N/A |  | 05/2027 | 66332 | 62095 | 61529 |  |
| 10123006 | ABF asset | N/A |  | 05/2027 | 7018 | 6395 | 6290 |  |
| 10123018 | ABF asset | N/A |  | 05/2027 | 15224 | 13872 | 14382 |  |
| 10123069 | ABF asset | N/A |  | 05/2027 | 20827 | 19060 | 18039 |  |
| 10123100 | ABF asset | N/A |  | 05/2027 | 7930 | 7226 | 7269 |  |
| 10123131 | ABF asset | N/A |  | 05/2027 | 3663 | 3381 | 3448 |  |
| 10123146 | ABF asset | N/A |  | 05/2027 | 10432 | 9596 | 9811 |  |
| 10123169 | ABF asset | N/A |  | 05/2027 | 26044 | 24041 | 24518 |  |
| 10123245 | ABF asset | N/A |  | 05/2027 | 11087 | 10266 | 10723 |  |
| 10127048 | ABF asset | N/A |  | 05/2027 | 13684 | 12731 | 12699 |  |
| 10127127 | ABF asset | N/A |  | 05/2027 | 4162 | 3896 | 3931 |  |
| 10127157 | ABF asset | N/A |  | 05/2027 | 4170 | 3879 | 3788 |  |
| 10127178 | ABF asset | N/A |  | 05/2027 | 7071 | 6619 | 6561 |  |
| 10127209 | ABF asset | N/A |  | 05/2027 | 10510 | 9839 | 9918 |  |
| 10127246 | ABF asset | N/A |  | 05/2027 | 46097 | 43153 | 43609 |  |
| 10127348 | ABF asset | N/A |  | 05/2027 | 9632 | 9016 | 9096 |  |
| 10127375 | ABF asset | N/A |  | 05/2027 | 9999 | 9258 | 9520 |  |
| 10127431 | ABF asset | N/A |  | 05/2027 | 5953 | 5496 | 5539 |  |
| 10127453 | ABF asset | N/A |  | 05/2027 | 5503 | 5015 | 5189 |  |
| 10127467 | ABF asset | N/A |  | 05/2027 | 7547 | 6991 | 6969 |  |
| 10127533 | ABF asset | N/A |  | 05/2027 | 4059 | 3758 | 3927 |  |
| 10127553 | ABF asset | N/A |  | 05/2027 | 4373 | 4037 | 4115 |  |
| 10127574 | ABF asset | N/A |  | 05/2027 | 11593 | 10853 | 10940 |  |
| 10127698 | ABF asset | N/A |  | 05/2027 | 8418 | 7771 | 7831 |  |
| 10127736 | ABF asset | N/A |  | 05/2027 | 6132 | 5705 | 5763 |  |
| 10127782 | ABF asset | N/A |  | 05/2027 | 2275 | 2106 | 2152 |  |
| 10127792 | ABF asset | N/A |  | 05/2027 | 3583 | 3272 | 3398 |  |
| 10127813 | ABF asset | N/A |  | 05/2027 | 3961 | 3708 | 3741 |  |
| 10127829 | ABF asset | N/A |  | 05/2027 | 1611 | 1468 | 1474 |  |
| 10127831 | ABF asset | N/A |  | 05/2027 | 1573 | 1437 | 1442 |  |
| 10127846 | ABF asset | N/A |  | 05/2027 | 1867 | 1748 | 1756 |  |
| 10127864 | ABF asset | N/A |  | 05/2027 | 7134 | 6637 | 6719 |  |
| 10127908 | ABF asset | N/A |  | 05/2027 | 5336 | 4884 | 4629 |  |
| 10127941 | ABF asset | N/A |  | 05/2027 | 11484 | 10601 | 10734 |  |
| 10128034 | ABF asset | N/A |  | 05/2027 | 1520 | 1385 | 1453 |  |
| 10128040 | ABF asset | N/A |  | 05/2027 | 1031 | 954 | 953 |  |
| 10128048 | ABF asset | N/A |  | 05/2027 | 1703 | 1573 | 1621 |  |
| 10128058 | ABF asset | N/A |  | 05/2027 | 14324 | 13052 | 12901 |  |
| 10128130 | ABF asset | N/A |  | 05/2027 | 5527 | 5175 | 5197 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10128217 | ABF asset | N/A |  | 05/2027 | 3955 | 3605 | 3687 |  |
| 10128264 | ABF asset | N/A |  | 05/2027 | 2769 | 2523 | 2624 |  |
| 10128287 | ABF asset | N/A |  | 05/2027 | 2042 | 1885 | 1930 |  |
| 10128322 | ABF asset | N/A |  | 05/2027 | 11896 | 10887 | 10935 |  |
| 10128390 | ABF asset | N/A |  | 05/2027 | 2236 | 2093 | 2107 |  |
| 10128446 | ABF asset | N/A |  | 05/2027 | 10689 | 9945 | 10047 |  |
| 10128539 | ABF asset | N/A |  | 05/2027 | 1572 | 1435 | 1312 |  |
| 10128564 | ABF asset | N/A |  | 05/2027 | 1589 | 1451 | 1493 |  |
| 10128589 | ABF asset | N/A |  | 05/2027 | 4506 | 4115 | 4311 |  |
| 10128601 | ABF asset | N/A |  | 05/2027 | 9074 | 8402 | 8640 |  |
| 10128696 | ABF asset | N/A |  | 05/2027 | 4272 | 3999 | 4049 |  |
| 10128727 | ABF asset | N/A |  | 05/2027 | 2004 | 1827 | 1863 |  |
| 10128739 | ABF asset | N/A |  | 05/2027 | 1015 | 940 | 991 |  |
| 10128762 | ABF asset | N/A |  | 05/2027 | 1812 | 1651 | 1711 |  |
| 10128782 | ABF asset | N/A |  | 05/2027 | 5947 | 5567 | 5632 |  |
| 10128826 | ABF asset | N/A |  | 05/2027 | 5074 | 4750 | 4802 |  |
| 10128860 | ABF asset | N/A |  | 05/2027 | 1417 | 1297 | 1145 |  |
| 10128865 | ABF asset | N/A |  | 05/2027 | 17713 | 16351 | 16371 |  |
| 10128917 | ABF asset | N/A |  | 05/2027 | 7324 | 6857 | 6887 |  |
| 10128929 | ABF asset | N/A |  | 05/2027 | 9221 | 8632 | 8741 |  |
| 10128969 | ABF asset | N/A |  | 05/2027 | 2175 | 2008 | 2012 |  |
| 10128987 | ABF asset | N/A |  | 05/2027 | 8366 | 7749 | 7849 |  |
| 10129064 | ABF asset | N/A |  | 05/2027 | 3501 | 3231 | 3272 |  |
| 10129076 | ABF asset | N/A |  | 05/2027 | 2477 | 2267 | 2313 |  |
| 10129112 | ABF asset | N/A |  | 05/2027 | 2472 | 2282 | 2300 |  |
| 10129124 | ABF asset | N/A |  | 05/2027 | 2248 | 2083 | 2096 |  |
| 10129144 | ABF asset | N/A |  | 05/2027 | 1968 | 1823 | 1870 |  |
| 10129149 | ABF asset | N/A |  | 05/2027 | 19473 | 17821 | 17685 |  |
| 10129265 | ABF asset | N/A |  | 05/2027 | 5150 | 4771 | 4844 |  |
| 10129330 | ABF asset | N/A |  | 05/2027 | 9549 | 8885 | 8927 |  |
| 10129405 | ABF asset | N/A |  | 05/2027 | 17629 | 16503 | 16676 |  |
| 10129517 | ABF asset | N/A |  | 05/2027 | 2707 | 2518 | 2550 |  |
| 10129537 | ABF asset | N/A |  | 05/2027 | 1842 | 1724 | 1739 |  |
| 10129543 | ABF asset | N/A |  | 05/2027 | 1053 | 964 | 937 |  |
| 10129560 | ABF asset | N/A |  | 05/2027 | 1813 | 1667 | 1691 |  |
| 10129586 | ABF asset | N/A |  | 05/2027 | 6976 | 6356 | 5933 |  |
| 10129624 | ABF asset | N/A |  | 05/2027 | 1280 | 1198 | 1211 |  |
| 10129633 | ABF asset | N/A |  | 05/2027 | 4439 | 4155 | 4173 |  |
| 10129675 | ABF asset | N/A |  | 05/2027 | 71123 | 66580 | 67110 |  |
| 10129883 | ABF asset | N/A |  | 05/2027 | 17329 | 15858 | 16234 |  |
| 10129928 | ABF asset | N/A |  | 05/2027 | 570 | 525 | 542 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10129944 | ABF asset | N/A |  | 05/2027 | 5353 | 4956 | 5121 |  |
| 10129981 | ABF asset | N/A |  | 05/2027 | 15546 | 14227 | 13486 |  |
| 10130067 | ABF asset | N/A |  | 05/2027 | 13164 | 12247 | 12451 |  |
| 10130141 | ABF asset | N/A |  | 05/2027 | 7262 | 6798 | 6844 |  |
| 10130167 | ABF asset | N/A |  | 05/2027 | 10171 | 9418 | 9400 |  |
| 10130199 | ABF asset | N/A |  | 05/2027 | 12910 | 11953 | 10514 |  |
| 10130225 | ABF asset | N/A |  | 05/2027 | 61383 | 57462 | 57713 |  |
| 10130369 | ABF asset | N/A |  | 05/2027 | 10962 | 10262 | 10330 |  |
| 10130413 | ABF asset | N/A |  | 05/2027 | 42573 | 39853 | 40118 |  |
| 10130514 | ABF asset | N/A |  | 05/2027 | 2126 | 1978 | 1973 |  |
| 10130521 | ABF asset | N/A |  | 05/2027 | 30058 | 27390 | 28031 |  |
| 10130671 | ABF asset | N/A |  | 05/2027 | 40155 | 37590 | 37842 |  |
| 10130736 | ABF asset | N/A |  | 05/2027 | 36252 | 33176 | 34092 |  |
| 10130902 | ABF asset | N/A |  | 05/2027 | 9327 | 8731 | 8823 |  |
| 10130994 | ABF asset | N/A |  | 05/2027 | 1800 | 1656 | 1666 |  |
| 10131013 | ABF asset | N/A |  | 05/2027 | 5234 | 4869 | 4893 |  |
| 10131038 | ABF asset | N/A |  | 05/2027 | 56833 | 53202 | 53559 |  |
| 10131272 | ABF asset | N/A |  | 05/2027 | 21564 | 20187 | 20383 |  |
| 10131372 | ABF asset | N/A |  | 05/2027 | 18443 | 17265 | 17481 |  |
| 10131477 | ABF asset | N/A |  | 05/2027 | 30812 | 28844 | 29124 |  |
| 10131643 | ABF asset | N/A |  | 05/2027 | 3884 | 3598 | 3631 |  |
| 10131645 | ABF asset | N/A |  | 05/2027 | 19104 | 17635 | 17914 |  |
| 10131785 | ABF asset | N/A |  | 05/2027 | 646 | 592 | 612 |  |
| 10131809 | ABF asset | N/A |  | 05/2027 | 6222 | 5670 | 5898 |  |
| 10131839 | ABF asset | N/A |  | 05/2027 | 3017 | 2775 | 2792 |  |
| 10131865 | ABF asset | N/A |  | 05/2027 | 6335 | 5797 | 5928 |  |
| 10131965 | ABF asset | N/A |  | 05/2027 | 5416 | 4961 | 5087 |  |
| 10132016 | ABF asset | N/A |  | 05/2027 | 31338 | 28828 | 27641 |  |
| 10132120 | ABF asset | N/A |  | 05/2027 | 6008 | 5546 | 4965 |  |
| 10132140 | ABF asset | N/A |  | 05/2027 | 3845 | 3549 | 3594 |  |
| 10132146 | ABF asset | N/A |  | 05/2027 | 2199 | 2004 | 2017 |  |
| 10132152 | ABF asset | N/A |  | 05/2027 | 8852 | 8101 | 8202 |  |
| 10132180 | ABF asset | N/A |  | 05/2027 | 21011 | 19669 | 19755 |  |
| 10132274 | ABF asset | N/A |  | 05/2027 | 16288 | 15248 | 15408 |  |
| 10132385 | ABF asset | N/A |  | 05/2027 | 16883 | 15639 | 15784 |  |
| 10132514 | ABF asset | N/A |  | 05/2027 | 4774 | 4469 | 4499 |  |
| 10132539 | ABF asset | N/A |  | 05/2027 | 3898 | 3648 | 3617 |  |
| 10132545 | ABF asset | N/A |  | 05/2027 | 1066 | 998 | 1002 |  |
| 10132546 | ABF asset | N/A |  | 05/2027 | 4376 | 4008 | 3537 |  |
| 10132560 | ABF asset | N/A |  | 05/2027 | 14497 | 13571 | 13662 |  |
| 10132608 | ABF asset | N/A |  | 05/2027 | 64130 | 59666 | 60282 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10132666 | ABF asset | N/A |  | 05/2027 | 14324 | 13120 | 13465 |  |
| 10132720 | ABF asset | N/A |  | 05/2027 | 56359 | 52759 | 52996 |  |
| 10132859 | ABF asset | N/A |  | 05/2027 | 2582 | 2358 | 2166 |  |
| 10132865 | ABF asset | N/A |  | 05/2027 | 1666 | 1518 | 1572 |  |
| 10132868 | ABF asset | N/A |  | 05/2027 | 13771 | 12576 | 12398 |  |
| 10132891 | ABF asset | N/A |  | 05/2027 | 7362 | 6891 | 6958 |  |
| 10132908 | ABF asset | N/A |  | 05/2027 | 6646 | 6221 | 6299 |  |
| 10132925 | ABF asset | N/A |  | 05/2027 | 2214 | 2028 | 2108 |  |
| 10132932 | ABF asset | N/A |  | 05/2027 | 9953 | 9219 | 9338 |  |
| 10132957 | ABF asset | N/A |  | 05/2027 | 3070 | 2874 | 2904 |  |
| 10132968 | ABF asset | N/A |  | 05/2027 | 12035 | 11266 | 11384 |  |
| 10132998 | ABF asset | N/A |  | 05/2027 | 3753 | 3513 | 3550 |  |
| 10133016 | ABF asset | N/A |  | 05/2027 | 4976 | 4593 | 4683 |  |
| 10133030 | ABF asset | N/A |  | 05/2027 | 7600 | 7114 | 7178 |  |
| 10133058 | ABF asset | N/A |  | 05/2027 | 33809 | 30940 | 31680 |  |
| 10133141 | ABF asset | N/A |  | 05/2027 | 9387 | 8787 | 8879 |  |
| 10133152 | ABF asset | N/A |  | 05/2027 | 6409 | 5963 | 6063 |  |
| 10133170 | ABF asset | N/A |  | 05/2027 | 6021 | 5601 | 5671 |  |
| 10133192 | ABF asset | N/A |  | 05/2027 | 16303 | 15262 | 15138 |  |
| 10133215 | ABF asset | N/A |  | 05/2027 | 3165 | 2932 | 2977 |  |
| 10133223 | ABF asset | N/A |  | 05/2027 | 8197 | 7673 | 7707 |  |
| 10133235 | ABF asset | N/A |  | 05/2027 | 1101 | 1003 | 1031 |  |
| 10133236 | ABF asset | N/A |  | 05/2027 | 44845 | 41980 | 42312 |  |
| 10133319 | ABF asset | N/A |  | 05/2027 | 5119 | 4792 | 4835 |  |
| 10133325 | ABF asset | N/A |  | 05/2027 | 3223 | 3017 | 3044 |  |
| 10133329 | ABF asset | N/A |  | 05/2027 | 21133 | 19340 | 19590 |  |
| 10133385 | ABF asset | N/A |  | 05/2027 | 3779 | 3538 | 3569 |  |
| 10133400 | ABF asset | N/A |  | 05/2027 | 2646 | 2443 | 2474 |  |
| 10133413 | ABF asset | N/A |  | 05/2027 | 2600 | 2408 | 2424 |  |
| 10133415 | ABF asset | N/A |  | 05/2027 | 3944 | 3669 | 3715 |  |
| 10133427 | ABF asset | N/A |  | 05/2027 | 3080 | 2883 | 2914 |  |
| 10133433 | ABF asset | N/A |  | 05/2027 | 1271 | 1159 | 1200 |  |
| 10133439 | ABF asset | N/A |  | 05/2027 | 13473 | 12612 | 12734 |  |
| 10133482 | ABF asset | N/A |  | 05/2027 | 29803 | 27416 | 27870 |  |
| 10133524 | ABF asset | N/A |  | 05/2027 | 19085 | 17391 | 17874 |  |
| 10133569 | ABF asset | N/A |  | 05/2027 | 3267 | 3025 | 3129 |  |
| 10133582 | ABF asset | N/A |  | 05/2027 | 4788 | 4404 | 4510 |  |
| 10133592 | ABF asset | N/A |  | 05/2027 | 7649 | 7006 | 7191 |  |
| 10133611 | ABF asset | N/A |  | 05/2027 | 1761 | 1604 | 1642 |  |
| 10133624 | ABF asset | N/A |  | 05/2027 | 6811 | 6309 | 6434 |  |
| 10133647 | ABF asset | N/A |  | 05/2027 | 30093 | 28171 | 28421 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10133745 | ABF asset | N/A |  | 05/2027 | 7448 | 6851 | 6585 |  |
| 10133982 | ABF asset | N/A |  | 05/2027 | 4658 | 4245 | 4347 |  |
| 10134002 | ABF asset | N/A |  | 05/2027 | 5156 | 4718 | 4827 |  |
| 10134017 | ABF asset | N/A |  | 05/2027 | 940 | 856 | 890 |  |
| 10134041 | ABF asset | N/A |  | 05/2027 | 4302 | 3958 | 4091 |  |
| 10134114 | ABF asset | N/A |  | 05/2027 | 1922 | 1780 | 1822 |  |
| 10134155 | ABF asset | N/A |  | 05/2027 | 4213 | 3945 | 3976 |  |
| 10134218 | ABF asset | N/A |  | 05/2027 | 1783 | 1625 | 1671 |  |
| 10134236 | ABF asset | N/A |  | 05/2027 | 5168 | 4808 | 4852 |  |
| 10134294 | ABF asset | N/A |  | 05/2027 | 101247 | 93788 | 95243 |  |
| 10135731 | ABF asset | N/A |  | 05/2027 | 5952 | 5572 | 5636 |  |
| 10135766 | ABF asset | N/A |  | 05/2027 | 4706 | 4307 | 4397 |  |
| 10135790 | ABF asset | N/A |  | 05/2027 | 4698 | 4398 | 4441 |  |
| 10135808 | ABF asset | N/A |  | 05/2027 | 10722 | 10037 | 10126 |  |
| 10135886 | ABF asset | N/A |  | 05/2027 | 20431 | 19126 | 18988 |  |
| 10135982 | ABF asset | N/A |  | 05/2027 | 20892 | 19353 | 19309 |  |
| 10136187 | ABF asset | N/A |  | 05/2027 | 2791 | 2612 | 2594 |  |
| 10136202 | ABF asset | N/A |  | 05/2027 | 4970 | 4572 | 4709 |  |
| 10136237 | ABF asset | N/A |  | 05/2027 | 7071 | 6457 | 6605 |  |
| 10136261 | ABF asset | N/A |  | 05/2027 | 3790 | 3548 | 3579 |  |
| 10136280 | ABF asset | N/A |  | 05/2027 | 21136 | 19301 | 19401 |  |
| 10136395 | ABF asset | N/A |  | 05/2027 | 5522 | 5080 | 5064 |  |
| 10136416 | ABF asset | N/A |  | 05/2027 | 1708 | 1559 | 1608 |  |
| 10136445 | ABF asset | N/A |  | 05/2027 | 3973 | 3679 | 3846 |  |
| 10136497 | ABF asset | N/A |  | 05/2027 | 32284 | 30222 | 30366 |  |
| 10136662 | ABF asset | N/A |  | 05/2027 | 2151 | 2014 | 2023 |  |
| 10136673 | ABF asset | N/A |  | 05/2027 | 7260 | 6615 | 6666 |  |
| 10136703 | ABF asset | N/A |  | 05/2027 | 90028 | 84278 | 84865 |  |
| 10137131 | ABF asset | N/A |  | 05/2027 | 1019 | 954 | 964 |  |
| 10137134 | ABF asset | N/A |  | 05/2027 | 3319 | 3053 | 3128 |  |
| 10137149 | ABF asset | N/A |  | 05/2027 | 5140 | 4761 | 4851 |  |
| 10137191 | ABF asset | N/A |  | 05/2027 | 3652 | 3345 | 3536 |  |
| 10137224 | ABF asset | N/A |  | 05/2027 | 5855 | 5335 | 5348 |  |
| 10137263 | ABF asset | N/A |  | 05/2027 | 19113 | 17892 | 18035 |  |
| 10137375 | ABF asset | N/A |  | 05/2027 | 84606 | 79201 | 79751 |  |
| 10137901 | ABF asset | N/A |  | 05/2027 | 1014 | 949 | 960 |  |
| 10137921 | ABF asset | N/A |  | 05/2027 | 822 | 761 | 803 |  |
| 10137943 | ABF asset | N/A |  | 05/2027 | 4883 | 4572 | 4603 |  |
| 10137969 | ABF asset | N/A |  | 05/2027 | 37309 | 34925 | 35170 |  |
| 10138178 | ABF asset | N/A |  | 05/2027 | 2738 | 2563 | 2592 |  |
| 10138207 | ABF asset | N/A |  | 05/2027 | 14193 | 13287 | 13425 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10138369 | ABF asset | N/A |  | 05/2027 | 9651 | 8833 | 9017 |  |
| 10138496 | ABF asset | N/A |  | 05/2027 | 16406 | 15358 | 15480 |  |
| 10138619 | ABF asset | N/A |  | 05/2027 | 45968 | 43032 | 43451 |  |
| 10138837 | ABF asset | N/A |  | 05/2027 | 771 | 714 | 739 |  |
| 10138851 | ABF asset | N/A |  | 05/2027 | 2229 | 2050 | 2085 |  |
| 10138877 | ABF asset | N/A |  | 05/2027 | 8815 | 8162 | 8524 |  |
| 10138932 | ABF asset | N/A |  | 05/2027 | 27708 | 25577 | 26084 |  |
| 10139094 | ABF asset | N/A |  | 05/2027 | 34315 | 31926 | 32460 |  |
| 10139236 | ABF asset | N/A |  | 05/2027 | 3988 | 3734 | 3760 |  |
| 10139239 | ABF asset | N/A |  | 05/2027 | 20915 | 19058 | 19353 |  |
| 10139254 | ABF asset | N/A |  | 05/2027 | 12377 | 11587 | 11628 |  |
| 10139303 | ABF asset | N/A |  | 05/2027 | 6682 | 6168 | 6176 |  |
| 10139336 | ABF asset | N/A |  | 05/2027 | 8764 | 7986 | 7912 |  |
| 10139372 | ABF asset | N/A |  | 05/2027 | 1730 | 1576 | 1570 |  |
| 10139380 | ABF asset | N/A |  | 05/2027 | 916 | 858 | 859 |  |
| 10139389 | ABF asset | N/A |  | 05/2027 | 6619 | 6158 | 6165 |  |
| 10139408 | ABF asset | N/A |  | 05/2027 | 7332 | 6792 | 6804 |  |
| 10139443 | ABF asset | N/A |  | 05/2027 | 9579 | 8728 | 8628 |  |
| 10139499 | ABF asset | N/A |  | 05/2027 | 1620 | 1477 | 1479 |  |
| 10139503 | ABF asset | N/A |  | 05/2027 | 4067 | 3765 | 3569 |  |
| 10139522 | ABF asset | N/A |  | 05/2027 | 4818 | 4390 | 4387 |  |
| 10139553 | ABF asset | N/A |  | 05/2027 | 3575 | 3272 | 3273 |  |
| 10139564 | ABF asset | N/A |  | 05/2027 | 3384 | 3112 | 3105 |  |
| 10139579 | ABF asset | N/A |  | 05/2027 | 5067 | 4743 | 4756 |  |
| 10139605 | ABF asset | N/A |  | 05/2027 | 12169 | 11391 | 11431 |  |
| 10139647 | ABF asset | N/A |  | 05/2027 | 3436 | 3216 | 3223 |  |
| 10139668 | ABF asset | N/A |  | 05/2027 | 8157 | 7636 | 7659 |  |
| 10139705 | ABF asset | N/A |  | 05/2027 | 4402 | 4076 | 3989 |  |
| 10139732 | ABF asset | N/A |  | 05/2027 | 3351 | 3093 | 3100 |  |
| 10139747 | ABF asset | N/A |  | 05/2027 | 4169 | 3903 | 3915 |  |
| 10139763 | ABF asset | N/A |  | 05/2027 | 13127 | 12289 | 12322 |  |
| 10139836 | ABF asset | N/A |  | 05/2027 | 41323 | 38683 | 38800 |  |
| 10140015 | ABF asset | N/A |  | 05/2027 | 2985 | 2726 | 2726 |  |
| 10140036 | ABF asset | N/A |  | 05/2027 | 2121 | 1964 | 1933 |  |
| 10140044 | ABF asset | N/A |  | 05/2027 | 18998 | 17784 | 17842 |  |
| 10140133 | ABF asset | N/A |  | 05/2027 | 9197 | 8610 | 8637 |  |
| 10140181 | ABF asset | N/A |  | 05/2027 | 8654 | 8051 | 8075 |  |
| 10140219 | ABF asset | N/A |  | 05/2027 | 35629 | 33149 | 33196 |  |
| 10140394 | ABF asset | N/A |  | 05/2027 | 18007 | 16622 | 16662 |  |
| 10140475 | ABF asset | N/A |  | 05/2027 | 4581 | 4243 | 4247 |  |
| 10140504 | ABF asset | N/A |  | 05/2027 | 39640 | 36122 | 36060 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10140711 | ABF asset | N/A |  | 05/2027 | 832 | 770 | 761 |  |
| 10140715 | ABF asset | N/A |  | 05/2027 | 15854 | 14841 | 14883 |  |
| 10140769 | ABF asset | N/A |  | 05/2027 | 5842 | 5468 | 5487 |  |
| 10140790 | ABF asset | N/A |  | 05/2027 | 16381 | 15335 | 15387 |  |
| 10140847 | ABF asset | N/A |  | 05/2027 | 29405 | 27527 | 27624 |  |
| 10140983 | ABF asset | N/A |  | 05/2027 | 5584 | 5195 | 5212 |  |
| 10141003 | ABF asset | N/A |  | 05/2027 | 17191 | 16093 | 16149 |  |
| 10141075 | ABF asset | N/A |  | 05/2027 | 4356 | 4022 | 4000 |  |
| 10141106 | ABF asset | N/A |  | 05/2027 | 1440 | 1330 | 1331 |  |
| 10141118 | ABF asset | N/A |  | 05/2027 | 15936 | 14711 | 14720 |  |
| 10141192 | ABF asset | N/A |  | 05/2027 | 32816 | 29903 | 29690 |  |
| 10141336 | ABF asset | N/A |  | 05/2027 | 1476 | 1345 | 1339 |  |
| 10141352 | ABF asset | N/A |  | 05/2027 | 5141 | 4813 | 4827 |  |
| 10141369 | ABF asset | N/A |  | 05/2027 | 3202 | 2997 | 3007 |  |
| 10141381 | ABF asset | N/A |  | 05/2027 | 38031 | 34655 | 34422 |  |
| 10142874 | ABF asset | N/A |  | 06/2027 | 4396 | 4005 | 3983 |  |
| 10142936 | ABF asset | N/A |  | 06/2027 | 13487 | 12289 | 12256 |  |
| 10143221 | ABF asset | N/A |  | 06/2027 | 8998 | 8371 | 8387 |  |
| 10143350 | ABF asset | N/A |  | 06/2027 | 1952 | 1779 | 1771 |  |
| 10143407 | ABF asset | N/A |  | 06/2027 | 2020 | 1891 | 1896 |  |
| 10143435 | ABF asset | N/A |  | 06/2027 | 1586 | 1449 | 1440 |  |
| 10143444 | ABF asset | N/A |  | 06/2027 | 8316 | 7578 | 7563 |  |
| 10143612 | ABF asset | N/A |  | 06/2027 | 8562 | 8015 | 8041 |  |
| 10143798 | ABF asset | N/A |  | 06/2027 | 2073 | 1940 | 1946 |  |
| 10143853 | ABF asset | N/A |  | 06/2027 | 8505 | 7961 | 7964 |  |
| 10144001 | ABF asset | N/A |  | 06/2027 | 879 | 813 | 796 |  |
| 10144009 | ABF asset | N/A |  | 06/2027 | 11479 | 10746 | 10777 |  |
| 10144101 | ABF asset | N/A |  | 06/2027 | 34829 | 32605 | 32723 |  |
| 10144337 | ABF asset | N/A |  | 06/2027 | 68772 | 63984 | 64166 |  |
| 10144715 | ABF asset | N/A |  | 06/2027 | 13139 | 12300 | 12340 |  |
| 10144837 | ABF asset | N/A |  | 06/2027 | 6764 | 6331 | 6351 |  |
| 10144870 | ABF asset | N/A |  | 06/2027 | 22589 | 21146 | 21210 |  |
| 10145074 | ABF asset | N/A |  | 06/2027 | 3064 | 2837 | 2820 |  |
| 10145103 | ABF asset | N/A |  | 06/2027 | 6060 | 5672 | 5693 |  |
| 10145138 | ABF asset | N/A |  | 06/2027 | 2915 | 2729 | 2738 |  |
| 10145162 | ABF asset | N/A |  | 06/2027 | 33797 | 31638 | 31738 |  |
| 10145452 | ABF asset | N/A |  | 06/2027 | 1404 | 1282 | 1235 |  |
| 10145464 | ABF asset | N/A |  | 06/2027 | 4307 | 4007 | 4020 |  |
| 10145508 | ABF asset | N/A |  | 06/2027 | 41233 | 38600 | 38714 |  |
| 10145752 | ABF asset | N/A |  | 06/2027 | 1898 | 1733 | 1720 |  |
| 10145776 | ABF asset | N/A |  | 06/2027 | 28247 | 26075 | 26172 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10145916 | ABF asset | N/A |  | 06/2027 | 5078 | 4704 | 4709 |  |
| 10145937 | ABF asset | N/A |  | 06/2027 | 8259 | 7526 | 7519 |  |
| 10145984 | ABF asset | N/A |  | 06/2027 | 16540 | 15072 | 15062 |  |
| 10146085 | ABF asset | N/A |  | 06/2027 | 6772 | 6301 | 6317 |  |
| 10146124 | ABF asset | N/A |  | 06/2027 | 3306 | 3076 | 3085 |  |
| 10146141 | ABF asset | N/A |  | 06/2027 | 10629 | 9728 | 9735 |  |
| 10146231 | ABF asset | N/A |  | 06/2027 | 19596 | 18344 | 18415 |  |
| 10146333 | ABF asset | N/A |  | 06/2027 | 29798 | 27270 | 27252 |  |
| 10146495 | ABF asset | N/A |  | 06/2027 | 26955 | 25233 | 25307 |  |
| 10146692 | ABF asset | N/A |  | 06/2027 | 2293 | 2090 | 2096 |  |
| 10146721 | ABF asset | N/A |  | 06/2027 | 16409 | 15094 | 15113 |  |
| 10146899 | ABF asset | N/A |  | 06/2027 | 4140 | 3836 | 3843 |  |
| 10146918 | ABF asset | N/A |  | 06/2027 | 678 | 628 | 625 |  |
| 10146920 | ABF asset | N/A |  | 06/2027 | 6266 | 5866 | 5887 |  |
| 10146945 | ABF asset | N/A |  | 06/2027 | 2926 | 2678 | 2680 |  |
| 10146947 | ABF asset | N/A |  | 06/2027 | 4909 | 4595 | 4604 |  |
| 10146976 | ABF asset | N/A |  | 06/2027 | 2100 | 1914 | 1905 |  |
| 10146984 | ABF asset | N/A |  | 06/2027 | 10784 | 9955 | 9977 |  |
| 10147048 | ABF asset | N/A |  | 06/2027 | 31921 | 29699 | 29786 |  |
| 10147182 | ABF asset | N/A |  | 06/2027 | 5023 | 4673 | 4693 |  |
| 10147220 | ABF asset | N/A |  | 06/2027 | 2557 | 2394 | 2399 |  |
| 10147226 | ABF asset | N/A |  | 06/2027 | 52052 | 47636 | 47670 |  |
| 10147421 | ABF asset | N/A |  | 06/2027 | 5270 | 4813 | 4805 |  |
| 10147480 | ABF asset | N/A |  | 06/2027 | 12269 | 11228 | 11227 |  |
| 10147538 | ABF asset | N/A |  | 06/2027 | 11357 | 10520 | 10549 |  |
| 10147632 | ABF asset | N/A |  | 06/2027 | 49549 | 46383 | 46528 |  |
| 10147923 | ABF asset | N/A |  | 06/2027 | 10674 | 9748 | 9671 |  |
| 10147978 | ABF asset | N/A |  | 06/2027 | 4949 | 4528 | 4545 |  |
| 10148001 | ABF asset | N/A |  | 06/2027 | 37851 | 35047 | 34699 |  |
| 10148357 | ABF asset | N/A |  | 06/2027 | 5151 | 4739 | 4737 |  |
| 10148417 | ABF asset | N/A |  | 06/2027 | 9184 | 8544 | 8573 |  |
| 10148470 | ABF asset | N/A |  | 06/2027 | 1770 | 1647 | 1653 |  |
| 10148474 | ABF asset | N/A |  | 06/2027 | 10889 | 10086 | 10100 |  |
| 10148579 | ABF asset | N/A |  | 06/2027 | 23069 | 21222 | 21237 |  |
| 10148782 | ABF asset | N/A |  | 06/2027 | 11576 | 10836 | 10864 |  |
| 10148921 | ABF asset | N/A |  | 06/2027 | 5073 | 4647 | 4627 |  |
| 10148947 | ABF asset | N/A |  | 06/2027 | 1771 | 1618 | 1614 |  |
| 10148969 | ABF asset | N/A |  | 06/2027 | 8690 | 8135 | 8160 |  |
| 10149021 | ABF asset | N/A |  | 06/2027 | 31706 | 29370 | 29446 |  |
| 10149283 | ABF asset | N/A |  | 06/2027 | 7927 | 7292 | 7292 |  |
| 10149328 | ABF asset | N/A |  | 06/2027 | 4175 | 3909 | 3920 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10149335 | ABF asset | N/A |  | 06/2027 | 2829 | 2648 | 2657 |  |
| 10149369 | ABF asset | N/A |  | 06/2027 | 11579 | 10552 | 10582 |  |
| 10149550 | ABF asset | N/A |  | 06/2027 | 3791 | 3549 | 3561 |  |
| 10149586 | ABF asset | N/A |  | 06/2027 | 5313 | 4841 | 4838 |  |
| 10149686 | ABF asset | N/A |  | 06/2027 | 8132 | 7612 | 7641 |  |
| 10149768 | ABF asset | N/A |  | 06/2027 | 7664 | 7174 | 7187 |  |
| 10149835 | ABF asset | N/A |  | 06/2027 | 2247 | 2056 | 2060 |  |
| 10149847 | ABF asset | N/A |  | 06/2027 | 7999 | 7443 | 7461 |  |
| 10149891 | ABF asset | N/A |  | 06/2027 | 4978 | 4579 | 4583 |  |
| 10149927 | ABF asset | N/A |  | 06/2027 | 13525 | 12661 | 12698 |  |
| 10150009 | ABF asset | N/A |  | 06/2027 | 15885 | 14715 | 14717 |  |
| 10150128 | ABF asset | N/A |  | 06/2027 | 6314 | 5754 | 5770 |  |
| 10150148 | ABF asset | N/A |  | 06/2027 | 16449 | 15398 | 15446 |  |
| 10150208 | ABF asset | N/A |  | 06/2027 | 1039 | 949 | 951 |  |
| 10150218 | ABF asset | N/A |  | 06/2027 | 14465 | 13541 | 13582 |  |
| 10150285 | ABF asset | N/A |  | 06/2027 | 28500 | 26400 | 26455 |  |
| 10150335 | ABF asset | N/A |  | 06/2027 | 14982 | 14025 | 14060 |  |
| 10150385 | ABF asset | N/A |  | 06/2027 | 2403 | 2218 | 2223 |  |
| 10150405 | ABF asset | N/A |  | 06/2027 | 2731 | 2499 | 2505 |  |
| 10150443 | ABF asset | N/A |  | 06/2027 | 18595 | 17300 | 17336 |  |
| 10150577 | ABF asset | N/A |  | 06/2027 | 9189 | 8373 | 8354 |  |
| 10150644 | ABF asset | N/A |  | 06/2027 | 995 | 915 | 918 |  |
| 10150649 | ABF asset | N/A |  | 06/2027 | 30325 | 28388 | 28484 |  |
| 10150805 | ABF asset | N/A |  | 06/2027 | 1603 | 1485 | 1461 |  |
| 10150815 | ABF asset | N/A |  | 06/2027 | 21729 | 20340 | 20402 |  |
| 10150870 | ABF asset | N/A |  | 06/2027 | 385 | 351 | 79 |  |
| 10150882 | ABF asset | N/A |  | 06/2027 | 26441 | 24751 | 24837 |  |
| 10151030 | ABF asset | N/A |  | 06/2027 | 32159 | 29921 | 30008 |  |
| 10151188 | ABF asset | N/A |  | 06/2027 | 15897 | 14674 | 14679 |  |
| 10151250 | ABF asset | N/A |  | 06/2027 | 61771 | 57021 | 57098 |  |
| 10151412 | ABF asset | N/A |  | 06/2027 | 7261 | 6756 | 6772 |  |
| 10151416 | ABF asset | N/A |  | 06/2027 | 54448 | 50970 | 51147 |  |
| 10151504 | ABF asset | N/A |  | 06/2027 | 2493 | 2281 | 2283 |  |
| 10151506 | ABF asset | N/A |  | 06/2027 | 2107 | 1921 | 1909 |  |
| 10151507 | ABF asset | N/A |  | 06/2027 | 8246 | 7638 | 7660 |  |
| 10151526 | ABF asset | N/A |  | 06/2027 | 45950 | 43014 | 43135 |  |
| 10151685 | ABF asset | N/A |  | 06/2027 | 31840 | 29806 | 29906 |  |
| 10151789 | ABF asset | N/A |  | 06/2027 | 8161 | 7640 | 7664 |  |
| 10151813 | ABF asset | N/A |  | 06/2027 | 10309 | 9550 | 9561 |  |
| 10151852 | ABF asset | N/A |  | 06/2027 | 577 | 527 | 528 |  |
| 10151856 | ABF asset | N/A |  | 06/2027 | 8931 | 8361 | 8374 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10151891 | ABF asset | N/A |  | 06/2027 | 57956 | 54254 | 54432 |  |
| 10152037 | ABF asset | N/A |  | 06/2027 | 7946 | 7438 | 7462 |  |
| 10152063 | ABF asset | N/A |  | 06/2027 | 1990 | 1843 | 1833 |  |
| 10152074 | ABF asset | N/A |  | 06/2027 | 5662 | 5300 | 5318 |  |
| 10152091 | ABF asset | N/A |  | 06/2027 | 50942 | 47190 | 47277 |  |
| 10152258 | ABF asset | N/A |  | 06/2027 | 20020 | 18627 | 18679 |  |
| 10152311 | ABF asset | N/A |  | 06/2027 | 12976 | 12146 | 12181 |  |
| 10152355 | ABF asset | N/A |  | 06/2027 | 7107 | 6654 | 6674 |  |
| 10152386 | ABF asset | N/A |  | 06/2027 | 5105 | 4652 | 4664 |  |
| 10152408 | ABF asset | N/A |  | 06/2027 | 9289 | 8483 | 8511 |  |
| 10152479 | ABF asset | N/A |  | 06/2027 | 40744 | 38141 | 38260 |  |
| 10152590 | ABF asset | N/A |  | 06/2027 | 5250 | 4885 | 4898 |  |
| 10152618 | ABF asset | N/A |  | 06/2027 | 13561 | 12384 | 12320 |  |
| 10152652 | ABF asset | N/A |  | 06/2027 | 1003 | 929 | 918 |  |
| 10152657 | ABF asset | N/A |  | 06/2027 | 672 | 612 | 609 |  |
| 10152665 | ABF asset | N/A |  | 06/2027 | 1083 | 991 | 994 |  |
| 10152672 | ABF asset | N/A |  | 06/2027 | 80653 | 75501 | 75754 |  |
| 10152947 | ABF asset | N/A |  | 06/2027 | 6001 | 5559 | 5579 |  |
| 10152958 | ABF asset | N/A |  | 06/2027 | 16117 | 14877 | 14906 |  |
| 10152988 | ABF asset | N/A |  | 06/2027 | 6994 | 6434 | 6442 |  |
| 10152992 | ABF asset | N/A |  | 06/2027 | 11378 | 10503 | 10498 |  |
| 10153035 | ABF asset | N/A |  | 06/2027 | 65544 | 60981 | 61104 |  |
| 10153261 | ABF asset | N/A |  | 06/2027 | 54116 | 50129 | 50255 |  |
| 10153394 | ABF asset | N/A |  | 06/2027 | 2652 | 2468 | 2474 |  |
| 10153459 | ABF asset | N/A |  | 06/2027 | 8733 | 8034 | 8047 |  |
| 10153508 | ABF asset | N/A |  | 06/2027 | 12852 | 12031 | 12066 |  |
| 10153618 | ABF asset | N/A |  | 06/2027 | 2545 | 2319 | 2315 |  |
| 10153633 | ABF asset | N/A |  | 06/2027 | 3064 | 2868 | 2876 |  |
| 10153665 | ABF asset | N/A |  | 06/2027 | 8810 | 8133 | 8088 |  |
| 10153728 | ABF asset | N/A |  | 06/2027 | 11490 | 10643 | 10671 |  |
| 10153800 | ABF asset | N/A |  | 06/2027 | 10151 | 9250 | 9249 |  |
| 10153852 | ABF asset | N/A |  | 06/2027 | 983 | 896 | 892 |  |
| 10153855 | ABF asset | N/A |  | 06/2027 | 10771 | 9836 | 9847 |  |
| 10153898 | ABF asset | N/A |  | 06/2027 | 1231 | 1126 | 1126 |  |
| 10153904 | ABF asset | N/A |  | 06/2027 | 4745 | 4324 | 4313 |  |
| 10153944 | ABF asset | N/A |  | 06/2027 | 7038 | 6548 | 6564 |  |
| 10154000 | ABF asset | N/A |  | 06/2027 | 11165 | 10452 | 10483 |  |
| 10154113 | ABF asset | N/A |  | 06/2027 | 1088 | 991 | 993 |  |
| 10154116 | ABF asset | N/A |  | 06/2027 | 1955 | 1789 | 1792 |  |
| 10154125 | ABF asset | N/A |  | 06/2027 | 3263 | 3054 | 3064 |  |
| 10154147 | ABF asset | N/A |  | 06/2027 | 5205 | 4805 | 4809 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10154173 | ABF asset | N/A |  | 06/2027 | 2292 | 2100 | 2066 |  |
| 10154189 | ABF asset | N/A |  | 06/2027 | 3356 | 3142 | 3154 |  |
| 10154200 | ABF asset | N/A |  | 06/2027 | 10611 | 9830 | 9824 |  |
| 10154310 | ABF asset | N/A |  | 06/2027 | 11459 | 10728 | 10758 |  |
| 10154395 | ABF asset | N/A |  | 06/2027 | 2336 | 2138 | 2144 |  |
| 10154404 | ABF asset | N/A |  | 06/2027 | 14800 | 13544 | 13565 |  |
| 10154479 | ABF asset | N/A |  | 06/2027 | 16264 | 15225 | 15274 |  |
| 10154594 | ABF asset | N/A |  | 06/2027 | 14482 | 13253 | 13294 |  |
| 10154774 | ABF asset | N/A |  | 06/2027 | 6614 | 6191 | 6209 |  |
| 10154840 | ABF asset | N/A |  | 06/2027 | 1204 | 1100 | 1094 |  |
| 10154850 | ABF asset | N/A |  | 06/2027 | 20953 | 19614 | 19676 |  |
| 10155053 | ABF asset | N/A |  | 06/2027 | 6922 | 6308 | 6311 |  |
| 10155099 | ABF asset | N/A |  | 06/2027 | 7299 | 6833 | 6852 |  |
| 10155126 | ABF asset | N/A |  | 06/2027 | 15533 | 14215 | 14252 |  |
| 10155211 | ABF asset | N/A |  | 06/2027 | 79849 | 74748 | 74977 |  |
| 10155457 | ABF asset | N/A |  | 06/2027 | 9601 | 8932 | 8956 |  |
| 10155494 | ABF asset | N/A |  | 06/2027 | 6063 | 5676 | 5685 |  |
| 10155525 | ABF asset | N/A |  | 06/2027 | 1939 | 1767 | 1768 |  |
| 10155546 | ABF asset | N/A |  | 06/2027 | 18975 | 17516 | 17507 |  |
| 10155648 | ABF asset | N/A |  | 06/2027 | 2282 | 2079 | 2087 |  |
| 10155655 | ABF asset | N/A |  | 06/2027 | 1521 | 1389 | 1221 |  |
| 10155669 | ABF asset | N/A |  | 06/2027 | 10697 | 9747 | 9787 |  |
| 10155701 | ABF asset | N/A |  | 06/2027 | 9921 | 9286 | 9313 |  |
| 10155743 | ABF asset | N/A |  | 06/2027 | 3675 | 3349 | 3327 |  |
| 10155773 | ABF asset | N/A |  | 06/2027 | 5289 | 4951 | 4967 |  |
| 10155795 | ABF asset | N/A |  | 06/2027 | 3200 | 2995 | 3005 |  |
| 10155813 | ABF asset | N/A |  | 06/2027 | 2420 | 2205 | 2208 |  |
| 10155825 | ABF asset | N/A |  | 06/2027 | 5547 | 5192 | 5208 |  |
| 10155839 | ABF asset | N/A |  | 06/2027 | 6550 | 6132 | 6141 |  |
| 10155880 | ABF asset | N/A |  | 06/2027 | 12219 | 11439 | 11470 |  |
| 10155944 | ABF asset | N/A |  | 06/2027 | 522 | 488 | 490 |  |
| 10155955 | ABF asset | N/A |  | 06/2027 | 7342 | 6720 | 6714 |  |
| 10156004 | ABF asset | N/A |  | 06/2027 | 42317 | 39063 | 39090 |  |
| 10156194 | ABF asset | N/A |  | 06/2027 | 14829 | 13689 | 13681 |  |
| 10156257 | ABF asset | N/A |  | 06/2027 | 6617 | 6108 | 6118 |  |
| 10156276 | ABF asset | N/A |  | 06/2027 | 21718 | 20118 | 20106 |  |
| 10156369 | ABF asset | N/A |  | 06/2027 | 3461 | 3205 | 3185 |  |
| 10156373 | ABF asset | N/A |  | 06/2027 | 10107 | 9362 | 9368 |  |
| 10156417 | ABF asset | N/A |  | 06/2027 | 4622 | 4300 | 4313 |  |
| 10156427 | ABF asset | N/A |  | 06/2027 | 913 | 845 | 774 |  |
| 10156429 | ABF asset | N/A |  | 06/2027 | 13009 | 12178 | 12210 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10156952 | ABF asset | N/A |  | 06/2027 | 14318 | 13403 | 13443 |  |
| 10157009 | ABF asset | N/A |  | 06/2027 | 6513 | 6097 | 6116 |  |
| 10157043 | ABF asset | N/A |  | 06/2027 | 19089 | 17484 | 17500 |  |
| 10157259 | ABF asset | N/A |  | 06/2027 | 54017 | 49434 | 49485 |  |
| 10157357 | ABF asset | N/A |  | 06/2027 | 20199 | 18908 | 18957 |  |
| 10157379 | ABF asset | N/A |  | 06/2027 | 1619 | 1475 | 1476 |  |
| 10157384 | ABF asset | N/A |  | 06/2027 | 3336 | 3040 | 3041 |  |
| 10157403 | ABF asset | N/A |  | 06/2027 | 3713 | 3475 | 3486 |  |
| 10157418 | ABF asset | N/A |  | 06/2027 | 3072 | 2844 | 2770 |  |
| 10157420 | ABF asset | N/A |  | 06/2027 | 18350 | 16793 | 16811 |  |
| 10157453 | ABF asset | N/A |  | 06/2027 | 1640 | 1502 | 1491 |  |
| 10157469 | ABF asset | N/A |  | 06/2027 | 77158 | 72229 | 72430 |  |
| 10157670 | ABF asset | N/A |  | 06/2027 | 1128 | 1045 | 1037 |  |
| 10157672 | ABF asset | N/A |  | 06/2027 | 23822 | 22164 | 22214 |  |
| 10157747 | ABF asset | N/A |  | 06/2027 | 13597 | 12728 | 12770 |  |
| 10157767 | ABF asset | N/A |  | 06/2027 | 4699 | 4291 | 4230 |  |
| 10157783 | ABF asset | N/A |  | 06/2027 | 1996 | 1819 | 1812 |  |
| 10157786 | ABF asset | N/A |  | 06/2027 | 5770 | 5344 | 5360 |  |
| 10157820 | ABF asset | N/A |  | 06/2027 | 2681 | 2482 | 2397 |  |
| 10157828 | ABF asset | N/A |  | 06/2027 | 4696 | 4279 | 4276 |  |
| 10157843 | ABF asset | N/A |  | 06/2027 | 11430 | 10416 | 10382 |  |
| 10157904 | ABF asset | N/A |  | 06/2027 | 5797 | 5427 | 5442 |  |
| 10157921 | ABF asset | N/A |  | 06/2027 | 6805 | 6370 | 6388 |  |
| 10157946 | ABF asset | N/A |  | 06/2027 | 14312 | 13315 | 13352 |  |
| 10158010 | ABF asset | N/A |  | 06/2027 | 4439 | 4130 | 4142 |  |
| 10158033 | ABF asset | N/A |  | 06/2027 | 65559 | 61371 | 61562 |  |
| 10158247 | ABF asset | N/A |  | 06/2027 | 2486 | 2327 | 2334 |  |
| 10158262 | ABF asset | N/A |  | 06/2027 | 2953 | 2705 | 2709 |  |
| 10158269 | ABF asset | N/A |  | 06/2027 | 7052 | 6561 | 6585 |  |
| 10158275 | ABF asset | N/A |  | 06/2027 | 8643 | 8092 | 8116 |  |
| 10158302 | ABF asset | N/A |  | 06/2027 | 75689 | 70854 | 71076 |  |
| 10158525 | ABF asset | N/A |  | 06/2027 | 101803 | 95300 | 95549 |  |
| 10162109 | ABF asset | N/A |  | 06/2027 | 4927 | 4612 | 4616 |  |
| 10162135 | ABF asset | N/A |  | 06/2027 | 3174 | 2892 | 2858 |  |
| 10162144 | ABF asset | N/A |  | 06/2027 | 37778 | 35365 | 35466 |  |
| 10162220 | ABF asset | N/A |  | 06/2027 | 4719 | 4322 | 4272 |  |
| 10162240 | ABF asset | N/A |  | 06/2027 | 6021 | 5602 | 5614 |  |
| 10162265 | ABF asset | N/A |  | 06/2027 | 1205 | 1116 | 1107 |  |
| 10162278 | ABF asset | N/A |  | 06/2027 | 4797 | 4428 | 4426 |  |
| 10162290 | ABF asset | N/A |  | 06/2027 | 22878 | 21285 | 21351 |  |
| 10162372 | ABF asset | N/A |  | 06/2027 | 1335 | 1217 | 1216 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10162373 | ABF asset | N/A |  | 06/2027 | 10121 | 9474 | 9497 |  |
| 10162399 | ABF asset | N/A |  | 06/2027 | 19988 | 18711 | 18761 |  |
| 10162510 | ABF asset | N/A |  | 06/2027 | 10433 | 9707 | 9725 |  |
| 10162549 | ABF asset | N/A |  | 06/2027 | 6132 | 5706 | 5719 |  |
| 10162584 | ABF asset | N/A |  | 06/2027 | 7922 | 7287 | 7290 |  |
| 10162618 | ABF asset | N/A |  | 06/2027 | 2327 | 2120 | 2109 |  |
| 10162638 | ABF asset | N/A |  | 06/2027 | 3062 | 2837 | 2838 |  |
| 10162669 | ABF asset | N/A |  | 06/2027 | 3618 | 3328 | 3328 |  |
| 10162688 | ABF asset | N/A |  | 06/2027 | 11063 | 10356 | 10388 |  |
| 10162722 | ABF asset | N/A |  | 06/2027 | 3673 | 3438 | 3448 |  |
| 10162738 | ABF asset | N/A |  | 06/2027 | 4303 | 4028 | 4040 |  |
| 10162743 | ABF asset | N/A |  | 06/2027 | 986 | 900 | 898 |  |
| 10162764 | ABF asset | N/A |  | 06/2027 | 22688 | 20674 | 20606 |  |
| 10162875 | ABF asset | N/A |  | 06/2027 | 3076 | 2880 | 2887 |  |
| 10162897 | ABF asset | N/A |  | 06/2027 | 10106 | 9460 | 9485 |  |
| 10162968 | ABF asset | N/A |  | 06/2027 | 3389 | 3173 | 3181 |  |
| 10162988 | ABF asset | N/A |  | 06/2027 | 310 | 282 | 281 |  |
| 10163000 | ABF asset | N/A |  | 06/2027 | 8624 | 8073 | 8096 |  |
| 10163035 | ABF asset | N/A |  | 06/2027 | 13348 | 12360 | 12224 |  |
| 10163129 | ABF asset | N/A |  | 06/2027 | 1916 | 1774 | 1758 |  |
| 10163149 | ABF asset | N/A |  | 06/2027 | 22085 | 20458 | 20483 |  |
| 10163353 | ABF asset | N/A |  | 06/2027 | 12859 | 11870 | 11881 |  |
| 10163507 | ABF asset | N/A |  | 06/2027 | 14171 | 13265 | 13301 |  |
| 10163625 | ABF asset | N/A |  | 06/2027 | 941 | 872 | 839 |  |
| 10163628 | ABF asset | N/A |  | 06/2027 | 739 | 684 | 685 |  |
| 10163633 | ABF asset | N/A |  | 06/2027 | 2801 | 2622 | 2630 |  |
| 10163638 | ABF asset | N/A |  | 06/2027 | 11138 | 10150 | 10139 |  |
| 10163679 | ABF asset | N/A |  | 06/2027 | 8797 | 8185 | 8206 |  |
| 10163737 | ABF asset | N/A |  | 06/2027 | 1532 | 1414 | 1413 |  |
| 10163747 | ABF asset | N/A |  | 06/2027 | 14842 | 13583 | 13543 |  |
| 10163863 | ABF asset | N/A |  | 06/2027 | 3051 | 2825 | 2783 |  |
| 10163882 | ABF asset | N/A |  | 06/2027 | 38928 | 36442 | 36533 |  |
| 10164072 | ABF asset | N/A |  | 06/2027 | 3775 | 3533 | 3542 |  |
| 10164074 | ABF asset | N/A |  | 06/2027 | 11062 | 10292 | 10288 |  |
| 10164123 | ABF asset | N/A |  | 06/2027 | 14467 | 13543 | 13582 |  |
| 10164189 | ABF asset | N/A |  | 06/2027 | 4460 | 4175 | 4186 |  |
| 10164206 | ABF asset | N/A |  | 06/2027 | 7604 | 7118 | 7136 |  |
| 10164245 | ABF asset | N/A |  | 06/2027 | 19305 | 17758 | 17795 |  |
| 10164302 | ABF asset | N/A |  | 06/2027 | 8402 | 7729 | 7656 |  |
| 10164343 | ABF asset | N/A |  | 06/2027 | 25558 | 23593 | 23645 |  |
| 10164469 | ABF asset | N/A |  | 06/2027 | 2018 | 1869 | 1864 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10164472 | ABF asset | N/A |  | 06/2027 | 2429 | 2273 | 2272 |  |
| 10164478 | ABF asset | N/A |  | 06/2027 | 12105 | 11031 | 10962 |  |
| 10164557 | ABF asset | N/A |  | 06/2027 | 3338 | 3093 | 3096 |  |
| 10164566 | ABF asset | N/A |  | 06/2027 | 2726 | 2553 | 2558 |  |
| 10164599 | ABF asset | N/A |  | 06/2027 | 4141 | 3876 | 3887 |  |
| 10164604 | ABF asset | N/A |  | 06/2027 | 2760 | 2557 | 2560 |  |
| 10164608 | ABF asset | N/A |  | 06/2027 | 1826 | 1709 | 1714 |  |
| 10164632 | ABF asset | N/A |  | 06/2027 | 12986 | 12156 | 12187 |  |
| 10164677 | ABF asset | N/A |  | 06/2027 | 43559 | 40777 | 40876 |  |
| 10164863 | ABF asset | N/A |  | 06/2027 | 5401 | 5055 | 5067 |  |
| 10164874 | ABF asset | N/A |  | 06/2027 | 2133 | 1997 | 2002 |  |
| 10164897 | ABF asset | N/A |  | 06/2027 | 31910 | 29872 | 29952 |  |
| 10165040 | ABF asset | N/A |  | 06/2027 | 3854 | 3569 | 3543 |  |
| 10165056 | ABF asset | N/A |  | 06/2027 | 3339 | 3126 | 3136 |  |
| 10165071 | ABF asset | N/A |  | 06/2027 | 11342 | 10617 | 10645 |  |
| 10165090 | ABF asset | N/A |  | 06/2027 | 2248 | 2053 | 2052 |  |
| 10165092 | ABF asset | N/A |  | 06/2027 | 15718 | 14509 | 14501 |  |
| 10165128 | ABF asset | N/A |  | 06/2027 | 11010 | 10199 | 10224 |  |
| 10165174 | ABF asset | N/A |  | 06/2027 | 20914 | 19578 | 19628 |  |
| 10165224 | ABF asset | N/A |  | 06/2027 | 2692 | 2463 | 2462 |  |
| 10165239 | ABF asset | N/A |  | 06/2027 | 14830 | 13883 | 13919 |  |
| 10165287 | ABF asset | N/A |  | 06/2027 | 72370 | 65946 | 65892 |  |
| 10165539 | ABF asset | N/A |  | 06/2027 | 2302 | 2117 | 2120 |  |
| 10165541 | ABF asset | N/A |  | 06/2027 | 16253 | 14810 | 14824 |  |
| 10165564 | ABF asset | N/A |  | 06/2027 | 3037 | 2843 | 2851 |  |
| 10165584 | ABF asset | N/A |  | 06/2027 | 74807 | 68816 | 68912 |  |
| 10165755 | ABF asset | N/A |  | 06/2027 | 1741 | 1590 | 1589 |  |
| 10165759 | ABF asset | N/A |  | 06/2027 | 12020 | 11057 | 11072 |  |
| 10165794 | ABF asset | N/A |  | 06/2027 | 82243 | 76990 | 77199 |  |
| 10165998 | ABF asset | N/A |  | 06/2027 | 6306 | 5771 | 5789 |  |
| 10166013 | ABF asset | N/A |  | 06/2027 | 7946 | 7336 | 7355 |  |
| 10166030 | ABF asset | N/A |  | 06/2027 | 49273 | 46126 | 46263 |  |
| 10166180 | ABF asset | N/A |  | 06/2027 | 70445 | 65945 | 66135 |  |
| 10166458 | ABF asset | N/A |  | 06/2027 | 1070 | 1001 | 1004 |  |
| 10166459 | ABF asset | N/A |  | 06/2027 | 9474 | 8678 | 8676 |  |
| 10166504 | ABF asset | N/A |  | 06/2027 | 25448 | 23562 | 23490 |  |
| 10166565 | ABF asset | N/A |  | 06/2027 | 804 | 732 | 722 |  |
| 10166577 | ABF asset | N/A |  | 06/2027 | 14753 | 13811 | 13847 |  |
| 10166628 | ABF asset | N/A |  | 06/2027 | 25578 | 23944 | 23977 |  |
| 10166805 | ABF asset | N/A |  | 06/2027 | 2108 | 1973 | 1978 |  |
| 10166809 | ABF asset | N/A |  | 06/2027 | 3176 | 2900 | 2888 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10166837 | ABF asset | N/A |  | 06/2027 | 11823 | 10820 | 10823 |  |
| 10166898 | ABF asset | N/A |  | 06/2027 | 4222 | 3953 | 3963 |  |
| 10166923 | ABF asset | N/A |  | 06/2027 | 7825 | 7325 | 7343 |  |
| 10166986 | ABF asset | N/A |  | 06/2027 | 1429 | 1315 | 1308 |  |
| 10166987 | ABF asset | N/A |  | 06/2027 | 31343 | 28832 | 28850 |  |
| 10167133 | ABF asset | N/A |  | 06/2027 | 5819 | 5448 | 5462 |  |
| 10167156 | ABF asset | N/A |  | 06/2027 | 10830 | 10138 | 10166 |  |
| 10167217 | ABF asset | N/A |  | 06/2027 | 4114 | 3827 | 3837 |  |
| 10167226 | ABF asset | N/A |  | 06/2027 | 60444 | 55991 | 56101 |  |
| 10167311 | ABF asset | N/A |  | 06/2027 | 51609 | 48312 | 48452 |  |
| 10167529 | ABF asset | N/A |  | 06/2027 | 3312 | 3018 | 2981 |  |
| 10167562 | ABF asset | N/A |  | 06/2027 | 16403 | 15089 | 15098 |  |
| 10167652 | ABF asset | N/A |  | 06/2027 | 15157 | 14041 | 14078 |  |
| 10167714 | ABF asset | N/A |  | 06/2027 | 95959 | 89829 | 90057 |  |
| 10168272 | ABF asset | N/A |  | 06/2027 | 7400 | 6831 | 6836 |  |
| 10168339 | ABF asset | N/A |  | 06/2027 | 19193 | 17967 | 18013 |  |
| 10168580 | ABF asset | N/A |  | 06/2027 | 21093 | 19404 | 19426 |  |
| 10168763 | ABF asset | N/A |  | 06/2027 | 2990 | 2799 | 2805 |  |
| 10168788 | ABF asset | N/A |  | 06/2027 | 5648 | 5195 | 5210 |  |
| 10168820 | ABF asset | N/A |  | 06/2027 | 4699 | 4398 | 4407 |  |
| 10168838 | ABF asset | N/A |  | 06/2027 | 2097 | 1963 | 1967 |  |
| 10168874 | ABF asset | N/A |  | 06/2027 | 9648 | 9031 | 9043 |  |
| 10168910 | ABF asset | N/A |  | 06/2027 | 4872 | 4440 | 4437 |  |
| 10168927 | ABF asset | N/A |  | 06/2027 | 3197 | 2993 | 3000 |  |
| 10168948 | ABF asset | N/A |  | 06/2027 | 5851 | 5332 | 5331 |  |
| 10168974 | ABF asset | N/A |  | 06/2027 | 51552 | 48259 | 48364 |  |
| 10169192 | ABF asset | N/A |  | 06/2027 | 4572 | 4235 | 4246 |  |
| 10169237 | ABF asset | N/A |  | 06/2027 | 21721 | 20334 | 20391 |  |
| 10169378 | ABF asset | N/A |  | 06/2027 | 7891 | 7386 | 7404 |  |
| 10169398 | ABF asset | N/A |  | 06/2027 | 1105 | 1023 | 1009 |  |
| 10169404 | ABF asset | N/A |  | 06/2027 | 12335 | 11289 | 11321 |  |
| 10169472 | ABF asset | N/A |  | 06/2027 | 3793 | 3456 | 3461 |  |
| 10169479 | ABF asset | N/A |  | 06/2027 | 29568 | 27679 | 27742 |  |
| 10169576 | ABF asset | N/A |  | 06/2027 | 1604 | 1480 | 1480 |  |
| 10169590 | ABF asset | N/A |  | 06/2027 | 14155 | 13021 | 13060 |  |
| 10169619 | ABF asset | N/A |  | 06/2027 | 3712 | 3382 | 3367 |  |
| 10169629 | ABF asset | N/A |  | 06/2027 | 8532 | 7987 | 8007 |  |
| 10169665 | ABF asset | N/A |  | 06/2027 | 12252 | 11164 | 11137 |  |
| 10169695 | ABF asset | N/A |  | 06/2027 | 3120 | 2843 | 2844 |  |
| 10169709 | ABF asset | N/A |  | 06/2027 | 9654 | 9037 | 9061 |  |
| 10169738 | ABF asset | N/A |  | 06/2027 | 6628 | 6039 | 6051 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10169753 | ABF asset | N/A |  | 06/2027 | 9316 | 8489 | 8498 |  |
| 10169773 | ABF asset | N/A |  | 06/2027 | 4909 | 4595 | 4607 |  |
| 10169787 | ABF asset | N/A |  | 06/2027 | 6362 | 5919 | 5931 |  |
| 10169798 | ABF asset | N/A |  | 06/2027 | 4382 | 4059 | 4068 |  |
| 10169816 | ABF asset | N/A |  | 06/2027 | 5867 | 5398 | 5405 |  |
| 10169834 | ABF asset | N/A |  | 06/2027 | 20057 | 18661 | 18696 |  |
| 10169887 | ABF asset | N/A |  | 06/2027 | 1718 | 1591 | 1568 |  |
| 10169955 | ABF asset | N/A |  | 06/2027 | 110823 | 103108 | 103397 |  |
| 10170308 | ABF asset | N/A |  | 06/2027 | 7010 | 6416 | 6429 |  |
| 10170333 | ABF asset | N/A |  | 06/2027 | 12717 | 11588 | 11574 |  |
| 10170372 | ABF asset | N/A |  | 06/2027 | 7300 | 6652 | 6594 |  |
| 10170390 | ABF asset | N/A |  | 06/2027 | 10420 | 9754 | 9777 |  |
| 10170437 | ABF asset | N/A |  | 06/2027 | 13223 | 12207 | 12214 |  |
| 10170470 | ABF asset | N/A |  | 06/2027 | 958 | 887 | 878 |  |
| 10170473 | ABF asset | N/A |  | 06/2027 | 44821 | 41957 | 42074 |  |
| 10170667 | ABF asset | N/A |  | 06/2027 | 20204 | 18913 | 18968 |  |
| 10170752 | ABF asset | N/A |  | 06/2027 | 6931 | 6488 | 6504 |  |
| 10170767 | ABF asset | N/A |  | 06/2027 | 6281 | 5723 | 5717 |  |
| 10170778 | ABF asset | N/A |  | 06/2027 | 18070 | 16916 | 16960 |  |
| 10170850 | ABF asset | N/A |  | 06/2027 | 5084 | 4633 | 4641 |  |
| 10170874 | ABF asset | N/A |  | 06/2027 | 523 | 484 | 451 |  |
| 10170876 | ABF asset | N/A |  | 06/2027 | 45514 | 42607 | 42702 |  |
| 10171001 | ABF asset | N/A |  | 06/2027 | 7570 | 6899 | 6905 |  |
| 10171021 | ABF asset | N/A |  | 06/2027 | 3533 | 3307 | 3317 |  |
| 10171045 | ABF asset | N/A |  | 06/2027 | 5053 | 4605 | 4584 |  |
| 10171068 | ABF asset | N/A |  | 06/2027 | 3541 | 3314 | 3322 |  |
| 10171091 | ABF asset | N/A |  | 06/2027 | 3652 | 3371 | 3381 |  |
| 10171114 | ABF asset | N/A |  | 06/2027 | 17357 | 15816 | 15822 |  |
| 10171207 | ABF asset | N/A |  | 06/2027 | 3322 | 3078 | 3085 |  |
| 10171231 | ABF asset | N/A |  | 06/2027 | 6552 | 6133 | 6151 |  |
| 10171244 | ABF asset | N/A |  | 06/2027 | 10564 | 9889 | 9914 |  |
| 10171291 | ABF asset | N/A |  | 06/2027 | 1708 | 1577 | 1580 |  |
| 10171293 | ABF asset | N/A |  | 06/2027 | 5311 | 4972 | 4983 |  |
| 10171313 | ABF asset | N/A |  | 06/2027 | 2998 | 2768 | 2769 |  |
| 10171327 | ABF asset | N/A |  | 06/2027 | 27913 | 25971 | 26033 |  |
| 10171394 | ABF asset | N/A |  | 06/2027 | 20998 | 19657 | 19703 |  |
| 10171513 | ABF asset | N/A |  | 06/2027 | 2770 | 2524 | 2525 |  |
| 10171518 | ABF asset | N/A |  | 06/2027 | 5513 | 5161 | 5174 |  |
| 10171552 | ABF asset | N/A |  | 06/2027 | 37753 | 34729 | 34803 |  |
| 10171712 | ABF asset | N/A |  | 06/2027 | 8545 | 8000 | 8020 |  |
| 10171745 | ABF asset | N/A |  | 06/2027 | 16828 | 15753 | 15794 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10171793 | ABF asset | N/A |  | 06/2027 | 8085 | 7463 | 7473 |  |
| 10171801 | ABF asset | N/A |  | 06/2027 | 4893 | 4517 | 4530 |  |
| 10171820 | ABF asset | N/A |  | 06/2027 | 12644 | 11521 | 11522 |  |
| 10171869 | ABF asset | N/A |  | 06/2027 | 10669 | 9722 | 9716 |  |
| 10171898 | ABF asset | N/A |  | 06/2027 | 5613 | 5181 | 5185 |  |
| 10171922 | ABF asset | N/A |  | 06/2027 | 26393 | 24556 | 24601 |  |
| 10171979 | ABF asset | N/A |  | 06/2027 | 12451 | 11656 | 11682 |  |
| 10172019 | ABF asset | N/A |  | 06/2027 | 12253 | 11350 | 11376 |  |
| 10172037 | ABF asset | N/A |  | 06/2027 | 7341 | 6830 | 6846 |  |
| 10172076 | ABF asset | N/A |  | 06/2027 | 7769 | 7110 | 7086 |  |
| 10172093 | ABF asset | N/A |  | 06/2027 | 19475 | 17747 | 17725 |  |
| 10172146 | ABF asset | N/A |  | 06/2027 | 5620 | 5229 | 5242 |  |
| 10172155 | ABF asset | N/A |  | 06/2027 | 1608 | 1479 | 1480 |  |
| 10172166 | ABF asset | N/A |  | 06/2027 | 1885 | 1754 | 1757 |  |
| 10172183 | ABF asset | N/A |  | 06/2027 | 19555 | 18306 | 18343 |  |
| 10172288 | ABF asset | N/A |  | 06/2027 | 10493 | 9686 | 9697 |  |
| 10172311 | ABF asset | N/A |  | 06/2027 | 2787 | 2550 | 2556 |  |
| 10172333 | ABF asset | N/A |  | 06/2027 | 1591 | 1464 | 1463 |  |
| 10172335 | ABF asset | N/A |  | 06/2027 | 3169 | 2902 | 2902 |  |
| 10172337 | ABF asset | N/A |  | 06/2027 | 6423 | 5878 | 5884 |  |
| 10172355 | ABF asset | N/A |  | 06/2027 | 2325 | 2118 | 2121 |  |
| 10172361 | ABF asset | N/A |  | 06/2027 | 1898 | 1777 | 1781 |  |
| 10172364 | ABF asset | N/A |  | 06/2027 | 11739 | 10798 | 10809 |  |
| 10172392 | ABF asset | N/A |  | 06/2027 | 20741 | 19415 | 19464 |  |
| 10172451 | ABF asset | N/A |  | 06/2027 | 3200 | 2996 | 3003 |  |
| 10172464 | ABF asset | N/A |  | 06/2027 | 26602 | 24750 | 24807 |  |
| 10172542 | ABF asset | N/A |  | 06/2027 | 787 | 729 | 723 |  |
| 10172546 | ABF asset | N/A |  | 06/2027 | 6959 | 6514 | 6531 |  |
| 10172562 | ABF asset | N/A |  | 06/2027 | 1188 | 1083 | 1084 |  |
| 10172566 | ABF asset | N/A |  | 06/2027 | 11301 | 10579 | 10611 |  |
| 10172598 | ABF asset | N/A |  | 06/2027 | 3039 | 2815 | 2820 |  |
| 10172611 | ABF asset | N/A |  | 06/2027 | 6221 | 5823 | 5838 |  |
| 10172621 | ABF asset | N/A |  | 06/2027 | 8104 | 7586 | 7606 |  |
| 10172640 | ABF asset | N/A |  | 06/2027 | 3301 | 3008 | 3015 |  |
| 10172648 | ABF asset | N/A |  | 06/2027 | 3641 | 3408 | 3417 |  |
| 10172652 | ABF asset | N/A |  | 06/2027 | 4241 | 3970 | 3981 |  |
| 10172667 | ABF asset | N/A |  | 06/2027 | 10048 | 9406 | 9431 |  |
| 10172700 | ABF asset | N/A |  | 06/2027 | 2180 | 2019 | 2023 |  |
| 10172707 | ABF asset | N/A |  | 06/2027 | 7395 | 6803 | 6815 |  |
| 10172727 | ABF asset | N/A |  | 06/2027 | 41873 | 39198 | 39285 |  |
| 10172844 | ABF asset | N/A |  | 06/2027 | 12997 | 12166 | 12195 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10172882 | ABF asset | N/A |  | 06/2027 | 13140 | 12301 | 12330 |  |
| 10172912 | ABF asset | N/A |  | 06/2027 | 1025 | 933 | 935 |  |
| 10172915 | ABF asset | N/A |  | 06/2027 | 18633 | 17337 | 17375 |  |
| 10172973 | ABF asset | N/A |  | 06/2027 | 1012 | 922 | 919 |  |
| 10172983 | ABF asset | N/A |  | 06/2027 | 28622 | 26421 | 26458 |  |
| 10173057 | ABF asset | N/A |  | 06/2027 | 5667 | 5232 | 5239 |  |
| 10173087 | ABF asset | N/A |  | 06/2027 | 11229 | 10511 | 10537 |  |
| 10173110 | ABF asset | N/A |  | 06/2027 | 10500 | 9726 | 9736 |  |
| 10173141 | ABF asset | N/A |  | 06/2027 | 1866 | 1728 | 1733 |  |
| 10173144 | ABF asset | N/A |  | 06/2027 | 24722 | 22901 | 22929 |  |
| 10173205 | ABF asset | N/A |  | 06/2027 | 2202 | 2011 | 1992 |  |
| 10173212 | ABF asset | N/A |  | 06/2027 | 1999 | 1821 | 1818 |  |
| 10173217 | ABF asset | N/A |  | 06/2027 | 7305 | 6839 | 6857 |  |
| 10173248 | ABF asset | N/A |  | 06/2027 | 1059 | 965 | 967 |  |
| 10173251 | ABF asset | N/A |  | 06/2027 | 4130 | 3812 | 3806 |  |
| 10173265 | ABF asset | N/A |  | 06/2027 | 6498 | 5999 | 6009 |  |
| 10173287 | ABF asset | N/A |  | 06/2027 | 2107 | 1972 | 1976 |  |
| 10173293 | ABF asset | N/A |  | 06/2027 | 33410 | 30734 | 30577 |  |
| 10173398 | ABF asset | N/A |  | 06/2027 | 4072 | 3812 | 3821 |  |
| 10173410 | ABF asset | N/A |  | 06/2027 | 1325 | 1207 | 1199 |  |
| 10173416 | ABF asset | N/A |  | 06/2027 | 3560 | 3286 | 3257 |  |
| 10173434 | ABF asset | N/A |  | 06/2027 | 24336 | 22465 | 22464 |  |
| 10173508 | ABF asset | N/A |  | 06/2027 | 3658 | 3387 | 3350 |  |
| 10173524 | ABF asset | N/A |  | 06/2027 | 3255 | 3028 | 3038 |  |
| 10173529 | ABF asset | N/A |  | 06/2027 | 1027 | 936 | 935 |  |
| 10173532 | ABF asset | N/A |  | 06/2027 | 42398 | 39689 | 39782 |  |
| 10173651 | ABF asset | N/A |  | 06/2027 | 4035 | 3712 | 3698 |  |
| 10173662 | ABF asset | N/A |  | 06/2027 | 4386 | 4080 | 4088 |  |
| 10173671 | ABF asset | N/A |  | 06/2027 | 1972 | 1814 | 1814 |  |
| 10173679 | ABF asset | N/A |  | 06/2027 | 5604 | 5246 | 5258 |  |
| 10173689 | ABF asset | N/A |  | 06/2027 | 1020 | 955 | 957 |  |
| 10173693 | ABF asset | N/A |  | 06/2027 | 17480 | 16363 | 16401 |  |
| 10173734 | ABF asset | N/A |  | 06/2027 | 1135 | 1034 | 1031 |  |
| 10173740 | ABF asset | N/A |  | 06/2027 | 5351 | 4940 | 4950 |  |
| 10173758 | ABF asset | N/A |  | 06/2027 | 3473 | 3251 | 3259 |  |
| 10173767 | ABF asset | N/A |  | 06/2027 | 23558 | 21513 | 21336 |  |
| 10173832 | ABF asset | N/A |  | 06/2027 | 6950 | 6506 | 6521 |  |
| 10173849 | ABF asset | N/A |  | 06/2027 | 691 | 640 | 639 |  |
| 10173851 | ABF asset | N/A |  | 06/2027 | 12321 | 11227 | 11233 |  |
| 10173877 | ABF asset | N/A |  | 06/2027 | 32152 | 30098 | 30173 |  |
| 10173981 | ABF asset | N/A |  | 06/2027 | 6445 | 5996 | 6009 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10174002 | ABF asset | N/A |  | 06/2027 | 8410 | 7824 | 7842 |  |
| 10174018 | ABF asset | N/A |  | 06/2027 | 9435 | 8634 | 8636 |  |
| 10174054 | ABF asset | N/A |  | 06/2027 | 6719 | 6122 | 6115 |  |
| 10174073 | ABF asset | N/A |  | 06/2027 | 1232 | 1122 | 1120 |  |
| 10174076 | ABF asset | N/A |  | 06/2027 | 7010 | 6415 | 6420 |  |
| 10174099 | ABF asset | N/A |  | 06/2027 | 3955 | 3702 | 3712 |  |
| 10174111 | ABF asset | N/A |  | 06/2027 | 2740 | 2497 | 2455 |  |
| 10174126 | ABF asset | N/A |  | 06/2027 | 2030 | 1859 | 1863 |  |
| 10174131 | ABF asset | N/A |  | 06/2027 | 12904 | 12080 | 12110 |  |
| 10174174 | ABF asset | N/A |  | 06/2027 | 3750 | 3510 | 3519 |  |
| 10174189 | ABF asset | N/A |  | 06/2027 | 3410 | 3107 | 3109 |  |
| 10174203 | ABF asset | N/A |  | 06/2027 | 4668 | 4254 | 4257 |  |
| 10174214 | ABF asset | N/A |  | 06/2027 | 4029 | 3732 | 3741 |  |
| 10174223 | ABF asset | N/A |  | 06/2027 | 6334 | 5893 | 5903 |  |
| 10174250 | ABF asset | N/A |  | 06/2027 | 2054 | 1890 | 1888 |  |
| 10174251 | ABF asset | N/A |  | 06/2027 | 10252 | 9597 | 9619 |  |
| 10175173 | ABF asset | N/A |  | 06/2027 | 7744 | 7057 | 7044 |  |
| 10175200 | ABF asset | N/A |  | 06/2027 | 5505 | 5038 | 5049 |  |
| 10175221 | ABF asset | N/A |  | 06/2027 | 4314 | 3996 | 4002 |  |
| 10175234 | ABF asset | N/A |  | 06/2027 | 5892 | 5456 | 5425 |  |
| 10175251 | ABF asset | N/A |  | 06/2027 | 3152 | 2951 | 2958 |  |
| 10175317 | ABF asset | N/A |  | 06/2027 | 4028 | 3729 | 3714 |  |
| 10175351 | ABF asset | N/A |  | 06/2027 | 6430 | 6019 | 6034 |  |
| 10175408 | ABF asset | N/A |  | 06/2027 | 12844 | 12024 | 12051 |  |
| 10175511 | ABF asset | N/A |  | 06/2027 | 654 | 599 | 593 |  |
| 10175523 | ABF asset | N/A |  | 06/2027 | 6562 | 6143 | 6159 |  |
| 10175565 | ABF asset | N/A |  | 06/2027 | 12614 | 11644 | 11666 |  |
| 10175632 | ABF asset | N/A |  | 06/2027 | 3515 | 3203 | 3201 |  |
| 10175653 | ABF asset | N/A |  | 06/2027 | 2556 | 2329 | 2331 |  |
| 10175677 | ABF asset | N/A |  | 06/2027 | 6689 | 6096 | 6082 |  |
| 10175767 | ABF asset | N/A |  | 06/2027 | 14864 | 13769 | 13767 |  |
| 10175953 | ABF asset | N/A |  | 06/2027 | 13073 | 12238 | 12270 |  |
| 10176121 | ABF asset | N/A |  | 06/2027 | 1261 | 1174 | 1176 |  |
| 10176139 | ABF asset | N/A |  | 06/2027 | 2735 | 2503 | 2510 |  |
| 10176159 | ABF asset | N/A |  | 06/2027 | 14811 | 13865 | 13903 |  |
| 10176370 | ABF asset | N/A |  | 06/2027 | 4409 | 4035 | 4037 |  |
| 10176443 | ABF asset | N/A |  | 06/2027 | 3999 | 3744 | 3753 |  |
| 10176475 | ABF asset | N/A |  | 06/2027 | 14098 | 13014 | 13034 |  |
| 10176582 | ABF asset | N/A |  | 06/2027 | 795 | 726 | 724 |  |
| 10176583 | ABF asset | N/A |  | 06/2027 | 8766 | 8206 | 8227 |  |
| 10176627 | ABF asset | N/A |  | 06/2027 | 74490 | 69304 | 69414 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10177009 | ABF asset | N/A |  | 06/2027 | 4384 | 4105 | 4116 |  |
| 10177030 | ABF asset | N/A |  | 06/2027 | 20306 | 19009 | 19055 |  |
| 10177081 | ABF asset | N/A |  | 06/2027 | 83226 | 77910 | 78114 |  |
| 10177443 | ABF asset | N/A |  | 06/2027 | 5437 | 5034 | 5004 |  |
| 10177488 | ABF asset | N/A |  | 06/2027 | 6896 | 6284 | 6298 |  |
| 10177500 | ABF asset | N/A |  | 06/2027 | 3134 | 2893 | 2897 |  |
| 10177510 | ABF asset | N/A |  | 06/2027 | 25523 | 23258 | 23248 |  |
| 10177652 | ABF asset | N/A |  | 06/2027 | 21670 | 20285 | 20338 |  |
| 10179101 | ABF asset | N/A |  | 06/2027 | 3860 | 3613 | 3622 |  |
| 10179119 | ABF asset | N/A |  | 06/2027 | 4813 | 4478 | 4487 |  |
| 10179147 | ABF asset | N/A |  | 06/2027 | 2324 | 2175 | 2181 |  |
| 10179167 | ABF asset | N/A |  | 06/2027 | 77755 | 72027 | 72203 |  |
| 10179606 | ABF asset | N/A |  | 06/2027 | 668 | 609 | 609 |  |
| 10179614 | ABF asset | N/A |  | 06/2027 | 2013 | 1858 | 1860 |  |
| 10179636 | ABF asset | N/A |  | 06/2027 | 17060 | 15694 | 15739 |  |
| 10179743 | ABF asset | N/A |  | 06/2027 | 27918 | 25861 | 25900 |  |
| 10179931 | ABF asset | N/A |  | 06/2027 | 4863 | 4450 | 4461 |  |
| 10179968 | ABF asset | N/A |  | 06/2027 | 4391 | 4019 | 4028 |  |
| 10180018 | ABF asset | N/A |  | 06/2027 | 3931 | 3680 | 3690 |  |
| 10180033 | ABF asset | N/A |  | 06/2027 | 11992 | 10927 | 10924 |  |
| 10180095 | ABF asset | N/A |  | 06/2027 | 1866 | 1704 | 1683 |  |
| 10180107 | ABF asset | N/A |  | 06/2027 | 10449 | 9722 | 9753 |  |
| 10180196 | ABF asset | N/A |  | 06/2027 | 30019 | 27473 | 27487 |  |
| 10180279 | ABF asset | N/A |  | 06/2027 | 12508 | 11398 | 11296 |  |
| 10180401 | ABF asset | N/A |  | 06/2027 | 6209 | 5812 | 5827 |  |
| 10180412 | ABF asset | N/A |  | 06/2027 | 28654 | 26823 | 26882 |  |
| 10180588 | ABF asset | N/A |  | 06/2027 | 12518 | 11406 | 11424 |  |
| 10180671 | ABF asset | N/A |  | 06/2027 | 3575 | 3271 | 3273 |  |
| 10180693 | ABF asset | N/A |  | 06/2027 | 19296 | 17750 | 17779 |  |
| 10180811 | ABF asset | N/A |  | 06/2027 | 17224 | 16025 | 16052 |  |
| 10180970 | ABF asset | N/A |  | 06/2027 | 5291 | 4953 | 4964 |  |
| 10180996 | ABF asset | N/A |  | 06/2027 | 5381 | 4924 | 4924 |  |
| 10181059 | ABF asset | N/A |  | 06/2027 | 2601 | 2370 | 2370 |  |
| 10181078 | ABF asset | N/A |  | 06/2027 | 1524 | 1396 | 1346 |  |
| 10181110 | ABF asset | N/A |  | 06/2027 | 8463 | 7712 | 7715 |  |
| 10181156 | ABF asset | N/A |  | 06/2027 | 8590 | 8041 | 8058 |  |
| 10181228 | ABF asset | N/A |  | 06/2027 | 20725 | 19131 | 19169 |  |
| 10181337 | ABF asset | N/A |  | 06/2027 | 1716 | 1589 | 1590 |  |
| 10181345 | ABF asset | N/A |  | 06/2027 | 2085 | 1952 | 1957 |  |
| 10181373 | ABF asset | N/A |  | 06/2027 | 9985 | 9099 | 9089 |  |
| 10181498 | ABF asset | N/A |  | 06/2027 | 2151 | 1969 | 1973 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10181518 | ABF asset | N/A |  | 06/2027 | 29971 | 27428 | 27476 |  |
| 10181711 | ABF asset | N/A |  | 06/2027 | 10951 | 10252 | 10279 |  |
| 10181771 | ABF asset | N/A |  | 06/2027 | 1086 | 994 | 995 |  |
| 10181780 | ABF asset | N/A |  | 06/2027 | 4235 | 3964 | 3973 |  |
| 10181808 | ABF asset | N/A |  | 06/2027 | 10682 | 10000 | 10029 |  |
| 10181881 | ABF asset | N/A |  | 06/2027 | 13926 | 13037 | 13075 |  |
| 10181913 | ABF asset | N/A |  | 06/2027 | 33062 | 30950 | 31025 |  |
| 10182066 | ABF asset | N/A |  | 06/2027 | 1595 | 1460 | 1460 |  |
| 10182087 | ABF asset | N/A |  | 06/2027 | 2405 | 2191 | 2198 |  |
| 10182101 | ABF asset | N/A |  | 06/2027 | 43629 | 40592 | 40660 |  |
| 10182242 | ABF asset | N/A |  | 06/2027 | 4356 | 4007 | 4006 |  |
| 10182254 | ABF asset | N/A |  | 06/2027 | 41409 | 38764 | 38839 |  |
| 10182452 | ABF asset | N/A |  | 06/2027 | 514 | 470 | 469 |  |
| 10182479 | ABF asset | N/A |  | 06/2027 | 101199 | 93418 | 93483 |  |
| 10182886 | ABF asset | N/A |  | 06/2027 | 2099 | 1913 | 1910 |  |
| 10182892 | ABF asset | N/A |  | 06/2027 | 22649 | 21202 | 21241 |  |
| 10182978 | ABF asset | N/A |  | 06/2027 | 2438 | 2250 | 2252 |  |
| 10183000 | ABF asset | N/A |  | 06/2027 | 7927 | 7420 | 7438 |  |
| 10183014 | ABF asset | N/A |  | 06/2027 | 4794 | 4488 | 4500 |  |
| 10183024 | ABF asset | N/A |  | 06/2027 | 2443 | 2231 | 2237 |  |
| 10183039 | ABF asset | N/A |  | 06/2027 | 11528 | 10641 | 10658 |  |
| 10183065 | ABF asset | N/A |  | 06/2027 | 2027 | 1877 | 1860 |  |
| 10183071 | ABF asset | N/A |  | 06/2027 | 9073 | 8405 | 8424 |  |
| 10183110 | ABF asset | N/A |  | 06/2027 | 1922 | 1752 | 1755 |  |
| 10183118 | ABF asset | N/A |  | 06/2027 | 1666 | 1518 | 1516 |  |
| 10183121 | ABF asset | N/A |  | 06/2027 | 8337 | 7597 | 7579 |  |
| 10183145 | ABF asset | N/A |  | 06/2027 | 5293 | 4955 | 4966 |  |
| 10183175 | ABF asset | N/A |  | 06/2027 | 2198 | 2022 | 2017 |  |
| 10183183 | ABF asset | N/A |  | 06/2027 | 1930 | 1781 | 1783 |  |
| 10183189 | ABF asset | N/A |  | 06/2027 | 34172 | 31793 | 31814 |  |
| 10183428 | ABF asset | N/A |  | 06/2027 | 80371 | 75237 | 75437 |  |
| 10183625 | ABF asset | N/A |  | 06/2027 | 3497 | 3187 | 3181 |  |
| 10183628 | ABF asset | N/A |  | 06/2027 | 52800 | 48321 | 48348 |  |
| 10183778 | ABF asset | N/A |  | 06/2027 | 4219 | 3950 | 3958 |  |
| 10183780 | ABF asset | N/A |  | 06/2027 | 14233 | 13323 | 13352 |  |
| 10183832 | ABF asset | N/A |  | 06/2027 | 10193 | 9288 | 9290 |  |
| 10183857 | ABF asset | N/A |  | 06/2027 | 5402 | 5004 | 5012 |  |
| 10183883 | ABF asset | N/A |  | 06/2027 | 17943 | 16797 | 16833 |  |
| 10183904 | ABF asset | N/A |  | 06/2027 | 2133 | 1997 | 2002 |  |
| 10183911 | ABF asset | N/A |  | 06/2027 | 1697 | 1579 | 1583 |  |
| 10183920 | ABF asset | N/A |  | 06/2027 | 6041 | 5593 | 5556 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10183932 | ABF asset | N/A |  | 06/2027 | 67103 | 62817 | 62953 |  |
| 10184091 | ABF asset | N/A |  | 06/2027 | 3566 | 3249 | 3258 |  |
| 10184096 | ABF asset | N/A |  | 06/2027 | 8657 | 7964 | 7971 |  |
| 10184112 | ABF asset | N/A |  | 06/2027 | 3512 | 3242 | 3248 |  |
| 10184128 | ABF asset | N/A |  | 06/2027 | 2694 | 2522 | 2528 |  |
| 10184138 | ABF asset | N/A |  | 06/2027 | 2657 | 2487 | 2493 |  |
| 10184141 | ABF asset | N/A |  | 06/2027 | 31438 | 28647 | 28657 |  |
| 10184197 | ABF asset | N/A |  | 06/2027 | 10421 | 9653 | 9668 |  |
| 10184225 | ABF asset | N/A |  | 06/2027 | 3139 | 2939 | 2945 |  |
| 10184242 | ABF asset | N/A |  | 06/2027 | 6320 | 5759 | 5753 |  |
| 10184263 | ABF asset | N/A |  | 06/2027 | 1155 | 1057 | 1054 |  |
| 10184270 | ABF asset | N/A |  | 06/2027 | 4327 | 3943 | 3931 |  |
| 10184282 | ABF asset | N/A |  | 06/2027 | 55770 | 51482 | 51537 |  |
| 10184440 | ABF asset | N/A |  | 06/2027 | 42684 | 39712 | 39804 |  |
| 10184530 | ABF asset | N/A |  | 06/2027 | 7571 | 7013 | 7027 |  |
| 10184571 | ABF asset | N/A |  | 06/2027 | 9500 | 8893 | 8916 |  |
| 10184598 | ABF asset | N/A |  | 06/2027 | 2921 | 2717 | 2725 |  |
| 10184616 | ABF asset | N/A |  | 06/2027 | 12772 | 11957 | 11986 |  |
| 10184672 | ABF asset | N/A |  | 06/2027 | 4480 | 4167 | 4174 |  |
| 10184729 | ABF asset | N/A |  | 06/2027 | 12407 | 11614 | 11638 |  |
| 10184795 | ABF asset | N/A |  | 06/2027 | 2118 | 1930 | 1930 |  |
| 10184817 | ABF asset | N/A |  | 06/2027 | 3925 | 3675 | 3684 |  |
| 10184844 | ABF asset | N/A |  | 06/2027 | 11343 | 10507 | 10534 |  |
| 10184877 | ABF asset | N/A |  | 06/2027 | 8144 | 7624 | 7645 |  |
| 10184922 | ABF asset | N/A |  | 06/2027 | 85284 | 79836 | 80027 |  |
| 10185239 | ABF asset | N/A |  | 06/2027 | 12717 | 11739 | 11742 |  |
| 10185285 | ABF asset | N/A |  | 06/2027 | 2714 | 2525 | 2528 |  |
| 10185297 | ABF asset | N/A |  | 06/2027 | 26835 | 25120 | 25180 |  |
| 10185379 | ABF asset | N/A |  | 06/2027 | 2563 | 2348 | 2346 |  |
| 10185412 | ABF asset | N/A |  | 06/2027 | 3492 | 3198 | 3204 |  |
| 10185418 | ABF asset | N/A |  | 06/2027 | 4188 | 3878 | 3880 |  |
| 10185433 | ABF asset | N/A |  | 06/2027 | 1262 | 1150 | 1151 |  |
| 10185436 | ABF asset | N/A |  | 06/2027 | 7515 | 7035 | 7052 |  |
| 10185469 | ABF asset | N/A |  | 06/2027 | 2678 | 2464 | 2433 |  |
| 10185488 | ABF asset | N/A |  | 06/2027 | 30617 | 28263 | 28256 |  |
| 10185659 | ABF asset | N/A |  | 06/2027 | 5308 | 4862 | 4854 |  |
| 10185697 | ABF asset | N/A |  | 06/2027 | 5638 | 5278 | 5290 |  |
| 10185718 | ABF asset | N/A |  | 06/2027 | 6460 | 5887 | 5885 |  |
| 10185763 | ABF asset | N/A |  | 06/2027 | 20877 | 19543 | 19592 |  |
| 10185880 | ABF asset | N/A |  | 06/2027 | 1934 | 1785 | 1787 |  |
| 10185903 | ABF asset | N/A |  | 06/2027 | 2755 | 2521 | 2524 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10185931 | ABF asset | N/A |  | 06/2027 | 9309 | 8483 | 8462 |  |
| 10186002 | ABF asset | N/A |  | 06/2027 | 6367 | 5826 | 5823 |  |
| 10186054 | ABF asset | N/A |  | 06/2027 | 2504 | 2344 | 2350 |  |
| 10186093 | ABF asset | N/A |  | 06/2027 | 3783 | 3504 | 3512 |  |
| 10186132 | ABF asset | N/A |  | 06/2027 | 2695 | 2496 | 2434 |  |
| 10186168 | ABF asset | N/A |  | 06/2027 | 20442 | 18936 | 18972 |  |
| 10186295 | ABF asset | N/A |  | 06/2027 | 4105 | 3843 | 3851 |  |
| 10186323 | ABF asset | N/A |  | 06/2027 | 7182 | 6545 | 6545 |  |
| 10186367 | ABF asset | N/A |  | 06/2027 | 2356 | 2181 | 2180 |  |
| 10186379 | ABF asset | N/A |  | 06/2027 | 4772 | 4367 | 4316 |  |
| 10186414 | ABF asset | N/A |  | 06/2027 | 999 | 910 | 905 |  |
| 10186426 | ABF asset | N/A |  | 06/2027 | 2653 | 2456 | 2456 |  |
| 10186474 | ABF asset | N/A |  | 06/2027 | 2573 | 2408 | 2414 |  |
| 10186476 | ABF asset | N/A |  | 06/2027 | 1527 | 1391 | 1392 |  |
| 10186490 | ABF asset | N/A |  | 06/2027 | 18454 | 17170 | 17212 |  |
| 10186635 | ABF asset | N/A |  | 06/2027 | 954 | 881 | 878 |  |
| 10186644 | ABF asset | N/A |  | 06/2027 | 7586 | 7027 | 7038 |  |
| 10186713 | ABF asset | N/A |  | 06/2027 | 6312 | 5827 | 5832 |  |
| 10186785 | ABF asset | N/A |  | 06/2027 | 24461 | 22899 | 22956 |  |
| 10186975 | ABF asset | N/A |  | 06/2027 | 84612 | 77836 | 77828 |  |
| 10187437 | ABF asset | N/A |  | 06/2027 | 10685 | 9829 | 9841 |  |
| 10187513 | ABF asset | N/A |  | 06/2027 | 10240 | 9585 | 9605 |  |
| 10187543 | ABF asset | N/A |  | 06/2027 | 3349 | 3052 | 3057 |  |
| 10187551 | ABF asset | N/A |  | 06/2027 | 1851 | 1694 | 1696 |  |
| 10187564 | ABF asset | N/A |  | 06/2027 | 3335 | 3122 | 3130 |  |
| 10187576 | ABF asset | N/A |  | 06/2027 | 13008 | 12007 | 12021 |  |
| 10187636 | ABF asset | N/A |  | 06/2027 | 17981 | 16541 | 16557 |  |
| 10187697 | ABF asset | N/A |  | 06/2027 | 6618 | 6031 | 6036 |  |
| 10187742 | ABF asset | N/A |  | 06/2027 | 14286 | 13373 | 13405 |  |
| 10187778 | ABF asset | N/A |  | 06/2027 | 1813 | 1652 | 1653 |  |
| 10187783 | ABF asset | N/A |  | 06/2027 | 10572 | 9634 | 9617 |  |
| 10187811 | ABF asset | N/A |  | 06/2027 | 1398 | 1277 | 1272 |  |
| 10187821 | ABF asset | N/A |  | 06/2027 | 8103 | 7384 | 7393 |  |
| 10187842 | ABF asset | N/A |  | 06/2027 | 13811 | 12585 | 12575 |  |
| 10187930 | ABF asset | N/A |  | 06/2027 | 11849 | 11092 | 11117 |  |
| 10187989 | ABF asset | N/A |  | 06/2027 | 53404 | 49993 | 50114 |  |
| 10188098 | ABF asset | N/A |  | 06/2027 | 65237 | 60430 | 60512 |  |
| 10188333 | ABF asset | N/A |  | 06/2027 | 28871 | 27027 | 27086 |  |
| 10188358 | ABF asset | N/A |  | 06/2027 | 805 | 754 | 756 |  |
| 10188361 | ABF asset | N/A |  | 06/2027 | 27846 | 25795 | 25855 |  |
| 10188395 | ABF asset | N/A |  | 06/2027 | 24669 | 23093 | 23149 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10188444 | ABF asset | N/A |  | 06/2027 | 2610 | 2389 | 2391 |  |
| 10188458 | ABF asset | N/A |  | 06/2027 | 2473 | 2290 | 2277 |  |
| 10188462 | ABF asset | N/A |  | 06/2027 | 33131 | 30255 | 30214 |  |
| 10188547 | ABF asset | N/A |  | 06/2027 | 5126 | 4671 | 4657 |  |
| 10188568 | ABF asset | N/A |  | 06/2027 | 14273 | 13362 | 13395 |  |
| 10188589 | ABF asset | N/A |  | 06/2027 | 55028 | 51513 | 51643 |  |
| 10188712 | ABF asset | N/A |  | 06/2027 | 13016 | 11911 | 11933 |  |
| 10188747 | ABF asset | N/A |  | 06/2027 | 9261 | 8670 | 8685 |  |
| 10188750 | ABF asset | N/A |  | 06/2027 | 32452 | 30379 | 30449 |  |
| 10188818 | ABF asset | N/A |  | 06/2027 | 3710 | 3473 | 3480 |  |
| 10188819 | ABF asset | N/A |  | 06/2027 | 757 | 701 | 696 |  |
| 10188826 | ABF asset | N/A |  | 06/2027 | 4579 | 4242 | 4251 |  |
| 10188833 | ABF asset | N/A |  | 06/2027 | 58490 | 54754 | 54902 |  |
| 10188977 | ABF asset | N/A |  | 06/2027 | 1713 | 1568 | 1565 |  |
| 10188980 | ABF asset | N/A |  | 06/2027 | 7736 | 7079 | 7091 |  |
| 10189002 | ABF asset | N/A |  | 06/2027 | 4436 | 4128 | 4138 |  |
| 10189021 | ABF asset | N/A |  | 06/2027 | 2186 | 1992 | 1993 |  |
| 10189026 | ABF asset | N/A |  | 06/2027 | 2052 | 1870 | 1871 |  |
| 10189031 | ABF asset | N/A |  | 06/2027 | 4889 | 4577 | 4587 |  |
| 10189042 | ABF asset | N/A |  | 06/2027 | 1655 | 1534 | 1536 |  |
| 10189049 | ABF asset | N/A |  | 06/2027 | 1568 | 1429 | 1427 |  |
| 10189052 | ABF asset | N/A |  | 06/2027 | 13972 | 13080 | 13109 |  |
| 10189092 | ABF asset | N/A |  | 06/2027 | 18177 | 17016 | 17061 |  |
| 10189118 | ABF asset | N/A |  | 06/2027 | 20392 | 18678 | 18580 |  |
| 10189166 | ABF asset | N/A |  | 06/2027 | 3081 | 2884 | 2888 |  |
| 10189178 | ABF asset | N/A |  | 06/2027 | 1513 | 1397 | 1399 |  |
| 10189179 | ABF asset | N/A |  | 06/2027 | 34372 | 31388 | 31238 |  |
| 10189284 | ABF asset | N/A |  | 06/2027 | 35580 | 33103 | 33176 |  |
| 10189379 | ABF asset | N/A |  | 06/2027 | 1089 | 992 | 992 |  |
| 10189380 | ABF asset | N/A |  | 06/2027 | 10854 | 9890 | 9916 |  |
| 10189428 | ABF asset | N/A |  | 06/2027 | 11411 | 10443 | 10470 |  |
| 10189457 | ABF asset | N/A |  | 06/2027 | 5677 | 5185 | 5141 |  |
| 10189464 | ABF asset | N/A |  | 06/2027 | 66911 | 62637 | 62806 |  |
| 10189656 | ABF asset | N/A |  | 06/2027 | 3898 | 3649 | 3658 |  |
| 10189675 | ABF asset | N/A |  | 06/2027 | 13865 | 12979 | 13008 |  |
| 10189705 | ABF asset | N/A |  | 06/2027 | 2709 | 2536 | 2542 |  |
| 10189715 | ABF asset | N/A |  | 06/2027 | 22975 | 20936 | 20977 |  |
| 10189791 | ABF asset | N/A |  | 06/2027 | 4424 | 4141 | 4152 |  |
| 10189798 | ABF asset | N/A |  | 06/2027 | 5752 | 5310 | 5326 |  |
| 10189811 | ABF asset | N/A |  | 06/2027 | 2367 | 2216 | 2221 |  |
| 10189820 | ABF asset | N/A |  | 06/2027 | 2589 | 2359 | 2354 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10189828 | ABF asset | N/A |  | 06/2027 | 17781 | 16414 | 16376 |  |
| 10189900 | ABF asset | N/A |  | 06/2027 | 3740 | 3426 | 3426 |  |
| 10189927 | ABF asset | N/A |  | 06/2027 | 16797 | 15724 | 15762 |  |
| 10190012 | ABF asset | N/A |  | 06/2027 | 16818 | 15578 | 15602 |  |
| 10190071 | ABF asset | N/A |  | 06/2027 | 13934 | 12963 | 12998 |  |
| 10193066 | ABF asset | N/A |  | 06/2027 | 51700 | 48398 | 48491 |  |
| 10193195 | ABF asset | N/A |  | 06/2027 | 22885 | 20943 | 20970 |  |
| 10193263 | ABF asset | N/A |  | 06/2027 | 11564 | 10583 | 10611 |  |
| 10193330 | ABF asset | N/A |  | 06/2027 | 1757 | 1616 | 1617 |  |
| 10193342 | ABF asset | N/A |  | 06/2027 | 9244 | 8459 | 8463 |  |
| 10193367 | ABF asset | N/A |  | 06/2027 | 10827 | 10135 | 10155 |  |
| 10193412 | ABF asset | N/A |  | 06/2027 | 1913 | 1750 | 1753 |  |
| 10193429 | ABF asset | N/A |  | 06/2027 | 1864 | 1698 | 1699 |  |
| 10193432 | ABF asset | N/A |  | 06/2027 | 28091 | 26021 | 26074 |  |
| 10193526 | ABF asset | N/A |  | 06/2027 | 47194 | 44179 | 44276 |  |
| 10193716 | ABF asset | N/A |  | 06/2027 | 1783 | 1625 | 1628 |  |
| 10193724 | ABF asset | N/A |  | 06/2027 | 4531 | 4241 | 4252 |  |
| 10193795 | ABF asset | N/A |  | 06/2027 | 1532 | 1396 | 1396 |  |
| 10193800 | ABF asset | N/A |  | 06/2027 | 21185 | 19831 | 19841 |  |
| 10194014 | ABF asset | N/A |  | 06/2027 | 10956 | 9983 | 9944 |  |
| 10194108 | ABF asset | N/A |  | 06/2027 | 9116 | 8534 | 8548 |  |
| 10194174 | ABF asset | N/A |  | 06/2027 | 8737 | 8065 | 8077 |  |
| 10194323 | ABF asset | N/A |  | 06/2027 | 10969 | 10268 | 10291 |  |
| 10194425 | ABF asset | N/A |  | 06/2027 | 28026 | 25961 | 25977 |  |
| 10194631 | ABF asset | N/A |  | 06/2027 | 12462 | 11665 | 11688 |  |
| 10194716 | ABF asset | N/A |  | 06/2027 | 39707 | 36782 | 36814 |  |
| 10194857 | ABF asset | N/A |  | 06/2027 | 32104 | 30053 | 30102 |  |
| 10195015 | ABF asset | N/A |  | 06/2027 | 4189 | 3825 | 3834 |  |
| 10195038 | ABF asset | N/A |  | 06/2027 | 1194 | 1090 | 1081 |  |
| 10195054 | ABF asset | N/A |  | 06/2027 | 8617 | 7978 | 7961 |  |
| 10195068 | ABF asset | N/A |  | 06/2027 | 11829 | 10958 | 10970 |  |
| 10195101 | ABF asset | N/A |  | 06/2027 | 9921 | 9287 | 9307 |  |
| 10195128 | ABF asset | N/A |  | 06/2027 | 10410 | 9744 | 9764 |  |
| 10195165 | ABF asset | N/A |  | 06/2027 | 23277 | 21487 | 21533 |  |
| 10195252 | ABF asset | N/A |  | 06/2027 | 901 | 835 | 830 |  |
| 10195255 | ABF asset | N/A |  | 06/2027 | 5217 | 4754 | 4748 |  |
| 10195278 | ABF asset | N/A |  | 06/2027 | 21779 | 20104 | 20131 |  |
| 10195368 | ABF asset | N/A |  | 06/2027 | 1015 | 924 | 926 |  |
| 10195386 | ABF asset | N/A |  | 06/2027 | 7645 | 7157 | 7170 |  |
| 10195413 | ABF asset | N/A |  | 06/2027 | 60891 | 56652 | 56762 |  |
| 10195660 | ABF asset | N/A |  | 06/2027 | 2879 | 2629 | 2631 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10195731 | ABF asset | N/A |  | 06/2027 | 5145 | 4699 | 4684 |  |
| 10195869 | ABF asset | N/A |  | 06/2027 | 3836 | 3590 | 3598 |  |
| 10195925 | ABF asset | N/A |  | 06/2027 | 4393 | 4003 | 4003 |  |
| 10196233 | ABF asset | N/A |  | 06/2027 | 24948 | 22851 | 22779 |  |
| 10196298 | ABF asset | N/A |  | 06/2027 | 7689 | 7153 | 7167 |  |
| 10196319 | ABF asset | N/A |  | 06/2027 | 13391 | 12319 | 12323 |  |
| 10196398 | ABF asset | N/A |  | 06/2027 | 2185 | 2016 | 2014 |  |
| 10196403 | ABF asset | N/A |  | 06/2027 | 2881 | 2668 | 2660 |  |
| 10196413 | ABF asset | N/A |  | 06/2027 | 3429 | 3124 | 3120 |  |
| 10196431 | ABF asset | N/A |  | 06/2027 | 2197 | 2011 | 2012 |  |
| 10196446 | ABF asset | N/A |  | 06/2027 | 23780 | 21762 | 21818 |  |
| 10196518 | ABF asset | N/A |  | 06/2027 | 2279 | 2111 | 2114 |  |
| 10196529 | ABF asset | N/A |  | 06/2027 | 15304 | 13975 | 13828 |  |
| 10196614 | ABF asset | N/A |  | 06/2027 | 3017 | 2824 | 2830 |  |
| 10196629 | ABF asset | N/A |  | 06/2027 | 9360 | 8566 | 8587 |  |
| 10196658 | ABF asset | N/A |  | 06/2027 | 27746 | 25974 | 26031 |  |
| 10196738 | ABF asset | N/A |  | 06/2027 | 20080 | 18797 | 18843 |  |
| 10196785 | ABF asset | N/A |  | 06/2027 | 50764 | 47521 | 47626 |  |
| 10196905 | ABF asset | N/A |  | 06/2027 | 9035 | 8269 | 8285 |  |
| 10196934 | ABF asset | N/A |  | 06/2027 | 3169 | 2933 | 2917 |  |
| 10196938 | ABF asset | N/A |  | 06/2027 | 1161 | 1075 | 1072 |  |
| 10196946 | ABF asset | N/A |  | 06/2027 | 5793 | 5278 | 5282 |  |
| 10196954 | ABF asset | N/A |  | 06/2027 | 2951 | 2763 | 2769 |  |
| 10196958 | ABF asset | N/A |  | 06/2027 | 6025 | 5490 | 5501 |  |
| 10196973 | ABF asset | N/A |  | 06/2027 | 15938 | 14920 | 14948 |  |
| 10197043 | ABF asset | N/A |  | 06/2027 | 2763 | 2518 | 2526 |  |
| 10197052 | ABF asset | N/A |  | 06/2027 | 30984 | 29005 | 29058 |  |
| 10197256 | ABF asset | N/A |  | 06/2027 | 2498 | 2339 | 2344 |  |
| 10197280 | ABF asset | N/A |  | 06/2027 | 2071 | 1927 | 1930 |  |
| 10197290 | ABF asset | N/A |  | 06/2027 | 1762 | 1621 | 1625 |  |
| 10197302 | ABF asset | N/A |  | 06/2027 | 3210 | 2940 | 2909 |  |
| 10197305 | ABF asset | N/A |  | 06/2027 | 5093 | 4768 | 4776 |  |
| 10197329 | ABF asset | N/A |  | 06/2027 | 8533 | 7775 | 7778 |  |
| 10197336 | ABF asset | N/A |  | 06/2027 | 6681 | 6254 | 6266 |  |
| 10197387 | ABF asset | N/A |  | 06/2027 | 11573 | 10834 | 10854 |  |
| 10197431 | ABF asset | N/A |  | 06/2027 | 11296 | 10574 | 10598 |  |
| 10197460 | ABF asset | N/A |  | 06/2027 | 7748 | 7127 | 7141 |  |
| 10197493 | ABF asset | N/A |  | 06/2027 | 6577 | 6156 | 6169 |  |
| 10197510 | ABF asset | N/A |  | 06/2027 | 5190 | 4859 | 4868 |  |
| 10197541 | ABF asset | N/A |  | 06/2027 | 7115 | 6484 | 6500 |  |
| 10197568 | ABF asset | N/A |  | 06/2027 | 13344 | 12211 | 12243 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10197638 | ABF asset | N/A |  | 06/2027 | 76398 | 69917 | 70024 |  |
| 10197883 | ABF asset | N/A |  | 06/2027 | 7867 | 7262 | 7274 |  |
| 10197902 | ABF asset | N/A |  | 06/2027 | 44524 | 41680 | 41772 |  |
| 10197997 | ABF asset | N/A |  | 06/2027 | 1704 | 1556 | 1550 |  |
| 10198007 | ABF asset | N/A |  | 06/2027 | 8314 | 7615 | 7567 |  |
| 10198026 | ABF asset | N/A |  | 06/2027 | 3698 | 3426 | 3431 |  |
| 10198042 | ABF asset | N/A |  | 06/2027 | 16771 | 15282 | 15168 |  |
| 10198141 | ABF asset | N/A |  | 06/2027 | 3273 | 3064 | 3070 |  |
| 10198173 | ABF asset | N/A |  | 06/2027 | 1647 | 1500 | 1501 |  |
| 10198210 | ABF asset | N/A |  | 06/2027 | 4463 | 4178 | 4188 |  |
| 10198217 | ABF asset | N/A |  | 06/2027 | 28934 | 26920 | 26983 |  |
| 10198376 | ABF asset | N/A |  | 06/2027 | 6850 | 6373 | 6384 |  |
| 10198425 | ABF asset | N/A |  | 06/2027 | 2831 | 2633 | 2640 |  |
| 10198446 | ABF asset | N/A |  | 06/2027 | 9681 | 9063 | 9084 |  |
| 10198485 | ABF asset | N/A |  | 06/2027 | 10368 | 9705 | 9723 |  |
| 10198580 | ABF asset | N/A |  | 06/2027 | 5345 | 4973 | 4984 |  |
| 10198595 | ABF asset | N/A |  | 06/2027 | 9316 | 8525 | 8526 |  |
| 10198646 | ABF asset | N/A |  | 06/2027 | 5483 | 5132 | 5142 |  |
| 10198712 | ABF asset | N/A |  | 06/2027 | 43529 | 40499 | 40553 |  |
| 10198846 | ABF asset | N/A |  | 06/2027 | 47736 | 44686 | 44764 |  |
| 10199143 | ABF asset | N/A |  | 06/2027 | 4324 | 4048 | 4054 |  |
| 10199164 | ABF asset | N/A |  | 06/2027 | 6690 | 6176 | 6185 |  |
| 10199192 | ABF asset | N/A |  | 06/2027 | 3131 | 2890 | 2894 |  |
| 10199206 | ABF asset | N/A |  | 06/2027 | 8869 | 8159 | 8177 |  |
| 10199224 | ABF asset | N/A |  | 06/2027 | 5897 | 5462 | 5473 |  |
| 10199264 | ABF asset | N/A |  | 06/2027 | 6691 | 6128 | 6105 |  |
| 10199283 | ABF asset | N/A |  | 06/2027 | 14736 | 13795 | 13824 |  |
| 10199385 | ABF asset | N/A |  | 06/2027 | 2249 | 2083 | 2087 |  |
| 10199402 | ABF asset | N/A |  | 06/2027 | 9166 | 8580 | 8596 |  |
| 10199476 | ABF asset | N/A |  | 06/2027 | 7904 | 7354 | 7366 |  |
| 10199539 | ABF asset | N/A |  | 06/2027 | 6157 | 5610 | 5625 |  |
| 10199590 | ABF asset | N/A |  | 06/2027 | 16630 | 15568 | 15595 |  |
| 10199802 | ABF asset | N/A |  | 06/2027 | 33450 | 30986 | 31027 |  |
| 10200000 | ABF asset | N/A |  | 06/2027 | 7412 | 6938 | 6953 |  |
| 10200070 | ABF asset | N/A |  | 06/2027 | 6692 | 6227 | 6235 |  |
| 10200104 | ABF asset | N/A |  | 06/2027 | 8300 | 7770 | 7788 |  |
| 10200137 | ABF asset | N/A |  | 06/2027 | 2870 | 2687 | 2693 |  |
| 10200171 | ABF asset | N/A |  | 06/2027 | 7395 | 6922 | 6936 |  |
| 10200226 | ABF asset | N/A |  | 06/2027 | 525 | 484 | 484 |  |
| 10200235 | ABF asset | N/A |  | 06/2027 | 5483 | 5017 | 5020 |  |
| 10200285 | ABF asset | N/A |  | 06/2027 | 13050 | 11953 | 11895 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10200360 | ABF asset | N/A |  | 06/2027 | 6158 | 5764 | 5775 |  |
| 10200410 | ABF asset | N/A |  | 06/2027 | 8909 | 8196 | 8208 |  |
| 10200446 | ABF asset | N/A |  | 06/2027 | 10641 | 9697 | 9646 |  |
| 10200490 | ABF asset | N/A |  | 06/2027 | 2851 | 2652 | 2652 |  |
| 10200506 | ABF asset | N/A |  | 06/2027 | 591 | 547 | 543 |  |
| 10200508 | ABF asset | N/A |  | 06/2027 | 3390 | 3173 | 3180 |  |
| 10200528 | ABF asset | N/A |  | 06/2027 | 11006 | 10304 | 10322 |  |
| 10200570 | ABF asset | N/A |  | 06/2027 | 3830 | 3564 | 3569 |  |
| 10200584 | ABF asset | N/A |  | 06/2027 | 4111 | 3795 | 3800 |  |
| 10200610 | ABF asset | N/A |  | 06/2027 | 29297 | 27257 | 27316 |  |
| 10200718 | ABF asset | N/A |  | 06/2027 | 3893 | 3644 | 3653 |  |
| 10200725 | ABF asset | N/A |  | 06/2027 | 31214 | 29041 | 29085 |  |
| 10200874 | ABF asset | N/A |  | 06/2027 | 1203 | 1125 | 1127 |  |
| 10200890 | ABF asset | N/A |  | 06/2027 | 20930 | 19154 | 19129 |  |
| 10200968 | ABF asset | N/A |  | 06/2027 | 21799 | 20406 | 20445 |  |
| 10201036 | ABF asset | N/A |  | 06/2027 | 83162 | 77850 | 78002 |  |
| 10201304 | ABF asset | N/A |  | 06/2027 | 4451 | 4094 | 4103 |  |
| 10201312 | ABF asset | N/A |  | 06/2027 | 17649 | 16521 | 16548 |  |
| 10201342 | ABF asset | N/A |  | 06/2027 | 1755 | 1606 | 1607 |  |
| 10201347 | ABF asset | N/A |  | 06/2027 | 8253 | 7725 | 7740 |  |
| 10201374 | ABF asset | N/A |  | 06/2027 | 15543 | 14461 | 14490 |  |
| 10201410 | ABF asset | N/A |  | 06/2027 | 1823 | 1661 | 1659 |  |
| 10201415 | ABF asset | N/A |  | 06/2027 | 42123 | 39432 | 39508 |  |
| 10201506 | ABF asset | N/A |  | 06/2027 | 10002 | 9201 | 9212 |  |
| 10201561 | ABF asset | N/A |  | 06/2027 | 4761 | 4380 | 4383 |  |
| 10201585 | ABF asset | N/A |  | 06/2027 | 36323 | 33099 | 33110 |  |
| 10201721 | ABF asset | N/A |  | 06/2027 | 38251 | 35808 | 35887 |  |
| 10201911 | ABF asset | N/A |  | 06/2027 | 2172 | 2005 | 2009 |  |
| 10201924 | ABF asset | N/A |  | 06/2027 | 10728 | 10042 | 10059 |  |
| 10201974 | ABF asset | N/A |  | 06/2027 | 4090 | 3735 | 3731 |  |
| 10201991 | ABF asset | N/A |  | 06/2027 | 30510 | 28164 | 28177 |  |
| 10202135 | ABF asset | N/A |  | 06/2027 | 12039 | 11075 | 11091 |  |
| 10202196 | ABF asset | N/A |  | 06/2027 | 5352 | 4955 | 4955 |  |
| 10202207 | ABF asset | N/A |  | 06/2027 | 3263 | 3055 | 3060 |  |
| 10202229 | ABF asset | N/A |  | 06/2027 | 13480 | 12443 | 12459 |  |
| 10202321 | ABF asset | N/A |  | 06/2027 | 1757 | 1609 | 1607 |  |
| 10202327 | ABF asset | N/A |  | 06/2027 | 9840 | 9111 | 9053 |  |
| 10202372 | ABF asset | N/A |  | 06/2027 | 28413 | 26435 | 26496 |  |
| 10202455 | ABF asset | N/A |  | 06/2027 | 6012 | 5478 | 5482 |  |
| 10202471 | ABF asset | N/A |  | 06/2027 | 5792 | 5422 | 5432 |  |
| 10202493 | ABF asset | N/A |  | 06/2027 | 14298 | 13028 | 13026 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10202526 | ABF asset | N/A |  | 06/2027 | 28670 | 26125 | 26175 |  |
| 10202615 | ABF asset | N/A |  | 06/2027 | 3305 | 3040 | 3045 |  |
| 10202618 | ABF asset | N/A |  | 06/2027 | 2902 | 2688 | 2693 |  |
| 10202651 | ABF asset | N/A |  | 06/2027 | 27136 | 25403 | 25449 |  |
| 10202839 | ABF asset | N/A |  | 06/2027 | 10521 | 9678 | 9687 |  |
| 10202903 | ABF asset | N/A |  | 06/2027 | 2423 | 2208 | 2207 |  |
| 10202911 | ABF asset | N/A |  | 06/2027 | 2432 | 2276 | 2279 |  |
| 10202928 | ABF asset | N/A |  | 06/2027 | 15115 | 14149 | 14179 |  |
| 10202996 | ABF asset | N/A |  | 06/2027 | 676 | 626 | 624 |  |
| 10202997 | ABF asset | N/A |  | 06/2027 | 1945 | 1801 | 1788 |  |
| 10203009 | ABF asset | N/A |  | 06/2027 | 2714 | 2496 | 2500 |  |
| 10203022 | ABF asset | N/A |  | 06/2027 | 17217 | 16117 | 16154 |  |
| 10203091 | ABF asset | N/A |  | 06/2027 | 9379 | 8780 | 8798 |  |
| 10203110 | ABF asset | N/A |  | 06/2027 | 1009 | 924 | 916 |  |
| 10203120 | ABF asset | N/A |  | 06/2027 | 670 | 611 | 611 |  |
| 10203138 | ABF asset | N/A |  | 06/2027 | 6360 | 5954 | 5965 |  |
| 10203185 | ABF asset | N/A |  | 06/2027 | 4029 | 3688 | 3688 |  |
| 10203215 | ABF asset | N/A |  | 06/2027 | 5695 | 5201 | 5184 |  |
| 10203245 | ABF asset | N/A |  | 06/2027 | 14649 | 13349 | 13365 |  |
| 10203293 | ABF asset | N/A |  | 06/2027 | 1114 | 1042 | 1044 |  |
| 10203297 | ABF asset | N/A |  | 06/2027 | 5637 | 5277 | 5285 |  |
| 10203306 | ABF asset | N/A |  | 06/2027 | 2446 | 2239 | 2238 |  |
| 10203308 | ABF asset | N/A |  | 06/2027 | 100610 | 94183 | 94374 |  |
| 10203486 | ABF asset | N/A |  | 06/2027 | 15289 | 13961 | 13979 |  |
| 10203506 | ABF asset | N/A |  | 06/2027 | 5298 | 4959 | 4967 |  |
| 10203517 | ABF asset | N/A |  | 06/2027 | 3657 | 3423 | 3429 |  |
| 10203528 | ABF asset | N/A |  | 06/2027 | 5206 | 4873 | 4881 |  |
| 10203539 | ABF asset | N/A |  | 06/2027 | 14473 | 13548 | 13573 |  |
| 10203572 | ABF asset | N/A |  | 06/2027 | 16656 | 15592 | 15622 |  |
| 10203609 | ABF asset | N/A |  | 06/2027 | 8268 | 7739 | 7754 |  |
| 10203628 | ABF asset | N/A |  | 06/2027 | 6928 | 6485 | 6496 |  |
| 10203645 | ABF asset | N/A |  | 06/2027 | 4623 | 4328 | 4334 |  |
| 10203657 | ABF asset | N/A |  | 06/2027 | 1441 | 1313 | 1314 |  |
| 10203662 | ABF asset | N/A |  | 06/2027 | 9127 | 8544 | 8563 |  |
| 10203680 | ABF asset | N/A |  | 06/2027 | 2629 | 2419 | 2420 |  |
| 10203687 | ABF asset | N/A |  | 06/2027 | 1145 | 1048 | 1050 |  |
| 10203689 | ABF asset | N/A |  | 06/2027 | 4320 | 4044 | 4051 |  |
| 10203700 | ABF asset | N/A |  | 06/2027 | 11660 | 10625 | 10653 |  |
| 10203732 | ABF asset | N/A |  | 06/2027 | 1788 | 1630 | 1629 |  |
| 10203739 | ABF asset | N/A |  | 06/2027 | 2380 | 2179 | 2182 |  |
| 10203744 | ABF asset | N/A |  | 06/2027 | 2099 | 1953 | 1956 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10203748 | ABF asset | N/A |  | 06/2027 | 2795 | 2571 | 2577 |  |
| 10203753 | ABF asset | N/A |  | 06/2027 | 9255 | 8514 | 8514 |  |
| 10203780 | ABF asset | N/A |  | 06/2027 | 13790 | 12909 | 12930 |  |
| 10203817 | ABF asset | N/A |  | 06/2027 | 1482 | 1354 | 1353 |  |
| 10203818 | ABF asset | N/A |  | 06/2027 | 1083 | 991 | 991 |  |
| 10203824 | ABF asset | N/A |  | 06/2027 | 22424 | 20434 | 20368 |  |
| 10203870 | ABF asset | N/A |  | 06/2027 | 3260 | 3051 | 3057 |  |
| 10203882 | ABF asset | N/A |  | 06/2027 | 798 | 739 | 734 |  |
| 10203892 | ABF asset | N/A |  | 06/2027 | 2490 | 2331 | 2335 |  |
| 10203900 | ABF asset | N/A |  | 06/2027 | 14810 | 13863 | 13888 |  |
| 10203946 | ABF asset | N/A |  | 06/2027 | 35517 | 33248 | 33312 |  |
| 10204024 | ABF asset | N/A |  | 06/2027 | 11413 | 10400 | 10395 |  |
| 10204050 | ABF asset | N/A |  | 06/2027 | 4008 | 3668 | 3669 |  |
| 10204061 | ABF asset | N/A |  | 06/2027 | 18371 | 17197 | 17226 |  |
| 10204101 | ABF asset | N/A |  | 06/2027 | 10552 | 9878 | 9892 |  |
| 10204131 | ABF asset | N/A |  | 06/2027 | 3405 | 3188 | 3194 |  |
| 10204136 | ABF asset | N/A |  | 06/2027 | 13112 | 12274 | 12297 |  |
| 10204183 | ABF asset | N/A |  | 06/2027 | 7568 | 6926 | 6915 |  |
| 10204216 | ABF asset | N/A |  | 06/2027 | 1145 | 1049 | 1043 |  |
| 10204219 | ABF asset | N/A |  | 06/2027 | 1868 | 1705 | 1699 |  |
| 10204226 | ABF asset | N/A |  | 06/2027 | 4426 | 4033 | 4027 |  |
| 10204239 | ABF asset | N/A |  | 06/2027 | 3015 | 2792 | 2794 |  |
| 10204257 | ABF asset | N/A |  | 06/2027 | 2485 | 2265 | 2263 |  |
| 10204259 | ABF asset | N/A |  | 06/2027 | 2812 | 2586 | 2590 |  |
| 10204265 | ABF asset | N/A |  | 06/2027 | 4834 | 4525 | 4534 |  |
| 10204276 | ABF asset | N/A |  | 06/2027 | 12328 | 11233 | 11258 |  |
| 10204300 | ABF asset | N/A |  | 06/2027 | 4666 | 4322 | 4325 |  |
| 10204306 | ABF asset | N/A |  | 06/2027 | 2478 | 2257 | 2255 |  |
| 10204312 | ABF asset | N/A |  | 06/2027 | 4348 | 3971 | 3960 |  |
| 10204322 | ABF asset | N/A |  | 06/2027 | 17278 | 16174 | 16206 |  |
| 10204369 | ABF asset | N/A |  | 06/2027 | 21195 | 19842 | 19876 |  |
| 10204418 | ABF asset | N/A |  | 06/2027 | 24217 | 22669 | 22717 |  |
| 10204460 | ABF asset | N/A |  | 06/2027 | 18724 | 17528 | 17562 |  |
| 10204506 | ABF asset | N/A |  | 06/2027 | 2186 | 2046 | 2050 |  |
| 10204510 | ABF asset | N/A |  | 06/2027 | 23865 | 22340 | 22383 |  |
| 10204566 | ABF asset | N/A |  | 06/2027 | 1339 | 1240 | 1215 |  |
| 10204571 | ABF asset | N/A |  | 06/2027 | 3325 | 3080 | 3084 |  |
| 10204577 | ABF asset | N/A |  | 06/2027 | 1986 | 1833 | 1835 |  |
| 10204585 | ABF asset | N/A |  | 06/2027 | 8681 | 8126 | 8143 |  |
| 10204606 | ABF asset | N/A |  | 06/2027 | 6900 | 6288 | 6299 |  |
| 10204622 | ABF asset | N/A |  | 06/2027 | 7171 | 6713 | 6724 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10204638 | ABF asset | N/A |  | 06/2027 | 5578 | 5110 | 5109 |  |
| 10204653 | ABF asset | N/A |  | 06/2027 | 6527 | 6110 | 6120 |  |
| 10204671 | ABF asset | N/A |  | 06/2027 | 3311 | 3017 | 3024 |  |
| 10204681 | ABF asset | N/A |  | 06/2027 | 21946 | 20188 | 20194 |  |
| 10204732 | ABF asset | N/A |  | 06/2027 | 9033 | 8456 | 8471 |  |
| 10204757 | ABF asset | N/A |  | 06/2027 | 2150 | 1959 | 1953 |  |
| 10204762 | ABF asset | N/A |  | 06/2027 | 2091 | 1946 | 1947 |  |
| 10204769 | ABF asset | N/A |  | 06/2027 | 4553 | 4149 | 4149 |  |
| 10204780 | ABF asset | N/A |  | 06/2027 | 2550 | 2361 | 2198 |  |
| 10204794 | ABF asset | N/A |  | 06/2027 | 13121 | 12113 | 12140 |  |
| 10204815 | ABF asset | N/A |  | 06/2027 | 7698 | 7162 | 7176 |  |
| 10204833 | ABF asset | N/A |  | 06/2027 | 14446 | 13524 | 13550 |  |
| 10204860 | ABF asset | N/A |  | 06/2027 | 2056 | 1873 | 1877 |  |
| 10204864 | ABF asset | N/A |  | 06/2027 | 1960 | 1786 | 1789 |  |
| 10204869 | ABF asset | N/A |  | 06/2027 | 4107 | 3822 | 3823 |  |
| 10204884 | ABF asset | N/A |  | 06/2027 | 3463 | 3156 | 3132 |  |
| 10204891 | ABF asset | N/A |  | 06/2027 | 3594 | 3365 | 3371 |  |
| 10204899 | ABF asset | N/A |  | 06/2027 | 11414 | 10684 | 10704 |  |
| 10204923 | ABF asset | N/A |  | 06/2027 | 18153 | 16993 | 17024 |  |
| 10204966 | ABF asset | N/A |  | 06/2027 | 1013 | 923 | 925 |  |
| 10204970 | ABF asset | N/A |  | 06/2027 | 5978 | 5561 | 5572 |  |
| 10204987 | ABF asset | N/A |  | 06/2027 | 6528 | 6005 | 6008 |  |
| 10205010 | ABF asset | N/A |  | 06/2027 | 18068 | 16914 | 16945 |  |
| 10205057 | ABF asset | N/A |  | 06/2027 | 2782 | 2605 | 2609 |  |
| 10205065 | ABF asset | N/A |  | 06/2027 | 621 | 575 | 573 |  |
| 10205068 | ABF asset | N/A |  | 06/2027 | 2515 | 2292 | 2293 |  |
| 10205073 | ABF asset | N/A |  | 06/2027 | 26381 | 24438 | 24493 |  |
| 10205945 | ABF asset | N/A |  | 06/2027 | 1697 | 1588 | 1592 |  |
| 10205949 | ABF asset | N/A |  | 06/2027 | 2771 | 2595 | 2598 |  |
| 10205957 | ABF asset | N/A |  | 06/2027 | 4424 | 4032 | 4031 |  |
| 10205966 | ABF asset | N/A |  | 06/2027 | 2006 | 1858 | 1859 |  |
| 10206012 | ABF asset | N/A |  | 06/2027 | 4021 | 3764 | 3772 |  |
| 10206023 | ABF asset | N/A |  | 06/2027 | 1922 | 1758 | 1761 |  |
| 10206033 | ABF asset | N/A |  | 06/2027 | 4675 | 4376 | 4384 |  |
| 10206104 | ABF asset | N/A |  | 06/2027 | 3313 | 3058 | 3061 |  |
| 10206134 | ABF asset | N/A |  | 06/2027 | 1986 | 1859 | 1863 |  |
| 10206169 | ABF asset | N/A |  | 06/2027 | 1654 | 1507 | 1505 |  |
| 10206179 | ABF asset | N/A |  | 06/2027 | 5290 | 4952 | 4961 |  |
| 10206223 | ABF asset | N/A |  | 06/2027 | 6680 | 6087 | 6093 |  |
| 10206261 | ABF asset | N/A |  | 06/2027 | 5781 | 5268 | 5281 |  |
| 10206305 | ABF asset | N/A |  | 06/2027 | 16216 | 15180 | 15212 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10206418 | ABF asset | N/A |  | 06/2027 | 4644 | 4272 | 4277 |  |
| 10206428 | ABF asset | N/A |  | 06/2027 | 3412 | 3194 | 3200 |  |
| 10206467 | ABF asset | N/A |  | 06/2027 | 12022 | 11136 | 11156 |  |
| 10206513 | ABF asset | N/A |  | 06/2027 | 15789 | 14780 | 14805 |  |
| 10206641 | ABF asset | N/A |  | 06/2027 | 8393 | 7857 | 7870 |  |
| 10206711 | ABF asset | N/A |  | 06/2027 | 10473 | 9804 | 9821 |  |
| 10206802 | ABF asset | N/A |  | 06/2027 | 3684 | 3449 | 3455 |  |
| 10206851 | ABF asset | N/A |  | 06/2027 | 13616 | 12607 | 12562 |  |
| 10207023 | ABF asset | N/A |  | 06/2027 | 4009 | 3752 | 3759 |  |
| 10207050 | ABF asset | N/A |  | 06/2027 | 1137 | 1042 | 1043 |  |
| 10207061 | ABF asset | N/A |  | 06/2027 | 10636 | 9848 | 9801 |  |
| 10207161 | ABF asset | N/A |  | 06/2027 | 5491 | 5084 | 5023 |  |
| 10207199 | ABF asset | N/A |  | 06/2027 | 1417 | 1312 | 1296 |  |
| 10207220 | ABF asset | N/A |  | 06/2027 | 1686 | 1536 | 1538 |  |
| 10207231 | ABF asset | N/A |  | 06/2027 | 7062 | 6435 | 6451 |  |
| 10207275 | ABF asset | N/A |  | 06/2027 | 4377 | 4097 | 4105 |  |
| 10207303 | ABF asset | N/A |  | 06/2027 | 13092 | 12256 | 12277 |  |
| 10207344 | ABF asset | N/A |  | 06/2027 | 5466 | 5117 | 5126 |  |
| 10207361 | ABF asset | N/A |  | 06/2027 | 3247 | 2959 | 2957 |  |
| 10207384 | ABF asset | N/A |  | 06/2027 | 66055 | 61836 | 61950 |  |
| 10207624 | ABF asset | N/A |  | 06/2027 | 1644 | 1498 | 1502 |  |
| 10207629 | ABF asset | N/A |  | 06/2027 | 5254 | 4917 | 4925 |  |
| 10207641 | ABF asset | N/A |  | 06/2027 | 19374 | 18136 | 18171 |  |
| 10207697 | ABF asset | N/A |  | 06/2027 | 47629 | 44314 | 44387 |  |
| 10207831 | ABF asset | N/A |  | 06/2027 | 29855 | 27948 | 28001 |  |
| 10207914 | ABF asset | N/A |  | 06/2027 | 4978 | 4611 | 4622 |  |
| 10207923 | ABF asset | N/A |  | 06/2027 | 11908 | 11079 | 11100 |  |
| 10207972 | ABF asset | N/A |  | 06/2027 | 12299 | 11513 | 11536 |  |
| 10208048 | ABF asset | N/A |  | 06/2027 | 1753 | 1598 | 1596 |  |
| 10208064 | ABF asset | N/A |  | 06/2027 | 5981 | 5599 | 5608 |  |
| 10208083 | ABF asset | N/A |  | 06/2027 | 11233 | 10405 | 10423 |  |
| 10208100 | ABF asset | N/A |  | 06/2027 | 1419 | 1306 | 1227 |  |
| 10208109 | ABF asset | N/A |  | 06/2027 | 8654 | 8101 | 8114 |  |
| 10208122 | ABF asset | N/A |  | 06/2027 | 3864 | 3555 | 3560 |  |
| 10208138 | ABF asset | N/A |  | 06/2027 | 28027 | 26236 | 26271 |  |
| 10208752 | ABF asset | N/A |  | 06/2027 | 3275 | 3047 | 3051 |  |
| 10208753 | ABF asset | N/A |  | 06/2027 | 2935 | 2747 | 2752 |  |
| 10208761 | ABF asset | N/A |  | 06/2027 | 3330 | 3098 | 3103 |  |
| 10208767 | ABF asset | N/A |  | 06/2027 | 49706 | 46246 | 46305 |  |
| 10208768 | ABF asset | N/A |  | 06/2027 | 26299 | 24619 | 24662 |  |
| 10208769 | ABF asset | N/A |  | 06/2027 | 1439 | 1333 | 1333 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10208773 | ABF asset | N/A |  | 06/2027 | 7170 | 6534 | 6509 |  |
| 10208781 | ABF asset | N/A |  | 06/2027 | 8300 | 7770 | 7786 |  |
| 10208782 | ABF asset | N/A |  | 06/2027 | 18944 | 17734 | 17762 |  |
| 10208796 | ABF asset | N/A |  | 06/2027 | 4476 | 4164 | 4169 |  |
| 10208797 | ABF asset | N/A |  | 06/2027 | 5846 | 5350 | 5354 |  |
| 10208798 | ABF asset | N/A |  | 06/2027 | 11156 | 10334 | 10350 |  |
| 10208801 | ABF asset | N/A |  | 06/2027 | 4908 | 4473 | 4479 |  |
| 10208802 | ABF asset | N/A |  | 06/2027 | 13233 | 12121 | 12084 |  |
| 10208805 | ABF asset | N/A |  | 06/2027 | 8145 | 7625 | 7638 |  |
| 10208807 | ABF asset | N/A |  | 06/2027 | 66464 | 62218 | 62336 |  |
| 10208808 | ABF asset | N/A |  | 06/2027 | 3489 | 3246 | 3251 |  |
| 10208809 | ABF asset | N/A |  | 06/2027 | 16107 | 15078 | 15106 |  |
| 10208818 | ABF asset | N/A |  | 06/2027 | 2494 | 2284 | 2277 |  |
| 10208819 | ABF asset | N/A |  | 06/2027 | 1689 | 1564 | 1561 |  |
| 10208820 | ABF asset | N/A |  | 06/2027 | 61600 | 57312 | 57397 |  |
| 10208825 | ABF asset | N/A |  | 06/2027 | 5065 | 4659 | 4652 |  |
| 10208828 | ABF asset | N/A |  | 06/2027 | 8036 | 7522 | 7539 |  |
| 10208836 | ABF asset | N/A |  | 06/2027 | 6369 | 5963 | 5974 |  |
| 10208837 | ABF asset | N/A |  | 06/2027 | 28375 | 26563 | 26620 |  |
| 10208842 | ABF asset | N/A |  | 06/2027 | 6938 | 6427 | 6422 |  |
| 10208843 | ABF asset | N/A |  | 06/2027 | 20940 | 19483 | 19511 |  |
| 10208845 | ABF asset | N/A |  | 06/2027 | 1006 | 932 | 925 |  |
| 10208855 | ABF asset | N/A |  | 06/2027 | 94992 | 88924 | 89084 |  |
| 10208859 | ABF asset | N/A |  | 06/2027 | 46675 | 43425 | 43504 |  |
| 10208860 | ABF asset | N/A |  | 06/2027 | 7985 | 7307 | 7321 |  |
| 10208862 | ABF asset | N/A |  | 06/2027 | 4126 | 3760 | 3752 |  |
| 10208866 | ABF asset | N/A |  | 06/2027 | 20441 | 18627 | 18662 |  |
| 10208867 | ABF asset | N/A |  | 06/2027 | 2248 | 2104 | 2108 |  |
| 10208868 | ABF asset | N/A |  | 06/2027 | 9652 | 9035 | 9051 |  |
| 10208872 | ABF asset | N/A |  | 06/2027 | 2229 | 2087 | 2091 |  |
| 10208873 | ABF asset | N/A |  | 06/2027 | 22333 | 20906 | 20950 |  |
| 10208888 | ABF asset | N/A |  | 06/2027 | 2602 | 2436 | 2441 |  |
| 10208889 | ABF asset | N/A |  | 06/2027 | 4389 | 4108 | 4116 |  |
| 10208890 | ABF asset | N/A |  | 06/2027 | 2362 | 2152 | 2153 |  |
| 10208891 | ABF asset | N/A |  | 06/2027 | 5726 | 5218 | 5225 |  |
| 10208896 | ABF asset | N/A |  | 06/2027 | 4708 | 4346 | 4356 |  |
| 10208903 | ABF asset | N/A |  | 06/2027 | 6656 | 6091 | 6107 |  |
| 10208904 | ABF asset | N/A |  | 06/2027 | 1070 | 991 | 984 |  |
| 10208913 | ABF asset | N/A |  | 06/2027 | 69658 | 65208 | 65320 |  |
| 10208914 | ABF asset | N/A |  | 06/2027 | 5416 | 5070 | 5078 |  |
| 10208915 | ABF asset | N/A |  | 06/2027 | 1667 | 1543 | 1520 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10208920 | ABF asset | N/A |  | 06/2027 | 1536 | 1402 | 1394 |  |
| 10208921 | ABF asset | N/A |  | 06/2027 | 5935 | 5556 | 5566 |  |
| 10208922 | ABF asset | N/A |  | 06/2027 | 11930 | 11047 | 11010 |  |
| 10208925 | ABF asset | N/A |  | 06/2027 | 1488 | 1356 | 1359 |  |
| 10208926 | ABF asset | N/A |  | 06/2027 | 2345 | 2137 | 2138 |  |
| 10208932 | ABF asset | N/A |  | 06/2027 | 11075 | 10144 | 10133 |  |
| 10208934 | ABF asset | N/A |  | 06/2027 | 18698 | 17200 | 17139 |  |
| 10208940 | ABF asset | N/A |  | 06/2027 | 7453 | 6820 | 6833 |  |
| 10208942 | ABF asset | N/A |  | 06/2027 | 22108 | 20696 | 20735 |  |
| 10208944 | ABF asset | N/A |  | 06/2027 | 20826 | 19283 | 19183 |  |
| 10208948 | ABF asset | N/A |  | 06/2027 | 5526 | 5173 | 5182 |  |
| 10208949 | ABF asset | N/A |  | 06/2027 | 8162 | 7437 | 7440 |  |
| 10208952 | ABF asset | N/A |  | 06/2027 | 3665 | 3431 | 3437 |  |
| 10208953 | ABF asset | N/A |  | 06/2027 | 31636 | 29203 | 29260 |  |
| 10208954 | ABF asset | N/A |  | 06/2027 | 2269 | 2095 | 2084 |  |
| 10208960 | ABF asset | N/A |  | 06/2027 | 13470 | 12609 | 12636 |  |
| 10208969 | ABF asset | N/A |  | 06/2027 | 45376 | 42477 | 42558 |  |
| 10208970 | ABF asset | N/A |  | 06/2027 | 5028 | 4658 | 4665 |  |
| 10208971 | ABF asset | N/A |  | 06/2027 | 11699 | 10833 | 10804 |  |
| 10208972 | ABF asset | N/A |  | 06/2027 | 8178 | 7655 | 7669 |  |
| 10208977 | ABF asset | N/A |  | 06/2027 | 1708 | 1556 | 1558 |  |
| 10208979 | ABF asset | N/A |  | 06/2027 | 2116 | 1937 | 1939 |  |
| 10208990 | ABF asset | N/A |  | 06/2027 | 6482 | 6030 | 6040 |  |
| 10208991 | ABF asset | N/A |  | 06/2027 | 30657 | 27935 | 27850 |  |
| 10208993 | ABF asset | N/A |  | 06/2027 | 8835 | 8271 | 8286 |  |
| 10208994 | ABF asset | N/A |  | 06/2027 | 1424 | 1300 | 1302 |  |
| 10208997 | ABF asset | N/A |  | 06/2027 | 8374 | 7631 | 7442 |  |
| 10208998 | ABF asset | N/A |  | 06/2027 | 6556 | 5974 | 5970 |  |
| 10208999 | ABF asset | N/A |  | 06/2027 | 1137 | 1052 | 1045 |  |
| 10209006 | ABF asset | N/A |  | 06/2027 | 3446 | 3140 | 3146 |  |
| 10209007 | ABF asset | N/A |  | 06/2027 | 2655 | 2450 | 2455 |  |
| 10209011 | ABF asset | N/A |  | 06/2027 | 3480 | 3238 | 3244 |  |
| 10209012 | ABF asset | N/A |  | 06/2027 | 3298 | 3088 | 3094 |  |
| 10209013 | ABF asset | N/A |  | 06/2027 | 1397 | 1273 | 1275 |  |
| 10209014 | ABF asset | N/A |  | 06/2027 | 2830 | 2590 | 2595 |  |
| 10209019 | ABF asset | N/A |  | 06/2027 | 70606 | 66096 | 66211 |  |
| 10209020 | ABF asset | N/A |  | 06/2027 | 1179 | 1074 | 1075 |  |
| 10209025 | ABF asset | N/A |  | 06/2027 | 14062 | 12980 | 12996 |  |
| 10209026 | ABF asset | N/A |  | 06/2027 | 3391 | 3131 | 3135 |  |
| 10209027 | ABF asset | N/A |  | 06/2027 | 3309 | 3079 | 3084 |  |
| 10209028 | ABF asset | N/A |  | 06/2027 | 4242 | 3970 | 3978 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10209029 | ABF asset | N/A |  | 06/2027 | 13373 | 12519 | 12530 |  |
| 10209037 | ABF asset | N/A |  | 06/2027 | 4577 | 4188 | 4190 |  |
| 10209046 | ABF asset | N/A |  | 06/2027 | 1778 | 1623 | 1617 |  |
| 10209047 | ABF asset | N/A |  | 06/2027 | 1988 | 1828 | 1822 |  |
| 10209052 | ABF asset | N/A |  | 06/2027 | 3328 | 3039 | 3045 |  |
| 10209053 | ABF asset | N/A |  | 06/2027 | 46410 | 42693 | 42704 |  |
| 10209054 | ABF asset | N/A |  | 06/2027 | 22230 | 20520 | 20552 |  |
| 10209055 | ABF asset | N/A |  | 06/2027 | 2992 | 2800 | 2805 |  |
| 10209061 | ABF asset | N/A |  | 06/2027 | 3315 | 3103 | 3109 |  |
| 10209065 | ABF asset | N/A |  | 06/2027 | 3759 | 3482 | 3486 |  |
| 10209072 | ABF asset | N/A |  | 06/2027 | 87193 | 80488 | 80582 |  |
| 10209073 | ABF asset | N/A |  | 06/2027 | 2659 | 2463 | 2468 |  |
| 10209082 | ABF asset | N/A |  | 06/2027 | 4691 | 4292 | 4298 |  |
| 10209083 | ABF asset | N/A |  | 06/2027 | 367 | 337 | 331 |  |
| 10209084 | ABF asset | N/A |  | 06/2027 | 8159 | 7434 | 7438 |  |
| 10209095 | ABF asset | N/A |  | 06/2027 | 49704 | 46529 | 46611 |  |
| 10209096 | ABF asset | N/A |  | 06/2027 | 3377 | 3143 | 3146 |  |
| 10209097 | ABF asset | N/A |  | 06/2027 | 5386 | 4908 | 4913 |  |
| 10209104 | ABF asset | N/A |  | 06/2027 | 35690 | 33410 | 33476 |  |
| 10209105 | ABF asset | N/A |  | 06/2027 | 9818 | 8947 | 8963 |  |
| 10209106 | ABF asset | N/A |  | 06/2027 | 17609 | 16383 | 16416 |  |
| 10209107 | ABF asset | N/A |  | 06/2027 | 4731 | 4401 | 4410 |  |
| 10209108 | ABF asset | N/A |  | 06/2027 | 27686 | 25758 | 25794 |  |
| 10209109 | ABF asset | N/A |  | 06/2027 | 1733 | 1594 | 1598 |  |
| 10209113 | ABF asset | N/A |  | 06/2027 | 27053 | 25325 | 25367 |  |
| 10209115 | ABF asset | N/A |  | 06/2027 | 37017 | 34053 | 34105 |  |
| 10209116 | ABF asset | N/A |  | 06/2027 | 19099 | 17630 | 17657 |  |
| 10209118 | ABF asset | N/A |  | 06/2027 | 3922 | 3593 | 3590 |  |
| 10209119 | ABF asset | N/A |  | 06/2027 | 50077 | 46227 | 46285 |  |
| 10209121 | ABF asset | N/A |  | 06/2027 | 30097 | 28174 | 28219 |  |
| 10209126 | ABF asset | N/A |  | 06/2027 | 9070 | 8343 | 8346 |  |
| 10209127 | ABF asset | N/A |  | 06/2027 | 3603 | 3283 | 3292 |  |
| 10209128 | ABF asset | N/A |  | 06/2027 | 6526 | 5973 | 5957 |  |
| 10209136 | ABF asset | N/A |  | 06/2027 | 18479 | 17192 | 17212 |  |
| 10209137 | ABF asset | N/A |  | 06/2027 | 21309 | 19417 | 19389 |  |
| 10209140 | ABF asset | N/A |  | 06/2027 | 1301 | 1190 | 1193 |  |
| 10209141 | ABF asset | N/A |  | 06/2027 | 12636 | 11574 | 11568 |  |
| 10209147 | ABF asset | N/A |  | 06/2027 | 8487 | 7944 | 7961 |  |
| 10209155 | ABF asset | N/A |  | 06/2027 | 3242 | 2993 | 2994 |  |
| 10209157 | ABF asset | N/A |  | 06/2027 | 6320 | 5759 | 5773 |  |
| 10209158 | ABF asset | N/A |  | 06/2027 | 2053 | 1902 | 1904 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10209161 | ABF asset | N/A |  | 06/2027 | 2712 | 2471 | 2470 |  |
| 10209162 | ABF asset | N/A |  | 06/2027 | 6804 | 6303 | 6314 |  |
| 10209163 | ABF asset | N/A |  | 06/2027 | 9005 | 8379 | 8393 |  |
| 10209164 | ABF asset | N/A |  | 06/2027 | 13262 | 12415 | 12435 |  |
| 10209165 | ABF asset | N/A |  | 06/2027 | 6048 | 5661 | 5672 |  |
| 10209167 | ABF asset | N/A |  | 06/2027 | 5464 | 5114 | 5124 |  |
| 10209169 | ABF asset | N/A |  | 06/2027 | 3479 | 3257 | 3263 |  |
| 10209171 | ABF asset | N/A |  | 06/2027 | 74948 | 69730 | 69799 |  |
| 10209187 | ABF asset | N/A |  | 06/2027 | 5217 | 4831 | 4827 |  |
| 10209207 | ABF asset | N/A |  | 06/2027 | 10779 | 9950 | 9961 |  |
| 10209264 | ABF asset | N/A |  | 06/2027 | 10715 | 9764 | 9790 |  |
| 10209325 | ABF asset | N/A |  | 06/2027 | 285 | 262 | 262 |  |
| 10209326 | ABF asset | N/A |  | 06/2027 | 19467 | 17971 | 17999 |  |
| 10209365 | ABF asset | N/A |  | 06/2027 | 4477 | 4097 | 4105 |  |
| 10209384 | ABF asset | N/A |  | 06/2027 | 1837 | 1674 | 1673 |  |
| 10209385 | ABF asset | N/A |  | 06/2027 | 7931 | 7379 | 7385 |  |
| 10209386 | ABF asset | N/A |  | 06/2027 | 5565 | 5209 | 5220 |  |
| 10209391 | ABF asset | N/A |  | 06/2027 | 23331 | 21260 | 21284 |  |
| 10209396 | ABF asset | N/A |  | 06/2027 | 462 | 421 | 396 |  |
| 10209406 | ABF asset | N/A |  | 06/2027 | 6045 | 5561 | 5555 |  |
| 10209432 | ABF asset | N/A |  | 06/2027 | 9723 | 9102 | 9120 |  |
| 10209457 | ABF asset | N/A |  | 06/2027 | 77273 | 70778 | 70489 |  |
| 10209469 | ABF asset | N/A |  | 06/2027 | 4465 | 4134 | 4127 |  |
| 10209506 | ABF asset | N/A |  | 06/2027 | 11618 | 10762 | 10783 |  |
| 10209527 | ABF asset | N/A |  | 06/2027 | 3844 | 3598 | 3604 |  |
| 10209534 | ABF asset | N/A |  | 06/2027 | 9037 | 8234 | 8256 |  |
| 10209551 | ABF asset | N/A |  | 06/2027 | 66548 | 62297 | 62417 |  |
| 10209636 | ABF asset | N/A |  | 06/2027 | 50834 | 47587 | 47676 |  |
| 10209770 | ABF asset | N/A |  | 06/2027 | 72803 | 68152 | 68282 |  |
| 10209823 | ABF asset | N/A |  | 06/2027 | 2411 | 2257 | 2262 |  |
| 10209836 | ABF asset | N/A |  | 06/2027 | 8876 | 8309 | 8325 |  |
| 10209862 | ABF asset | N/A |  | 06/2027 | 7143 | 6687 | 6696 |  |
| 10209892 | ABF asset | N/A |  | 06/2027 | 320 | 296 | 295 |  |
| 10209894 | ABF asset | N/A |  | 06/2027 | 3654 | 3329 | 3334 |  |
| 10209904 | ABF asset | N/A |  | 06/2027 | 9287 | 8641 | 8652 |  |
| 10209962 | ABF asset | N/A |  | 06/2027 | 9373 | 8775 | 8793 |  |
| 10209980 | ABF asset | N/A |  | 06/2027 | 4673 | 4277 | 4283 |  |
| 10209985 | ABF asset | N/A |  | 06/2027 | 6493 | 6078 | 6089 |  |
| 10210007 | ABF asset | N/A |  | 06/2027 | 2092 | 1914 | 1916 |  |
| 10210015 | ABF asset | N/A |  | 06/2027 | 1744 | 1623 | 1625 |  |
| 10210029 | ABF asset | N/A |  | 06/2027 | 36421 | 34095 | 34158 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10210038 | ABF asset | N/A |  | 06/2027 | 14157 | 13069 | 13099 |  |
| 10210137 | ABF asset | N/A |  | 06/2027 | 1636 | 1498 | 1500 |  |
| 10210145 | ABF asset | N/A |  | 06/2027 | 11878 | 10879 | 10742 |  |
| 10210207 | ABF asset | N/A |  | 06/2027 | 10056 | 9202 | 9223 |  |
| 10210212 | ABF asset | N/A |  | 06/2027 | 3615 | 3348 | 3352 |  |
| 10210240 | ABF asset | N/A |  | 06/2027 | 4636 | 4243 | 4245 |  |
| 10210250 | ABF asset | N/A |  | 06/2027 | 7890 | 7386 | 7398 |  |
| 10210263 | ABF asset | N/A |  | 06/2027 | 66060 | 61840 | 61958 |  |
| 10210302 | ABF asset | N/A |  | 06/2027 | 7959 | 7369 | 7334 |  |
| 10210317 | ABF asset | N/A |  | 06/2027 | 1437 | 1316 | 1317 |  |
| 10210329 | ABF asset | N/A |  | 06/2027 | 2429 | 2223 | 2225 |  |
| 10210335 | ABF asset | N/A |  | 06/2027 | 10836 | 10038 | 10048 |  |
| 10210387 | ABF asset | N/A |  | 06/2027 | 33021 | 30911 | 30976 |  |
| 10210439 | ABF asset | N/A |  | 06/2027 | 2415 | 2210 | 2216 |  |
| 10210449 | ABF asset | N/A |  | 06/2027 | 10072 | 9371 | 9388 |  |
| 10210484 | ABF asset | N/A |  | 06/2027 | 76573 | 70932 | 70988 |  |
| 10210516 | ABF asset | N/A |  | 06/2027 | 26485 | 24134 | 24161 |  |
| 10210613 | ABF asset | N/A |  | 06/2027 | 7813 | 7234 | 7098 |  |
| 10210635 | ABF asset | N/A |  | 06/2027 | 56246 | 52653 | 52752 |  |
| 10210666 | ABF asset | N/A |  | 06/2027 | 17022 | 15837 | 15871 |  |
| 10210701 | ABF asset | N/A |  | 06/2027 | 1597 | 1474 | 1476 |  |
| 10210702 | ABF asset | N/A |  | 06/2027 | 9145 | 8369 | 8382 |  |
| 10210719 | ABF asset | N/A |  | 06/2027 | 3858 | 3612 | 3618 |  |
| 10210776 | ABF asset | N/A |  | 06/2027 | 2187 | 2001 | 2002 |  |
| 10210777 | ABF asset | N/A |  | 06/2027 | 2650 | 2415 | 2419 |  |
| 10210801 | ABF asset | N/A |  | 06/2027 | 9194 | 8607 | 8619 |  |
| 10210811 | ABF asset | N/A |  | 06/2027 | 3261 | 2987 | 2941 |  |
| 10210840 | ABF asset | N/A |  | 06/2027 | 8847 | 8166 | 8154 |  |
| 10210852 | ABF asset | N/A |  | 06/2027 | 17652 | 16525 | 16554 |  |
| 10210893 | ABF asset | N/A |  | 06/2027 | 14757 | 13814 | 13838 |  |
| 10210926 | ABF asset | N/A |  | 06/2027 | 3729 | 3469 | 3473 |  |
| 10210959 | ABF asset | N/A |  | 06/2027 | 5970 | 5440 | 5452 |  |
| 10210992 | ABF asset | N/A |  | 06/2027 | 574 | 531 | 532 |  |
| 10210998 | ABF asset | N/A |  | 06/2027 | 11136 | 10424 | 10442 |  |
| 10211006 | ABF asset | N/A |  | 06/2027 | 2049 | 1877 | 1875 |  |
| 10211017 | ABF asset | N/A |  | 06/2027 | 2198 | 2029 | 2029 |  |
| 10211040 | ABF asset | N/A |  | 06/2027 | 5566 | 5072 | 5073 |  |
| 10211061 | ABF asset | N/A |  | 06/2027 | 6369 | 5897 | 5900 |  |
| 10211108 | ABF asset | N/A |  | 06/2027 | 4544 | 4141 | 4150 |  |
| 10211129 | ABF asset | N/A |  | 06/2027 | 2060 | 1877 | 1876 |  |
| 10211149 | ABF asset | N/A |  | 06/2027 | 9546 | 8936 | 8952 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10211154 | ABF asset | N/A |  | 06/2027 | 3344 | 3047 | 3053 |  |
| 10211177 | ABF asset | N/A |  | 06/2027 | 3375 | 3160 | 3166 |  |
| 10211181 | ABF asset | N/A |  | 06/2027 | 81705 | 76017 | 76150 |  |
| 10211186 | ABF asset | N/A |  | 06/2027 | 12167 | 11231 | 11248 |  |
| 10211231 | ABF asset | N/A |  | 06/2027 | 1976 | 1850 | 1853 |  |
| 10211251 | ABF asset | N/A |  | 06/2027 | 2220 | 2078 | 2082 |  |
| 10211269 | ABF asset | N/A |  | 06/2027 | 5763 | 5337 | 5295 |  |
| 10211307 | ABF asset | N/A |  | 06/2027 | 1637 | 1516 | 1516 |  |
| 10211326 | ABF asset | N/A |  | 06/2027 | 9447 | 8843 | 8860 |  |
| 10211426 | ABF asset | N/A |  | 06/2027 | 9398 | 8676 | 8682 |  |
| 10211525 | ABF asset | N/A |  | 06/2027 | 2873 | 2617 | 2607 |  |
| 10211601 | ABF asset | N/A |  | 06/2027 | 31728 | 29702 | 29745 |  |
| 10211704 | ABF asset | N/A |  | 06/2027 | 8207 | 7683 | 7695 |  |
| 10211741 | ABF asset | N/A |  | 06/2027 | 1867 | 1729 | 1685 |  |
| 10211748 | ABF asset | N/A |  | 06/2027 | 5069 | 4639 | 4586 |  |
| 10211797 | ABF asset | N/A |  | 06/2027 | 7796 | 7298 | 7311 |  |
| 10211845 | ABF asset | N/A |  | 06/2027 | 2533 | 2338 | 2342 |  |
| 10211857 | ABF asset | N/A |  | 06/2027 | 1441 | 1313 | 1313 |  |
| 10211866 | ABF asset | N/A |  | 06/2027 | 2952 | 2715 | 2715 |  |
| 10211879 | ABF asset | N/A |  | 06/2027 | 11934 | 11055 | 11065 |  |
| 10211924 | ABF asset | N/A |  | 06/2027 | 2229 | 2074 | 2077 |  |
| 10212016 | ABF asset | N/A |  | 06/2027 | 16720 | 15652 | 15681 |  |
| 10212100 | ABF asset | N/A |  | 06/2027 | 4951 | 4634 | 4642 |  |
| 10212136 | ABF asset | N/A |  | 06/2027 | 5458 | 5109 | 5118 |  |
| 10212153 | ABF asset | N/A |  | 06/2027 | 5300 | 4962 | 4970 |  |
| 10212188 | ABF asset | N/A |  | 06/2027 | 7378 | 6906 | 6920 |  |
| 10212197 | ABF asset | N/A |  | 06/2027 | 1696 | 1571 | 1574 |  |
| 10212223 | ABF asset | N/A |  | 06/2027 | 4473 | 4129 | 4138 |  |
| 10212231 | ABF asset | N/A |  | 06/2027 | 5718 | 5352 | 5361 |  |
| 10212245 | ABF asset | N/A |  | 06/2027 | 2781 | 2603 | 2608 |  |
| 10212265 | ABF asset | N/A |  | 06/2027 | 19260 | 17840 | 17859 |  |
| 10212272 | ABF asset | N/A |  | 06/2027 | 4064 | 3804 | 3810 |  |
| 10212288 | ABF asset | N/A |  | 06/2027 | 32209 | 29837 | 29848 |  |
| 10212343 | ABF asset | N/A |  | 06/2027 | 18146 | 16536 | 16570 |  |
| 10212414 | ABF asset | N/A |  | 06/2027 | 7773 | 7276 | 7289 |  |
| 10212434 | ABF asset | N/A |  | 06/2027 | 3107 | 2837 | 2835 |  |
| 10212453 | ABF asset | N/A |  | 06/2027 | 945 | 862 | 862 |  |
| 10212457 | ABF asset | N/A |  | 06/2027 | 6000 | 5616 | 5627 |  |
| 10212464 | ABF asset | N/A |  | 06/2027 | 2766 | 2562 | 2559 |  |
| 10212483 | ABF asset | N/A |  | 06/2027 | 11402 | 10413 | 10432 |  |
| 10212484 | ABF asset | N/A |  | 06/2027 | 19756 | 18003 | 18017 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10212522 | ABF asset | N/A |  | 06/2027 | 1869 | 1725 | 1720 |  |
| 10212535 | ABF asset | N/A |  | 06/2027 | 2107 | 1938 | 1936 |  |
| 10212544 | ABF asset | N/A |  | 06/2027 | 21932 | 20405 | 20440 |  |
| 10212552 | ABF asset | N/A |  | 06/2027 | 3585 | 3356 | 3361 |  |
| 10212578 | ABF asset | N/A |  | 06/2027 | 3654 | 3420 | 3427 |  |
| 10212600 | ABF asset | N/A |  | 06/2027 | 8301 | 7771 | 7786 |  |
| 10212631 | ABF asset | N/A |  | 06/2027 | 11551 | 10813 | 10831 |  |
| 10212638 | ABF asset | N/A |  | 06/2027 | 1291 | 1179 | 1182 |  |
| 10212639 | ABF asset | N/A |  | 06/2027 | 1574 | 1457 | 1452 |  |
| 10212643 | ABF asset | N/A |  | 06/2027 | 18826 | 17229 | 17260 |  |
| 10212658 | ABF asset | N/A |  | 06/2027 | 19688 | 18431 | 18465 |  |
| 10212756 | ABF asset | N/A |  | 06/2027 | 309 | 286 | 247 |  |
| 10212764 | ABF asset | N/A |  | 06/2027 | 21927 | 20312 | 20331 |  |
| 10212774 | ABF asset | N/A |  | 06/2027 | 5766 | 5398 | 5408 |  |
| 10212837 | ABF asset | N/A |  | 06/2027 | 2221 | 2028 | 2027 |  |
| 10212859 | ABF asset | N/A |  | 06/2027 | 9666 | 9048 | 9066 |  |
| 10212894 | ABF asset | N/A |  | 06/2027 | 7063 | 6611 | 6622 |  |
| 10212916 | ABF asset | N/A |  | 06/2027 | 5466 | 5085 | 5092 |  |
| 10212923 | ABF asset | N/A |  | 06/2027 | 16353 | 15308 | 15332 |  |
| 10212952 | ABF asset | N/A |  | 06/2027 | 1976 | 1838 | 1841 |  |
| 10212963 | ABF asset | N/A |  | 06/2027 | 40747 | 37910 | 37988 |  |
| 10212975 | ABF asset | N/A |  | 06/2027 | 6596 | 6089 | 6101 |  |
| 10212993 | ABF asset | N/A |  | 06/2027 | 10060 | 9254 | 9264 |  |
| 10213025 | ABF asset | N/A |  | 06/2027 | 3993 | 3715 | 3723 |  |
| 10213040 | ABF asset | N/A |  | 06/2027 | 8110 | 7390 | 7400 |  |
| 10213068 | ABF asset | N/A |  | 06/2027 | 27675 | 25907 | 25957 |  |
| 10213135 | ABF asset | N/A |  | 06/2027 | 70496 | 65993 | 66110 |  |
| 10213143 | ABF asset | N/A |  | 06/2027 | 7853 | 7352 | 7363 |  |
| 10213151 | ABF asset | N/A |  | 06/2027 | 7656 | 6977 | 6976 |  |
| 10213185 | ABF asset | N/A |  | 06/2027 | 9364 | 8569 | 8573 |  |
| 10213203 | ABF asset | N/A |  | 06/2027 | 56250 | 52657 | 52746 |  |
| 10213300 | ABF asset | N/A |  | 06/2027 | 9344 | 8746 | 8761 |  |
| 10213341 | ABF asset | N/A |  | 06/2027 | 5362 | 4887 | 4885 |  |
| 10213362 | ABF asset | N/A |  | 06/2027 | 4609 | 4314 | 4321 |  |
| 10213374 | ABF asset | N/A |  | 06/2027 | 3024 | 2831 | 2835 |  |
| 10213388 | ABF asset | N/A |  | 06/2027 | 3520 | 3295 | 3301 |  |
| 10213395 | ABF asset | N/A |  | 06/2027 | 12070 | 11299 | 11317 |  |
| 10213406 | ABF asset | N/A |  | 06/2027 | 7230 | 6588 | 6589 |  |
| 10213437 | ABF asset | N/A |  | 06/2027 | 6317 | 5914 | 5925 |  |
| 10213452 | ABF asset | N/A |  | 06/2027 | 16534 | 15478 | 15505 |  |
| 10213462 | ABF asset | N/A |  | 06/2027 | 15271 | 14296 | 14319 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10213497 | ABF asset | N/A |  | 06/2027 | 5453 | 5105 | 5114 |  |
| 10213506 | ABF asset | N/A |  | 06/2027 | 13116 | 12149 | 12160 |  |
| 10213526 | ABF asset | N/A |  | 06/2027 | 17028 | 15939 | 15971 |  |
| 10213562 | ABF asset | N/A |  | 06/2027 | 14069 | 13089 | 13116 |  |
| 10213606 | ABF asset | N/A |  | 06/2027 | 2307 | 2102 | 2089 |  |
| 10213607 | ABF asset | N/A |  | 06/2027 | 7237 | 6774 | 6787 |  |
| 10213619 | ABF asset | N/A |  | 06/2027 | 320 | 291 | 290 |  |
| 10213629 | ABF asset | N/A |  | 06/2027 | 8850 | 8284 | 8298 |  |
| 10213652 | ABF asset | N/A |  | 06/2027 | 2276 | 2083 | 2087 |  |
| 10213668 | ABF asset | N/A |  | 06/2027 | 3367 | 3152 | 3158 |  |
| 10213674 | ABF asset | N/A |  | 06/2027 | 13019 | 11914 | 11930 |  |
| 10213677 | ABF asset | N/A |  | 06/2027 | 41410 | 38527 | 38473 |  |
| 10213709 | ABF asset | N/A |  | 06/2027 | 15506 | 14515 | 14541 |  |
| 10213775 | ABF asset | N/A |  | 06/2027 | 15968 | 14948 | 14973 |  |
| 10213799 | ABF asset | N/A |  | 06/2027 | 14201 | 13149 | 13048 |  |
| 10213840 | ABF asset | N/A |  | 06/2027 | 3218 | 2933 | 2940 |  |
| 10213846 | ABF asset | N/A |  | 06/2027 | 1398 | 1274 | 1274 |  |
| 10213853 | ABF asset | N/A |  | 06/2027 | 2668 | 2454 | 2460 |  |
| 10213854 | ABF asset | N/A |  | 06/2027 | 3431 | 3177 | 3139 |  |
| 10213857 | ABF asset | N/A |  | 06/2027 | 1134 | 1033 | 1034 |  |
| 10213869 | ABF asset | N/A |  | 06/2027 | 28213 | 26043 | 26034 |  |
| 10213872 | ABF asset | N/A |  | 06/2027 | 21901 | 20043 | 20047 |  |
| 10213971 | ABF asset | N/A |  | 06/2027 | 2798 | 2550 | 2556 |  |
| 10213976 | ABF asset | N/A |  | 06/2027 | 11100 | 10158 | 10162 |  |
| 10213978 | ABF asset | N/A |  | 06/2027 | 107431 | 100569 | 100711 |  |
| 10213993 | ABF asset | N/A |  | 06/2027 | 7715 | 7222 | 7235 |  |
| 10214017 | ABF asset | N/A |  | 06/2027 | 47415 | 43922 | 43984 |  |
| 10214111 | ABF asset | N/A |  | 06/2027 | 89005 | 83320 | 83453 |  |
| 10214388 | ABF asset | N/A |  | 06/2027 | 2725 | 2484 | 2484 |  |
| 10214395 | ABF asset | N/A |  | 06/2027 | 6692 | 6265 | 6275 |  |
| 10214404 | ABF asset | N/A |  | 06/2027 | 1544 | 1445 | 1448 |  |
| 10214410 | ABF asset | N/A |  | 06/2027 | 28755 | 26918 | 26968 |  |
| 10214418 | ABF asset | N/A |  | 06/2027 | 3322 | 3027 | 3034 |  |
| 10214434 | ABF asset | N/A |  | 06/2027 | 5532 | 5063 | 5066 |  |
| 10214449 | ABF asset | N/A |  | 06/2027 | 4627 | 4270 | 4279 |  |
| 10214472 | ABF asset | N/A |  | 06/2027 | 20839 | 19389 | 19400 |  |
| 10214505 | ABF asset | N/A |  | 06/2027 | 9323 | 8532 | 8544 |  |
| 10214522 | ABF asset | N/A |  | 06/2027 | 5180 | 4781 | 4792 |  |
| 10214534 | ABF asset | N/A |  | 06/2027 | 28737 | 26901 | 26951 |  |
| 10214564 | ABF asset | N/A |  | 06/2027 | 8846 | 8060 | 8069 |  |
| 10214666 | ABF asset | N/A |  | 06/2027 | 1488 | 1356 | 1354 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10214688 | ABF asset | N/A |  | 06/2027 | 26187 | 23863 | 23898 |  |
| 10214694 | ABF asset | N/A |  | 06/2027 | 4608 | 4221 | 4210 |  |
| 10214704 | ABF asset | N/A |  | 06/2027 | 3880 | 3536 | 3534 |  |
| 10214738 | ABF asset | N/A |  | 06/2027 | 105060 | 98349 | 98522 |  |
| 10214861 | ABF asset | N/A |  | 06/2027 | 3108 | 2846 | 2843 |  |
| 10214876 | ABF asset | N/A |  | 06/2027 | 4195 | 3885 | 3839 |  |
| 10214925 | ABF asset | N/A |  | 06/2027 | 4880 | 4466 | 4471 |  |
| 10214948 | ABF asset | N/A |  | 06/2027 | 5670 | 5307 | 5318 |  |
| 10214961 | ABF asset | N/A |  | 06/2027 | 5507 | 5156 | 5164 |  |
| 10214974 | ABF asset | N/A |  | 06/2027 | 12529 | 11657 | 11673 |  |
| 10215005 | ABF asset | N/A |  | 06/2027 | 688 | 638 | 639 |  |
| 10215015 | ABF asset | N/A |  | 06/2027 | 58062 | 54354 | 54445 |  |
| 10215071 | ABF asset | N/A |  | 06/2027 | 37290 | 34908 | 34966 |  |
| 10215177 | ABF asset | N/A |  | 06/2027 | 49940 | 46750 | 46846 |  |
| 10215253 | ABF asset | N/A |  | 06/2027 | 70422 | 65519 | 65550 |  |
| 10215307 | ABF asset | N/A |  | 06/2027 | 5578 | 5105 | 5111 |  |
| 10215318 | ABF asset | N/A |  | 06/2027 | 10427 | 9659 | 9673 |  |
| 10215330 | ABF asset | N/A |  | 06/2027 | 79704 | 74612 | 74737 |  |
| 10215561 | ABF asset | N/A |  | 06/2027 | 17422 | 16309 | 16335 |  |
| 10215641 | ABF asset | N/A |  | 06/2027 | 16672 | 15336 | 15366 |  |
| 10215709 | ABF asset | N/A |  | 06/2027 | 3450 | 3160 | 3162 |  |
| 10215731 | ABF asset | N/A |  | 06/2027 | 29887 | 27589 | 27637 |  |
| 10215944 | ABF asset | N/A |  | 06/2027 | 54390 | 50916 | 50989 |  |
| 10216325 | ABF asset | N/A |  | 06/2027 | 2408 | 2254 | 2258 |  |
| 10216349 | ABF asset | N/A |  | 06/2027 | 8751 | 8192 | 8204 |  |
| 10216387 | ABF asset | N/A |  | 06/2027 | 4484 | 4198 | 4203 |  |
| 10216426 | ABF asset | N/A |  | 06/2027 | 4133 | 3869 | 3874 |  |
| 10216473 | ABF asset | N/A |  | 06/2027 | 4456 | 4171 | 4179 |  |
| 10216563 | ABF asset | N/A |  | 06/2027 | 7108 | 6491 | 6493 |  |
| 10216617 | ABF asset | N/A |  | 06/2027 | 3356 | 3058 | 3062 |  |
| 10216659 | ABF asset | N/A |  | 06/2027 | 10813 | 9904 | 9838 |  |
| 10216719 | ABF asset | N/A |  | 06/2027 | 1032 | 940 | 940 |  |
| 10216728 | ABF asset | N/A |  | 06/2027 | 2040 | 1859 | 1860 |  |
| 10216735 | ABF asset | N/A |  | 06/2027 | 9044 | 8465 | 8480 |  |
| 10216826 | ABF asset | N/A |  | 06/2027 | 1478 | 1360 | 1363 |  |
| 10216831 | ABF asset | N/A |  | 06/2027 | 16799 | 15726 | 15754 |  |
| 10216904 | ABF asset | N/A |  | 06/2027 | 13463 | 12471 | 12489 |  |
| 10216968 | ABF asset | N/A |  | 06/2027 | 2902 | 2717 | 2721 |  |
| 10216977 | ABF asset | N/A |  | 06/2027 | 1890 | 1758 | 1760 |  |
| 10216980 | ABF asset | N/A |  | 06/2027 | 27786 | 25319 | 25316 |  |
| 10217089 | ABF asset | N/A |  | 06/2027 | 32625 | 30541 | 30589 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10217220 | ABF asset | N/A |  | 06/2027 | 10148 | 9500 | 9513 |  |
| 10217282 | ABF asset | N/A |  | 06/2027 | 19624 | 18258 | 18278 |  |
| 10217355 | ABF asset | N/A |  | 06/2027 | 7489 | 7011 | 7022 |  |
| 10217397 | ABF asset | N/A |  | 06/2027 | 10427 | 9761 | 9778 |  |
| 10217421 | ABF asset | N/A |  | 06/2027 | 3405 | 3188 | 3194 |  |
| 10217444 | ABF asset | N/A |  | 06/2027 | 5223 | 4890 | 4898 |  |
| 10217463 | ABF asset | N/A |  | 06/2027 | 5541 | 5187 | 5195 |  |
| 10217480 | ABF asset | N/A |  | 06/2027 | 2269 | 2111 | 2115 |  |
| 10217483 | ABF asset | N/A |  | 06/2027 | 3702 | 3406 | 3411 |  |
| 10217520 | ABF asset | N/A |  | 06/2027 | 4579 | 4241 | 4241 |  |
| 10217529 | ABF asset | N/A |  | 06/2027 | 30030 | 27625 | 27682 |  |
| 10217642 | ABF asset | N/A |  | 06/2027 | 6436 | 5941 | 5949 |  |
| 10217686 | ABF asset | N/A |  | 06/2027 | 2938 | 2712 | 2711 |  |
| 10217701 | ABF asset | N/A |  | 06/2027 | 11363 | 10572 | 10593 |  |
| 10217735 | ABF asset | N/A |  | 06/2027 | 6776 | 6202 | 6203 |  |
| 10217748 | ABF asset | N/A |  | 06/2027 | 2302 | 2125 | 2129 |  |
| 10217761 | ABF asset | N/A |  | 06/2027 | 12907 | 12082 | 12103 |  |
| 10217847 | ABF asset | N/A |  | 06/2027 | 1097 | 1027 | 1029 |  |
| 10217860 | ABF asset | N/A |  | 06/2027 | 3978 | 3672 | 3678 |  |
| 10217874 | ABF asset | N/A |  | 06/2027 | 33429 | 31293 | 31348 |  |
| 10217949 | ABF asset | N/A |  | 06/2027 | 35317 | 32321 | 32364 |  |
| 10218100 | ABF asset | N/A |  | 06/2027 | 3765 | 3525 | 3530 |  |
| 10218109 | ABF asset | N/A |  | 06/2027 | 3224 | 3000 | 3005 |  |
| 10218116 | ABF asset | N/A |  | 06/2027 | 53178 | 49476 | 49544 |  |
| 10218285 | ABF asset | N/A |  | 06/2027 | 44384 | 41549 | 41617 |  |
| 10218488 | ABF asset | N/A |  | 06/2027 | 25397 | 23774 | 23818 |  |
| 10218537 | ABF asset | N/A |  | 06/2027 | 23655 | 22144 | 22183 |  |
| 10218611 | ABF asset | N/A |  | 06/2027 | 16093 | 15065 | 15090 |  |
| 10218649 | ABF asset | N/A |  | 06/2027 | 60107 | 55486 | 55539 |  |
| 10218811 | ABF asset | N/A |  | 06/2027 | 3197 | 2913 | 2905 |  |
| 10218825 | ABF asset | N/A |  | 06/2027 | 2823 | 2613 | 2615 |  |
| 10218835 | ABF asset | N/A |  | 06/2027 | 2325 | 2118 | 2121 |  |
| 10218858 | ABF asset | N/A |  | 06/2027 | 5029 | 4708 | 4716 |  |
| 10218870 | ABF asset | N/A |  | 06/2027 | 55711 | 51029 | 50835 |  |
| 10219045 | ABF asset | N/A |  | 06/2027 | 736 | 682 | 678 |  |
| 10219047 | ABF asset | N/A |  | 06/2027 | 5368 | 5025 | 5032 |  |
| 10219065 | ABF asset | N/A |  | 06/2027 | 9821 | 8950 | 8861 |  |
| 10219099 | ABF asset | N/A |  | 06/2027 | 920 | 840 | 838 |  |
| 10219106 | ABF asset | N/A |  | 06/2027 | 16838 | 15543 | 15562 |  |
| 10219137 | ABF asset | N/A |  | 06/2027 | 36378 | 33581 | 33636 |  |
| 10219182 | ABF asset | N/A |  | 06/2027 | 1348 | 1228 | 1230 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10219190 | ABF asset | N/A |  | 06/2027 | 103146 | 95215 | 95341 |  |
| 10219431 | ABF asset | N/A |  | 06/2027 | 10066 | 9423 | 9436 |  |
| 10219451 | ABF asset | N/A |  | 06/2027 | 3249 | 2960 | 2951 |  |
| 10219477 | ABF asset | N/A |  | 06/2027 | 4197 | 3905 | 3913 |  |
| 10219486 | ABF asset | N/A |  | 06/2027 | 27379 | 25630 | 25670 |  |
| 10219582 | ABF asset | N/A |  | 06/2027 | 1844 | 1688 | 1688 |  |
| 10219592 | ABF asset | N/A |  | 06/2027 | 4440 | 4157 | 4164 |  |
| 10219621 | ABF asset | N/A |  | 06/2027 | 13203 | 12284 | 12293 |  |
| 10219667 | ABF asset | N/A |  | 06/2027 | 108735 | 99083 | 99216 |  |
| 10222785 | ABF asset | N/A |  | 06/2027 | 4559 | 4154 | 4162 |  |
| 10222884 | ABF asset | N/A |  | 06/2027 | 5528 | 5119 | 5117 |  |
| 10222923 | ABF asset | N/A |  | 06/2027 | 44502 | 41659 | 41718 |  |
| 10223090 | ABF asset | N/A |  | 06/2027 | 21111 | 19762 | 19790 |  |
| 10223192 | ABF asset | N/A |  | 06/2027 | 2828 | 2647 | 2650 |  |
| 10223206 | ABF asset | N/A |  | 06/2027 | 1429 | 1323 | 1321 |  |
| 10223215 | ABF asset | N/A |  | 06/2027 | 7378 | 6906 | 6917 |  |
| 10223276 | ABF asset | N/A |  | 06/2027 | 3445 | 3179 | 3183 |  |
| 10223314 | ABF asset | N/A |  | 06/2027 | 25959 | 24301 | 24334 |  |
| 10223430 | ABF asset | N/A |  | 06/2027 | 13393 | 12537 | 12554 |  |
| 10223491 | ABF asset | N/A |  | 06/2027 | 5539 | 5131 | 5135 |  |
| 10223500 | ABF asset | N/A |  | 06/2027 | 879 | 805 | 803 |  |
| 10223516 | ABF asset | N/A |  | 06/2027 | 63743 | 58842 | 58891 |  |
| 10223834 | ABF asset | N/A |  | 06/2027 | 1093 | 1001 | 999 |  |
| 10223850 | ABF asset | N/A |  | 06/2027 | 11201 | 10251 | 10255 |  |
| 10224094 | ABF asset | N/A |  | 06/2027 | 1715 | 1588 | 1590 |  |
| 10224100 | ABF asset | N/A |  | 06/2027 | 3100 | 2837 | 2842 |  |
| 10224108 | ABF asset | N/A |  | 06/2027 | 3891 | 3642 | 3647 |  |
| 10224130 | ABF asset | N/A |  | 06/2027 | 10782 | 9988 | 9963 |  |
| 10224229 | ABF asset | N/A |  | 06/2027 | 2929 | 2714 | 2717 |  |
| 10224263 | ABF asset | N/A |  | 06/2027 | 3101 | 2826 | 2827 |  |
| 10224303 | ABF asset | N/A |  | 06/2027 | 5194 | 4862 | 4869 |  |
| 10224349 | ABF asset | N/A |  | 06/2027 | 5806 | 5302 | 5309 |  |
| 10224375 | ABF asset | N/A |  | 06/2027 | 43135 | 39957 | 40001 |  |
| 10224580 | ABF asset | N/A |  | 06/2027 | 1333 | 1241 | 1242 |  |
| 10224588 | ABF asset | N/A |  | 06/2027 | 24293 | 22137 | 22107 |  |
| 10224697 | ABF asset | N/A |  | 06/2027 | 2422 | 2207 | 2211 |  |
| 10224707 | ABF asset | N/A |  | 06/2027 | 1787 | 1655 | 1649 |  |
| 10224715 | ABF asset | N/A |  | 06/2027 | 8507 | 7963 | 7975 |  |
| 10224761 | ABF asset | N/A |  | 06/2027 | 13909 | 12885 | 12903 |  |
| 10224815 | ABF asset | N/A |  | 06/2027 | 11090 | 10382 | 10394 |  |
| 10224894 | ABF asset | N/A |  | 06/2027 | 7484 | 6849 | 6851 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10224952 | ABF asset | N/A |  | 06/2027 | 1289 | 1175 | 1174 |  |
| 10224953 | ABF asset | N/A |  | 06/2027 | 2442 | 2234 | 2237 |  |
| 10224969 | ABF asset | N/A |  | 06/2027 | 5649 | 5288 | 5296 |  |
| 10224993 | ABF asset | N/A |  | 06/2027 | 16172 | 15139 | 15158 |  |
| 10225095 | ABF asset | N/A |  | 06/2027 | 3265 | 3023 | 3022 |  |
| 10225119 | ABF asset | N/A |  | 06/2027 | 2578 | 2354 | 2353 |  |
| 10225127 | ABF asset | N/A |  | 06/2027 | 79461 | 74385 | 74486 |  |
| 10225378 | ABF asset | N/A |  | 06/2027 | 2846 | 2635 | 2635 |  |
| 10225385 | ABF asset | N/A |  | 06/2027 | 1758 | 1617 | 1619 |  |
| 10225398 | ABF asset | N/A |  | 06/2027 | 18734 | 17293 | 17307 |  |
| 10225514 | ABF asset | N/A |  | 06/2027 | 21225 | 19869 | 19899 |  |
| 10225606 | ABF asset | N/A |  | 06/2027 | 714 | 654 | 653 |  |
| 10225608 | ABF asset | N/A |  | 06/2027 | 4530 | 4168 | 4172 |  |
| 10225624 | ABF asset | N/A |  | 06/2027 | 76049 | 70201 | 70219 |  |
| 10225942 | ABF asset | N/A |  | 06/2027 | 1913 | 1744 | 1743 |  |
| 10225952 | ABF asset | N/A |  | 06/2027 | 8978 | 8181 | 8196 |  |
| 10226001 | ABF asset | N/A |  | 06/2027 | 4514 | 4200 | 4206 |  |
| 10226016 | ABF asset | N/A |  | 06/2027 | 10382 | 9613 | 9561 |  |
| 10226025 | ABF asset | N/A |  | 06/2027 | 56143 | 52556 | 52630 |  |
| 10226147 | ABF asset | N/A |  | 06/2027 | 5173 | 4714 | 4720 |  |
| 10226152 | ABF asset | N/A |  | 06/2027 | 24677 | 22959 | 22972 |  |
| 10226211 | ABF asset | N/A |  | 06/2027 | 2752 | 2576 | 2580 |  |
| 10226229 | ABF asset | N/A |  | 06/2027 | 7298 | 6790 | 6797 |  |
| 10226269 | ABF asset | N/A |  | 06/2027 | 13738 | 12519 | 12531 |  |
| 10226329 | ABF asset | N/A |  | 06/2027 | 26545 | 24189 | 24222 |  |
| 10226425 | ABF asset | N/A |  | 06/2027 | 2191 | 2051 | 2054 |  |
| 10226436 | ABF asset | N/A |  | 06/2027 | 92192 | 84371 | 84498 |  |
| 10226785 | ABF asset | N/A |  | 06/2027 | 7279 | 6697 | 6706 |  |
| 10226807 | ABF asset | N/A |  | 06/2027 | 48782 | 44547 | 44566 |  |
| 10226915 | ABF asset | N/A |  | 06/2027 | 22064 | 20654 | 20682 |  |
| 10227003 | ABF asset | N/A |  | 06/2027 | 10900 | 9933 | 9947 |  |
| 10227036 | ABF asset | N/A |  | 06/2027 | 3265 | 3023 | 3016 |  |
| 10227047 | ABF asset | N/A |  | 06/2027 | 3905 | 3617 | 3622 |  |
| 10227063 | ABF asset | N/A |  | 06/2027 | 3506 | 3282 | 3287 |  |
| 10227087 | ABF asset | N/A |  | 06/2027 | 4722 | 4303 | 4306 |  |
| 10227151 | ABF asset | N/A |  | 06/2027 | 7194 | 6734 | 6744 |  |
| 10227190 | ABF asset | N/A |  | 06/2027 | 10083 | 9439 | 9451 |  |
| 10227282 | ABF asset | N/A |  | 06/2027 | 8587 | 7899 | 7911 |  |
| 10227331 | ABF asset | N/A |  | 06/2027 | 1355 | 1240 | 1239 |  |
| 10227347 | ABF asset | N/A |  | 06/2027 | 22562 | 20900 | 20924 |  |
| 10227426 | ABF asset | N/A |  | 06/2027 | 21906 | 20507 | 20529 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10227508 | ABF asset | N/A |  | 06/2027 | 2869 | 2614 | 2612 |  |
| 10227541 | ABF asset | N/A |  | 06/2027 | 5549 | 5163 | 5168 |  |
| 10227583 | ABF asset | N/A |  | 06/2027 | 2781 | 2544 | 2544 |  |
| 10227611 | ABF asset | N/A |  | 06/2027 | 1756 | 1626 | 1627 |  |
| 10227632 | ABF asset | N/A |  | 06/2027 | 10894 | 10136 | 10149 |  |
| 10227690 | ABF asset | N/A |  | 06/2027 | 1518 | 1386 | 1382 |  |
| 10227704 | ABF asset | N/A |  | 06/2027 | 3030 | 2837 | 2841 |  |
| 10227711 | ABF asset | N/A |  | 06/2027 | 3628 | 3306 | 3309 |  |
| 10227728 | ABF asset | N/A |  | 06/2027 | 1652 | 1530 | 1531 |  |
| 10227736 | ABF asset | N/A |  | 06/2027 | 44961 | 41831 | 41878 |  |
| 10228009 | ABF asset | N/A |  | 06/2027 | 2303 | 2156 | 2159 |  |
| 10228048 | ABF asset | N/A |  | 06/2027 | 2826 | 2646 | 2649 |  |
| 10228056 | ABF asset | N/A |  | 06/2027 | 11460 | 10466 | 10479 |  |
| 10228094 | ABF asset | N/A |  | 06/2027 | 2548 | 2332 | 2336 |  |
| 10228114 | ABF asset | N/A |  | 06/2027 | 10677 | 9771 | 9781 |  |
| 10228181 | ABF asset | N/A |  | 06/2027 | 13900 | 13012 | 13027 |  |
| 10228281 | ABF asset | N/A |  | 06/2027 | 14113 | 13212 | 13228 |  |
| 10228370 | ABF asset | N/A |  | 06/2027 | 5334 | 4994 | 5000 |  |
| 10228417 | ABF asset | N/A |  | 06/2027 | 5590 | 5233 | 5240 |  |
| 10228451 | ABF asset | N/A |  | 06/2027 | 12762 | 11947 | 11962 |  |
| 10228533 | ABF asset | N/A |  | 06/2027 | 23307 | 21440 | 21463 |  |
| 10228768 | ABF asset | N/A |  | 06/2027 | 5996 | 5578 | 5586 |  |
| 10228838 | ABF asset | N/A |  | 06/2027 | 1275 | 1181 | 1179 |  |
| 10228845 | ABF asset | N/A |  | 06/2027 | 10541 | 9867 | 9879 |  |
| 10228876 | ABF asset | N/A |  | 06/2027 | 31771 | 29741 | 29780 |  |
| 10229095 | ABF asset | N/A |  | 06/2027 | 4120 | 3857 | 3862 |  |
| 10229111 | ABF asset | N/A |  | 06/2027 | 4475 | 4189 | 4194 |  |
| 10229132 | ABF asset | N/A |  | 06/2027 | 14185 | 12926 | 12932 |  |
| 10229179 | ABF asset | N/A |  | 06/2027 | 5728 | 5303 | 5305 |  |
| 10229214 | ABF asset | N/A |  | 06/2027 | 15324 | 14195 | 14211 |  |
| 10229296 | ABF asset | N/A |  | 06/2027 | 2583 | 2385 | 2388 |  |
| 10229303 | ABF asset | N/A |  | 06/2027 | 4967 | 4535 | 4540 |  |
| 10229324 | ABF asset | N/A |  | 06/2027 | 5634 | 5241 | 5247 |  |
| 10229345 | ABF asset | N/A |  | 06/2027 | 7595 | 7066 | 7072 |  |
| 10229393 | ABF asset | N/A |  | 06/2027 | 5091 | 4639 | 4643 |  |
| 10229415 | ABF asset | N/A |  | 06/2027 | 7161 | 6704 | 6712 |  |
| 10229460 | ABF asset | N/A |  | 06/2027 | 19726 | 18272 | 18290 |  |
| 10229537 | ABF asset | N/A |  | 06/2027 | 4212 | 3943 | 3947 |  |
| 10229548 | ABF asset | N/A |  | 06/2027 | 1750 | 1615 | 1617 |  |
| 10229555 | ABF asset | N/A |  | 06/2027 | 590 | 546 | 544 |  |
| 10229556 | ABF asset | N/A |  | 06/2027 | 84657 | 79249 | 79356 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10229830 | ABF asset | N/A |  | 06/2027 | 3468 | 3173 | 3178 |  |
| 10229853 | ABF asset | N/A |  | 06/2027 | 2215 | 2019 | 2022 |  |
| 10229872 | ABF asset | N/A |  | 06/2027 | 78811 | 73777 | 73871 |  |
| 10230004 | ABF asset | N/A |  | 06/2027 | 3726 | 3488 | 3492 |  |
| 10230026 | ABF asset | N/A |  | 06/2027 | 79739 | 72661 | 72776 |  |
| 10230246 | ABF asset | N/A |  | 06/2027 | 6996 | 6375 | 6385 |  |
| 10230255 | ABF asset | N/A |  | 06/2027 | 20805 | 19475 | 19500 |  |
| 10230304 | ABF asset | N/A |  | 06/2027 | 49486 | 46325 | 46388 |  |
| 10230400 | ABF asset | N/A |  | 06/2027 | 22332 | 20778 | 20800 |  |
| 10230433 | ABF asset | N/A |  | 06/2027 | 6810 | 6375 | 6384 |  |
| 10230445 | ABF asset | N/A |  | 06/2027 | 8169 | 7482 | 7478 |  |
| 10230457 | ABF asset | N/A |  | 06/2027 | 11514 | 10779 | 10793 |  |
| 10230534 | ABF asset | N/A |  | 06/2027 | 24129 | 22587 | 22615 |  |
| 10230619 | ABF asset | N/A |  | 06/2027 | 23300 | 21232 | 21247 |  |
| 10230733 | ABF asset | N/A |  | 06/2027 | 12011 | 11244 | 11257 |  |
| 10230754 | ABF asset | N/A |  | 06/2027 | 2237 | 2094 | 2097 |  |
| 10230764 | ABF asset | N/A |  | 06/2027 | 2378 | 2226 | 2229 |  |
| 10230787 | ABF asset | N/A |  | 06/2027 | 16571 | 15513 | 15534 |  |
| 10230853 | ABF asset | N/A |  | 06/2027 | 10289 | 9632 | 9644 |  |
| 10230878 | ABF asset | N/A |  | 06/2027 | 7279 | 6740 | 6732 |  |
| 10230903 | ABF asset | N/A |  | 06/2027 | 7196 | 6557 | 6560 |  |
| 10230953 | ABF asset | N/A |  | 06/2027 | 2204 | 2009 | 2010 |  |
| 10230956 | ABF asset | N/A |  | 06/2027 | 9983 | 9215 | 9227 |  |
| 10231021 | ABF asset | N/A |  | 06/2027 | 14676 | 13501 | 13517 |  |
| 10231068 | ABF asset | N/A |  | 06/2027 | 5668 | 5250 | 5256 |  |
| 10231092 | ABF asset | N/A |  | 06/2027 | 3640 | 3349 | 3349 |  |
| 10231108 | ABF asset | N/A |  | 06/2027 | 13676 | 12462 | 12475 |  |
| 10231144 | ABF asset | N/A |  | 06/2027 | 4340 | 3963 | 3968 |  |
| 10231164 | ABF asset | N/A |  | 06/2027 | 24404 | 22705 | 22726 |  |
| 10231225 | ABF asset | N/A |  | 06/2027 | 4072 | 3788 | 3793 |  |
| 10231236 | ABF asset | N/A |  | 06/2027 | 3672 | 3401 | 3402 |  |
| 10231257 | ABF asset | N/A |  | 06/2027 | 74573 | 68839 | 68898 |  |
| 10231536 | ABF asset | N/A |  | 06/2027 | 5158 | 4776 | 4776 |  |
| 10231572 | ABF asset | N/A |  | 06/2027 | 4313 | 4038 | 4043 |  |
| 10231578 | ABF asset | N/A |  | 06/2027 | 1964 | 1813 | 1816 |  |
| 10231589 | ABF asset | N/A |  | 06/2027 | 17258 | 15726 | 15704 |  |
| 10231669 | ABF asset | N/A |  | 06/2027 | 2157 | 1965 | 1968 |  |
| 10231670 | ABF asset | N/A |  | 06/2027 | 19546 | 17849 | 17859 |  |
| 10231764 | ABF asset | N/A |  | 06/2027 | 21178 | 19618 | 19643 |  |
| 10231776 | ABF asset | N/A |  | 06/2027 | 8392 | 7770 | 7767 |  |
| 10231817 | ABF asset | N/A |  | 06/2027 | 18837 | 17633 | 17651 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10231852 | ABF asset | N/A |  | 06/2027 | 29455 | 27404 | 27435 |  |
| 10231906 | ABF asset | N/A |  | 06/2027 | 1376 | 1254 | 1256 |  |
| 10231907 | ABF asset | N/A |  | 06/2027 | 2799 | 2619 | 2622 |  |
| 10231914 | ABF asset | N/A |  | 06/2027 | 12336 | 11289 | 11286 |  |
| 10231945 | ABF asset | N/A |  | 06/2027 | 2523 | 2338 | 2341 |  |
| 10231953 | ABF asset | N/A |  | 06/2027 | 5658 | 5223 | 5227 |  |
| 10231966 | ABF asset | N/A |  | 06/2027 | 10846 | 10091 | 10103 |  |
| 10231985 | ABF asset | N/A |  | 06/2027 | 61441 | 56915 | 56949 |  |
| 10232109 | ABF asset | N/A |  | 06/2027 | 2252 | 2108 | 2111 |  |
| 10232117 | ABF asset | N/A |  | 06/2027 | 13986 | 12866 | 12870 |  |
| 10232146 | ABF asset | N/A |  | 06/2027 | 2090 | 1913 | 1915 |  |
| 10232155 | ABF asset | N/A |  | 06/2027 | 7930 | 7423 | 7432 |  |
| 10232171 | ABF asset | N/A |  | 06/2027 | 2054 | 1923 | 1925 |  |
| 10232176 | ABF asset | N/A |  | 06/2027 | 28569 | 26372 | 26401 |  |
| 10232231 | ABF asset | N/A |  | 06/2027 | 7345 | 6876 | 6884 |  |
| 10232246 | ABF asset | N/A |  | 06/2027 | 6837 | 6311 | 6319 |  |
| 10232262 | ABF asset | N/A |  | 06/2027 | 4568 | 4250 | 4255 |  |
| 10232273 | ABF asset | N/A |  | 06/2027 | 2714 | 2473 | 2473 |  |
| 10232279 | ABF asset | N/A |  | 06/2027 | 26491 | 24799 | 24829 |  |
| 10232343 | ABF asset | N/A |  | 06/2027 | 2949 | 2731 | 2734 |  |
| 10232347 | ABF asset | N/A |  | 06/2027 | 11286 | 10565 | 10578 |  |
| 10232371 | ABF asset | N/A |  | 06/2027 | 3561 | 3333 | 3337 |  |
| 10232376 | ABF asset | N/A |  | 06/2027 | 14603 | 13306 | 13322 |  |
| 10232408 | ABF asset | N/A |  | 06/2027 | 12062 | 11134 | 11148 |  |
| 10232448 | ABF asset | N/A |  | 06/2027 | 5766 | 5339 | 5338 |  |
| 10232465 | ABF asset | N/A |  | 06/2027 | 7102 | 6486 | 6484 |  |
| 10232483 | ABF asset | N/A |  | 06/2027 | 5065 | 4742 | 4748 |  |
| 10232496 | ABF asset | N/A |  | 06/2027 | 2892 | 2635 | 2636 |  |
| 10232507 | ABF asset | N/A |  | 06/2027 | 6698 | 6129 | 6133 |  |
| 10232518 | ABF asset | N/A |  | 06/2027 | 4150 | 3885 | 3889 |  |
| 10232529 | ABF asset | N/A |  | 06/2027 | 1154 | 1052 | 1053 |  |
| 10232532 | ABF asset | N/A |  | 06/2027 | 1175 | 1073 | 1074 |  |
| 10232537 | ABF asset | N/A |  | 06/2027 | 1470 | 1361 | 1338 |  |
| 10232544 | ABF asset | N/A |  | 06/2027 | 2535 | 2310 | 2312 |  |
| 10232551 | ABF asset | N/A |  | 06/2027 | 1213 | 1105 | 1107 |  |
| 10232558 | ABF asset | N/A |  | 06/2027 | 17541 | 16420 | 16440 |  |
| 10232605 | ABF asset | N/A |  | 06/2027 | 7362 | 6892 | 6900 |  |
| 10232617 | ABF asset | N/A |  | 06/2027 | 4209 | 3899 | 3904 |  |
| 10232624 | ABF asset | N/A |  | 06/2027 | 3223 | 2975 | 2979 |  |
| 10232629 | ABF asset | N/A |  | 06/2027 | 8499 | 7956 | 7965 |  |
| 10232650 | ABF asset | N/A |  | 06/2027 | 8243 | 7544 | 7555 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10232670 | ABF asset | N/A |  | 06/2027 | 19233 | 18004 | 18026 |  |
| 10232705 | ABF asset | N/A |  | 06/2027 | 5756 | 5389 | 5395 |  |
| 10232715 | ABF asset | N/A |  | 06/2027 | 23611 | 22103 | 22128 |  |
| 10232770 | ABF asset | N/A |  | 06/2027 | 7945 | 7438 | 7447 |  |
| 10232793 | ABF asset | N/A |  | 06/2027 | 3416 | 3198 | 3202 |  |
| 10232801 | ABF asset | N/A |  | 06/2027 | 2460 | 2242 | 2245 |  |
| 10232809 | ABF asset | N/A |  | 06/2027 | 5565 | 5210 | 5216 |  |
| 10232812 | ABF asset | N/A |  | 06/2027 | 4052 | 3700 | 3704 |  |
| 10232823 | ABF asset | N/A |  | 06/2027 | 11103 | 10394 | 10405 |  |
| 10232845 | ABF asset | N/A |  | 06/2027 | 1618 | 1498 | 1499 |  |
| 10232850 | ABF asset | N/A |  | 06/2027 | 4877 | 4463 | 4469 |  |
| 10232867 | ABF asset | N/A |  | 06/2027 | 2290 | 2114 | 2117 |  |
| 10232870 | ABF asset | N/A |  | 06/2027 | 1454 | 1328 | 1330 |  |
| 10232874 | ABF asset | N/A |  | 06/2027 | 1684 | 1576 | 1578 |  |
| 10232881 | ABF asset | N/A |  | 06/2027 | 4531 | 4129 | 4135 |  |
| 10232889 | ABF asset | N/A |  | 06/2027 | 12924 | 12098 | 12111 |  |
| 10232920 | ABF asset | N/A |  | 06/2027 | 30060 | 27845 | 27859 |  |
| 10232985 | ABF asset | N/A |  | 06/2027 | 2600 | 2369 | 2371 |  |
| 10232993 | ABF asset | N/A |  | 06/2027 | 3995 | 3740 | 3745 |  |
| 10233003 | ABF asset | N/A |  | 06/2027 | 2270 | 2125 | 2128 |  |
| 10233008 | ABF asset | N/A |  | 06/2027 | 3405 | 3188 | 3191 |  |
| 10233021 | ABF asset | N/A |  | 06/2027 | 2499 | 2282 | 2283 |  |
| 10233027 | ABF asset | N/A |  | 06/2027 | 8366 | 7831 | 7841 |  |
| 10233045 | ABF asset | N/A |  | 06/2027 | 8920 | 8234 | 8245 |  |
| 10233065 | ABF asset | N/A |  | 06/2027 | 5899 | 5522 | 5527 |  |
| 10233077 | ABF asset | N/A |  | 06/2027 | 9001 | 8375 | 8381 |  |
| 10233092 | ABF asset | N/A |  | 06/2027 | 1733 | 1606 | 1607 |  |
| 10233097 | ABF asset | N/A |  | 06/2027 | 6992 | 6371 | 6354 |  |
| 10233115 | ABF asset | N/A |  | 06/2027 | 10726 | 10041 | 10053 |  |
| 10233130 | ABF asset | N/A |  | 06/2027 | 6734 | 6216 | 6221 |  |
| 10233147 | ABF asset | N/A |  | 06/2027 | 4263 | 3892 | 3894 |  |
| 10233157 | ABF asset | N/A |  | 06/2027 | 716 | 656 | 655 |  |
| 10233161 | ABF asset | N/A |  | 06/2027 | 3137 | 2858 | 2862 |  |
| 10233176 | ABF asset | N/A |  | 06/2027 | 3408 | 3171 | 3175 |  |
| 10233182 | ABF asset | N/A |  | 06/2027 | 11162 | 10449 | 10461 |  |
| 10233199 | ABF asset | N/A |  | 06/2027 | 1123 | 1045 | 1046 |  |
| 10233206 | ABF asset | N/A |  | 06/2027 | 4313 | 4038 | 4042 |  |
| 10233214 | ABF asset | N/A |  | 06/2027 | 12617 | 11688 | 11703 |  |
| 10233255 | ABF asset | N/A |  | 06/2027 | 1691 | 1541 | 1543 |  |
| 10233257 | ABF asset | N/A |  | 06/2027 | 9241 | 8561 | 8568 |  |
| 10233281 | ABF asset | N/A |  | 06/2027 | 3791 | 3549 | 3553 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10233290 | ABF asset | N/A |  | 06/2027 | 12417 | 11497 | 11478 |  |
| 10233340 | ABF asset | N/A |  | 06/2027 | 4173 | 3866 | 3870 |  |
| 10233354 | ABF asset | N/A |  | 06/2027 | 926 | 845 | 835 |  |
| 10233362 | ABF asset | N/A |  | 06/2027 | 18484 | 17304 | 17324 |  |
| 10233416 | ABF asset | N/A |  | 06/2027 | 17402 | 16290 | 16308 |  |
| 10233449 | ABF asset | N/A |  | 06/2027 | 908 | 841 | 839 |  |
| 10233453 | ABF asset | N/A |  | 06/2027 | 30914 | 28438 | 28463 |  |
| 10233496 | ABF asset | N/A |  | 06/2027 | 3297 | 3053 | 3044 |  |
| 10233502 | ABF asset | N/A |  | 06/2027 | 826 | 765 | 765 |  |
| 10233504 | ABF asset | N/A |  | 06/2027 | 3299 | 3056 | 3059 |  |
| 10233510 | ABF asset | N/A |  | 06/2027 | 15908 | 14892 | 14908 |  |
| 10233550 | ABF asset | N/A |  | 06/2027 | 3405 | 3188 | 3191 |  |
| 10233555 | ABF asset | N/A |  | 06/2027 | 18032 | 16777 | 16790 |  |
| 10233592 | ABF asset | N/A |  | 06/2027 | 2090 | 1944 | 1947 |  |
| 10234500 | ABF asset | N/A |  | 06/2027 | 16348 | 15303 | 15321 |  |
| 10234549 | ABF asset | N/A |  | 06/2027 | 4990 | 4590 | 4596 |  |
| 10234559 | ABF asset | N/A |  | 06/2027 | 1928 | 1760 | 1762 |  |
| 10234629 | ABF asset | N/A |  | 06/2027 | 10220 | 9567 | 9578 |  |
| 10234724 | ABF asset | N/A |  | 06/2027 | 2995 | 2765 | 2768 |  |
| 10234763 | ABF asset | N/A |  | 06/2027 | 25172 | 23563 | 23589 |  |
| 10234979 | ABF asset | N/A |  | 06/2027 | 4563 | 4271 | 4277 |  |
| 10235018 | ABF asset | N/A |  | 06/2027 | 4069 | 3708 | 3713 |  |
| 10235062 | ABF asset | N/A |  | 06/2027 | 2417 | 2231 | 2233 |  |
| 10235095 | ABF asset | N/A |  | 06/2027 | 1468 | 1345 | 1338 |  |
| 10235100 | ABF asset | N/A |  | 06/2027 | 34938 | 31905 | 31867 |  |
| 10235304 | ABF asset | N/A |  | 06/2027 | 12814 | 11871 | 11885 |  |
| 10235526 | ABF asset | N/A |  | 06/2027 | 18772 | 17143 | 17152 |  |
| 10235735 | ABF asset | N/A |  | 06/2027 | 5184 | 4803 | 4809 |  |
| 10235760 | ABF asset | N/A |  | 06/2027 | 3669 | 3374 | 3361 |  |
| 10235778 | ABF asset | N/A |  | 06/2027 | 3804 | 3539 | 3543 |  |
| 10235803 | ABF asset | N/A |  | 06/2027 | 20615 | 19298 | 19320 |  |
| 10235901 | ABF asset | N/A |  | 06/2027 | 22722 | 20975 | 20994 |  |
| 10236013 | ABF asset | N/A |  | 06/2027 | 1349 | 1229 | 1230 |  |
| 10236030 | ABF asset | N/A |  | 06/2027 | 1257 | 1148 | 1149 |  |
| 10236032 | ABF asset | N/A |  | 06/2027 | 11444 | 10713 | 10726 |  |
| 10236081 | ABF asset | N/A |  | 06/2027 | 13301 | 12375 | 12390 |  |
| 10236128 | ABF asset | N/A |  | 06/2027 | 1348 | 1248 | 1243 |  |
| 10236133 | ABF asset | N/A |  | 06/2027 | 5818 | 5313 | 5319 |  |
| 10236159 | ABF asset | N/A |  | 06/2027 | 9533 | 8869 | 8879 |  |
| 10236190 | ABF asset | N/A |  | 06/2027 | 9345 | 8694 | 8702 |  |
| 10236221 | ABF asset | N/A |  | 06/2027 | 711 | 659 | 659 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10236223 | ABF asset | N/A |  | 06/2027 | 1525 | 1403 | 1404 |  |
| 10236225 | ABF asset | N/A |  | 06/2027 | 22551 | 20817 | 20831 |  |
| 10236256 | ABF asset | N/A |  | 06/2027 | 8796 | 8234 | 8245 |  |
| 10236266 | ABF asset | N/A |  | 06/2027 | 4537 | 4247 | 4252 |  |
| 10236273 | ABF asset | N/A |  | 06/2027 | 2157 | 2019 | 2021 |  |
| 10236283 | ABF asset | N/A |  | 06/2027 | 36886 | 34530 | 34564 |  |
| 10236367 | ABF asset | N/A |  | 06/2027 | 37507 | 35111 | 35143 |  |
| 10236526 | ABF asset | N/A |  | 06/2027 | 20044 | 18303 | 18301 |  |
| 10236568 | ABF asset | N/A |  | 06/2027 | 4112 | 3850 | 3854 |  |
| 10236586 | ABF asset | N/A |  | 06/2027 | 3003 | 2763 | 2766 |  |
| 10236595 | ABF asset | N/A |  | 06/2027 | 2483 | 2292 | 2295 |  |
| 10236600 | ABF asset | N/A |  | 06/2027 | 9856 | 9227 | 9238 |  |
| 10236633 | ABF asset | N/A |  | 06/2027 | 3494 | 3190 | 3193 |  |
| 10236647 | ABF asset | N/A |  | 06/2027 | 4470 | 4141 | 4143 |  |
| 10236669 | ABF asset | N/A |  | 06/2027 | 10669 | 9988 | 10000 |  |
| 10236710 | ABF asset | N/A |  | 06/2027 | 11510 | 10625 | 10639 |  |
| 10236773 | ABF asset | N/A |  | 06/2027 | 3257 | 3015 | 3007 |  |
| 10236789 | ABF asset | N/A |  | 06/2027 | 19684 | 18014 | 18038 |  |
| 10236857 | ABF asset | N/A |  | 06/2027 | 16676 | 15448 | 15466 |  |
| 10236882 | ABF asset | N/A |  | 06/2027 | 14755 | 13813 | 13830 |  |
| 10236920 | ABF asset | N/A |  | 06/2027 | 8059 | 7544 | 7553 |  |
| 10236931 | ABF asset | N/A |  | 06/2027 | 4898 | 4473 | 4478 |  |
| 10236941 | ABF asset | N/A |  | 06/2027 | 18130 | 16868 | 16887 |  |
| 10236965 | ABF asset | N/A |  | 06/2027 | 15323 | 14344 | 14361 |  |
| 10237004 | ABF asset | N/A |  | 06/2027 | 2935 | 2680 | 2679 |  |
| 10237013 | ABF asset | N/A |  | 06/2027 | 5904 | 5403 | 5409 |  |
| 10237022 | ABF asset | N/A |  | 06/2027 | 3344 | 3063 | 3057 |  |
| 10237033 | ABF asset | N/A |  | 06/2027 | 15819 | 14808 | 14826 |  |
| 10237061 | ABF asset | N/A |  | 06/2027 | 12291 | 11506 | 11519 |  |
| 10237078 | ABF asset | N/A |  | 06/2027 | 4511 | 4150 | 4154 |  |
| 10237091 | ABF asset | N/A |  | 06/2027 | 49719 | 45896 | 45933 |  |
| 10237183 | ABF asset | N/A |  | 06/2027 | 73877 | 69158 | 69233 |  |
| 10237367 | ABF asset | N/A |  | 06/2027 | 31134 | 28492 | 28526 |  |
| 10237411 | ABF asset | N/A |  | 06/2027 | 9814 | 9028 | 9023 |  |
| 10237453 | ABF asset | N/A |  | 06/2027 | 16036 | 14613 | 14576 |  |
| 10237554 | ABF asset | N/A |  | 06/2027 | 14654 | 13411 | 13419 |  |
| 10237601 | ABF asset | N/A |  | 06/2027 | 19068 | 17850 | 17872 |  |
| 10237695 | ABF asset | N/A |  | 06/2027 | 3049 | 2823 | 2821 |  |
| 10237726 | ABF asset | N/A |  | 06/2027 | 3582 | 3271 | 3273 |  |
| 10237754 | ABF asset | N/A |  | 06/2027 | 3469 | 3213 | 3216 |  |
| 10237764 | ABF asset | N/A |  | 06/2027 | 33627 | 30934 | 30957 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10237855 | ABF asset | N/A |  | 06/2027 | 31474 | 29155 | 29186 |  |
| 10237914 | ABF asset | N/A |  | 06/2027 | 1587 | 1486 | 1488 |  |
| 10237918 | ABF asset | N/A |  | 06/2027 | 7270 | 6653 | 6660 |  |
| 10237952 | ABF asset | N/A |  | 06/2027 | 54172 | 50007 | 50070 |  |
| 10238088 | ABF asset | N/A |  | 06/2027 | 7482 | 6906 | 6915 |  |
| 10238119 | ABF asset | N/A |  | 06/2027 | 2137 | 2000 | 2002 |  |
| 10238136 | ABF asset | N/A |  | 06/2027 | 2740 | 2508 | 2511 |  |
| 10238146 | ABF asset | N/A |  | 06/2027 | 1582 | 1445 | 1447 |  |
| 10238159 | ABF asset | N/A |  | 06/2027 | 5929 | 5403 | 5402 |  |
| 10238201 | ABF asset | N/A |  | 06/2027 | 5079 | 4754 | 4759 |  |
| 10238239 | ABF asset | N/A |  | 06/2027 | 1419 | 1328 | 1330 |  |
| 10238245 | ABF asset | N/A |  | 06/2027 | 2403 | 2250 | 2252 |  |
| 10238253 | ABF asset | N/A |  | 06/2027 | 17046 | 15599 | 15617 |  |
| 10238315 | ABF asset | N/A |  | 06/2027 | 18714 | 17215 | 17231 |  |
| 10239611 | ABF asset | N/A |  | 06/2027 | 10775 | 10086 | 10096 |  |
| 10239680 | ABF asset | N/A |  | 06/2027 | 5329 | 4856 | 4859 |  |
| 10239701 | ABF asset | N/A |  | 06/2027 | 50565 | 47335 | 47380 |  |
| 10239905 | ABF asset | N/A |  | 06/2027 | 9724 | 9007 | 9016 |  |
| 10239973 | ABF asset | N/A |  | 06/2027 | 34384 | 31331 | 31361 |  |
| 10240223 | ABF asset | N/A |  | 06/2027 | 4472 | 4186 | 4190 |  |
| 10240291 | ABF asset | N/A |  | 06/2027 | 689 | 634 | 634 |  |
| 10240293 | ABF asset | N/A |  | 06/2027 | 1658 | 1536 | 1532 |  |
| 10240303 | ABF asset | N/A |  | 06/2027 | 10499 | 9828 | 9838 |  |
| 10240338 | ABF asset | N/A |  | 06/2027 | 5643 | 5283 | 5288 |  |
| 10240362 | ABF asset | N/A |  | 06/2027 | 5523 | 5116 | 5120 |  |
| 10240425 | ABF asset | N/A |  | 06/2027 | 4081 | 3719 | 3723 |  |
| 10240472 | ABF asset | N/A |  | 06/2027 | 918 | 850 | 850 |  |
| 10240490 | ABF asset | N/A |  | 06/2027 | 3142 | 2942 | 2944 |  |
| 10240507 | ABF asset | N/A |  | 06/2027 | 3405 | 3188 | 3191 |  |
| 10240521 | ABF asset | N/A |  | 06/2027 | 1935 | 1812 | 1813 |  |
| 10240528 | ABF asset | N/A |  | 06/2027 | 3019 | 2826 | 2829 |  |
| 10240537 | ABF asset | N/A |  | 06/2027 | 15624 | 14238 | 14253 |  |
| 10240603 | ABF asset | N/A |  | 06/2027 | 12449 | 11654 | 11664 |  |
| 10240658 | ABF asset | N/A |  | 06/2027 | 14215 | 13122 | 13135 |  |
| 10240742 | ABF asset | N/A |  | 06/2027 | 17043 | 15597 | 15601 |  |
| 10240850 | ABF asset | N/A |  | 06/2027 | 6207 | 5810 | 5816 |  |
| 10240871 | ABF asset | N/A |  | 06/2027 | 11030 | 10147 | 10157 |  |
| 10240908 | ABF asset | N/A |  | 06/2027 | 4499 | 4186 | 4190 |  |
| 10240920 | ABF asset | N/A |  | 06/2027 | 7456 | 6906 | 6913 |  |
| 10240940 | ABF asset | N/A |  | 06/2027 | 42425 | 39715 | 39746 |  |
| 10241079 | ABF asset | N/A |  | 06/2027 | 12125 | 11351 | 11361 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10241139 | ABF asset | N/A |  | 06/2027 | 3470 | 3228 | 3231 |  |
| 10241158 | ABF asset | N/A |  | 06/2027 | 5776 | 5407 | 5411 |  |
| 10241206 | ABF asset | N/A |  | 06/2027 | 4576 | 4210 | 4213 |  |
| 10241225 | ABF asset | N/A |  | 06/2027 | 5640 | 5280 | 5284 |  |
| 10241232 | ABF asset | N/A |  | 06/2027 | 12485 | 11688 | 11699 |  |
| 10241322 | ABF asset | N/A |  | 06/2027 | 11847 | 11090 | 11100 |  |
| 10241373 | ABF asset | N/A |  | 06/2027 | 18347 | 16995 | 17009 |  |
| 10241443 | ABF asset | N/A |  | 06/2027 | 27632 | 25288 | 25315 |  |
| 10241590 | ABF asset | N/A |  | 06/2027 | 8363 | 7620 | 7624 |  |
| 10241617 | ABF asset | N/A |  | 06/2027 | 45175 | 42289 | 42328 |  |
| 10241806 | ABF asset | N/A |  | 06/2027 | 15096 | 14131 | 14145 |  |
| 10241836 | ABF asset | N/A |  | 06/2027 | 3770 | 3443 | 3446 |  |
| 10241838 | ABF asset | N/A |  | 06/2027 | 14506 | 13437 | 13447 |  |
| 10241891 | ABF asset | N/A |  | 06/2027 | 6330 | 5890 | 5894 |  |
| 10241905 | ABF asset | N/A |  | 06/2027 | 4086 | 3825 | 3829 |  |
| 10241931 | ABF asset | N/A |  | 06/2027 | 20917 | 19308 | 19317 |  |
| 10241974 | ABF asset | N/A |  | 06/2027 | 7536 | 6867 | 6870 |  |
| 10242005 | ABF asset | N/A |  | 06/2027 | 48124 | 45050 | 45093 |  |
| 10242072 | ABF asset | N/A |  | 06/2027 | 6197 | 5738 | 5741 |  |
| 10242092 | ABF asset | N/A |  | 06/2027 | 20430 | 19125 | 19143 |  |
| 10242159 | ABF asset | N/A |  | 06/2027 | 67244 | 62949 | 63001 |  |
| 10242240 | ABF asset | N/A |  | 06/2027 | 2862 | 2608 | 2610 |  |
| 10242260 | ABF asset | N/A |  | 06/2027 | 30191 | 28263 | 28290 |  |
| 10242325 | ABF asset | N/A |  | 06/2027 | 8030 | 7471 | 7477 |  |
| 10242342 | ABF asset | N/A |  | 06/2027 | 6390 | 5823 | 5829 |  |
| 10242361 | ABF asset | N/A |  | 06/2027 | 3227 | 2941 | 2942 |  |
| 10242364 | ABF asset | N/A |  | 06/2027 | 13904 | 13016 | 13028 |  |
| 10242403 | ABF asset | N/A |  | 06/2027 | 15949 | 14723 | 14733 |  |
| 10242434 | ABF asset | N/A |  | 06/2027 | 2157 | 1966 | 1968 |  |
| 10242449 | ABF asset | N/A |  | 06/2027 | 1728 | 1583 | 1584 |  |
| 10242454 | ABF asset | N/A |  | 06/2027 | 70957 | 66424 | 66480 |  |
| 10242673 | ABF asset | N/A |  | 06/2027 | 65532 | 60970 | 61029 |  |
| 10242898 | ABF asset | N/A |  | 06/2027 | 20988 | 19125 | 19145 |  |
| 10243022 | ABF asset | N/A |  | 06/2027 | 7471 | 6920 | 6926 |  |
| 10243065 | ABF asset | N/A |  | 06/2027 | 16736 | 15667 | 15682 |  |
| 10243081 | ABF asset | N/A |  | 06/2027 | 8017 | 7375 | 7380 |  |
| 10243098 | ABF asset | N/A |  | 06/2027 | 22624 | 21049 | 21066 |  |
| 10243118 | ABF asset | N/A |  | 06/2027 | 6013 | 5479 | 5485 |  |
| 10243130 | ABF asset | N/A |  | 06/2027 | 47812 | 44484 | 44526 |  |
| 10243219 | ABF asset | N/A |  | 06/2027 | 18130 | 16972 | 16988 |  |
| 10243255 | ABF asset | N/A |  | 06/2027 | 6281 | 5844 | 5850 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10243264 | ABF asset | N/A |  | 06/2027 | 5768 | 5256 | 5259 |  |
| 10243269 | ABF asset | N/A |  | 06/2027 | 6803 | 6368 | 6374 |  |
| 10243295 | ABF asset | N/A |  | 06/2027 | 12510 | 11588 | 11599 |  |
| 10243341 | ABF asset | N/A |  | 06/2027 | 8342 | 7809 | 7817 |  |
| 10243366 | ABF asset | N/A |  | 06/2027 | 3201 | 2996 | 2999 |  |
| 10243379 | ABF asset | N/A |  | 06/2027 | 7012 | 6418 | 6425 |  |
| 10243391 | ABF asset | N/A |  | 06/2027 | 2294 | 2125 | 2127 |  |
| 10243394 | ABF asset | N/A |  | 06/2027 | 2838 | 2656 | 2659 |  |
| 10243406 | ABF asset | N/A |  | 06/2027 | 10704 | 9881 | 9891 |  |
| 10243433 | ABF asset | N/A |  | 06/2027 | 10477 | 9638 | 9643 |  |
| 10243447 | ABF asset | N/A |  | 06/2027 | 1687 | 1579 | 1580 |  |
| 10243450 | ABF asset | N/A |  | 06/2027 | 2401 | 2248 | 2250 |  |
| 10245896 | ABF asset | N/A |  | 06/2027 | 4345 | 4011 | 4012 |  |
| 10245950 | ABF asset | N/A |  | 06/2027 | 2152 | 1966 | 1967 |  |
| 10245967 | ABF asset | N/A |  | 06/2027 | 4317 | 4016 | 4019 |  |
| 10245969 | ABF asset | N/A |  | 06/2027 | 1721 | 1594 | 1595 |  |
| 10245977 | ABF asset | N/A |  | 06/2027 | 4279 | 4006 | 4008 |  |
| 10246006 | ABF asset | N/A |  | 06/2027 | 9381 | 8659 | 8664 |  |
| 10246070 | ABF asset | N/A |  | 06/2027 | 4083 | 3783 | 3785 |  |
| 10246088 | ABF asset | N/A |  | 06/2027 | 2320 | 2114 | 2116 |  |
| 10246093 | ABF asset | N/A |  | 06/2027 | 6483 | 5908 | 5911 |  |
| 10246120 | ABF asset | N/A |  | 06/2027 | 21595 | 19763 | 19774 |  |
| 10246181 | ABF asset | N/A |  | 06/2027 | 4347 | 4069 | 4072 |  |
| 10246197 | ABF asset | N/A |  | 06/2027 | 11266 | 10481 | 10485 |  |
| 10246242 | ABF asset | N/A |  | 06/2027 | 5247 | 4781 | 4784 |  |
| 10246272 | ABF asset | N/A |  | 06/2027 | 11350 | 10625 | 10631 |  |
| 10246307 | ABF asset | N/A |  | 06/2027 | 26619 | 24918 | 24931 |  |
| 10246454 | ABF asset | N/A |  | 06/2027 | 10534 | 9690 | 9691 |  |
| 10246517 | ABF asset | N/A |  | 06/2027 | 10045 | 9403 | 9408 |  |
| 10246568 | ABF asset | N/A |  | 06/2027 | 1773 | 1636 | 1637 |  |
| 10246585 | ABF asset | N/A |  | 06/2027 | 27467 | 25713 | 25720 |  |
| 10246738 | ABF asset | N/A |  | 06/2027 | 30186 | 27625 | 27641 |  |
| 10246865 | ABF asset | N/A |  | 06/2027 | 1990 | 1817 | 1818 |  |
| 10246870 | ABF asset | N/A |  | 06/2027 | 4167 | 3846 | 3848 |  |
| 10246886 | ABF asset | N/A |  | 06/2027 | 7059 | 6493 | 6497 |  |
| 10246979 | ABF asset | N/A |  | 06/2027 | 17593 | 16469 | 16478 |  |
| 10247118 | ABF asset | N/A |  | 06/2027 | 9678 | 8819 | 8824 |  |
| 10247197 | ABF asset | N/A |  | 06/2027 | 4029 | 3687 | 3689 |  |
| 10247214 | ABF asset | N/A |  | 06/2027 | 19068 | 17850 | 17860 |  |
| 10247273 | ABF asset | N/A |  | 06/2027 | 2392 | 2189 | 2190 |  |
| 10247287 | ABF asset | N/A |  | 06/2027 | 13450 | 12591 | 12598 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10247333 | ABF asset | N/A |  | 06/2027 | 7206 | 6566 | 6568 |  |
| 10247353 | ABF asset | N/A |  | 06/2027 | 15436 | 14450 | 14458 |  |
| 10247373 | ABF asset | N/A |  | 06/2027 | 24273 | 22118 | 22115 |  |
| 10247411 | ABF asset | N/A |  | 06/2027 | 15093 | 13813 | 13821 |  |
| 10247445 | ABF asset | N/A |  | 06/2027 | 25765 | 24119 | 24132 |  |
| 10247524 | ABF asset | N/A |  | 06/2027 | 2043 | 1913 | 1914 |  |
| 10247530 | ABF asset | N/A |  | 06/2027 | 3973 | 3719 | 3721 |  |
| 10247557 | ABF asset | N/A |  | 06/2027 | 12031 | 11263 | 11269 |  |
| 10247602 | ABF asset | N/A |  | 06/2027 | 3787 | 3496 | 3498 |  |
| 10247643 | ABF asset | N/A |  | 06/2027 | 14755 | 13813 | 13820 |  |
| 10247767 | ABF asset | N/A |  | 06/2027 | 6084 | 5568 | 5571 |  |
| 10247807 | ABF asset | N/A |  | 06/2027 | 28890 | 26669 | 26684 |  |
| 10248246 | ABF asset | N/A |  | 06/2027 | 7403 | 6887 | 6891 |  |
| 10248301 | ABF asset | N/A |  | 06/2027 | 6594 | 6173 | 6177 |  |
| 10248366 | ABF asset | N/A |  | 06/2027 | 2402 | 2210 | 2211 |  |
| 10248368 | ABF asset | N/A |  | 06/2027 | 9219 | 8437 | 8442 |  |
| 10248447 | ABF asset | N/A |  | 06/2027 | 1161 | 1063 | 1063 |  |
| 10248448 | ABF asset | N/A |  | 06/2027 | 7994 | 7438 | 7442 |  |
| 10248519 | ABF asset | N/A |  | 06/2027 | 4865 | 4452 | 4455 |  |
| 10248553 | ABF asset | N/A |  | 06/2027 | 2974 | 2784 | 2785 |  |
| 10248586 | ABF asset | N/A |  | 06/2027 | 17996 | 16469 | 16473 |  |
| 10248765 | ABF asset | N/A |  | 06/2027 | 5139 | 4781 | 4784 |  |
| 10248798 | ABF asset | N/A |  | 06/2027 | 1498 | 1371 | 1371 |  |
| 10248819 | ABF asset | N/A |  | 06/2027 | 4167 | 3846 | 3848 |  |
| 10248845 | ABF asset | N/A |  | 06/2027 | 3672 | 3400 | 3402 |  |
| 10248875 | ABF asset | N/A |  | 06/2027 | 5437 | 5036 | 5039 |  |
| 10248937 | ABF asset | N/A |  | 06/2027 | 13590 | 12644 | 12651 |  |
| 10249014 | ABF asset | N/A |  | 06/2027 | 31894 | 29856 | 29873 |  |
| 10249131 | ABF asset | N/A |  | 06/2027 | 34800 | 31875 | 31893 |  |
| 10249298 | ABF asset | N/A |  | 06/2027 | 2512 | 2338 | 2339 |  |
| 10249308 | ABF asset | N/A |  | 06/2027 | 3030 | 2837 | 2838 |  |
| 10249315 | ABF asset | N/A |  | 06/2027 | 11552 | 10572 | 10578 |  |
| 10249391 | ABF asset | N/A |  | 06/2027 | 3848 | 3506 | 3507 |  |
| 10249397 | ABF asset | N/A |  | 06/2027 | 4118 | 3772 | 3774 |  |
| 10249427 | ABF asset | N/A |  | 06/2027 | 9853 | 8978 | 8981 |  |
| 10249486 | ABF asset | N/A |  | 06/2027 | 5625 | 5174 | 5177 |  |
| 10249498 | ABF asset | N/A |  | 06/2027 | 22700 | 21250 | 21262 |  |
| 10249619 | ABF asset | N/A |  | 06/2027 | 6633 | 6141 | 6145 |  |
| 10249725 | ABF asset | N/A |  | 06/2027 | 677 | 627 | 627 |  |
| 10249729 | ABF asset | N/A |  | 06/2027 | 13642 | 12431 | 12439 |  |
| 10249835 | ABF asset | N/A |  | 06/2027 | 8172 | 7650 | 7654 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 10249913 | ABF asset | N/A |  | 06/2027 | 7283 | 6747 | 6751 |  |
| 10249988 | ABF asset | N/A |  | 06/2027 | 4835 | 4526 | 4529 |  |
| 10250038 | ABF asset | N/A |  | 06/2027 | 4519 | 4186 | 4189 |  |
| 10250099 | ABF asset | N/A |  | 06/2027 | 4128 | 3761 | 3764 |  |
| 9613770 | ABF asset | N/A |  | 01/2027 | 4288 | 3924 | 4062 |  |
| 9613829 | ABF asset | N/A |  | 01/2027 | 9565 | 8899 | 9149 |  |
| 9614146 | ABF asset | N/A |  | 01/2027 | 4447 | 4163 | 4197 |  |
| 9614179 | ABF asset | N/A |  | 01/2027 | 12797 | 11906 | 12361 |  |
| 9614324 | ABF asset | N/A |  | 01/2027 | 5863 | 5412 | 5612 |  |
| 9614491 | ABF asset | N/A |  | 01/2027 | 3764 | 3523 | 3636 |  |
| 9614541 | ABF asset | N/A |  | 01/2027 | 5086 | 4654 | 4323 |  |
| 9614743 | ABF asset | N/A |  | 01/2027 | 11637 | 10779 | 10990 |  |
| 9614881 | ABF asset | N/A |  | 01/2027 | 3858 | 3612 | 3703 |  |
| 9614940 | ABF asset | N/A |  | 01/2027 | 7242 | 6627 | 6681 |  |
| 9615001 | ABF asset | N/A |  | 01/2027 | 65360 | 61185 | 62463 |  |
| 9615402 | ABF asset | N/A |  | 01/2027 | 2679 | 2492 | 2594 |  |
| 9615431 | ABF asset | N/A |  | 01/2027 | 5919 | 5394 | 5669 |  |
| 9615485 | ABF asset | N/A |  | 01/2027 | 1385 | 1296 | 1313 |  |
| 9615490 | ABF asset | N/A |  | 01/2027 | 4505 | 4217 | 4399 |  |
| 9615536 | ABF asset | N/A |  | 01/2027 | 3415 | 3112 | 3264 |  |
| 9615584 | ABF asset | N/A |  | 01/2027 | 633 | 593 | 615 |  |
| 9615589 | ABF asset | N/A |  | 01/2027 | 1041 | 974 | 994 |  |
| 9615599 | ABF asset | N/A |  | 01/2027 | 12303 | 11517 | 11810 |  |
| 9615725 | ABF asset | N/A |  | 01/2027 | 4782 | 4414 | 4565 |  |
| 9615742 | ABF asset | N/A |  | 01/2027 | 3123 | 2858 | 2804 |  |
| 9615750 | ABF asset | N/A |  | 01/2027 | 23636 | 21895 | 18500 |  |
| 9615870 | ABF asset | N/A |  | 01/2027 | 2459 | 2302 | 2333 |  |
| 9615890 | ABF asset | N/A |  | 01/2027 | 2843 | 2602 | 2695 |  |
| 9615909 | ABF asset | N/A |  | 01/2027 | 7280 | 6815 | 7030 |  |
| 9615954 | ABF asset | N/A |  | 01/2027 | 33488 | 31349 | 31585 |  |
| 9616139 | ABF asset | N/A |  | 01/2027 | 6321 | 5917 | 6095 |  |
| 9616166 | ABF asset | N/A |  | 01/2027 | 1208 | 1130 | 1171 |  |
| 9616241 | ABF asset | N/A |  | 01/2027 | 17240 | 16139 | 16451 |  |
| 9616287 | ABF asset | N/A |  | 01/2027 | 7557 | 6975 | 6749 |  |
| 9616300 | ABF asset | N/A |  | 01/2027 | 5031 | 4709 | 4877 |  |
| 9616329 | ABF asset | N/A |  | 01/2027 | 1470 | 1346 | 1428 |  |
| 9616332 | ABF asset | N/A |  | 01/2027 | 36467 | 33402 | 29181 |  |
| 9616508 | ABF asset | N/A |  | 01/2027 | 19476 | 18232 | 18587 |  |
| 9616579 | ABF asset | N/A |  | 01/2027 | 5787 | 5384 | 5409 |  |
| 9616593 | ABF asset | N/A |  | 01/2027 | 2663 | 2432 | 2524 |  |
| 9616610 | ABF asset | N/A |  | 01/2027 | 1478 | 1384 | 1431 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9616622 | ABF asset | N/A |  | 01/2027 | 3496 | 3199 | 3391 |  |
| 9616651 | ABF asset | N/A |  | 01/2027 | 13694 | 12819 | 13088 |  |
| 9616700 | ABF asset | N/A |  | 01/2027 | 1373 | 1285 | 1312 |  |
| 9616707 | ABF asset | N/A |  | 01/2027 | 34473 | 32073 | 33161 |  |
| 9616806 | ABF asset | N/A |  | 01/2027 | 1555 | 1436 | 1487 |  |
| 9616816 | ABF asset | N/A |  | 01/2027 | 32926 | 30394 | 31523 |  |
| 9617013 | ABF asset | N/A |  | 01/2027 | 10049 | 9349 | 9705 |  |
| 9617091 | ABF asset | N/A |  | 01/2027 | 5640 | 5162 | 4760 |  |
| 9617107 | ABF asset | N/A |  | 01/2027 | 2189 | 2050 | 2126 |  |
| 9617113 | ABF asset | N/A |  | 01/2027 | 6857 | 6419 | 6555 |  |
| 9617171 | ABF asset | N/A |  | 01/2027 | 942 | 858 | 919 |  |
| 9617196 | ABF asset | N/A |  | 01/2027 | 748 | 696 | 728 |  |
| 9617205 | ABF asset | N/A |  | 01/2027 | 7131 | 6676 | 6758 |  |
| 9617235 | ABF asset | N/A |  | 01/2027 | 1678 | 1529 | 1600 |  |
| 9617254 | ABF asset | N/A |  | 01/2027 | 1708 | 1560 | 1661 |  |
| 9617293 | ABF asset | N/A |  | 01/2027 | 24671 | 22953 | 23711 |  |
| 9617461 | ABF asset | N/A |  | 01/2027 | 1014 | 928 | 951 |  |
| 9617478 | ABF asset | N/A |  | 01/2027 | 2380 | 2197 | 2256 |  |
| 9617487 | ABF asset | N/A |  | 01/2027 | 1540 | 1442 | 1486 |  |
| 9617578 | ABF asset | N/A |  | 01/2027 | 23276 | 21789 | 22332 |  |
| 9617647 | ABF asset | N/A |  | 01/2027 | 8659 | 8106 | 8351 |  |
| 9617669 | ABF asset | N/A |  | 01/2027 | 5389 | 4932 | 4856 |  |
| 9617684 | ABF asset | N/A |  | 01/2027 | 8579 | 7919 | 8329 |  |
| 9617727 | ABF asset | N/A |  | 01/2027 | 12690 | 11674 | 11843 |  |
| 9617786 | ABF asset | N/A |  | 01/2027 | 6904 | 6395 | 6677 |  |
| 9617826 | ABF asset | N/A |  | 01/2027 | 11896 | 11136 | 11520 |  |
| 9617939 | ABF asset | N/A |  | 01/2027 | 6038 | 5652 | 5799 |  |
| 9620628 | ABF asset | N/A |  | 01/2027 | 10221 | 9567 | 9895 |  |
| 9620792 | ABF asset | N/A |  | 01/2027 | 1050 | 957 | 941 |  |
| 9620796 | ABF asset | N/A |  | 01/2027 | 1205 | 1098 | 1106 |  |
| 9620851 | ABF asset | N/A |  | 01/2027 | 15819 | 14808 | 14904 |  |
| 9621026 | ABF asset | N/A |  | 01/2027 | 3651 | 3382 | 3295 |  |
| 9621046 | ABF asset | N/A |  | 01/2027 | 2336 | 2187 | 2201 |  |
| 9621208 | ABF asset | N/A |  | 01/2027 | 2515 | 2314 | 2409 |  |
| 9621239 | ABF asset | N/A |  | 01/2027 | 9627 | 9012 | 9237 |  |
| 9621409 | ABF asset | N/A |  | 01/2027 | 15509 | 14518 | 15098 |  |
| 9621825 | ABF asset | N/A |  | 01/2027 | 16083 | 14898 | 15288 |  |
| 9621958 | ABF asset | N/A |  | 01/2027 | 1164 | 1065 | 1072 |  |
| 9621968 | ABF asset | N/A |  | 01/2027 | 3707 | 3470 | 3563 |  |
| 9622005 | ABF asset | N/A |  | 01/2027 | 11423 | 10693 | 10963 |  |
| 9622089 | ABF asset | N/A |  | 01/2027 | 1167 | 1064 | 1117 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9622205 | ABF asset | N/A |  | 01/2027 | 374 | 346 | 361 |  |
| 9622221 | ABF asset | N/A |  | 01/2027 | 18694 | 17499 | 17952 |  |
| 9622327 | ABF asset | N/A |  | 01/2027 | 64609 | 60481 | 61376 |  |
| 9622710 | ABF asset | N/A |  | 01/2027 | 13877 | 12910 | 13327 |  |
| 9622805 | ABF asset | N/A |  | 01/2027 | 320 | 295 | 306 |  |
| 9622809 | ABF asset | N/A |  | 01/2027 | 11907 | 11146 | 10400 |  |
| 9622894 | ABF asset | N/A |  | 01/2027 | 13633 | 12541 | 12855 |  |
| 9623047 | ABF asset | N/A |  | 01/2027 | 8633 | 8081 | 8211 |  |
| 9623096 | ABF asset | N/A |  | 01/2027 | 1930 | 1796 | 1805 |  |
| 9623137 | ABF asset | N/A |  | 01/2027 | 4838 | 4451 | 4718 |  |
| 9623213 | ABF asset | N/A |  | 01/2027 | 7067 | 6615 | 6788 |  |
| 9623246 | ABF asset | N/A |  | 01/2027 | 16195 | 15002 | 15424 |  |
| 9623363 | ABF asset | N/A |  | 01/2027 | 1424 | 1333 | 1373 |  |
| 9623384 | ABF asset | N/A |  | 01/2027 | 1105 | 1020 | 1055 |  |
| 9623394 | ABF asset | N/A |  | 01/2027 | 5084 | 4633 | 4579 |  |
| 9623439 | ABF asset | N/A |  | 01/2027 | 5498 | 5146 | 5331 |  |
| 9623497 | ABF asset | N/A |  | 01/2027 | 4090 | 3775 | 3913 |  |
| 9623531 | ABF asset | N/A |  | 01/2027 | 18151 | 16755 | 16192 |  |
| 9623582 | ABF asset | N/A |  | 01/2027 | 25328 | 23080 | 1984 |  |
| 9623616 | ABF asset | N/A |  | 01/2027 | 5190 | 4808 | 4941 |  |
| 9623649 | ABF asset | N/A |  | 01/2027 | 21361 | 19874 | 19983 |  |
| 9623803 | ABF asset | N/A |  | 01/2027 | 16222 | 15027 | 15693 |  |
| 9623921 | ABF asset | N/A |  | 01/2027 | 187 | 173 | 172 |  |
| 9623930 | ABF asset | N/A |  | 01/2027 | 1308 | 1203 | 1241 |  |
| 9623941 | ABF asset | N/A |  | 01/2027 | 3468 | 3246 | 3333 |  |
| 9623954 | ABF asset | N/A |  | 01/2027 | 2735 | 2544 | 2513 |  |
| 9624011 | ABF asset | N/A |  | 01/2027 | 3210 | 3005 | 3087 |  |
| 9624017 | ABF asset | N/A |  | 01/2027 | 5160 | 4778 | 3500 |  |
| 9624109 | ABF asset | N/A |  | 01/2027 | 8763 | 8117 | 6606 |  |
| 9624149 | ABF asset | N/A |  | 01/2027 | 26637 | 24935 | 25952 |  |
| 9624392 | ABF asset | N/A |  | 01/2027 | 16894 | 15814 | 16446 |  |
| 9624516 | ABF asset | N/A |  | 01/2027 | 2658 | 2488 | 2529 |  |
| 9624539 | ABF asset | N/A |  | 01/2027 | 1278 | 1167 | 1200 |  |
| 9624552 | ABF asset | N/A |  | 01/2027 | 9140 | 8365 | 5914 |  |
| 9624577 | ABF asset | N/A |  | 01/2027 | 4010 | 3713 | 378 |  |
| 9624590 | ABF asset | N/A |  | 01/2027 | 2904 | 2718 | 2755 |  |
| 9624615 | ABF asset | N/A |  | 01/2027 | 2359 | 2150 | 1870 |  |
| 9624635 | ABF asset | N/A |  | 01/2027 | 1648 | 1509 | 1531 |  |
| 9624640 | ABF asset | N/A |  | 01/2027 | 148 | 137 | 143 |  |
| 9624651 | ABF asset | N/A |  | 01/2027 | 13883 | 12816 | 13139 |  |
| 9624845 | ABF asset | N/A |  | 01/2027 | 24549 | 22662 | 23267 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9625013 | ABF asset | N/A |  | 01/2027 | 1603 | 1461 | 702 |  |
| 9625025 | ABF asset | N/A |  | 01/2027 | 10530 | 9857 | 9235 |  |
| 9625100 | ABF asset | N/A |  | 01/2027 | 6468 | 6055 | 6242 |  |
| 9625137 | ABF asset | N/A |  | 01/2027 | 3443 | 3223 | 3330 |  |
| 9625166 | ABF asset | N/A |  | 01/2027 | 2829 | 2620 | 1919 |  |
| 9625181 | ABF asset | N/A |  | 01/2027 | 1306 | 1222 | 1256 |  |
| 9625194 | ABF asset | N/A |  | 01/2027 | 6275 | 5874 | 6057 |  |
| 9625405 | ABF asset | N/A |  | 02/2027 | 9499 | 8892 | 9085 |  |
| 9625576 | ABF asset | N/A |  | 02/2027 | 1829 | 1694 | 1742 |  |
| 9625675 | ABF asset | N/A |  | 02/2027 | 7878 | 7178 | 4643 |  |
| 9625706 | ABF asset | N/A |  | 02/2027 | 673 | 626 | 652 |  |
| 9625707 | ABF asset | N/A |  | 02/2027 | 18337 | 17166 | 17724 |  |
| 9625829 | ABF asset | N/A |  | 02/2027 | 1023 | 932 | 778 |  |
| 9625840 | ABF asset | N/A |  | 02/2027 | 13559 | 12693 | 12940 |  |
| 9625964 | ABF asset | N/A |  | 02/2027 | 4618 | 4276 | 3635 |  |
| 9626015 | ABF asset | N/A |  | 02/2027 | 3712 | 3438 | 3553 |  |
| 9626048 | ABF asset | N/A |  | 02/2027 | 327 | 299 | 314 |  |
| 9626054 | ABF asset | N/A |  | 02/2027 | 2033 | 1853 | 1910 |  |
| 9626175 | ABF asset | N/A |  | 02/2027 | 3529 | 3284 | 3373 |  |
| 9626237 | ABF asset | N/A |  | 02/2027 | 518 | 477 | 496 |  |
| 9626289 | ABF asset | N/A |  | 02/2027 | 1203 | 1099 | 115 |  |
| 9626460 | ABF asset | N/A |  | 02/2027 | 7714 | 7222 | 7416 |  |
| 9626571 | ABF asset | N/A |  | 02/2027 | 7689 | 7198 | 7236 |  |
| 9626636 | ABF asset | N/A |  | 02/2027 | 6035 | 5527 | 5614 |  |
| 9626796 | ABF asset | N/A |  | 02/2027 | 4778 | 4472 | 4570 |  |
| 9626836 | ABF asset | N/A |  | 02/2027 | 19635 | 18381 | 19030 |  |
| 9627001 | ABF asset | N/A |  | 02/2027 | 7737 | 7243 | 7506 |  |
| 9627130 | ABF asset | N/A |  | 02/2027 | 766 | 717 | 745 |  |
| 9627132 | ABF asset | N/A |  | 02/2027 | 3390 | 3174 | 3252 |  |
| 9627153 | ABF asset | N/A |  | 02/2027 | 1214 | 1129 | 1168 |  |
| 9627162 | ABF asset | N/A |  | 02/2027 | 4168 | 3901 | 4037 |  |
| 9627220 | ABF asset | N/A |  | 02/2027 | 4016 | 3760 | 3853 |  |
| 9627290 | ABF asset | N/A |  | 02/2027 | 1368 | 1263 | 1215 |  |
| 9627297 | ABF asset | N/A |  | 02/2027 | 19993 | 18218 | 11481 |  |
| 9627390 | ABF asset | N/A |  | 02/2027 | 1809 | 1664 | 1298 |  |
| 9627409 | ABF asset | N/A |  | 02/2027 | 1192 | 1091 | 1013 |  |
| 9627417 | ABF asset | N/A |  | 02/2027 | 8115 | 7550 | 7802 |  |
| 9627491 | ABF asset | N/A |  | 02/2027 | 9177 | 8471 | 8699 |  |
| 9627595 | ABF asset | N/A |  | 02/2027 | 15705 | 14497 | 15021 |  |
| 9627770 | ABF asset | N/A |  | 02/2027 | 3137 | 2937 | 3031 |  |
| 9627793 | ABF asset | N/A |  | 02/2027 | 41551 | 38897 | 39766 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9628000 | ABF asset | N/A |  | 02/2027 | 3033 | 2808 | 2387 |  |
| 9628012 | ABF asset | N/A |  | 02/2027 | 5146 | 4750 | 4864 |  |
| 9628019 | ABF asset | N/A |  | 02/2027 | 3833 | 3566 | 3517 |  |
| 9628027 | ABF asset | N/A |  | 02/2027 | 1187 | 1086 | 1144 |  |
| 9628028 | ABF asset | N/A |  | 02/2027 | 4330 | 3983 | 3064 |  |
| 9628031 | ABF asset | N/A |  | 02/2027 | 15949 | 14722 | 15568 |  |
| 9628149 | ABF asset | N/A |  | 02/2027 | 5247 | 4781 | 411 |  |
| 9628191 | ABF asset | N/A |  | 02/2027 | 3837 | 3592 | 3758 |  |
| 9628245 | ABF asset | N/A |  | 02/2027 | 26792 | 25080 | 25851 |  |
| 9628554 | ABF asset | N/A |  | 02/2027 | 20308 | 19010 | 19617 |  |
| 9628764 | ABF asset | N/A |  | 02/2027 | 3962 | 3645 | 2830 |  |
| 9628780 | ABF asset | N/A |  | 02/2027 | 2628 | 2460 | 2522 |  |
| 9628821 | ABF asset | N/A |  | 02/2027 | 3849 | 3604 | 3609 |  |
| 9628868 | ABF asset | N/A |  | 02/2027 | 25602 | 23430 | 23670 |  |
| 9629033 | ABF asset | N/A |  | 02/2027 | 23081 | 21607 | 22331 |  |
| 9629277 | ABF asset | N/A |  | 02/2027 | 2306 | 2121 | 2210 |  |
| 9629356 | ABF asset | N/A |  | 02/2027 | 1128 | 1042 | 1088 |  |
| 9629374 | ABF asset | N/A |  | 02/2027 | 4661 | 4363 | 4501 |  |
| 9629416 | ABF asset | N/A |  | 02/2027 | 1441 | 1349 | 1357 |  |
| 9629454 | ABF asset | N/A |  | 02/2027 | 39968 | 37415 | 38370 |  |
| 9629715 | ABF asset | N/A |  | 02/2027 | 2912 | 2665 | 2622 |  |
| 9629740 | ABF asset | N/A |  | 02/2027 | 1759 | 1624 | 1682 |  |
| 9629751 | ABF asset | N/A |  | 02/2027 | 5339 | 4998 | 5128 |  |
| 9629771 | ABF asset | N/A |  | 02/2027 | 1469 | 1376 | 1426 |  |
| 9629775 | ABF asset | N/A |  | 02/2027 | 1210 | 1107 | 1090 |  |
| 9629779 | ABF asset | N/A |  | 02/2027 | 919 | 837 | 865 |  |
| 9629782 | ABF asset | N/A |  | 02/2027 | 3306 | 3095 | 3099 |  |
| 9629791 | ABF asset | N/A |  | 02/2027 | 3006 | 2814 | 2834 |  |
| 9629798 | ABF asset | N/A |  | 02/2027 | 3263 | 2988 | 2775 |  |
| 9629810 | ABF asset | N/A |  | 02/2027 | 5899 | 5523 | 5712 |  |
| 9629845 | ABF asset | N/A |  | 02/2027 | 966 | 880 | 907 |  |
| 9629851 | ABF asset | N/A |  | 02/2027 | 14345 | 13429 | 13894 |  |
| 9629900 | ABF asset | N/A |  | 02/2027 | 3182 | 2979 | 3066 |  |
| 9629908 | ABF asset | N/A |  | 02/2027 | 2445 | 2238 | 2356 |  |
| 9629928 | ABF asset | N/A |  | 02/2027 | 4900 | 4587 | 4756 |  |
| 9629943 | ABF asset | N/A |  | 02/2027 | 2043 | 1891 | 1058 |  |
| 9629949 | ABF asset | N/A |  | 02/2027 | 11065 | 10083 | 10573 |  |
| 9630008 | ABF asset | N/A |  | 02/2027 | 7299 | 6833 | 7036 |  |
| 9630029 | ABF asset | N/A |  | 02/2027 | 5604 | 5246 | 5353 |  |
| 9630044 | ABF asset | N/A |  | 02/2027 | 1844 | 1726 | 1791 |  |
| 9630061 | ABF asset | N/A |  | 02/2027 | 9577 | 8765 | 8997 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9630098 | ABF asset | N/A |  | 02/2027 | 857 | 797 | 827 |  |
| 9630103 | ABF asset | N/A |  | 02/2027 | 1682 | 1575 | 1613 |  |
| 9630113 | ABF asset | N/A |  | 02/2027 | 13372 | 12441 | 13001 |  |
| 9630162 | ABF asset | N/A |  | 02/2027 | 4578 | 4285 | 4402 |  |
| 9630174 | ABF asset | N/A |  | 02/2027 | 1775 | 1662 | 1713 |  |
| 9630178 | ABF asset | N/A |  | 02/2027 | 884 | 806 | 625 |  |
| 9630186 | ABF asset | N/A |  | 02/2027 | 1488 | 1393 | 1419 |  |
| 9630199 | ABF asset | N/A |  | 02/2027 | 946 | 862 | 905 |  |
| 9630209 | ABF asset | N/A |  | 02/2027 | 18163 | 16825 | 17617 |  |
| 9630297 | ABF asset | N/A |  | 02/2027 | 7167 | 6616 | 6900 |  |
| 9630319 | ABF asset | N/A |  | 02/2027 | 2596 | 2415 | 2497 |  |
| 9630328 | ABF asset | N/A |  | 02/2027 | 1381 | 1293 | 1321 |  |
| 9630331 | ABF asset | N/A |  | 02/2027 | 1474 | 1343 | 1393 |  |
| 9630340 | ABF asset | N/A |  | 02/2027 | 3234 | 3027 | 3094 |  |
| 9630355 | ABF asset | N/A |  | 02/2027 | 3693 | 3421 | 3615 |  |
| 9630377 | ABF asset | N/A |  | 02/2027 | 15599 | 14603 | 13819 |  |
| 9630419 | ABF asset | N/A |  | 02/2027 | 1419 | 1299 | 1358 |  |
| 9630426 | ABF asset | N/A |  | 02/2027 | 1111 | 1040 | 1081 |  |
| 9630437 | ABF asset | N/A |  | 02/2027 | 3083 | 2856 | 2933 |  |
| 9630445 | ABF asset | N/A |  | 02/2027 | 9299 | 8510 | 8818 |  |
| 9630499 | ABF asset | N/A |  | 02/2027 | 15320 | 14254 | 14485 |  |
| 9630553 | ABF asset | N/A |  | 02/2027 | 1318 | 1234 | 1253 |  |
| 9630602 | ABF asset | N/A |  | 02/2027 | 4623 | 4328 | 4422 |  |
| 9630615 | ABF asset | N/A |  | 02/2027 | 5882 | 5507 | 5580 |  |
| 9630636 | ABF asset | N/A |  | 02/2027 | 2216 | 2074 | 1939 |  |
| 9630644 | ABF asset | N/A |  | 02/2027 | 12585 | 11781 | 12128 |  |
| 9630704 | ABF asset | N/A |  | 02/2027 | 856 | 781 | 804 |  |
| 9630710 | ABF asset | N/A |  | 02/2027 | 13732 | 12855 | 13320 |  |
| 9630772 | ABF asset | N/A |  | 02/2027 | 18427 | 17144 | 17721 |  |
| 9630842 | ABF asset | N/A |  | 02/2027 | 3462 | 3221 | 3269 |  |
| 9630851 | ABF asset | N/A |  | 02/2027 | 3096 | 2834 | 3028 |  |
| 9630885 | ABF asset | N/A |  | 02/2027 | 11067 | 10360 | 10483 |  |
| 9630918 | ABF asset | N/A |  | 02/2027 | 2757 | 2581 | 2643 |  |
| 9630930 | ABF asset | N/A |  | 02/2027 | 932 | 858 | 884 |  |
| 9630934 | ABF asset | N/A |  | 02/2027 | 4386 | 4106 | 4227 |  |
| 9630954 | ABF asset | N/A |  | 02/2027 | 10749 | 9957 | 10449 |  |
| 9631000 | ABF asset | N/A |  | 02/2027 | 17766 | 16400 | 16961 |  |
| 9631061 | ABF asset | N/A |  | 02/2027 | 2852 | 2669 | 2720 |  |
| 9631077 | ABF asset | N/A |  | 02/2027 | 828 | 764 | 797 |  |
| 9631083 | ABF asset | N/A |  | 02/2027 | 775 | 713 | 756 |  |
| 9631088 | ABF asset | N/A |  | 02/2027 | 6575 | 6155 | 6176 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9631113 | ABF asset | N/A |  | 02/2027 | 2449 | 2232 | 253 |  |
| 9631119 | ABF asset | N/A |  | 02/2027 | 494 | 453 | 460 |  |
| 9631120 | ABF asset | N/A |  | 02/2027 | 20619 | 18967 | 19418 |  |
| 9631212 | ABF asset | N/A |  | 02/2027 | 980 | 901 | 954 |  |
| 9631228 | ABF asset | N/A |  | 02/2027 | 10269 | 9513 | 10047 |  |
| 9631268 | ABF asset | N/A |  | 02/2027 | 853 | 778 | 815 |  |
| 9631276 | ABF asset | N/A |  | 02/2027 | 2388 | 2221 | 2325 |  |
| 9632275 | ABF asset | N/A |  | 02/2027 | 4384 | 4104 | 4251 |  |
| 9632290 | ABF asset | N/A |  | 02/2027 | 1192 | 1086 | 950 |  |
| 9632294 | ABF asset | N/A |  | 02/2027 | 5353 | 4878 | 4248 |  |
| 9632319 | ABF asset | N/A |  | 02/2027 | 1043 | 963 | 1007 |  |
| 9632330 | ABF asset | N/A |  | 02/2027 | 1776 | 1634 | 1734 |  |
| 9632348 | ABF asset | N/A |  | 02/2027 | 28392 | 25872 | 18051 |  |
| 9632625 | ABF asset | N/A |  | 02/2027 | 3663 | 3429 | 3518 |  |
| 9632687 | ABF asset | N/A |  | 02/2027 | 26648 | 24685 | 24755 |  |
| 9632952 | ABF asset | N/A |  | 02/2027 | 2028 | 1852 | 1902 |  |
| 9632977 | ABF asset | N/A |  | 02/2027 | 831 | 757 | 768 |  |
| 9632980 | ABF asset | N/A |  | 02/2027 | 11352 | 10562 | 10394 |  |
| 9633073 | ABF asset | N/A |  | 02/2027 | 892 | 813 | 863 |  |
| 9633169 | ABF asset | N/A |  | 02/2027 | 2337 | 2165 | 2261 |  |
| 9633215 | ABF asset | N/A |  | 02/2027 | 1272 | 1184 | 1229 |  |
| 9633224 | ABF asset | N/A |  | 02/2027 | 13393 | 12363 | 12786 |  |
| 9633343 | ABF asset | N/A |  | 02/2027 | 19014 | 17799 | 18328 |  |
| 9633457 | ABF asset | N/A |  | 02/2027 | 2587 | 2422 | 2551 |  |
| 9633506 | ABF asset | N/A |  | 02/2027 | 2776 | 2598 | 2702 |  |
| 9633532 | ABF asset | N/A |  | 02/2027 | 2687 | 2516 | 2604 |  |
| 9633605 | ABF asset | N/A |  | 02/2027 | 561 | 512 | 538 |  |
| 9633609 | ABF asset | N/A |  | 02/2027 | 1531 | 1401 | 1004 |  |
| 9633613 | ABF asset | N/A |  | 02/2027 | 4170 | 3836 | 3993 |  |
| 9633670 | ABF asset | N/A |  | 02/2027 | 9390 | 8790 | 9009 |  |
| 9633721 | ABF asset | N/A |  | 02/2027 | 736 | 679 | 710 |  |
| 9633722 | ABF asset | N/A |  | 02/2027 | 1007 | 930 | 942 |  |
| 9633723 | ABF asset | N/A |  | 02/2027 | 1522 | 1405 | 1453 |  |
| 9633731 | ABF asset | N/A |  | 02/2027 | 14792 | 13847 | 14197 |  |
| 9633774 | ABF asset | N/A |  | 02/2027 | 2398 | 2245 | 2335 |  |
| 9633786 | ABF asset | N/A |  | 02/2027 | 2950 | 2761 | 2828 |  |
| 9633795 | ABF asset | N/A |  | 02/2027 | 4412 | 4130 | 4229 |  |
| 9633835 | ABF asset | N/A |  | 02/2027 | 1908 | 1746 | 1246 |  |
| 9633843 | ABF asset | N/A |  | 02/2027 | 28194 | 26393 | 27318 |  |
| 9634011 | ABF asset | N/A |  | 02/2027 | 6147 | 5754 | 5947 |  |
| 9634065 | ABF asset | N/A |  | 02/2027 | 14179 | 13134 | 13402 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9634169 | ABF asset | N/A |  | 02/2027 | 9407 | 8805 | 8978 |  |
| 9634301 | ABF asset | N/A |  | 02/2027 | 1682 | 1533 | 1608 |  |
| 9634311 | ABF asset | N/A |  | 02/2027 | 8313 | 7647 | 8094 |  |
| 9634420 | ABF asset | N/A |  | 02/2027 | 12565 | 11762 | 12165 |  |
| 9634489 | ABF asset | N/A |  | 02/2027 | 4008 | 3752 | 3827 |  |
| 9634523 | ABF asset | N/A |  | 02/2027 | 1537 | 1406 | 1489 |  |
| 9634541 | ABF asset | N/A |  | 02/2027 | 4033 | 3752 | 3894 |  |
| 9634565 | ABF asset | N/A |  | 02/2027 | 2805 | 2581 | 2691 |  |
| 9634598 | ABF asset | N/A |  | 02/2027 | 2118 | 1934 | 2027 |  |
| 9634627 | ABF asset | N/A |  | 02/2027 | 13836 | 12952 | 13461 |  |
| 9634722 | ABF asset | N/A |  | 02/2027 | 685 | 641 | 656 |  |
| 9634727 | ABF asset | N/A |  | 02/2027 | 1456 | 1349 | 1412 |  |
| 9634750 | ABF asset | N/A |  | 02/2027 | 6820 | 6384 | 5969 |  |
| 9634759 | ABF asset | N/A |  | 02/2027 | 2461 | 2304 | 2369 |  |
| 9634779 | ABF asset | N/A |  | 02/2027 | 13713 | 12837 | 13271 |  |
| 9634855 | ABF asset | N/A |  | 02/2027 | 1366 | 1271 | 1321 |  |
| 9634865 | ABF asset | N/A |  | 02/2027 | 12703 | 11819 | 11908 |  |
| 9634939 | ABF asset | N/A |  | 02/2027 | 15996 | 14974 | 15250 |  |
| 9635074 | ABF asset | N/A |  | 02/2027 | 2835 | 2654 | 2722 |  |
| 9635094 | ABF asset | N/A |  | 02/2027 | 11625 | 10694 | 11039 |  |
| 9635179 | ABF asset | N/A |  | 02/2027 | 9697 | 9022 | 9139 |  |
| 9635203 | ABF asset | N/A |  | 02/2027 | 10963 | 10262 | 10385 |  |
| 9635272 | ABF asset | N/A |  | 02/2027 | 12049 | 11162 | 11783 |  |
| 9635327 | ABF asset | N/A |  | 02/2027 | 28732 | 26896 | 27737 |  |
| 9635463 | ABF asset | N/A |  | 02/2027 | 6338 | 5897 | 6093 |  |
| 9635493 | ABF asset | N/A |  | 02/2027 | 57110 | 53461 | 50086 |  |
| 9635904 | ABF asset | N/A |  | 02/2027 | 1362 | 1274 | 1279 |  |
| 9635909 | ABF asset | N/A |  | 02/2027 | 5694 | 5330 | 5528 |  |
| 9635936 | ABF asset | N/A |  | 02/2027 | 7561 | 6979 | 7235 |  |
| 9635996 | ABF asset | N/A |  | 02/2027 | 5457 | 5108 | 5261 |  |
| 9636034 | ABF asset | N/A |  | 02/2027 | 331 | 306 | 319 |  |
| 9636056 | ABF asset | N/A |  | 02/2027 | 3527 | 3268 | 3382 |  |
| 9636110 | ABF asset | N/A |  | 02/2027 | 1284 | 1170 | 1226 |  |
| 9636118 | ABF asset | N/A |  | 02/2027 | 6806 | 6332 | 6434 |  |
| 9636153 | ABF asset | N/A |  | 02/2027 | 4246 | 3975 | 4098 |  |
| 9636159 | ABF asset | N/A |  | 02/2027 | 2433 | 2253 | 19 |  |
| 9636165 | ABF asset | N/A |  | 02/2027 | 3731 | 3444 | 3445 |  |
| 9636236 | ABF asset | N/A |  | 02/2027 | 13284 | 12435 | 11485 |  |
| 9636308 | ABF asset | N/A |  | 02/2027 | 1884 | 1745 | 1826 |  |
| 9636313 | ABF asset | N/A |  | 02/2027 | 14294 | 13381 | 13716 |  |
| 9636433 | ABF asset | N/A |  | 02/2027 | 4500 | 4212 | 4339 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9636514 | ABF asset | N/A |  | 02/2027 | 8238 | 7712 | 7955 |  |
| 9636624 | ABF asset | N/A |  | 02/2027 | 48772 | 45656 | 46592 |  |
| 9636853 | ABF asset | N/A |  | 02/2027 | 2135 | 1953 | 2046 |  |
| 9636875 | ABF asset | N/A |  | 02/2027 | 17279 | 16176 | 14947 |  |
| 9637006 | ABF asset | N/A |  | 02/2027 | 3774 | 3457 | 2979 |  |
| 9637011 | ABF asset | N/A |  | 02/2027 | 49871 | 46685 | 47583 |  |
| 9637108 | ABF asset | N/A |  | 02/2027 | 7220 | 6759 | 6843 |  |
| 9637182 | ABF asset | N/A |  | 02/2027 | 3819 | 3575 | 3595 |  |
| 9637193 | ABF asset | N/A |  | 02/2027 | 6412 | 5868 | 6080 |  |
| 9637211 | ABF asset | N/A |  | 02/2027 | 2619 | 2386 | 2211 |  |
| 9637221 | ABF asset | N/A |  | 02/2027 | 3339 | 3125 | 3235 |  |
| 9637235 | ABF asset | N/A |  | 02/2027 | 27619 | 25855 | 26652 |  |
| 9637384 | ABF asset | N/A |  | 02/2027 | 12991 | 12161 | 12605 |  |
| 9637503 | ABF asset | N/A |  | 02/2027 | 5691 | 5186 | 3488 |  |
| 9637560 | ABF asset | N/A |  | 02/2027 | 3934 | 3683 | 3810 |  |
| 9637610 | ABF asset | N/A |  | 02/2027 | 2928 | 2724 | 2814 |  |
| 9637624 | ABF asset | N/A |  | 02/2027 | 13876 | 12910 | 13360 |  |
| 9637777 | ABF asset | N/A |  | 02/2027 | 5173 | 4842 | 4843 |  |
| 9637891 | ABF asset | N/A |  | 02/2027 | 2270 | 2073 | 2133 |  |
| 9637907 | ABF asset | N/A |  | 02/2027 | 5928 | 5491 | 5497 |  |
| 9637988 | ABF asset | N/A |  | 02/2027 | 15728 | 14723 | 15098 |  |
| 9638216 | ABF asset | N/A |  | 02/2027 | 1500 | 1404 | 1447 |  |
| 9638240 | ABF asset | N/A |  | 02/2027 | 4196 | 3928 | 4056 |  |
| 9638307 | ABF asset | N/A |  | 02/2027 | 14926 | 13826 | 14300 |  |
| 9638369 | ABF asset | N/A |  | 02/2027 | 20070 | 18788 | 18767 |  |
| 9638475 | ABF asset | N/A |  | 02/2027 | 3214 | 2977 | 2520 |  |
| 9638503 | ABF asset | N/A |  | 02/2027 | 13141 | 12301 | 12613 |  |
| 9638594 | ABF asset | N/A |  | 02/2027 | 3561 | 3275 | 3375 |  |
| 9638635 | ABF asset | N/A |  | 02/2027 | 2449 | 2292 | 2321 |  |
| 9638716 | ABF asset | N/A |  | 02/2027 | 13470 | 12609 | 11396 |  |
| 9638773 | ABF asset | N/A |  | 02/2027 | 6498 | 6046 | 6087 |  |
| 9638813 | ABF asset | N/A |  | 02/2027 | 1212 | 1110 | 1176 |  |
| 9638824 | ABF asset | N/A |  | 02/2027 | 5307 | 4968 | 5109 |  |
| 9638855 | ABF asset | N/A |  | 02/2027 | 7245 | 6602 | 6422 |  |
| 9638892 | ABF asset | N/A |  | 02/2027 | 1231 | 1122 | 1178 |  |
| 9638908 | ABF asset | N/A |  | 02/2027 | 6729 | 6299 | 6422 |  |
| 9638960 | ABF asset | N/A |  | 02/2027 | 18254 | 16669 | 16335 |  |
| 9639066 | ABF asset | N/A |  | 02/2027 | 32925 | 30822 | 31465 |  |
| 9639272 | ABF asset | N/A |  | 02/2027 | 13634 | 12685 | 13028 |  |
| 9639484 | ABF asset | N/A |  | 02/2027 | 7230 | 6768 | 6989 |  |
| 9639538 | ABF asset | N/A |  | 02/2027 | 3036 | 2842 | 2901 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9639588 | ABF asset | N/A |  | 02/2027 | 1308 | 1197 | 1283 |  |
| 9639627 | ABF asset | N/A |  | 02/2027 | 5592 | 5180 | 5457 |  |
| 9639663 | ABF asset | N/A |  | 02/2027 | 6837 | 6401 | 6549 |  |
| 9639682 | ABF asset | N/A |  | 02/2027 | 9578 | 8811 | 9031 |  |
| 9639714 | ABF asset | N/A |  | 02/2027 | 6937 | 6494 | 6631 |  |
| 9639734 | ABF asset | N/A |  | 02/2027 | 12716 | 11904 | 6484 |  |
| 9639839 | ABF asset | N/A |  | 02/2027 | 35370 | 32650 | 33065 |  |
| 9639985 | ABF asset | N/A |  | 02/2027 | 6322 | 5918 | 5984 |  |
| 9640064 | ABF asset | N/A |  | 02/2027 | 27602 | 25680 | 25989 |  |
| 9640162 | ABF asset | N/A |  | 02/2027 | 1550 | 1451 | 1472 |  |
| 9640170 | ABF asset | N/A |  | 02/2027 | 3408 | 3190 | 3284 |  |
| 9640175 | ABF asset | N/A |  | 02/2027 | 14198 | 13291 | 13688 |  |
| 9640215 | ABF asset | N/A |  | 02/2027 | 6014 | 5480 | 5721 |  |
| 9640236 | ABF asset | N/A |  | 02/2027 | 2628 | 2445 | 2484 |  |
| 9640239 | ABF asset | N/A |  | 02/2027 | 1686 | 1536 | 1636 |  |
| 9640309 | ABF asset | N/A |  | 02/2027 | 14 | 13 | 14 |  |
| 9640348 | ABF asset | N/A |  | 02/2027 | 5498 | 5146 | 5200 |  |
| 9640375 | ABF asset | N/A |  | 02/2027 | 31204 | 29211 | 29972 |  |
| 9640494 | ABF asset | N/A |  | 02/2027 | 2431 | 2215 | 2383 |  |
| 9640511 | ABF asset | N/A |  | 02/2027 | 7951 | 7362 | 4132 |  |
| 9640531 | ABF asset | N/A |  | 02/2027 | 2314 | 2117 | 1976 |  |
| 9640536 | ABF asset | N/A |  | 02/2027 | 2546 | 2350 | 2404 |  |
| 9640563 | ABF asset | N/A |  | 02/2027 | 4846 | 4457 | 4643 |  |
| 9640581 | ABF asset | N/A |  | 02/2027 | 2872 | 2642 | 2779 |  |
| 9640601 | ABF asset | N/A |  | 02/2027 | 4137 | 3849 | 4000 |  |
| 9640631 | ABF asset | N/A |  | 02/2027 | 549 | 508 | 495 |  |
| 9640639 | ABF asset | N/A |  | 02/2027 | 2031 | 1901 | 1964 |  |
| 9640675 | ABF asset | N/A |  | 02/2027 | 615 | 560 | 506 |  |
| 9640676 | ABF asset | N/A |  | 02/2027 | 12947 | 12120 | 12516 |  |
| 9640745 | ABF asset | N/A |  | 02/2027 | 13345 | 12416 | 12871 |  |
| 9640859 | ABF asset | N/A |  | 02/2027 | 765 | 716 | 738 |  |
| 9640860 | ABF asset | N/A |  | 02/2027 | 3012 | 2819 | 2850 |  |
| 9640869 | ABF asset | N/A |  | 02/2027 | 14840 | 13523 | 14146 |  |
| 9640960 | ABF asset | N/A |  | 02/2027 | 7264 | 6647 | 6871 |  |
| 9641003 | ABF asset | N/A |  | 02/2027 | 63576 | 59515 | 60728 |  |
| 9641317 | ABF asset | N/A |  | 02/2027 | 8891 | 8323 | 8487 |  |
| 9641387 | ABF asset | N/A |  | 02/2027 | 5379 | 4966 | 5147 |  |
| 9641439 | ABF asset | N/A |  | 02/2027 | 4335 | 4058 | 4188 |  |
| 9641464 | ABF asset | N/A |  | 02/2027 | 1367 | 1245 | 1299 |  |
| 9641480 | ABF asset | N/A |  | 02/2027 | 9877 | 9001 | 825 |  |
| 9641513 | ABF asset | N/A |  | 02/2027 | 1749 | 1628 | 1702 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9641528 | ABF asset | N/A |  | 02/2027 | 2232 | 2053 | 2032 |  |
| 9641553 | ABF asset | N/A |  | 02/2027 | 3407 | 3105 | 2609 |  |
| 9641651 | ABF asset | N/A |  | 02/2027 | 7138 | 6682 | 6810 |  |
| 9641704 | ABF asset | N/A |  | 02/2027 | 1299 | 1203 | 1245 |  |
| 9641714 | ABF asset | N/A |  | 02/2027 | 1582 | 1448 | 1538 |  |
| 9641740 | ABF asset | N/A |  | 02/2027 | 3076 | 2880 | 2891 |  |
| 9641766 | ABF asset | N/A |  | 02/2027 | 11584 | 10844 | 11169 |  |
| 9641889 | ABF asset | N/A |  | 02/2027 | 15680 | 14678 | 14756 |  |
| 9642004 | ABF asset | N/A |  | 02/2027 | 6639 | 6215 | 6326 |  |
| 9642084 | ABF asset | N/A |  | 02/2027 | 2508 | 2348 | 2423 |  |
| 9642113 | ABF asset | N/A |  | 02/2027 | 5216 | 4773 | 4987 |  |
| 9642139 | ABF asset | N/A |  | 02/2027 | 11719 | 10971 | 11241 |  |
| 9642210 | ABF asset | N/A |  | 02/2027 | 4266 | 3887 | 3908 |  |
| 9642230 | ABF asset | N/A |  | 02/2027 | 3398 | 3181 | 3218 |  |
| 9642250 | ABF asset | N/A |  | 02/2027 | 1824 | 1689 | 1567 |  |
| 9642259 | ABF asset | N/A |  | 02/2027 | 23219 | 21736 | 22524 |  |
| 9642550 | ABF asset | N/A |  | 02/2027 | 2921 | 2661 | 2781 |  |
| 9642609 | ABF asset | N/A |  | 02/2027 | 2112 | 1929 | 1984 |  |
| 9642647 | ABF asset | N/A |  | 02/2027 | 2803 | 2565 | 1847 |  |
| 9642657 | ABF asset | N/A |  | 02/2027 | 10501 | 9770 | 9788 |  |
| 9642750 | ABF asset | N/A |  | 02/2027 | 9502 | 8895 | 9151 |  |
| 9642872 | ABF asset | N/A |  | 02/2027 | 1561 | 1423 | 1259 |  |
| 9642873 | ABF asset | N/A |  | 02/2027 | 51864 | 48254 | 49401 |  |
| 9643055 | ABF asset | N/A |  | 02/2027 | 24636 | 23063 | 23709 |  |
| 9643208 | ABF asset | N/A |  | 02/2027 | 7199 | 6560 | 6127 |  |
| 9643258 | ABF asset | N/A |  | 02/2027 | 5694 | 5189 | 5514 |  |
| 9643370 | ABF asset | N/A |  | 02/2027 | 16603 | 15129 | 15374 |  |
| 9643499 | ABF asset | N/A |  | 02/2027 | 2137 | 1966 | 1844 |  |
| 9643505 | ABF asset | N/A |  | 02/2027 | 779 | 709 | 698 |  |
| 9643520 | ABF asset | N/A |  | 02/2027 | 2516 | 2341 | 2405 |  |
| 9643540 | ABF asset | N/A |  | 02/2027 | 2832 | 2651 | 2395 |  |
| 9643566 | ABF asset | N/A |  | 02/2027 | 13671 | 12484 | 10103 |  |
| 9643678 | ABF asset | N/A |  | 02/2027 | 4732 | 4429 | 4579 |  |
| 9643693 | ABF asset | N/A |  | 02/2027 | 566 | 530 | 549 |  |
| 9643694 | ABF asset | N/A |  | 02/2027 | 4138 | 3819 | 2512 |  |
| 9643702 | ABF asset | N/A |  | 02/2027 | 38876 | 36169 | 37555 |  |
| 9643949 | ABF asset | N/A |  | 02/2027 | 2222 | 2025 | 2155 |  |
| 9643989 | ABF asset | N/A |  | 02/2027 | 49116 | 45339 | 43653 |  |
| 9644168 | ABF asset | N/A |  | 02/2027 | 6749 | 6318 | 6475 |  |
| 9644190 | ABF asset | N/A |  | 02/2027 | 2700 | 2513 | 2524 |  |
| 9644203 | ABF asset | N/A |  | 02/2027 | 23919 | 22157 | 22598 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9644319 | ABF asset | N/A |  | 02/2027 | 1012 | 941 | 978 |  |
| 9644330 | ABF asset | N/A |  | 02/2027 | 11898 | 10983 | 11395 |  |
| 9644420 | ABF asset | N/A |  | 02/2027 | 324 | 300 | 293 |  |
| 9644422 | ABF asset | N/A |  | 02/2027 | 3854 | 3608 | 3682 |  |
| 9644444 | ABF asset | N/A |  | 02/2027 | 2276 | 2130 | 2193 |  |
| 9644468 | ABF asset | N/A |  | 02/2027 | 7175 | 6644 | 6800 |  |
| 9644520 | ABF asset | N/A |  | 02/2027 | 2184 | 1999 | 1967 |  |
| 9644522 | ABF asset | N/A |  | 02/2027 | 4929 | 4614 | 4746 |  |
| 9644546 | ABF asset | N/A |  | 02/2027 | 4348 | 3983 | 428 |  |
| 9644557 | ABF asset | N/A |  | 02/2027 | 25162 | 23555 | 24433 |  |
| 9644680 | ABF asset | N/A |  | 02/2027 | 2780 | 2575 | 2620 |  |
| 9644806 | ABF asset | N/A |  | 02/2027 | 10530 | 9857 | 10188 |  |
| 9644822 | ABF asset | N/A |  | 02/2027 | 2810 | 2631 | 2715 |  |
| 9644825 | ABF asset | N/A |  | 02/2027 | 16632 | 15474 | 13322 |  |
| 9644865 | ABF asset | N/A |  | 02/2027 | 4750 | 4328 | 4487 |  |
| 9644883 | ABF asset | N/A |  | 02/2027 | 36477 | 33555 | 31389 |  |
| 9644988 | ABF asset | N/A |  | 02/2027 | 1663 | 1547 | 1619 |  |
| 9644996 | ABF asset | N/A |  | 02/2027 | 9430 | 8827 | 9126 |  |
| 9645164 | ABF asset | N/A |  | 02/2027 | 17050 | 15604 | 16342 |  |
| 9645198 | ABF asset | N/A |  | 02/2027 | 1457 | 1349 | 11 |  |
| 9645206 | ABF asset | N/A |  | 02/2027 | 29825 | 27749 | 28773 |  |
| 9645263 | ABF asset | N/A |  | 02/2027 | 36578 | 33649 | 35343 |  |
| 9645493 | ABF asset | N/A |  | 02/2027 | 2296 | 2092 | 2195 |  |
| 9645523 | ABF asset | N/A |  | 02/2027 | 12197 | 11418 | 11656 |  |
| 9645543 | ABF asset | N/A |  | 02/2027 | 3188 | 2953 | 3049 |  |
| 9645556 | ABF asset | N/A |  | 02/2027 | 7831 | 7151 | 5737 |  |
| 9645577 | ABF asset | N/A |  | 02/2027 | 5809 | 5293 | 5593 |  |
| 9645661 | ABF asset | N/A |  | 02/2027 | 5288 | 4896 | 5101 |  |
| 9645698 | ABF asset | N/A |  | 02/2027 | 7019 | 6571 | 6659 |  |
| 9645714 | ABF asset | N/A |  | 02/2027 | 7743 | 7249 | 7484 |  |
| 9645769 | ABF asset | N/A |  | 02/2027 | 5967 | 5586 | 5795 |  |
| 9645806 | ABF asset | N/A |  | 02/2027 | 9492 | 8885 | 9157 |  |
| 9645848 | ABF asset | N/A |  | 02/2027 | 54248 | 50077 | 50857 |  |
| 9648423 | ABF asset | N/A |  | 02/2027 | 3542 | 3227 | 3152 |  |
| 9648595 | ABF asset | N/A |  | 02/2027 | 3671 | 3360 | 3562 |  |
| 9648770 | ABF asset | N/A |  | 02/2027 | 2152 | 2015 | 2054 |  |
| 9648810 | ABF asset | N/A |  | 02/2027 | 1711 | 1592 | 1572 |  |
| 9648963 | ABF asset | N/A |  | 02/2027 | 11673 | 10927 | 11234 |  |
| 9649072 | ABF asset | N/A |  | 02/2027 | 5179 | 4848 | 5018 |  |
| 9649166 | ABF asset | N/A |  | 02/2027 | 3746 | 3507 | 3607 |  |
| 9649233 | ABF asset | N/A |  | 02/2027 | 1505 | 1385 | 1402 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9649319 | ABF asset | N/A |  | 02/2027 | 1789 | 1675 | 1734 |  |
| 9649367 | ABF asset | N/A |  | 02/2027 | 3317 | 3105 | 3184 |  |
| 9649425 | ABF asset | N/A |  | 02/2027 | 1400 | 1303 | 1354 |  |
| 9649451 | ABF asset | N/A |  | 02/2027 | 2315 | 2154 | 2186 |  |
| 9649479 | ABF asset | N/A |  | 02/2027 | 5606 | 5108 | 567 |  |
| 9649521 | ABF asset | N/A |  | 02/2027 | 3291 | 3038 | 3111 |  |
| 9649541 | ABF asset | N/A |  | 02/2027 | 6110 | 5684 | 5613 |  |
| 9649574 | ABF asset | N/A |  | 02/2027 | 6345 | 5806 | 6106 |  |
| 9649692 | ABF asset | N/A |  | 02/2027 | 43644 | 40606 | 42211 |  |
| 9649972 | ABF asset | N/A |  | 02/2027 | 12236 | 11454 | 11853 |  |
| 9650066 | ABF asset | N/A |  | 02/2027 | 2238 | 2059 | 2091 |  |
| 9650080 | ABF asset | N/A |  | 02/2027 | 1196 | 1119 | 1164 |  |
| 9650102 | ABF asset | N/A |  | 02/2027 | 6184 | 5660 | 5928 |  |
| 9650218 | ABF asset | N/A |  | 02/2027 | 12527 | 11440 | 1000 |  |
| 9650284 | ABF asset | N/A |  | 02/2027 | 7454 | 6935 | 6948 |  |
| 9650345 | ABF asset | N/A |  | 02/2027 | 7669 | 7180 | 7402 |  |
| 9650385 | ABF asset | N/A |  | 02/2027 | 11864 | 11038 | 11190 |  |
| 9650520 | ABF asset | N/A |  | 02/2027 | 7814 | 7315 | 7501 |  |
| 9650548 | ABF asset | N/A |  | 02/2027 | 475 | 433 | 452 |  |
| 9650579 | ABF asset | N/A |  | 02/2027 | 1651 | 1519 | 1510 |  |
| 9650599 | ABF asset | N/A |  | 02/2027 | 1322 | 1216 | 1280 |  |
| 9650602 | ABF asset | N/A |  | 02/2027 | 30404 | 28462 | 29535 |  |
| 9650818 | ABF asset | N/A |  | 02/2027 | 9772 | 9020 | 6880 |  |
| 9650861 | ABF asset | N/A |  | 02/2027 | 38090 | 35039 | 24898 |  |
| 9651043 | ABF asset | N/A |  | 02/2027 | 19013 | 17689 | 18374 |  |
| 9651185 | ABF asset | N/A |  | 02/2027 | 3735 | 3475 | 3428 |  |
| 9651197 | ABF asset | N/A |  | 02/2027 | 4463 | 4067 | 4154 |  |
| 9651222 | ABF asset | N/A |  | 02/2027 | 1988 | 1860 | 1863 |  |
| 9651234 | ABF asset | N/A |  | 02/2027 | 17398 | 15854 | 13967 |  |
| 9651283 | ABF asset | N/A |  | 02/2027 | 44260 | 41433 | 42707 |  |
| 9651473 | ABF asset | N/A |  | 02/2027 | 29698 | 27630 | 28647 |  |
| 9651637 | ABF asset | N/A |  | 02/2027 | 3296 | 3016 | 3153 |  |
| 9651644 | ABF asset | N/A |  | 02/2027 | 21240 | 19539 | 20177 |  |
| 9651772 | ABF asset | N/A |  | 02/2027 | 1992 | 1833 | 1888 |  |
| 9651795 | ABF asset | N/A |  | 02/2027 | 23849 | 21733 | 19340 |  |
| 9651840 | ABF asset | N/A |  | 02/2027 | 7362 | 6850 | 7146 |  |
| 9651893 | ABF asset | N/A |  | 02/2027 | 9254 | 8469 | 6332 |  |
| 9651964 | ABF asset | N/A |  | 02/2027 | 8392 | 7774 | 7939 |  |
| 9651992 | ABF asset | N/A |  | 02/2027 | 2357 | 2168 | 2257 |  |
| 9652001 | ABF asset | N/A |  | 02/2027 | 44255 | 41428 | 42515 |  |
| 9652101 | ABF asset | N/A |  | 02/2027 | 5733 | 5367 | 5494 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9652146 | ABF asset | N/A |  | 02/2027 | 13627 | 12756 | 11987 |  |
| 9652258 | ABF asset | N/A |  | 02/2027 | 3174 | 2971 | 3055 |  |
| 9652288 | ABF asset | N/A |  | 02/2027 | 23795 | 22276 | 23006 |  |
| 9652512 | ABF asset | N/A |  | 02/2027 | 354 | 324 | 347 |  |
| 9652518 | ABF asset | N/A |  | 02/2027 | 12365 | 11576 | 11910 |  |
| 9652591 | ABF asset | N/A |  | 02/2027 | 5117 | 4663 | 2998 |  |
| 9652624 | ABF asset | N/A |  | 02/2027 | 4759 | 4454 | 4560 |  |
| 9652647 | ABF asset | N/A |  | 02/2027 | 669 | 609 | 613 |  |
| 9652664 | ABF asset | N/A |  | 02/2027 | 5795 | 5424 | 5561 |  |
| 9652683 | ABF asset | N/A |  | 02/2027 | 2447 | 2239 | 2343 |  |
| 9652688 | ABF asset | N/A |  | 02/2027 | 2777 | 2600 | 2709 |  |
| 9652698 | ABF asset | N/A |  | 02/2027 | 19614 | 18361 | 18907 |  |
| 9652768 | ABF asset | N/A |  | 02/2027 | 7212 | 6751 | 6918 |  |
| 9652970 | ABF asset | N/A |  | 02/2027 | 2729 | 2554 | 2640 |  |
| 9652993 | ABF asset | N/A |  | 02/2027 | 3580 | 3351 | 3485 |  |
| 9653026 | ABF asset | N/A |  | 02/2027 | 13124 | 12286 | 12630 |  |
| 9653093 | ABF asset | N/A |  | 02/2027 | 17557 | 16435 | 16919 |  |
| 9653180 | ABF asset | N/A |  | 02/2027 | 812 | 751 | 732 |  |
| 9653197 | ABF asset | N/A |  | 02/2027 | 24462 | 22899 | 23352 |  |
| 9653385 | ABF asset | N/A |  | 02/2027 | 12905 | 11955 | 12530 |  |
| 9653515 | ABF asset | N/A |  | 02/2027 | 2097 | 1963 | 2030 |  |
| 9653557 | ABF asset | N/A |  | 02/2027 | 2824 | 2627 | 2300 |  |
| 9653572 | ABF asset | N/A |  | 02/2027 | 5263 | 4927 | 5098 |  |
| 9653622 | ABF asset | N/A |  | 02/2027 | 8747 | 8188 | 8294 |  |
| 9653721 | ABF asset | N/A |  | 02/2027 | 2268 | 2078 | 1092 |  |
| 9653725 | ABF asset | N/A |  | 02/2027 | 833 | 769 | 808 |  |
| 9653749 | ABF asset | N/A |  | 02/2027 | 5556 | 5201 | 5294 |  |
| 9653894 | ABF asset | N/A |  | 02/2027 | 551 | 502 | 537 |  |
| 9653920 | ABF asset | N/A |  | 02/2027 | 1186 | 1081 | 1028 |  |
| 9653989 | ABF asset | N/A |  | 02/2027 | 569 | 521 | 531 |  |
| 9654026 | ABF asset | N/A |  | 02/2027 | 8059 | 7343 | 7706 |  |
| 9654178 | ABF asset | N/A |  | 02/2027 | 4167 | 3860 | 3963 |  |
| 9654232 | ABF asset | N/A |  | 02/2027 | 2709 | 2536 | 2635 |  |
| 9654270 | ABF asset | N/A |  | 02/2027 | 11580 | 10840 | 11168 |  |
| 9654393 | ABF asset | N/A |  | 02/2027 | 7974 | 7465 | 7475 |  |
| 9654456 | ABF asset | N/A |  | 02/2027 | 2042 | 1865 | 1966 |  |
| 9654527 | ABF asset | N/A |  | 02/2027 | 6368 | 5962 | 6072 |  |
| 9654696 | ABF asset | N/A |  | 02/2027 | 20124 | 18838 | 19349 |  |
| 9654835 | ABF asset | N/A |  | 02/2027 | 23150 | 21095 | 1188 |  |
| 9654929 | ABF asset | N/A |  | 02/2027 | 8441 | 7902 | 8178 |  |
| 9655002 | ABF asset | N/A |  | 02/2027 | 208 | 192 | 205 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9655010 | ABF asset | N/A |  | 02/2027 | 1942 | 1818 | 1872 |  |
| 9655025 | ABF asset | N/A |  | 02/2027 | 6415 | 5901 | 6142 |  |
| 9655078 | ABF asset | N/A |  | 02/2027 | 1870 | 1731 | 1496 |  |
| 9655102 | ABF asset | N/A |  | 02/2027 | 3897 | 3598 | 3474 |  |
| 9655127 | ABF asset | N/A |  | 02/2027 | 2386 | 2211 | 2304 |  |
| 9655150 | ABF asset | N/A |  | 02/2027 | 20129 | 18843 | 19413 |  |
| 9655271 | ABF asset | N/A |  | 02/2027 | 22372 | 20386 | 21383 |  |
| 9655464 | ABF asset | N/A |  | 02/2027 | 23057 | 21584 | 22310 |  |
| 9655663 | ABF asset | N/A |  | 02/2027 | 1314 | 1209 | 1199 |  |
| 9655665 | ABF asset | N/A |  | 02/2027 | 1210 | 1102 | 1117 |  |
| 9655679 | ABF asset | N/A |  | 02/2027 | 20494 | 19185 | 19816 |  |
| 9655757 | ABF asset | N/A |  | 02/2027 | 23111 | 21334 | 22249 |  |
| 9655941 | ABF asset | N/A |  | 02/2027 | 22723 | 21271 | 21676 |  |
| 9656018 | ABF asset | N/A |  | 02/2027 | 5902 | 5465 | 5341 |  |
| 9656034 | ABF asset | N/A |  | 02/2027 | 2467 | 2249 | 2413 |  |
| 9656046 | ABF asset | N/A |  | 02/2027 | 64658 | 60527 | 62370 |  |
| 9656353 | ABF asset | N/A |  | 02/2027 | 876 | 806 | 828 |  |
| 9656361 | ABF asset | N/A |  | 02/2027 | 4333 | 4057 | 4066 |  |
| 9656392 | ABF asset | N/A |  | 02/2027 | 8495 | 7904 | 7754 |  |
| 9656475 | ABF asset | N/A |  | 02/2027 | 827 | 755 | 792 |  |
| 9656488 | ABF asset | N/A |  | 02/2027 | 990 | 902 | 967 |  |
| 9656546 | ABF asset | N/A |  | 02/2027 | 591 | 538 | 574 |  |
| 9656561 | ABF asset | N/A |  | 02/2027 | 6054 | 5609 | 5612 |  |
| 9656595 | ABF asset | N/A |  | 02/2027 | 4283 | 3985 | 3901 |  |
| 9656629 | ABF asset | N/A |  | 02/2027 | 13461 | 12601 | 13048 |  |
| 9656736 | ABF asset | N/A |  | 02/2027 | 5945 | 5565 | 5578 |  |
| 9656758 | ABF asset | N/A |  | 02/2027 | 4222 | 3952 | 4052 |  |
| 9656786 | ABF asset | N/A |  | 02/2027 | 1161 | 1058 | 1107 |  |
| 9656798 | ABF asset | N/A |  | 02/2027 | 1122 | 1039 | 588 |  |
| 9656810 | ABF asset | N/A |  | 02/2027 | 6562 | 6143 | 6332 |  |
| 9656905 | ABF asset | N/A |  | 02/2027 | 10913 | 10153 | 10503 |  |
| 9656959 | ABF asset | N/A |  | 02/2027 | 19131 | 17800 | 18490 |  |
| 9657106 | ABF asset | N/A |  | 02/2027 | 2301 | 2096 | 2131 |  |
| 9657120 | ABF asset | N/A |  | 02/2027 | 1144 | 1047 | 1053 |  |
| 9657129 | ABF asset | N/A |  | 02/2027 | 1080 | 1005 | 1063 |  |
| 9657156 | ABF asset | N/A |  | 02/2027 | 5170 | 4840 | 4565 |  |
| 9657193 | ABF asset | N/A |  | 02/2027 | 6646 | 6221 | 6405 |  |
| 9657851 | ABF asset | N/A |  | 02/2027 | 2296 | 2092 | 1942 |  |
| 9657871 | ABF asset | N/A |  | 02/2027 | 8334 | 7802 | 8021 |  |
| 9657907 | ABF asset | N/A |  | 02/2027 | 2315 | 2167 | 2179 |  |
| 9657917 | ABF asset | N/A |  | 02/2027 | 3416 | 3198 | 3304 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9657934 | ABF asset | N/A |  | 02/2027 | 628 | 572 | 592 |  |
| 9657936 | ABF asset | N/A |  | 02/2027 | 1691 | 1583 | 1602 |  |
| 9657937 | ABF asset | N/A |  | 02/2027 | 20143 | 18856 | 19134 |  |
| 9658004 | ABF asset | N/A |  | 02/2027 | 3093 | 2819 | 2638 |  |
| 9658025 | ABF asset | N/A |  | 02/2027 | 4485 | 4198 | 4281 |  |
| 9658040 | ABF asset | N/A |  | 02/2027 | 2297 | 2128 | 2121 |  |
| 9658060 | ABF asset | N/A |  | 02/2027 | 12132 | 11102 | 11201 |  |
| 9658092 | ABF asset | N/A |  | 02/2027 | 2486 | 2328 | 2386 |  |
| 9658101 | ABF asset | N/A |  | 02/2027 | 1322 | 1204 | 1186 |  |
| 9658105 | ABF asset | N/A |  | 02/2027 | 6595 | 6035 | 6429 |  |
| 9658140 | ABF asset | N/A |  | 02/2027 | 1465 | 1347 | 1338 |  |
| 9658142 | ABF asset | N/A |  | 02/2027 | 3105 | 2866 | 2971 |  |
| 9658200 | ABF asset | N/A |  | 02/2027 | 19713 | 18454 | 16211 |  |
| 9658248 | ABF asset | N/A |  | 02/2027 | 815 | 752 | 786 |  |
| 9658261 | ABF asset | N/A |  | 02/2027 | 1541 | 1405 | 1198 |  |
| 9658291 | ABF asset | N/A |  | 02/2027 | 3380 | 3163 | 3266 |  |
| 9658306 | ABF asset | N/A |  | 02/2027 | 4892 | 4551 | 4626 |  |
| 9658337 | ABF asset | N/A |  | 02/2027 | 9942 | 9307 | 4867 |  |
| 9658365 | ABF asset | N/A |  | 02/2027 | 864 | 787 | 815 |  |
| 9658368 | ABF asset | N/A |  | 02/2027 | 17151 | 15887 | 16289 |  |
| 9658441 | ABF asset | N/A |  | 02/2027 | 218 | 200 | 214 |  |
| 9658449 | ABF asset | N/A |  | 02/2027 | 38452 | 35039 | 22308 |  |
| 9658534 | ABF asset | N/A |  | 02/2027 | 3491 | 3181 | 3328 |  |
| 9658541 | ABF asset | N/A |  | 02/2027 | 2797 | 2591 | 2712 |  |
| 9658553 | ABF asset | N/A |  | 02/2027 | 1670 | 1554 | 1625 |  |
| 9658568 | ABF asset | N/A |  | 02/2027 | 2918 | 2715 | 2719 |  |
| 9658626 | ABF asset | N/A |  | 02/2027 | 2532 | 2370 | 2418 |  |
| 9658638 | ABF asset | N/A |  | 02/2027 | 7500 | 7021 | 7233 |  |
| 9658659 | ABF asset | N/A |  | 02/2027 | 1361 | 1240 | 1320 |  |
| 9658671 | ABF asset | N/A |  | 02/2027 | 14109 | 13207 | 11757 |  |
| 9658714 | ABF asset | N/A |  | 02/2027 | 1822 | 1664 | 1708 |  |
| 9658723 | ABF asset | N/A |  | 02/2027 | 819 | 767 | 788 |  |
| 9658740 | ABF asset | N/A |  | 02/2027 | 558 | 511 | 481 |  |
| 9658743 | ABF asset | N/A |  | 02/2027 | 1447 | 1324 | 1357 |  |
| 9658747 | ABF asset | N/A |  | 02/2027 | 6591 | 6170 | 6327 |  |
| 9658768 | ABF asset | N/A |  | 02/2027 | 1571 | 1445 | 1467 |  |
| 9658787 | ABF asset | N/A |  | 02/2027 | 238 | 221 | 229 |  |
| 9658788 | ABF asset | N/A |  | 02/2027 | 2671 | 2501 | 2558 |  |
| 9658804 | ABF asset | N/A |  | 02/2027 | 379 | 346 | 362 |  |
| 9658808 | ABF asset | N/A |  | 02/2027 | 4400 | 4119 | 4123 |  |
| 9658818 | ABF asset | N/A |  | 02/2027 | 1435 | 1335 | 1387 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9658820 | ABF asset | N/A |  | 02/2027 | 4355 | 4077 | 4180 |  |
| 9658833 | ABF asset | N/A |  | 02/2027 | 4617 | 4216 | 3883 |  |
| 9658846 | ABF asset | N/A |  | 02/2027 | 7421 | 6947 | 7174 |  |
| 9658872 | ABF asset | N/A |  | 02/2027 | 712 | 655 | 693 |  |
| 9658873 | ABF asset | N/A |  | 02/2027 | 17172 | 15907 | 16424 |  |
| 9658918 | ABF asset | N/A |  | 02/2027 | 6278 | 5877 | 5981 |  |
| 9658932 | ABF asset | N/A |  | 02/2027 | 16360 | 15221 | 15879 |  |
| 9659004 | ABF asset | N/A |  | 02/2027 | 1951 | 1795 | 1901 |  |
| 9659015 | ABF asset | N/A |  | 02/2027 | 3169 | 2966 | 2740 |  |
| 9659028 | ABF asset | N/A |  | 02/2027 | 2752 | 2576 | 2673 |  |
| 9659037 | ABF asset | N/A |  | 02/2027 | 1814 | 1698 | 1571 |  |
| 9659083 | ABF asset | N/A |  | 02/2027 | 2219 | 2022 | 2118 |  |
| 9659159 | ABF asset | N/A |  | 02/2027 | 1820 | 1704 | 1767 |  |
| 9659165 | ABF asset | N/A |  | 02/2027 | 3592 | 3363 | 3447 |  |
| 9659181 | ABF asset | N/A |  | 02/2027 | 2308 | 2113 | 329 |  |
| 9659188 | ABF asset | N/A |  | 02/2027 | 2046 | 1865 | 1900 |  |
| 9659194 | ABF asset | N/A |  | 02/2027 | 960 | 893 | 924 |  |
| 9659200 | ABF asset | N/A |  | 02/2027 | 4896 | 4583 | 4731 |  |
| 9659230 | ABF asset | N/A |  | 02/2027 | 4622 | 4300 | 4468 |  |
| 9659251 | ABF asset | N/A |  | 02/2027 | 3805 | 3562 | 3679 |  |
| 9659273 | ABF asset | N/A |  | 02/2027 | 10788 | 10099 | 10297 |  |
| 9659298 | ABF asset | N/A |  | 02/2027 | 3936 | 3633 | 3534 |  |
| 9659315 | ABF asset | N/A |  | 02/2027 | 9806 | 9179 | 8119 |  |
| 9659338 | ABF asset | N/A |  | 02/2027 | 1113 | 1014 | 1089 |  |
| 9659363 | ABF asset | N/A |  | 02/2027 | 3301 | 3020 | 3156 |  |
| 9659606 | ABF asset | N/A |  | 02/2027 | 2544 | 2356 | 2452 |  |
| 9659617 | ABF asset | N/A |  | 02/2027 | 1565 | 1432 | 1501 |  |
| 9659627 | ABF asset | N/A |  | 02/2027 | 3039 | 2781 | 2929 |  |
| 9659687 | ABF asset | N/A |  | 02/2027 | 3235 | 3029 | 2857 |  |
| 9659795 | ABF asset | N/A |  | 02/2027 | 1055 | 961 | 1024 |  |
| 9659836 | ABF asset | N/A |  | 02/2027 | 190 | 176 | 183 |  |
| 9659843 | ABF asset | N/A |  | 02/2027 | 8398 | 7725 | 7930 |  |
| 9659956 | ABF asset | N/A |  | 02/2027 | 2079 | 1946 | 1993 |  |
| 9659993 | ABF asset | N/A |  | 02/2027 | 4627 | 4332 | 4496 |  |
| 9660040 | ABF asset | N/A |  | 02/2027 | 6070 | 5682 | 5877 |  |
| 9660161 | ABF asset | N/A |  | 02/2027 | 7561 | 6980 | 7243 |  |
| 9660268 | ABF asset | N/A |  | 02/2027 | 580 | 537 | 405 |  |
| 9660441 | ABF asset | N/A |  | 02/2027 | 1432 | 1341 | 1384 |  |
| 9660465 | ABF asset | N/A |  | 02/2027 | 15816 | 14806 | 15151 |  |
| 9660582 | ABF asset | N/A |  | 02/2027 | 8224 | 7652 | 7988 |  |
| 9660698 | ABF asset | N/A |  | 02/2027 | 8854 | 8289 | 8427 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9660769 | ABF asset | N/A |  | 02/2027 | 2158 | 1991 | 2021 |  |
| 9660890 | ABF asset | N/A |  | 02/2027 | 3241 | 3034 | 3138 |  |
| 9660897 | ABF asset | N/A |  | 02/2027 | 2445 | 2289 | 2313 |  |
| 9660907 | ABF asset | N/A |  | 02/2027 | 2574 | 2409 | 2449 |  |
| 9660919 | ABF asset | N/A |  | 02/2027 | 2067 | 1923 | 1967 |  |
| 9660944 | ABF asset | N/A |  | 02/2027 | 14424 | 13503 | 13910 |  |
| 9661062 | ABF asset | N/A |  | 02/2027 | 3810 | 3545 | 3600 |  |
| 9661075 | ABF asset | N/A |  | 02/2027 | 22810 | 20983 | 22216 |  |
| 9661284 | ABF asset | N/A |  | 02/2027 | 977 | 905 | 682 |  |
| 9661297 | ABF asset | N/A |  | 02/2027 | 26762 | 25053 | 25734 |  |
| 9661487 | ABF asset | N/A |  | 02/2027 | 24961 | 23367 | 24283 |  |
| 9661614 | ABF asset | N/A |  | 02/2027 | 14904 | 13639 | 2478 |  |
| 9661667 | ABF asset | N/A |  | 02/2027 | 62761 | 57935 | 55840 |  |
| 9661925 | ABF asset | N/A |  | 02/2027 | 9286 | 8640 | 9010 |  |
| 9661970 | ABF asset | N/A |  | 02/2027 | 8844 | 8279 | 8422 |  |
| 9662011 | ABF asset | N/A |  | 02/2027 | 12443 | 11577 | 11357 |  |
| 9662044 | ABF asset | N/A |  | 02/2027 | 6506 | 6090 | 6211 |  |
| 9662081 | ABF asset | N/A |  | 02/2027 | 16638 | 15575 | 16078 |  |
| 9662179 | ABF asset | N/A |  | 02/2027 | 4263 | 3990 | 4078 |  |
| 9662189 | ABF asset | N/A |  | 02/2027 | 1474 | 1380 | 1429 |  |
| 9662194 | ABF asset | N/A |  | 02/2027 | 6651 | 6226 | 6298 |  |
| 9662356 | ABF asset | N/A |  | 02/2027 | 24838 | 22928 | 18887 |  |
| 9662439 | ABF asset | N/A |  | 02/2027 | 2573 | 2394 | 2406 |  |
| 9662448 | ABF asset | N/A |  | 02/2027 | 2661 | 2491 | 2562 |  |
| 9662462 | ABF asset | N/A |  | 02/2027 | 9213 | 8625 | 8918 |  |
| 9662494 | ABF asset | N/A |  | 02/2027 | 3174 | 2953 | 3049 |  |
| 9662514 | ABF asset | N/A |  | 02/2027 | 2118 | 1983 | 2031 |  |
| 9662525 | ABF asset | N/A |  | 02/2027 | 1051 | 960 | 986 |  |
| 9662529 | ABF asset | N/A |  | 02/2027 | 3125 | 2925 | 2975 |  |
| 9662540 | ABF asset | N/A |  | 02/2027 | 1768 | 1611 | 1682 |  |
| 9662550 | ABF asset | N/A |  | 02/2027 | 984 | 911 | 791 |  |
| 9662562 | ABF asset | N/A |  | 02/2027 | 1213 | 1110 | 809 |  |
| 9662570 | ABF asset | N/A |  | 02/2027 | 1181 | 1082 | 1100 |  |
| 9662575 | ABF asset | N/A |  | 02/2027 | 12676 | 11551 | 12061 |  |
| 9662700 | ABF asset | N/A |  | 02/2027 | 31594 | 28789 | 28247 |  |
| 9662812 | ABF asset | N/A |  | 02/2027 | 38316 | 35869 | 36261 |  |
| 9662936 | ABF asset | N/A |  | 02/2027 | 28396 | 26122 | 25964 |  |
| 9663053 | ABF asset | N/A |  | 02/2027 | 51623 | 48325 | 50149 |  |
| 9663211 | ABF asset | N/A |  | 02/2027 | 1576 | 1439 | 141 |  |
| 9663222 | ABF asset | N/A |  | 02/2027 | 2638 | 2469 | 2497 |  |
| 9663223 | ABF asset | N/A |  | 02/2027 | 9941 | 9306 | 9492 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9663249 | ABF asset | N/A |  | 02/2027 | 11033 | 10185 | 10626 |  |
| 9663301 | ABF asset | N/A |  | 02/2027 | 2475 | 2317 | 2393 |  |
| 9663304 | ABF asset | N/A |  | 02/2027 | 1512 | 1391 | 1433 |  |
| 9663305 | ABF asset | N/A |  | 02/2027 | 36322 | 34002 | 34628 |  |
| 9663389 | ABF asset | N/A |  | 02/2027 | 1017 | 927 | 942 |  |
| 9663396 | ABF asset | N/A |  | 02/2027 | 409 | 378 | 352 |  |
| 9663455 | ABF asset | N/A |  | 02/2027 | 36137 | 33829 | 34239 |  |
| 9663565 | ABF asset | N/A |  | 02/2027 | 10429 | 9503 | 5388 |  |
| 9663584 | ABF asset | N/A |  | 02/2027 | 1205 | 1112 | 1112 |  |
| 9663601 | ABF asset | N/A |  | 02/2027 | 2638 | 2444 | 2511 |  |
| 9663608 | ABF asset | N/A |  | 02/2027 | 980 | 895 | 932 |  |
| 9663649 | ABF asset | N/A |  | 02/2027 | 5308 | 4969 | 5222 |  |
| 9663738 | ABF asset | N/A |  | 02/2027 | 5666 | 5304 | 5429 |  |
| 9663754 | ABF asset | N/A |  | 02/2027 | 3703 | 3467 | 3466 |  |
| 9663773 | ABF asset | N/A |  | 02/2027 | 10007 | 9368 | 9583 |  |
| 9663815 | ABF asset | N/A |  | 02/2027 | 37654 | 35249 | 36386 |  |
| 9664012 | ABF asset | N/A |  | 02/2027 | 2440 | 2270 | 2281 |  |
| 9664105 | ABF asset | N/A |  | 02/2027 | 916 | 839 | 339 |  |
| 9664111 | ABF asset | N/A |  | 02/2027 | 2598 | 2373 | 1194 |  |
| 9664129 | ABF asset | N/A |  | 02/2027 | 3591 | 3286 | 3487 |  |
| 9664200 | ABF asset | N/A |  | 02/2027 | 427 | 392 | 413 |  |
| 9664201 | ABF asset | N/A |  | 02/2027 | 1992 | 1853 | 1901 |  |
| 9664209 | ABF asset | N/A |  | 02/2027 | 15660 | 14456 | 15169 |  |
| 9664434 | ABF asset | N/A |  | 02/2027 | 1394 | 1271 | 1188 |  |
| 9664446 | ABF asset | N/A |  | 02/2027 | 7966 | 7457 | 7670 |  |
| 9664511 | ABF asset | N/A |  | 02/2027 | 5226 | 4762 | 5027 |  |
| 9664558 | ABF asset | N/A |  | 02/2027 | 8578 | 7981 | 8246 |  |
| 9664703 | ABF asset | N/A |  | 02/2027 | 3303 | 3022 | 3178 |  |
| 9664789 | ABF asset | N/A |  | 02/2027 | 9695 | 9076 | 9335 |  |
| 9664983 | ABF asset | N/A |  | 02/2027 | 3385 | 3169 | 3239 |  |
| 9665020 | ABF asset | N/A |  | 02/2027 | 3131 | 2853 | 2951 |  |
| 9665075 | ABF asset | N/A |  | 02/2027 | 6557 | 6032 | 6373 |  |
| 9665152 | ABF asset | N/A |  | 02/2027 | 9727 | 9106 | 9266 |  |
| 9665197 | ABF asset | N/A |  | 02/2027 | 2718 | 2500 | 2626 |  |
| 9665213 | ABF asset | N/A |  | 02/2027 | 3571 | 3322 | 3369 |  |
| 9665275 | ABF asset | N/A |  | 02/2027 | 16928 | 15847 | 16298 |  |
| 9665408 | ABF asset | N/A |  | 02/2027 | 4164 | 3898 | 4057 |  |
| 9665433 | ABF asset | N/A |  | 02/2027 | 10043 | 9271 | 7595 |  |
| 9665449 | ABF asset | N/A |  | 02/2027 | 1150 | 1048 | 631 |  |
| 9665459 | ABF asset | N/A |  | 02/2027 | 1695 | 1570 | 1622 |  |
| 9665471 | ABF asset | N/A |  | 02/2027 | 4699 | 4399 | 4474 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9665520 | ABF asset | N/A |  | 02/2027 | 3713 | 3455 | 3579 |  |
| 9665531 | ABF asset | N/A |  | 02/2027 | 14106 | 13067 | 13403 |  |
| 9665623 | ABF asset | N/A |  | 02/2027 | 1959 | 1785 | 1168 |  |
| 9665633 | ABF asset | N/A |  | 02/2027 | 1695 | 1544 | 1515 |  |
| 9665659 | ABF asset | N/A |  | 02/2027 | 4008 | 3729 | 3846 |  |
| 9665686 | ABF asset | N/A |  | 02/2027 | 2928 | 2679 | 2847 |  |
| 9665713 | ABF asset | N/A |  | 02/2027 | 2322 | 2173 | 2282 |  |
| 9665734 | ABF asset | N/A |  | 02/2027 | 22891 | 21429 | 22272 |  |
| 9665872 | ABF asset | N/A |  | 02/2027 | 1422 | 1331 | 1336 |  |
| 9665873 | ABF asset | N/A |  | 02/2027 | 7154 | 6697 | 6714 |  |
| 9665887 | ABF asset | N/A |  | 02/2027 | 2138 | 2002 | 2045 |  |
| 9665895 | ABF asset | N/A |  | 02/2027 | 11565 | 10675 | 11212 |  |
| 9666017 | ABF asset | N/A |  | 02/2027 | 3456 | 3150 | 3190 |  |
| 9666031 | ABF asset | N/A |  | 02/2027 | 5471 | 5090 | 5212 |  |
| 9666076 | ABF asset | N/A |  | 02/2027 | 37033 | 33891 | 34774 |  |
| 9666301 | ABF asset | N/A |  | 02/2027 | 2516 | 2356 | 2425 |  |
| 9666315 | ABF asset | N/A |  | 02/2027 | 12520 | 11557 | 12215 |  |
| 9666398 | ABF asset | N/A |  | 02/2027 | 7452 | 6819 | 6410 |  |
| 9666431 | ABF asset | N/A |  | 02/2027 | 4872 | 4513 | 4653 |  |
| 9666468 | ABF asset | N/A |  | 02/2027 | 4291 | 3910 | 4039 |  |
| 9666493 | ABF asset | N/A |  | 02/2027 | 14005 | 12817 | 12923 |  |
| 9666554 | ABF asset | N/A |  | 02/2027 | 8224 | 7698 | 7902 |  |
| 9666610 | ABF asset | N/A |  | 02/2027 | 10025 | 9254 | 9381 |  |
| 9667064 | ABF asset | N/A |  | 02/2027 | 11507 | 10772 | 11040 |  |
| 9667156 | ABF asset | N/A |  | 02/2027 | 1539 | 1410 | 753 |  |
| 9667182 | ABF asset | N/A |  | 02/2027 | 2290 | 2114 | 2191 |  |
| 9667186 | ABF asset | N/A |  | 02/2027 | 3889 | 3544 | 3356 |  |
| 9667217 | ABF asset | N/A |  | 02/2027 | 14792 | 13848 | 13114 |  |
| 9667284 | ABF asset | N/A |  | 02/2027 | 832 | 761 | 812 |  |
| 9667287 | ABF asset | N/A |  | 02/2027 | 2002 | 1854 | 1815 |  |
| 9667303 | ABF asset | N/A |  | 02/2027 | 5118 | 4725 | 4794 |  |
| 9667335 | ABF asset | N/A |  | 02/2027 | 25017 | 23419 | 24319 |  |
| 9667452 | ABF asset | N/A |  | 02/2027 | 9019 | 8442 | 8633 |  |
| 9667531 | ABF asset | N/A |  | 02/2027 | 13698 | 12509 | 13293 |  |
| 9667670 | ABF asset | N/A |  | 02/2027 | 11252 | 10387 | 10977 |  |
| 9667738 | ABF asset | N/A |  | 02/2027 | 12887 | 11990 | 10400 |  |
| 9667767 | ABF asset | N/A |  | 02/2027 | 1800 | 1674 | 1716 |  |
| 9667778 | ABF asset | N/A |  | 02/2027 | 564 | 516 | 545 |  |
| 9667781 | ABF asset | N/A |  | 02/2027 | 13650 | 12645 | 10780 |  |
| 9667886 | ABF asset | N/A |  | 02/2027 | 3070 | 2874 | 2937 |  |
| 9667895 | ABF asset | N/A |  | 02/2027 | 5026 | 4705 | 4439 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9667908 | ABF asset | N/A |  | 02/2027 | 19032 | 17508 | 18035 |  |
| 9667988 | ABF asset | N/A |  | 02/2027 | 75221 | 70416 | 71357 |  |
| 9668316 | ABF asset | N/A |  | 02/2027 | 52586 | 49227 | 50349 |  |
| 9668518 | ABF asset | N/A |  | 02/2027 | 28749 | 26748 | 27890 |  |
| 9668641 | ABF asset | N/A |  | 02/2027 | 4888 | 4473 | 3353 |  |
| 9668659 | ABF asset | N/A |  | 02/2027 | 1561 | 1445 | 1486 |  |
| 9668679 | ABF asset | N/A |  | 02/2027 | 1223 | 1114 | 1170 |  |
| 9668689 | ABF asset | N/A |  | 02/2027 | 3889 | 3590 | 3721 |  |
| 9668702 | ABF asset | N/A |  | 02/2027 | 5689 | 5326 | 5497 |  |
| 9668723 | ABF asset | N/A |  | 02/2027 | 6805 | 6281 | 6416 |  |
| 9668727 | ABF asset | N/A |  | 02/2027 | 15822 | 14721 | 15089 |  |
| 9668803 | ABF asset | N/A |  | 02/2027 | 9136 | 8500 | 7324 |  |
| 9668906 | ABF asset | N/A |  | 02/2027 | 11173 | 10350 | 10154 |  |
| 9668995 | ABF asset | N/A |  | 02/2027 | 3751 | 3463 | 2803 |  |
| 9669043 | ABF asset | N/A |  | 02/2027 | 2921 | 2661 | 2829 |  |
| 9669074 | ABF asset | N/A |  | 02/2027 | 1559 | 1451 | 1268 |  |
| 9669090 | ABF asset | N/A |  | 02/2027 | 23425 | 21624 | 17539 |  |
| 9669325 | ABF asset | N/A |  | 02/2027 | 13612 | 12565 | 11826 |  |
| 9669430 | ABF asset | N/A |  | 02/2027 | 873 | 795 | 840 |  |
| 9669431 | ABF asset | N/A |  | 02/2027 | 2822 | 2605 | 2696 |  |
| 9669475 | ABF asset | N/A |  | 02/2027 | 681 | 631 | 633 |  |
| 9669489 | ABF asset | N/A |  | 02/2027 | 1469 | 1376 | 1401 |  |
| 9669534 | ABF asset | N/A |  | 02/2027 | 912 | 849 | 891 |  |
| 9669543 | ABF asset | N/A |  | 02/2027 | 3989 | 3734 | 3782 |  |
| 9669607 | ABF asset | N/A |  | 02/2027 | 6407 | 5997 | 6079 |  |
| 9669717 | ABF asset | N/A |  | 02/2027 | 2206 | 2011 | 2120 |  |
| 9669794 | ABF asset | N/A |  | 02/2027 | 2638 | 2403 | 2333 |  |
| 9669834 | ABF asset | N/A |  | 02/2027 | 2971 | 2781 | 2881 |  |
| 9669855 | ABF asset | N/A |  | 02/2027 | 7749 | 7153 | 7606 |  |
| 9670001 | ABF asset | N/A |  | 02/2027 | 7789 | 7291 | 7457 |  |
| 9670055 | ABF asset | N/A |  | 02/2027 | 11056 | 10287 | 10153 |  |
| 9670126 | ABF asset | N/A |  | 02/2027 | 1922 | 1774 | 1834 |  |
| 9670138 | ABF asset | N/A |  | 02/2027 | 832 | 760 | 804 |  |
| 9670148 | ABF asset | N/A |  | 02/2027 | 4450 | 4166 | 4182 |  |
| 9670191 | ABF asset | N/A |  | 02/2027 | 4141 | 3876 | 3929 |  |
| 9670206 | ABF asset | N/A |  | 02/2027 | 11315 | 10481 | 10756 |  |
| 9670301 | ABF asset | N/A |  | 02/2027 | 4825 | 4396 | 4715 |  |
| 9670388 | ABF asset | N/A |  | 02/2027 | 2007 | 1878 | 1761 |  |
| 9670401 | ABF asset | N/A |  | 02/2027 | 4803 | 4496 | 4595 |  |
| 9670420 | ABF asset | N/A |  | 02/2027 | 890 | 824 | 602 |  |
| 9670430 | ABF asset | N/A |  | 02/2027 | 10935 | 10236 | 10435 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9670527 | ABF asset | N/A |  | 02/2027 | 1550 | 1426 | 1485 |  |
| 9670557 | ABF asset | N/A |  | 02/2027 | 12676 | 11866 | 12145 |  |
| 9670638 | ABF asset | N/A |  | 02/2027 | 6800 | 6277 | 6421 |  |
| 9670672 | ABF asset | N/A |  | 02/2027 | 342 | 317 | 329 |  |
| 9670674 | ABF asset | N/A |  | 02/2027 | 5308 | 4939 | 5103 |  |
| 9670700 | ABF asset | N/A |  | 02/2027 | 34829 | 32604 | 33335 |  |
| 9670871 | ABF asset | N/A |  | 02/2027 | 1429 | 1302 | 1400 |  |
| 9670941 | ABF asset | N/A |  | 02/2027 | 3977 | 3671 | 3571 |  |
| 9670959 | ABF asset | N/A |  | 02/2027 | 3128 | 2928 | 3037 |  |
| 9670969 | ABF asset | N/A |  | 02/2027 | 3462 | 3241 | 3394 |  |
| 9671000 | ABF asset | N/A |  | 02/2027 | 1215 | 1118 | 1143 |  |
| 9671004 | ABF asset | N/A |  | 02/2027 | 16011 | 14988 | 15578 |  |
| 9671077 | ABF asset | N/A |  | 02/2027 | 4972 | 4606 | 4516 |  |
| 9671119 | ABF asset | N/A |  | 02/2027 | 1729 | 1618 | 1665 |  |
| 9671173 | ABF asset | N/A |  | 02/2027 | 1539 | 1441 | 1467 |  |
| 9671180 | ABF asset | N/A |  | 02/2027 | 3341 | 3058 | 3134 |  |
| 9671203 | ABF asset | N/A |  | 02/2027 | 28754 | 26201 | 27423 |  |
| 9671348 | ABF asset | N/A |  | 02/2027 | 17287 | 16183 | 16924 |  |
| 9671613 | ABF asset | N/A |  | 02/2027 | 40583 | 37990 | 38421 |  |
| 9671724 | ABF asset | N/A |  | 02/2027 | 18129 | 16677 | 16876 |  |
| 9671757 | ABF asset | N/A |  | 02/2027 | 4806 | 4499 | 4618 |  |
| 9671781 | ABF asset | N/A |  | 02/2027 | 8255 | 7728 | 7986 |  |
| 9671809 | ABF asset | N/A |  | 02/2027 | 11975 | 11210 | 11582 |  |
| 9671863 | ABF asset | N/A |  | 02/2027 | 1134 | 1051 | 1093 |  |
| 9671875 | ABF asset | N/A |  | 02/2027 | 1904 | 1783 | 1788 |  |
| 9671876 | ABF asset | N/A |  | 02/2027 | 15278 | 14103 | 14733 |  |
| 9671924 | ABF asset | N/A |  | 02/2027 | 2021 | 1892 | 1937 |  |
| 9671926 | ABF asset | N/A |  | 02/2027 | 13467 | 12432 | 12960 |  |
| 9672007 | ABF asset | N/A |  | 02/2027 | 5399 | 5054 | 5220 |  |
| 9672035 | ABF asset | N/A |  | 02/2027 | 112 | 103 | 110 |  |
| 9672061 | ABF asset | N/A |  | 02/2027 | 5157 | 4827 | 4991 |  |
| 9672068 | ABF asset | N/A |  | 02/2027 | 1885 | 1717 | 1794 |  |
| 9672072 | ABF asset | N/A |  | 02/2027 | 6970 | 6525 | 6138 |  |
| 9672105 | ABF asset | N/A |  | 02/2027 | 1227 | 1148 | 1171 |  |
| 9672114 | ABF asset | N/A |  | 02/2027 | 17670 | 16369 | 16794 |  |
| 9672206 | ABF asset | N/A |  | 02/2027 | 3354 | 3140 | 3225 |  |
| 9672224 | ABF asset | N/A |  | 02/2027 | 26456 | 24766 | 25461 |  |
| 9672331 | ABF asset | N/A |  | 02/2027 | 5549 | 5195 | 5342 |  |
| 9672437 | ABF asset | N/A |  | 02/2027 | 8775 | 8214 | 8514 |  |
| 9672497 | ABF asset | N/A |  | 02/2027 | 3753 | 3453 | 3511 |  |
| 9672526 | ABF asset | N/A |  | 02/2027 | 2497 | 2313 | 2375 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9672538 | ABF asset | N/A |  | 02/2027 | 8572 | 7812 | 8154 |  |
| 9672595 | ABF asset | N/A |  | 02/2027 | 16115 | 15086 | 15559 |  |
| 9672686 | ABF asset | N/A |  | 02/2027 | 1219 | 1141 | 1186 |  |
| 9672690 | ABF asset | N/A |  | 02/2027 | 22739 | 21287 | 21868 |  |
| 9675394 | ABF asset | N/A |  | 02/2027 | 1270 | 1189 | 1212 |  |
| 9675399 | ABF asset | N/A |  | 02/2027 | 7321 | 6853 | 6927 |  |
| 9675440 | ABF asset | N/A |  | 02/2027 | 4835 | 4526 | 4654 |  |
| 9675463 | ABF asset | N/A |  | 02/2027 | 1411 | 1289 | 1198 |  |
| 9675472 | ABF asset | N/A |  | 02/2027 | 5414 | 5068 | 5158 |  |
| 9675509 | ABF asset | N/A |  | 02/2027 | 2077 | 1897 | 1862 |  |
| 9675536 | ABF asset | N/A |  | 02/2027 | 18384 | 17210 | 15880 |  |
| 9675649 | ABF asset | N/A |  | 02/2027 | 3935 | 3661 | 3774 |  |
| 9675690 | ABF asset | N/A |  | 02/2027 | 874 | 801 | 750 |  |
| 9675694 | ABF asset | N/A |  | 02/2027 | 3997 | 3741 | 3834 |  |
| 9675737 | ABF asset | N/A |  | 02/2027 | 8599 | 7877 | 8017 |  |
| 9675783 | ABF asset | N/A |  | 02/2027 | 2005 | 1835 | 1697 |  |
| 9675794 | ABF asset | N/A |  | 02/2027 | 1664 | 1516 | 1612 |  |
| 9675827 | ABF asset | N/A |  | 02/2027 | 8664 | 8111 | 8350 |  |
| 9675902 | ABF asset | N/A |  | 02/2027 | 17601 | 16477 | 17090 |  |
| 9676110 | ABF asset | N/A |  | 02/2027 | 5442 | 5095 | 5102 |  |
| 9676255 | ABF asset | N/A |  | 02/2027 | 1467 | 1337 | 1275 |  |
| 9676265 | ABF asset | N/A |  | 02/2027 | 46720 | 42978 | 42818 |  |
| 9676546 | ABF asset | N/A |  | 02/2027 | 1455 | 1362 | 1409 |  |
| 9676566 | ABF asset | N/A |  | 02/2027 | 2252 | 2052 | 2138 |  |
| 9676588 | ABF asset | N/A |  | 02/2027 | 4426 | 4143 | 4157 |  |
| 9676631 | ABF asset | N/A |  | 02/2027 | 3121 | 2921 | 3021 |  |
| 9676669 | ABF asset | N/A |  | 02/2027 | 7360 | 6889 | 6913 |  |
| 9676687 | ABF asset | N/A |  | 02/2027 | 4471 | 4185 | 4199 |  |
| 9676702 | ABF asset | N/A |  | 02/2027 | 520 | 487 | 506 |  |
| 9676714 | ABF asset | N/A |  | 02/2027 | 9980 | 9094 | 8220 |  |
| 9676752 | ABF asset | N/A |  | 02/2027 | 2333 | 2170 | 2237 |  |
| 9676764 | ABF asset | N/A |  | 02/2027 | 2239 | 2074 | 2164 |  |
| 9676776 | ABF asset | N/A |  | 02/2027 | 3104 | 2906 | 3001 |  |
| 9676795 | ABF asset | N/A |  | 02/2027 | 9664 | 8890 | 9158 |  |
| 9676860 | ABF asset | N/A |  | 02/2027 | 4940 | 4596 | 4740 |  |
| 9676935 | ABF asset | N/A |  | 02/2027 | 3628 | 3396 | 3497 |  |
| 9676962 | ABF asset | N/A |  | 02/2027 | 1209 | 1119 | 676 |  |
| 9676967 | ABF asset | N/A |  | 02/2027 | 631 | 580 | 597 |  |
| 9676969 | ABF asset | N/A |  | 02/2027 | 3075 | 2802 | 1494 |  |
| 9676973 | ABF asset | N/A |  | 02/2027 | 33571 | 30990 | 31715 |  |
| 9677140 | ABF asset | N/A |  | 02/2027 | 4673 | 4267 | 2661 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9677189 | ABF asset | N/A |  | 02/2027 | 15667 | 14666 | 15087 |  |
| 9677391 | ABF asset | N/A |  | 02/2027 | 10037 | 9193 | 9605 |  |
| 9677538 | ABF asset | N/A |  | 02/2027 | 2916 | 2729 | 2792 |  |
| 9677550 | ABF asset | N/A |  | 02/2027 | 42899 | 39912 | 33823 |  |
| 9677650 | ABF asset | N/A |  | 02/2027 | 8513 | 7798 | 4166 |  |
| 9677663 | ABF asset | N/A |  | 02/2027 | 3309 | 3098 | 3181 |  |
| 9677684 | ABF asset | N/A |  | 02/2027 | 2998 | 2776 | 2860 |  |
| 9677696 | ABF asset | N/A |  | 02/2027 | 5869 | 5371 | 3998 |  |
| 9677712 | ABF asset | N/A |  | 02/2027 | 1548 | 1424 | 1442 |  |
| 9677713 | ABF asset | N/A |  | 02/2027 | 46396 | 43432 | 43604 |  |
| 9677887 | ABF asset | N/A |  | 02/2027 | 6262 | 5780 | 5912 |  |
| 9677921 | ABF asset | N/A |  | 02/2027 | 2680 | 2509 | 2567 |  |
| 9677944 | ABF asset | N/A |  | 02/2027 | 2917 | 2731 | 2766 |  |
| 9677950 | ABF asset | N/A |  | 02/2027 | 614 | 562 | 592 |  |
| 9677956 | ABF asset | N/A |  | 02/2027 | 3845 | 3519 | 3733 |  |
| 9677966 | ABF asset | N/A |  | 02/2027 | 15081 | 14117 | 14530 |  |
| 9678020 | ABF asset | N/A |  | 02/2027 | 5648 | 5287 | 5362 |  |
| 9678045 | ABF asset | N/A |  | 02/2027 | 2326 | 2154 | 1233 |  |
| 9678052 | ABF asset | N/A |  | 02/2027 | 15703 | 14371 | 15013 |  |
| 9678149 | ABF asset | N/A |  | 02/2027 | 7715 | 7222 | 7307 |  |
| 9678179 | ABF asset | N/A |  | 02/2027 | 24464 | 22901 | 23727 |  |
| 9678289 | ABF asset | N/A |  | 02/2027 | 7727 | 7071 | 7248 |  |
| 9678343 | ABF asset | N/A |  | 02/2027 | 803 | 735 | 768 |  |
| 9678365 | ABF asset | N/A |  | 02/2027 | 10240 | 9332 | 9474 |  |
| 9678455 | ABF asset | N/A |  | 02/2027 | 13041 | 11935 | 12505 |  |
| 9678531 | ABF asset | N/A |  | 02/2027 | 8687 | 8083 | 8197 |  |
| 9678583 | ABF asset | N/A |  | 02/2027 | 3831 | 3586 | 3705 |  |
| 9678603 | ABF asset | N/A |  | 02/2027 | 3127 | 2927 | 3007 |  |
| 9678619 | ABF asset | N/A |  | 02/2027 | 10509 | 9838 | 10069 |  |
| 9678802 | ABF asset | N/A |  | 02/2027 | 1223 | 1117 | 1162 |  |
| 9678803 | ABF asset | N/A |  | 02/2027 | 6665 | 6239 | 6274 |  |
| 9678898 | ABF asset | N/A |  | 02/2027 | 4508 | 4220 | 4394 |  |
| 9678913 | ABF asset | N/A |  | 02/2027 | 2411 | 2208 | 2276 |  |
| 9678944 | ABF asset | N/A |  | 02/2027 | 1857 | 1699 | 1786 |  |
| 9678985 | ABF asset | N/A |  | 02/2027 | 3319 | 3107 | 3197 |  |
| 9679009 | ABF asset | N/A |  | 02/2027 | 478 | 437 | 455 |  |
| 9679027 | ABF asset | N/A |  | 02/2027 | 7163 | 6555 | 6986 |  |
| 9679128 | ABF asset | N/A |  | 02/2027 | 8867 | 8157 | 8401 |  |
| 9679181 | ABF asset | N/A |  | 02/2027 | 6615 | 6193 | 6368 |  |
| 9679208 | ABF asset | N/A |  | 02/2027 | 1492 | 1396 | 1429 |  |
| 9679221 | ABF asset | N/A |  | 02/2027 | 21 | 19 | 20 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9679228 | ABF asset | N/A |  | 02/2027 | 10782 | 10093 | 10232 |  |
| 9679282 | ABF asset | N/A |  | 02/2027 | 1251 | 1151 | 1210 |  |
| 9679298 | ABF asset | N/A |  | 02/2027 | 862 | 789 | 823 |  |
| 9679305 | ABF asset | N/A |  | 02/2027 | 62489 | 58139 | 58967 |  |
| 9679560 | ABF asset | N/A |  | 02/2027 | 3699 | 3427 | 3576 |  |
| 9679575 | ABF asset | N/A |  | 02/2027 | 3428 | 3189 | 3268 |  |
| 9679598 | ABF asset | N/A |  | 02/2027 | 5473 | 5067 | 5252 |  |
| 9679647 | ABF asset | N/A |  | 02/2027 | 8167 | 7645 | 6898 |  |
| 9679684 | ABF asset | N/A |  | 02/2027 | 21365 | 20001 | 20385 |  |
| 9679832 | ABF asset | N/A |  | 02/2027 | 3185 | 2982 | 3069 |  |
| 9679870 | ABF asset | N/A |  | 02/2027 | 1584 | 1458 | 1533 |  |
| 9679995 | ABF asset | N/A |  | 02/2027 | 26416 | 24175 | 25308 |  |
| 9680219 | ABF asset | N/A |  | 02/2027 | 8907 | 8338 | 8578 |  |
| 9680285 | ABF asset | N/A |  | 02/2027 | 1563 | 1438 | 1361 |  |
| 9680305 | ABF asset | N/A |  | 02/2027 | 22929 | 21464 | 22252 |  |
| 9680532 | ABF asset | N/A |  | 02/2027 | 800 | 738 | 775 |  |
| 9680540 | ABF asset | N/A |  | 02/2027 | 4019 | 3722 | 1415 |  |
| 9680572 | ABF asset | N/A |  | 02/2027 | 9062 | 8365 | 8113 |  |
| 9680657 | ABF asset | N/A |  | 02/2027 | 4644 | 4302 | 4541 |  |
| 9680835 | ABF asset | N/A |  | 02/2027 | 4710 | 4408 | 4505 |  |
| 9680913 | ABF asset | N/A |  | 02/2027 | 13044 | 12210 | 12560 |  |
| 9681058 | ABF asset | N/A |  | 02/2027 | 28683 | 26385 | 20568 |  |
| 9681213 | ABF asset | N/A |  | 02/2027 | 39106 | 36608 | 37495 |  |
| 9681377 | ABF asset | N/A |  | 02/2027 | 705 | 656 | 678 |  |
| 9681379 | ABF asset | N/A |  | 02/2027 | 8470 | 7929 | 7971 |  |
| 9681404 | ABF asset | N/A |  | 02/2027 | 7222 | 6609 | 6828 |  |
| 9681456 | ABF asset | N/A |  | 02/2027 | 2232 | 2089 | 2126 |  |
| 9681477 | ABF asset | N/A |  | 02/2027 | 2417 | 2263 | 2341 |  |
| 9681489 | ABF asset | N/A |  | 02/2027 | 389 | 356 | 382 |  |
| 9681564 | ABF asset | N/A |  | 02/2027 | 3327 | 3115 | 3202 |  |
| 9681613 | ABF asset | N/A |  | 02/2027 | 844 | 779 | 797 |  |
| 9681681 | ABF asset | N/A |  | 02/2027 | 1987 | 1849 | 1857 |  |
| 9681695 | ABF asset | N/A |  | 02/2027 | 2127 | 1978 | 1989 |  |
| 9681723 | ABF asset | N/A |  | 02/2027 | 2017 | 1888 | 1943 |  |
| 9681741 | ABF asset | N/A |  | 02/2027 | 5442 | 5095 | 5209 |  |
| 9681757 | ABF asset | N/A |  | 02/2027 | 4019 | 3723 | 3790 |  |
| 9681758 | ABF asset | N/A |  | 02/2027 | 2240 | 2075 | 1769 |  |
| 9681782 | ABF asset | N/A |  | 02/2027 | 2661 | 2491 | 2589 |  |
| 9681792 | ABF asset | N/A |  | 02/2027 | 1247 | 1167 | 1106 |  |
| 9681814 | ABF asset | N/A |  | 02/2027 | 2538 | 2343 | 2322 |  |
| 9681830 | ABF asset | N/A |  | 02/2027 | 1635 | 1496 | 1594 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9681871 | ABF asset | N/A |  | 02/2027 | 42798 | 40064 | 40983 |  |
| 9682128 | ABF asset | N/A |  | 02/2027 | 31615 | 29414 | 30502 |  |
| 9682379 | ABF asset | N/A |  | 02/2027 | 5676 | 5172 | 5548 |  |
| 9682459 | ABF asset | N/A |  | 02/2027 | 29017 | 27163 | 28089 |  |
| 9682592 | ABF asset | N/A |  | 02/2027 | 6511 | 6011 | 6281 |  |
| 9682607 | ABF asset | N/A |  | 02/2027 | 36153 | 33373 | 33849 |  |
| 9682741 | ABF asset | N/A |  | 02/2027 | 3351 | 3104 | 3235 |  |
| 9682768 | ABF asset | N/A |  | 02/2027 | 8093 | 7470 | 7855 |  |
| 9682899 | ABF asset | N/A |  | 02/2027 | 2878 | 2622 | 2715 |  |
| 9682904 | ABF asset | N/A |  | 02/2027 | 5550 | 5196 | 5213 |  |
| 9682948 | ABF asset | N/A |  | 02/2027 | 10532 | 9859 | 10263 |  |
| 9683054 | ABF asset | N/A |  | 02/2027 | 3863 | 3617 | 3660 |  |
| 9683076 | ABF asset | N/A |  | 02/2027 | 7688 | 7197 | 7371 |  |
| 9683094 | ABF asset | N/A |  | 02/2027 | 9190 | 8603 | 8902 |  |
| 9683120 | ABF asset | N/A |  | 02/2027 | 3006 | 2739 | 2489 |  |
| 9683150 | ABF asset | N/A |  | 02/2027 | 4099 | 3797 | 3901 |  |
| 9683178 | ABF asset | N/A |  | 02/2027 | 4023 | 3665 | 3674 |  |
| 9683224 | ABF asset | N/A |  | 02/2027 | 65088 | 60930 | 61793 |  |
| 9683604 | ABF asset | N/A |  | 02/2027 | 6578 | 6157 | 6351 |  |
| 9683646 | ABF asset | N/A |  | 02/2027 | 1523 | 1388 | 1436 |  |
| 9683661 | ABF asset | N/A |  | 02/2027 | 27379 | 25630 | 26558 |  |
| 9683807 | ABF asset | N/A |  | 02/2027 | 2561 | 2397 | 2258 |  |
| 9683819 | ABF asset | N/A |  | 02/2027 | 14181 | 12922 | 13726 |  |
| 9683948 | ABF asset | N/A |  | 02/2027 | 1877 | 1757 | 1681 |  |
| 9683962 | ABF asset | N/A |  | 02/2027 | 2207 | 2043 | 2107 |  |
| 9683992 | ABF asset | N/A |  | 02/2027 | 1006 | 942 | 969 |  |
| 9683997 | ABF asset | N/A |  | 02/2027 | 3671 | 3436 | 3501 |  |
| 9684010 | ABF asset | N/A |  | 02/2027 | 18254 | 16634 | 16233 |  |
| 9684138 | ABF asset | N/A |  | 02/2027 | 10816 | 10125 | 10344 |  |
| 9684862 | ABF asset | N/A |  | 02/2027 | 5494 | 5006 | 5249 |  |
| 9684883 | ABF asset | N/A |  | 02/2027 | 2640 | 2471 | 2573 |  |
| 9684898 | ABF asset | N/A |  | 02/2027 | 9051 | 8384 | 8638 |  |
| 9684919 | ABF asset | N/A |  | 02/2027 | 999 | 925 | 929 |  |
| 9684920 | ABF asset | N/A |  | 02/2027 | 10868 | 10174 | 10289 |  |
| 9684956 | ABF asset | N/A |  | 02/2027 | 421 | 385 | 395 |  |
| 9684965 | ABF asset | N/A |  | 02/2027 | 3460 | 3166 | 3281 |  |
| 9684984 | ABF asset | N/A |  | 02/2027 | 4129 | 3823 | 3362 |  |
| 9684988 | ABF asset | N/A |  | 02/2027 | 3145 | 2926 | 3051 |  |
| 9685023 | ABF asset | N/A |  | 02/2027 | 979 | 895 | 917 |  |
| 9685037 | ABF asset | N/A |  | 02/2027 | 868 | 799 | 818 |  |
| 9685042 | ABF asset | N/A |  | 02/2027 | 1445 | 1316 | 1367 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9685057 | ABF asset | N/A |  | 02/2027 | 858 | 789 | 822 |  |
| 9685060 | ABF asset | N/A |  | 02/2027 | 9110 | 8528 | 8688 |  |
| 9685077 | ABF asset | N/A |  | 02/2027 | 234 | 214 | 226 |  |
| 9685096 | ABF asset | N/A |  | 02/2027 | 7321 | 6853 | 7065 |  |
| 9685187 | ABF asset | N/A |  | 02/2027 | 2763 | 2587 | 2624 |  |
| 9685200 | ABF asset | N/A |  | 02/2027 | 1076 | 980 | 1034 |  |
| 9685204 | ABF asset | N/A |  | 02/2027 | 2457 | 2300 | 2364 |  |
| 9685213 | ABF asset | N/A |  | 02/2027 | 5738 | 5338 | 5358 |  |
| 9685227 | ABF asset | N/A |  | 02/2027 | 10411 | 9686 | 10230 |  |
| 9685285 | ABF asset | N/A |  | 02/2027 | 1086 | 992 | 1039 |  |
| 9685288 | ABF asset | N/A |  | 02/2027 | 10079 | 9435 | 9615 |  |
| 9685307 | ABF asset | N/A |  | 02/2027 | 1698 | 1573 | 1573 |  |
| 9685331 | ABF asset | N/A |  | 02/2027 | 2292 | 2116 | 2233 |  |
| 9685342 | ABF asset | N/A |  | 02/2027 | 9549 | 8814 | 8798 |  |
| 9685372 | ABF asset | N/A |  | 02/2027 | 1966 | 1808 | 553 |  |
| 9685378 | ABF asset | N/A |  | 02/2027 | 1876 | 1755 | 1785 |  |
| 9685387 | ABF asset | N/A |  | 02/2027 | 8580 | 7818 | 7997 |  |
| 9685412 | ABF asset | N/A |  | 02/2027 | 6780 | 6178 | 6080 |  |
| 9685439 | ABF asset | N/A |  | 02/2027 | 3386 | 3099 | 3118 |  |
| 9685463 | ABF asset | N/A |  | 02/2027 | 9030 | 8335 | 8519 |  |
| 9685505 | ABF asset | N/A |  | 02/2027 | 4934 | 4569 | 24 |  |
| 9685514 | ABF asset | N/A |  | 02/2027 | 26539 | 24844 | 25259 |  |
| 9685600 | ABF asset | N/A |  | 02/2027 | 721 | 657 | 648 |  |
| 9685604 | ABF asset | N/A |  | 02/2027 | 9157 | 8380 | 8576 |  |
| 9685624 | ABF asset | N/A |  | 02/2027 | 2334 | 2185 | 2223 |  |
| 9685631 | ABF asset | N/A |  | 02/2027 | 2505 | 2313 | 2443 |  |
| 9685642 | ABF asset | N/A |  | 02/2027 | 2900 | 2715 | 2764 |  |
| 9685652 | ABF asset | N/A |  | 02/2027 | 8628 | 8077 | 8264 |  |
| 9685669 | ABF asset | N/A |  | 02/2027 | 2059 | 1876 | 196 |  |
| 9685675 | ABF asset | N/A |  | 02/2027 | 1689 | 1554 | 1632 |  |
| 9685682 | ABF asset | N/A |  | 02/2027 | 6381 | 5937 | 5815 |  |
| 9685700 | ABF asset | N/A |  | 02/2027 | 3335 | 3079 | 1220 |  |
| 9685708 | ABF asset | N/A |  | 02/2027 | 7521 | 6967 | 7298 |  |
| 9685745 | ABF asset | N/A |  | 02/2027 | 2139 | 2003 | 2057 |  |
| 9685747 | ABF asset | N/A |  | 02/2027 | 6762 | 6291 | 6575 |  |
| 9685774 | ABF asset | N/A |  | 02/2027 | 21158 | 19807 | 19819 |  |
| 9685860 | ABF asset | N/A |  | 02/2027 | 9396 | 8562 | 9058 |  |
| 9685897 | ABF asset | N/A |  | 02/2027 | 8647 | 8095 | 8081 |  |
| 9685918 | ABF asset | N/A |  | 02/2027 | 3519 | 3220 | 3328 |  |
| 9685932 | ABF asset | N/A |  | 02/2027 | 2745 | 2512 | 2600 |  |
| 9685943 | ABF asset | N/A |  | 02/2027 | 1279 | 1197 | 1223 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9685946 | ABF asset | N/A |  | 02/2027 | 2068 | 1924 | 1932 |  |
| 9685953 | ABF asset | N/A |  | 02/2027 | 3279 | 3051 | 3143 |  |
| 9685970 | ABF asset | N/A |  | 02/2027 | 1328 | 1211 | 1085 |  |
| 9685993 | ABF asset | N/A |  | 02/2027 | 1886 | 1766 | 1813 |  |
| 9686001 | ABF asset | N/A |  | 02/2027 | 2526 | 2351 | 2323 |  |
| 9686007 | ABF asset | N/A |  | 02/2027 | 3867 | 3620 | 3718 |  |
| 9686021 | ABF asset | N/A |  | 02/2027 | 6031 | 5611 | 5793 |  |
| 9686036 | ABF asset | N/A |  | 02/2027 | 3062 | 2790 | 2729 |  |
| 9686047 | ABF asset | N/A |  | 02/2027 | 4881 | 4569 | 4650 |  |
| 9686057 | ABF asset | N/A |  | 02/2027 | 4052 | 3693 | 2421 |  |
| 9686065 | ABF asset | N/A |  | 02/2027 | 295 | 273 | 285 |  |
| 9686089 | ABF asset | N/A |  | 02/2027 | 1401 | 1311 | 1345 |  |
| 9686094 | ABF asset | N/A |  | 02/2027 | 3350 | 3117 | 3068 |  |
| 9686178 | ABF asset | N/A |  | 02/2027 | 7216 | 6755 | 6910 |  |
| 9686197 | ABF asset | N/A |  | 02/2027 | 2415 | 2210 | 2046 |  |
| 9686252 | ABF asset | N/A |  | 02/2027 | 4185 | 3821 | 3753 |  |
| 9686257 | ABF asset | N/A |  | 02/2027 | 621 | 566 | 593 |  |
| 9686271 | ABF asset | N/A |  | 02/2027 | 1057 | 989 | 1040 |  |
| 9686280 | ABF asset | N/A |  | 02/2027 | 22477 | 21042 | 21584 |  |
| 9686346 | ABF asset | N/A |  | 02/2027 | 13829 | 12945 | 12923 |  |
| 9686381 | ABF asset | N/A |  | 02/2027 | 1893 | 1772 | 1834 |  |
| 9686384 | ABF asset | N/A |  | 02/2027 | 2668 | 2498 | 2554 |  |
| 9686392 | ABF asset | N/A |  | 02/2027 | 3766 | 3446 | 3391 |  |
| 9686417 | ABF asset | N/A |  | 02/2027 | 7790 | 7293 | 7525 |  |
| 9686433 | ABF asset | N/A |  | 02/2027 | 3219 | 3014 | 3070 |  |
| 9686443 | ABF asset | N/A |  | 02/2027 | 9344 | 8625 | 7217 |  |
| 9686463 | ABF asset | N/A |  | 02/2027 | 1120 | 1038 | 1081 |  |
| 9686466 | ABF asset | N/A |  | 02/2027 | 9230 | 8640 | 8804 |  |
| 9686496 | ABF asset | N/A |  | 02/2027 | 952 | 881 | 824 |  |
| 9686498 | ABF asset | N/A |  | 02/2027 | 852 | 776 | 808 |  |
| 9686750 | ABF asset | N/A |  | 02/2027 | 4171 | 3905 | 3996 |  |
| 9686769 | ABF asset | N/A |  | 02/2027 | 3123 | 2846 | 3001 |  |
| 9686780 | ABF asset | N/A |  | 02/2027 | 556 | 507 | 532 |  |
| 9686786 | ABF asset | N/A |  | 02/2027 | 3600 | 3333 | 3284 |  |
| 9686808 | ABF asset | N/A |  | 02/2027 | 3124 | 2846 | 2601 |  |
| 9686879 | ABF asset | N/A |  | 02/2027 | 1366 | 1279 | 1312 |  |
| 9686944 | ABF asset | N/A |  | 02/2027 | 5665 | 5163 | 4492 |  |
| 9686985 | ABF asset | N/A |  | 02/2027 | 7889 | 7204 | 4511 |  |
| 9687016 | ABF asset | N/A |  | 02/2027 | 2208 | 2012 | 2099 |  |
| 9687027 | ABF asset | N/A |  | 02/2027 | 7663 | 7173 | 7361 |  |
| 9687095 | ABF asset | N/A |  | 02/2027 | 12906 | 11872 | 12208 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9687244 | ABF asset | N/A |  | 02/2027 | 8338 | 7805 | 8008 |  |
| 9687373 | ABF asset | N/A |  | 02/2027 | 668 | 611 | 655 |  |
| 9687406 | ABF asset | N/A |  | 02/2027 | 1149 | 1075 | 1120 |  |
| 9687420 | ABF asset | N/A |  | 02/2027 | 7808 | 7183 | 7403 |  |
| 9687566 | ABF asset | N/A |  | 02/2027 | 762 | 697 | 734 |  |
| 9687587 | ABF asset | N/A |  | 02/2027 | 8837 | 8273 | 8526 |  |
| 9687682 | ABF asset | N/A |  | 02/2027 | 13170 | 12329 | 11551 |  |
| 9687757 | ABF asset | N/A |  | 02/2027 | 1876 | 1716 | 1773 |  |
| 9687776 | ABF asset | N/A |  | 02/2027 | 24524 | 22817 | 23656 |  |
| 9687922 | ABF asset | N/A |  | 02/2027 | 612 | 559 | 467 |  |
| 9687927 | ABF asset | N/A |  | 02/2027 | 4620 | 4265 | 4320 |  |
| 9687943 | ABF asset | N/A |  | 02/2027 | 7290 | 6672 | 6735 |  |
| 9687960 | ABF asset | N/A |  | 02/2027 | 3799 | 3519 | 3509 |  |
| 9688025 | ABF asset | N/A |  | 02/2027 | 5076 | 4752 | 4856 |  |
| 9688059 | ABF asset | N/A |  | 02/2027 | 214 | 195 | 209 |  |
| 9688075 | ABF asset | N/A |  | 02/2027 | 26261 | 24033 | 18331 |  |
| 9688170 | ABF asset | N/A |  | 02/2027 | 5355 | 4901 | 4581 |  |
| 9688176 | ABF asset | N/A |  | 02/2027 | 2174 | 2013 | 1977 |  |
| 9688192 | ABF asset | N/A |  | 02/2027 | 14819 | 13562 | 12632 |  |
| 9688248 | ABF asset | N/A |  | 02/2027 | 3988 | 3733 | 3731 |  |
| 9688274 | ABF asset | N/A |  | 02/2027 | 2748 | 2529 | 2397 |  |
| 9688280 | ABF asset | N/A |  | 02/2027 | 19096 | 17876 | 18641 |  |
| 9688388 | ABF asset | N/A |  | 02/2027 | 4073 | 3813 | 3820 |  |
| 9688405 | ABF asset | N/A |  | 02/2027 | 3790 | 3511 | 3598 |  |
| 9688428 | ABF asset | N/A |  | 02/2027 | 3042 | 2784 | 2845 |  |
| 9688434 | ABF asset | N/A |  | 02/2027 | 1937 | 1813 | 1834 |  |
| 9688448 | ABF asset | N/A |  | 02/2027 | 752 | 699 | 738 |  |
| 9688460 | ABF asset | N/A |  | 02/2027 | 3210 | 2937 | 2733 |  |
| 9688470 | ABF asset | N/A |  | 02/2027 | 4776 | 4352 | 4637 |  |
| 9688530 | ABF asset | N/A |  | 02/2027 | 3126 | 2861 | 2654 |  |
| 9688554 | ABF asset | N/A |  | 02/2027 | 9082 | 8502 | 8658 |  |
| 9688579 | ABF asset | N/A |  | 02/2027 | 2741 | 2498 | 2641 |  |
| 9688592 | ABF asset | N/A |  | 02/2027 | 2734 | 2544 | 2656 |  |
| 9688607 | ABF asset | N/A |  | 02/2027 | 1065 | 970 | 926 |  |
| 9688616 | ABF asset | N/A |  | 02/2027 | 14549 | 13620 | 14220 |  |
| 9688725 | ABF asset | N/A |  | 02/2027 | 13994 | 13099 | 13440 |  |
| 9688779 | ABF asset | N/A |  | 02/2027 | 5390 | 4933 | 5219 |  |
| 9688792 | ABF asset | N/A |  | 02/2027 | 7856 | 7159 | 7609 |  |
| 9688889 | ABF asset | N/A |  | 02/2027 | 4612 | 4257 | 4361 |  |
| 9688910 | ABF asset | N/A |  | 02/2027 | 49195 | 46052 | 46791 |  |
| 9689117 | ABF asset | N/A |  | 02/2027 | 1867 | 1747 | 1778 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9689124 | ABF asset | N/A |  | 02/2027 | 2370 | 2159 | 2211 |  |
| 9689138 | ABF asset | N/A |  | 02/2027 | 17139 | 16044 | 14939 |  |
| 9689231 | ABF asset | N/A |  | 02/2027 | 2451 | 2295 | 1193 |  |
| 9689237 | ABF asset | N/A |  | 02/2027 | 39285 | 36138 | 36638 |  |
| 9689367 | ABF asset | N/A |  | 02/2027 | 16078 | 15051 | 15437 |  |
| 9689400 | ABF asset | N/A |  | 02/2027 | 1595 | 1493 | 1410 |  |
| 9689409 | ABF asset | N/A |  | 02/2027 | 3958 | 3606 | 3823 |  |
| 9689431 | ABF asset | N/A |  | 02/2027 | 1896 | 1764 | 1822 |  |
| 9689496 | ABF asset | N/A |  | 02/2027 | 46909 | 43912 | 44890 |  |
| 9689604 | ABF asset | N/A |  | 02/2027 | 8843 | 8278 | 8552 |  |
| 9689631 | ABF asset | N/A |  | 02/2027 | 4543 | 4207 | 4230 |  |
| 9689654 | ABF asset | N/A |  | 02/2027 | 4445 | 4161 | 4237 |  |
| 9689689 | ABF asset | N/A |  | 02/2027 | 6508 | 5943 | 5838 |  |
| 9689719 | ABF asset | N/A |  | 02/2027 | 13617 | 12747 | 13112 |  |
| 9689739 | ABF asset | N/A |  | 02/2027 | 10805 | 10114 | 10351 |  |
| 9689773 | ABF asset | N/A |  | 02/2027 | 1817 | 1701 | 1760 |  |
| 9689775 | ABF asset | N/A |  | 02/2027 | 1298 | 1207 | 1211 |  |
| 9689783 | ABF asset | N/A |  | 02/2027 | 14326 | 13054 | 11657 |  |
| 9689815 | ABF asset | N/A |  | 02/2027 | 1477 | 1363 | 1385 |  |
| 9689826 | ABF asset | N/A |  | 02/2027 | 4715 | 4414 | 4470 |  |
| 9689835 | ABF asset | N/A |  | 02/2027 | 5340 | 4947 | 5073 |  |
| 9689861 | ABF asset | N/A |  | 02/2027 | 34128 | 31752 | 31922 |  |
| 9689988 | ABF asset | N/A |  | 02/2027 | 532 | 493 | 511 |  |
| 9690001 | ABF asset | N/A |  | 02/2027 | 6684 | 6256 | 6419 |  |
| 9690010 | ABF asset | N/A |  | 02/2027 | 779 | 721 | 69 |  |
| 9690011 | ABF asset | N/A |  | 02/2027 | 7951 | 7444 | 7639 |  |
| 9690027 | ABF asset | N/A |  | 02/2027 | 8249 | 7516 | 7900 |  |
| 9690073 | ABF asset | N/A |  | 02/2027 | 1970 | 1833 | 1860 |  |
| 9690082 | ABF asset | N/A |  | 02/2027 | 2784 | 2550 | 2659 |  |
| 9690086 | ABF asset | N/A |  | 02/2027 | 21374 | 20008 | 20280 |  |
| 9690146 | ABF asset | N/A |  | 02/2027 | 618 | 563 | 592 |  |
| 9690151 | ABF asset | N/A |  | 02/2027 | 4501 | 4119 | 4165 |  |
| 9690181 | ABF asset | N/A |  | 02/2027 | 22973 | 21505 | 20064 |  |
| 9690213 | ABF asset | N/A |  | 02/2027 | 17198 | 16099 | 16714 |  |
| 9690293 | ABF asset | N/A |  | 02/2027 | 3638 | 3405 | 3496 |  |
| 9690321 | ABF asset | N/A |  | 02/2027 | 308 | 285 | 263 |  |
| 9690322 | ABF asset | N/A |  | 02/2027 | 8587 | 8038 | 8191 |  |
| 9690347 | ABF asset | N/A |  | 02/2027 | 6062 | 5640 | 5773 |  |
| 9690387 | ABF asset | N/A |  | 02/2027 | 562 | 512 | 534 |  |
| 9690391 | ABF asset | N/A |  | 02/2027 | 15898 | 14487 | 15046 |  |
| 9690456 | ABF asset | N/A |  | 02/2027 | 27041 | 25049 | 26067 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9690585 | ABF asset | N/A |  | 02/2027 | 9446 | 8789 | 9102 |  |
| 9690635 | ABF asset | N/A |  | 02/2027 | 32070 | 29501 | 30415 |  |
| 9690696 | ABF asset | N/A |  | 02/2027 | 552 | 504 | 523 |  |
| 9690701 | ABF asset | N/A |  | 02/2027 | 3163 | 2920 | 2960 |  |
| 9690709 | ABF asset | N/A |  | 02/2027 | 12196 | 11417 | 11608 |  |
| 9690770 | ABF asset | N/A |  | 02/2027 | 41179 | 38549 | 38549 |  |
| 9690874 | ABF asset | N/A |  | 02/2027 | 18357 | 17005 | 17539 |  |
| 9690929 | ABF asset | N/A |  | 02/2027 | 9058 | 8254 | 5127 |  |
| 9690995 | ABF asset | N/A |  | 02/2027 | 5711 | 5313 | 5441 |  |
| 9691147 | ABF asset | N/A |  | 02/2027 | 2461 | 2254 | 2286 |  |
| 9691168 | ABF asset | N/A |  | 02/2027 | 2812 | 2633 | 2746 |  |
| 9691181 | ABF asset | N/A |  | 02/2027 | 3564 | 3301 | 3434 |  |
| 9691216 | ABF asset | N/A |  | 02/2027 | 888 | 822 | 847 |  |
| 9691226 | ABF asset | N/A |  | 02/2027 | 9835 | 8962 | 8848 |  |
| 9691391 | ABF asset | N/A |  | 02/2027 | 13987 | 12800 | 13460 |  |
| 9691602 | ABF asset | N/A |  | 02/2027 | 1908 | 1786 | 1803 |  |
| 9691658 | ABF asset | N/A |  | 02/2027 | 2935 | 2674 | 2607 |  |
| 9691670 | ABF asset | N/A |  | 02/2027 | 2649 | 2464 | 2590 |  |
| 9691696 | ABF asset | N/A |  | 02/2027 | 1119 | 1020 | 600 |  |
| 9691701 | ABF asset | N/A |  | 02/2027 | 5651 | 5216 | 5394 |  |
| 9691767 | ABF asset | N/A |  | 02/2027 | 11859 | 10853 | 11113 |  |
| 9691869 | ABF asset | N/A |  | 02/2027 | 830 | 769 | 812 |  |
| 9691882 | ABF asset | N/A |  | 02/2027 | 2923 | 2708 | 2313 |  |
| 9691913 | ABF asset | N/A |  | 02/2027 | 2108 | 1921 | 1952 |  |
| 9691940 | ABF asset | N/A |  | 02/2027 | 17565 | 16443 | 16878 |  |
| 9692069 | ABF asset | N/A |  | 02/2027 | 15571 | 14487 | 14541 |  |
| 9692172 | ABF asset | N/A |  | 02/2027 | 5370 | 4957 | 4067 |  |
| 9692237 | ABF asset | N/A |  | 02/2027 | 10225 | 9471 | 9844 |  |
| 9692373 | ABF asset | N/A |  | 02/2027 | 11627 | 10884 | 11241 |  |
| 9692470 | ABF asset | N/A |  | 02/2027 | 1048 | 955 | 977 |  |
| 9692491 | ABF asset | N/A |  | 02/2027 | 2404 | 2190 | 2283 |  |
| 9692529 | ABF asset | N/A |  | 02/2027 | 1843 | 1696 | 1770 |  |
| 9692534 | ABF asset | N/A |  | 02/2027 | 650 | 595 | 621 |  |
| 9692571 | ABF asset | N/A |  | 02/2027 | 1892 | 1747 | 1842 |  |
| 9692587 | ABF asset | N/A |  | 02/2027 | 9045 | 8467 | 8701 |  |
| 9692628 | ABF asset | N/A |  | 02/2027 | 61002 | 56312 | 56351 |  |
| 9692966 | ABF asset | N/A |  | 02/2027 | 2717 | 2528 | 2563 |  |
| 9692977 | ABF asset | N/A |  | 02/2027 | 2608 | 2441 | 2485 |  |
| 9693066 | ABF asset | N/A |  | 02/2027 | 20277 | 18982 | 19848 |  |
| 9693208 | ABF asset | N/A |  | 02/2027 | 13800 | 12839 | 13437 |  |
| 9693314 | ABF asset | N/A |  | 02/2027 | 11480 | 10561 | 10872 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9693375 | ABF asset | N/A |  | 02/2027 | 902 | 844 | 874 |  |
| 9693379 | ABF asset | N/A |  | 02/2027 | 4010 | 3690 | 3484 |  |
| 9693393 | ABF asset | N/A |  | 02/2027 | 18906 | 17698 | 18179 |  |
| 9693489 | ABF asset | N/A |  | 02/2027 | 334 | 305 | 319 |  |
| 9693510 | ABF asset | N/A |  | 02/2027 | 5127 | 4799 | 4857 |  |
| 9693544 | ABF asset | N/A |  | 02/2027 | 190 | 176 | 184 |  |
| 9693545 | ABF asset | N/A |  | 02/2027 | 1402 | 1312 | 1361 |  |
| 9693563 | ABF asset | N/A |  | 02/2027 | 3503 | 3245 | 3393 |  |
| 9693593 | ABF asset | N/A |  | 02/2027 | 25012 | 22792 | 22884 |  |
| 9693715 | ABF asset | N/A |  | 02/2027 | 1946 | 1802 | 1859 |  |
| 9693722 | ABF asset | N/A |  | 02/2027 | 33828 | 31473 | 32149 |  |
| 9693861 | ABF asset | N/A |  | 02/2027 | 18768 | 17569 | 17976 |  |
| 9693933 | ABF asset | N/A |  | 02/2027 | 7878 | 7179 | 7336 |  |
| 9693991 | ABF asset | N/A |  | 02/2027 | 552 | 517 | 536 |  |
| 9693992 | ABF asset | N/A |  | 02/2027 | 2990 | 2768 | 2755 |  |
| 9694019 | ABF asset | N/A |  | 02/2027 | 31550 | 29226 | 30393 |  |
| 9694164 | ABF asset | N/A |  | 02/2027 | 5551 | 5196 | 5335 |  |
| 9694180 | ABF asset | N/A |  | 02/2027 | 3206 | 2928 | 1763 |  |
| 9694198 | ABF asset | N/A |  | 02/2027 | 19695 | 18118 | 18556 |  |
| 9694290 | ABF asset | N/A |  | 02/2027 | 69100 | 64686 | 66093 |  |
| 9694492 | ABF asset | N/A |  | 02/2027 | 5031 | 4709 | 4837 |  |
| 9694500 | ABF asset | N/A |  | 02/2027 | 11255 | 10536 | 10819 |  |
| 9694556 | ABF asset | N/A |  | 02/2027 | 43562 | 40529 | 41404 |  |
| 9694709 | ABF asset | N/A |  | 02/2027 | 10696 | 10013 | 10386 |  |
| 9694739 | ABF asset | N/A |  | 02/2027 | 17630 | 16275 | 6321 |  |
| 9694774 | ABF asset | N/A |  | 02/2027 | 3605 | 3354 | 3435 |  |
| 9694780 | ABF asset | N/A |  | 02/2027 | 1048 | 958 | 968 |  |
| 9694781 | ABF asset | N/A |  | 02/2027 | 22639 | 20972 | 22066 |  |
| 9694858 | ABF asset | N/A |  | 02/2027 | 5048 | 4726 | 4831 |  |
| 9694894 | ABF asset | N/A |  | 02/2027 | 10192 | 9541 | 9699 |  |
| 9694918 | ABF asset | N/A |  | 02/2027 | 6769 | 6337 | 5903 |  |
| 9694941 | ABF asset | N/A |  | 02/2027 | 39940 | 37389 | 38375 |  |
| 9695038 | ABF asset | N/A |  | 02/2027 | 10592 | 9777 | 8071 |  |
| 9695057 | ABF asset | N/A |  | 02/2027 | 6794 | 6321 | 6513 |  |
| 9695090 | ABF asset | N/A |  | 02/2027 | 2403 | 2250 | 2312 |  |
| 9695100 | ABF asset | N/A |  | 02/2027 | 2822 | 2583 | 2704 |  |
| 9695203 | ABF asset | N/A |  | 02/2027 | 1110 | 1021 | 1050 |  |
| 9695209 | ABF asset | N/A |  | 02/2027 | 14673 | 13440 | 11984 |  |
| 9695263 | ABF asset | N/A |  | 02/2027 | 3938 | 3588 | 3786 |  |
| 9695292 | ABF asset | N/A |  | 02/2027 | 57723 | 54036 | 55694 |  |
| 9695459 | ABF asset | N/A |  | 02/2027 | 64406 | 59922 | 58775 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9695582 | ABF asset | N/A |  | 02/2027 | 9206 | 8388 | 5816 |  |
| 9695617 | ABF asset | N/A |  | 02/2027 | 9505 | 8698 | 9151 |  |
| 9695675 | ABF asset | N/A |  | 02/2027 | 968 | 896 | 930 |  |
| 9695682 | ABF asset | N/A |  | 02/2027 | 21596 | 19764 | 20199 |  |
| 9695907 | ABF asset | N/A |  | 02/2027 | 15682 | 14291 | 14364 |  |
| 9696064 | ABF asset | N/A |  | 02/2027 | 19180 | 17955 | 18267 |  |
| 9696186 | ABF asset | N/A |  | 02/2027 | 13929 | 13039 | 13390 |  |
| 9696255 | ABF asset | N/A |  | 02/2027 | 1146 | 1061 | 1108 |  |
| 9696328 | ABF asset | N/A |  | 02/2027 | 966 | 889 | 882 |  |
| 9696337 | ABF asset | N/A |  | 02/2027 | 43639 | 40602 | 42526 |  |
| 9696949 | ABF asset | N/A |  | 02/2027 | 4402 | 4121 | 4114 |  |
| 9696960 | ABF asset | N/A |  | 02/2027 | 2725 | 2536 | 2161 |  |
| 9696988 | ABF asset | N/A |  | 02/2027 | 11444 | 10601 | 10554 |  |
| 9697029 | ABF asset | N/A |  | 02/2027 | 1872 | 1706 | 1788 |  |
| 9697040 | ABF asset | N/A |  | 02/2027 | 602 | 558 | 324 |  |
| 9697051 | ABF asset | N/A |  | 02/2027 | 2369 | 2217 | 2267 |  |
| 9697087 | ABF asset | N/A |  | 02/2027 | 1435 | 1320 | 1055 |  |
| 9697099 | ABF asset | N/A |  | 02/2027 | 7025 | 6576 | 6750 |  |
| 9697116 | ABF asset | N/A |  | 02/2027 | 16076 | 15049 | 15579 |  |
| 9697259 | ABF asset | N/A |  | 02/2027 | 10745 | 9919 | 10141 |  |
| 9697317 | ABF asset | N/A |  | 02/2027 | 1026 | 951 | 996 |  |
| 9697338 | ABF asset | N/A |  | 02/2027 | 10614 | 9672 | 10019 |  |
| 9697435 | ABF asset | N/A |  | 02/2027 | 2074 | 1930 | 1977 |  |
| 9697443 | ABF asset | N/A |  | 02/2027 | 609 | 555 | 598 |  |
| 9697463 | ABF asset | N/A |  | 02/2027 | 7707 | 7170 | 7187 |  |
| 9697488 | ABF asset | N/A |  | 02/2027 | 14501 | 13426 | 5733 |  |
| 9697538 | ABF asset | N/A |  | 02/2027 | 4777 | 4472 | 4641 |  |
| 9697565 | ABF asset | N/A |  | 02/2027 | 8565 | 8018 | 8166 |  |
| 9697596 | ABF asset | N/A |  | 02/2027 | 20813 | 19364 | 19837 |  |
| 9697683 | ABF asset | N/A |  | 02/2027 | 5468 | 5118 | 5286 |  |
| 9697753 | ABF asset | N/A |  | 02/2027 | 2442 | 2254 | 2200 |  |
| 9697757 | ABF asset | N/A |  | 02/2027 | 2134 | 1985 | 2014 |  |
| 9697761 | ABF asset | N/A |  | 02/2027 | 891 | 812 | 865 |  |
| 9697768 | ABF asset | N/A |  | 02/2027 | 3502 | 3259 | 3374 |  |
| 9697788 | ABF asset | N/A |  | 02/2027 | 12815 | 11996 | 12399 |  |
| 9697892 | ABF asset | N/A |  | 02/2027 | 13182 | 12211 | 12513 |  |
| 9697997 | ABF asset | N/A |  | 02/2027 | 939 | 856 | 887 |  |
| 9697998 | ABF asset | N/A |  | 02/2027 | 23756 | 22238 | 22583 |  |
| 9698068 | ABF asset | N/A |  | 02/2027 | 8497 | 7954 | 8256 |  |
| 9698118 | ABF asset | N/A |  | 02/2027 | 2312 | 2107 | 2222 |  |
| 9698127 | ABF asset | N/A |  | 02/2027 | 3074 | 2838 | 2980 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9698138 | ABF asset | N/A |  | 02/2027 | 2279 | 2133 | 2192 |  |
| 9698173 | ABF asset | N/A |  | 02/2027 | 11910 | 11149 | 11481 |  |
| 9698222 | ABF asset | N/A |  | 02/2027 | 18858 | 17184 | 18144 |  |
| 9698319 | ABF asset | N/A |  | 02/2027 | 7140 | 6507 | 6866 |  |
| 9698359 | ABF asset | N/A |  | 02/2027 | 20262 | 18770 | 19365 |  |
| 9698440 | ABF asset | N/A |  | 02/2027 | 71790 | 66501 | 67550 |  |
| 9698730 | ABF asset | N/A |  | 02/2027 | 395 | 361 | 383 |  |
| 9698735 | ABF asset | N/A |  | 02/2027 | 4845 | 4473 | 4342 |  |
| 9698761 | ABF asset | N/A |  | 02/2027 | 7159 | 6702 | 6861 |  |
| 9698787 | ABF asset | N/A |  | 02/2027 | 17555 | 16262 | 16491 |  |
| 9698825 | ABF asset | N/A |  | 02/2027 | 5617 | 5258 | 4719 |  |
| 9698844 | ABF asset | N/A |  | 02/2027 | 3470 | 3248 | 3005 |  |
| 9698849 | ABF asset | N/A |  | 02/2027 | 11406 | 10612 | 10952 |  |
| 9698884 | ABF asset | N/A |  | 02/2027 | 9674 | 9056 | 8336 |  |
| 9698949 | ABF asset | N/A |  | 02/2027 | 7977 | 7467 | 7710 |  |
| 9698985 | ABF asset | N/A |  | 02/2027 | 6757 | 6325 | 6484 |  |
| 9699017 | ABF asset | N/A |  | 02/2027 | 24567 | 22757 | 23874 |  |
| 9699131 | ABF asset | N/A |  | 02/2027 | 5714 | 5349 | 4991 |  |
| 9699147 | ABF asset | N/A |  | 02/2027 | 6481 | 6067 | 6205 |  |
| 9699177 | ABF asset | N/A |  | 02/2027 | 3124 | 2874 | 2956 |  |
| 9699206 | ABF asset | N/A |  | 02/2027 | 1476 | 1363 | 1432 |  |
| 9699218 | ABF asset | N/A |  | 02/2027 | 2121 | 1964 | 1738 |  |
| 9699222 | ABF asset | N/A |  | 02/2027 | 7073 | 6552 | 6759 |  |
| 9699239 | ABF asset | N/A |  | 02/2027 | 13738 | 12861 | 13192 |  |
| 9699296 | ABF asset | N/A |  | 02/2027 | 964 | 878 | 912 |  |
| 9699302 | ABF asset | N/A |  | 02/2027 | 5536 | 5128 | 5364 |  |
| 9699345 | ABF asset | N/A |  | 02/2027 | 13631 | 12760 | 12973 |  |
| 9699366 | ABF asset | N/A |  | 02/2027 | 1284 | 1170 | 1242 |  |
| 9699380 | ABF asset | N/A |  | 02/2027 | 1562 | 1447 | 1516 |  |
| 9699388 | ABF asset | N/A |  | 02/2027 | 6717 | 6288 | 6304 |  |
| 9699421 | ABF asset | N/A |  | 02/2027 | 2634 | 2423 | 2550 |  |
| 9699446 | ABF asset | N/A |  | 02/2027 | 5489 | 5138 | 5249 |  |
| 9699484 | ABF asset | N/A |  | 02/2027 | 11863 | 10989 | 11593 |  |
| 9699584 | ABF asset | N/A |  | 02/2027 | 12754 | 11939 | 10931 |  |
| 9699608 | ABF asset | N/A |  | 02/2027 | 2099 | 1912 | 1887 |  |
| 9699617 | ABF asset | N/A |  | 02/2027 | 16199 | 15164 | 15517 |  |
| 9699687 | ABF asset | N/A |  | 02/2027 | 3258 | 3018 | 3176 |  |
| 9699737 | ABF asset | N/A |  | 02/2027 | 1498 | 1368 | 846 |  |
| 9699755 | ABF asset | N/A |  | 02/2027 | 1364 | 1269 | 1284 |  |
| 9699761 | ABF asset | N/A |  | 02/2027 | 10132 | 9281 | 8767 |  |
| 9699817 | ABF asset | N/A |  | 02/2027 | 15444 | 14257 | 14964 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9702396 | ABF asset | N/A |  | 02/2027 | 1585 | 1444 | 1476 |  |
| 9702417 | ABF asset | N/A |  | 02/2027 | 1301 | 1200 | 1242 |  |
| 9702425 | ABF asset | N/A |  | 02/2027 | 6758 | 6239 | 6447 |  |
| 9702466 | ABF asset | N/A |  | 02/2027 | 5980 | 5598 | 5771 |  |
| 9702509 | ABF asset | N/A |  | 02/2027 | 551 | 510 | 453 |  |
| 9702513 | ABF asset | N/A |  | 02/2027 | 4075 | 3792 | 3712 |  |
| 9702567 | ABF asset | N/A |  | 02/2027 | 2169 | 1977 | 1956 |  |
| 9702577 | ABF asset | N/A |  | 02/2027 | 2797 | 2618 | 2643 |  |
| 9702614 | ABF asset | N/A |  | 02/2027 | 2052 | 1921 | 1923 |  |
| 9702635 | ABF asset | N/A |  | 02/2027 | 5470 | 5121 | 5274 |  |
| 9702679 | ABF asset | N/A |  | 02/2027 | 27455 | 25702 | 26236 |  |
| 9702909 | ABF asset | N/A |  | 02/2027 | 12520 | 11648 | 11934 |  |
| 9703049 | ABF asset | N/A |  | 02/2027 | 5188 | 4857 | 4983 |  |
| 9703125 | ABF asset | N/A |  | 02/2027 | 1237 | 1127 | 1104 |  |
| 9703154 | ABF asset | N/A |  | 02/2027 | 1902 | 1762 | 1831 |  |
| 9703245 | ABF asset | N/A |  | 02/2027 | 1205 | 1097 | 1142 |  |
| 9703274 | ABF asset | N/A |  | 02/2027 | 15508 | 14518 | 7497 |  |
| 9703361 | ABF asset | N/A |  | 02/2027 | 9953 | 9089 | 9433 |  |
| 9703507 | ABF asset | N/A |  | 02/2027 | 3548 | 3321 | 3385 |  |
| 9703524 | ABF asset | N/A |  | 02/2027 | 9336 | 8740 | 8927 |  |
| 9703609 | ABF asset | N/A |  | 02/2027 | 13667 | 12508 | 12387 |  |
| 9703740 | ABF asset | N/A |  | 02/2027 | 1899 | 1759 | 1859 |  |
| 9703784 | ABF asset | N/A |  | 02/2027 | 10620 | 9881 | 10233 |  |
| 9703884 | ABF asset | N/A |  | 02/2027 | 55728 | 51848 | 45655 |  |
| 9704298 | ABF asset | N/A |  | 02/2027 | 5820 | 5448 | 5694 |  |
| 9704347 | ABF asset | N/A |  | 02/2027 | 787 | 724 | 746 |  |
| 9704350 | ABF asset | N/A |  | 02/2027 | 5379 | 4965 | 5233 |  |
| 9704389 | ABF asset | N/A |  | 02/2027 | 8875 | 8164 | 6471 |  |
| 9704462 | ABF asset | N/A |  | 02/2027 | 667 | 608 | 557 |  |
| 9704481 | ABF asset | N/A |  | 02/2027 | 10230 | 9576 | 9868 |  |
| 9704542 | ABF asset | N/A |  | 02/2027 | 40633 | 37639 | 37500 |  |
| 9704807 | ABF asset | N/A |  | 02/2027 | 8424 | 7886 | 8029 |  |
| 9704856 | ABF asset | N/A |  | 02/2027 | 314 | 291 | 302 |  |
| 9704857 | ABF asset | N/A |  | 02/2027 | 4518 | 4229 | 4345 |  |
| 9704872 | ABF asset | N/A |  | 02/2027 | 4344 | 4066 | 4178 |  |
| 9704883 | ABF asset | N/A |  | 02/2027 | 27626 | 25414 | 25993 |  |
| 9704980 | ABF asset | N/A |  | 02/2027 | 50463 | 46182 | 46598 |  |
| 9705249 | ABF asset | N/A |  | 02/2027 | 14918 | 13965 | 13961 |  |
| 9705317 | ABF asset | N/A |  | 02/2027 | 12421 | 11628 | 11777 |  |
| 9705357 | ABF asset | N/A |  | 02/2027 | 6540 | 5960 | 6096 |  |
| 9705374 | ABF asset | N/A |  | 02/2027 | 2474 | 2255 | 2013 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9705383 | ABF asset | N/A |  | 02/2027 | 9196 | 8556 | 8872 |  |
| 9705413 | ABF asset | N/A |  | 02/2027 | 37685 | 34787 | 35321 |  |
| 9705546 | ABF asset | N/A |  | 02/2027 | 20692 | 19251 | 19025 |  |
| 9705652 | ABF asset | N/A |  | 02/2027 | 11568 | 10541 | 9972 |  |
| 9705681 | ABF asset | N/A |  | 02/2027 | 11704 | 10957 | 11093 |  |
| 9705709 | ABF asset | N/A |  | 02/2027 | 10177 | 9527 | 9696 |  |
| 9705753 | ABF asset | N/A |  | 02/2027 | 32849 | 30751 | 31055 |  |
| 9705923 | ABF asset | N/A |  | 02/2027 | 8515 | 7922 | 8188 |  |
| 9706021 | ABF asset | N/A |  | 02/2027 | 3084 | 2869 | 2994 |  |
| 9706051 | ABF asset | N/A |  | 02/2027 | 6242 | 5843 | 6047 |  |
| 9706094 | ABF asset | N/A |  | 02/2027 | 2929 | 2669 | 2830 |  |
| 9706114 | ABF asset | N/A |  | 02/2027 | 6255 | 5855 | 5985 |  |
| 9706155 | ABF asset | N/A |  | 02/2027 | 255 | 232 | 245 |  |
| 9706164 | ABF asset | N/A |  | 02/2027 | 373 | 343 | 359 |  |
| 9706165 | ABF asset | N/A |  | 02/2027 | 4524 | 4209 | 4415 |  |
| 9706200 | ABF asset | N/A |  | 02/2027 | 9968 | 9229 | 9643 |  |
| 9706431 | ABF asset | N/A |  | 02/2027 | 768 | 707 | 744 |  |
| 9706439 | ABF asset | N/A |  | 02/2027 | 6742 | 6311 | 6458 |  |
| 9706467 | ABF asset | N/A |  | 02/2027 | 4754 | 4450 | 4527 |  |
| 9706497 | ABF asset | N/A |  | 02/2027 | 2533 | 2318 | 2422 |  |
| 9706514 | ABF asset | N/A |  | 02/2027 | 3375 | 3160 | 3234 |  |
| 9706550 | ABF asset | N/A |  | 02/2027 | 9519 | 8693 | 9118 |  |
| 9706630 | ABF asset | N/A |  | 02/2027 | 2918 | 2732 | 2792 |  |
| 9706673 | ABF asset | N/A |  | 02/2027 | 462 | 428 | 445 |  |
| 9706754 | ABF asset | N/A |  | 02/2027 | 12291 | 11505 | 10909 |  |
| 9706785 | ABF asset | N/A |  | 02/2027 | 9232 | 8552 | 8691 |  |
| 9706804 | ABF asset | N/A |  | 02/2027 | 7299 | 6790 | 6949 |  |
| 9706854 | ABF asset | N/A |  | 02/2027 | 7655 | 7165 | 7388 |  |
| 9706888 | ABF asset | N/A |  | 02/2027 | 677 | 620 | 634 |  |
| 9706896 | ABF asset | N/A |  | 02/2027 | 7251 | 6636 | 6546 |  |
| 9707006 | ABF asset | N/A |  | 02/2027 | 10717 | 10032 | 10352 |  |
| 9707126 | ABF asset | N/A |  | 02/2027 | 6313 | 5827 | 6025 |  |
| 9707154 | ABF asset | N/A |  | 02/2027 | 16837 | 15543 | 12580 |  |
| 9707232 | ABF asset | N/A |  | 02/2027 | 18542 | 17251 | 17499 |  |
| 9707324 | ABF asset | N/A |  | 02/2027 | 320 | 293 | 313 |  |
| 9707338 | ABF asset | N/A |  | 02/2027 | 140 | 128 | 135 |  |
| 9707353 | ABF asset | N/A |  | 02/2027 | 2687 | 2516 | 2547 |  |
| 9707507 | ABF asset | N/A |  | 02/2027 | 7366 | 6824 | 6938 |  |
| 9707611 | ABF asset | N/A |  | 02/2027 | 5394 | 5018 | 5169 |  |
| 9707635 | ABF asset | N/A |  | 02/2027 | 4088 | 3827 | 3907 |  |
| 9707664 | ABF asset | N/A |  | 02/2027 | 3056 | 2785 | 2931 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9707833 | ABF asset | N/A |  | 02/2027 | 8710 | 8068 | 8314 |  |
| 9707983 | ABF asset | N/A |  | 02/2027 | 2275 | 2130 | 2187 |  |
| 9708010 | ABF asset | N/A |  | 02/2027 | 12695 | 11811 | 11575 |  |
| 9708117 | ABF asset | N/A |  | 02/2027 | 2842 | 2661 | 2750 |  |
| 9708121 | ABF asset | N/A |  | 02/2027 | 7564 | 7081 | 7251 |  |
| 9708177 | ABF asset | N/A |  | 02/2027 | 2690 | 2518 | 2597 |  |
| 9708188 | ABF asset | N/A |  | 02/2027 | 21352 | 19865 | 20574 |  |
| 9708347 | ABF asset | N/A |  | 02/2027 | 5857 | 5483 | 5607 |  |
| 9708368 | ABF asset | N/A |  | 02/2027 | 3138 | 2937 | 3020 |  |
| 9708381 | ABF asset | N/A |  | 02/2027 | 22799 | 21212 | 21989 |  |
| 9708533 | ABF asset | N/A |  | 02/2027 | 6908 | 6295 | 6539 |  |
| 9708619 | ABF asset | N/A |  | 02/2027 | 2091 | 1958 | 2009 |  |
| 9708625 | ABF asset | N/A |  | 02/2027 | 2713 | 2524 | 2585 |  |
| 9708626 | ABF asset | N/A |  | 02/2027 | 25112 | 23364 | 20219 |  |
| 9708711 | ABF asset | N/A |  | 02/2027 | 9224 | 8634 | 8918 |  |
| 9708786 | ABF asset | N/A |  | 02/2027 | 1683 | 1537 | 1627 |  |
| 9708802 | ABF asset | N/A |  | 02/2027 | 787 | 721 | 746 |  |
| 9708822 | ABF asset | N/A |  | 02/2027 | 2932 | 2744 | 2790 |  |
| 9708899 | ABF asset | N/A |  | 02/2027 | 2809 | 2630 | 2745 |  |
| 9708929 | ABF asset | N/A |  | 02/2027 | 11179 | 10400 | 10543 |  |
| 9708990 | ABF asset | N/A |  | 02/2027 | 6033 | 5570 | 5849 |  |
| 9709050 | ABF asset | N/A |  | 02/2027 | 1629 | 1508 | 1564 |  |
| 9709059 | ABF asset | N/A |  | 02/2027 | 10874 | 10038 | 10541 |  |
| 9709148 | ABF asset | N/A |  | 02/2027 | 3214 | 2976 | 3002 |  |
| 9709183 | ABF asset | N/A |  | 02/2027 | 3504 | 3193 | 3369 |  |
| 9709248 | ABF asset | N/A |  | 02/2027 | 1696 | 1565 | 1524 |  |
| 9709300 | ABF asset | N/A |  | 02/2027 | 64782 | 60644 | 56769 |  |
| 9709598 | ABF asset | N/A |  | 02/2027 | 40781 | 37321 | 38201 |  |
| 9709802 | ABF asset | N/A |  | 02/2027 | 3796 | 3475 | 1160 |  |
| 9709815 | ABF asset | N/A |  | 02/2027 | 735 | 688 | 703 |  |
| 9709820 | ABF asset | N/A |  | 02/2027 | 4499 | 4211 | 4300 |  |
| 9709830 | ABF asset | N/A |  | 02/2027 | 4164 | 3874 | 3809 |  |
| 9709847 | ABF asset | N/A |  | 02/2027 | 37755 | 35127 | 36469 |  |
| 9710057 | ABF asset | N/A |  | 02/2027 | 33427 | 30592 | 32201 |  |
| 9710353 | ABF asset | N/A |  | 02/2027 | 2439 | 2283 | 2357 |  |
| 9710366 | ABF asset | N/A |  | 02/2027 | 7900 | 7395 | 7477 |  |
| 9710396 | ABF asset | N/A |  | 02/2027 | 4821 | 4512 | 4626 |  |
| 9710423 | ABF asset | N/A |  | 02/2027 | 4290 | 3960 | 3321 |  |
| 9710455 | ABF asset | N/A |  | 02/2027 | 2938 | 2688 | 2718 |  |
| 9710471 | ABF asset | N/A |  | 02/2027 | 2919 | 2732 | 2837 |  |
| 9710495 | ABF asset | N/A |  | 02/2027 | 10782 | 9825 | 10252 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9710600 | ABF asset | N/A |  | 02/2027 | 37354 | 34754 | 35834 |  |
| 9710831 | ABF asset | N/A |  | 02/2027 | 2839 | 2597 | 2719 |  |
| 9710850 | ABF asset | N/A |  | 02/2027 | 6260 | 5798 | 6068 |  |
| 9710897 | ABF asset | N/A |  | 02/2027 | 1527 | 1392 | 1492 |  |
| 9710903 | ABF asset | N/A |  | 02/2027 | 1155 | 1067 | 1089 |  |
| 9710904 | ABF asset | N/A |  | 02/2027 | 761 | 693 | 703 |  |
| 9710916 | ABF asset | N/A |  | 02/2027 | 2103 | 1917 | 1228 |  |
| 9710922 | ABF asset | N/A |  | 02/2027 | 26016 | 24016 | 25091 |  |
| 9711281 | ABF asset | N/A |  | 02/2027 | 7026 | 6486 | 6262 |  |
| 9711292 | ABF asset | N/A |  | 02/2027 | 2907 | 2722 | 2785 |  |
| 9711307 | ABF asset | N/A |  | 02/2027 | 2707 | 2479 | 2588 |  |
| 9711330 | ABF asset | N/A |  | 02/2027 | 22376 | 20728 | 21338 |  |
| 9711362 | ABF asset | N/A |  | 02/2027 | 4519 | 4230 | 4337 |  |
| 9711385 | ABF asset | N/A |  | 02/2027 | 26848 | 25133 | 25885 |  |
| 9711443 | ABF asset | N/A |  | 02/2027 | 8865 | 8212 | 8417 |  |
| 9711461 | ABF asset | N/A |  | 02/2027 | 11008 | 10305 | 10537 |  |
| 9711489 | ABF asset | N/A |  | 02/2027 | 9436 | 8833 | 8997 |  |
| 9711509 | ABF asset | N/A |  | 02/2027 | 14309 | 13039 | 10935 |  |
| 9711544 | ABF asset | N/A |  | 02/2027 | 1978 | 1852 | 1912 |  |
| 9711547 | ABF asset | N/A |  | 02/2027 | 1458 | 1334 | 1319 |  |
| 9711550 | ABF asset | N/A |  | 02/2027 | 1200 | 1117 | 1165 |  |
| 9711552 | ABF asset | N/A |  | 02/2027 | 2348 | 2198 | 2247 |  |
| 9711561 | ABF asset | N/A |  | 02/2027 | 2813 | 2633 | 2461 |  |
| 9711570 | ABF asset | N/A |  | 02/2027 | 1667 | 1534 | 1189 |  |
| 9711574 | ABF asset | N/A |  | 02/2027 | 556 | 515 | 362 |  |
| 9711576 | ABF asset | N/A |  | 02/2027 | 3491 | 3194 | 3380 |  |
| 9711607 | ABF asset | N/A |  | 02/2027 | 9836 | 9207 | 9456 |  |
| 9711641 | ABF asset | N/A |  | 02/2027 | 5039 | 4652 | 4814 |  |
| 9711659 | ABF asset | N/A |  | 02/2027 | 2376 | 2201 | 2272 |  |
| 9711668 | ABF asset | N/A |  | 02/2027 | 394 | 368 | 372 |  |
| 9711669 | ABF asset | N/A |  | 02/2027 | 4142 | 3878 | 3950 |  |
| 9711684 | ABF asset | N/A |  | 02/2027 | 4167 | 3901 | 4009 |  |
| 9711706 | ABF asset | N/A |  | 02/2027 | 1907 | 1742 | 469 |  |
| 9711711 | ABF asset | N/A |  | 02/2027 | 8616 | 8065 | 8273 |  |
| 9711738 | ABF asset | N/A |  | 02/2027 | 19090 | 17871 | 18038 |  |
| 9711794 | ABF asset | N/A |  | 02/2027 | 537 | 492 | 442 |  |
| 9711812 | ABF asset | N/A |  | 02/2027 | 4473 | 4187 | 3849 |  |
| 9711822 | ABF asset | N/A |  | 02/2027 | 10996 | 10293 | 10613 |  |
| 9711859 | ABF asset | N/A |  | 02/2027 | 1376 | 1270 | 1341 |  |
| 9711871 | ABF asset | N/A |  | 02/2027 | 14373 | 13455 | 13796 |  |
| 9711906 | ABF asset | N/A |  | 02/2027 | 3716 | 3386 | 3537 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9711919 | ABF asset | N/A |  | 02/2027 | 8525 | 7980 | 8077 |  |
| 9711951 | ABF asset | N/A |  | 02/2027 | 4047 | 3688 | 3914 |  |
| 9711980 | ABF asset | N/A |  | 02/2027 | 3475 | 3167 | 3358 |  |
| 9711995 | ABF asset | N/A |  | 02/2027 | 5417 | 5040 | 5231 |  |
| 9712012 | ABF asset | N/A |  | 02/2027 | 4877 | 4565 | 4663 |  |
| 9712025 | ABF asset | N/A |  | 02/2027 | 941 | 858 | 904 |  |
| 9712029 | ABF asset | N/A |  | 02/2027 | 5242 | 4907 | 5041 |  |
| 9712042 | ABF asset | N/A |  | 02/2027 | 7622 | 7135 | 7304 |  |
| 9712068 | ABF asset | N/A |  | 02/2027 | 5354 | 5012 | 5138 |  |
| 9712080 | ABF asset | N/A |  | 02/2027 | 7006 | 6518 | 5758 |  |
| 9712097 | ABF asset | N/A |  | 02/2027 | 1428 | 1337 | 1349 |  |
| 9712133 | ABF asset | N/A |  | 02/2027 | 1439 | 1347 | 1377 |  |
| 9712141 | ABF asset | N/A |  | 02/2027 | 25974 | 24315 | 24394 |  |
| 9712220 | ABF asset | N/A |  | 02/2027 | 7530 | 7049 | 7192 |  |
| 9712250 | ABF asset | N/A |  | 02/2027 | 3983 | 3645 | 3602 |  |
| 9712282 | ABF asset | N/A |  | 02/2027 | 2204 | 2034 | 2138 |  |
| 9712335 | ABF asset | N/A |  | 02/2027 | 7527 | 7046 | 7226 |  |
| 9712359 | ABF asset | N/A |  | 02/2027 | 2408 | 2254 | 2335 |  |
| 9712383 | ABF asset | N/A |  | 02/2027 | 1252 | 1140 | 1049 |  |
| 9712390 | ABF asset | N/A |  | 02/2027 | 7433 | 6958 | 7149 |  |
| 9712414 | ABF asset | N/A |  | 02/2027 | 4749 | 4445 | 4546 |  |
| 9712434 | ABF asset | N/A |  | 02/2027 | 4551 | 4165 | 4342 |  |
| 9712446 | ABF asset | N/A |  | 02/2027 | 1198 | 1092 | 1170 |  |
| 9712453 | ABF asset | N/A |  | 02/2027 | 3020 | 2788 | 2831 |  |
| 9712463 | ABF asset | N/A |  | 02/2027 | 557 | 521 | 540 |  |
| 9712468 | ABF asset | N/A |  | 02/2027 | 8570 | 8022 | 8168 |  |
| 9712489 | ABF asset | N/A |  | 02/2027 | 5562 | 5207 | 5297 |  |
| 9712500 | ABF asset | N/A |  | 02/2027 | 2096 | 1919 | 2003 |  |
| 9712509 | ABF asset | N/A |  | 02/2027 | 1437 | 1345 | 1359 |  |
| 9712511 | ABF asset | N/A |  | 02/2027 | 14756 | 13729 | 14323 |  |
| 9712567 | ABF asset | N/A |  | 02/2027 | 26120 | 24302 | 24316 |  |
| 9712631 | ABF asset | N/A |  | 02/2027 | 323 | 300 | 318 |  |
| 9712644 | ABF asset | N/A |  | 02/2027 | 3521 | 3215 | 1964 |  |
| 9712655 | ABF asset | N/A |  | 02/2027 | 1789 | 1652 | 1735 |  |
| 9712672 | ABF asset | N/A |  | 02/2027 | 871 | 798 | 842 |  |
| 9712681 | ABF asset | N/A |  | 02/2027 | 4367 | 4088 | 4182 |  |
| 9712693 | ABF asset | N/A |  | 02/2027 | 10448 | 9721 | 9592 |  |
| 9712713 | ABF asset | N/A |  | 02/2027 | 5054 | 4731 | 4858 |  |
| 9712719 | ABF asset | N/A |  | 02/2027 | 1848 | 1684 | 1782 |  |
| 9712729 | ABF asset | N/A |  | 02/2027 | 7346 | 6877 | 6475 |  |
| 9712748 | ABF asset | N/A |  | 02/2027 | 8908 | 8338 | 8587 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9712775 | ABF asset | N/A |  | 02/2027 | 3314 | 3083 | 3093 |  |
| 9712789 | ABF asset | N/A |  | 02/2027 | 3611 | 3380 | 3480 |  |
| 9712806 | ABF asset | N/A |  | 02/2027 | 11550 | 10812 | 10228 |  |
| 9712829 | ABF asset | N/A |  | 02/2027 | 3638 | 3405 | 3532 |  |
| 9712847 | ABF asset | N/A |  | 02/2027 | 4791 | 4486 | 4536 |  |
| 9712875 | ABF asset | N/A |  | 02/2027 | 1975 | 1800 | 1234 |  |
| 9712878 | ABF asset | N/A |  | 02/2027 | 2085 | 1931 | 1991 |  |
| 9712883 | ABF asset | N/A |  | 02/2027 | 9035 | 8458 | 8707 |  |
| 9712910 | ABF asset | N/A |  | 02/2027 | 784 | 714 | 751 |  |
| 9712914 | ABF asset | N/A |  | 02/2027 | 3800 | 3557 | 3698 |  |
| 9712939 | ABF asset | N/A |  | 02/2027 | 3027 | 2833 | 2681 |  |
| 9713803 | ABF asset | N/A |  | 02/2027 | 8906 | 8221 | 8511 |  |
| 9713839 | ABF asset | N/A |  | 02/2027 | 9543 | 8696 | 8356 |  |
| 9714004 | ABF asset | N/A |  | 02/2027 | 2677 | 2472 | 2559 |  |
| 9714043 | ABF asset | N/A |  | 02/2027 | 7824 | 7160 | 6746 |  |
| 9714134 | ABF asset | N/A |  | 02/2027 | 6894 | 6454 | 6082 |  |
| 9714198 | ABF asset | N/A |  | 02/2027 | 952 | 868 | 933 |  |
| 9714237 | ABF asset | N/A |  | 02/2027 | 2160 | 2022 | 2100 |  |
| 9714258 | ABF asset | N/A |  | 02/2027 | 3523 | 3278 | 3355 |  |
| 9714304 | ABF asset | N/A |  | 02/2027 | 2446 | 2258 | 2334 |  |
| 9714311 | ABF asset | N/A |  | 02/2027 | 7566 | 7082 | 7295 |  |
| 9714399 | ABF asset | N/A |  | 02/2027 | 1786 | 1654 | 1655 |  |
| 9714414 | ABF asset | N/A |  | 02/2027 | 2881 | 2625 | 2740 |  |
| 9714452 | ABF asset | N/A |  | 02/2027 | 3215 | 2978 | 3049 |  |
| 9714498 | ABF asset | N/A |  | 02/2027 | 4348 | 4013 | 4207 |  |
| 9714661 | ABF asset | N/A |  | 02/2027 | 1022 | 956 | 997 |  |
| 9714689 | ABF asset | N/A |  | 02/2027 | 1414 | 1301 | 1340 |  |
| 9714707 | ABF asset | N/A |  | 02/2027 | 9268 | 8482 | 8852 |  |
| 9714841 | ABF asset | N/A |  | 02/2027 | 3588 | 3301 | 3447 |  |
| 9714870 | ABF asset | N/A |  | 02/2027 | 3812 | 3569 | 3630 |  |
| 9714912 | ABF asset | N/A |  | 02/2027 | 879 | 811 | 846 |  |
| 9714919 | ABF asset | N/A |  | 02/2027 | 3850 | 3604 | 3685 |  |
| 9714935 | ABF asset | N/A |  | 02/2027 | 11599 | 10859 | 11079 |  |
| 9715010 | ABF asset | N/A |  | 02/2027 | 4627 | 4332 | 4427 |  |
| 9715021 | ABF asset | N/A |  | 02/2027 | 2513 | 2352 | 2390 |  |
| 9715090 | ABF asset | N/A |  | 02/2027 | 3272 | 3020 | 3192 |  |
| 9715140 | ABF asset | N/A |  | 02/2027 | 1863 | 1720 | 1723 |  |
| 9715143 | ABF asset | N/A |  | 02/2027 | 11903 | 11142 | 11422 |  |
| 9715207 | ABF asset | N/A |  | 02/2027 | 1816 | 1676 | 1624 |  |
| 9715218 | ABF asset | N/A |  | 02/2027 | 30294 | 27605 | 28465 |  |
| 9715414 | ABF asset | N/A |  | 02/2027 | 895 | 816 | 752 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9715420 | ABF asset | N/A |  | 02/2027 | 1874 | 1737 | 1816 |  |
| 9715440 | ABF asset | N/A |  | 02/2027 | 4658 | 4285 | 4405 |  |
| 9715492 | ABF asset | N/A |  | 02/2027 | 4360 | 4081 | 4176 |  |
| 9715500 | ABF asset | N/A |  | 02/2027 | 2472 | 2257 | 2226 |  |
| 9715511 | ABF asset | N/A |  | 02/2027 | 6084 | 5696 | 5743 |  |
| 9715544 | ABF asset | N/A |  | 02/2027 | 8297 | 7767 | 7966 |  |
| 9715604 | ABF asset | N/A |  | 02/2027 | 7133 | 6677 | 6825 |  |
| 9715723 | ABF asset | N/A |  | 02/2027 | 5231 | 4896 | 5049 |  |
| 9715742 | ABF asset | N/A |  | 02/2027 | 10138 | 9490 | 9788 |  |
| 9715818 | ABF asset | N/A |  | 02/2027 | 5884 | 5412 | 5535 |  |
| 9715852 | ABF asset | N/A |  | 02/2027 | 15126 | 14159 | 14501 |  |
| 9715920 | ABF asset | N/A |  | 02/2027 | 1354 | 1267 | 1306 |  |
| 9715932 | ABF asset | N/A |  | 02/2027 | 3466 | 3244 | 3341 |  |
| 9715976 | ABF asset | N/A |  | 02/2027 | 7956 | 7345 | 7653 |  |
| 9716012 | ABF asset | N/A |  | 02/2027 | 16301 | 15259 | 15588 |  |
| 9716099 | ABF asset | N/A |  | 02/2027 | 2054 | 1871 | 1278 |  |
| 9716102 | ABF asset | N/A |  | 02/2027 | 3132 | 2891 | 2983 |  |
| 9716111 | ABF asset | N/A |  | 02/2027 | 6522 | 6105 | 6291 |  |
| 9716134 | ABF asset | N/A |  | 02/2027 | 4759 | 4455 | 4533 |  |
| 9716152 | ABF asset | N/A |  | 02/2027 | 2871 | 2616 | 1697 |  |
| 9716160 | ABF asset | N/A |  | 02/2027 | 10367 | 9603 | 9902 |  |
| 9716220 | ABF asset | N/A |  | 02/2027 | 14019 | 13123 | 13613 |  |
| 9716331 | ABF asset | N/A |  | 02/2027 | 1346 | 1226 | 1293 |  |
| 9716343 | ABF asset | N/A |  | 02/2027 | 4770 | 4403 | 4640 |  |
| 9716375 | ABF asset | N/A |  | 02/2027 | 3145 | 2914 | 3027 |  |
| 9716397 | ABF asset | N/A |  | 02/2027 | 1729 | 1596 | 1673 |  |
| 9716405 | ABF asset | N/A |  | 02/2027 | 25870 | 24218 | 24868 |  |
| 9716508 | ABF asset | N/A |  | 02/2027 | 1880 | 1760 | 1815 |  |
| 9716521 | ABF asset | N/A |  | 02/2027 | 8256 | 7728 | 7854 |  |
| 9716555 | ABF asset | N/A |  | 02/2027 | 2708 | 2535 | 2590 |  |
| 9716563 | ABF asset | N/A |  | 02/2027 | 5523 | 5171 | 4869 |  |
| 9716584 | ABF asset | N/A |  | 02/2027 | 6783 | 6350 | 6570 |  |
| 9716610 | ABF asset | N/A |  | 02/2027 | 6118 | 5692 | 5702 |  |
| 9716652 | ABF asset | N/A |  | 02/2027 | 5605 | 5247 | 5302 |  |
| 9716669 | ABF asset | N/A |  | 02/2027 | 724 | 660 | 684 |  |
| 9716670 | ABF asset | N/A |  | 02/2027 | 617 | 572 | 543 |  |
| 9716693 | ABF asset | N/A |  | 02/2027 | 2051 | 1899 | 1488 |  |
| 9716694 | ABF asset | N/A |  | 02/2027 | 7146 | 6649 | 6854 |  |
| 9716797 | ABF asset | N/A |  | 02/2027 | 15323 | 14344 | 14804 |  |
| 9716850 | ABF asset | N/A |  | 02/2027 | 6215 | 5818 | 5970 |  |
| 9716863 | ABF asset | N/A |  | 02/2027 | 3121 | 2843 | 3023 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9716891 | ABF asset | N/A |  | 02/2027 | 118 | 109 | 111 |  |
| 9716899 | ABF asset | N/A |  | 02/2027 | 1332 | 1234 | 1297 |  |
| 9716905 | ABF asset | N/A |  | 02/2027 | 4537 | 4152 | 4097 |  |
| 9716923 | ABF asset | N/A |  | 02/2027 | 2334 | 2185 | 2249 |  |
| 9716928 | ABF asset | N/A |  | 02/2027 | 12604 | 11594 | 4221 |  |
| 9716951 | ABF asset | N/A |  | 02/2027 | 9240 | 8597 | 8915 |  |
| 9717006 | ABF asset | N/A |  | 02/2027 | 3543 | 3317 | 3436 |  |
| 9717044 | ABF asset | N/A |  | 02/2027 | 5799 | 5429 | 5608 |  |
| 9717059 | ABF asset | N/A |  | 02/2027 | 1429 | 1324 | 1376 |  |
| 9717071 | ABF asset | N/A |  | 02/2027 | 50318 | 46611 | 48479 |  |
| 9717259 | ABF asset | N/A |  | 02/2027 | 2486 | 2327 | 2396 |  |
| 9717278 | ABF asset | N/A |  | 02/2027 | 4404 | 4034 | 356 |  |
| 9717302 | ABF asset | N/A |  | 02/2027 | 1074 | 995 | 1053 |  |
| 9717322 | ABF asset | N/A |  | 02/2027 | 11629 | 10772 | 10737 |  |
| 9717349 | ABF asset | N/A |  | 02/2027 | 2584 | 2419 | 2500 |  |
| 9717360 | ABF asset | N/A |  | 02/2027 | 4384 | 4061 | 4159 |  |
| 9717368 | ABF asset | N/A |  | 02/2027 | 1639 | 1493 | 1584 |  |
| 9717370 | ABF asset | N/A |  | 02/2027 | 30276 | 28168 | 28817 |  |
| 9717441 | ABF asset | N/A |  | 02/2027 | 12465 | 11597 | 11647 |  |
| 9717480 | ABF asset | N/A |  | 02/2027 | 11812 | 11058 | 11253 |  |
| 9717558 | ABF asset | N/A |  | 02/2027 | 2424 | 2214 | 659 |  |
| 9717581 | ABF asset | N/A |  | 02/2027 | 10262 | 9473 | 9658 |  |
| 9717632 | ABF asset | N/A |  | 02/2027 | 2790 | 2567 | 2043 |  |
| 9717634 | ABF asset | N/A |  | 02/2027 | 7345 | 6876 | 7030 |  |
| 9717655 | ABF asset | N/A |  | 02/2027 | 5642 | 5281 | 5325 |  |
| 9717676 | ABF asset | N/A |  | 02/2027 | 41770 | 39102 | 39434 |  |
| 9717804 | ABF asset | N/A |  | 02/2027 | 1662 | 1546 | 1596 |  |
| 9717810 | ABF asset | N/A |  | 02/2027 | 9527 | 8681 | 8818 |  |
| 9717850 | ABF asset | N/A |  | 02/2027 | 62129 | 57803 | 59841 |  |
| 9718015 | ABF asset | N/A |  | 02/2027 | 4461 | 4150 | 4191 |  |
| 9718032 | ABF asset | N/A |  | 02/2027 | 60453 | 56591 | 57164 |  |
| 9718252 | ABF asset | N/A |  | 02/2027 | 5313 | 4862 | 5079 |  |
| 9718291 | ABF asset | N/A |  | 02/2027 | 2846 | 2664 | 2525 |  |
| 9718330 | ABF asset | N/A |  | 02/2027 | 1977 | 1818 | 1898 |  |
| 9718345 | ABF asset | N/A |  | 02/2027 | 1787 | 1663 | 1700 |  |
| 9718366 | ABF asset | N/A |  | 02/2027 | 2376 | 2224 | 2288 |  |
| 9718381 | ABF asset | N/A |  | 02/2027 | 4696 | 4369 | 4393 |  |
| 9718415 | ABF asset | N/A |  | 02/2027 | 10471 | 9742 | 9591 |  |
| 9718601 | ABF asset | N/A |  | 02/2027 | 12012 | 11245 | 11431 |  |
| 9718728 | ABF asset | N/A |  | 02/2027 | 2127 | 1938 | 1476 |  |
| 9718740 | ABF asset | N/A |  | 02/2027 | 22388 | 20739 | 20689 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9718891 | ABF asset | N/A |  | 02/2027 | 1743 | 1621 | 1387 |  |
| 9718910 | ABF asset | N/A |  | 02/2027 | 34297 | 31660 | 30513 |  |
| 9719111 | ABF asset | N/A |  | 02/2027 | 4607 | 4267 | 4317 |  |
| 9719160 | ABF asset | N/A |  | 02/2027 | 4787 | 4481 | 4629 |  |
| 9719195 | ABF asset | N/A |  | 02/2027 | 15151 | 13986 | 14194 |  |
| 9719346 | ABF asset | N/A |  | 02/2027 | 7815 | 7152 | 7573 |  |
| 9719528 | ABF asset | N/A |  | 02/2027 | 829 | 755 | 803 |  |
| 9719574 | ABF asset | N/A |  | 02/2027 | 5435 | 5087 | 5361 |  |
| 9719822 | ABF asset | N/A |  | 02/2027 | 81 | 75 | 78 |  |
| 9719857 | ABF asset | N/A |  | 02/2027 | 8151 | 7498 | 7670 |  |
| 9719882 | ABF asset | N/A |  | 02/2027 | 2794 | 2599 | 2710 |  |
| 9719915 | ABF asset | N/A |  | 02/2027 | 18032 | 16432 | 17440 |  |
| 9720063 | ABF asset | N/A |  | 02/2027 | 4902 | 4588 | 4699 |  |
| 9720081 | ABF asset | N/A |  | 02/2027 | 5069 | 4679 | 4838 |  |
| 9720103 | ABF asset | N/A |  | 02/2027 | 27394 | 25376 | 26013 |  |
| 9720266 | ABF asset | N/A |  | 02/2027 | 3038 | 2768 | 2934 |  |
| 9720285 | ABF asset | N/A |  | 02/2027 | 11041 | 10336 | 10564 |  |
| 9720335 | ABF asset | N/A |  | 02/2027 | 2520 | 2359 | 2442 |  |
| 9720355 | ABF asset | N/A |  | 02/2027 | 10171 | 9521 | 9550 |  |
| 9720385 | ABF asset | N/A |  | 02/2027 | 2292 | 2088 | 2238 |  |
| 9720402 | ABF asset | N/A |  | 02/2027 | 8948 | 8231 | 8570 |  |
| 9720444 | ABF asset | N/A |  | 02/2027 | 7183 | 6724 | 6861 |  |
| 9720494 | ABF asset | N/A |  | 02/2027 | 2096 | 1941 | 2000 |  |
| 9720496 | ABF asset | N/A |  | 02/2027 | 6899 | 6388 | 6631 |  |
| 9720552 | ABF asset | N/A |  | 02/2027 | 1490 | 1394 | 1424 |  |
| 9720556 | ABF asset | N/A |  | 02/2027 | 17153 | 16057 | 16481 |  |
| 9720730 | ABF asset | N/A |  | 02/2027 | 5788 | 5419 | 5524 |  |
| 9720744 | ABF asset | N/A |  | 02/2027 | 74002 | 69275 | 70815 |  |
| 9721026 | ABF asset | N/A |  | 02/2027 | 12851 | 12030 | 12458 |  |
| 9721069 | ABF asset | N/A |  | 02/2027 | 6921 | 6479 | 6134 |  |
| 9721083 | ABF asset | N/A |  | 02/2027 | 10023 | 9134 | 9810 |  |
| 9721161 | ABF asset | N/A |  | 02/2027 | 5074 | 4700 | 4587 |  |
| 9721172 | ABF asset | N/A |  | 02/2027 | 8613 | 8063 | 8341 |  |
| 9721218 | ABF asset | N/A |  | 02/2027 | 6071 | 5556 | 3989 |  |
| 9721238 | ABF asset | N/A |  | 02/2027 | 5713 | 5292 | 5445 |  |
| 9721260 | ABF asset | N/A |  | 02/2027 | 1012 | 937 | 925 |  |
| 9721264 | ABF asset | N/A |  | 02/2027 | 8475 | 7933 | 8002 |  |
| 9721308 | ABF asset | N/A |  | 02/2027 | 7640 | 7152 | 6790 |  |
| 9721345 | ABF asset | N/A |  | 02/2027 | 2809 | 2570 | 2684 |  |
| 9721350 | ABF asset | N/A |  | 02/2027 | 2364 | 2190 | 2246 |  |
| 9721359 | ABF asset | N/A |  | 02/2027 | 6501 | 6086 | 5705 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9721387 | ABF asset | N/A |  | 02/2027 | 1457 | 1364 | 1408 |  |
| 9721447 | ABF asset | N/A |  | 02/2027 | 2613 | 2431 | 2503 |  |
| 9721460 | ABF asset | N/A |  | 02/2027 | 7539 | 7058 | 7119 |  |
| 9721494 | ABF asset | N/A |  | 02/2027 | 1345 | 1259 | 1298 |  |
| 9721504 | ABF asset | N/A |  | 02/2027 | 2833 | 2652 | 2722 |  |
| 9721517 | ABF asset | N/A |  | 02/2027 | 3706 | 3377 | 3390 |  |
| 9721523 | ABF asset | N/A |  | 02/2027 | 5463 | 5082 | 5341 |  |
| 9721568 | ABF asset | N/A |  | 02/2027 | 6947 | 6435 | 6725 |  |
| 9721592 | ABF asset | N/A |  | 02/2027 | 4095 | 3810 | 3829 |  |
| 9721619 | ABF asset | N/A |  | 02/2027 | 3837 | 3555 | 3713 |  |
| 9721628 | ABF asset | N/A |  | 02/2027 | 20813 | 19280 | 19781 |  |
| 9721676 | ABF asset | N/A |  | 02/2027 | 3001 | 2770 | 2887 |  |
| 9721690 | ABF asset | N/A |  | 02/2027 | 3126 | 2926 | 2918 |  |
| 9721698 | ABF asset | N/A |  | 02/2027 | 4921 | 4607 | 4681 |  |
| 9721707 | ABF asset | N/A |  | 02/2027 | 16870 | 15792 | 16351 |  |
| 9721761 | ABF asset | N/A |  | 02/2027 | 29543 | 27656 | 28462 |  |
| 9721817 | ABF asset | N/A |  | 02/2027 | 7012 | 6564 | 6724 |  |
| 9721823 | ABF asset | N/A |  | 02/2027 | 1120 | 1026 | 1047 |  |
| 9721836 | ABF asset | N/A |  | 02/2027 | 6677 | 6251 | 6353 |  |
| 9721859 | ABF asset | N/A |  | 02/2027 | 3289 | 3009 | 3207 |  |
| 9721878 | ABF asset | N/A |  | 02/2027 | 6173 | 5779 | 5987 |  |
| 9721896 | ABF asset | N/A |  | 02/2027 | 1176 | 1077 | 1124 |  |
| 9721913 | ABF asset | N/A |  | 02/2027 | 1415 | 1316 | 1324 |  |
| 9721915 | ABF asset | N/A |  | 02/2027 | 587 | 541 | 247 |  |
| 9721923 | ABF asset | N/A |  | 02/2027 | 6568 | 6011 | 6121 |  |
| 9721964 | ABF asset | N/A |  | 02/2027 | 1063 | 973 | 1029 |  |
| 9721983 | ABF asset | N/A |  | 02/2027 | 9215 | 8627 | 8772 |  |
| 9722008 | ABF asset | N/A |  | 02/2027 | 3959 | 3706 | 3747 |  |
| 9722032 | ABF asset | N/A |  | 02/2027 | 1586 | 1446 | 1523 |  |
| 9722038 | ABF asset | N/A |  | 02/2027 | 7099 | 6646 | 6853 |  |
| 9722065 | ABF asset | N/A |  | 02/2027 | 4275 | 4002 | 4101 |  |
| 9722076 | ABF asset | N/A |  | 02/2027 | 6057 | 5611 | 5784 |  |
| 9722113 | ABF asset | N/A |  | 02/2027 | 10996 | 10293 | 10389 |  |
| 9722153 | ABF asset | N/A |  | 02/2027 | 1481 | 1356 | 1365 |  |
| 9722154 | ABF asset | N/A |  | 02/2027 | 2903 | 2646 | 1838 |  |
| 9722162 | ABF asset | N/A |  | 02/2027 | 1024 | 933 | 965 |  |
| 9722164 | ABF asset | N/A |  | 02/2027 | 8517 | 7973 | 8183 |  |
| 9722235 | ABF asset | N/A |  | 02/2027 | 3443 | 3223 | 3373 |  |
| 9722270 | ABF asset | N/A |  | 02/2027 | 4632 | 4310 | 4494 |  |
| 9722299 | ABF asset | N/A |  | 02/2027 | 39314 | 36292 | 36833 |  |
| 9722385 | ABF asset | N/A |  | 02/2027 | 17975 | 16827 | 17202 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9722439 | ABF asset | N/A |  | 02/2027 | 9449 | 8753 | 9085 |  |
| 9722466 | ABF asset | N/A |  | 02/2027 | 8391 | 7855 | 8018 |  |
| 9722496 | ABF asset | N/A |  | 02/2027 | 58274 | 54552 | 56549 |  |
| 9722681 | ABF asset | N/A |  | 02/2027 | 814 | 741 | 782 |  |
| 9722710 | ABF asset | N/A |  | 02/2027 | 9347 | 8750 | 8974 |  |
| 9722744 | ABF asset | N/A |  | 02/2027 | 30173 | 28245 | 28224 |  |
| 9722896 | ABF asset | N/A |  | 02/2027 | 11252 | 10351 | 10639 |  |
| 9722971 | ABF asset | N/A |  | 02/2027 | 14599 | 13303 | 2805 |  |
| 9723058 | ABF asset | N/A |  | 02/2027 | 939 | 864 | 858 |  |
| 9723064 | ABF asset | N/A |  | 02/2027 | 55275 | 51745 | 52630 |  |
| 9723232 | ABF asset | N/A |  | 02/2027 | 10270 | 9399 | 7107 |  |
| 9723278 | ABF asset | N/A |  | 02/2027 | 27813 | 26036 | 26676 |  |
| 9723481 | ABF asset | N/A |  | 02/2027 | 22302 | 20878 | 21253 |  |
| 9723638 | ABF asset | N/A |  | 02/2027 | 4819 | 4511 | 4606 |  |
| 9723690 | ABF asset | N/A |  | 02/2027 | 11513 | 10628 | 8930 |  |
| 9723771 | ABF asset | N/A |  | 02/2027 | 3757 | 3468 | 3519 |  |
| 9723797 | ABF asset | N/A |  | 02/2027 | 5654 | 5174 | 5347 |  |
| 9723880 | ABF asset | N/A |  | 02/2027 | 2721 | 2491 | 2604 |  |
| 9723956 | ABF asset | N/A |  | 02/2027 | 2848 | 2666 | 2737 |  |
| 9724013 | ABF asset | N/A |  | 02/2027 | 11293 | 10572 | 10763 |  |
| 9724132 | ABF asset | N/A |  | 02/2027 | 4881 | 4569 | 4664 |  |
| 9724160 | ABF asset | N/A |  | 02/2027 | 3788 | 3467 | 3494 |  |
| 9724193 | ABF asset | N/A |  | 02/2027 | 11331 | 10607 | 10696 |  |
| 9724266 | ABF asset | N/A |  | 02/2027 | 5188 | 4772 | 4982 |  |
| 9724311 | ABF asset | N/A |  | 02/2027 | 7360 | 6847 | 6847 |  |
| 9724402 | ABF asset | N/A |  | 02/2027 | 8648 | 8096 | 8361 |  |
| 9724440 | ABF asset | N/A |  | 02/2027 | 32827 | 30409 | 31875 |  |
| 9724664 | ABF asset | N/A |  | 02/2027 | 9977 | 9340 | 9532 |  |
| 9724713 | ABF asset | N/A |  | 02/2027 | 4081 | 3719 | 3776 |  |
| 9724745 | ABF asset | N/A |  | 02/2027 | 20558 | 19244 | 19277 |  |
| 9724821 | ABF asset | N/A |  | 02/2027 | 10843 | 9880 | 6768 |  |
| 9724865 | ABF asset | N/A |  | 02/2027 | 2727 | 2509 | 2653 |  |
| 9724957 | ABF asset | N/A |  | 02/2027 | 2042 | 1871 | 1991 |  |
| 9724973 | ABF asset | N/A |  | 02/2027 | 588 | 551 | 563 |  |
| 9724996 | ABF asset | N/A |  | 02/2027 | 4070 | 3744 | 3697 |  |
| 9725010 | ABF asset | N/A |  | 02/2027 | 2630 | 2407 | 2517 |  |
| 9725127 | ABF asset | N/A |  | 02/2027 | 9881 | 9089 | 9038 |  |
| 9725508 | ABF asset | N/A |  | 02/2027 | 2581 | 2416 | 2417 |  |
| 9725519 | ABF asset | N/A |  | 02/2027 | 17967 | 16820 | 16809 |  |
| 9725578 | ABF asset | N/A |  | 02/2027 | 413 | 377 | 399 |  |
| 9725580 | ABF asset | N/A |  | 02/2027 | 1103 | 1011 | 909 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9725590 | ABF asset | N/A |  | 02/2027 | 16073 | 14954 | 14993 |  |
| 9725635 | ABF asset | N/A |  | 02/2027 | 779 | 711 | 651 |  |
| 9725636 | ABF asset | N/A |  | 02/2027 | 48979 | 45056 | 16137 |  |
| 9725781 | ABF asset | N/A |  | 02/2027 | 21591 | 20212 | 20353 |  |
| 9725866 | ABF asset | N/A |  | 02/2027 | 267 | 247 | 258 |  |
| 9725875 | ABF asset | N/A |  | 02/2027 | 6565 | 6145 | 6352 |  |
| 9725894 | ABF asset | N/A |  | 02/2027 | 24032 | 22497 | 23105 |  |
| 9726038 | ABF asset | N/A |  | 02/2027 | 11498 | 10522 | 11087 |  |
| 9726098 | ABF asset | N/A |  | 02/2027 | 5317 | 4977 | 5076 |  |
| 9726106 | ABF asset | N/A |  | 02/2027 | 8245 | 7718 | 7883 |  |
| 9726162 | ABF asset | N/A |  | 02/2027 | 36825 | 33701 | 35157 |  |
| 9726295 | ABF asset | N/A |  | 02/2027 | 2900 | 2677 | 2267 |  |
| 9726309 | ABF asset | N/A |  | 02/2027 | 8069 | 7554 | 7720 |  |
| 9726375 | ABF asset | N/A |  | 02/2027 | 6304 | 5839 | 6140 |  |
| 9726414 | ABF asset | N/A |  | 02/2027 | 18536 | 17352 | 17539 |  |
| 9726451 | ABF asset | N/A |  | 02/2027 | 22822 | 21364 | 21546 |  |
| 9726506 | ABF asset | N/A |  | 02/2027 | 46577 | 42995 | 44428 |  |
| 9726591 | ABF asset | N/A |  | 02/2027 | 33097 | 30982 | 31599 |  |
| 9726629 | ABF asset | N/A |  | 02/2027 | 374 | 346 | 356 |  |
| 9726634 | ABF asset | N/A |  | 02/2027 | 8247 | 7720 | 7732 |  |
| 9726642 | ABF asset | N/A |  | 02/2027 | 8913 | 8343 | 8467 |  |
| 9726677 | ABF asset | N/A |  | 02/2027 | 10836 | 10038 | 10270 |  |
| 9726705 | ABF asset | N/A |  | 02/2027 | 19488 | 18131 | 16717 |  |
| 9726788 | ABF asset | N/A |  | 02/2027 | 2042 | 1869 | 1965 |  |
| 9726807 | ABF asset | N/A |  | 02/2027 | 1563 | 1463 | 1485 |  |
| 9726812 | ABF asset | N/A |  | 02/2027 | 7057 | 6566 | 6761 |  |
| 9726855 | ABF asset | N/A |  | 02/2027 | 15786 | 14778 | 15038 |  |
| 9726938 | ABF asset | N/A |  | 02/2027 | 7714 | 7177 | 7018 |  |
| 9726971 | ABF asset | N/A |  | 02/2027 | 5558 | 5087 | 5267 |  |
| 9727005 | ABF asset | N/A |  | 02/2027 | 5948 | 5510 | 4696 |  |
| 9727015 | ABF asset | N/A |  | 02/2027 | 25378 | 23757 | 24651 |  |
| 9727175 | ABF asset | N/A |  | 02/2027 | 1779 | 1637 | 1661 |  |
| 9727177 | ABF asset | N/A |  | 02/2027 | 1581 | 1441 | 1421 |  |
| 9727182 | ABF asset | N/A |  | 02/2027 | 959 | 882 | 910 |  |
| 9727187 | ABF asset | N/A |  | 02/2027 | 1965 | 1839 | 1877 |  |
| 9727198 | ABF asset | N/A |  | 02/2027 | 2881 | 2659 | 2826 |  |
| 9727215 | ABF asset | N/A |  | 02/2027 | 34927 | 32696 | 33277 |  |
| 9727291 | ABF asset | N/A |  | 02/2027 | 34979 | 32544 | 33604 |  |
| 9727471 | ABF asset | N/A |  | 02/2027 | 734 | 669 | 718 |  |
| 9727477 | ABF asset | N/A |  | 02/2027 | 4411 | 4129 | 4223 |  |
| 9727496 | ABF asset | N/A |  | 02/2027 | 1885 | 1765 | 1813 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9727501 | ABF asset | N/A |  | 02/2027 | 1502 | 1391 | 1465 |  |
| 9727514 | ABF asset | N/A |  | 02/2027 | 4446 | 4162 | 4286 |  |
| 9727551 | ABF asset | N/A |  | 02/2027 | 70 | 64 | 68 |  |
| 9727552 | ABF asset | N/A |  | 02/2027 | 10348 | 9470 | 10022 |  |
| 9732087 | ABF asset | N/A |  | 02/2027 | 3952 | 3617 | 3590 |  |
| 9732146 | ABF asset | N/A |  | 02/2027 | 4975 | 4657 | 4728 |  |
| 9732190 | ABF asset | N/A |  | 02/2027 | 11494 | 10694 | 11140 |  |
| 9732325 | ABF asset | N/A |  | 02/2027 | 4349 | 4029 | 4185 |  |
| 9732356 | ABF asset | N/A |  | 02/2027 | 2102 | 1923 | 2037 |  |
| 9732374 | ABF asset | N/A |  | 02/2027 | 1747 | 1635 | 1706 |  |
| 9732381 | ABF asset | N/A |  | 02/2027 | 1304 | 1208 | 1257 |  |
| 9732388 | ABF asset | N/A |  | 02/2027 | 7472 | 6873 | 6831 |  |
| 9732572 | ABF asset | N/A |  | 02/2027 | 3814 | 3570 | 3669 |  |
| 9732601 | ABF asset | N/A |  | 02/2027 | 1720 | 1575 | 170 |  |
| 9732619 | ABF asset | N/A |  | 02/2027 | 381 | 352 | 297 |  |
| 9732624 | ABF asset | N/A |  | 02/2027 | 667 | 618 | 643 |  |
| 9732644 | ABF asset | N/A |  | 02/2027 | 2517 | 2294 | 2401 |  |
| 9732683 | ABF asset | N/A |  | 02/2027 | 5354 | 5012 | 5149 |  |
| 9732827 | ABF asset | N/A |  | 02/2027 | 435 | 403 | 362 |  |
| 9732830 | ABF asset | N/A |  | 02/2027 | 6286 | 5848 | 5864 |  |
| 9732916 | ABF asset | N/A |  | 02/2027 | 7444 | 6968 | 7194 |  |
| 9733105 | ABF asset | N/A |  | 02/2027 | 1983 | 1837 | 1898 |  |
| 9733126 | ABF asset | N/A |  | 02/2027 | 4314 | 4038 | 4123 |  |
| 9733206 | ABF asset | N/A |  | 02/2027 | 6896 | 6456 | 6074 |  |
| 9733258 | ABF asset | N/A |  | 02/2027 | 4380 | 3991 | 3938 |  |
| 9733295 | ABF asset | N/A |  | 02/2027 | 2667 | 2461 | 2499 |  |
| 9733322 | ABF asset | N/A |  | 02/2027 | 710 | 648 | 672 |  |
| 9733327 | ABF asset | N/A |  | 02/2027 | 9406 | 8805 | 8990 |  |
| 9733441 | ABF asset | N/A |  | 02/2027 | 3029 | 2761 | 2883 |  |
| 9733470 | ABF asset | N/A |  | 02/2027 | 1927 | 1755 | 1693 |  |
| 9733480 | ABF asset | N/A |  | 02/2027 | 3381 | 3097 | 2805 |  |
| 9733510 | ABF asset | N/A |  | 02/2027 | 6209 | 5812 | 5491 |  |
| 9733560 | ABF asset | N/A |  | 02/2027 | 12733 | 11920 | 12245 |  |
| 9733667 | ABF asset | N/A |  | 02/2027 | 3428 | 3209 | 3298 |  |
| 9733697 | ABF asset | N/A |  | 02/2027 | 4445 | 4050 | 2882 |  |
| 9733717 | ABF asset | N/A |  | 02/2027 | 14198 | 13291 | 13581 |  |
| 9733778 | ABF asset | N/A |  | 02/2027 | 964 | 878 | 913 |  |
| 9733831 | ABF asset | N/A |  | 02/2027 | 6605 | 6119 | 6256 |  |
| 9733903 | ABF asset | N/A |  | 02/2027 | 1445 | 1352 | 1399 |  |
| 9733924 | ABF asset | N/A |  | 02/2027 | 12739 | 11925 | 12234 |  |
| 9734025 | ABF asset | N/A |  | 02/2027 | 11911 | 10995 | 10706 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9734061 | ABF asset | N/A |  | 02/2027 | 2068 | 1924 | 1903 |  |
| 9734071 | ABF asset | N/A |  | 02/2027 | 36511 | 34179 | 34475 |  |
| 9734238 | ABF asset | N/A |  | 02/2027 | 9838 | 9153 | 7855 |  |
| 9734285 | ABF asset | N/A |  | 02/2027 | 7907 | 7402 | 7417 |  |
| 9734334 | ABF asset | N/A |  | 02/2027 | 4219 | 3844 | 3989 |  |
| 9734367 | ABF asset | N/A |  | 02/2027 | 3747 | 3459 | 3474 |  |
| 9734407 | ABF asset | N/A |  | 02/2027 | 11037 | 10268 | 10409 |  |
| 9734469 | ABF asset | N/A |  | 02/2027 | 663 | 604 | 637 |  |
| 9734480 | ABF asset | N/A |  | 02/2027 | 3161 | 2918 | 3047 |  |
| 9734495 | ABF asset | N/A |  | 02/2027 | 4330 | 3963 | 4174 |  |
| 9734530 | ABF asset | N/A |  | 02/2027 | 43093 | 39918 | 40889 |  |
| 9734771 | ABF asset | N/A |  | 02/2027 | 4962 | 4645 | 4702 |  |
| 9734783 | ABF asset | N/A |  | 02/2027 | 2771 | 2578 | 2656 |  |
| 9734808 | ABF asset | N/A |  | 02/2027 | 8972 | 8348 | 8458 |  |
| 9734861 | ABF asset | N/A |  | 02/2027 | 1821 | 1680 | 1714 |  |
| 9734930 | ABF asset | N/A |  | 02/2027 | 11403 | 10675 | 11105 |  |
| 9735026 | ABF asset | N/A |  | 02/2027 | 1633 | 1529 | 1428 |  |
| 9735069 | ABF asset | N/A |  | 02/2027 | 7320 | 6852 | 7026 |  |
| 9735110 | ABF asset | N/A |  | 02/2027 | 10423 | 9538 | 9725 |  |
| 9735148 | ABF asset | N/A |  | 02/2027 | 3721 | 3484 | 3241 |  |
| 9735186 | ABF asset | N/A |  | 02/2027 | 1868 | 1749 | 1752 |  |
| 9735196 | ABF asset | N/A |  | 02/2027 | 2176 | 1983 | 2093 |  |
| 9735219 | ABF asset | N/A |  | 02/2027 | 3484 | 3261 | 3338 |  |
| 9735244 | ABF asset | N/A |  | 02/2027 | 4554 | 4264 | 4340 |  |
| 9735264 | ABF asset | N/A |  | 02/2027 | 6723 | 6294 | 6523 |  |
| 9735287 | ABF asset | N/A |  | 02/2027 | 4849 | 4539 | 4690 |  |
| 9735322 | ABF asset | N/A |  | 02/2027 | 17442 | 16228 | 16271 |  |
| 9735399 | ABF asset | N/A |  | 02/2027 | 1593 | 1458 | 1539 |  |
| 9735405 | ABF asset | N/A |  | 02/2027 | 6512 | 6096 | 6152 |  |
| 9735434 | ABF asset | N/A |  | 02/2027 | 8246 | 7514 | 7790 |  |
| 9735465 | ABF asset | N/A |  | 02/2027 | 1886 | 1718 | 1798 |  |
| 9735486 | ABF asset | N/A |  | 02/2027 | 8096 | 7578 | 7701 |  |
| 9735547 | ABF asset | N/A |  | 02/2027 | 3480 | 3185 | 3252 |  |
| 9735577 | ABF asset | N/A |  | 02/2027 | 2942 | 2715 | 2831 |  |
| 9735631 | ABF asset | N/A |  | 02/2027 | 6558 | 6002 | 5600 |  |
| 9735663 | ABF asset | N/A |  | 02/2027 | 20944 | 19486 | 19727 |  |
| 9735765 | ABF asset | N/A |  | 02/2027 | 3028 | 2766 | 2907 |  |
| 9735833 | ABF asset | N/A |  | 02/2027 | 5286 | 4948 | 4944 |  |
| 9735840 | ABF asset | N/A |  | 02/2027 | 2924 | 2738 | 2761 |  |
| 9735962 | ABF asset | N/A |  | 02/2027 | 18024 | 16495 | 16707 |  |
| 9736078 | ABF asset | N/A |  | 02/2027 | 70983 | 66448 | 67671 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9736817 | ABF asset | N/A |  | 02/2027 | 8151 | 7498 | 7414 |  |
| 9736895 | ABF asset | N/A |  | 02/2027 | 5443 | 5095 | 5276 |  |
| 9736946 | ABF asset | N/A |  | 02/2027 | 13408 | 12218 | 12815 |  |
| 9737183 | ABF asset | N/A |  | 02/2027 | 16703 | 15472 | 15965 |  |
| 9737354 | ABF asset | N/A |  | 02/2027 | 1885 | 1726 | 1750 |  |
| 9737375 | ABF asset | N/A |  | 02/2027 | 4118 | 3814 | 3991 |  |
| 9737427 | ABF asset | N/A |  | 02/2027 | 1319 | 1208 | 1236 |  |
| 9737441 | ABF asset | N/A |  | 02/2027 | 7650 | 7161 | 7309 |  |
| 9737494 | ABF asset | N/A |  | 02/2027 | 22523 | 20955 | 21988 |  |
| 9737741 | ABF asset | N/A |  | 02/2027 | 6699 | 6206 | 6486 |  |
| 9737802 | ABF asset | N/A |  | 02/2027 | 1399 | 1280 | 1323 |  |
| 9737827 | ABF asset | N/A |  | 02/2027 | 4070 | 3757 | 3819 |  |
| 9737890 | ABF asset | N/A |  | 02/2027 | 7043 | 6553 | 6473 |  |
| 9738091 | ABF asset | N/A |  | 02/2027 | 3441 | 3188 | 3237 |  |
| 9738125 | ABF asset | N/A |  | 02/2027 | 19994 | 18717 | 19461 |  |
| 9738309 | ABF asset | N/A |  | 02/2027 | 21984 | 20454 | 20898 |  |
| 9738513 | ABF asset | N/A |  | 02/2027 | 19740 | 18479 | 18871 |  |
| 9738678 | ABF asset | N/A |  | 02/2027 | 912 | 854 | 856 |  |
| 9738679 | ABF asset | N/A |  | 02/2027 | 452 | 413 | 428 |  |
| 9738681 | ABF asset | N/A |  | 02/2027 | 7851 | 7222 | 7348 |  |
| 9738727 | ABF asset | N/A |  | 02/2027 | 4752 | 4402 | 4516 |  |
| 9738797 | ABF asset | N/A |  | 02/2027 | 2245 | 2102 | 2188 |  |
| 9738806 | ABF asset | N/A |  | 02/2027 | 3947 | 3695 | 3795 |  |
| 9738821 | ABF asset | N/A |  | 02/2027 | 6864 | 6425 | 6564 |  |
| 9738895 | ABF asset | N/A |  | 02/2027 | 7756 | 7098 | 7410 |  |
| 9738964 | ABF asset | N/A |  | 02/2027 | 9216 | 8628 | 8858 |  |
| 9739067 | ABF asset | N/A |  | 02/2027 | 11610 | 10680 | 10834 |  |
| 9739135 | ABF asset | N/A |  | 02/2027 | 2076 | 1944 | 1977 |  |
| 9739147 | ABF asset | N/A |  | 02/2027 | 1633 | 1496 | 181 |  |
| 9739152 | ABF asset | N/A |  | 02/2027 | 3326 | 3113 | 3220 |  |
| 9739193 | ABF asset | N/A |  | 02/2027 | 2906 | 2720 | 2789 |  |
| 9739203 | ABF asset | N/A |  | 02/2027 | 2432 | 2228 | 280 |  |
| 9739223 | ABF asset | N/A |  | 02/2027 | 28471 | 26653 | 27615 |  |
| 9739526 | ABF asset | N/A |  | 02/2027 | 4779 | 4412 | 4506 |  |
| 9739593 | ABF asset | N/A |  | 02/2027 | 3753 | 3420 | 3613 |  |
| 9739678 | ABF asset | N/A |  | 02/2027 | 5755 | 5313 | 4401 |  |
| 9739751 | ABF asset | N/A |  | 02/2027 | 11193 | 10414 | 10656 |  |
| 9739818 | ABF asset | N/A |  | 02/2027 | 1808 | 1654 | 1669 |  |
| 9739834 | ABF asset | N/A |  | 02/2027 | 5952 | 5513 | 5779 |  |
| 9739975 | ABF asset | N/A |  | 02/2027 | 2116 | 1953 | 1900 |  |
| 9739981 | ABF asset | N/A |  | 02/2027 | 14964 | 13694 | 9823 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9740055 | ABF asset | N/A |  | 02/2027 | 32989 | 30882 | 31180 |  |
| 9740227 | ABF asset | N/A |  | 02/2027 | 72842 | 68189 | 68007 |  |
| 9740601 | ABF asset | N/A |  | 02/2027 | 1728 | 1608 | 1670 |  |
| 9740625 | ABF asset | N/A |  | 02/2027 | 79204 | 74144 | 74191 |  |
| 9741147 | ABF asset | N/A |  | 02/2027 | 4533 | 4131 | 3773 |  |
| 9741192 | ABF asset | N/A |  | 02/2027 | 3032 | 2763 | 2634 |  |
| 9741207 | ABF asset | N/A |  | 02/2027 | 2414 | 2259 | 2268 |  |
| 9741222 | ABF asset | N/A |  | 02/2027 | 7907 | 7402 | 7558 |  |
| 9741263 | ABF asset | N/A |  | 02/2027 | 18874 | 17668 | 18053 |  |
| 9741469 | ABF asset | N/A |  | 02/2027 | 1448 | 1332 | 1364 |  |
| 9741480 | ABF asset | N/A |  | 02/2027 | 9638 | 9022 | 9290 |  |
| 9741705 | ABF asset | N/A |  | 02/2027 | 807 | 737 | 779 |  |
| 9741717 | ABF asset | N/A |  | 02/2027 | 1183 | 1101 | 1157 |  |
| 9741729 | ABF asset | N/A |  | 02/2027 | 4396 | 4005 | 3960 |  |
| 9741762 | ABF asset | N/A |  | 02/2027 | 2727 | 2517 | 2516 |  |
| 9741791 | ABF asset | N/A |  | 02/2027 | 311 | 288 | 300 |  |
| 9741808 | ABF asset | N/A |  | 02/2027 | 5371 | 5028 | 5131 |  |
| 9741827 | ABF asset | N/A |  | 02/2027 | 7636 | 7148 | 7329 |  |
| 9741863 | ABF asset | N/A |  | 02/2027 | 13709 | 12611 | 12904 |  |
| 9741912 | ABF asset | N/A |  | 02/2027 | 2904 | 2719 | 2790 |  |
| 9741922 | ABF asset | N/A |  | 02/2027 | 1834 | 1698 | 1774 |  |
| 9741932 | ABF asset | N/A |  | 02/2027 | 3316 | 3104 | 3188 |  |
| 9741945 | ABF asset | N/A |  | 02/2027 | 8343 | 7762 | 7882 |  |
| 9741985 | ABF asset | N/A |  | 02/2027 | 5739 | 5317 | 4588 |  |
| 9742012 | ABF asset | N/A |  | 02/2027 | 3594 | 3306 | 3364 |  |
| 9742027 | ABF asset | N/A |  | 02/2027 | 4993 | 4674 | 4730 |  |
| 9742047 | ABF asset | N/A |  | 02/2027 | 1046 | 957 | 944 |  |
| 9742058 | ABF asset | N/A |  | 02/2027 | 6641 | 6217 | 6371 |  |
| 9742079 | ABF asset | N/A |  | 02/2027 | 11922 | 11092 | 11564 |  |
| 9742124 | ABF asset | N/A |  | 02/2027 | 13441 | 12451 | 12487 |  |
| 9742169 | ABF asset | N/A |  | 02/2027 | 198 | 180 | 191 |  |
| 9742170 | ABF asset | N/A |  | 02/2027 | 8409 | 7763 | 8084 |  |
| 9742194 | ABF asset | N/A |  | 02/2027 | 3209 | 3004 | 3033 |  |
| 9742202 | ABF asset | N/A |  | 02/2027 | 1369 | 1259 | 1290 |  |
| 9742205 | ABF asset | N/A |  | 02/2027 | 4739 | 4390 | 4272 |  |
| 9742226 | ABF asset | N/A |  | 02/2027 | 4956 | 4639 | 4781 |  |
| 9742250 | ABF asset | N/A |  | 02/2027 | 2453 | 2282 | 2350 |  |
| 9742259 | ABF asset | N/A |  | 02/2027 | 7002 | 6380 | 6720 |  |
| 9742295 | ABF asset | N/A |  | 02/2027 | 10200 | 9549 | 9766 |  |
| 9742319 | ABF asset | N/A |  | 02/2027 | 15065 | 14016 | 14302 |  |
| 9742360 | ABF asset | N/A |  | 02/2027 | 4729 | 4400 | 4463 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9742375 | ABF asset | N/A |  | 02/2027 | 21016 | 19673 | 20272 |  |
| 9742455 | ABF asset | N/A |  | 02/2027 | 1963 | 1826 | 1892 |  |
| 9742596 | ABF asset | N/A |  | 02/2027 | 685 | 634 | 643 |  |
| 9742603 | ABF asset | N/A |  | 02/2027 | 3617 | 3385 | 3501 |  |
| 9742618 | ABF asset | N/A |  | 02/2027 | 3656 | 3401 | 3543 |  |
| 9742637 | ABF asset | N/A |  | 02/2027 | 17996 | 16846 | 17241 |  |
| 9742695 | ABF asset | N/A |  | 02/2027 | 5174 | 4843 | 5010 |  |
| 9742720 | ABF asset | N/A |  | 02/2027 | 787 | 724 | 753 |  |
| 9742725 | ABF asset | N/A |  | 02/2027 | 1173 | 1079 | 1134 |  |
| 9742729 | ABF asset | N/A |  | 02/2027 | 4532 | 4242 | 4355 |  |
| 9742760 | ABF asset | N/A |  | 02/2027 | 9208 | 8620 | 8893 |  |
| 9742810 | ABF asset | N/A |  | 02/2027 | 22772 | 20949 | 16577 |  |
| 9742870 | ABF asset | N/A |  | 02/2027 | 2770 | 2593 | 2636 |  |
| 9742877 | ABF asset | N/A |  | 02/2027 | 1635 | 1496 | 1417 |  |
| 9742886 | ABF asset | N/A |  | 02/2027 | 9307 | 8713 | 8850 |  |
| 9742926 | ABF asset | N/A |  | 02/2027 | 19783 | 18026 | 18829 |  |
| 9742989 | ABF asset | N/A |  | 02/2027 | 1782 | 1645 | 1716 |  |
| 9743003 | ABF asset | N/A |  | 02/2027 | 4674 | 4349 | 4449 |  |
| 9743025 | ABF asset | N/A |  | 02/2027 | 1557 | 1419 | 1464 |  |
| 9743032 | ABF asset | N/A |  | 02/2027 | 3692 | 3456 | 3560 |  |
| 9743040 | ABF asset | N/A |  | 02/2027 | 2182 | 2014 | 2081 |  |
| 9743047 | ABF asset | N/A |  | 02/2027 | 9051 | 8473 | 8688 |  |
| 9743113 | ABF asset | N/A |  | 02/2027 | 1013 | 927 | 967 |  |
| 9743123 | ABF asset | N/A |  | 02/2027 | 5868 | 5436 | 5599 |  |
| 9743151 | ABF asset | N/A |  | 02/2027 | 3809 | 3485 | 3449 |  |
| 9743166 | ABF asset | N/A |  | 02/2027 | 1348 | 1228 | 1284 |  |
| 9743180 | ABF asset | N/A |  | 02/2027 | 627 | 571 | 602 |  |
| 9743184 | ABF asset | N/A |  | 02/2027 | 1627 | 1489 | 1576 |  |
| 9743193 | ABF asset | N/A |  | 02/2027 | 6378 | 5908 | 6101 |  |
| 9743223 | ABF asset | N/A |  | 02/2027 | 1555 | 1441 | 1458 |  |
| 9743255 | ABF asset | N/A |  | 02/2027 | 1725 | 1579 | 1648 |  |
| 9743262 | ABF asset | N/A |  | 02/2027 | 2001 | 1873 | 1936 |  |
| 9743279 | ABF asset | N/A |  | 02/2027 | 6690 | 6224 | 6413 |  |
| 9743311 | ABF asset | N/A |  | 02/2027 | 686 | 625 | 636 |  |
| 9743316 | ABF asset | N/A |  | 02/2027 | 14086 | 13105 | 13386 |  |
| 9743387 | ABF asset | N/A |  | 02/2027 | 11149 | 10255 | 10582 |  |
| 9743429 | ABF asset | N/A |  | 02/2027 | 3889 | 3618 | 3668 |  |
| 9743449 | ABF asset | N/A |  | 02/2027 | 4828 | 4519 | 4584 |  |
| 9743466 | ABF asset | N/A |  | 02/2027 | 3061 | 2835 | 2435 |  |
| 9743477 | ABF asset | N/A |  | 02/2027 | 779 | 710 | 764 |  |
| 9743486 | ABF asset | N/A |  | 02/2027 | 18292 | 17124 | 17417 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9743559 | ABF asset | N/A |  | 03/2027 | 1867 | 1748 | 1762 |  |
| 9743566 | ABF asset | N/A |  | 03/2027 | 384 | 360 | 373 |  |
| 9743571 | ABF asset | N/A |  | 03/2027 | 17732 | 16599 | 17040 |  |
| 9743635 | ABF asset | N/A |  | 03/2027 | 6746 | 6205 | 6358 |  |
| 9743679 | ABF asset | N/A |  | 03/2027 | 2736 | 2503 | 2654 |  |
| 9743711 | ABF asset | N/A |  | 03/2027 | 15806 | 14590 | 15115 |  |
| 9743778 | ABF asset | N/A |  | 03/2027 | 564 | 514 | 509 |  |
| 9743780 | ABF asset | N/A |  | 03/2027 | 38661 | 36191 | 37260 |  |
| 9743881 | ABF asset | N/A |  | 03/2027 | 3993 | 3738 | 3912 |  |
| 9743910 | ABF asset | N/A |  | 03/2027 | 5479 | 5041 | 2106 |  |
| 9743914 | ABF asset | N/A |  | 03/2027 | 18814 | 17218 | 18114 |  |
| 9744001 | ABF asset | N/A |  | 03/2027 | 15542 | 14391 | 11516 |  |
| 9744062 | ABF asset | N/A |  | 03/2027 | 4581 | 4289 | 4381 |  |
| 9744090 | ABF asset | N/A |  | 03/2027 | 1584 | 1443 | 368 |  |
| 9744154 | ABF asset | N/A |  | 03/2027 | 2924 | 2721 | 2686 |  |
| 9744173 | ABF asset | N/A |  | 03/2027 | 1356 | 1256 | 1296 |  |
| 9744185 | ABF asset | N/A |  | 03/2027 | 7139 | 6643 | 6654 |  |
| 9744213 | ABF asset | N/A |  | 03/2027 | 4427 | 4118 | 3673 |  |
| 9744223 | ABF asset | N/A |  | 03/2027 | 321 | 292 | 295 |  |
| 9744228 | ABF asset | N/A |  | 03/2027 | 2125 | 1990 | 1985 |  |
| 9744239 | ABF asset | N/A |  | 03/2027 | 15931 | 14822 | 15451 |  |
| 9744310 | ABF asset | N/A |  | 03/2027 | 977 | 909 | 961 |  |
| 9744318 | ABF asset | N/A |  | 03/2027 | 1802 | 1676 | 1757 |  |
| 9744328 | ABF asset | N/A |  | 03/2027 | 3989 | 3650 | 2853 |  |
| 9744338 | ABF asset | N/A |  | 03/2027 | 2820 | 2640 | 2501 |  |
| 9744349 | ABF asset | N/A |  | 03/2027 | 15471 | 14482 | 15081 |  |
| 9744434 | ABF asset | N/A |  | 03/2027 | 4634 | 4311 | 4497 |  |
| 9744468 | ABF asset | N/A |  | 03/2027 | 1154 | 1056 | 1101 |  |
| 9744473 | ABF asset | N/A |  | 03/2027 | 2406 | 2238 | 2271 |  |
| 9744483 | ABF asset | N/A |  | 03/2027 | 766 | 710 | 720 |  |
| 9744490 | ABF asset | N/A |  | 03/2027 | 2879 | 2623 | 2744 |  |
| 9744511 | ABF asset | N/A |  | 03/2027 | 3983 | 3706 | 3757 |  |
| 9744527 | ABF asset | N/A |  | 03/2027 | 4504 | 4216 | 4212 |  |
| 9744536 | ABF asset | N/A |  | 03/2027 | 2244 | 2101 | 2149 |  |
| 9744550 | ABF asset | N/A |  | 03/2027 | 641 | 584 | 578 |  |
| 9744553 | ABF asset | N/A |  | 03/2027 | 987 | 914 | 954 |  |
| 9744567 | ABF asset | N/A |  | 03/2027 | 1641 | 1515 | 1566 |  |
| 9744573 | ABF asset | N/A |  | 03/2027 | 2688 | 2450 | 2415 |  |
| 9744582 | ABF asset | N/A |  | 03/2027 | 1609 | 1506 | 1562 |  |
| 9744593 | ABF asset | N/A |  | 03/2027 | 9402 | 8801 | 8781 |  |
| 9744609 | ABF asset | N/A |  | 03/2027 | 2141 | 1983 | 1704 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9744613 | ABF asset | N/A |  | 03/2027 | 6344 | 5903 | 6140 |  |
| 9744627 | ABF asset | N/A |  | 03/2027 | 7946 | 7438 | 7654 |  |
| 9744643 | ABF asset | N/A |  | 03/2027 | 12212 | 11128 | 11731 |  |
| 9744674 | ABF asset | N/A |  | 03/2027 | 3060 | 2801 | 2824 |  |
| 9744682 | ABF asset | N/A |  | 03/2027 | 1262 | 1169 | 1159 |  |
| 9744709 | ABF asset | N/A |  | 03/2027 | 6605 | 6183 | 6272 |  |
| 9744751 | ABF asset | N/A |  | 03/2027 | 6460 | 6047 | 6147 |  |
| 9744776 | ABF asset | N/A |  | 03/2027 | 4456 | 4078 | 4153 |  |
| 9744794 | ABF asset | N/A |  | 03/2027 | 1024 | 942 | 968 |  |
| 9744803 | ABF asset | N/A |  | 03/2027 | 12085 | 11059 | 11532 |  |
| 9745603 | ABF asset | N/A |  | 03/2027 | 10503 | 9662 | 10162 |  |
| 9745664 | ABF asset | N/A |  | 03/2027 | 1451 | 1339 | 1129 |  |
| 9745670 | ABF asset | N/A |  | 03/2027 | 952 | 881 | 845 |  |
| 9745679 | ABF asset | N/A |  | 03/2027 | 7876 | 7373 | 7607 |  |
| 9745705 | ABF asset | N/A |  | 03/2027 | 6918 | 6476 | 6690 |  |
| 9745835 | ABF asset | N/A |  | 03/2027 | 27919 | 25772 | 26287 |  |
| 9746133 | ABF asset | N/A |  | 03/2027 | 5590 | 5160 | 5373 |  |
| 9746225 | ABF asset | N/A |  | 03/2027 | 18435 | 17077 | 17706 |  |
| 9746548 | ABF asset | N/A |  | 03/2027 | 1678 | 1529 | 1517 |  |
| 9746565 | ABF asset | N/A |  | 03/2027 | 15843 | 14831 | 15339 |  |
| 9746754 | ABF asset | N/A |  | 03/2027 | 4383 | 4103 | 4210 |  |
| 9746774 | ABF asset | N/A |  | 03/2027 | 52914 | 49534 | 51182 |  |
| 9747225 | ABF asset | N/A |  | 03/2027 | 2091 | 1923 | 1978 |  |
| 9747234 | ABF asset | N/A |  | 03/2027 | 1378 | 1290 | 1332 |  |
| 9747253 | ABF asset | N/A |  | 03/2027 | 2186 | 1992 | 2124 |  |
| 9747268 | ABF asset | N/A |  | 03/2027 | 5792 | 5389 | 5538 |  |
| 9747295 | ABF asset | N/A |  | 03/2027 | 5213 | 4795 | 3554 |  |
| 9747317 | ABF asset | N/A |  | 03/2027 | 43364 | 39685 | 40384 |  |
| 9747575 | ABF asset | N/A |  | 03/2027 | 2712 | 2482 | 2589 |  |
| 9747624 | ABF asset | N/A |  | 03/2027 | 3622 | 3308 | 3110 |  |
| 9747647 | ABF asset | N/A |  | 03/2027 | 6162 | 5668 | 5902 |  |
| 9747779 | ABF asset | N/A |  | 03/2027 | 2322 | 2151 | 2177 |  |
| 9747808 | ABF asset | N/A |  | 03/2027 | 22490 | 21054 | 21553 |  |
| 9747949 | ABF asset | N/A |  | 03/2027 | 4592 | 4203 | 4457 |  |
| 9747972 | ABF asset | N/A |  | 03/2027 | 6216 | 5819 | 5790 |  |
| 9747998 | ABF asset | N/A |  | 03/2027 | 8660 | 8106 | 8357 |  |
| 9748026 | ABF asset | N/A |  | 03/2027 | 1206 | 1121 | 1175 |  |
| 9748032 | ABF asset | N/A |  | 03/2027 | 3097 | 2869 | 2927 |  |
| 9748075 | ABF asset | N/A |  | 03/2027 | 2845 | 2635 | 2781 |  |
| 9748125 | ABF asset | N/A |  | 03/2027 | 2936 | 2749 | 2818 |  |
| 9748152 | ABF asset | N/A |  | 03/2027 | 849 | 778 | 829 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9748201 | ABF asset | N/A |  | 03/2027 | 2683 | 2457 | 2518 |  |
| 9748231 | ABF asset | N/A |  | 03/2027 | 2635 | 2452 | 2505 |  |
| 9748250 | ABF asset | N/A |  | 03/2027 | 11086 | 10198 | 4610 |  |
| 9748290 | ABF asset | N/A |  | 03/2027 | 1818 | 1657 | 1716 |  |
| 9748305 | ABF asset | N/A |  | 03/2027 | 781 | 723 | 753 |  |
| 9748306 | ABF asset | N/A |  | 03/2027 | 49915 | 46727 | 48051 |  |
| 9748565 | ABF asset | N/A |  | 03/2027 | 3468 | 3202 | 3341 |  |
| 9748593 | ABF asset | N/A |  | 03/2027 | 19467 | 18033 | 19085 |  |
| 9748765 | ABF asset | N/A |  | 03/2027 | 24049 | 22374 | 22633 |  |
| 9748870 | ABF asset | N/A |  | 03/2027 | 21697 | 20029 | 20483 |  |
| 9749005 | ABF asset | N/A |  | 03/2027 | 11230 | 10331 | 10491 |  |
| 9749068 | ABF asset | N/A |  | 03/2027 | 20886 | 19551 | 20003 |  |
| 9749152 | ABF asset | N/A |  | 03/2027 | 12822 | 11877 | 11617 |  |
| 9749226 | ABF asset | N/A |  | 03/2027 | 1140 | 1043 | 1080 |  |
| 9749235 | ABF asset | N/A |  | 03/2027 | 17878 | 16561 | 16755 |  |
| 9749321 | ABF asset | N/A |  | 03/2027 | 2958 | 2740 | 2671 |  |
| 9749381 | ABF asset | N/A |  | 03/2027 | 1196 | 1107 | 1152 |  |
| 9749386 | ABF asset | N/A |  | 03/2027 | 31427 | 29419 | 30155 |  |
| 9749510 | ABF asset | N/A |  | 03/2027 | 2265 | 2084 | 2072 |  |
| 9749533 | ABF asset | N/A |  | 03/2027 | 4236 | 3965 | 4134 |  |
| 9749556 | ABF asset | N/A |  | 03/2027 | 1225 | 1119 | 1189 |  |
| 9749599 | ABF asset | N/A |  | 03/2027 | 5456 | 5036 | 5110 |  |
| 9749658 | ABF asset | N/A |  | 03/2027 | 59352 | 55220 | 55801 |  |
| 9749965 | ABF asset | N/A |  | 03/2027 | 10680 | 9998 | 10288 |  |
| 9750014 | ABF asset | N/A |  | 03/2027 | 13428 | 12571 | 12985 |  |
| 9750124 | ABF asset | N/A |  | 03/2027 | 3765 | 3524 | 3625 |  |
| 9750164 | ABF asset | N/A |  | 03/2027 | 1865 | 1746 | 1764 |  |
| 9750185 | ABF asset | N/A |  | 03/2027 | 3566 | 3338 | 3322 |  |
| 9750230 | ABF asset | N/A |  | 03/2027 | 10506 | 9835 | 10136 |  |
| 9750322 | ABF asset | N/A |  | 03/2027 | 1929 | 1780 | 1809 |  |
| 9750349 | ABF asset | N/A |  | 03/2027 | 23870 | 22208 | 23042 |  |
| 9750605 | ABF asset | N/A |  | 03/2027 | 6533 | 6116 | 6275 |  |
| 9750659 | ABF asset | N/A |  | 03/2027 | 934 | 855 | 901 |  |
| 9750669 | ABF asset | N/A |  | 03/2027 | 547 | 507 | 521 |  |
| 9750685 | ABF asset | N/A |  | 03/2027 | 4097 | 3782 | 3944 |  |
| 9750737 | ABF asset | N/A |  | 03/2027 | 915 | 834 | 590 |  |
| 9750752 | ABF asset | N/A |  | 03/2027 | 2801 | 2577 | 2620 |  |
| 9750765 | ABF asset | N/A |  | 03/2027 | 6849 | 6241 | 6450 |  |
| 9750874 | ABF asset | N/A |  | 03/2027 | 3542 | 3316 | 3385 |  |
| 9750923 | ABF asset | N/A |  | 03/2027 | 752 | 689 | 717 |  |
| 9751133 | ABF asset | N/A |  | 03/2027 | 6686 | 6150 | 6242 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9751181 | ABF asset | N/A |  | 03/2027 | 14280 | 13367 | 13381 |  |
| 9751314 | ABF asset | N/A |  | 03/2027 | 19318 | 17603 | 18452 |  |
| 9751478 | ABF asset | N/A |  | 03/2027 | 3710 | 3473 | 3560 |  |
| 9751499 | ABF asset | N/A |  | 03/2027 | 7435 | 6960 | 7166 |  |
| 9751522 | ABF asset | N/A |  | 03/2027 | 3434 | 3195 | 3203 |  |
| 9751554 | ABF asset | N/A |  | 03/2027 | 11455 | 10483 | 10812 |  |
| 9751648 | ABF asset | N/A |  | 03/2027 | 2195 | 2000 | 1321 |  |
| 9751665 | ABF asset | N/A |  | 03/2027 | 8682 | 8128 | 8321 |  |
| 9751733 | ABF asset | N/A |  | 03/2027 | 10680 | 9998 | 10402 |  |
| 9751831 | ABF asset | N/A |  | 03/2027 | 933 | 864 | 892 |  |
| 9751844 | ABF asset | N/A |  | 03/2027 | 2352 | 2143 | 2258 |  |
| 9751874 | ABF asset | N/A |  | 03/2027 | 2053 | 1922 | 1939 |  |
| 9751892 | ABF asset | N/A |  | 03/2027 | 11960 | 11196 | 11289 |  |
| 9751995 | ABF asset | N/A |  | 03/2027 | 884 | 809 | 861 |  |
| 9752039 | ABF asset | N/A |  | 03/2027 | 1581 | 1454 | 1513 |  |
| 9752061 | ABF asset | N/A |  | 03/2027 | 3913 | 3625 | 3540 |  |
| 9752081 | ABF asset | N/A |  | 03/2027 | 3823 | 3579 | 3638 |  |
| 9752121 | ABF asset | N/A |  | 03/2027 | 483 | 447 | 454 |  |
| 9752126 | ABF asset | N/A |  | 03/2027 | 6380 | 5910 | 6131 |  |
| 9752177 | ABF asset | N/A |  | 03/2027 | 4259 | 3890 | 4010 |  |
| 9752232 | ABF asset | N/A |  | 03/2027 | 4263 | 3991 | 4072 |  |
| 9752277 | ABF asset | N/A |  | 03/2027 | 16870 | 15405 | 14356 |  |
| 9752438 | ABF asset | N/A |  | 03/2027 | 1065 | 997 | 1040 |  |
| 9752451 | ABF asset | N/A |  | 03/2027 | 5558 | 5171 | 5228 |  |
| 9752464 | ABF asset | N/A |  | 03/2027 | 9135 | 8551 | 7123 |  |
| 9752491 | ABF asset | N/A |  | 03/2027 | 7194 | 6734 | 6966 |  |
| 9752557 | ABF asset | N/A |  | 03/2027 | 541 | 493 | 530 |  |
| 9752566 | ABF asset | N/A |  | 03/2027 | 7458 | 6981 | 7118 |  |
| 9752609 | ABF asset | N/A |  | 03/2027 | 4137 | 3849 | 3777 |  |
| 9752650 | ABF asset | N/A |  | 03/2027 | 6688 | 6222 | 6230 |  |
| 9752688 | ABF asset | N/A |  | 03/2027 | 2682 | 2455 | 2316 |  |
| 9752693 | ABF asset | N/A |  | 03/2027 | 1701 | 1592 | 1592 |  |
| 9752707 | ABF asset | N/A |  | 03/2027 | 18629 | 17439 | 17718 |  |
| 9752774 | ABF asset | N/A |  | 03/2027 | 2592 | 2427 | 2474 |  |
| 9752786 | ABF asset | N/A |  | 03/2027 | 20289 | 18993 | 19195 |  |
| 9752896 | ABF asset | N/A |  | 03/2027 | 12597 | 11792 | 12042 |  |
| 9752976 | ABF asset | N/A |  | 03/2027 | 20342 | 19043 | 19022 |  |
| 9753048 | ABF asset | N/A |  | 03/2027 | 7553 | 6883 | 6599 |  |
| 9753097 | ABF asset | N/A |  | 03/2027 | 5695 | 5299 | 5403 |  |
| 9753146 | ABF asset | N/A |  | 03/2027 | 738 | 673 | 704 |  |
| 9753149 | ABF asset | N/A |  | 03/2027 | 2067 | 1935 | 1977 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9753162 | ABF asset | N/A |  | 03/2027 | 4763 | 4459 | 3947 |  |
| 9753198 | ABF asset | N/A |  | 03/2027 | 3318 | 3106 | 3240 |  |
| 9753218 | ABF asset | N/A |  | 03/2027 | 1519 | 1422 | 1484 |  |
| 9753223 | ABF asset | N/A |  | 03/2027 | 7118 | 6571 | 6586 |  |
| 9753260 | ABF asset | N/A |  | 03/2027 | 8751 | 8192 | 8424 |  |
| 9753292 | ABF asset | N/A |  | 03/2027 | 5318 | 4978 | 5087 |  |
| 9753326 | ABF asset | N/A |  | 03/2027 | 3535 | 3309 | 3149 |  |
| 9753345 | ABF asset | N/A |  | 03/2027 | 7773 | 7114 | 7526 |  |
| 9753422 | ABF asset | N/A |  | 03/2027 | 14948 | 13993 | 14333 |  |
| 9753453 | ABF asset | N/A |  | 03/2027 | 868 | 791 | 833 |  |
| 9753457 | ABF asset | N/A |  | 03/2027 | 11995 | 11229 | 11385 |  |
| 9753534 | ABF asset | N/A |  | 03/2027 | 32905 | 30803 | 31606 |  |
| 9753688 | ABF asset | N/A |  | 03/2027 | 3903 | 3654 | 3721 |  |
| 9753701 | ABF asset | N/A |  | 03/2027 | 2202 | 2007 | 441 |  |
| 9753703 | ABF asset | N/A |  | 03/2027 | 5076 | 4751 | 4838 |  |
| 9753743 | ABF asset | N/A |  | 03/2027 | 1635 | 1530 | 1531 |  |
| 9753753 | ABF asset | N/A |  | 03/2027 | 22366 | 20937 | 21704 |  |
| 9753875 | ABF asset | N/A |  | 03/2027 | 6928 | 6485 | 6539 |  |
| 9753894 | ABF asset | N/A |  | 03/2027 | 8179 | 7469 | 7950 |  |
| 9754094 | ABF asset | N/A |  | 03/2027 | 2466 | 2309 | 2328 |  |
| 9754116 | ABF asset | N/A |  | 03/2027 | 830 | 756 | 757 |  |
| 9754119 | ABF asset | N/A |  | 03/2027 | 22537 | 21098 | 21604 |  |
| 9754249 | ABF asset | N/A |  | 03/2027 | 51978 | 48657 | 49322 |  |
| 9754417 | ABF asset | N/A |  | 03/2027 | 2773 | 2567 | 2671 |  |
| 9754442 | ABF asset | N/A |  | 03/2027 | 8290 | 7760 | 7892 |  |
| 9754457 | ABF asset | N/A |  | 03/2027 | 2422 | 2267 | 2304 |  |
| 9754467 | ABF asset | N/A |  | 03/2027 | 40102 | 37540 | 38716 |  |
| 9754669 | ABF asset | N/A |  | 03/2027 | 2764 | 2572 | 2609 |  |
| 9754674 | ABF asset | N/A |  | 03/2027 | 2221 | 2079 | 2076 |  |
| 9754675 | ABF asset | N/A |  | 03/2027 | 8244 | 7718 | 7846 |  |
| 9754706 | ABF asset | N/A |  | 03/2027 | 7321 | 6853 | 6920 |  |
| 9757383 | ABF asset | N/A |  | 03/2027 | 1565 | 1456 | 1478 |  |
| 9757408 | ABF asset | N/A |  | 03/2027 | 3842 | 3559 | 3563 |  |
| 9757440 | ABF asset | N/A |  | 03/2027 | 1950 | 1777 | 1876 |  |
| 9757468 | ABF asset | N/A |  | 03/2027 | 16782 | 15710 | 16179 |  |
| 9757568 | ABF asset | N/A |  | 03/2027 | 1109 | 1011 | 1068 |  |
| 9757570 | ABF asset | N/A |  | 03/2027 | 14860 | 13911 | 14179 |  |
| 9757660 | ABF asset | N/A |  | 03/2027 | 2735 | 2516 | 2625 |  |
| 9757681 | ABF asset | N/A |  | 03/2027 | 11502 | 10701 | 10854 |  |
| 9757806 | ABF asset | N/A |  | 03/2027 | 4110 | 3847 | 3989 |  |
| 9757848 | ABF asset | N/A |  | 03/2027 | 745 | 683 | 710 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9757863 | ABF asset | N/A |  | 03/2027 | 2324 | 2127 | 2200 |  |
| 9757875 | ABF asset | N/A |  | 03/2027 | 5668 | 5306 | 5422 |  |
| 9757902 | ABF asset | N/A |  | 03/2027 | 7780 | 7283 | 7501 |  |
| 9758040 | ABF asset | N/A |  | 03/2027 | 3156 | 2924 | 3077 |  |
| 9758102 | ABF asset | N/A |  | 03/2027 | 9369 | 8770 | 9026 |  |
| 9758151 | ABF asset | N/A |  | 03/2027 | 2240 | 2052 | 2179 |  |
| 9758265 | ABF asset | N/A |  | 03/2027 | 1372 | 1250 | 1224 |  |
| 9758288 | ABF asset | N/A |  | 03/2027 | 10475 | 9806 | 9946 |  |
| 9758430 | ABF asset | N/A |  | 03/2027 | 1188 | 1082 | 1120 |  |
| 9758458 | ABF asset | N/A |  | 03/2027 | 3200 | 2996 | 3062 |  |
| 9758542 | ABF asset | N/A |  | 03/2027 | 7807 | 7308 | 7419 |  |
| 9758610 | ABF asset | N/A |  | 03/2027 | 592 | 541 | 549 |  |
| 9758629 | ABF asset | N/A |  | 03/2027 | 7529 | 6950 | 7289 |  |
| 9758698 | ABF asset | N/A |  | 03/2027 | 2365 | 2214 | 2238 |  |
| 9758721 | ABF asset | N/A |  | 03/2027 | 2887 | 2702 | 2770 |  |
| 9758758 | ABF asset | N/A |  | 03/2027 | 2291 | 2096 | 2167 |  |
| 9758780 | ABF asset | N/A |  | 03/2027 | 1399 | 1309 | 1378 |  |
| 9758813 | ABF asset | N/A |  | 03/2027 | 1559 | 1444 | 1488 |  |
| 9758820 | ABF asset | N/A |  | 03/2027 | 4945 | 4526 | 4720 |  |
| 9758853 | ABF asset | N/A |  | 03/2027 | 5302 | 4877 | 4662 |  |
| 9758872 | ABF asset | N/A |  | 03/2027 | 2250 | 2070 | 2135 |  |
| 9758913 | ABF asset | N/A |  | 03/2027 | 1599 | 1496 | 1510 |  |
| 9758921 | ABF asset | N/A |  | 03/2027 | 3327 | 3114 | 3193 |  |
| 9758969 | ABF asset | N/A |  | 03/2027 | 18613 | 17034 | 18241 |  |
| 9759469 | ABF asset | N/A |  | 03/2027 | 33444 | 30541 | 32122 |  |
| 9759820 | ABF asset | N/A |  | 03/2027 | 10556 | 9881 | 9903 |  |
| 9759895 | ABF asset | N/A |  | 03/2027 | 2216 | 2075 | 2128 |  |
| 9759909 | ABF asset | N/A |  | 03/2027 | 538 | 490 | 527 |  |
| 9759924 | ABF asset | N/A |  | 03/2027 | 3122 | 2872 | 2857 |  |
| 9759941 | ABF asset | N/A |  | 03/2027 | 3198 | 2976 | 3085 |  |
| 9759944 | ABF asset | N/A |  | 03/2027 | 6034 | 5550 | 5488 |  |
| 9759971 | ABF asset | N/A |  | 03/2027 | 46664 | 43415 | 43573 |  |
| 9760223 | ABF asset | N/A |  | 03/2027 | 64487 | 60368 | 61270 |  |
| 9760700 | ABF asset | N/A |  | 03/2027 | 3046 | 2822 | 2941 |  |
| 9760735 | ABF asset | N/A |  | 03/2027 | 10502 | 9771 | 9982 |  |
| 9760783 | ABF asset | N/A |  | 03/2027 | 12176 | 11398 | 11510 |  |
| 9760815 | ABF asset | N/A |  | 03/2027 | 5934 | 5555 | 5650 |  |
| 9760864 | ABF asset | N/A |  | 03/2027 | 1422 | 1313 | 1083 |  |
| 9760872 | ABF asset | N/A |  | 03/2027 | 10363 | 9642 | 9861 |  |
| 9760947 | ABF asset | N/A |  | 03/2027 | 69181 | 64762 | 65501 |  |
| 9761257 | ABF asset | N/A |  | 03/2027 | 8452 | 7912 | 8080 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9761311 | ABF asset | N/A |  | 03/2027 | 31866 | 29647 | 30706 |  |
| 9761473 | ABF asset | N/A |  | 03/2027 | 1152 | 1063 | 1117 |  |
| 9761485 | ABF asset | N/A |  | 03/2027 | 1147 | 1051 | 1112 |  |
| 9761502 | ABF asset | N/A |  | 03/2027 | 638 | 591 | 460 |  |
| 9761509 | ABF asset | N/A |  | 03/2027 | 2636 | 2468 | 2285 |  |
| 9761520 | ABF asset | N/A |  | 03/2027 | 1081 | 985 | 1020 |  |
| 9761523 | ABF asset | N/A |  | 03/2027 | 3091 | 2875 | 2913 |  |
| 9761531 | ABF asset | N/A |  | 03/2027 | 30262 | 28032 | 24105 |  |
| 9761631 | ABF asset | N/A |  | 03/2027 | 5069 | 4745 | 4473 |  |
| 9761637 | ABF asset | N/A |  | 03/2027 | 11157 | 10445 | 10597 |  |
| 9761681 | ABF asset | N/A |  | 03/2027 | 9974 | 9089 | 9756 |  |
| 9761855 | ABF asset | N/A |  | 03/2027 | 6540 | 5959 | 4226 |  |
| 9761870 | ABF asset | N/A |  | 03/2027 | 36759 | 33641 | 35066 |  |
| 9762124 | ABF asset | N/A |  | 03/2027 | 4773 | 4467 | 4587 |  |
| 9762170 | ABF asset | N/A |  | 03/2027 | 20564 | 18739 | 17413 |  |
| 9762256 | ABF asset | N/A |  | 03/2027 | 1400 | 1276 | 1232 |  |
| 9762340 | ABF asset | N/A |  | 03/2027 | 1820 | 1666 | 1755 |  |
| 9762379 | ABF asset | N/A |  | 03/2027 | 12383 | 11391 | 11725 |  |
| 9762519 | ABF asset | N/A |  | 03/2027 | 5041 | 4654 | 4748 |  |
| 9762557 | ABF asset | N/A |  | 03/2027 | 14686 | 13748 | 13945 |  |
| 9762620 | ABF asset | N/A |  | 03/2027 | 1601 | 1465 | 1478 |  |
| 9762655 | ABF asset | N/A |  | 03/2027 | 1415 | 1296 | 1309 |  |
| 9762663 | ABF asset | N/A |  | 03/2027 | 7869 | 7201 | 7345 |  |
| 9762756 | ABF asset | N/A |  | 03/2027 | 580 | 529 | 556 |  |
| 9762765 | ABF asset | N/A |  | 03/2027 | 5760 | 5317 | 5430 |  |
| 9762816 | ABF asset | N/A |  | 03/2027 | 3878 | 3631 | 3706 |  |
| 9762912 | ABF asset | N/A |  | 03/2027 | 8234 | 7661 | 7929 |  |
| 9763332 | ABF asset | N/A |  | 03/2027 | 4936 | 4521 | 3731 |  |
| 9763366 | ABF asset | N/A |  | 03/2027 | 4168 | 3860 | 3941 |  |
| 9763401 | ABF asset | N/A |  | 03/2027 | 1776 | 1627 | 1722 |  |
| 9763432 | ABF asset | N/A |  | 03/2027 | 5366 | 5023 | 5118 |  |
| 9763464 | ABF asset | N/A |  | 03/2027 | 16528 | 15126 | 14214 |  |
| 9763575 | ABF asset | N/A |  | 03/2027 | 75195 | 69656 | 60543 |  |
| 9763964 | ABF asset | N/A |  | 03/2027 | 15193 | 14135 | 14628 |  |
| 9764047 | ABF asset | N/A |  | 03/2027 | 13725 | 12769 | 12765 |  |
| 9764114 | ABF asset | N/A |  | 03/2027 | 3188 | 2984 | 3032 |  |
| 9764141 | ABF asset | N/A |  | 03/2027 | 20292 | 18880 | 19285 |  |
| 9764285 | ABF asset | N/A |  | 03/2027 | 7213 | 6752 | 6899 |  |
| 9764298 | ABF asset | N/A |  | 03/2027 | 15645 | 14646 | 14990 |  |
| 9764529 | ABF asset | N/A |  | 03/2027 | 8501 | 7958 | 7962 |  |
| 9764576 | ABF asset | N/A |  | 03/2027 | 43819 | 40591 | 41154 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9764849 | ABF asset | N/A |  | 03/2027 | 3602 | 3282 | 3176 |  |
| 9764870 | ABF asset | N/A |  | 03/2027 | 23782 | 21953 | 22658 |  |
| 9765001 | ABF asset | N/A |  | 03/2027 | 485 | 449 | 445 |  |
| 9765003 | ABF asset | N/A |  | 03/2027 | 1806 | 1690 | 1739 |  |
| 9765011 | ABF asset | N/A |  | 03/2027 | 29036 | 26897 | 27898 |  |
| 9765138 | ABF asset | N/A |  | 03/2027 | 21269 | 19381 | 17922 |  |
| 9765257 | ABF asset | N/A |  | 03/2027 | 2026 | 1847 | 1841 |  |
| 9765265 | ABF asset | N/A |  | 03/2027 | 46442 | 42538 | 7079 |  |
| 9765458 | ABF asset | N/A |  | 03/2027 | 51879 | 48565 | 44652 |  |
| 9765675 | ABF asset | N/A |  | 03/2027 | 13530 | 12447 | 13076 |  |
| 9765719 | ABF asset | N/A |  | 03/2027 | 1585 | 1484 | 1539 |  |
| 9765738 | ABF asset | N/A |  | 03/2027 | 9217 | 8575 | 8585 |  |
| 9765785 | ABF asset | N/A |  | 03/2027 | 11798 | 10977 | 10767 |  |
| 9765832 | ABF asset | N/A |  | 03/2027 | 3445 | 3225 | 3280 |  |
| 9765955 | ABF asset | N/A |  | 03/2027 | 2800 | 2621 | 2726 |  |
| 9765971 | ABF asset | N/A |  | 03/2027 | 18256 | 16671 | 17532 |  |
| 9766064 | ABF asset | N/A |  | 03/2027 | 3216 | 2979 | 3099 |  |
| 9766088 | ABF asset | N/A |  | 03/2027 | 14663 | 13362 | 12622 |  |
| 9766156 | ABF asset | N/A |  | 03/2027 | 4519 | 4231 | 4216 |  |
| 9766171 | ABF asset | N/A |  | 03/2027 | 1548 | 1440 | 1254 |  |
| 9766261 | ABF asset | N/A |  | 03/2027 | 1570 | 1470 | 1495 |  |
| 9766304 | ABF asset | N/A |  | 03/2027 | 9857 | 9227 | 9318 |  |
| 9766350 | ABF asset | N/A |  | 03/2027 | 2880 | 2624 | 2816 |  |
| 9766367 | ABF asset | N/A |  | 03/2027 | 2075 | 1916 | 2020 |  |
| 9766376 | ABF asset | N/A |  | 03/2027 | 15434 | 14448 | 15058 |  |
| 9766487 | ABF asset | N/A |  | 03/2027 | 2661 | 2492 | 2518 |  |
| 9766504 | ABF asset | N/A |  | 03/2027 | 3117 | 2877 | 3034 |  |
| 9766563 | ABF asset | N/A |  | 03/2027 | 11721 | 10905 | 11127 |  |
| 9766667 | ABF asset | N/A |  | 03/2027 | 4369 | 3982 | 4202 |  |
| 9766692 | ABF asset | N/A |  | 03/2027 | 1109 | 1015 | 1035 |  |
| 9766730 | ABF asset | N/A |  | 03/2027 | 6332 | 5800 | 6017 |  |
| 9766813 | ABF asset | N/A |  | 03/2027 | 15553 | 14173 | 14779 |  |
| 9766876 | ABF asset | N/A |  | 03/2027 | 13091 | 12255 | 12419 |  |
| 9766904 | ABF asset | N/A |  | 03/2027 | 1440 | 1339 | 1343 |  |
| 9766914 | ABF asset | N/A |  | 03/2027 | 12229 | 11447 | 11667 |  |
| 9766957 | ABF asset | N/A |  | 03/2027 | 2866 | 2666 | 2697 |  |
| 9766965 | ABF asset | N/A |  | 03/2027 | 4922 | 4608 | 4720 |  |
| 9766986 | ABF asset | N/A |  | 03/2027 | 5679 | 5186 | 4461 |  |
| 9767004 | ABF asset | N/A |  | 03/2027 | 6012 | 5530 | 5758 |  |
| 9767030 | ABF asset | N/A |  | 03/2027 | 8517 | 7974 | 8162 |  |
| 9767080 | ABF asset | N/A |  | 03/2027 | 8387 | 7675 | 5692 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9767103 | ABF asset | N/A |  | 03/2027 | 16436 | 15386 | 15695 |  |
| 9767151 | ABF asset | N/A |  | 03/2027 | 1099 | 1005 | 1038 |  |
| 9767154 | ABF asset | N/A |  | 03/2027 | 16797 | 15724 | 16089 |  |
| 9767214 | ABF asset | N/A |  | 03/2027 | 10281 | 9625 | 9906 |  |
| 9767247 | ABF asset | N/A |  | 03/2027 | 8980 | 8218 | 8365 |  |
| 9767275 | ABF asset | N/A |  | 03/2027 | 3693 | 3457 | 3553 |  |
| 9767286 | ABF asset | N/A |  | 03/2027 | 13213 | 12368 | 12482 |  |
| 9767319 | ABF asset | N/A |  | 03/2027 | 9292 | 8698 | 8871 |  |
| 9767347 | ABF asset | N/A |  | 03/2027 | 1705 | 1596 | 1613 |  |
| 9767349 | ABF asset | N/A |  | 03/2027 | 16906 | 15405 | 15943 |  |
| 9767400 | ABF asset | N/A |  | 03/2027 | 577 | 528 | 559 |  |
| 9767410 | ABF asset | N/A |  | 03/2027 | 3330 | 3047 | 3237 |  |
| 9767425 | ABF asset | N/A |  | 03/2027 | 966 | 891 | 948 |  |
| 9767433 | ABF asset | N/A |  | 03/2027 | 13735 | 12516 | 12982 |  |
| 9767499 | ABF asset | N/A |  | 03/2027 | 15089 | 13809 | 10803 |  |
| 9767537 | ABF asset | N/A |  | 03/2027 | 14516 | 13505 | 13536 |  |
| 9767667 | ABF asset | N/A |  | 03/2027 | 7758 | 7262 | 7412 |  |
| 9767688 | ABF asset | N/A |  | 03/2027 | 12728 | 11749 | 11805 |  |
| 9767734 | ABF asset | N/A |  | 03/2027 | 1018 | 932 | 775 |  |
| 9767739 | ABF asset | N/A |  | 03/2027 | 17274 | 16072 | 8798 |  |
| 9767797 | ABF asset | N/A |  | 03/2027 | 1500 | 1404 | 1416 |  |
| 9767813 | ABF asset | N/A |  | 03/2027 | 4592 | 4299 | 4417 |  |
| 9767826 | ABF asset | N/A |  | 03/2027 | 6807 | 6202 | 5948 |  |
| 9767842 | ABF asset | N/A |  | 03/2027 | 10673 | 9887 | 9688 |  |
| 9767872 | ABF asset | N/A |  | 03/2027 | 20667 | 19346 | 16288 |  |
| 9767926 | ABF asset | N/A |  | 03/2027 | 1447 | 1324 | 1312 |  |
| 9767931 | ABF asset | N/A |  | 03/2027 | 2056 | 1925 | 1955 |  |
| 9767936 | ABF asset | N/A |  | 03/2027 | 4607 | 4313 | 4415 |  |
| 9767951 | ABF asset | N/A |  | 03/2027 | 2155 | 1964 | 2092 |  |
| 9767966 | ABF asset | N/A |  | 03/2027 | 7922 | 7416 | 7562 |  |
| 9767991 | ABF asset | N/A |  | 03/2027 | 11207 | 10346 | 10505 |  |
| 9768016 | ABF asset | N/A |  | 03/2027 | 10253 | 9598 | 9604 |  |
| 9768042 | ABF asset | N/A |  | 03/2027 | 5661 | 5170 | 5437 |  |
| 9768067 | ABF asset | N/A |  | 03/2027 | 6529 | 6074 | 6257 |  |
| 9768084 | ABF asset | N/A |  | 03/2027 | 7378 | 6906 | 7050 |  |
| 9768103 | ABF asset | N/A |  | 03/2027 | 9027 | 8450 | 8652 |  |
| 9768137 | ABF asset | N/A |  | 03/2027 | 2210 | 2023 | 2064 |  |
| 9768144 | ABF asset | N/A |  | 03/2027 | 342 | 311 | 326 |  |
| 9768146 | ABF asset | N/A |  | 03/2027 | 10180 | 9529 | 8430 |  |
| 9768168 | ABF asset | N/A |  | 03/2027 | 1130 | 1046 | 1063 |  |
| 9768170 | ABF asset | N/A |  | 03/2027 | 5445 | 4972 | 5129 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9768192 | ABF asset | N/A |  | 03/2027 | 6076 | 5688 | 5920 |  |
| 9768218 | ABF asset | N/A |  | 03/2027 | 2354 | 2190 | 1944 |  |
| 9768228 | ABF asset | N/A |  | 03/2027 | 17047 | 15957 | 16606 |  |
| 9768289 | ABF asset | N/A |  | 03/2027 | 712 | 659 | 602 |  |
| 9768291 | ABF asset | N/A |  | 03/2027 | 9381 | 8781 | 9001 |  |
| 9768312 | ABF asset | N/A |  | 03/2027 | 839 | 768 | 815 |  |
| 9768317 | ABF asset | N/A |  | 03/2027 | 4417 | 4135 | 4122 |  |
| 9768324 | ABF asset | N/A |  | 03/2027 | 1000 | 911 | 971 |  |
| 9768332 | ABF asset | N/A |  | 03/2027 | 7756 | 7216 | 7554 |  |
| 9768358 | ABF asset | N/A |  | 03/2027 | 2057 | 1892 | 1967 |  |
| 9768368 | ABF asset | N/A |  | 03/2027 | 1010 | 924 | 954 |  |
| 9768372 | ABF asset | N/A |  | 03/2027 | 12260 | 11406 | 11152 |  |
| 9769411 | ABF asset | N/A |  | 03/2027 | 3238 | 2950 | 2844 |  |
| 9769428 | ABF asset | N/A |  | 03/2027 | 7232 | 6605 | 6718 |  |
| 9769464 | ABF asset | N/A |  | 03/2027 | 2360 | 2151 | 2202 |  |
| 9769550 | ABF asset | N/A |  | 03/2027 | 25208 | 23597 | 23948 |  |
| 9769726 | ABF asset | N/A |  | 03/2027 | 1930 | 1782 | 1867 |  |
| 9769739 | ABF asset | N/A |  | 03/2027 | 10649 | 9969 | 10196 |  |
| 9769776 | ABF asset | N/A |  | 03/2027 | 6549 | 6131 | 6321 |  |
| 9769830 | ABF asset | N/A |  | 03/2027 | 3259 | 2969 | 2625 |  |
| 9769858 | ABF asset | N/A |  | 03/2027 | 5546 | 5137 | 5397 |  |
| 9769993 | ABF asset | N/A |  | 03/2027 | 745 | 679 | 674 |  |
| 9770001 | ABF asset | N/A |  | 03/2027 | 7512 | 7032 | 7014 |  |
| 9770099 | ABF asset | N/A |  | 03/2027 | 6803 | 6329 | 6401 |  |
| 9770220 | ABF asset | N/A |  | 03/2027 | 1466 | 1358 | 1417 |  |
| 9770332 | ABF asset | N/A |  | 03/2027 | 23480 | 21675 | 22361 |  |
| 9770498 | ABF asset | N/A |  | 03/2027 | 6178 | 5783 | 5968 |  |
| 9770563 | ABF asset | N/A |  | 03/2027 | 1710 | 1573 | 1553 |  |
| 9770582 | ABF asset | N/A |  | 03/2027 | 845 | 791 | 794 |  |
| 9770584 | ABF asset | N/A |  | 03/2027 | 5651 | 5198 | 5129 |  |
| 9770661 | ABF asset | N/A |  | 03/2027 | 5552 | 5125 | 5337 |  |
| 9770718 | ABF asset | N/A |  | 03/2027 | 12018 | 11251 | 11181 |  |
| 9770774 | ABF asset | N/A |  | 03/2027 | 29765 | 27122 | 27294 |  |
| 9770876 | ABF asset | N/A |  | 03/2027 | 5186 | 4854 | 4523 |  |
| 9770894 | ABF asset | N/A |  | 03/2027 | 36466 | 34137 | 35103 |  |
| 9771134 | ABF asset | N/A |  | 03/2027 | 18991 | 17778 | 18102 |  |
| 9771242 | ABF asset | N/A |  | 03/2027 | 12298 | 11313 | 11801 |  |
| 9771366 | ABF asset | N/A |  | 03/2027 | 1065 | 971 | 1033 |  |
| 9771382 | ABF asset | N/A |  | 03/2027 | 23842 | 22319 | 22718 |  |
| 9771448 | ABF asset | N/A |  | 03/2027 | 2928 | 2668 | 2836 |  |
| 9771465 | ABF asset | N/A |  | 03/2027 | 7671 | 7081 | 6880 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9771489 | ABF asset | N/A |  | 03/2027 | 4910 | 4475 | 4095 |  |
| 9771503 | ABF asset | N/A |  | 03/2027 | 1161 | 1062 | 1104 |  |
| 9771512 | ABF asset | N/A |  | 03/2027 | 5068 | 4678 | 4778 |  |
| 9771527 | ABF asset | N/A |  | 03/2027 | 563 | 521 | 542 |  |
| 9771551 | ABF asset | N/A |  | 03/2027 | 4255 | 3959 | 3902 |  |
| 9771556 | ABF asset | N/A |  | 03/2027 | 22793 | 21337 | 22000 |  |
| 9771750 | ABF asset | N/A |  | 03/2027 | 3537 | 3311 | 3420 |  |
| 9771782 | ABF asset | N/A |  | 03/2027 | 1871 | 1733 | 1771 |  |
| 9771812 | ABF asset | N/A |  | 03/2027 | 2603 | 2382 | 2506 |  |
| 9771835 | ABF asset | N/A |  | 03/2027 | 4577 | 4170 | 4304 |  |
| 9771863 | ABF asset | N/A |  | 03/2027 | 2662 | 2457 | 2560 |  |
| 9771873 | ABF asset | N/A |  | 03/2027 | 760 | 693 | 742 |  |
| 9771877 | ABF asset | N/A |  | 03/2027 | 2226 | 2083 | 2110 |  |
| 9771882 | ABF asset | N/A |  | 03/2027 | 30907 | 28933 | 29772 |  |
| 9771998 | ABF asset | N/A |  | 03/2027 | 11161 | 10448 | 10688 |  |
| 9772071 | ABF asset | N/A |  | 03/2027 | 23437 | 21559 | 22445 |  |
| 9772174 | ABF asset | N/A |  | 03/2027 | 46962 | 43961 | 44346 |  |
| 9772293 | ABF asset | N/A |  | 03/2027 | 17185 | 16087 | 16396 |  |
| 9772354 | ABF asset | N/A |  | 03/2027 | 15536 | 14544 | 14860 |  |
| 9772439 | ABF asset | N/A |  | 03/2027 | 5331 | 4959 | 5165 |  |
| 9772467 | ABF asset | N/A |  | 03/2027 | 24559 | 22990 | 23612 |  |
| 9772548 | ABF asset | N/A |  | 03/2027 | 5301 | 4911 | 4763 |  |
| 9772579 | ABF asset | N/A |  | 03/2027 | 1396 | 1299 | 1323 |  |
| 9772589 | ABF asset | N/A |  | 03/2027 | 5608 | 5250 | 5408 |  |
| 9772656 | ABF asset | N/A |  | 03/2027 | 5810 | 5439 | 5610 |  |
| 9772699 | ABF asset | N/A |  | 03/2027 | 2559 | 2332 | 2433 |  |
| 9772713 | ABF asset | N/A |  | 03/2027 | 949 | 888 | 885 |  |
| 9772719 | ABF asset | N/A |  | 03/2027 | 8836 | 8052 | 7408 |  |
| 9772751 | ABF asset | N/A |  | 03/2027 | 1890 | 1750 | 1821 |  |
| 9772785 | ABF asset | N/A |  | 03/2027 | 8798 | 8122 | 7886 |  |
| 9772843 | ABF asset | N/A |  | 03/2027 | 7582 | 6975 | 5736 |  |
| 9772885 | ABF asset | N/A |  | 03/2027 | 11920 | 10965 | 11262 |  |
| 9772904 | ABF asset | N/A |  | 03/2027 | 2403 | 2249 | 2315 |  |
| 9772924 | ABF asset | N/A |  | 03/2027 | 17635 | 16508 | 16907 |  |
| 9773004 | ABF asset | N/A |  | 03/2027 | 4028 | 3686 | 3748 |  |
| 9773021 | ABF asset | N/A |  | 03/2027 | 538 | 490 | 522 |  |
| 9773027 | ABF asset | N/A |  | 03/2027 | 3864 | 3595 | 3697 |  |
| 9773036 | ABF asset | N/A |  | 03/2027 | 4813 | 4386 | 4536 |  |
| 9773096 | ABF asset | N/A |  | 03/2027 | 1477 | 1346 | 1335 |  |
| 9773107 | ABF asset | N/A |  | 03/2027 | 10001 | 9232 | 9629 |  |
| 9773161 | ABF asset | N/A |  | 03/2027 | 10771 | 9942 | 9693 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9773212 | ABF asset | N/A |  | 03/2027 | 8411 | 7737 | 8069 |  |
| 9773277 | ABF asset | N/A |  | 03/2027 | 583 | 532 | 549 |  |
| 9773287 | ABF asset | N/A |  | 03/2027 | 3849 | 3507 | 3703 |  |
| 9773317 | ABF asset | N/A |  | 03/2027 | 27567 | 25228 | 18817 |  |
| 9773413 | ABF asset | N/A |  | 03/2027 | 2681 | 2510 | 2568 |  |
| 9773429 | ABF asset | N/A |  | 03/2027 | 15413 | 14340 | 14485 |  |
| 9773500 | ABF asset | N/A |  | 03/2027 | 737 | 673 | 694 |  |
| 9773507 | ABF asset | N/A |  | 03/2027 | 1417 | 1312 | 1343 |  |
| 9773510 | ABF asset | N/A |  | 03/2027 | 15203 | 14034 | 14715 |  |
| 9773624 | ABF asset | N/A |  | 03/2027 | 3427 | 3209 | 3267 |  |
| 9773639 | ABF asset | N/A |  | 03/2027 | 11552 | 10814 | 11090 |  |
| 9773721 | ABF asset | N/A |  | 03/2027 | 3552 | 3305 | 3403 |  |
| 9773787 | ABF asset | N/A |  | 03/2027 | 7071 | 6443 | 6597 |  |
| 9773821 | ABF asset | N/A |  | 03/2027 | 25838 | 24040 | 24351 |  |
| 9773933 | ABF asset | N/A |  | 03/2027 | 616 | 565 | 599 |  |
| 9773937 | ABF asset | N/A |  | 03/2027 | 3270 | 3061 | 3049 |  |
| 9773948 | ABF asset | N/A |  | 03/2027 | 810 | 750 | 772 |  |
| 9773950 | ABF asset | N/A |  | 03/2027 | 585 | 533 | 551 |  |
| 9774001 | ABF asset | N/A |  | 03/2027 | 6037 | 5652 | 5822 |  |
| 9774019 | ABF asset | N/A |  | 03/2027 | 4979 | 4610 | 4800 |  |
| 9774076 | ABF asset | N/A |  | 03/2027 | 11280 | 10560 | 10898 |  |
| 9774196 | ABF asset | N/A |  | 03/2027 | 14578 | 13646 | 13861 |  |
| 9774301 | ABF asset | N/A |  | 03/2027 | 577 | 526 | 550 |  |
| 9774303 | ABF asset | N/A |  | 03/2027 | 1584 | 1443 | 1531 |  |
| 9774333 | ABF asset | N/A |  | 03/2027 | 4075 | 3774 | 3885 |  |
| 9774362 | ABF asset | N/A |  | 03/2027 | 9374 | 8683 | 7390 |  |
| 9774432 | ABF asset | N/A |  | 03/2027 | 3685 | 3390 | 3211 |  |
| 9774461 | ABF asset | N/A |  | 03/2027 | 25560 | 23781 | 21126 |  |
| 9774984 | ABF asset | N/A |  | 03/2027 | 5402 | 4986 | 5082 |  |
| 9775099 | ABF asset | N/A |  | 03/2027 | 17185 | 16087 | 16098 |  |
| 9775222 | ABF asset | N/A |  | 03/2027 | 6890 | 6382 | 3480 |  |
| 9775277 | ABF asset | N/A |  | 03/2027 | 3687 | 3415 | 3321 |  |
| 9775324 | ABF asset | N/A |  | 03/2027 | 217 | 198 | 211 |  |
| 9775328 | ABF asset | N/A |  | 03/2027 | 3081 | 2884 | 2951 |  |
| 9775355 | ABF asset | N/A |  | 03/2027 | 4809 | 4502 | 4653 |  |
| 9775415 | ABF asset | N/A |  | 03/2027 | 16230 | 15193 | 15748 |  |
| 9775573 | ABF asset | N/A |  | 03/2027 | 10238 | 9584 | 9858 |  |
| 9775626 | ABF asset | N/A |  | 03/2027 | 9113 | 8530 | 8691 |  |
| 9775661 | ABF asset | N/A |  | 03/2027 | 1336 | 1237 | 1132 |  |
| 9775674 | ABF asset | N/A |  | 03/2027 | 714 | 669 | 688 |  |
| 9775677 | ABF asset | N/A |  | 03/2027 | 28955 | 27105 | 27349 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9775809 | ABF asset | N/A |  | 03/2027 | 2717 | 2544 | 2607 |  |
| 9775827 | ABF asset | N/A |  | 03/2027 | 13427 | 12569 | 12761 |  |
| 9775884 | ABF asset | N/A |  | 03/2027 | 633 | 580 | 616 |  |
| 9775901 | ABF asset | N/A |  | 03/2027 | 2224 | 2082 | 2138 |  |
| 9775961 | ABF asset | N/A |  | 03/2027 | 2677 | 2479 | 2268 |  |
| 9776003 | ABF asset | N/A |  | 03/2027 | 3698 | 3402 | 3534 |  |
| 9776022 | ABF asset | N/A |  | 03/2027 | 296 | 274 | 282 |  |
| 9776044 | ABF asset | N/A |  | 03/2027 | 5924 | 5546 | 5643 |  |
| 9776061 | ABF asset | N/A |  | 03/2027 | 15983 | 14962 | 15224 |  |
| 9776148 | ABF asset | N/A |  | 03/2027 | 19938 | 18405 | 18771 |  |
| 9776243 | ABF asset | N/A |  | 03/2027 | 1304 | 1220 | 1238 |  |
| 9776250 | ABF asset | N/A |  | 03/2027 | 1696 | 1552 | 1534 |  |
| 9776262 | ABF asset | N/A |  | 03/2027 | 3812 | 3532 | 3536 |  |
| 9776268 | ABF asset | N/A |  | 03/2027 | 3791 | 3488 | 3695 |  |
| 9776311 | ABF asset | N/A |  | 03/2027 | 12361 | 11571 | 11905 |  |
| 9776353 | ABF asset | N/A |  | 03/2027 | 1330 | 1231 | 1282 |  |
| 9776372 | ABF asset | N/A |  | 03/2027 | 23362 | 21490 | 17443 |  |
| 9776452 | ABF asset | N/A |  | 03/2027 | 27210 | 25031 | 26246 |  |
| 9776636 | ABF asset | N/A |  | 03/2027 | 19472 | 17975 | 18966 |  |
| 9776726 | ABF asset | N/A |  | 03/2027 | 3597 | 3278 | 3387 |  |
| 9776732 | ABF asset | N/A |  | 03/2027 | 56903 | 53268 | 55194 |  |
| 9777125 | ABF asset | N/A |  | 03/2027 | 1772 | 1614 | 471 |  |
| 9777127 | ABF asset | N/A |  | 03/2027 | 5605 | 5214 | 4575 |  |
| 9777149 | ABF asset | N/A |  | 03/2027 | 6126 | 5674 | 5787 |  |
| 9777173 | ABF asset | N/A |  | 03/2027 | 5220 | 4887 | 5041 |  |
| 9777199 | ABF asset | N/A |  | 03/2027 | 7600 | 7115 | 7311 |  |
| 9777222 | ABF asset | N/A |  | 03/2027 | 20802 | 19473 | 18379 |  |
| 9777295 | ABF asset | N/A |  | 03/2027 | 2645 | 2476 | 2463 |  |
| 9777305 | ABF asset | N/A |  | 03/2027 | 1453 | 1352 | 1178 |  |
| 9777317 | ABF asset | N/A |  | 03/2027 | 2182 | 1997 | 2106 |  |
| 9777345 | ABF asset | N/A |  | 03/2027 | 9689 | 9015 | 9125 |  |
| 9777371 | ABF asset | N/A |  | 03/2027 | 12789 | 11653 | 8650 |  |
| 9777418 | ABF asset | N/A |  | 03/2027 | 58444 | 54375 | 56211 |  |
| 9777631 | ABF asset | N/A |  | 03/2027 | 660 | 603 | 634 |  |
| 9777643 | ABF asset | N/A |  | 03/2027 | 16705 | 15420 | 15925 |  |
| 9777729 | ABF asset | N/A |  | 03/2027 | 13511 | 12571 | 13026 |  |
| 9777774 | ABF asset | N/A |  | 03/2027 | 1551 | 1444 | 1505 |  |
| 9777780 | ABF asset | N/A |  | 03/2027 | 172 | 161 | 166 |  |
| 9777781 | ABF asset | N/A |  | 03/2027 | 1635 | 1509 | 1473 |  |
| 9777783 | ABF asset | N/A |  | 03/2027 | 3363 | 3078 | 3240 |  |
| 9777787 | ABF asset | N/A |  | 03/2027 | 32837 | 30207 | 30666 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9777918 | ABF asset | N/A |  | 03/2027 | 1071 | 976 | 999 |  |
| 9777920 | ABF asset | N/A |  | 03/2027 | 1535 | 1437 | 1468 |  |
| 9777938 | ABF asset | N/A |  | 03/2027 | 12530 | 11418 | 3177 |  |
| 9777973 | ABF asset | N/A |  | 03/2027 | 21114 | 19559 | 20157 |  |
| 9778065 | ABF asset | N/A |  | 03/2027 | 5080 | 4755 | 4784 |  |
| 9778114 | ABF asset | N/A |  | 03/2027 | 3084 | 2837 | 2948 |  |
| 9778121 | ABF asset | N/A |  | 03/2027 | 35076 | 32491 | 32370 |  |
| 9778199 | ABF asset | N/A |  | 03/2027 | 41108 | 38246 | 38927 |  |
| 9778356 | ABF asset | N/A |  | 03/2027 | 3143 | 2942 | 3048 |  |
| 9778379 | ABF asset | N/A |  | 03/2027 | 6947 | 6503 | 6489 |  |
| 9778404 | ABF asset | N/A |  | 03/2027 | 7499 | 6946 | 7099 |  |
| 9778441 | ABF asset | N/A |  | 03/2027 | 31519 | 29095 | 24858 |  |
| 9778542 | ABF asset | N/A |  | 03/2027 | 2325 | 2139 | 2224 |  |
| 9778601 | ABF asset | N/A |  | 03/2027 | 5003 | 4618 | 4765 |  |
| 9778682 | ABF asset | N/A |  | 03/2027 | 7096 | 6602 | 6784 |  |
| 9778877 | ABF asset | N/A |  | 03/2027 | 2608 | 2407 | 2548 |  |
| 9778888 | ABF asset | N/A |  | 03/2027 | 934 | 864 | 532 |  |
| 9778899 | ABF asset | N/A |  | 03/2027 | 13837 | 12773 | 13152 |  |
| 9779100 | ABF asset | N/A |  | 03/2027 | 14145 | 13242 | 13506 |  |
| 9779161 | ABF asset | N/A |  | 03/2027 | 2411 | 2226 | 2296 |  |
| 9779170 | ABF asset | N/A |  | 03/2027 | 3159 | 2891 | 3012 |  |
| 9779265 | ABF asset | N/A |  | 03/2027 | 1549 | 1450 | 1443 |  |
| 9779295 | ABF asset | N/A |  | 03/2027 | 11100 | 10391 | 10597 |  |
| 9779437 | ABF asset | N/A |  | 03/2027 | 4112 | 3783 | 3869 |  |
| 9779509 | ABF asset | N/A |  | 03/2027 | 7877 | 7374 | 7582 |  |
| 9779597 | ABF asset | N/A |  | 03/2027 | 729 | 665 | 689 |  |
| 9779609 | ABF asset | N/A |  | 03/2027 | 13770 | 12891 | 13354 |  |
| 9779782 | ABF asset | N/A |  | 03/2027 | 13276 | 12428 | 12529 |  |
| 9779872 | ABF asset | N/A |  | 03/2027 | 5707 | 5223 | 5402 |  |
| 9779913 | ABF asset | N/A |  | 03/2027 | 27940 | 26155 | 26551 |  |
| 9780025 | ABF asset | N/A |  | 03/2027 | 5340 | 4998 | 5141 |  |
| 9780044 | ABF asset | N/A |  | 03/2027 | 3008 | 2815 | 2842 |  |
| 9780052 | ABF asset | N/A |  | 03/2027 | 1316 | 1231 | 1291 |  |
| 9780062 | ABF asset | N/A |  | 03/2027 | 1529 | 1393 | 1258 |  |
| 9780073 | ABF asset | N/A |  | 03/2027 | 57301 | 53312 | 54394 |  |
| 9780376 | ABF asset | N/A |  | 03/2027 | 1293 | 1178 | 1267 |  |
| 9780390 | ABF asset | N/A |  | 03/2027 | 14433 | 13511 | 14016 |  |
| 9780485 | ABF asset | N/A |  | 03/2027 | 9950 | 9066 | 8891 |  |
| 9780523 | ABF asset | N/A |  | 03/2027 | 2939 | 2689 | 2736 |  |
| 9780535 | ABF asset | N/A |  | 03/2027 | 2975 | 2755 | 2528 |  |
| 9780544 | ABF asset | N/A |  | 03/2027 | 60788 | 55919 | 45245 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9780746 | ABF asset | N/A |  | 03/2027 | 6139 | 5667 | 5659 |  |
| 9780788 | ABF asset | N/A |  | 03/2027 | 735 | 670 | 719 |  |
| 9780811 | ABF asset | N/A |  | 03/2027 | 6840 | 6364 | 6435 |  |
| 9780833 | ABF asset | N/A |  | 03/2027 | 4047 | 3788 | 3918 |  |
| 9780857 | ABF asset | N/A |  | 03/2027 | 3363 | 3148 | 3247 |  |
| 9780870 | ABF asset | N/A |  | 03/2027 | 12851 | 12030 | 12333 |  |
| 9780896 | ABF asset | N/A |  | 03/2027 | 44116 | 40866 | 42087 |  |
| 9781062 | ABF asset | N/A |  | 03/2027 | 72250 | 66463 | 52866 |  |
| 9781266 | ABF asset | N/A |  | 03/2027 | 10216 | 9398 | 9647 |  |
| 9781318 | ABF asset | N/A |  | 03/2027 | 3045 | 2851 | 2911 |  |
| 9781326 | ABF asset | N/A |  | 03/2027 | 3339 | 3091 | 3185 |  |
| 9781350 | ABF asset | N/A |  | 03/2027 | 2894 | 2637 | 2691 |  |
| 9781360 | ABF asset | N/A |  | 03/2027 | 4736 | 4315 | 4555 |  |
| 9781380 | ABF asset | N/A |  | 03/2027 | 4749 | 4346 | 3565 |  |
| 9781406 | ABF asset | N/A |  | 03/2027 | 574 | 523 | 556 |  |
| 9781691 | ABF asset | N/A |  | 03/2027 | 7053 | 6488 | 6663 |  |
| 9781711 | ABF asset | N/A |  | 03/2027 | 3681 | 3369 | 3546 |  |
| 9781729 | ABF asset | N/A |  | 03/2027 | 1616 | 1496 | 922 |  |
| 9781736 | ABF asset | N/A |  | 03/2027 | 3505 | 3194 | 3418 |  |
| 9781770 | ABF asset | N/A |  | 03/2027 | 41632 | 38972 | 39714 |  |
| 9781995 | ABF asset | N/A |  | 03/2027 | 33994 | 31823 | 32737 |  |
| 9782113 | ABF asset | N/A |  | 03/2027 | 31203 | 28433 | 27930 |  |
| 9782225 | ABF asset | N/A |  | 03/2027 | 3173 | 2970 | 3050 |  |
| 9782235 | ABF asset | N/A |  | 03/2027 | 17096 | 16004 | 16549 |  |
| 9782323 | ABF asset | N/A |  | 03/2027 | 15599 | 14603 | 15092 |  |
| 9782399 | ABF asset | N/A |  | 03/2027 | 11462 | 10444 | 6992 |  |
| 9782458 | ABF asset | N/A |  | 03/2027 | 2222 | 2080 | 2135 |  |
| 9782481 | ABF asset | N/A |  | 03/2027 | 3563 | 3301 | 3290 |  |
| 9782517 | ABF asset | N/A |  | 03/2027 | 18479 | 17110 | 14024 |  |
| 9782646 | ABF asset | N/A |  | 03/2027 | 6270 | 5768 | 6060 |  |
| 9785230 | ABF asset | N/A |  | 03/2027 | 11160 | 10169 | 9834 |  |
| 9785350 | ABF asset | N/A |  | 03/2027 | 11459 | 10661 | 10420 |  |
| 9785411 | ABF asset | N/A |  | 03/2027 | 16390 | 15343 | 15636 |  |
| 9785556 | ABF asset | N/A |  | 03/2027 | 877 | 812 | 746 |  |
| 9785580 | ABF asset | N/A |  | 03/2027 | 7426 | 6952 | 7114 |  |
| 9785653 | ABF asset | N/A |  | 03/2027 | 12544 | 11742 | 11824 |  |
| 9785764 | ABF asset | N/A |  | 03/2027 | 1348 | 1228 | 375 |  |
| 9785796 | ABF asset | N/A |  | 03/2027 | 8569 | 7842 | 7933 |  |
| 9785924 | ABF asset | N/A |  | 03/2027 | 3259 | 3050 | 3166 |  |
| 9785971 | ABF asset | N/A |  | 03/2027 | 4439 | 4156 | 4133 |  |
| 9785993 | ABF asset | N/A |  | 03/2027 | 5436 | 5088 | 5091 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9786061 | ABF asset | N/A |  | 03/2027 | 5229 | 4775 | 4855 |  |
| 9786149 | ABF asset | N/A |  | 03/2027 | 7080 | 6587 | 6720 |  |
| 9786241 | ABF asset | N/A |  | 03/2027 | 3157 | 2923 | 3043 |  |
| 9786296 | ABF asset | N/A |  | 03/2027 | 6172 | 5717 | 5892 |  |
| 9786385 | ABF asset | N/A |  | 03/2027 | 8107 | 7589 | 7766 |  |
| 9786461 | ABF asset | N/A |  | 03/2027 | 11378 | 10586 | 10734 |  |
| 9786520 | ABF asset | N/A |  | 03/2027 | 1074 | 979 | 1032 |  |
| 9786528 | ABF asset | N/A |  | 03/2027 | 3033 | 2790 | 1262 |  |
| 9786530 | ABF asset | N/A |  | 03/2027 | 4453 | 4110 | 4203 |  |
| 9786542 | ABF asset | N/A |  | 03/2027 | 12935 | 12108 | 12381 |  |
| 9786653 | ABF asset | N/A |  | 03/2027 | 2137 | 1972 | 1920 |  |
| 9786669 | ABF asset | N/A |  | 03/2027 | 2590 | 2425 | 2426 |  |
| 9786679 | ABF asset | N/A |  | 03/2027 | 8995 | 8232 | 8666 |  |
| 9786805 | ABF asset | N/A |  | 03/2027 | 2466 | 2276 | 2224 |  |
| 9786834 | ABF asset | N/A |  | 03/2027 | 1394 | 1282 | 1314 |  |
| 9786852 | ABF asset | N/A |  | 03/2027 | 5155 | 4717 | 4456 |  |
| 9786864 | ABF asset | N/A |  | 03/2027 | 4324 | 4048 | 4187 |  |
| 9786915 | ABF asset | N/A |  | 03/2027 | 1071 | 991 | 814 |  |
| 9786920 | ABF asset | N/A |  | 03/2027 | 2524 | 2300 | 2358 |  |
| 9786933 | ABF asset | N/A |  | 03/2027 | 5524 | 5171 | 5363 |  |
| 9786992 | ABF asset | N/A |  | 03/2027 | 71342 | 66784 | 67654 |  |
| 9787318 | ABF asset | N/A |  | 03/2027 | 247 | 225 | 237 |  |
| 9787320 | ABF asset | N/A |  | 03/2027 | 23399 | 21414 | 16689 |  |
| 9787418 | ABF asset | N/A |  | 03/2027 | 3570 | 3322 | 3250 |  |
| 9787445 | ABF asset | N/A |  | 03/2027 | 3070 | 2874 | 2944 |  |
| 9787484 | ABF asset | N/A |  | 03/2027 | 3467 | 3245 | 3352 |  |
| 9787496 | ABF asset | N/A |  | 03/2027 | 6118 | 5647 | 5829 |  |
| 9787595 | ABF asset | N/A |  | 03/2027 | 9373 | 8774 | 8975 |  |
| 9787621 | ABF asset | N/A |  | 03/2027 | 2667 | 2430 | 2564 |  |
| 9787629 | ABF asset | N/A |  | 03/2027 | 15961 | 14733 | 14217 |  |
| 9787664 | ABF asset | N/A |  | 03/2027 | 2819 | 2639 | 2702 |  |
| 9787676 | ABF asset | N/A |  | 03/2027 | 715 | 669 | 690 |  |
| 9787687 | ABF asset | N/A |  | 03/2027 | 2359 | 2208 | 2068 |  |
| 9787698 | ABF asset | N/A |  | 03/2027 | 3057 | 2832 | 2954 |  |
| 9787739 | ABF asset | N/A |  | 03/2027 | 658 | 600 | 638 |  |
| 9787744 | ABF asset | N/A |  | 03/2027 | 1606 | 1467 | 1494 |  |
| 9787764 | ABF asset | N/A |  | 03/2027 | 1524 | 1389 | 1370 |  |
| 9787796 | ABF asset | N/A |  | 03/2027 | 16591 | 15436 | 16069 |  |
| 9787857 | ABF asset | N/A |  | 03/2027 | 3016 | 2806 | 2841 |  |
| 9787869 | ABF asset | N/A |  | 03/2027 | 13389 | 12534 | 12778 |  |
| 9787930 | ABF asset | N/A |  | 03/2027 | 20999 | 19538 | 19748 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9787987 | ABF asset | N/A |  | 03/2027 | 5158 | 4828 | 4968 |  |
| 9788015 | ABF asset | N/A |  | 03/2027 | 21328 | 19843 | 20195 |  |
| 9788111 | ABF asset | N/A |  | 03/2027 | 11808 | 11054 | 11216 |  |
| 9788130 | ABF asset | N/A |  | 03/2027 | 3307 | 3042 | 3241 |  |
| 9788168 | ABF asset | N/A |  | 03/2027 | 13450 | 12591 | 12885 |  |
| 9788302 | ABF asset | N/A |  | 03/2027 | 450 | 421 | 437 |  |
| 9788318 | ABF asset | N/A |  | 03/2027 | 1653 | 1514 | 1606 |  |
| 9788340 | ABF asset | N/A |  | 03/2027 | 5590 | 5178 | 2395 |  |
| 9788363 | ABF asset | N/A |  | 03/2027 | 2233 | 2078 | 2046 |  |
| 9788369 | ABF asset | N/A |  | 03/2027 | 9682 | 9064 | 9244 |  |
| 9788437 | ABF asset | N/A |  | 03/2027 | 486 | 444 | 458 |  |
| 9788451 | ABF asset | N/A |  | 03/2027 | 35332 | 32615 | 33171 |  |
| 9788557 | ABF asset | N/A |  | 03/2027 | 9979 | 9341 | 9301 |  |
| 9788889 | ABF asset | N/A |  | 03/2027 | 13961 | 13069 | 13249 |  |
| 9789028 | ABF asset | N/A |  | 03/2027 | 8158 | 7637 | 7750 |  |
| 9789051 | ABF asset | N/A |  | 03/2027 | 1580 | 1446 | 1535 |  |
| 9789082 | ABF asset | N/A |  | 03/2027 | 4157 | 3868 | 4043 |  |
| 9789262 | ABF asset | N/A |  | 03/2027 | 2941 | 2753 | 2832 |  |
| 9789330 | ABF asset | N/A |  | 03/2027 | 44426 | 41333 | 36218 |  |
| 9789527 | ABF asset | N/A |  | 03/2027 | 4460 | 4064 | 4288 |  |
| 9789576 | ABF asset | N/A |  | 03/2027 | 1048 | 968 | 989 |  |
| 9789587 | ABF asset | N/A |  | 03/2027 | 13375 | 12303 | 12461 |  |
| 9789635 | ABF asset | N/A |  | 03/2027 | 2289 | 2091 | 1574 |  |
| 9789653 | ABF asset | N/A |  | 03/2027 | 29094 | 26857 | 26922 |  |
| 9789720 | ABF asset | N/A |  | 03/2027 | 2066 | 1923 | 1990 |  |
| 9789770 | ABF asset | N/A |  | 03/2027 | 3468 | 3191 | 3034 |  |
| 9789778 | ABF asset | N/A |  | 03/2027 | 13155 | 12039 | 12133 |  |
| 9789859 | ABF asset | N/A |  | 03/2027 | 19308 | 18075 | 18556 |  |
| 9789993 | ABF asset | N/A |  | 03/2027 | 1323 | 1226 | 1224 |  |
| 9790018 | ABF asset | N/A |  | 03/2027 | 5621 | 5144 | 5331 |  |
| 9790075 | ABF asset | N/A |  | 03/2027 | 17077 | 15986 | 15109 |  |
| 9790133 | ABF asset | N/A |  | 03/2027 | 3202 | 2997 | 3042 |  |
| 9790155 | ABF asset | N/A |  | 03/2027 | 796 | 738 | 679 |  |
| 9790159 | ABF asset | N/A |  | 03/2027 | 895 | 815 | 858 |  |
| 9790286 | ABF asset | N/A |  | 03/2027 | 910 | 833 | 825 |  |
| 9790305 | ABF asset | N/A |  | 03/2027 | 2133 | 1997 | 2052 |  |
| 9790328 | ABF asset | N/A |  | 03/2027 | 11551 | 10813 | 11163 |  |
| 9790499 | ABF asset | N/A |  | 03/2027 | 1560 | 1428 | 715 |  |
| 9790522 | ABF asset | N/A |  | 03/2027 | 1645 | 1524 | 1314 |  |
| 9790528 | ABF asset | N/A |  | 03/2027 | 21263 | 19459 | 18470 |  |
| 9790825 | ABF asset | N/A |  | 03/2027 | 22932 | 20897 | 20079 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9791003 | ABF asset | N/A |  | 03/2027 | 11481 | 10507 | 11068 |  |
| 9791071 | ABF asset | N/A |  | 03/2027 | 1344 | 1258 | 1292 |  |
| 9791082 | ABF asset | N/A |  | 03/2027 | 29344 | 27301 | 27821 |  |
| 9791217 | ABF asset | N/A |  | 03/2027 | 13137 | 12223 | 12657 |  |
| 9791325 | ABF asset | N/A |  | 03/2027 | 1713 | 1560 | 1569 |  |
| 9791342 | ABF asset | N/A |  | 03/2027 | 21888 | 20365 | 20719 |  |
| 9791479 | ABF asset | N/A |  | 03/2027 | 6520 | 6103 | 6247 |  |
| 9791507 | ABF asset | N/A |  | 03/2027 | 10016 | 9376 | 9565 |  |
| 9791556 | ABF asset | N/A |  | 03/2027 | 1090 | 999 | 1037 |  |
| 9791566 | ABF asset | N/A |  | 03/2027 | 1321 | 1209 | 1284 |  |
| 9791580 | ABF asset | N/A |  | 03/2027 | 17804 | 16666 | 17125 |  |
| 9791656 | ABF asset | N/A |  | 03/2027 | 3813 | 3508 | 3465 |  |
| 9791673 | ABF asset | N/A |  | 03/2027 | 3554 | 3326 | 3394 |  |
| 9791682 | ABF asset | N/A |  | 03/2027 | 14597 | 13664 | 13839 |  |
| 9791768 | ABF asset | N/A |  | 03/2027 | 2537 | 2312 | 2398 |  |
| 9791782 | ABF asset | N/A |  | 03/2027 | 35637 | 33361 | 33972 |  |
| 9791980 | ABF asset | N/A |  | 03/2027 | 957 | 896 | 917 |  |
| 9791986 | ABF asset | N/A |  | 03/2027 | 7909 | 7276 | 7740 |  |
| 9792042 | ABF asset | N/A |  | 03/2027 | 14325 | 13410 | 13614 |  |
| 9792083 | ABF asset | N/A |  | 03/2027 | 9573 | 8742 | 8754 |  |
| 9792141 | ABF asset | N/A |  | 03/2027 | 2840 | 2659 | 2677 |  |
| 9792145 | ABF asset | N/A |  | 03/2027 | 1256 | 1163 | 1070 |  |
| 9792151 | ABF asset | N/A |  | 03/2027 | 14732 | 13791 | 14185 |  |
| 9792239 | ABF asset | N/A |  | 03/2027 | 947 | 863 | 225 |  |
| 9792253 | ABF asset | N/A |  | 03/2027 | 1052 | 972 | 1028 |  |
| 9792271 | ABF asset | N/A |  | 03/2027 | 3110 | 2870 | 2789 |  |
| 9792315 | ABF asset | N/A |  | 03/2027 | 7827 | 7282 | 7432 |  |
| 9792331 | ABF asset | N/A |  | 03/2027 | 784 | 726 | 739 |  |
| 9792337 | ABF asset | N/A |  | 03/2027 | 2350 | 2141 | 2218 |  |
| 9792347 | ABF asset | N/A |  | 03/2027 | 1077 | 997 | 918 |  |
| 9792352 | ABF asset | N/A |  | 03/2027 | 2821 | 2595 | 2665 |  |
| 9792364 | ABF asset | N/A |  | 03/2027 | 2586 | 2357 | 2486 |  |
| 9792376 | ABF asset | N/A |  | 03/2027 | 32828 | 30304 | 30810 |  |
| 9793113 | ABF asset | N/A |  | 03/2027 | 10199 | 9548 | 9737 |  |
| 9793182 | ABF asset | N/A |  | 03/2027 | 24108 | 22568 | 22964 |  |
| 9793236 | ABF asset | N/A |  | 03/2027 | 7030 | 6581 | 6796 |  |
| 9793278 | ABF asset | N/A |  | 03/2027 | 4507 | 4174 | 4222 |  |
| 9793292 | ABF asset | N/A |  | 03/2027 | 1601 | 1459 | 1312 |  |
| 9793297 | ABF asset | N/A |  | 03/2027 | 6393 | 5881 | 6137 |  |
| 9793338 | ABF asset | N/A |  | 03/2027 | 1522 | 1400 | 1499 |  |
| 9793381 | ABF asset | N/A |  | 03/2027 | 5070 | 4644 | 2834 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9793409 | ABF asset | N/A |  | 03/2027 | 9586 | 8780 | 9330 |  |
| 9793552 | ABF asset | N/A |  | 03/2027 | 1886 | 1735 | 1647 |  |
| 9793558 | ABF asset | N/A |  | 03/2027 | 3213 | 2976 | 3035 |  |
| 9793576 | ABF asset | N/A |  | 03/2027 | 3422 | 3118 | 3230 |  |
| 9793591 | ABF asset | N/A |  | 03/2027 | 2082 | 1948 | 1972 |  |
| 9793596 | ABF asset | N/A |  | 03/2027 | 16928 | 15847 | 15827 |  |
| 9793661 | ABF asset | N/A |  | 03/2027 | 5362 | 5020 | 5180 |  |
| 9793726 | ABF asset | N/A |  | 03/2027 | 63589 | 58905 | 59607 |  |
| 9794015 | ABF asset | N/A |  | 03/2027 | 4639 | 4246 | 3973 |  |
| 9794027 | ABF asset | N/A |  | 03/2027 | 13193 | 12136 | 12831 |  |
| 9794121 | ABF asset | N/A |  | 03/2027 | 3306 | 3052 | 3191 |  |
| 9794143 | ABF asset | N/A |  | 03/2027 | 54840 | 51337 | 52594 |  |
| 9794353 | ABF asset | N/A |  | 03/2027 | 14940 | 13900 | 14371 |  |
| 9794390 | ABF asset | N/A |  | 03/2027 | 21132 | 19782 | 20177 |  |
| 9794452 | ABF asset | N/A |  | 03/2027 | 1862 | 1724 | 461 |  |
| 9794456 | ABF asset | N/A |  | 03/2027 | 582 | 539 | 548 |  |
| 9794465 | ABF asset | N/A |  | 03/2027 | 17873 | 16357 | 17223 |  |
| 9794548 | ABF asset | N/A |  | 03/2027 | 7247 | 6690 | 6993 |  |
| 9794576 | ABF asset | N/A |  | 03/2027 | 10661 | 9875 | 8705 |  |
| 9794610 | ABF asset | N/A |  | 03/2027 | 6215 | 5817 | 6005 |  |
| 9794648 | ABF asset | N/A |  | 03/2027 | 14512 | 13443 | 13755 |  |
| 9794680 | ABF asset | N/A |  | 03/2027 | 4781 | 4475 | 4626 |  |
| 9794698 | ABF asset | N/A |  | 03/2027 | 4002 | 3746 | 3833 |  |
| 9794713 | ABF asset | N/A |  | 03/2027 | 10834 | 10142 | 10239 |  |
| 9794741 | ABF asset | N/A |  | 03/2027 | 7799 | 7256 | 7559 |  |
| 9794770 | ABF asset | N/A |  | 03/2027 | 5210 | 4877 | 4970 |  |
| 9794786 | ABF asset | N/A |  | 03/2027 | 8536 | 7880 | 7911 |  |
| 9794809 | ABF asset | N/A |  | 03/2027 | 1733 | 1582 | 1638 |  |
| 9794819 | ABF asset | N/A |  | 03/2027 | 9867 | 9140 | 9481 |  |
| 9794857 | ABF asset | N/A |  | 03/2027 | 669 | 619 | 644 |  |
| 9794864 | ABF asset | N/A |  | 03/2027 | 4583 | 4264 | 4271 |  |
| 9794882 | ABF asset | N/A |  | 03/2027 | 20173 | 18558 | 19083 |  |
| 9794969 | ABF asset | N/A |  | 03/2027 | 5914 | 5536 | 5690 |  |
| 9794996 | ABF asset | N/A |  | 03/2027 | 788 | 733 | 747 |  |
| 9794998 | ABF asset | N/A |  | 03/2027 | 2195 | 2043 | 2041 |  |
| 9795009 | ABF asset | N/A |  | 03/2027 | 4725 | 4423 | 4514 |  |
| 9795027 | ABF asset | N/A |  | 03/2027 | 6622 | 6047 | 2118 |  |
| 9795047 | ABF asset | N/A |  | 03/2027 | 5858 | 5362 | 4141 |  |
| 9795071 | ABF asset | N/A |  | 03/2027 | 4206 | 3869 | 2025 |  |
| 9795079 | ABF asset | N/A |  | 03/2027 | 13361 | 12507 | 12855 |  |
| 9795123 | ABF asset | N/A |  | 03/2027 | 953 | 879 | 922 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9795130 | ABF asset | N/A |  | 03/2027 | 940 | 857 | 902 |  |
| 9795155 | ABF asset | N/A |  | 03/2027 | 916 | 843 | 900 |  |
| 9795160 | ABF asset | N/A |  | 03/2027 | 7259 | 6795 | 6961 |  |
| 9795182 | ABF asset | N/A |  | 03/2027 | 678 | 628 | 168 |  |
| 9795196 | ABF asset | N/A |  | 03/2027 | 2141 | 1959 | 2040 |  |
| 9795203 | ABF asset | N/A |  | 03/2027 | 3149 | 2917 | 2904 |  |
| 9795228 | ABF asset | N/A |  | 03/2027 | 14705 | 13457 | 13932 |  |
| 9795276 | ABF asset | N/A |  | 03/2027 | 1715 | 1588 | 1257 |  |
| 9795279 | ABF asset | N/A |  | 03/2027 | 33706 | 30846 | 29314 |  |
| 9795379 | ABF asset | N/A |  | 03/2027 | 2924 | 2737 | 2821 |  |
| 9795394 | ABF asset | N/A |  | 03/2027 | 1883 | 1752 | 1832 |  |
| 9795402 | ABF asset | N/A |  | 03/2027 | 380 | 348 | 369 |  |
| 9795404 | ABF asset | N/A |  | 03/2027 | 26392 | 24554 | 25227 |  |
| 9795484 | ABF asset | N/A |  | 03/2027 | 2948 | 2731 | 2757 |  |
| 9795497 | ABF asset | N/A |  | 03/2027 | 14206 | 13000 | 13495 |  |
| 9795546 | ABF asset | N/A |  | 03/2027 | 2387 | 2234 | 2091 |  |
| 9795550 | ABF asset | N/A |  | 03/2027 | 22732 | 21280 | 21773 |  |
| 9795617 | ABF asset | N/A |  | 03/2027 | 2668 | 2483 | 2490 |  |
| 9795631 | ABF asset | N/A |  | 03/2027 | 3484 | 3205 | 3080 |  |
| 9795659 | ABF asset | N/A |  | 03/2027 | 13446 | 12279 | 10753 |  |
| 9795705 | ABF asset | N/A |  | 03/2027 | 15305 | 14327 | 14438 |  |
| 9795740 | ABF asset | N/A |  | 03/2027 | 6532 | 6115 | 6256 |  |
| 9795763 | ABF asset | N/A |  | 03/2027 | 19037 | 17712 | 18019 |  |
| 9795819 | ABF asset | N/A |  | 03/2027 | 3564 | 3316 | 3472 |  |
| 9795840 | ABF asset | N/A |  | 03/2027 | 2461 | 2290 | 2368 |  |
| 9795848 | ABF asset | N/A |  | 03/2027 | 1507 | 1391 | 1451 |  |
| 9795856 | ABF asset | N/A |  | 03/2027 | 535 | 488 | 513 |  |
| 9795862 | ABF asset | N/A |  | 03/2027 | 3087 | 2890 | 3018 |  |
| 9796644 | ABF asset | N/A |  | 03/2027 | 8190 | 7620 | 7708 |  |
| 9796696 | ABF asset | N/A |  | 03/2027 | 22985 | 21035 | 16731 |  |
| 9796882 | ABF asset | N/A |  | 03/2027 | 1855 | 1707 | 1629 |  |
| 9796907 | ABF asset | N/A |  | 03/2027 | 1522 | 1409 | 1469 |  |
| 9796961 | ABF asset | N/A |  | 03/2027 | 26382 | 24696 | 24891 |  |
| 9797159 | ABF asset | N/A |  | 03/2027 | 1590 | 1449 | 1502 |  |
| 9797174 | ABF asset | N/A |  | 03/2027 | 5528 | 5059 | 5151 |  |
| 9797352 | ABF asset | N/A |  | 03/2027 | 2385 | 2232 | 2275 |  |
| 9797393 | ABF asset | N/A |  | 03/2027 | 27671 | 25903 | 26388 |  |
| 9797693 | ABF asset | N/A |  | 03/2027 | 871 | 795 | 824 |  |
| 9797841 | ABF asset | N/A |  | 03/2027 | 637 | 581 | 600 |  |
| 9797849 | ABF asset | N/A |  | 03/2027 | 891 | 825 | 850 |  |
| 9797851 | ABF asset | N/A |  | 03/2027 | 2866 | 2667 | 2737 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9797883 | ABF asset | N/A |  | 03/2027 | 10604 | 9926 | 9976 |  |
| 9797926 | ABF asset | N/A |  | 03/2027 | 4179 | 3912 | 3980 |  |
| 9797934 | ABF asset | N/A |  | 03/2027 | 2335 | 2163 | 2228 |  |
| 9797950 | ABF asset | N/A |  | 03/2027 | 893 | 813 | 729 |  |
| 9797966 | ABF asset | N/A |  | 03/2027 | 2946 | 2758 | 2811 |  |
| 9797989 | ABF asset | N/A |  | 03/2027 | 4375 | 4096 | 4212 |  |
| 9798023 | ABF asset | N/A |  | 03/2027 | 1271 | 1163 | 919 |  |
| 9798033 | ABF asset | N/A |  | 03/2027 | 2583 | 2393 | 2418 |  |
| 9798060 | ABF asset | N/A |  | 03/2027 | 2804 | 2624 | 2683 |  |
| 9798084 | ABF asset | N/A |  | 03/2027 | 21674 | 19938 | 20482 |  |
| 9798240 | ABF asset | N/A |  | 03/2027 | 15908 | 14496 | 15032 |  |
| 9798343 | ABF asset | N/A |  | 03/2027 | 17529 | 16409 | 15554 |  |
| 9798486 | ABF asset | N/A |  | 03/2027 | 2113 | 1978 | 2015 |  |
| 9798509 | ABF asset | N/A |  | 03/2027 | 1088 | 996 | 1041 |  |
| 9798519 | ABF asset | N/A |  | 03/2027 | 6693 | 6099 | 3885 |  |
| 9798560 | ABF asset | N/A |  | 03/2027 | 18383 | 17029 | 14599 |  |
| 9798644 | ABF asset | N/A |  | 03/2027 | 6092 | 5703 | 5855 |  |
| 9798682 | ABF asset | N/A |  | 03/2027 | 5960 | 5521 | 5729 |  |
| 9798731 | ABF asset | N/A |  | 03/2027 | 10012 | 9372 | 8841 |  |
| 9798755 | ABF asset | N/A |  | 03/2027 | 30091 | 28169 | 26544 |  |
| 9799009 | ABF asset | N/A |  | 03/2027 | 4761 | 4339 | 4469 |  |
| 9799033 | ABF asset | N/A |  | 03/2027 | 1018 | 928 | 965 |  |
| 9799056 | ABF asset | N/A |  | 03/2027 | 1607 | 1504 | 1515 |  |
| 9799063 | ABF asset | N/A |  | 03/2027 | 18236 | 16892 | 17064 |  |
| 9799214 | ABF asset | N/A |  | 03/2027 | 3731 | 3456 | 3582 |  |
| 9799253 | ABF asset | N/A |  | 03/2027 | 6707 | 6213 | 6394 |  |
| 9799309 | ABF asset | N/A |  | 03/2027 | 12542 | 11741 | 11888 |  |
| 9799365 | ABF asset | N/A |  | 03/2027 | 3280 | 3002 | 3116 |  |
| 9799378 | ABF asset | N/A |  | 03/2027 | 12876 | 12053 | 12228 |  |
| 9799418 | ABF asset | N/A |  | 03/2027 | 1917 | 1795 | 1821 |  |
| 9799436 | ABF asset | N/A |  | 03/2027 | 41088 | 38463 | 39380 |  |
| 9799633 | ABF asset | N/A |  | 03/2027 | 11236 | 10283 | 10814 |  |
| 9799718 | ABF asset | N/A |  | 03/2027 | 3463 | 3185 | 3252 |  |
| 9799744 | ABF asset | N/A |  | 03/2027 | 67898 | 63560 | 64815 |  |
| 9800073 | ABF asset | N/A |  | 03/2027 | 26416 | 24470 | 24683 |  |
| 9800234 | ABF asset | N/A |  | 03/2027 | 4316 | 3970 | 4056 |  |
| 9800275 | ABF asset | N/A |  | 03/2027 | 18461 | 16983 | 17462 |  |
| 9800379 | ABF asset | N/A |  | 03/2027 | 1281 | 1178 | 1228 |  |
| 9800380 | ABF asset | N/A |  | 03/2027 | 2246 | 2079 | 2035 |  |
| 9800393 | ABF asset | N/A |  | 03/2027 | 9920 | 9189 | 7987 |  |
| 9800437 | ABF asset | N/A |  | 03/2027 | 1269 | 1180 | 1200 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9800441 | ABF asset | N/A |  | 03/2027 | 7018 | 6423 | 6056 |  |
| 9800460 | ABF asset | N/A |  | 03/2027 | 5323 | 4983 | 5136 |  |
| 9800478 | ABF asset | N/A |  | 03/2027 | 813 | 741 | 793 |  |
| 9800485 | ABF asset | N/A |  | 03/2027 | 4323 | 4047 | 4085 |  |
| 9800502 | ABF asset | N/A |  | 03/2027 | 5737 | 5228 | 5556 |  |
| 9800517 | ABF asset | N/A |  | 03/2027 | 12145 | 11210 | 10883 |  |
| 9800544 | ABF asset | N/A |  | 03/2027 | 3010 | 2800 | 2477 |  |
| 9800560 | ABF asset | N/A |  | 03/2027 | 3107 | 2878 | 2966 |  |
| 9800575 | ABF asset | N/A |  | 03/2027 | 9254 | 8663 | 8597 |  |
| 9800593 | ABF asset | N/A |  | 03/2027 | 785 | 722 | 755 |  |
| 9800595 | ABF asset | N/A |  | 03/2027 | 26555 | 24859 | 25428 |  |
| 9800689 | ABF asset | N/A |  | 03/2027 | 2490 | 2305 | 2133 |  |
| 9800695 | ABF asset | N/A |  | 03/2027 | 23141 | 21087 | 21607 |  |
| 9800771 | ABF asset | N/A |  | 03/2027 | 927 | 853 | 877 |  |
| 9800774 | ABF asset | N/A |  | 03/2027 | 5020 | 4574 | 4544 |  |
| 9800791 | ABF asset | N/A |  | 03/2027 | 35753 | 33469 | 34774 |  |
| 9800898 | ABF asset | N/A |  | 03/2027 | 8961 | 8272 | 8637 |  |
| 9800911 | ABF asset | N/A |  | 03/2027 | 3740 | 3423 | 3540 |  |
| 9800915 | ABF asset | N/A |  | 03/2027 | 13943 | 12826 | 13197 |  |
| 9800975 | ABF asset | N/A |  | 03/2027 | 3928 | 3677 | 3778 |  |
| 9800982 | ABF asset | N/A |  | 03/2027 | 8620 | 8070 | 8252 |  |
| 9801021 | ABF asset | N/A |  | 03/2027 | 7479 | 7001 | 7173 |  |
| 9801087 | ABF asset | N/A |  | 03/2027 | 14703 | 13680 | 14043 |  |
| 9801329 | ABF asset | N/A |  | 03/2027 | 15461 | 14089 | 14622 |  |
| 9801528 | ABF asset | N/A |  | 03/2027 | 4587 | 4294 | 4343 |  |
| 9801547 | ABF asset | N/A |  | 03/2027 | 6739 | 6141 | 4335 |  |
| 9801589 | ABF asset | N/A |  | 03/2027 | 1134 | 1050 | 1082 |  |
| 9801602 | ABF asset | N/A |  | 03/2027 | 5766 | 5341 | 4599 |  |
| 9801635 | ABF asset | N/A |  | 03/2027 | 4521 | 4173 | 4405 |  |
| 9801700 | ABF asset | N/A |  | 03/2027 | 313 | 285 | 306 |  |
| 9801722 | ABF asset | N/A |  | 03/2027 | 3669 | 3434 | 3515 |  |
| 9801740 | ABF asset | N/A |  | 03/2027 | 21499 | 20125 | 18810 |  |
| 9801938 | ABF asset | N/A |  | 03/2027 | 2096 | 1941 | 1891 |  |
| 9801986 | ABF asset | N/A |  | 03/2027 | 612 | 558 | 583 |  |
| 9802033 | ABF asset | N/A |  | 03/2027 | 12040 | 11202 | 9870 |  |
| 9802201 | ABF asset | N/A |  | 03/2027 | 2655 | 2420 | 2506 |  |
| 9802323 | ABF asset | N/A |  | 03/2027 | 2922 | 2736 | 2790 |  |
| 9802396 | ABF asset | N/A |  | 03/2027 | 7350 | 6762 | 6687 |  |
| 9802445 | ABF asset | N/A |  | 03/2027 | 5111 | 4755 | 4985 |  |
| 9802540 | ABF asset | N/A |  | 03/2027 | 7519 | 6941 | 5854 |  |
| 9802589 | ABF asset | N/A |  | 03/2027 | 1121 | 1021 | 1069 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9802604 | ABF asset | N/A |  | 03/2027 | 7009 | 6469 | 4841 |  |
| 9802619 | ABF asset | N/A |  | 03/2027 | 22185 | 20768 | 20917 |  |
| 9802710 | ABF asset | N/A |  | 03/2027 | 3100 | 2902 | 2893 |  |
| 9802717 | ABF asset | N/A |  | 03/2027 | 1685 | 1550 | 1087 |  |
| 9802727 | ABF asset | N/A |  | 03/2027 | 22176 | 20632 | 21309 |  |
| 9802852 | ABF asset | N/A |  | 03/2027 | 2400 | 2246 | 2110 |  |
| 9802880 | ABF asset | N/A |  | 03/2027 | 2 | 2 | 2 |  |
| 9802910 | ABF asset | N/A |  | 03/2027 | 5681 | 5244 | 5542 |  |
| 9802957 | ABF asset | N/A |  | 03/2027 | 4536 | 4246 | 4007 |  |
| 9802988 | ABF asset | N/A |  | 03/2027 | 2606 | 2375 | 2298 |  |
| 9803007 | ABF asset | N/A |  | 03/2027 | 18521 | 17338 | 17418 |  |
| 9803112 | ABF asset | N/A |  | 03/2027 | 2752 | 2561 | 2587 |  |
| 9803124 | ABF asset | N/A |  | 03/2027 | 2493 | 2272 | 1666 |  |
| 9803144 | ABF asset | N/A |  | 03/2027 | 4971 | 4654 | 4752 |  |
| 9803176 | ABF asset | N/A |  | 03/2027 | 1003 | 918 | 966 |  |
| 9803191 | ABF asset | N/A |  | 03/2027 | 15985 | 14964 | 15229 |  |
| 9803330 | ABF asset | N/A |  | 03/2027 | 7754 | 7258 | 7386 |  |
| 9803383 | ABF asset | N/A |  | 03/2027 | 4583 | 4290 | 4374 |  |
| 9803431 | ABF asset | N/A |  | 03/2027 | 33120 | 30310 | 24288 |  |
| 9803584 | ABF asset | N/A |  | 03/2027 | 959 | 888 | 915 |  |
| 9803625 | ABF asset | N/A |  | 03/2027 | 2710 | 2537 | 2599 |  |
| 9803639 | ABF asset | N/A |  | 03/2027 | 917 | 840 | 787 |  |
| 9803647 | ABF asset | N/A |  | 03/2027 | 1331 | 1212 | 1179 |  |
| 9803661 | ABF asset | N/A |  | 03/2027 | 34445 | 32245 | 32935 |  |
| 9803857 | ABF asset | N/A |  | 03/2027 | 34670 | 32455 | 33158 |  |
| 9804120 | ABF asset | N/A |  | 03/2027 | 20703 | 19111 | 19880 |  |
| 9804209 | ABF asset | N/A |  | 03/2027 | 5768 | 5399 | 5550 |  |
| 9804230 | ABF asset | N/A |  | 03/2027 | 819 | 747 | 788 |  |
| 9804233 | ABF asset | N/A |  | 03/2027 | 17118 | 15599 | 16079 |  |
| 9804286 | ABF asset | N/A |  | 03/2027 | 4933 | 4589 | 4669 |  |
| 9804338 | ABF asset | N/A |  | 03/2027 | 54631 | 51141 | 51461 |  |
| 9804641 | ABF asset | N/A |  | 03/2027 | 3261 | 3053 | 3092 |  |
| 9804668 | ABF asset | N/A |  | 03/2027 | 14380 | 13461 | 13745 |  |
| 9804747 | ABF asset | N/A |  | 03/2027 | 2175 | 2001 | 2054 |  |
| 9804769 | ABF asset | N/A |  | 03/2027 | 5741 | 5242 | 4641 |  |
| 9804803 | ABF asset | N/A |  | 03/2027 | 9916 | 9282 | 9417 |  |
| 9804864 | ABF asset | N/A |  | 03/2027 | 8538 | 7993 | 8143 |  |
| 9804907 | ABF asset | N/A |  | 03/2027 | 3814 | 3570 | 3646 |  |
| 9804925 | ABF asset | N/A |  | 03/2027 | 10726 | 9815 | 7620 |  |
| 9804987 | ABF asset | N/A |  | 03/2027 | 1296 | 1181 | 810 |  |
| 9805007 | ABF asset | N/A |  | 03/2027 | 763 | 698 | 703 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9805034 | ABF asset | N/A |  | 03/2027 | 831 | 778 | 789 |  |
| 9805035 | ABF asset | N/A |  | 03/2027 | 4937 | 4621 | 4773 |  |
| 9805086 | ABF asset | N/A |  | 03/2027 | 2331 | 2151 | 2217 |  |
| 9805117 | ABF asset | N/A |  | 03/2027 | 6637 | 6126 | 6261 |  |
| 9805170 | ABF asset | N/A |  | 03/2027 | 18227 | 16680 | 17662 |  |
| 9805274 | ABF asset | N/A |  | 03/2027 | 8685 | 7948 | 8205 |  |
| 9805325 | ABF asset | N/A |  | 03/2027 | 1441 | 1316 | 1362 |  |
| 9805348 | ABF asset | N/A |  | 03/2027 | 3717 | 3431 | 3481 |  |
| 9805418 | ABF asset | N/A |  | 03/2027 | 3021 | 2764 | 2851 |  |
| 9805499 | ABF asset | N/A |  | 03/2027 | 2104 | 1922 | 2019 |  |
| 9805534 | ABF asset | N/A |  | 03/2027 | 3268 | 3059 | 3141 |  |
| 9805570 | ABF asset | N/A |  | 03/2027 | 9309 | 8661 | 8941 |  |
| 9805642 | ABF asset | N/A |  | 03/2027 | 1500 | 1384 | 1462 |  |
| 9805675 | ABF asset | N/A |  | 03/2027 | 1445 | 1345 | 1386 |  |
| 9805692 | ABF asset | N/A |  | 03/2027 | 10303 | 9388 | 9582 |  |
| 9805768 | ABF asset | N/A |  | 03/2027 | 2740 | 2502 | 2391 |  |
| 9805807 | ABF asset | N/A |  | 03/2027 | 2385 | 2178 | 1922 |  |
| 9805833 | ABF asset | N/A |  | 03/2027 | 11599 | 10707 | 11139 |  |
| 9805958 | ABF asset | N/A |  | 03/2027 | 2978 | 2720 | 2817 |  |
| 9806008 | ABF asset | N/A |  | 03/2027 | 24057 | 21922 | 22414 |  |
| 9806091 | ABF asset | N/A |  | 03/2027 | 1503 | 1370 | 1264 |  |
| 9806095 | ABF asset | N/A |  | 03/2027 | 6018 | 5507 | 5795 |  |
| 9806132 | ABF asset | N/A |  | 03/2027 | 13527 | 12327 | 12750 |  |
| 9806173 | ABF asset | N/A |  | 03/2027 | 3034 | 2779 | 1745 |  |
| 9806181 | ABF asset | N/A |  | 03/2027 | 34193 | 31319 | 26596 |  |
| 9806554 | ABF asset | N/A |  | 03/2027 | 11037 | 10100 | 10315 |  |
| 9806623 | ABF asset | N/A |  | 03/2027 | 581 | 544 | 557 |  |
| 9806643 | ABF asset | N/A |  | 03/2027 | 5429 | 5082 | 5123 |  |
| 9806707 | ABF asset | N/A |  | 03/2027 | 6132 | 5612 | 5899 |  |
| 9806759 | ABF asset | N/A |  | 03/2027 | 7501 | 7022 | 7114 |  |
| 9806808 | ABF asset | N/A |  | 03/2027 | 2535 | 2310 | 561 |  |
| 9806830 | ABF asset | N/A |  | 03/2027 | 25189 | 23580 | 23760 |  |
| 9806953 | ABF asset | N/A |  | 03/2027 | 3767 | 3526 | 3592 |  |
| 9806998 | ABF asset | N/A |  | 03/2027 | 1041 | 953 | 1002 |  |
| 9807000 | ABF asset | N/A |  | 03/2027 | 422 | 384 | 414 |  |
| 9807005 | ABF asset | N/A |  | 03/2027 | 13982 | 13009 | 13500 |  |
| 9807077 | ABF asset | N/A |  | 03/2027 | 6609 | 6187 | 6218 |  |
| 9807105 | ABF asset | N/A |  | 03/2027 | 11093 | 10384 | 10772 |  |
| 9807147 | ABF asset | N/A |  | 03/2027 | 16283 | 14837 | 15395 |  |
| 9807214 | ABF asset | N/A |  | 03/2027 | 3105 | 2906 | 2886 |  |
| 9807224 | ABF asset | N/A |  | 03/2027 | 1457 | 1333 | 1405 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9807235 | ABF asset | N/A |  | 03/2027 | 45849 | 42471 | 43332 |  |
| 9807413 | ABF asset | N/A |  | 03/2027 | 49694 | 45873 | 46903 |  |
| 9807603 | ABF asset | N/A |  | 03/2027 | 5623 | 5123 | 5167 |  |
| 9807628 | ABF asset | N/A |  | 03/2027 | 1470 | 1339 | 1385 |  |
| 9807634 | ABF asset | N/A |  | 03/2027 | 495 | 452 | 477 |  |
| 9807641 | ABF asset | N/A |  | 03/2027 | 9546 | 8936 | 9128 |  |
| 9807654 | ABF asset | N/A |  | 03/2027 | 1986 | 1814 | 1842 |  |
| 9807666 | ABF asset | N/A |  | 03/2027 | 7551 | 7026 | 7152 |  |
| 9807690 | ABF asset | N/A |  | 03/2027 | 16779 | 15435 | 14661 |  |
| 9807735 | ABF asset | N/A |  | 03/2027 | 3253 | 2977 | 3160 |  |
| 9807748 | ABF asset | N/A |  | 03/2027 | 4108 | 3791 | 3672 |  |
| 9807762 | ABF asset | N/A |  | 03/2027 | 4010 | 3670 | 3806 |  |
| 9807791 | ABF asset | N/A |  | 03/2027 | 1412 | 1293 | 1345 |  |
| 9807834 | ABF asset | N/A |  | 03/2027 | 4156 | 3890 | 3944 |  |
| 9807884 | ABF asset | N/A |  | 03/2027 | 5854 | 5446 | 5634 |  |
| 9807910 | ABF asset | N/A |  | 03/2027 | 7161 | 6610 | 6800 |  |
| 9807954 | ABF asset | N/A |  | 03/2027 | 1000 | 916 | 969 |  |
| 9807965 | ABF asset | N/A |  | 03/2027 | 92335 | 85235 | 82302 |  |
| 9808227 | ABF asset | N/A |  | 03/2027 | 2403 | 2249 | 2298 |  |
| 9808247 | ABF asset | N/A |  | 03/2027 | 3990 | 3736 | 3815 |  |
| 9808251 | ABF asset | N/A |  | 03/2027 | 2608 | 2441 | 2423 |  |
| 9808269 | ABF asset | N/A |  | 03/2027 | 17051 | 15537 | 15227 |  |
| 9808315 | ABF asset | N/A |  | 03/2027 | 1313 | 1201 | 1184 |  |
| 9808330 | ABF asset | N/A |  | 03/2027 | 19074 | 17381 | 18344 |  |
| 9808499 | ABF asset | N/A |  | 03/2027 | 2905 | 2682 | 2793 |  |
| 9808520 | ABF asset | N/A |  | 03/2027 | 327 | 299 | 319 |  |
| 9808525 | ABF asset | N/A |  | 03/2027 | 2884 | 2628 | 2744 |  |
| 9808542 | ABF asset | N/A |  | 03/2027 | 12195 | 11416 | 11627 |  |
| 9808593 | ABF asset | N/A |  | 03/2027 | 3978 | 3724 | 3806 |  |
| 9808628 | ABF asset | N/A |  | 03/2027 | 1685 | 1543 | 972 |  |
| 9808635 | ABF asset | N/A |  | 03/2027 | 524 | 485 | 494 |  |
| 9808649 | ABF asset | N/A |  | 03/2027 | 6109 | 5718 | 5822 |  |
| 9808684 | ABF asset | N/A |  | 03/2027 | 1485 | 1390 | 1431 |  |
| 9808686 | ABF asset | N/A |  | 03/2027 | 4095 | 3793 | 3953 |  |
| 9808725 | ABF asset | N/A |  | 03/2027 | 1510 | 1382 | 1463 |  |
| 9808739 | ABF asset | N/A |  | 03/2027 | 3949 | 3598 | 3721 |  |
| 9808759 | ABF asset | N/A |  | 03/2027 | 1448 | 1322 | 1364 |  |
| 9808767 | ABF asset | N/A |  | 03/2027 | 860 | 791 | 836 |  |
| 9808771 | ABF asset | N/A |  | 03/2027 | 7328 | 6692 | 7078 |  |
| 9808861 | ABF asset | N/A |  | 03/2027 | 10289 | 9573 | 9757 |  |
| 9808903 | ABF asset | N/A |  | 03/2027 | 37365 | 34763 | 30992 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9809113 | ABF asset | N/A |  | 03/2027 | 4831 | 4459 | 4727 |  |
| 9809185 | ABF asset | N/A |  | 03/2027 | 1058 | 964 | 1022 |  |
| 9809195 | ABF asset | N/A |  | 03/2027 | 903 | 831 | 877 |  |
| 9809207 | ABF asset | N/A |  | 03/2027 | 5628 | 5195 | 5308 |  |
| 9809249 | ABF asset | N/A |  | 03/2027 | 3746 | 3507 | 3606 |  |
| 9809267 | ABF asset | N/A |  | 03/2027 | 6682 | 6255 | 6459 |  |
| 9809367 | ABF asset | N/A |  | 03/2027 | 8369 | 7835 | 7930 |  |
| 9809420 | ABF asset | N/A |  | 03/2027 | 27184 | 25181 | 25362 |  |
| 9812382 | ABF asset | N/A |  | 03/2027 | 2329 | 2122 | 2205 |  |
| 9812429 | ABF asset | N/A |  | 03/2027 | 1870 | 1720 | 1790 |  |
| 9812447 | ABF asset | N/A |  | 03/2027 | 1480 | 1371 | 1146 |  |
| 9812463 | ABF asset | N/A |  | 03/2027 | 1048 | 964 | 993 |  |
| 9812481 | ABF asset | N/A |  | 03/2027 | 17393 | 15849 | 15992 |  |
| 9812739 | ABF asset | N/A |  | 03/2027 | 4098 | 3750 | 3976 |  |
| 9812781 | ABF asset | N/A |  | 03/2027 | 17514 | 16041 | 15739 |  |
| 9813020 | ABF asset | N/A |  | 03/2027 | 1482 | 1351 | 1398 |  |
| 9813119 | ABF asset | N/A |  | 03/2027 | 22878 | 21416 | 21576 |  |
| 9813169 | ABF asset | N/A |  | 03/2027 | 24478 | 22773 | 19591 |  |
| 9813194 | ABF asset | N/A |  | 03/2027 | 33429 | 31294 | 31827 |  |
| 9813228 | ABF asset | N/A |  | 03/2027 | 50034 | 46838 | 48289 |  |
| 9813460 | ABF asset | N/A |  | 03/2027 | 6292 | 5758 | 6063 |  |
| 9813572 | ABF asset | N/A |  | 03/2027 | 907 | 834 | 858 |  |
| 9813580 | ABF asset | N/A |  | 03/2027 | 3355 | 3096 | 3141 |  |
| 9813608 | ABF asset | N/A |  | 03/2027 | 1957 | 1806 | 1888 |  |
| 9813611 | ABF asset | N/A |  | 03/2027 | 2647 | 2422 | 2400 |  |
| 9813631 | ABF asset | N/A |  | 03/2027 | 1022 | 946 | 985 |  |
| 9813672 | ABF asset | N/A |  | 03/2027 | 6987 | 6541 | 6715 |  |
| 9813729 | ABF asset | N/A |  | 03/2027 | 3935 | 3684 | 3801 |  |
| 9813770 | ABF asset | N/A |  | 03/2027 | 8309 | 7778 | 7906 |  |
| 9813855 | ABF asset | N/A |  | 03/2027 | 4448 | 4164 | 4292 |  |
| 9813906 | ABF asset | N/A |  | 03/2027 | 9053 | 8475 | 8737 |  |
| 9813973 | ABF asset | N/A |  | 03/2027 | 4726 | 4306 | 4392 |  |
| 9814027 | ABF asset | N/A |  | 03/2027 | 1648 | 1527 | 1489 |  |
| 9814038 | ABF asset | N/A |  | 03/2027 | 2018 | 1839 | 1902 |  |
| 9814071 | ABF asset | N/A |  | 03/2027 | 4077 | 3715 | 3863 |  |
| 9814129 | ABF asset | N/A |  | 03/2027 | 1046 | 953 | 1013 |  |
| 9814160 | ABF asset | N/A |  | 03/2027 | 531 | 487 | 490 |  |
| 9814172 | ABF asset | N/A |  | 03/2027 | 62029 | 58067 | 57916 |  |
| 9814686 | ABF asset | N/A |  | 03/2027 | 5621 | 5262 | 5411 |  |
| 9814732 | ABF asset | N/A |  | 03/2027 | 1631 | 1486 | 1541 |  |
| 9814750 | ABF asset | N/A |  | 03/2027 | 46919 | 43312 | 45272 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9815082 | ABF asset | N/A |  | 03/2027 | 53937 | 49618 | 50274 |  |
| 9815358 | ABF asset | N/A |  | 03/2027 | 2335 | 2139 | 2263 |  |
| 9815385 | ABF asset | N/A |  | 03/2027 | 2041 | 1869 | 1978 |  |
| 9815397 | ABF asset | N/A |  | 03/2027 | 3298 | 3018 | 3142 |  |
| 9815411 | ABF asset | N/A |  | 03/2027 | 8010 | 7498 | 7654 |  |
| 9815420 | ABF asset | N/A |  | 03/2027 | 2299 | 2140 | 2192 |  |
| 9815430 | ABF asset | N/A |  | 03/2027 | 3424 | 3206 | 3269 |  |
| 9815436 | ABF asset | N/A |  | 03/2027 | 16368 | 14914 | 10342 |  |
| 9815506 | ABF asset | N/A |  | 03/2027 | 21519 | 20145 | 20291 |  |
| 9815591 | ABF asset | N/A |  | 03/2027 | 8187 | 7664 | 7298 |  |
| 9815643 | ABF asset | N/A |  | 03/2027 | 1733 | 1622 | 1516 |  |
| 9815667 | ABF asset | N/A |  | 03/2027 | 15034 | 13988 | 14141 |  |
| 9815739 | ABF asset | N/A |  | 03/2027 | 781 | 723 | 708 |  |
| 9815768 | ABF asset | N/A |  | 03/2027 | 11826 | 11070 | 11263 |  |
| 9815813 | ABF asset | N/A |  | 03/2027 | 26340 | 24314 | 23782 |  |
| 9815955 | ABF asset | N/A |  | 03/2027 | 41774 | 38697 | 31555 |  |
| 9816068 | ABF asset | N/A |  | 03/2027 | 2169 | 2009 | 2006 |  |
| 9816087 | ABF asset | N/A |  | 03/2027 | 35966 | 33086 | 31678 |  |
| 9816282 | ABF asset | N/A |  | 03/2027 | 13990 | 13016 | 13342 |  |
| 9816382 | ABF asset | N/A |  | 03/2027 | 3217 | 3012 | 3001 |  |
| 9816392 | ABF asset | N/A |  | 03/2027 | 9588 | 8775 | 6677 |  |
| 9816426 | ABF asset | N/A |  | 03/2027 | 3073 | 2877 | 2909 |  |
| 9816430 | ABF asset | N/A |  | 03/2027 | 7096 | 6570 | 6561 |  |
| 9816481 | ABF asset | N/A |  | 03/2027 | 1833 | 1671 | 1725 |  |
| 9816482 | ABF asset | N/A |  | 03/2027 | 1747 | 1625 | 1625 |  |
| 9816493 | ABF asset | N/A |  | 03/2027 | 2162 | 1970 | 1840 |  |
| 9816509 | ABF asset | N/A |  | 03/2027 | 6828 | 6353 | 6421 |  |
| 9816528 | ABF asset | N/A |  | 03/2027 | 18947 | 17429 | 17260 |  |
| 9816672 | ABF asset | N/A |  | 03/2027 | 1209 | 1107 | 1131 |  |
| 9816693 | ABF asset | N/A |  | 03/2027 | 36048 | 33276 | 34597 |  |
| 9816982 | ABF asset | N/A |  | 03/2027 | 1580 | 1463 | 1493 |  |
| 9816988 | ABF asset | N/A |  | 03/2027 | 16753 | 15683 | 16049 |  |
| 9817036 | ABF asset | N/A |  | 03/2027 | 2718 | 2544 | 2424 |  |
| 9817107 | ABF asset | N/A |  | 03/2027 | 2491 | 2270 | 2282 |  |
| 9817126 | ABF asset | N/A |  | 03/2027 | 2996 | 2766 | 2851 |  |
| 9817158 | ABF asset | N/A |  | 03/2027 | 4805 | 4378 | 4541 |  |
| 9817203 | ABF asset | N/A |  | 03/2027 | 529 | 482 | 502 |  |
| 9817204 | ABF asset | N/A |  | 03/2027 | 14187 | 13096 | 13528 |  |
| 9817342 | ABF asset | N/A |  | 03/2027 | 4506 | 4146 | 3980 |  |
| 9817388 | ABF asset | N/A |  | 03/2027 | 1784 | 1670 | 1664 |  |
| 9817398 | ABF asset | N/A |  | 03/2027 | 10792 | 9834 | 10056 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9817488 | ABF asset | N/A |  | 03/2027 | 18815 | 17505 | 18294 |  |
| 9817685 | ABF asset | N/A |  | 03/2027 | 14040 | 12860 | 13383 |  |
| 9817754 | ABF asset | N/A |  | 03/2027 | 1434 | 1342 | 1259 |  |
| 9817766 | ABF asset | N/A |  | 03/2027 | 51884 | 48570 | 49808 |  |
| 9817919 | ABF asset | N/A |  | 03/2027 | 53734 | 49993 | 49096 |  |
| 9818024 | ABF asset | N/A |  | 03/2027 | 31747 | 29537 | 30100 |  |
| 9818282 | ABF asset | N/A |  | 03/2027 | 13436 | 12578 | 12519 |  |
| 9818414 | ABF asset | N/A |  | 03/2027 | 690 | 631 | 666 |  |
| 9818429 | ABF asset | N/A |  | 03/2027 | 8125 | 7500 | 7735 |  |
| 9818463 | ABF asset | N/A |  | 03/2027 | 10070 | 9427 | 9560 |  |
| 9818591 | ABF asset | N/A |  | 03/2027 | 8118 | 7599 | 7665 |  |
| 9818656 | ABF asset | N/A |  | 03/2027 | 2019 | 1871 | 1816 |  |
| 9818667 | ABF asset | N/A |  | 03/2027 | 158 | 144 | 155 |  |
| 9818677 | ABF asset | N/A |  | 03/2027 | 635 | 588 | 493 |  |
| 9818696 | ABF asset | N/A |  | 03/2027 | 3803 | 3560 | 3540 |  |
| 9818752 | ABF asset | N/A |  | 03/2027 | 1331 | 1213 | 1288 |  |
| 9818775 | ABF asset | N/A |  | 03/2027 | 17497 | 16208 | 16722 |  |
| 9818885 | ABF asset | N/A |  | 03/2027 | 13057 | 11898 | 12450 |  |
| 9819006 | ABF asset | N/A |  | 03/2027 | 1779 | 1624 | 1555 |  |
| 9819036 | ABF asset | N/A |  | 03/2027 | 12858 | 12037 | 12265 |  |
| 9819138 | ABF asset | N/A |  | 03/2027 | 8780 | 8168 | 8430 |  |
| 9819235 | ABF asset | N/A |  | 03/2027 | 2274 | 2081 | 2096 |  |
| 9819253 | ABF asset | N/A |  | 03/2027 | 1048 | 957 | 993 |  |
| 9819430 | ABF asset | N/A |  | 03/2027 | 2731 | 2512 | 2589 |  |
| 9819453 | ABF asset | N/A |  | 03/2027 | 4784 | 4478 | 4571 |  |
| 9819512 | ABF asset | N/A |  | 03/2027 | 14095 | 13011 | 13219 |  |
| 9819606 | ABF asset | N/A |  | 03/2027 | 7535 | 7011 | 7150 |  |
| 9819623 | ABF asset | N/A |  | 03/2027 | 39890 | 37342 | 38317 |  |
| 9819830 | ABF asset | N/A |  | 03/2027 | 2095 | 1909 | 1881 |  |
| 9819860 | ABF asset | N/A |  | 03/2027 | 8576 | 8028 | 4562 |  |
| 9819894 | ABF asset | N/A |  | 03/2027 | 2660 | 2475 | 2556 |  |
| 9819908 | ABF asset | N/A |  | 03/2027 | 1595 | 1492 | 1419 |  |
| 9819921 | ABF asset | N/A |  | 03/2027 | 5303 | 4964 | 5061 |  |
| 9819937 | ABF asset | N/A |  | 03/2027 | 17508 | 16218 | 16720 |  |
| 9820058 | ABF asset | N/A |  | 03/2027 | 22753 | 21299 | 21128 |  |
| 9820109 | ABF asset | N/A |  | 03/2027 | 6333 | 5928 | 6005 |  |
| 9820158 | ABF asset | N/A |  | 03/2027 | 14707 | 13529 | 13910 |  |
| 9820237 | ABF asset | N/A |  | 03/2027 | 12532 | 11569 | 11906 |  |
| 9820326 | ABF asset | N/A |  | 03/2027 | 5583 | 5227 | 5403 |  |
| 9820364 | ABF asset | N/A |  | 03/2027 | 845 | 782 | 806 |  |
| 9820369 | ABF asset | N/A |  | 03/2027 | 17633 | 16406 | 16838 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9820423 | ABF asset | N/A |  | 03/2027 | 1745 | 1606 | 1655 |  |
| 9820447 | ABF asset | N/A |  | 03/2027 | 37578 | 35177 | 36285 |  |
| 9820588 | ABF asset | N/A |  | 03/2027 | 516 | 471 | 479 |  |
| 9820595 | ABF asset | N/A |  | 03/2027 | 571 | 531 | 561 |  |
| 9820602 | ABF asset | N/A |  | 03/2027 | 51788 | 48182 | 49089 |  |
| 9820776 | ABF asset | N/A |  | 03/2027 | 10652 | 9971 | 10157 |  |
| 9820830 | ABF asset | N/A |  | 03/2027 | 6783 | 6240 | 6532 |  |
| 9820866 | ABF asset | N/A |  | 03/2027 | 976 | 894 | 920 |  |
| 9820874 | ABF asset | N/A |  | 03/2027 | 13157 | 12316 | 12525 |  |
| 9820918 | ABF asset | N/A |  | 03/2027 | 25712 | 23735 | 23713 |  |
| 9821049 | ABF asset | N/A |  | 03/2027 | 61743 | 57445 | 51085 |  |
| 9821304 | ABF asset | N/A |  | 03/2027 | 37127 | 34755 | 35804 |  |
| 9821393 | ABF asset | N/A |  | 03/2027 | 2120 | 1942 | 1998 |  |
| 9821407 | ABF asset | N/A |  | 03/2027 | 2898 | 2655 | 2333 |  |
| 9821419 | ABF asset | N/A |  | 03/2027 | 6332 | 5927 | 5964 |  |
| 9821432 | ABF asset | N/A |  | 03/2027 | 3036 | 2766 | 2043 |  |
| 9821445 | ABF asset | N/A |  | 03/2027 | 2666 | 2495 | 2566 |  |
| 9821454 | ABF asset | N/A |  | 03/2027 | 3810 | 3505 | 3542 |  |
| 9821461 | ABF asset | N/A |  | 03/2027 | 4544 | 4210 | 4287 |  |
| 9821472 | ABF asset | N/A |  | 03/2027 | 11895 | 10839 | 11201 |  |
| 9821501 | ABF asset | N/A |  | 03/2027 | 2490 | 2317 | 2342 |  |
| 9821507 | ABF asset | N/A |  | 03/2027 | 1872 | 1728 | 1505 |  |
| 9821509 | ABF asset | N/A |  | 03/2027 | 1302 | 1206 | 1205 |  |
| 9821511 | ABF asset | N/A |  | 03/2027 | 7613 | 7127 | 7347 |  |
| 9821527 | ABF asset | N/A |  | 03/2027 | 2475 | 2317 | 2358 |  |
| 9821532 | ABF asset | N/A |  | 03/2027 | 1145 | 1060 | 673 |  |
| 9821539 | ABF asset | N/A |  | 03/2027 | 8637 | 8085 | 7704 |  |
| 9821551 | ABF asset | N/A |  | 03/2027 | 21050 | 19705 | 20079 |  |
| 9821624 | ABF asset | N/A |  | 03/2027 | 3240 | 3033 | 3090 |  |
| 9821631 | ABF asset | N/A |  | 03/2027 | 2791 | 2555 | 1847 |  |
| 9821639 | ABF asset | N/A |  | 03/2027 | 10473 | 9668 | 9969 |  |
| 9821674 | ABF asset | N/A |  | 03/2027 | 4800 | 4466 | 3846 |  |
| 9821691 | ABF asset | N/A |  | 03/2027 | 4612 | 4272 | 4274 |  |
| 9821703 | ABF asset | N/A |  | 03/2027 | 3526 | 3226 | 3341 |  |
| 9821714 | ABF asset | N/A |  | 03/2027 | 4172 | 3865 | 3896 |  |
| 9821726 | ABF asset | N/A |  | 03/2027 | 2653 | 2483 | 2470 |  |
| 9821737 | ABF asset | N/A |  | 03/2027 | 6783 | 6181 | 6655 |  |
| 9821808 | ABF asset | N/A |  | 03/2027 | 17381 | 16271 | 16645 |  |
| 9821862 | ABF asset | N/A |  | 03/2027 | 921 | 853 | 544 |  |
| 9821865 | ABF asset | N/A |  | 03/2027 | 1942 | 1777 | 1810 |  |
| 9821872 | ABF asset | N/A |  | 03/2027 | 1218 | 1134 | 1170 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9821881 | ABF asset | N/A |  | 03/2027 | 676 | 616 | 641 |  |
| 9821882 | ABF asset | N/A |  | 03/2027 | 6023 | 5560 | 5415 |  |
| 9821889 | ABF asset | N/A |  | 03/2027 | 8764 | 8203 | 8343 |  |
| 9821911 | ABF asset | N/A |  | 03/2027 | 1734 | 1623 | 1678 |  |
| 9821915 | ABF asset | N/A |  | 03/2027 | 1586 | 1484 | 1511 |  |
| 9821916 | ABF asset | N/A |  | 03/2027 | 346 | 324 | 335 |  |
| 9821917 | ABF asset | N/A |  | 03/2027 | 20142 | 18594 | 19410 |  |
| 9821973 | ABF asset | N/A |  | 03/2027 | 3604 | 3374 | 3504 |  |
| 9821987 | ABF asset | N/A |  | 03/2027 | 4515 | 4201 | 4240 |  |
| 9821999 | ABF asset | N/A |  | 03/2027 | 2077 | 1910 | 1965 |  |
| 9822004 | ABF asset | N/A |  | 03/2027 | 1698 | 1554 | 1607 |  |
| 9822012 | ABF asset | N/A |  | 03/2027 | 2465 | 2283 | 1829 |  |
| 9822019 | ABF asset | N/A |  | 03/2027 | 4508 | 4220 | 4202 |  |
| 9822029 | ABF asset | N/A |  | 03/2027 | 11836 | 11080 | 11315 |  |
| 9822049 | ABF asset | N/A |  | 03/2027 | 2759 | 2567 | 1672 |  |
| 9822061 | ABF asset | N/A |  | 03/2027 | 2702 | 2462 | 2616 |  |
| 9822074 | ABF asset | N/A |  | 03/2027 | 5682 | 5319 | 5438 |  |
| 9822091 | ABF asset | N/A |  | 03/2027 | 7454 | 6935 | 6903 |  |
| 9822114 | ABF asset | N/A |  | 03/2027 | 17704 | 16471 | 16650 |  |
| 9822155 | ABF asset | N/A |  | 03/2027 | 14561 | 13631 | 12504 |  |
| 9822185 | ABF asset | N/A |  | 03/2027 | 1881 | 1714 | 1537 |  |
| 9822195 | ABF asset | N/A |  | 03/2027 | 843 | 768 | 769 |  |
| 9822202 | ABF asset | N/A |  | 03/2027 | 8254 | 7727 | 7865 |  |
| 9822224 | ABF asset | N/A |  | 03/2027 | 1916 | 1750 | 1739 |  |
| 9822231 | ABF asset | N/A |  | 03/2027 | 20490 | 19181 | 19586 |  |
| 9822290 | ABF asset | N/A |  | 03/2027 | 2378 | 2176 | 2251 |  |
| 9822293 | ABF asset | N/A |  | 03/2027 | 2678 | 2506 | 2539 |  |
| 9822300 | ABF asset | N/A |  | 03/2027 | 2102 | 1934 | 2010 |  |
| 9822307 | ABF asset | N/A |  | 03/2027 | 16210 | 15175 | 15486 |  |
| 9822345 | ABF asset | N/A |  | 03/2027 | 3871 | 3543 | 3684 |  |
| 9822354 | ABF asset | N/A |  | 03/2027 | 3143 | 2891 | 2950 |  |
| 9822356 | ABF asset | N/A |  | 03/2027 | 1412 | 1287 | 1369 |  |
| 9822366 | ABF asset | N/A |  | 03/2027 | 1812 | 1651 | 665 |  |
| 9822369 | ABF asset | N/A |  | 03/2027 | 18996 | 17384 | 17742 |  |
| 9822401 | ABF asset | N/A |  | 03/2027 | 9130 | 8547 | 8738 |  |
| 9822421 | ABF asset | N/A |  | 03/2027 | 133 | 121 | 131 |  |
| 9822426 | ABF asset | N/A |  | 03/2027 | 58144 | 54430 | 55908 |  |
| 9822572 | ABF asset | N/A |  | 03/2027 | 9443 | 8840 | 8787 |  |
| 9822598 | ABF asset | N/A |  | 03/2027 | 804 | 744 | 767 |  |
| 9822603 | ABF asset | N/A |  | 03/2027 | 14281 | 13137 | 13672 |  |
| 9822646 | ABF asset | N/A |  | 03/2027 | 10355 | 9694 | 9883 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9822666 | ABF asset | N/A |  | 03/2027 | 3680 | 3444 | 3511 |  |
| 9822682 | ABF asset | N/A |  | 03/2027 | 2302 | 2102 | 2137 |  |
| 9822693 | ABF asset | N/A |  | 03/2027 | 4443 | 4159 | 4248 |  |
| 9822701 | ABF asset | N/A |  | 03/2027 | 5828 | 5456 | 5433 |  |
| 9822722 | ABF asset | N/A |  | 03/2027 | 15824 | 14813 | 15065 |  |
| 9822765 | ABF asset | N/A |  | 03/2027 | 9689 | 9070 | 9234 |  |
| 9822805 | ABF asset | N/A |  | 03/2027 | 2790 | 2612 | 2648 |  |
| 9822813 | ABF asset | N/A |  | 03/2027 | 17114 | 16021 | 16358 |  |
| 9822860 | ABF asset | N/A |  | 03/2027 | 8413 | 7876 | 8149 |  |
| 9822878 | ABF asset | N/A |  | 03/2027 | 1747 | 1596 | 969 |  |
| 9822882 | ABF asset | N/A |  | 03/2027 | 6100 | 5711 | 5873 |  |
| 9822898 | ABF asset | N/A |  | 03/2027 | 4291 | 3910 | 3764 |  |
| 9822908 | ABF asset | N/A |  | 03/2027 | 5307 | 4968 | 5002 |  |
| 9822925 | ABF asset | N/A |  | 03/2027 | 5025 | 4704 | 4756 |  |
| 9822947 | ABF asset | N/A |  | 03/2027 | 6718 | 6289 | 5879 |  |
| 9822959 | ABF asset | N/A |  | 03/2027 | 9296 | 8702 | 8981 |  |
| 9822985 | ABF asset | N/A |  | 03/2027 | 2487 | 2303 | 2373 |  |
| 9822997 | ABF asset | N/A |  | 03/2027 | 1541 | 1427 | 914 |  |
| 9823003 | ABF asset | N/A |  | 03/2027 | 14873 | 13729 | 13898 |  |
| 9823049 | ABF asset | N/A |  | 03/2027 | 9690 | 8914 | 9319 |  |
| 9823907 | ABF asset | N/A |  | 03/2027 | 3657 | 3332 | 3267 |  |
| 9823916 | ABF asset | N/A |  | 03/2027 | 16827 | 15753 | 16192 |  |
| 9824057 | ABF asset | N/A |  | 03/2027 | 665 | 616 | 648 |  |
| 9824120 | ABF asset | N/A |  | 03/2027 | 8822 | 8258 | 8428 |  |
| 9824182 | ABF asset | N/A |  | 03/2027 | 4603 | 4310 | 4331 |  |
| 9824235 | ABF asset | N/A |  | 03/2027 | 5454 | 5105 | 5059 |  |
| 9824275 | ABF asset | N/A |  | 03/2027 | 929 | 847 | 912 |  |
| 9824288 | ABF asset | N/A |  | 03/2027 | 3824 | 3580 | 3649 |  |
| 9824355 | ABF asset | N/A |  | 03/2027 | 532 | 485 | 494 |  |
| 9824368 | ABF asset | N/A |  | 03/2027 | 1712 | 1568 | 1576 |  |
| 9824403 | ABF asset | N/A |  | 03/2027 | 12539 | 11667 | 11843 |  |
| 9824550 | ABF asset | N/A |  | 03/2027 | 3255 | 3047 | 3035 |  |
| 9824673 | ABF asset | N/A |  | 03/2027 | 1279 | 1190 | 1211 |  |
| 9824716 | ABF asset | N/A |  | 03/2027 | 3108 | 2910 | 2967 |  |
| 9824813 | ABF asset | N/A |  | 03/2027 | 14372 | 13153 | 13644 |  |
| 9824998 | ABF asset | N/A |  | 03/2027 | 4923 | 4609 | 4693 |  |
| 9825039 | ABF asset | N/A |  | 03/2027 | 1899 | 1747 | 936 |  |
| 9825047 | ABF asset | N/A |  | 03/2027 | 6735 | 6236 | 1742 |  |
| 9825084 | ABF asset | N/A |  | 03/2027 | 21378 | 19803 | 19201 |  |
| 9825170 | ABF asset | N/A |  | 03/2027 | 11993 | 11227 | 10175 |  |
| 9825216 | ABF asset | N/A |  | 03/2027 | 1131 | 1035 | 1055 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9825225 | ABF asset | N/A |  | 03/2027 | 899 | 820 | 767 |  |
| 9825233 | ABF asset | N/A |  | 03/2027 | 1370 | 1254 | 1276 |  |
| 9825244 | ABF asset | N/A |  | 03/2027 | 2512 | 2337 | 2438 |  |
| 9825276 | ABF asset | N/A |  | 03/2027 | 465 | 426 | 452 |  |
| 9825294 | ABF asset | N/A |  | 03/2027 | 3890 | 3642 | 3669 |  |
| 9825314 | ABF asset | N/A |  | 03/2027 | 2906 | 2720 | 2780 |  |
| 9825325 | ABF asset | N/A |  | 03/2027 | 17015 | 15831 | 16430 |  |
| 9825411 | ABF asset | N/A |  | 03/2027 | 6200 | 5804 | 5303 |  |
| 9825434 | ABF asset | N/A |  | 03/2027 | 10992 | 10016 | 9036 |  |
| 9825504 | ABF asset | N/A |  | 03/2027 | 9372 | 8540 | 8804 |  |
| 9825564 | ABF asset | N/A |  | 03/2027 | 51141 | 47874 | 49399 |  |
| 9825804 | ABF asset | N/A |  | 03/2027 | 3579 | 3351 | 3389 |  |
| 9825822 | ABF asset | N/A |  | 03/2027 | 8218 | 7693 | 7889 |  |
| 9825862 | ABF asset | N/A |  | 03/2027 | 13341 | 12156 | 12381 |  |
| 9825946 | ABF asset | N/A |  | 03/2027 | 31993 | 29766 | 30649 |  |
| 9826066 | ABF asset | N/A |  | 03/2027 | 27289 | 25545 | 26004 |  |
| 9826185 | ABF asset | N/A |  | 03/2027 | 5033 | 4712 | 4814 |  |
| 9826210 | ABF asset | N/A |  | 03/2027 | 59478 | 55096 | 47250 |  |
| 9826496 | ABF asset | N/A |  | 03/2027 | 7480 | 6929 | 7119 |  |
| 9826517 | ABF asset | N/A |  | 03/2027 | 13892 | 12823 | 12522 |  |
| 9826583 | ABF asset | N/A |  | 03/2027 | 1634 | 1492 | 1435 |  |
| 9826587 | ABF asset | N/A |  | 03/2027 | 3872 | 3625 | 3717 |  |
| 9826610 | ABF asset | N/A |  | 03/2027 | 2676 | 2505 | 2574 |  |
| 9826629 | ABF asset | N/A |  | 03/2027 | 8307 | 7776 | 7732 |  |
| 9826654 | ABF asset | N/A |  | 03/2027 | 2346 | 2158 | 2204 |  |
| 9826688 | ABF asset | N/A |  | 03/2027 | 7901 | 7199 | 7315 |  |
| 9826726 | ABF asset | N/A |  | 03/2027 | 504 | 459 | 494 |  |
| 9826728 | ABF asset | N/A |  | 03/2027 | 7568 | 7085 | 7266 |  |
| 9826759 | ABF asset | N/A |  | 03/2027 | 8240 | 7666 | 7897 |  |
| 9826825 | ABF asset | N/A |  | 03/2027 | 3637 | 3405 | 3170 |  |
| 9826840 | ABF asset | N/A |  | 03/2027 | 4968 | 4547 | 4703 |  |
| 9826881 | ABF asset | N/A |  | 03/2027 | 1305 | 1221 | 1229 |  |
| 9826882 | ABF asset | N/A |  | 03/2027 | 1303 | 1208 | 1206 |  |
| 9826890 | ABF asset | N/A |  | 03/2027 | 2272 | 2071 | 2162 |  |
| 9826902 | ABF asset | N/A |  | 03/2027 | 3777 | 3535 | 3631 |  |
| 9826903 | ABF asset | N/A |  | 03/2027 | 7622 | 7136 | 7285 |  |
| 9826936 | ABF asset | N/A |  | 03/2027 | 4474 | 4188 | 4347 |  |
| 9826972 | ABF asset | N/A |  | 03/2027 | 10455 | 9617 | 10041 |  |
| 9827027 | ABF asset | N/A |  | 03/2027 | 5937 | 5524 | 5674 |  |
| 9827055 | ABF asset | N/A |  | 03/2027 | 13384 | 12355 | 12710 |  |
| 9827117 | ABF asset | N/A |  | 03/2027 | 8730 | 8087 | 8493 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9827162 | ABF asset | N/A |  | 03/2027 | 4117 | 3760 | 3824 |  |
| 9827175 | ABF asset | N/A |  | 03/2027 | 4632 | 4336 | 4470 |  |
| 9827186 | ABF asset | N/A |  | 03/2027 | 5444 | 5096 | 4649 |  |
| 9827221 | ABF asset | N/A |  | 03/2027 | 5789 | 5419 | 5514 |  |
| 9827247 | ABF asset | N/A |  | 03/2027 | 1553 | 1454 | 1491 |  |
| 9827266 | ABF asset | N/A |  | 03/2027 | 1203 | 1096 | 1145 |  |
| 9827280 | ABF asset | N/A |  | 03/2027 | 4148 | 3829 | 3878 |  |
| 9827281 | ABF asset | N/A |  | 03/2027 | 10268 | 9512 | 8284 |  |
| 9827298 | ABF asset | N/A |  | 03/2027 | 4491 | 4101 | 3942 |  |
| 9827310 | ABF asset | N/A |  | 03/2027 | 32611 | 30209 | 31278 |  |
| 9827430 | ABF asset | N/A |  | 03/2027 | 3613 | 3323 | 3411 |  |
| 9827450 | ABF asset | N/A |  | 03/2027 | 759 | 707 | 738 |  |
| 9827452 | ABF asset | N/A |  | 03/2027 | 9355 | 8758 | 8977 |  |
| 9827482 | ABF asset | N/A |  | 03/2027 | 23931 | 22265 | 23488 |  |
| 9827762 | ABF asset | N/A |  | 03/2027 | 31408 | 29401 | 29933 |  |
| 9827876 | ABF asset | N/A |  | 03/2027 | 30696 | 28238 | 29074 |  |
| 9828016 | ABF asset | N/A |  | 03/2027 | 30869 | 28897 | 29840 |  |
| 9828155 | ABF asset | N/A |  | 03/2027 | 7230 | 6674 | 6500 |  |
| 9828181 | ABF asset | N/A |  | 03/2027 | 7503 | 7023 | 7107 |  |
| 9828191 | ABF asset | N/A |  | 03/2027 | 6641 | 6217 | 6286 |  |
| 9828219 | ABF asset | N/A |  | 03/2027 | 2495 | 2322 | 2316 |  |
| 9828259 | ABF asset | N/A |  | 03/2027 | 9087 | 8455 | 8792 |  |
| 9828332 | ABF asset | N/A |  | 03/2027 | 27487 | 25731 | 25847 |  |
| 9828455 | ABF asset | N/A |  | 03/2027 | 38169 | 35731 | 36191 |  |
| 9828592 | ABF asset | N/A |  | 03/2027 | 12965 | 12005 | 12241 |  |
| 9828625 | ABF asset | N/A |  | 03/2027 | 15796 | 14531 | 14933 |  |
| 9828684 | ABF asset | N/A |  | 03/2027 | 1765 | 1608 | 1728 |  |
| 9828801 | ABF asset | N/A |  | 03/2027 | 4683 | 4383 | 4438 |  |
| 9828870 | ABF asset | N/A |  | 03/2027 | 1098 | 1001 | 290 |  |
| 9828882 | ABF asset | N/A |  | 03/2027 | 22886 | 21126 | 21761 |  |
| 9829065 | ABF asset | N/A |  | 03/2027 | 1182 | 1080 | 1141 |  |
| 9829070 | ABF asset | N/A |  | 03/2027 | 3741 | 3480 | 3101 |  |
| 9829094 | ABF asset | N/A |  | 03/2027 | 13387 | 12531 | 12684 |  |
| 9829200 | ABF asset | N/A |  | 03/2027 | 30682 | 28546 | 29310 |  |
| 9829422 | ABF asset | N/A |  | 03/2027 | 12508 | 11398 | 12215 |  |
| 9829639 | ABF asset | N/A |  | 03/2027 | 1685 | 1542 | 1618 |  |
| 9829675 | ABF asset | N/A |  | 03/2027 | 4216 | 3946 | 4034 |  |
| 9829743 | ABF asset | N/A |  | 03/2027 | 720 | 656 | 704 |  |
| 9829774 | ABF asset | N/A |  | 03/2027 | 6309 | 5906 | 6057 |  |
| 9829899 | ABF asset | N/A |  | 03/2027 | 2218 | 2077 | 2141 |  |
| 9829923 | ABF asset | N/A |  | 03/2027 | 1077 | 981 | 1001 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9829932 | ABF asset | N/A |  | 03/2027 | 6498 | 6083 | 6311 |  |
| 9829994 | ABF asset | N/A |  | 03/2027 | 2534 | 2372 | 2408 |  |
| 9830021 | ABF asset | N/A |  | 03/2027 | 30109 | 27793 | 28651 |  |
| 9830283 | ABF asset | N/A |  | 03/2027 | 2324 | 2145 | 2206 |  |
| 9830304 | ABF asset | N/A |  | 03/2027 | 2914 | 2655 | 2712 |  |
| 9830318 | ABF asset | N/A |  | 03/2027 | 37134 | 34549 | 35937 |  |
| 9830577 | ABF asset | N/A |  | 03/2027 | 6091 | 5623 | 5619 |  |
| 9830614 | ABF asset | N/A |  | 03/2027 | 3104 | 2875 | 2699 |  |
| 9830622 | ABF asset | N/A |  | 03/2027 | 5330 | 4989 | 5089 |  |
| 9830649 | ABF asset | N/A |  | 03/2027 | 3901 | 3652 | 3763 |  |
| 9830661 | ABF asset | N/A |  | 03/2027 | 14453 | 13389 | 13888 |  |
| 9830737 | ABF asset | N/A |  | 03/2027 | 3010 | 2755 | 2806 |  |
| 9830777 | ABF asset | N/A |  | 03/2027 | 16494 | 15441 | 15724 |  |
| 9830856 | ABF asset | N/A |  | 03/2027 | 2148 | 1989 | 1283 |  |
| 9830873 | ABF asset | N/A |  | 03/2027 | 4862 | 4504 | 4679 |  |
| 9830890 | ABF asset | N/A |  | 03/2027 | 68944 | 63865 | 64980 |  |
| 9831217 | ABF asset | N/A |  | 03/2027 | 9176 | 8590 | 8619 |  |
| 9831253 | ABF asset | N/A |  | 03/2027 | 3714 | 3384 | 3498 |  |
| 9831298 | ABF asset | N/A |  | 03/2027 | 2968 | 2716 | 2804 |  |
| 9831314 | ABF asset | N/A |  | 03/2027 | 2022 | 1893 | 1719 |  |
| 9831325 | ABF asset | N/A |  | 03/2027 | 2403 | 2199 | 2265 |  |
| 9831346 | ABF asset | N/A |  | 03/2027 | 6032 | 5647 | 5287 |  |
| 9831372 | ABF asset | N/A |  | 03/2027 | 18003 | 16669 | 17405 |  |
| 9831555 | ABF asset | N/A |  | 03/2027 | 44586 | 41738 | 42639 |  |
| 9831683 | ABF asset | N/A |  | 03/2027 | 62667 | 58664 | 58466 |  |
| 9831862 | ABF asset | N/A |  | 03/2027 | 46914 | 43918 | 44612 |  |
| 9831989 | ABF asset | N/A |  | 03/2027 | 20470 | 18831 | 18667 |  |
| 9832089 | ABF asset | N/A |  | 03/2027 | 1729 | 1590 | 1606 |  |
| 9832090 | ABF asset | N/A |  | 03/2027 | 9957 | 9192 | 9591 |  |
| 9832141 | ABF asset | N/A |  | 03/2027 | 6756 | 6285 | 6389 |  |
| 9832192 | ABF asset | N/A |  | 03/2027 | 9901 | 9212 | 9201 |  |
| 9832246 | ABF asset | N/A |  | 03/2027 | 3657 | 3403 | 3530 |  |
| 9832252 | ABF asset | N/A |  | 03/2027 | 3244 | 3037 | 3050 |  |
| 9832273 | ABF asset | N/A |  | 03/2027 | 1089 | 996 | 1062 |  |
| 9832300 | ABF asset | N/A |  | 03/2027 | 10680 | 9893 | 10235 |  |
| 9832309 | ABF asset | N/A |  | 03/2027 | 15274 | 13918 | 14658 |  |
| 9832388 | ABF asset | N/A |  | 03/2027 | 25114 | 23510 | 23887 |  |
| 9832457 | ABF asset | N/A |  | 03/2027 | 11348 | 10623 | 9830 |  |
| 9832484 | ABF asset | N/A |  | 03/2027 | 610 | 555 | 589 |  |
| 9832499 | ABF asset | N/A |  | 03/2027 | 15648 | 14648 | 14934 |  |
| 9832551 | ABF asset | N/A |  | 03/2027 | 682 | 622 | 642 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9832560 | ABF asset | N/A |  | 03/2027 | 41907 | 39230 | 40194 |  |
| 9832748 | ABF asset | N/A |  | 03/2027 | 34918 | 32687 | 33075 |  |
| 9832882 | ABF asset | N/A |  | 03/2027 | 6130 | 5659 | 5720 |  |
| 9832932 | ABF asset | N/A |  | 03/2027 | 1694 | 1586 | 1611 |  |
| 9832942 | ABF asset | N/A |  | 03/2027 | 476 | 433 | 461 |  |
| 9832956 | ABF asset | N/A |  | 03/2027 | 1600 | 1458 | 1541 |  |
| 9832989 | ABF asset | N/A |  | 03/2027 | 2324 | 2118 | 2163 |  |
| 9832996 | ABF asset | N/A |  | 03/2027 | 6556 | 6031 | 6211 |  |
| 9833048 | ABF asset | N/A |  | 03/2027 | 35795 | 32758 | 25432 |  |
| 9833189 | ABF asset | N/A |  | 03/2027 | 4124 | 3773 | 3902 |  |
| 9833212 | ABF asset | N/A |  | 03/2027 | 1178 | 1083 | 1104 |  |
| 9833215 | ABF asset | N/A |  | 03/2027 | 1364 | 1263 | 1312 |  |
| 9833238 | ABF asset | N/A |  | 03/2027 | 16229 | 15100 | 15085 |  |
| 9833294 | ABF asset | N/A |  | 03/2027 | 6613 | 6190 | 6357 |  |
| 9833313 | ABF asset | N/A |  | 03/2027 | 7079 | 6451 | 6215 |  |
| 9833393 | ABF asset | N/A |  | 03/2027 | 1619 | 1515 | 1585 |  |
| 9833460 | ABF asset | N/A |  | 03/2027 | 6276 | 5839 | 5738 |  |
| 9833493 | ABF asset | N/A |  | 03/2027 | 7660 | 7010 | 7273 |  |
| 9833586 | ABF asset | N/A |  | 03/2027 | 925 | 843 | 888 |  |
| 9833624 | ABF asset | N/A |  | 03/2027 | 4374 | 4052 | 4080 |  |
| 9833721 | ABF asset | N/A |  | 03/2027 | 3371 | 3112 | 3225 |  |
| 9833760 | ABF asset | N/A |  | 03/2027 | 7967 | 7458 | 7641 |  |
| 9833832 | ABF asset | N/A |  | 03/2027 | 3828 | 3533 | 3580 |  |
| 9833859 | ABF asset | N/A |  | 03/2027 | 845 | 783 | 807 |  |
| 9833885 | ABF asset | N/A |  | 03/2027 | 15375 | 14236 | 13386 |  |
| 9834071 | ABF asset | N/A |  | 03/2027 | 11295 | 10293 | 10858 |  |
| 9834376 | ABF asset | N/A |  | 03/2027 | 1705 | 1568 | 1631 |  |
| 9834404 | ABF asset | N/A |  | 03/2027 | 13775 | 12894 | 13097 |  |
| 9834703 | ABF asset | N/A |  | 03/2027 | 16126 | 15003 | 15401 |  |
| 9834949 | ABF asset | N/A |  | 03/2027 | 1055 | 976 | 1020 |  |
| 9834953 | ABF asset | N/A |  | 03/2027 | 2556 | 2378 | 2450 |  |
| 9834962 | ABF asset | N/A |  | 03/2027 | 27218 | 24802 | 26189 |  |
| 9835224 | ABF asset | N/A |  | 03/2027 | 4723 | 4421 | 4517 |  |
| 9835259 | ABF asset | N/A |  | 03/2027 | 72968 | 66491 | 62014 |  |
| 9835777 | ABF asset | N/A |  | 03/2027 | 7500 | 6978 | 5588 |  |
| 9835822 | ABF asset | N/A |  | 03/2027 | 8471 | 7792 | 8004 |  |
| 9835931 | ABF asset | N/A |  | 03/2027 | 2336 | 2187 | 2247 |  |
| 9835961 | ABF asset | N/A |  | 03/2027 | 975 | 889 | 923 |  |
| 9835975 | ABF asset | N/A |  | 03/2027 | 2881 | 2626 | 2599 |  |
| 9836001 | ABF asset | N/A |  | 03/2027 | 2779 | 2602 | 2641 |  |
| 9836018 | ABF asset | N/A |  | 03/2027 | 20501 | 18991 | 19777 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9836309 | ABF asset | N/A |  | 03/2027 | 1308 | 1211 | 1223 |  |
| 9836328 | ABF asset | N/A |  | 03/2027 | 6704 | 6276 | 6382 |  |
| 9836394 | ABF asset | N/A |  | 03/2027 | 6425 | 6014 | 6249 |  |
| 9836468 | ABF asset | N/A |  | 03/2027 | 4682 | 4322 | 4513 |  |
| 9836524 | ABF asset | N/A |  | 03/2027 | 1034 | 967 | 984 |  |
| 9836534 | ABF asset | N/A |  | 03/2027 | 10145 | 9497 | 9642 |  |
| 9836586 | ABF asset | N/A |  | 03/2027 | 28741 | 26740 | 26103 |  |
| 9836657 | ABF asset | N/A |  | 03/2027 | 6566 | 6109 | 5989 |  |
| 9836707 | ABF asset | N/A |  | 03/2027 | 43729 | 40935 | 41654 |  |
| 9836863 | ABF asset | N/A |  | 03/2027 | 31685 | 29147 | 30264 |  |
| 9837062 | ABF asset | N/A |  | 03/2027 | 4600 | 4210 | 4418 |  |
| 9837082 | ABF asset | N/A |  | 03/2027 | 944 | 878 | 921 |  |
| 9837097 | ABF asset | N/A |  | 03/2027 | 9516 | 8908 | 9250 |  |
| 9837116 | ABF asset | N/A |  | 03/2027 | 1935 | 1800 | 1603 |  |
| 9837117 | ABF asset | N/A |  | 03/2027 | 22719 | 20972 | 21919 |  |
| 9837234 | ABF asset | N/A |  | 03/2027 | 2259 | 2085 | 2198 |  |
| 9837255 | ABF asset | N/A |  | 03/2027 | 577 | 534 | 539 |  |
| 9837259 | ABF asset | N/A |  | 03/2027 | 4824 | 4516 | 3688 |  |
| 9837285 | ABF asset | N/A |  | 03/2027 | 2543 | 2318 | 2460 |  |
| 9837290 | ABF asset | N/A |  | 03/2027 | 3195 | 2959 | 3018 |  |
| 9837311 | ABF asset | N/A |  | 03/2027 | 2236 | 2037 | 2075 |  |
| 9837317 | ABF asset | N/A |  | 03/2027 | 8284 | 7754 | 7956 |  |
| 9837367 | ABF asset | N/A |  | 03/2027 | 6394 | 5851 | 6045 |  |
| 9837426 | ABF asset | N/A |  | 03/2027 | 3312 | 3018 | 3062 |  |
| 9837463 | ABF asset | N/A |  | 03/2027 | 6198 | 5660 | 5646 |  |
| 9837510 | ABF asset | N/A |  | 03/2027 | 71028 | 66083 | 66659 |  |
| 9837820 | ABF asset | N/A |  | 03/2027 | 2103 | 1948 | 2045 |  |
| 9837829 | ABF asset | N/A |  | 03/2027 | 2705 | 2505 | 2454 |  |
| 9837848 | ABF asset | N/A |  | 03/2027 | 1448 | 1347 | 1396 |  |
| 9837860 | ABF asset | N/A |  | 03/2027 | 7935 | 7428 | 7668 |  |
| 9837885 | ABF asset | N/A |  | 03/2027 | 2456 | 2259 | 1281 |  |
| 9837891 | ABF asset | N/A |  | 03/2027 | 2914 | 2727 | 2713 |  |
| 9837904 | ABF asset | N/A |  | 03/2027 | 919 | 851 | 867 |  |
| 9837934 | ABF asset | N/A |  | 03/2027 | 1924 | 1801 | 1850 |  |
| 9837960 | ABF asset | N/A |  | 03/2027 | 14983 | 14025 | 14108 |  |
| 9837988 | ABF asset | N/A |  | 03/2027 | 60047 | 56211 | 56907 |  |
| 9838256 | ABF asset | N/A |  | 03/2027 | 4468 | 4072 | 3706 |  |
| 9838280 | ABF asset | N/A |  | 03/2027 | 4137 | 3873 | 3946 |  |
| 9838303 | ABF asset | N/A |  | 03/2027 | 9127 | 8544 | 8793 |  |
| 9838361 | ABF asset | N/A |  | 03/2027 | 4945 | 4629 | 4612 |  |
| 9838378 | ABF asset | N/A |  | 03/2027 | 32806 | 30710 | 31332 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9838559 | ABF asset | N/A |  | 03/2027 | 2066 | 1907 | 1419 |  |
| 9838561 | ABF asset | N/A |  | 03/2027 | 56253 | 52659 | 53633 |  |
| 9838798 | ABF asset | N/A |  | 03/2027 | 44154 | 40901 | 42104 |  |
| 9842412 | ABF asset | N/A |  | 03/2027 | 13933 | 13043 | 13367 |  |
| 9842516 | ABF asset | N/A |  | 03/2027 | 16024 | 14741 | 15402 |  |
| 9842676 | ABF asset | N/A |  | 03/2027 | 833 | 759 | 560 |  |
| 9842680 | ABF asset | N/A |  | 03/2027 | 9825 | 9038 | 9221 |  |
| 9842809 | ABF asset | N/A |  | 03/2027 | 2815 | 2635 | 2648 |  |
| 9842856 | ABF asset | N/A |  | 03/2027 | 5043 | 4721 | 4870 |  |
| 9842940 | ABF asset | N/A |  | 03/2027 | 4759 | 4336 | 4344 |  |
| 9842989 | ABF asset | N/A |  | 03/2027 | 1845 | 1703 | 1767 |  |
| 9843012 | ABF asset | N/A |  | 03/2027 | 2228 | 2034 | 1961 |  |
| 9843035 | ABF asset | N/A |  | 03/2027 | 2217 | 2029 | 2094 |  |
| 9843066 | ABF asset | N/A |  | 03/2027 | 824 | 762 | 792 |  |
| 9843101 | ABF asset | N/A |  | 03/2027 | 4523 | 4235 | 4289 |  |
| 9843142 | ABF asset | N/A |  | 03/2027 | 3029 | 2796 | 2950 |  |
| 9843167 | ABF asset | N/A |  | 03/2027 | 14526 | 13598 | 13868 |  |
| 9843353 | ABF asset | N/A |  | 03/2027 | 9532 | 8923 | 9021 |  |
| 9843673 | ABF asset | N/A |  | 03/2027 | 2907 | 2649 | 784 |  |
| 9843718 | ABF asset | N/A |  | 03/2027 | 6040 | 5619 | 5750 |  |
| 9843837 | ABF asset | N/A |  | 03/2027 | 4690 | 4315 | 4115 |  |
| 9843895 | ABF asset | N/A |  | 03/2027 | 3919 | 3571 | 3734 |  |
| 9843927 | ABF asset | N/A |  | 03/2027 | 13953 | 13062 | 13356 |  |
| 9844037 | ABF asset | N/A |  | 03/2027 | 2888 | 2704 | 2778 |  |
| 9844053 | ABF asset | N/A |  | 03/2027 | 6483 | 6069 | 6205 |  |
| 9844095 | ABF asset | N/A |  | 03/2027 | 10382 | 9617 | 9794 |  |
| 9844216 | ABF asset | N/A |  | 03/2027 | 1954 | 1781 | 1731 |  |
| 9844248 | ABF asset | N/A |  | 03/2027 | 7034 | 6545 | 6533 |  |
| 9844322 | ABF asset | N/A |  | 03/2027 | 3670 | 3436 | 3404 |  |
| 9844336 | ABF asset | N/A |  | 03/2027 | 7722 | 7228 | 7195 |  |
| 9844382 | ABF asset | N/A |  | 03/2027 | 6500 | 6084 | 6298 |  |
| 9844444 | ABF asset | N/A |  | 03/2027 | 16053 | 14935 | 15386 |  |
| 9844571 | ABF asset | N/A |  | 03/2027 | 6215 | 5663 | 4423 |  |
| 9844644 | ABF asset | N/A |  | 03/2027 | 1554 | 1419 | 1442 |  |
| 9844649 | ABF asset | N/A |  | 03/2027 | 909 | 830 | 857 |  |
| 9844654 | ABF asset | N/A |  | 03/2027 | 23584 | 22077 | 22461 |  |
| 9844915 | ABF asset | N/A |  | 03/2027 | 4268 | 3906 | 4055 |  |
| 9844961 | ABF asset | N/A |  | 03/2027 | 2029 | 1849 | 1916 |  |
| 9845007 | ABF asset | N/A |  | 03/2027 | 1189 | 1083 | 1140 |  |
| 9845023 | ABF asset | N/A |  | 03/2027 | 5172 | 4733 | 5053 |  |
| 9845164 | ABF asset | N/A |  | 03/2027 | 5570 | 5097 | 5190 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9845245 | ABF asset | N/A |  | 03/2027 | 6438 | 6027 | 5739 |  |
| 9845286 | ABF asset | N/A |  | 03/2027 | 3049 | 2785 | 2890 |  |
| 9845314 | ABF asset | N/A |  | 03/2027 | 61853 | 56363 | 36813 |  |
| 9845476 | ABF asset | N/A |  | 03/2027 | 44387 | 40622 | 42679 |  |
| 9845655 | ABF asset | N/A |  | 03/2027 | 2955 | 2766 | 2840 |  |
| 9845666 | ABF asset | N/A |  | 03/2027 | 8455 | 7866 | 6991 |  |
| 9845704 | ABF asset | N/A |  | 03/2027 | 16636 | 15573 | 15498 |  |
| 9845811 | ABF asset | N/A |  | 03/2027 | 3272 | 3031 | 3124 |  |
| 9845844 | ABF asset | N/A |  | 03/2027 | 844 | 771 | 784 |  |
| 9845860 | ABF asset | N/A |  | 03/2027 | 2998 | 2790 | 2431 |  |
| 9845906 | ABF asset | N/A |  | 03/2027 | 5146 | 4710 | 4723 |  |
| 9845949 | ABF asset | N/A |  | 03/2027 | 14161 | 13175 | 13499 |  |
| 9846002 | ABF asset | N/A |  | 03/2027 | 3234 | 3027 | 3109 |  |
| 9846469 | ABF asset | N/A |  | 03/2027 | 61779 | 57833 | 58793 |  |
| 9846717 | ABF asset | N/A |  | 03/2027 | 53036 | 49344 | 50612 |  |
| 9846916 | ABF asset | N/A |  | 03/2027 | 5218 | 4775 | 4970 |  |
| 9846955 | ABF asset | N/A |  | 03/2027 | 9060 | 8481 | 7980 |  |
| 9846989 | ABF asset | N/A |  | 03/2027 | 14403 | 13249 | 12703 |  |
| 9847075 | ABF asset | N/A |  | 03/2027 | 39456 | 36549 | 36449 |  |
| 9847311 | ABF asset | N/A |  | 03/2027 | 18266 | 16803 | 17123 |  |
| 9847413 | ABF asset | N/A |  | 03/2027 | 40990 | 38372 | 39632 |  |
| 9847627 | ABF asset | N/A |  | 03/2027 | 4745 | 4365 | 4491 |  |
| 9847661 | ABF asset | N/A |  | 03/2027 | 5770 | 5401 | 5501 |  |
| 9847754 | ABF asset | N/A |  | 03/2027 | 27007 | 25282 | 25445 |  |
| 9847963 | ABF asset | N/A |  | 03/2027 | 2738 | 2563 | 2604 |  |
| 9848048 | ABF asset | N/A |  | 03/2027 | 2696 | 2457 | 2557 |  |
| 9848060 | ABF asset | N/A |  | 03/2027 | 500 | 457 | 471 |  |
| 9848065 | ABF asset | N/A |  | 03/2027 | 518 | 480 | 505 |  |
| 9848074 | ABF asset | N/A |  | 03/2027 | 12645 | 11713 | 12081 |  |
| 9848187 | ABF asset | N/A |  | 03/2027 | 13753 | 12874 | 13127 |  |
| 9848284 | ABF asset | N/A |  | 03/2027 | 7419 | 6945 | 7093 |  |
| 9848353 | ABF asset | N/A |  | 03/2027 | 19196 | 17720 | 18259 |  |
| 9848522 | ABF asset | N/A |  | 03/2027 | 1975 | 1837 | 1804 |  |
| 9848552 | ABF asset | N/A |  | 03/2027 | 12209 | 11310 | 11647 |  |
| 9848630 | ABF asset | N/A |  | 03/2027 | 4005 | 3749 | 3845 |  |
| 9848677 | ABF asset | N/A |  | 03/2027 | 3774 | 3512 | 3603 |  |
| 9848697 | ABF asset | N/A |  | 03/2027 | 1913 | 1772 | 1824 |  |
| 9848725 | ABF asset | N/A |  | 03/2027 | 27291 | 25281 | 25772 |  |
| 9848975 | ABF asset | N/A |  | 03/2027 | 6680 | 6113 | 6357 |  |
| 9849068 | ABF asset | N/A |  | 03/2027 | 2614 | 2422 | 2415 |  |
| 9849082 | ABF asset | N/A |  | 03/2027 | 4579 | 4172 | 4314 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9849136 | ABF asset | N/A |  | 03/2027 | 10689 | 9945 | 10249 |  |
| 9849231 | ABF asset | N/A |  | 03/2027 | 7821 | 7321 | 7516 |  |
| 9849288 | ABF asset | N/A |  | 03/2027 | 13466 | 12606 | 12840 |  |
| 9849370 | ABF asset | N/A |  | 03/2027 | 24433 | 22312 | 15243 |  |
| 9849514 | ABF asset | N/A |  | 03/2027 | 14578 | 13647 | 13877 |  |
| 9849585 | ABF asset | N/A |  | 03/2027 | 2342 | 2179 | 2171 |  |
| 9849605 | ABF asset | N/A |  | 03/2027 | 3558 | 3330 | 3390 |  |
| 9849625 | ABF asset | N/A |  | 03/2027 | 10020 | 9250 | 9444 |  |
| 9849667 | ABF asset | N/A |  | 03/2027 | 14363 | 13446 | 13655 |  |
| 9849735 | ABF asset | N/A |  | 03/2027 | 43103 | 40349 | 41208 |  |
| 9849958 | ABF asset | N/A |  | 03/2027 | 9584 | 8916 | 9182 |  |
| 9850011 | ABF asset | N/A |  | 03/2027 | 2918 | 2732 | 2794 |  |
| 9850022 | ABF asset | N/A |  | 03/2027 | 4523 | 4234 | 4245 |  |
| 9850035 | ABF asset | N/A |  | 03/2027 | 21973 | 20213 | 20640 |  |
| 9850150 | ABF asset | N/A |  | 03/2027 | 3785 | 3494 | 3547 |  |
| 9850177 | ABF asset | N/A |  | 03/2027 | 6090 | 5702 | 5685 |  |
| 9850204 | ABF asset | N/A |  | 03/2027 | 8613 | 8063 | 8209 |  |
| 9850286 | ABF asset | N/A |  | 03/2027 | 2054 | 1876 | 1801 |  |
| 9850303 | ABF asset | N/A |  | 03/2027 | 9784 | 9159 | 9425 |  |
| 9850362 | ABF asset | N/A |  | 03/2027 | 43500 | 40721 | 41781 |  |
| 9850617 | ABF asset | N/A |  | 03/2027 | 19496 | 18251 | 18449 |  |
| 9850702 | ABF asset | N/A |  | 03/2027 | 3259 | 3051 | 3068 |  |
| 9850733 | ABF asset | N/A |  | 03/2027 | 4605 | 4311 | 4402 |  |
| 9850762 | ABF asset | N/A |  | 03/2027 | 5058 | 4734 | 4937 |  |
| 9850827 | ABF asset | N/A |  | 03/2027 | 4495 | 4182 | 4288 |  |
| 9850868 | ABF asset | N/A |  | 03/2027 | 3783 | 3542 | 3632 |  |
| 9850892 | ABF asset | N/A |  | 03/2027 | 3816 | 3572 | 3585 |  |
| 9850931 | ABF asset | N/A |  | 03/2027 | 2235 | 2080 | 2093 |  |
| 9850940 | ABF asset | N/A |  | 03/2027 | 16436 | 15386 | 15447 |  |
| 9851014 | ABF asset | N/A |  | 03/2027 | 2793 | 2615 | 2645 |  |
| 9851023 | ABF asset | N/A |  | 03/2027 | 5298 | 4959 | 5070 |  |
| 9851051 | ABF asset | N/A |  | 03/2027 | 56080 | 52498 | 53128 |  |
| 9851307 | ABF asset | N/A |  | 03/2027 | 1267 | 1159 | 1226 |  |
| 9851317 | ABF asset | N/A |  | 03/2027 | 4083 | 3822 | 3884 |  |
| 9851350 | ABF asset | N/A |  | 03/2027 | 8762 | 8152 | 8399 |  |
| 9851402 | ABF asset | N/A |  | 03/2027 | 26648 | 24945 | 25256 |  |
| 9851597 | ABF asset | N/A |  | 03/2027 | 5094 | 4768 | 4792 |  |
| 9851616 | ABF asset | N/A |  | 03/2027 | 7813 | 7314 | 7461 |  |
| 9851671 | ABF asset | N/A |  | 03/2027 | 6601 | 6179 | 6284 |  |
| 9851693 | ABF asset | N/A |  | 03/2027 | 13193 | 12350 | 12684 |  |
| 9851759 | ABF asset | N/A |  | 03/2027 | 779 | 722 | 749 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9851762 | ABF asset | N/A |  | 03/2027 | 4630 | 4308 | 3865 |  |
| 9851781 | ABF asset | N/A |  | 03/2027 | 5999 | 5616 | 5731 |  |
| 9851805 | ABF asset | N/A |  | 03/2027 | 1185 | 1098 | 715 |  |
| 9851807 | ABF asset | N/A |  | 03/2027 | 49807 | 46340 | 46350 |  |
| 9852294 | ABF asset | N/A |  | 03/2027 | 3867 | 3524 | 3641 |  |
| 9852298 | ABF asset | N/A |  | 03/2027 | 3201 | 2978 | 3049 |  |
| 9852376 | ABF asset | N/A |  | 03/2027 | 5419 | 5073 | 4773 |  |
| 9852492 | ABF asset | N/A |  | 03/2027 | 1875 | 1745 | 1762 |  |
| 9852532 | ABF asset | N/A |  | 03/2027 | 18033 | 16646 | 16219 |  |
| 9852683 | ABF asset | N/A |  | 03/2027 | 32223 | 29745 | 25620 |  |
| 9852961 | ABF asset | N/A |  | 03/2027 | 8842 | 8277 | 8457 |  |
| 9853028 | ABF asset | N/A |  | 03/2027 | 1155 | 1057 | 1079 |  |
| 9853037 | ABF asset | N/A |  | 03/2027 | 19358 | 18121 | 18243 |  |
| 9853200 | ABF asset | N/A |  | 03/2027 | 2383 | 2171 | 2028 |  |
| 9853211 | ABF asset | N/A |  | 03/2027 | 16093 | 15064 | 15360 |  |
| 9853268 | ABF asset | N/A |  | 03/2027 | 48862 | 45263 | 47233 |  |
| 9853686 | ABF asset | N/A |  | 03/2027 | 3185 | 2963 | 3063 |  |
| 9853709 | ABF asset | N/A |  | 03/2027 | 31764 | 29734 | 29941 |  |
| 9853844 | ABF asset | N/A |  | 03/2027 | 21041 | 19491 | 20104 |  |
| 9854012 | ABF asset | N/A |  | 03/2027 | 10988 | 10223 | 10494 |  |
| 9854084 | ABF asset | N/A |  | 03/2027 | 9242 | 8651 | 8882 |  |
| 9854151 | ABF asset | N/A |  | 03/2027 | 25956 | 24298 | 24937 |  |
| 9854412 | ABF asset | N/A |  | 03/2027 | 2123 | 1945 | 2028 |  |
| 9854418 | ABF asset | N/A |  | 03/2027 | 13977 | 13084 | 13327 |  |
| 9854521 | ABF asset | N/A |  | 03/2027 | 2983 | 2754 | 2906 |  |
| 9854545 | ABF asset | N/A |  | 03/2027 | 5749 | 5349 | 5231 |  |
| 9854564 | ABF asset | N/A |  | 03/2027 | 826 | 754 | 778 |  |
| 9854584 | ABF asset | N/A |  | 03/2027 | 2108 | 1973 | 1986 |  |
| 9854616 | ABF asset | N/A |  | 03/2027 | 2877 | 2665 | 2757 |  |
| 9854647 | ABF asset | N/A |  | 03/2027 | 76360 | 71482 | 68120 |  |
| 9855105 | ABF asset | N/A |  | 03/2027 | 1724 | 1591 | 1593 |  |
| 9855131 | ABF asset | N/A |  | 03/2027 | 2426 | 2271 | 2325 |  |
| 9855137 | ABF asset | N/A |  | 03/2027 | 6964 | 6519 | 6621 |  |
| 9855200 | ABF asset | N/A |  | 03/2027 | 6335 | 5848 | 5925 |  |
| 9855222 | ABF asset | N/A |  | 03/2027 | 17709 | 16578 | 16609 |  |
| 9855247 | ABF asset | N/A |  | 03/2027 | 2517 | 2342 | 2455 |  |
| 9855255 | ABF asset | N/A |  | 03/2027 | 5387 | 5043 | 5123 |  |
| 9855264 | ABF asset | N/A |  | 03/2027 | 1120 | 1030 | 1042 |  |
| 9855265 | ABF asset | N/A |  | 03/2027 | 3540 | 3268 | 3415 |  |
| 9855272 | ABF asset | N/A |  | 03/2027 | 2140 | 1958 | 2035 |  |
| 9855278 | ABF asset | N/A |  | 03/2027 | 24146 | 22465 | 21904 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9855313 | ABF asset | N/A |  | 03/2027 | 2859 | 2605 | 2710 |  |
| 9855329 | ABF asset | N/A |  | 03/2027 | 4498 | 4211 | 4378 |  |
| 9855345 | ABF asset | N/A |  | 03/2027 | 10183 | 9319 | 9628 |  |
| 9855372 | ABF asset | N/A |  | 03/2027 | 2038 | 1865 | 1761 |  |
| 9855377 | ABF asset | N/A |  | 03/2027 | 5304 | 4935 | 4928 |  |
| 9855390 | ABF asset | N/A |  | 03/2027 | 7924 | 7315 | 7717 |  |
| 9855433 | ABF asset | N/A |  | 03/2027 | 7567 | 7084 | 7208 |  |
| 9855441 | ABF asset | N/A |  | 03/2027 | 15023 | 13978 | 14210 |  |
| 9855459 | ABF asset | N/A |  | 03/2027 | 28043 | 26252 | 26188 |  |
| 9855490 | ABF asset | N/A |  | 03/2027 | 50701 | 46966 | 47810 |  |
| 9855597 | ABF asset | N/A |  | 03/2027 | 2989 | 2759 | 2879 |  |
| 9855608 | ABF asset | N/A |  | 03/2027 | 7698 | 7015 | 7442 |  |
| 9855647 | ABF asset | N/A |  | 03/2027 | 1201 | 1099 | 1136 |  |
| 9855650 | ABF asset | N/A |  | 03/2027 | 3236 | 3029 | 3064 |  |
| 9855657 | ABF asset | N/A |  | 03/2027 | 14481 | 13556 | 13775 |  |
| 9855692 | ABF asset | N/A |  | 03/2027 | 593 | 540 | 573 |  |
| 9855693 | ABF asset | N/A |  | 03/2027 | 14649 | 13713 | 14307 |  |
| 9855742 | ABF asset | N/A |  | 03/2027 | 32998 | 30890 | 29215 |  |
| 9855813 | ABF asset | N/A |  | 03/2027 | 5671 | 5253 | 5360 |  |
| 9855832 | ABF asset | N/A |  | 03/2027 | 8044 | 7530 | 7665 |  |
| 9855857 | ABF asset | N/A |  | 03/2027 | 4164 | 3874 | 4019 |  |
| 9855870 | ABF asset | N/A |  | 03/2027 | 11984 | 10968 | 11628 |  |
| 9855923 | ABF asset | N/A |  | 03/2027 | 5018 | 4697 | 4684 |  |
| 9855937 | ABF asset | N/A |  | 03/2027 | 1847 | 1730 | 1756 |  |
| 9855940 | ABF asset | N/A |  | 03/2027 | 4010 | 3753 | 3714 |  |
| 9855982 | ABF asset | N/A |  | 03/2027 | 5830 | 5458 | 5542 |  |
| 9856000 | ABF asset | N/A |  | 03/2027 | 1600 | 1458 | 1483 |  |
| 9856007 | ABF asset | N/A |  | 03/2027 | 11121 | 10410 | 10574 |  |
| 9856051 | ABF asset | N/A |  | 03/2027 | 12966 | 12137 | 12533 |  |
| 9856091 | ABF asset | N/A |  | 03/2027 | 7077 | 6556 | 6673 |  |
| 9856104 | ABF asset | N/A |  | 03/2027 | 4275 | 4002 | 4109 |  |
| 9856129 | ABF asset | N/A |  | 03/2027 | 9324 | 8675 | 8879 |  |
| 9856163 | ABF asset | N/A |  | 03/2027 | 1200 | 1108 | 1133 |  |
| 9856166 | ABF asset | N/A |  | 03/2027 | 2439 | 2283 | 2341 |  |
| 9856173 | ABF asset | N/A |  | 03/2027 | 6719 | 6290 | 6490 |  |
| 9856194 | ABF asset | N/A |  | 03/2027 | 1588 | 1454 | 1466 |  |
| 9856200 | ABF asset | N/A |  | 03/2027 | 26866 | 24887 | 21794 |  |
| 9856264 | ABF asset | N/A |  | 03/2027 | 8911 | 8291 | 8511 |  |
| 9856300 | ABF asset | N/A |  | 03/2027 | 6557 | 6139 | 6271 |  |
| 9856326 | ABF asset | N/A |  | 03/2027 | 11225 | 10281 | 10169 |  |
| 9856357 | ABF asset | N/A |  | 03/2027 | 3664 | 3394 | 3517 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9856371 | ABF asset | N/A |  | 03/2027 | 22943 | 21178 | 21948 |  |
| 9856443 | ABF asset | N/A |  | 03/2027 | 3239 | 3014 | 3085 |  |
| 9856464 | ABF asset | N/A |  | 03/2027 | 40490 | 36896 | 27186 |  |
| 9856602 | ABF asset | N/A |  | 03/2027 | 30139 | 28041 | 27974 |  |
| 9856683 | ABF asset | N/A |  | 03/2027 | 15834 | 14823 | 14954 |  |
| 9856735 | ABF asset | N/A |  | 03/2027 | 1729 | 1618 | 1684 |  |
| 9856749 | ABF asset | N/A |  | 03/2027 | 7421 | 6947 | 7035 |  |
| 9856772 | ABF asset | N/A |  | 03/2027 | 14674 | 13652 | 13898 |  |
| 9856811 | ABF asset | N/A |  | 03/2027 | 6039 | 5653 | 5777 |  |
| 9856831 | ABF asset | N/A |  | 03/2027 | 11905 | 11144 | 11318 |  |
| 9856874 | ABF asset | N/A |  | 03/2027 | 5258 | 4891 | 5145 |  |
| 9856903 | ABF asset | N/A |  | 03/2027 | 1551 | 1451 | 1475 |  |
| 9856911 | ABF asset | N/A |  | 03/2027 | 2919 | 2716 | 2803 |  |
| 9856924 | ABF asset | N/A |  | 03/2027 | 16477 | 15263 | 14873 |  |
| 9856959 | ABF asset | N/A |  | 03/2027 | 26238 | 24561 | 24800 |  |
| 9857028 | ABF asset | N/A |  | 03/2027 | 1441 | 1335 | 1388 |  |
| 9857031 | ABF asset | N/A |  | 03/2027 | 2826 | 2618 | 2668 |  |
| 9857039 | ABF asset | N/A |  | 03/2027 | 3775 | 3534 | 3587 |  |
| 9857051 | ABF asset | N/A |  | 03/2027 | 10599 | 9658 | 9866 |  |
| 9857106 | ABF asset | N/A |  | 03/2027 | 10521 | 9849 | 10086 |  |
| 9857138 | ABF asset | N/A |  | 03/2027 | 2575 | 2346 | 2471 |  |
| 9857149 | ABF asset | N/A |  | 03/2027 | 2258 | 2114 | 2185 |  |
| 9857155 | ABF asset | N/A |  | 03/2027 | 6529 | 6074 | 6178 |  |
| 9857166 | ABF asset | N/A |  | 03/2027 | 4161 | 3854 | 3362 |  |
| 9857179 | ABF asset | N/A |  | 03/2027 | 997 | 923 | 940 |  |
| 9857183 | ABF asset | N/A |  | 03/2027 | 3628 | 3376 | 3458 |  |
| 9857197 | ABF asset | N/A |  | 03/2027 | 4569 | 4277 | 4322 |  |
| 9857212 | ABF asset | N/A |  | 03/2027 | 13206 | 12085 | 11461 |  |
| 9857246 | ABF asset | N/A |  | 03/2027 | 3762 | 3522 | 3598 |  |
| 9857254 | ABF asset | N/A |  | 03/2027 | 3261 | 3053 | 3115 |  |
| 9857265 | ABF asset | N/A |  | 03/2027 | 2977 | 2713 | 2907 |  |
| 9857283 | ABF asset | N/A |  | 03/2027 | 3774 | 3511 | 3543 |  |
| 9857288 | ABF asset | N/A |  | 03/2027 | 5324 | 4851 | 1777 |  |
| 9857295 | ABF asset | N/A |  | 03/2027 | 4048 | 3749 | 3823 |  |
| 9857300 | ABF asset | N/A |  | 03/2027 | 24955 | 23361 | 23581 |  |
| 9857374 | ABF asset | N/A |  | 03/2027 | 3549 | 3234 | 2403 |  |
| 9857386 | ABF asset | N/A |  | 03/2027 | 6732 | 6302 | 6242 |  |
| 9857401 | ABF asset | N/A |  | 03/2027 | 1181 | 1094 | 1115 |  |
| 9857404 | ABF asset | N/A |  | 03/2027 | 6469 | 6055 | 6206 |  |
| 9857422 | ABF asset | N/A |  | 03/2027 | 6382 | 5974 | 6132 |  |
| 9857434 | ABF asset | N/A |  | 03/2027 | 2522 | 2320 | 2336 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9857440 | ABF asset | N/A |  | 03/2027 | 6924 | 6482 | 6743 |  |
| 9857464 | ABF asset | N/A |  | 03/2027 | 7602 | 7116 | 7291 |  |
| 9857493 | ABF asset | N/A |  | 03/2027 | 16657 | 15593 | 15882 |  |
| 9857559 | ABF asset | N/A |  | 03/2027 | 2840 | 2659 | 2744 |  |
| 9857566 | ABF asset | N/A |  | 03/2027 | 1035 | 943 | 1002 |  |
| 9857575 | ABF asset | N/A |  | 03/2027 | 17547 | 16058 | 16699 |  |
| 9857651 | ABF asset | N/A |  | 03/2027 | 6170 | 5696 | 5960 |  |
| 9857678 | ABF asset | N/A |  | 03/2027 | 2874 | 2630 | 2759 |  |
| 9857696 | ABF asset | N/A |  | 03/2027 | 2006 | 1878 | 1666 |  |
| 9858681 | ABF asset | N/A |  | 03/2027 | 1530 | 1394 | 1453 |  |
| 9858687 | ABF asset | N/A |  | 03/2027 | 1160 | 1057 | 1094 |  |
| 9858699 | ABF asset | N/A |  | 03/2027 | 1332 | 1214 | 1142 |  |
| 9858706 | ABF asset | N/A |  | 03/2027 | 3729 | 3491 | 3258 |  |
| 9858718 | ABF asset | N/A |  | 03/2027 | 2651 | 2481 | 2591 |  |
| 9858726 | ABF asset | N/A |  | 03/2027 | 718 | 654 | 689 |  |
| 9858732 | ABF asset | N/A |  | 03/2027 | 1819 | 1657 | 1715 |  |
| 9858740 | ABF asset | N/A |  | 03/2027 | 2296 | 2127 | 1302 |  |
| 9858746 | ABF asset | N/A |  | 03/2027 | 3797 | 3517 | 3625 |  |
| 9858753 | ABF asset | N/A |  | 03/2027 | 471 | 441 | 453 |  |
| 9858754 | ABF asset | N/A |  | 03/2027 | 555 | 506 | 527 |  |
| 9858755 | ABF asset | N/A |  | 03/2027 | 38366 | 35915 | 32692 |  |
| 9858992 | ABF asset | N/A |  | 03/2027 | 3593 | 3343 | 3424 |  |
| 9859018 | ABF asset | N/A |  | 03/2027 | 3784 | 3456 | 3564 |  |
| 9859038 | ABF asset | N/A |  | 03/2027 | 3021 | 2788 | 2846 |  |
| 9859401 | ABF asset | N/A |  | 03/2027 | 1245 | 1134 | 1140 |  |
| 9865620 | ABF asset | N/A |  | 03/2027 | 1486 | 1377 | 1417 |  |
| 9865660 | ABF asset | N/A |  | 03/2027 | 1107 | 1008 | 1045 |  |
| 9865692 | ABF asset | N/A |  | 03/2027 | 1608 | 1489 | 1516 |  |
| 9865721 | ABF asset | N/A |  | 03/2027 | 3079 | 2882 | 2924 |  |
| 9865727 | ABF asset | N/A |  | 03/2027 | 3331 | 3118 | 3177 |  |
| 9865740 | ABF asset | N/A |  | 03/2027 | 694 | 643 | 665 |  |
| 9865745 | ABF asset | N/A |  | 03/2027 | 4274 | 3912 | 3964 |  |
| 9865799 | ABF asset | N/A |  | 03/2027 | 7464 | 6987 | 7109 |  |
| 9865880 | ABF asset | N/A |  | 03/2027 | 8432 | 7784 | 7959 |  |
| 9865927 | ABF asset | N/A |  | 03/2027 | 420 | 382 | 399 |  |
| 9865933 | ABF asset | N/A |  | 03/2027 | 10967 | 10266 | 10394 |  |
| 9866034 | ABF asset | N/A |  | 03/2027 | 3292 | 3063 | 3133 |  |
| 9866070 | ABF asset | N/A |  | 03/2027 | 11953 | 11189 | 11353 |  |
| 9866126 | ABF asset | N/A |  | 03/2027 | 5372 | 5029 | 5111 |  |
| 9866168 | ABF asset | N/A |  | 03/2027 | 10313 | 9438 | 9565 |  |
| 9866217 | ABF asset | N/A |  | 03/2027 | 1701 | 1550 | 1603 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9866232 | ABF asset | N/A |  | 03/2027 | 16577 | 15518 | 15711 |  |
| 9866310 | ABF asset | N/A |  | 03/2027 | 9937 | 9094 | 8838 |  |
| 9866369 | ABF asset | N/A |  | 03/2027 | 10414 | 9613 | 9830 |  |
| 9866431 | ABF asset | N/A |  | 03/2027 | 5440 | 4957 | 2577 |  |
| 9866458 | ABF asset | N/A |  | 03/2027 | 11204 | 10488 | 10619 |  |
| 9866521 | ABF asset | N/A |  | 03/2027 | 2923 | 2736 | 2781 |  |
| 9866571 | ABF asset | N/A |  | 03/2027 | 3891 | 3642 | 3705 |  |
| 9866614 | ABF asset | N/A |  | 03/2027 | 41122 | 37633 | 38420 |  |
| 9867127 | ABF asset | N/A |  | 03/2027 | 1357 | 1248 | 1289 |  |
| 9867134 | ABF asset | N/A |  | 03/2027 | 2962 | 2725 | 2732 |  |
| 9867166 | ABF asset | N/A |  | 03/2027 | 8133 | 7613 | 7763 |  |
| 9867225 | ABF asset | N/A |  | 03/2027 | 2711 | 2483 | 2389 |  |
| 9867239 | ABF asset | N/A |  | 03/2027 | 1136 | 1045 | 1089 |  |
| 9867244 | ABF asset | N/A |  | 03/2027 | 3499 | 3276 | 3337 |  |
| 9867263 | ABF asset | N/A |  | 03/2027 | 5209 | 4747 | 4902 |  |
| 9867297 | ABF asset | N/A |  | 03/2027 | 599 | 555 | 574 |  |
| 9867301 | ABF asset | N/A |  | 03/2027 | 1160 | 1057 | 1092 |  |
| 9867325 | ABF asset | N/A |  | 03/2027 | 6479 | 6028 | 6166 |  |
| 9867363 | ABF asset | N/A |  | 03/2027 | 7745 | 7251 | 7358 |  |
| 9867388 | ABF asset | N/A |  | 03/2027 | 37950 | 35308 | 32651 |  |
| 9867478 | ABF asset | N/A |  | 03/2027 | 15544 | 14462 | 14574 |  |
| 9867580 | ABF asset | N/A |  | 03/2027 | 7576 | 6993 | 7225 |  |
| 9867615 | ABF asset | N/A |  | 03/2027 | 3178 | 2902 | 2919 |  |
| 9867641 | ABF asset | N/A |  | 03/2027 | 3370 | 3155 | 3214 |  |
| 9867666 | ABF asset | N/A |  | 03/2027 | 16192 | 15158 | 15446 |  |
| 9867718 | ABF asset | N/A |  | 03/2027 | 7419 | 6944 | 7074 |  |
| 9867799 | ABF asset | N/A |  | 03/2027 | 7348 | 6878 | 6964 |  |
| 9867838 | ABF asset | N/A |  | 03/2027 | 1378 | 1272 | 1294 |  |
| 9867846 | ABF asset | N/A |  | 03/2027 | 27881 | 25827 | 25739 |  |
| 9867955 | ABF asset | N/A |  | 03/2027 | 10820 | 10129 | 10295 |  |
| 9867978 | ABF asset | N/A |  | 03/2027 | 63389 | 58976 | 60326 |  |
| 9868322 | ABF asset | N/A |  | 03/2027 | 3580 | 3351 | 3392 |  |
| 9868346 | ABF asset | N/A |  | 03/2027 | 21142 | 19791 | 20163 |  |
| 9868422 | ABF asset | N/A |  | 03/2027 | 2124 | 1935 | 1933 |  |
| 9868438 | ABF asset | N/A |  | 03/2027 | 6530 | 5951 | 4728 |  |
| 9868450 | ABF asset | N/A |  | 03/2027 | 2451 | 2295 | 2337 |  |
| 9868482 | ABF asset | N/A |  | 03/2027 | 37240 | 34008 | 24982 |  |
| 9868645 | ABF asset | N/A |  | 03/2027 | 35152 | 32705 | 32960 |  |
| 9868774 | ABF asset | N/A |  | 03/2027 | 41260 | 38625 | 39298 |  |
| 9868868 | ABF asset | N/A |  | 03/2027 | 15355 | 14374 | 14583 |  |
| 9868924 | ABF asset | N/A |  | 03/2027 | 3735 | 3496 | 3562 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9868944 | ABF asset | N/A |  | 03/2027 | 5302 | 4856 | 3291 |  |
| 9868980 | ABF asset | N/A |  | 03/2027 | 6860 | 6354 | 6384 |  |
| 9869014 | ABF asset | N/A |  | 03/2027 | 2165 | 2027 | 2065 |  |
| 9869022 | ABF asset | N/A |  | 03/2027 | 22762 | 21308 | 21618 |  |
| 9869080 | ABF asset | N/A |  | 03/2027 | 1582 | 1472 | 1506 |  |
| 9869097 | ABF asset | N/A |  | 03/2027 | 3594 | 3275 | 3448 |  |
| 9869120 | ABF asset | N/A |  | 03/2027 | 1882 | 1761 | 1776 |  |
| 9869126 | ABF asset | N/A |  | 03/2027 | 14488 | 13202 | 13810 |  |
| 9869187 | ABF asset | N/A |  | 03/2027 | 6426 | 6015 | 6114 |  |
| 9869205 | ABF asset | N/A |  | 03/2027 | 5039 | 4717 | 4800 |  |
| 9869220 | ABF asset | N/A |  | 03/2027 | 577 | 527 | 545 |  |
| 9869232 | ABF asset | N/A |  | 03/2027 | 1937 | 1788 | 1837 |  |
| 9869238 | ABF asset | N/A |  | 03/2027 | 3900 | 3600 | 3638 |  |
| 9869253 | ABF asset | N/A |  | 03/2027 | 5712 | 5227 | 5380 |  |
| 9869289 | ABF asset | N/A |  | 03/2027 | 1297 | 1184 | 1191 |  |
| 9869297 | ABF asset | N/A |  | 03/2027 | 22583 | 20919 | 21206 |  |
| 9869399 | ABF asset | N/A |  | 03/2027 | 4292 | 3962 | 4051 |  |
| 9869417 | ABF asset | N/A |  | 03/2027 | 2561 | 2339 | 2469 |  |
| 9869447 | ABF asset | N/A |  | 03/2027 | 3661 | 3427 | 3476 |  |
| 9869483 | ABF asset | N/A |  | 03/2027 | 5042 | 4614 | 4763 |  |
| 9869490 | ABF asset | N/A |  | 03/2027 | 4298 | 4023 | 4093 |  |
| 9869503 | ABF asset | N/A |  | 03/2027 | 13922 | 12687 | 12900 |  |
| 9869564 | ABF asset | N/A |  | 03/2027 | 3745 | 3457 | 3535 |  |
| 9869592 | ABF asset | N/A |  | 03/2027 | 4098 | 3836 | 3908 |  |
| 9869610 | ABF asset | N/A |  | 03/2027 | 12438 | 11644 | 11865 |  |
| 9869654 | ABF asset | N/A |  | 03/2027 | 4961 | 4615 | 4722 |  |
| 9869693 | ABF asset | N/A |  | 03/2027 | 11975 | 11055 | 11421 |  |
| 9869722 | ABF asset | N/A |  | 03/2027 | 6527 | 5973 | 5805 |  |
| 9869731 | ABF asset | N/A |  | 03/2027 | 42737 | 40007 | 40766 |  |
| 9869874 | ABF asset | N/A |  | 03/2027 | 1063 | 970 | 1022 |  |
| 9869876 | ABF asset | N/A |  | 03/2027 | 4847 | 4435 | 4581 |  |
| 9869893 | ABF asset | N/A |  | 03/2027 | 3932 | 3617 | 3735 |  |
| 9869915 | ABF asset | N/A |  | 03/2027 | 3260 | 3052 | 3105 |  |
| 9869922 | ABF asset | N/A |  | 03/2027 | 9177 | 8471 | 8434 |  |
| 9869928 | ABF asset | N/A |  | 03/2027 | 25275 | 23031 | 22260 |  |
| 9869978 | ABF asset | N/A |  | 03/2027 | 9131 | 8496 | 8667 |  |
| 9869986 | ABF asset | N/A |  | 03/2027 | 49334 | 46183 | 46943 |  |
| 9870115 | ABF asset | N/A |  | 03/2027 | 3767 | 3433 | 3546 |  |
| 9870123 | ABF asset | N/A |  | 03/2027 | 807 | 750 | 766 |  |
| 9870134 | ABF asset | N/A |  | 03/2027 | 6182 | 5634 | 5628 |  |
| 9870168 | ABF asset | N/A |  | 03/2027 | 3219 | 3013 | 3062 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9870186 | ABF asset | N/A |  | 03/2027 | 2839 | 2587 | 2478 |  |
| 9870194 | ABF asset | N/A |  | 03/2027 | 5387 | 5042 | 5141 |  |
| 9870303 | ABF asset | N/A |  | 03/2027 | 4767 | 4462 | 4341 |  |
| 9871586 | ABF asset | N/A |  | 04/2027 | 3790 | 3469 | 3613 |  |
| 9871649 | ABF asset | N/A |  | 04/2027 | 11210 | 10493 | 10675 |  |
| 9871724 | ABF asset | N/A |  | 04/2027 | 9556 | 8946 | 9091 |  |
| 9871786 | ABF asset | N/A |  | 04/2027 | 5112 | 4785 | 4874 |  |
| 9871851 | ABF asset | N/A |  | 04/2027 | 4715 | 4365 | 4513 |  |
| 9871919 | ABF asset | N/A |  | 04/2027 | 1870 | 1751 | 1765 |  |
| 9871931 | ABF asset | N/A |  | 04/2027 | 7022 | 6504 | 6680 |  |
| 9871993 | ABF asset | N/A |  | 04/2027 | 5379 | 5035 | 5130 |  |
| 9872044 | ABF asset | N/A |  | 04/2027 | 44550 | 41704 | 42212 |  |
| 9872242 | ABF asset | N/A |  | 04/2027 | 5492 | 5141 | 5231 |  |
| 9872341 | ABF asset | N/A |  | 04/2027 | 8414 | 7876 | 8012 |  |
| 9872474 | ABF asset | N/A |  | 04/2027 | 821 | 758 | 783 |  |
| 9872486 | ABF asset | N/A |  | 04/2027 | 4539 | 4154 | 4279 |  |
| 9872538 | ABF asset | N/A |  | 04/2027 | 2174 | 2000 | 2066 |  |
| 9872591 | ABF asset | N/A |  | 04/2027 | 16902 | 15725 | 14535 |  |
| 9872740 | ABF asset | N/A |  | 04/2027 | 626 | 580 | 395 |  |
| 9872753 | ABF asset | N/A |  | 04/2027 | 19571 | 18209 | 18505 |  |
| 9872928 | ABF asset | N/A |  | 04/2027 | 9910 | 9148 | 9352 |  |
| 9873059 | ABF asset | N/A |  | 04/2027 | 293 | 268 | 283 |  |
| 9873072 | ABF asset | N/A |  | 04/2027 | 3521 | 3208 | 3261 |  |
| 9873089 | ABF asset | N/A |  | 04/2027 | 3181 | 2978 | 3034 |  |
| 9873112 | ABF asset | N/A |  | 04/2027 | 1871 | 1705 | 1780 |  |
| 9873128 | ABF asset | N/A |  | 04/2027 | 12463 | 11504 | 11958 |  |
| 9873399 | ABF asset | N/A |  | 04/2027 | 6756 | 6324 | 6441 |  |
| 9873421 | ABF asset | N/A |  | 04/2027 | 3348 | 3115 | 3166 |  |
| 9873431 | ABF asset | N/A |  | 04/2027 | 2133 | 1944 | 2038 |  |
| 9873460 | ABF asset | N/A |  | 04/2027 | 1817 | 1656 | 866 |  |
| 9873467 | ABF asset | N/A |  | 04/2027 | 3667 | 3434 | 3489 |  |
| 9873485 | ABF asset | N/A |  | 04/2027 | 5610 | 5134 | 5284 |  |
| 9873535 | ABF asset | N/A |  | 04/2027 | 13499 | 12354 | 12828 |  |
| 9873634 | ABF asset | N/A |  | 04/2027 | 15955 | 14936 | 14535 |  |
| 9873732 | ABF asset | N/A |  | 04/2027 | 15037 | 14076 | 14320 |  |
| 9873820 | ABF asset | N/A |  | 04/2027 | 900 | 824 | 855 |  |
| 9873825 | ABF asset | N/A |  | 04/2027 | 556 | 508 | 526 |  |
| 9873835 | ABF asset | N/A |  | 04/2027 | 1453 | 1330 | 1372 |  |
| 9873860 | ABF asset | N/A |  | 04/2027 | 1796 | 1681 | 1712 |  |
| 9873872 | ABF asset | N/A |  | 04/2027 | 39191 | 36688 | 36990 |  |
| 9874054 | ABF asset | N/A |  | 04/2027 | 13305 | 12379 | 12582 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9874110 | ABF asset | N/A |  | 04/2027 | 958 | 872 | 871 |  |
| 9874112 | ABF asset | N/A |  | 04/2027 | 2058 | 1883 | 1938 |  |
| 9874127 | ABF asset | N/A |  | 04/2027 | 8033 | 7520 | 7659 |  |
| 9874181 | ABF asset | N/A |  | 04/2027 | 17243 | 16141 | 16439 |  |
| 9874286 | ABF asset | N/A |  | 04/2027 | 2401 | 2199 | 2221 |  |
| 9874303 | ABF asset | N/A |  | 04/2027 | 1275 | 1181 | 1017 |  |
| 9874322 | ABF asset | N/A |  | 04/2027 | 4748 | 4445 | 4509 |  |
| 9874353 | ABF asset | N/A |  | 04/2027 | 1343 | 1257 | 1281 |  |
| 9874358 | ABF asset | N/A |  | 04/2027 | 4676 | 4279 | 4305 |  |
| 9874401 | ABF asset | N/A |  | 04/2027 | 1102 | 1020 | 678 |  |
| 9874428 | ABF asset | N/A |  | 04/2027 | 2063 | 1931 | 1947 |  |
| 9874448 | ABF asset | N/A |  | 04/2027 | 15904 | 14888 | 15102 |  |
| 9874545 | ABF asset | N/A |  | 04/2027 | 1860 | 1722 | 1716 |  |
| 9874572 | ABF asset | N/A |  | 04/2027 | 2537 | 2342 | 2434 |  |
| 9874598 | ABF asset | N/A |  | 04/2027 | 14010 | 13115 | 13358 |  |
| 9874674 | ABF asset | N/A |  | 04/2027 | 1677 | 1548 | 1605 |  |
| 9874687 | ABF asset | N/A |  | 04/2027 | 7459 | 6983 | 7112 |  |
| 9874748 | ABF asset | N/A |  | 04/2027 | 412 | 385 | 393 |  |
| 9874755 | ABF asset | N/A |  | 04/2027 | 2294 | 2099 | 2112 |  |
| 9874777 | ABF asset | N/A |  | 04/2027 | 2613 | 2381 | 2302 |  |
| 9874803 | ABF asset | N/A |  | 04/2027 | 8191 | 7535 | 7692 |  |
| 9874837 | ABF asset | N/A |  | 04/2027 | 7658 | 7169 | 7301 |  |
| 9874857 | ABF asset | N/A |  | 04/2027 | 2505 | 2345 | 2374 |  |
| 9874865 | ABF asset | N/A |  | 04/2027 | 48191 | 44102 | 45775 |  |
| 9875056 | ABF asset | N/A |  | 04/2027 | 4858 | 4520 | 4594 |  |
| 9875085 | ABF asset | N/A |  | 04/2027 | 3315 | 3070 | 3173 |  |
| 9875091 | ABF asset | N/A |  | 04/2027 | 19213 | 17798 | 18280 |  |
| 9875167 | ABF asset | N/A |  | 04/2027 | 13004 | 12173 | 12398 |  |
| 9875220 | ABF asset | N/A |  | 04/2027 | 57643 | 53961 | 54960 |  |
| 9875417 | ABF asset | N/A |  | 04/2027 | 5215 | 4752 | 5021 |  |
| 9875514 | ABF asset | N/A |  | 04/2027 | 3665 | 3393 | 3576 |  |
| 9875552 | ABF asset | N/A |  | 04/2027 | 1076 | 994 | 1021 |  |
| 9875566 | ABF asset | N/A |  | 04/2027 | 16169 | 14977 | 15384 |  |
| 9875674 | ABF asset | N/A |  | 04/2027 | 53004 | 49618 | 50331 |  |
| 9875908 | ABF asset | N/A |  | 04/2027 | 1533 | 1411 | 1231 |  |
| 9875913 | ABF asset | N/A |  | 04/2027 | 3604 | 3315 | 2892 |  |
| 9875917 | ABF asset | N/A |  | 04/2027 | 6663 | 6237 | 6345 |  |
| 9875929 | ABF asset | N/A |  | 04/2027 | 11427 | 10632 | 10585 |  |
| 9875973 | ABF asset | N/A |  | 04/2027 | 6079 | 5656 | 5770 |  |
| 9876001 | ABF asset | N/A |  | 04/2027 | 1647 | 1526 | 1566 |  |
| 9876012 | ABF asset | N/A |  | 04/2027 | 6691 | 6263 | 6372 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9876050 | ABF asset | N/A |  | 04/2027 | 6740 | 6309 | 6418 |  |
| 9876092 | ABF asset | N/A |  | 04/2027 | 7745 | 7250 | 7387 |  |
| 9876160 | ABF asset | N/A |  | 04/2027 | 54592 | 51104 | 51725 |  |
| 9876325 | ABF asset | N/A |  | 04/2027 | 20888 | 19434 | 19922 |  |
| 9876475 | ABF asset | N/A |  | 04/2027 | 2878 | 2694 | 2747 |  |
| 9876480 | ABF asset | N/A |  | 04/2027 | 3575 | 3300 | 3285 |  |
| 9876509 | ABF asset | N/A |  | 04/2027 | 2508 | 2348 | 2367 |  |
| 9876517 | ABF asset | N/A |  | 04/2027 | 5174 | 4843 | 4934 |  |
| 9876554 | ABF asset | N/A |  | 04/2027 | 22966 | 21367 | 21855 |  |
| 9876764 | ABF asset | N/A |  | 04/2027 | 11451 | 10719 | 10905 |  |
| 9876828 | ABF asset | N/A |  | 04/2027 | 7962 | 7453 | 7574 |  |
| 9880093 | ABF asset | N/A |  | 04/2027 | 28360 | 26089 | 22739 |  |
| 9880254 | ABF asset | N/A |  | 04/2027 | 14379 | 13378 | 13641 |  |
| 9880381 | ABF asset | N/A |  | 04/2027 | 6888 | 6448 | 6523 |  |
| 9880423 | ABF asset | N/A |  | 04/2027 | 5472 | 5091 | 5127 |  |
| 9880473 | ABF asset | N/A |  | 04/2027 | 1225 | 1122 | 1144 |  |
| 9880483 | ABF asset | N/A |  | 04/2027 | 3314 | 3102 | 3151 |  |
| 9880511 | ABF asset | N/A |  | 04/2027 | 5294 | 4824 | 3845 |  |
| 9880555 | ABF asset | N/A |  | 04/2027 | 2209 | 2068 | 2092 |  |
| 9880577 | ABF asset | N/A |  | 04/2027 | 2465 | 2307 | 2325 |  |
| 9880616 | ABF asset | N/A |  | 04/2027 | 3198 | 2952 | 3037 |  |
| 9880662 | ABF asset | N/A |  | 04/2027 | 17098 | 15783 | 16296 |  |
| 9880849 | ABF asset | N/A |  | 04/2027 | 2855 | 2673 | 2715 |  |
| 9880885 | ABF asset | N/A |  | 04/2027 | 1306 | 1190 | 1210 |  |
| 9880892 | ABF asset | N/A |  | 04/2027 | 19437 | 17712 | 18298 |  |
| 9881123 | ABF asset | N/A |  | 04/2027 | 7671 | 7181 | 7304 |  |
| 9881251 | ABF asset | N/A |  | 04/2027 | 2754 | 2515 | 1259 |  |
| 9881311 | ABF asset | N/A |  | 04/2027 | 11767 | 11015 | 11214 |  |
| 9881402 | ABF asset | N/A |  | 04/2027 | 2510 | 2349 | 2389 |  |
| 9881441 | ABF asset | N/A |  | 04/2027 | 5722 | 5323 | 5408 |  |
| 9881487 | ABF asset | N/A |  | 04/2027 | 816 | 756 | 796 |  |
| 9881511 | ABF asset | N/A |  | 04/2027 | 768 | 701 | 705 |  |
| 9881518 | ABF asset | N/A |  | 04/2027 | 5166 | 4836 | 4912 |  |
| 9881561 | ABF asset | N/A |  | 04/2027 | 970 | 883 | 704 |  |
| 9881573 | ABF asset | N/A |  | 04/2027 | 22700 | 21250 | 15406 |  |
| 9881716 | ABF asset | N/A |  | 04/2027 | 6225 | 5684 | 4195 |  |
| 9881744 | ABF asset | N/A |  | 04/2027 | 5650 | 5289 | 5372 |  |
| 9881802 | ABF asset | N/A |  | 04/2027 | 19724 | 18464 | 18680 |  |
| 9881889 | ABF asset | N/A |  | 04/2027 | 7326 | 6816 | 6988 |  |
| 9881926 | ABF asset | N/A |  | 04/2027 | 4401 | 4095 | 4186 |  |
| 9881961 | ABF asset | N/A |  | 04/2027 | 1136 | 1035 | 1088 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9881981 | ABF asset | N/A |  | 04/2027 | 7288 | 6641 | 6820 |  |
| 9882053 | ABF asset | N/A |  | 04/2027 | 14795 | 13657 | 14102 |  |
| 9882158 | ABF asset | N/A |  | 04/2027 | 8808 | 8245 | 8309 |  |
| 9882210 | ABF asset | N/A |  | 04/2027 | 10126 | 9347 | 9446 |  |
| 9882263 | ABF asset | N/A |  | 04/2027 | 8710 | 8068 | 8099 |  |
| 9882309 | ABF asset | N/A |  | 04/2027 | 25892 | 24238 | 24617 |  |
| 9882438 | ABF asset | N/A |  | 04/2027 | 5787 | 5417 | 5480 |  |
| 9882475 | ABF asset | N/A |  | 04/2027 | 1236 | 1126 | 1058 |  |
| 9882484 | ABF asset | N/A |  | 04/2027 | 1301 | 1185 | 1224 |  |
| 9882499 | ABF asset | N/A |  | 04/2027 | 4806 | 4472 | 4525 |  |
| 9882547 | ABF asset | N/A |  | 04/2027 | 25406 | 23783 | 24155 |  |
| 9882716 | ABF asset | N/A |  | 04/2027 | 3055 | 2860 | 2783 |  |
| 9882727 | ABF asset | N/A |  | 04/2027 | 15735 | 14575 | 14822 |  |
| 9882791 | ABF asset | N/A |  | 04/2027 | 3450 | 3229 | 3280 |  |
| 9882795 | ABF asset | N/A |  | 04/2027 | 57644 | 53962 | 54714 |  |
| 9883627 | ABF asset | N/A |  | 04/2027 | 1758 | 1645 | 1673 |  |
| 9883656 | ABF asset | N/A |  | 04/2027 | 1956 | 1782 | 1851 |  |
| 9883673 | ABF asset | N/A |  | 04/2027 | 4103 | 3775 | 3782 |  |
| 9883711 | ABF asset | N/A |  | 04/2027 | 6539 | 6121 | 6170 |  |
| 9883732 | ABF asset | N/A |  | 04/2027 | 13178 | 12060 | 12510 |  |
| 9883832 | ABF asset | N/A |  | 04/2027 | 943 | 882 | 899 |  |
| 9883836 | ABF asset | N/A |  | 04/2027 | 1130 | 1029 | 1015 |  |
| 9883851 | ABF asset | N/A |  | 04/2027 | 841 | 769 | 749 |  |
| 9883852 | ABF asset | N/A |  | 04/2027 | 66622 | 62366 | 63232 |  |
| 9884235 | ABF asset | N/A |  | 04/2027 | 34515 | 31451 | 31945 |  |
| 9884337 | ABF asset | N/A |  | 04/2027 | 56667 | 53047 | 53943 |  |
| 9884494 | ABF asset | N/A |  | 04/2027 | 14350 | 13351 | 13563 |  |
| 9884537 | ABF asset | N/A |  | 04/2027 | 6420 | 6009 | 6056 |  |
| 9884568 | ABF asset | N/A |  | 04/2027 | 3277 | 3068 | 2985 |  |
| 9884585 | ABF asset | N/A |  | 04/2027 | 45049 | 42171 | 42928 |  |
| 9884808 | ABF asset | N/A |  | 04/2027 | 917 | 837 | 864 |  |
| 9884826 | ABF asset | N/A |  | 04/2027 | 1143 | 1047 | 1076 |  |
| 9884840 | ABF asset | N/A |  | 04/2027 | 54349 | 50566 | 51811 |  |
| 9885075 | ABF asset | N/A |  | 04/2027 | 981 | 894 | 857 |  |
| 9885076 | ABF asset | N/A |  | 04/2027 | 24123 | 22582 | 21977 |  |
| 9885162 | ABF asset | N/A |  | 04/2027 | 3461 | 3240 | 3291 |  |
| 9885172 | ABF asset | N/A |  | 04/2027 | 6916 | 6407 | 5823 |  |
| 9885179 | ABF asset | N/A |  | 04/2027 | 760 | 703 | 736 |  |
| 9885185 | ABF asset | N/A |  | 04/2027 | 4981 | 4539 | 4713 |  |
| 9885214 | ABF asset | N/A |  | 04/2027 | 1194 | 1088 | 1135 |  |
| 9885233 | ABF asset | N/A |  | 04/2027 | 3737 | 3420 | 3439 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9885253 | ABF asset | N/A |  | 04/2027 | 1421 | 1295 | 1300 |  |
| 9885263 | ABF asset | N/A |  | 04/2027 | 6935 | 6452 | 6596 |  |
| 9885308 | ABF asset | N/A |  | 04/2027 | 13176 | 12334 | 12478 |  |
| 9885340 | ABF asset | N/A |  | 04/2027 | 42980 | 40235 | 40793 |  |
| 9885554 | ABF asset | N/A |  | 04/2027 | 660 | 605 | 633 |  |
| 9885564 | ABF asset | N/A |  | 04/2027 | 4270 | 3955 | 4071 |  |
| 9885580 | ABF asset | N/A |  | 04/2027 | 16627 | 15470 | 15888 |  |
| 9885655 | ABF asset | N/A |  | 04/2027 | 36256 | 33941 | 34550 |  |
| 9885762 | ABF asset | N/A |  | 04/2027 | 3350 | 3116 | 3186 |  |
| 9885770 | ABF asset | N/A |  | 04/2027 | 1987 | 1860 | 1892 |  |
| 9885773 | ABF asset | N/A |  | 04/2027 | 15215 | 13997 | 14205 |  |
| 9885830 | ABF asset | N/A |  | 04/2027 | 8743 | 8184 | 8322 |  |
| 9885871 | ABF asset | N/A |  | 04/2027 | 1209 | 1119 | 1157 |  |
| 9885884 | ABF asset | N/A |  | 04/2027 | 7800 | 7108 | 7334 |  |
| 9885922 | ABF asset | N/A |  | 04/2027 | 29277 | 27407 | 27901 |  |
| 9886060 | ABF asset | N/A |  | 04/2027 | 15670 | 14515 | 14706 |  |
| 9886136 | ABF asset | N/A |  | 04/2027 | 4847 | 4436 | 4563 |  |
| 9886149 | ABF asset | N/A |  | 04/2027 | 3394 | 3177 | 3237 |  |
| 9886156 | ABF asset | N/A |  | 04/2027 | 12633 | 11826 | 11966 |  |
| 9886264 | ABF asset | N/A |  | 04/2027 | 8516 | 7972 | 8115 |  |
| 9886299 | ABF asset | N/A |  | 04/2027 | 11057 | 10206 | 10370 |  |
| 9886425 | ABF asset | N/A |  | 04/2027 | 1991 | 1822 | 1845 |  |
| 9886597 | ABF asset | N/A |  | 04/2027 | 1916 | 1746 | 1394 |  |
| 9886662 | ABF asset | N/A |  | 04/2027 | 2425 | 2270 | 2308 |  |
| 9886694 | ABF asset | N/A |  | 04/2027 | 12315 | 11528 | 11661 |  |
| 9886790 | ABF asset | N/A |  | 04/2027 | 31774 | 29744 | 30205 |  |
| 9887045 | ABF asset | N/A |  | 04/2027 | 2741 | 2566 | 2606 |  |
| 9887052 | ABF asset | N/A |  | 04/2027 | 3849 | 3566 | 3659 |  |
| 9887116 | ABF asset | N/A |  | 04/2027 | 5518 | 5028 | 5208 |  |
| 9887202 | ABF asset | N/A |  | 04/2027 | 6449 | 5876 | 4841 |  |
| 9887246 | ABF asset | N/A |  | 04/2027 | 3668 | 3398 | 3092 |  |
| 9887283 | ABF asset | N/A |  | 04/2027 | 6892 | 6363 | 6462 |  |
| 9887396 | ABF asset | N/A |  | 04/2027 | 2715 | 2479 | 2526 |  |
| 9887418 | ABF asset | N/A |  | 04/2027 | 10761 | 9848 | 10134 |  |
| 9887605 | ABF asset | N/A |  | 04/2027 | 5319 | 4980 | 5048 |  |
| 9887681 | ABF asset | N/A |  | 04/2027 | 6229 | 5831 | 5911 |  |
| 9887782 | ABF asset | N/A |  | 04/2027 | 2086 | 1900 | 1963 |  |
| 9887797 | ABF asset | N/A |  | 04/2027 | 527 | 480 | 496 |  |
| 9887810 | ABF asset | N/A |  | 04/2027 | 12994 | 11891 | 11549 |  |
| 9887915 | ABF asset | N/A |  | 04/2027 | 13028 | 12195 | 12400 |  |
| 9887999 | ABF asset | N/A |  | 04/2027 | 848 | 794 | 808 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9888007 | ABF asset | N/A |  | 04/2027 | 6917 | 6475 | 6583 |  |
| 9888048 | ABF asset | N/A |  | 04/2027 | 3969 | 3716 | 3782 |  |
| 9888062 | ABF asset | N/A |  | 04/2027 | 295 | 269 | 282 |  |
| 9888077 | ABF asset | N/A |  | 04/2027 | 3368 | 3153 | 3196 |  |
| 9888104 | ABF asset | N/A |  | 04/2027 | 2632 | 2449 | 2496 |  |
| 9888112 | ABF asset | N/A |  | 04/2027 | 1793 | 1641 | 1701 |  |
| 9888118 | ABF asset | N/A |  | 04/2027 | 73942 | 69218 | 69748 |  |
| 9888439 | ABF asset | N/A |  | 04/2027 | 7621 | 7134 | 7232 |  |
| 9888479 | ABF asset | N/A |  | 04/2027 | 47922 | 44861 | 45674 |  |
| 9888725 | ABF asset | N/A |  | 04/2027 | 10822 | 10025 | 10158 |  |
| 9888783 | ABF asset | N/A |  | 04/2027 | 4964 | 4598 | 4674 |  |
| 9888805 | ABF asset | N/A |  | 04/2027 | 13379 | 12447 | 12384 |  |
| 9888889 | ABF asset | N/A |  | 04/2027 | 5515 | 5163 | 5243 |  |
| 9888946 | ABF asset | N/A |  | 04/2027 | 1938 | 1803 | 1838 |  |
| 9888948 | ABF asset | N/A |  | 04/2027 | 3935 | 3684 | 3746 |  |
| 9888968 | ABF asset | N/A |  | 04/2027 | 2721 | 2490 | 2521 |  |
| 9888993 | ABF asset | N/A |  | 04/2027 | 1585 | 1484 | 1504 |  |
| 9889033 | ABF asset | N/A |  | 04/2027 | 1334 | 1228 | 1266 |  |
| 9889067 | ABF asset | N/A |  | 04/2027 | 2031 | 1850 | 1909 |  |
| 9889077 | ABF asset | N/A |  | 04/2027 | 16149 | 15117 | 15324 |  |
| 9889166 | ABF asset | N/A |  | 04/2027 | 7140 | 6568 | 6775 |  |
| 9889213 | ABF asset | N/A |  | 04/2027 | 11094 | 10385 | 10582 |  |
| 9889302 | ABF asset | N/A |  | 04/2027 | 2830 | 2649 | 2696 |  |
| 9889309 | ABF asset | N/A |  | 04/2027 | 17070 | 15812 | 16311 |  |
| 9889405 | ABF asset | N/A |  | 04/2027 | 5284 | 4947 | 5040 |  |
| 9889457 | ABF asset | N/A |  | 04/2027 | 1411 | 1298 | 1339 |  |
| 9889471 | ABF asset | N/A |  | 04/2027 | 2639 | 2455 | 2493 |  |
| 9889503 | ABF asset | N/A |  | 04/2027 | 37698 | 35074 | 35621 |  |
| 9889644 | ABF asset | N/A |  | 04/2027 | 4912 | 4476 | 4495 |  |
| 9889657 | ABF asset | N/A |  | 04/2027 | 2416 | 2248 | 2274 |  |
| 9889658 | ABF asset | N/A |  | 04/2027 | 10067 | 9424 | 9583 |  |
| 9889725 | ABF asset | N/A |  | 04/2027 | 4259 | 3987 | 4059 |  |
| 9889773 | ABF asset | N/A |  | 04/2027 | 7744 | 7205 | 7345 |  |
| 9889831 | ABF asset | N/A |  | 04/2027 | 2612 | 2445 | 2464 |  |
| 9889842 | ABF asset | N/A |  | 04/2027 | 12168 | 11390 | 11596 |  |
| 9889905 | ABF asset | N/A |  | 04/2027 | 5067 | 4743 | 4822 |  |
| 9889915 | ABF asset | N/A |  | 04/2027 | 39972 | 36899 | 37293 |  |
| 9890004 | ABF asset | N/A |  | 04/2027 | 62396 | 58410 | 59470 |  |
| 9890216 | ABF asset | N/A |  | 04/2027 | 8458 | 7808 | 7072 |  |
| 9890233 | ABF asset | N/A |  | 04/2027 | 15323 | 14256 | 14353 |  |
| 9890254 | ABF asset | N/A |  | 04/2027 | 84921 | 79009 | 78597 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9890550 | ABF asset | N/A |  | 04/2027 | 4140 | 3789 | 3906 |  |
| 9890577 | ABF asset | N/A |  | 04/2027 | 3086 | 2859 | 2935 |  |
| 9890579 | ABF asset | N/A |  | 04/2027 | 47508 | 43855 | 44798 |  |
| 9890774 | ABF asset | N/A |  | 04/2027 | 2408 | 2230 | 2273 |  |
| 9890831 | ABF asset | N/A |  | 04/2027 | 1674 | 1529 | 1490 |  |
| 9890839 | ABF asset | N/A |  | 04/2027 | 1306 | 1206 | 1245 |  |
| 9890847 | ABF asset | N/A |  | 04/2027 | 6710 | 6281 | 6386 |  |
| 9890887 | ABF asset | N/A |  | 04/2027 | 16621 | 15463 | 15568 |  |
| 9890947 | ABF asset | N/A |  | 04/2027 | 12219 | 11438 | 11616 |  |
| 9891005 | ABF asset | N/A |  | 04/2027 | 9427 | 8825 | 8973 |  |
| 9891043 | ABF asset | N/A |  | 04/2027 | 3483 | 3261 | 3323 |  |
| 9891076 | ABF asset | N/A |  | 04/2027 | 6622 | 6034 | 6231 |  |
| 9891120 | ABF asset | N/A |  | 04/2027 | 1470 | 1362 | 1357 |  |
| 9891123 | ABF asset | N/A |  | 04/2027 | 2385 | 2233 | 2258 |  |
| 9891138 | ABF asset | N/A |  | 04/2027 | 13915 | 13026 | 13206 |  |
| 9891175 | ABF asset | N/A |  | 04/2027 | 10507 | 9835 | 10000 |  |
| 9891225 | ABF asset | N/A |  | 04/2027 | 3699 | 3402 | 3471 |  |
| 9891243 | ABF asset | N/A |  | 04/2027 | 2185 | 2010 | 2096 |  |
| 9891270 | ABF asset | N/A |  | 04/2027 | 1627 | 1523 | 1548 |  |
| 9891276 | ABF asset | N/A |  | 04/2027 | 2890 | 2688 | 2720 |  |
| 9891280 | ABF asset | N/A |  | 04/2027 | 2994 | 2763 | 2503 |  |
| 9891290 | ABF asset | N/A |  | 04/2027 | 22598 | 20861 | 21185 |  |
| 9891383 | ABF asset | N/A |  | 04/2027 | 3822 | 3556 | 3580 |  |
| 9891428 | ABF asset | N/A |  | 04/2027 | 1610 | 1475 | 1502 |  |
| 9891461 | ABF asset | N/A |  | 04/2027 | 39822 | 37278 | 37852 |  |
| 9891630 | ABF asset | N/A |  | 04/2027 | 4073 | 3813 | 3881 |  |
| 9891642 | ABF asset | N/A |  | 04/2027 | 8964 | 8204 | 8365 |  |
| 9891676 | ABF asset | N/A |  | 04/2027 | 26178 | 24356 | 24510 |  |
| 9891764 | ABF asset | N/A |  | 04/2027 | 7549 | 6945 | 7045 |  |
| 9891779 | ABF asset | N/A |  | 04/2027 | 5221 | 4888 | 4924 |  |
| 9891793 | ABF asset | N/A |  | 04/2027 | 3740 | 3423 | 3548 |  |
| 9891802 | ABF asset | N/A |  | 04/2027 | 6901 | 6421 | 6495 |  |
| 9891816 | ABF asset | N/A |  | 04/2027 | 9505 | 8743 | 9024 |  |
| 9891854 | ABF asset | N/A |  | 04/2027 | 8532 | 7987 | 8128 |  |
| 9891886 | ABF asset | N/A |  | 04/2027 | 2796 | 2558 | 2637 |  |
| 9891901 | ABF asset | N/A |  | 04/2027 | 1919 | 1752 | 1813 |  |
| 9891910 | ABF asset | N/A |  | 04/2027 | 8058 | 7544 | 7684 |  |
| 9891935 | ABF asset | N/A |  | 04/2027 | 438 | 405 | 419 |  |
| 9891938 | ABF asset | N/A |  | 04/2027 | 6065 | 5579 | 5753 |  |
| 9891960 | ABF asset | N/A |  | 04/2027 | 9118 | 8536 | 8678 |  |
| 9891982 | ABF asset | N/A |  | 04/2027 | 3082 | 2815 | 2621 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9891987 | ABF asset | N/A |  | 04/2027 | 5870 | 5461 | 5565 |  |
| 9891997 | ABF asset | N/A |  | 04/2027 | 10798 | 10108 | 10276 |  |
| 9892031 | ABF asset | N/A |  | 04/2027 | 1843 | 1707 | 1554 |  |
| 9892038 | ABF asset | N/A |  | 04/2027 | 4798 | 4492 | 4571 |  |
| 9892068 | ABF asset | N/A |  | 04/2027 | 9863 | 9232 | 9385 |  |
| 9892096 | ABF asset | N/A |  | 04/2027 | 1862 | 1697 | 1787 |  |
| 9892113 | ABF asset | N/A |  | 04/2027 | 2000 | 1830 | 1886 |  |
| 9892118 | ABF asset | N/A |  | 04/2027 | 5353 | 5011 | 5079 |  |
| 9892130 | ABF asset | N/A |  | 04/2027 | 1502 | 1375 | 1391 |  |
| 9892133 | ABF asset | N/A |  | 04/2027 | 1838 | 1674 | 1719 |  |
| 9892140 | ABF asset | N/A |  | 04/2027 | 3809 | 3471 | 3544 |  |
| 9892154 | ABF asset | N/A |  | 04/2027 | 1279 | 1171 | 1193 |  |
| 9892157 | ABF asset | N/A |  | 04/2027 | 3808 | 3485 | 3592 |  |
| 9892171 | ABF asset | N/A |  | 04/2027 | 13493 | 12554 | 12747 |  |
| 9892211 | ABF asset | N/A |  | 04/2027 | 373 | 340 | 351 |  |
| 9892212 | ABF asset | N/A |  | 04/2027 | 676 | 618 | 646 |  |
| 9892213 | ABF asset | N/A |  | 04/2027 | 623 | 571 | 598 |  |
| 9892222 | ABF asset | N/A |  | 04/2027 | 3084 | 2886 | 2926 |  |
| 9892229 | ABF asset | N/A |  | 04/2027 | 6896 | 6456 | 6554 |  |
| 9892259 | ABF asset | N/A |  | 04/2027 | 6657 | 6193 | 6345 |  |
| 9892276 | ABF asset | N/A |  | 04/2027 | 2189 | 1995 | 1066 |  |
| 9892284 | ABF asset | N/A |  | 04/2027 | 1964 | 1827 | 1855 |  |
| 9892290 | ABF asset | N/A |  | 04/2027 | 1009 | 920 | 950 |  |
| 9892293 | ABF asset | N/A |  | 04/2027 | 1428 | 1313 | 1316 |  |
| 9892298 | ABF asset | N/A |  | 04/2027 | 3186 | 2982 | 3028 |  |
| 9892314 | ABF asset | N/A |  | 04/2027 | 3511 | 3287 | 3338 |  |
| 9892323 | ABF asset | N/A |  | 04/2027 | 15962 | 14942 | 15207 |  |
| 9892384 | ABF asset | N/A |  | 04/2027 | 3069 | 2809 | 2889 |  |
| 9892399 | ABF asset | N/A |  | 04/2027 | 1537 | 1430 | 1457 |  |
| 9892407 | ABF asset | N/A |  | 04/2027 | 1849 | 1720 | 1753 |  |
| 9892413 | ABF asset | N/A |  | 04/2027 | 3720 | 3482 | 3545 |  |
| 9892426 | ABF asset | N/A |  | 04/2027 | 4286 | 3956 | 3999 |  |
| 9892441 | ABF asset | N/A |  | 04/2027 | 13547 | 12344 | 12439 |  |
| 9892490 | ABF asset | N/A |  | 04/2027 | 1274 | 1163 | 1216 |  |
| 9892497 | ABF asset | N/A |  | 04/2027 | 6496 | 6044 | 6137 |  |
| 9892525 | ABF asset | N/A |  | 04/2027 | 2662 | 2492 | 2535 |  |
| 9892537 | ABF asset | N/A |  | 04/2027 | 1697 | 1588 | 1545 |  |
| 9892546 | ABF asset | N/A |  | 04/2027 | 17492 | 16375 | 16665 |  |
| 9892592 | ABF asset | N/A |  | 04/2027 | 11190 | 10250 | 7018 |  |
| 9892627 | ABF asset | N/A |  | 04/2027 | 2368 | 2157 | 1690 |  |
| 9892636 | ABF asset | N/A |  | 04/2027 | 572 | 521 | 545 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9892639 | ABF asset | N/A |  | 04/2027 | 23719 | 21613 | 21304 |  |
| 9892715 | ABF asset | N/A |  | 04/2027 | 7785 | 7243 | 7400 |  |
| 9892740 | ABF asset | N/A |  | 04/2027 | 1367 | 1252 | 1275 |  |
| 9892745 | ABF asset | N/A |  | 04/2027 | 22123 | 20422 | 20992 |  |
| 9892814 | ABF asset | N/A |  | 04/2027 | 1276 | 1163 | 1124 |  |
| 9892818 | ABF asset | N/A |  | 04/2027 | 1502 | 1397 | 1413 |  |
| 9892828 | ABF asset | N/A |  | 04/2027 | 11358 | 10485 | 10772 |  |
| 9892876 | ABF asset | N/A |  | 04/2027 | 1555 | 1423 | 1464 |  |
| 9892884 | ABF asset | N/A |  | 04/2027 | 1549 | 1411 | 1091 |  |
| 9892892 | ABF asset | N/A |  | 04/2027 | 1591 | 1450 | 1504 |  |
| 9892899 | ABF asset | N/A |  | 04/2027 | 19019 | 17695 | 17964 |  |
| 9892967 | ABF asset | N/A |  | 04/2027 | 4077 | 3723 | 3629 |  |
| 9892977 | ABF asset | N/A |  | 04/2027 | 5080 | 4689 | 4789 |  |
| 9892994 | ABF asset | N/A |  | 04/2027 | 4545 | 4141 | 4252 |  |
| 9893005 | ABF asset | N/A |  | 04/2027 | 1965 | 1799 | 1872 |  |
| 9893013 | ABF asset | N/A |  | 04/2027 | 4055 | 3744 | 3782 |  |
| 9893034 | ABF asset | N/A |  | 04/2027 | 6138 | 5745 | 5841 |  |
| 9893048 | ABF asset | N/A |  | 04/2027 | 2426 | 2211 | 2280 |  |
| 9893066 | ABF asset | N/A |  | 04/2027 | 4213 | 3943 | 4004 |  |
| 9893077 | ABF asset | N/A |  | 04/2027 | 1268 | 1156 | 1088 |  |
| 9893083 | ABF asset | N/A |  | 04/2027 | 4507 | 4175 | 4227 |  |
| 9893096 | ABF asset | N/A |  | 04/2027 | 5552 | 5198 | 5277 |  |
| 9893108 | ABF asset | N/A |  | 04/2027 | 1739 | 1585 | 1655 |  |
| 9893120 | ABF asset | N/A |  | 04/2027 | 3922 | 3672 | 3713 |  |
| 9893131 | ABF asset | N/A |  | 04/2027 | 2188 | 1994 | 1990 |  |
| 9893136 | ABF asset | N/A |  | 04/2027 | 6894 | 6341 | 6469 |  |
| 9893159 | ABF asset | N/A |  | 04/2027 | 403 | 373 | 393 |  |
| 9893166 | ABF asset | N/A |  | 04/2027 | 12013 | 10947 | 9020 |  |
| 9893207 | ABF asset | N/A |  | 04/2027 | 992 | 906 | 913 |  |
| 9893217 | ABF asset | N/A |  | 04/2027 | 8201 | 7677 | 7814 |  |
| 9893253 | ABF asset | N/A |  | 04/2027 | 22633 | 20820 | 20854 |  |
| 9893400 | ABF asset | N/A |  | 04/2027 | 4626 | 4215 | 4302 |  |
| 9893414 | ABF asset | N/A |  | 04/2027 | 2383 | 2230 | 2171 |  |
| 9893418 | ABF asset | N/A |  | 04/2027 | 763 | 699 | 699 |  |
| 9893422 | ABF asset | N/A |  | 04/2027 | 1612 | 1469 | 1502 |  |
| 9893426 | ABF asset | N/A |  | 04/2027 | 8758 | 8056 | 8219 |  |
| 9893455 | ABF asset | N/A |  | 04/2027 | 23381 | 21397 | 21654 |  |
| 9893518 | ABF asset | N/A |  | 04/2027 | 5058 | 4735 | 4814 |  |
| 9893538 | ABF asset | N/A |  | 04/2027 | 2203 | 2018 | 1795 |  |
| 9893547 | ABF asset | N/A |  | 04/2027 | 2835 | 2617 | 2701 |  |
| 9893551 | ABF asset | N/A |  | 04/2027 | 2795 | 2616 | 2663 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9893565 | ABF asset | N/A |  | 04/2027 | 1600 | 1481 | 1560 |  |
| 9893571 | ABF asset | N/A |  | 04/2027 | 19022 | 17807 | 18079 |  |
| 9893614 | ABF asset | N/A |  | 04/2027 | 2320 | 2114 | 1989 |  |
| 9893622 | ABF asset | N/A |  | 04/2027 | 3524 | 3242 | 3373 |  |
| 9893642 | ABF asset | N/A |  | 04/2027 | 3502 | 3205 | 3223 |  |
| 9894587 | ABF asset | N/A |  | 04/2027 | 8399 | 7693 | 8081 |  |
| 9894614 | ABF asset | N/A |  | 04/2027 | 2611 | 2379 | 2442 |  |
| 9894621 | ABF asset | N/A |  | 04/2027 | 21665 | 20281 | 20616 |  |
| 9894750 | ABF asset | N/A |  | 04/2027 | 1702 | 1571 | 1426 |  |
| 9894761 | ABF asset | N/A |  | 04/2027 | 6844 | 6407 | 6238 |  |
| 9894841 | ABF asset | N/A |  | 04/2027 | 2240 | 2074 | 1805 |  |
| 9894869 | ABF asset | N/A |  | 04/2027 | 8091 | 7574 | 7712 |  |
| 9894927 | ABF asset | N/A |  | 04/2027 | 965 | 894 | 847 |  |
| 9894936 | ABF asset | N/A |  | 04/2027 | 9115 | 8305 | 8676 |  |
| 9895062 | ABF asset | N/A |  | 04/2027 | 7951 | 7398 | 7538 |  |
| 9895124 | ABF asset | N/A |  | 04/2027 | 3151 | 2918 | 2930 |  |
| 9895193 | ABF asset | N/A |  | 04/2027 | 23009 | 21539 | 21928 |  |
| 9895388 | ABF asset | N/A |  | 04/2027 | 1159 | 1062 | 945 |  |
| 9895398 | ABF asset | N/A |  | 04/2027 | 6760 | 6328 | 6413 |  |
| 9895451 | ABF asset | N/A |  | 04/2027 | 14046 | 13068 | 13224 |  |
| 9895665 | ABF asset | N/A |  | 04/2027 | 1612 | 1477 | 1315 |  |
| 9895676 | ABF asset | N/A |  | 04/2027 | 3961 | 3625 | 3728 |  |
| 9895739 | ABF asset | N/A |  | 04/2027 | 4002 | 3746 | 3788 |  |
| 9895761 | ABF asset | N/A |  | 04/2027 | 6559 | 6140 | 6234 |  |
| 9895841 | ABF asset | N/A |  | 04/2027 | 1217 | 1111 | 1149 |  |
| 9895848 | ABF asset | N/A |  | 04/2027 | 4877 | 4565 | 4616 |  |
| 9895885 | ABF asset | N/A |  | 04/2027 | 4639 | 4343 | 4415 |  |
| 9895914 | ABF asset | N/A |  | 04/2027 | 4422 | 4115 | 4163 |  |
| 9895944 | ABF asset | N/A |  | 04/2027 | 2376 | 2224 | 2264 |  |
| 9895965 | ABF asset | N/A |  | 04/2027 | 5736 | 5227 | 4923 |  |
| 9895995 | ABF asset | N/A |  | 04/2027 | 66239 | 60359 | 47492 |  |
| 9896265 | ABF asset | N/A |  | 04/2027 | 6959 | 6514 | 6631 |  |
| 9896315 | ABF asset | N/A |  | 04/2027 | 28288 | 26481 | 26680 |  |
| 9896442 | ABF asset | N/A |  | 04/2027 | 3061 | 2802 | 2887 |  |
| 9896458 | ABF asset | N/A |  | 04/2027 | 11400 | 10672 | 10815 |  |
| 9896499 | ABF asset | N/A |  | 04/2027 | 5710 | 5346 | 5434 |  |
| 9896537 | ABF asset | N/A |  | 04/2027 | 6610 | 6188 | 6270 |  |
| 9896587 | ABF asset | N/A |  | 04/2027 | 1529 | 1400 | 1426 |  |
| 9896595 | ABF asset | N/A |  | 04/2027 | 6904 | 6424 | 6562 |  |
| 9896642 | ABF asset | N/A |  | 04/2027 | 1545 | 1408 | 1459 |  |
| 9896653 | ABF asset | N/A |  | 04/2027 | 1929 | 1758 | 1794 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9896672 | ABF asset | N/A |  | 04/2027 | 2220 | 2078 | 2106 |  |
| 9896682 | ABF asset | N/A |  | 04/2027 | 9591 | 8978 | 9146 |  |
| 9896748 | ABF asset | N/A |  | 04/2027 | 4124 | 3758 | 3602 |  |
| 9896769 | ABF asset | N/A |  | 04/2027 | 3089 | 2892 | 2939 |  |
| 9896790 | ABF asset | N/A |  | 04/2027 | 1183 | 1082 | 1128 |  |
| 9896802 | ABF asset | N/A |  | 04/2027 | 4685 | 4386 | 4419 |  |
| 9896816 | ABF asset | N/A |  | 04/2027 | 21737 | 20066 | 20631 |  |
| 9896941 | ABF asset | N/A |  | 04/2027 | 9755 | 8927 | 9200 |  |
| 9897000 | ABF asset | N/A |  | 04/2027 | 7047 | 6557 | 6080 |  |
| 9897049 | ABF asset | N/A |  | 04/2027 | 1284 | 1175 | 1198 |  |
| 9897065 | ABF asset | N/A |  | 04/2027 | 6678 | 6085 | 5835 |  |
| 9897102 | ABF asset | N/A |  | 04/2027 | 18994 | 17780 | 18090 |  |
| 9897217 | ABF asset | N/A |  | 04/2027 | 4366 | 4087 | 4161 |  |
| 9897273 | ABF asset | N/A |  | 04/2027 | 4011 | 3716 | 2549 |  |
| 9898295 | ABF asset | N/A |  | 04/2027 | 42 | 38 | 41 |  |
| 9900099 | ABF asset | N/A |  | 04/2027 | 6712 | 6245 | 6318 |  |
| 9900143 | ABF asset | N/A |  | 04/2027 | 17676 | 16107 | 12957 |  |
| 9900248 | ABF asset | N/A |  | 04/2027 | 27650 | 25725 | 25578 |  |
| 9900464 | ABF asset | N/A |  | 04/2027 | 13533 | 12449 | 12846 |  |
| 9900551 | ABF asset | N/A |  | 04/2027 | 2920 | 2733 | 2780 |  |
| 9900558 | ABF asset | N/A |  | 04/2027 | 19124 | 17902 | 18137 |  |
| 9900640 | ABF asset | N/A |  | 04/2027 | 1376 | 1256 | 1295 |  |
| 9900648 | ABF asset | N/A |  | 04/2027 | 27834 | 25363 | 24529 |  |
| 9900897 | ABF asset | N/A |  | 04/2027 | 2307 | 2159 | 2183 |  |
| 9900916 | ABF asset | N/A |  | 04/2027 | 8701 | 8032 | 8155 |  |
| 9901000 | ABF asset | N/A |  | 04/2027 | 1067 | 985 | 1013 |  |
| 9901012 | ABF asset | N/A |  | 04/2027 | 40096 | 36884 | 37741 |  |
| 9901309 | ABF asset | N/A |  | 04/2027 | 16274 | 15234 | 15483 |  |
| 9901486 | ABF asset | N/A |  | 04/2027 | 4611 | 4270 | 3724 |  |
| 9901529 | ABF asset | N/A |  | 04/2027 | 722 | 658 | 673 |  |
| 9901531 | ABF asset | N/A |  | 04/2027 | 1437 | 1315 | 1355 |  |
| 9901547 | ABF asset | N/A |  | 04/2027 | 1408 | 1283 | 1330 |  |
| 9901578 | ABF asset | N/A |  | 04/2027 | 10498 | 9607 | 8262 |  |
| 9901653 | ABF asset | N/A |  | 04/2027 | 3685 | 3413 | 3399 |  |
| 9901678 | ABF asset | N/A |  | 04/2027 | 7443 | 6797 | 7005 |  |
| 9901716 | ABF asset | N/A |  | 04/2027 | 5298 | 4874 | 4987 |  |
| 9901749 | ABF asset | N/A |  | 04/2027 | 3103 | 2874 | 1937 |  |
| 9901761 | ABF asset | N/A |  | 04/2027 | 10761 | 9969 | 10300 |  |
| 9901866 | ABF asset | N/A |  | 04/2027 | 18672 | 17236 | 17594 |  |
| 9902060 | ABF asset | N/A |  | 04/2027 | 2603 | 2436 | 2473 |  |
| 9902080 | ABF asset | N/A |  | 04/2027 | 8552 | 7957 | 8076 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9902159 | ABF asset | N/A |  | 04/2027 | 1834 | 1678 | 1709 |  |
| 9902174 | ABF asset | N/A |  | 04/2027 | 1750 | 1594 | 1621 |  |
| 9902200 | ABF asset | N/A |  | 04/2027 | 6616 | 6156 | 6227 |  |
| 9902258 | ABF asset | N/A |  | 04/2027 | 12979 | 12150 | 12311 |  |
| 9902365 | ABF asset | N/A |  | 04/2027 | 1544 | 1426 | 1447 |  |
| 9902370 | ABF asset | N/A |  | 04/2027 | 12039 | 11270 | 11472 |  |
| 9902581 | ABF asset | N/A |  | 04/2027 | 27274 | 25531 | 25814 |  |
| 9902813 | ABF asset | N/A |  | 04/2027 | 4706 | 4307 | 4461 |  |
| 9902863 | ABF asset | N/A |  | 04/2027 | 57012 | 51952 | 53350 |  |
| 9903262 | ABF asset | N/A |  | 04/2027 | 5983 | 5601 | 5692 |  |
| 9903305 | ABF asset | N/A |  | 04/2027 | 1922 | 1755 | 923 |  |
| 9903322 | ABF asset | N/A |  | 04/2027 | 8075 | 7389 | 7696 |  |
| 9903417 | ABF asset | N/A |  | 04/2027 | 70121 | 65642 | 66636 |  |
| 9903783 | ABF asset | N/A |  | 04/2027 | 2316 | 2110 | 2140 |  |
| 9903800 | ABF asset | N/A |  | 04/2027 | 12973 | 12144 | 12278 |  |
| 9903824 | ABF asset | N/A |  | 04/2027 | 20322 | 18694 | 18957 |  |
| 9903936 | ABF asset | N/A |  | 04/2027 | 21813 | 20294 | 20177 |  |
| 9904047 | ABF asset | N/A |  | 04/2027 | 2764 | 2530 | 2601 |  |
| 9904060 | ABF asset | N/A |  | 04/2027 | 3234 | 2953 | 2218 |  |
| 9904079 | ABF asset | N/A |  | 04/2027 | 1082 | 986 | 1021 |  |
| 9904084 | ABF asset | N/A |  | 04/2027 | 4545 | 4254 | 4330 |  |
| 9904127 | ABF asset | N/A |  | 04/2027 | 9136 | 8360 | 8596 |  |
| 9904181 | ABF asset | N/A |  | 04/2027 | 58109 | 54397 | 55285 |  |
| 9904494 | ABF asset | N/A |  | 04/2027 | 7422 | 6828 | 6839 |  |
| 9904554 | ABF asset | N/A |  | 04/2027 | 1813 | 1697 | 1719 |  |
| 9904561 | ABF asset | N/A |  | 04/2027 | 1189 | 1089 | 1144 |  |
| 9904568 | ABF asset | N/A |  | 04/2027 | 16483 | 15052 | 11306 |  |
| 9904648 | ABF asset | N/A |  | 04/2027 | 4162 | 3896 | 3965 |  |
| 9904686 | ABF asset | N/A |  | 04/2027 | 7077 | 6625 | 6743 |  |
| 9904771 | ABF asset | N/A |  | 04/2027 | 2031 | 1889 | 1879 |  |
| 9904791 | ABF asset | N/A |  | 04/2027 | 37370 | 34769 | 35172 |  |
| 9904984 | ABF asset | N/A |  | 04/2027 | 3952 | 3699 | 3760 |  |
| 9905017 | ABF asset | N/A |  | 04/2027 | 8365 | 7623 | 7897 |  |
| 9905142 | ABF asset | N/A |  | 04/2027 | 5384 | 4927 | 5018 |  |
| 9905155 | ABF asset | N/A |  | 04/2027 | 7671 | 7181 | 7303 |  |
| 9905204 | ABF asset | N/A |  | 04/2027 | 65639 | 61446 | 61896 |  |
| 9905574 | ABF asset | N/A |  | 04/2027 | 15225 | 14253 | 14437 |  |
| 9905682 | ABF asset | N/A |  | 04/2027 | 842 | 788 | 801 |  |
| 9905696 | ABF asset | N/A |  | 04/2027 | 8478 | 7936 | 8065 |  |
| 9905774 | ABF asset | N/A |  | 04/2027 | 1578 | 1452 | 1486 |  |
| 9905785 | ABF asset | N/A |  | 04/2027 | 10732 | 9985 | 9262 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9905852 | ABF asset | N/A |  | 04/2027 | 2620 | 2387 | 2435 |  |
| 9905858 | ABF asset | N/A |  | 04/2027 | 19633 | 18379 | 18656 |  |
| 9906041 | ABF asset | N/A |  | 04/2027 | 3169 | 2949 | 3011 |  |
| 9906069 | ABF asset | N/A |  | 04/2027 | 6239 | 5685 | 4985 |  |
| 9906173 | ABF asset | N/A |  | 04/2027 | 19581 | 18013 | 18367 |  |
| 9906334 | ABF asset | N/A |  | 04/2027 | 464 | 423 | 444 |  |
| 9906345 | ABF asset | N/A |  | 04/2027 | 12394 | 11319 | 11530 |  |
| 9906453 | ABF asset | N/A |  | 04/2027 | 29822 | 27917 | 28406 |  |
| 9906585 | ABF asset | N/A |  | 04/2027 | 6794 | 6360 | 6477 |  |
| 9906640 | ABF asset | N/A |  | 04/2027 | 23420 | 21924 | 22314 |  |
| 9906723 | ABF asset | N/A |  | 04/2027 | 4335 | 4058 | 4125 |  |
| 9906741 | ABF asset | N/A |  | 04/2027 | 4196 | 3928 | 3995 |  |
| 9906758 | ABF asset | N/A |  | 04/2027 | 5701 | 5278 | 3581 |  |
| 9906792 | ABF asset | N/A |  | 04/2027 | 7122 | 6574 | 6781 |  |
| 9906835 | ABF asset | N/A |  | 04/2027 | 30254 | 28321 | 28784 |  |
| 9907072 | ABF asset | N/A |  | 04/2027 | 7318 | 6850 | 6925 |  |
| 9907103 | ABF asset | N/A |  | 04/2027 | 16843 | 15670 | 15578 |  |
| 9907221 | ABF asset | N/A |  | 04/2027 | 8219 | 7490 | 7760 |  |
| 9907261 | ABF asset | N/A |  | 04/2027 | 5674 | 5237 | 5403 |  |
| 9907291 | ABF asset | N/A |  | 04/2027 | 194 | 179 | 189 |  |
| 9907300 | ABF asset | N/A |  | 04/2027 | 1950 | 1786 | 1235 |  |
| 9907316 | ABF asset | N/A |  | 04/2027 | 7134 | 6679 | 6765 |  |
| 9907359 | ABF asset | N/A |  | 04/2027 | 26049 | 24385 | 24781 |  |
| 9907529 | ABF asset | N/A |  | 04/2027 | 26810 | 24944 | 23137 |  |
| 9907663 | ABF asset | N/A |  | 04/2027 | 955 | 874 | 847 |  |
| 9907667 | ABF asset | N/A |  | 04/2027 | 48741 | 45627 | 44437 |  |
| 9907869 | ABF asset | N/A |  | 04/2027 | 1538 | 1404 | 1482 |  |
| 9907875 | ABF asset | N/A |  | 04/2027 | 7465 | 6987 | 7100 |  |
| 9907908 | ABF asset | N/A |  | 04/2027 | 4405 | 4014 | 4174 |  |
| 9907925 | ABF asset | N/A |  | 04/2027 | 54970 | 51458 | 52230 |  |
| 9908215 | ABF asset | N/A |  | 04/2027 | 7385 | 6914 | 6734 |  |
| 9908261 | ABF asset | N/A |  | 04/2027 | 15291 | 13934 | 13140 |  |
| 9908352 | ABF asset | N/A |  | 04/2027 | 19564 | 17997 | 18567 |  |
| 9908484 | ABF asset | N/A |  | 04/2027 | 13101 | 11938 | 11832 |  |
| 9908534 | ABF asset | N/A |  | 04/2027 | 6367 | 5923 | 6068 |  |
| 9908574 | ABF asset | N/A |  | 04/2027 | 32717 | 30627 | 29829 |  |
| 9908631 | ABF asset | N/A |  | 04/2027 | 1674 | 1533 | 1604 |  |
| 9908641 | ABF asset | N/A |  | 04/2027 | 64234 | 59501 | 60164 |  |
| 9908755 | ABF asset | N/A |  | 04/2027 | 1589 | 1467 | 1513 |  |
| 9908757 | ABF asset | N/A |  | 04/2027 | 31208 | 29215 | 29431 |  |
| 9908868 | ABF asset | N/A |  | 04/2027 | 27588 | 25826 | 26241 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9909015 | ABF asset | N/A |  | 04/2027 | 3164 | 2921 | 2652 |  |
| 9909030 | ABF asset | N/A |  | 04/2027 | 1633 | 1519 | 1551 |  |
| 9909048 | ABF asset | N/A |  | 04/2027 | 10169 | 9286 | 9777 |  |
| 9909146 | ABF asset | N/A |  | 04/2027 | 824 | 751 | 726 |  |
| 9909160 | ABF asset | N/A |  | 04/2027 | 13207 | 12287 | 11398 |  |
| 9909225 | ABF asset | N/A |  | 04/2027 | 3860 | 3613 | 3671 |  |
| 9909254 | ABF asset | N/A |  | 04/2027 | 12207 | 11308 | 11684 |  |
| 9909470 | ABF asset | N/A |  | 04/2027 | 9424 | 8822 | 8965 |  |
| 9909518 | ABF asset | N/A |  | 04/2027 | 28779 | 26941 | 27233 |  |
| 9909635 | ABF asset | N/A |  | 04/2027 | 16833 | 15485 | 15792 |  |
| 9914211 | ABF asset | N/A |  | 04/2027 | 4293 | 3963 | 4066 |  |
| 9914259 | ABF asset | N/A |  | 04/2027 | 4091 | 3829 | 3895 |  |
| 9914300 | ABF asset | N/A |  | 04/2027 | 6862 | 6424 | 6535 |  |
| 9914378 | ABF asset | N/A |  | 04/2027 | 5477 | 5127 | 5200 |  |
| 9914398 | ABF asset | N/A |  | 04/2027 | 1232 | 1128 | 1148 |  |
| 9914399 | ABF asset | N/A |  | 04/2027 | 3592 | 3363 | 3415 |  |
| 9914435 | ABF asset | N/A |  | 04/2027 | 3900 | 3554 | 3673 |  |
| 9914477 | ABF asset | N/A |  | 04/2027 | 9093 | 8512 | 8618 |  |
| 9914553 | ABF asset | N/A |  | 04/2027 | 633 | 585 | 607 |  |
| 9914570 | ABF asset | N/A |  | 04/2027 | 13322 | 12471 | 12650 |  |
| 9914661 | ABF asset | N/A |  | 04/2027 | 2842 | 2614 | 2695 |  |
| 9914699 | ABF asset | N/A |  | 04/2027 | 1154 | 1080 | 1095 |  |
| 9914704 | ABF asset | N/A |  | 04/2027 | 2350 | 2169 | 2187 |  |
| 9914726 | ABF asset | N/A |  | 04/2027 | 12652 | 11578 | 11976 |  |
| 9914841 | ABF asset | N/A |  | 04/2027 | 4127 | 3864 | 3931 |  |
| 9914918 | ABF asset | N/A |  | 04/2027 | 1023 | 947 | 965 |  |
| 9914947 | ABF asset | N/A |  | 04/2027 | 6222 | 5825 | 5916 |  |
| 9915016 | ABF asset | N/A |  | 04/2027 | 16622 | 15291 | 15586 |  |
| 9915266 | ABF asset | N/A |  | 04/2027 | 1708 | 1557 | 1622 |  |
| 9915293 | ABF asset | N/A |  | 04/2027 | 1530 | 1432 | 1457 |  |
| 9915335 | ABF asset | N/A |  | 04/2027 | 2773 | 2568 | 2578 |  |
| 9915392 | ABF asset | N/A |  | 04/2027 | 4500 | 4118 | 4230 |  |
| 9915435 | ABF asset | N/A |  | 04/2027 | 3269 | 3060 | 3104 |  |
| 9915464 | ABF asset | N/A |  | 04/2027 | 1722 | 1601 | 1609 |  |
| 9915475 | ABF asset | N/A |  | 04/2027 | 7028 | 6437 | 6731 |  |
| 9915538 | ABF asset | N/A |  | 04/2027 | 7257 | 6699 | 6872 |  |
| 9915587 | ABF asset | N/A |  | 04/2027 | 8398 | 7862 | 7991 |  |
| 9915731 | ABF asset | N/A |  | 04/2027 | 16381 | 15335 | 15440 |  |
| 9915842 | ABF asset | N/A |  | 04/2027 | 15346 | 14366 | 14603 |  |
| 9915930 | ABF asset | N/A |  | 04/2027 | 1790 | 1647 | 1696 |  |
| 9915947 | ABF asset | N/A |  | 04/2027 | 996 | 908 | 941 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9915956 | ABF asset | N/A |  | 04/2027 | 2820 | 2623 | 2434 |  |
| 9915969 | ABF asset | N/A |  | 04/2027 | 15684 | 14682 | 14911 |  |
| 9916042 | ABF asset | N/A |  | 04/2027 | 659 | 604 | 586 |  |
| 9916055 | ABF asset | N/A |  | 04/2027 | 10911 | 10214 | 9946 |  |
| 9916129 | ABF asset | N/A |  | 04/2027 | 9758 | 9079 | 9180 |  |
| 9916177 | ABF asset | N/A |  | 04/2027 | 2762 | 2528 | 2540 |  |
| 9916193 | ABF asset | N/A |  | 04/2027 | 11558 | 10819 | 10987 |  |
| 9916242 | ABF asset | N/A |  | 04/2027 | 1936 | 1765 | 1787 |  |
| 9916265 | ABF asset | N/A |  | 04/2027 | 1252 | 1160 | 1018 |  |
| 9916271 | ABF asset | N/A |  | 04/2027 | 3206 | 2934 | 3014 |  |
| 9916300 | ABF asset | N/A |  | 04/2027 | 19979 | 18507 | 16867 |  |
| 9916422 | ABF asset | N/A |  | 04/2027 | 2279 | 2111 | 2133 |  |
| 9916438 | ABF asset | N/A |  | 04/2027 | 12391 | 11528 | 11690 |  |
| 9916545 | ABF asset | N/A |  | 04/2027 | 2052 | 1878 | 1954 |  |
| 9916571 | ABF asset | N/A |  | 04/2027 | 4545 | 4254 | 4307 |  |
| 9916596 | ABF asset | N/A |  | 04/2027 | 35664 | 33181 | 33857 |  |
| 9916869 | ABF asset | N/A |  | 04/2027 | 6070 | 5604 | 5818 |  |
| 9916951 | ABF asset | N/A |  | 04/2027 | 5875 | 5499 | 5578 |  |
| 9917014 | ABF asset | N/A |  | 04/2027 | 9578 | 8966 | 9058 |  |
| 9917065 | ABF asset | N/A |  | 04/2027 | 22739 | 21156 | 21251 |  |
| 9917179 | ABF asset | N/A |  | 04/2027 | 1964 | 1819 | 1875 |  |
| 9917183 | ABF asset | N/A |  | 04/2027 | 6229 | 5676 | 5731 |  |
| 9917216 | ABF asset | N/A |  | 04/2027 | 39281 | 35794 | 29628 |  |
| 9917445 | ABF asset | N/A |  | 04/2027 | 6889 | 6449 | 6542 |  |
| 9917495 | ABF asset | N/A |  | 04/2027 | 30150 | 28224 | 28666 |  |
| 9917631 | ABF asset | N/A |  | 04/2027 | 11738 | 10836 | 10990 |  |
| 9917680 | ABF asset | N/A |  | 04/2027 | 2177 | 2038 | 2059 |  |
| 9917699 | ABF asset | N/A |  | 04/2027 | 6567 | 6062 | 6038 |  |
| 9917723 | ABF asset | N/A |  | 04/2027 | 36004 | 33351 | 34147 |  |
| 9917833 | ABF asset | N/A |  | 04/2027 | 36609 | 33532 | 35071 |  |
| 9917982 | ABF asset | N/A |  | 04/2027 | 26567 | 24870 | 25040 |  |
| 9918073 | ABF asset | N/A |  | 04/2027 | 975 | 891 | 917 |  |
| 9918075 | ABF asset | N/A |  | 04/2027 | 3599 | 3311 | 3448 |  |
| 9918113 | ABF asset | N/A |  | 04/2027 | 2934 | 2708 | 2762 |  |
| 9918121 | ABF asset | N/A |  | 04/2027 | 10756 | 10068 | 10172 |  |
| 9918154 | ABF asset | N/A |  | 04/2027 | 2471 | 2288 | 1646 |  |
| 9918160 | ABF asset | N/A |  | 04/2027 | 2077 | 1911 | 1990 |  |
| 9918177 | ABF asset | N/A |  | 04/2027 | 5808 | 5320 | 5562 |  |
| 9918188 | ABF asset | N/A |  | 04/2027 | 2187 | 2047 | 1993 |  |
| 9918197 | ABF asset | N/A |  | 04/2027 | 32587 | 29823 | 30850 |  |
| 9918280 | ABF asset | N/A |  | 04/2027 | 7149 | 6693 | 6797 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9918305 | ABF asset | N/A |  | 04/2027 | 3780 | 3539 | 3575 |  |
| 9918323 | ABF asset | N/A |  | 04/2027 | 8833 | 8084 | 7847 |  |
| 9918359 | ABF asset | N/A |  | 04/2027 | 6768 | 6167 | 6350 |  |
| 9918414 | ABF asset | N/A |  | 04/2027 | 1543 | 1429 | 1467 |  |
| 9918440 | ABF asset | N/A |  | 04/2027 | 5039 | 4651 | 4224 |  |
| 9918483 | ABF asset | N/A |  | 04/2027 | 8258 | 7730 | 7851 |  |
| 9918511 | ABF asset | N/A |  | 04/2027 | 20981 | 19641 | 19126 |  |
| 9918627 | ABF asset | N/A |  | 04/2027 | 5035 | 4713 | 4787 |  |
| 9918647 | ABF asset | N/A |  | 04/2027 | 41236 | 38601 | 38864 |  |
| 9918839 | ABF asset | N/A |  | 04/2027 | 13226 | 12251 | 12430 |  |
| 9918938 | ABF asset | N/A |  | 04/2027 | 4166 | 3899 | 3940 |  |
| 9918973 | ABF asset | N/A |  | 04/2027 | 20077 | 18470 | 18891 |  |
| 9919074 | ABF asset | N/A |  | 04/2027 | 14362 | 13363 | 13513 |  |
| 9919101 | ABF asset | N/A |  | 04/2027 | 2488 | 2328 | 2367 |  |
| 9919116 | ABF asset | N/A |  | 04/2027 | 24204 | 22657 | 23009 |  |
| 9919241 | ABF asset | N/A |  | 04/2027 | 10661 | 9919 | 10028 |  |
| 9919295 | ABF asset | N/A |  | 04/2027 | 1470 | 1361 | 1411 |  |
| 9919329 | ABF asset | N/A |  | 04/2027 | 5414 | 5015 | 4571 |  |
| 9919363 | ABF asset | N/A |  | 04/2027 | 10855 | 10161 | 10307 |  |
| 9919564 | ABF asset | N/A |  | 04/2027 | 516 | 478 | 493 |  |
| 9919681 | ABF asset | N/A |  | 04/2027 | 15393 | 14209 | 14571 |  |
| 9919781 | ABF asset | N/A |  | 04/2027 | 5332 | 4922 | 4992 |  |
| 9919817 | ABF asset | N/A |  | 04/2027 | 8216 | 7691 | 7801 |  |
| 9919870 | ABF asset | N/A |  | 04/2027 | 5725 | 5359 | 5441 |  |
| 9919900 | ABF asset | N/A |  | 04/2027 | 4015 | 3758 | 3804 |  |
| 9919931 | ABF asset | N/A |  | 04/2027 | 10795 | 10105 | 10260 |  |
| 9920026 | ABF asset | N/A |  | 04/2027 | 7961 | 7407 | 7583 |  |
| 9920111 | ABF asset | N/A |  | 04/2027 | 5989 | 5606 | 5663 |  |
| 9920130 | ABF asset | N/A |  | 04/2027 | 4583 | 4216 | 4312 |  |
| 9920199 | ABF asset | N/A |  | 04/2027 | 7641 | 7153 | 7255 |  |
| 9920254 | ABF asset | N/A |  | 04/2027 | 14871 | 13836 | 14025 |  |
| 9920361 | ABF asset | N/A |  | 04/2027 | 11921 | 11091 | 11364 |  |
| 9920551 | ABF asset | N/A |  | 04/2027 | 6367 | 5802 | 6101 |  |
| 9920792 | ABF asset | N/A |  | 04/2027 | 2652 | 2482 | 2520 |  |
| 9920817 | ABF asset | N/A |  | 04/2027 | 13416 | 12559 | 12711 |  |
| 9920932 | ABF asset | N/A |  | 04/2027 | 3689 | 3453 | 3488 |  |
| 9920955 | ABF asset | N/A |  | 04/2027 | 15026 | 14067 | 14282 |  |
| 9921010 | ABF asset | N/A |  | 04/2027 | 5434 | 5033 | 5159 |  |
| 9921034 | ABF asset | N/A |  | 04/2027 | 36047 | 33745 | 34237 |  |
| 9921176 | ABF asset | N/A |  | 04/2027 | 12363 | 11573 | 11771 |  |
| 9921251 | ABF asset | N/A |  | 04/2027 | 19818 | 18552 | 18836 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9921394 | ABF asset | N/A |  | 04/2027 | 11455 | 10483 | 10671 |  |
| 9921470 | ABF asset | N/A |  | 04/2027 | 49875 | 46689 | 45471 |  |
| 9921721 | ABF asset | N/A |  | 04/2027 | 3713 | 3416 | 3516 |  |
| 9921780 | ABF asset | N/A |  | 04/2027 | 6387 | 5979 | 6085 |  |
| 9921844 | ABF asset | N/A |  | 04/2027 | 3135 | 2869 | 2473 |  |
| 9921873 | ABF asset | N/A |  | 04/2027 | 8397 | 7860 | 7941 |  |
| 9921901 | ABF asset | N/A |  | 04/2027 | 2515 | 2340 | 2173 |  |
| 9921917 | ABF asset | N/A |  | 04/2027 | 14085 | 13186 | 13345 |  |
| 9921985 | ABF asset | N/A |  | 04/2027 | 17378 | 16168 | 16566 |  |
| 9922115 | ABF asset | N/A |  | 04/2027 | 18815 | 17429 | 17607 |  |
| 9922244 | ABF asset | N/A |  | 04/2027 | 76787 | 71441 | 72704 |  |
| 9922558 | ABF asset | N/A |  | 04/2027 | 799 | 732 | 739 |  |
| 9922559 | ABF asset | N/A |  | 04/2027 | 2044 | 1914 | 1948 |  |
| 9922572 | ABF asset | N/A |  | 04/2027 | 452 | 418 | 426 |  |
| 9922576 | ABF asset | N/A |  | 04/2027 | 9275 | 8488 | 8524 |  |
| 9922594 | ABF asset | N/A |  | 04/2027 | 5652 | 5217 | 5349 |  |
| 9922642 | ABF asset | N/A |  | 04/2027 | 7337 | 6869 | 6951 |  |
| 9922660 | ABF asset | N/A |  | 04/2027 | 9776 | 9096 | 8447 |  |
| 9922700 | ABF asset | N/A |  | 04/2027 | 730 | 666 | 689 |  |
| 9922709 | ABF asset | N/A |  | 04/2027 | 35595 | 32858 | 33690 |  |
| 9922860 | ABF asset | N/A |  | 04/2027 | 2312 | 2164 | 2198 |  |
| 9922867 | ABF asset | N/A |  | 04/2027 | 3292 | 3038 | 3116 |  |
| 9922889 | ABF asset | N/A |  | 04/2027 | 26997 | 25008 | 22801 |  |
| 9922974 | ABF asset | N/A |  | 04/2027 | 6337 | 5932 | 5777 |  |
| 9922992 | ABF asset | N/A |  | 04/2027 | 1782 | 1658 | 1676 |  |
| 9923005 | ABF asset | N/A |  | 04/2027 | 36921 | 33789 | 21182 |  |
| 9923138 | ABF asset | N/A |  | 04/2027 | 5936 | 5557 | 5626 |  |
| 9923185 | ABF asset | N/A |  | 04/2027 | 7396 | 6769 | 6950 |  |
| 9923239 | ABF asset | N/A |  | 04/2027 | 54525 | 51042 | 51557 |  |
| 9923413 | ABF asset | N/A |  | 04/2027 | 3717 | 3479 | 3533 |  |
| 9923439 | ABF asset | N/A |  | 04/2027 | 1604 | 1502 | 1526 |  |
| 9923446 | ABF asset | N/A |  | 04/2027 | 7763 | 7104 | 7134 |  |
| 9923493 | ABF asset | N/A |  | 04/2027 | 2162 | 2024 | 2038 |  |
| 9923499 | ABF asset | N/A |  | 04/2027 | 1484 | 1365 | 1407 |  |
| 9923532 | ABF asset | N/A |  | 04/2027 | 3582 | 3353 | 3402 |  |
| 9923565 | ABF asset | N/A |  | 04/2027 | 1820 | 1662 | 1556 |  |
| 9923578 | ABF asset | N/A |  | 04/2027 | 26951 | 25229 | 25619 |  |
| 9923719 | ABF asset | N/A |  | 04/2027 | 10932 | 9961 | 9173 |  |
| 9923750 | ABF asset | N/A |  | 04/2027 | 2906 | 2673 | 2707 |  |
| 9923758 | ABF asset | N/A |  | 04/2027 | 427 | 395 | 408 |  |
| 9923759 | ABF asset | N/A |  | 04/2027 | 12625 | 11614 | 11975 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9923799 | ABF asset | N/A |  | 04/2027 | 3110 | 2840 | 2923 |  |
| 9923808 | ABF asset | N/A |  | 04/2027 | 9922 | 9288 | 9350 |  |
| 9923882 | ABF asset | N/A |  | 04/2027 | 1417 | 1318 | 1342 |  |
| 9923887 | ABF asset | N/A |  | 04/2027 | 4943 | 4627 | 4693 |  |
| 9923900 | ABF asset | N/A |  | 04/2027 | 416 | 385 | 366 |  |
| 9923901 | ABF asset | N/A |  | 04/2027 | 4708 | 4331 | 4510 |  |
| 9923936 | ABF asset | N/A |  | 04/2027 | 2327 | 2121 | 2089 |  |
| 9923938 | ABF asset | N/A |  | 04/2027 | 4683 | 4384 | 4462 |  |
| 9923950 | ABF asset | N/A |  | 04/2027 | 5654 | 5220 | 4742 |  |
| 9923967 | ABF asset | N/A |  | 04/2027 | 16781 | 15709 | 15869 |  |
| 9924062 | ABF asset | N/A |  | 04/2027 | 17485 | 16140 | 16265 |  |
| 9924146 | ABF asset | N/A |  | 04/2027 | 1026 | 935 | 982 |  |
| 9924155 | ABF asset | N/A |  | 04/2027 | 20174 | 18688 | 18597 |  |
| 9924230 | ABF asset | N/A |  | 04/2027 | 30284 | 28052 | 28331 |  |
| 9924409 | ABF asset | N/A |  | 04/2027 | 20752 | 19223 | 17527 |  |
| 9924455 | ABF asset | N/A |  | 04/2027 | 3311 | 3056 | 3162 |  |
| 9924481 | ABF asset | N/A |  | 04/2027 | 7824 | 7324 | 7373 |  |
| 9924510 | ABF asset | N/A |  | 04/2027 | 4529 | 4166 | 4219 |  |
| 9924517 | ABF asset | N/A |  | 04/2027 | 3679 | 3423 | 3483 |  |
| 9924537 | ABF asset | N/A |  | 04/2027 | 6126 | 5582 | 5779 |  |
| 9924558 | ABF asset | N/A |  | 04/2027 | 1051 | 962 | 995 |  |
| 9924565 | ABF asset | N/A |  | 04/2027 | 6260 | 5860 | 5944 |  |
| 9924617 | ABF asset | N/A |  | 04/2027 | 3432 | 3128 | 2954 |  |
| 9924635 | ABF asset | N/A |  | 04/2027 | 8729 | 7996 | 5545 |  |
| 9924652 | ABF asset | N/A |  | 04/2027 | 4829 | 4521 | 4589 |  |
| 9924665 | ABF asset | N/A |  | 04/2027 | 9916 | 9283 | 9414 |  |
| 9924691 | ABF asset | N/A |  | 04/2027 | 1308 | 1195 | 1217 |  |
| 9924694 | ABF asset | N/A |  | 04/2027 | 1610 | 1497 | 1534 |  |
| 9924702 | ABF asset | N/A |  | 04/2027 | 859 | 785 | 799 |  |
| 9924706 | ABF asset | N/A |  | 04/2027 | 2933 | 2745 | 2772 |  |
| 9924710 | ABF asset | N/A |  | 04/2027 | 4685 | 4269 | 4432 |  |
| 9924728 | ABF asset | N/A |  | 04/2027 | 28190 | 26389 | 26760 |  |
| 9924807 | ABF asset | N/A |  | 04/2027 | 11230 | 10513 | 10691 |  |
| 9924860 | ABF asset | N/A |  | 04/2027 | 2303 | 2108 | 2193 |  |
| 9924871 | ABF asset | N/A |  | 04/2027 | 15274 | 14298 | 14515 |  |
| 9924922 | ABF asset | N/A |  | 04/2027 | 2067 | 1901 | 1944 |  |
| 9924930 | ABF asset | N/A |  | 04/2027 | 20582 | 19066 | 17393 |  |
| 9925110 | ABF asset | N/A |  | 04/2027 | 1137 | 1041 | 1095 |  |
| 9925117 | ABF asset | N/A |  | 04/2027 | 5712 | 5315 | 5373 |  |
| 9925141 | ABF asset | N/A |  | 04/2027 | 6398 | 5953 | 5533 |  |
| 9925164 | ABF asset | N/A |  | 04/2027 | 666 | 610 | 634 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9925167 | ABF asset | N/A |  | 04/2027 | 1891 | 1771 | 1782 |  |
| 9925189 | ABF asset | N/A |  | 04/2027 | 13419 | 12485 | 12703 |  |
| 9925246 | ABF asset | N/A |  | 04/2027 | 2194 | 2041 | 2027 |  |
| 9925251 | ABF asset | N/A |  | 04/2027 | 4400 | 4119 | 4177 |  |
| 9925278 | ABF asset | N/A |  | 04/2027 | 13142 | 12174 | 12115 |  |
| 9925341 | ABF asset | N/A |  | 04/2027 | 11563 | 10674 | 10824 |  |
| 9925395 | ABF asset | N/A |  | 04/2027 | 9428 | 8733 | 8958 |  |
| 9925446 | ABF asset | N/A |  | 04/2027 | 11159 | 10447 | 10614 |  |
| 9925486 | ABF asset | N/A |  | 04/2027 | 9280 | 8687 | 8821 |  |
| 9925519 | ABF asset | N/A |  | 04/2027 | 4466 | 4070 | 4178 |  |
| 9925545 | ABF asset | N/A |  | 04/2027 | 6581 | 6075 | 6226 |  |
| 9925572 | ABF asset | N/A |  | 04/2027 | 3839 | 3532 | 3640 |  |
| 9925594 | ABF asset | N/A |  | 04/2027 | 1848 | 1684 | 1755 |  |
| 9925606 | ABF asset | N/A |  | 04/2027 | 2668 | 2471 | 2494 |  |
| 9925615 | ABF asset | N/A |  | 04/2027 | 4165 | 3812 | 3849 |  |
| 9925642 | ABF asset | N/A |  | 04/2027 | 6813 | 6378 | 6468 |  |
| 9925664 | ABF asset | N/A |  | 04/2027 | 2383 | 2171 | 2280 |  |
| 9925684 | ABF asset | N/A |  | 04/2027 | 6806 | 6372 | 6435 |  |
| 9925709 | ABF asset | N/A |  | 04/2027 | 4434 | 4150 | 4209 |  |
| 9925735 | ABF asset | N/A |  | 04/2027 | 9078 | 8498 | 8633 |  |
| 9925766 | ABF asset | N/A |  | 04/2027 | 2767 | 2591 | 2636 |  |
| 9925784 | ABF asset | N/A |  | 04/2027 | 4066 | 3806 | 3864 |  |
| 9925807 | ABF asset | N/A |  | 04/2027 | 983 | 895 | 909 |  |
| 9925812 | ABF asset | N/A |  | 04/2027 | 2013 | 1884 | 1916 |  |
| 9925831 | ABF asset | N/A |  | 04/2027 | 2358 | 2148 | 2077 |  |
| 9925836 | ABF asset | N/A |  | 04/2027 | 624 | 569 | 584 |  |
| 9925841 | ABF asset | N/A |  | 04/2027 | 3447 | 3207 | 2983 |  |
| 9925852 | ABF asset | N/A |  | 04/2027 | 2376 | 2193 | 2253 |  |
| 9925868 | ABF asset | N/A |  | 04/2027 | 402 | 366 | 386 |  |
| 9925871 | ABF asset | N/A |  | 04/2027 | 1652 | 1513 | 480 |  |
| 9925885 | ABF asset | N/A |  | 04/2027 | 3785 | 3543 | 3597 |  |
| 9925900 | ABF asset | N/A |  | 04/2027 | 12821 | 12002 | 12144 |  |
| 9925940 | ABF asset | N/A |  | 04/2027 | 1550 | 1435 | 1491 |  |
| 9925947 | ABF asset | N/A |  | 04/2027 | 6651 | 6226 | 6325 |  |
| 9925968 | ABF asset | N/A |  | 04/2027 | 4305 | 3960 | 3491 |  |
| 9925993 | ABF asset | N/A |  | 04/2027 | 6143 | 5715 | 5792 |  |
| 9926013 | ABF asset | N/A |  | 04/2027 | 1832 | 1669 | 1387 |  |
| 9926016 | ABF asset | N/A |  | 04/2027 | 4994 | 4594 | 4678 |  |
| 9926029 | ABF asset | N/A |  | 04/2027 | 5211 | 4878 | 4964 |  |
| 9926063 | ABF asset | N/A |  | 04/2027 | 4073 | 3773 | 3825 |  |
| 9926079 | ABF asset | N/A |  | 04/2027 | 4232 | 3918 | 3993 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9926095 | ABF asset | N/A |  | 04/2027 | 4371 | 3983 | 3512 |  |
| 9926107 | ABF asset | N/A |  | 04/2027 | 1772 | 1630 | 1601 |  |
| 9926113 | ABF asset | N/A |  | 04/2027 | 24482 | 22679 | 20703 |  |
| 9926195 | ABF asset | N/A |  | 04/2027 | 1988 | 1811 | 1441 |  |
| 9926202 | ABF asset | N/A |  | 04/2027 | 4275 | 3896 | 4006 |  |
| 9926212 | ABF asset | N/A |  | 04/2027 | 974 | 896 | 880 |  |
| 9926218 | ABF asset | N/A |  | 04/2027 | 8167 | 7598 | 7748 |  |
| 9926254 | ABF asset | N/A |  | 04/2027 | 2719 | 2545 | 2581 |  |
| 9926267 | ABF asset | N/A |  | 04/2027 | 10282 | 9491 | 9814 |  |
| 9926335 | ABF asset | N/A |  | 04/2027 | 566 | 524 | 549 |  |
| 9926338 | ABF asset | N/A |  | 04/2027 | 8294 | 7764 | 7854 |  |
| 9926366 | ABF asset | N/A |  | 04/2027 | 1928 | 1765 | 1836 |  |
| 9926382 | ABF asset | N/A |  | 04/2027 | 22374 | 20945 | 21276 |  |
| 9926469 | ABF asset | N/A |  | 04/2027 | 15571 | 14487 | 14773 |  |
| 9926499 | ABF asset | N/A |  | 04/2027 | 4573 | 4280 | 4348 |  |
| 9926512 | ABF asset | N/A |  | 04/2027 | 3101 | 2902 | 2953 |  |
| 9926525 | ABF asset | N/A |  | 04/2027 | 4692 | 4331 | 4358 |  |
| 9926537 | ABF asset | N/A |  | 04/2027 | 19309 | 17762 | 18087 |  |
| 9926602 | ABF asset | N/A |  | 04/2027 | 4392 | 4111 | 4006 |  |
| 9926616 | ABF asset | N/A |  | 04/2027 | 17066 | 15976 | 16256 |  |
| 9926667 | ABF asset | N/A |  | 04/2027 | 6999 | 6483 | 6515 |  |
| 9926683 | ABF asset | N/A |  | 04/2027 | 5787 | 5417 | 5503 |  |
| 9926704 | ABF asset | N/A |  | 04/2027 | 2653 | 2422 | 2504 |  |
| 9926719 | ABF asset | N/A |  | 04/2027 | 27982 | 26194 | 26367 |  |
| 9926811 | ABF asset | N/A |  | 04/2027 | 11320 | 10486 | 10752 |  |
| 9926850 | ABF asset | N/A |  | 04/2027 | 8130 | 7611 | 7726 |  |
| 9926872 | ABF asset | N/A |  | 04/2027 | 6663 | 6238 | 6279 |  |
| 9926904 | ABF asset | N/A |  | 04/2027 | 5091 | 4639 | 4388 |  |
| 9926921 | ABF asset | N/A |  | 04/2027 | 3103 | 2905 | 2951 |  |
| 9926930 | ABF asset | N/A |  | 04/2027 | 3540 | 3314 | 3364 |  |
| 9926938 | ABF asset | N/A |  | 04/2027 | 6823 | 6387 | 6492 |  |
| 9926956 | ABF asset | N/A |  | 04/2027 | 1958 | 1784 | 1777 |  |
| 9926957 | ABF asset | N/A |  | 04/2027 | 26641 | 24787 | 25276 |  |
| 9927013 | ABF asset | N/A |  | 04/2027 | 10087 | 9344 | 9426 |  |
| 9927047 | ABF asset | N/A |  | 04/2027 | 9043 | 8276 | 7153 |  |
| 9927057 | ABF asset | N/A |  | 04/2027 | 13411 | 12380 | 12803 |  |
| 9927102 | ABF asset | N/A |  | 04/2027 | 7955 | 7447 | 7560 |  |
| 9927117 | ABF asset | N/A |  | 04/2027 | 5009 | 4624 | 4689 |  |
| 9927129 | ABF asset | N/A |  | 04/2027 | 2743 | 2511 | 2576 |  |
| 9927137 | ABF asset | N/A |  | 04/2027 | 17742 | 16608 | 16872 |  |
| 9927188 | ABF asset | N/A |  | 04/2027 | 8989 | 8415 | 8548 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9927221 | ABF asset | N/A |  | 04/2027 | 7398 | 6925 | 7043 |  |
| 9927243 | ABF asset | N/A |  | 04/2027 | 27310 | 24993 | 25711 |  |
| 9927328 | ABF asset | N/A |  | 04/2027 | 2483 | 2262 | 2231 |  |
| 9927333 | ABF asset | N/A |  | 04/2027 | 9396 | 8795 | 8929 |  |
| 9927375 | ABF asset | N/A |  | 04/2027 | 11529 | 10793 | 10964 |  |
| 9927434 | ABF asset | N/A |  | 04/2027 | 7561 | 6979 | 7150 |  |
| 9927465 | ABF asset | N/A |  | 04/2027 | 7106 | 6489 | 6087 |  |
| 9927488 | ABF asset | N/A |  | 04/2027 | 14216 | 12982 | 13659 |  |
| 9928430 | ABF asset | N/A |  | 04/2027 | 7997 | 7486 | 7296 |  |
| 9928443 | ABF asset | N/A |  | 04/2027 | 2206 | 2052 | 2092 |  |
| 9928509 | ABF asset | N/A |  | 04/2027 | 1414 | 1294 | 1344 |  |
| 9928530 | ABF asset | N/A |  | 04/2027 | 3929 | 3656 | 3697 |  |
| 9928569 | ABF asset | N/A |  | 04/2027 | 25694 | 24052 | 24462 |  |
| 9928902 | ABF asset | N/A |  | 04/2027 | 2270 | 2088 | 1847 |  |
| 9928928 | ABF asset | N/A |  | 04/2027 | 2047 | 1890 | 1885 |  |
| 9928981 | ABF asset | N/A |  | 04/2027 | 15771 | 14763 | 14970 |  |
| 9929213 | ABF asset | N/A |  | 04/2027 | 1047 | 954 | 945 |  |
| 9929237 | ABF asset | N/A |  | 04/2027 | 1987 | 1848 | 1869 |  |
| 9929274 | ABF asset | N/A |  | 04/2027 | 744 | 679 | 692 |  |
| 9929290 | ABF asset | N/A |  | 04/2027 | 8997 | 8371 | 8314 |  |
| 9929409 | ABF asset | N/A |  | 04/2027 | 3797 | 3555 | 3608 |  |
| 9929454 | ABF asset | N/A |  | 04/2027 | 3059 | 2802 | 2791 |  |
| 9929481 | ABF asset | N/A |  | 04/2027 | 1668 | 1561 | 1588 |  |
| 9929514 | ABF asset | N/A |  | 04/2027 | 6379 | 5812 | 5903 |  |
| 9929556 | ABF asset | N/A |  | 04/2027 | 1548 | 1429 | 1438 |  |
| 9929571 | ABF asset | N/A |  | 04/2027 | 5198 | 4836 | 4960 |  |
| 9929636 | ABF asset | N/A |  | 04/2027 | 30235 | 28007 | 28143 |  |
| 9929860 | ABF asset | N/A |  | 04/2027 | 3554 | 3293 | 3376 |  |
| 9929888 | ABF asset | N/A |  | 04/2027 | 1323 | 1238 | 1258 |  |
| 9929905 | ABF asset | N/A |  | 04/2027 | 6806 | 6372 | 6468 |  |
| 9929944 | ABF asset | N/A |  | 04/2027 | 12583 | 11615 | 11898 |  |
| 9930046 | ABF asset | N/A |  | 04/2027 | 761 | 693 | 711 |  |
| 9930076 | ABF asset | N/A |  | 04/2027 | 17982 | 16833 | 17086 |  |
| 9930199 | ABF asset | N/A |  | 04/2027 | 3027 | 2833 | 2883 |  |
| 9930252 | ABF asset | N/A |  | 04/2027 | 8922 | 8208 | 8523 |  |
| 9930326 | ABF asset | N/A |  | 04/2027 | 60237 | 54890 | 55942 |  |
| 9930821 | ABF asset | N/A |  | 04/2027 | 14610 | 13313 | 13770 |  |
| 9930916 | ABF asset | N/A |  | 04/2027 | 1273 | 1165 | 1198 |  |
| 9930919 | ABF asset | N/A |  | 04/2027 | 1434 | 1334 | 1361 |  |
| 9930933 | ABF asset | N/A |  | 04/2027 | 30167 | 27489 | 28262 |  |
| 9931133 | ABF asset | N/A |  | 04/2027 | 1153 | 1050 | 1094 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9931135 | ABF asset | N/A |  | 04/2027 | 2932 | 2707 | 2463 |  |
| 9931154 | ABF asset | N/A |  | 04/2027 | 11148 | 10436 | 10557 |  |
| 9931222 | ABF asset | N/A |  | 04/2027 | 1706 | 1554 | 1565 |  |
| 9931229 | ABF asset | N/A |  | 04/2027 | 3618 | 3387 | 3435 |  |
| 9931239 | ABF asset | N/A |  | 04/2027 | 16934 | 15853 | 16121 |  |
| 9931317 | ABF asset | N/A |  | 04/2027 | 1515 | 1399 | 1440 |  |
| 9931319 | ABF asset | N/A |  | 04/2027 | 50035 | 46839 | 47494 |  |
| 9931547 | ABF asset | N/A |  | 04/2027 | 3427 | 3164 | 3284 |  |
| 9931576 | ABF asset | N/A |  | 04/2027 | 43395 | 39920 | 39947 |  |
| 9931750 | ABF asset | N/A |  | 04/2027 | 5026 | 4639 | 4767 |  |
| 9931768 | ABF asset | N/A |  | 04/2027 | 6182 | 5787 | 5885 |  |
| 9931822 | ABF asset | N/A |  | 04/2027 | 2471 | 2289 | 2128 |  |
| 9931852 | ABF asset | N/A |  | 04/2027 | 18899 | 17692 | 17940 |  |
| 9931947 | ABF asset | N/A |  | 04/2027 | 47333 | 44038 | 44798 |  |
| 9932083 | ABF asset | N/A |  | 04/2027 | 47034 | 43417 | 44612 |  |
| 9932275 | ABF asset | N/A |  | 04/2027 | 1271 | 1173 | 1189 |  |
| 9932277 | ABF asset | N/A |  | 04/2027 | 1507 | 1381 | 961 |  |
| 9932288 | ABF asset | N/A |  | 04/2027 | 20691 | 19251 | 19583 |  |
| 9932386 | ABF asset | N/A |  | 04/2027 | 9334 | 8646 | 8840 |  |
| 9932422 | ABF asset | N/A |  | 04/2027 | 940 | 857 | 862 |  |
| 9932424 | ABF asset | N/A |  | 04/2027 | 6716 | 6221 | 5680 |  |
| 9932444 | ABF asset | N/A |  | 04/2027 | 15863 | 14850 | 15112 |  |
| 9932498 | ABF asset | N/A |  | 04/2027 | 36652 | 34310 | 34710 |  |
| 9932647 | ABF asset | N/A |  | 04/2027 | 14556 | 13626 | 13818 |  |
| 9932711 | ABF asset | N/A |  | 04/2027 | 22628 | 21053 | 21554 |  |
| 9932789 | ABF asset | N/A |  | 04/2027 | 55845 | 52277 | 52624 |  |
| 9933093 | ABF asset | N/A |  | 04/2027 | 50666 | 47139 | 43885 |  |
| 9933347 | ABF asset | N/A |  | 04/2027 | 19786 | 18328 | 18240 |  |
| 9933458 | ABF asset | N/A |  | 04/2027 | 2461 | 2272 | 2335 |  |
| 9933503 | ABF asset | N/A |  | 04/2027 | 17540 | 16420 | 16579 |  |
| 9933631 | ABF asset | N/A |  | 04/2027 | 1749 | 1614 | 1662 |  |
| 9933678 | ABF asset | N/A |  | 04/2027 | 4723 | 4394 | 4407 |  |
| 9933718 | ABF asset | N/A |  | 04/2027 | 2327 | 2125 | 1628 |  |
| 9933773 | ABF asset | N/A |  | 04/2027 | 4300 | 3983 | 4105 |  |
| 9933810 | ABF asset | N/A |  | 04/2027 | 2470 | 2312 | 2335 |  |
| 9933911 | ABF asset | N/A |  | 04/2027 | 1758 | 1646 | 1669 |  |
| 9933952 | ABF asset | N/A |  | 04/2027 | 4379 | 4099 | 4163 |  |
| 9933999 | ABF asset | N/A |  | 04/2027 | 1769 | 1627 | 1673 |  |
| 9934029 | ABF asset | N/A |  | 04/2027 | 1140 | 1043 | 1073 |  |
| 9934034 | ABF asset | N/A |  | 04/2027 | 76566 | 71675 | 69861 |  |
| 9934605 | ABF asset | N/A |  | 04/2027 | 3022 | 2829 | 2876 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9934639 | ABF asset | N/A |  | 04/2027 | 2172 | 2033 | 2068 |  |
| 9934653 | ABF asset | N/A |  | 04/2027 | 26628 | 24927 | 24301 |  |
| 9934816 | ABF asset | N/A |  | 04/2027 | 38348 | 35523 | 32449 |  |
| 9934951 | ABF asset | N/A |  | 04/2027 | 10308 | 9649 | 9759 |  |
| 9935000 | ABF asset | N/A |  | 04/2027 | 1679 | 1533 | 1585 |  |
| 9935020 | ABF asset | N/A |  | 04/2027 | 36918 | 34559 | 34782 |  |
| 9935176 | ABF asset | N/A |  | 04/2027 | 2971 | 2752 | 2819 |  |
| 9935210 | ABF asset | N/A |  | 04/2027 | 18128 | 16970 | 17207 |  |
| 9935275 | ABF asset | N/A |  | 04/2027 | 2721 | 2512 | 2506 |  |
| 9935290 | ABF asset | N/A |  | 04/2027 | 2700 | 2528 | 2563 |  |
| 9935325 | ABF asset | N/A |  | 04/2027 | 3860 | 3551 | 3553 |  |
| 9935353 | ABF asset | N/A |  | 04/2027 | 5261 | 4925 | 5002 |  |
| 9935381 | ABF asset | N/A |  | 04/2027 | 3793 | 3550 | 3603 |  |
| 9935412 | ABF asset | N/A |  | 04/2027 | 3388 | 3087 | 3108 |  |
| 9935439 | ABF asset | N/A |  | 04/2027 | 10724 | 9823 | 10337 |  |
| 9935550 | ABF asset | N/A |  | 04/2027 | 16368 | 14915 | 12409 |  |
| 9935625 | ABF asset | N/A |  | 04/2027 | 14691 | 13752 | 13965 |  |
| 9935710 | ABF asset | N/A |  | 04/2027 | 2829 | 2648 | 2689 |  |
| 9935728 | ABF asset | N/A |  | 04/2027 | 36273 | 33601 | 33769 |  |
| 9935921 | ABF asset | N/A |  | 04/2027 | 6618 | 6195 | 6293 |  |
| 9935948 | ABF asset | N/A |  | 04/2027 | 466 | 436 | 442 |  |
| 9935949 | ABF asset | N/A |  | 04/2027 | 14485 | 13560 | 13714 |  |
| 9936038 | ABF asset | N/A |  | 04/2027 | 9901 | 9108 | 9217 |  |
| 9936140 | ABF asset | N/A |  | 04/2027 | 16421 | 15106 | 15454 |  |
| 9936217 | ABF asset | N/A |  | 04/2027 | 11867 | 10860 | 9387 |  |
| 9936269 | ABF asset | N/A |  | 04/2027 | 16231 | 15195 | 15460 |  |
| 9936325 | ABF asset | N/A |  | 04/2027 | 4477 | 4191 | 4254 |  |
| 9936344 | ABF asset | N/A |  | 04/2027 | 15282 | 14306 | 14518 |  |
| 9936416 | ABF asset | N/A |  | 04/2027 | 8345 | 7727 | 5329 |  |
| 9936455 | ABF asset | N/A |  | 04/2027 | 4682 | 4322 | 4450 |  |
| 9936465 | ABF asset | N/A |  | 04/2027 | 1747 | 1636 | 1654 |  |
| 9936488 | ABF asset | N/A |  | 04/2027 | 44253 | 41426 | 42045 |  |
| 9936656 | ABF asset | N/A |  | 04/2027 | 2536 | 2374 | 2416 |  |
| 9936669 | ABF asset | N/A |  | 04/2027 | 4570 | 4164 | 4369 |  |
| 9936704 | ABF asset | N/A |  | 04/2027 | 38861 | 35998 | 36791 |  |
| 9936801 | ABF asset | N/A |  | 04/2027 | 4445 | 4161 | 4223 |  |
| 9936818 | ABF asset | N/A |  | 04/2027 | 16085 | 14657 | 14464 |  |
| 9936832 | ABF asset | N/A |  | 04/2027 | 13725 | 12848 | 13031 |  |
| 9936850 | ABF asset | N/A |  | 04/2027 | 12186 | 11408 | 11586 |  |
| 9936884 | ABF asset | N/A |  | 04/2027 | 3137 | 2871 | 2879 |  |
| 9936904 | ABF asset | N/A |  | 04/2027 | 9322 | 8495 | 8847 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9936954 | ABF asset | N/A |  | 04/2027 | 13046 | 11914 | 12531 |  |
| 9937011 | ABF asset | N/A |  | 04/2027 | 4638 | 4342 | 4418 |  |
| 9937024 | ABF asset | N/A |  | 04/2027 | 9023 | 8447 | 8564 |  |
| 9937054 | ABF asset | N/A |  | 04/2027 | 1491 | 1364 | 1403 |  |
| 9937058 | ABF asset | N/A |  | 04/2027 | 26908 | 24926 | 25256 |  |
| 9937133 | ABF asset | N/A |  | 04/2027 | 12017 | 11093 | 10098 |  |
| 9937182 | ABF asset | N/A |  | 04/2027 | 4515 | 4226 | 4253 |  |
| 9937203 | ABF asset | N/A |  | 04/2027 | 3594 | 3290 | 3400 |  |
| 9937217 | ABF asset | N/A |  | 04/2027 | 560 | 519 | 534 |  |
| 9937223 | ABF asset | N/A |  | 04/2027 | 13473 | 12612 | 12787 |  |
| 9937259 | ABF asset | N/A |  | 04/2027 | 2426 | 2220 | 2295 |  |
| 9937271 | ABF asset | N/A |  | 04/2027 | 1131 | 1031 | 823 |  |
| 9937277 | ABF asset | N/A |  | 04/2027 | 4339 | 4061 | 4088 |  |
| 9937319 | ABF asset | N/A |  | 04/2027 | 27603 | 25840 | 26274 |  |
| 9937422 | ABF asset | N/A |  | 04/2027 | 83728 | 78379 | 79269 |  |
| 9937715 | ABF asset | N/A |  | 04/2027 | 4190 | 3880 | 3900 |  |
| 9937736 | ABF asset | N/A |  | 04/2027 | 8851 | 8100 | 8176 |  |
| 9937750 | ABF asset | N/A |  | 04/2027 | 2546 | 2351 | 2415 |  |
| 9937764 | ABF asset | N/A |  | 04/2027 | 10552 | 9707 | 9880 |  |
| 9937791 | ABF asset | N/A |  | 04/2027 | 2079 | 1894 | 1542 |  |
| 9937797 | ABF asset | N/A |  | 04/2027 | 14322 | 13118 | 13070 |  |
| 9937843 | ABF asset | N/A |  | 04/2027 | 16627 | 15564 | 15780 |  |
| 9937884 | ABF asset | N/A |  | 04/2027 | 3554 | 3255 | 3356 |  |
| 9937891 | ABF asset | N/A |  | 04/2027 | 11771 | 11019 | 11211 |  |
| 9938042 | ABF asset | N/A |  | 04/2027 | 30207 | 27788 | 28285 |  |
| 9938254 | ABF asset | N/A |  | 04/2027 | 27344 | 25597 | 25978 |  |
| 9938339 | ABF asset | N/A |  | 04/2027 | 15394 | 14410 | 14574 |  |
| 9938399 | ABF asset | N/A |  | 04/2027 | 9309 | 8715 | 8815 |  |
| 9941290 | ABF asset | N/A |  | 04/2027 | 9748 | 8967 | 9303 |  |
| 9941347 | ABF asset | N/A |  | 04/2027 | 2104 | 1925 | 1989 |  |
| 9941360 | ABF asset | N/A |  | 04/2027 | 15094 | 13755 | 14033 |  |
| 9941433 | ABF asset | N/A |  | 04/2027 | 10072 | 9429 | 9565 |  |
| 9941465 | ABF asset | N/A |  | 04/2027 | 39195 | 36467 | 36563 |  |
| 9941599 | ABF asset | N/A |  | 04/2027 | 29123 | 27095 | 27543 |  |
| 9941738 | ABF asset | N/A |  | 04/2027 | 3493 | 3269 | 3316 |  |
| 9941767 | ABF asset | N/A |  | 04/2027 | 11837 | 10927 | 9951 |  |
| 9941844 | ABF asset | N/A |  | 04/2027 | 9376 | 8776 | 8909 |  |
| 9941946 | ABF asset | N/A |  | 04/2027 | 8265 | 7689 | 7868 |  |
| 9942016 | ABF asset | N/A |  | 04/2027 | 3765 | 3438 | 3554 |  |
| 9942046 | ABF asset | N/A |  | 04/2027 | 7950 | 7442 | 7550 |  |
| 9942072 | ABF asset | N/A |  | 04/2027 | 4266 | 3993 | 4047 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9942094 | ABF asset | N/A |  | 04/2027 | 32414 | 29664 | 30192 |  |
| 9942440 | ABF asset | N/A |  | 04/2027 | 8505 | 7961 | 8010 |  |
| 9942506 | ABF asset | N/A |  | 04/2027 | 750 | 683 | 711 |  |
| 9942520 | ABF asset | N/A |  | 04/2027 | 6389 | 5918 | 5963 |  |
| 9942597 | ABF asset | N/A |  | 04/2027 | 28027 | 26237 | 26525 |  |
| 9942775 | ABF asset | N/A |  | 04/2027 | 7654 | 7165 | 7210 |  |
| 9942834 | ABF asset | N/A |  | 04/2027 | 5501 | 5149 | 5219 |  |
| 9942883 | ABF asset | N/A |  | 04/2027 | 1502 | 1375 | 1387 |  |
| 9942884 | ABF asset | N/A |  | 04/2027 | 3723 | 3464 | 3545 |  |
| 9942906 | ABF asset | N/A |  | 04/2027 | 1949 | 1825 | 1842 |  |
| 9942929 | ABF asset | N/A |  | 04/2027 | 10475 | 9703 | 9777 |  |
| 9943012 | ABF asset | N/A |  | 04/2027 | 13785 | 12904 | 13090 |  |
| 9943107 | ABF asset | N/A |  | 04/2027 | 3224 | 3000 | 3030 |  |
| 9943154 | ABF asset | N/A |  | 04/2027 | 9809 | 9183 | 9333 |  |
| 9943222 | ABF asset | N/A |  | 04/2027 | 2044 | 1902 | 1937 |  |
| 9943364 | ABF asset | N/A |  | 04/2027 | 5853 | 5478 | 5558 |  |
| 9943390 | ABF asset | N/A |  | 04/2027 | 20805 | 19476 | 19756 |  |
| 9943477 | ABF asset | N/A |  | 04/2027 | 8526 | 7981 | 6131 |  |
| 9943507 | ABF asset | N/A |  | 04/2027 | 9757 | 9133 | 9266 |  |
| 9943579 | ABF asset | N/A |  | 04/2027 | 5660 | 5299 | 5376 |  |
| 9943608 | ABF asset | N/A |  | 04/2027 | 20274 | 18863 | 19215 |  |
| 9943711 | ABF asset | N/A |  | 04/2027 | 1547 | 1410 | 1174 |  |
| 9943718 | ABF asset | N/A |  | 04/2027 | 15270 | 14295 | 13931 |  |
| 9943813 | ABF asset | N/A |  | 04/2027 | 4144 | 3878 | 3937 |  |
| 9943831 | ABF asset | N/A |  | 04/2027 | 2319 | 2113 | 2170 |  |
| 9943840 | ABF asset | N/A |  | 04/2027 | 35508 | 32664 | 33562 |  |
| 9943963 | ABF asset | N/A |  | 04/2027 | 3639 | 3407 | 3438 |  |
| 9943981 | ABF asset | N/A |  | 04/2027 | 540 | 498 | 505 |  |
| 9943985 | ABF asset | N/A |  | 04/2027 | 6781 | 6348 | 6417 |  |
| 9944023 | ABF asset | N/A |  | 04/2027 | 3554 | 3292 | 3308 |  |
| 9944037 | ABF asset | N/A |  | 04/2027 | 4222 | 3909 | 3931 |  |
| 9944083 | ABF asset | N/A |  | 04/2027 | 2676 | 2505 | 2521 |  |
| 9944093 | ABF asset | N/A |  | 04/2027 | 1785 | 1634 | 1588 |  |
| 9944099 | ABF asset | N/A |  | 04/2027 | 3373 | 3158 | 3204 |  |
| 9944115 | ABF asset | N/A |  | 04/2027 | 1546 | 1427 | 1424 |  |
| 9944123 | ABF asset | N/A |  | 04/2027 | 7084 | 6455 | 5375 |  |
| 9944152 | ABF asset | N/A |  | 04/2027 | 3646 | 3413 | 3460 |  |
| 9944178 | ABF asset | N/A |  | 04/2027 | 50282 | 47070 | 47701 |  |
| 9944430 | ABF asset | N/A |  | 04/2027 | 608 | 556 | 586 |  |
| 9944444 | ABF asset | N/A |  | 04/2027 | 2261 | 2117 | 2147 |  |
| 9944446 | ABF asset | N/A |  | 04/2027 | 10059 | 9167 | 9268 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9944487 | ABF asset | N/A |  | 04/2027 | 4453 | 4169 | 4229 |  |
| 9944502 | ABF asset | N/A |  | 04/2027 | 6729 | 6299 | 6402 |  |
| 9944534 | ABF asset | N/A |  | 04/2027 | 5329 | 4866 | 3736 |  |
| 9944555 | ABF asset | N/A |  | 04/2027 | 19867 | 18276 | 18689 |  |
| 9944614 | ABF asset | N/A |  | 04/2027 | 24679 | 22961 | 21403 |  |
| 9944660 | ABF asset | N/A |  | 04/2027 | 28835 | 26993 | 27382 |  |
| 9944803 | ABF asset | N/A |  | 04/2027 | 1161 | 1058 | 1101 |  |
| 9944814 | ABF asset | N/A |  | 04/2027 | 9804 | 9019 | 8848 |  |
| 9944863 | ABF asset | N/A |  | 04/2027 | 652 | 604 | 607 |  |
| 9944873 | ABF asset | N/A |  | 04/2027 | 13288 | 12134 | 9315 |  |
| 9944903 | ABF asset | N/A |  | 04/2027 | 11330 | 10606 | 10781 |  |
| 9944916 | ABF asset | N/A |  | 04/2027 | 4488 | 4090 | 4165 |  |
| 9944921 | ABF asset | N/A |  | 04/2027 | 6472 | 5993 | 6284 |  |
| 9944957 | ABF asset | N/A |  | 04/2027 | 1889 | 1729 | 1495 |  |
| 9944975 | ABF asset | N/A |  | 04/2027 | 5791 | 5346 | 5336 |  |
| 9944998 | ABF asset | N/A |  | 04/2027 | 743 | 688 | 726 |  |
| 9945017 | ABF asset | N/A |  | 04/2027 | 1269 | 1181 | 1211 |  |
| 9945038 | ABF asset | N/A |  | 04/2027 | 9386 | 8589 | 8742 |  |
| 9945092 | ABF asset | N/A |  | 04/2027 | 7737 | 7243 | 7288 |  |
| 9945117 | ABF asset | N/A |  | 04/2027 | 24896 | 23305 | 23686 |  |
| 9945170 | ABF asset | N/A |  | 04/2027 | 3729 | 3491 | 3529 |  |
| 9945197 | ABF asset | N/A |  | 04/2027 | 1769 | 1633 | 1680 |  |
| 9945200 | ABF asset | N/A |  | 04/2027 | 2948 | 2760 | 2806 |  |
| 9945205 | ABF asset | N/A |  | 04/2027 | 13577 | 12709 | 12901 |  |
| 9945263 | ABF asset | N/A |  | 04/2027 | 6987 | 6366 | 6534 |  |
| 9945293 | ABF asset | N/A |  | 04/2027 | 6092 | 5551 | 5698 |  |
| 9945314 | ABF asset | N/A |  | 04/2027 | 1893 | 1729 | 1805 |  |
| 9945320 | ABF asset | N/A |  | 04/2027 | 7113 | 6495 | 6350 |  |
| 9945334 | ABF asset | N/A |  | 04/2027 | 7179 | 6541 | 6823 |  |
| 9945351 | ABF asset | N/A |  | 04/2027 | 30141 | 28216 | 28595 |  |
| 9945538 | ABF asset | N/A |  | 04/2027 | 3263 | 3035 | 3086 |  |
| 9945546 | ABF asset | N/A |  | 04/2027 | 1005 | 920 | 950 |  |
| 9945550 | ABF asset | N/A |  | 04/2027 | 22848 | 21388 | 21584 |  |
| 9945663 | ABF asset | N/A |  | 04/2027 | 13938 | 13048 | 13262 |  |
| 9945721 | ABF asset | N/A |  | 04/2027 | 5666 | 5304 | 5362 |  |
| 9945730 | ABF asset | N/A |  | 04/2027 | 35942 | 33646 | 34138 |  |
| 9945840 | ABF asset | N/A |  | 04/2027 | 1209 | 1107 | 1140 |  |
| 9945843 | ABF asset | N/A |  | 04/2027 | 2790 | 2548 | 2660 |  |
| 9945848 | ABF asset | N/A |  | 04/2027 | 2171 | 2020 | 2054 |  |
| 9945863 | ABF asset | N/A |  | 04/2027 | 38960 | 36090 | 32984 |  |
| 9946000 | ABF asset | N/A |  | 04/2027 | 7424 | 6950 | 7054 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9946017 | ABF asset | N/A |  | 04/2027 | 54406 | 50931 | 51617 |  |
| 9946292 | ABF asset | N/A |  | 04/2027 | 15096 | 13815 | 14061 |  |
| 9946358 | ABF asset | N/A |  | 04/2027 | 42335 | 39216 | 39508 |  |
| 9946537 | ABF asset | N/A |  | 04/2027 | 672 | 622 | 634 |  |
| 9946543 | ABF asset | N/A |  | 04/2027 | 7889 | 7385 | 7196 |  |
| 9946595 | ABF asset | N/A |  | 04/2027 | 8962 | 8184 | 8460 |  |
| 9946634 | ABF asset | N/A |  | 04/2027 | 4015 | 3674 | 3739 |  |
| 9946674 | ABF asset | N/A |  | 04/2027 | 6817 | 6343 | 6299 |  |
| 9946694 | ABF asset | N/A |  | 04/2027 | 1763 | 1651 | 1676 |  |
| 9946710 | ABF asset | N/A |  | 04/2027 | 6580 | 6160 | 6252 |  |
| 9946751 | ABF asset | N/A |  | 04/2027 | 2675 | 2437 | 2501 |  |
| 9946765 | ABF asset | N/A |  | 04/2027 | 3084 | 2837 | 2782 |  |
| 9946792 | ABF asset | N/A |  | 04/2027 | 8135 | 7615 | 7420 |  |
| 9946862 | ABF asset | N/A |  | 04/2027 | 10302 | 9643 | 9781 |  |
| 9946929 | ABF asset | N/A |  | 04/2027 | 21368 | 19881 | 20340 |  |
| 9947183 | ABF asset | N/A |  | 04/2027 | 24351 | 22796 | 23045 |  |
| 9947537 | ABF asset | N/A |  | 04/2027 | 3563 | 3335 | 3385 |  |
| 9947577 | ABF asset | N/A |  | 04/2027 | 6243 | 5714 | 5900 |  |
| 9947665 | ABF asset | N/A |  | 04/2027 | 3255 | 3047 | 3093 |  |
| 9947700 | ABF asset | N/A |  | 04/2027 | 19938 | 18664 | 18834 |  |
| 9947802 | ABF asset | N/A |  | 04/2027 | 592 | 540 | 567 |  |
| 9947803 | ABF asset | N/A |  | 04/2027 | 1154 | 1051 | 1093 |  |
| 9947812 | ABF asset | N/A |  | 04/2027 | 3847 | 3601 | 3634 |  |
| 9947817 | ABF asset | N/A |  | 04/2027 | 57081 | 53434 | 54231 |  |
| 9948006 | ABF asset | N/A |  | 04/2027 | 714 | 651 | 671 |  |
| 9948009 | ABF asset | N/A |  | 04/2027 | 15284 | 14220 | 14549 |  |
| 9948110 | ABF asset | N/A |  | 04/2027 | 9722 | 9002 | 9054 |  |
| 9948171 | ABF asset | N/A |  | 04/2027 | 26204 | 23878 | 20629 |  |
| 9948267 | ABF asset | N/A |  | 04/2027 | 21884 | 20486 | 19960 |  |
| 9948393 | ABF asset | N/A |  | 04/2027 | 13958 | 13066 | 13253 |  |
| 9948493 | ABF asset | N/A |  | 04/2027 | 10893 | 10197 | 10307 |  |
| 9948551 | ABF asset | N/A |  | 04/2027 | 4236 | 3965 | 4033 |  |
| 9948583 | ABF asset | N/A |  | 04/2027 | 7341 | 6753 | 6868 |  |
| 9948620 | ABF asset | N/A |  | 04/2027 | 8639 | 8087 | 8160 |  |
| 9948655 | ABF asset | N/A |  | 04/2027 | 2181 | 2042 | 2072 |  |
| 9948674 | ABF asset | N/A |  | 04/2027 | 54387 | 50913 | 51598 |  |
| 9948889 | ABF asset | N/A |  | 04/2027 | 21428 | 20059 | 20398 |  |
| 9948999 | ABF asset | N/A |  | 04/2027 | 3044 | 2774 | 2745 |  |
| 9949015 | ABF asset | N/A |  | 04/2027 | 3015 | 2805 | 2857 |  |
| 9949020 | ABF asset | N/A |  | 04/2027 | 12145 | 11250 | 11390 |  |
| 9949081 | ABF asset | N/A |  | 04/2027 | 7647 | 7158 | 7224 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9949107 | ABF asset | N/A |  | 04/2027 | 7731 | 7193 | 7358 |  |
| 9949149 | ABF asset | N/A |  | 04/2027 | 3532 | 3261 | 3276 |  |
| 9949169 | ABF asset | N/A |  | 04/2027 | 4356 | 4077 | 4138 |  |
| 9949181 | ABF asset | N/A |  | 04/2027 | 4441 | 4112 | 4135 |  |
| 9949191 | ABF asset | N/A |  | 04/2027 | 24125 | 22583 | 22789 |  |
| 9949238 | ABF asset | N/A |  | 04/2027 | 13889 | 12777 | 12534 |  |
| 9949256 | ABF asset | N/A |  | 04/2027 | 709 | 657 | 655 |  |
| 9949259 | ABF asset | N/A |  | 04/2027 | 9984 | 9144 | 9412 |  |
| 9949321 | ABF asset | N/A |  | 04/2027 | 4918 | 4540 | 4600 |  |
| 9949353 | ABF asset | N/A |  | 04/2027 | 2442 | 2286 | 2323 |  |
| 9949363 | ABF asset | N/A |  | 04/2027 | 12656 | 11683 | 11836 |  |
| 9949416 | ABF asset | N/A |  | 04/2027 | 13867 | 12756 | 12901 |  |
| 9949491 | ABF asset | N/A |  | 04/2027 | 7868 | 7169 | 7392 |  |
| 9949534 | ABF asset | N/A |  | 04/2027 | 3403 | 3165 | 3144 |  |
| 9949574 | ABF asset | N/A |  | 04/2027 | 31081 | 29096 | 28350 |  |
| 9949661 | ABF asset | N/A |  | 04/2027 | 3990 | 3635 | 2911 |  |
| 9949667 | ABF asset | N/A |  | 04/2027 | 36303 | 33984 | 34434 |  |
| 9949802 | ABF asset | N/A |  | 04/2027 | 24013 | 22479 | 22803 |  |
| 9949908 | ABF asset | N/A |  | 04/2027 | 3170 | 2888 | 1588 |  |
| 9949916 | ABF asset | N/A |  | 04/2027 | 73212 | 68535 | 69552 |  |
| 9950310 | ABF asset | N/A |  | 04/2027 | 11790 | 10969 | 11149 |  |
| 9950341 | ABF asset | N/A |  | 04/2027 | 1945 | 1795 | 1837 |  |
| 9950350 | ABF asset | N/A |  | 04/2027 | 66802 | 62534 | 63430 |  |
| 9950693 | ABF asset | N/A |  | 04/2027 | 71096 | 66554 | 67635 |  |
| 9950892 | ABF asset | N/A |  | 04/2027 | 1476 | 1367 | 1374 |  |
| 9950896 | ABF asset | N/A |  | 04/2027 | 2027 | 1885 | 1872 |  |
| 9950899 | ABF asset | N/A |  | 04/2027 | 2260 | 2064 | 2105 |  |
| 9950906 | ABF asset | N/A |  | 04/2027 | 23527 | 21642 | 22229 |  |
| 9951063 | ABF asset | N/A |  | 04/2027 | 2205 | 2043 | 2058 |  |
| 9951075 | ABF asset | N/A |  | 04/2027 | 6228 | 5704 | 5552 |  |
| 9951091 | ABF asset | N/A |  | 04/2027 | 625 | 571 | 590 |  |
| 9951092 | ABF asset | N/A |  | 04/2027 | 1118 | 1024 | 1062 |  |
| 9951107 | ABF asset | N/A |  | 04/2027 | 8348 | 7733 | 7925 |  |
| 9951134 | ABF asset | N/A |  | 04/2027 | 5163 | 4832 | 4877 |  |
| 9951148 | ABF asset | N/A |  | 04/2027 | 4942 | 4598 | 4290 |  |
| 9951174 | ABF asset | N/A |  | 04/2027 | 3419 | 3181 | 3161 |  |
| 9951184 | ABF asset | N/A |  | 04/2027 | 13690 | 12815 | 12985 |  |
| 9951298 | ABF asset | N/A |  | 04/2027 | 1857 | 1696 | 1753 |  |
| 9951310 | ABF asset | N/A |  | 04/2027 | 29288 | 27249 | 27923 |  |
| 9951381 | ABF asset | N/A |  | 04/2027 | 25594 | 23959 | 24271 |  |
| 9951417 | ABF asset | N/A |  | 04/2027 | 8042 | 7528 | 7626 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9951427 | ABF asset | N/A |  | 04/2027 | 2530 | 2353 | 2383 |  |
| 9951435 | ABF asset | N/A |  | 04/2027 | 4967 | 4650 | 4716 |  |
| 9951455 | ABF asset | N/A |  | 04/2027 | 10358 | 9480 | 9492 |  |
| 9951477 | ABF asset | N/A |  | 04/2027 | 832 | 758 | 763 |  |
| 9951480 | ABF asset | N/A |  | 04/2027 | 611 | 566 | 590 |  |
| 9951483 | ABF asset | N/A |  | 04/2027 | 2782 | 2568 | 2580 |  |
| 9951490 | ABF asset | N/A |  | 04/2027 | 2769 | 2577 | 2619 |  |
| 9951500 | ABF asset | N/A |  | 04/2027 | 1442 | 1319 | 1362 |  |
| 9951506 | ABF asset | N/A |  | 04/2027 | 8577 | 7815 | 7893 |  |
| 9951530 | ABF asset | N/A |  | 04/2027 | 815 | 755 | 759 |  |
| 9951535 | ABF asset | N/A |  | 04/2027 | 4466 | 4181 | 4217 |  |
| 9951545 | ABF asset | N/A |  | 04/2027 | 6816 | 6225 | 6269 |  |
| 9951568 | ABF asset | N/A |  | 04/2027 | 2082 | 1898 | 1991 |  |
| 9951593 | ABF asset | N/A |  | 04/2027 | 19987 | 18252 | 14083 |  |
| 9951637 | ABF asset | N/A |  | 04/2027 | 13512 | 12517 | 12572 |  |
| 9951661 | ABF asset | N/A |  | 04/2027 | 1287 | 1173 | 1220 |  |
| 9951669 | ABF asset | N/A |  | 04/2027 | 4725 | 4306 | 4491 |  |
| 9951686 | ABF asset | N/A |  | 04/2027 | 21033 | 19690 | 19980 |  |
| 9951737 | ABF asset | N/A |  | 04/2027 | 4047 | 3688 | 3763 |  |
| 9951753 | ABF asset | N/A |  | 04/2027 | 708 | 647 | 663 |  |
| 9951754 | ABF asset | N/A |  | 04/2027 | 1116 | 1017 | 483 |  |
| 9951755 | ABF asset | N/A |  | 04/2027 | 31539 | 29114 | 29490 |  |
| 9951815 | ABF asset | N/A |  | 04/2027 | 7264 | 6758 | 6867 |  |
| 9951834 | ABF asset | N/A |  | 04/2027 | 1335 | 1223 | 1251 |  |
| 9951840 | ABF asset | N/A |  | 04/2027 | 11988 | 11222 | 11381 |  |
| 9951872 | ABF asset | N/A |  | 04/2027 | 1887 | 1747 | 1671 |  |
| 9951878 | ABF asset | N/A |  | 04/2027 | 3117 | 2886 | 3009 |  |
| 9951884 | ABF asset | N/A |  | 04/2027 | 10446 | 9518 | 9712 |  |
| 9951912 | ABF asset | N/A |  | 04/2027 | 3737 | 3499 | 3557 |  |
| 9951927 | ABF asset | N/A |  | 04/2027 | 2667 | 2481 | 2521 |  |
| 9951932 | ABF asset | N/A |  | 04/2027 | 27145 | 25411 | 25777 |  |
| 9951992 | ABF asset | N/A |  | 04/2027 | 964 | 880 | 828 |  |
| 9951994 | ABF asset | N/A |  | 04/2027 | 17903 | 16469 | 11025 |  |
| 9952035 | ABF asset | N/A |  | 04/2027 | 6970 | 6524 | 6582 |  |
| 9952053 | ABF asset | N/A |  | 04/2027 | 4572 | 4206 | 4206 |  |
| 9952062 | ABF asset | N/A |  | 04/2027 | 3532 | 3306 | 3355 |  |
| 9952071 | ABF asset | N/A |  | 04/2027 | 2332 | 2135 | 2078 |  |
| 9952081 | ABF asset | N/A |  | 04/2027 | 11582 | 10654 | 10448 |  |
| 9952108 | ABF asset | N/A |  | 04/2027 | 867 | 794 | 714 |  |
| 9952112 | ABF asset | N/A |  | 04/2027 | 12234 | 11452 | 11576 |  |
| 9952137 | ABF asset | N/A |  | 04/2027 | 15636 | 14548 | 14783 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9952170 | ABF asset | N/A |  | 04/2027 | 32181 | 29604 | 26303 |  |
| 9952242 | ABF asset | N/A |  | 04/2027 | 1922 | 1751 | 979 |  |
| 9952255 | ABF asset | N/A |  | 04/2027 | 3818 | 3552 | 3529 |  |
| 9952266 | ABF asset | N/A |  | 04/2027 | 3308 | 3027 | 3125 |  |
| 9952275 | ABF asset | N/A |  | 04/2027 | 5143 | 4686 | 4733 |  |
| 9952280 | ABF asset | N/A |  | 04/2027 | 9601 | 8988 | 9067 |  |
| 9952301 | ABF asset | N/A |  | 04/2027 | 2746 | 2542 | 2559 |  |
| 9954069 | ABF asset | N/A |  | 04/2027 | 1667 | 1539 | 1405 |  |
| 9954077 | ABF asset | N/A |  | 04/2027 | 9248 | 8657 | 8769 |  |
| 9954127 | ABF asset | N/A |  | 04/2027 | 2727 | 2496 | 2563 |  |
| 9954309 | ABF asset | N/A |  | 04/2027 | 3149 | 2907 | 3003 |  |
| 9954388 | ABF asset | N/A |  | 04/2027 | 1443 | 1343 | 1360 |  |
| 9954428 | ABF asset | N/A |  | 04/2027 | 5493 | 5142 | 5228 |  |
| 9954541 | ABF asset | N/A |  | 04/2027 | 24634 | 22819 | 20906 |  |
| 9954904 | ABF asset | N/A |  | 04/2027 | 984 | 902 | 812 |  |
| 9954919 | ABF asset | N/A |  | 04/2027 | 2859 | 2660 | 2703 |  |
| 9954974 | ABF asset | N/A |  | 04/2027 | 1354 | 1239 | 1284 |  |
| 9954999 | ABF asset | N/A |  | 04/2027 | 16278 | 15144 | 15499 |  |
| 9955374 | ABF asset | N/A |  | 04/2027 | 7419 | 6870 | 6999 |  |
| 9955475 | ABF asset | N/A |  | 04/2027 | 33282 | 30328 | 25425 |  |
| 9955690 | ABF asset | N/A |  | 04/2027 | 11302 | 10469 | 9591 |  |
| 9955762 | ABF asset | N/A |  | 04/2027 | 4681 | 4381 | 4451 |  |
| 9955800 | ABF asset | N/A |  | 04/2027 | 2258 | 2058 | 2089 |  |
| 9955805 | ABF asset | N/A |  | 04/2027 | 4964 | 4543 | 4547 |  |
| 9955821 | ABF asset | N/A |  | 04/2027 | 4305 | 3931 | 4065 |  |
| 9955869 | ABF asset | N/A |  | 04/2027 | 2372 | 2189 | 2251 |  |
| 9955887 | ABF asset | N/A |  | 04/2027 | 4644 | 4232 | 4416 |  |
| 9955947 | ABF asset | N/A |  | 04/2027 | 2016 | 1845 | 1878 |  |
| 9955956 | ABF asset | N/A |  | 04/2027 | 2290 | 2087 | 2130 |  |
| 9955986 | ABF asset | N/A |  | 04/2027 | 1762 | 1650 | 1674 |  |
| 9956004 | ABF asset | N/A |  | 04/2027 | 1910 | 1769 | 1791 |  |
| 9956027 | ABF asset | N/A |  | 04/2027 | 4470 | 4184 | 4080 |  |
| 9956056 | ABF asset | N/A |  | 04/2027 | 30119 | 27446 | 28305 |  |
| 9956328 | ABF asset | N/A |  | 04/2027 | 4458 | 4173 | 4234 |  |
| 9956372 | ABF asset | N/A |  | 04/2027 | 1532 | 1409 | 1466 |  |
| 9956409 | ABF asset | N/A |  | 04/2027 | 5271 | 4904 | 4984 |  |
| 9956457 | ABF asset | N/A |  | 04/2027 | 2274 | 2129 | 2163 |  |
| 9956473 | ABF asset | N/A |  | 04/2027 | 25451 | 23680 | 24061 |  |
| 9956682 | ABF asset | N/A |  | 04/2027 | 3562 | 3334 | 3377 |  |
| 9956702 | ABF asset | N/A |  | 04/2027 | 3212 | 2975 | 2988 |  |
| 9956716 | ABF asset | N/A |  | 04/2027 | 3522 | 3297 | 3353 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9956743 | ABF asset | N/A |  | 04/2027 | 4586 | 4293 | 4349 |  |
| 9956773 | ABF asset | N/A |  | 04/2027 | 74631 | 69863 | 70764 |  |
| 9957193 | ABF asset | N/A |  | 04/2027 | 3534 | 3288 | 3341 |  |
| 9957223 | ABF asset | N/A |  | 04/2027 | 40604 | 37596 | 16598 |  |
| 9957416 | ABF asset | N/A |  | 04/2027 | 12914 | 12089 | 12196 |  |
| 9957525 | ABF asset | N/A |  | 04/2027 | 10284 | 9372 | 9565 |  |
| 9957565 | ABF asset | N/A |  | 04/2027 | 5088 | 4637 | 3817 |  |
| 9957579 | ABF asset | N/A |  | 04/2027 | 3762 | 3461 | 3519 |  |
| 9957589 | ABF asset | N/A |  | 04/2027 | 37710 | 34690 | 35270 |  |
| 9957819 | ABF asset | N/A |  | 04/2027 | 16457 | 15311 | 15671 |  |
| 9957968 | ABF asset | N/A |  | 04/2027 | 2523 | 2308 | 2383 |  |
| 9957983 | ABF asset | N/A |  | 04/2027 | 5662 | 5300 | 5386 |  |
| 9958022 | ABF asset | N/A |  | 04/2027 | 1613 | 1473 | 1444 |  |
| 9958036 | ABF asset | N/A |  | 04/2027 | 5226 | 4892 | 4935 |  |
| 9958046 | ABF asset | N/A |  | 04/2027 | 18213 | 17050 | 17235 |  |
| 9958179 | ABF asset | N/A |  | 04/2027 | 75738 | 69015 | 70802 |  |
| 9958675 | ABF asset | N/A |  | 04/2027 | 3631 | 3362 | 3221 |  |
| 9958700 | ABF asset | N/A |  | 04/2027 | 12857 | 11766 | 12086 |  |
| 9958762 | ABF asset | N/A |  | 04/2027 | 11619 | 10689 | 10807 |  |
| 9958846 | ABF asset | N/A |  | 04/2027 | 3375 | 3076 | 3134 |  |
| 9958861 | ABF asset | N/A |  | 04/2027 | 5325 | 4985 | 5065 |  |
| 9958932 | ABF asset | N/A |  | 04/2027 | 21324 | 19840 | 20159 |  |
| 9959023 | ABF asset | N/A |  | 04/2027 | 1775 | 1632 | 1650 |  |
| 9959128 | ABF asset | N/A |  | 04/2027 | 38497 | 35536 | 36449 |  |
| 9959454 | ABF asset | N/A |  | 04/2027 | 5894 | 5460 | 5616 |  |
| 9959797 | ABF asset | N/A |  | 04/2027 | 6451 | 6040 | 6076 |  |
| 9959848 | ABF asset | N/A |  | 04/2027 | 1008 | 923 | 924 |  |
| 9959877 | ABF asset | N/A |  | 04/2027 | 8226 | 7567 | 7736 |  |
| 9959996 | ABF asset | N/A |  | 04/2027 | 1436 | 1329 | 597 |  |
| 9960000 | ABF asset | N/A |  | 04/2027 | 1272 | 1175 | 1195 |  |
| 9960120 | ABF asset | N/A |  | 04/2027 | 2743 | 2568 | 2611 |  |
| 9960167 | ABF asset | N/A |  | 04/2027 | 4407 | 4083 | 4200 |  |
| 9960278 | ABF asset | N/A |  | 04/2027 | 3618 | 3387 | 3434 |  |
| 9960339 | ABF asset | N/A |  | 04/2027 | 2336 | 2186 | 2214 |  |
| 9960364 | ABF asset | N/A |  | 04/2027 | 1036 | 959 | 675 |  |
| 9960369 | ABF asset | N/A |  | 04/2027 | 1285 | 1176 | 1219 |  |
| 9960378 | ABF asset | N/A |  | 04/2027 | 5612 | 5254 | 5321 |  |
| 9960410 | ABF asset | N/A |  | 04/2027 | 16569 | 15510 | 15707 |  |
| 9960540 | ABF asset | N/A |  | 04/2027 | 13221 | 12300 | 12327 |  |
| 9960637 | ABF asset | N/A |  | 04/2027 | 4752 | 4448 | 4496 |  |
| 9960681 | ABF asset | N/A |  | 04/2027 | 840 | 777 | 774 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9960686 | ABF asset | N/A |  | 04/2027 | 6595 | 6174 | 6252 |  |
| 9960709 | ABF asset | N/A |  | 04/2027 | 3704 | 3467 | 3512 |  |
| 9960727 | ABF asset | N/A |  | 04/2027 | 3772 | 3492 | 1567 |  |
| 9960744 | ABF asset | N/A |  | 04/2027 | 9087 | 8359 | 8498 |  |
| 9960835 | ABF asset | N/A |  | 04/2027 | 17783 | 16205 | 16452 |  |
| 9960941 | ABF asset | N/A |  | 04/2027 | 13988 | 12801 | 11145 |  |
| 9961030 | ABF asset | N/A |  | 04/2027 | 7411 | 6895 | 6453 |  |
| 9961049 | ABF asset | N/A |  | 04/2027 | 4907 | 4565 | 4647 |  |
| 9961101 | ABF asset | N/A |  | 04/2027 | 2889 | 2644 | 2646 |  |
| 9961110 | ABF asset | N/A |  | 04/2027 | 3038 | 2804 | 2876 |  |
| 9961122 | ABF asset | N/A |  | 04/2027 | 2835 | 2654 | 2682 |  |
| 9961134 | ABF asset | N/A |  | 04/2027 | 1617 | 1498 | 1054 |  |
| 9961138 | ABF asset | N/A |  | 04/2027 | 2966 | 2759 | 2742 |  |
| 9961156 | ABF asset | N/A |  | 04/2027 | 1516 | 1388 | 1458 |  |
| 9961181 | ABF asset | N/A |  | 04/2027 | 12768 | 11952 | 12080 |  |
| 9961229 | ABF asset | N/A |  | 04/2027 | 14003 | 13028 | 12946 |  |
| 9961262 | ABF asset | N/A |  | 04/2027 | 4463 | 4178 | 4247 |  |
| 9961307 | ABF asset | N/A |  | 04/2027 | 45210 | 42063 | 31038 |  |
| 9961485 | ABF asset | N/A |  | 04/2027 | 1971 | 1820 | 1843 |  |
| 9961496 | ABF asset | N/A |  | 04/2027 | 4112 | 3849 | 3898 |  |
| 9961517 | ABF asset | N/A |  | 04/2027 | 2673 | 2446 | 2535 |  |
| 9961536 | ABF asset | N/A |  | 04/2027 | 6699 | 6271 | 6361 |  |
| 9961613 | ABF asset | N/A |  | 04/2027 | 2083 | 1929 | 1943 |  |
| 9961622 | ABF asset | N/A |  | 04/2027 | 1141 | 1042 | 1049 |  |
| 9961624 | ABF asset | N/A |  | 04/2027 | 15272 | 14049 | 14363 |  |
| 9961704 | ABF asset | N/A |  | 04/2027 | 7050 | 6424 | 6558 |  |
| 9961723 | ABF asset | N/A |  | 04/2027 | 5488 | 5138 | 5210 |  |
| 9961763 | ABF asset | N/A |  | 04/2027 | 3960 | 3707 | 3754 |  |
| 9961765 | ABF asset | N/A |  | 04/2027 | 3245 | 2957 | 3002 |  |
| 9961779 | ABF asset | N/A |  | 04/2027 | 1730 | 1620 | 1629 |  |
| 9961790 | ABF asset | N/A |  | 04/2027 | 7055 | 6490 | 6370 |  |
| 9961832 | ABF asset | N/A |  | 04/2027 | 1447 | 1319 | 1332 |  |
| 9961840 | ABF asset | N/A |  | 04/2027 | 4008 | 3729 | 3788 |  |
| 9961849 | ABF asset | N/A |  | 04/2027 | 11212 | 10239 | 10046 |  |
| 9961921 | ABF asset | N/A |  | 04/2027 | 887 | 808 | 850 |  |
| 9961931 | ABF asset | N/A |  | 04/2027 | 3459 | 3218 | 3258 |  |
| 9961949 | ABF asset | N/A |  | 04/2027 | 21021 | 19155 | 19925 |  |
| 9962049 | ABF asset | N/A |  | 04/2027 | 25717 | 23434 | 13745 |  |
| 9962082 | ABF asset | N/A |  | 04/2027 | 9193 | 8606 | 8729 |  |
| 9962146 | ABF asset | N/A |  | 04/2027 | 13849 | 12685 | 11450 |  |
| 9962191 | ABF asset | N/A |  | 04/2027 | 4469 | 4089 | 4162 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9962207 | ABF asset | N/A |  | 04/2027 | 3691 | 3363 | 3388 |  |
| 9962232 | ABF asset | N/A |  | 04/2027 | 1612 | 1475 | 1510 |  |
| 9962242 | ABF asset | N/A |  | 04/2027 | 14059 | 12933 | 13269 |  |
| 9962319 | ABF asset | N/A |  | 04/2027 | 1912 | 1764 | 1814 |  |
| 9962338 | ABF asset | N/A |  | 04/2027 | 4180 | 3809 | 3679 |  |
| 9962350 | ABF asset | N/A |  | 04/2027 | 4513 | 4130 | 4263 |  |
| 9962371 | ABF asset | N/A |  | 04/2027 | 28236 | 26432 | 26659 |  |
| 9962520 | ABF asset | N/A |  | 04/2027 | 3793 | 3456 | 3614 |  |
| 9962587 | ABF asset | N/A |  | 04/2027 | 10408 | 9608 | 9830 |  |
| 9962651 | ABF asset | N/A |  | 04/2027 | 4324 | 3940 | 3190 |  |
| 9962669 | ABF asset | N/A |  | 04/2027 | 6297 | 5895 | 5970 |  |
| 9962722 | ABF asset | N/A |  | 04/2027 | 2122 | 1942 | 1891 |  |
| 9962736 | ABF asset | N/A |  | 04/2027 | 23253 | 21540 | 21798 |  |
| 9962788 | ABF asset | N/A |  | 04/2027 | 2820 | 2623 | 2688 |  |
| 9962807 | ABF asset | N/A |  | 04/2027 | 5541 | 5133 | 4707 |  |
| 9962828 | ABF asset | N/A |  | 04/2027 | 3621 | 3390 | 3437 |  |
| 9962829 | ABF asset | N/A |  | 04/2027 | 6524 | 6107 | 6194 |  |
| 9962838 | ABF asset | N/A |  | 04/2027 | 1936 | 1813 | 1841 |  |
| 9962842 | ABF asset | N/A |  | 04/2027 | 49745 | 46282 | 47016 |  |
| 9962968 | ABF asset | N/A |  | 04/2027 | 35575 | 32839 | 33767 |  |
| 9963050 | ABF asset | N/A |  | 04/2027 | 34550 | 32343 | 32797 |  |
| 9963114 | ABF asset | N/A |  | 04/2027 | 2573 | 2409 | 2350 |  |
| 9963117 | ABF asset | N/A |  | 04/2027 | 10511 | 9779 | 9150 |  |
| 9963141 | ABF asset | N/A |  | 04/2027 | 68781 | 64388 | 65207 |  |
| 9963412 | ABF asset | N/A |  | 04/2027 | 10979 | 10170 | 10101 |  |
| 9963442 | ABF asset | N/A |  | 04/2027 | 961 | 878 | 884 |  |
| 9963453 | ABF asset | N/A |  | 04/2027 | 3639 | 3370 | 2600 |  |
| 9963476 | ABF asset | N/A |  | 04/2027 | 1792 | 1648 | 1667 |  |
| 9963478 | ABF asset | N/A |  | 04/2027 | 1902 | 1733 | 1803 |  |
| 9963484 | ABF asset | N/A |  | 04/2027 | 16212 | 14836 | 15379 |  |
| 9963574 | ABF asset | N/A |  | 04/2027 | 10359 | 9563 | 6160 |  |
| 9963598 | ABF asset | N/A |  | 04/2027 | 3379 | 3085 | 3164 |  |
| 9963605 | ABF asset | N/A |  | 04/2027 | 20681 | 19091 | 17451 |  |
| 9963681 | ABF asset | N/A |  | 04/2027 | 8145 | 7438 | 7628 |  |
| 9963735 | ABF asset | N/A |  | 04/2027 | 800 | 731 | 762 |  |
| 9963747 | ABF asset | N/A |  | 04/2027 | 2731 | 2556 | 2593 |  |
| 9963758 | ABF asset | N/A |  | 04/2027 | 4668 | 4322 | 1940 |  |
| 9963770 | ABF asset | N/A |  | 04/2027 | 36921 | 34562 | 35119 |  |
| 9963916 | ABF asset | N/A |  | 04/2027 | 9778 | 9153 | 9270 |  |
| 9963974 | ABF asset | N/A |  | 04/2027 | 37604 | 35202 | 34334 |  |
| 9964154 | ABF asset | N/A |  | 04/2027 | 4013 | 3657 | 3771 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9964189 | ABF asset | N/A |  | 04/2027 | 4313 | 3947 | 4074 |  |
| 9964206 | ABF asset | N/A |  | 04/2027 | 9253 | 8571 | 8744 |  |
| 9964308 | ABF asset | N/A |  | 04/2027 | 6239 | 5841 | 5922 |  |
| 9964320 | ABF asset | N/A |  | 04/2027 | 1452 | 1351 | 1265 |  |
| 9964331 | ABF asset | N/A |  | 04/2027 | 3509 | 3197 | 2596 |  |
| 9964345 | ABF asset | N/A |  | 04/2027 | 57476 | 53804 | 54253 |  |
| 9964703 | ABF asset | N/A |  | 04/2027 | 6189 | 5793 | 5876 |  |
| 9964774 | ABF asset | N/A |  | 04/2027 | 27218 | 25479 | 25752 |  |
| 9965022 | ABF asset | N/A |  | 04/2027 | 1982 | 1836 | 1877 |  |
| 9965058 | ABF asset | N/A |  | 04/2027 | 19351 | 17633 | 18399 |  |
| 9965440 | ABF asset | N/A |  | 04/2027 | 19256 | 18026 | 18219 |  |
| 9965576 | ABF asset | N/A |  | 04/2027 | 14225 | 13316 | 12991 |  |
| 9965686 | ABF asset | N/A |  | 04/2027 | 6202 | 5806 | 5897 |  |
| 9965704 | ABF asset | N/A |  | 04/2027 | 37252 | 34658 | 35440 |  |
| 9965864 | ABF asset | N/A |  | 04/2027 | 1881 | 1760 | 1783 |  |
| 9965884 | ABF asset | N/A |  | 04/2027 | 12225 | 11285 | 11601 |  |
| 9965962 | ABF asset | N/A |  | 04/2027 | 5644 | 5252 | 5296 |  |
| 9965992 | ABF asset | N/A |  | 04/2027 | 3769 | 3467 | 3556 |  |
| 9966001 | ABF asset | N/A |  | 04/2027 | 10741 | 9788 | 10233 |  |
| 9966055 | ABF asset | N/A |  | 04/2027 | 5020 | 4699 | 4765 |  |
| 9966071 | ABF asset | N/A |  | 04/2027 | 62892 | 58514 | 59241 |  |
| 9966306 | ABF asset | N/A |  | 04/2027 | 1894 | 1754 | 1828 |  |
| 9966324 | ABF asset | N/A |  | 04/2027 | 8329 | 7716 | 7871 |  |
| 9966369 | ABF asset | N/A |  | 04/2027 | 3114 | 2865 | 2813 |  |
| 9966382 | ABF asset | N/A |  | 04/2027 | 3824 | 3485 | 3665 |  |
| 9966424 | ABF asset | N/A |  | 04/2027 | 18553 | 17368 | 17590 |  |
| 9966485 | ABF asset | N/A |  | 04/2027 | 2203 | 2062 | 2075 |  |
| 9966490 | ABF asset | N/A |  | 04/2027 | 71465 | 66900 | 67609 |  |
| 9966766 | ABF asset | N/A |  | 04/2027 | 1437 | 1330 | 1193 |  |
| 9966776 | ABF asset | N/A |  | 04/2027 | 17503 | 16158 | 15003 |  |
| 9966827 | ABF asset | N/A |  | 04/2027 | 27598 | 25835 | 26193 |  |
| 9966946 | ABF asset | N/A |  | 04/2027 | 40150 | 36776 | 37691 |  |
| 9967123 | ABF asset | N/A |  | 04/2027 | 6329 | 5925 | 6009 |  |
| 9967143 | ABF asset | N/A |  | 04/2027 | 9871 | 9033 | 7878 |  |
| 9967158 | ABF asset | N/A |  | 04/2027 | 11610 | 10755 | 11058 |  |
| 9967214 | ABF asset | N/A |  | 04/2027 | 717 | 654 | 664 |  |
| 9967222 | ABF asset | N/A |  | 04/2027 | 26528 | 24833 | 25185 |  |
| 9967351 | ABF asset | N/A |  | 04/2027 | 3039 | 2814 | 1988 |  |
| 9967371 | ABF asset | N/A |  | 04/2027 | 7937 | 7264 | 7269 |  |
| 9967403 | ABF asset | N/A |  | 04/2027 | 1657 | 1551 | 1573 |  |
| 9967411 | ABF asset | N/A |  | 04/2027 | 46895 | 42916 | 43936 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9967604 | ABF asset | N/A |  | 04/2027 | 2294 | 2124 | 2167 |  |
| 9967620 | ABF asset | N/A |  | 04/2027 | 266 | 243 | 249 |  |
| 9967621 | ABF asset | N/A |  | 04/2027 | 3279 | 2994 | 3071 |  |
| 9967639 | ABF asset | N/A |  | 04/2027 | 4577 | 4189 | 3653 |  |
| 9967659 | ABF asset | N/A |  | 04/2027 | 7354 | 6842 | 6801 |  |
| 9967670 | ABF asset | N/A |  | 04/2027 | 575 | 533 | 548 |  |
| 9967675 | ABF asset | N/A |  | 04/2027 | 14187 | 13199 | 13497 |  |
| 9967698 | ABF asset | N/A |  | 04/2027 | 5404 | 5059 | 5129 |  |
| 9967701 | ABF asset | N/A |  | 04/2027 | 93194 | 87240 | 88172 |  |
| 9967879 | ABF asset | N/A |  | 04/2027 | 12827 | 12008 | 11715 |  |
| 9967896 | ABF asset | N/A |  | 04/2027 | 3585 | 3309 | 3401 |  |
| 9967910 | ABF asset | N/A |  | 04/2027 | 76 | 70 | 74 |  |
| 9967919 | ABF asset | N/A |  | 04/2027 | 4583 | 4246 | 4299 |  |
| 9967923 | ABF asset | N/A |  | 04/2027 | 486 | 450 | 458 |  |
| 9967928 | ABF asset | N/A |  | 04/2027 | 13768 | 12753 | 12905 |  |
| 9967968 | ABF asset | N/A |  | 04/2027 | 6505 | 5928 | 5727 |  |
| 9968002 | ABF asset | N/A |  | 04/2027 | 15051 | 14003 | 14032 |  |
| 9968049 | ABF asset | N/A |  | 04/2027 | 4611 | 4316 | 4387 |  |
| 9968057 | ABF asset | N/A |  | 04/2027 | 3215 | 2991 | 3038 |  |
| 9968077 | ABF asset | N/A |  | 04/2027 | 5835 | 5429 | 5515 |  |
| 9968093 | ABF asset | N/A |  | 04/2027 | 1733 | 1622 | 1640 |  |
| 9968119 | ABF asset | N/A |  | 04/2027 | 884 | 805 | 847 |  |
| 9968124 | ABF asset | N/A |  | 04/2027 | 5296 | 4847 | 4850 |  |
| 9968139 | ABF asset | N/A |  | 04/2027 | 53958 | 50511 | 51234 |  |
| 9968390 | ABF asset | N/A |  | 04/2027 | 4583 | 4244 | 4367 |  |
| 9968408 | ABF asset | N/A |  | 04/2027 | 26920 | 24937 | 24762 |  |
| 9968504 | ABF asset | N/A |  | 04/2027 | 19339 | 17993 | 18275 |  |
| 9968590 | ABF asset | N/A |  | 04/2027 | 2494 | 2310 | 2298 |  |
| 9968599 | ABF asset | N/A |  | 04/2027 | 14950 | 13910 | 13825 |  |
| 9968619 | ABF asset | N/A |  | 04/2027 | 1555 | 1435 | 1460 |  |
| 9968620 | ABF asset | N/A |  | 04/2027 | 1993 | 1866 | 1820 |  |
| 9968627 | ABF asset | N/A |  | 04/2027 | 23342 | 21851 | 21320 |  |
| 9968694 | ABF asset | N/A |  | 04/2027 | 3343 | 3129 | 3173 |  |
| 9968697 | ABF asset | N/A |  | 04/2027 | 2249 | 2049 | 2149 |  |
| 9968706 | ABF asset | N/A |  | 04/2027 | 2063 | 1883 | 1779 |  |
| 9968722 | ABF asset | N/A |  | 04/2027 | 12817 | 11791 | 11983 |  |
| 9968754 | ABF asset | N/A |  | 04/2027 | 9812 | 8960 | 8462 |  |
| 9968779 | ABF asset | N/A |  | 04/2027 | 9600 | 8747 | 5481 |  |
| 9971637 | ABF asset | N/A |  | 04/2027 | 11161 | 10213 | 10216 |  |
| 9971699 | ABF asset | N/A |  | 04/2027 | 9086 | 8279 | 6974 |  |
| 9971752 | ABF asset | N/A |  | 04/2027 | 21382 | 20016 | 20259 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9971886 | ABF asset | N/A |  | 04/2027 | 1789 | 1674 | 1698 |  |
| 9971890 | ABF asset | N/A |  | 04/2027 | 4398 | 4007 | 4179 |  |
| 9971938 | ABF asset | N/A |  | 04/2027 | 16879 | 15801 | 16018 |  |
| 9972062 | ABF asset | N/A |  | 04/2027 | 4676 | 4351 | 4385 |  |
| 9972080 | ABF asset | N/A |  | 04/2027 | 7907 | 7205 | 7354 |  |
| 9972147 | ABF asset | N/A |  | 04/2027 | 16166 | 15133 | 15254 |  |
| 9972247 | ABF asset | N/A |  | 04/2027 | 22092 | 20217 | 20563 |  |
| 9972465 | ABF asset | N/A |  | 04/2027 | 6059 | 5521 | 5704 |  |
| 9972563 | ABF asset | N/A |  | 04/2027 | 7484 | 6932 | 6976 |  |
| 9972655 | ABF asset | N/A |  | 04/2027 | 12546 | 11541 | 11793 |  |
| 9972765 | ABF asset | N/A |  | 04/2027 | 1859 | 1740 | 1762 |  |
| 9972776 | ABF asset | N/A |  | 04/2027 | 758 | 691 | 724 |  |
| 9972786 | ABF asset | N/A |  | 04/2027 | 6266 | 5866 | 5938 |  |
| 9972857 | ABF asset | N/A |  | 04/2027 | 540 | 493 | 510 |  |
| 9972875 | ABF asset | N/A |  | 04/2027 | 4627 | 4257 | 4350 |  |
| 9972878 | ABF asset | N/A |  | 04/2027 | 3254 | 3046 | 3083 |  |
| 9972887 | ABF asset | N/A |  | 04/2027 | 3873 | 3588 | 3697 |  |
| 9972940 | ABF asset | N/A |  | 04/2027 | 887 | 831 | 842 |  |
| 9972959 | ABF asset | N/A |  | 04/2027 | 2013 | 1834 | 1862 |  |
| 9972966 | ABF asset | N/A |  | 04/2027 | 3701 | 3429 | 3402 |  |
| 9972986 | ABF asset | N/A |  | 04/2027 | 7293 | 6827 | 6910 |  |
| 9973035 | ABF asset | N/A |  | 04/2027 | 1849 | 1692 | 1721 |  |
| 9973039 | ABF asset | N/A |  | 04/2027 | 15796 | 14787 | 14989 |  |
| 9973170 | ABF asset | N/A |  | 04/2027 | 1448 | 1320 | 1344 |  |
| 9973213 | ABF asset | N/A |  | 04/2027 | 62083 | 58118 | 58712 |  |
| 9973545 | ABF asset | N/A |  | 04/2027 | 13033 | 12125 | 12333 |  |
| 9973650 | ABF asset | N/A |  | 04/2027 | 10290 | 9633 | 9750 |  |
| 9973666 | ABF asset | N/A |  | 04/2027 | 872 | 802 | 819 |  |
| 9973671 | ABF asset | N/A |  | 04/2027 | 2533 | 2330 | 2388 |  |
| 9973683 | ABF asset | N/A |  | 04/2027 | 34687 | 32471 | 32864 |  |
| 9973828 | ABF asset | N/A |  | 04/2027 | 981 | 896 | 925 |  |
| 9973839 | ABF asset | N/A |  | 04/2027 | 2232 | 2067 | 2154 |  |
| 9973857 | ABF asset | N/A |  | 04/2027 | 385 | 360 | 366 |  |
| 9973862 | ABF asset | N/A |  | 04/2027 | 7790 | 7166 | 7344 |  |
| 9973916 | ABF asset | N/A |  | 04/2027 | 3730 | 3455 | 3476 |  |
| 9973931 | ABF asset | N/A |  | 04/2027 | 13763 | 12884 | 13065 |  |
| 9973988 | ABF asset | N/A |  | 04/2027 | 23249 | 21536 | 22074 |  |
| 9974127 | ABF asset | N/A |  | 04/2027 | 18712 | 17273 | 15821 |  |
| 9974183 | ABF asset | N/A |  | 04/2027 | 21071 | 19725 | 20041 |  |
| 9974392 | ABF asset | N/A |  | 04/2027 | 18485 | 17304 | 17540 |  |
| 9974445 | ABF asset | N/A |  | 04/2027 | 9615 | 9001 | 9050 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9974513 | ABF asset | N/A |  | 04/2027 | 18983 | 17770 | 17952 |  |
| 9974606 | ABF asset | N/A |  | 04/2027 | 5215 | 4762 | 4857 |  |
| 9974630 | ABF asset | N/A |  | 04/2027 | 36732 | 34026 | 34417 |  |
| 9974843 | ABF asset | N/A |  | 04/2027 | 2206 | 2036 | 2060 |  |
| 9974853 | ABF asset | N/A |  | 04/2027 | 15567 | 14246 | 13864 |  |
| 9974892 | ABF asset | N/A |  | 04/2027 | 6826 | 6390 | 6478 |  |
| 9974937 | ABF asset | N/A |  | 04/2027 | 8136 | 7570 | 7095 |  |
| 9974971 | ABF asset | N/A |  | 04/2027 | 4775 | 4350 | 4502 |  |
| 9974997 | ABF asset | N/A |  | 04/2027 | 14901 | 13797 | 9784 |  |
| 9975051 | ABF asset | N/A |  | 04/2027 | 16858 | 15561 | 15632 |  |
| 9975071 | ABF asset | N/A |  | 04/2027 | 3994 | 3739 | 3785 |  |
| 9975077 | ABF asset | N/A |  | 04/2027 | 6435 | 5941 | 5441 |  |
| 9975096 | ABF asset | N/A |  | 04/2027 | 39767 | 36837 | 37065 |  |
| 9975219 | ABF asset | N/A |  | 04/2027 | 6682 | 6216 | 5827 |  |
| 9975244 | ABF asset | N/A |  | 04/2027 | 20221 | 18466 | 19250 |  |
| 9975316 | ABF asset | N/A |  | 04/2027 | 2205 | 2018 | 2065 |  |
| 9975319 | ABF asset | N/A |  | 04/2027 | 601 | 556 | 567 |  |
| 9975328 | ABF asset | N/A |  | 04/2027 | 27071 | 25187 | 25569 |  |
| 9975427 | ABF asset | N/A |  | 04/2027 | 586 | 542 | 547 |  |
| 9975431 | ABF asset | N/A |  | 04/2027 | 16124 | 14884 | 15364 |  |
| 9975507 | ABF asset | N/A |  | 04/2027 | 27267 | 25525 | 25866 |  |
| 9975620 | ABF asset | N/A |  | 04/2027 | 2278 | 2103 | 2161 |  |
| 9975626 | ABF asset | N/A |  | 04/2027 | 44497 | 41654 | 42229 |  |
| 9975836 | ABF asset | N/A |  | 04/2027 | 1937 | 1772 | 1835 |  |
| 9975841 | ABF asset | N/A |  | 04/2027 | 5709 | 5344 | 5415 |  |
| 9975878 | ABF asset | N/A |  | 04/2027 | 32895 | 30104 | 26242 |  |
| 9975972 | ABF asset | N/A |  | 04/2027 | 6192 | 5761 | 5831 |  |
| 9975996 | ABF asset | N/A |  | 04/2027 | 5624 | 5124 | 5219 |  |
| 9976016 | ABF asset | N/A |  | 04/2027 | 8978 | 8287 | 8516 |  |
| 9976050 | ABF asset | N/A |  | 04/2027 | 12894 | 11944 | 12202 |  |
| 9976117 | ABF asset | N/A |  | 04/2027 | 3432 | 3127 | 3206 |  |
| 9976125 | ABF asset | N/A |  | 04/2027 | 6735 | 6169 | 6249 |  |
| 9976148 | ABF asset | N/A |  | 04/2027 | 11073 | 10366 | 10492 |  |
| 9976175 | ABF asset | N/A |  | 04/2027 | 332 | 303 | 318 |  |
| 9976183 | ABF asset | N/A |  | 04/2027 | 4844 | 4535 | 4423 |  |
| 9976198 | ABF asset | N/A |  | 04/2027 | 460 | 425 | 438 |  |
| 9976204 | ABF asset | N/A |  | 04/2027 | 9801 | 9175 | 9286 |  |
| 9976229 | ABF asset | N/A |  | 04/2027 | 1122 | 1032 | 1048 |  |
| 9976245 | ABF asset | N/A |  | 04/2027 | 1282 | 1168 | 1215 |  |
| 9976267 | ABF asset | N/A |  | 04/2027 | 5979 | 5536 | 5698 |  |
| 9976296 | ABF asset | N/A |  | 04/2027 | 1866 | 1728 | 1813 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9976308 | ABF asset | N/A |  | 04/2027 | 13769 | 12890 | 13067 |  |
| 9976326 | ABF asset | N/A |  | 04/2027 | 57747 | 52848 | 53743 |  |
| 9976531 | ABF asset | N/A |  | 04/2027 | 1067 | 978 | 1002 |  |
| 9976532 | ABF asset | N/A |  | 04/2027 | 2719 | 2545 | 2571 |  |
| 9976557 | ABF asset | N/A |  | 04/2027 | 2819 | 2639 | 2671 |  |
| 9976580 | ABF asset | N/A |  | 04/2027 | 12362 | 11314 | 11505 |  |
| 9976651 | ABF asset | N/A |  | 04/2027 | 1614 | 1502 | 1525 |  |
| 9976662 | ABF asset | N/A |  | 04/2027 | 21680 | 19756 | 20604 |  |
| 9976773 | ABF asset | N/A |  | 04/2027 | 3181 | 2911 | 2538 |  |
| 9976788 | ABF asset | N/A |  | 04/2027 | 7290 | 6643 | 6331 |  |
| 9976811 | ABF asset | N/A |  | 04/2027 | 10765 | 10077 | 10181 |  |
| 9976900 | ABF asset | N/A |  | 04/2027 | 4068 | 3707 | 3735 |  |
| 9976924 | ABF asset | N/A |  | 04/2027 | 3573 | 3286 | 3338 |  |
| 9976958 | ABF asset | N/A |  | 04/2027 | 3195 | 2912 | 2894 |  |
| 9977000 | ABF asset | N/A |  | 04/2027 | 2344 | 2194 | 2223 |  |
| 9977007 | ABF asset | N/A |  | 04/2027 | 1673 | 1544 | 1587 |  |
| 9977017 | ABF asset | N/A |  | 04/2027 | 2828 | 2631 | 2662 |  |
| 9977035 | ABF asset | N/A |  | 04/2027 | 25890 | 23900 | 23824 |  |
| 9977162 | ABF asset | N/A |  | 04/2027 | 473 | 433 | 460 |  |
| 9977165 | ABF asset | N/A |  | 04/2027 | 9856 | 9170 | 9114 |  |
| 9977212 | ABF asset | N/A |  | 04/2027 | 6454 | 6005 | 6050 |  |
| 9977263 | ABF asset | N/A |  | 04/2027 | 1896 | 1743 | 1771 |  |
| 9977275 | ABF asset | N/A |  | 04/2027 | 1647 | 1542 | 1566 |  |
| 9977298 | ABF asset | N/A |  | 04/2027 | 11323 | 10535 | 10615 |  |
| 9977379 | ABF asset | N/A |  | 04/2027 | 2063 | 1904 | 1947 |  |
| 9977385 | ABF asset | N/A |  | 04/2027 | 4259 | 3987 | 4009 |  |
| 9977394 | ABF asset | N/A |  | 04/2027 | 5252 | 4831 | 4829 |  |
| 9977466 | ABF asset | N/A |  | 04/2027 | 1593 | 1452 | 1392 |  |
| 9977489 | ABF asset | N/A |  | 04/2027 | 39340 | 36827 | 35924 |  |
| 9977787 | ABF asset | N/A |  | 04/2027 | 2320 | 2135 | 2219 |  |
| 9977820 | ABF asset | N/A |  | 04/2027 | 5301 | 4962 | 5038 |  |
| 9977836 | ABF asset | N/A |  | 04/2027 | 5538 | 5046 | 5202 |  |
| 9977898 | ABF asset | N/A |  | 04/2027 | 3248 | 2988 | 3019 |  |
| 9977940 | ABF asset | N/A |  | 04/2027 | 25954 | 24042 | 24138 |  |
| 9978129 | ABF asset | N/A |  | 04/2027 | 9478 | 8872 | 8993 |  |
| 9978208 | ABF asset | N/A |  | 04/2027 | 914 | 856 | 867 |  |
| 9978222 | ABF asset | N/A |  | 04/2027 | 3027 | 2833 | 2867 |  |
| 9978245 | ABF asset | N/A |  | 04/2027 | 7330 | 6820 | 6901 |  |
| 9978259 | ABF asset | N/A |  | 04/2027 | 1108 | 1010 | 1050 |  |
| 9978263 | ABF asset | N/A |  | 04/2027 | 13236 | 12391 | 12488 |  |
| 9978286 | ABF asset | N/A |  | 04/2027 | 3955 | 3651 | 3751 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9978300 | ABF asset | N/A |  | 04/2027 | 54534 | 51050 | 51450 |  |
| 9978442 | ABF asset | N/A |  | 04/2027 | 18341 | 16872 | 16864 |  |
| 9978510 | ABF asset | N/A |  | 04/2027 | 2662 | 2457 | 2468 |  |
| 9978527 | ABF asset | N/A |  | 04/2027 | 4569 | 4277 | 4328 |  |
| 9978554 | ABF asset | N/A |  | 04/2027 | 9616 | 8800 | 8946 |  |
| 9978605 | ABF asset | N/A |  | 04/2027 | 2785 | 2562 | 2561 |  |
| 9978607 | ABF asset | N/A |  | 04/2027 | 2093 | 1960 | 1975 |  |
| 9978614 | ABF asset | N/A |  | 04/2027 | 8810 | 8197 | 8209 |  |
| 9978651 | ABF asset | N/A |  | 04/2027 | 6994 | 6373 | 6111 |  |
| 9978690 | ABF asset | N/A |  | 04/2027 | 3034 | 2840 | 2863 |  |
| 9978714 | ABF asset | N/A |  | 04/2027 | 29199 | 27334 | 27697 |  |
| 9978844 | ABF asset | N/A |  | 04/2027 | 7098 | 6645 | 6745 |  |
| 9978850 | ABF asset | N/A |  | 04/2027 | 14183 | 13277 | 13487 |  |
| 9978900 | ABF asset | N/A |  | 04/2027 | 13739 | 12862 | 12993 |  |
| 9978933 | ABF asset | N/A |  | 04/2027 | 2437 | 2282 | 2312 |  |
| 9978948 | ABF asset | N/A |  | 04/2027 | 2826 | 2608 | 2638 |  |
| 9978955 | ABF asset | N/A |  | 04/2027 | 27304 | 25403 | 23814 |  |
| 9979049 | ABF asset | N/A |  | 04/2027 | 7502 | 7023 | 7116 |  |
| 9979092 | ABF asset | N/A |  | 04/2027 | 6237 | 5757 | 5783 |  |
| 9979126 | ABF asset | N/A |  | 04/2027 | 4794 | 4368 | 4436 |  |
| 9979163 | ABF asset | N/A |  | 04/2027 | 11855 | 11098 | 10826 |  |
| 9979217 | ABF asset | N/A |  | 04/2027 | 1999 | 1822 | 1592 |  |
| 9979225 | ABF asset | N/A |  | 04/2027 | 6806 | 6371 | 6447 |  |
| 9979253 | ABF asset | N/A |  | 04/2027 | 4444 | 4160 | 4210 |  |
| 9979265 | ABF asset | N/A |  | 04/2027 | 7867 | 7263 | 7240 |  |
| 9979305 | ABF asset | N/A |  | 04/2027 | 7375 | 6904 | 7014 |  |
| 9979363 | ABF asset | N/A |  | 04/2027 | 5252 | 4806 | 4956 |  |
| 9979381 | ABF asset | N/A |  | 04/2027 | 35267 | 32812 | 30756 |  |
| 9979493 | ABF asset | N/A |  | 04/2027 | 11384 | 10591 | 10525 |  |
| 9979522 | ABF asset | N/A |  | 04/2027 | 11426 | 10695 | 10779 |  |
| 9979552 | ABF asset | N/A |  | 04/2027 | 7257 | 6698 | 6678 |  |
| 9979563 | ABF asset | N/A |  | 04/2027 | 1848 | 1706 | 1701 |  |
| 9979566 | ABF asset | N/A |  | 04/2027 | 10134 | 9235 | 9427 |  |
| 9979605 | ABF asset | N/A |  | 04/2027 | 39966 | 37413 | 37861 |  |
| 9979697 | ABF asset | N/A |  | 04/2027 | 16727 | 15308 | 15296 |  |
| 9979754 | ABF asset | N/A |  | 04/2027 | 2479 | 2259 | 2336 |  |
| 9979759 | ABF asset | N/A |  | 04/2027 | 8166 | 7441 | 7695 |  |
| 9979816 | ABF asset | N/A |  | 04/2027 | 43255 | 40244 | 40857 |  |
| 9979946 | ABF asset | N/A |  | 04/2027 | 7042 | 6552 | 6695 |  |
| 9979976 | ABF asset | N/A |  | 04/2027 | 11058 | 10352 | 10098 |  |
| 9980366 | ABF asset | N/A |  | 04/2027 | 3320 | 3038 | 3062 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9980379 | ABF asset | N/A |  | 04/2027 | 14403 | 13401 | 13316 |  |
| 9980411 | ABF asset | N/A |  | 04/2027 | 4529 | 4239 | 4296 |  |
| 9980448 | ABF asset | N/A |  | 04/2027 | 22581 | 20917 | 21156 |  |
| 9980525 | ABF asset | N/A |  | 04/2027 | 22334 | 20351 | 20958 |  |
| 9980649 | ABF asset | N/A |  | 04/2027 | 2192 | 2039 | 1911 |  |
| 9980663 | ABF asset | N/A |  | 04/2027 | 13204 | 12083 | 11761 |  |
| 9980715 | ABF asset | N/A |  | 04/2027 | 6885 | 6445 | 6522 |  |
| 9980759 | ABF asset | N/A |  | 04/2027 | 8827 | 8213 | 8161 |  |
| 9980802 | ABF asset | N/A |  | 04/2027 | 30320 | 28383 | 28722 |  |
| 9980926 | ABF asset | N/A |  | 04/2027 | 3509 | 3198 | 3279 |  |
| 9980938 | ABF asset | N/A |  | 04/2027 | 1179 | 1089 | 1085 |  |
| 9980939 | ABF asset | N/A |  | 04/2027 | 88234 | 82598 | 83438 |  |
| 9981234 | ABF asset | N/A |  | 04/2027 | 698 | 636 | 667 |  |
| 9981244 | ABF asset | N/A |  | 04/2027 | 2088 | 1912 | 1937 |  |
| 9981302 | ABF asset | N/A |  | 04/2027 | 36758 | 34199 | 34948 |  |
| 9981472 | ABF asset | N/A |  | 04/2027 | 21409 | 19593 | 20348 |  |
| 9981635 | ABF asset | N/A |  | 04/2027 | 8114 | 7410 | 7555 |  |
| 9981670 | ABF asset | N/A |  | 04/2027 | 10055 | 9413 | 9524 |  |
| 9981696 | ABF asset | N/A |  | 04/2027 | 556 | 507 | 311 |  |
| 9981698 | ABF asset | N/A |  | 04/2027 | 316 | 296 | 301 |  |
| 9981703 | ABF asset | N/A |  | 04/2027 | 2205 | 2064 | 2085 |  |
| 9981712 | ABF asset | N/A |  | 04/2027 | 17962 | 16814 | 17040 |  |
| 9981769 | ABF asset | N/A |  | 04/2027 | 4910 | 4532 | 4583 |  |
| 9981773 | ABF asset | N/A |  | 04/2027 | 11425 | 10411 | 10722 |  |
| 9981800 | ABF asset | N/A |  | 04/2027 | 10316 | 9441 | 9734 |  |
| 9981831 | ABF asset | N/A |  | 04/2027 | 1834 | 1717 | 1740 |  |
| 9981839 | ABF asset | N/A |  | 04/2027 | 3651 | 3418 | 3335 |  |
| 9981848 | ABF asset | N/A |  | 04/2027 | 1508 | 1380 | 1423 |  |
| 9981855 | ABF asset | N/A |  | 04/2027 | 11081 | 10229 | 10197 |  |
| 9981888 | ABF asset | N/A |  | 04/2027 | 1084 | 988 | 1035 |  |
| 9981894 | ABF asset | N/A |  | 04/2027 | 799 | 730 | 745 |  |
| 9981898 | ABF asset | N/A |  | 04/2027 | 3179 | 2976 | 3016 |  |
| 9981909 | ABF asset | N/A |  | 04/2027 | 496 | 459 | 443 |  |
| 9981912 | ABF asset | N/A |  | 04/2027 | 6310 | 5907 | 5978 |  |
| 9981929 | ABF asset | N/A |  | 04/2027 | 22820 | 21066 | 20998 |  |
| 9981982 | ABF asset | N/A |  | 04/2027 | 26576 | 24533 | 24809 |  |
| 9982065 | ABF asset | N/A |  | 04/2027 | 745 | 690 | 624 |  |
| 9982066 | ABF asset | N/A |  | 04/2027 | 824 | 754 | 774 |  |
| 9982069 | ABF asset | N/A |  | 04/2027 | 6621 | 6198 | 6271 |  |
| 9982087 | ABF asset | N/A |  | 04/2027 | 2498 | 2281 | 2160 |  |
| 9982093 | ABF asset | N/A |  | 04/2027 | 7631 | 6953 | 5867 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9982109 | ABF asset | N/A |  | 04/2027 | 2854 | 2672 | 2708 |  |
| 9982115 | ABF asset | N/A |  | 04/2027 | 13765 | 12662 | 12438 |  |
| 9982145 | ABF asset | N/A |  | 04/2027 | 17904 | 16657 | 16906 |  |
| 9982197 | ABF asset | N/A |  | 04/2027 | 2326 | 2177 | 2206 |  |
| 9982200 | ABF asset | N/A |  | 04/2027 | 1947 | 1774 | 1850 |  |
| 9982207 | ABF asset | N/A |  | 04/2027 | 6172 | 5777 | 5865 |  |
| 9982221 | ABF asset | N/A |  | 04/2027 | 890 | 815 | 836 |  |
| 9982224 | ABF asset | N/A |  | 04/2027 | 1629 | 1525 | 1545 |  |
| 9982231 | ABF asset | N/A |  | 04/2027 | 18734 | 17537 | 17716 |  |
| 9982278 | ABF asset | N/A |  | 04/2027 | 23121 | 21644 | 21985 |  |
| 9982362 | ABF asset | N/A |  | 04/2027 | 628 | 574 | 598 |  |
| 9982366 | ABF asset | N/A |  | 04/2027 | 1510 | 1398 | 1468 |  |
| 9982378 | ABF asset | N/A |  | 04/2027 | 6267 | 5803 | 6092 |  |
| 9982418 | ABF asset | N/A |  | 04/2027 | 4079 | 3717 | 3810 |  |
| 9982429 | ABF asset | N/A |  | 04/2027 | 5686 | 5231 | 3591 |  |
| 9982448 | ABF asset | N/A |  | 04/2027 | 3846 | 3520 | 3655 |  |
| 9982480 | ABF asset | N/A |  | 04/2027 | 2383 | 2207 | 2252 |  |
| 9982492 | ABF asset | N/A |  | 04/2027 | 10480 | 9751 | 9896 |  |
| 9982527 | ABF asset | N/A |  | 04/2027 | 26553 | 24596 | 25071 |  |
| 9982624 | ABF asset | N/A |  | 04/2027 | 2608 | 2442 | 2478 |  |
| 9982630 | ABF asset | N/A |  | 04/2027 | 9014 | 8386 | 8446 |  |
| 9982654 | ABF asset | N/A |  | 04/2027 | 1411 | 1293 | 1327 |  |
| 9982662 | ABF asset | N/A |  | 04/2027 | 10772 | 9815 | 9492 |  |
| 9982690 | ABF asset | N/A |  | 04/2027 | 13732 | 12567 | 12884 |  |
| 9982740 | ABF asset | N/A |  | 04/2027 | 5893 | 5517 | 5600 |  |
| 9982764 | ABF asset | N/A |  | 04/2027 | 3712 | 3475 | 3521 |  |
| 9982776 | ABF asset | N/A |  | 04/2027 | 7137 | 6640 | 6789 |  |
| 9982805 | ABF asset | N/A |  | 04/2027 | 1865 | 1746 | 1769 |  |
| 9982811 | ABF asset | N/A |  | 04/2027 | 5727 | 5328 | 5366 |  |
| 9982829 | ABF asset | N/A |  | 04/2027 | 5405 | 5060 | 5128 |  |
| 9982850 | ABF asset | N/A |  | 04/2027 | 33914 | 31306 | 31824 |  |
| 9982959 | ABF asset | N/A |  | 04/2027 | 33733 | 31384 | 29494 |  |
| 9983048 | ABF asset | N/A |  | 04/2027 | 2113 | 1925 | 2016 |  |
| 9983059 | ABF asset | N/A |  | 04/2027 | 3178 | 2956 | 2992 |  |
| 9983081 | ABF asset | N/A |  | 04/2027 | 1585 | 1475 | 1508 |  |
| 9983088 | ABF asset | N/A |  | 04/2027 | 4742 | 4362 | 3921 |  |
| 9983102 | ABF asset | N/A |  | 04/2027 | 2633 | 2449 | 2453 |  |
| 9983110 | ABF asset | N/A |  | 04/2027 | 18833 | 17522 | 17732 |  |
| 9983166 | ABF asset | N/A |  | 04/2027 | 5783 | 5413 | 5486 |  |
| 9983188 | ABF asset | N/A |  | 04/2027 | 15438 | 14452 | 14599 |  |
| 9983234 | ABF asset | N/A |  | 04/2027 | 5313 | 4921 | 4941 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9983245 | ABF asset | N/A |  | 04/2027 | 7967 | 7458 | 7546 |  |
| 9983262 | ABF asset | N/A |  | 04/2027 | 4919 | 4506 | 2335 |  |
| 9983273 | ABF asset | N/A |  | 04/2027 | 1808 | 1647 | 1673 |  |
| 9983279 | ABF asset | N/A |  | 04/2027 | 6485 | 6070 | 6142 |  |
| 9983305 | ABF asset | N/A |  | 04/2027 | 7878 | 7375 | 7450 |  |
| 9983326 | ABF asset | N/A |  | 04/2027 | 8055 | 7371 | 7432 |  |
| 9983363 | ABF asset | N/A |  | 04/2027 | 5329 | 4902 | 5051 |  |
| 9984302 | ABF asset | N/A |  | 04/2027 | 5557 | 5203 | 5280 |  |
| 9984324 | ABF asset | N/A |  | 04/2027 | 102 | 93 | 97 |  |
| 9984326 | ABF asset | N/A |  | 04/2027 | 3093 | 2818 | 2727 |  |
| 9984338 | ABF asset | N/A |  | 04/2027 | 1773 | 1641 | 1675 |  |
| 9984346 | ABF asset | N/A |  | 04/2027 | 6624 | 6115 | 5625 |  |
| 9984420 | ABF asset | N/A |  | 04/2027 | 2352 | 2201 | 2230 |  |
| 9984484 | ABF asset | N/A |  | 04/2027 | 14433 | 13369 | 13709 |  |
| 9984668 | ABF asset | N/A |  | 04/2027 | 11709 | 10961 | 11088 |  |
| 9984768 | ABF asset | N/A |  | 04/2027 | 6422 | 6012 | 6082 |  |
| 9984858 | ABF asset | N/A |  | 04/2027 | 3827 | 3487 | 2955 |  |
| 9984886 | ABF asset | N/A |  | 04/2027 | 12941 | 12114 | 12238 |  |
| 9985008 | ABF asset | N/A |  | 04/2027 | 2361 | 2152 | 2117 |  |
| 9985052 | ABF asset | N/A |  | 04/2027 | 22165 | 20749 | 21025 |  |
| 9985337 | ABF asset | N/A |  | 04/2027 | 3022 | 2754 | 2843 |  |
| 9985419 | ABF asset | N/A |  | 04/2027 | 6644 | 6220 | 6294 |  |
| 9985477 | ABF asset | N/A |  | 04/2027 | 6996 | 6549 | 6636 |  |
| 9985543 | ABF asset | N/A |  | 04/2027 | 7431 | 6859 | 6893 |  |
| 9985603 | ABF asset | N/A |  | 04/2027 | 3411 | 3149 | 3201 |  |
| 9985629 | ABF asset | N/A |  | 04/2027 | 1027 | 945 | 968 |  |
| 9985641 | ABF asset | N/A |  | 04/2027 | 2226 | 2037 | 2054 |  |
| 9985664 | ABF asset | N/A |  | 04/2027 | 3072 | 2876 | 2905 |  |
| 9985705 | ABF asset | N/A |  | 04/2027 | 6515 | 6032 | 6333 |  |
| 9985751 | ABF asset | N/A |  | 04/2027 | 3876 | 3606 | 3613 |  |
| 9985771 | ABF asset | N/A |  | 04/2027 | 25083 | 23481 | 23721 |  |
| 9985904 | ABF asset | N/A |  | 04/2027 | 4132 | 3827 | 3907 |  |
| 9985929 | ABF asset | N/A |  | 04/2027 | 2295 | 2125 | 2169 |  |
| 9985941 | ABF asset | N/A |  | 04/2027 | 6339 | 5898 | 6030 |  |
| 9985982 | ABF asset | N/A |  | 04/2027 | 1167 | 1063 | 1083 |  |
| 9985993 | ABF asset | N/A |  | 04/2027 | 14114 | 13212 | 13387 |  |
| 9986071 | ABF asset | N/A |  | 04/2027 | 2359 | 2185 | 2227 |  |
| 9986090 | ABF asset | N/A |  | 04/2027 | 5221 | 4888 | 4952 |  |
| 9986121 | ABF asset | N/A |  | 04/2027 | 1259 | 1166 | 1230 |  |
| 9986170 | ABF asset | N/A |  | 04/2027 | 3813 | 3508 | 3545 |  |
| 9986194 | ABF asset | N/A |  | 04/2027 | 10962 | 10032 | 10264 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9986282 | ABF asset | N/A |  | 04/2027 | 36063 | 33760 | 34206 |  |
| 9986517 | ABF asset | N/A |  | 04/2027 | 6862 | 6357 | 6429 |  |
| 9986542 | ABF asset | N/A |  | 04/2027 | 5048 | 4726 | 4796 |  |
| 9986595 | ABF asset | N/A |  | 04/2027 | 4027 | 3746 | 3801 |  |
| 9986625 | ABF asset | N/A |  | 04/2027 | 3634 | 3355 | 3410 |  |
| 9986655 | ABF asset | N/A |  | 04/2027 | 18785 | 17585 | 17765 |  |
| 9988026 | ABF asset | N/A |  | 04/2027 | 65759 | 61558 | 60117 |  |
| 9988267 | ABF asset | N/A |  | 04/2027 | 13682 | 12808 | 12986 |  |
| 9988359 | ABF asset | N/A |  | 04/2027 | 17309 | 15773 | 15264 |  |
| 9988435 | ABF asset | N/A |  | 04/2027 | 948 | 863 | 871 |  |
| 9988436 | ABF asset | N/A |  | 04/2027 | 1964 | 1838 | 1852 |  |
| 9988462 | ABF asset | N/A |  | 04/2027 | 7167 | 6709 | 6797 |  |
| 9988513 | ABF asset | N/A |  | 04/2027 | 6140 | 5747 | 5791 |  |
| 9988588 | ABF asset | N/A |  | 04/2027 | 68827 | 64430 | 65281 |  |
| 9988963 | ABF asset | N/A |  | 04/2027 | 12080 | 11308 | 11477 |  |
| 9989018 | ABF asset | N/A |  | 04/2027 | 11713 | 10719 | 10894 |  |
| 9989069 | ABF asset | N/A |  | 04/2027 | 3728 | 3412 | 3467 |  |
| 9989094 | ABF asset | N/A |  | 04/2027 | 42578 | 38965 | 26709 |  |
| 9989253 | ABF asset | N/A |  | 04/2027 | 6281 | 5880 | 5949 |  |
| 9989309 | ABF asset | N/A |  | 04/2027 | 9629 | 8812 | 9016 |  |
| 9989376 | ABF asset | N/A |  | 04/2027 | 24242 | 22694 | 23052 |  |
| 9989604 | ABF asset | N/A |  | 04/2027 | 4428 | 4088 | 3765 |  |
| 9989655 | ABF asset | N/A |  | 04/2027 | 28503 | 26683 | 26993 |  |
| 9989815 | ABF asset | N/A |  | 04/2027 | 2152 | 1986 | 2032 |  |
| 9989836 | ABF asset | N/A |  | 04/2027 | 2159 | 1967 | 1989 |  |
| 9989873 | ABF asset | N/A |  | 04/2027 | 3425 | 3162 | 3214 |  |
| 9989892 | ABF asset | N/A |  | 04/2027 | 5292 | 4954 | 4982 |  |
| 9989976 | ABF asset | N/A |  | 04/2027 | 4746 | 4366 | 4461 |  |
| 9990036 | ABF asset | N/A |  | 04/2027 | 5942 | 5466 | 5650 |  |
| 9990128 | ABF asset | N/A |  | 04/2027 | 544 | 504 | 529 |  |
| 9990150 | ABF asset | N/A |  | 04/2027 | 4294 | 4019 | 4066 |  |
| 9990170 | ABF asset | N/A |  | 04/2027 | 6343 | 5938 | 6006 |  |
| 9990238 | ABF asset | N/A |  | 04/2027 | 8369 | 7834 | 7956 |  |
| 9990334 | ABF asset | N/A |  | 04/2027 | 10926 | 10228 | 10360 |  |
| 9990410 | ABF asset | N/A |  | 04/2027 | 17737 | 16503 | 16741 |  |
| 9990620 | ABF asset | N/A |  | 04/2027 | 15265 | 14202 | 14305 |  |
| 9990871 | ABF asset | N/A |  | 04/2027 | 10586 | 9806 | 10008 |  |
| 9991055 | ABF asset | N/A |  | 04/2027 | 4219 | 3949 | 4008 |  |
| 9991103 | ABF asset | N/A |  | 04/2027 | 40453 | 37869 | 38154 |  |
| 9991328 | ABF asset | N/A |  | 04/2027 | 2924 | 2737 | 2758 |  |
| 9991385 | ABF asset | N/A |  | 04/2027 | 3192 | 2936 | 2650 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9991414 | ABF asset | N/A |  | 04/2027 | 1674 | 1525 | 1558 |  |
| 9991422 | ABF asset | N/A |  | 04/2027 | 13244 | 12120 | 11811 |  |
| 9991509 | ABF asset | N/A |  | 04/2027 | 8385 | 7849 | 7940 |  |
| 9991541 | ABF asset | N/A |  | 04/2027 | 13742 | 12785 | 12933 |  |
| 9991608 | ABF asset | N/A |  | 04/2027 | 2663 | 2426 | 2349 |  |
| 9991616 | ABF asset | N/A |  | 04/2027 | 32529 | 30265 | 30486 |  |
| 9991699 | ABF asset | N/A |  | 04/2027 | 821 | 760 | 776 |  |
| 9991701 | ABF asset | N/A |  | 04/2027 | 1443 | 1321 | 1321 |  |
| 9991710 | ABF asset | N/A |  | 04/2027 | 7981 | 7304 | 7472 |  |
| 9991739 | ABF asset | N/A |  | 04/2027 | 12376 | 11586 | 11720 |  |
| 9991788 | ABF asset | N/A |  | 04/2027 | 3073 | 2800 | 2689 |  |
| 9991793 | ABF asset | N/A |  | 04/2027 | 5161 | 4779 | 4980 |  |
| 9991832 | ABF asset | N/A |  | 04/2027 | 48473 | 45099 | 45431 |  |
| 9991999 | ABF asset | N/A |  | 04/2027 | 8813 | 8065 | 7107 |  |
| 9992006 | ABF asset | N/A |  | 04/2027 | 4434 | 4041 | 4135 |  |
| 9992016 | ABF asset | N/A |  | 04/2027 | 5773 | 5404 | 5459 |  |
| 9992030 | ABF asset | N/A |  | 04/2027 | 2714 | 2540 | 2578 |  |
| 9992042 | ABF asset | N/A |  | 04/2027 | 1313 | 1196 | 1249 |  |
| 9992051 | ABF asset | N/A |  | 04/2027 | 11824 | 11069 | 11153 |  |
| 9992100 | ABF asset | N/A |  | 04/2027 | 2451 | 2294 | 2328 |  |
| 9992103 | ABF asset | N/A |  | 04/2027 | 4670 | 4256 | 4302 |  |
| 9992112 | ABF asset | N/A |  | 04/2027 | 2292 | 2122 | 2211 |  |
| 9992119 | ABF asset | N/A |  | 04/2027 | 3634 | 3355 | 3090 |  |
| 9992174 | ABF asset | N/A |  | 04/2027 | 6249 | 5814 | 5911 |  |
| 9992235 | ABF asset | N/A |  | 04/2027 | 11633 | 10646 | 10975 |  |
| 9992368 | ABF asset | N/A |  | 04/2027 | 5974 | 5455 | 5684 |  |
| 9992462 | ABF asset | N/A |  | 04/2027 | 4034 | 3777 | 3826 |  |
| 9992542 | ABF asset | N/A |  | 04/2027 | 21014 | 19672 | 19221 |  |
| 9992929 | ABF asset | N/A |  | 04/2027 | 4229 | 3853 | 3950 |  |
| 9993152 | ABF asset | N/A |  | 04/2027 | 1633 | 1494 | 1032 |  |
| 9993211 | ABF asset | N/A |  | 04/2027 | 7440 | 6922 | 7002 |  |
| 9993325 | ABF asset | N/A |  | 04/2027 | 3246 | 3006 | 2729 |  |
| 9993341 | ABF asset | N/A |  | 04/2027 | 7458 | 6939 | 7019 |  |
| 9993369 | ABF asset | N/A |  | 04/2027 | 18100 | 16650 | 15029 |  |
| 9993433 | ABF asset | N/A |  | 04/2027 | 1250 | 1157 | 588 |  |
| 9993436 | ABF asset | N/A |  | 04/2027 | 20839 | 19029 | 12024 |  |
| 9993535 | ABF asset | N/A |  | 04/2027 | 1269 | 1157 | 1166 |  |
| 9993537 | ABF asset | N/A |  | 04/2027 | 2666 | 2496 | 2533 |  |
| 9993553 | ABF asset | N/A |  | 04/2027 | 4604 | 4250 | 4385 |  |
| 9993592 | ABF asset | N/A |  | 04/2027 | 2780 | 2533 | 1396 |  |
| 9993597 | ABF asset | N/A |  | 04/2027 | 12874 | 12051 | 12143 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9993640 | ABF asset | N/A |  | 04/2027 | 11941 | 11178 | 11345 |  |
| 9993670 | ABF asset | N/A |  | 04/2027 | 5364 | 5021 | 4905 |  |
| 9993689 | ABF asset | N/A |  | 04/2027 | 1948 | 1783 | 1798 |  |
| 9993705 | ABF asset | N/A |  | 04/2027 | 4173 | 3802 | 3682 |  |
| 9993731 | ABF asset | N/A |  | 04/2027 | 23609 | 21513 | 22206 |  |
| 9993834 | ABF asset | N/A |  | 04/2027 | 27094 | 25011 | 23039 |  |
| 9993958 | ABF asset | N/A |  | 04/2027 | 7085 | 6517 | 5839 |  |
| 9994000 | ABF asset | N/A |  | 04/2027 | 4203 | 3894 | 3997 |  |
| 9994041 | ABF asset | N/A |  | 04/2027 | 29535 | 27648 | 28015 |  |
| 9994141 | ABF asset | N/A |  | 04/2027 | 12976 | 11875 | 10465 |  |
| 9994208 | ABF asset | N/A |  | 04/2027 | 2220 | 2078 | 2109 |  |
| 9994211 | ABF asset | N/A |  | 04/2027 | 91533 | 85686 | 86337 |  |
| 9994460 | ABF asset | N/A |  | 04/2027 | 12585 | 11468 | 11805 |  |
| 9994477 | ABF asset | N/A |  | 04/2027 | 11604 | 10675 | 10672 |  |
| 9994525 | ABF asset | N/A |  | 04/2027 | 5107 | 4714 | 4700 |  |
| 9994542 | ABF asset | N/A |  | 04/2027 | 1794 | 1661 | 1696 |  |
| 9994559 | ABF asset | N/A |  | 04/2027 | 5346 | 5004 | 5063 |  |
| 9994581 | ABF asset | N/A |  | 04/2027 | 5719 | 5354 | 5417 |  |
| 9994624 | ABF asset | N/A |  | 04/2027 | 24190 | 22644 | 22998 |  |
| 9994712 | ABF asset | N/A |  | 04/2027 | 55639 | 51182 | 46195 |  |
| 9994786 | ABF asset | N/A |  | 04/2027 | 12179 | 11097 | 11356 |  |
| 9994798 | ABF asset | N/A |  | 04/2027 | 20217 | 18810 | 17714 |  |
| 9994838 | ABF asset | N/A |  | 04/2027 | 2077 | 1945 | 1975 |  |
| 9994850 | ABF asset | N/A |  | 04/2027 | 1008 | 920 | 945 |  |
| 9994861 | ABF asset | N/A |  | 04/2027 | 3059 | 2823 | 2887 |  |
| 9994869 | ABF asset | N/A |  | 04/2027 | 847 | 785 | 801 |  |
| 9994871 | ABF asset | N/A |  | 04/2027 | 53007 | 49621 | 50271 |  |
| 9995101 | ABF asset | N/A |  | 04/2027 | 4989 | 4670 | 4725 |  |
| 9995128 | ABF asset | N/A |  | 04/2027 | 28354 | 26174 | 26880 |  |
| 9995331 | ABF asset | N/A |  | 04/2027 | 52959 | 49576 | 48439 |  |
| 9995454 | ABF asset | N/A |  | 04/2027 | 2936 | 2719 | 2697 |  |
| 9995460 | ABF asset | N/A |  | 04/2027 | 2628 | 2405 | 2464 |  |
| 9995466 | ABF asset | N/A |  | 04/2027 | 12285 | 11242 | 11338 |  |
| 9995517 | ABF asset | N/A |  | 04/2027 | 25624 | 23736 | 24010 |  |
| 9995707 | ABF asset | N/A |  | 04/2027 | 13097 | 11935 | 12155 |  |
| 9995771 | ABF asset | N/A |  | 04/2027 | 45535 | 42365 | 42989 |  |
| 9995907 | ABF asset | N/A |  | 04/2027 | 14212 | 13303 | 13478 |  |
| 9995954 | ABF asset | N/A |  | 04/2027 | 7530 | 6976 | 7060 |  |
| 9996017 | ABF asset | N/A |  | 04/2027 | 1619 | 1507 | 1420 |  |
| 9996023 | ABF asset | N/A |  | 04/2027 | 6096 | 5579 | 5717 |  |
| 9996081 | ABF asset | N/A |  | 04/2027 | 4157 | 3837 | 3901 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9996141 | ABF asset | N/A |  | 04/2027 | 2763 | 2587 | 2621 |  |
| 9996157 | ABF asset | N/A |  | 04/2027 | 6058 | 5671 | 5747 |  |
| 9996191 | ABF asset | N/A |  | 04/2027 | 17930 | 16785 | 16880 |  |
| 9996266 | ABF asset | N/A |  | 04/2027 | 13242 | 12066 | 12159 |  |
| 9996360 | ABF asset | N/A |  | 04/2027 | 2188 | 2013 | 2060 |  |
| 9996379 | ABF asset | N/A |  | 04/2027 | 6571 | 6151 | 6223 |  |
| 9996440 | ABF asset | N/A |  | 04/2027 | 7208 | 6748 | 6849 |  |
| 9996540 | ABF asset | N/A |  | 04/2027 | 693 | 635 | 653 |  |
| 9996555 | ABF asset | N/A |  | 04/2027 | 18654 | 17463 | 17737 |  |
| 9996820 | ABF asset | N/A |  | 04/2027 | 30106 | 27791 | 28103 |  |
| 9997091 | ABF asset | N/A |  | 04/2027 | 4176 | 3821 | 3883 |  |
| 9997124 | ABF asset | N/A |  | 04/2027 | 2383 | 2217 | 2233 |  |
| 9997154 | ABF asset | N/A |  | 04/2027 | 4756 | 4452 | 4504 |  |
| 9997181 | ABF asset | N/A |  | 04/2027 | 1130 | 1030 | 1016 |  |
| 9997208 | ABF asset | N/A |  | 04/2027 | 5910 | 5533 | 5620 |  |
| 9997250 | ABF asset | N/A |  | 04/2027 | 6039 | 5594 | 5698 |  |
| 9997293 | ABF asset | N/A |  | 04/2027 | 19293 | 17656 | 18203 |  |
| 9997394 | ABF asset | N/A |  | 04/2027 | 9536 | 8927 | 8978 |  |
| 9997479 | ABF asset | N/A |  | 04/2027 | 2353 | 2203 | 2153 |  |
| 9997488 | ABF asset | N/A |  | 04/2027 | 673 | 617 | 650 |  |
| 9997495 | ABF asset | N/A |  | 04/2027 | 5220 | 4887 | 4945 |  |
| 9997528 | ABF asset | N/A |  | 04/2027 | 1461 | 1353 | 1382 |  |
| 9997530 | ABF asset | N/A |  | 04/2027 | 24413 | 22853 | 23121 |  |
| 9997643 | ABF asset | N/A |  | 04/2027 | 1565 | 1426 | 1489 |  |
| 9997659 | ABF asset | N/A |  | 04/2027 | 12790 | 11705 | 12068 |  |
| 9997723 | ABF asset | N/A |  | 04/2027 | 4103 | 3739 | 3899 |  |
| 9997739 | ABF asset | N/A |  | 04/2027 | 9705 | 9085 | 8879 |  |
| 9997749 | ABF asset | N/A |  | 04/2027 | 8463 | 7839 | 8035 |  |
| 9997781 | ABF asset | N/A |  | 04/2027 | 3214 | 2941 | 3010 |  |
| 9997812 | ABF asset | N/A |  | 04/2027 | 20481 | 19173 | 18737 |  |
| 9997863 | ABF asset | N/A |  | 04/2027 | 30285 | 28177 | 28387 |  |
| 9997940 | ABF asset | N/A |  | 04/2027 | 29841 | 27935 | 28304 |  |
| 9998089 | ABF asset | N/A |  | 04/2027 | 53087 | 48835 | 44179 |  |
| 9998371 | ABF asset | N/A |  | 04/2027 | 22627 | 21051 | 21403 |  |
| 9998483 | ABF asset | N/A |  | 04/2027 | 1319 | 1235 | 1253 |  |
| 9998493 | ABF asset | N/A |  | 04/2027 | 339 | 315 | 323 |  |
| 9998514 | ABF asset | N/A |  | 04/2027 | 2190 | 2050 | 2077 |  |
| 9998524 | ABF asset | N/A |  | 04/2027 | 1239 | 1148 | 1177 |  |
| 9998537 | ABF asset | N/A |  | 04/2027 | 921 | 840 | 855 |  |
| 9998539 | ABF asset | N/A |  | 04/2027 | 1806 | 1680 | 1709 |  |
| 9998548 | ABF asset | N/A |  | 04/2027 | 22416 | 20765 | 21014 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 9998621 | ABF asset | N/A |  | 04/2027 | 5726 | 5218 | 4874 |  |
| 9998640 | ABF asset | N/A |  | 04/2027 | 7638 | 7107 | 7226 |  |
| 9998672 | ABF asset | N/A |  | 04/2027 | 2194 | 2054 | 2070 |  |
| 9998677 | ABF asset | N/A |  | 04/2027 | 2772 | 2539 | 2311 |  |
| 9998690 | ABF asset | N/A |  | 04/2027 | 42301 | 39049 | 39491 |  |
| 9998794 | ABF asset | N/A |  | 04/2027 | 16767 | 15696 | 15904 |  |
| 9998848 | ABF asset | N/A |  | 04/2027 | 7416 | 6822 | 6929 |  |
| 9998873 | ABF asset | N/A |  | 04/2027 | 15810 | 14800 | 14996 |  |
| 9998955 | ABF asset | N/A |  | 04/2027 | 11240 | 10521 | 10282 |  |
| 9999040 | ABF asset | N/A |  | 04/2027 | 3913 | 3663 | 3712 |  |
| 9999055 | ABF asset | N/A |  | 04/2027 | 29501 | 27328 | 21502 |  |
| 9999130 | ABF asset | N/A |  | 04/2027 | 13135 | 12296 | 12480 |  |
| 9999155 | ABF asset | N/A |  | 04/2027 | 43634 | 40279 | 40944 |  |
| 9999274 | ABF asset | N/A |  | 04/2027 | 5752 | 5291 | 5456 |  |
| 9999300 | ABF asset | N/A |  | 04/2027 | 40500 | 37516 | 37228 |  |
| 9999444 | ABF asset | N/A |  | 04/2027 | 2804 | 2555 | 2655 |  |
| 9999450 | ABF asset | N/A |  | 04/2027 | 8010 | 7499 | 7598 |  |
| 9999469 | ABF asset | N/A |  | 04/2027 | 986 | 903 | 923 |  |
| 9999472 | ABF asset | N/A |  | 04/2027 | 26020 | 24358 | 23807 |  |
| 9999540 | ABF asset | N/A |  | 04/2027 | 4515 | 4182 | 4309 |  |
| 9999571 | ABF asset | N/A |  | 04/2027 | 2256 | 2089 | 2154 |  |
| 9999583 | ABF asset | N/A |  | 04/2027 | 6130 | 5703 | 5672 |  |
| 9999601 | ABF asset | N/A |  | 04/2027 | 2857 | 2637 | 2698 |  |
| 9999611 | ABF asset | N/A |  | 04/2027 | 26742 | 24880 | 25243 |  |
| 9999710 | ABF asset | N/A |  | 04/2027 | 6985 | 6538 | 6625 |  |
| 9999748 | ABF asset | N/A |  | 04/2027 | 2357 | 2184 | 2020 |  |
| 9999772 | ABF asset | N/A |  | 04/2027 | 6887 | 6289 | 6412 |  |
| 9999793 | ABF asset | N/A |  | 04/2027 | 1518 | 1406 | 1475 |  |
| 9999808 | ABF asset | N/A |  | 04/2027 | 6855 | 6378 | 6515 |  |
| 9999872 | ABF asset | N/A |  | 04/2027 | 3362 | 3079 | 2275 |  |
| 9999882 | ABF asset | N/A |  | 04/2027 | 3783 | 3447 | 2867 |  |
| 9999907 | ABF asset | N/A |  | 04/2027 | 16765 | 15599 | 15932 |  |
| 9999956 | ABF asset | N/A |  | 04/2027 | 7596 | 7111 | 7193 |  |
| 9999968 | ABF asset | N/A |  | 04/2027 | 67776 | 63447 | 64186 |  |
| OnDeck Asset Securitization IV, LLC 2025-2 Class D Note(16)(36) | Asset-backed security | N/A | 8.58% | 11/2032 | 11200000 | 11198507 | 11198481 |  |
|  |  |  |  |  |  | 109437227 | 109229536 | 8.8% |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| **Consumer - auto loans** | | | | | | | | |
| GLS Auto Receivables Issuer Trust 2025-1 Series Certificate(10)(16) | Asset-backed security | N/A |  | 03/2032 | 15043 | 9234925 | 10269442 |  |
| GLS Auto Receivables Issuer Trust 2025-2 Series Certificate(10)(16) | Asset-backed security | N/A |  | 06/2032 | 14996 | 14554452 | 14722227 |  |
| GLS Auto Receivables Issuer Trust 2025-3 Class E Series Note(16)(33)(34)(36) | Asset-backed security | N/A | 6.52% | 08/2032 | 17530000 | 17529469 | 17647260 |  |
| GLS Auto Receivables Issuer Trust 2025-3 Series Certificate(10)(16) | Asset-backed security | N/A |  | 03/2030 | 35683 | 24504248 | 24581568 |  |
| GLS Auto Receivables Issuer Trust 2025-4 Class E Series Note(16)(33)(34)(36) | Asset-backed security | N/A | 7.17% | 12/2032 | 18668000 | 18665229 | 18632810 |  |
| GLS Auto Receivables Issuer Trust 2025-4 Series Certificate(10)(16) | Asset-backed security | N/A |  | 12/2032 | 38475 | 27319404 | 27314074 |  |
|  |  |  |  |  |  | 111807727 | 113167381 | 9.1% |
| **Consumer - credit cards** |  |  |  |  |  |  |  |  |
| Continental Finance Company, LLC(7) | First lien senior secured loan | S+ | 8.00% | 03/2029 | 50000000 | 49797125 | 49625000 |  |
| Continental Finance Credit Card ABS Master Trust Series 2025-A Class E Note(16)(36) | Asset-backed security | N/A | 11.44% | 12/2035 | 8567000 | 8566769 | 8565385 |  |
| Continental Finance Credit Card ABS Master Trust Series 2025-A Class D Note(16)(36) | Asset-backed security | N/A | 8.36% | 12/2035 | 10081000 | 10078442 | 10078760 |  |
| Mission Lane Credit Card Master Trust(7)(33) | First lien senior secured revolving loan | S+ | 6.50% | 03/2030 | 2631579 | 2556086 | 2523204 |  |
|  |  |  |  |  |  | 70998422 | 70792349 | 5.7% |
| **Consumer - other** |  |  |  |  |  |  |  |  |
| ACHD Trust 2025-DS1 Class B Note(16)(36) | Asset-backed security | N/A | 9.38% | 01/2034 | 2500000 | 2499979 | 2499834 |  |
| ACHD Trust 2025-DS1 Class C Note(16)(36) | Asset-backed security | N/A | 11.33% | 01/2034 | 20500000 | 20499943 | 20500636 |  |
|  |  |  |  |  |  | 22999922 | 23000470 | 1.8% |
| **Consumer - personal loans** |  |  |  |  |  |  |  |  |
| CLP Issuer III, LLC(7) | First lien senior secured revolving loan | S+ | 6.50% | 05/2028 | 74531250 | 74069279 | 73782137 |  |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-P11 Class B Series Note(16)(36) | Asset-backed security | N/A | 6.78% | 09/2040 | 14218000 | 14240339 | 14270675 |  |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-P11 Series Certificate(10)(16) | Asset-backed security | N/A |  | 09/2040 | 1000000 | 30468590 | 30696251 |  |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-P14 Class B Series Note(16)(36) | Asset-backed security | N/A | 6.50% | 11/2040 | 8546000 | 8560090 | 8607584 |  |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-P14 Series Certificate(10)(16) | Asset-backed security | N/A |  | 11/2040 | 1000000 | 20516935 | 20548179 |  |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-P16 Class B Series Note(16)(36) | Asset-backed security | N/A | 6.51% | 01/2041 | 21332000 | 21354813 | 21347404 |  |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-P16 Series Certificate(10)(16) | Asset-backed security | N/A |  | 01/2041 | 1000000 | 56994117 | 57087583 |  |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-RP1 Class B Series Note(16)(36) | Asset-backed security | N/A | 6.73% | 02/2032 | 6215000 | 6238117 | 6390668 |  |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-RP1 Series Certificate(10)(16) | Asset-backed security | N/A |  | 03/2040 | 1000000 | 8660609 | 8194903 |  |
| Opportunity Funding SPE V, LLC(7)(33) | First lien senior secured revolving loan | S+ | 7.30% | 02/2029 | 48677632 | 48194833 | 48038149 |  |
| 41199074(36) | ABF asset | N/A | 14.56% | 08/2028 | 31818 | 32362 | 32838 |  |
| 41225832(36) | ABF asset | N/A | 13.61% | 08/2031 | 16619 | 16923 | 17635 |  |
| 41412932(36) | ABF asset | N/A | 12.45% | 08/2030 | 12792 | 13026 | 13317 |  |
| 42211445(36) | ABF asset | N/A | 17.08% | 08/2028 | 10305 | 10494 | 10607 |  |
| 42414426(36) | ABF asset | N/A | 14.31% | 08/2028 | 39949 | 40680 | 41025 |  |
| 42565941(36) | ABF asset | N/A | 14.67% | 08/2031 | 15078 | 15354 | 16123 |  |
| 42638393(36) | ABF asset | N/A | 10.90% | 08/2031 | 67200 | 68429 | 67925 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 42713883(36) | ABF asset | N/A | 11.43% | 08/2029 | 55982 | 57006 | 57379 |  |
| 42733742(36) | ABF asset | N/A | 6.29% | 08/2029 | 56384 | 57415 | 53938 |  |
| 42738901(36) | ABF asset | N/A | 6.71% | 08/2027 | 58136 | 59199 | 56789 |  |
| 42973292(36) | ABF asset | N/A | 14.60% | 08/2032 | 7776 | 7918 | 8323 |  |
| 42998372(36) | ABF asset | N/A | 18.18% | 08/2032 | 69995 | 71275 | 78376 |  |
| 42998951(36) | ABF asset | N/A | 14.95% | 08/2030 | 81095 | 82579 | 87528 |  |
| 43006149(36) | ABF asset | N/A | 12.46% | 08/2029 | 34348 | 34976 | 31701 |  |
| 43072320(36) | ABF asset | N/A | 15.58% | 08/2028 | 20942 | 21325 | 21669 |  |
| 43083165(36) | ABF asset | N/A | 9.45% | 08/2029 | 25127 | 25586 | 25127 |  |
| 43098617(36) | ABF asset | N/A | 6.46% | 08/2029 | 26860 | 27351 | 25795 |  |
| 43133512(36) | ABF asset | N/A | 11.39% | 08/2030 | 37077 | 37756 | 37056 |  |
| 43166489(36) | ABF asset | N/A | 6.44% | 08/2027 | 23581 | 24012 | 22742 |  |
| 43197602(36) | ABF asset | N/A | 14.44% | 08/2032 | 46648 | 47501 | 49792 |  |
| 43205906(36) | ABF asset | N/A | 6.93% | 08/2027 | 9252 | 9421 | 8948 |  |
| 43237629(36) | ABF asset | N/A | 17.04% | 08/2029 | 39488 | 40210 | 40461 |  |
| 43249931(36) | ABF asset | N/A | 15.10% | 08/2032 | 14588 | 14855 | 15758 |  |
| 43261792(36) | ABF asset | N/A | 10.76% | 08/2027 | 4240 | 4317 | 4219 |  |
| 43294637(36) | ABF asset | N/A | 12.54% | 08/2027 | 5952 | 6061 | 5960 |  |
| 43301256(36) | ABF asset | N/A | 14.46% | 08/2029 | 12113 | 12334 | 12410 |  |
| 43301589(36) | ABF asset | N/A | 14.58% | 08/2032 | 13608 | 13857 | 14267 |  |
| 43304060(36) | ABF asset | N/A | 8.36% | 08/2028 | 26962 | 27455 | 26690 |  |
| 43314413(36) | ABF asset | N/A | 11.16% | 08/2029 | 8976 | 9140 | 8810 |  |
| 43318348(36) | ABF asset | N/A | 11.69% | 08/2028 | 34406 | 35036 | 34141 |  |
| 43350871(36) | ABF asset | N/A | 8.11% | 08/2027 | 42221 | 42994 | 40988 |  |
| 43350872(36) | ABF asset | N/A | 16.48% | 08/2032 | 20454 | 20828 | 22188 |  |
| 43366778(36) | ABF asset | N/A | 14.43% | 08/2028 | 54543 | 55541 | 55678 |  |
| 43374235(36) | ABF asset | N/A | 8.99% | 08/2027 | 7610 | 7750 | 7563 |  |
| 43380109(36) | ABF asset | N/A | 8.45% | 08/2027 | 21967 | 22369 | 21746 |  |
| 43387352(36) | ABF asset | N/A | 21.36% | 08/2032 | 59284 | 60369 | 67549 |  |
| 43399301(36) | ABF asset | N/A | 13.67% | 08/2030 | 82929 | 84446 | 85873 |  |
| 43409330(36) | ABF asset | N/A | 10.18% | 08/2029 | 32598 | 33194 | 32866 |  |
| 43438778(36) | ABF asset | N/A | 7.83% | 08/2027 | 8441 | 8595 | 8177 |  |
| 43444702(36) | ABF asset | N/A | 14.30% | 08/2029 | 23196 | 23620 | 24207 |  |
| 43446955(36) | ABF asset | N/A | 13.55% | 08/2030 | 47398 | 48265 | 49821 |  |
| 43450907(36) | ABF asset | N/A | 20.56% | 08/2032 | 19560 | 19917 | 21231 |  |
| 43474257(36) | ABF asset | N/A | 9.90% | 08/2030 | 21746 | 22144 | 21617 |  |
| 43508955(36) | ABF asset | N/A | 11.39% | 08/2030 | 23740 | 24174 | 23731 |  |
| 43523572(36) | ABF asset | N/A | 11.62% | 08/2031 | 52847 | 53814 | 53553 |  |
| 43552037(36) | ABF asset | N/A | 13.65% | 08/2028 | 18161 | 18493 | 17846 |  |
| 43559253(36) | ABF asset | N/A | 5.96% | 08/2027 | 6732 | 6855 | 6548 |  |
| 43570123(36) | ABF asset | N/A | 9.68% | 08/2029 | 35366 | 36013 | 35443 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 43583810(36) | ABF asset | N/A | 15.48% | 08/2030 | 71603 | 72912 | 72083 |  |
| 43592313(36) | ABF asset | N/A | 11.90% | 08/2030 | 59831 | 60925 | 61343 |  |
| 43648408(36) | ABF asset | N/A | 13.69% | 08/2030 | 46674 | 47527 | 44553 |  |
| 43658972(36) | ABF asset | N/A | 10.43% | 08/2029 | 23292 | 23719 | 23590 |  |
| 43661663(36) | ABF asset | N/A | 15.98% | 08/2032 | 81471 | 82961 | 87692 |  |
| 43701073(36) | ABF asset | N/A | 12.27% | 08/2030 | 71329 | 72634 | 72354 |  |
| 43717384(36) | ABF asset | N/A | 11.45% | 08/2030 | 56981 | 58023 | 58144 |  |
| 43732450(36) | ABF asset | N/A | 13.85% | 08/2032 | 63872 | 65040 | 67179 |  |
| 43740107(36) | ABF asset | N/A | 6.11% | 09/2027 | 51133 | 52069 | 49244 |  |
| 43744130(36) | ABF asset | N/A | 13.45% | 08/2030 | 34267 | 34894 | 36042 |  |
| 43748141(36) | ABF asset | N/A | 20.19% | 08/2032 | 39106 | 39821 | 42117 |  |
| 43749544(36) | ABF asset | N/A | 13.16% | 08/2030 | 28556 | 29078 | 28430 |  |
| 43765611(36) | ABF asset | N/A | 15.07% | 08/2030 | 52482 | 53442 | 55668 |  |
| 43782852(36) | ABF asset | N/A | 15.32% | 08/2030 | 81058 | 82541 | 86267 |  |
| 43806572(36) | ABF asset | N/A | 14.85% | 08/2032 | 63198 | 64354 | 67969 |  |
| 43817736(36) | ABF asset | N/A | 5.77% | 08/2027 | 10095 | 10280 | 9785 |  |
| 43821403(36) | ABF asset | N/A | 13.16% | 08/2030 | 39026 | 39740 | 38757 |  |
| 43833874(36) | ABF asset | N/A | 8.55% | 08/2027 | 16183 | 16479 | 16015 |  |
| 43834583(36) | ABF asset | N/A | 19.05% | 08/2032 | 56659 | 57695 | 62592 |  |
| 43846530(36) | ABF asset | N/A | 8.99% | 08/2027 | 5595 | 5697 | 5559 |  |
| 43851812(36) | ABF asset | N/A | 8.56% | 08/2030 | 75466 | 76846 | 73588 |  |
| 43854483(36) | ABF asset | N/A | 8.99% | 08/2027 | 25368 | 25832 | 25205 |  |
| 43857530(36) | ABF asset | N/A | 13.80% | 08/2029 | 54296 | 55289 | 55660 |  |
| 43859570(36) | ABF asset | N/A | 16.74% | 08/2030 | 19125 | 19474 | 20105 |  |
| 43860877(36) | ABF asset | N/A | 11.21% | 08/2031 | 76830 | 78236 | 77313 |  |
| 43875828(36) | ABF asset | N/A | 10.26% | 08/2029 | 60554 | 61661 | 59459 |  |
| 43890679(36) | ABF asset | N/A | 19.86% | 08/2032 | 42325 | 43099 | 45743 |  |
| 43896451(36) | ABF asset | N/A | 8.04% | 08/2030 | 17958 | 18286 | 17049 |  |
| 43902498(36) | ABF asset | N/A | 13.41% | 08/2030 | 29279 | 29815 | 29176 |  |
| 43909313(36) | ABF asset | N/A | 20.56% | 08/2032 | 24450 | 24897 | 26571 |  |
| 43914604(36) | ABF asset | N/A | 15.77% | 08/2030 | 21699 | 22096 | 21899 |  |
| 43919833(36) | ABF asset | N/A | 13.09% | 08/2032 | 53367 | 54343 | 54420 |  |
| 43921686(36) | ABF asset | N/A | 11.77% | 08/2027 | 26187 | 26666 | 25701 |  |
| 43923946(36) | ABF asset | N/A | 11.06% | 08/2028 | 8363 | 8516 | 8245 |  |
| 43928610(36) | ABF asset | N/A | 14.42% | 08/2030 | 34323 | 34951 | 36015 |  |
| 43933969(36) | ABF asset | N/A | 12.18% | 08/2029 | 29057 | 29589 | 30122 |  |
| 43942365(36) | ABF asset | N/A | 9.68% | 08/2027 | 52484 | 53444 | 51740 |  |
| 43944648(36) | ABF asset | N/A | 11.27% | 08/2030 | 38928 | 39640 | 39564 |  |
| 43945088(36) | ABF asset | N/A | 11.86% | 08/2032 | 47535 | 48405 | 47367 |  |
| 43949249(36) | ABF asset | N/A | 15.33% | 08/2028 | 22756 | 23172 | 23468 |  |
| 43955590(36) | ABF asset | N/A | 23.81% | 08/2032 | 29424 | 29962 | 33812 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 43956588(36) | ABF asset | N/A | 9.96% | 08/2030 | 69191 | 70457 | 69070 |  |
| 43961021(36) | ABF asset | N/A | 14.30% | 08/2029 | 13997 | 14253 | 14529 |  |
| 43973865(36) | ABF asset | N/A | 15.68% | 08/2028 | 25859 | 26332 | 27348 |  |
| 43980150(36) | ABF asset | N/A | 8.74% | 08/2027 | 13524 | 13772 | 13379 |  |
| 43985502(36) | ABF asset | N/A | 14.16% | 08/2032 | 18920 | 19266 | 19660 |  |
| 43989733(36) | ABF asset | N/A | 14.91% | 08/2028 | 36387 | 37053 | 37330 |  |
| 43996728(36) | ABF asset | N/A | 10.69% | 08/2030 | 33116 | 33722 | 33397 |  |
| 43997954(36) | ABF asset | N/A | 13.78% | 08/2030 | 15131 | 15408 | 15184 |  |
| 44003739(36) | ABF asset | N/A | 14.39% | 08/2032 | 21379 | 21770 | 22336 |  |
| 44012644(36) | ABF asset | N/A | 10.77% | 08/2030 | 94963 | 96700 | 95826 |  |
| 44021982(36) | ABF asset | N/A | 16.51% | 08/2031 | 96661 | 98429 | 107891 |  |
| 44026252(36) | ABF asset | N/A | 11.48% | 08/2029 | 65317 | 66512 | 62325 |  |
| 44048846(36) | ABF asset | N/A | 11.26% | 08/2030 | 9494 | 9668 | 9486 |  |
| 44056929(36) | ABF asset | N/A | 6.46% | 08/2027 | 44216 | 45025 | 43143 |  |
| 44061534(36) | ABF asset | N/A | 9.55% | 08/2027 | 17773 | 18098 | 17445 |  |
| 44067774(36) | ABF asset | N/A | 13.98% | 08/2030 | 85759 | 87328 | 89388 |  |
| 44072244(36) | ABF asset | N/A | 12.98% | 08/2030 | 20936 | 21319 | 20262 |  |
| 44075463(36) | ABF asset | N/A | 8.51% | 08/2030 | 94579 | 96309 | 92127 |  |
| 44077721(36) | ABF asset | N/A | 12.76% | 08/2031 | 33679 | 34295 | 35186 |  |
| 44088285(36) | ABF asset | N/A | 5.51% | 08/2029 | 12023 | 12243 | 11371 |  |
| 44094459(36) | ABF asset | N/A | 9.55% | 08/2027 | 4795 | 4883 | 4702 |  |
| 44096693(36) | ABF asset | N/A | 11.45% | 08/2030 | 71226 | 72529 | 72697 |  |
| 44100325(36) | ABF asset | N/A | 16.15% | 08/2031 | 22943 | 23363 | 24682 |  |
| 44101095(36) | ABF asset | N/A | 10.70% | 08/2029 | 32621 | 33217 | 32172 |  |
| 44109019(36) | ABF asset | N/A | 8.78% | 08/2029 | 35319 | 35965 | 34978 |  |
| 44110635(36) | ABF asset | N/A | 16.75% | 08/2030 | 30599 | 31158 | 30588 |  |
| 44118341(36) | ABF asset | N/A | 16.98% | 08/2032 | 82834 | 84350 | 90824 |  |
| 44130483(36) | ABF asset | N/A | 10.70% | 08/2028 | 15370 | 15651 | 15253 |  |
| 44137317(36) | ABF asset | N/A | 13.33% | 08/2028 | (166) | (169) |  |  |
| 44139185(36) | ABF asset | N/A | 15.73% | 08/2030 | 9550 | 9725 | 9666 |  |
| 44139201(36) | ABF asset | N/A | 16.60% | 08/2032 | 51629 | 52573 | 57288 |  |
| 44143339(36) | ABF asset | N/A | 13.44% | 08/2029 | 60733 | 61844 | 59366 |  |
| 44146473(36) | ABF asset | N/A | 7.55% | 08/2027 | 25310 | 25773 | 24887 |  |
| 44148951(36) | ABF asset | N/A | 14.88% | 08/2030 | 19080 | 19429 | 19011 |  |
| 44158511(36) | ABF asset | N/A | 11.45% | 08/2030 | 17094 | 17407 | 17431 |  |
| 44161119(36) | ABF asset | N/A | 17.07% | 08/2030 | 29714 | 30258 | 32504 |  |
| 44163673(36) | ABF asset | N/A | 8.74% | 08/2027 | 35082 | 35724 | 34814 |  |
| 44164619(36) | ABF asset | N/A | 9.74% | 08/2028 | 85572 | 87137 | 85576 |  |
| 44172943(36) | ABF asset | N/A | 13.70% | 08/2030 | 28573 | 29096 | 30221 |  |
| 44175440(36) | ABF asset | N/A | 10.69% | 08/2030 | 15179 | 15457 | 15301 |  |
| 44181131(36) | ABF asset | N/A | 14.32% | 08/2030 | 22677 | 23092 | 23757 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 44182564(36) | ABF asset | N/A | 7.95% | 08/2029 | 74264 | 75623 | 72711 |  |
| 44184149(36) | ABF asset | N/A | 13.05% | 08/2030 | 23793 | 24228 | 24906 |  |
| 44185151(36) | ABF asset | N/A | 13.63% | 08/2031 | 45275 | 46104 | 47450 |  |
| 44187463(36) | ABF asset | N/A | 14.98% | 08/2032 | 82655 | 84167 | 87446 |  |
| 44188614(36) | ABF asset | N/A | 12.44% | 08/2029 | 28031 | 28544 | 29125 |  |
| 44198482(36) | ABF asset | N/A | 14.51% | 08/2031 | 17200 | 17515 | 18518 |  |
| 44198817(36) | ABF asset | N/A | 12.50% | 08/2031 | 33437 | 34048 | 34411 |  |
| 44201234(36) | ABF asset | N/A | 12.91% | 08/2030 | 8798 | 8959 | 9026 |  |
| 44202080(36) | ABF asset | N/A | 12.56% | 08/2032 | 38788 | 39497 | 39215 |  |
| 44211571(36) | ABF asset | N/A | 9.87% | 08/2030 | 20848 | 21229 | 19222 |  |
| 44214958(36) | ABF asset | N/A | 11.26% | 08/2032 | 67771 | 69010 | 68127 |  |
| 44215824(36) | ABF asset | N/A | 11.39% | 08/2030 | 14244 | 14505 | 14238 |  |
| 44217312(36) | ABF asset | N/A | 17.37% | 08/2032 | 26082 | 26559 | 26623 |  |
| 44218674(36) | ABF asset | N/A | 8.74% | 08/2027 | 8453 | 8607 | 8375 |  |
| 44229404(36) | ABF asset | N/A | 15.07% | 08/2030 | 34352 | 34980 | 36387 |  |
| 44230739(36) | ABF asset | N/A | 15.32% | 08/2029 | 18761 | 19104 | 18578 |  |
| 44233771(36) | ABF asset | N/A | 8.50% | 08/2030 | 9458 | 9631 | 9211 |  |
| 44238070(36) | ABF asset | N/A | 8.99% | 08/2027 | 22834 | 23251 | 22677 |  |
| 44241236(36) | ABF asset | N/A | 14.42% | 08/2030 | 42904 | 43689 | 44987 |  |
| 44243407(36) | ABF asset | N/A | 11.39% | 08/2030 | 80717 | 82193 | 80777 |  |
| 44245509(36) | ABF asset | N/A | 14.20% | 08/2030 | 17157 | 17471 | 18262 |  |
| 44247734(36) | ABF asset | N/A | 10.83% | 08/2027 | 4240 | 4318 | 4140 |  |
| 44250826(36) | ABF asset | N/A | 13.56% | 08/2028 | 49935 | 50849 | 51078 |  |
| 44252288(36) | ABF asset | N/A | 18.99% | 08/2030 | 58981 | 60060 | 63944 |  |
| 44258032(36) | ABF asset | N/A | 11.05% | 08/2029 | 26159 | 26638 | 25924 |  |
| 44259920(36) | ABF asset | N/A | 16.24% | 08/2030 | 28718 | 29244 | 29845 |  |
| 44267582(36) | ABF asset | N/A | 9.95% | 08/2030 | 36594 | 37264 | 36479 |  |
| 44269561(36) | ABF asset | N/A | 13.16% | 08/2030 | 14278 | 14539 | 14179 |  |
| 44270051(36) | ABF asset | N/A | 21.31% | 08/2030 | 57678 | 58733 | 61511 |  |
| 44270693(36) | ABF asset | N/A | 18.11% | 08/2032 | 33617 | 34232 | 36252 |  |
| 44276585(36) | ABF asset | N/A | 10.43% | 08/2029 | 93170 | 94874 | 94403 |  |
| 44277792(36) | ABF asset | N/A | 18.24% | 08/2030 | 77587 | 79006 | 83515 |  |
| 44278734(36) | ABF asset | N/A | 7.21% | 08/2027 | 33729 | 34346 | 33052 |  |
| 44283556(36) | ABF asset | N/A | 12.16% | 08/2030 | 76048 | 77439 | 77006 |  |
| 44285017(36) | ABF asset | N/A | 9.90% | 08/2030 | 40441 | 41181 | 40235 |  |
| 44289208(36) | ABF asset | N/A | 7.75% | 08/2028 | 43877 | 44680 | 43034 |  |
| 44291629(36) | ABF asset | N/A | 9.20% | 08/2030 | 48283 | 49166 | 47575 |  |
| 44292343(36) | ABF asset | N/A | 16.20% | 08/2032 | 27264 | 27763 | 30034 |  |
| 44295896(36) | ABF asset | N/A | 11.97% | 08/2029 | 42019 | 42787 | 41721 |  |
| 44297349(36) | ABF asset | N/A | 14.39% | 08/2032 | 30125 | 30676 | 31466 |  |
| 44304095(36) | ABF asset | N/A | 10.43% | 08/2029 | 23292 | 23719 | 23579 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 44304727(36) | ABF asset | N/A | 11.93% | 08/2029 | 23342 | 23769 | 24051 |  |
| 44304829(36) | ABF asset | N/A | 10.93% | 08/2028 | 21706 | 22103 | 22001 |  |
| 44306115(36) | ABF asset | N/A | 12.91% | 08/2030 | 57093 | 58137 | 56544 |  |
| 44313297(36) | ABF asset | N/A | 14.07% | 08/2031 | 8192 | 8342 | 8666 |  |
| 44317921(36) | ABF asset | N/A | 13.57% | 08/2030 | 21948 | 22349 | 22686 |  |
| 44320282(36) | ABF asset | N/A | 10.27% | 08/2030 | 42666 | 43447 | 42762 |  |
| 44321222(36) | ABF asset | N/A | 12.02% | 08/2030 | 80786 | 82263 | 81566 |  |
| 44324099(36) | ABF asset | N/A | 11.54% | 08/2030 | 18844 | 19189 | 18916 |  |
| 44324183(36) | ABF asset | N/A | 18.81% | 08/2029 | 23620 | 24052 | 24298 |  |
| 44328426(36) | ABF asset | N/A | 8.74% | 08/2027 | 6032 | 6143 | 5987 |  |
| 44341684(36) | ABF asset | N/A | 12.97% | 08/2030 | 53291 | 54266 | 51531 |  |
| 44346324(36) | ABF asset | N/A | 8.49% | 08/2027 | 40926 | 41675 | 40526 |  |
| 44355290(36) | ABF asset | N/A | 10.52% | 10/2030 | 98743 | 100549 | 99797 |  |
| 44360000(36) | ABF asset | N/A | 6.71% | 08/2027 | 11796 | 12011 | 11530 |  |
| 44370721(36) | ABF asset | N/A | 7.79% | 08/2030 | 65792 | 66996 | 62107 |  |
| 44375499(36) | ABF asset | N/A | 11.05% | 08/2029 | 6528 | 6647 | 6473 |  |
| 44375826(36) | ABF asset | N/A | 10.93% | 08/2028 | 40179 | 40914 | 40463 |  |
| 44377922(36) | ABF asset | N/A | 10.44% | 08/2030 | 20864 | 21246 | 20929 |  |
| 44378868(36) | ABF asset | N/A | 9.83% | 08/2028 | 31602 | 32180 | 31729 |  |
| 44380760(36) | ABF asset | N/A | 15.07% | 08/2030 | 13906 | 14160 | 14724 |  |
| 44385431(36) | ABF asset | N/A | 11.29% | 08/2028 | 74219 | 75577 | 75197 |  |
| 44386980(36) | ABF asset | N/A | 12.36% | 08/2031 | 43280 | 44072 | 44896 |  |
| 44387011(36) | ABF asset | N/A | 11.08% | 08/2028 | 40708 | 41452 | 41402 |  |
| 44388460(36) | ABF asset | N/A | 10.45% | 08/2029 | 18634 | 18975 | 18339 |  |
| 44388984(36) | ABF asset | N/A | 10.83% | 08/2028 | 18085 | 18416 | 18324 |  |
| 44389768(36) | ABF asset | N/A | 9.84% | 08/2030 | 79902 | 81363 | 77887 |  |
| 44391552(36) | ABF asset | N/A | 9.89% | 08/2028 | 17180 | 17494 | 16409 |  |
| 44396016(36) | ABF asset | N/A | 11.99% | 08/2032 | 15516 | 15800 | 15792 |  |
| 44402568(36) | ABF asset | N/A | 16.63% | 08/2029 | 14973 | 15247 | 15095 |  |
| 44405212(36) | ABF asset | N/A | 11.54% | 08/2029 | 18579 | 18919 | 18316 |  |
| 44406128(36) | ABF asset | N/A | 12.27% | 08/2030 | 23383 | 23811 | 22894 |  |
| 44406471(36) | ABF asset | N/A | 10.76% | 08/2030 | 51235 | 52172 | 50760 |  |
| 44407518(36) | ABF asset | N/A | 14.55% | 08/2031 | 39540 | 40263 | 41368 |  |
| 44410332(36) | ABF asset | N/A | 15.92% | 08/2032 | 19416 | 19771 | 20924 |  |
| 44410732(36) | ABF asset | N/A | 6.46% | 08/2027 | 32142 | 32730 | 31348 |  |
| 44415229(36) | ABF asset | N/A | 9.93% | 08/2029 | 66103 | 67312 | 66378 |  |
| 44415867(36) | ABF asset | N/A | 14.30% | 08/2031 | 22174 | 22580 | 23123 |  |
| 44418692(36) | ABF asset | N/A | 11.28% | 08/2027 | 8486 | 8642 | 8473 |  |
| 44423756(36) | ABF asset | N/A | 6.46% | 08/2027 | 41268 | 42023 | 40267 |  |
| 44425428(36) | ABF asset | N/A | 5.85% | 08/2027 | 33655 | 34271 | 32262 |  |
| 44427598(36) | ABF asset | N/A | 16.25% | 08/2027 | 17920 | 18248 | 18222 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 44428392(36) | ABF asset | N/A | 17.01% | 08/2031 | 26510 | 26995 | 29874 |  |
| 44429896(36) | ABF asset | N/A | 15.60% | 08/2032 | 15423 | 15705 | 16775 |  |
| 44431871(36) | ABF asset | N/A | 8.24% | 08/2031 | 63129 | 64283 | 60773 |  |
| 44432203(36) | ABF asset | N/A | 17.17% | 08/2030 | 39224 | 39942 | 40560 |  |
| 44435941(36) | ABF asset | N/A | 17.33% | 08/2032 | 34018 | 34640 | 37462 |  |
| 44436554(36) | ABF asset | N/A | 8.74% | 08/2027 | 84527 | 86073 | 83871 |  |
| 44437725(36) | ABF asset | N/A | 10.08% | 08/2028 | 47421 | 48289 | 47715 |  |
| 44441425(36) | ABF asset | N/A | 13.03% | 08/2030 | 13260 | 13502 | 13120 |  |
| 44442436(36) | ABF asset | N/A | 12.05% | 08/2027 | 34835 | 35473 | 34356 |  |
| 44442982(36) | ABF asset | N/A | 10.43% | 08/2027 | 2559 | 2606 | 2534 |  |
| 44449164(36) | ABF asset | N/A | 11.41% | 08/2030 | 28489 | 29010 | 28506 |  |
| 44451131(36) | ABF asset | N/A | 15.44% | 08/2031 | 26286 | 26767 | 27526 |  |
| 44455105(36) | ABF asset | N/A | 11.95% | 08/2030 | 38013 | 38708 | 39095 |  |
| 44457640(36) | ABF asset | N/A | 4.77% | 08/2027 | 18478 | 18816 | 17772 |  |
| 44458933(36) | ABF asset | N/A | 15.20% | 08/2030 | 89910 | 91555 | 97478 |  |
| 44461084(36) | ABF asset | N/A | 15.52% | 08/2030 | 62228 | 63367 | 62388 |  |
| 44462758(36) | ABF asset | N/A | 8.93% | 08/2029 | 25819 | 26291 | 25597 |  |
| 44463012(36) | ABF asset | N/A | 12.16% | 08/2030 | 20913 | 21296 | 21182 |  |
| 44464530(36) | ABF asset | N/A | 14.40% | 08/2032 | 14577 | 14843 | 14201 |  |
| 44466782(36) | ABF asset | N/A | 13.60% | 08/2029 | 26199 | 26679 | 25698 |  |
| 44467065(36) | ABF asset | N/A | 14.00% | 08/2028 | 6359 | 6476 | 6266 |  |
| 44472405(36) | ABF asset | N/A | 15.73% | 08/2030 | 24353 | 24798 | 24638 |  |
| 44473929(36) | ABF asset | N/A | 6.76% | 08/2028 | 18802 | 19146 | 18169 |  |
| 44474015(36) | ABF asset | N/A | 14.10% | 08/2032 | 56344 | 57375 | 59835 |  |
| 44481479(36) | ABF asset | N/A | 13.99% | 08/2030 | 64690 | 65873 | 65102 |  |
| 44487531(36) | ABF asset | N/A | 16.60% | 08/2032 | 63201 | 64357 | 17570 |  |
| 44488548(36) | ABF asset | N/A | 15.50% | 08/2032 | 48649 | 49539 | 50022 |  |
| 44491819(36) | ABF asset | N/A | 11.28% | 08/2027 | 59404 | 60491 | 59216 |  |
| 44496731(36) | ABF asset | N/A | 11.05% | 08/2031 | 33605 | 34220 | 34036 |  |
| 44499597(36) | ABF asset | N/A | 15.20% | 08/2032 | 56414 | 57446 | 61134 |  |
| 44502837(36) | ABF asset | N/A | 11.08% | 08/2030 | 19933 | 20298 | 19191 |  |
| 44503086(36) | ABF asset | N/A | 12.84% | 08/2030 | 28544 | 29066 | 27609 |  |
| 44503644(36) | ABF asset | N/A | 13.65% | 08/2030 | 8572 | 8729 | 8586 |  |
| 44506671(36) | ABF asset | N/A | 13.31% | 08/2032 | 85332 | 86892 | 89076 |  |
| 44508394(36) | ABF asset | N/A | 17.98% | 08/2032 | 40972 | 41722 | 45735 |  |
| 44509299(36) | ABF asset | N/A | 14.63% | 08/2032 | 45200 | 46026 | 45801 |  |
| 44510975(36) | ABF asset | N/A | 11.70% | 08/2030 | 9500 | 9674 | 9716 |  |
| 44515043(36) | ABF asset | N/A | 12.76% | 08/2031 | 23094 | 23517 | 24139 |  |
| 44518155(36) | ABF asset | N/A | 8.74% | 08/2027 | 12679 | 12911 | 12584 |  |
| 44525055(36) | ABF asset | N/A | 9.21% | 08/2027 | 47370 | 48237 | 45029 |  |
| 44525999(36) | ABF asset | N/A | 14.42% | 08/2032 | 34013 | 34635 | 36267 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 44529348(36) | ABF asset | N/A | 6.79% | 08/2028 | 37711 | 38400 | 36662 |  |
| 44532292(36) | ABF asset | N/A | 17.10% | 08/2028 | 10019 | 10203 | 10319 |  |
| 44533151(36) | ABF asset | N/A | 10.18% | 08/2029 | 23284 | 23710 | 22565 |  |
| 44536602(36) | ABF asset | N/A | 8.74% | 08/2027 | 6762 | 6886 | 6699 |  |
| 44541241(36) | ABF asset | N/A | 15.98% | 08/2032 | 48674 | 49565 | 50529 |  |
| 44551789(36) | ABF asset | N/A | 6.46% | 08/2029 | 37048 | 37726 | 35514 |  |
| 44552180(36) | ABF asset | N/A | 19.91% | 08/2032 | 63632 | 64796 | 68266 |  |
| 44556002(36) | ABF asset | N/A | 8.74% | 08/2027 | 6762 | 6886 | 6690 |  |
| 44558551(36) | ABF asset | N/A | 12.20% | 08/2030 | 19013 | 19361 | 19635 |  |
| 44559180(36) | ABF asset | N/A | 17.04% | 08/2029 | 15043 | 15318 | 15414 |  |
| 44560032(36) | ABF asset | N/A | 11.05% | 08/2029 | 27384 | 27885 | 27150 |  |
| 44561141(36) | ABF asset | N/A | 17.10% | 08/2032 | 16569 | 16872 | 17563 |  |
| 44561951(36) | ABF asset | N/A | 20.81% | 08/2032 | 44998 | 45821 | 49071 |  |
| 44562035(36) | ABF asset | N/A | 15.23% | 08/2032 | 72952 | 74286 | 77430 |  |
| 44565279(36) | ABF asset | N/A | 13.60% | 08/2032 | 58253 | 59319 | 61292 |  |
| 44566603(36) | ABF asset | N/A | 13.45% | 08/2030 | 94270 | 95994 | 99320 |  |
| 44571775(36) | ABF asset | N/A | 7.18% | 08/2027 | 12015 | 12235 | 11649 |  |
| 44571852(36) | ABF asset | N/A | 14.27% | 08/2029 | 28102 | 28616 | 27810 |  |
| 44579038(36) | ABF asset | N/A | 9.45% | 08/2030 | 94705 | 96438 | 93646 |  |
| 44585485(36) | ABF asset | N/A | 10.08% | 08/2032 | 24168 | 24610 | 23757 |  |
| 44587514(36) | ABF asset | N/A | 10.46% | 08/2032 | 60479 | 61585 | 58684 |  |
| 44592673(36) | ABF asset | N/A | 8.36% | 08/2028 | 35758 | 36412 | 35405 |  |
| 44595157(36) | ABF asset | N/A | 11.70% | 08/2030 | 95001 | 96739 | 97366 |  |
| 44596481(36) | ABF asset | N/A | 13.05% | 08/2030 | 71379 | 72685 | 74719 |  |
| 44597115(36) | ABF asset | N/A | 12.12% | 08/2031 | 47113 | 47974 | 48176 |  |
| 44597542(36) | ABF asset | N/A | 13.67% | 08/2029 | 33732 | 34349 | 33072 |  |
| 44598485(36) | ABF asset | N/A | 9.20% | 08/2030 | 66270 | 67483 | 65194 |  |
| 44600330(36) | ABF asset | N/A | 21.16% | 08/2032 | 24463 | 24911 | 26798 |  |
| 44601597(36) | ABF asset | N/A | 11.69% | 08/2028 | 11771 | 11986 | 11683 |  |
| 44601659(36) | ABF asset | N/A | 12.68% | 08/2027 | 29761 | 30305 | 30009 |  |
| 44602169(36) | ABF asset | N/A | 11.37% | 08/2030 | 8546 | 8703 | 8067 |  |
| 44604010(36) | ABF asset | N/A | 12.36% | 08/2029 | 42042 | 42811 | 41972 |  |
| 44604892(36) | ABF asset | N/A | 11.98% | 08/2029 | 78436 | 79871 | 78587 |  |
| 44611267(36) | ABF asset | N/A | 9.59% | 10/2030 | 83903 | 85438 | 81764 |  |
| 44612215(36) | ABF asset | N/A | 7.06% | 08/2030 | 40583 | 41325 | 38584 |  |
| 44618224(36) | ABF asset | N/A | 18.75% | 08/2032 | 63277 | 64434 | 66640 |  |
| 44619488(36) | ABF asset | N/A | 15.59% | 08/2030 | 33419 | 34030 | 34475 |  |
| 44619627(36) | ABF asset | N/A | 7.18% | 08/2027 | 1 | 1 | 1 |  |
| 44623042(36) | ABF asset | N/A | 14.68% | 08/2029 | 31778 | 32360 | 32663 |  |
| 44624335(36) | ABF asset | N/A | 11.41% | 08/2030 | 11292 | 11498 | 11321 |  |
| 44624749(36) | ABF asset | N/A | 10.84% | 08/2027 | 8341 | 8493 | 8385 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 44625323(36) | ABF asset | N/A | 10.77% | 08/2030 | 55643 | 56661 | 56279 |  |
| 44625390(36) | ABF asset | N/A | 13.05% | 08/2027 | 53714 | 54696 | 15880 |  |
| 44625947(36) | ABF asset | N/A | 9.24% | 08/2028 | 36084 | 36745 | 34887 |  |
| 44626324(36) | ABF asset | N/A | 6.76% | 08/2028 | 44934 | 45755 | 43668 |  |
| 44627031(36) | ABF asset | N/A | 11.77% | 08/2027 | 20386 | 20759 | 19926 |  |
| 44630004(36) | ABF asset | N/A | 10.77% | 08/2032 | 9676 | 9853 | 9152 |  |
| 44633015(36) | ABF asset | N/A | 5.87% | 08/2027 | 33657 | 34272 | 32661 |  |
| 44634097(36) | ABF asset | N/A | 16.09% | 08/2030 | 43069 | 43857 | 44719 |  |
| 44637698(36) | ABF asset | N/A | 10.33% | 08/2027 | 20337 | 20709 | 19816 |  |
| 44639538(36) | ABF asset | N/A | 13.26% | 08/2028 | 6353 | 6469 | 6289 |  |
| 44645708(36) | ABF asset | N/A | 6.96% | 08/2027 | 30881 | 31446 | 30386 |  |
| 44646733(36) | ABF asset | N/A | 10.81% | 08/2028 | 22606 | 23020 | 22241 |  |
| 44647149(36) | ABF asset | N/A | 8.50% | 08/2030 | 19861 | 20224 | 19308 |  |
| 44647581(36) | ABF asset | N/A | 15.45% | 08/2032 | 61403 | 62526 | 66676 |  |
| 44653177(36) | ABF asset | N/A | 13.96% | 08/2030 | 71464 | 72771 | 71969 |  |
| 44662867(36) | ABF asset | N/A | 8.95% | 08/2030 | 94642 | 96373 | 92635 |  |
| 44663189(36) | ABF asset | N/A | 11.78% | 08/2027 | 34088 | 34712 | 34016 |  |
| 44664541(36) | ABF asset | N/A | 17.14% | 08/2029 | 67840 | 69081 | 68539 |  |
| 44666091(36) | ABF asset | N/A | 11.73% | 08/2031 | 34319 | 34946 | 9239 |  |
| 44666270(36) | ABF asset | N/A | 13.27% | 08/2027 | 6385 | 6502 | 6359 |  |
| 44666536(36) | ABF asset | N/A | 13.33% | 08/2028 | 54457 | 55453 | 54921 |  |
| 44667438(36) | ABF asset | N/A | 10.77% | 08/2030 | 85392 | 86954 | 86225 |  |
| 44667607(36) | ABF asset | N/A | 9.33% | 08/2029 | 46510 | 47361 | 46425 |  |
| 44670196(36) | ABF asset | N/A | 10.30% | 08/2030 | 94818 | 96553 | 95011 |  |
| 44671216(36) | ABF asset | N/A | 16.87% | 08/2027 | 10324 | 10512 | 10412 |  |
| 44671798(36) | ABF asset | N/A | 6.71% | 08/2027 | 7285 | 7419 | 7125 |  |
| 44672116(36) | ABF asset | N/A | 16.24% | 08/2030 | 33446 | 34058 | 34895 |  |
| 44672778(36) | ABF asset | N/A | 16.10% | 08/2032 | 77889 | 79314 | 85665 |  |
| 44676014(36) | ABF asset | N/A | 14.08% | 08/2028 | 31801 | 32383 | 32345 |  |
| 44676659(36) | ABF asset | N/A | 15.35% | 08/2032 | 98645 | 100449 | 27154 |  |
| 44677834(36) | ABF asset | N/A | 11.53% | 08/2027 | 9339 | 9509 | 9328 |  |
| 44678653(36) | ABF asset | N/A | 8.50% | 08/2029 | 29492 | 30032 | 28216 |  |
| 44682537(36) | ABF asset | N/A | 13.69% | 08/2032 | 32502 | 33096 | 34215 |  |
| 44685669(36) | ABF asset | N/A | 20.98% | 08/2032 | 35425 | 36073 | 42388 |  |
| 44685890(36) | ABF asset | N/A | 7.86% | 08/2028 | 34208 | 34834 | 33566 |  |
| 44687997(36) | ABF asset | N/A | 14.10% | 08/2032 | 97145 | 98922 | 102997 |  |
| 44689470(36) | ABF asset | N/A | 11.17% | 08/2031 | 59436 | 60523 | 59752 |  |
| 44692264(36) | ABF asset | N/A | 11.53% | 09/2030 | 38669 | 39376 | 37657 |  |
| 44694951(36) | ABF asset | N/A | 5.65% | 08/2027 | 58878 | 59955 | 56528 |  |
| 44695160(36) | ABF asset | N/A | 10.66% | 08/2030 | 46484 | 47335 | 46856 |  |
| 44696334(36) | ABF asset | N/A | 20.06% | 08/2029 | 83877 | 85411 | 87889 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 44697189(36) | ABF asset | N/A | 21.87% | 08/2030 | 48095 | 48974 | 50159 |  |
| 44698253(36) | ABF asset | N/A | 14.74% | 08/2030 | 23845 | 24281 | 24287 |  |
| 44698542(36) | ABF asset | N/A | 8.45% | 08/2027 | 16811 | 17119 | 16441 |  |
| 44701186(36) | ABF asset | N/A | 12.95% | 08/2030 | 42822 | 43605 | 44776 |  |
| 44702683(36) | ABF asset | N/A | 11.77% | 08/2030 | 71257 | 72561 | 71661 |  |
| 44703778(36) | ABF asset | N/A | 11.93% | 08/2029 | 10827 | 11025 | 11187 |  |
| 44706788(36) | ABF asset | N/A | 13.62% | 08/2028 | 4512 | 4595 | 4458 |  |
| 44706827(36) | ABF asset | N/A | 15.73% | 08/2032 | 10705 | 10901 | 11454 |  |
| 44706840(36) | ABF asset | N/A | 9.88% | 08/2027 | 6750 | 6873 | 6665 |  |
| 44706933(36) | ABF asset | N/A | 19.91% | 08/2032 | 40840 | 41587 | 43829 |  |
| 44707149(36) | ABF asset | N/A | 19.81% | 08/2029 | 28383 | 28903 | 29568 |  |
| 44707345(36) | ABF asset | N/A | 5.62% | 08/2028 | 13456 | 13702 | 12913 |  |
| 44707684(36) | ABF asset | N/A | 15.08% | 08/2028 | 18198 | 18531 | 18732 |  |
| 44710031(36) | ABF asset | N/A | 8.74% | 08/2027 | 14267 | 14528 | 14141 |  |
| 44712633(36) | ABF asset | N/A | 20.54% | 08/2032 | 16571 | 16874 | 18012 |  |
| 44713209(36) | ABF asset | N/A | 8.49% | 08/2027 | 4225 | 4302 | 4183 |  |
| 44715876(36) | ABF asset | N/A | 19.09% | 08/2028 | 6890 | 7016 | 7140 |  |
| 44715911(36) | ABF asset | N/A | 11.90% | 08/2032 | 19378 | 19733 | 17972 |  |
| 44721779(36) | ABF asset | N/A | 13.51% | 08/2028 | 15433 | 15716 | 15325 |  |
| 44724048(36) | ABF asset | N/A | 5.55% | 08/2027 | 8410 | 8564 | 7996 |  |
| 44725410(36) | ABF asset | N/A | 15.13% | 08/2032 | 79751 | 81210 | 84394 |  |
| 44731811(36) | ABF asset | N/A | 16.54% | 08/2029 | 10570 | 10764 | 10765 |  |
| 44731892(36) | ABF asset | N/A | 14.17% | 08/2030 | 43843 | 44645 | 45793 |  |
| 44733959(36) | ABF asset | N/A | 12.73% | 08/2032 | 35886 | 36542 | 37028 |  |
| 44734597(36) | ABF asset | N/A | 10.21% | 08/2030 | 55500 | 56516 | 55774 |  |
| 44734763(36) | ABF asset | N/A | 11.78% | 08/2027 | 9342 | 9513 | 9363 |  |
| 44737125(36) | ABF asset | N/A | 8.75% | 08/2030 | 24599 | 25049 | 24048 |  |
| 44738154(36) | ABF asset | N/A | 18.40% | 08/2032 | 29278 | 29814 | 30677 |  |
| 44738266(36) | ABF asset | N/A | 9.65% | 08/2030 | 34166 | 34791 | 33798 |  |
| 44739160(36) | ABF asset | N/A | 15.40% | 08/2032 | 47828 | 48703 | 47522 |  |
| 44743557(36) | ABF asset | N/A | 11.17% | 08/2031 | 5762 | 5867 | 5798 |  |
| 44745335(36) | ABF asset | N/A | 6.69% | 08/2027 | 47181 | 48044 | 45421 |  |
| 44745842(36) | ABF asset | N/A | 6.93% | 08/2027 | 20228 | 20598 | 19568 |  |
| 44747426(36) | ABF asset | N/A | 8.74% | 08/2027 | 4192 | 4269 | 4169 |  |
| 44747964(36) | ABF asset | N/A | 10.20% | 08/2031 | 79888 | 81349 | 79746 |  |
| 44748086(36) | ABF asset | N/A | 14.10% | 08/2032 | 15546 | 15830 | 16494 |  |
| 44749781(36) | ABF asset | N/A | 6.96% | 08/2027 | 9272 | 9441 | 9080 |  |
| 44750398(36) | ABF asset | N/A | 12.81% | 08/2030 | 18077 | 18408 | 17855 |  |
| 44751302(36) | ABF asset | N/A | 12.55% | 08/2029 | 18690 | 19032 | 18931 |  |
| 44754073(36) | ABF asset | N/A | 13.60% | 08/2032 | 33981 | 34603 | 35682 |  |
| 44755945(36) | ABF asset | N/A | 8.51% | 08/2030 | 65244 | 66437 | 63611 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 44760198(36) | ABF asset | N/A | 12.02% | 08/2030 | 57025 | 58068 | 57642 |  |
| 44762181(36) | ABF asset | N/A | 15.68% | 08/2029 | 51618 | 52562 | 53668 |  |
| 44771273(36) | ABF asset | N/A | 11.81% | 08/2032 | 42628 | 43407 | 43308 |  |
| 44771583(36) | ABF asset | N/A | 14.53% | 08/2032 | 27214 | 27712 | 26490 |  |
| 44771791(36) | ABF asset | N/A | 22.11% | 08/2030 | 44051 | 44857 | 46097 |  |
| 44772856(36) | ABF asset | N/A | 8.74% | 08/2027 | 5072 | 5164 | 5025 |  |
| 44773707(36) | ABF asset | N/A | 11.53% | 08/2029 | 55846 | 56867 | 57329 |  |
| 44773823(36) | ABF asset | N/A | 15.95% | 08/2032 | 19469 | 19825 | 21364 |  |
| 44773935(36) | ABF asset | N/A | 13.33% | 08/2030 | 9387 | 9559 | 9149 |  |
| 44773993(36) | ABF asset | N/A | 15.77% | 08/2032 | 48663 | 49553 | 52106 |  |
| 44774793(36) | ABF asset | N/A | 14.88% | 08/2030 | 57239 | 58286 | 57073 |  |
| 44775418(36) | ABF asset | N/A | 8.05% | 08/2030 | 33080 | 33686 | 30344 |  |
| 44775741(36) | ABF asset | N/A | 15.75% | 08/2032 | 19486 | 19843 | 20117 |  |
| 44775940(36) | ABF asset | N/A | 11.55% | 08/2029 | 46660 | 47513 | 46585 |  |
| 44777683(36) | ABF asset | N/A | 12.27% | 08/2030 | 66551 | 67769 | 65185 |  |
| 44777922(36) | ABF asset | N/A | 5.36% | 08/2027 | 20177 | 20546 | 19269 |  |
| 44778865(36) | ABF asset | N/A | 12.66% | 08/2030 | 33293 | 33902 | 33996 |  |
| 44782805(36) | ABF asset | N/A | 8.99% | 08/2028 | 7214 | 7346 | 7020 |  |
| 44783581(36) | ABF asset | N/A | 10.30% | 08/2030 | 15972 | 16264 | 15993 |  |
| 44784685(36) | ABF asset | N/A | 10.58% | 08/2028 | 37972 | 38667 | 36519 |  |
| 44786428(36) | ABF asset | N/A | 16.62% | 08/2027 | 8557 | 8713 | 8650 |  |
| 44787624(36) | ABF asset | N/A | 8.99% | 08/2030 | 17023 | 17335 | 16714 |  |
| 44788474(36) | ABF asset | N/A | 6.68% | 08/2028 | 13478 | 13725 | 12996 |  |
| 44791107(36) | ABF asset | N/A | 16.75% | 08/2027 | 9403 | 9575 | 9503 |  |
| 44796088(36) | ABF asset | N/A | 8.30% | 08/2027 | 20267 | 20638 | 20046 |  |
| 44799171(36) | ABF asset | N/A | 12.83% | 08/2029 | 56092 | 57118 | 53856 |  |
| 44799380(36) | ABF asset | N/A | 11.91% | 08/2029 | 54308 | 55301 | 56060 |  |
| 44801765(36) | ABF asset | N/A | 14.30% | 08/2029 | 14335 | 14598 | 14794 |  |
| 44804259(36) | ABF asset | N/A | 15.25% | 08/2028 | 6307 | 6422 | 6358 |  |
| 44805208(36) | ABF asset | N/A | 18.02% | 08/2030 | 17238 | 17553 | 18051 |  |
| 44808652(36) | ABF asset | N/A | 13.85% | 08/2032 | 26222 | 26701 | 27686 |  |
| 44809700(36) | ABF asset | N/A | 18.50% | 08/2032 | 20462 | 20836 | 21452 |  |
| 44809784(36) | ABF asset | N/A | 8.18% | 08/2027 | 7585 | 7724 | 7412 |  |
| 44809858(36) | ABF asset | N/A | 7.59% | 08/2029 | 13917 | 14171 | 13549 |  |
| 44810860(36) | ABF asset | N/A | 13.31% | 08/2032 | 97056 | 98831 | 101408 |  |
| 44812799(36) | ABF asset | N/A | 12.92% | 08/2027 | 17015 | 17327 | 17071 |  |
| 44813091(36) | ABF asset | N/A | 8.98% | 08/2029 | 51135 | 52070 | 48914 |  |
| 44813188(36) | ABF asset | N/A | 9.83% | 08/2028 | 25240 | 25701 | 25411 |  |
| 44814673(36) | ABF asset | N/A | 13.05% | 08/2030 | 49437 | 50341 | 51867 |  |
| 44815984(36) | ABF asset | N/A | 11.39% | 08/2030 | 30388 | 30944 | 30376 |  |
| 44816473(36) | ABF asset | N/A | 15.35% | 08/2027 | 5977 | 6087 | 6045 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 44817123(36) | ABF asset | N/A | 17.10% | 08/2032 | 24097 | 24538 | 25559 |  |
| 44817440(36) | ABF asset | N/A | 10.06% | 08/2029 | 46560 | 47411 | 46940 |  |
| 44818167(36) | ABF asset | N/A | 11.64% | 08/2030 | 45576 | 46410 | 45781 |  |
| 44818728(36) | ABF asset | N/A | 11.20% | 08/2030 | 5336 | 5434 | 5407 |  |
| 44820026(36) | ABF asset | N/A | 11.95% | 08/2030 | 94083 | 95804 | 96804 |  |
| 44820146(36) | ABF asset | N/A | 6.59% | 08/2027 | 28641 | 29165 | 27965 |  |
| 44821527(36) | ABF asset | N/A | 12.27% | 08/2030 | 51340 | 52279 | 52042 |  |
| 44823343(36) | ABF asset | N/A | 7.14% | 08/2028 | 33271 | 33879 | 32255 |  |
| 44824299(36) | ABF asset | N/A | 13.15% | 08/2029 | 17770 | 18096 | 18106 |  |
| 44825033(36) | ABF asset | N/A | 11.38% | 08/2029 | 36386 | 37051 | 37243 |  |
| 44825057(36) | ABF asset | N/A | 14.63% | 08/2030 | 76294 | 77690 | 75836 |  |
| 44825264(36) | ABF asset | N/A | 13.33% | 08/2030 | 32442 | 33036 | 31566 |  |
| 44825781(36) | ABF asset | N/A | 13.87% | 08/2032 | 38848 | 39558 | 38812 |  |
| 44826728(36) | ABF asset | N/A | 10.18% | 08/2027 | 4236 | 4313 | 4129 |  |
| 44827009(36) | ABF asset | N/A | 12.52% | 08/2030 | (46) | (46) |  |  |
| 44827522(36) | ABF asset | N/A | 11.68% | 08/2028 | 76149 | 77542 | 77343 |  |
| 44828948(36) | ABF asset | N/A | 13.90% | 08/2029 | 37450 | 38135 | 38564 |  |
| 44830049(36) | ABF asset | N/A | 16.99% | 08/2029 | 58081 | 59143 | 56243 |  |
| 44833830(36) | ABF asset | N/A | 6.71% | 08/2027 | 56523 | 57557 | 55245 |  |
| 44834424(36) | ABF asset | N/A | 10.57% | 08/2027 | 8477 | 8632 | 8150 |  |
| 44835598(36) | ABF asset | N/A | 9.05% | 08/2029 | 61474 | 62599 | 59253 |  |
| 44836656(36) | ABF asset | N/A | 10.88% | 08/2029 | 18647 | 18988 | 18236 |  |
| 44837546(36) | ABF asset | N/A | 6.47% | 08/2027 | 29478 | 30017 | 28395 |  |
| 44837891(36) | ABF asset | N/A | 11.14% | 08/2030 | 37971 | 38666 | 37831 |  |
| 44838945(36) | ABF asset | N/A | 12.96% | 08/2029 | 11971 | 12190 | 11009 |  |
| 44840022(36) | ABF asset | N/A | 11.78% | 08/2029 | 21470 | 21863 | 22104 |  |
| 44840150(36) | ABF asset | N/A | 13.82% | 08/2032 | 15538 | 15822 | 16089 |  |
| 44840756(36) | ABF asset | N/A | 15.06% | 08/2028 | 12310 | 12535 | 12765 |  |
| 44844778(36) | ABF asset | N/A | 12.05% | 08/2029 | 18677 | 19018 | 18717 |  |
| 44847470(36) | ABF asset | N/A | 19.86% | 08/2032 | 35184 | 35828 | 38974 |  |
| 44848703(36) | ABF asset | N/A | 6.61% | 08/2028 | 17071 | 17383 | 16241 |  |
| 44848934(36) | ABF asset | N/A | 11.91% | 08/2032 | 44092 | 44898 | 44861 |  |
| 44849932(36) | ABF asset | N/A | 13.53% | 08/2029 | 5000 | 5091 | 917 |  |
| 44850748(36) | ABF asset | N/A | 10.40% | 08/2030 | 74916 | 76287 | 75130 |  |
| 44851702(36) | ABF asset | N/A | 9.59% | 08/2029 | 37222 | 37903 | 35831 |  |
| 44852000(36) | ABF asset | N/A | 16.22% | 08/2032 | 34081 | 34705 | 35454 |  |
| 44853992(36) | ABF asset | N/A | 8.82% | 08/2029 | 23238 | 23663 | 21401 |  |
| 44854163(36) | ABF asset | N/A | 15.59% | 08/2030 | 21362 | 21753 | 22037 |  |
| 44856970(36) | ABF asset | N/A | 11.67% | 08/2029 | 21467 | 21860 | 20539 |  |
| 44858049(36) | ABF asset | N/A | 21.24% | 08/2028 | 45434 | 46265 | 48204 |  |
| 44858159(36) | ABF asset | N/A | 11.12% | 08/2030 | 9493 | 9666 | 8946 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 44858771(36) | ABF asset | N/A | 13.05% | 08/2030 | 48538 | 49426 | 50750 |  |
| 44859061(36) | ABF asset | N/A | 14.98% | 08/2032 | 29172 | 29706 | 30828 |  |
| 44861226(36) | ABF asset | N/A | 7.61% | 08/2028 | 13498 | 13745 | 13228 |  |
| 44862131(36) | ABF asset | N/A | 17.73% | 08/2032 | 20481 | 20855 | 23212 |  |
| 44862160(36) | ABF asset | N/A | 12.22% | 08/2032 | 15449 | 15731 | 15050 |  |
| 44862276(36) | ABF asset | N/A | 8.50% | 08/2030 | 28232 | 28748 | 27516 |  |
| 44863148(36) | ABF asset | N/A | 8.25% | 08/2028 | 73987 | 75340 | 72390 |  |
| 44866733(36) | ABF asset | N/A | 6.34% | 08/2027 | 12631 | 12862 | 12187 |  |
| 44867171(36) | ABF asset | N/A | 19.44% | 08/2032 | 22291 | 22699 | 23799 |  |
| 44868337(36) | ABF asset | N/A | 9.33% | 08/2029 | 69766 | 71042 | 69638 |  |
| 44868372(36) | ABF asset | N/A | 13.92% | 08/2027 | 17468 | 17787 | 17491 |  |
| 44868417(36) | ABF asset | N/A | 16.14% | 08/2029 | 42369 | 43144 | 42803 |  |
| 44870445(36) | ABF asset | N/A | 14.28% | 08/2032 | 51012 | 51945 | 49541 |  |
| 44872559(36) | ABF asset | N/A | 16.39% | 08/2029 | 21606 | 22001 | 21966 |  |
| 44873045(36) | ABF asset | N/A | 18.44% | 08/2030 | 21094 | 21479 | 22210 |  |
| 44873051(36) | ABF asset | N/A | 23.52% | 08/2030 | 5774 | 5880 | 6174 |  |
| 44873631(36) | ABF asset | N/A | 13.85% | 08/2032 | 97136 | 98913 | 102655 |  |
| 44874441(36) | ABF asset | N/A | 14.42% | 08/2030 | 18898 | 19244 | 19841 |  |
| 44874473(36) | ABF asset | N/A | 19.24% | 08/2030 | 73385 | 74727 | 80223 |  |
| 44874731(36) | ABF asset | N/A | 6.46% | 08/2027 | 12459 | 12687 | 12140 |  |
| 44874902(36) | ABF asset | N/A | 13.09% | 08/2030 | 55450 | 56464 | 52671 |  |
| 44875276(36) | ABF asset | N/A | 11.85% | 08/2031 | 21145 | 21532 | 21766 |  |
| 44876458(36) | ABF asset | N/A | 19.66% | 08/2032 | 35177 | 35821 | 37595 |  |
| 44877049(36) | ABF asset | N/A | 7.18% | 08/2027 | 37943 | 38637 | 36771 |  |
| 44878995(36) | ABF asset | N/A | 11.51% | 08/2032 | 10618 | 10812 | 10728 |  |
| 44880378(36) | ABF asset | N/A | 8.99% | 08/2030 | 28393 | 28912 | 27845 |  |
| 44880880(36) | ABF asset | N/A | 12.51% | 08/2031 | 40402 | 41141 | 42032 |  |
| 44887342(36) | ABF asset | N/A | 23.21% | 08/2030 | 15389 | 15671 | 16865 |  |
| 44888746(36) | ABF asset | N/A | 16.28% | 08/2032 | 51567 | 52511 | 51634 |  |
| 44890040(36) | ABF asset | N/A | 11.58% | 08/2028 | 11682 | 11896 | 11238 |  |
| 44890098(36) | ABF asset | N/A | 14.10% | 08/2032 | 36915 | 37590 | 39148 |  |
| 44891067(36) | ABF asset | N/A | 13.43% | 08/2029 | 70174 | 71457 | 73974 |  |
| 44892434(36) | ABF asset | N/A | 13.82% | 08/2030 | 45729 | 46565 | 44791 |  |
| 44892618(36) | ABF asset | N/A | 11.70% | 08/2030 | 41800 | 42565 | 42900 |  |
| 44892922(36) | ABF asset | N/A | 11.88% | 08/2030 | 11878 | 12095 | 11580 |  |
| 44893630(36) | ABF asset | N/A | 10.87% | 08/2032 | 39675 | 40401 | 37595 |  |
| 44894127(36) | ABF asset | N/A | 8.93% | 08/2029 | 49272 | 50173 | 47549 |  |
| 44895175(36) | ABF asset | N/A | 9.67% | 08/2027 | 22009 | 22412 | 21725 |  |
| 44895536(36) | ABF asset | N/A | 14.85% | 08/2027 | 4947 | 5038 | 4989 |  |
| 44896037(36) | ABF asset | N/A | 14.82% | 08/2030 | 18359 | 18695 | 17264 |  |
| 44896571(36) | ABF asset | N/A | 17.87% | 08/2032 | 34140 | 34764 | 35384 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 44897027(36) | ABF asset | N/A | 13.56% | 08/2032 | 97084 | 98860 | 101909 |  |
| 44897165(36) | ABF asset | N/A | 8.99% | 08/2030 | 23661 | 24094 | 23257 |  |
| 44897529(36) | ABF asset | N/A | 8.01% | 08/2029 | 64987 | 66176 | 63797 |  |
| 44898340(36) | ABF asset | N/A | 17.10% | 08/2032 | 38217 | 38916 | 42631 |  |
| 44899085(36) | ABF asset | N/A | 14.67% | 08/2030 | 66761 | 67982 | 70390 |  |
| 44903147(36) | ABF asset | N/A | 7.47% | 08/2029 | 8349 | 8501 | 8134 |  |
| 44903533(36) | ABF asset | N/A | 12.82% | 08/2030 | 76691 | 78094 | 78445 |  |
| 44905718(36) | ABF asset | N/A | 11.33% | 08/2028 | 48453 | 49339 | 49591 |  |
| 44906335(36) | ABF asset | N/A | 17.03% | 08/2032 | 47392 | 48259 | 13224 |  |
| 44907533(36) | ABF asset | N/A | 11.69% | 08/2028 | 18109 | 18440 | 17998 |  |
| 44909347(36) | ABF asset | N/A | 13.06% | 08/2032 | 97041 | 98817 | 100769 |  |
| 44910615(36) | ABF asset | N/A | 12.95% | 08/2030 | 28460 | 28981 | 29852 |  |
| 44912433(36) | ABF asset | N/A | 18.96% | 08/2032 | 34177 | 34802 | 37352 |  |
| 44912472(36) | ABF asset | N/A | 17.08% | 08/2032 | 48731 | 49623 | 53504 |  |
| 44912694(36) | ABF asset | N/A | 8.99% | 08/2027 | 7610 | 7750 | 7574 |  |
| 44913205(36) | ABF asset | N/A | 8.33% | 08/2027 | 7611 | 7750 | 7509 |  |
| 44914386(36) | ABF asset | N/A | 16.34% | 08/2030 | 63085 | 64239 | 65918 |  |
| 44915108(36) | ABF asset | N/A | 15.44% | 08/2031 | 5684 | 5788 | 6020 |  |
| 44917349(36) | ABF asset | N/A | 12.52% | 08/2030 | 9511 | 9684 | 9367 |  |
| 44917528(36) | ABF asset | N/A | 10.77% | 08/2030 | 94880 | 96616 | 95717 |  |
| 44918544(36) | ABF asset | N/A | 10.93% | 08/2029 | 53145 | 54117 | 54122 |  |
| 44919226(36) | ABF asset | N/A | 10.98% | 08/2030 | 66435 | 67651 | 63831 |  |
| 44920908(36) | ABF asset | N/A | 13.66% | 08/2028 | 62724 | 63871 | 64122 |  |
| 44920947(36) | ABF asset | N/A | 9.33% | 08/2028 | 60450 | 61556 | 60331 |  |
| 44921969(36) | ABF asset | N/A | 8.95% | 08/2027 | 22064 | 22467 | 21981 |  |
| 44922403(36) | ABF asset | N/A | 13.09% | 08/2030 | 39023 | 39736 | 37926 |  |
| 44923100(36) | ABF asset | N/A | 16.48% | 08/2032 | 63311 | 64469 | 68756 |  |
| 44923122(36) | ABF asset | N/A | 7.99% | 08/2027 | 6727 | 6850 | 6650 |  |
| 44923911(36) | ABF asset | N/A | 11.98% | 08/2032 | 48280 | 49163 | 48282 |  |
| 44924234(36) | ABF asset | N/A | 13.80% | 08/2030 | 57159 | 58205 | 60508 |  |
| 44925555(36) | ABF asset | N/A | 11.81% | 08/2032 | 64397 | 65574 | 65286 |  |
| 44925862(36) | ABF asset | N/A | 10.27% | 08/2027 | 8473 | 8628 | 8210 |  |
| 44926464(36) | ABF asset | N/A | 10.82% | 08/2028 | 9947 | 10129 | 9503 |  |
| 44926489(36) | ABF asset | N/A | 14.55% | 08/2030 | 19069 | 19418 | 20066 |  |
| 44926605(36) | ABF asset | N/A | 17.98% | 08/2032 | 39021 | 39735 | 43607 |  |
| 44928233(36) | ABF asset | N/A | 7.80% | 08/2027 | 25320 | 25783 | 24953 |  |
| 44930149(36) | ABF asset | N/A | 11.77% | 08/2030 | 27553 | 28057 | 27734 |  |
| 44931511(36) | ABF asset | N/A | 15.68% | 08/2032 | 35034 | 35675 | 34949 |  |
| 44931928(36) | ABF asset | N/A | 8.75% | 08/2030 | 7569 | 7707 | 7413 |  |
| 44932742(36) | ABF asset | N/A | 9.37% | 08/2029 | 37210 | 37891 | 34574 |  |
| 44932856(36) | ABF asset | N/A | 18.71% | 08/2032 | 40026 | 40758 | 43559 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 44934367(36) | ABF asset | N/A | 10.19% | 08/2030 | 24620 | 25070 | 24670 |  |
| 44934746(36) | ABF asset | N/A | 13.31% | 08/2032 | 36396 | 37062 | 38089 |  |
| 44935902(36) | ABF asset | N/A | 9.98% | 08/2030 | 9463 | 9636 | 9464 |  |
| 44936409(36) | ABF asset | N/A | 12.46% | 08/2029 | 22134 | 22539 | 21430 |  |
| 44937413(36) | ABF asset | N/A | 10.01% | 08/2029 | 69835 | 71112 | 70330 |  |
| 44937421(36) | ABF asset | N/A | 14.05% | 08/2030 | 86720 | 88306 | 92157 |  |
| 44937428(36) | ABF asset | N/A | 19.09% | 08/2032 | 39638 | 40363 | 43898 |  |
| 44937679(36) | ABF asset | N/A | 8.74% | 08/2027 | 23668 | 24100 | 23484 |  |
| 44937778(36) | ABF asset | N/A | 16.32% | 08/2030 | 38229 | 38929 | 41280 |  |
| 44937847(36) | ABF asset | N/A | 11.12% | 08/2030 | 28478 | 28999 | 26777 |  |
| 44938444(36) | ABF asset | N/A | 13.67% | 08/2029 | 46798 | 47654 | 45997 |  |
| 44938462(36) | ABF asset | N/A | 9.84% | 08/2029 | 5678 | 5782 | 5493 |  |
| 44938530(36) | ABF asset | N/A | 15.13% | 08/2032 | 72943 | 74278 | 77385 |  |
| 44939152(36) | ABF asset | N/A | 11.47% | 08/2029 | 16796 | 17103 | 16042 |  |
| 44939316(36) | ABF asset | N/A | 20.73% | 08/2032 | 22310 | 22718 | 26184 |  |
| 44939724(36) | ABF asset | N/A | 14.15% | 08/2032 | 9472 | 9645 | 9524 |  |
| 44939960(36) | ABF asset | N/A | 12.08% | 08/2031 | 31247 | 31818 | 32214 |  |
| 44940333(36) | ABF asset | N/A | 9.24% | 09/2027 | 24049 | 24489 | 23983 |  |
| 44940687(36) | ABF asset | N/A | 18.86% | 08/2032 | 19528 | 19885 | 21335 |  |
| 44941785(36) | ABF asset | N/A | 12.83% | 08/2032 | 53350 | 54326 | 54225 |  |
| 44941832(36) | ABF asset | N/A | 12.66% | 08/2027 | 27192 | 27690 | 26809 |  |
| 44942175(36) | ABF asset | N/A | 19.62% | 08/2030 | 19257 | 19610 | 21156 |  |
| 44942743(36) | ABF asset | N/A | 17.67% | 08/2030 | 47864 | 48739 | 47136 |  |
| 44943029(36) | ABF asset | N/A | 12.75% | 08/2031 | 12509 | 12738 | 12956 |  |
| 44943057(36) | ABF asset | N/A | 9.20% | 08/2030 | 94672 | 96404 | 93305 |  |
| 44943456(36) | ABF asset | N/A | 12.80% | 08/2027 | 5954 | 6063 | 5912 |  |
| 44943558(36) | ABF asset | N/A | 6.85% | 08/2027 | 33710 | 34326 | 32482 |  |
| 44944389(36) | ABF asset | N/A | 7.39% | 08/2028 | 35749 | 36403 | 34815 |  |
| 44944848(36) | ABF asset | N/A | 6.89% | 08/2029 | 92682 | 94377 | 89612 |  |
| 44945277(36) | ABF asset | N/A | 12.02% | 08/2030 | 47521 | 48390 | 48102 |  |
| 44945681(36) | ABF asset | N/A | 11.56% | 08/2032 | 65082 | 66273 | 65896 |  |
| 44945686(36) | ABF asset | N/A | 10.76% | 08/2029 | 41946 | 42713 | 41456 |  |
| 44945859(36) | ABF asset | N/A | 4.87% | 08/2027 | 12425 | 12652 | 12007 |  |
| 44946001(36) | ABF asset | N/A | 15.57% | 08/2030 | 9548 | 9723 | 10218 |  |
| 44946556(36) | ABF asset | N/A | 15.18% | 08/2028 | 16381 | 16680 | 16883 |  |
| 44946998(36) | ABF asset | N/A | 13.16% | 08/2030 | 47593 | 48464 | 47297 |  |
| 44947189(36) | ABF asset | N/A | 11.70% | 08/2030 | 14250 | 14511 | 14625 |  |
| 44947557(36) | ABF asset | N/A | 15.70% | 08/2032 | 48659 | 49550 | 53129 |  |
| 44947644(36) | ABF asset | N/A | 20.35% | 08/2028 | 36987 | 37664 | 39265 |  |
| 44948406(36) | ABF asset | N/A | 11.03% | 08/2030 | 50816 | 51746 | 48941 |  |
| 44948680(36) | ABF asset | N/A | 12.03% | 08/2027 | 8496 | 8652 | 8530 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 44949341(36) | ABF asset | N/A | 10.43% | 08/2029 | 7454 | 7590 | 7557 |  |
| 44950406(36) | ABF asset | N/A | 15.98% | 08/2032 | 27258 | 27756 | 29373 |  |
| 44950710(36) | ABF asset | N/A | 8.50% | 08/2030 | 10403 | 10594 | 10135 |  |
| 44950758(36) | ABF asset | N/A | 8.22% | 08/2028 | 8106 | 8255 | 7961 |  |
| 44951202(36) | ABF asset | N/A | 10.54% | 08/2030 | 28455 | 28975 | 28103 |  |
| 44951651(36) | ABF asset | N/A | 8.41% | 08/2027 | 11827 | 12044 | 11507 |  |
| 44951770(36) | ABF asset | N/A | 7.02% | 08/2028 | 8912 | 9075 | 8679 |  |
| 44953788(36) | ABF asset | N/A | 10.77% | 08/2030 | 64044 | 65216 | 64773 |  |
| 44954996(36) | ABF asset | N/A | 11.54% | 08/2027 | 11036 | 11238 | 10789 |  |
| 44956724(36) | ABF asset | N/A | 15.68% | 08/2032 | 17030 | 17342 | 18251 |  |
| 44956837(36) | ABF asset | N/A | 17.73% | 08/2030 | 23933 | 24371 | 24260 |  |
| 44957291(36) | ABF asset | N/A | 8.23% | 08/2027 | 3719 | 3787 | 3627 |  |
| 44957299(36) | ABF asset | N/A | 17.83% | 08/2032 | 5871 | 5978 | 3332 |  |
| 44957376(36) | ABF asset | N/A | 11.91% | 08/2028 | 47098 | 47959 | 47942 |  |
| 44957476(36) | ABF asset | N/A | 16.78% | 08/2031 | 67683 | 68922 | 73601 |  |
| 44957529(36) | ABF asset | N/A | 4.70% | 08/2027 | 16797 | 17104 | 15936 |  |
| 44957948(36) | ABF asset | N/A | 15.91% | 08/2030 | 13373 | 13618 | 13570 |  |
| 44958994(36) | ABF asset | N/A | 10.45% | 08/2029 | 22361 | 22770 | 22037 |  |
| 44959451(36) | ABF asset | N/A | 14.60% | 08/2032 | 22356 | 22765 | 23961 |  |
| 44960001(36) | ABF asset | N/A | 13.96% | 08/2030 | 42878 | 43663 | 43141 |  |
| 44960122(36) | ABF asset | N/A | 7.68% | 08/2027 | 41199 | 41953 | 40517 |  |
| 44960166(36) | ABF asset | N/A | 9.93% | 08/2028 | 34465 | 35096 | 34411 |  |
| 44960834(36) | ABF asset | N/A | 7.89% | 08/2027 | 12662 | 12894 | 12501 |  |
| 44960887(36) | ABF asset | N/A | 15.45% | 08/2032 | 29188 | 29722 | 31723 |  |
| 44962159(36) | ABF asset | N/A | 16.40% | 08/2030 | 9558 | 9733 | 9219 |  |
| 44962223(36) | ABF asset | N/A | 8.99% | 08/2027 | 8456 | 8611 | 8402 |  |
| 44962491(36) | ABF asset | N/A | 13.17% | 08/2031 | 47935 | 48811 | 49887 |  |
| 44963051(36) | ABF asset | N/A | 7.20% | 08/2027 | 16864 | 17173 | 16295 |  |
| 44963134(36) | ABF asset | N/A | 7.70% | 08/2027 | 8439 | 8593 | 8183 |  |
| 44963235(36) | ABF asset | N/A | 13.78% | 08/2032 | 50497 | 51420 | 52090 |  |
| 44963473(36) | ABF asset | N/A | 11.01% | 08/2029 | 42428 | 43204 | 40152 |  |
| 44964196(36) | ABF asset | N/A | 9.44% | 08/2030 | 80499 | 81971 | 77991 |  |
| 44964299(36) | ABF asset | N/A | 13.03% | 08/2030 | 34261 | 34888 | 34042 |  |
| 44964385(36) | ABF asset | N/A | 7.27% | 08/2028 | 34177 | 34802 | 33434 |  |
| 44964656(36) | ABF asset | N/A | 17.86% | 08/2032 | 21377 | 21768 | 22909 |  |
| 44965009(36) | ABF asset | N/A | 12.28% | 08/2028 | 26646 | 27133 | 27233 |  |
| 44965351(36) | ABF asset | N/A | 11.52% | 08/2031 | 52841 | 53807 | 53510 |  |
| 44967375(36) | ABF asset | N/A | 10.74% | 08/2027 | 8514 | 8670 | 8537 |  |
| 44967761(36) | ABF asset | N/A | 10.67% | 08/2031 | 14395 | 14658 | 14507 |  |
| 44968126(36) | ABF asset | N/A | 16.56% | 08/2032 | 51627 | 52571 | 52333 |  |
| 44969850(36) | ABF asset | N/A | 8.56% | 08/2030 | 43509 | 44305 | 42347 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 44971144(36) | ABF asset | N/A | 6.11% | 08/2029 | 15737 | 16025 | 15041 |  |
| 44971898(36) | ABF asset | N/A | 15.67% | 08/2031 | 38627 | 39333 | 42153 |  |
| 44971968(36) | ABF asset | N/A | 10.77% | 08/2030 | 59772 | 60865 | 60452 |  |
| 44972171(36) | ABF asset | N/A | 10.28% | 08/2028 | 8041 | 8188 | 8054 |  |
| 44973832(36) | ABF asset | N/A | 13.58% | 08/2030 | 10476 | 10668 | 10247 |  |
| 44974113(36) | ABF asset | N/A | 15.42% | 08/2031 | 48269 | 49152 | 52371 |  |
| 44974204(36) | ABF asset | N/A | 7.79% | 08/2029 | 57255 | 58303 | 56039 |  |
| 44974515(36) | ABF asset | N/A | 14.16% | 08/2032 | 53433 | 54411 | 56741 |  |
| 44974652(36) | ABF asset | N/A | 8.95% | 08/2029 | 22312 | 22721 | 22163 |  |
| 44975611(36) | ABF asset | N/A | 21.06% | 08/2032 | 63195 | 64351 | 69217 |  |
| 44976767(36) | ABF asset | N/A | 12.87% | 08/2030 | 66605 | 67823 | 69494 |  |
| 44977052(36) | ABF asset | N/A | 16.24% | 08/2030 | 57332 | 58381 | 59691 |  |
| 44977543(36) | ABF asset | N/A | 17.21% | 08/2032 | 48787 | 49679 | 53667 |  |
| 44977912(36) | ABF asset | N/A | 17.75% | 08/2027 | 9427 | 9599 | 9692 |  |
| 44977916(36) | ABF asset | N/A | 17.21% | 08/2029 | 11205 | 11410 | 10846 |  |
| 44979904(36) | ABF asset | N/A | 16.61% | 08/2032 | 73060 | 74397 | 79434 |  |
| 44980071(36) | ABF asset | N/A | 17.61% | 08/2032 | 13165 | 13405 | 14058 |  |
| 44980922(36) | ABF asset | N/A | 12.29% | 08/2028 | 35959 | 36617 | 36300 |  |
| 44980945(36) | ABF asset | N/A | 12.08% | 08/2030 | 23762 | 24197 | 24498 |  |
| 44981085(36) | ABF asset | N/A | 16.50% | 08/2030 | 38237 | 38936 | 37979 |  |
| 44982432(36) | ABF asset | N/A | 15.72% | 08/2030 | 38199 | 38898 | 39527 |  |
| 44982860(36) | ABF asset | N/A | 7.68% | 08/2027 | 4893 | 4982 | 4766 |  |
| 44982950(36) | ABF asset | N/A | 10.76% | 08/2030 | 47439 | 48307 | 47022 |  |
| 44983841(36) | ABF asset | N/A | 10.30% | 08/2030 | 88655 | 90277 | 88979 |  |
| 44984121(36) | ABF asset | N/A | 10.90% | 08/2027 | 8481 | 8636 | 8407 |  |
| 44984172(36) | ABF asset | N/A | 19.81% | 08/2032 | 20523 | 20899 | 22022 |  |
| 44985530(36) | ABF asset | N/A | 6.66% | 08/2028 | 40434 | 41174 | 38970 |  |
| 44985864(36) | ABF asset | N/A | 20.69% | 08/2032 | 63576 | 64739 | 69275 |  |
| 44985924(36) | ABF asset | N/A | 16.22% | 08/2032 | 48687 | 49577 | 50813 |  |
| 44986035(36) | ABF asset | N/A | 15.83% | 08/2028 | 35791 | 36446 | 37304 |  |
| 44988160(36) | ABF asset | N/A | 8.25% | 08/2028 | 30625 | 31186 | 30266 |  |
| 44988210(36) | ABF asset | N/A | 14.08% | 08/2032 | 53428 | 54406 | 55538 |  |
| 44988503(36) | ABF asset | N/A | 21.92% | 08/2030 | 66350 | 67564 | 73210 |  |
| 44989228(36) | ABF asset | N/A | 14.52% | 08/2029 | 77775 | 79198 | 77199 |  |
| 44989747(36) | ABF asset | N/A | 16.35% | 08/2032 | 97387 | 99169 | 107622 |  |
| 44989860(36) | ABF asset | N/A | 14.04% | 08/2032 | 11171 | 11375 | 11842 |  |
| 44989938(36) | ABF asset | N/A | 16.46% | 08/2032 | 48699 | 49590 | 52803 |  |
| 44990089(36) | ABF asset | N/A | 7.76% | 08/2030 | 75581 | 76963 | 72841 |  |
| 44990287(36) | ABF asset | N/A | 9.35% | 08/2027 | 15280 | 15559 | 14755 |  |
| 44990297(36) | ABF asset | N/A | 13.30% | 08/2030 | 38081 | 38778 | 40065 |  |
| 44990524(36) | ABF asset | N/A | 10.00% | 08/2030 | 11112 | 11315 | 11073 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 44990792(36) | ABF asset | N/A | 9.04% | 08/2027 | 4228 | 4306 | 4208 |  |
| 44990891(36) | ABF asset | N/A | 16.33% | 08/2032 | 82777 | 84292 | 89651 |  |
| 44991069(36) | ABF asset | N/A | 12.27% | 08/2030 | 51340 | 52279 | 52114 |  |
| 44991731(36) | ABF asset | N/A | 10.34% | 08/2027 | 6744 | 6867 | 6789 |  |
| 44991891(36) | ABF asset | N/A | 17.36% | 08/2032 | 36072 | 36731 | 38355 |  |
| 44991938(36) | ABF asset | N/A | 11.55% | 08/2029 | 42105 | 42876 | 42069 |  |
| 44993062(36) | ABF asset | N/A | 8.53% | 08/2029 | 37164 | 37844 | 36690 |  |
| 44993170(36) | ABF asset | N/A | 21.21% | 08/2030 | 33642 | 34257 | 35834 |  |
| 44993300(36) | ABF asset | N/A | 9.33% | 08/2028 | 23956 | 24394 | 23924 |  |
| 44994844(36) | ABF asset | N/A | 11.96% | 08/2027 | 13592 | 13841 | 13618 |  |
| 44995029(36) | ABF asset | N/A | 12.68% | 08/2030 | 9513 | 9687 | 9398 |  |
| 44995173(36) | ABF asset | N/A | 18.80% | 08/2030 | 16500 | 16802 | 3055 |  |
| 44995322(36) | ABF asset | N/A | 15.83% | 08/2028 | 36444 | 37110 | 37770 |  |
| 44995324(36) | ABF asset | N/A | 21.41% | 08/2032 | 21019 | 21403 | 23086 |  |
| 44995900(36) | ABF asset | N/A | 20.81% | 08/2032 | 48911 | 49805 | 53399 |  |
| 44996076(36) | ABF asset | N/A | 12.16% | 08/2032 | 31015 | 31583 | 31761 |  |
| 44997123(36) | ABF asset | N/A | 16.58% | 08/2032 | 68188 | 69435 | 74222 |  |
| 44997287(36) | ABF asset | N/A | 15.38% | 08/2032 | 9671 | 9848 | 10337 |  |
| 44997782(36) | ABF asset | N/A | 10.31% | 08/2030 | 28446 | 28966 | 28528 |  |
| 44998333(36) | ABF asset | N/A | 8.74% | 08/2027 | 2519 | 2565 | 2500 |  |
| 44999109(36) | ABF asset | N/A | 10.72% | 08/2029 | 60504 | 61610 | 61486 |  |
| 44999128(36) | ABF asset | N/A | 6.54% | 08/2028 | 5390 | 5489 | 5227 |  |
| 44999186(36) | ABF asset | N/A | 11.30% | 08/2030 | 23738 | 24172 | 24190 |  |
| 44999270(36) | ABF asset | N/A | 10.08% | 08/2028 | 40647 | 41390 | 40955 |  |
| 44999638(36) | ABF asset | N/A | 17.58% | 08/2032 | 43881 | 44684 | 48640 |  |
| 44999711(36) | ABF asset | N/A | 19.71% | 08/2030 | 28482 | 29003 | 29709 |  |
| 44999835(36) | ABF asset | N/A | 17.50% | 08/2027 | 10825 | 11023 | 11125 |  |
| 45000375(36) | ABF asset | N/A | 11.18% | 08/2027 | 8446 | 8600 | 8462 |  |
| 45000519(36) | ABF asset | N/A | 10.32% | 08/2030 | 26550 | 27036 | 26149 |  |
| 45000586(36) | ABF asset | N/A | 6.96% | 08/2027 | 8429 | 8583 | 8250 |  |
| 45001247(36) | ABF asset | N/A | 18.92% | 08/2030 | 19174 | 19524 | 20359 |  |
| 45001301(36) | ABF asset | N/A | 13.29% | 08/2027 | 6810 | 6935 | 6871 |  |
| 45001575(36) | ABF asset | N/A | 13.31% | 08/2032 | 21309 | 21698 | 22327 |  |
| 45001809(36) | ABF asset | N/A | 17.67% | 08/2030 | 10530 | 10723 | 10344 |  |
| 45002117(36) | ABF asset | N/A | 13.76% | 08/2030 | 66683 | 67902 | 69281 |  |
| 45002391(36) | ABF asset | N/A | 13.94% | 08/2028 | 19077 | 19426 | 19040 |  |
| 45002777(36) | ABF asset | N/A | 14.89% | 08/2032 | 24308 | 24753 | 25650 |  |
| 45002826(36) | ABF asset | N/A | 11.89% | 08/2030 | 38049 | 38745 | 38331 |  |
| 45002830(36) | ABF asset | N/A | 10.05% | 08/2031 | 49861 | 50773 | 49559 |  |
| 45003296(36) | ABF asset | N/A | 10.15% | 08/2030 | 21804 | 22203 | 21811 |  |
| 45003469(36) | ABF asset | N/A | 11.73% | 08/2029 | 27960 | 28472 | 26774 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45004197(36) | ABF asset | N/A | 19.21% | 08/2032 | 48828 | 49721 | 53594 |  |
| 45004840(36) | ABF asset | N/A | 11.06% | 08/2028 | 27138 | 27634 | 26764 |  |
| 45005548(36) | ABF asset | N/A | 16.95% | 08/2030 | 78428 | 79862 | 85626 |  |
| 45006072(36) | ABF asset | N/A | 6.79% | 08/2028 | 33252 | 33861 | 32289 |  |
| 45006468(36) | ABF asset | N/A | 15.70% | 08/2032 | 98003 | 99796 | 108470 |  |
| 45007079(36) | ABF asset | N/A | 13.93% | 08/2029 | 18726 | 19068 | 19069 |  |
| 45007503(36) | ABF asset | N/A | 16.32% | 08/2031 | 34790 | 35427 | 38351 |  |
| 45007853(36) | ABF asset | N/A | 17.03% | 08/2031 | 19344 | 19697 | 20707 |  |
| 45007969(36) | ABF asset | N/A | 13.41% | 08/2032 | 19413 | 19769 | 19916 |  |
| 45008074(36) | ABF asset | N/A | 14.88% | 08/2030 | 49647 | 50555 | 49474 |  |
| 45009629(36) | ABF asset | N/A | 13.23% | 08/2032 | 15527 | 15811 | 15373 |  |
| 45009716(36) | ABF asset | N/A | 14.45% | 08/2030 | 10739 | 10935 | 11501 |  |
| 45010049(36) | ABF asset | N/A | 14.41% | 08/2032 | 14577 | 14843 | 15235 |  |
| 45010227(36) | ABF asset | N/A | 16.07% | 08/2030 | 44904 | 45725 | 48433 |  |
| 45010320(36) | ABF asset | N/A | 12.19% | 08/2027 | 33993 | 34615 | 34030 |  |
| 45010725(36) | ABF asset | N/A | 11.90% | 08/2029 | 27872 | 28382 | 28030 |  |
| 45012039(36) | ABF asset | N/A | 10.51% | 08/2030 | 68289 | 69538 | 67371 |  |
| 45012300(36) | ABF asset | N/A | 10.66% | 08/2028 | 39778 | 40506 | 40019 |  |
| 45012801(36) | ABF asset | N/A | 19.86% | 08/2032 | 14660 | 14928 | 16288 |  |
| 45013005(36) | ABF asset | N/A | 17.12% | 08/2027 | 5128 | 5222 | 5197 |  |
| 45013404(36) | ABF asset | N/A | 15.17% | 08/2030 | 71577 | 72886 | 76040 |  |
| 45013504(36) | ABF asset | N/A | 10.20% | 08/2030 | 9481 | 9654 | 9010 |  |
| 45014964(36) | ABF asset | N/A | 13.83% | 08/2032 | 25250 | 25712 | 25228 |  |
| 45015223(36) | ABF asset | N/A | 11.90% | 08/2032 | 18358 | 18693 | 17080 |  |
| 45015242(36) | ABF asset | N/A | 8.45% | 08/2027 | (30) | (31) |  |  |
| 45016112(36) | ABF asset | N/A | 9.78% | 08/2030 | 71062 | 72362 | 66891 |  |
| 45016724(36) | ABF asset | N/A | 16.49% | 08/2030 | 7695 | 7836 | 8002 |  |
| 45016975(36) | ABF asset | N/A | 10.90% | 08/2029 | 39158 | 39874 | 38304 |  |
| 45017236(36) | ABF asset | N/A | 11.52% | 08/2031 | 33458 | 34070 | 34018 |  |
| 45017602(36) | ABF asset | N/A | 7.94% | 08/2030 | 53865 | 54851 | 51018 |  |
| 45017611(36) | ABF asset | N/A | 8.31% | 08/2027 | 14450 | 14715 | 3140 |  |
| 45018909(36) | ABF asset | N/A | 19.44% | 08/2030 | 13430 | 13675 | 13962 |  |
| 45018982(36) | ABF asset | N/A | 9.10% | 08/2032 | 20048 | 20415 | 19360 |  |
| 45019643(36) | ABF asset | N/A | 18.35% | 08/2028 | 27422 | 27924 | 28609 |  |
| 45019908(36) | ABF asset | N/A | 10.71% | 08/2028 | 12657 | 12889 | 12440 |  |
| 45020400(36) | ABF asset | N/A | 16.82% | 08/2030 | 8607 | 8764 | 8344 |  |
| 45020507(36) | ABF asset | N/A | 20.04% | 08/2029 | 16044 | 16338 | 17120 |  |
| 45020778(36) | ABF asset | N/A | 5.87% | 08/2027 | 25242 | 25704 | 24536 |  |
| 45021222(36) | ABF asset | N/A | 12.02% | 08/2030 | 51323 | 52261 | 51818 |  |
| 45021279(36) | ABF asset | N/A | 12.02% | 08/2030 | 80786 | 82263 | 81698 |  |
| 45021339(36) | ABF asset | N/A | 15.03% | 08/2029 | 23442 | 23871 | 24213 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45021447(36) | ABF asset | N/A | 11.64% | 08/2030 | 25631 | 26100 | 25752 |  |
| 45021756(36) | ABF asset | N/A | 8.29% | 08/2030 | 42547 | 43325 | 40528 |  |
| 45021966(36) | ABF asset | N/A | 9.03% | 08/2029 | 32543 | 33138 | 32352 |  |
| 45022019(36) | ABF asset | N/A | 11.69% | 08/2030 | 47500 | 48369 | 44000 |  |
| 45022709(36) | ABF asset | N/A | 12.58% | 08/2030 | 33860 | 34480 | 34353 |  |
| 45022963(36) | ABF asset | N/A | 6.96% | 08/2027 | 5631 | 5734 | 5534 |  |
| 45023483(36) | ABF asset | N/A | 17.33% | 08/2032 | 26322 | 26803 | 29045 |  |
| 45023609(36) | ABF asset | N/A | 8.45% | 08/2027 | 42273 | 43046 | 41819 |  |
| 45023758(36) | ABF asset | N/A | 9.79% | 08/2027 | 16933 | 17243 | 16930 |  |
| 45024139(36) | ABF asset | N/A | 12.77% | 08/2030 | 28541 | 29063 | 28218 |  |
| 45024381(36) | ABF asset | N/A | 9.84% | 08/2030 | 80544 | 82017 | 78612 |  |
| 45025140(36) | ABF asset | N/A | 12.78% | 08/2028 | 75622 | 77006 | 78080 |  |
| 45025564(36) | ABF asset | N/A | 15.38% | 08/2031 | 61374 | 62497 | 63733 |  |
| 45025594(36) | ABF asset | N/A | 10.23% | 08/2032 | 35775 | 36429 | 34585 |  |
| 45025801(36) | ABF asset | N/A | 13.95% | 08/2030 | 18785 | 19129 | 19932 |  |
| 45026222(36) | ABF asset | N/A | 10.45% | 08/2027 | 4231 | 4308 | 4067 |  |
| 45026676(36) | ABF asset | N/A | 12.75% | 08/2027 | 45080 | 45904 | 44765 |  |
| 45026745(36) | ABF asset | N/A | 21.36% | 08/2032 | 34036 | 34659 | 38644 |  |
| 45026870(36) | ABF asset | N/A | 11.01% | 08/2030 | 59779 | 60872 | 59394 |  |
| 45027153(36) | ABF asset | N/A | 11.52% | 08/2027 | (956) | (974) |  |  |
| 45027434(36) | ABF asset | N/A | 9.45% | 08/2030 | 61559 | 62685 | 60898 |  |
| 45027755(36) | ABF asset | N/A | 15.57% | 08/2030 | 49626 | 50534 | 52998 |  |
| 45027767(36) | ABF asset | N/A | 16.60% | 08/2032 | 97699 | 99486 | 108080 |  |
| 45027844(36) | ABF asset | N/A | 15.04% | 08/2029 | 5264 | 5360 | 5188 |  |
| 45028127(36) | ABF asset | N/A | 16.26% | 08/2031 | 24158 | 24600 | 26855 |  |
| 45028156(36) | ABF asset | N/A | 12.64% | 08/2028 | 18134 | 18466 | 18370 |  |
| 45028643(36) | ABF asset | N/A | 12.91% | 08/2027 | 8502 | 8657 | 8386 |  |
| 45028663(36) | ABF asset | N/A | 11.15% | 08/2031 | 17837 | 18164 | 17745 |  |
| 45028760(36) | ABF asset | N/A | 10.90% | 08/2029 | 14012 | 14268 | 13859 |  |
| 45028953(36) | ABF asset | N/A | 8.99% | 08/2027 | 25368 | 25832 | 25217 |  |
| 45029640(36) | ABF asset | N/A | 22.21% | 08/2030 | 19354 | 19709 | 20941 |  |
| 45029981(36) | ABF asset | N/A | 10.76% | 08/2027 | 22928 | 23347 | 22775 |  |
| 45031020(36) | ABF asset | N/A | 15.02% | 08/2029 | 26255 | 26735 | 26235 |  |
| 45031748(36) | ABF asset | N/A | 8.04% | 08/2027 | 11821 | 12037 | 11672 |  |
| 45032113(36) | ABF asset | N/A | 17.98% | 08/2030 | 47881 | 48757 | 48757 |  |
| 45032452(36) | ABF asset | N/A | 16.08% | 08/2032 | 58415 | 59484 | 64159 |  |
| 45032913(36) | ABF asset | N/A | 8.49% | 08/2028 | 11714 | 11928 | 11598 |  |
| 45032992(36) | ABF asset | N/A | 11.01% | 08/2030 | 29736 | 30280 | 29571 |  |
| 45033064(36) | ABF asset | N/A | 16.37% | 08/2032 | 68177 | 69424 | 71290 |  |
| 45033186(36) | ABF asset | N/A | 12.27% | 08/2030 | 22649 | 23064 | 22961 |  |
| 45033255(36) | ABF asset | N/A | 14.73% | 08/2030 | 26706 | 27195 | 26593 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45033929(36) | ABF asset | N/A | 6.71% | 08/2027 | 63190 | 64346 | 61798 |  |
| 45034106(36) | ABF asset | N/A | 16.87% | 08/2027 | 17117 | 17430 | 17319 |  |
| 45034340(36) | ABF asset | N/A | 12.45% | 08/2030 | 24462 | 24909 | 25327 |  |
| 45034565(36) | ABF asset | N/A | 17.24% | 08/2031 | 27074 | 27569 | 29074 |  |
| 45034699(36) | ABF asset | N/A | 12.68% | 08/2030 | 23123 | 23546 | 22785 |  |
| 45034849(36) | ABF asset | N/A | 16.23% | 08/2032 | 38950 | 39662 | 42127 |  |
| 45035135(36) | ABF asset | N/A | 15.68% | 08/2029 | 14816 | 15087 | 15421 |  |
| 45035168(36) | ABF asset | N/A | 10.44% | 08/2027 | 7607 | 7746 | 7447 |  |
| 45035230(36) | ABF asset | N/A | 5.61% | 08/2029 | 33356 | 33966 | 31611 |  |
| 45035316(36) | ABF asset | N/A | 11.97% | 08/2030 | 8553 | 8710 | 8161 |  |
| 45035385(36) | ABF asset | N/A | 15.70% | 08/2032 | 58391 | 59459 | 63799 |  |
| 45035518(36) | ABF asset | N/A | 13.80% | 08/2029 | 22467 | 22878 | 23090 |  |
| 45036059(36) | ABF asset | N/A | 13.33% | 08/2028 | 44974 | 45797 | 45426 |  |
| 45036952(36) | ABF asset | N/A | 11.69% | 08/2030 | 24700 | 25152 | 22870 |  |
| 45038092(36) | ABF asset | N/A | 13.52% | 08/2028 | 9079 | 9245 | 8912 |  |
| 45038096(36) | ABF asset | N/A | 17.36% | 08/2027 | 17130 | 17443 | 17270 |  |
| 45038331(36) | ABF asset | N/A | 13.41% | 08/2030 | 12378 | 12605 | 12340 |  |
| 45038404(36) | ABF asset | N/A | 8.11% | 08/2028 | 13034 | 13273 | 12851 |  |
| 45039255(36) | ABF asset | N/A | 9.87% | 08/2029 | 30677 | 31238 | 28705 |  |
| 45039490(36) | ABF asset | N/A | 11.08% | 08/2027 | 33935 | 34556 | 33297 |  |
| 45039787(36) | ABF asset | N/A | 14.03% | 08/2030 | 58129 | 59193 | 58603 |  |
| 45040421(36) | ABF asset | N/A | 8.99% | 08/2027 | 8456 | 8611 | 8407 |  |
| 45041387(36) | ABF asset | N/A | 12.63% | 08/2031 | 72157 | 73477 | 74268 |  |
| 45042137(36) | ABF asset | N/A | 15.93% | 08/2029 | 32749 | 33348 | 35786 |  |
| 45042596(36) | ABF asset | N/A | 12.98% | 08/2030 | 76131 | 77523 | 73798 |  |
| 45043135(36) | ABF asset | N/A | 10.01% | 08/2029 | 74491 | 75853 | 72887 |  |
| 45043209(36) | ABF asset | N/A | 9.68% | 08/2028 | 14443 | 14708 | 14373 |  |
| 45043484(36) | ABF asset | N/A | 10.68% | 08/2032 | 22251 | 22658 | 21652 |  |
| 45043496(36) | ABF asset | N/A | 11.93% | 08/2028 | 9057 | 9222 | 9215 |  |
| 45044401(36) | ABF asset | N/A | 8.91% | 08/2027 | 7346 | 7481 | 7189 |  |
| 45044460(36) | ABF asset | N/A | 12.02% | 08/2027 | 7222 | 7354 | 7076 |  |
| 45044513(36) | ABF asset | N/A | 16.11% | 08/2029 | 40379 | 41118 | 38552 |  |
| 45046056(36) | ABF asset | N/A | 15.27% | 08/2030 | 47723 | 48595 | 47758 |  |
| 45046464(36) | ABF asset | N/A | 14.85% | 08/2032 | 16510 | 16812 | 17747 |  |
| 45047034(36) | ABF asset | N/A | 14.98% | 08/2030 | 29577 | 30118 | 29550 |  |
| 45047508(36) | ABF asset | N/A | 14.90% | 08/2032 | 19300 | 19653 | 18868 |  |
| 45048740(36) | ABF asset | N/A | 18.11% | 08/2032 | 31221 | 31792 | 33590 |  |
| 45048970(36) | ABF asset | N/A | 13.88% | 08/2029 | 9255 | 9424 | 9518 |  |
| 45049160(36) | ABF asset | N/A | 9.92% | 08/2031 | 28761 | 29287 | 28568 |  |
| 45050211(36) | ABF asset | N/A | 13.46% | 08/2032 | 66010 | 67217 | 69146 |  |
| 45051570(36) | ABF asset | N/A | 14.10% | 08/2032 | 39829 | 40558 | 42190 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45051969(36) | ABF asset | N/A | 14.68% | 08/2029 | 31719 | 32299 | 32467 |  |
| 45053787(36) | ABF asset | N/A | 12.48% | 08/2032 | 19392 | 19747 | 19957 |  |
| 45053994(36) | ABF asset | N/A | 22.52% | 08/2030 | 44278 | 45088 | 46645 |  |
| 45054252(36) | ABF asset | N/A | 12.45% | 08/2030 | 26627 | 27114 | 27537 |  |
| 45054503(36) | ABF asset | N/A | 15.12% | 08/2030 | 33193 | 33800 | 34006 |  |
| 45054681(36) | ABF asset | N/A | 13.20% | 08/2030 | 4760 | 4847 | 4994 |  |
| 45055425(36) | ABF asset | N/A | 7.81% | 08/2027 | 43889 | 44692 | 42754 |  |
| 45056121(36) | ABF asset | N/A | 18.17% | 08/2030 | 12452 | 12680 | 13057 |  |
| 45056746(36) | ABF asset | N/A | 11.78% | 08/2029 | 70012 | 71293 | 72111 |  |
| 45057094(36) | ABF asset | N/A | 8.37% | 08/2030 | 30259 | 30812 | 29429 |  |
| 45057396(36) | ABF asset | N/A | 14.88% | 08/2030 | 39113 | 39829 | 39036 |  |
| 45057688(36) | ABF asset | N/A | 9.57% | 08/2029 | 37221 | 37902 | 36193 |  |
| 45057730(36) | ABF asset | N/A | 8.74% | 08/2027 | 3016 | 3072 | 2955 |  |
| 45057943(36) | ABF asset | N/A | 14.15% | 08/2032 | 46632 | 47485 | 45117 |  |
| 45057982(36) | ABF asset | N/A | 21.46% | 08/2030 | 56204 | 57232 | 59791 |  |
| 45058010(36) | ABF asset | N/A | 11.93% | 08/2030 | 66544 | 67761 | 64812 |  |
| 45058192(36) | ABF asset | N/A | 7.86% | 08/2028 | 45010 | 45834 | 44278 |  |
| 45058582(36) | ABF asset | N/A | 5.62% | 08/2027 | 29438 | 29976 | 28535 |  |
| 45058676(36) | ABF asset | N/A | 15.48% | 08/2032 | 29189 | 29723 | 31138 |  |
| 45059086(36) | ABF asset | N/A | 16.70% | 08/2032 | 15588 | 15873 | 17343 |  |
| 45059334(36) | ABF asset | N/A | 21.56% | 08/2030 | 27885 | 28395 | 29886 |  |
| 45059537(36) | ABF asset | N/A | 18.23% | 08/2030 | 36333 | 36998 | 37069 |  |
| 45059919(36) | ABF asset | N/A | 11.99% | 08/2032 | 18944 | 19291 | 19311 |  |
| 45059930(36) | ABF asset | N/A | 9.30% | 08/2027 | 16074 | 16368 | 15717 |  |
| 45060352(36) | ABF asset | N/A | 15.93% | 08/2032 | 29203 | 29737 | 31361 |  |
| 45060376(36) | ABF asset | N/A | 13.48% | 08/2032 | 26210 | 26690 | 26047 |  |
| 45060517(36) | ABF asset | N/A | 13.22% | 08/2030 | 37222 | 37903 | 36093 |  |
| 45060558(36) | ABF asset | N/A | 9.80% | 08/2030 | 26531 | 27016 | 26374 |  |
| 45060589(36) | ABF asset | N/A | 9.40% | 08/2027 | 8461 | 8616 | 8298 |  |
| 45060716(36) | ABF asset | N/A | 10.27% | 08/2027 | 13594 | 13842 | 13167 |  |
| 45061379(36) | ABF asset | N/A | 7.75% | 08/2027 | 10972 | 11172 | 10505 |  |
| 45061653(36) | ABF asset | N/A | 11.15% | 08/2030 | 80690 | 82166 | 81892 |  |
| 45061763(36) | ABF asset | N/A | 17.95% | 08/2028 | 20098 | 20466 | 20883 |  |
| 45061805(36) | ABF asset | N/A | 13.70% | 08/2030 | 40663 | 41406 | 43003 |  |
| 45061912(36) | ABF asset | N/A | 12.20% | 08/2030 | 11408 | 11616 | 11789 |  |
| 45062451(36) | ABF asset | N/A | 11.28% | 08/2030 | 14242 | 14502 | 13758 |  |
| 45063156(36) | ABF asset | N/A | 12.64% | 08/2031 | 24039 | 24478 | 25055 |  |
| 45063414(36) | ABF asset | N/A | 9.19% | 08/2030 | 56802 | 57841 | 54862 |  |
| 45063558(36) | ABF asset | N/A | 9.59% | 08/2030 | 71043 | 72343 | 69108 |  |
| 45063597(36) | ABF asset | N/A | 18.98% | 08/2030 | 7000 | 7128 | 1295 |  |
| 45063880(36) | ABF asset | N/A | 9.95% | 08/2029 | 20483 | 20858 | 20026 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45064122(36) | ABF asset | N/A | 17.92% | 08/2030 | 38610 | 39316 | 37983 |  |
| 45064210(36) | ABF asset | N/A | 12.01% | 08/2032 | 47977 | 48855 | 48890 |  |
| 45064882(36) | ABF asset | N/A | 14.68% | 08/2029 | 18745 | 19088 | 18427 |  |
| 45065219(36) | ABF asset | N/A | 7.57% | 08/2030 | 21723 | 22121 | 20853 |  |
| 45065422(36) | ABF asset | N/A | 21.26% | 08/2029 | 56777 | 57815 | 57519 |  |
| 45065547(36) | ABF asset | N/A | 17.37% | 08/2027 | 72066 | 73385 | 73809 |  |
| 45065700(36) | ABF asset | N/A | 14.85% | 08/2027 | 5120 | 5213 | 5158 |  |
| 45065837(36) | ABF asset | N/A | 14.78% | 08/2029 | 44466 | 45279 | 45680 |  |
| 45066055(36) | ABF asset | N/A | 9.91% | 08/2030 | 94767 | 96500 | 94461 |  |
| 45066214(36) | ABF asset | N/A | 9.79% | 08/2030 | 61588 | 62715 | 59993 |  |
| 45066813(36) | ABF asset | N/A | 5.60% | 08/2027 | 33642 | 34257 | 32089 |  |
| 45066894(36) | ABF asset | N/A | 11.43% | 08/2030 | 20893 | 21275 | 20197 |  |
| 45067107(36) | ABF asset | N/A | 13.59% | 08/2030 | 7628 | 7768 | 7463 |  |
| 45067265(36) | ABF asset | N/A | 15.80% | 08/2029 | 6988 | 7116 | 7371 |  |
| 45067270(36) | ABF asset | N/A | 7.08% | 08/2027 | 59013 | 60092 | 57175 |  |
| 45067490(36) | ABF asset | N/A | 10.75% | 08/2030 | 79075 | 80521 | 41691 |  |
| 45067933(36) | ABF asset | N/A | 11.01% | 08/2030 | 36066 | 36726 | 35892 |  |
| 45067940(36) | ABF asset | N/A | 9.70% | 08/2030 | 71286 | 72590 | 70612 |  |
| 45068289(36) | ABF asset | N/A | 16.86% | 08/2032 | 21428 | 21820 | 22576 |  |
| 45068621(36) | ABF asset | N/A | 15.84% | 08/2030 | 38205 | 38904 | 39608 |  |
| 45069242(36) | ABF asset | N/A | 6.02% | 08/2027 | 21862 | 22262 | 21287 |  |
| 45069283(36) | ABF asset | N/A | 12.01% | 08/2032 | 32948 | 33550 | 33611 |  |
| 45069624(36) | ABF asset | N/A | 11.97% | 08/2029 | 74700 | 76066 | 74204 |  |
| 45069693(36) | ABF asset | N/A | 7.73% | 08/2027 | 12630 | 12861 | 12271 |  |
| 45070494(36) | ABF asset | N/A | 7.59% | 08/2028 | 8099 | 8247 | 7697 |  |
| 45070696(36) | ABF asset | N/A | 9.58% | 08/2028 | 27017 | 27511 | 27104 |  |
| 45071217(36) | ABF asset | N/A | 15.43% | 08/2032 | 12648 | 12879 | 12528 |  |
| 45071231(36) | ABF asset | N/A | 13.44% | 08/2027 | 2343 | 2386 | 2340 |  |
| 45071431(36) | ABF asset | N/A | 9.78% | 08/2030 | 18592 | 18932 | 18543 |  |
| 45071686(36) | ABF asset | N/A | 12.68% | 08/2030 | 17123 | 17436 | 16851 |  |
| 45072049(36) | ABF asset | N/A | 19.73% | 08/2029 | 23586 | 24017 | 23507 |  |
| 45072568(36) | ABF asset | N/A | 6.96% | 08/2027 | 22758 | 23174 | 22292 |  |
| 45072824(36) | ABF asset | N/A | 12.77% | 08/2028 | 19822 | 20184 | 19377 |  |
| 45072909(36) | ABF asset | N/A | 13.80% | 08/2030 | 21003 | 21387 | 22204 |  |
| 45074447(36) | ABF asset | N/A | 17.50% | 08/2030 | 22013 | 22415 | 22264 |  |
| 45074491(36) | ABF asset | N/A | 5.81% | 08/2027 | 6731 | 6854 | 6465 |  |
| 45075094(36) | ABF asset | N/A | 13.01% | 08/2029 | 19637 | 19996 | 19737 |  |
| 45075102(36) | ABF asset | N/A | 16.49% | 08/2030 | 66913 | 68137 | 69948 |  |
| 45075333(36) | ABF asset | N/A | 11.99% | 08/2032 | 33811 | 34429 | 34453 |  |
| 45075444(36) | ABF asset | N/A | 16.83% | 08/2032 | 69180 | 70446 | 75525 |  |
| 45075961(36) | ABF asset | N/A | 16.65% | 08/2030 | 27734 | 28241 | 27678 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45076056(36) | ABF asset | N/A | 16.74% | 08/2031 | 12569 | 12799 | 13382 |  |
| 45076640(36) | ABF asset | N/A | 14.19% | 08/2030 | 57188 | 58234 | 54998 |  |
| 45076812(36) | ABF asset | N/A | 7.18% | 08/2027 | 46375 | 47223 | 44983 |  |
| 45077761(36) | ABF asset | N/A | 13.67% | 08/2027 | 5962 | 6071 | 5957 |  |
| 45077965(36) | ABF asset | N/A | 10.43% | 08/2028 | 76341 | 77738 | 76621 |  |
| 45078316(36) | ABF asset | N/A | 12.50% | 08/2029 | 47657 | 48528 | 48183 |  |
| 45079103(36) | ABF asset | N/A | 11.48% | 08/2029 | 6532 | 6651 | 6448 |  |
| 45079785(36) | ABF asset | N/A | 6.60% | 08/2027 | 17146 | 17460 | 16593 |  |
| 45079868(36) | ABF asset | N/A | 15.04% | 08/2030 | 12404 | 12631 | 12410 |  |
| 45079885(36) | ABF asset | N/A | 17.92% | 08/2030 | 21066 | 21452 | 22036 |  |
| 45080470(36) | ABF asset | N/A | 13.18% | 08/2030 | 37750 | 38441 | 37559 |  |
| 45081020(36) | ABF asset | N/A | 7.57% | 08/2029 | 37142 | 37821 | 35177 |  |
| 45081752(36) | ABF asset | N/A | 13.49% | 08/2030 | 66659 | 67878 | 66583 |  |
| 45082148(36) | ABF asset | N/A | 12.53% | 08/2029 | 42052 | 42821 | 43795 |  |
| 45082156(36) | ABF asset | N/A | 6.96% | 08/2027 | 8429 | 8583 | 8254 |  |
| 45082158(36) | ABF asset | N/A | 19.73% | 08/2032 | 77200 | 78612 | 88935 |  |
| 45082343(36) | ABF asset | N/A | 6.97% | 08/2030 | 13214 | 13455 | 12563 |  |
| 45082433(36) | ABF asset | N/A | 13.69% | 08/2032 | 26217 | 26696 | 27605 |  |
| 45083988(36) | ABF asset | N/A | 9.45% | 08/2030 | 66294 | 67506 | 62178 |  |
| 45084214(36) | ABF asset | N/A | 22.61% | 08/2032 | 8810 | 8971 | 10235 |  |
| 45084473(36) | ABF asset | N/A | 12.27% | 08/2030 | 36167 | 36829 | 35438 |  |
| 45084939(36) | ABF asset | N/A | 9.18% | 08/2031 | 35498 | 36148 | 33703 |  |
| 45085414(36) | ABF asset | N/A | 6.12% | 08/2027 | 20940 | 21323 | 20446 |  |
| 45085559(36) | ABF asset | N/A | 13.62% | 08/2032 | 34953 | 35592 | 34822 |  |
| 45085718(36) | ABF asset | N/A | 9.78% | 08/2027 | 7620 | 7759 | 7529 |  |
| 45086057(36) | ABF asset | N/A | 6.17% | 08/2028 | 31424 | 31999 | 30332 |  |
| 45086544(36) | ABF asset | N/A | 11.70% | 08/2030 | 8550 | 8706 | 8765 |  |
| 45086721(36) | ABF asset | N/A | 12.98% | 08/2030 | 11420 | 11628 | 11070 |  |
| 45087248(36) | ABF asset | N/A | 11.64% | 08/2032 | 33901 | 34521 | 34318 |  |
| 45087300(36) | ABF asset | N/A | 9.46% | 08/2027 | 38080 | 38777 | 36271 |  |
| 45087774(36) | ABF asset | N/A | 7.31% | 08/2030 | 42284 | 43057 | 40434 |  |
| 45087809(36) | ABF asset | N/A | 10.57% | 08/2030 | 14228 | 14488 | 14037 |  |
| 45088128(36) | ABF asset | N/A | 7.55% | 08/2027 | 29528 | 30068 | 28961 |  |
| 45088567(36) | ABF asset | N/A | 15.58% | 08/2032 | 48653 | 49543 | 52952 |  |
| 45088616(36) | ABF asset | N/A | 6.66% | 08/2028 | 13478 | 13724 | 13014 |  |
| 45088641(36) | ABF asset | N/A | 14.93% | 08/2028 | 9978 | 10161 | 10276 |  |
| 45088902(36) | ABF asset | N/A | 11.27% | 08/2030 | 71209 | 72512 | 72523 |  |
| 45089770(36) | ABF asset | N/A | 14.40% | 08/2030 | 50493 | 51416 | 51214 |  |
| 45089982(36) | ABF asset | N/A | 14.88% | 08/2030 | 12402 | 12629 | 12369 |  |
| 45090255(36) | ABF asset | N/A | 15.45% | 08/2031 | 32824 | 33424 | 35588 |  |
| 45090421(36) | ABF asset | N/A | 13.53% | 08/2028 | 9079 | 9245 | 8987 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45090725(36) | ABF asset | N/A | 13.80% | 08/2029 | 9181 | 9349 | 9396 |  |
| 45091141(36) | ABF asset | N/A | 10.91% | 08/2029 | 19579 | 19937 | 19172 |  |
| 45091312(36) | ABF asset | N/A | 13.80% | 08/2030 | 40011 | 40743 | 41479 |  |
| 45091470(36) | ABF asset | N/A | 8.96% | 08/2027 | 5919 | 6027 | 5815 |  |
| 45091656(36) | ABF asset | N/A | 17.52% | 08/2030 | 8658 | 8817 | 2453 |  |
| 45091771(36) | ABF asset | N/A | 8.11% | 08/2029 | 92799 | 94497 | 88514 |  |
| 45092131(36) | ABF asset | N/A | 6.21% | 08/2027 | 8394 | 8548 | 8174 |  |
| 45092233(36) | ABF asset | N/A | 12.91% | 08/2030 | 72312 | 73635 | 74165 |  |
| 45092239(36) | ABF asset | N/A | 7.01% | 08/2028 | 42254 | 43027 | 41164 |  |
| 45092260(36) | ABF asset | N/A | 12.91% | 08/2028 | 4535 | 4618 | 4466 |  |
| 45092570(36) | ABF asset | N/A | 11.42% | 08/2027 | 16144 | 16439 | 16270 |  |
| 45092742(36) | ABF asset | N/A | 9.10% | 08/2027 | 5074 | 5167 | 4909 |  |
| 45092749(36) | ABF asset | N/A | 9.24% | 08/2027 | 21148 | 21535 | 21060 |  |
| 45092756(36) | ABF asset | N/A | 6.47% | 08/2030 | 33946 | 34567 | 32005 |  |
| 45094386(36) | ABF asset | N/A | 16.72% | 08/2032 | 39945 | 40675 | 42024 |  |
| 45095733(36) | ABF asset | N/A | 10.94% | 08/2028 | 12479 | 12707 | 12284 |  |
| 45096439(36) | ABF asset | N/A | 10.58% | 08/2028 | 55140 | 56149 | 55723 |  |
| 45097676(36) | ABF asset | N/A | 8.99% | 08/2027 | 7604 | 7743 | 7566 |  |
| 45097752(36) | ABF asset | N/A | 15.39% | 08/2032 | 53507 | 54486 | 56973 |  |
| 45098177(36) | ABF asset | N/A | 8.19% | 08/2029 | 31574 | 32151 | 29865 |  |
| 45098422(36) | ABF asset | N/A | 15.92% | 08/2031 | 50229 | 51148 | 54918 |  |
| 45098612(36) | ABF asset | N/A | 12.06% | 08/2028 | 13544 | 13792 | 13543 |  |
| 45098985(36) | ABF asset | N/A | 9.86% | 08/2028 | 55984 | 57008 | 56225 |  |
| 45099092(36) | ABF asset | N/A | 15.64% | 08/2029 | 37538 | 38225 | 37800 |  |
| 45099109(36) | ABF asset | N/A | 7.21% | 08/2027 | 21924 | 22325 | 21509 |  |
| 45099232(36) | ABF asset | N/A | 7.80% | 08/2027 | 19852 | 20216 | 19536 |  |
| 45099310(36) | ABF asset | N/A | 15.09% | 08/2030 | 49620 | 50528 | 50810 |  |
| 45099399(36) | ABF asset | N/A | 8.25% | 08/2027 | 5068 | 5160 | 4872 |  |
| 45099429(36) | ABF asset | N/A | 12.19% | 08/2027 | 5949 | 6058 | 5831 |  |
| 45099438(36) | ABF asset | N/A | 12.25% | 08/2027 | 5949 | 6058 | 5952 |  |
| 45099488(36) | ABF asset | N/A | 12.02% | 08/2030 | 49422 | 50326 | 49980 |  |
| 45099690(36) | ABF asset | N/A | 11.55% | 08/2030 | 75035 | 76408 | 76634 |  |
| 45099836(36) | ABF asset | N/A | 13.43% | 08/2030 | 19951 | 20316 | 19967 |  |
| 45099860(36) | ABF asset | N/A | 18.27% | 08/2030 | 19159 | 19510 | 20142 |  |
| 45100126(36) | ABF asset | N/A | 14.52% | 08/2029 | 17065 | 17377 | 16903 |  |
| 45100144(36) | ABF asset | N/A | 15.80% | 08/2029 | 32853 | 33454 | 32731 |  |
| 45100291(36) | ABF asset | N/A | 8.99% | 08/2027 | 5074 | 5166 | 5045 |  |
| 45100515(36) | ABF asset | N/A | 9.62% | 08/2029 | 28901 | 29430 | 26870 |  |
| 45101027(36) | ABF asset | N/A | 7.54% | 08/2030 | 76011 | 77401 | 71539 |  |
| 45101292(36) | ABF asset | N/A | 10.75% | 08/2029 | 13982 | 14238 | 13821 |  |
| 45101504(36) | ABF asset | N/A | 16.45% | 08/2032 | 10716 | 10912 | 11855 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45101871(36) | ABF asset | N/A | 7.27% | 08/2027 | 33732 | 34349 | 33123 |  |
| 45102097(36) | ABF asset | N/A | 16.11% | 08/2029 | 25449 | 25914 | 24256 |  |
| 45102384(36) | ABF asset | N/A | 13.69% | 08/2028 | 10897 | 11096 | 10823 |  |
| 45102705(36) | ABF asset | N/A | 10.70% | 08/2027 | 4239 | 4317 | 4111 |  |
| 45102749(36) | ABF asset | N/A | 11.79% | 08/2031 | 34665 | 35299 | 34515 |  |
| 45102855(36) | ABF asset | N/A | 8.66% | 08/2027 | 42258 | 43031 | 41224 |  |
| 45102958(36) | ABF asset | N/A | 10.43% | 08/2027 | 10024 | 10208 | 9931 |  |
| 45102991(36) | ABF asset | N/A | 5.87% | 08/2027 | 6861 | 6987 | 6676 |  |
| 45103073(36) | ABF asset | N/A | 15.52% | 08/2030 | 62059 | 63194 | 62614 |  |
| 45103524(36) | ABF asset | N/A | 16.05% | 08/2029 | 29977 | 30525 | 29980 |  |
| 45103681(36) | ABF asset | N/A | 11.60% | 08/2029 | 93326 | 95033 | 93130 |  |
| 45103862(36) | ABF asset | N/A | 15.85% | 08/2032 | 5868 | 5975 | 6388 |  |
| 45104018(36) | ABF asset | N/A | 12.91% | 08/2030 | 15225 | 15503 | 15611 |  |
| 45104879(36) | ABF asset | N/A | 12.03% | 08/2029 | 28015 | 28527 | 26641 |  |
| 45105065(36) | ABF asset | N/A | 12.44% | 08/2027 | 14623 | 14891 | 14629 |  |
| 45105133(36) | ABF asset | N/A | 8.86% | 08/2028 | 41473 | 42232 | 40963 |  |
| 45105261(36) | ABF asset | N/A | 10.57% | 08/2030 | 8537 | 8693 | 8436 |  |
| 45105368(36) | ABF asset | N/A | 20.31% | 08/2032 | 63554 | 64717 | 68814 |  |
| 45105376(36) | ABF asset | N/A | 14.49% | 08/2030 | 33373 | 33983 | 33876 |  |
| 45105612(36) | ABF asset | N/A | 16.85% | 08/2032 | 26309 | 26790 | 29284 |  |
| 45105890(36) | ABF asset | N/A | 18.49% | 08/2030 | 41671 | 42433 | 45809 |  |
| 45105999(36) | ABF asset | N/A | 19.33% | 08/2030 | 6714 | 6837 | 6759 |  |
| 45106299(36) | ABF asset | N/A | 10.10% | 08/2027 | 12706 | 12939 | 12524 |  |
| 45106313(36) | ABF asset | N/A | 17.33% | 08/2032 | 8727 | 8887 | 9651 |  |
| 45106537(36) | ABF asset | N/A | 12.43% | 08/2031 | 27894 | 28404 | 28155 |  |
| 45106581(36) | ABF asset | N/A | 9.29% | 08/2027 | 4230 | 4307 | 4162 |  |
| 45106598(36) | ABF asset | N/A | 12.91% | 08/2027 | 5105 | 5198 | 5030 |  |
| 45106964(36) | ABF asset | N/A | 10.43% | 08/2029 | 23292 | 23719 | 23595 |  |
| 45107017(36) | ABF asset | N/A | 14.51% | 08/2031 | 53975 | 54963 | 58182 |  |
| 45107292(36) | ABF asset | N/A | 11.94% | 08/2030 | 11256 | 11462 | 10489 |  |
| 45107299(36) | ABF asset | N/A | 9.94% | 08/2030 | 25588 | 26056 | 25032 |  |
| 45107892(36) | ABF asset | N/A | 7.86% | 08/2029 | 32486 | 33080 | 31790 |  |
| 45108248(36) | ABF asset | N/A | 10.52% | 08/2030 | 94859 | 96594 | 95318 |  |
| 45108268(36) | ABF asset | N/A | 14.73% | 08/2030 | 15264 | 15543 | 15196 |  |
| 45108346(36) | ABF asset | N/A | 7.54% | 08/2030 | 94445 | 96173 | 88852 |  |
| 45108428(36) | ABF asset | N/A | 11.37% | 08/2030 | 13294 | 13537 | 12566 |  |
| 45108485(36) | ABF asset | N/A | 9.73% | 08/2030 | 37485 | 38171 | 37257 |  |
| 45108535(36) | ABF asset | N/A | 14.15% | 08/2028 | 14539 | 14805 | 14533 |  |
| 45108673(36) | ABF asset | N/A | 16.22% | 08/2032 | 37976 | 38670 | 39570 |  |
| 45108758(36) | ABF asset | N/A | 7.94% | 08/2030 | 16065 | 16359 | 15216 |  |
| 45108768(36) | ABF asset | N/A | 8.99% | 08/2027 | 8456 | 8611 | 8407 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45108845(36) | ABF asset | N/A | 14.28% | 08/2030 | 20018 | 20384 | 20254 |  |
| 45109233(36) | ABF asset | N/A | 18.46% | 08/2032 | 24371 | 24816 | 26358 |  |
| 45109386(36) | ABF asset | N/A | 16.99% | 08/2031 | 19343 | 19697 | 20696 |  |
| 45109434(36) | ABF asset | N/A | 7.43% | 08/2027 | 19404 | 19759 | 18851 |  |
| 45109462(36) | ABF asset | N/A | 16.23% | 08/2030 | 16245 | 16542 | 16545 |  |
| 45109479(36) | ABF asset | N/A | 10.15% | 08/2030 | 52139 | 53093 | 52085 |  |
| 45109544(36) | ABF asset | N/A | 12.88% | 08/2030 | 14273 | 14534 | 13792 |  |
| 45110003(36) | ABF asset | N/A | 21.46% | 08/2030 | 38423 | 39126 | 41105 |  |
| 45110145(36) | ABF asset | N/A | 16.07% | 08/2031 | 29950 | 30498 | 32885 |  |
| 45110495(36) | ABF asset | N/A | 15.85% | 08/2032 | 92248 | 93936 | 101043 |  |
| 45110499(36) | ABF asset | N/A | 9.74% | 08/2030 | 14212 | 14472 | 14127 |  |
| 45110854(36) | ABF asset | N/A | 14.82% | 08/2031 | 19325 | 19679 | 20558 |  |
| 45110858(36) | ABF asset | N/A | 16.27% | 08/2030 | 24847 | 25301 | 25321 |  |
| 45111121(36) | ABF asset | N/A | 11.48% | 08/2029 | 18662 | 19003 | 18409 |  |
| 45111146(36) | ABF asset | N/A | 17.21% | 08/2029 | 4702 | 4788 | 4549 |  |
| 45111346(36) | ABF asset | N/A | 14.57% | 08/2030 | 23840 | 24276 | 22367 |  |
| 45111465(36) | ABF asset | N/A | 12.98% | 08/2028 | 8361 | 8514 | 8531 |  |
| 45111793(36) | ABF asset | N/A | 16.32% | 08/2031 | 38656 | 39363 | 42631 |  |
| 45111924(36) | ABF asset | N/A | 17.83% | 08/2032 | 48769 | 49661 | 54216 |  |
| 45112253(36) | ABF asset | N/A | 16.48% | 08/2030 | 17204 | 17519 | 17589 |  |
| 45112766(36) | ABF asset | N/A | 13.94% | 08/2027 | 38345 | 39046 | 38830 |  |
| 45112868(36) | ABF asset | N/A | 7.80% | 08/2027 | 10668 | 10863 | 10564 |  |
| 45114092(36) | ABF asset | N/A | 12.50% | 08/2032 | 24241 | 24684 | 22745 |  |
| 45114203(36) | ABF asset | N/A | 9.39% | 08/2028 | 8115 | 8263 | 7953 |  |
| 45115291(36) | ABF asset | N/A | 7.18% | 08/2027 | 21923 | 22324 | 21231 |  |
| 45115401(36) | ABF asset | N/A | 14.82% | 08/2030 | 38156 | 38854 | 35947 |  |
| 45115614(36) | ABF asset | N/A | 12.78% | 08/2029 | 18696 | 19038 | 18762 |  |
| 45116149(36) | ABF asset | N/A | 9.79% | 08/2027 | 13547 | 13794 | 13544 |  |
| 45116195(36) | ABF asset | N/A | 10.83% | 08/2027 | 7632 | 7772 | 7470 |  |
| 45116349(36) | ABF asset | N/A | 10.38% | 08/2029 | 39693 | 40419 | 39031 |  |
| 45116449(36) | ABF asset | N/A | 22.77% | 08/2030 | 25862 | 26335 | 27297 |  |
| 45116464(36) | ABF asset | N/A | 13.85% | 08/2032 | 32049 | 32635 | 33830 |  |
| 45116693(36) | ABF asset | N/A | 7.86% | 08/2028 | 9002 | 9167 | 8852 |  |
| 45116732(36) | ABF asset | N/A | 17.15% | 08/2032 | 18519 | 18858 | 18952 |  |
| 45117241(36) | ABF asset | N/A | 13.03% | 08/2030 | 33309 | 33919 | 33058 |  |
| 45117531(36) | ABF asset | N/A | 16.64% | 08/2029 | 46918 | 47776 | 47851 |  |
| 45118274(36) | ABF asset | N/A | 13.15% | 08/2029 | 37412 | 38096 | 38136 |  |
| 45118347(36) | ABF asset | N/A | 8.50% | 08/2030 | 8512 | 8668 | 8290 |  |
| 45118377(36) | ABF asset | N/A | 9.87% | 08/2030 | 22743 | 23159 | 20999 |  |
| 45118473(36) | ABF asset | N/A | 13.77% | 08/2031 | 33722 | 34338 | 35520 |  |
| 45118964(36) | ABF asset | N/A | 11.53% | 08/2030 | 42 | 43 | 42 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45119263(36) | ABF asset | N/A | 7.56% | 08/2030 | 40209 | 40944 | 38600 |  |
| 45119393(36) | ABF asset | N/A | 16.60% | 08/2032 | 50655 | 51581 | 56233 |  |
| 45119627(36) | ABF asset | N/A | 10.05% | 08/2031 | 41231 | 41986 | 40981 |  |
| 45119847(36) | ABF asset | N/A | 15.43% | 08/2032 | 63239 | 64395 | 62698 |  |
| 45119986(36) | ABF asset | N/A | 9.36% | 08/2028 | 9023 | 9188 | 9012 |  |
| 45120142(36) | ABF asset | N/A | 8.99% | 08/2028 | 19839 | 20202 | 19715 |  |
| 45120249(36) | ABF asset | N/A | 15.95% | 08/2032 | 52491 | 53451 | 57621 |  |
| 45120285(36) | ABF asset | N/A | 9.75% | 08/2027 | 7334 | 7468 | 7223 |  |
| 45120467(36) | ABF asset | N/A | 14.88% | 08/2032 | 14585 | 14851 | 14321 |  |
| 45120554(36) | ABF asset | N/A | 11.91% | 08/2032 | 27130 | 27626 | 27618 |  |
| 45121181(36) | ABF asset | N/A | 15.73% | 08/2030 | 65011 | 66200 | 65796 |  |
| 45121188(36) | ABF asset | N/A | 11.70% | 08/2030 | 22800 | 23217 | 23373 |  |
| 45121269(36) | ABF asset | N/A | 13.30% | 08/2030 | 74259 | 75617 | 78019 |  |
| 45121345(36) | ABF asset | N/A | 13.17% | 08/2031 | 23106 | 23529 | 24089 |  |
| 45121354(36) | ABF asset | N/A | 8.99% | 08/2027 | 8456 | 8611 | 8406 |  |
| 45121522(36) | ABF asset | N/A | 8.74% | 08/2029 | 18588 | 18928 | 17701 |  |
| 45121624(36) | ABF asset | N/A | 14.88% | 08/2029 | 10313 | 10501 | 10752 |  |
| 45121701(36) | ABF asset | N/A | 17.23% | 08/2032 | 68234 | 69483 | 75139 |  |
| 45121749(36) | ABF asset | N/A | 18.04% | 08/2029 | 37656 | 38345 | 39041 |  |
| 45121822(36) | ABF asset | N/A | 11.68% | 08/2031 | 47719 | 48592 | 47508 |  |
| 45122016(36) | ABF asset | N/A | 10.01% | 08/2029 | 47488 | 48356 | 47758 |  |
| 45122039(36) | ABF asset | N/A | 13.09% | 08/2032 | 14555 | 14821 | 14849 |  |
| 45122083(36) | ABF asset | N/A | 13.83% | 08/2028 | 9083 | 9249 | 9506 |  |
| 45122215(36) | ABF asset | N/A | 13.06% | 08/2032 | 29108 | 29641 | 30254 |  |
| 45122316(36) | ABF asset | N/A | 16.10% | 08/2032 | 97361 | 99142 | 107130 |  |
| 45122319(36) | ABF asset | N/A | 19.30% | 08/2032 | 24420 | 24867 | 26850 |  |
| 45122633(36) | ABF asset | N/A | 6.96% | 08/2027 | 21072 | 21458 | 20641 |  |
| 45122640(36) | ABF asset | N/A | 9.45% | 08/2030 | 52088 | 53041 | 51529 |  |
| 45122912(36) | ABF asset | N/A | 10.89% | 08/2030 | 23724 | 24158 | 23559 |  |
| 45123148(36) | ABF asset | N/A | 16.24% | 08/2030 | 38224 | 38923 | 39889 |  |
| 45123412(36) | ABF asset | N/A | 16.10% | 08/2027 | 4921 | 5011 | 4949 |  |
| 45123480(36) | ABF asset | N/A | 17.62% | 08/2027 | 17033 | 17344 | 17416 |  |
| 45123628(36) | ABF asset | N/A | 16.20% | 08/2032 | 46721 | 47575 | 51392 |  |
| 45123736(36) | ABF asset | N/A | 13.46% | 08/2032 | 85424 | 86987 | 89545 |  |
| 45123882(36) | ABF asset | N/A | 16.50% | 08/2030 | 57355 | 58404 | 57059 |  |
| 45123929(36) | ABF asset | N/A | 17.73% | 08/2032 | 24382 | 24828 | 27081 |  |
| 45124070(36) | ABF asset | N/A | 14.67% | 08/2030 | 19075 | 19423 | 20107 |  |
| 45124267(36) | ABF asset | N/A | 11.55% | 08/2030 | 31344 | 31917 | 30399 |  |
| 45124311(36) | ABF asset | N/A | 19.81% | 08/2030 | 23992 | 24431 | 25082 |  |
| 45124350(36) | ABF asset | N/A | 15.85% | 08/2032 | 77868 | 79292 | 85292 |  |
| 45124459(36) | ABF asset | N/A | 23.52% | 08/2030 | 5781 | 5887 | 6167 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45124938(36) | ABF asset | N/A | 11.78% | 08/2029 | 23337 | 23764 | 22134 |  |
| 45124994(36) | ABF asset | N/A | 17.29% | 08/2029 | 12226 | 12450 | 12574 |  |
| 45125096(36) | ABF asset | N/A | 17.04% | 08/2029 | 71455 | 72762 | 73233 |  |
| 45125596(36) | ABF asset | N/A | 8.39% | 08/2030 | 40662 | 41405 | 38786 |  |
| 45125654(36) | ABF asset | N/A | 8.17% | 08/2027 | 17735 | 18059 | 16912 |  |
| 45125860(36) | ABF asset | N/A | 15.48% | 08/2032 | 58377 | 59445 | 62247 |  |
| 45126182(36) | ABF asset | N/A | 14.94% | 08/2030 | 60105 | 61205 | 63625 |  |
| 45126215(36) | ABF asset | N/A | 9.41% | 08/2029 | 32561 | 33157 | 32536 |  |
| 45126403(36) | ABF asset | N/A | 19.56% | 08/2032 | 8793 | 8954 | 9377 |  |
| 45126517(36) | ABF asset | N/A | 14.60% | 08/2032 | 48600 | 49489 | 52029 |  |
| 45126609(36) | ABF asset | N/A | 12.07% | 08/2027 | 3929 | 4001 | 3885 |  |
| 45126847(36) | ABF asset | N/A | 10.77% | 08/2030 | 43645 | 44443 | 44091 |  |
| 45127155(36) | ABF asset | N/A | 15.43% | 08/2032 | 16539 | 16842 | 16405 |  |
| 45127411(36) | ABF asset | N/A | 14.44% | 08/2027 | 14976 | 15250 | 15142 |  |
| 45127500(36) | ABF asset | N/A | 18.00% | 08/2030 | 13492 | 13739 | 13649 |  |
| 45127920(36) | ABF asset | N/A | 14.92% | 08/2030 | 42644 | 43424 | 45247 |  |
| 45128213(36) | ABF asset | N/A | 7.18% | 08/2027 | 23121 | 23544 | 22442 |  |
| 45128299(36) | ABF asset | N/A | 16.74% | 08/2030 | 57372 | 58421 | 60328 |  |
| 45128345(36) | ABF asset | N/A | 9.11% | 08/2028 | 45999 | 46840 | 45539 |  |
| 45128617(36) | ABF asset | N/A | 21.21% | 08/2030 | 23069 | 23491 | 24606 |  |
| 45129168(36) | ABF asset | N/A | 16.10% | 08/2032 | 37349 | 38032 | 41044 |  |
| 45129207(36) | ABF asset | N/A | 11.87% | 08/2029 | 34543 | 35175 | 33107 |  |
| 45129292(36) | ABF asset | N/A | 8.82% | 08/2029 | 37180 | 37860 | 34257 |  |
| 45129419(36) | ABF asset | N/A | 14.08% | 08/2032 | 29143 | 29676 | 30286 |  |
| 45129489(36) | ABF asset | N/A | 7.95% | 08/2027 | 42211 | 42983 | 40419 |  |
| 45129688(36) | ABF asset | N/A | 7.71% | 08/2029 | 37119 | 37798 | 36224 |  |
| 45129856(36) | ABF asset | N/A | 9.55% | 08/2030 | 42623 | 43403 | 42233 |  |
| 45129864(36) | ABF asset | N/A | 8.59% | 08/2031 | 21053 | 21438 | 20185 |  |
| 45129988(36) | ABF asset | N/A | 10.68% | 08/2029 | 9320 | 9491 | 9473 |  |
| 45130738(36) | ABF asset | N/A | 7.81% | 08/2027 | 46422 | 47271 | 45190 |  |
| 45130867(36) | ABF asset | N/A | 15.70% | 08/2032 | 31142 | 31712 | 34018 |  |
| 45131207(36) | ABF asset | N/A | 11.72% | 08/2030 | 61752 | 62882 | 58690 |  |
| 45131482(36) | ABF asset | N/A | 14.38% | 08/2032 | 23802 | 24238 | 23124 |  |
| 45131576(36) | ABF asset | N/A | 19.56% | 08/2029 | 57537 | 58589 | 60001 |  |
| 45131811(36) | ABF asset | N/A | 5.91% | 08/2028 | 13462 | 13708 | 12895 |  |
| 45132691(36) | ABF asset | N/A | 10.10% | 08/2027 | 2462 | 2507 | 2435 |  |
| 45132731(36) | ABF asset | N/A | 7.41% | 08/2030 | 84985 | 86539 | 81257 |  |
| 45132753(36) | ABF asset | N/A | 11.78% | 08/2028 | 38911 | 39622 | 39611 |  |
| 45132901(36) | ABF asset | N/A | 15.81% | 08/2032 | 63200 | 64356 | 62980 |  |
| 45133019(36) | ABF asset | N/A | 17.04% | 08/2029 | 56412 | 57443 | 57749 |  |
| 45133539(36) | ABF asset | N/A | 12.52% | 08/2030 | 33322 | 33931 | 33915 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45133650(36) | ABF asset | N/A | 6.59% | 08/2027 | 12636 | 12867 | 12202 |  |
| 45133663(36) | ABF asset | N/A | 15.93% | 08/2029 | 65717 | 66920 | 68638 |  |
| 45133983(36) | ABF asset | N/A | 9.35% | 08/2027 | 8461 | 8616 | 8197 |  |
| 45133986(36) | ABF asset | N/A | 14.93% | 09/2032 | 39622 | 40347 | 40182 |  |
| 45134772(36) | ABF asset | N/A | 13.30% | 08/2030 | 28561 | 29084 | 30021 |  |
| 45134786(36) | ABF asset | N/A | 13.65% | 08/2030 | 4762 | 4849 | 4772 |  |
| 45135173(36) | ABF asset | N/A | 8.74% | 08/2027 | 6214 | 6328 | 6184 |  |
| 45135792(36) | ABF asset | N/A | 14.98% | 08/2030 | 32534 | 33129 | 32455 |  |
| 45135949(36) | ABF asset | N/A | 10.31% | 08/2030 | 24653 | 25104 | 24724 |  |
| 45136128(36) | ABF asset | N/A | 15.45% | 08/2032 | 65186 | 66378 | 70882 |  |
| 45136137(36) | ABF asset | N/A | 13.18% | 08/2030 | 22844 | 23261 | 22719 |  |
| 45136178(36) | ABF asset | N/A | 14.32% | 08/2030 | 12393 | 12620 | 12992 |  |
| 45136261(36) | ABF asset | N/A | 10.58% | 08/2032 | 22248 | 22655 | 21648 |  |
| 45136339(36) | ABF asset | N/A | 11.44% | 08/2031 | 16346 | 16645 | 16498 |  |
| 45136461(36) | ABF asset | N/A | 11.53% | 08/2027 | 5387 | 5486 | 5377 |  |
| 45136927(36) | ABF asset | N/A | 14.78% | 08/2029 | 10311 | 10500 | 10614 |  |
| 45136984(36) | ABF asset | N/A | 8.45% | 08/2029 | 92900 | 94599 | 91510 |  |
| 45137035(36) | ABF asset | N/A | 13.55% | 08/2030 | 9524 | 9698 | 10047 |  |
| 45137229(36) | ABF asset | N/A | 9.11% | 08/2027 | 14378 | 14641 | 13906 |  |
| 45137243(36) | ABF asset | N/A | 18.74% | 08/2032 | 5878 | 5986 | 6154 |  |
| 45137312(36) | ABF asset | N/A | 11.94% | 08/2027 | 6970 | 7097 | 6946 |  |
| 45137359(36) | ABF asset | N/A | 10.78% | 08/2029 | 17711 | 18035 | 17322 |  |
| 45137380(36) | ABF asset | N/A | 15.13% | 08/2030 | 23234 | 23659 | 23261 |  |
| 45137393(36) | ABF asset | N/A | 10.52% | 08/2027 | 17800 | 18126 | 17593 |  |
| 45137635(36) | ABF asset | N/A | 10.31% | 08/2030 | 14069 | 14326 | 14089 |  |
| 45137804(36) | ABF asset | N/A | 16.42% | 08/2030 | 27859 | 28369 | 28422 |  |
| 45138061(36) | ABF asset | N/A | 13.46% | 08/2029 | 16842 | 17150 | 15582 |  |
| 45138069(36) | ABF asset | N/A | 11.70% | 08/2030 | 28500 | 29022 | 29210 |  |
| 45138094(36) | ABF asset | N/A | 7.80% | 08/2027 | 22788 | 23205 | 22458 |  |
| 45138169(36) | ABF asset | N/A | 23.02% | 08/2030 | 6677 | 6799 | 7136 |  |
| 45138227(36) | ABF asset | N/A | 14.43% | 08/2032 | 33042 | 33646 | 33379 |  |
| 45138373(36) | ABF asset | N/A | 11.63% | 08/2030 | 7599 | 7738 | 7378 |  |
| 45138614(36) | ABF asset | N/A | 15.67% | 08/2030 | 47747 | 48620 | 45612 |  |
| 45138732(36) | ABF asset | N/A | 6.36% | 08/2029 | 31283 | 31855 | 30000 |  |
| 45138733(36) | ABF asset | N/A | 15.48% | 08/2032 | 92508 | 94200 | 98662 |  |
| 45138782(36) | ABF asset | N/A | 10.40% | 08/2029 | 24223 | 24666 | 23829 |  |
| 45138909(36) | ABF asset | N/A | 10.46% | 08/2029 | 14908 | 15181 | 15108 |  |
| 45138939(36) | ABF asset | N/A | 8.99% | 08/2028 | 13527 | 13774 | 13189 |  |
| 45139013(36) | ABF asset | N/A | 6.87% | 08/2030 | 24858 | 25313 | 23636 |  |
| 45139248(36) | ABF asset | N/A | 13.90% | 08/2029 | 56175 | 57203 | 57754 |  |
| 45139264(36) | ABF asset | N/A | 8.01% | 08/2030 | 85059 | 86615 | 82231 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45139322(36) | ABF asset | N/A | 17.67% | 08/2031 | 4002 | 4075 | 4133 |  |
| 45139542(36) | ABF asset | N/A | 13.34% | 08/2030 | 47217 | 48081 | 46302 |  |
| 45139768(36) | ABF asset | N/A | 10.52% | 08/2030 | 94847 | 96582 | 95306 |  |
| 45140849(36) | ABF asset | N/A | 8.78% | 08/2029 | 29742 | 30287 | 29469 |  |
| 45141063(36) | ABF asset | N/A | 8.41% | 08/2027 | 8448 | 8603 | 8214 |  |
| 45141473(36) | ABF asset | N/A | 11.07% | 08/2030 | 24679 | 25130 | 23219 |  |
| 45141588(36) | ABF asset | N/A | 14.36% | 08/2032 | 7774 | 7916 | 7845 |  |
| 45142000(36) | ABF asset | N/A | 16.23% | 08/2032 | 82773 | 84287 | 89504 |  |
| 45142066(36) | ABF asset | N/A | 13.26% | 08/2032 | 38820 | 39530 | 38335 |  |
| 45142068(36) | ABF asset | N/A | 9.49% | 08/2028 | 12634 | 12865 | 12253 |  |
| 45142167(36) | ABF asset | N/A | 11.54% | 08/2030 | 28494 | 29015 | 28590 |  |
| 45142613(36) | ABF asset | N/A | 6.96% | 08/2027 | 29501 | 30041 | 28897 |  |
| 45143466(36) | ABF asset | N/A | 11.49% | 08/2028 | 21724 | 22121 | 21116 |  |
| 45143871(36) | ABF asset | N/A | 16.75% | 08/2030 | 14343 | 14605 | 14342 |  |
| 45144180(36) | ABF asset | N/A | 19.17% | 08/2030 | 18219 | 18552 | 19392 |  |
| 45144294(36) | ABF asset | N/A | 18.99% | 08/2030 | 36551 | 37220 | 39562 |  |
| 45144297(36) | ABF asset | N/A | 12.41% | 08/2030 | 47658 | 48529 | 48299 |  |
| 45144328(36) | ABF asset | N/A | 16.33% | 08/2030 | 48080 | 48959 | 49931 |  |
| 45144720(36) | ABF asset | N/A | 24.02% | 08/2030 | 5768 | 5874 | 6212 |  |
| 45145139(36) | ABF asset | N/A | 20.91% | 08/2032 | 28371 | 28890 | 30993 |  |
| 45145155(36) | ABF asset | N/A | 18.23% | 08/2032 | 22443 | 22853 | 25159 |  |
| 45145252(36) | ABF asset | N/A | 6.72% | 08/2029 | 18532 | 18871 | 17364 |  |
| 45145650(36) | ABF asset | N/A | 8.74% | 08/2027 | 10991 | 11192 | 10893 |  |
| 45145727(36) | ABF asset | N/A | 15.42% | 08/2030 | 85917 | 87488 | 91631 |  |
| 45146013(36) | ABF asset | N/A | 21.96% | 08/2030 | 6713 | 6836 | 7250 |  |
| 45146188(36) | ABF asset | N/A | 5.81% | 08/2027 | 33653 | 34269 | 32317 |  |
| 45146214(36) | ABF asset | N/A | 8.74% | 08/2027 | 3599 | 3665 | 3575 |  |
| 45146498(36) | ABF asset | N/A | 10.65% | 08/2030 | 18973 | 19320 | 19130 |  |
| 45146501(36) | ABF asset | N/A | 11.44% | 08/2027 | 4260 | 4338 | 4221 |  |
| 45146612(36) | ABF asset | N/A | 15.63% | 08/2031 | 62766 | 63914 | 65496 |  |
| 45146698(36) | ABF asset | N/A | 21.21% | 08/2030 | 49982 | 50896 | 53301 |  |
| 45146706(36) | ABF asset | N/A | 18.31% | 08/2029 | 9342 | 9513 | 9643 |  |
| 45146799(36) | ABF asset | N/A | 9.48% | 08/2029 | 81876 | 83374 | 81891 |  |
| 45147019(36) | ABF asset | N/A | 17.37% | 08/2032 | 55570 | 56587 | 56924 |  |
| 45147139(36) | ABF asset | N/A | 9.24% | 08/2027 | 12688 | 12920 | 12635 |  |
| 45147162(36) | ABF asset | N/A | 13.55% | 08/2030 | 18627 | 18968 | 19579 |  |
| 45147520(36) | ABF asset | N/A | 14.08% | 08/2032 | 58286 | 59352 | 60573 |  |
| 45147622(36) | ABF asset | N/A | 14.28% | 08/2030 | 85792 | 87362 | 86805 |  |
| 45147825(36) | ABF asset | N/A | 8.69% | 08/2031 | 45941 | 46781 | 44128 |  |
| 45147977(36) | ABF asset | N/A | 9.15% | 08/2027 | 4788 | 4876 | 4694 |  |
| 45148682(36) | ABF asset | N/A | 9.13% | 08/2027 | 29603 | 30144 | 28136 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45148797(36) | ABF asset | N/A | 15.73% | 08/2032 | 33901 | 34521 | 36360 |  |
| 45149224(36) | ABF asset | N/A | 15.52% | 08/2030 | 33416 | 34028 | 33661 |  |
| 45149627(36) | ABF asset | N/A | 13.94% | 08/2032 | 29104 | 29636 | 30712 |  |
| 45149975(36) | ABF asset | N/A | 12.02% | 08/2030 | 80786 | 82263 | 81660 |  |
| 45150266(36) | ABF asset | N/A | 12.80% | 08/2029 | 22500 | 22912 | 4117 |  |
| 45150389(36) | ABF asset | N/A | 6.77% | 08/2027 | 21908 | 22309 | 20687 |  |
| 45150410(36) | ABF asset | N/A | 13.32% | 08/2030 | 36178 | 36840 | 37329 |  |
| 45150607(36) | ABF asset | N/A | 8.30% | 08/2030 | 17014 | 17325 | 15680 |  |
| 45150699(36) | ABF asset | N/A | 21.42% | 08/2030 | 24035 | 24474 | 26439 |  |
| 45150710(36) | ABF asset | N/A | 12.27% | 08/2030 | 28461 | 28981 | 28948 |  |
| 45150794(36) | ABF asset | N/A | 11.68% | 08/2027 | 25475 | 25941 | 25501 |  |
| 45150803(36) | ABF asset | N/A | 7.80% | 08/2027 | 15192 | 15470 | 14969 |  |
| 45150833(36) | ABF asset | N/A | 11.73% | 08/2031 | 30752 | 31314 | 31556 |  |
| 45150842(36) | ABF asset | N/A | 15.23% | 08/2032 | 68088 | 69334 | 69744 |  |
| 45151197(36) | ABF asset | N/A | 14.45% | 08/2030 | 47673 | 48545 | 51012 |  |
| 45151288(36) | ABF asset | N/A | 10.52% | 08/2030 | 62599 | 63744 | 62902 |  |
| 45151520(36) | ABF asset | N/A | 10.81% | 08/2027 | 4240 | 4318 | 4079 |  |
| 45151711(36) | ABF asset | N/A | 16.64% | 08/2029 | 56382 | 57413 | 56733 |  |
| 45151722(36) | ABF asset | N/A | 17.58% | 08/2032 | 68259 | 69508 | 75610 |  |
| 45151767(36) | ABF asset | N/A | 17.08% | 08/2032 | 44764 | 45583 | 49043 |  |
| 45151911(36) | ABF asset | N/A | 13.76% | 08/2030 | 48583 | 49472 | 50475 |  |
| 45152307(36) | ABF asset | N/A | 15.32% | 08/2030 | 43907 | 44711 | 46744 |  |
| 45152593(36) | ABF asset | N/A | 16.75% | 08/2027 | 5684 | 5788 | 5797 |  |
| 45152713(36) | ABF asset | N/A | 9.24% | 08/2027 | 12684 | 12916 | 12626 |  |
| 45152920(36) | ABF asset | N/A | 16.11% | 08/2029 | 46870 | 47728 | 44751 |  |
| 45153154(36) | ABF asset | N/A | 9.55% | 08/2030 | 23680 | 24113 | 23458 |  |
| 45153244(36) | ABF asset | N/A | 16.70% | 08/2032 | 14614 | 14881 | 16244 |  |
| 45153317(36) | ABF asset | N/A | 18.92% | 08/2030 | 12463 | 12691 | 13213 |  |
| 45153614(36) | ABF asset | N/A | 12.18% | 08/2029 | 16002 | 16295 | 16532 |  |
| 45153628(36) | ABF asset | N/A | 12.95% | 08/2030 | 47580 | 48450 | 49705 |  |
| 45153696(36) | ABF asset | N/A | 8.06% | 08/2027 | 27872 | 28382 | 27180 |  |
| 45153778(36) | ABF asset | N/A | 9.08% | 08/2029 | 27867 | 28377 | 26930 |  |
| 45153787(36) | ABF asset | N/A | 7.18% | 08/2027 | 7589 | 7727 | 7358 |  |
| 45154038(36) | ABF asset | N/A | 9.59% | 08/2029 | 23264 | 23690 | 22400 |  |
| 45154163(36) | ABF asset | N/A | 14.42% | 08/2030 | 19068 | 19417 | 20017 |  |
| 45154246(36) | ABF asset | N/A | 11.93% | 08/2027 | 5938 | 6046 | 5953 |  |
| 45154350(36) | ABF asset | N/A | 6.60% | 08/2027 | 6719 | 6842 | 6504 |  |
| 45154564(36) | ABF asset | N/A | 8.11% | 08/2028 | 44987 | 45810 | 44372 |  |
| 45154845(36) | ABF asset | N/A | 13.67% | 08/2030 | 49530 | 50436 | 51328 |  |
| 45154979(36) | ABF asset | N/A | 13.75% | 08/2029 | 56106 | 57133 | 57658 |  |
| 45155475(36) | ABF asset | N/A | 20.11% | 08/2032 | 48879 | 49773 | 54473 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45156347(36) | ABF asset | N/A | 7.25% | 08/2030 | 5654 | 5757 | 5406 |  |
| 45156362(36) | ABF asset | N/A | 8.96% | 08/2029 | 22098 | 22502 | 21918 |  |
| 45156444(36) | ABF asset | N/A | 17.10% | 08/2032 | 50542 | 51466 | 53439 |  |
| 45156467(36) | ABF asset | N/A | 5.37% | 08/2028 | 4466 | 4548 | 4276 |  |
| 45156644(36) | ABF asset | N/A | 15.25% | 08/2027 | 6830 | 6955 | 6901 |  |
| 45157471(36) | ABF asset | N/A | 13.99% | 08/2030 | 13340 | 13585 | 13435 |  |
| 45157488(36) | ABF asset | N/A | 17.48% | 08/2031 | 29273 | 29808 | 31812 |  |
| 45157595(36) | ABF asset | N/A | 11.94% | 08/2028 | 15398 | 15679 | 15323 |  |
| 45157833(36) | ABF asset | N/A | 10.88% | 08/2029 | 31698 | 32278 | 31035 |  |
| 45157910(36) | ABF asset | N/A | 8.49% | 08/2028 | 17121 | 17434 | 16127 |  |
| 45158132(36) | ABF asset | N/A | 9.84% | 08/2030 | 27480 | 27982 | 26814 |  |
| 45158145(36) | ABF asset | N/A | 7.27% | 08/2028 | 8801 | 8962 | 8599 |  |
| 45158219(36) | ABF asset | N/A | 10.31% | 08/2030 | 7151 | 7281 | 7158 |  |
| 45158291(36) | ABF asset | N/A | 13.41% | 08/2030 | 15235 | 15513 | 15185 |  |
| 45158335(36) | ABF asset | N/A | 7.96% | 08/2029 | 25824 | 26296 | 25294 |  |
| 45158459(36) | ABF asset | N/A | 16.27% | 08/2030 | 24847 | 25301 | 25315 |  |
| 45158475(36) | ABF asset | N/A | 11.28% | 08/2030 | 15518 | 15802 | 14993 |  |
| 45158637(36) | ABF asset | N/A | 15.23% | 08/2030 | 18987 | 19334 | 19112 |  |
| 45158738(36) | ABF asset | N/A | 13.91% | 08/2030 | 14083 | 14340 | 14158 |  |
| 45158955(36) | ABF asset | N/A | 7.32% | 08/2030 | 9441 | 9614 | 9025 |  |
| 45158974(36) | ABF asset | N/A | 17.40% | 08/2032 | 20250 | 20621 | 20987 |  |
| 45159176(36) | ABF asset | N/A | 5.97% | 08/2028 | 12651 | 12883 | 12216 |  |
| 45159204(36) | ABF asset | N/A | 11.95% | 08/2030 | 23758 | 24193 | 24417 |  |
| 45159245(36) | ABF asset | N/A | 15.00% | 08/2032 | 38840 | 39550 | 39596 |  |
| 45159268(36) | ABF asset | N/A | 12.68% | 08/2030 | 12366 | 12593 | 12204 |  |
| 45159284(36) | ABF asset | N/A | 10.75% | 08/2029 | 17710 | 18034 | 17498 |  |
| 45159700(36) | ABF asset | N/A | 8.86% | 08/2028 | 36965 | 37641 | 36494 |  |
| 45159727(36) | ABF asset | N/A | 20.41% | 08/2032 | 39114 | 39829 | 42386 |  |
| 45160102(36) | ABF asset | N/A | 13.30% | 08/2030 | 38081 | 38778 | 40019 |  |
| 45160107(36) | ABF asset | N/A | 11.99% | 08/2027 | 6369 | 6485 | 6460 |  |
| 45160140(36) | ABF asset | N/A | 9.24% | 08/2027 | 6767 | 6891 | 6738 |  |
| 45160645(36) | ABF asset | N/A | 14.67% | 08/2030 | 38257 | 38957 | 40214 |  |
| 45160775(36) | ABF asset | N/A | 15.43% | 08/2029 | 25375 | 25839 | 26321 |  |
| 45161198(36) | ABF asset | N/A | 10.43% | 08/2029 | 19225 | 19577 | 19422 |  |
| 45161899(36) | ABF asset | N/A | 14.13% | 08/2029 | 12175 | 12398 | 11883 |  |
| 45161993(36) | ABF asset | N/A | 11.45% | 08/2030 | 24692 | 25143 | 25207 |  |
| 45162026(36) | ABF asset | N/A | 6.72% | 08/2027 | 9615 | 9791 | 9388 |  |
| 45162097(36) | ABF asset | N/A | 11.00% | 08/2030 | 33219 | 33826 | 33672 |  |
| 45162100(36) | ABF asset | N/A | 10.82% | 08/2030 | 25672 | 26142 | 25894 |  |
| 45162138(36) | ABF asset | N/A | 6.04% | 08/2028 | 17441 | 17760 | 16849 |  |
| 45162181(36) | ABF asset | N/A | 7.32% | 08/2030 | 22660 | 23074 | 21659 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45162549(36) | ABF asset | N/A | 9.80% | 08/2030 | 50491 | 51414 | 50182 |  |
| 45162636(36) | ABF asset | N/A | 11.13% | 08/2029 | 48511 | 49398 | 47621 |  |
| 45162995(36) | ABF asset | N/A | 10.42% | 08/2031 | 16309 | 16607 | 16320 |  |
| 45163155(36) | ABF asset | N/A | 6.71% | 08/2027 | 84255 | 85796 | 82360 |  |
| 45163226(36) | ABF asset | N/A | 16.72% | 08/2027 | 17113 | 17427 | 17317 |  |
| 45163330(36) | ABF asset | N/A | 12.03% | 08/2029 | 40155 | 40889 | 41543 |  |
| 45163654(36) | ABF asset | N/A | 18.67% | 08/2030 | 20127 | 20495 | 21282 |  |
| 45163900(36) | ABF asset | N/A | 15.96% | 08/2030 | 19587 | 19946 | 20196 |  |
| 45164114(36) | ABF asset | N/A | 13.31% | 08/2032 | 72792 | 74123 | 76073 |  |
| 45164250(36) | ABF asset | N/A | 9.88% | 08/2029 | 65167 | 66359 | 62983 |  |
| 45164389(36) | ABF asset | N/A | 11.75% | 08/2029 | 50407 | 51329 | 50446 |  |
| 45164696(36) | ABF asset | N/A | 5.61% | 08/2027 | 45417 | 46248 | 43542 |  |
| 45165241(36) | ABF asset | N/A | 8.78% | 08/2029 | 26954 | 27447 | 26700 |  |
| 45165715(36) | ABF asset | N/A | 19.78% | 08/2031 | 33953 | 34574 | 38149 |  |
| 45165996(36) | ABF asset | N/A | 17.17% | 08/2030 | 1916 | 1951 | 1921 |  |
| 45166034(36) | ABF asset | N/A | 9.84% | 08/2030 | 20847 | 21228 | 20351 |  |
| 45166210(36) | ABF asset | N/A | 8.74% | 08/2027 | 5072 | 5164 | 5031 |  |
| 45166338(36) | ABF asset | N/A | 13.56% | 08/2032 | 38834 | 39544 | 40726 |  |
| 45166547(36) | ABF asset | N/A | 8.99% | 08/2027 | 5074 | 5166 | 5042 |  |
| 45166669(36) | ABF asset | N/A | 15.57% | 08/2030 | 14658 | 14926 | 15662 |  |
| 45166830(36) | ABF asset | N/A | 12.27% | 08/2031 | 18272 | 18606 | 18735 |  |
| 45166967(36) | ABF asset | N/A | 9.05% | 08/2027 | 3972 | 4044 | 3881 |  |
| 45167031(36) | ABF asset | N/A | 10.58% | 08/2027 | 16954 | 17264 | 16568 |  |
| 45167334(36) | ABF asset | N/A | 12.77% | 08/2030 | 37103 | 37782 | 36659 |  |
| 45167392(36) | ABF asset | N/A | 8.51% | 08/2028 | 23429 | 23857 | 23191 |  |
| 45167589(36) | ABF asset | N/A | 8.49% | 08/2027 | 33088 | 33694 | 32743 |  |
| 45167677(36) | ABF asset | N/A | 17.20% | 08/2030 | 82 | 83 | 82 |  |
| 45167715(36) | ABF asset | N/A | 7.18% | 08/2027 | 10961 | 11162 | 10625 |  |
| 45167923(36) | ABF asset | N/A | 13.20% | 08/2030 | 40507 | 41248 | 42502 |  |
| 45168380(36) | ABF asset | N/A | 16.59% | 08/2030 | 86042 | 87616 | 90249 |  |
| 45168399(36) | ABF asset | N/A | 8.74% | 08/2027 | 13842 | 14096 | 13733 |  |
| 45168413(36) | ABF asset | N/A | 14.77% | 08/2029 | 56242 | 57271 | 55928 |  |
| 45168557(36) | ABF asset | N/A | 15.57% | 08/2030 | 12416 | 12643 | 13266 |  |
| 45168571(36) | ABF asset | N/A | 13.90% | 08/2028 | 17856 | 18183 | 17794 |  |
| 45168647(36) | ABF asset | N/A | 7.80% | 08/2027 | 9284 | 9454 | 9147 |  |
| 45168736(36) | ABF asset | N/A | 17.15% | 08/2032 | 23393 | 23821 | 23923 |  |
| 45168827(36) | ABF asset | N/A | 14.42% | 08/2030 | 38137 | 38834 | 40035 |  |
| 45169143(36) | ABF asset | N/A | 9.90% | 08/2030 | 45487 | 46319 | 45312 |  |
| 45169160(36) | ABF asset | N/A | 15.95% | 08/2030 | 31524 | 32100 | 34527 |  |
| 45169398(36) | ABF asset | N/A | 11.82% | 08/2027 | 4156 | 4232 | 4134 |  |
| 45169584(36) | ABF asset | N/A | 15.37% | 08/2028 | 20936 | 21319 | 20933 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45169955(36) | ABF asset | N/A | 11.69% | 08/2031 | 62462 | 63604 | 63361 |  |
| 45170145(36) | ABF asset | N/A | 13.85% | 08/2032 | 66039 | 67247 | 69711 |  |
| 45170227(36) | ABF asset | N/A | 19.69% | 08/2030 | 43220 | 44011 | 44990 |  |
| 45170354(36) | ABF asset | N/A | 9.36% | 08/2029 | 23256 | 23682 | 22325 |  |
| 45170393(36) | ABF asset | N/A | 9.58% | 08/2029 | 39083 | 39798 | 39089 |  |
| 45170442(36) | ABF asset | N/A | 20.81% | 08/2032 | 44034 | 44840 | 47998 |  |
| 45170571(36) | ABF asset | N/A | 12.11% | 08/2030 | 47699 | 48572 | 48095 |  |
| 45170842(36) | ABF asset | N/A | 12.24% | 08/2032 | 66883 | 68107 | 68375 |  |
| 45170881(36) | ABF asset | N/A | 15.20% | 08/2031 | 35710 | 36363 | 38546 |  |
| 45170904(36) | ABF asset | N/A | 18.34% | 08/2028 | 44951 | 45774 | 46235 |  |
| 45171005(36) | ABF asset | N/A | 15.60% | 08/2032 | 19432 | 19787 | 21171 |  |
| 45171087(36) | ABF asset | N/A | 15.48% | 08/2032 | 29189 | 29723 | 30037 |  |
| 45171159(36) | ABF asset | N/A | 14.92% | 09/2030 | 27188 | 27685 | 28964 |  |
| 45171681(36) | ABF asset | N/A | 14.67% | 08/2030 | 81067 | 82550 | 85431 |  |
| 45172182(36) | ABF asset | N/A | 13.83% | 08/2032 | 20394 | 20767 | 20367 |  |
| 45172549(36) | ABF asset | N/A | 10.16% | 08/2027 | 18630 | 18970 | 17843 |  |
| 45172581(36) | ABF asset | N/A | 8.04% | 08/2030 | 64270 | 65445 | 60915 |  |
| 45172595(36) | ABF asset | N/A | 11.23% | 08/2032 | 15490 | 15773 | 15561 |  |
| 45172686(36) | ABF asset | N/A | 14.51% | 08/2031 | 30944 | 31510 | 33244 |  |
| 45172964(36) | ABF asset | N/A | 6.96% | 08/2027 | 12643 | 12875 | 12381 |  |
| 45173094(36) | ABF asset | N/A | 21.46% | 08/2030 | 38429 | 39132 | 41102 |  |
| 45173157(36) | ABF asset | N/A | 8.20% | 08/2027 | 12668 | 12900 | 12312 |  |
| 45173387(36) | ABF asset | N/A | 13.20% | 08/2030 | 28557 | 29079 | 29963 |  |
| 45173396(36) | ABF asset | N/A | 15.93% | 08/2032 | 63238 | 64394 | 63212 |  |
| 45173657(36) | ABF asset | N/A | 16.03% | 08/2032 | 61856 | 62988 | 61888 |  |
| 45174378(36) | ABF asset | N/A | 12.38% | 08/2030 | 11411 | 11619 | 11208 |  |
| 45174408(36) | ABF asset | N/A | 17.33% | 08/2032 | 27297 | 27796 | 30099 |  |
| 45174617(36) | ABF asset | N/A | 9.25% | 08/2030 | 37871 | 38564 | 37320 |  |
| 45174663(36) | ABF asset | N/A | 10.55% | 08/2030 | 66396 | 67610 | 63378 |  |
| 45174667(36) | ABF asset | N/A | 13.05% | 08/2030 | 37121 | 37800 | 38857 |  |
| 45174792(36) | ABF asset | N/A | 13.28% | 08/2032 | 66966 | 68191 | 68531 |  |
| 45175225(36) | ABF asset | N/A | 15.33% | 08/2028 | 897 | 914 | 900 |  |
| 45175379(36) | ABF asset | N/A | 10.45% | 08/2028 | 35948 | 36605 | 35582 |  |
| 45175464(36) | ABF asset | N/A | 12.97% | 08/2030 | 13302 | 13545 | 12904 |  |
| 45175548(36) | ABF asset | N/A | 9.59% | 08/2030 | 22775 | 23192 | 22105 |  |
| 45175576(36) | ABF asset | N/A | 11.33% | 08/2028 | 49772 | 50683 | 50672 |  |
| 45175722(36) | ABF asset | N/A | 6.71% | 08/2027 | 22749 | 23165 | 22212 |  |
| 45175813(36) | ABF asset | N/A | 22.11% | 08/2030 | 42334 | 43109 | 44341 |  |
| 45175890(36) | ABF asset | N/A | 15.73% | 08/2030 | 71838 | 73152 | 72374 |  |
| 45175901(36) | ABF asset | N/A | 15.51% | 08/2030 | 4783 | 4871 | 4813 |  |
| 45176299(36) | ABF asset | N/A | 13.09% | 08/2032 | 27169 | 27666 | 27681 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45176354(36) | ABF asset | N/A | 12.28% | 08/2029 | 27971 | 28482 | 27930 |  |
| 45176370(36) | ABF asset | N/A | 14.08% | 08/2032 | 82571 | 84082 | 85792 |  |
| 45176447(36) | ABF asset | N/A | 5.87% | 08/2027 | 9244 | 9413 | 8981 |  |
| 45176742(36) | ABF asset | N/A | 11.69% | 08/2032 | 35841 | 36496 | 36327 |  |
| 45176902(36) | ABF asset | N/A | 10.34% | 08/2029 | 37263 | 37945 | 36221 |  |
| 45177091(36) | ABF asset | N/A | 9.39% | 08/2027 | 4231 | 4308 | 4099 |  |
| 45177235(36) | ABF asset | N/A | 13.25% | 08/2031 | 25919 | 26393 | 27127 |  |
| 45177680(36) | ABF asset | N/A | 13.69% | 08/2027 | 6745 | 6868 | 6812 |  |
| 45177785(36) | ABF asset | N/A | 5.62% | 08/2027 | 31121 | 31690 | 30146 |  |
| 45177792(36) | ABF asset | N/A | 9.95% | 08/2032 | 28996 | 29527 | 28407 |  |
| 45177874(36) | ABF asset | N/A | 9.19% | 08/2027 | 50751 | 51680 | 49674 |  |
| 45178296(36) | ABF asset | N/A | 14.60% | 08/2032 | 82620 | 84131 | 88328 |  |
| 45178529(36) | ABF asset | N/A | 12.83% | 08/2032 | 62125 | 63261 | 62998 |  |
| 45178664(36) | ABF asset | N/A | 20.06% | 08/2030 | 48535 | 49423 | 50842 |  |
| 45178676(36) | ABF asset | N/A | 13.58% | 08/2030 | 8571 | 8728 | 8372 |  |
| 45178719(36) | ABF asset | N/A | 10.43% | 08/2032 | 33850 | 34469 | 32834 |  |
| 45178833(36) | ABF asset | N/A | 9.24% | 08/2030 | 31243 | 31815 | 30798 |  |
| 45178976(36) | ABF asset | N/A | 10.88% | 08/2029 | 18646 | 18987 | 18252 |  |
| 45179078(36) | ABF asset | N/A | 17.50% | 08/2027 | 4510 | 4593 | 4583 |  |
| 45179095(36) | ABF asset | N/A | 11.54% | 08/2032 | 20338 | 20710 | 20556 |  |
| 45179290(36) | ABF asset | N/A | 10.18% | 08/2031 | 14417 | 14681 | 13938 |  |
| 45179575(36) | ABF asset | N/A | 11.41% | 08/2032 | 14525 | 14791 | 14642 |  |
| 45179817(36) | ABF asset | N/A | 9.24% | 08/2027 | 9675 | 9852 | 9642 |  |
| 45179874(36) | ABF asset | N/A | 9.90% | 08/2030 | 8529 | 8685 | 8496 |  |
| 45179936(36) | ABF asset | N/A | 9.90% | 08/2030 | 21796 | 22195 | 21712 |  |
| 45180289(36) | ABF asset | N/A | 17.23% | 08/2032 | 69210 | 70476 | 76178 |  |
| 45180589(36) | ABF asset | N/A | 6.71% | 08/2027 | 7590 | 7729 | 7410 |  |
| 45180610(36) | ABF asset | N/A | 8.69% | 08/2031 | 55511 | 56527 | 53310 |  |
| 45180684(36) | ABF asset | N/A | 8.65% | 08/2027 | 32303 | 32894 | 9517 |  |
| 45180757(36) | ABF asset | N/A | 10.58% | 08/2027 | 42386 | 43161 | 41373 |  |
| 45180892(36) | ABF asset | N/A | 12.78% | 08/2029 | 15892 | 16182 | 15256 |  |
| 45181206(36) | ABF asset | N/A | 10.59% | 08/2029 | 32617 | 33214 | 31815 |  |
| 45181307(36) | ABF asset | N/A | 10.43% | 08/2027 | 5933 | 6041 | 5886 |  |
| 45181665(36) | ABF asset | N/A | 10.93% | 08/2028 | 21706 | 22103 | 22016 |  |
| 45181746(36) | ABF asset | N/A | 8.04% | 08/2027 | 21108 | 21494 | 20834 |  |
| 45181755(36) | ABF asset | N/A | 10.32% | 08/2030 | 24653 | 25104 | 24226 |  |
| 45182217(36) | ABF asset | N/A | 11.74% | 09/2027 | 22469 | 22880 | 22695 |  |
| 45182658(36) | ABF asset | N/A | 14.07% | 08/2030 | 6671 | 6793 | 6395 |  |
| 45182690(36) | ABF asset | N/A | 14.39% | 08/2030 | 36229 | 36891 | 37970 |  |
| 45182708(36) | ABF asset | N/A | 14.26% | 08/2030 | 19131 | 19481 | 19960 |  |
| 45182709(36) | ABF asset | N/A | 17.06% | 08/2032 | 32162 | 32750 | 35299 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45182719(36) | ABF asset | N/A | 13.30% | 08/2030 | 17104 | 17417 | 17993 |  |
| 45183018(36) | ABF asset | N/A | 12.52% | 08/2030 | 38044 | 38740 | 38765 |  |
| 45183050(36) | ABF asset | N/A | 7.95% | 08/2027 | 27699 | 28206 | 26989 |  |
| 45183068(36) | ABF asset | N/A | 11.53% | 08/2030 | 40841 | 41588 | 41746 |  |
| 45183216(36) | ABF asset | N/A | 6.71% | 08/2027 | 21906 | 22307 | 21414 |  |
| 45183548(36) | ABF asset | N/A | 17.67% | 08/2030 | 6701 | 6823 | 6580 |  |
| 45183694(36) | ABF asset | N/A | 16.37% | 08/2032 | 14608 | 14876 | 15269 |  |
| 45183952(36) | ABF asset | N/A | 13.83% | 08/2030 | 36652 | 37323 | 35882 |  |
| 45183980(36) | ABF asset | N/A | 13.31% | 08/2032 | 17274 | 17590 | 17933 |  |
| 45184050(36) | ABF asset | N/A | 8.49% | 08/2027 | 36332 | 36996 | 35935 |  |
| 45184157(36) | ABF asset | N/A | 18.41% | 08/2029 | 9419 | 9591 | 9679 |  |
| 45184166(36) | ABF asset | N/A | 14.33% | 08/2028 | 49991 | 50905 | 52595 |  |
| 45184300(36) | ABF asset | N/A | 10.18% | 08/2028 | 45170 | 45996 | 45190 |  |
| 45184337(36) | ABF asset | N/A | 8.79% | 08/2027 | 8453 | 8608 | 8366 |  |
| 45184361(36) | ABF asset | N/A | 11.97% | 08/2032 | 18411 | 18748 | 17787 |  |
| 45184462(36) | ABF asset | N/A | 20.81% | 08/2030 | 34588 | 35220 | 36606 |  |
| 45184690(36) | ABF asset | N/A | 10.75% | 08/2029 | 23238 | 23663 | 23020 |  |
| 45185030(36) | ABF asset | N/A | 9.40% | 08/2030 | 85172 | 86730 | 79823 |  |
| 45185041(36) | ABF asset | N/A | 15.67% | 08/2030 | 33423 | 34034 | 31921 |  |
| 45185130(36) | ABF asset | N/A | 9.28% | 08/2027 | 8460 | 8615 | 8286 |  |
| 45185707(36) | ABF asset | N/A | 19.47% | 08/2030 | 31657 | 32236 | 31860 |  |
| 45185974(36) | ABF asset | N/A | 10.81% | 08/2030 | 33210 | 33817 | 33470 |  |
| 45186371(36) | ABF asset | N/A | 11.37% | 08/2030 | 7597 | 7736 | 7179 |  |
| 45186600(36) | ABF asset | N/A | 12.91% | 08/2027 | 11060 | 11262 | 10898 |  |
| 45186928(36) | ABF asset | N/A | 13.43% | 08/2032 | 27179 | 27677 | 25935 |  |
| 45187185(36) | ABF asset | N/A | 8.14% | 08/2027 | 5911 | 6019 | 5839 |  |
| 45187212(36) | ABF asset | N/A | 15.35% | 08/2032 | 14592 | 14859 | 15827 |  |
| 45187343(36) | ABF asset | N/A | 20.88% | 08/2029 | 22674 | 23089 | 22947 |  |
| 45187456(36) | ABF asset | N/A | 9.33% | 08/2028 | 54777 | 55779 | 53564 |  |
| 45187544(36) | ABF asset | N/A | 13.16% | 08/2030 | 25053 | 25511 | 24871 |  |
| 45187732(36) | ABF asset | N/A | 15.56% | 08/2029 | 6736 | 6859 | 1893 |  |
| 45187750(36) | ABF asset | N/A | 11.55% | 08/2030 | 64587 | 65769 | 62626 |  |
| 45187860(36) | ABF asset | N/A | 14.63% | 08/2030 | 19074 | 19423 | 18951 |  |
| 45187928(36) | ABF asset | N/A | 23.77% | 08/2030 | 22169 | 22574 | 23765 |  |
| 45188092(36) | ABF asset | N/A | 13.65% | 08/2030 | 4762 | 4849 | 4765 |  |
| 45188312(36) | ABF asset | N/A | 14.86% | 08/2031 | 96463 | 98227 | 104436 |  |
| 45188364(36) | ABF asset | N/A | 9.57% | 08/2030 | 21683 | 22080 | 21053 |  |
| 45188396(36) | ABF asset | N/A | 10.05% | 08/2030 | 14217 | 14477 | 14196 |  |
| 45188621(36) | ABF asset | N/A | 13.22% | 08/2030 | 12335 | 12560 | 11995 |  |
| 45188885(36) | ABF asset | N/A | 8.61% | 08/2028 | 13519 | 13766 | 13393 |  |
| 45189193(36) | ABF asset | N/A | 13.02% | 08/2030 | 25695 | 26165 | 25463 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45189274(36) | ABF asset | N/A | 17.86% | 08/2030 | 10652 | 10847 | 11324 |  |
| 45189566(36) | ABF asset | N/A | 7.70% | 08/2030 | 14170 | 14429 | 13625 |  |
| 45189693(36) | ABF asset | N/A | 11.18% | 08/2030 | 26581 | 27068 | 25614 |  |
| 45190223(36) | ABF asset | N/A | 10.99% | 08/2028 | 7236 | 7368 | 6989 |  |
| 45190457(36) | ABF asset | N/A | 5.37% | 08/2027 | 63055 | 64209 | 61024 |  |
| 45190756(36) | ABF asset | N/A | 5.55% | 08/2027 | 5046 | 5138 | 4811 |  |
| 45190849(36) | ABF asset | N/A | 19.23% | 08/2032 | 29302 | 29838 | 33381 |  |
| 45190946(36) | ABF asset | N/A | 11.51% | 08/2030 | 17096 | 17409 | 17139 |  |
| 45191260(36) | ABF asset | N/A | 13.28% | 08/2032 | 52408 | 53367 | 53633 |  |
| 45191292(36) | ABF asset | N/A | 17.82% | 08/2030 | 24303 | 24747 | 26881 |  |
| 45191353(36) | ABF asset | N/A | 20.81% | 08/2032 | 58693 | 59766 | 64064 |  |
| 45191383(36) | ABF asset | N/A | 10.76% | 08/2029 | 41946 | 42714 | 39594 |  |
| 45191389(36) | ABF asset | N/A | 13.92% | 08/2029 | 46832 | 47688 | 46088 |  |
| 45191466(36) | ABF asset | N/A | 11.78% | 08/2030 | 28503 | 29025 | 27731 |  |
| 45191675(36) | ABF asset | N/A | 12.52% | 08/2030 | 31385 | 31959 | 30888 |  |
| 45191696(36) | ABF asset | N/A | 9.40% | 08/2027 | 9308 | 9478 | 9113 |  |
| 45191722(36) | ABF asset | N/A | 14.89% | 08/2032 | 53208 | 54181 | 56331 |  |
| 45191776(36) | ABF asset | N/A | 15.43% | 08/2029 | 12039 | 12259 | 12519 |  |
| 45191944(36) | ABF asset | N/A | 8.07% | 08/2029 | 25066 | 25524 | 23901 |  |
| 45192303(36) | ABF asset | N/A | 12.27% | 08/2030 | 80813 | 82291 | 81993 |  |
| 45192342(36) | ABF asset | N/A | 14.59% | 08/2027 | 8529 | 8685 | 8503 |  |
| 45193463(36) | ABF asset | N/A | 11.64% | 08/2030 | 32276 | 32867 | 32446 |  |
| 45193622(36) | ABF asset | N/A | 13.59% | 08/2027 | 6051 | 6162 | 5989 |  |
| 45193688(36) | ABF asset | N/A | 11.76% | 08/2030 | 46015 | 46857 | 46114 |  |
| 45194343(36) | ABF asset | N/A | 13.70% | 08/2030 | 95253 | 96996 | 100608 |  |
| 45194480(36) | ABF asset | N/A | 19.47% | 08/2030 | 23982 | 24421 | 24159 |  |
| 45195660(36) | ABF asset | N/A | 14.45% | 08/2030 | 94577 | 96307 | 100921 |  |
| 45195779(36) | ABF asset | N/A | 6.12% | 08/2027 | 6331 | 6447 | 6167 |  |
| 45195888(36) | ABF asset | N/A | 12.91% | 08/2027 | 4254 | 4331 | 4191 |  |
| 45195933(36) | ABF asset | N/A | 7.81% | 08/2027 | 22789 | 23206 | 22189 |  |
| 45196101(36) | ABF asset | N/A | 8.40% | 08/2027 | 72654 | 73983 | 71041 |  |
| 45196194(36) | ABF asset | N/A | 14.03% | 08/2030 | 40024 | 40756 | 40322 |  |
| 45196706(36) | ABF asset | N/A | 11.69% | 08/2031 | 28828 | 29356 | 29244 |  |
| 45196754(36) | ABF asset | N/A | 13.31% | 08/2032 | 87350 | 88948 | 91267 |  |
| 45197105(36) | ABF asset | N/A | 15.34% | 08/2031 | 38421 | 39124 | 40779 |  |
| 45197534(36) | ABF asset | N/A | 9.32% | 08/2029 | 22325 | 22733 | 21622 |  |
| 45197542(36) | ABF asset | N/A | 8.38% | 08/2027 | 16896 | 17205 | 16248 |  |
| 45197549(36) | ABF asset | N/A | 10.93% | 08/2029 | 35430 | 36078 | 36115 |  |
| 45197916(36) | ABF asset | N/A | 14.53% | 08/2029 | 11245 | 11450 | 11530 |  |
| 45198024(36) | ABF asset | N/A | 10.68% | 08/2029 | 20502 | 20877 | 20809 |  |
| 45198312(36) | ABF asset | N/A | 15.86% | 08/2029 | 18775 | 19118 | 17868 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45198551(36) | ABF asset | N/A | 10.50% | 08/2029 | 18636 | 18977 | 18348 |  |
| 45198637(36) | ABF asset | N/A | 16.85% | 08/2032 | 69182 | 70447 | 77130 |  |
| 45198727(36) | ABF asset | N/A | 13.05% | 08/2029 | 14019 | 14275 | 14255 |  |
| 45198841(36) | ABF asset | N/A | 13.83% | 08/2032 | 26221 | 26701 | 26202 |  |
| 45198941(36) | ABF asset | N/A | 7.64% | 08/2031 | 12424 | 12651 | 11829 |  |
| 45199137(36) | ABF asset | N/A | 7.70% | 08/2027 | 30985 | 31552 | 30210 |  |
| 45199273(36) | ABF asset | N/A | 6.72% | 08/2030 | 14129 | 14388 | 13373 |  |
| 45199275(36) | ABF asset | N/A | 12.85% | 08/2031 | 42344 | 43119 | 44330 |  |
| 45199323(36) | ABF asset | N/A | 11.88% | 08/2030 | 43711 | 44511 | 42593 |  |
| 45199448(36) | ABF asset | N/A | 10.19% | 08/2027 | 4236 | 4313 | 4127 |  |
| 45200091(36) | ABF asset | N/A | 20.96% | 08/2030 | 28805 | 29332 | 30583 |  |
| 45200117(36) | ABF asset | N/A | 16.03% | 08/2032 | 34074 | 34697 | 34154 |  |
| 45200687(36) | ABF asset | N/A | 13.41% | 08/2030 | 37985 | 38680 | 37840 |  |
| 45200795(36) | ABF asset | N/A | 8.62% | 09/2027 | 6714 | 6837 | 6665 |  |
| 45200900(36) | ABF asset | N/A | 8.49% | 08/2027 | 5907 | 6015 | 5846 |  |
| 45200922(36) | ABF asset | N/A | 16.95% | 08/2032 | 38977 | 39690 | 43511 |  |
| 45201012(36) | ABF asset | N/A | 12.14% | 08/2030 | 33270 | 33879 | 33686 |  |
| 45201080(36) | ABF asset | N/A | 11.53% | 08/2029 | 41484 | 42243 | 42604 |  |
| 45201117(36) | ABF asset | N/A | 10.32% | 08/2030 | 21809 | 22208 | 21450 |  |
| 45201394(36) | ABF asset | N/A | 10.83% | 08/2028 | 90427 | 92081 | 91581 |  |
| 45201626(36) | ABF asset | N/A | 10.84% | 08/2028 | 69631 | 70905 | 69918 |  |
| 45201804(36) | ABF asset | N/A | 8.54% | 08/2030 | 37833 | 38525 | 36159 |  |
| 45202251(36) | ABF asset | N/A | 9.08% | 08/2027 | 21143 | 21530 | 21021 |  |
| 45202531(36) | ABF asset | N/A | 13.28% | 08/2030 | 17136 | 17450 | 17061 |  |
| 45202608(36) | ABF asset | N/A | 11.18% | 08/2030 | 58859 | 59935 | 56664 |  |
| 45202727(36) | ABF asset | N/A | 8.06% | 08/2027 | 29552 | 30093 | 28826 |  |
| 45202817(36) | ABF asset | N/A | 9.89% | 08/2029 | 93220 | 94926 | 90959 |  |
| 45203120(36) | ABF asset | N/A | 17.98% | 08/2032 | 82920 | 84437 | 92515 |  |
| 45203154(36) | ABF asset | N/A | 10.70% | 08/2027 | 5935 | 6044 | 5804 |  |
| 45203259(36) | ABF asset | N/A | 11.28% | 08/2030 | 36757 | 37430 | 37395 |  |
| 45203281(36) | ABF asset | N/A | 17.85% | 08/2032 | 93638 | 95351 | 106292 |  |
| 45203476(36) | ABF asset | N/A | 13.59% | 08/2030 | 61886 | 63018 | 61118 |  |
| 45203569(36) | ABF asset | N/A | 10.57% | 08/2030 | 31302 | 31874 | 30911 |  |
| 45203628(36) | ABF asset | N/A | 15.18% | 08/2029 | 8175 | 8325 | 8078 |  |
| 45203995(36) | ABF asset | N/A | 5.81% | 08/2028 | 11665 | 11879 | 11157 |  |
| 45204186(36) | ABF asset | N/A | 11.29% | 08/2030 | 47474 | 48342 | 47379 |  |
| 45204407(36) | ABF asset | N/A | 7.71% | 08/2029 | 33407 | 34018 | 32579 |  |
| 45204534(36) | ABF asset | N/A | 15.52% | 08/2032 | 21406 | 21797 | 22831 |  |
| 45204765(36) | ABF asset | N/A | 11.15% | 08/2031 | 67219 | 68449 | 68219 |  |
| 45204839(36) | ABF asset | N/A | 14.11% | 08/2031 | 63616 | 64779 | 68040 |  |
| 45205030(36) | ABF asset | N/A | 15.16% | 08/2032 | 38904 | 39616 | 39765 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45205037(36) | ABF asset | N/A | 10.81% | 08/2028 | 45205 | 46032 | 44403 |  |
| 45205084(36) | ABF asset | N/A | 20.96% | 08/2030 | 53812 | 54796 | 57154 |  |
| 45205209(36) | ABF asset | N/A | 10.51% | 08/2030 | 37589 | 38277 | 36972 |  |
| 45205417(36) | ABF asset | N/A | 10.91% | 08/2029 | 13985 | 14241 | 13695 |  |
| 45205552(36) | ABF asset | N/A | 18.25% | 08/2032 | 22131 | 22536 | 23032 |  |
| 45205741(36) | ABF asset | N/A | 9.30% | 08/2027 | 26227 | 26706 | 25684 |  |
| 45205821(36) | ABF asset | N/A | 9.24% | 08/2030 | 27456 | 27959 | 27052 |  |
| 45205939(36) | ABF asset | N/A | 11.69% | 08/2030 | 35266 | 35911 | 36020 |  |
| 45206299(36) | ABF asset | N/A | 17.73% | 08/2032 | 22431 | 22842 | 24892 |  |
| 45206337(36) | ABF asset | N/A | 9.84% | 08/2031 | 32592 | 33189 | 31964 |  |
| 45206478(36) | ABF asset | N/A | 13.09% | 08/2030 | 43749 | 44549 | 41399 |  |
| 45206612(36) | ABF asset | N/A | 14.27% | 08/2029 | 14988 | 15262 | 14822 |  |
| 45206863(36) | ABF asset | N/A | 14.69% | 08/2030 | 12399 | 12626 | 12005 |  |
| 45206903(36) | ABF asset | N/A | 14.19% | 08/2032 | 46674 | 47527 | 9803 |  |
| 45207243(36) | ABF asset | N/A | 6.80% | 08/2027 | 37135 | 37814 | 35911 |  |
| 45207624(36) | ABF asset | N/A | 13.32% | 08/2030 | 95206 | 96948 | 98212 |  |
| 45207843(36) | ABF asset | N/A | 13.06% | 08/2032 | 50454 | 51377 | 52440 |  |
| 45207851(36) | ABF asset | N/A | 13.80% | 08/2029 | 28084 | 28598 | 28862 |  |
| 45207928(36) | ABF asset | N/A | 11.07% | 08/2030 | 23730 | 24164 | 24075 |  |
| 45208053(36) | ABF asset | N/A | 11.73% | 08/2029 | 55072 | 56080 | 55100 |  |
| 45208387(36) | ABF asset | N/A | 13.17% | 08/2029 | 24185 | 24627 | 23583 |  |
| 45208408(36) | ABF asset | N/A | 8.96% | 08/2029 | 13946 | 14201 | 13844 |  |
| 45208974(36) | ABF asset | N/A | 9.03% | 08/2029 | 65086 | 66276 | 62199 |  |
| 45209128(36) | ABF asset | N/A | 9.96% | 08/2027 | 26254 | 26734 | 25096 |  |
| 45209767(36) | ABF asset | N/A | 9.95% | 08/2030 | 83399 | 84925 | 78824 |  |
| 45209829(36) | ABF asset | N/A | 15.28% | 08/2029 | 14247 | 14507 | 15025 |  |
| 45210252(36) | ABF asset | N/A | 10.99% | 08/2029 | 41404 | 42162 | 40589 |  |
| 45210290(36) | ABF asset | N/A | 15.77% | 08/2030 | 23869 | 24305 | 24128 |  |
| 45210338(36) | ABF asset | N/A | 7.18% | 08/2027 | 20236 | 20607 | 19616 |  |
| 45210361(36) | ABF asset | N/A | 6.46% | 08/2029 | 22229 | 22636 | 21333 |  |
| 45210474(36) | ABF asset | N/A | 13.16% | 08/2028 | 7259 | 7392 | 7315 |  |
| 45210633(36) | ABF asset | N/A | 15.73% | 08/2030 | 41600 | 42361 | 41851 |  |
| 45210770(36) | ABF asset | N/A | 15.54% | 08/2028 | 28798 | 29325 | 29152 |  |
| 45211493(36) | ABF asset | N/A | 9.07% | 08/2029 | 46493 | 47343 | 44881 |  |
| 45211702(36) | ABF asset | N/A | 14.07% | 08/2030 | 6643 | 6765 | 6959 |  |
| 45211743(36) | ABF asset | N/A | 15.20% | 08/2030 | 66852 | 68075 | 72286 |  |
| 45212268(36) | ABF asset | N/A | 17.81% | 08/2028 | 8685 | 8844 | 9269 |  |
| 45212434(36) | ABF asset | N/A | 16.23% | 08/2032 | 39924 | 40655 | 43150 |  |
| 45212505(36) | ABF asset | N/A | 12.63% | 08/2031 | 43294 | 44086 | 44626 |  |
| 45212537(36) | ABF asset | N/A | 10.77% | 08/2032 | 23221 | 23646 | 21949 |  |
| 45212541(36) | ABF asset | N/A | 13.74% | 08/2030 | 40454 | 41194 | 40558 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45212705(36) | ABF asset | N/A | 9.91% | 08/2027 | 16936 | 17246 | 16184 |  |
| 45213146(36) | ABF asset | N/A | 9.16% | 08/2027 | 16812 | 17120 | 16438 |  |
| 45213311(36) | ABF asset | N/A | 11.16% | 08/2030 | 11392 | 11600 | 11557 |  |
| 45213338(36) | ABF asset | N/A | 17.96% | 08/2030 | 18194 | 18527 | 19035 |  |
| 45213550(36) | ABF asset | N/A | 13.25% | 08/2031 | 19257 | 19609 | 20092 |  |
| 45214328(36) | ABF asset | N/A | 15.10% | 08/2032 | 34039 | 34662 | 36760 |  |
| 45215212(36) | ABF asset | N/A | 12.16% | 08/2032 | 14538 | 14804 | 14863 |  |
| 45215259(36) | ABF asset | N/A | 15.73% | 08/2032 | 36982 | 37659 | 38215 |  |
| 45215324(36) | ABF asset | N/A | 17.23% | 08/2032 | 52000 | 52951 | 9593 |  |
| 45215469(36) | ABF asset | N/A | 13.03% | 08/2029 | 9351 | 9522 | 9003 |  |
| 45216103(36) | ABF asset | N/A | 14.94% | 08/2030 | 24805 | 25259 | 24132 |  |
| 45216494(36) | ABF asset | N/A | 6.96% | 08/2027 | 6743 | 6866 | 6602 |  |
| 45216588(36) | ABF asset | N/A | 12.30% | 08/2029 | 42038 | 42807 | 42373 |  |
| 45216595(36) | ABF asset | N/A | 11.41% | 08/2030 | 58932 | 60010 | 58926 |  |
| 45216617(36) | ABF asset | N/A | 6.71% | 08/2027 | 10953 | 11153 | 10704 |  |
| 45216853(36) | ABF asset | N/A | 19.05% | 08/2032 | 30274 | 30827 | 32037 |  |
| 45216948(36) | ABF asset | N/A | 8.65% | 09/2030 | 72201 | 73521 | 67054 |  |
| 45217124(36) | ABF asset | N/A | 13.63% | 08/2027 | 5953 | 6062 | 6019 |  |
| 45217151(36) | ABF asset | N/A | 13.76% | 08/2028 | 4541 | 4624 | 4517 |  |
| 45217258(36) | ABF asset | N/A | 5.33% | 08/2027 | 22597 | 23010 | 21509 |  |
| 45217261(36) | ABF asset | N/A | 12.77% | 08/2030 | 32347 | 32938 | 31959 |  |
| 45217332(36) | ABF asset | N/A | 13.90% | 08/2029 | 26215 | 26695 | 26977 |  |
| 45217333(36) | ABF asset | N/A | 11.18% | 08/2032 | 69700 | 70975 | 68549 |  |
| 45217432(36) | ABF asset | N/A | 21.92% | 08/2030 | 34033 | 34656 | 38554 |  |
| 45217540(36) | ABF asset | N/A | 11.16% | 08/2032 | 28073 | 28586 | 28165 |  |
| 45218027(36) | ABF asset | N/A | 10.99% | 08/2027 | 47502 | 48371 | 47871 |  |
| 45218127(36) | ABF asset | N/A | 8.86% | 08/2027 | 4715 | 4801 | 4624 |  |
| 45218132(36) | ABF asset | N/A | 12.02% | 08/2027 | 5222 | 5318 | 5176 |  |
| 45218246(36) | ABF asset | N/A | 12.66% | 08/2027 | 10032 | 10216 | 9869 |  |
| 45218640(36) | ABF asset | N/A | 14.42% | 08/2030 | 23836 | 24272 | 25016 |  |
| 45219089(36) | ABF asset | N/A | 12.52% | 08/2031 | 17233 | 17549 | 17808 |  |
| 45219365(36) | ABF asset | N/A | 5.61% | 08/2029 | 30526 | 31084 | 28957 |  |
| 45219382(36) | ABF asset | N/A | 10.34% | 08/2030 | 79652 | 81109 | 78367 |  |
| 45219864(36) | ABF asset | N/A | 12.93% | 08/2030 | 53288 | 54263 | 52719 |  |
| 45220206(36) | ABF asset | N/A | 10.82% | 08/2030 | 10351 | 10540 | 10275 |  |
| 45220426(36) | ABF asset | N/A | 13.94% | 08/2032 | 77702 | 79123 | 82121 |  |
| 45220560(36) | ABF asset | N/A | 14.86% | 08/2031 | 28942 | 29472 | 31359 |  |
| 45220602(36) | ABF asset | N/A | 9.73% | 08/2030 | 30318 | 30872 | 30113 |  |
| 45220686(36) | ABF asset | N/A | 16.73% | 08/2032 | 4880 | 4970 | 5313 |  |
| 45220833(36) | ABF asset | N/A | 9.93% | 08/2031 | 27803 | 28311 | 26811 |  |
| 45220850(36) | ABF asset | N/A | 11.21% | 08/2031 | 13445 | 13691 | 13520 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45220856(36) | ABF asset | N/A | 11.87% | 08/2030 | 28507 | 29028 | 27144 |  |
| 45220950(36) | ABF asset | N/A | 15.01% | 08/2029 | 65637 | 66837 | 67669 |  |
| 45221676(36) | ABF asset | N/A | 9.58% | 08/2028 | 24370 | 24815 | 24369 |  |
| 45221696(36) | ABF asset | N/A | 12.77% | 08/2030 | 47569 | 48439 | 46988 |  |
| 45221768(36) | ABF asset | N/A | 10.43% | 08/2029 | 18634 | 18975 | 18868 |  |
| 45221992(36) | ABF asset | N/A | 22.36% | 08/2030 | 6576 | 6697 | 6850 |  |
| 45222035(36) | ABF asset | N/A | 13.57% | 08/2030 | 26666 | 27154 | 27547 |  |
| 45222215(36) | ABF asset | N/A | 7.68% | 09/2027 | 56012 | 57036 | 54453 |  |
| 45222387(36) | ABF asset | N/A | 6.39% | 08/2029 | 44453 | 45267 | 42620 |  |
| 45222674(36) | ABF asset | N/A | 9.90% | 08/2030 | 28430 | 28950 | 28314 |  |
| 45222746(36) | ABF asset | N/A | 13.57% | 08/2032 | 67959 | 69202 | 71163 |  |
| 45222947(36) | ABF asset | N/A | 15.95% | 08/2032 | 48673 | 49563 | 53386 |  |
| 45223190(36) | ABF asset | N/A | 14.03% | 08/2030 | 52412 | 53370 | 52717 |  |
| 45223678(36) | ABF asset | N/A | 13.06% | 08/2032 | 31049 | 31617 | 32264 |  |
| 45223722(36) | ABF asset | N/A | 9.94% | 08/2030 | 23693 | 24126 | 23156 |  |
| 45223813(36) | ABF asset | N/A | 12.78% | 08/2028 | 5335 | 5432 | 5487 |  |
| 45223908(36) | ABF asset | N/A | 6.97% | 08/2030 | 8412 | 8566 | 7996 |  |
| 45223941(36) | ABF asset | N/A | 14.42% | 08/2032 | 34985 | 35625 | 37312 |  |
| 45224266(36) | ABF asset | N/A | 15.02% | 08/2029 | 14065 | 14322 | 14045 |  |
| 45224323(36) | ABF asset | N/A | 10.97% | 08/2027 | 33929 | 34550 | 33234 |  |
| 45224411(36) | ABF asset | N/A | 12.13% | 08/2030 | 28517 | 29038 | 27257 |  |
| 45224497(36) | ABF asset | N/A | 17.23% | 08/2032 | 53613 | 54593 | 59011 |  |
| 45224512(36) | ABF asset | N/A | 10.74% | 08/2028 | 7233 | 7366 | 6974 |  |
| 45224709(36) | ABF asset | N/A | 6.91% | 08/2029 | 38054 | 38750 | 35830 |  |
| 45225077(36) | ABF asset | N/A | 18.42% | 08/2030 | 60720 | 61830 | 63399 |  |
| 45225566(36) | ABF asset | N/A | 11.62% | 08/2030 | 20898 | 21280 | 19821 |  |
| 45225620(36) | ABF asset | N/A | 8.99% | 08/2027 | (36) | (36) |  |  |
| 45225771(36) | ABF asset | N/A | 7.83% | 08/2027 | 29408 | 29945 | 28608 |  |
| 45225882(36) | ABF asset | N/A | 9.46% | 08/2027 | 4231 | 4309 | 4101 |  |
| 45226045(36) | ABF asset | N/A | 13.85% | 08/2032 | 41760 | 42524 | 44072 |  |
| 45226146(36) | ABF asset | N/A | 13.95% | 08/2030 | 39444 | 40166 | 41852 |  |
| 45226450(36) | ABF asset | N/A | 14.43% | 08/2032 | 82604 | 84115 | 86347 |  |
| 45226613(36) | ABF asset | N/A | 12.48% | 08/2028 | 36255 | 36918 | 36216 |  |
| 45226712(36) | ABF asset | N/A | 7.50% | 08/2028 | 62979 | 64131 | 61285 |  |
| 45226720(36) | ABF asset | N/A | 15.19% | 08/2030 | 8587 | 8745 | 8376 |  |
| 45226823(36) | ABF asset | N/A | 13.66% | 08/2030 | 17145 | 17458 | 17170 |  |
| 45226989(36) | ABF asset | N/A | 11.55% | 08/2029 | 46660 | 47513 | 46564 |  |
| 45227535(36) | ABF asset | N/A | 14.42% | 08/2030 | 36230 | 36893 | 38015 |  |
| 45227645(36) | ABF asset | N/A | 12.78% | 08/2030 | 21882 | 22282 | 21618 |  |
| 45227868(36) | ABF asset | N/A | 17.95% | 08/2028 | 25508 | 25975 | 26545 |  |
| 45228202(36) | ABF asset | N/A | 11.55% | 08/2030 | 23745 | 24180 | 22993 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45228366(36) | ABF asset | N/A | 6.05% | 08/2027 | 8417 | 8570 | 8050 |  |
| 45228370(36) | ABF asset | N/A | 11.78% | 08/2028 | 40641 | 41384 | 41410 |  |
| 45228685(36) | ABF asset | N/A | 13.70% | 08/2030 | 27623 | 28129 | 29196 |  |
| 45228794(36) | ABF asset | N/A | 12.27% | 08/2029 | 20551 | 20927 | 19799 |  |
| 45229041(36) | ABF asset | N/A | 4.31% | 08/2027 | 23500 | 23930 | 22310 |  |
| 45229101(36) | ABF asset | N/A | 16.13% | 08/2029 | 10330 | 10519 | 10325 |  |
| 45229134(36) | ABF asset | N/A | 19.21% | 08/2032 | 17581 | 17903 | 19274 |  |
| 45229354(36) | ABF asset | N/A | 9.93% | 08/2028 | 21673 | 22070 | 21623 |  |
| 45229375(36) | ABF asset | N/A | 16.65% | 08/2030 | 16254 | 16551 | 16217 |  |
| 45229814(36) | ABF asset | N/A | 14.83% | 08/2032 | 19377 | 19732 | 20457 |  |
| 45230163(36) | ABF asset | N/A | 9.70% | 08/2030 | 14211 | 14471 | 13378 |  |
| 45230337(36) | ABF asset | N/A | 11.26% | 08/2027 | 25458 | 25924 | 25397 |  |
| 45230448(36) | ABF asset | N/A | 12.27% | 08/2030 | 80813 | 82291 | 81842 |  |
| 45231287(36) | ABF asset | N/A | 8.44% | 08/2028 | 26129 | 26607 | 25049 |  |
| 45231440(36) | ABF asset | N/A | 13.82% | 08/2030 | 16196 | 16492 | 16835 |  |
| 45231617(36) | ABF asset | N/A | 9.82% | 08/2028 | 27087 | 27583 | 26629 |  |
| 45231625(36) | ABF asset | N/A | 10.05% | 08/2030 | 21801 | 22199 | 20637 |  |
| 45231964(36) | ABF asset | N/A | 13.71% | 08/2030 | 14288 | 14550 | 13984 |  |
| 45232692(36) | ABF asset | N/A | 17.74% | 08/2030 | 71969 | 73286 | 76310 |  |
| 45232726(36) | ABF asset | N/A | 10.93% | 08/2028 | 18892 | 19237 | 19174 |  |
| 45232996(36) | ABF asset | N/A | 8.59% | 08/2027 | 6761 | 6884 | 6618 |  |
| 45233114(36) | ABF asset | N/A | 11.40% | 08/2030 | 40816 | 41563 | 41616 |  |
| 45233640(36) | ABF asset | N/A | 14.52% | 08/2029 | 24363 | 24809 | 24166 |  |
| 45233922(36) | ABF asset | N/A | 8.66% | 08/2028 | 7211 | 7342 | 7145 |  |
| 45234119(36) | ABF asset | N/A | 12.41% | 08/2027 | 18703 | 19045 | 18360 |  |
| 45234153(36) | ABF asset | N/A | 7.29% | 08/2030 | 26435 | 26918 | 24751 |  |
| 45234176(36) | ABF asset | N/A | 9.07% | 08/2030 | 54900 | 55904 | 52910 |  |
| 45234181(36) | ABF asset | N/A | 13.27% | 08/2030 | 9472 | 9645 | 9477 |  |
| 45234269(36) | ABF asset | N/A | 12.03% | 08/2027 | 18757 | 19100 | 18746 |  |
| 45234363(36) | ABF asset | N/A | 17.23% | 08/2032 | 28269 | 28786 | 31108 |  |
| 45234407(36) | ABF asset | N/A | 6.81% | 08/2028 | 8826 | 8987 | 8579 |  |
| 45234428(36) | ABF asset | N/A | 6.16% | 08/2028 | 55665 | 56683 | 53715 |  |
| 45234555(36) | ABF asset | N/A | 18.23% | 08/2030 | 24905 | 25361 | 25401 |  |
| 45234646(36) | ABF asset | N/A | 14.67% | 08/2030 | 6676 | 6798 | 7032 |  |
| 45234696(36) | ABF asset | N/A | 12.94% | 08/2031 | 19577 | 19936 | 19557 |  |
| 45234915(36) | ABF asset | N/A | 13.06% | 08/2032 | 26117 | 26595 | 27142 |  |
| 45234952(36) | ABF asset | N/A | 17.33% | 08/2032 | 38995 | 39708 | 42989 |  |
| 45234963(36) | ABF asset | N/A | 15.70% | 08/2032 | 5839 | 5946 | 6371 |  |
| 45235002(36) | ABF asset | N/A | 8.54% | 08/2030 | 27429 | 27931 | 26209 |  |
| 45235123(36) | ABF asset | N/A | 20.92% | 08/2030 | 28771 | 29297 | 31456 |  |
| 45235297(36) | ABF asset | N/A | 14.88% | 08/2032 | 23927 | 24364 | 23479 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45235369(36) | ABF asset | N/A | 16.57% | 08/2030 | 58285 | 59351 | 63231 |  |
| 45235516(36) | ABF asset | N/A | 8.50% | 08/2030 | 30265 | 30818 | 29401 |  |
| 45235538(36) | ABF asset | N/A | 8.22% | 08/2028 | 9817 | 9996 | 9624 |  |
| 45235723(36) | ABF asset | N/A | 14.52% | 08/2031 | 55014 | 56020 | 58669 |  |
| 45235775(36) | ABF asset | N/A | 6.71% | 08/2027 | 29489 | 30029 | 28813 |  |
| 45235779(36) | ABF asset | N/A | 19.35% | 08/2032 | 29306 | 29842 | 34159 |  |
| 45235803(36) | ABF asset | N/A | 13.99% | 08/2030 | 35257 | 35902 | 35490 |  |
| 45236072(36) | ABF asset | N/A | 8.00% | 08/2028 | 5402 | 5501 | 5284 |  |
| 45236085(36) | ABF asset | N/A | 13.31% | 08/2032 | 16499 | 16801 | 17235 |  |
| 45236261(36) | ABF asset | N/A | 11.98% | 08/2031 | 14342 | 14605 | 14818 |  |
| 45236272(36) | ABF asset | N/A | 9.83% | 08/2028 | 10835 | 11033 | 10799 |  |
| 45236317(36) | ABF asset | N/A | 12.53% | 08/2029 | 65414 | 66610 | 65343 |  |
| 45236358(36) | ABF asset | N/A | 14.24% | 08/2030 | 49566 | 50473 | 50086 |  |
| 45236494(36) | ABF asset | N/A | 12.39% | 08/2028 | 39315 | 40034 | 39430 |  |
| 45236533(36) | ABF asset | N/A | 11.74% | 08/2028 | 9961 | 10143 | 9689 |  |
| 45236558(36) | ABF asset | N/A | 14.95% | 08/2030 | 6137 | 6250 | 6614 |  |
| 45236618(36) | ABF asset | N/A | 15.64% | 08/2029 | 30969 | 31536 | 31164 |  |
| 45236724(36) | ABF asset | N/A | 12.25% | 08/2032 | 17119 | 17432 | 16046 |  |
| 45236839(36) | ABF asset | N/A | 12.15% | 08/2030 | 37073 | 37751 | 38248 |  |
| 45236895(36) | ABF asset | N/A | 13.06% | 08/2029 | 42143 | 42914 | 41020 |  |
| 45236900(36) | ABF asset | N/A | 7.80% | 08/2030 | 23620 | 24052 | 21575 |  |
| 45237226(36) | ABF asset | N/A | 13.85% | 08/2029 | 4660 | 4745 | 4591 |  |
| 45237626(36) | ABF asset | N/A | 8.91% | 08/2028 | 46886 | 47744 | 46587 |  |
| 45237645(36) | ABF asset | N/A | 10.49% | 08/2028 | 7231 | 7363 | 6947 |  |
| 45237702(36) | ABF asset | N/A | 11.55% | 08/2030 | 17097 | 17409 | 16558 |  |
| 45237820(36) | ABF asset | N/A | 12.52% | 08/2030 | 33084 | 33689 | 32553 |  |
| 45237832(36) | ABF asset | N/A | 14.88% | 08/2030 | 4770 | 4857 | 4756 |  |
| 45237942(36) | ABF asset | N/A | 12.08% | 08/2032 | 36827 | 37501 | 36838 |  |
| 45237955(36) | ABF asset | N/A | 7.29% | 08/2030 | 19826 | 20189 | 18563 |  |
| 45238060(36) | ABF asset | N/A | 10.66% | 08/2030 | 66406 | 67621 | 65656 |  |
| 45238082(36) | ABF asset | N/A | 13.67% | 08/2028 | 18161 | 18493 | 18047 |  |
| 45238192(36) | ABF asset | N/A | 15.77% | 08/2032 | 48663 | 49553 | 52142 |  |
| 45238563(36) | ABF asset | N/A | 15.95% | 08/2032 | 97345 | 99126 | 106747 |  |
| 45238616(36) | ABF asset | N/A | 11.43% | 08/2029 | 74643 | 76008 | 76523 |  |
| 45238984(36) | ABF asset | N/A | 13.57% | 08/2030 | 9524 | 9698 | 9854 |  |
| 45239100(36) | ABF asset | N/A | 14.45% | 08/2030 | 19069 | 19418 | 20391 |  |
| 45239166(36) | ABF asset | N/A | 15.32% | 08/2030 | 38079 | 38776 | 40514 |  |
| 45239275(36) | ABF asset | N/A | 9.10% | 08/2032 | 31860 | 32443 | 30732 |  |
| 45239392(36) | ABF asset | N/A | 14.38% | 08/2030 | 15254 | 15533 | 15084 |  |
| 45239463(36) | ABF asset | N/A | 14.26% | 08/2031 | 33108 | 33714 | 35407 |  |
| 45239520(36) | ABF asset | N/A | 13.44% | 08/2029 | 52397 | 53356 | 51253 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45239588(36) | ABF asset | N/A | 14.28% | 08/2030 | 20866 | 21247 | 21179 |  |
| 45239620(36) | ABF asset | N/A | 8.95% | 08/2030 | 56783 | 57822 | 55689 |  |
| 45239670(36) | ABF asset | N/A | 15.84% | 08/2030 | 14327 | 14589 | 14839 |  |
| 45239777(36) | ABF asset | N/A | 10.16% | 08/2030 | 75840 | 77227 | 74385 |  |
| 45239809(36) | ABF asset | N/A | 18.11% | 08/2027 | 16066 | 16360 | 16339 |  |
| 45239827(36) | ABF asset | N/A | 7.80% | 08/2027 | 29541 | 30081 | 29072 |  |
| 45239850(36) | ABF asset | N/A | 16.00% | 08/2032 | 58418 | 59487 | 60811 |  |
| 45239910(36) | ABF asset | N/A | 17.96% | 08/2032 | 30241 | 30794 | 32474 |  |
| 45240243(36) | ABF asset | N/A | 13.95% | 08/2030 | 9528 | 9703 | 10110 |  |
| 45240284(36) | ABF asset | N/A | 18.77% | 08/2030 | 15336 | 15617 | 16237 |  |
| 45240455(36) | ABF asset | N/A | 7.09% | 08/2027 | 17704 | 18028 | 17146 |  |
| 45240497(36) | ABF asset | N/A | 21.46% | 08/2030 | 24036 | 24476 | 25712 |  |
| 45240553(36) | ABF asset | N/A | 11.08% | 08/2027 | 46667 | 47521 | 45748 |  |
| 45240683(36) | ABF asset | N/A | 12.33% | 08/2029 | 43903 | 44706 | 41894 |  |
| 45240698(36) | ABF asset | N/A | 17.37% | 08/2027 | 4282 | 4361 | 4351 |  |
| 45240981(36) | ABF asset | N/A | 11.93% | 08/2029 | 43554 | 44351 | 44949 |  |
| 45240983(36) | ABF asset | N/A | 11.65% | 08/2029 | 45733 | 46570 | 45593 |  |
| 45241113(36) | ABF asset | N/A | 15.32% | 08/2030 | 57280 | 58328 | 60910 |  |
| 45241136(36) | ABF asset | N/A | 21.17% | 08/2030 | 17301 | 17617 | 18968 |  |
| 45241599(36) | ABF asset | N/A | 21.21% | 08/2030 | 24030 | 24469 | 25614 |  |
| 45241620(36) | ABF asset | N/A | 14.30% | 08/2031 | 14461 | 14726 | 15371 |  |
| 45241964(36) | ABF asset | N/A | 20.38% | 08/2029 | 17939 | 18268 | 18045 |  |
| 45242209(36) | ABF asset | N/A | 8.70% | 08/2027 | 10984 | 11185 | 10888 |  |
| 45242253(36) | ABF asset | N/A | 13.40% | 08/2029 | 93561 | 95273 | 95571 |  |
| 45242260(36) | ABF asset | N/A | 13.99% | 08/2030 | 20964 | 21347 | 21102 |  |
| 45242662(36) | ABF asset | N/A | 8.62% | 08/2028 | 12575 | 12805 | 12448 |  |
| 45242996(36) | ABF asset | N/A | 12.27% | 08/2030 | 23768 | 24203 | 24093 |  |
| 45243107(36) | ABF asset | N/A | 14.55% | 08/2028 | 31822 | 32405 | 31910 |  |
| 45243121(36) | ABF asset | N/A | 17.11% | 08/2032 | 10721 | 10917 | 11763 |  |
| 45243208(36) | ABF asset | N/A | 19.42% | 08/2030 | 8633 | 8791 | 9229 |  |
| 45243409(36) | ABF asset | N/A | 10.31% | 08/2030 | 9482 | 9655 | 9503 |  |
| 45243855(36) | ABF asset | N/A | 11.15% | 08/2029 | 14922 | 15195 | 14654 |  |
| 45243972(36) | ABF asset | N/A | 15.36% | 08/2031 | 31855 | 32438 | 33057 |  |
| 45244124(36) | ABF asset | N/A | 10.64% | 08/2028 | 9040 | 9206 | 9148 |  |
| 45244372(36) | ABF asset | N/A | 8.05% | 08/2027 | 21953 | 22355 | 21659 |  |
| 45244867(36) | ABF asset | N/A | 12.76% | 08/2031 | 10100 | 10285 | 10528 |  |
| 45245068(36) | ABF asset | N/A | 15.95% | 08/2030 | 95526 | 97274 | 104579 |  |
| 45245270(36) | ABF asset | N/A | 11.17% | 08/2028 | 6333 | 6449 | 6063 |  |
| 45245457(36) | ABF asset | N/A | 10.57% | 08/2027 | 29669 | 30212 | 28460 |  |
| 45245504(36) | ABF asset | N/A | 9.82% | 08/2029 | 37235 | 37916 | 36326 |  |
| 45245746(36) | ABF asset | N/A | 10.58% | 08/2027 | 29670 | 30213 | 28981 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45245807(36) | ABF asset | N/A | 13.05% | 08/2030 | 42829 | 43612 | 44792 |  |
| 45245900(36) | ABF asset | N/A | 16.62% | 08/2027 | 27377 | 27878 | 27651 |  |
| 45246055(36) | ABF asset | N/A | 8.95% | 08/2027 | 33644 | 34260 | 33411 |  |
| 45246135(36) | ABF asset | N/A | 17.73% | 08/2030 | 16275 | 16572 | 16478 |  |
| 45246149(36) | ABF asset | N/A | 18.48% | 08/2030 | 57492 | 58543 | 58876 |  |
| 45246195(36) | ABF asset | N/A | 18.32% | 08/2031 | 34868 | 35506 | 39769 |  |
| 45246209(36) | ABF asset | N/A | 14.68% | 08/2028 | 16369 | 16668 | 16752 |  |
| 45246287(36) | ABF asset | N/A | 7.18% | 08/2027 | 16864 | 17172 | 16343 |  |
| 45246301(36) | ABF asset | N/A | 12.62% | 08/2028 | 6347 | 6463 | 6167 |  |
| 45246305(36) | ABF asset | N/A | 14.52% | 08/2029 | 14056 | 14313 | 13942 |  |
| 45246534(36) | ABF asset | N/A | 14.00% | 08/2028 | 22712 | 23128 | 22384 |  |
| 45246618(36) | ABF asset | N/A | 13.01% | 08/2030 | 39970 | 40701 | 41022 |  |
| 45246653(36) | ABF asset | N/A | 6.72% | 08/2030 | 28299 | 28817 | 26777 |  |
| 45246691(36) | ABF asset | N/A | 13.69% | 08/2032 | 33985 | 34606 | 35751 |  |
| 45246722(36) | ABF asset | N/A | 13.22% | 08/2030 | 38077 | 38774 | 37013 |  |
| 45246974(36) | ABF asset | N/A | 18.48% | 08/2030 | 38284 | 38984 | 39227 |  |
| 45247023(36) | ABF asset | N/A | 7.08% | 08/2027 | 15175 | 15452 | 14695 |  |
| 45247074(36) | ABF asset | N/A | 12.63% | 08/2032 | 29093 | 29625 | 27345 |  |
| 45247297(36) | ABF asset | N/A | 16.35% | 08/2032 | 34086 | 34709 | 37650 |  |
| 45247457(36) | ABF asset | N/A | 12.84% | 08/2032 | 35288 | 35934 | 35554 |  |
| 45247604(36) | ABF asset | N/A | 8.74% | 08/2027 | 6762 | 6886 | 6702 |  |
| 45248102(36) | ABF asset | N/A | 12.27% | 08/2028 | 32624 | 33220 | 31953 |  |
| 45248141(36) | ABF asset | N/A | 17.98% | 08/2032 | 82920 | 84437 | 92494 |  |
| 45248207(36) | ABF asset | N/A | 13.44% | 08/2030 | 26662 | 27150 | 25321 |  |
| 45248376(36) | ABF asset | N/A | 8.06% | 08/2027 | 20575 | 20951 | 20027 |  |
| 45248587(36) | ABF asset | N/A | 12.78% | 08/2032 | 4850 | 4938 | 4916 |  |
| 45248777(36) | ABF asset | N/A | 15.10% | 08/2030 | 45804 | 46642 | 46899 |  |
| 45248845(36) | ABF asset | N/A | 11.12% | 08/2031 | 34569 | 35201 | 34697 |  |
| 45248848(36) | ABF asset | N/A | 19.42% | 08/2030 | 19185 | 19536 | 20510 |  |
| 45248908(36) | ABF asset | N/A | 15.82% | 08/2030 | 67472 | 68706 | 72698 |  |
| 45249139(36) | ABF asset | N/A | 8.49% | 08/2028 | 19824 | 20186 | 19610 |  |
| 45249204(36) | ABF asset | N/A | 17.24% | 08/2031 | 48323 | 49207 | 51811 |  |
| 45249213(36) | ABF asset | N/A | 10.71% | 08/2028 | 19891 | 20254 | 20142 |  |
| 45249260(36) | ABF asset | N/A | 14.07% | 08/2030 | 28590 | 29113 | 28156 |  |
| 45249471(36) | ABF asset | N/A | 9.39% | 08/2027 | 14731 | 15000 | 14282 |  |
| 45249501(36) | ABF asset | N/A | 6.30% | 08/2027 | 4210 | 4287 | 4031 |  |
| 45249653(36) | ABF asset | N/A | 7.96% | 08/2027 | 35970 | 36628 | 35076 |  |
| 45249680(36) | ABF asset | N/A | 12.27% | 08/2030 | 35817 | 36473 | 36327 |  |
| 45249979(36) | ABF asset | N/A | 8.06% | 08/2029 | 22283 | 22691 | 21849 |  |
| 45250157(36) | ABF asset | N/A | 13.93% | 08/2029 | 46814 | 47671 | 48145 |  |
| 45250341(36) | ABF asset | N/A | 9.52% | 08/2028 | 18050 | 18380 | 17180 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45250348(36) | ABF asset | N/A | 14.08% | 08/2032 | 29143 | 29676 | 30266 |  |
| 45250424(36) | ABF asset | N/A | 8.99% | 08/2027 | 18460 | 18797 | 18337 |  |
| 45250523(36) | ABF asset | N/A | 13.02% | 08/2030 | 66618 | 67837 | 66060 |  |
| 45250596(36) | ABF asset | N/A | 12.36% | 08/2028 | 15408 | 15689 | 15393 |  |
| 45250613(36) | ABF asset | N/A | 8.49% | 08/2027 | 33771 | 34389 | 33426 |  |
| 45250653(36) | ABF asset | N/A | 10.03% | 08/2029 | 43764 | 44565 | 42755 |  |
| 45250909(36) | ABF asset | N/A | 12.41% | 08/2027 | 12752 | 12985 | 12510 |  |
| 45250972(36) | ABF asset | N/A | 12.91% | 08/2030 | 55190 | 56199 | 56552 |  |
| 45250977(36) | ABF asset | N/A | 11.78% | 08/2029 | 22404 | 22814 | 22181 |  |
| 45251386(36) | ABF asset | N/A | 7.41% | 08/2028 | 82886 | 84402 | 17421 |  |
| 45251586(36) | ABF asset | N/A | 15.98% | 08/2030 | 19077 | 19426 | 19368 |  |
| 45251759(36) | ABF asset | N/A | 19.24% | 08/2030 | 65215 | 66408 | 65569 |  |
| 45251776(36) | ABF asset | N/A | 14.25% | 08/2028 | 22595 | 23008 | 22422 |  |
| 45251792(36) | ABF asset | N/A | 8.51% | 08/2029 | 31484 | 32060 | 30189 |  |
| 45251826(36) | ABF asset | N/A | 8.99% | 08/2027 | 8456 | 8611 | 8400 |  |
| 45251978(36) | ABF asset | N/A | 14.08% | 08/2032 | 29143 | 29676 | 29245 |  |
| 45251996(36) | ABF asset | N/A | 6.71% | 08/2027 | 25276 | 25739 | 24697 |  |
| 45252190(36) | ABF asset | N/A | 9.31% | 08/2029 | 26975 | 27469 | 26900 |  |
| 45252208(36) | ABF asset | N/A | 18.02% | 08/2030 | 39265 | 39983 | 41106 |  |
| 45252213(36) | ABF asset | N/A | 15.84% | 08/2030 | 34385 | 35014 | 35639 |  |
| 45252266(36) | ABF asset | N/A | 15.27% | 08/2032 | 63227 | 64384 | 67081 |  |
| 45253209(36) | ABF asset | N/A | 13.32% | 08/2030 | 57287 | 58335 | 58570 |  |
| 45253236(36) | ABF asset | N/A | 6.51% | 08/2029 | 24083 | 24524 | 23123 |  |
| 45253263(36) | ABF asset | N/A | 6.72% | 08/2027 | 22749 | 23165 | 22214 |  |
| 45253285(36) | ABF asset | N/A | 15.95% | 08/2032 | 21416 | 21808 | 23484 |  |
| 45253418(36) | ABF asset | N/A | 10.46% | 08/2029 | 39133 | 39849 | 39603 |  |
| 45253548(36) | ABF asset | N/A | 12.73% | 08/2028 | 19543 | 19901 | 4135 |  |
| 45253564(36) | ABF asset | N/A | 17.52% | 08/2030 | 47717 | 48590 | 49635 |  |
| 45253591(36) | ABF asset | N/A | 8.16% | 08/2028 | 21615 | 22010 | 21292 |  |
| 45253667(36) | ABF asset | N/A | 14.19% | 08/2029 | 92726 | 94422 | 95688 |  |
| 45254110(36) | ABF asset | N/A | 13.08% | 08/2029 | 15898 | 16189 | 14614 |  |
| 45254140(36) | ABF asset | N/A | 13.22% | 08/2030 | 28096 | 28610 | 27513 |  |
| 45254355(36) | ABF asset | N/A | 20.27% | 08/2030 | 10630 | 10824 | 10780 |  |
| 45254706(36) | ABF asset | N/A | 19.66% | 08/2032 | 39705 | 40431 | 42050 |  |
| 45254775(36) | ABF asset | N/A | 11.30% | 08/2029 | 21455 | 21847 | 21326 |  |
| 45254843(36) | ABF asset | N/A | 9.33% | 08/2028 | 27067 | 27562 | 26995 |  |
| 45254924(36) | ABF asset | N/A | 7.86% | 08/2028 | 9002 | 9167 | 8841 |  |
| 45255324(36) | ABF asset | N/A | 5.06% | 08/2027 | 23529 | 23959 | 22458 |  |
| 45255743(36) | ABF asset | N/A | 14.19% | 08/2027 | 5967 | 6076 | 6049 |  |
| 45256655(36) | ABF asset | N/A | 12.30% | 08/2028 | 11273 | 11479 | 10941 |  |
| 45256685(36) | ABF asset | N/A | 13.57% | 08/2031 | 33713 | 34330 | 35345 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45256692(36) | ABF asset | N/A | 13.69% | 08/2027 | 8518 | 8674 | 8604 |  |
| 45256896(36) | ABF asset | N/A | 8.59% | 08/2029 | 13938 | 14193 | 13765 |  |
| 45257051(36) | ABF asset | N/A | 6.47% | 10/2027 | 47653 | 48524 | 45879 |  |
| 45257186(36) | ABF asset | N/A | 12.56% | 08/2028 | 58929 | 60007 | 59604 |  |
| 45257233(36) | ABF asset | N/A | 11.66% | 08/2032 | 43589 | 44386 | 44135 |  |
| 45257496(36) | ABF asset | N/A | 10.30% | 08/2030 | 21808 | 22207 | 20712 |  |
| 45257556(36) | ABF asset | N/A | 10.65% | 08/2027 | 5935 | 6043 | 5863 |  |
| 45257985(36) | ABF asset | N/A | 18.77% | 08/2030 | 23963 | 24401 | 25370 |  |
| 45258099(36) | ABF asset | N/A | 22.12% | 08/2030 | 68436 | 69688 | 71546 |  |
| 45258200(36) | ABF asset | N/A | 5.77% | 08/2027 | 28603 | 29127 | 27757 |  |
| 45258209(36) | ABF asset | N/A | 13.65% | 08/2029 | 27326 | 27825 | 27918 |  |
| 45258491(36) | ABF asset | N/A | 13.92% | 08/2030 | 61932 | 63065 | 64330 |  |
| 45258496(36) | ABF asset | N/A | 15.44% | 08/2030 | 39126 | 39842 | 41683 |  |
| 45258557(36) | ABF asset | N/A | 17.52% | 08/2030 | 23927 | 24365 | 24845 |  |
| 45258986(36) | ABF asset | N/A | 13.65% | 08/2030 | 28574 | 29097 | 28612 |  |
| 45259400(36) | ABF asset | N/A | 15.60% | 08/2032 | 20435 | 20809 | 22251 |  |
| 45259428(36) | ABF asset | N/A | 10.43% | 08/2029 | 32609 | 33206 | 32988 |  |
| 45259793(36) | ABF asset | N/A | 8.74% | 08/2027 | 8332 | 8484 | 8282 |  |
| 45259800(36) | ABF asset | N/A | 14.71% | 08/2029 | 16871 | 17180 | 15823 |  |
| 45259844(36) | ABF asset | N/A | 7.35% | 08/2029 | 12984 | 13222 | 12589 |  |
| 45259981(36) | ABF asset | N/A | 9.58% | 08/2029 | 57694 | 58749 | 57702 |  |
| 45260288(36) | ABF asset | N/A | 8.53% | 08/2029 | 18249 | 18583 | 18021 |  |
| 45260302(36) | ABF asset | N/A | 8.49% | 08/2027 | 21968 | 22370 | 21475 |  |
| 45260572(36) | ABF asset | N/A | 11.39% | 08/2030 | 18992 | 19340 | 18985 |  |
| 45261053(36) | ABF asset | N/A | 11.79% | 08/2030 | 46556 | 47408 | 45250 |  |
| 45261428(36) | ABF asset | N/A | 11.27% | 08/2031 | 41452 | 42211 | 41628 |  |
| 45261553(36) | ABF asset | N/A | 7.80% | 08/2027 | 22788 | 23205 | 22427 |  |
| 45261858(36) | ABF asset | N/A | 23.52% | 08/2030 | 16381 | 16681 | 17475 |  |
| 45262176(36) | ABF asset | N/A | 11.95% | 08/2030 | 8347 | 8500 | 8573 |  |
| 45262439(36) | ABF asset | N/A | 7.79% | 08/2030 | 25510 | 25976 | 24063 |  |
| 45262575(36) | ABF asset | N/A | 14.68% | 08/2029 | 32616 | 33212 | 33658 |  |
| 45263009(36) | ABF asset | N/A | 8.85% | 08/2027 | 22400 | 22810 | 21594 |  |
| 45263104(36) | ABF asset | N/A | 11.93% | 08/2028 | 54491 | 55488 | 55704 |  |
| 45263462(36) | ABF asset | N/A | 13.80% | 08/2032 | 11653 | 11867 | 11186 |  |
| 45263583(36) | ABF asset | N/A | 17.61% | 08/2030 | 28457 | 28977 | 29789 |  |
| 45263586(36) | ABF asset | N/A | 9.50% | 08/2027 | 21157 | 21544 | 20730 |  |
| 45263730(36) | ABF asset | N/A | 12.45% | 08/2030 | 43744 | 44545 | 45302 |  |
| 45263759(36) | ABF asset | N/A | 12.70% | 08/2030 | 91293 | 92963 | 94847 |  |
| 45263772(36) | ABF asset | N/A | 11.26% | 08/2031 | 33614 | 34229 | 32332 |  |
| 45263818(36) | ABF asset | N/A | 9.09% | 08/2029 | 9299 | 9469 | 9239 |  |
| 45264197(36) | ABF asset | N/A | 11.29% | 08/2028 | 16288 | 16586 | 15601 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45264234(36) | ABF asset | N/A | 13.35% | 08/2029 | 29002 | 29532 | 28316 |  |
| 45264310(36) | ABF asset | N/A | 14.28% | 08/2030 | 20971 | 21355 | 21190 |  |
| 45264441(36) | ABF asset | N/A | 13.18% | 08/2030 | 23868 | 24305 | 23661 |  |
| 45264655(36) | ABF asset | N/A | 9.39% | 08/2028 | 5414 | 5513 | 5085 |  |
| 45264740(36) | ABF asset | N/A | 9.26% | 08/2028 | (114) | (117) |  |  |
| 45264768(36) | ABF asset | N/A | 16.31% | 08/2030 | 21025 | 21410 | 21435 |  |
| 45265306(36) | ABF asset | N/A | 15.43% | 08/2032 | 28214 | 28730 | 30022 |  |
| 45265342(36) | ABF asset | N/A | 15.48% | 08/2030 | 12411 | 12638 | 12480 |  |
| 45265435(36) | ABF asset | N/A | 12.66% | 08/2027 | 35345 | 35991 | 34734 |  |
| 45266116(36) | ABF asset | N/A | 14.57% | 08/2030 | 29562 | 30102 | 27716 |  |
| 45266120(36) | ABF asset | N/A | 19.16% | 08/2032 | 19534 | 19891 | 20655 |  |
| 45266147(36) | ABF asset | N/A | 11.83% | 08/2028 | 19018 | 19366 | 18882 |  |
| 45266254(36) | ABF asset | N/A | 8.18% | 09/2030 | 16306 | 16604 | 15060 |  |
| 45266284(36) | ABF asset | N/A | 14.75% | 08/2027 | 6029 | 6139 | 6058 |  |
| 45266532(36) | ABF asset | N/A | 11.64% | 08/2030 | 10449 | 10640 | 10487 |  |
| 45266616(36) | ABF asset | N/A | 14.10% | 08/2032 | 34001 | 34623 | 36016 |  |
| 45266700(36) | ABF asset | N/A | 14.33% | 08/2032 | 38868 | 39579 | 40526 |  |
| 45266833(36) | ABF asset | N/A | 11.97% | 08/2030 | 46567 | 47419 | 44369 |  |
| 45267143(36) | ABF asset | N/A | 11.12% | 08/2030 | 25630 | 26099 | 24099 |  |
| 45267254(36) | ABF asset | N/A | 15.98% | 08/2032 | 38939 | 39652 | 40377 |  |
| 45267257(36) | ABF asset | N/A | 12.78% | 08/2029 | 27211 | 27709 | 26103 |  |
| 45267444(36) | ABF asset | N/A | 13.65% | 08/2030 | 33336 | 33946 | 33358 |  |
| 45267720(36) | ABF asset | N/A | 15.53% | 08/2032 | 58381 | 59448 | 57934 |  |
| 45267815(36) | ABF asset | N/A | 12.95% | 08/2030 | 30451 | 31008 | 31790 |  |
| 45267817(36) | ABF asset | N/A | 12.68% | 08/2029 | 65427 | 66624 | 65482 |  |
| 45267964(36) | ABF asset | N/A | 6.95% | 08/2027 | (31) | (31) |  |  |
| 45267998(36) | ABF asset | N/A | 10.84% | 08/2027 | 10800 | 10998 | 10827 |  |
| 45268031(36) | ABF asset | N/A | 13.57% | 08/2030 | 15173 | 15451 | 15666 |  |
| 45268158(36) | ABF asset | N/A | 6.54% | 08/2028 | 5289 | 5385 | 5122 |  |
| 45268176(36) | ABF asset | N/A | 15.38% | 08/2030 | 9546 | 9720 | 9584 |  |
| 45268516(36) | ABF asset | N/A | 8.17% | 08/2027 | 8940 | 9104 | 8708 |  |
| 45268554(36) | ABF asset | N/A | 14.40% | 08/2028 | 31816 | 32398 | 31832 |  |
| 45268578(36) | ABF asset | N/A | 14.40% | 08/2028 | (111) | (113) |  |  |
| 45268599(36) | ABF asset | N/A | 9.83% | 08/2028 | 13544 | 13792 | 13579 |  |
| 45268647(36) | ABF asset | N/A | 9.72% | 08/2029 | 13961 | 14216 | 12999 |  |
| 45269060(36) | ABF asset | N/A | 13.82% | 08/2032 | 15538 | 15822 | 16048 |  |
| 45269080(36) | ABF asset | N/A | 10.66% | 08/2029 | 39144 | 39860 | 36901 |  |
| 45269299(36) | ABF asset | N/A | 12.20% | 08/2030 | 52286 | 53242 | 53948 |  |
| 45269928(36) | ABF asset | N/A | 16.95% | 08/2030 | 11477 | 11687 | 12512 |  |
| 45270005(36) | ABF asset | N/A | 10.72% | 08/2029 | 68940 | 70201 | 70011 |  |
| 45270008(36) | ABF asset | N/A | 7.80% | 08/2027 | 42201 | 42973 | 41532 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45270011(36) | ABF asset | N/A | 14.57% | 08/2030 | 30600 | 31159 | 28611 |  |
| 45270046(36) | ABF asset | N/A | 14.21% | 08/2032 | 34005 | 34627 | 35376 |  |
| 45270060(36) | ABF asset | N/A | 16.84% | 08/2029 | 21619 | 22014 | 20797 |  |
| 45270090(36) | ABF asset | N/A | 9.40% | 08/2030 | 37879 | 38572 | 35467 |  |
| 45270205(36) | ABF asset | N/A | 13.05% | 08/2030 | 19034 | 19383 | 19902 |  |
| 45270281(36) | ABF asset | N/A | 12.76% | 08/2030 | 20930 | 21313 | 21381 |  |
| 45270754(36) | ABF asset | N/A | 8.99% | 08/2027 | 8456 | 8611 | 8394 |  |
| 45270756(36) | ABF asset | N/A | 12.01% | 08/2030 | 42362 | 43137 | 41327 |  |
| 45270899(36) | ABF asset | N/A | 10.58% | 08/2028 | 19887 | 20250 | 20097 |  |
| 45270906(36) | ABF asset | N/A | 14.03% | 08/2029 | 28093 | 28607 | 28605 |  |
| 45271073(36) | ABF asset | N/A | 15.38% | 08/2030 | 19092 | 19441 | 19169 |  |
| 45271220(36) | ABF asset | N/A | 9.25% | 08/2027 | 15227 | 15506 | 14886 |  |
| 45271422(36) | ABF asset | N/A | 13.26% | 08/2028 | 10891 | 11090 | 10770 |  |
| 45271601(36) | ABF asset | N/A | 10.40% | 08/2030 | 37933 | 38627 | 38026 |  |
| 45271687(36) | ABF asset | N/A | 12.27% | 08/2030 | 33276 | 33884 | 33731 |  |
| 45271723(36) | ABF asset | N/A | 8.94% | 08/2029 | 27890 | 28400 | 27655 |  |
| 45271921(36) | ABF asset | N/A | 6.12% | 08/2030 | 30108 | 30659 | 28239 |  |
| 45272128(36) | ABF asset | N/A | 15.48% | 08/2032 | 19459 | 19815 | 20725 |  |
| 45272402(36) | ABF asset | N/A | 8.99% | 08/2029 | 22314 | 22722 | 21503 |  |
| 45272772(36) | ABF asset | N/A | 15.15% | 08/2032 | 35014 | 35654 | 34449 |  |
| 45272782(36) | ABF asset | N/A | 15.70% | 08/2032 | 97319 | 99099 | 106160 |  |
| 45273049(36) | ABF asset | N/A | 7.41% | 08/2027 | 21563 | 21958 | 20933 |  |
| 45273344(36) | ABF asset | N/A | 15.59% | 08/2030 | 65615 | 66815 | 67598 |  |
| 45273613(36) | ABF asset | N/A | 17.04% | 08/2029 | 30086 | 30636 | 30799 |  |
| 45273617(36) | ABF asset | N/A | 17.85% | 08/2028 | 19974 | 20339 | 20789 |  |
| 45274029(36) | ABF asset | N/A | 8.25% | 08/2028 | 29734 | 30278 | 29318 |  |
| 45274781(36) | ABF asset | N/A | 8.69% | 08/2031 | (766) | (780) |  |  |
| 45274838(36) | ABF asset | N/A | 7.82% | 08/2030 | 24566 | 25015 | 23655 |  |
| 45275303(36) | ABF asset | N/A | 16.68% | 08/2029 | 18591 | 18931 | 19564 |  |
| 45275509(36) | ABF asset | N/A | 15.70% | 08/2032 | 33127 | 33733 | 36380 |  |
| 45275538(36) | ABF asset | N/A | 13.43% | 08/2029 | 10890 | 11089 | 10999 |  |
| 45275652(36) | ABF asset | N/A | 9.06% | 08/2029 | 32544 | 33140 | 32322 |  |
| 45275658(36) | ABF asset | N/A | 14.65% | 08/2029 | 13980 | 14236 | 13952 |  |
| 45275827(36) | ABF asset | N/A | 8.21% | 08/2029 | 16716 | 17022 | 16413 |  |
| 45275882(36) | ABF asset | N/A | 16.39% | 08/2029 | 50727 | 51655 | 50830 |  |
| 45275884(36) | ABF asset | N/A | 13.83% | 08/2028 | 15847 | 16137 | 16574 |  |
| 45276017(36) | ABF asset | N/A | 8.49% | 08/2027 | 13519 | 13766 | 13371 |  |
| 45276089(36) | ABF asset | N/A | 16.23% | 08/2030 | 14300 | 14562 | 14550 |  |
| 45276214(36) | ABF asset | N/A | 12.03% | 08/2029 | 8403 | 8557 | 8684 |  |
| 45276261(36) | ABF asset | N/A | 6.21% | 08/2029 | 21295 | 21684 | 20348 |  |
| 45276374(36) | ABF asset | N/A | 13.85% | 08/2032 | 15539 | 15823 | 16384 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45276516(36) | ABF asset | N/A | 10.09% | 08/2027 | 7624 | 7763 | 7628 |  |
| 45276842(36) | ABF asset | N/A | 10.93% | 08/2029 | 7459 | 7595 | 7596 |  |
| 45277075(36) | ABF asset | N/A | 11.86% | 08/2030 | 95021 | 96760 | 95696 |  |
| 45277175(36) | ABF asset | N/A | 17.75% | 08/2030 | 67020 | 68246 | 67908 |  |
| 45277246(36) | ABF asset | N/A | 12.83% | 08/2029 | 7479 | 7616 | 6856 |  |
| 45277372(36) | ABF asset | N/A | 19.37% | 08/2029 | 30580 | 31139 | 30277 |  |
| 45277574(36) | ABF asset | N/A | 11.53% | 08/2030 | 57937 | 58997 | 56096 |  |
| 45277904(36) | ABF asset | N/A | 18.74% | 09/2028 | 20752 | 21132 | 21672 |  |
| 45278140(36) | ABF asset | N/A | 13.55% | 08/2030 | 18105 | 18436 | 19069 |  |
| 45278284(36) | ABF asset | N/A | 11.18% | 08/2028 | 16046 | 16339 | 16314 |  |
| 45278299(36) | ABF asset | N/A | 9.73% | 08/2030 | 14211 | 14471 | 14102 |  |
| 45278320(36) | ABF asset | N/A | 19.72% | 08/2030 | 25514 | 25981 | 26142 |  |
| 45278764(36) | ABF asset | N/A | 17.99% | 08/2030 | 42136 | 42907 | 45044 |  |
| 45278883(36) | ABF asset | N/A | 16.19% | 08/2028 | 6667 | 6789 | 6712 |  |
| 45279130(36) | ABF asset | N/A | 14.43% | 08/2032 | 53450 | 54427 | 53933 |  |
| 45279282(36) | ABF asset | N/A | 16.23% | 08/2032 | 43819 | 44620 | 47316 |  |
| 45279369(36) | ABF asset | N/A | 14.66% | 08/2030 | 20982 | 21365 | 20836 |  |
| 45279376(36) | ABF asset | N/A | 13.33% | 08/2032 | 15529 | 15813 | 15893 |  |
| 45279454(36) | ABF asset | N/A | 18.41% | 08/2032 | 19519 | 19876 | 20403 |  |
| 45279652(36) | ABF asset | N/A | 6.56% | 08/2028 | 13476 | 13722 | 13056 |  |
| 45280026(36) | ABF asset | N/A | 14.48% | 08/2032 | 16522 | 16824 | 16671 |  |
| 45280499(36) | ABF asset | N/A | 12.01% | 08/2030 | 23761 | 24195 | 23179 |  |
| 45280646(36) | ABF asset | N/A | 11.55% | 08/2029 | 69056 | 70319 | 68866 |  |
| 45280880(36) | ABF asset | N/A | 15.09% | 08/2030 | 59161 | 60243 | 60524 |  |
| 45280886(36) | ABF asset | N/A | 12.55% | 08/2029 | 46442 | 47292 | 46917 |  |
| 45280901(36) | ABF asset | N/A | 12.58% | 08/2032 | 46546 | 47398 | 46972 |  |
| 45280924(36) | ABF asset | N/A | 10.03% | 08/2027 | 29644 | 30187 | 28822 |  |
| 45281080(36) | ABF asset | N/A | 13.51% | 08/2030 | 19998 | 20364 | 20672 |  |
| 45281111(36) | ABF asset | N/A | 12.15% | 08/2029 | 18680 | 19021 | 18774 |  |
| 45281381(36) | ABF asset | N/A | 6.50% | 08/2027 | 43798 | 44599 | 42209 |  |
| 45281789(36) | ABF asset | N/A | 10.21% | 08/2030 | 8533 | 8689 | 8532 |  |
| 45281841(36) | ABF asset | N/A | 11.53% | 09/2027 | 14327 | 14589 | 14387 |  |
| 45281909(36) | ABF asset | N/A | 14.31% | 08/2028 | 40901 | 41649 | 42092 |  |
| 45281954(36) | ABF asset | N/A | 11.41% | 08/2030 | 22550 | 22963 | 22589 |  |
| 45282090(36) | ABF asset | N/A | 16.74% | 08/2030 | 21992 | 22395 | 23094 |  |
| 45282194(36) | ABF asset | N/A | 14.37% | 08/2028 | 5454 | 5554 | 5392 |  |
| 45282265(36) | ABF asset | N/A | 8.14% | 08/2031 | 34389 | 35018 | 33052 |  |
| 45282316(36) | ABF asset | N/A | 18.10% | 08/2028 | 6396 | 6513 | 6646 |  |
| 45283079(36) | ABF asset | N/A | 13.18% | 08/2030 | 38075 | 38772 | 37824 |  |
| 45283219(36) | ABF asset | N/A | 12.75% | 08/2031 | 43301 | 44093 | 44741 |  |
| 45283413(36) | ABF asset | N/A | 7.33% | 08/2027 | 43013 | 43799 | 41699 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45283471(36) | ABF asset | N/A | 13.69% | 08/2032 | 35926 | 36584 | 37753 |  |
| 45283761(36) | ABF asset | N/A | 13.06% | 08/2032 | 63068 | 64221 | 65530 |  |
| 45284205(36) | ABF asset | N/A | 13.91% | 08/2030 | 46687 | 47541 | 46905 |  |
| 45284246(36) | ABF asset | N/A | 9.98% | 08/2031 | 18217 | 18550 | 18085 |  |
| 45284418(36) | ABF asset | N/A | 13.30% | 08/2030 | 19993 | 20358 | 18397 |  |
| 45284439(36) | ABF asset | N/A | 4.31% | 08/2027 | 26857 | 27349 | 25479 |  |
| 45284559(36) | ABF asset | N/A | 15.84% | 08/2030 | 14327 | 14589 | 14839 |  |
| 45285316(36) | ABF asset | N/A | 13.36% | 08/2030 | 80929 | 82410 | 85028 |  |
| 45285480(36) | ABF asset | N/A | 7.47% | 08/2029 | 23191 | 23615 | 22543 |  |
| 45285537(36) | ABF asset | N/A | 19.56% | 08/2032 | 26381 | 26863 | 28144 |  |
| 45285612(36) | ABF asset | N/A | 8.72% | 08/2028 | 13496 | 13743 | 13312 |  |
| 45285641(36) | ABF asset | N/A | 15.77% | 08/2032 | 28225 | 28741 | 30222 |  |
| 45286067(36) | ABF asset | N/A | 6.20% | 08/2027 | 33674 | 34290 | 31794 |  |
| 45286308(36) | ABF asset | N/A | 14.82% | 08/2030 | 12665 | 12896 | 13385 |  |
| 45286765(36) | ABF asset | N/A | 16.72% | 08/2027 | 6980 | 7108 | 7030 |  |
| 45286845(36) | ABF asset | N/A | 8.74% | 08/2029 | 8365 | 8518 | 7956 |  |
| 45286861(36) | ABF asset | N/A | 21.06% | 08/2032 | 61515 | 62641 | 67091 |  |
| 45287273(36) | ABF asset | N/A | 7.03% | 08/2027 | 5058 | 5150 | 4869 |  |
| 45287332(36) | ABF asset | N/A | 10.41% | 08/2031 | 47764 | 48638 | 47787 |  |
| 45288101(36) | ABF asset | N/A | 5.52% | 08/2027 | 6728 | 6851 | 6512 |  |
| 45288307(36) | ABF asset | N/A | 15.98% | 08/2030 | 12419 | 12646 | 12580 |  |
| 45288706(36) | ABF asset | N/A | 11.18% | 08/2030 | 27531 | 28034 | 27954 |  |
| 45289220(36) | ABF asset | N/A | 15.95% | 08/2030 | 54450 | 55446 | 59569 |  |
| 45289495(36) | ABF asset | N/A | 13.79% | 08/2027 | 6250 | 6365 | 6369 |  |
| 45289970(36) | ABF asset | N/A | 13.83% | 08/2028 | 27088 | 27584 | 27395 |  |
| 45290632(36) | ABF asset | N/A | 12.42% | 08/2031 | 29817 | 30363 | 30576 |  |
| 45291051(36) | ABF asset | N/A | 11.34% | 08/2027 | 2090 | 2128 | 2096 |  |
| 45291839(36) | ABF asset | N/A | 15.30% | 08/2029 | 93803 | 95519 | 98098 |  |
| 45291845(36) | ABF asset | N/A | 20.66% | 08/2032 | 37119 | 37798 | 40340 |  |
| 45291961(36) | ABF asset | N/A | 13.54% | 08/2027 | 5110 | 5203 | 5152 |  |
| 45292263(36) | ABF asset | N/A | 16.35% | 08/2032 | 43824 | 44626 | 48374 |  |
| 45292280(36) | ABF asset | N/A | 17.67% | 08/2030 | 19145 | 19496 | 18807 |  |
| 45292815(36) | ABF asset | N/A | 5.85% | 08/2027 | 29450 | 29989 | 28250 |  |
| 45292828(36) | ABF asset | N/A | 12.58% | 08/2032 | 33998 | 34620 | 34249 |  |
| 45292840(36) | ABF asset | N/A | 11.51% | 08/2030 | 33242 | 33850 | 33292 |  |
| 45292919(36) | ABF asset | N/A | 20.81% | 08/2030 | 23058 | 23480 | 24421 |  |
| 45293113(36) | ABF asset | N/A | 9.20% | 08/2030 | 18934 | 19281 | 17672 |  |
| 45293474(36) | ABF asset | N/A | 13.51% | 08/2028 | 20580 | 20957 | 20791 |  |
| 45293503(36) | ABF asset | N/A | 23.52% | 08/2030 | 48180 | 49061 | 51422 |  |
| 45293510(36) | ABF asset | N/A | 18.68% | 08/2032 | 62478 | 63621 | 70525 |  |
| 45294150(36) | ABF asset | N/A | 9.45% | 08/2030 | 47353 | 48219 | 46780 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45294212(36) | ABF asset | N/A | 7.86% | 08/2028 | 24306 | 24750 | 23866 |  |
| 45294456(36) | ABF asset | N/A | 15.57% | 08/2030 | 42012 | 42780 | 44838 |  |
| 45294466(36) | ABF asset | N/A | 9.02% | 08/2027 | 33826 | 34444 | 32406 |  |
| 45294624(36) | ABF asset | N/A | 4.73% | 08/2027 | 8399 | 8552 | 7951 |  |
| 45294813(36) | ABF asset | N/A | 10.43% | 08/2029 | 65208 | 66401 | 65862 |  |
| 45294926(36) | ABF asset | N/A | 14.15% | 08/2030 | 10484 | 10676 | 10572 |  |
| 45294990(36) | ABF asset | N/A | 9.43% | 08/2027 | 19478 | 19834 | 19367 |  |
| 45295301(36) | ABF asset | N/A | 9.40% | 08/2030 | 23149 | 23572 | 22852 |  |
| 45295545(36) | ABF asset | N/A | 16.94% | 08/2027 | 4293 | 4372 | 4418 |  |
| 45295673(36) | ABF asset | N/A | 12.40% | 08/2030 | 76072 | 77463 | 74534 |  |
| 45295826(36) | ABF asset | N/A | 13.06% | 08/2032 | 60917 | 62031 | 63235 |  |
| 45295842(36) | ABF asset | N/A | 10.32% | 08/2030 | 52152 | 53106 | 48427 |  |
| 45295873(36) | ABF asset | N/A | 11.00% | 08/2030 | 51390 | 52330 | 52020 |  |
| 45295885(36) | ABF asset | N/A | 16.65% | 08/2030 | 27727 | 28234 | 27645 |  |
| 45296225(36) | ABF asset | N/A | 10.96% | 08/2027 | 8482 | 8637 | 8438 |  |
| 45296330(36) | ABF asset | N/A | 13.29% | 08/2031 | 38516 | 39221 | 38494 |  |
| 45296410(36) | ABF asset | N/A | 12.07% | 08/2030 | 28452 | 28973 | 25759 |  |
| 45296712(36) | ABF asset | N/A | 10.06% | 08/2030 | 16857 | 17165 | 16818 |  |
| 45296768(36) | ABF asset | N/A | 6.71% | 08/2027 | 21062 | 21448 | 20565 |  |
| 45296895(36) | ABF asset | N/A | 7.95% | 08/2027 | 20261 | 20632 | 19633 |  |
| 45296995(36) | ABF asset | N/A | 9.06% | 08/2029 | 33475 | 34087 | 33246 |  |
| 45297000(36) | ABF asset | N/A | 6.35% | 08/2027 | 10947 | 11147 | 10538 |  |
| 45297276(36) | ABF asset | N/A | 14.82% | 08/2031 | 14470 | 14735 | 15516 |  |
| 45297315(36) | ABF asset | N/A | 13.34% | 08/2030 | 17046 | 17358 | 16241 |  |
| 45297865(36) | ABF asset | N/A | 13.96% | 08/2030 | 23773 | 24208 | 23948 |  |
| 45298472(36) | ABF asset | N/A | 18.92% | 08/2030 | 43141 | 43930 | 45746 |  |
| 45298557(36) | ABF asset | N/A | 8.39% | 08/2027 | 23655 | 24087 | 23379 |  |
| 45298681(36) | ABF asset | N/A | 14.67% | 08/2030 | 33380 | 33991 | 35138 |  |
| 45298780(36) | ABF asset | N/A | 11.30% | 08/2031 | 19209 | 19561 | 19525 |  |
| 45298801(36) | ABF asset | N/A | 13.85% | 08/2032 | 26222 | 26701 | 27648 |  |
| 45298878(36) | ABF asset | N/A | 9.80% | 08/2030 | 37901 | 38594 | 37652 |  |
| 45299284(36) | ABF asset | N/A | 11.06% | 08/2028 | 9950 | 10132 | 9800 |  |
| 45299327(36) | ABF asset | N/A | 11.70% | 08/2030 | 9277 | 9446 | 9492 |  |
| 45299343(36) | ABF asset | N/A | 13.55% | 08/2030 | 18887 | 19233 | 19895 |  |
| 45299381(36) | ABF asset | N/A | 15.69% | 08/2027 | 39469 | 40191 | 40368 |  |
| 45299384(36) | ABF asset | N/A | 13.59% | 08/2030 | 42858 | 43642 | 41869 |  |
| 45299455(36) | ABF asset | N/A | 9.65% | 08/2030 | 5276 | 5373 | 5256 |  |
| 45299756(36) | ABF asset | N/A | 18.33% | 08/2032 | 28300 | 28818 | 31738 |  |
| 45300011(36) | ABF asset | N/A | 18.00% | 08/2030 | 25857 | 26329 | 26295 |  |
| 45300140(36) | ABF asset | N/A | 12.01% | 08/2032 | 96042 | 97798 | 98560 |  |
| 45300176(36) | ABF asset | N/A | 13.45% | 08/2030 | 28281 | 28798 | 29755 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45300213(36) | ABF asset | N/A | 13.45% | 08/2030 | 63723 | 64889 | 66969 |  |
| 45300336(36) | ABF asset | N/A | 11.26% | 08/2030 | 15191 | 15469 | 15154 |  |
| 45300948(36) | ABF asset | N/A | 16.70% | 08/2032 | 24779 | 25233 | 27459 |  |
| 45301059(36) | ABF asset | N/A | 14.03% | 08/2030 | 49553 | 50459 | 49876 |  |
| 45301214(36) | ABF asset | N/A | 10.62% | 08/2030 | 28395 | 28915 | 26546 |  |
| 45301288(36) | ABF asset | N/A | 14.84% | 08/2030 | 42419 | 43195 | 43218 |  |
| 45301349(36) | ABF asset | N/A | 12.76% | 08/2031 | 47911 | 48787 | 49988 |  |
| 45301502(36) | ABF asset | N/A | 9.33% | 08/2029 | 39999 | 40731 | 39861 |  |
| 45301525(36) | ABF asset | N/A | 9.03% | 08/2029 | 37192 | 37872 | 36923 |  |
| 45301692(36) | ABF asset | N/A | 12.58% | 08/2032 | 28122 | 28636 | 28333 |  |
| 45301996(36) | ABF asset | N/A | 19.61% | 08/2032 | 19153 | 19503 | 20694 |  |
| 45302038(36) | ABF asset | N/A | 11.81% | 08/2032 | 14532 | 14798 | 14746 |  |
| 45302060(36) | ABF asset | N/A | 15.15% | 08/2032 | 11671 | 11885 | 11484 |  |
| 45302171(36) | ABF asset | N/A | 7.79% | 08/2030 | 80308 | 81777 | 75755 |  |
| 45302223(36) | ABF asset | N/A | 8.99% | 08/2027 | 16912 | 17221 | 16788 |  |
| 45302394(36) | ABF asset | N/A | 14.75% | 08/2030 | 19076 | 19425 | 18474 |  |
| 45302590(36) | ABF asset | N/A | 13.45% | 08/2030 | 56249 | 57278 | 59194 |  |
| 45302608(36) | ABF asset | N/A | 13.15% | 08/2029 | 37412 | 38096 | 38092 |  |
| 45302996(36) | ABF asset | N/A | 10.66% | 08/2030 | 54797 | 55799 | 54056 |  |
| 45303064(36) | ABF asset | N/A | 8.73% | 08/2027 | 9298 | 9468 | 8956 |  |
| 45303284(36) | ABF asset | N/A | 15.65% | 08/2030 | 48700 | 49591 | 47794 |  |
| 45303314(36) | ABF asset | N/A | 10.95% | 08/2028 | 13567 | 13815 | 13486 |  |
| 45303330(36) | ABF asset | N/A | 15.27% | 08/2029 | 18759 | 19102 | 18774 |  |
| 45303529(36) | ABF asset | N/A | 9.30% | 08/2027 | 8076 | 8223 | 7932 |  |
| 45303643(36) | ABF asset | N/A | 9.79% | 08/2031 | 36424 | 37091 | 35656 |  |
| 45303680(36) | ABF asset | N/A | 16.29% | 08/2031 | 9693 | 9871 | 10195 |  |
| 45303744(36) | ABF asset | N/A | 17.85% | 08/2032 | 9754 | 9932 | 11056 |  |
| 45303785(36) | ABF asset | N/A | 8.85% | 08/2032 | 24129 | 24570 | 23147 |  |
| 45303814(36) | ABF asset | N/A | 13.82% | 08/2031 | 19199 | 19550 | 20287 |  |
| 45303838(36) | ABF asset | N/A | 17.75% | 08/2030 | 38295 | 38995 | 38801 |  |
| 45303935(36) | ABF asset | N/A | 15.85% | 08/2032 | 30943 | 31509 | 33814 |  |
| 45304124(36) | ABF asset | N/A | 6.10% | 08/2027 | 4209 | 4286 | 4044 |  |
| 45304159(36) | ABF asset | N/A | 13.19% | 08/2030 | 37119 | 37798 | 35120 |  |
| 45304168(36) | ABF asset | N/A | 13.42% | 08/2029 | 11966 | 12185 | 11695 |  |
| 45304223(36) | ABF asset | N/A | 10.28% | 08/2029 | 16767 | 17074 | 16445 |  |
| 45304394(36) | ABF asset | N/A | 13.08% | 09/2032 | 50109 | 51025 | 51370 |  |
| 45304414(36) | ABF asset | N/A | 8.74% | 08/2027 | 33811 | 34429 | 33502 |  |
| 45304504(36) | ABF asset | N/A | 10.81% | 08/2030 | 18977 | 19324 | 18168 |  |
| 45304543(36) | ABF asset | N/A | 8.76% | 08/2028 | 4511 | 4594 | 4380 |  |
| 45304645(36) | ABF asset | N/A | 7.57% | 08/2030 | 14167 | 14427 | 13581 |  |
| 45304720(36) | ABF asset | N/A | 11.93% | 08/2032 | 38758 | 39467 | 38637 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45304763(36) | ABF asset | N/A | 6.36% | 08/2028 | 17559 | 17880 | 16647 |  |
| 45305029(36) | ABF asset | N/A | 18.61% | 08/2032 | 27981 | 28493 | 30306 |  |
| 45305237(36) | ABF asset | N/A | 10.83% | 08/2027 | 6784 | 6908 | 6634 |  |
| 45305338(36) | ABF asset | N/A | 18.98% | 08/2032 | 39060 | 39775 | 44298 |  |
| 45305584(36) | ABF asset | N/A | 13.46% | 08/2032 | 14561 | 14827 | 15236 |  |
| 45305658(36) | ABF asset | N/A | 16.49% | 08/2030 | 9559 | 9734 | 9990 |  |
| 45305788(36) | ABF asset | N/A | 11.63% | 08/2028 | 14486 | 14751 | 14352 |  |
| 45306000(36) | ABF asset | N/A | 6.96% | 08/2027 | 9272 | 9441 | 9061 |  |
| 45306212(36) | ABF asset | N/A | 17.96% | 08/2029 | 7533 | 7671 | 7355 |  |
| 45306253(36) | ABF asset | N/A | 15.17% | 08/2030 | 10496 | 10688 | 11135 |  |
| 45306431(36) | ABF asset | N/A | 8.99% | 08/2027 | 6765 | 6889 | 6715 |  |
| 45306457(36) | ABF asset | N/A | 8.99% | 08/2027 | 13430 | 13676 | 13336 |  |
| 45306697(36) | ABF asset | N/A | 18.24% | 08/2030 | 12453 | 12681 | 13377 |  |
| 45307153(36) | ABF asset | N/A | 13.99% | 08/2030 | 40021 | 40754 | 40258 |  |
| 45307242(36) | ABF asset | N/A | 9.66% | 08/2027 | 11851 | 12068 | 11294 |  |
| 45307888(36) | ABF asset | N/A | 10.93% | 08/2028 | 10840 | 11038 | 10995 |  |
| 45307899(36) | ABF asset | N/A | 17.36% | 08/2032 | 68143 | 69389 | 72402 |  |
| 45308389(36) | ABF asset | N/A | 15.43% | 08/2031 | 48270 | 49153 | 51286 |  |
| 45308650(36) | ABF asset | N/A | 13.23% | 08/2030 | 23799 | 24234 | 23121 |  |
| 45308914(36) | ABF asset | N/A | 13.67% | 08/2027 | 8518 | 8673 | 8500 |  |
| 45309425(36) | ABF asset | N/A | 9.24% | 08/2028 | 10998 | 11199 | 10758 |  |
| 45309459(36) | ABF asset | N/A | 26.27% | 08/2030 | 6764 | 6888 | 7499 |  |
| 45309478(36) | ABF asset | N/A | 17.33% | 08/2032 | 26322 | 26803 | 28998 |  |
| 45309531(36) | ABF asset | N/A | 8.64% | 08/2030 | 80407 | 81878 | 76902 |  |
| 45309606(36) | ABF asset | N/A | 18.99% | 08/2030 | 20134 | 20502 | 20157 |  |
| 45309802(36) | ABF asset | N/A | 15.07% | 08/2030 | 17176 | 17490 | 18193 |  |
| 45310279(36) | ABF asset | N/A | 16.52% | 08/2030 | 30499 | 31056 | 31239 |  |
| 45310396(36) | ABF asset | N/A | 14.07% | 08/2030 | 28956 | 29486 | 30567 |  |
| 45310563(36) | ABF asset | N/A | 16.45% | 08/2032 | 17547 | 17868 | 19387 |  |
| 45310699(36) | ABF asset | N/A | 9.65% | 08/2030 | 37526 | 38213 | 37199 |  |
| 45310843(36) | ABF asset | N/A | 8.49% | 08/2028 | 8110 | 8258 | 7630 |  |
| 45310889(36) | ABF asset | N/A | 14.91% | 08/2030 | 17351 | 17669 | 17704 |  |
| 45310917(36) | ABF asset | N/A | 19.73% | 08/2032 | 43975 | 44779 | 50566 |  |
| 45311017(36) | ABF asset | N/A | 12.68% | 08/2027 | 1530 | 1558 | 1532 |  |
| 45311034(36) | ABF asset | N/A | 16.74% | 08/2030 | 52591 | 53553 | 55224 |  |
| 45311147(36) | ABF asset | N/A | 13.04% | 08/2027 | 42547 | 43325 | 42752 |  |
| 45311237(36) | ABF asset | N/A | 15.68% | 08/2029 | 34816 | 35453 | 9762 |  |
| 45311262(36) | ABF asset | N/A | 7.94% | 08/2030 | 19845 | 20208 | 18766 |  |
| 45311274(36) | ABF asset | N/A | 12.86% | 08/2032 | 29101 | 29634 | 29520 |  |
| 45311490(36) | ABF asset | N/A | 14.89% | 08/2032 | 16529 | 16832 | 17414 |  |
| 45311542(36) | ABF asset | N/A | 8.51% | 08/2028 | 32441 | 33034 | 32075 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45311610(36) | ABF asset | N/A | 12.18% | 08/2029 | 54370 | 55364 | 56141 |  |
| 45311816(36) | ABF asset | N/A | 6.66% | 08/2030 | 94219 | 95943 | 89005 |  |
| 45312012(36) | ABF asset | N/A | 12.15% | 08/2030 | 27567 | 28071 | 28421 |  |
| 45312037(36) | ABF asset | N/A | 10.18% | 08/2028 | 45170 | 45996 | 45148 |  |
| 45312042(36) | ABF asset | N/A | 7.69% | 08/2027 | 59071 | 60151 | 57133 |  |
| 45312068(36) | ABF asset | N/A | 11.02% | 08/2031 | 15362 | 15643 | 15380 |  |
| 45312081(36) | ABF asset | N/A | 11.32% | 08/2027 | 8892 | 9055 | 8762 |  |
| 45312462(36) | ABF asset | N/A | 13.02% | 08/2031 | 35615 | 36267 | 36973 |  |
| 45312794(36) | ABF asset | N/A | 17.07% | 08/2030 | 38202 | 38901 | 41732 |  |
| 45312899(36) | ABF asset | N/A | 13.09% | 08/2030 | 24808 | 25261 | 23379 |  |
| 45313041(36) | ABF asset | N/A | 17.67% | 08/2030 | 46906 | 47764 | 46077 |  |
| 45313129(36) | ABF asset | N/A | 8.57% | 08/2029 | 13025 | 13263 | 11923 |  |
| 45313221(36) | ABF asset | N/A | 11.51% | 08/2029 | 49456 | 50361 | 47155 |  |
| 45313960(36) | ABF asset | N/A | 8.49% | 08/2028 | 37845 | 38538 | 37411 |  |
| 45314498(36) | ABF asset | N/A | 10.18% | 08/2029 | 93136 | 94839 | 93902 |  |
| 45314756(36) | ABF asset | N/A | 14.19% | 08/2032 | 5829 | 5936 | 6180 |  |
| 45314859(36) | ABF asset | N/A | 14.32% | 08/2030 | 9512 | 9686 | 9951 |  |
| 45315695(36) | ABF asset | N/A | 13.05% | 08/2030 | 57103 | 58148 | 59707 |  |
| 45316085(36) | ABF asset | N/A | 14.32% | 08/2030 | 14299 | 14561 | 14970 |  |
| 45316133(36) | ABF asset | N/A | 8.99% | 08/2027 | 25368 | 25832 | 25182 |  |
| 45316393(36) | ABF asset | N/A | 11.93% | 08/2029 | 65200 | 66392 | 61871 |  |
| 45316991(36) | ABF asset | N/A | 14.44% | 08/2030 | 9291 | 9461 | 8955 |  |
| 45317005(36) | ABF asset | N/A | 18.02% | 08/2030 | 22026 | 22429 | 23044 |  |
| 45317243(36) | ABF asset | N/A | 10.81% | 08/2028 | 15765 | 16054 | 15588 |  |
| 45317334(36) | ABF asset | N/A | 6.96% | 08/2027 | 21072 | 21458 | 20612 |  |
| 45317503(36) | ABF asset | N/A | 15.49% | 08/2030 | 10061 | 10245 | 10170 |  |
| 45317510(36) | ABF asset | N/A | 12.13% | 08/2030 | 38023 | 38719 | 38460 |  |
| 45317764(36) | ABF asset | N/A | 18.60% | 08/2028 | 21824 | 22223 | 22772 |  |
| 45317914(36) | ABF asset | N/A | 14.28% | 08/2032 | 29148 | 29682 | 30959 |  |
| 45318281(36) | ABF asset | N/A | 9.22% | 08/2030 | 35976 | 36634 | 32835 |  |
| 45318305(36) | ABF asset | N/A | 13.76% | 08/2028 | 14531 | 14797 | 14443 |  |
| 45318821(36) | ABF asset | N/A | 9.66% | 08/2029 | 29781 | 30326 | 29817 |  |
| 45319262(36) | ABF asset | N/A | 14.19% | 08/2028 | 11785 | 12000 | 11759 |  |
| 45319648(36) | ABF asset | N/A | 10.45% | 08/2030 | 13277 | 13520 | 13327 |  |
| 45319693(36) | ABF asset | N/A | 6.57% | 08/2028 | 8984 | 9148 | 8701 |  |
| 45319697(36) | ABF asset | N/A | 6.96% | 08/2027 | 22758 | 23174 | 22261 |  |
| 45320575(36) | ABF asset | N/A | 12.80% | 08/2032 | 30069 | 30619 | 28372 |  |
| 45321086(36) | ABF asset | N/A | 13.78% | 08/2032 | 29133 | 29666 | 27994 |  |
| 45321254(36) | ABF asset | N/A | 12.38% | 08/2030 | 32330 | 32921 | 31000 |  |
| 45321261(36) | ABF asset | N/A | 14.50% | 08/2030 | 57211 | 58258 | 55186 |  |
| 45321525(36) | ABF asset | N/A | 18.18% | 08/2032 | 22442 | 22852 | 25106 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45321932(36) | ABF asset | N/A | 10.52% | 08/2030 | 47424 | 48291 | 47653 |  |
| 45321938(36) | ABF asset | N/A | 12.99% | 08/2032 | 33956 | 34577 | 35223 |  |
| 45321949(36) | ABF asset | N/A | 8.86% | 08/2027 | 6042 | 6152 | 5936 |  |
| 45322212(36) | ABF asset | N/A | 13.82% | 08/2031 | 52244 | 53199 | 54518 |  |
| 45322388(36) | ABF asset | N/A | 11.39% | 08/2030 | 20891 | 21274 | 20883 |  |
| 45322465(36) | ABF asset | N/A | 9.31% | 08/2027 | 14383 | 14646 | 13672 |  |
| 45322552(36) | ABF asset | N/A | 18.48% | 08/2030 | 31229 | 31801 | 31929 |  |
| 45322714(36) | ABF asset | N/A | 15.35% | 08/2027 | 5808 | 5914 | 5863 |  |
| 45322802(36) | ABF asset | N/A | 16.57% | 08/2030 | 31426 | 32001 | 34071 |  |
| 45323214(36) | ABF asset | N/A | 11.51% | 08/2032 | 16464 | 16765 | 16617 |  |
| 45323228(36) | ABF asset | N/A | 19.36% | 08/2032 | 4884 | 4974 | 5362 |  |
| 45323316(36) | ABF asset | N/A | 14.29% | 08/2031 | 17355 | 17673 | 18075 |  |
| 45323414(36) | ABF asset | N/A | 6.66% | 08/2028 | 62897 | 64048 | 60634 |  |
| 45323487(36) | ABF asset | N/A | 11.62% | 08/2030 | 23748 | 24182 | 22504 |  |
| 45323494(36) | ABF asset | N/A | 12.52% | 08/2030 | 28532 | 29054 | 29036 |  |
| 45323554(36) | ABF asset | N/A | 18.00% | 08/2027 | 6001 | 6111 | 6175 |  |
| 45323637(36) | ABF asset | N/A | 15.07% | 08/2029 | 15942 | 16233 | 15706 |  |
| 45323754(36) | ABF asset | N/A | 7.83% | 08/2027 | 48259 | 49141 | 46722 |  |
| 45323765(36) | ABF asset | N/A | 10.29% | 08/2030 | 56890 | 57931 | 55877 |  |
| 45323990(36) | ABF asset | N/A | 12.34% | 08/2030 | 25672 | 26142 | 23982 |  |
| 45324099(36) | ABF asset | N/A | 18.27% | 08/2030 | 9513 | 9687 | 10020 |  |
| 45324177(36) | ABF asset | N/A | 12.20% | 09/2030 | 37817 | 38508 | 38904 |  |
| 45324324(36) | ABF asset | N/A | 10.53% | 08/2029 | 23296 | 23722 | 22679 |  |
| 45324440(36) | ABF asset | N/A | 15.45% | 08/2032 | 26273 | 26754 | 28517 |  |
| 45324474(36) | ABF asset | N/A | 11.53% | 08/2028 | 83716 | 85248 | 83776 |  |
| 45324488(36) | ABF asset | N/A | 10.47% | 08/2029 | 13045 | 13283 | 12266 |  |
| 45324504(36) | ABF asset | N/A | 11.53% | 08/2028 | 74524 | 75887 | 75499 |  |
| 45324726(36) | ABF asset | N/A | 13.54% | 08/2027 | 7651 | 7791 | 7723 |  |
| 45324929(36) | ABF asset | N/A | 16.64% | 08/2029 | 65788 | 66991 | 66111 |  |
| 45324971(36) | ABF asset | N/A | 13.09% | 08/2030 | 31409 | 31983 | 29701 |  |
| 45325039(36) | ABF asset | N/A | 12.66% | 08/2027 | 16158 | 16454 | 15879 |  |
| 45325168(36) | ABF asset | N/A | 9.97% | 08/2027 | 23713 | 24146 | 22648 |  |
| 45325190(36) | ABF asset | N/A | 13.16% | 08/2028 | 35802 | 36457 | 36484 |  |
| 45325362(36) | ABF asset | N/A | 17.00% | 08/2027 | 6420 | 6538 | 6560 |  |
| 45325416(36) | ABF asset | N/A | 8.36% | 08/2028 | 15315 | 15595 | 15119 |  |
| 45325521(36) | ABF asset | N/A | 16.33% | 08/2028 | 4558 | 4641 | 4740 |  |
| 45325662(36) | ABF asset | N/A | 15.19% | 08/2031 | 42154 | 42925 | 44577 |  |
| 45325981(36) | ABF asset | N/A | 8.15% | 08/2030 | 22687 | 23102 | 20825 |  |
| 45326017(36) | ABF asset | N/A | 11.95% | 09/2030 | 36751 | 37424 | 38005 |  |
| 45326163(36) | ABF asset | N/A | 12.77% | 08/2027 | 6762 | 6886 | 6665 |  |
| 45326176(36) | ABF asset | N/A | 15.74% | 08/2030 | 28650 | 29174 | 29582 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45326184(36) | ABF asset | N/A | 17.75% | 08/2030 | 59357 | 60442 | 60142 |  |
| 45326353(36) | ABF asset | N/A | 17.12% | 08/2027 | 11104 | 11307 | 11253 |  |
| 45326369(36) | ABF asset | N/A | 11.95% | 08/2030 | 28510 | 29031 | 29274 |  |
| 45326421(36) | ABF asset | N/A | 12.67% | 08/2029 | 16618 | 16922 | 16085 |  |
| 45326645(36) | ABF asset | N/A | 15.57% | 08/2030 | 68220 | 69467 | 73305 |  |
| 45327039(36) | ABF asset | N/A | 10.33% | 08/2027 | 4237 | 4314 | 4128 |  |
| 45327689(36) | ABF asset | N/A | 18.84% | 08/2030 | 12462 | 12690 | 12449 |  |
| 45327932(36) | ABF asset | N/A | 10.68% | 08/2027 | 21196 | 21584 | 21044 |  |
| 45327976(36) | ABF asset | N/A | 12.18% | 08/2031 | 48078 | 48957 | 49167 |  |
| 45328333(36) | ABF asset | N/A | 8.60% | 08/2030 | 28377 | 28896 | 27656 |  |
| 45328475(36) | ABF asset | N/A | 15.81% | 08/2030 | 28653 | 29177 | 28217 |  |
| 45328562(36) | ABF asset | N/A | 12.03% | 08/2028 | 23553 | 23984 | 23989 |  |
| 45328568(36) | ABF asset | N/A | 13.81% | 08/2032 | 16424 | 16725 | 17382 |  |
| 45328583(36) | ABF asset | N/A | 12.87% | 08/2032 | 27162 | 27658 | 26657 |  |
| 45328683(36) | ABF asset | N/A | 16.69% | 08/2027 | 11093 | 11296 | 11457 |  |
| 45328701(36) | ABF asset | N/A | 8.11% | 08/2028 | 31519 | 32096 | 31032 |  |
| 45328759(36) | ABF asset | N/A | 9.20% | 08/2030 | 43549 | 44346 | 42851 |  |
| 45328857(36) | ABF asset | N/A | 12.02% | 08/2030 | 38017 | 38712 | 38384 |  |
| 45328978(36) | ABF asset | N/A | 16.72% | 08/2029 | 66031 | 67239 | 63331 |  |
| 45329353(36) | ABF asset | N/A | 12.02% | 08/2030 | 14256 | 14517 | 14394 |  |
| 45329811(36) | ABF asset | N/A | 14.55% | 08/2029 | 65596 | 66796 | 68005 |  |
| 45330127(36) | ABF asset | N/A | 11.12% | 08/2030 | 8544 | 8700 | 8033 |  |
| 45330323(36) | ABF asset | N/A | 14.19% | 08/2028 | 13634 | 13883 | 13623 |  |
| 45330457(36) | ABF asset | N/A | 12.02% | 08/2031 | 48068 | 48947 | 48992 |  |
| 45330538(36) | ABF asset | N/A | 6.96% | 08/2027 | 42144 | 42915 | 41224 |  |
| 45330552(36) | ABF asset | N/A | 19.21% | 08/2032 | 68371 | 69621 | 74956 |  |
| 45330598(36) | ABF asset | N/A | 8.64% | 08/2027 | 16903 | 17212 | 16736 |  |
| 45330767(36) | ABF asset | N/A | 15.63% | 08/2029 | 42230 | 43003 | 41928 |  |
| 45330869(36) | ABF asset | N/A | 12.29% | 08/2029 | 37367 | 38050 | 37212 |  |
| 45330930(36) | ABF asset | N/A | 8.99% | 08/2027 | 4139 | 4215 | 4109 |  |
| 45330998(36) | ABF asset | N/A | 11.18% | 08/2027 | 14293 | 14555 | 14325 |  |
| 45331013(36) | ABF asset | N/A | 11.71% | 08/2031 | 19116 | 19465 | 19378 |  |
| 45331380(36) | ABF asset | N/A | 8.99% | 08/2027 | 5919 | 6027 | 5876 |  |
| 45331823(36) | ABF asset | N/A | 7.94% | 08/2030 | 32130 | 32718 | 30383 |  |
| 45331899(36) | ABF asset | N/A | 9.19% | 08/2030 | 47335 | 48201 | 45676 |  |
| 45332168(36) | ABF asset | N/A | 7.19% | 08/2029 | 32493 | 33087 | 30266 |  |
| 45332213(36) | ABF asset | N/A | 10.58% | 08/2032 | 14510 | 14775 | 14098 |  |
| 45332219(36) | ABF asset | N/A | 17.53% | 08/2032 | 12625 | 12856 | 12998 |  |
| 45332246(36) | ABF asset | N/A | 16.20% | 08/2032 | 38949 | 39661 | 42876 |  |
| 45332284(36) | ABF asset | N/A | 13.26% | 08/2030 | 32285 | 32875 | 33211 |  |
| 45332368(36) | ABF asset | N/A | 7.80% | 08/2030 | 14172 | 14431 | 12936 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45332378(36) | ABF asset | N/A | 13.66% | 08/2030 | 28653 | 29177 | 28624 |  |
| 45332441(36) | ABF asset | N/A | 12.66% | 08/2030 | 58976 | 60055 | 60153 |  |
| 45332445(36) | ABF asset | N/A | 12.02% | 08/2030 | 19959 | 20324 | 20119 |  |
| 45332608(36) | ABF asset | N/A | 9.10% | 08/2027 | 8109 | 8257 | 7821 |  |
| 45332908(36) | ABF asset | N/A | 15.25% | 08/2027 | 18785 | 19129 | 18969 |  |
| 45333164(36) | ABF asset | N/A | 19.86% | 08/2032 | 37139 | 37818 | 41168 |  |
| 45333236(36) | ABF asset | N/A | 12.79% | 08/2027 | 22233 | 22640 | 22271 |  |
| 45333960(36) | ABF asset | N/A | 21.40% | 08/2030 | 46147 | 46991 | 47810 |  |
| 45334122(36) | ABF asset | N/A | 12.51% | 08/2032 | 17453 | 17773 | 17943 |  |
| 45334467(36) | ABF asset | N/A | 10.66% | 08/2030 | 56919 | 57961 | 56237 |  |
| 45334658(36) | ABF asset | N/A | 17.79% | 08/2029 | 23539 | 23970 | 24360 |  |
| 45335172(36) | ABF asset | N/A | 10.99% | 08/2029 | 5595 | 5697 | 5539 |  |
| 45335286(36) | ABF asset | N/A | 9.11% | 08/2028 | 21646 | 22042 | 21401 |  |
| 45335516(36) | ABF asset | N/A | 12.83% | 08/2032 | 36860 | 37535 | 37370 |  |
| 45335555(36) | ABF asset | N/A | 14.57% | 08/2030 | 52590 | 53552 | 55273 |  |
| 45336465(36) | ABF asset | N/A | 14.99% | 08/2028 | 63685 | 64850 | 63356 |  |
| 45336688(36) | ABF asset | N/A | 17.37% | 08/2027 | 29121 | 29654 | 29565 |  |
| 45337040(36) | ABF asset | N/A | 17.12% | 08/2027 | 5993 | 6103 | 6074 |  |
| 45337134(36) | ABF asset | N/A | 13.15% | 08/2032 | 38815 | 39525 | 36864 |  |
| 45337160(36) | ABF asset | N/A | 13.65% | 08/2030 | 38099 | 38796 | 38123 |  |
| 45337184(36) | ABF asset | N/A | 11.73% | 08/2029 | 44805 | 45624 | 44786 |  |
| 45337268(36) | ABF asset | N/A | 14.01% | 08/2030 | 95292 | 97035 | 99280 |  |
| 45337339(36) | ABF asset | N/A | 11.16% | 08/2030 | 7594 | 7733 | 7311 |  |
| 45337383(36) | ABF asset | N/A | 16.23% | 08/2032 | 73031 | 74367 | 78860 |  |
| 45337971(36) | ABF asset | N/A | 11.18% | 08/2028 | 36190 | 36852 | 36803 |  |
| 45338231(36) | ABF asset | N/A | 15.15% | 08/2028 | 5325 | 5422 | 5383 |  |
| 45338408(36) | ABF asset | N/A | 12.66% | 08/2030 | 15133 | 15410 | 15471 |  |
| 45338437(36) | ABF asset | N/A | 6.87% | 08/2030 | 17927 | 18255 | 16992 |  |
| 45338559(36) | ABF asset | N/A | 20.38% | 08/2029 | 70814 | 72109 | 71182 |  |
| 45338611(36) | ABF asset | N/A | 11.45% | 08/2030 | 13912 | 14167 | 14180 |  |
| 45338945(36) | ABF asset | N/A | 11.75% | 08/2032 | 49406 | 50309 | 45649 |  |
| 45339040(36) | ABF asset | N/A | 12.28% | 08/2028 | 33511 | 34124 | 34214 |  |
| 45339110(36) | ABF asset | N/A | 6.31% | 08/2028 | 40412 | 41151 | 39031 |  |
| 45339367(36) | ABF asset | N/A | 12.92% | 08/2030 | 47578 | 48448 | 43536 |  |
| 45339371(36) | ABF asset | N/A | 14.03% | 08/2030 | 9529 | 9704 | 9587 |  |
| 45339508(36) | ABF asset | N/A | 9.14% | 08/2030 | 26506 | 26991 | 25556 |  |
| 45339650(36) | ABF asset | N/A | 14.57% | 08/2031 | 21217 | 21605 | 22649 |  |
| 45339691(36) | ABF asset | N/A | 8.66% | 08/2027 | 7606 | 7746 | 7408 |  |
| 45339905(36) | ABF asset | N/A | 9.96% | 08/2029 | 23277 | 23702 | 23394 |  |
| 45340018(36) | ABF asset | N/A | 5.77% | 08/2027 | 24397 | 24843 | 23658 |  |
| 45340277(36) | ABF asset | N/A | 8.74% | 08/2027 | 20287 | 20658 | 20092 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45340456(36) | ABF asset | N/A | 8.05% | 08/2027 | (144) | (147) |  |  |
| 45340518(36) | ABF asset | N/A | 9.24% | 08/2027 | 4974 | 5065 | 4946 |  |
| 45340716(36) | ABF asset | N/A | 8.56% | 08/2029 | 16684 | 16989 | 16459 |  |
| 45340720(36) | ABF asset | N/A | 21.12% | 08/2028 | 18350 | 18685 | 19400 |  |
| 45340908(36) | ABF asset | N/A | 11.23% | 08/2032 | 48287 | 49171 | 48464 |  |
| 45340917(36) | ABF asset | N/A | 13.83% | 08/2028 | 6812 | 6937 | 7121 |  |
| 45341535(36) | ABF asset | N/A | 14.10% | 08/2032 | 91091 | 92757 | 96490 |  |
| 45341571(36) | ABF asset | N/A | 5.16% | 08/2027 | 19576 | 19934 | 18700 |  |
| 45341676(36) | ABF asset | N/A | 14.10% | 08/2030 | 20014 | 20380 | 18635 |  |
| 45341870(36) | ABF asset | N/A | 10.31% | 08/2030 | 4447 | 4528 | 4428 |  |
| 45342102(36) | ABF asset | N/A | 13.29% | 08/2030 | 19992 | 20358 | 19874 |  |
| 45342832(36) | ABF asset | N/A | 9.29% | 08/2031 | 35365 | 36012 | 34735 |  |
| 45344164(36) | ABF asset | N/A | 17.07% | 08/2030 | 86092 | 87667 | 93938 |  |
| 45344496(36) | ABF asset | N/A | 13.21% | 08/2032 | 80864 | 82343 | 84031 |  |
| 45344737(36) | ABF asset | N/A | 11.89% | 08/2030 | 47513 | 48382 | 47862 |  |
| 45346817(36) | ABF asset | N/A | 16.87% | 08/2030 | 30600 | 31160 | 30568 |  |
| 45346989(36) | ABF asset | N/A | 11.75% | 08/2027 | 29724 | 30267 | 29588 |  |
| 45347083(36) | ABF asset | N/A | 13.66% | 08/2032 | 34954 | 35594 | 36726 |  |
| 45347443(36) | ABF asset | N/A | 13.15% | 08/2029 | 56117 | 57144 | 57125 |  |
| 45347499(36) | ABF asset | N/A | 18.11% | 08/2027 | 6859 | 6985 | 6941 |  |
| 45347582(36) | ABF asset | N/A | 10.15% | 08/2030 | 11376 | 11584 | 11361 |  |
| 45347641(36) | ABF asset | N/A | 19.16% | 08/2029 | 30162 | 30713 | 31245 |  |
| 45348159(36) | ABF asset | N/A | 15.83% | 08/2028 | 13663 | 13913 | 14138 |  |
| 45348245(36) | ABF asset | N/A | 12.51% | 08/2027 | 3361 | 3423 | 3283 |  |
| 45348739(36) | ABF asset | N/A | 8.95% | 08/2027 | 10147 | 10332 | 10060 |  |
| 45350514(36) | ABF asset | N/A | 15.88% | 08/2032 | 17523 | 17843 | 19178 |  |
| 45350963(36) | ABF asset | N/A | 9.44% | 09/2027 | 14385 | 14649 | 14090 |  |
| 45351142(36) | ABF asset | N/A | 10.18% | 08/2028 | 45154 | 45980 | 45123 |  |
| 45351256(36) | ABF asset | N/A | 10.57% | 08/2030 | 12331 | 12557 | 12163 |  |
| 45352164(36) | ABF asset | N/A | 12.73% | 08/2032 | 29097 | 29629 | 28443 |  |
| 45352525(36) | ABF asset | N/A | 15.27% | 08/2032 | 43773 | 44574 | 46419 |  |
| 45354037(36) | ABF asset | N/A | 12.93% | 08/2032 | 30655 | 31216 | 31122 |  |
| 45354412(36) | ABF asset | N/A | 13.16% | 08/2030 | 57112 | 58156 | 56626 |  |
| 45354834(36) | ABF asset | N/A | 10.75% | 08/2030 | 18976 | 19323 | 19124 |  |
| 45356600(36) | ABF asset | N/A | 10.18% | 08/2028 | 36136 | 36797 | 36085 |  |
| 45356941(36) | ABF asset | N/A | 18.02% | 08/2030 | 62249 | 63387 | 65108 |  |
| 45357740(36) | ABF asset | N/A | 12.90% | 08/2029 | 17764 | 18089 | 18000 |  |
| 45357916(36) | ABF asset | N/A | 13.96% | 08/2032 | 37880 | 38573 | 37897 |  |
| 45359195(36) | ABF asset | N/A | 8.31% | 08/2027 | 50682 | 51609 | 49445 |  |
| 45359563(36) | ABF asset | N/A | 13.30% | 08/2030 | 27611 | 28117 | 28976 |  |
| 45359709(36) | ABF asset | N/A | 7.71% | 08/2029 | 32479 | 33073 | 31667 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45360019(36) | ABF asset | N/A | 8.26% | 08/2028 | 18015 | 18345 | 17761 |  |
| 45360391(36) | ABF asset | N/A | 5.75% | 08/2032 | 14415 | 14678 | 12539 |  |
| 45360432(36) | ABF asset | N/A | 10.57% | 08/2030 | 26559 | 27045 | 26191 |  |
| 45360575(36) | ABF asset | N/A | 13.18% | 08/2029 | 22739 | 23155 | 23847 |  |
| 45361191(36) | ABF asset | N/A | 10.19% | 08/2027 | 18638 | 18979 | 18113 |  |
| 45362228(36) | ABF asset | N/A | 18.11% | 08/2032 | 4878 | 4967 | 5242 |  |
| 45362605(36) | ABF asset | N/A | 9.62% | 08/2029 | 32571 | 33167 | 30259 |  |
| 45363312(36) | ABF asset | N/A | 10.86% | 08/2030 | 29416 | 29955 | 29137 |  |
| 45363596(36) | ABF asset | N/A | 9.66% | 08/2027 | 10158 | 10344 | 9678 |  |
| 45364483(36) | ABF asset | N/A | 9.30% | 08/2027 | 4230 | 4307 | 4138 |  |
| 45364549(36) | ABF asset | N/A | 13.55% | 08/2032 | 33979 | 34601 | 32458 |  |
| 45364719(36) | ABF asset | N/A | 12.68% | 08/2030 | 14114 | 14372 | 13909 |  |
| 45365337(36) | ABF asset | N/A | 11.54% | 08/2030 | 14247 | 14508 | 14272 |  |
| 45365967(36) | ABF asset | N/A | 11.78% | 08/2029 | 22404 | 22814 | 23070 |  |
| 45366107(36) | ABF asset | N/A | 9.45% | 08/2030 | 56823 | 57863 | 56123 |  |
| 45366471(36) | ABF asset | N/A | 6.44% | 08/2027 | 29476 | 30016 | 28389 |  |
| 45367034(36) | ABF asset | N/A | 14.60% | 08/2032 | 65124 | 66315 | 69607 |  |
| 45367108(36) | ABF asset | N/A | 12.33% | 08/2028 | 20845 | 21226 | 21450 |  |
| 45367199(36) | ABF asset | N/A | 8.05% | 08/2027 | 21109 | 21495 | 20807 |  |
| 45367742(36) | ABF asset | N/A | 15.38% | 08/2032 | 14593 | 14860 | 14418 |  |
| 45368491(36) | ABF asset | N/A | 14.92% | 08/2030 | 16218 | 16515 | 17135 |  |
| 45369103(36) | ABF asset | N/A | 11.88% | 08/2030 | 57014 | 58057 | 55492 |  |
| 45369360(36) | ABF asset | N/A | 7.22% | 08/2028 | 26979 | 27473 | 26306 |  |
| 45369382(36) | ABF asset | N/A | 12.68% | 08/2030 | 27577 | 28081 | 27180 |  |
| 45372423(36) | ABF asset | N/A | 12.14% | 08/2030 | 28517 | 29039 | 28834 |  |
| 45373929(36) | ABF asset | N/A | 12.02% | 08/2032 | 48453 | 49339 | 46766 |  |
| 45376012(36) | ABF asset | N/A | 9.30% | 08/2030 | 30299 | 30854 | 29848 |  |
| 45376040(36) | ABF asset | N/A | 14.32% | 08/2030 | 16206 | 16502 | 15135 |  |
| 45376486(36) | ABF asset | N/A | 10.20% | 08/2027 | 6778 | 6902 | 6483 |  |
| 45376635(36) | ABF asset | N/A | 13.77% | 08/2028 | 33603 | 34218 | 33009 |  |
| 45376648(36) | ABF asset | N/A | 11.94% | 08/2031 | 23529 | 23959 | 23925 |  |
| 45378665(36) | ABF asset | N/A | 8.67% | 08/2027 | 6761 | 6885 | 6460 |  |
| 45379030(36) | ABF asset | N/A | 13.30% | 08/2030 | 10472 | 10664 | 10990 |  |
| 45379925(36) | ABF asset | N/A | 9.98% | 08/2030 | 9475 | 9648 | 9440 |  |
| 45380078(36) | ABF asset | N/A | 12.27% | 08/2031 | 38467 | 39170 | 39387 |  |
| 45380527(36) | ABF asset | N/A | 15.07% | 08/2030 | 12405 | 12632 | 12067 |  |
| 45381119(36) | ABF asset | N/A | 17.83% | 08/2032 | 53614 | 54594 | 59608 |  |
| 45381178(36) | ABF asset | N/A | 13.82% | 08/2030 | 28580 | 29103 | 26490 |  |
| 45381235(36) | ABF asset | N/A | 10.05% | 08/2030 | 94785 | 96519 | 94515 |  |
| 45381581(36) | ABF asset | N/A | 12.14% | 08/2030 | 22750 | 23166 | 23069 |  |
| 45382147(36) | ABF asset | N/A | 13.70% | 08/2030 | 33339 | 33949 | 35205 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45382207(36) | ABF asset | N/A | 12.45% | 08/2030 | 45629 | 46464 | 47270 |  |
| 45382397(36) | ABF asset | N/A | 12.68% | 08/2029 | 46734 | 47589 | 46741 |  |
| 45382924(36) | ABF asset | N/A | 11.58% | 08/2028 | 22632 | 23046 | 23096 |  |
| 45382972(36) | ABF asset | N/A | 7.86% | 08/2029 | 20420 | 20793 | 19945 |  |
| 45384657(36) | ABF asset | N/A | 11.70% | 08/2030 | 26600 | 27087 | 27212 |  |
| 45385111(36) | ABF asset | N/A | 14.63% | 08/2032 | 40825 | 41572 | 41331 |  |
| 45385308(36) | ABF asset | N/A | 12.83% | 10/2029 | 32658 | 33255 | 30082 |  |
| 45385580(36) | ABF asset | N/A | 9.01% | 08/2029 | 56716 | 57753 | 54694 |  |
| 45386211(36) | ABF asset | N/A | 10.59% | 08/2029 | 16774 | 17081 | 16339 |  |
| 45387808(36) | ABF asset | N/A | 17.10% | 08/2032 | 31189 | 31759 | 32946 |  |
| 45388857(36) | ABF asset | N/A | 4.31% | 08/2027 | 12589 | 12820 | 11941 |  |
| 45389492(36) | ABF asset | N/A | 11.05% | 08/2031 | 47411 | 48279 | 47954 |  |
| 45389728(36) | ABF asset | N/A | 6.71% | 08/2027 | 12517 | 12746 | 12220 |  |
| 45390016(36) | ABF asset | N/A | 16.54% | 08/2029 | 18744 | 19087 | 19057 |  |
| 45390332(36) | ABF asset | N/A | 7.08% | 08/2027 | 13489 | 13735 | 13051 |  |
| 45390342(36) | ABF asset | N/A | 12.22% | 08/2032 | 36608 | 37278 | 35647 |  |
| 45390470(36) | ABF asset | N/A | 13.26% | 08/2031 | 42366 | 43141 | 44594 |  |
| 45390506(36) | ABF asset | N/A | 6.72% | 08/2027 | 21064 | 21449 | 20559 |  |
| 45391127(36) | ABF asset | N/A | 10.05% | 08/2030 | 21794 | 22193 | 20608 |  |
| 45393245(36) | ABF asset | N/A | 16.49% | 08/2030 | 21986 | 22388 | 22967 |  |
| 45393364(36) | ABF asset | N/A | 9.80% | 08/2027 | 27940 | 28452 | 27423 |  |
| 45394437(36) | ABF asset | N/A | 9.83% | 08/2028 | 16253 | 16550 | 16284 |  |
| 45395155(36) | ABF asset | N/A | 18.56% | 08/2032 | 28860 | 29388 | 30173 |  |
| 45395179(36) | ABF asset | N/A | 13.63% | 08/2031 | 45275 | 46104 | 47450 |  |
| 45395553(36) | ABF asset | N/A | 13.03% | 09/2032 | 50088 | 51004 | 51294 |  |
| 45395621(36) | ABF asset | N/A | 11.58% | 08/2028 | 38022 | 38718 | 38811 |  |
| 45396546(36) | ABF asset | N/A | 21.96% | 08/2030 | 7043 | 7172 | 7514 |  |
| 45397982(36) | ABF asset | N/A | 13.70% | 08/2030 | 40490 | 41231 | 42998 |  |
| 45398524(36) | ABF asset | N/A | 12.29% | 08/2030 | 16163 | 16459 | 15080 |  |
| 45400458(36) | ABF asset | N/A | 12.27% | 08/2031 | 48083 | 48963 | 49218 |  |
| 45400602(36) | ABF asset | N/A | 22.87% | 08/2030 | 48147 | 49027 | 50899 |  |
| 45400619(36) | ABF asset | N/A | 13.30% | 08/2030 | 47602 | 48473 | 49943 |  |
| 45401326(36) | ABF asset | N/A | 16.35% | 08/2032 | 51615 | 52559 | 56948 |  |
| 45401572(36) | ABF asset | N/A | 4.81% | 08/2027 | 21839 | 22239 | 20784 |  |
| 45402217(36) | ABF asset | N/A | 9.90% | 08/2030 | 26534 | 27020 | 26390 |  |
| 45402226(36) | ABF asset | N/A | 11.99% | 08/2032 | 30749 | 31312 | 31273 |  |
| 45402232(36) | ABF asset | N/A | 9.68% | 08/2027 | 12698 | 12930 | 12512 |  |
| 45402522(36) | ABF asset | N/A | 13.45% | 08/2030 | 69512 | 70784 | 73102 |  |
| 45402748(36) | ABF asset | N/A | 16.74% | 08/2030 | 18168 | 18500 | 19069 |  |
| 45403015(36) | ABF asset | N/A | 16.85% | 08/2032 | 97439 | 99221 | 108484 |  |
| 45404763(36) | ABF asset | N/A | 10.91% | 08/2030 | 50296 | 51216 | 50829 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45404920(36) | ABF asset | N/A | 7.14% | 08/2028 | 22480 | 22891 | 21769 |  |
| 45405714(36) | ABF asset | N/A | 13.46% | 08/2032 | 13590 | 13839 | 14214 |  |
| 45405772(36) | ABF asset | N/A | 15.40% | 08/2032 | 19457 | 19813 | 21090 |  |
| 45406211(36) | ABF asset | N/A | 8.85% | 08/2032 | 24053 | 24493 | 23108 |  |
| 45406454(36) | ABF asset | N/A | 15.01% | 08/2031 | 89737 | 91379 | 97465 |  |
| 45407069(36) | ABF asset | N/A | 12.13% | 08/2030 | 14253 | 14514 | 14414 |  |
| 45407934(36) | ABF asset | N/A | 6.20% | 08/2027 | 6967 | 7095 | 6603 |  |
| 45408563(36) | ABF asset | N/A | 10.20% | 09/2030 | 71917 | 73233 | 72255 |  |
| 45408950(36) | ABF asset | N/A | 6.96% | 08/2027 | 16756 | 17062 | 16383 |  |
| 45409339(36) | ABF asset | N/A | 11.64% | 08/2030 | 14792 | 15062 | 14847 |  |
| 45409508(36) | ABF asset | N/A | 7.18% | 08/2027 | 39630 | 40354 | 38317 |  |
| 45409582(36) | ABF asset | N/A | 12.42% | 08/2030 | 57056 | 58099 | 53338 |  |
| 45409674(36) | ABF asset | N/A | 11.25% | 08/2030 | 93673 | 95386 | 95043 |  |
| 45410191(36) | ABF asset | N/A | 5.61% | 08/2027 | 25374 | 25838 | 24371 |  |
| 45412046(36) | ABF asset | N/A | 14.68% | 08/2029 | 30929 | 31495 | 30341 |  |
| 45412775(36) | ABF asset | N/A | 14.29% | 08/2027 | 5936 | 6045 | 6040 |  |
| 45415167(36) | ABF asset | N/A | 15.70% | 09/2032 | 14437 | 14701 | 15701 |  |
| 45415444(36) | ABF asset | N/A | 16.23% | 08/2030 | 26725 | 27214 | 27187 |  |
| 45415489(36) | ABF asset | N/A | 12.97% | 08/2030 | 6661 | 6783 | 6443 |  |
| 45415576(36) | ABF asset | N/A | 10.16% | 08/2029 | 23708 | 24142 | 23881 |  |
| 45415685(36) | ABF asset | N/A | 19.67% | 08/2030 | 52774 | 53739 | 56550 |  |
| 45415713(36) | ABF asset | N/A | 11.78% | 08/2027 | 10187 | 10373 | 10188 |  |
| 45415763(36) | ABF asset | N/A | 24.71% | 08/2030 | 39557 | 40280 | 44242 |  |
| 45416044(36) | ABF asset | N/A | 13.06% | 08/2032 | 58300 | 59367 | 60434 |  |
| 45416232(36) | ABF asset | N/A | 18.35% | 08/2032 | 61481 | 62606 | 70287 |  |
| 45418722(36) | ABF asset | N/A | 5.20% | 08/2027 | 5043 | 5135 | 4788 |  |
| 45419224(36) | ABF asset | N/A | 10.67% | 08/2027 | 5441 | 5541 | 5368 |  |
| 45419346(36) | ABF asset | N/A | 10.57% | 08/2030 | 15177 | 15454 | 14963 |  |
| 45419985(36) | ABF asset | N/A | 18.23% | 08/2032 | 82024 | 83524 | 92549 |  |
| 45420535(36) | ABF asset | N/A | 11.68% | 08/2028 | 65190 | 66383 | 66597 |  |
| 45421002(36) | ABF asset | N/A | 15.60% | 09/2032 | 7278 | 7411 | 7531 |  |
| 45421257(36) | ABF asset | N/A | 10.99% | 08/2028 | 9045 | 9210 | 8730 |  |
| 45421484(36) | ABF asset | N/A | 10.33% | 08/2027 | 25421 | 25886 | 24730 |  |
| 45421501(36) | ABF asset | N/A | 11.81% | 08/2029 | 34541 | 35173 | 35566 |  |
| 45421538(36) | ABF asset | N/A | 8.86% | 08/2029 | 21380 | 21771 | 21163 |  |
| 45422545(36) | ABF asset | N/A | 9.91% | 08/2029 | 69825 | 71102 | 67387 |  |
| 45423241(36) | ABF asset | N/A | 8.20% | 08/2030 | 31197 | 31768 | 28612 |  |
| 45423430(36) | ABF asset | N/A | 14.78% | 09/2029 | 57351 | 58400 | 59525 |  |
| 45424156(36) | ABF asset | N/A | 20.96% | 08/2030 | 17021 | 17332 | 18270 |  |
| 45425178(36) | ABF asset | N/A | 11.88% | 08/2030 | 19955 | 20320 | 20089 |  |
| 45425792(36) | ABF asset | N/A | 8.04% | 08/2030 | 9400 | 9572 | 8891 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45426446(36) | ABF asset | N/A | 9.73% | 08/2030 | 9474 | 9648 | 9395 |  |
| 45426803(36) | ABF asset | N/A | 8.99% | 08/2027 | 5376 | 5475 | 5328 |  |
| 45429103(36) | ABF asset | N/A | 17.99% | 08/2030 | 40423 | 41162 | 43183 |  |
| 45429438(36) | ABF asset | N/A | 4.72% | 08/2028 | 13223 | 13465 | 12553 |  |
| 45429863(36) | ABF asset | N/A | 17.42% | 08/2030 | 28710 | 29235 | 28055 |  |
| 45429995(36) | ABF asset | N/A | 16.70% | 08/2030 | 40958 | 41708 | 45258 |  |
| 45430150(36) | ABF asset | N/A | 10.87% | 08/2030 | 56936 | 57977 | 53277 |  |
| 45430278(36) | ABF asset | N/A | 4.81% | 08/2027 | 16351 | 16650 | 15568 |  |
| 45430493(36) | ABF asset | N/A | 8.31% | 08/2029 | 41796 | 42561 | 41065 |  |
| 45430641(36) | ABF asset | N/A | 8.99% | 08/2027 | 13324 | 13568 | 13245 |  |
| 45430677(36) | ABF asset | N/A | 7.18% | 08/2027 | 10118 | 10303 | 9792 |  |
| 45430831(36) | ABF asset | N/A | 13.09% | 08/2030 | 14277 | 14538 | 13462 |  |
| 45431321(36) | ABF asset | N/A | 13.96% | 08/2030 | 42878 | 43663 | 43082 |  |
| 45432733(36) | ABF asset | N/A | 18.92% | 08/2030 | 38348 | 39049 | 40635 |  |
| 45434962(36) | ABF asset | N/A | 15.27% | 08/2030 | 47722 | 48595 | 47802 |  |
| 45435843(36) | ABF asset | N/A | 10.82% | 08/2030 | 11375 | 11583 | 11270 |  |
| 45437186(36) | ABF asset | N/A | 11.15% | 08/2031 | 76822 | 78227 | 77839 |  |
| 45438127(36) | ABF asset | N/A | 9.10% | 08/2027 | 33830 | 34449 | 32649 |  |
| 45438424(36) | ABF asset | N/A | 12.80% | 08/2032 | 21339 | 21730 | 20093 |  |
| 45439221(36) | ABF asset | N/A | 11.38% | 08/2030 | 18992 | 19339 | 18333 |  |
| 45440523(36) | ABF asset | N/A | 19.24% | 08/2030 | 43607 | 44405 | 47517 |  |
| 45441957(36) | ABF asset | N/A | 9.83% | 08/2028 | 51466 | 52408 | 51518 |  |
| 45442254(36) | ABF asset | N/A | 13.38% | 08/2030 | 21844 | 22243 | 21305 |  |
| 45442780(36) | ABF asset | N/A | 9.96% | 08/2029 | 21414 | 21806 | 21512 |  |
| 45443235(36) | ABF asset | N/A | 10.09% | 08/2030 | 11375 | 11583 | 11129 |  |
| 45443261(36) | ABF asset | N/A | 11.35% | 08/2029 | 46646 | 47500 | 46354 |  |
| 45444474(36) | ABF asset | N/A | 7.81% | 08/2030 | 70862 | 72158 | 68144 |  |
| 45445976(36) | ABF asset | N/A | 21.06% | 08/2032 | 63728 | 64894 | 69548 |  |
| 45446240(36) | ABF asset | N/A | 12.57% | 08/2030 | 47556 | 48426 | 48391 |  |
| 45446571(36) | ABF asset | N/A | 13.50% | 08/2029 | 93574 | 95286 | 95620 |  |
| 45446771(36) | ABF asset | N/A | 8.50% | 08/2030 | 23917 | 24354 | 23264 |  |
| 45447079(36) | ABF asset | N/A | 14.34% | 08/2029 | 18736 | 19079 | 18283 |  |
| 45448020(36) | ABF asset | N/A | 15.66% | 08/2030 | 19098 | 19448 | 19244 |  |
| 45449015(36) | ABF asset | N/A | 9.45% | 08/2030 | 7576 | 7715 | 7095 |  |
| 45450048(36) | ABF asset | N/A | 6.59% | 08/2027 | 11996 | 12215 | 11571 |  |
| 45451240(36) | ABF asset | N/A | 10.66% | 08/2029 | 74376 | 75737 | 70071 |  |
| 45451572(36) | ABF asset | N/A | 15.13% | 08/2032 | 27091 | 27587 | 27628 |  |
| 45452346(36) | ABF asset | N/A | 10.43% | 08/2028 | 36145 | 36806 | 36187 |  |
| 45453024(36) | ABF asset | N/A | 20.16% | 08/2029 | 11153 | 11357 | 11342 |  |
| 45453062(36) | ABF asset | N/A | 11.97% | 08/2030 | 14255 | 14516 | 13560 |  |
| 45453668(36) | ABF asset | N/A | 10.93% | 08/2032 | 9678 | 9855 | 9460 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45454071(36) | ABF asset | N/A | 14.65% | 08/2032 | 25273 | 25736 | 24662 |  |
| 45454134(36) | ABF asset | N/A | 14.72% | 08/2029 | 84357 | 85900 | 83774 |  |
| 45454618(36) | ABF asset | N/A | 17.52% | 08/2030 | 19142 | 19492 | 19858 |  |
| 45454674(36) | ABF asset | N/A | 12.13% | 08/2029 | 41979 | 42747 | 41681 |  |
| 45454678(36) | ABF asset | N/A | 15.70% | 08/2032 | 38928 | 39640 | 42435 |  |
| 45455670(36) | ABF asset | N/A | 8.56% | 08/2029 | 24158 | 24600 | 23815 |  |
| 45456674(36) | ABF asset | N/A | 15.28% | 08/2029 | 84421 | 85965 | 83385 |  |
| 45456887(36) | ABF asset | N/A | 15.27% | 08/2032 | 24358 | 24804 | 25780 |  |
| 45457155(36) | ABF asset | N/A | 19.21% | 08/2032 | 23425 | 23854 | 25645 |  |
| 45457384(36) | ABF asset | N/A | 12.77% | 09/2030 | 28970 | 29500 | 29816 |  |
| 45457443(36) | ABF asset | N/A | 12.04% | 08/2030 | 38018 | 38713 | 37078 |  |
| 45458822(36) | ABF asset | N/A | 10.91% | 08/2030 | 35112 | 35755 | 34807 |  |
| 45459266(36) | ABF asset | N/A | 11.42% | 08/2029 | 6767 | 6890 | 1851 |  |
| 45459730(36) | ABF asset | N/A | 11.48% | 08/2031 | 54759 | 55761 | 55814 |  |
| 45459841(36) | ABF asset | N/A | 12.18% | 08/2032 | 53309 | 54284 | 53356 |  |
| 45459991(36) | ABF asset | N/A | 7.58% | 08/2027 | 25317 | 25780 | 24561 |  |
| 45460395(36) | ABF asset | N/A | 21.71% | 08/2030 | 58390 | 59459 | 63796 |  |
| 45461622(36) | ABF asset | N/A | 9.15% | 08/2030 | 10413 | 10604 | 10222 |  |
| 45461872(36) | ABF asset | N/A | 12.66% | 08/2030 | 14268 | 14529 | 14543 |  |
| 45462525(36) | ABF asset | N/A | 14.33% | 08/2028 | 18179 | 18511 | 18512 |  |
| 45463060(36) | ABF asset | N/A | 14.95% | 08/2030 | 57244 | 58291 | 61624 |  |
| 45463680(36) | ABF asset | N/A | 9.97% | 08/2028 | 16256 | 16554 | 15985 |  |
| 45464033(36) | ABF asset | N/A | 15.52% | 08/2030 | 43919 | 44722 | 44169 |  |
| 45464244(36) | ABF asset | N/A | 7.10% | 08/2028 | 62940 | 64092 | 60854 |  |
| 45464507(36) | ABF asset | N/A | 10.20% | 08/2030 | 40393 | 41132 | 40354 |  |
| 45464707(36) | ABF asset | N/A | 9.45% | 08/2027 | 9058 | 9223 | 9034 |  |
| 45465357(36) | ABF asset | N/A | 15.98% | 08/2030 | 48720 | 49611 | 49377 |  |
| 45466851(36) | ABF asset | N/A | 14.18% | 08/2032 | 58292 | 59359 | 56377 |  |
| 45467505(36) | ABF asset | N/A | 11.12% | 08/2030 | 16137 | 16433 | 15159 |  |
| 45468512(36) | ABF asset | N/A | 15.41% | 08/2029 | 15949 | 16241 | 15778 |  |
| 45469323(36) | ABF asset | N/A | 5.36% | 08/2027 | 23540 | 23971 | 22481 |  |
| 45469547(36) | ABF asset | N/A | 17.96% | 08/2032 | 50727 | 51654 | 54348 |  |
| 45470252(36) | ABF asset | N/A | 9.10% | 08/2027 | 10990 | 11191 | 10604 |  |
| 45470817(36) | ABF asset | N/A | 12.27% | 09/2030 | 67550 | 68786 | 68753 |  |
| 45471096(36) | ABF asset | N/A | 11.18% | 08/2028 | 27142 | 27639 | 27577 |  |
| 45472190(36) | ABF asset | N/A | 9.41% | 08/2029 | 26382 | 26865 | 26297 |  |
| 45472282(36) | ABF asset | N/A | 10.97% | 08/2029 | 24123 | 24564 | 22810 |  |
| 45473865(36) | ABF asset | N/A | 19.76% | 08/2032 | 50817 | 51746 | 56144 |  |
| 45476144(36) | ABF asset | N/A | 7.04% | 08/2030 | 32929 | 33531 | 30725 |  |
| 45476486(36) | ABF asset | N/A | 6.44% | 08/2027 | 37898 | 38592 | 36293 |  |
| 45477480(36) | ABF asset | N/A | 8.51% | 08/2028 | 7209 | 7341 | 7121 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45477679(36) | ABF asset | N/A | 11.41% | 08/2030 | 56978 | 58020 | 56921 |  |
| 45478199(36) | ABF asset | N/A | 13.45% | 08/2030 | 17140 | 17454 | 18017 |  |
| 45478249(36) | ABF asset | N/A | 15.57% | 08/2030 | 4774 | 4861 | 5092 |  |
| 45479843(36) | ABF asset | N/A | 8.74% | 08/2027 | 5917 | 6025 | 5858 |  |
| 45480201(36) | ABF asset | N/A | 11.46% | 08/2028 | 6181 | 6294 | 6131 |  |
| 45481290(36) | ABF asset | N/A | 16.86% | 08/2032 | 60173 | 61274 | 63083 |  |
| 45481461(36) | ABF asset | N/A | 11.79% | 08/2031 | 49976 | 50890 | 49742 |  |
| 45481588(36) | ABF asset | N/A | 12.11% | 08/2031 | 31728 | 32309 | 32699 |  |
| 45481629(36) | ABF asset | N/A | 10.41% | 08/2031 | 76747 | 78151 | 76716 |  |
| 45481699(36) | ABF asset | N/A | 10.91% | 08/2030 | 26572 | 27058 | 26334 |  |
| 45482809(36) | ABF asset | N/A | 15.52% | 08/2030 | 26692 | 27180 | 26844 |  |
| 45484159(36) | ABF asset | N/A | 7.64% | 08/2031 | 29578 | 30119 | 28112 |  |
| 45484272(36) | ABF asset | N/A | 9.24% | 08/2027 | 33820 | 34439 | 33602 |  |
| 45484454(36) | ABF asset | N/A | 6.38% | 08/2027 | 6732 | 6856 | 6372 |  |
| 45484502(36) | ABF asset | N/A | 16.85% | 08/2032 | 29232 | 29766 | 30745 |  |
| 45484617(36) | ABF asset | N/A | 22.87% | 09/2030 | 43936 | 44740 | 47275 |  |
| 45485442(36) | ABF asset | N/A | 8.81% | 08/2030 | 75695 | 77080 | 73952 |  |
| 45485821(36) | ABF asset | N/A | 12.97% | 08/2030 | 28549 | 29071 | 27580 |  |
| 45487579(36) | ABF asset | N/A | 19.74% | 08/2028 | 10950 | 11150 | 11447 |  |
| 45487654(36) | ABF asset | N/A | 15.52% | 08/2032 | 38920 | 39632 | 41444 |  |
| 45488012(36) | ABF asset | N/A | 6.96% | 08/2027 | 16252 | 16550 | 15879 |  |
| 45489177(36) | ABF asset | N/A | 15.98% | 08/2032 | 48674 | 49565 | 52271 |  |
| 45490066(36) | ABF asset | N/A | 11.92% | 08/2030 | 4751 | 4838 | 4785 |  |
| 45490321(36) | ABF asset | N/A | 15.73% | 08/2030 | 17190 | 17504 | 17324 |  |
| 45490788(36) | ABF asset | N/A | 15.59% | 08/2030 | 57290 | 58338 | 59058 |  |
| 45491202(36) | ABF asset | N/A | 14.42% | 08/2032 | 14653 | 14921 | 15592 |  |
| 45493804(36) | ABF asset | N/A | 21.31% | 08/2032 | 63615 | 64778 | 69916 |  |
| 45494173(36) | ABF asset | N/A | 12.52% | 08/2030 | 10343 | 10532 | 10154 |  |
| 45495286(36) | ABF asset | N/A | 8.20% | 08/2027 | 8445 | 8600 | 8225 |  |
| 45495381(36) | ABF asset | N/A | 11.38% | 08/2030 | 46530 | 47381 | 44904 |  |
| 45495594(36) | ABF asset | N/A | 7.55% | 08/2030 | 64079 | 65252 | 58171 |  |
| 45495961(36) | ABF asset | N/A | 8.07% | 08/2029 | 18525 | 18864 | 17632 |  |
| 45496152(36) | ABF asset | N/A | 10.03% | 08/2029 | 15830 | 16119 | 15297 |  |
| 45496579(36) | ABF asset | N/A | 11.11% | 11/2030 | 49501 | 50406 | 49438 |  |
| 45496985(36) | ABF asset | N/A | 11.70% | 08/2030 | 32330 | 32922 | 33046 |  |
| 45497935(36) | ABF asset | N/A | 8.99% | 08/2027 | 11838 | 12055 | 11741 |  |
| 45498207(36) | ABF asset | N/A | 6.22% | 08/2030 | 26393 | 26876 | 24715 |  |
| 45498626(36) | ABF asset | N/A | 13.43% | 08/2029 | 6809 | 6934 | 7150 |  |
| 45499577(36) | ABF asset | N/A | 12.17% | 08/2029 | 35462 | 36110 | 34042 |  |
| 45499906(36) | ABF asset | N/A | 5.08% | 08/2027 | 4121 | 4196 | 3958 |  |
| 45500534(36) | ABF asset | N/A | 10.18% | 08/2028 | 21586 | 21981 | 21541 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45500782(36) | ABF asset | N/A | 10.93% | 08/2029 | 20512 | 20887 | 20856 |  |
| 45501317(36) | ABF asset | N/A | 8.52% | 11/2027 | 15404 | 15686 | 14758 |  |
| 45501960(36) | ABF asset | N/A | 7.74% | 08/2028 | 30603 | 31162 | 29784 |  |
| 45503237(36) | ABF asset | N/A | 8.85% | 08/2032 | 10617 | 10811 | 10168 |  |
| 45503574(36) | ABF asset | N/A | 16.73% | 09/2032 | 50667 | 51594 | 14099 |  |
| 45503941(36) | ABF asset | N/A | 15.26% | 08/2031 | 39936 | 40667 | 44147 |  |
| 45504304(36) | ABF asset | N/A | 15.18% | 08/2029 | 32169 | 32757 | 34585 |  |
| 45504565(36) | ABF asset | N/A | 15.70% | 08/2032 | 48659 | 49550 | 52995 |  |
| 45505752(36) | ABF asset | N/A | 6.39% | 08/2029 | 64828 | 66014 | 61998 |  |
| 45507136(36) | ABF asset | N/A | 10.43% | 08/2028 | 15982 | 16274 | 16011 |  |
| 45507370(36) | ABF asset | N/A | 13.65% | 08/2029 | 46797 | 47653 | 47880 |  |
| 45507439(36) | ABF asset | N/A | 6.29% | 08/2028 | 13470 | 13717 | 12986 |  |
| 45507629(36) | ABF asset | N/A | 13.83% | 08/2028 | 45416 | 46247 | 45968 |  |
| 45507811(36) | ABF asset | N/A | 16.60% | 08/2032 | 34095 | 34718 | 35645 |  |
| 45508277(36) | ABF asset | N/A | 16.22% | 08/2027 | 17025 | 17336 | 17119 |  |
| 45508560(36) | ABF asset | N/A | 8.86% | 08/2028 | 36064 | 36723 | 35506 |  |
| 45508938(36) | ABF asset | N/A | 11.70% | 08/2030 | 12306 | 12531 | 11928 |  |
| 45508958(36) | ABF asset | N/A | 10.76% | 08/2027 | 4169 | 4245 | 4134 |  |
| 45509439(36) | ABF asset | N/A | 9.55% | 08/2027 | 17770 | 18095 | 17389 |  |
| 45512631(36) | ABF asset | N/A | 8.46% | 08/2029 | 10219 | 10406 | 10051 |  |
| 45512906(36) | ABF asset | N/A | 13.93% | 08/2029 | 32637 | 33234 | 34521 |  |
| 45513232(36) | ABF asset | N/A | 18.47% | 08/2030 | 28745 | 29271 | 29386 |  |
| 45515037(36) | ABF asset | N/A | 10.18% | 09/2028 | 41759 | 42523 | 42032 |  |
| 45515262(36) | ABF asset | N/A | 16.28% | 08/2032 | 34083 | 34706 | 34232 |  |
| 45516687(36) | ABF asset | N/A | 15.80% | 08/2029 | 15957 | 16249 | 15850 |  |
| 45516787(36) | ABF asset | N/A | 12.68% | 08/2029 | 28969 | 29499 | 30147 |  |
| 45517514(36) | ABF asset | N/A | 12.54% | 08/2028 | 58020 | 59082 | 58538 |  |
| 45517679(36) | ABF asset | N/A | 8.99% | 08/2027 | 21987 | 22390 | 21791 |  |
| 45518635(36) | ABF asset | N/A | 6.04% | 08/2028 | 57169 | 58215 | 55031 |  |
| 45518725(36) | ABF asset | N/A | 20.36% | 08/2032 | 29334 | 29871 | 32739 |  |
| 45520045(36) | ABF asset | N/A | 11.64% | 08/2030 | 32331 | 32922 | 32385 |  |
| 45520324(36) | ABF asset | N/A | 7.83% | 08/2027 | 5908 | 6016 | 5711 |  |
| 45520991(36) | ABF asset | N/A | 8.75% | 08/2030 | 24595 | 25045 | 23994 |  |
| 45521515(36) | ABF asset | N/A | 6.96% | 08/2027 | 38773 | 39482 | 37865 |  |
| 45521929(36) | ABF asset | N/A | 12.68% | 08/2030 | 33294 | 33903 | 32766 |  |
| 45522422(36) | ABF asset | N/A | 16.47% | 08/2032 | 46752 | 47607 | 48815 |  |
| 45523442(36) | ABF asset | N/A | 13.05% | 08/2030 | 7560 | 7698 | 7890 |  |
| 45523468(36) | ABF asset | N/A | 11.73% | 08/2028 | 36220 | 36882 | 35865 |  |
| 45523681(36) | ABF asset | N/A | 12.26% | 08/2032 | 42651 | 43431 | 43588 |  |
| 45524604(36) | ABF asset | N/A | 11.79% | 08/2030 | 38005 | 38700 | 36887 |  |
| 45524756(36) | ABF asset | N/A | 16.35% | 08/2032 | 20624 | 21001 | 22728 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45524815(36) | ABF asset | N/A | 17.49% | 08/2030 | 31336 | 31909 | 33132 |  |
| 45524902(36) | ABF asset | N/A | 8.89% | 08/2030 | 12302 | 12527 | 11794 |  |
| 45525209(36) | ABF asset | N/A | 18.71% | 08/2032 | 12691 | 12923 | 13773 |  |
| 45526682(36) | ABF asset | N/A | 7.96% | 08/2029 | 18566 | 18906 | 18143 |  |
| 45527732(36) | ABF asset | N/A | 9.97% | 08/2029 | 23277 | 23703 | 21710 |  |
| 45528388(36) | ABF asset | N/A | 12.47% | 08/2030 | 19020 | 19368 | 18233 |  |
| 45530492(36) | ABF asset | N/A | 19.42% | 08/2030 | 39329 | 40048 | 8452 |  |
| 45530827(36) | ABF asset | N/A | 8.99% | 08/2029 | 23244 | 23669 | 22378 |  |
| 45531190(36) | ABF asset | N/A | 12.46% | 08/2030 | 62765 | 63913 | 61558 |  |
| 45531207(36) | ABF asset | N/A | 13.48% | 08/2029 | 28071 | 28585 | 27106 |  |
| 45531528(36) | ABF asset | N/A | 6.96% | 08/2027 | 25287 | 25749 | 24695 |  |
| 45531670(36) | ABF asset | N/A | 7.19% | 08/2030 | 41535 | 42294 | 38736 |  |
| 45531851(36) | ABF asset | N/A | 4.72% | 08/2028 | 16124 | 16419 | 15285 |  |
| 45533034(36) | ABF asset | N/A | 8.37% | 08/2029 | 25080 | 25539 | 23949 |  |
| 45533261(36) | ABF asset | N/A | 14.92% | 08/2030 | 33285 | 33894 | 35217 |  |
| 45534813(36) | ABF asset | N/A | 18.67% | 08/2030 | 23956 | 24394 | 25233 |  |
| 45535425(36) | ABF asset | N/A | 10.22% | 08/2030 | 30338 | 30893 | 28082 |  |
| 45535671(36) | ABF asset | N/A | 15.20% | 08/2032 | 48633 | 49522 | 52460 |  |
| 45536034(36) | ABF asset | N/A | 9.57% | 08/2029 | 32569 | 33164 | 31596 |  |
| 45536397(36) | ABF asset | N/A | 18.48% | 08/2030 | 26016 | 26492 | 27158 |  |
| 45536405(36) | ABF asset | N/A | 17.75% | 08/2030 | 16275 | 16573 | 16446 |  |
| 45536911(36) | ABF asset | N/A | 9.05% | 08/2030 | 79507 | 80962 | 77921 |  |
| 45538214(36) | ABF asset | N/A | 8.50% | 08/2029 | 12078 | 12299 | 11553 |  |
| 45538264(36) | ABF asset | N/A | 11.66% | 08/2030 | 31286 | 31858 | 30315 |  |
| 45539886(36) | ABF asset | N/A | 11.92% | 08/2030 | 25658 | 26127 | 23779 |  |
| 45540149(36) | ABF asset | N/A | 13.56% | 08/2028 | 9856 | 10036 | 10046 |  |
| 45540725(36) | ABF asset | N/A | 16.58% | 08/2032 | 34094 | 34718 | 36992 |  |
| 45541257(36) | ABF asset | N/A | 13.18% | 08/2032 | 19408 | 19763 | 19774 |  |
| 45542423(36) | ABF asset | N/A | 17.33% | 08/2032 | 36071 | 36730 | 39674 |  |
| 45542932(36) | ABF asset | N/A | 9.94% | 08/2030 | 21797 | 22196 | 21255 |  |
| 45544453(36) | ABF asset | N/A | 21.06% | 08/2032 | 39145 | 39861 | 42807 |  |
| 45544598(36) | ABF asset | N/A | 15.75% | 08/2032 | 12653 | 12884 | 13046 |  |
| 45544806(36) | ABF asset | N/A | 11.37% | 08/2030 | 28487 | 29009 | 26847 |  |
| 45544982(36) | ABF asset | N/A | 21.13% | 08/2029 | 47252 | 48117 | 47726 |  |
| 45545618(36) | ABF asset | N/A | 13.73% | 08/2030 | 8573 | 8730 | 8878 |  |
| 45545667(36) | ABF asset | N/A | 20.21% | 08/2030 | 9601 | 9777 | 10065 |  |
| 45545691(36) | ABF asset | N/A | 12.50% | 08/2027 | 5667 | 5771 | 5616 |  |
| 45545861(36) | ABF asset | N/A | 8.46% | 08/2027 | 8782 | 8942 | 8573 |  |
| 45546025(36) | ABF asset | N/A | 13.05% | 08/2030 | 14139 | 14398 | 14755 |  |
| 45547141(36) | ABF asset | N/A | 13.35% | 08/2029 | 37422 | 38106 | 36478 |  |
| 45547563(36) | ABF asset | N/A | 11.33% | 08/2028 | 31673 | 32253 | 32209 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45548013(36) | ABF asset | N/A | 15.03% | 08/2029 | 14023 | 14279 | 14479 |  |
| 45548545(36) | ABF asset | N/A | 9.83% | 08/2028 | 30699 | 31261 | 30730 |  |
| 45548863(36) | ABF asset | N/A | 10.83% | 08/2028 | 65108 | 66299 | 65404 |  |
| 45549704(36) | ABF asset | N/A | 9.07% | 08/2029 | 31615 | 32193 | 29138 |  |
| 45549751(36) | ABF asset | N/A | 9.91% | 08/2029 | 16558 | 16860 | 16607 |  |
| 45550559(36) | ABF asset | N/A | 13.30% | 08/2032 | 9705 | 9883 | 9228 |  |
| 45551747(36) | ABF asset | N/A | 16.67% | 08/2030 | 9536 | 9710 | 9770 |  |
| 45551759(36) | ABF asset | N/A | 12.20% | 08/2030 | 19964 | 20329 | 20565 |  |
| 45552054(36) | ABF asset | N/A | 9.70% | 08/2030 | 26527 | 27012 | 24915 |  |
| 45552105(36) | ABF asset | N/A | 10.58% | 08/2032 | 47399 | 48266 | 45981 |  |
| 45552221(36) | ABF asset | N/A | 14.35% | 11/2030 | 31713 | 32293 | 31623 |  |
| 45552628(36) | ABF asset | N/A | 11.12% | 08/2032 | 30975 | 31542 | 29390 |  |
| 45553698(36) | ABF asset | N/A | 14.79% | 08/2031 | 6753 | 6876 | 7083 |  |
| 45553802(36) | ABF asset | N/A | 7.81% | 08/2027 | 46879 | 47737 | 45594 |  |
| 45554955(36) | ABF asset | N/A | 12.43% | 08/2027 | 5101 | 5194 | 5119 |  |
| 45556432(36) | ABF asset | N/A | 8.97% | 08/2028 | 40297 | 41034 | 39720 |  |
| 45557226(36) | ABF asset | N/A | 12.02% | 08/2030 | 10455 | 10646 | 10539 |  |
| 45558955(36) | ABF asset | N/A | 8.91% | 08/2027 | 5022 | 5114 | 4893 |  |
| 45559586(36) | ABF asset | N/A | 19.86% | 08/2032 | 7791 | 7934 | 8640 |  |
| 45559646(36) | ABF asset | N/A | 10.33% | 08/2029 | 32566 | 33162 | 31572 |  |
| 45561376(36) | ABF asset | N/A | 17.10% | 08/2032 | 26315 | 26797 | 27779 |  |
| 45561678(36) | ABF asset | N/A | 15.70% | 08/2032 | 14598 | 14865 | 15898 |  |
| 45563254(36) | ABF asset | N/A | 8.05% | 08/2027 | 38840 | 39551 | 38232 |  |
| 45563942(36) | ABF asset | N/A | 12.01% | 08/2032 | 31979 | 32564 | 32518 |  |
| 45565692(36) | ABF asset | N/A | 5.23% | 08/2027 | 16811 | 17118 | 15948 |  |
| 45566663(36) | ABF asset | N/A | 13.52% | 08/2029 | 9331 | 9502 | 9139 |  |
| 45566953(36) | ABF asset | N/A | 11.44% | 08/2031 | 30740 | 31303 | 30963 |  |
| 45567265(36) | ABF asset | N/A | 11.08% | 08/2030 | 4746 | 4833 | 4556 |  |
| 45567669(36) | ABF asset | N/A | 14.41% | 08/2032 | 62195 | 63332 | 64839 |  |
| 45569050(36) | ABF asset | N/A | 6.91% | 08/2030 | 56549 | 57584 | 53575 |  |
| 45569218(36) | ABF asset | N/A | 12.93% | 08/2030 | 33305 | 33914 | 32904 |  |
| 45570109(36) | ABF asset | N/A | 13.69% | 08/2031 | 4817 | 4905 | 4956 |  |
| 45570277(36) | ABF asset | N/A | 11.33% | 08/2028 | 46927 | 47786 | 47719 |  |
| 45570476(36) | ABF asset | N/A | 11.39% | 08/2030 | 22791 | 23207 | 22745 |  |
| 45571624(36) | ABF asset | N/A | 10.72% | 08/2029 | 34487 | 35118 | 32484 |  |
| 45572019(36) | ABF asset | N/A | 12.74% | 08/2027 | 28919 | 29448 | 28950 |  |
| 45572865(36) | ABF asset | N/A | 6.35% | 08/2027 | 12631 | 12862 | 11938 |  |
| 45573821(36) | ABF asset | N/A | 15.85% | 08/2032 | 54508 | 55505 | 59526 |  |
| 45574975(36) | ABF asset | N/A | 9.35% | 08/2032 | 71468 | 72775 | 69108 |  |
| 45575169(36) | ABF asset | N/A | 18.74% | 08/2030 | 4660 | 4746 | 4631 |  |
| 45576146(36) | ABF asset | N/A | 14.05% | 08/2030 | 93696 | 95410 | 99217 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 45576587(36) | ABF asset | N/A | 5.77% | 08/2027 | 11778 | 11993 | 11403 |  |
| 45576708(36) | ABF asset | N/A | 7.37% | 08/2030 | 7554 | 7692 | 7206 |  |
| 45577723(36) | ABF asset | N/A | 14.43% | 08/2032 | 40816 | 41563 | 41119 |  |
| 45584500(36) | ABF asset | N/A | 6.96% | 08/2027 | 7586 | 7725 | 7408 |  |
| 45872348(36) | ABF asset | N/A | 11.70% | 11/2030 | 24759 | 25212 | 25462 |  |
| 45903925(36) | ABF asset | N/A | 13.32% | 11/2030 | 51545 | 52488 | 53387 |  |
| 45962955(36) | ABF asset | N/A | 12.70% | 11/2031 | 15881 | 16172 | 16664 |  |
| 46009168(36) | ABF asset | N/A | 10.03% | 11/2028 | 24439 | 24886 | 24483 |  |
| 46039470(36) | ABF asset | N/A | 14.59% | 11/2030 | 71391 | 72697 | 73062 |  |
| 46053439(36) | ABF asset | N/A | 11.33% | 11/2028 | 33209 | 33816 | 33742 |  |
| 46054819(36) | ABF asset | N/A | 18.17% | 11/2030 | 26312 | 26793 | 27630 |  |
| 46107890(36) | ABF asset | N/A | 7.81% | 11/2027 | 28881 | 29410 | 28148 |  |
| 46121249(36) | ABF asset | N/A | 7.86% | 11/2028 | 31266 | 31838 | 30747 |  |
| 46168180(36) | ABF asset | N/A | 9.04% | 11/2030 | 74106 | 75461 | 72931 |  |
| 46169452(36) | ABF asset | N/A | 20.38% | 11/2029 | 24734 | 25187 | 25212 |  |
| 46174775(36) | ABF asset | N/A | 8.24% | 11/2030 | 9884 | 10065 | 9598 |  |
| 46263560(36) | ABF asset | N/A | 15.97% | 11/2032 | 69770 | 71046 | 73018 |  |
| 46274186(36) | ABF asset | N/A | 11.06% | 11/2027 | 5789 | 5895 | 5598 |  |
| 46276572(36) | ABF asset | N/A | 9.17% | 11/2029 | 5909 | 6017 | 5899 |  |
| 46300633(36) | ABF asset | N/A | 8.99% | 11/2030 | 10869 | 11068 | 10688 |  |
| 46305774(36) | ABF asset | N/A | 13.42% | 10/2031 | 20616 | 20993 | 21140 |  |
| 46340073(36) | ABF asset | N/A | 20.21% | 11/2030 | 5000 | 5091 | 5299 |  |
| 46361737(36) | ABF asset | N/A | 13.13% | 11/2031 | 9931 | 10113 | 10388 |  |
| 46379609(36) | ABF asset | N/A | 15.52% | 10/2030 | 19553 | 19911 | 19718 |  |
| 46392874(36) | ABF asset | N/A | 15.33% | 11/2032 | 84660 | 86209 | 92337 |  |
| 46433174(36) | ABF asset | N/A | 11.46% | 11/2028 | 26481 | 26965 | 27078 |  |
| 46438491(36) | ABF asset | N/A | 6.26% | 11/2028 | 13658 | 13908 | 12948 |  |
| 46452693(36) | ABF asset | N/A | 15.89% | 11/2029 | 14810 | 15081 | 15115 |  |
| 46467135(36) | ABF asset | N/A | 19.66% | 11/2032 | 29936 | 30483 | 32466 |  |
| 46502697(36) | ABF asset | N/A | 10.47% | 11/2029 | 49277 | 50178 | 48244 |  |
| 46502987(36) | ABF asset | N/A | 13.12% | 10/2030 | 29285 | 29821 | 29086 |  |
| 46513743(36) | ABF asset | N/A | 9.09% | 11/2029 | 14767 | 15037 | 14186 |  |
| 46516295(36) | ABF asset | N/A | 14.45% | 11/2030 | 94116 | 95838 | 101215 |  |
| 46528513(36) | ABF asset | N/A | 6.90% | 10/2028 | 8547 | 8704 | 8283 |  |
| 46531376(36) | ABF asset | N/A | 17.71% | 11/2032 | 25945 | 26419 | 28995 |  |
| 46534268(36) | ABF asset | N/A | 8.69% | 11/2027 | 28909 | 29438 | 28219 |  |
| 46544260(36) | ABF asset | N/A | 12.92% | 11/2030 | 64372 | 65549 | 59467 |  |
| 46555038(36) | ABF asset | N/A | 15.32% | 11/2030 | 17412 | 17731 | 18604 |  |
| 46565403(36) | ABF asset | N/A | 16.73% | 10/2032 | 83922 | 85457 | 88387 |  |
| 46569344(36) | ABF asset | N/A | 8.66% | 11/2027 | 19236 | 19588 | 18686 |  |
| 46586026(36) | ABF asset | N/A | 14.69% | 11/2030 | 24630 | 25081 | 26086 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 46599490(36) | ABF asset | N/A | 6.96% | 11/2027 | 16399 | 16698 | 16036 |  |
| 46607094(36) | ABF asset | N/A | 8.43% | 12/2027 | 12000 | 12220 | 11774 |  |
| 46641791(36) | ABF asset | N/A | 15.98% | 10/2030 | 60571 | 61679 | 61573 |  |
| 46646739(36) | ABF asset | N/A | 11.98% | 11/2031 | 59592 | 60682 | 61708 |  |
| 46651014(36) | ABF asset | N/A | 13.53% | 10/2030 | 21481 | 21874 | 21475 |  |
| 46651123(36) | ABF asset | N/A | 20.56% | 10/2030 | 6864 | 6990 | 7260 |  |
| 46654193(36) | ABF asset | N/A | 7.58% | 10/2027 | 16411 | 16711 | 15818 |  |
| 46654680(36) | ABF asset | N/A | 14.06% | 11/2029 | 41447 | 42205 | 44320 |  |
| 46658153(36) | ABF asset | N/A | 11.61% | 11/2030 | 35651 | 36303 | 35902 |  |
| 46659034(36) | ABF asset | N/A | 14.41% | 11/2032 | 59782 | 60876 | 62750 |  |
| 46662868(36) | ABF asset | N/A | 15.43% | 11/2029 | 70143 | 71426 | 73444 |  |
| 46664011(36) | ABF asset | N/A | 17.74% | 11/2030 | 69486 | 70757 | 74736 |  |
| 46667937(36) | ABF asset | N/A | 17.73% | 11/2032 | 65220 | 66413 | 74362 |  |
| 46673474(36) | ABF asset | N/A | 8.94% | 11/2030 | 25658 | 26128 | 24618 |  |
| 46676315(36) | ABF asset | N/A | 11.42% | 11/2031 | 45474 | 46306 | 46478 |  |
| 46677867(36) | ABF asset | N/A | 13.53% | 11/2029 | 27634 | 28139 | 28474 |  |
| 46677965(36) | ABF asset | N/A | 15.45% | 11/2032 | 53787 | 54771 | 58746 |  |
| 46712807(36) | ABF asset | N/A | 9.98% | 11/2028 | 24452 | 24899 | 23950 |  |
| 46716364(36) | ABF asset | N/A | 20.69% | 11/2032 | 44947 | 45769 | 49652 |  |
| 46720765(36) | ABF asset | N/A | 7.99% | 12/2030 | 5000 | 5091 | 4838 |  |
| 46725780(36) | ABF asset | N/A | 16.56% | 11/2030 | 49854 | 50766 | 51413 |  |
| 46726705(36) | ABF asset | N/A | 16.50% | 11/2030 | 19850 | 20213 | 19921 |  |
| 46732908(36) | ABF asset | N/A | 14.57% | 11/2030 | 8900 | 9063 | 9383 |  |
| 46742484(36) | ABF asset | N/A | 11.16% | 12/2030 | 42301 | 43075 | 42834 |  |
| 46746325(36) | ABF asset | N/A | 11.88% | 11/2030 | 24745 | 25198 | 24244 |  |
| 46748658(36) | ABF asset | N/A | 14.73% | 11/2032 | 50436 | 51359 | 53192 |  |
| 46750675(36) | ABF asset | N/A | 19.11% | 11/2032 | 39946 | 40677 | 45808 |  |
| 46762780(36) | ABF asset | N/A | 12.94% | 10/2032 | 43350 | 44143 | 44920 |  |
| 46770046(36) | ABF asset | N/A | 13.16% | 11/2030 | 19809 | 20171 | 19813 |  |
| 46773836(36) | ABF asset | N/A | 14.10% | 11/2032 | 89625 | 91264 | 95444 |  |
| 46776011(36) | ABF asset | N/A | 14.35% | 11/2032 | 44835 | 45655 | 47971 |  |
| 46780181(36) | ABF asset | N/A | 14.43% | 11/2029 | 49235 | 50136 | 50633 |  |
| 46781947(36) | ABF asset | N/A | 8.99% | 11/2030 | 14823 | 15094 | 14575 |  |
| 46794279(36) | ABF asset | N/A | 10.90% | 11/2030 | 49378 | 50281 | 49921 |  |
| 46801822(36) | ABF asset | N/A | 10.31% | 11/2030 | 5937 | 6046 | 5968 |  |
| 46816235(36) | ABF asset | N/A | 6.08% | 11/2027 | 48040 | 48919 | 45975 |  |
| 46820101(36) | ABF asset | N/A | 13.26% | 11/2031 | 16884 | 17193 | 17702 |  |
| 46821957(36) | ABF asset | N/A | 11.03% | 11/2030 | 56395 | 57426 | 54494 |  |
| 46824623(36) | ABF asset | N/A | 10.68% | 11/2027 | 14468 | 14733 | 14421 |  |
| 46831150(36) | ABF asset | N/A | 9.57% | 11/2029 | 29527 | 30067 | 28813 |  |
| 46833709(36) | ABF asset | N/A | 16.35% | 11/2027 | 45987 | 46828 | 46601 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 46837216(36) | ABF asset | N/A | 18.49% | 11/2032 | 22430 | 22840 | 24478 |  |
| 46859363(36) | ABF asset | N/A | 11.21% | 10/2031 | 19607 | 19966 | 19688 |  |
| 46866724(36) | ABF asset | N/A | 8.99% | 11/2027 | 22519 | 22931 | 22412 |  |
| 46877543(36) | ABF asset | N/A | 12.27% | 11/2032 | 43777 | 44578 | 42753 |  |
| 46878112(36) | ABF asset | N/A | 8.41% | 11/2027 | 28768 | 29294 | 28002 |  |
| 46884908(36) | ABF asset | N/A | 16.96% | 10/2028 | 10524 | 10717 | 11065 |  |
| 46886323(36) | ABF asset | N/A | 12.02% | 11/2030 | 84167 | 85707 | 85335 |  |
| 46891451(36) | ABF asset | N/A | 13.33% | 10/2030 | 27336 | 27836 | 28714 |  |
| 46891783(36) | ABF asset | N/A | 20.06% | 11/2030 | 64661 | 65844 | 68447 |  |
| 46896362(36) | ABF asset | N/A | 13.28% | 12/2029 | 70000 | 71280 | 71637 |  |
| 46904912(36) | ABF asset | N/A | 15.13% | 11/2030 | 22803 | 23220 | 23021 |  |
| 46906725(36) | ABF asset | N/A | 18.42% | 11/2030 | 44684 | 45501 | 47503 |  |
| 46908805(36) | ABF asset | N/A | 17.82% | 11/2031 | 69636 | 70910 | 79338 |  |
| 46917036(36) | ABF asset | N/A | 8.38% | 11/2030 | 16796 | 17103 | 16347 |  |
| 46936490(36) | ABF asset | N/A | 15.40% | 11/2032 | 84663 | 86212 | 90643 |  |
| 46938727(36) | ABF asset | N/A | 9.62% | 10/2029 | 18346 | 18681 | 17064 |  |
| 46947686(36) | ABF asset | N/A | 16.35% | 11/2032 | 28897 | 29426 | 30372 |  |
| 46952030(36) | ABF asset | N/A | 19.91% | 11/2031 | 49810 | 50721 | 56747 |  |
| 46952904(36) | ABF asset | N/A | 8.96% | 11/2030 | 4934 | 5025 | 4827 |  |
| 46956185(36) | ABF asset | N/A | 14.24% | 11/2031 | 29832 | 30378 | 32190 |  |
| 46956583(36) | ABF asset | N/A | 17.08% | 11/2032 | 7952 | 8098 | 8734 |  |
| 46966755(36) | ABF asset | N/A | 8.05% | 11/2030 | 69178 | 70444 | 63649 |  |
| 46969393(36) | ABF asset | N/A | 18.60% | 12/2028 | 18999 | 19347 | 20208 |  |
| 46970408(36) | ABF asset | N/A | 16.78% | 11/2032 | 19923 | 20287 | 20414 |  |
| 46971887(36) | ABF asset | N/A | 14.95% | 10/2030 | 13006 | 13244 | 14020 |  |
| 46972899(36) | ABF asset | N/A | 21.06% | 11/2032 | 14968 | 15242 | 16573 |  |
| 46974691(36) | ABF asset | N/A | 14.52% | 11/2029 | 38510 | 39215 | 38580 |  |
| 46975925(36) | ABF asset | N/A | 11.29% | 11/2027 | 4842 | 4930 | 4733 |  |
| 46979965(36) | ABF asset | N/A | 7.24% | 11/2029 | 68834 | 70093 | 66839 |  |
| 46983292(36) | ABF asset | N/A | 11.11% | 11/2030 | 29655 | 30197 | 28734 |  |
| 46986712(36) | ABF asset | N/A | 11.70% | 11/2030 | 16702 | 17007 | 17173 |  |
| 47007081(36) | ABF asset | N/A | 12.58% | 11/2030 | 5440 | 5540 | 5500 |  |
| 47008150(36) | ABF asset | N/A | 15.20% | 11/2030 | 20829 | 21210 | 22241 |  |
| 47012326(36) | ABF asset | N/A | 18.27% | 10/2030 | 12731 | 12964 | 13396 |  |
| 47015663(36) | ABF asset | N/A | 12.70% | 11/2030 | 10892 | 11092 | 11386 |  |
| 47018898(36) | ABF asset | N/A | 14.44% | 11/2031 | 22856 | 23274 | 23505 |  |
| 47020196(36) | ABF asset | N/A | 15.48% | 11/2030 | 58552 | 59623 | 59443 |  |
| 47024435(36) | ABF asset | N/A | 12.41% | 11/2030 | 15852 | 16142 | 16175 |  |
| 47031310(36) | ABF asset | N/A | 19.36% | 10/2032 | 69204 | 70469 | 76309 |  |
| 47032358(36) | ABF asset | N/A | 5.86% | 11/2029 | 10811 | 11009 | 10291 |  |
| 47041265(36) | ABF asset | N/A | 7.37% | 11/2027 | 40416 | 41155 | 39651 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47046312(36) | ABF asset | N/A | 15.90% | 11/2029 | 44206 | 45014 | 44327 |  |
| 47046681(36) | ABF asset | N/A | 14.14% | 11/2031 | 99360 | 101177 | 107019 |  |
| 47050494(36) | ABF asset | N/A | 9.73% | 11/2030 | 10876 | 11075 | 10827 |  |
| 47051005(36) | ABF asset | N/A | 8.99% | 10/2027 | 8269 | 8420 | 8185 |  |
| 47055799(36) | ABF asset | N/A | 9.33% | 11/2028 | 9775 | 9953 | 9775 |  |
| 47058234(36) | ABF asset | N/A | 8.91% | 11/2027 | 62603 | 63748 | 61215 |  |
| 47070548(36) | ABF asset | N/A | 9.19% | 11/2030 | 21740 | 22138 | 21028 |  |
| 47073735(36) | ABF asset | N/A | 12.87% | 11/2031 | 30111 | 30662 | 31224 |  |
| 47073923(36) | ABF asset | N/A | 15.42% | 11/2031 | 8955 | 9119 | 9768 |  |
| 47079603(36) | ABF asset | N/A | 12.63% | 12/2031 | 13000 | 13238 | 13661 |  |
| 47084119(36) | ABF asset | N/A | 11.27% | 11/2030 | 44541 | 45356 | 44599 |  |
| 47086696(36) | ABF asset | N/A | 6.46% | 11/2027 | 40449 | 41189 | 39340 |  |
| 47086739(36) | ABF asset | N/A | 14.28% | 11/2028 | 49022 | 49919 | 49411 |  |
| 47087109(36) | ABF asset | N/A | 15.49% | 11/2030 | 59495 | 60584 | 61765 |  |
| 47087407(36) | ABF asset | N/A | 19.09% | 11/2030 | 46732 | 47587 | 47360 |  |
| 47087897(36) | ABF asset | N/A | 18.15% | 11/2030 | 13907 | 14161 | 13898 |  |
| 47089040(36) | ABF asset | N/A | 14.33% | 11/2030 | 47606 | 48477 | 51093 |  |
| 47090859(36) | ABF asset | N/A | 13.59% | 10/2030 | 21000 | 21384 | 5746 |  |
| 47093485(36) | ABF asset | N/A | 10.53% | 11/2028 | 54805 | 55807 | 54018 |  |
| 47095385(36) | ABF asset | N/A | 7.75% | 11/2028 | 69367 | 70636 | 66880 |  |
| 47098251(36) | ABF asset | N/A | 11.21% | 11/2027 | 9650 | 9827 | 9659 |  |
| 47099638(36) | ABF asset | N/A | 15.98% | 10/2030 | 13581 | 13829 | 13883 |  |
| 47102256(36) | ABF asset | N/A | 7.68% | 11/2027 | 24076 | 24516 | 23679 |  |
| 47103662(36) | ABF asset | N/A | 15.47% | 11/2030 | 34705 | 35340 | 36015 |  |
| 47106194(36) | ABF asset | N/A | 13.85% | 10/2032 | 98575 | 100378 | 103993 |  |
| 47111564(36) | ABF asset | N/A | 6.71% | 11/2027 | 8661 | 8819 | 8452 |  |
| 47111805(36) | ABF asset | N/A | 16.64% | 11/2029 | 71176 | 72478 | 72053 |  |
| 47112946(36) | ABF asset | N/A | 7.74% | 11/2027 | 4815 | 4903 | 4665 |  |
| 47115407(36) | ABF asset | N/A | 13.18% | 11/2030 | 64403 | 65581 | 67846 |  |
| 47115659(36) | ABF asset | N/A | 20.94% | 11/2032 | 14992 | 15267 | 16563 |  |
| 47116397(36) | ABF asset | N/A | 19.66% | 10/2032 | 64270 | 65445 | 69073 |  |
| 47125875(36) | ABF asset | N/A | 13.85% | 12/2032 | 50000 | 50915 | 53140 |  |
| 47127617(36) | ABF asset | N/A | 14.34% | 11/2029 | 19691 | 20051 | 19355 |  |
| 47128119(36) | ABF asset | N/A | 12.68% | 11/2032 | 54695 | 55695 | 55549 |  |
| 47129252(36) | ABF asset | N/A | 15.83% | 10/2032 | 88498 | 90117 | 97117 |  |
| 47131551(36) | ABF asset | N/A | 7.26% | 11/2029 | 19673 | 20033 | 19110 |  |
| 47133402(36) | ABF asset | N/A | 10.52% | 11/2030 | 98743 | 100549 | 99205 |  |
| 47133566(36) | ABF asset | N/A | 9.17% | 11/2027 | 27947 | 28458 | 27529 |  |
| 47135009(36) | ABF asset | N/A | 19.48% | 11/2032 | 24910 | 25366 | 28589 |  |
| 47135541(36) | ABF asset | N/A | 11.66% | 10/2027 | 13879 | 14133 | 13868 |  |
| 47136429(36) | ABF asset | N/A | 8.91% | 11/2029 | 23620 | 24052 | 23491 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47137911(36) | ABF asset | N/A | 9.10% | 11/2027 | 12528 | 12757 | 12141 |  |
| 47141676(36) | ABF asset | N/A | 12.80% | 11/2029 | 11830 | 12047 | 12070 |  |
| 47143572(36) | ABF asset | N/A | 7.22% | 11/2029 | 36394 | 37060 | 35333 |  |
| 47150530(36) | ABF asset | N/A | 17.37% | 11/2030 | 69473 | 70744 | 74286 |  |
| 47151556(36) | ABF asset | N/A | 16.11% | 11/2032 | 44836 | 45656 | 48584 |  |
| 47153301(36) | ABF asset | N/A | 19.12% | 11/2030 | 35698 | 36351 | 39219 |  |
| 47153526(36) | ABF asset | N/A | 9.98% | 10/2032 | 33437 | 34048 | 32069 |  |
| 47154273(36) | ABF asset | N/A | 12.66% | 11/2028 | 26372 | 26854 | 26846 |  |
| 47158199(36) | ABF asset | N/A | 14.57% | 10/2030 | 50808 | 51738 | 53412 |  |
| 47158234(36) | ABF asset | N/A | 11.93% | 11/2029 | 10850 | 11049 | 10938 |  |
| 47160590(36) | ABF asset | N/A | 12.02% | 10/2032 | 18709 | 19051 | 18079 |  |
| 47161352(36) | ABF asset | N/A | 6.46% | 11/2027 | 19124 | 19473 | 18627 |  |
| 47162664(36) | ABF asset | N/A | 6.21% | 11/2027 | 9622 | 9798 | 9352 |  |
| 47162690(36) | ABF asset | N/A | 10.56% | 11/2029 | 51189 | 52125 | 52118 |  |
| 47163119(36) | ABF asset | N/A | 11.16% | 11/2032 | 39787 | 40515 | 40062 |  |
| 47167997(36) | ABF asset | N/A | 11.31% | 11/2029 | 49286 | 50187 | 50715 |  |
| 47170287(36) | ABF asset | N/A | 10.31% | 11/2029 | 14222 | 14482 | 14404 |  |
| 47174225(36) | ABF asset | N/A | 6.46% | 12/2027 | 37000 | 37677 | 36013 |  |
| 47175114(36) | ABF asset | N/A | 15.29% | 11/2029 | 44453 | 45267 | 45003 |  |
| 47176076(36) | ABF asset | N/A | 22.00% | 10/2030 | 22536 | 22948 | 23609 |  |
| 47179543(36) | ABF asset | N/A | 13.56% | 11/2032 | 39849 | 40578 | 41981 |  |
| 47181493(36) | ABF asset | N/A | 7.76% | 11/2029 | 47301 | 48166 | 46222 |  |
| 47182716(36) | ABF asset | N/A | 15.56% | 10/2029 | 62053 | 63188 | 64610 |  |
| 47182934(36) | ABF asset | N/A | 16.11% | 11/2032 | 6980 | 7108 | 7574 |  |
| 47184113(36) | ABF asset | N/A | 10.07% | 11/2028 | 17924 | 18251 | 17653 |  |
| 47185914(36) | ABF asset | N/A | 15.58% | 11/2032 | 51841 | 52790 | 56753 |  |
| 47187066(36) | ABF asset | N/A | 11.65% | 10/2032 | 25596 | 26064 | 23642 |  |
| 47188919(36) | ABF asset | N/A | 13.98% | 11/2032 | 37854 | 38546 | 40216 |  |
| 47189349(36) | ABF asset | N/A | 13.19% | 11/2032 | 85634 | 87200 | 89630 |  |
| 47192707(36) | ABF asset | N/A | 13.04% | 11/2030 | 15538 | 15822 | 15454 |  |
| 47193184(36) | ABF asset | N/A | 8.28% | 11/2029 | 19685 | 20045 | 19404 |  |
| 47194340(36) | ABF asset | N/A | 15.10% | 10/2030 | 35187 | 35830 | 34313 |  |
| 47195155(36) | ABF asset | N/A | 13.44% | 11/2027 | 19329 | 19683 | 19586 |  |
| 47196080(36) | ABF asset | N/A | 12.29% | 11/2027 | 4816 | 4904 | 4818 |  |
| 47196108(36) | ABF asset | N/A | 6.17% | 11/2028 | 19541 | 19899 | 18817 |  |
| 47197195(36) | ABF asset | N/A | 6.12% | 11/2027 | 13463 | 13709 | 13076 |  |
| 47199360(36) | ABF asset | N/A | 8.37% | 11/2027 | 39484 | 40206 | 39047 |  |
| 47199822(36) | ABF asset | N/A | 17.61% | 11/2032 | 79760 | 81219 | 88983 |  |
| 47202578(36) | ABF asset | N/A | 10.08% | 11/2032 | 18877 | 19223 | 18230 |  |
| 47205199(36) | ABF asset | N/A | 13.64% | 11/2032 | 25819 | 26291 | 26603 |  |
| 47205808(36) | ABF asset | N/A | 10.22% | 11/2027 | 5774 | 5880 | 5659 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47207679(36) | ABF asset | N/A | 10.09% | 11/2027 | 17361 | 17678 | 17407 |  |
| 47207770(36) | ABF asset | N/A | 9.43% | 11/2027 | 11560 | 11772 | 11411 |  |
| 47208537(36) | ABF asset | N/A | 8.96% | 11/2029 | 61048 | 62165 | 60760 |  |
| 47210244(36) | ABF asset | N/A | 10.74% | 11/2028 | 14682 | 14950 | 14205 |  |
| 47210550(36) | ABF asset | N/A | 9.57% | 11/2027 | 28918 | 29447 | 27639 |  |
| 47211163(36) | ABF asset | N/A | 16.50% | 10/2030 | 57717 | 58773 | 57483 |  |
| 47216948(36) | ABF asset | N/A | 17.75% | 11/2032 | 37924 | 38618 | 39555 |  |
| 47217297(36) | ABF asset | N/A | 12.43% | 11/2030 | 99216 | 101031 | 103056 |  |
| 47220564(36) | ABF asset | N/A | 6.59% | 10/2027 | 23041 | 23462 | 22393 |  |
| 47221546(36) | ABF asset | N/A | 15.20% | 11/2030 | 88022 | 89632 | 95369 |  |
| 47221921(36) | ABF asset | N/A | 13.31% | 11/2032 | 11950 | 12168 | 12537 |  |
| 47229476(36) | ABF asset | N/A | 12.16% | 11/2027 | 23940 | 24378 | 23498 |  |
| 47234884(36) | ABF asset | N/A | 11.48% | 12/2031 | 64000 | 65171 | 65950 |  |
| 47239276(36) | ABF asset | N/A | 15.73% | 11/2032 | 33873 | 34492 | 37186 |  |
| 47240242(36) | ABF asset | N/A | 9.43% | 11/2027 | 9638 | 9815 | 9463 |  |
| 47243441(36) | ABF asset | N/A | 12.91% | 11/2028 | 29391 | 29929 | 30386 |  |
| 47245152(36) | ABF asset | N/A | 16.47% | 10/2032 | 39487 | 40209 | 41322 |  |
| 47249550(36) | ABF asset | N/A | 6.47% | 11/2030 | 29615 | 30156 | 27913 |  |
| 47250155(36) | ABF asset | N/A | 19.19% | 11/2032 | 49883 | 50795 | 53637 |  |
| 47250272(36) | ABF asset | N/A | 10.84% | 11/2028 | 10767 | 10964 | 10650 |  |
| 47251391(36) | ABF asset | N/A | 10.65% | 11/2030 | 54405 | 55400 | 54987 |  |
| 47251877(36) | ABF asset | N/A | 10.06% | 11/2031 | 64490 | 65669 | 61053 |  |
| 47252282(36) | ABF asset | N/A | 10.83% | 11/2027 | 4805 | 4893 | 4722 |  |
| 47253446(36) | ABF asset | N/A | 15.70% | 10/2032 | 59206 | 60289 | 64651 |  |
| 47253773(36) | ABF asset | N/A | 12.94% | 10/2032 | 49261 | 50162 | 51034 |  |
| 47254967(36) | ABF asset | N/A | 17.62% | 10/2030 | 65588 | 66787 | 69902 |  |
| 47257809(36) | ABF asset | N/A | 14.88% | 11/2030 | 20834 | 21215 | 20950 |  |
| 47258093(36) | ABF asset | N/A | 13.98% | 11/2032 | 99539 | 101360 | 105753 |  |
| 47259238(36) | ABF asset | N/A | 16.22% | 11/2029 | 25017 | 25475 | 24067 |  |
| 47259548(36) | ABF asset | N/A | 8.01% | 11/2029 | 5851 | 5958 | 5587 |  |
| 47263229(36) | ABF asset | N/A | 10.01% | 11/2029 | 53205 | 54178 | 52235 |  |
| 47270394(36) | ABF asset | N/A | 12.15% | 11/2030 | 24765 | 25218 | 25160 |  |
| 47270713(36) | ABF asset | N/A | 15.48% | 11/2030 | 59545 | 60634 | 60450 |  |
| 47271407(36) | ABF asset | N/A | 13.49% | 11/2030 | 69368 | 70637 | 72048 |  |
| 47272347(36) | ABF asset | N/A | 16.95% | 11/2030 | 80312 | 81781 | 89878 |  |
| 47272483(36) | ABF asset | N/A | 12.87% | 12/2030 | 74000 | 75354 | 77918 |  |
| 47272945(36) | ABF asset | N/A | 9.95% | 10/2032 | 52999 | 53968 | 51948 |  |
| 47275767(36) | ABF asset | N/A | 16.78% | 10/2032 | 24683 | 25135 | 25095 |  |
| 47276250(36) | ABF asset | N/A | 15.79% | 12/2032 | 12000 | 12220 | 12999 |  |
| 47280767(36) | ABF asset | N/A | 13.96% | 10/2032 | 59149 | 60231 | 61224 |  |
| 47282675(36) | ABF asset | N/A | 10.93% | 10/2030 | 13626 | 13875 | 13750 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47283037(36) | ABF asset | N/A | 15.72% | 10/2032 | 48356 | 49240 | 49937 |  |
| 47283364(36) | ABF asset | N/A | 8.62% | 11/2027 | 19259 | 19611 | 19084 |  |
| 47284098(36) | ABF asset | N/A | 20.31% | 12/2032 | 22000 | 22402 | 24271 |  |
| 47287985(36) | ABF asset | N/A | 10.16% | 11/2029 | 19707 | 20068 | 19953 |  |
| 47291101(36) | ABF asset | N/A | 11.16% | 11/2030 | 64197 | 65372 | 61880 |  |
| 47291519(36) | ABF asset | N/A | 8.23% | 11/2029 | 40353 | 41091 | 38305 |  |
| 47291896(36) | ABF asset | N/A | 12.81% | 11/2032 | 24869 | 25324 | 25864 |  |
| 47293114(36) | ABF asset | N/A | 10.95% | 11/2030 | 19787 | 20149 | 18678 |  |
| 47295758(36) | ABF asset | N/A | 7.45% | 10/2027 | 23056 | 23478 | 22197 |  |
| 47296486(36) | ABF asset | N/A | 10.98% | 11/2030 | 64327 | 65504 | 62109 |  |
| 47296644(36) | ABF asset | N/A | 7.12% | 10/2030 | 24273 | 24717 | 23064 |  |
| 47297052(36) | ABF asset | N/A | 9.91% | 10/2029 | 24144 | 24586 | 23316 |  |
| 47298668(36) | ABF asset | N/A | 13.48% | 11/2032 | 44367 | 45179 | 44686 |  |
| 47299152(36) | ABF asset | N/A | 6.71% | 11/2027 | 19249 | 19601 | 18785 |  |
| 47299667(36) | ABF asset | N/A | 15.18% | 10/2032 | 18743 | 19086 | 19850 |  |
| 47300603(36) | ABF asset | N/A | 8.66% | 11/2027 | 24079 | 24520 | 23499 |  |
| 47300819(36) | ABF asset | N/A | 12.96% | 11/2029 | 39368 | 40088 | 38454 |  |
| 47300931(36) | ABF asset | N/A | 7.80% | 11/2027 | 9631 | 9807 | 9482 |  |
| 47301742(36) | ABF asset | N/A | 18.27% | 11/2030 | 11928 | 12146 | 12651 |  |
| 47302606(36) | ABF asset | N/A | 19.49% | 11/2030 | 60502 | 61609 | 67008 |  |
| 47302765(36) | ABF asset | N/A | 14.94% | 11/2031 | 19855 | 20218 | 20635 |  |
| 47304992(36) | ABF asset | N/A | 13.42% | 11/2029 | 49361 | 50264 | 48711 |  |
| 47305282(36) | ABF asset | N/A | 8.74% | 11/2027 | 28904 | 29432 | 28670 |  |
| 47305455(36) | ABF asset | N/A | 6.29% | 11/2028 | 7806 | 7949 | 7539 |  |
| 47307168(36) | ABF asset | N/A | 20.31% | 11/2030 | 29815 | 30360 | 31677 |  |
| 47309707(36) | ABF asset | N/A | 17.60% | 11/2032 | 53889 | 54874 | 58050 |  |
| 47310277(36) | ABF asset | N/A | 19.34% | 11/2030 | 26793 | 27283 | 27268 |  |
| 47311734(36) | ABF asset | N/A | 9.81% | 11/2030 | 34625 | 35258 | 34515 |  |
| 47311757(36) | ABF asset | N/A | 12.47% | 11/2030 | 16832 | 17140 | 16285 |  |
| 47312827(36) | ABF asset | N/A | 13.80% | 11/2031 | 40000 | 40732 | 21563 |  |
| 47314216(36) | ABF asset | N/A | 10.70% | 11/2030 | 11878 | 12095 | 12016 |  |
| 47315244(36) | ABF asset | N/A | 15.42% | 10/2031 | 42265 | 43038 | 45830 |  |
| 47316228(36) | ABF asset | N/A | 14.42% | 11/2030 | 48449 | 49335 | 51478 |  |
| 47317878(36) | ABF asset | N/A | 11.05% | 11/2030 | 82915 | 84432 | 84362 |  |
| 47318583(36) | ABF asset | N/A | 17.92% | 11/2030 | 29782 | 30327 | 31416 |  |
| 47318636(36) | ABF asset | N/A | 6.94% | 10/2027 | 9217 | 9385 | 8886 |  |
| 47320548(36) | ABF asset | N/A | 15.83% | 10/2028 | 10516 | 10708 | 10922 |  |
| 47320894(36) | ABF asset | N/A | 13.95% | 11/2030 | 96715 | 98484 | 103001 |  |
| 47323315(36) | ABF asset | N/A | 16.37% | 11/2029 | 69220 | 70486 | 67129 |  |
| 47326684(36) | ABF asset | N/A | 9.81% | 11/2030 | 15828 | 16118 | 15778 |  |
| 47327070(36) | ABF asset | N/A | 12.23% | 11/2029 | 76951 | 78358 | 73597 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47327223(36) | ABF asset | N/A | 18.96% | 11/2032 | 34949 | 35588 | 38457 |  |
| 47330379(36) | ABF asset | N/A | 21.37% | 11/2028 | 41124 | 41876 | 44893 |  |
| 47332397(36) | ABF asset | N/A | 15.48% | 11/2030 | 62496 | 63639 | 63446 |  |
| 47333572(36) | ABF asset | N/A | 15.03% | 11/2029 | 29643 | 30186 | 29397 |  |
| 47333637(36) | ABF asset | N/A | 8.23% | 11/2027 | 14441 | 14705 | 13898 |  |
| 47333934(36) | ABF asset | N/A | 12.06% | 11/2029 | 14792 | 15062 | 15382 |  |
| 47334017(36) | ABF asset | N/A | 11.06% | 10/2029 | 41563 | 42323 | 42397 |  |
| 47336456(36) | ABF asset | N/A | 14.31% | 11/2027 | 6924 | 7050 | 7048 |  |
| 47337782(36) | ABF asset | N/A | 15.30% | 11/2031 | 34824 | 35461 | 37898 |  |
| 47338602(36) | ABF asset | N/A | 18.67% | 11/2030 | 29807 | 30353 | 31812 |  |
| 47338652(36) | ABF asset | N/A | 8.22% | 10/2028 | 76055 | 77447 | 74370 |  |
| 47339416(36) | ABF asset | N/A | 10.83% | 11/2028 | 24374 | 24820 | 24792 |  |
| 47340100(36) | ABF asset | N/A | 16.37% | 11/2030 | 69410 | 70679 | 73062 |  |
| 47340662(36) | ABF asset | N/A | 18.74% | 11/2032 | 17973 | 18301 | 19700 |  |
| 47342151(36) | ABF asset | N/A | 18.33% | 11/2028 | 11797 | 12013 | 12691 |  |
| 47342223(36) | ABF asset | N/A | 13.09% | 11/2027 | 14451 | 14715 | 14341 |  |
| 47342473(36) | ABF asset | N/A | 7.87% | 11/2030 | 37534 | 38221 | 36222 |  |
| 47342555(36) | ABF asset | N/A | 7.79% | 11/2030 | 53347 | 54323 | 50397 |  |
| 47343285(36) | ABF asset | N/A | 13.78% | 11/2030 | 24760 | 25213 | 25013 |  |
| 47344543(36) | ABF asset | N/A | 16.49% | 11/2030 | 9929 | 10111 | 10472 |  |
| 47345029(36) | ABF asset | N/A | 15.41% | 11/2029 | 11860 | 12077 | 11819 |  |
| 47348406(36) | ABF asset | N/A | 17.03% | 11/2031 | 15934 | 16225 | 17187 |  |
| 47350785(36) | ABF asset | N/A | 14.95% | 10/2032 | 39455 | 40176 | 42456 |  |
| 47351439(36) | ABF asset | N/A | 13.69% | 11/2027 | 50327 | 51247 | 51045 |  |
| 47351567(36) | ABF asset | N/A | 11.95% | 11/2030 | 68839 | 70099 | 71073 |  |
| 47352290(36) | ABF asset | N/A | 18.47% | 11/2028 | 4916 | 5006 | 5126 |  |
| 47354115(36) | ABF asset | N/A | 12.93% | 11/2030 | 17820 | 18146 | 18697 |  |
| 47355923(36) | ABF asset | N/A | 18.46% | 12/2032 | 7000 | 7128 | 7685 |  |
| 47356179(36) | ABF asset | N/A | 5.12% | 10/2028 | 36039 | 36698 | 34232 |  |
| 47356916(36) | ABF asset | N/A | 15.58% | 11/2032 | 99270 | 101086 | 109043 |  |
| 47358138(36) | ABF asset | N/A | 12.81% | 11/2029 | 88819 | 90443 | 86917 |  |
| 47359527(36) | ABF asset | N/A | 14.54% | 12/2032 | 51000 | 51933 | 53832 |  |
| 47361061(36) | ABF asset | N/A | 12.68% | 11/2029 | 39458 | 40180 | 40189 |  |
| 47361065(36) | ABF asset | N/A | 8.04% | 11/2030 | 24701 | 25153 | 23434 |  |
| 47361179(36) | ABF asset | N/A | 8.56% | 11/2030 | 42508 | 43286 | 41500 |  |
| 47361677(36) | ABF asset | N/A | 20.88% | 11/2029 | 24948 | 25404 | 25586 |  |
| 47362285(36) | ABF asset | N/A | 7.05% | 11/2027 | 43320 | 44112 | 41970 |  |
| 47365663(36) | ABF asset | N/A | 14.02% | 11/2031 | 29206 | 29741 | 31018 |  |
| 47367763(36) | ABF asset | N/A | 15.66% | 11/2032 | 22000 | 22402 | 12099 |  |
| 47368792(36) | ABF asset | N/A | 12.81% | 11/2032 | 34844 | 35481 | 36211 |  |
| 47369349(36) | ABF asset | N/A | 12.37% | 11/2029 | 31752 | 32333 | 30884 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47371408(36) | ABF asset | N/A | 11.64% | 12/2030 | 50000 | 50915 | 46790 |  |
| 47372687(36) | ABF asset | N/A | 13.54% | 11/2031 | 29810 | 30356 | 30147 |  |
| 47372918(36) | ABF asset | N/A | 9.62% | 10/2029 | 8690 | 8849 | 8083 |  |
| 47373175(36) | ABF asset | N/A | 8.61% | 10/2029 | 33770 | 34388 | 33294 |  |
| 47373293(36) | ABF asset | N/A | 8.38% | 11/2030 | 18781 | 19124 | 18278 |  |
| 47374997(36) | ABF asset | N/A | 10.42% | 10/2029 | 33817 | 34435 | 32887 |  |
| 47375231(36) | ABF asset | N/A | 11.37% | 11/2030 | 29687 | 30230 | 28215 |  |
| 47375631(36) | ABF asset | N/A | 9.04% | 11/2027 | 96362 | 98125 | 95813 |  |
| 47376131(36) | ABF asset | N/A | 15.77% | 11/2030 | 5893 | 6001 | 6009 |  |
| 47378455(36) | ABF asset | N/A | 13.68% | 10/2028 | 16227 | 16524 | 16822 |  |
| 47379064(36) | ABF asset | N/A | 15.08% | 11/2032 | 44852 | 45672 | 48645 |  |
| 47379142(36) | ABF asset | N/A | 13.60% | 11/2032 | 89603 | 91242 | 94525 |  |
| 47379499(36) | ABF asset | N/A | 5.52% | 10/2027 | 11971 | 12190 | 11538 |  |
| 47379591(36) | ABF asset | N/A | 6.99% | 11/2029 | 50158 | 51075 | 48534 |  |
| 47380257(36) | ABF asset | N/A | 13.95% | 11/2030 | 74341 | 75701 | 77787 |  |
| 47380637(36) | ABF asset | N/A | 13.42% | 10/2030 | 19527 | 19884 | 20153 |  |
| 47381486(36) | ABF asset | N/A | 8.12% | 11/2027 | 18254 | 18588 | 18022 |  |
| 47381741(36) | ABF asset | N/A | 11.05% | 11/2030 | 27711 | 28218 | 26786 |  |
| 47382585(36) | ABF asset | N/A | 15.09% | 11/2030 | 40680 | 41424 | 41965 |  |
| 47384097(36) | ABF asset | N/A | 13.69% | 11/2032 | 39811 | 40539 | 42069 |  |
| 47384623(36) | ABF asset | N/A | 18.61% | 11/2032 | 31949 | 32534 | 34943 |  |
| 47384973(36) | ABF asset | N/A | 14.78% | 11/2032 | 19915 | 20280 | 21478 |  |
| 47385680(36) | ABF asset | N/A | 6.31% | 11/2027 | 23089 | 23511 | 22238 |  |
| 47386967(36) | ABF asset | N/A | 8.96% | 10/2029 | 46788 | 47644 | 46354 |  |
| 47388321(36) | ABF asset | N/A | 11.91% | 11/2027 | 19262 | 19614 | 19044 |  |
| 47389545(36) | ABF asset | N/A | 9.34% | 11/2027 | 14348 | 14610 | 14292 |  |
| 47389580(36) | ABF asset | N/A | 11.34% | 11/2027 | 96523 | 98288 | 97746 |  |
| 47392659(36) | ABF asset | N/A | 17.53% | 11/2032 | 24924 | 25380 | 25891 |  |
| 47394001(36) | ABF asset | N/A | 14.85% | 11/2027 | 4836 | 4925 | 4907 |  |
| 47394224(36) | ABF asset | N/A | 11.66% | 11/2032 | 16903 | 17213 | 17185 |  |
| 47395365(36) | ABF asset | N/A | 8.39% | 11/2027 | 11559 | 11770 | 11436 |  |
| 47395563(36) | ABF asset | N/A | 11.90% | 11/2031 | 11906 | 12124 | 12173 |  |
| 47396402(36) | ABF asset | N/A | 10.94% | 11/2030 | 19814 | 20176 | 20088 |  |
| 47396566(36) | ABF asset | N/A | 8.11% | 11/2027 | 14450 | 14714 | 13893 |  |
| 47397303(36) | ABF asset | N/A | 14.32% | 11/2030 | 98979 | 100789 | 104192 |  |
| 47397312(36) | ABF asset | N/A | 13.18% | 11/2030 | 38628 | 39335 | 38649 |  |
| 47398693(36) | ABF asset | N/A | 15.33% | 11/2032 | 26892 | 27384 | 29303 |  |
| 47398860(36) | ABF asset | N/A | 8.81% | 10/2029 | 38600 | 39306 | 38163 |  |
| 47398936(36) | ABF asset | N/A | 14.90% | 11/2032 | 39848 | 40577 | 42211 |  |
| 47399568(36) | ABF asset | N/A | 8.83% | 11/2028 | 34193 | 34819 | 33999 |  |
| 47400082(36) | ABF asset | N/A | 8.43% | 11/2029 | 44285 | 45095 | 43747 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47400133(36) | ABF asset | N/A | 15.48% | 10/2032 | 83866 | 85400 | 89391 |  |
| 47400357(36) | ABF asset | N/A | 11.26% | 11/2029 | 59159 | 60242 | 56665 |  |
| 47400477(36) | ABF asset | N/A | 13.21% | 10/2032 | 18591 | 18931 | 19496 |  |
| 47401490(36) | ABF asset | N/A | 7.81% | 11/2027 | 69359 | 70628 | 67598 |  |
| 47401515(36) | ABF asset | N/A | 14.52% | 11/2029 | 59224 | 60307 | 59330 |  |
| 47401792(36) | ABF asset | N/A | 17.08% | 11/2032 | 42860 | 43644 | 47337 |  |
| 47403515(36) | ABF asset | N/A | 14.54% | 11/2032 | 31822 | 32404 | 33537 |  |
| 47404060(36) | ABF asset | N/A | 12.68% | 11/2030 | 66367 | 67581 | 65870 |  |
| 47404925(36) | ABF asset | N/A | 4.87% | 11/2027 | 33647 | 34262 | 32352 |  |
| 47405588(36) | ABF asset | N/A | 13.76% | 11/2031 | 6951 | 7079 | 7436 |  |
| 47408162(36) | ABF asset | N/A | 6.46% | 11/2027 | 5774 | 5879 | 5623 |  |
| 47408280(36) | ABF asset | N/A | 9.58% | 10/2028 | 8553 | 8710 | 8551 |  |
| 47408318(36) | ABF asset | N/A | 11.14% | 11/2030 | 74185 | 75542 | 74129 |  |
| 47409516(36) | ABF asset | N/A | 19.66% | 10/2032 | 57348 | 58397 | 61634 |  |
| 47409591(36) | ABF asset | N/A | 14.08% | 10/2032 | 60139 | 61239 | 62390 |  |
| 47409683(36) | ABF asset | N/A | 10.08% | 10/2028 | 14280 | 14542 | 14338 |  |
| 47410027(36) | ABF asset | N/A | 13.85% | 11/2032 | 89580 | 91219 | 94948 |  |
| 47410480(36) | ABF asset | N/A | 23.21% | 10/2030 | 44190 | 44998 | 48726 |  |
| 47412016(36) | ABF asset | N/A | 15.49% | 10/2030 | 40841 | 41588 | 42326 |  |
| 47412710(36) | ABF asset | N/A | 10.50% | 11/2032 | 49716 | 50625 | 49426 |  |
| 47413162(36) | ABF asset | N/A | 12.45% | 11/2030 | 99010 | 100821 | 103079 |  |
| 47413477(36) | ABF asset | N/A | 11.96% | 10/2029 | 53196 | 54169 | 50424 |  |
| 47413798(36) | ABF asset | N/A | 6.95% | 11/2027 | 15405 | 15687 | 14687 |  |
| 47416090(36) | ABF asset | N/A | 12.37% | 11/2029 | 43397 | 44191 | 42211 |  |
| 47416874(36) | ABF asset | N/A | 12.47% | 11/2030 | 29703 | 30247 | 28738 |  |
| 47416931(36) | ABF asset | N/A | 11.21% | 11/2028 | 78301 | 79733 | 77777 |  |
| 47417841(36) | ABF asset | N/A | 16.23% | 10/2032 | 24427 | 24874 | 26623 |  |
| 47418752(36) | ABF asset | N/A | 7.87% | 11/2027 | 13478 | 13725 | 13276 |  |
| 47419296(36) | ABF asset | N/A | 8.04% | 10/2030 | 45673 | 46508 | 43155 |  |
| 47419643(36) | ABF asset | N/A | 5.66% | 11/2028 | 20481 | 20856 | 19545 |  |
| 47419780(36) | ABF asset | N/A | 12.92% | 10/2029 | 48392 | 49277 | 47078 |  |
| 47420171(36) | ABF asset | N/A | 15.13% | 10/2030 | 36165 | 36826 | 36247 |  |
| 47420461(36) | ABF asset | N/A | 10.27% | 11/2030 | 74322 | 75681 | 74549 |  |
| 47420577(36) | ABF asset | N/A | 6.87% | 10/2030 | 13558 | 13805 | 12817 |  |
| 47420860(36) | ABF asset | N/A | 16.82% | 11/2030 | 7983 | 8129 | 7822 |  |
| 47420980(36) | ABF asset | N/A | 8.65% | 10/2030 | 28222 | 28738 | 26085 |  |
| 47421391(36) | ABF asset | N/A | 7.08% | 10/2027 | 9220 | 9388 | 8851 |  |
| 47421622(36) | ABF asset | N/A | 11.29% | 11/2030 | 64358 | 65535 | 62453 |  |
| 47422005(36) | ABF asset | N/A | 13.25% | 12/2027 | 30000 | 30549 | 30230 |  |
| 47422318(36) | ABF asset | N/A | 15.57% | 10/2030 | 39108 | 39823 | 38408 |  |
| 47422698(36) | ABF asset | N/A | 10.90% | 11/2030 | 34626 | 35259 | 34459 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47423866(36) | ABF asset | N/A | 19.86% | 11/2032 | 35949 | 36606 | 41766 |  |
| 47424452(36) | ABF asset | N/A | 14.85% | 11/2032 | 39798 | 40526 | 43053 |  |
| 47425048(36) | ABF asset | N/A | 18.34% | 11/2032 | 52333 | 53290 | 57105 |  |
| 47425228(36) | ABF asset | N/A | 6.59% | 11/2027 | 15395 | 15677 | 15009 |  |
| 47425586(36) | ABF asset | N/A | 11.93% | 11/2027 | 14892 | 15164 | 14989 |  |
| 47426849(36) | ABF asset | N/A | 8.99% | 11/2027 | 7229 | 7361 | 7185 |  |
| 47427281(36) | ABF asset | N/A | 8.55% | 11/2029 | 59024 | 60103 | 56782 |  |
| 47428707(36) | ABF asset | N/A | 10.18% | 10/2029 | 22217 | 22624 | 22390 |  |
| 47430283(36) | ABF asset | N/A | 17.98% | 10/2032 | 64219 | 65394 | 71685 |  |
| 47430578(36) | ABF asset | N/A | 12.14% | 10/2029 | 14510 | 14775 | 13967 |  |
| 47430689(36) | ABF asset | N/A | 13.99% | 10/2030 | 13523 | 13770 | 13616 |  |
| 47431006(36) | ABF asset | N/A | 11.53% | 10/2028 | 11337 | 11544 | 11485 |  |
| 47431426(36) | ABF asset | N/A | 9.83% | 11/2030 | 24719 | 25171 | 24647 |  |
| 47431908(36) | ABF asset | N/A | 7.76% | 12/2028 | 20000 | 20366 | 19652 |  |
| 47432350(36) | ABF asset | N/A | 8.95% | 10/2030 | 41856 | 42621 | 40952 |  |
| 47433189(36) | ABF asset | N/A | 6.96% | 10/2027 | 32266 | 32856 | 31450 |  |
| 47433481(36) | ABF asset | N/A | 14.52% | 10/2029 | 19361 | 19715 | 19252 |  |
| 47433642(36) | ABF asset | N/A | 11.20% | 10/2030 | 35097 | 35739 | 35625 |  |
| 47434265(36) | ABF asset | N/A | 10.33% | 10/2032 | 19673 | 20033 | 18997 |  |
| 47434622(36) | ABF asset | N/A | 7.95% | 11/2027 | 25163 | 25624 | 24475 |  |
| 47434662(36) | ABF asset | N/A | 7.49% | 10/2028 | 22804 | 23221 | 21600 |  |
| 47434733(36) | ABF asset | N/A | 9.24% | 10/2028 | 21883 | 22283 | 21767 |  |
| 47435055(36) | ABF asset | N/A | 7.87% | 11/2027 | 13481 | 13728 | 13279 |  |
| 47435065(36) | ABF asset | N/A | 6.04% | 10/2028 | 33218 | 33826 | 31722 |  |
| 47435080(36) | ABF asset | N/A | 13.17% | 10/2029 | 62921 | 64072 | 61418 |  |
| 47435210(36) | ABF asset | N/A | 10.46% | 10/2029 | 20289 | 20661 | 20527 |  |
| 47435320(36) | ABF asset | N/A | 8.62% | 11/2027 | 49969 | 50883 | 49515 |  |
| 47435551(36) | ABF asset | N/A | 10.79% | 10/2030 | 14620 | 14887 | 14456 |  |
| 47435664(36) | ABF asset | N/A | 9.02% | 11/2029 | 41337 | 42093 | 40026 |  |
| 47436733(36) | ABF asset | N/A | 12.24% | 11/2032 | 44786 | 45605 | 46040 |  |
| 47436868(36) | ABF asset | N/A | 9.80% | 10/2030 | 22173 | 22579 | 21999 |  |
| 47437014(36) | ABF asset | N/A | 9.11% | 11/2028 | 9773 | 9952 | 9749 |  |
| 47437059(36) | ABF asset | N/A | 13.32% | 10/2030 | 5858 | 5965 | 6036 |  |
| 47437103(36) | ABF asset | N/A | 9.56% | 10/2027 | 36028 | 36687 | 35433 |  |
| 47437661(36) | ABF asset | N/A | 11.66% | 10/2027 | 12029 | 12249 | 11738 |  |
| 47437976(36) | ABF asset | N/A | 9.90% | 11/2030 | 42507 | 43284 | 42432 |  |
| 47438268(36) | ABF asset | N/A | 10.07% | 12/2030 | 35000 | 35640 | 34405 |  |
| 47438538(36) | ABF asset | N/A | 12.29% | 10/2030 | 24391 | 24837 | 23909 |  |
| 47439094(36) | ABF asset | N/A | 11.02% | 11/2030 | 39575 | 40299 | 39466 |  |
| 47439669(36) | ABF asset | N/A | 6.84% | 11/2027 | 73139 | 74477 | 71448 |  |
| 47440147(36) | ABF asset | N/A | 15.85% | 10/2032 | 54277 | 55270 | 59386 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47440506(36) | ABF asset | N/A | 12.16% | 10/2030 | 14633 | 14901 | 14797 |  |
| 47440737(36) | ABF asset | N/A | 16.78% | 10/2032 | 19747 | 20108 | 20076 |  |
| 47441085(36) | ABF asset | N/A | 10.09% | 10/2027 | 6067 | 6178 | 6057 |  |
| 47441243(36) | ABF asset | N/A | 10.85% | 11/2029 | 21687 | 22083 | 21541 |  |
| 47441407(36) | ABF asset | N/A | 7.76% | 10/2028 | 11404 | 11613 | 10948 |  |
| 47441507(36) | ABF asset | N/A | 8.34% | 10/2031 | 31311 | 31884 | 29795 |  |
| 47442172(36) | ABF asset | N/A | 10.58% | 11/2028 | 50359 | 51281 | 48712 |  |
| 47442255(36) | ABF asset | N/A | 12.51% | 11/2031 | 79479 | 80933 | 83107 |  |
| 47442654(36) | ABF asset | N/A | 6.46% | 10/2027 | 6911 | 7038 | 6711 |  |
| 47442674(36) | ABF asset | N/A | 15.05% | 10/2029 | 49287 | 50189 | 52330 |  |
| 47442980(36) | ABF asset | N/A | 13.00% | 10/2031 | 29444 | 29983 | 30556 |  |
| 47443157(36) | ABF asset | N/A | 11.95% | 10/2030 | 26348 | 26830 | 26999 |  |
| 47443442(36) | ABF asset | N/A | 16.40% | 11/2030 | 20905 | 21287 | 20959 |  |
| 47443840(36) | ABF asset | N/A | 12.77% | 10/2030 | 4924 | 5014 | 5103 |  |
| 47443961(36) | ABF asset | N/A | 18.00% | 11/2027 | 42579 | 43357 | 44278 |  |
| 47444495(36) | ABF asset | N/A | 12.54% | 11/2030 | 22643 | 23057 | 22421 |  |
| 47445260(36) | ABF asset | N/A | 15.02% | 10/2032 | 83844 | 85378 | 88603 |  |
| 47445555(36) | ABF asset | N/A | 9.49% | 10/2030 | 7716 | 7857 | 7656 |  |
| 47446307(36) | ABF asset | N/A | 8.49% | 10/2027 | 13846 | 14099 | 13657 |  |
| 47446363(36) | ABF asset | N/A | 13.51% | 10/2030 | 58585 | 59657 | 60551 |  |
| 47446757(36) | ABF asset | N/A | 7.62% | 10/2027 | 20256 | 20627 | 19867 |  |
| 47447055(36) | ABF asset | N/A | 7.82% | 10/2029 | 11572 | 11783 | 10865 |  |
| 47447256(36) | ABF asset | N/A | 7.54% | 11/2030 | 23706 | 24140 | 22301 |  |
| 47447318(36) | ABF asset | N/A | 14.57% | 10/2031 | 13720 | 13971 | 14685 |  |
| 47447608(36) | ABF asset | N/A | 14.49% | 10/2030 | 48852 | 49745 | 49588 |  |
| 47447852(36) | ABF asset | N/A | 11.41% | 10/2032 | 7875 | 8019 | 7927 |  |
| 47447949(36) | ABF asset | N/A | 6.66% | 10/2030 | 40814 | 41561 | 38447 |  |
| 47448065(36) | ABF asset | N/A | 11.19% | 10/2027 | 11045 | 11247 | 10941 |  |
| 47448152(36) | ABF asset | N/A | 9.73% | 10/2030 | 7791 | 7934 | 7721 |  |
| 47448226(36) | ABF asset | N/A | 15.31% | 11/2030 | 19838 | 20201 | 19552 |  |
| 47448339(36) | ABF asset | N/A | 16.08% | 10/2032 | 36512 | 37180 | 39321 |  |
| 47448387(36) | ABF asset | N/A | 15.70% | 10/2032 | 23682 | 24116 | 25840 |  |
| 47448599(36) | ABF asset | N/A | 13.81% | 11/2030 | 38655 | 39362 | 39069 |  |
| 47448631(36) | ABF asset | N/A | 11.65% | 11/2030 | 16830 | 17138 | 16958 |  |
| 47448657(36) | ABF asset | N/A | 12.89% | 11/2028 | 88111 | 89722 | 90025 |  |
| 47449108(36) | ABF asset | N/A | 12.37% | 11/2029 | 23663 | 24096 | 23016 |  |
| 47449207(36) | ABF asset | N/A | 12.96% | 10/2032 | 19705 | 20065 | 20428 |  |
| 47449243(36) | ABF asset | N/A | 8.86% | 10/2028 | 15218 | 15497 | 14984 |  |
| 47449393(36) | ABF asset | N/A | 11.17% | 10/2029 | 21266 | 21655 | 20204 |  |
| 47449742(36) | ABF asset | N/A | 12.37% | 10/2029 | 29024 | 29555 | 28027 |  |
| 47449748(36) | ABF asset | N/A | 13.43% | 11/2029 | 39475 | 40197 | 40620 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47450170(36) | ABF asset | N/A | 10.07% | 11/2027 | 16387 | 16687 | 15725 |  |
| 47451168(36) | ABF asset | N/A | 11.22% | 10/2032 | 29526 | 30066 | 28117 |  |
| 47451201(36) | ABF asset | N/A | 17.67% | 10/2030 | 17000 | 17311 | 16921 |  |
| 47451616(36) | ABF asset | N/A | 8.39% | 10/2030 | 32109 | 32696 | 30516 |  |
| 47451648(36) | ABF asset | N/A | 17.31% | 11/2030 | 16887 | 17196 | 16669 |  |
| 47451959(36) | ABF asset | N/A | 21.09% | 11/2030 | 18923 | 19269 | 20099 |  |
| 47452153(36) | ABF asset | N/A | 12.27% | 11/2030 | 31701 | 32281 | 32274 |  |
| 47452406(36) | ABF asset | N/A | 13.60% | 10/2032 | 21683 | 22080 | 22752 |  |
| 47452597(36) | ABF asset | N/A | 10.06% | 10/2028 | 28561 | 29083 | 27842 |  |
| 47452701(36) | ABF asset | N/A | 13.32% | 12/2030 | 60001 | 61099 | 62431 |  |
| 47452739(36) | ABF asset | N/A | 15.59% | 10/2030 | 39108 | 39824 | 40390 |  |
| 47453008(36) | ABF asset | N/A | 8.29% | 10/2027 | 12920 | 13156 | 12724 |  |
| 47453026(36) | ABF asset | N/A | 15.17% | 10/2031 | 15724 | 16012 | 16974 |  |
| 47453521(36) | ABF asset | N/A | 12.81% | 10/2032 | 59109 | 60190 | 61106 |  |
| 47453542(36) | ABF asset | N/A | 13.60% | 10/2032 | 37322 | 38005 | 39237 |  |
| 47453601(36) | ABF asset | N/A | 7.08% | 10/2027 | 44255 | 45065 | 42712 |  |
| 47453659(36) | ABF asset | N/A | 14.82% | 11/2030 | 59524 | 60612 | 63174 |  |
| 47453774(36) | ABF asset | N/A | 13.18% | 11/2028 | 23480 | 23910 | 24348 |  |
| 47453894(36) | ABF asset | N/A | 5.37% | 10/2028 | 19920 | 20285 | 18975 |  |
| 47453935(36) | ABF asset | N/A | 15.32% | 10/2030 | 6843 | 6968 | 7281 |  |
| 47453993(36) | ABF asset | N/A | 10.63% | 11/2029 | 67969 | 69212 | 66691 |  |
| 47454187(36) | ABF asset | N/A | 9.84% | 11/2027 | 24082 | 24522 | 23497 |  |
| 47454304(36) | ABF asset | N/A | 12.40% | 11/2029 | 88798 | 90422 | 90102 |  |
| 47454453(36) | ABF asset | N/A | 14.93% | 11/2029 | 40478 | 41218 | 42100 |  |
| 47454718(36) | ABF asset | N/A | 5.62% | 10/2028 | 21822 | 22221 | 20845 |  |
| 47455317(36) | ABF asset | N/A | 8.99% | 10/2030 | 21415 | 21807 | 20966 |  |
| 47455423(36) | ABF asset | N/A | 15.10% | 10/2032 | 16770 | 17076 | 18095 |  |
| 47455447(36) | ABF asset | N/A | 14.57% | 10/2030 | 24427 | 24874 | 22954 |  |
| 47455651(36) | ABF asset | N/A | 12.15% | 10/2030 | 20486 | 20861 | 21116 |  |
| 47455663(36) | ABF asset | N/A | 6.72% | 11/2029 | 38332 | 39033 | 36943 |  |
| 47455963(36) | ABF asset | N/A | 17.12% | 11/2032 | 59862 | 60957 | 61714 |  |
| 47456169(36) | ABF asset | N/A | 5.81% | 10/2027 | 20263 | 20634 | 19367 |  |
| 47456318(36) | ABF asset | N/A | 6.46% | 11/2027 | 9623 | 9799 | 9372 |  |
| 47456495(36) | ABF asset | N/A | 20.36% | 11/2032 | 26979 | 27473 | 30491 |  |
| 47456702(36) | ABF asset | N/A | 16.08% | 11/2032 | 74790 | 76158 | 81108 |  |
| 47456708(36) | ABF asset | N/A | 11.43% | 11/2030 | 35559 | 36209 | 36591 |  |
| 47456893(36) | ABF asset | N/A | 20.06% | 10/2030 | 19617 | 19976 | 20584 |  |
| 47457095(36) | ABF asset | N/A | 18.42% | 10/2030 | 29382 | 29919 | 30988 |  |
| 47457138(36) | ABF asset | N/A | 11.12% | 11/2030 | 49471 | 50376 | 46829 |  |
| 47457227(36) | ABF asset | N/A | 6.10% | 10/2027 | 13819 | 14072 | 13237 |  |
| 47457312(36) | ABF asset | N/A | 13.38% | 11/2029 | 49360 | 50263 | 47919 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47457431(36) | ABF asset | N/A | 15.83% | 11/2032 | 63813 | 64980 | 68794 |  |
| 47457600(36) | ABF asset | N/A | 6.71% | 11/2027 | 43311 | 44103 | 42267 |  |
| 47457731(36) | ABF asset | N/A | 14.26% | 10/2027 | 21141 | 21528 | 20835 |  |
| 47458297(36) | ABF asset | N/A | 8.76% | 11/2028 | 13690 | 13940 | 13601 |  |
| 47458953(36) | ABF asset | N/A | 11.61% | 11/2030 | 49515 | 50421 | 49863 |  |
| 47459014(36) | ABF asset | N/A | 6.87% | 10/2029 | 19126 | 19475 | 17896 |  |
| 47460022(36) | ABF asset | N/A | 14.57% | 10/2030 | 29312 | 29849 | 30817 |  |
| 47460841(36) | ABF asset | N/A | 13.32% | 11/2030 | 84256 | 85797 | 87267 |  |
| 47461074(36) | ABF asset | N/A | 13.32% | 10/2032 | 34491 | 35122 | 35271 |  |
| 47461266(36) | ABF asset | N/A | 6.97% | 11/2029 | 28510 | 29032 | 27579 |  |
| 47461662(36) | ABF asset | N/A | 13.34% | 10/2029 | 32916 | 33518 | 32204 |  |
| 47461698(36) | ABF asset | N/A | 7.08% | 10/2027 | 26094 | 26571 | 25128 |  |
| 47462023(36) | ABF asset | N/A | 8.49% | 10/2030 | 15203 | 15481 | 14760 |  |
| 47462282(36) | ABF asset | N/A | 10.57% | 11/2029 | 10838 | 11037 | 10723 |  |
| 47462392(36) | ABF asset | N/A | 21.86% | 10/2032 | 40899 | 41647 | 47061 |  |
| 47462393(36) | ABF asset | N/A | 7.80% | 10/2030 | 38903 | 39615 | 35461 |  |
| 47462664(36) | ABF asset | N/A | 13.75% | 11/2027 | 11600 | 11812 | 11667 |  |
| 47463286(36) | ABF asset | N/A | 17.25% | 11/2030 | 39678 | 40404 | 40273 |  |
| 47463635(36) | ABF asset | N/A | 8.26% | 11/2028 | 10750 | 10947 | 10426 |  |
| 47463697(36) | ABF asset | N/A | 11.20% | 10/2030 | 23398 | 23826 | 23750 |  |
| 47463975(36) | ABF asset | N/A | 11.43% | 11/2029 | 7889 | 8033 | 8132 |  |
| 47464443(36) | ABF asset | N/A | 5.96% | 10/2027 | 10134 | 10319 | 9801 |  |
| 47465077(36) | ABF asset | N/A | 14.84% | 11/2028 | 13720 | 13971 | 13750 |  |
| 47465308(36) | ABF asset | N/A | 16.61% | 11/2032 | 29924 | 30471 | 31599 |  |
| 47465713(36) | ABF asset | N/A | 6.46% | 11/2027 | 17322 | 17638 | 16870 |  |
| 47465858(36) | ABF asset | N/A | 16.81% | 11/2032 | 34914 | 35553 | 35796 |  |
| 47465978(36) | ABF asset | N/A | 6.84% | 11/2027 | 5157 | 5251 | 5058 |  |
| 47466103(36) | ABF asset | N/A | 7.31% | 11/2030 | 49391 | 50295 | 47219 |  |
| 47466484(36) | ABF asset | N/A | 15.82% | 11/2031 | 84595 | 86142 | 92869 |  |
| 47466504(36) | ABF asset | N/A | 13.03% | 11/2030 | 69352 | 70620 | 69222 |  |
| 47466820(36) | ABF asset | N/A | 11.24% | 11/2028 | 21757 | 22155 | 21212 |  |
| 47467399(36) | ABF asset | N/A | 13.60% | 11/2032 | 74697 | 76063 | 78799 |  |
| 47467400(36) | ABF asset | N/A | 14.81% | 11/2029 | 30628 | 31188 | 29128 |  |
| 47467809(36) | ABF asset | N/A | 12.68% | 11/2030 | 89172 | 90803 | 93222 |  |
| 47467945(36) | ABF asset | N/A | 12.22% | 11/2030 | 29719 | 30263 | 28638 |  |
| 47468053(36) | ABF asset | N/A | 5.26% | 11/2027 | 37502 | 38188 | 35822 |  |
| 47468250(36) | ABF asset | N/A | 17.03% | 11/2032 | 15963 | 16255 | 16432 |  |
| 47468778(36) | ABF asset | N/A | 18.91% | 11/2032 | 34949 | 35589 | 37393 |  |
| 47469130(36) | ABF asset | N/A | 10.38% | 11/2029 | 68984 | 70246 | 67455 |  |
| 47469213(36) | ABF asset | N/A | 9.91% | 11/2031 | 59719 | 60812 | 59371 |  |
| 47469712(36) | ABF asset | N/A | 19.10% | 11/2032 | 63920 | 65089 | 74726 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47469923(36) | ABF asset | N/A | 10.32% | 11/2030 | 34635 | 35269 | 32360 |  |
| 47470295(36) | ABF asset | N/A | 11.22% | 11/2032 | 39764 | 40491 | 38091 |  |
| 47470342(36) | ABF asset | N/A | 13.55% | 10/2029 | 78252 | 79684 | 80154 |  |
| 47470586(36) | ABF asset | N/A | 5.37% | 11/2027 | 48082 | 48962 | 46421 |  |
| 47470871(36) | ABF asset | N/A | 7.21% | 11/2028 | 5860 | 5967 | 5616 |  |
| 47471365(36) | ABF asset | N/A | 13.85% | 11/2032 | 34043 | 34665 | 35861 |  |
| 47471442(36) | ABF asset | N/A | 12.91% | 11/2030 | 34420 | 35050 | 34289 |  |
| 47471504(36) | ABF asset | N/A | 9.65% | 11/2030 | 24321 | 24766 | 24091 |  |
| 47471595(36) | ABF asset | N/A | 13.00% | 11/2028 | 19602 | 19960 | 19252 |  |
| 47471658(36) | ABF asset | N/A | 9.80% | 11/2030 | 26710 | 27199 | 25296 |  |
| 47471686(36) | ABF asset | N/A | 6.46% | 11/2027 | 17322 | 17638 | 16870 |  |
| 47471975(36) | ABF asset | N/A | 8.45% | 11/2027 | 9635 | 9811 | 9535 |  |
| 47472524(36) | ABF asset | N/A | 11.52% | 11/2030 | 31688 | 32268 | 31863 |  |
| 47472615(36) | ABF asset | N/A | 20.81% | 11/2032 | 12970 | 13208 | 14322 |  |
| 47472634(36) | ABF asset | N/A | 13.85% | 12/2032 | 24859 | 25314 | 26470 |  |
| 47472993(36) | ABF asset | N/A | 10.65% | 11/2027 | 7719 | 7860 | 7652 |  |
| 47473950(36) | ABF asset | N/A | 12.93% | 11/2030 | 39627 | 40352 | 41576 |  |
| 47474278(36) | ABF asset | N/A | 9.06% | 11/2029 | 9847 | 10027 | 9815 |  |
| 47474320(36) | ABF asset | N/A | 6.72% | 11/2029 | 24580 | 25029 | 23692 |  |
| 47474325(36) | ABF asset | N/A | 10.50% | 11/2030 | 65318 | 66513 | 65859 |  |
| 47474332(36) | ABF asset | N/A | 7.31% | 11/2030 | 50379 | 51301 | 48163 |  |
| 47474370(36) | ABF asset | N/A | 7.32% | 10/2030 | 23334 | 23761 | 22218 |  |
| 47474377(36) | ABF asset | N/A | 18.71% | 11/2030 | 24840 | 25294 | 25031 |  |
| 47474471(36) | ABF asset | N/A | 15.99% | 11/2030 | 6946 | 7073 | 7268 |  |
| 47474908(36) | ABF asset | N/A | 17.58% | 11/2032 | 9634 | 9810 | 10636 |  |
| 47474958(36) | ABF asset | N/A | 8.24% | 11/2028 | 10750 | 10947 | 10618 |  |
| 47475039(36) | ABF asset | N/A | 11.79% | 11/2030 | 44568 | 45383 | 43602 |  |
| 47475296(36) | ABF asset | N/A | 9.04% | 11/2031 | 15865 | 16155 | 15373 |  |
| 47475303(36) | ABF asset | N/A | 12.25% | 11/2032 | 11943 | 12161 | 11239 |  |
| 47475964(36) | ABF asset | N/A | 9.07% | 11/2029 | 23633 | 24066 | 21955 |  |
| 47476003(36) | ABF asset | N/A | 12.16% | 11/2029 | 19703 | 20064 | 18853 |  |
| 47476029(36) | ABF asset | N/A | 14.76% | 11/2032 | 29896 | 30443 | 29504 |  |
| 47476165(36) | ABF asset | N/A | 14.07% | 11/2030 | 49583 | 50490 | 51987 |  |
| 47476247(36) | ABF asset | N/A | 8.92% | 11/2029 | 13785 | 14037 | 13713 |  |
| 47476448(36) | ABF asset | N/A | 12.52% | 11/2030 | 15853 | 16143 | 15694 |  |
| 47476897(36) | ABF asset | N/A | 11.94% | 11/2028 | 60728 | 61839 | 60823 |  |
| 47477567(36) | ABF asset | N/A | 6.81% | 11/2028 | 13670 | 13920 | 13282 |  |
| 47477960(36) | ABF asset | N/A | 17.60% | 11/2032 | 30572 | 31131 | 34315 |  |
| 47477978(36) | ABF asset | N/A | 9.66% | 11/2029 | 82745 | 84259 | 83186 |  |
| 47478250(36) | ABF asset | N/A | 10.20% | 11/2031 | 27782 | 28291 | 27836 |  |
| 47478828(36) | ABF asset | N/A | 11.26% | 11/2029 | 68956 | 70218 | 66049 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47479136(36) | ABF asset | N/A | 12.27% | 11/2030 | 14860 | 15132 | 15128 |  |
| 47479210(36) | ABF asset | N/A | 13.57% | 11/2030 | 8916 | 9079 | 9272 |  |
| 47479362(36) | ABF asset | N/A | 6.71% | 11/2027 | 13488 | 13734 | 13137 |  |
| 47479399(36) | ABF asset | N/A | 9.79% | 11/2030 | 57332 | 58381 | 56015 |  |
| 47479538(36) | ABF asset | N/A | 16.10% | 11/2032 | 25927 | 26402 | 28662 |  |
| 47479632(36) | ABF asset | N/A | 16.45% | 11/2028 | 47118 | 47980 | 48648 |  |
| 47479640(36) | ABF asset | N/A | 10.56% | 11/2030 | 14824 | 15095 | 14692 |  |
| 47479825(36) | ABF asset | N/A | 15.04% | 11/2030 | 24797 | 25250 | 24999 |  |
| 47480078(36) | ABF asset | N/A | 12.02% | 11/2030 | 51507 | 52450 | 50579 |  |
| 47480417(36) | ABF asset | N/A | 14.13% | 11/2030 | 6789 | 6913 | 6734 |  |
| 47480717(36) | ABF asset | N/A | 19.73% | 11/2032 | 59936 | 61033 | 69516 |  |
| 47480725(36) | ABF asset | N/A | 8.49% | 10/2027 | 5046 | 5138 | 4976 |  |
| 47481046(36) | ABF asset | N/A | 16.73% | 11/2032 | 60766 | 61878 | 66703 |  |
| 47481047(36) | ABF asset | N/A | 20.88% | 11/2029 | 69388 | 70658 | 71162 |  |
| 47481429(36) | ABF asset | N/A | 13.58% | 11/2031 | 49703 | 50612 | 51405 |  |
| 47481505(36) | ABF asset | N/A | 8.32% | 11/2029 | 12796 | 13030 | 11762 |  |
| 47481553(36) | ABF asset | N/A | 15.87% | 11/2027 | 17422 | 17740 | 17662 |  |
| 47481646(36) | ABF asset | N/A | 11.27% | 11/2030 | 49505 | 50411 | 49574 |  |
| 47481746(36) | ABF asset | N/A | 11.37% | 11/2030 | 4951 | 5041 | 4705 |  |
| 47482473(36) | ABF asset | N/A | 12.83% | 11/2030 | 47550 | 48420 | 49808 |  |
| 47482501(36) | ABF asset | N/A | 10.93% | 11/2030 | 38607 | 39313 | 39204 |  |
| 47482828(36) | ABF asset | N/A | 8.74% | 11/2027 | 47867 | 48743 | 47481 |  |
| 47483312(36) | ABF asset | N/A | 12.74% | 12/2030 | 52000 | 52951 | 51857 |  |
| 47483444(36) | ABF asset | N/A | 13.59% | 11/2030 | 34696 | 35330 | 34290 |  |
| 47483813(36) | ABF asset | N/A | 5.35% | 11/2027 | 5770 | 5875 | 5515 |  |
| 47483856(36) | ABF asset | N/A | 7.71% | 11/2029 | 25564 | 26032 | 24994 |  |
| 47483867(36) | ABF asset | N/A | 12.56% | 11/2032 | 56739 | 57776 | 57492 |  |
| 47484132(36) | ABF asset | N/A | 10.47% | 11/2029 | 27595 | 28100 | 26143 |  |
| 47484246(36) | ABF asset | N/A | 15.99% | 11/2030 | 35690 | 36343 | 37346 |  |
| 47484420(36) | ABF asset | N/A | 14.08% | 11/2032 | 25901 | 26375 | 27018 |  |
| 47484430(36) | ABF asset | N/A | 8.26% | 11/2029 | 39370 | 40090 | 37721 |  |
| 47484625(36) | ABF asset | N/A | 15.09% | 11/2030 | 69048 | 70312 | 71639 |  |
| 47484633(36) | ABF asset | N/A | 10.14% | 11/2030 | 25726 | 26197 | 25283 |  |
| 47484850(36) | ABF asset | N/A | 17.38% | 11/2030 | 21845 | 22244 | 22215 |  |
| 47484876(36) | ABF asset | N/A | 16.45% | 11/2030 | 31658 | 32237 | 35279 |  |
| 47485184(36) | ABF asset | N/A | 15.48% | 11/2030 | 29760 | 30304 | 30213 |  |
| 47485826(36) | ABF asset | N/A | 16.12% | 11/2027 | 24685 | 25136 | 25072 |  |
| 47486183(36) | ABF asset | N/A | 6.71% | 11/2027 | 5763 | 5868 | 5624 |  |
| 47486540(36) | ABF asset | N/A | 14.03% | 11/2030 | 39665 | 40391 | 40232 |  |
| 47486639(36) | ABF asset | N/A | 4.99% | 11/2027 | 8653 | 8811 | 8247 |  |
| 47486722(36) | ABF asset | N/A | 8.12% | 11/2028 | 42021 | 42789 | 41216 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47486768(36) | ABF asset | N/A | 15.25% | 11/2027 | 23220 | 23645 | 23632 |  |
| 47486820(36) | ABF asset | N/A | 8.84% | 11/2029 | 30522 | 31080 | 29219 |  |
| 47487238(36) | ABF asset | N/A | 14.68% | 11/2027 | 19344 | 19698 | 19887 |  |
| 47487764(36) | ABF asset | N/A | 12.53% | 11/2028 | 46020 | 46862 | 46402 |  |
| 47487831(36) | ABF asset | N/A | 16.08% | 11/2032 | 42879 | 43664 | 47380 |  |
| 47487885(36) | ABF asset | N/A | 17.53% | 11/2032 | 50000 | 50915 | 28268 |  |
| 47487906(36) | ABF asset | N/A | 11.26% | 11/2032 | 39789 | 40517 | 40142 |  |
| 47488056(36) | ABF asset | N/A | 13.07% | 11/2030 | 33698 | 34314 | 34760 |  |
| 47488444(36) | ABF asset | N/A | 8.45% | 11/2027 | 9892 | 10072 | 9747 |  |
| 47489045(36) | ABF asset | N/A | 8.25% | 11/2030 | 29651 | 30194 | 28798 |  |
| 47489230(36) | ABF asset | N/A | 10.93% | 11/2028 | 83206 | 84728 | 84185 |  |
| 47489462(36) | ABF asset | N/A | 6.59% | 11/2027 | 11544 | 11756 | 11255 |  |
| 47489805(36) | ABF asset | N/A | 10.58% | 11/2031 | 23819 | 24254 | 23320 |  |
| 47490110(36) | ABF asset | N/A | 13.57% | 11/2031 | 23427 | 23856 | 24616 |  |
| 47490165(36) | ABF asset | N/A | 18.60% | 11/2030 | 29806 | 30352 | 29987 |  |
| 47490610(36) | ABF asset | N/A | 20.06% | 11/2029 | 79955 | 81417 | 83891 |  |
| 47490658(36) | ABF asset | N/A | 10.94% | 11/2031 | 21832 | 22231 | 21925 |  |
| 47490824(36) | ABF asset | N/A | 12.78% | 11/2029 | 6765 | 6889 | 6476 |  |
| 47490998(36) | ABF asset | N/A | 8.64% | 11/2030 | 28670 | 29194 | 27476 |  |
| 47491512(36) | ABF asset | N/A | 15.10% | 11/2032 | 7974 | 8120 | 8652 |  |
| 47492038(36) | ABF asset | N/A | 13.01% | 11/2028 | 4901 | 4990 | 4870 |  |
| 47492541(36) | ABF asset | N/A | 8.11% | 11/2028 | 9772 | 9951 | 9637 |  |
| 47493052(36) | ABF asset | N/A | 13.58% | 11/2032 | 39838 | 40566 | 41162 |  |
| 47493360(36) | ABF asset | N/A | 10.90% | 11/2027 | 6755 | 6878 | 6642 |  |
| 47493551(36) | ABF asset | N/A | 9.31% | 11/2027 | 8659 | 8817 | 8499 |  |
| 47493568(36) | ABF asset | N/A | 8.83% | 11/2028 | 63547 | 64710 | 63187 |  |
| 47493744(36) | ABF asset | N/A | 18.23% | 11/2030 | 14908 | 15180 | 15356 |  |
| 47494005(36) | ABF asset | N/A | 12.49% | 11/2032 | 35597 | 36248 | 36793 |  |
| 47494062(36) | ABF asset | N/A | 9.08% | 11/2029 | 26581 | 27067 | 25761 |  |
| 47494067(36) | ABF asset | N/A | 16.75% | 11/2027 | 50356 | 51277 | 51857 |  |
| 47494351(36) | ABF asset | N/A | 10.72% | 11/2029 | 21679 | 22075 | 20609 |  |
| 47495747(36) | ABF asset | N/A | 13.44% | 11/2032 | 33845 | 34464 | 35556 |  |
| 47495749(36) | ABF asset | N/A | 8.49% | 11/2027 | 9635 | 9812 | 9538 |  |
| 47496975(36) | ABF asset | N/A | 11.15% | 11/2030 | 77223 | 78636 | 78702 |  |
| 47497054(36) | ABF asset | N/A | 15.73% | 11/2032 | 24000 | 24439 | 24936 |  |
| 47497509(36) | ABF asset | N/A | 10.21% | 11/2030 | 19790 | 20152 | 19859 |  |
| 47497685(36) | ABF asset | N/A | 8.74% | 11/2027 | 48173 | 49054 | 47783 |  |
| 47497715(36) | ABF asset | N/A | 9.81% | 11/2029 | 34468 | 35098 | 34721 |  |
| 47497869(36) | ABF asset | N/A | 20.06% | 11/2030 | 44765 | 45584 | 47386 |  |
| 47497944(36) | ABF asset | N/A | 5.86% | 11/2029 | 9828 | 10008 | 9356 |  |
| 47498581(36) | ABF asset | N/A | 5.60% | 11/2027 | 9618 | 9794 | 9212 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47498636(36) | ABF asset | N/A | 15.20% | 12/2032 | 31000 | 31567 | 33886 |  |
| 47498684(36) | ABF asset | N/A | 8.04% | 11/2030 | 20323 | 20695 | 19293 |  |
| 47498906(36) | ABF asset | N/A | 6.46% | 11/2027 | 8661 | 8819 | 8435 |  |
| 47499249(36) | ABF asset | N/A | 12.56% | 11/2032 | 27862 | 28372 | 28818 |  |
| 47499363(36) | ABF asset | N/A | 16.83% | 11/2032 | 73830 | 75180 | 80353 |  |
| 47499407(36) | ABF asset | N/A | 14.02% | 11/2029 | 41477 | 42236 | 41269 |  |
| 47500269(36) | ABF asset | N/A | 11.02% | 11/2030 | 34649 | 35283 | 34553 |  |
| 47500334(36) | ABF asset | N/A | 21.11% | 11/2032 | 17982 | 18311 | 20585 |  |
| 47500613(36) | ABF asset | N/A | 13.45% | 11/2030 | 99132 | 100945 | 104899 |  |
| 47500672(36) | ABF asset | N/A | 14.93% | 11/2029 | 11857 | 12074 | 12332 |  |
| 47501298(36) | ABF asset | N/A | 9.34% | 11/2027 | 15413 | 15695 | 14704 |  |
| 47501496(36) | ABF asset | N/A | 6.46% | 11/2027 | 7190 | 7322 | 7001 |  |
| 47501629(36) | ABF asset | N/A | 14.44% | 11/2030 | 22813 | 23230 | 22187 |  |
| 47501714(36) | ABF asset | N/A | 13.56% | 11/2029 | 44396 | 45208 | 47145 |  |
| 47501735(36) | ABF asset | N/A | 10.58% | 11/2028 | 45993 | 46835 | 46646 |  |
| 47501812(36) | ABF asset | N/A | 15.67% | 11/2030 | 4842 | 4930 | 5209 |  |
| 47501932(36) | ABF asset | N/A | 11.29% | 11/2029 | 18734 | 19077 | 18549 |  |
| 47502031(36) | ABF asset | N/A | 8.85% | 11/2027 | 12989 | 13227 | 12573 |  |
| 47502917(36) | ABF asset | N/A | 11.28% | 11/2030 | 37613 | 38301 | 36494 |  |
| 47503047(36) | ABF asset | N/A | 6.22% | 11/2027 | 24050 | 24490 | 23019 |  |
| 47503330(36) | ABF asset | N/A | 19.46% | 11/2030 | 24862 | 25317 | 26084 |  |
| 47504624(36) | ABF asset | N/A | 10.32% | 11/2030 | 19791 | 20153 | 19509 |  |
| 47504675(36) | ABF asset | N/A | 20.96% | 11/2030 | 39765 | 40492 | 42656 |  |
| 47504949(36) | ABF asset | N/A | 8.37% | 11/2028 | 10751 | 10948 | 10575 |  |
| 47505573(36) | ABF asset | N/A | 23.02% | 11/2030 | 25855 | 26327 | 27744 |  |
| 47505788(36) | ABF asset | N/A | 9.32% | 11/2029 | 24622 | 25072 | 23942 |  |
| 47505820(36) | ABF asset | N/A | 11.48% | 11/2032 | 65515 | 66713 | 65138 |  |
| 47506131(36) | ABF asset | N/A | 12.55% | 11/2030 | 74312 | 75671 | 77492 |  |
| 47506397(36) | ABF asset | N/A | 15.82% | 11/2030 | 21837 | 22236 | 23553 |  |
| 47506514(36) | ABF asset | N/A | 15.04% | 11/2030 | 5953 | 6062 | 6002 |  |
| 47506529(36) | ABF asset | N/A | 14.79% | 11/2028 | 9800 | 9979 | 9934 |  |
| 47506546(36) | ABF asset | N/A | 13.48% | 11/2032 | 20836 | 21217 | 20879 |  |
| 47507011(36) | ABF asset | N/A | 11.19% | 11/2028 | 30350 | 30905 | 30140 |  |
| 47507113(36) | ABF asset | N/A | 10.66% | 11/2030 | 69123 | 70388 | 69559 |  |
| 47507256(36) | ABF asset | N/A | 11.79% | 11/2030 | 20805 | 21186 | 20354 |  |
| 47507412(36) | ABF asset | N/A | 10.47% | 11/2030 | 9897 | 10078 | 9269 |  |
| 47507611(36) | ABF asset | N/A | 8.74% | 11/2028 | 24440 | 24887 | 24276 |  |
| 47507680(36) | ABF asset | N/A | 8.36% | 11/2029 | 22639 | 23053 | 22341 |  |
| 47507788(36) | ABF asset | N/A | 14.57% | 11/2030 | 24835 | 25289 | 26225 |  |
| 47508650(36) | ABF asset | N/A | 9.43% | 11/2027 | 38564 | 39269 | 38065 |  |
| 47508957(36) | ABF asset | N/A | 9.69% | 11/2027 | 6750 | 6873 | 6573 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47509076(36) | ABF asset | N/A | 11.04% | 11/2030 | 98909 | 100718 | 100612 |  |
| 47509323(36) | ABF asset | N/A | 15.24% | 11/2030 | 51599 | 52543 | 53355 |  |
| 47509430(36) | ABF asset | N/A | 18.62% | 11/2032 | 10972 | 11172 | 11626 |  |
| 47509519(36) | ABF asset | N/A | 10.19% | 11/2028 | 17507 | 17828 | 16669 |  |
| 47509659(36) | ABF asset | N/A | 7.70% | 11/2027 | 14446 | 14710 | 13991 |  |
| 47510025(36) | ABF asset | N/A | 11.47% | 11/2032 | 6964 | 7091 | 6702 |  |
| 47510589(36) | ABF asset | N/A | 7.23% | 11/2027 | 53915 | 54901 | 51472 |  |
| 47510956(36) | ABF asset | N/A | 11.18% | 11/2027 | 79009 | 80454 | 79047 |  |
| 47510972(36) | ABF asset | N/A | 12.75% | 11/2032 | 32956 | 33559 | 31311 |  |
| 47511141(36) | ABF asset | N/A | 18.51% | 11/2027 | 4847 | 4936 | 4969 |  |
| 47511163(36) | ABF asset | N/A | 10.93% | 11/2028 | 82916 | 84433 | 84432 |  |
| 47511632(36) | ABF asset | N/A | 11.76% | 11/2032 | 24867 | 25322 | 25330 |  |
| 47511797(36) | ABF asset | N/A | 9.77% | 11/2027 | 4821 | 4910 | 4664 |  |
| 47511851(36) | ABF asset | N/A | 7.46% | 11/2029 | 39351 | 40071 | 38335 |  |
| 47512349(36) | ABF asset | N/A | 9.24% | 11/2030 | 29661 | 30204 | 29288 |  |
| 47512837(36) | ABF asset | N/A | 7.64% | 11/2031 | 31692 | 32271 | 30260 |  |
| 47512854(36) | ABF asset | N/A | 11.01% | 11/2030 | 14849 | 15121 | 14806 |  |
| 47513120(36) | ABF asset | N/A | 13.78% | 11/2030 | 40651 | 41395 | 41067 |  |
| 47513330(36) | ABF asset | N/A | 11.77% | 11/2030 | 79006 | 80451 | 79770 |  |
| 47514116(36) | ABF asset | N/A | 20.81% | 11/2032 | 34462 | 35093 | 37569 |  |
| 47514132(36) | ABF asset | N/A | 12.57% | 11/2032 | 29863 | 30409 | 30265 |  |
| 47514808(36) | ABF asset | N/A | 14.16% | 11/2030 | 46482 | 47333 | 46334 |  |
| 47514846(36) | ABF asset | N/A | 11.05% | 11/2030 | 37619 | 38308 | 38277 |  |
| 47515472(36) | ABF asset | N/A | 13.77% | 11/2031 | 22866 | 23284 | 24201 |  |
| 47515640(36) | ABF asset | N/A | 12.57% | 11/2030 | 24619 | 25070 | 25229 |  |
| 47515735(36) | ABF asset | N/A | 10.43% | 11/2028 | 14679 | 14947 | 14864 |  |
| 47516179(36) | ABF asset | N/A | 14.36% | 11/2031 | 47735 | 48608 | 51624 |  |
| 47516215(36) | ABF asset | N/A | 11.31% | 11/2032 | 21158 | 21545 | 21333 |  |
| 47516546(36) | ABF asset | N/A | 10.07% | 11/2030 | 26715 | 27203 | 26223 |  |
| 47516799(36) | ABF asset | N/A | 10.97% | 11/2029 | 29575 | 30116 | 28214 |  |
| 47516879(36) | ABF asset | N/A | 21.92% | 11/2030 | 39828 | 40557 | 44678 |  |
| 47517148(36) | ABF asset | N/A | 11.23% | 11/2030 | 34621 | 35255 | 33564 |  |
| 47517167(36) | ABF asset | N/A | 6.71% | 11/2029 | 26545 | 27030 | 25582 |  |
| 47517319(36) | ABF asset | N/A | 14.14% | 11/2032 | 32876 | 33477 | 34332 |  |
| 47517326(36) | ABF asset | N/A | 11.47% | 11/2030 | 29707 | 30250 | 28280 |  |
| 47517395(36) | ABF asset | N/A | 9.15% | 11/2028 | 17597 | 17919 | 17458 |  |
| 47517411(36) | ABF asset | N/A | 13.78% | 11/2032 | 8964 | 9128 | 9489 |  |
| 47517751(36) | ABF asset | N/A | 10.78% | 11/2030 | 28211 | 28727 | 27034 |  |
| 47517876(36) | ABF asset | N/A | 11.05% | 11/2030 | 26722 | 27210 | 25829 |  |
| 47517967(36) | ABF asset | N/A | 11.64% | 11/2030 | 49516 | 50421 | 49889 |  |
| 47518425(36) | ABF asset | N/A | 9.43% | 11/2027 | 28908 | 29437 | 28534 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47518468(36) | ABF asset | N/A | 8.99% | 11/2027 | 5783 | 5889 | 5748 |  |
| 47518505(36) | ABF asset | N/A | 19.12% | 11/2030 | 15909 | 16200 | 16130 |  |
| 47518540(36) | ABF asset | N/A | 8.41% | 11/2028 | 21488 | 21881 | 21264 |  |
| 47518683(36) | ABF asset | N/A | 13.67% | 11/2030 | 24786 | 25239 | 25819 |  |
| 47518693(36) | ABF asset | N/A | 20.71% | 12/2030 | 80000 | 81463 | 86115 |  |
| 47519374(36) | ABF asset | N/A | 13.50% | 11/2027 | 19330 | 19684 | 19403 |  |
| 47519898(36) | ABF asset | N/A | 6.71% | 11/2027 | 14432 | 14696 | 13943 |  |
| 47520393(36) | ABF asset | N/A | 18.53% | 11/2031 | 59555 | 60645 | 66864 |  |
| 47520513(36) | ABF asset | N/A | 7.81% | 11/2027 | 33702 | 34319 | 32847 |  |
| 47520648(36) | ABF asset | N/A | 8.74% | 11/2027 | 14455 | 14720 | 14338 |  |
| 47521250(36) | ABF asset | N/A | 14.92% | 11/2030 | 20860 | 21242 | 22163 |  |
| 47521437(36) | ABF asset | N/A | 20.44% | 11/2030 | 40727 | 41472 | 43351 |  |
| 47521572(36) | ABF asset | N/A | 11.28% | 11/2027 | 6962 | 7089 | 6945 |  |
| 47521614(36) | ABF asset | N/A | 7.70% | 11/2027 | 25997 | 26473 | 25178 |  |
| 47521719(36) | ABF asset | N/A | 14.88% | 11/2032 | 15946 | 16237 | 15772 |  |
| 47522019(36) | ABF asset | N/A | 10.18% | 11/2029 | 29561 | 30102 | 29938 |  |
| 47522406(36) | ABF asset | N/A | 17.70% | 11/2031 | 21885 | 22285 | 23895 |  |
| 47522493(36) | ABF asset | N/A | 18.09% | 11/2032 | 30913 | 31479 | 33502 |  |
| 47522642(36) | ABF asset | N/A | 13.44% | 11/2029 | 64170 | 65344 | 63342 |  |
| 47522817(36) | ABF asset | N/A | 16.39% | 11/2029 | 51421 | 52362 | 52838 |  |
| 47522844(36) | ABF asset | N/A | 18.24% | 11/2032 | 31000 | 31567 | 32692 |  |
| 47522962(36) | ABF asset | N/A | 6.96% | 11/2027 | 28873 | 29401 | 28234 |  |
| 47523476(36) | ABF asset | N/A | 12.20% | 11/2030 | 24766 | 25219 | 25678 |  |
| 47523874(36) | ABF asset | N/A | 12.69% | 11/2032 | 90795 | 92455 | 93699 |  |
| 47523965(36) | ABF asset | N/A | 11.80% | 11/2032 | 6961 | 7088 | 6494 |  |
| 47524008(36) | ABF asset | N/A | 9.68% | 11/2027 | 18217 | 18551 | 18017 |  |
| 47524242(36) | ABF asset | N/A | 14.35% | 11/2032 | 56671 | 57708 | 60574 |  |
| 47524416(36) | ABF asset | N/A | 14.65% | 11/2032 | 24852 | 25307 | 24524 |  |
| 47524773(36) | ABF asset | N/A | 11.06% | 11/2029 | 15774 | 16063 | 15569 |  |
| 47524798(36) | ABF asset | N/A | 9.34% | 11/2030 | 59311 | 60395 | 57513 |  |
| 47525001(36) | ABF asset | N/A | 8.56% | 11/2030 | 46452 | 47301 | 45350 |  |
| 47525008(36) | ABF asset | N/A | 23.21% | 11/2030 | 39804 | 40532 | 44316 |  |
| 47525944(36) | ABF asset | N/A | 9.24% | 11/2027 | 41290 | 42045 | 41110 |  |
| 47526086(36) | ABF asset | N/A | 13.03% | 11/2029 | 63101 | 64255 | 63968 |  |
| 47526136(36) | ABF asset | N/A | 16.74% | 11/2030 | 57660 | 58715 | 61159 |  |
| 47526395(36) | ABF asset | N/A | 20.16% | 11/2032 | 29958 | 30506 | 32784 |  |
| 47526702(36) | ABF asset | N/A | 12.50% | 11/2029 | 36508 | 37176 | 36747 |  |
| 47526887(36) | ABF asset | N/A | 21.17% | 11/2030 | 38257 | 38957 | 42429 |  |
| 47527060(36) | ABF asset | N/A | 18.00% | 11/2032 | 14965 | 15238 | 15681 |  |
| 47527473(36) | ABF asset | N/A | 9.29% | 11/2031 | 26786 | 27276 | 26070 |  |
| 47527596(36) | ABF asset | N/A | 12.59% | 11/2032 | 53735 | 54718 | 54479 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47527773(36) | ABF asset | N/A | 13.36% | 11/2030 | 20802 | 21182 | 21557 |  |
| 47527983(36) | ABF asset | N/A | 10.87% | 11/2032 | 30572 | 31132 | 29098 |  |
| 47528115(36) | ABF asset | N/A | 8.85% | 11/2027 | 38541 | 39246 | 37278 |  |
| 47528281(36) | ABF asset | N/A | 14.82% | 11/2030 | 31733 | 32314 | 33679 |  |
| 47528310(36) | ABF asset | N/A | 17.73% | 11/2030 | 45684 | 46519 | 46706 |  |
| 47528406(36) | ABF asset | N/A | 5.37% | 11/2027 | 6732 | 6855 | 6499 |  |
| 47528644(36) | ABF asset | N/A | 11.66% | 11/2032 | 28853 | 29381 | 29334 |  |
| 47528935(36) | ABF asset | N/A | 5.60% | 11/2027 | 8656 | 8814 | 8291 |  |
| 47529640(36) | ABF asset | N/A | 12.39% | 11/2031 | 39716 | 40442 | 40197 |  |
| 47529832(36) | ABF asset | N/A | 8.34% | 11/2031 | 14864 | 15136 | 14212 |  |
| 47530131(36) | ABF asset | N/A | 13.99% | 11/2031 | 31768 | 32349 | 33138 |  |
| 47530471(36) | ABF asset | N/A | 10.52% | 11/2032 | 8944 | 9107 | 8457 |  |
| 47530565(36) | ABF asset | N/A | 12.88% | 11/2031 | 18840 | 19184 | 19615 |  |
| 47530604(36) | ABF asset | N/A | 8.83% | 11/2028 | 37133 | 37812 | 36922 |  |
| 47530624(36) | ABF asset | N/A | 9.70% | 11/2030 | 41547 | 42307 | 39282 |  |
| 47530720(36) | ABF asset | N/A | 13.10% | 11/2029 | 4935 | 5025 | 4849 |  |
| 47530756(36) | ABF asset | N/A | 16.71% | 11/2032 | 25864 | 26337 | 28338 |  |
| 47531619(36) | ABF asset | N/A | 8.32% | 11/2029 | 25574 | 26042 | 23511 |  |
| 47531885(36) | ABF asset | N/A | 15.43% | 11/2032 | 45000 | 45823 | 48060 |  |
| 47531892(36) | ABF asset | N/A | 6.96% | 11/2027 | 81806 | 83303 | 79995 |  |
| 47532036(36) | ABF asset | N/A | 8.25% | 11/2028 | 34136 | 34760 | 33163 |  |
| 47532047(36) | ABF asset | N/A | 6.85% | 11/2027 | 6739 | 6862 | 6518 |  |
| 47532166(36) | ABF asset | N/A | 6.96% | 11/2027 | 33691 | 34308 | 32946 |  |
| 47532181(36) | ABF asset | N/A | 11.27% | 11/2030 | 34643 | 35277 | 34691 |  |
| 47533258(36) | ABF asset | N/A | 12.49% | 11/2032 | 60698 | 61808 | 62696 |  |
| 47533397(36) | ABF asset | N/A | 7.54% | 11/2030 | 21735 | 22133 | 20447 |  |
| 47533608(36) | ABF asset | N/A | 14.63% | 11/2030 | 14873 | 15146 | 14897 |  |
| 47533654(36) | ABF asset | N/A | 14.52% | 11/2030 | 39676 | 40402 | 39670 |  |
| 47533908(36) | ABF asset | N/A | 12.07% | 11/2030 | 50502 | 51426 | 51245 |  |
| 47534333(36) | ABF asset | N/A | 9.45% | 11/2030 | 59329 | 60414 | 58788 |  |
| 47534574(36) | ABF asset | N/A | 9.67% | 11/2029 | 35353 | 36000 | 35546 |  |
| 47534994(36) | ABF asset | N/A | 10.80% | 11/2030 | 33655 | 34270 | 32399 |  |
| 47535349(36) | ABF asset | N/A | 17.36% | 11/2032 | 47873 | 48749 | 51352 |  |
| 47535380(36) | ABF asset | N/A | 10.09% | 11/2031 | 36710 | 37382 | 36284 |  |
| 47535436(36) | ABF asset | N/A | 11.03% | 11/2027 | 7718 | 7859 | 7714 |  |
| 47535609(36) | ABF asset | N/A | 16.78% | 11/2032 | 17956 | 18284 | 18399 |  |
| 47535725(36) | ABF asset | N/A | 16.74% | 11/2032 | 27877 | 28387 | 29502 |  |
| 47535836(36) | ABF asset | N/A | 8.17% | 11/2027 | 4817 | 4905 | 4682 |  |
| 47535854(36) | ABF asset | N/A | 9.15% | 11/2030 | 18789 | 19133 | 18525 |  |
| 47536517(36) | ABF asset | N/A | 12.28% | 11/2029 | 65092 | 66283 | 65323 |  |
| 47536728(36) | ABF asset | N/A | 14.46% | 11/2031 | 59664 | 60755 | 62693 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47537185(36) | ABF asset | N/A | 9.91% | 11/2029 | 59097 | 60178 | 55550 |  |
| 47537376(36) | ABF asset | N/A | 8.42% | 11/2027 | 12525 | 12754 | 11990 |  |
| 47537575(36) | ABF asset | N/A | 9.32% | 12/2030 | 67417 | 68650 | 65144 |  |
| 47537630(36) | ABF asset | N/A | 21.27% | 11/2030 | 9954 | 10136 | 10415 |  |
| 47538255(36) | ABF asset | N/A | 12.27% | 11/2032 | 15924 | 16215 | 15552 |  |
| 47538312(36) | ABF asset | N/A | 14.57% | 11/2031 | 24017 | 24457 | 25795 |  |
| 47538590(36) | ABF asset | N/A | 10.72% | 11/2029 | 20681 | 21060 | 19661 |  |
| 47538592(36) | ABF asset | N/A | 11.78% | 11/2029 | 31551 | 32128 | 32684 |  |
| 47538750(36) | ABF asset | N/A | 13.96% | 11/2032 | 42234 | 43006 | 44597 |  |
| 47539162(36) | ABF asset | N/A | 9.20% | 11/2029 | 11812 | 12028 | 11466 |  |
| 47539636(36) | ABF asset | N/A | 5.55% | 11/2027 | 5771 | 5876 | 5494 |  |
| 47539871(36) | ABF asset | N/A | 13.53% | 11/2032 | 49778 | 50688 | 47998 |  |
| 47540038(36) | ABF asset | N/A | 16.21% | 11/2029 | 46472 | 47322 | 44981 |  |
| 47540127(36) | ABF asset | N/A | 11.02% | 11/2030 | 47518 | 48388 | 47388 |  |
| 47540693(36) | ABF asset | N/A | 5.36% | 11/2027 | 5770 | 5875 | 5516 |  |
| 47540885(36) | ABF asset | N/A | 14.12% | 11/2030 | 48537 | 49425 | 49301 |  |
| 47541213(36) | ABF asset | N/A | 8.49% | 11/2027 | 13483 | 13730 | 13348 |  |
| 47541393(36) | ABF asset | N/A | 8.49% | 11/2027 | 17336 | 17653 | 17161 |  |
| 47541447(36) | ABF asset | N/A | 11.52% | 11/2030 | 34648 | 35282 | 34840 |  |
| 47541581(36) | ABF asset | N/A | 17.74% | 11/2030 | 11918 | 12135 | 12818 |  |
| 47541590(36) | ABF asset | N/A | 9.29% | 11/2028 | 39117 | 39832 | 38869 |  |
| 47541620(36) | ABF asset | N/A | 11.39% | 11/2030 | 11878 | 12096 | 11919 |  |
| 47541725(36) | ABF asset | N/A | 13.84% | 11/2027 | 12567 | 12797 | 12544 |  |
| 47541809(36) | ABF asset | N/A | 14.82% | 11/2031 | 23864 | 24300 | 25747 |  |
| 47542429(36) | ABF asset | N/A | 14.92% | 11/2030 | 41618 | 42380 | 44242 |  |
| 47542632(36) | ABF asset | N/A | 14.52% | 11/2032 | 29479 | 30018 | 30742 |  |
| 47542654(36) | ABF asset | N/A | 14.42% | 11/2031 | 19882 | 20246 | 21296 |  |
| 47543028(36) | ABF asset | N/A | 16.24% | 11/2029 | 9883 | 10064 | 9570 |  |
| 47543146(36) | ABF asset | N/A | 11.53% | 11/2029 | 69951 | 71230 | 72208 |  |
| 47543188(36) | ABF asset | N/A | 20.96% | 11/2030 | 33819 | 34438 | 36278 |  |
| 47543202(36) | ABF asset | N/A | 13.05% | 11/2030 | 84154 | 85693 | 88473 |  |
| 47543453(36) | ABF asset | N/A | 16.35% | 11/2032 | 16932 | 17242 | 18805 |  |
| 47543564(36) | ABF asset | N/A | 16.08% | 11/2032 | 69744 | 71019 | 75540 |  |
| 47543635(36) | ABF asset | N/A | 12.67% | 11/2029 | 26634 | 27122 | 26014 |  |
| 47543745(36) | ABF asset | N/A | 15.32% | 11/2030 | 37693 | 38382 | 40329 |  |
| 47543965(36) | ABF asset | N/A | 12.25% | 11/2031 | 34756 | 35392 | 35768 |  |
| 47544129(36) | ABF asset | N/A | 7.55% | 11/2027 | 13473 | 13720 | 13238 |  |
| 47544161(36) | ABF asset | N/A | 14.05% | 11/2029 | 88848 | 90473 | 92206 |  |
| 47544257(36) | ABF asset | N/A | 13.05% | 11/2030 | 14851 | 15122 | 15613 |  |
| 47544401(36) | ABF asset | N/A | 12.80% | 11/2030 | 7919 | 8064 | 8292 |  |
| 47544511(36) | ABF asset | N/A | 8.53% | 11/2029 | 29525 | 30065 | 29208 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47544830(36) | ABF asset | N/A | 13.20% | 11/2030 | 22797 | 23214 | 24026 |  |
| 47544857(36) | ABF asset | N/A | 12.68% | 11/2030 | 19811 | 20173 | 19663 |  |
| 47544958(36) | ABF asset | N/A | 13.19% | 11/2031 | 45717 | 46554 | 46950 |  |
| 47545116(36) | ABF asset | N/A | 12.86% | 11/2030 | 85196 | 86754 | 89292 |  |
| 47545275(36) | ABF asset | N/A | 8.99% | 11/2030 | 15721 | 16009 | 15460 |  |
| 47545610(36) | ABF asset | N/A | 8.99% | 11/2027 | 14437 | 14701 | 14356 |  |
| 47545637(36) | ABF asset | N/A | 9.66% | 11/2029 | 40388 | 41126 | 40602 |  |
| 47546095(36) | ABF asset | N/A | 10.89% | 11/2030 | 69272 | 70539 | 68933 |  |
| 47546196(36) | ABF asset | N/A | 15.72% | 11/2032 | 34881 | 35519 | 36256 |  |
| 47546310(36) | ABF asset | N/A | 15.08% | 11/2028 | 48064 | 48943 | 49871 |  |
| 47546388(36) | ABF asset | N/A | 8.91% | 11/2030 | 74157 | 75514 | 72823 |  |
| 47546447(36) | ABF asset | N/A | 14.97% | 11/2030 | 59185 | 60268 | 61231 |  |
| 47546501(36) | ABF asset | N/A | 7.16% | 11/2027 | 16366 | 16666 | 15870 |  |
| 47546548(36) | ABF asset | N/A | 12.76% | 11/2031 | 33783 | 34401 | 35487 |  |
| 47546591(36) | ABF asset | N/A | 6.09% | 11/2027 | 38464 | 39168 | 37349 |  |
| 47546632(36) | ABF asset | N/A | 16.76% | 11/2031 | 26884 | 27376 | 30353 |  |
| 47546714(36) | ABF asset | N/A | 8.20% | 11/2027 | 24084 | 24524 | 23786 |  |
| 47546790(36) | ABF asset | N/A | 10.58% | 11/2032 | 10776 | 10973 | 10479 |  |
| 47546888(36) | ABF asset | N/A | 5.47% | 11/2028 | 22611 | 23025 | 21631 |  |
| 47547088(36) | ABF asset | N/A | 17.61% | 11/2032 | 15952 | 16243 | 17161 |  |
| 47547145(36) | ABF asset | N/A | 8.58% | 11/2027 | 4817 | 4905 | 4650 |  |
| 47547182(36) | ABF asset | N/A | 10.50% | 11/2030 | 41566 | 42327 | 41911 |  |
| 47547784(36) | ABF asset | N/A | 16.81% | 11/2029 | 39564 | 40287 | 40138 |  |
| 47547959(36) | ABF asset | N/A | 12.83% | 11/2028 | 15680 | 15967 | 15864 |  |
| 47548167(36) | ABF asset | N/A | 6.68% | 11/2027 | 30781 | 31344 | 29734 |  |
| 47548171(36) | ABF asset | N/A | 8.38% | 11/2027 | 14452 | 14716 | 13926 |  |
| 47548291(36) | ABF asset | N/A | 13.65% | 11/2028 | 44121 | 44928 | 44163 |  |
| 47548517(36) | ABF asset | N/A | 10.67% | 11/2031 | 34727 | 35362 | 35099 |  |
| 47548524(36) | ABF asset | N/A | 14.70% | 11/2032 | 29895 | 30442 | 32197 |  |
| 47548769(36) | ABF asset | N/A | 9.53% | 11/2027 | 12534 | 12763 | 12382 |  |
| 47548824(36) | ABF asset | N/A | 8.14% | 11/2030 | 56297 | 57326 | 53500 |  |
| 47548831(36) | ABF asset | N/A | 22.81% | 11/2032 | 61982 | 63116 | 71095 |  |
| 47548845(36) | ABF asset | N/A | 17.67% | 11/2030 | 9936 | 10117 | 9860 |  |
| 47549042(36) | ABF asset | N/A | 15.34% | 11/2030 | 34717 | 35352 | 35956 |  |
| 47549112(36) | ABF asset | N/A | 12.16% | 11/2030 | 59436 | 60523 | 58498 |  |
| 47549136(36) | ABF asset | N/A | 9.48% | 11/2028 | 27364 | 27864 | 26649 |  |
| 47549403(36) | ABF asset | N/A | 12.84% | 11/2030 | 47567 | 48437 | 45136 |  |
| 47549614(36) | ABF asset | N/A | 15.73% | 11/2030 | 11846 | 12063 | 11972 |  |
| 47549678(36) | ABF asset | N/A | 12.97% | 11/2027 | 19310 | 19663 | 18959 |  |
| 47549735(36) | ABF asset | N/A | 15.00% | 11/2027 | 62854 | 64004 | 63843 |  |
| 47549766(36) | ABF asset | N/A | 17.67% | 11/2030 | 24515 | 24964 | 25744 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47549909(36) | ABF asset | N/A | 9.27% | 11/2030 | 4945 | 5035 | 4789 |  |
| 47550101(36) | ABF asset | N/A | 12.93% | 11/2032 | 26881 | 27373 | 27432 |  |
| 47550108(36) | ABF asset | N/A | 8.16% | 11/2027 | 6573 | 6693 | 6439 |  |
| 47550214(36) | ABF asset | N/A | 14.52% | 11/2032 | 57724 | 58780 | 60711 |  |
| 47550231(36) | ABF asset | N/A | 10.68% | 11/2029 | 61093 | 62211 | 62312 |  |
| 47550289(36) | ABF asset | N/A | 10.40% | 11/2029 | 68829 | 70088 | 67630 |  |
| 47550391(36) | ABF asset | N/A | 13.92% | 11/2030 | 34705 | 35340 | 36299 |  |
| 47550541(36) | ABF asset | N/A | 8.53% | 11/2029 | 19683 | 20044 | 19472 |  |
| 47550558(36) | ABF asset | N/A | 9.92% | 11/2031 | 8921 | 9085 | 8892 |  |
| 47550568(36) | ABF asset | N/A | 9.00% | 11/2030 | 11800 | 12016 | 11634 |  |
| 47550605(36) | ABF asset | N/A | 14.59% | 11/2029 | 49374 | 50277 | 48688 |  |
| 47550680(36) | ABF asset | N/A | 16.34% | 11/2032 | 28481 | 29002 | 28786 |  |
| 47550772(36) | ABF asset | N/A | 11.77% | 11/2030 | 25750 | 26221 | 26000 |  |
| 47550897(36) | ABF asset | N/A | 10.50% | 11/2029 | 17735 | 18059 | 17530 |  |
| 47551052(36) | ABF asset | N/A | 8.01% | 11/2029 | 10823 | 11021 | 10333 |  |
| 47551305(36) | ABF asset | N/A | 11.36% | 11/2031 | 4964 | 5055 | 5082 |  |
| 47551332(36) | ABF asset | N/A | 9.42% | 11/2029 | 28859 | 29387 | 28830 |  |
| 47551781(36) | ABF asset | N/A | 11.48% | 11/2032 | 55677 | 56695 | 55253 |  |
| 47552013(36) | ABF asset | N/A | 9.72% | 11/2030 | 37581 | 38268 | 34769 |  |
| 47552410(36) | ABF asset | N/A | 15.48% | 11/2030 | 35712 | 36365 | 36255 |  |
| 47552600(36) | ABF asset | N/A | 13.42% | 11/2030 | 23783 | 24218 | 24673 |  |
| 47552877(36) | ABF asset | N/A | 13.32% | 11/2030 | 19502 | 19859 | 20038 |  |
| 47553069(36) | ABF asset | N/A | 8.37% | 11/2030 | 29647 | 30189 | 28852 |  |
| 47553157(36) | ABF asset | N/A | 12.90% | 11/2029 | 83131 | 84651 | 85435 |  |
| 47553245(36) | ABF asset | N/A | 10.76% | 11/2030 | 15833 | 16122 | 15721 |  |
| 47553309(36) | ABF asset | N/A | 16.24% | 11/2029 | 15814 | 16103 | 15312 |  |
| 47553340(36) | ABF asset | N/A | 13.05% | 11/2030 | 24769 | 25222 | 26040 |  |
| 47553504(36) | ABF asset | N/A | 9.45% | 11/2030 | 12855 | 13090 | 12104 |  |
| 47553573(36) | ABF asset | N/A | 13.83% | 11/2032 | 49785 | 50696 | 50020 |  |
| 47553861(36) | ABF asset | N/A | 9.83% | 11/2027 | 19281 | 19634 | 18797 |  |
| 47553881(36) | ABF asset | N/A | 12.77% | 11/2030 | 14849 | 15120 | 14759 |  |
| 47554248(36) | ABF asset | N/A | 14.18% | 11/2027 | 18364 | 18700 | 18807 |  |
| 47555009(36) | ABF asset | N/A | 14.70% | 11/2030 | 36689 | 37360 | 39615 |  |
| 47555162(36) | ABF asset | N/A | 14.53% | 11/2029 | 69122 | 70386 | 71508 |  |
| 47555331(36) | ABF asset | N/A | 15.92% | 11/2030 | 18852 | 19197 | 19272 |  |
| 47555340(36) | ABF asset | N/A | 9.22% | 11/2029 | 16738 | 17044 | 16253 |  |
| 47555580(36) | ABF asset | N/A | 9.10% | 11/2032 | 19076 | 19425 | 18459 |  |
| 47555854(36) | ABF asset | N/A | 14.79% | 11/2030 | 49563 | 50469 | 49768 |  |
| 47556083(36) | ABF asset | N/A | 12.57% | 11/2030 | 18820 | 19164 | 19254 |  |
| 47556316(36) | ABF asset | N/A | 7.07% | 11/2030 | 38516 | 39221 | 36673 |  |
| 47556516(36) | ABF asset | N/A | 10.85% | 11/2029 | 44346 | 45157 | 44048 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47556569(36) | ABF asset | N/A | 19.24% | 11/2030 | 7450 | 7586 | 8202 |  |
| 47557082(36) | ABF asset | N/A | 13.33% | 11/2030 | 21800 | 22198 | 21386 |  |
| 47557161(36) | ABF asset | N/A | 8.45% | 11/2027 | 33715 | 34332 | 33365 |  |
| 47557382(36) | ABF asset | N/A | 12.10% | 11/2029 | 9861 | 10042 | 9556 |  |
| 47557458(36) | ABF asset | N/A | 8.37% | 11/2027 | 22592 | 23005 | 22342 |  |
| 47558143(36) | ABF asset | N/A | 10.18% | 11/2028 | 73363 | 74705 | 73617 |  |
| 47558186(36) | ABF asset | N/A | 17.61% | 11/2032 | 69757 | 71033 | 75156 |  |
| 47558341(36) | ABF asset | N/A | 16.31% | 11/2032 | 26916 | 27408 | 29278 |  |
| 47558495(36) | ABF asset | N/A | 9.34% | 11/2030 | 21423 | 21815 | 20795 |  |
| 47558761(36) | ABF asset | N/A | 10.68% | 11/2029 | 28576 | 29098 | 29146 |  |
| 47558787(36) | ABF asset | N/A | 8.71% | 11/2027 | 41418 | 42175 | 40653 |  |
| 47559004(36) | ABF asset | N/A | 8.11% | 11/2028 | 39082 | 39797 | 38329 |  |
| 47559200(36) | ABF asset | N/A | 13.92% | 11/2030 | 15859 | 16149 | 16588 |  |
| 47559329(36) | ABF asset | N/A | 11.16% | 11/2027 | 14472 | 14737 | 14152 |  |
| 47559357(36) | ABF asset | N/A | 9.62% | 11/2027 | 30144 | 30695 | 29388 |  |
| 47559372(36) | ABF asset | N/A | 8.49% | 11/2027 | 6743 | 6867 | 6675 |  |
| 47559460(36) | ABF asset | N/A | 17.58% | 12/2028 | 5000 | 5091 | 5272 |  |
| 47559629(36) | ABF asset | N/A | 10.91% | 11/2030 | 80631 | 82106 | 79943 |  |
| 47559734(36) | ABF asset | N/A | 6.71% | 11/2027 | 23988 | 24427 | 23475 |  |
| 47559851(36) | ABF asset | N/A | 6.76% | 11/2028 | 60526 | 61633 | 58773 |  |
| 47559945(36) | ABF asset | N/A | 12.29% | 11/2030 | 35653 | 36305 | 33543 |  |
| 47559985(36) | ABF asset | N/A | 10.84% | 11/2027 | 7717 | 7858 | 7784 |  |
| 47560287(36) | ABF asset | N/A | 10.87% | 11/2032 | 21873 | 22273 | 20818 |  |
| 47560636(36) | ABF asset | N/A | 8.99% | 11/2028 | 4888 | 4977 | 4733 |  |
| 47560770(36) | ABF asset | N/A | 6.21% | 11/2027 | 11544 | 11755 | 11220 |  |
| 47560938(36) | ABF asset | N/A | 13.57% | 11/2030 | 24555 | 25005 | 25529 |  |
| 47561188(36) | ABF asset | N/A | 10.01% | 11/2027 | 42424 | 43200 | 41846 |  |
| 47561229(36) | ABF asset | N/A | 6.72% | 11/2027 | 19667 | 20026 | 19215 |  |
| 47561460(36) | ABF asset | N/A | 6.31% | 11/2028 | 97597 | 99382 | 94280 |  |
| 47561501(36) | ABF asset | N/A | 16.82% | 11/2030 | 24817 | 25271 | 24318 |  |
| 47561609(36) | ABF asset | N/A | 9.08% | 11/2029 | 70883 | 72179 | 70674 |  |
| 47561739(36) | ABF asset | N/A | 8.09% | 11/2028 | 27538 | 28041 | 26423 |  |
| 47561906(36) | ABF asset | N/A | 16.36% | 11/2028 | 43470 | 44265 | 44409 |  |
| 47562003(36) | ABF asset | N/A | 14.90% | 11/2031 | 68851 | 70110 | 74224 |  |
| 47562080(36) | ABF asset | N/A | 8.74% | 11/2027 | 24086 | 24527 | 23892 |  |
| 47562246(36) | ABF asset | N/A | 7.20% | 11/2027 | 19248 | 19600 | 18567 |  |
| 47562509(36) | ABF asset | N/A | 6.46% | 11/2027 | 14430 | 14693 | 14053 |  |
| 47562634(36) | ABF asset | N/A | 10.26% | 11/2029 | 67101 | 68328 | 66064 |  |
| 47563187(36) | ABF asset | N/A | 14.14% | 11/2032 | 51784 | 52731 | 54078 |  |
| 47563263(36) | ABF asset | N/A | 11.70% | 11/2030 | 44552 | 45366 | 45817 |  |
| 47563764(36) | ABF asset | N/A | 15.09% | 11/2030 | 35455 | 36103 | 36567 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47563897(36) | ABF asset | N/A | 8.47% | 11/2028 | 36157 | 36818 | 35602 |  |
| 47564059(36) | ABF asset | N/A | 5.12% | 11/2028 | 32184 | 32773 | 30666 |  |
| 47564085(36) | ABF asset | N/A | 11.91% | 11/2030 | 35645 | 36297 | 36784 |  |
| 47564374(36) | ABF asset | N/A | 8.85% | 11/2027 | 18403 | 18739 | 17761 |  |
| 47564472(36) | ABF asset | N/A | 5.79% | 11/2028 | 9757 | 9935 | 9369 |  |
| 47564521(36) | ABF asset | N/A | 10.29% | 11/2030 | 14839 | 15111 | 14620 |  |
| 47564803(36) | ABF asset | N/A | 15.59% | 11/2030 | 79569 | 81025 | 82738 |  |
| 47565115(36) | ABF asset | N/A | 7.96% | 11/2029 | 15742 | 16030 | 15446 |  |
| 47565420(36) | ABF asset | N/A | 13.32% | 11/2030 | 87645 | 89248 | 90152 |  |
| 47566200(36) | ABF asset | N/A | 10.72% | 11/2029 | 9854 | 10034 | 9368 |  |
| 47566545(36) | ABF asset | N/A | 13.35% | 11/2030 | 12877 | 13113 | 12637 |  |
| 47566615(36) | ABF asset | N/A | 11.19% | 11/2027 | 24175 | 24617 | 24028 |  |
| 47566699(36) | ABF asset | N/A | 9.97% | 11/2029 | 11817 | 12033 | 11117 |  |
| 47566892(36) | ABF asset | N/A | 8.68% | 11/2027 | 82854 | 84369 | 82145 |  |
| 47566931(36) | ABF asset | N/A | 18.79% | 11/2029 | 40576 | 41318 | 43059 |  |
| 47567025(36) | ABF asset | N/A | 11.02% | 11/2030 | 74181 | 75538 | 73977 |  |
| 47567212(36) | ABF asset | N/A | 17.50% | 11/2030 | 18867 | 19212 | 19220 |  |
| 47567408(36) | ABF asset | N/A | 8.61% | 11/2027 | 14451 | 14715 | 13950 |  |
| 47567437(36) | ABF asset | N/A | 6.96% | 11/2027 | 14434 | 14698 | 14111 |  |
| 47567461(36) | ABF asset | N/A | 11.27% | 11/2030 | 68297 | 69546 | 68391 |  |
| 47567688(36) | ABF asset | N/A | 9.54% | 11/2031 | 29740 | 30284 | 29099 |  |
| 47567763(36) | ABF asset | N/A | 11.03% | 11/2028 | 44040 | 44845 | 43655 |  |
| 47567766(36) | ABF asset | N/A | 14.08% | 11/2032 | 14937 | 15211 | 15581 |  |
| 47567986(36) | ABF asset | N/A | 10.93% | 11/2032 | 22861 | 23279 | 22446 |  |
| 47568108(36) | ABF asset | N/A | 11.18% | 11/2028 | 29362 | 29899 | 29789 |  |
| 47568261(36) | ABF asset | N/A | 15.08% | 11/2030 | 15869 | 16159 | 16367 |  |
| 47568566(36) | ABF asset | N/A | 13.95% | 11/2030 | 29736 | 30280 | 31722 |  |
| 47568580(36) | ABF asset | N/A | 12.66% | 12/2031 | 30000 | 30549 | 31247 |  |
| 47568590(36) | ABF asset | N/A | 11.03% | 11/2030 | 69277 | 70545 | 66943 |  |
| 47568699(36) | ABF asset | N/A | 13.05% | 11/2030 | 98823 | 100631 | 103886 |  |
| 47568780(36) | ABF asset | N/A | 21.31% | 11/2032 | 24977 | 25434 | 27901 |  |
| 47568868(36) | ABF asset | N/A | 15.32% | 11/2031 | 19819 | 20182 | 21572 |  |
| 47568904(36) | ABF asset | N/A | 9.24% | 11/2028 | 19553 | 19911 | 18990 |  |
| 47569091(36) | ABF asset | N/A | 7.57% | 11/2030 | 21731 | 22129 | 20866 |  |
| 47569115(36) | ABF asset | N/A | 7.79% | 11/2029 | 58974 | 60053 | 57726 |  |
| 47569124(36) | ABF asset | N/A | 12.57% | 11/2030 | 24762 | 25215 | 25334 |  |
| 47569201(36) | ABF asset | N/A | 10.86% | 11/2027 | 60774 | 61885 | 60661 |  |
| 47569215(36) | ABF asset | N/A | 24.21% | 11/2030 | 28889 | 29417 | 32633 |  |
| 47569247(36) | ABF asset | N/A | 5.86% | 11/2027 | 48089 | 48969 | 46154 |  |
| 47569316(36) | ABF asset | N/A | 17.85% | 11/2028 | 17674 | 17998 | 18530 |  |
| 47569422(36) | ABF asset | N/A | 9.45% | 11/2029 | 23633 | 24065 | 23022 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47569704(36) | ABF asset | N/A | 12.25% | 11/2032 | 19892 | 20256 | 18719 |  |
| 47569790(36) | ABF asset | N/A | 12.63% | 11/2030 | 11886 | 12104 | 11530 |  |
| 47569849(36) | ABF asset | N/A | 14.40% | 11/2032 | 19912 | 20276 | 19518 |  |
| 47569950(36) | ABF asset | N/A | 8.49% | 11/2027 | 19262 | 19614 | 19068 |  |
| 47570134(36) | ABF asset | N/A | 18.04% | 12/2029 | 30000 | 30549 | 31120 |  |
| 47570349(36) | ABF asset | N/A | 12.72% | 11/2030 | 11887 | 12104 | 11547 |  |
| 47570451(36) | ABF asset | N/A | 6.34% | 11/2027 | 9621 | 9797 | 9269 |  |
| 47570595(36) | ABF asset | N/A | 15.98% | 11/2032 | 84721 | 86271 | 91707 |  |
| 47570724(36) | ABF asset | N/A | 9.08% | 11/2029 | 54133 | 55123 | 53974 |  |
| 47570801(36) | ABF asset | N/A | 11.68% | 11/2027 | 6756 | 6879 | 6786 |  |
| 47570875(36) | ABF asset | N/A | 10.97% | 11/2029 | 20696 | 21075 | 19744 |  |
| 47571007(36) | ABF asset | N/A | 13.45% | 11/2030 | 19819 | 20182 | 20972 |  |
| 47571126(36) | ABF asset | N/A | 14.50% | 11/2027 | 4832 | 4920 | 4890 |  |
| 47571314(36) | ABF asset | N/A | 9.12% | 11/2029 | 13783 | 14035 | 12813 |  |
| 47571495(36) | ABF asset | N/A | 11.20% | 11/2029 | 74910 | 76280 | 76968 |  |
| 47571583(36) | ABF asset | N/A | 14.67% | 11/2030 | 13882 | 14136 | 14698 |  |
| 47572095(36) | ABF asset | N/A | 5.69% | 11/2027 | 19247 | 19599 | 18444 |  |
| 47572140(36) | ABF asset | N/A | 14.25% | 11/2027 | 28997 | 29527 | 29279 |  |
| 47572304(36) | ABF asset | N/A | 15.73% | 11/2032 | 84640 | 86188 | 91190 |  |
| 47572433(36) | ABF asset | N/A | 20.21% | 11/2030 | 59659 | 60751 | 63293 |  |
| 47572585(36) | ABF asset | N/A | 9.53% | 11/2027 | 13495 | 13741 | 13331 |  |
| 47572595(36) | ABF asset | N/A | 24.21% | 11/2030 | 27316 | 27816 | 30856 |  |
| 47572723(36) | ABF asset | N/A | 19.88% | 11/2029 | 27417 | 27918 | 27646 |  |
| 47572748(36) | ABF asset | N/A | 21.31% | 11/2032 | 12918 | 13154 | 14367 |  |
| 47573049(36) | ABF asset | N/A | 14.32% | 11/2030 | 19828 | 20191 | 18712 |  |
| 47573238(36) | ABF asset | N/A | 13.85% | 11/2032 | 9953 | 10135 | 10550 |  |
| 47573272(36) | ABF asset | N/A | 17.28% | 11/2032 | 38895 | 39607 | 40224 |  |
| 47573329(36) | ABF asset | N/A | 9.91% | 11/2029 | 10834 | 11033 | 10527 |  |
| 47573357(36) | ABF asset | N/A | 7.95% | 11/2027 | 14442 | 14706 | 14235 |  |
| 47573443(36) | ABF asset | N/A | 12.51% | 11/2031 | 49641 | 50549 | 51907 |  |
| 47573783(36) | ABF asset | N/A | 13.54% | 11/2027 | 4831 | 4919 | 4899 |  |
| 47573838(36) | ABF asset | N/A | 10.43% | 11/2028 | 35200 | 35843 | 35642 |  |
| 47573845(36) | ABF asset | N/A | 11.19% | 11/2031 | 45636 | 46471 | 46047 |  |
| 47573860(36) | ABF asset | N/A | 7.22% | 11/2028 | 28318 | 28836 | 27499 |  |
| 47574536(36) | ABF asset | N/A | 10.00% | 11/2030 | 64293 | 65469 | 64291 |  |
| 47574736(36) | ABF asset | N/A | 16.08% | 11/2032 | 39871 | 40600 | 43184 |  |
| 47574762(36) | ABF asset | N/A | 13.66% | 11/2032 | 36838 | 37512 | 38120 |  |
| 47574845(36) | ABF asset | N/A | 15.88% | 11/2030 | 69000 | 70262 | 38483 |  |
| 47575480(36) | ABF asset | N/A | 10.57% | 11/2030 | 34620 | 35253 | 32479 |  |
| 47575687(36) | ABF asset | N/A | 11.24% | 11/2028 | 14677 | 14946 | 14722 |  |
| 47575833(36) | ABF asset | N/A | 23.27% | 11/2030 | 69658 | 70932 | 75064 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47576150(36) | ABF asset | N/A | 8.49% | 11/2028 | 68405 | 69657 | 66517 |  |
| 47576310(36) | ABF asset | N/A | 10.48% | 11/2030 | 31651 | 32230 | 30311 |  |
| 47576391(36) | ABF asset | N/A | 12.45% | 11/2030 | 34677 | 35311 | 36107 |  |
| 47576528(36) | ABF asset | N/A | 8.75% | 11/2030 | 25693 | 26163 | 25164 |  |
| 47576746(36) | ABF asset | N/A | 7.46% | 11/2029 | 24584 | 25034 | 23950 |  |
| 47576989(36) | ABF asset | N/A | 11.52% | 11/2030 | 82165 | 83668 | 80032 |  |
| 47576996(36) | ABF asset | N/A | 15.49% | 11/2030 | 19832 | 20195 | 20588 |  |
| 47577124(36) | ABF asset | N/A | 9.47% | 11/2030 | 22737 | 23153 | 22537 |  |
| 47577546(36) | ABF asset | N/A | 10.44% | 11/2030 | 24734 | 25186 | 24914 |  |
| 47577896(36) | ABF asset | N/A | 13.53% | 11/2030 | 48541 | 49429 | 48842 |  |
| 47577928(36) | ABF asset | N/A | 7.55% | 11/2027 | 64505 | 65685 | 63377 |  |
| 47578307(36) | ABF asset | N/A | 6.21% | 11/2027 | 14430 | 14694 | 14026 |  |
| 47579138(36) | ABF asset | N/A | 13.83% | 11/2032 | 34704 | 35339 | 36022 |  |
| 47579509(36) | ABF asset | N/A | 10.53% | 11/2027 | 15432 | 15714 | 15363 |  |
| 47579524(36) | ABF asset | N/A | 6.96% | 11/2027 | 21169 | 21557 | 20701 |  |
| 47579776(36) | ABF asset | N/A | 10.08% | 11/2028 | 48906 | 49801 | 49325 |  |
| 47579943(36) | ABF asset | N/A | 12.41% | 11/2030 | 54473 | 55469 | 55584 |  |
| 47580255(36) | ABF asset | N/A | 11.35% | 11/2031 | 49628 | 50536 | 50796 |  |
| 47580302(36) | ABF asset | N/A | 12.24% | 11/2032 | 51644 | 52588 | 53088 |  |
| 47580308(36) | ABF asset | N/A | 14.17% | 11/2030 | 49420 | 50324 | 52019 |  |
| 47580409(36) | ABF asset | N/A | 7.26% | 11/2029 | 19669 | 20029 | 19107 |  |
| 47580565(36) | ABF asset | N/A | 11.68% | 11/2029 | 70000 | 71281 | 72411 |  |
| 47580620(36) | ABF asset | N/A | 14.45% | 11/2030 | 32719 | 33317 | 35186 |  |
| 47580691(36) | ABF asset | N/A | 13.45% | 11/2030 | 9906 | 10087 | 10482 |  |
| 47580833(36) | ABF asset | N/A | 14.68% | 11/2029 | 39525 | 40248 | 40972 |  |
| 47580930(36) | ABF asset | N/A | 17.92% | 11/2030 | 49637 | 50545 | 52360 |  |
| 47581194(36) | ABF asset | N/A | 10.80% | 11/2030 | 35624 | 36276 | 34294 |  |
| 47581212(36) | ABF asset | N/A | 9.55% | 11/2030 | 39555 | 40279 | 39260 |  |
| 47581269(36) | ABF asset | N/A | 9.31% | 11/2027 | 6743 | 6866 | 6649 |  |
| 47581275(36) | ABF asset | N/A | 13.76% | 11/2029 | 42443 | 43219 | 39831 |  |
| 47581424(36) | ABF asset | N/A | 20.26% | 11/2027 | 24220 | 24663 | 25167 |  |
| 47581493(36) | ABF asset | N/A | 9.30% | 11/2030 | 24718 | 25171 | 24432 |  |
| 47581568(36) | ABF asset | N/A | 15.84% | 11/2030 | 29740 | 30284 | 31046 |  |
| 47581606(36) | ABF asset | N/A | 13.55% | 11/2030 | 5946 | 6055 | 6302 |  |
| 47581690(36) | ABF asset | N/A | 10.81% | 11/2030 | 49478 | 50383 | 49170 |  |
| 47581704(36) | ABF asset | N/A | 14.67% | 11/2030 | 39648 | 40373 | 41977 |  |
| 47581933(36) | ABF asset | N/A | 8.32% | 11/2029 | 62042 | 63177 | 59506 |  |
| 47582046(36) | ABF asset | N/A | 8.56% | 11/2029 | 9842 | 10022 | 9740 |  |
| 47582149(36) | ABF asset | N/A | 21.46% | 11/2030 | 19000 | 19348 | 20514 |  |
| 47582277(36) | ABF asset | N/A | 14.04% | 11/2028 | 19606 | 19965 | 19710 |  |
| 47582449(36) | ABF asset | N/A | 19.71% | 11/2032 | 10982 | 11183 | 12243 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47582795(36) | ABF asset | N/A | 19.81% | 11/2032 | 24961 | 25418 | 27028 |  |
| 47582962(36) | ABF asset | N/A | 9.15% | 11/2030 | 20762 | 21142 | 20470 |  |
| 47583001(36) | ABF asset | N/A | 17.52% | 11/2030 | 26811 | 27302 | 28107 |  |
| 47583019(36) | ABF asset | N/A | 17.92% | 11/2030 | 8939 | 9102 | 9429 |  |
| 47583064(36) | ABF asset | N/A | 15.99% | 11/2030 | 24806 | 25260 | 25957 |  |
| 47583132(36) | ABF asset | N/A | 14.19% | 11/2030 | 44610 | 45426 | 43220 |  |
| 47583210(36) | ABF asset | N/A | 11.53% | 11/2029 | 12816 | 13050 | 13229 |  |
| 47583884(36) | ABF asset | N/A | 11.39% | 11/2030 | 36625 | 37295 | 36749 |  |
| 47583974(36) | ABF asset | N/A | 9.85% | 11/2027 | 25060 | 25518 | 24687 |  |
| 47584007(36) | ABF asset | N/A | 13.85% | 11/2032 | 89464 | 91100 | 94819 |  |
| 47584021(36) | ABF asset | N/A | 18.42% | 11/2030 | 29804 | 30349 | 31685 |  |
| 47584073(36) | ABF asset | N/A | 8.74% | 11/2027 | 14336 | 14599 | 14221 |  |
| 47584275(36) | ABF asset | N/A | 8.49% | 11/2027 | 11060 | 11262 | 10951 |  |
| 47584337(36) | ABF asset | N/A | 16.24% | 11/2030 | 37710 | 38400 | 39616 |  |
| 47584522(36) | ABF asset | N/A | 15.73% | 11/2030 | 24196 | 24638 | 24646 |  |
| 47584940(36) | ABF asset | N/A | 11.03% | 11/2027 | 48248 | 49130 | 48222 |  |
| 47585040(36) | ABF asset | N/A | 6.22% | 11/2030 | 7896 | 8041 | 7411 |  |
| 47585368(36) | ABF asset | N/A | 15.48% | 11/2032 | 33881 | 34500 | 36287 |  |
| 47585371(36) | ABF asset | N/A | 9.83% | 11/2028 | 83084 | 84604 | 83050 |  |
| 47585862(36) | ABF asset | N/A | 9.33% | 12/2028 | 37000 | 37677 | 37065 |  |
| 47585872(36) | ABF asset | N/A | 7.20% | 11/2027 | 14419 | 14682 | 13845 |  |
| 47586051(36) | ABF asset | N/A | 9.71% | 11/2030 | 7912 | 8056 | 7874 |  |
| 47586131(36) | ABF asset | N/A | 11.28% | 11/2027 | 39549 | 40272 | 39605 |  |
| 47586220(36) | ABF asset | N/A | 12.42% | 11/2031 | 64531 | 65711 | 66620 |  |
| 47586302(36) | ABF asset | N/A | 15.10% | 11/2032 | 22906 | 23325 | 24855 |  |
| 47586355(36) | ABF asset | N/A | 10.71% | 11/2028 | 39139 | 39855 | 38656 |  |
| 47586497(36) | ABF asset | N/A | 11.16% | 11/2028 | 68366 | 69616 | 69023 |  |
| 47586510(36) | ABF asset | N/A | 14.67% | 11/2030 | 29721 | 30265 | 31466 |  |
| 47586669(36) | ABF asset | N/A | 14.88% | 11/2030 | 31721 | 32302 | 31899 |  |
| 47586834(36) | ABF asset | N/A | 18.13% | 11/2031 | 19918 | 20283 | 21918 |  |
| 47587010(36) | ABF asset | N/A | 6.21% | 11/2027 | 16348 | 16647 | 15890 |  |
| 47587403(36) | ABF asset | N/A | 11.01% | 11/2032 | 64629 | 65811 | 64889 |  |
| 47587662(36) | ABF asset | N/A | 8.56% | 11/2029 | 12794 | 13029 | 12662 |  |
| 47587698(36) | ABF asset | N/A | 16.33% | 11/2032 | 34876 | 35514 | 37950 |  |
| 47587721(36) | ABF asset | N/A | 12.80% | 11/2030 | 19805 | 20168 | 20737 |  |
| 47587828(36) | ABF asset | N/A | 18.02% | 11/2030 | 25812 | 26284 | 27271 |  |
| 47588196(36) | ABF asset | N/A | 11.95% | 11/2030 | 29695 | 30239 | 30664 |  |
| 47588507(36) | ABF asset | N/A | 10.23% | 11/2032 | 11923 | 12142 | 11548 |  |
| 47588732(36) | ABF asset | N/A | 12.18% | 11/2030 | 29699 | 30242 | 29239 |  |
| 47588934(36) | ABF asset | N/A | 8.26% | 11/2028 | 17584 | 17905 | 17371 |  |
| 47589125(36) | ABF asset | N/A | 11.04% | 11/2030 | 84098 | 85636 | 83894 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47589134(36) | ABF asset | N/A | 7.06% | 11/2027 | 24058 | 24498 | 23309 |  |
| 47589187(36) | ABF asset | N/A | 8.24% | 11/2027 | 9629 | 9806 | 9514 |  |
| 47589262(36) | ABF asset | N/A | 11.14% | 11/2030 | 22757 | 23173 | 22740 |  |
| 47589395(36) | ABF asset | N/A | 7.31% | 11/2030 | 69121 | 70385 | 66080 |  |
| 47589531(36) | ABF asset | N/A | 5.22% | 11/2028 | 31206 | 31777 | 29769 |  |
| 47589836(36) | ABF asset | N/A | 14.68% | 11/2032 | 30867 | 31432 | 31492 |  |
| 47589940(36) | ABF asset | N/A | 6.27% | 11/2028 | 9567 | 9742 | 9262 |  |
| 47590028(36) | ABF asset | N/A | 9.45% | 11/2029 | 12764 | 12998 | 12464 |  |
| 47590112(36) | ABF asset | N/A | 17.48% | 11/2032 | 9969 | 10152 | 11082 |  |
| 47590397(36) | ABF asset | N/A | 10.33% | 11/2027 | 9641 | 9817 | 9436 |  |
| 47590484(36) | ABF asset | N/A | 8.24% | 11/2027 | 11555 | 11767 | 11416 |  |
| 47590796(36) | ABF asset | N/A | 13.33% | 11/2028 | 56784 | 57822 | 59404 |  |
| 47591156(36) | ABF asset | N/A | 9.70% | 11/2028 | 87989 | 89598 | 86740 |  |
| 47591265(36) | ABF asset | N/A | 12.16% | 11/2030 | 14849 | 15121 | 15090 |  |
| 47591428(36) | ABF asset | N/A | 13.72% | 11/2030 | 49536 | 50443 | 46324 |  |
| 47591801(36) | ABF asset | N/A | 14.13% | 11/2028 | 22540 | 22952 | 23140 |  |
| 47592195(36) | ABF asset | N/A | 5.22% | 11/2028 | 7802 | 7944 | 7442 |  |
| 47592441(36) | ABF asset | N/A | 22.86% | 11/2030 | 10876 | 11074 | 11715 |  |
| 47592503(36) | ABF asset | N/A | 19.43% | 11/2031 | 55603 | 56620 | 63751 |  |
| 47592609(36) | ABF asset | N/A | 15.72% | 11/2032 | 48813 | 49706 | 50737 |  |
| 47592789(36) | ABF asset | N/A | 15.88% | 11/2029 | 8890 | 9052 | 8912 |  |
| 47593158(36) | ABF asset | N/A | 11.55% | 11/2029 | 9855 | 10036 | 9884 |  |
| 47593748(36) | ABF asset | N/A | 18.00% | 11/2032 | 33887 | 34507 | 35510 |  |
| 47593842(36) | ABF asset | N/A | 10.97% | 11/2029 | 25589 | 26057 | 24412 |  |
| 47594350(36) | ABF asset | N/A | 15.45% | 11/2032 | 12762 | 12996 | 13844 |  |
| 47594508(36) | ABF asset | N/A | 6.96% | 11/2027 | 14434 | 14698 | 14114 |  |
| 47594594(36) | ABF asset | N/A | 15.73% | 11/2030 | 38676 | 39384 | 39420 |  |
| 47594596(36) | ABF asset | N/A | 14.32% | 11/2029 | 78254 | 79686 | 80192 |  |
| 47594844(36) | ABF asset | N/A | 12.08% | 11/2031 | 27791 | 28299 | 28831 |  |
| 47594871(36) | ABF asset | N/A | 9.88% | 11/2029 | 41356 | 42112 | 40162 |  |
| 47595040(36) | ABF asset | N/A | 11.95% | 11/2030 | 11878 | 12095 | 11396 |  |
| 47595191(36) | ABF asset | N/A | 10.97% | 11/2029 | 48277 | 49160 | 47590 |  |
| 47595226(36) | ABF asset | N/A | 12.66% | 11/2030 | 9902 | 10083 | 9825 |  |
| 47595405(36) | ABF asset | N/A | 11.26% | 11/2029 | 59123 | 60205 | 56631 |  |
| 47595558(36) | ABF asset | N/A | 8.57% | 11/2029 | 22631 | 23045 | 20877 |  |
| 47595622(36) | ABF asset | N/A | 13.06% | 11/2029 | 49316 | 50218 | 48426 |  |
| 47595687(36) | ABF asset | N/A | 17.50% | 11/2030 | 44664 | 45481 | 45506 |  |
| 47595691(36) | ABF asset | N/A | 14.19% | 11/2027 | 28985 | 29515 | 29543 |  |
| 47595794(36) | ABF asset | N/A | 12.58% | 11/2028 | 43920 | 44723 | 44285 |  |
| 47595900(36) | ABF asset | N/A | 12.07% | 11/2030 | 33616 | 34231 | 34110 |  |
| 47596074(36) | ABF asset | N/A | 12.72% | 11/2030 | 43432 | 44227 | 42323 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47596098(36) | ABF asset | N/A | 9.81% | 11/2030 | 6934 | 7061 | 6901 |  |
| 47596119(36) | ABF asset | N/A | 12.98% | 11/2030 | 21361 | 21751 | 20768 |  |
| 47596272(36) | ABF asset | N/A | 6.71% | 11/2027 | 21162 | 21550 | 20627 |  |
| 47596339(36) | ABF asset | N/A | 8.99% | 11/2027 | 24078 | 24519 | 23931 |  |
| 47596372(36) | ABF asset | N/A | 11.30% | 11/2030 | 50323 | 51244 | 48978 |  |
| 47596374(36) | ABF asset | N/A | 10.09% | 11/2027 | 13897 | 14152 | 13932 |  |
| 47596408(36) | ABF asset | N/A | 18.23% | 11/2030 | 14818 | 15089 | 15339 |  |
| 47596650(36) | ABF asset | N/A | 14.10% | 11/2032 | 99545 | 101366 | 106008 |  |
| 47596669(36) | ABF asset | N/A | 10.16% | 11/2029 | 31514 | 32090 | 30723 |  |
| 47596682(36) | ABF asset | N/A | 10.76% | 11/2030 | 62322 | 63462 | 61883 |  |
| 47596759(36) | ABF asset | N/A | 12.20% | 11/2030 | 34649 | 35283 | 35926 |  |
| 47596760(36) | ABF asset | N/A | 14.95% | 11/2030 | 5948 | 6057 | 6448 |  |
| 47597130(36) | ABF asset | N/A | 14.41% | 11/2030 | 24777 | 25230 | 24730 |  |
| 47597160(36) | ABF asset | N/A | 9.75% | 11/2030 | 24718 | 25170 | 22880 |  |
| 47597279(36) | ABF asset | N/A | 13.07% | 11/2030 | 79233 | 80682 | 81730 |  |
| 47597298(36) | ABF asset | N/A | 10.33% | 11/2028 | 44988 | 45810 | 43383 |  |
| 47597541(36) | ABF asset | N/A | 8.25% | 11/2030 | 14819 | 15090 | 14393 |  |
| 47597630(36) | ABF asset | N/A | 9.24% | 11/2028 | 6842 | 6967 | 6645 |  |
| 47597795(36) | ABF asset | N/A | 11.26% | 11/2032 | 11792 | 12008 | 11833 |  |
| 47598035(36) | ABF asset | N/A | 13.51% | 11/2030 | 67362 | 68595 | 69987 |  |
| 47598080(36) | ABF asset | N/A | 16.58% | 11/2032 | 52319 | 53276 | 57197 |  |
| 47598144(36) | ABF asset | N/A | 14.57% | 11/2030 | 8455 | 8609 | 8935 |  |
| 47598276(36) | ABF asset | N/A | 12.27% | 11/2032 | 29838 | 30384 | 29140 |  |
| 47598323(36) | ABF asset | N/A | 14.73% | 11/2030 | 6939 | 7065 | 6961 |  |
| 47598450(36) | ABF asset | N/A | 6.71% | 11/2029 | 25557 | 26024 | 24630 |  |
| 47598578(36) | ABF asset | N/A | 13.05% | 11/2030 | 11885 | 12102 | 12495 |  |
| 47598585(36) | ABF asset | N/A | 13.70% | 11/2030 | 97055 | 98830 | 103118 |  |
| 47598814(36) | ABF asset | N/A | 10.41% | 11/2029 | 14774 | 15044 | 13798 |  |
| 47599010(36) | ABF asset | N/A | 14.52% | 11/2032 | 14935 | 15208 | 15709 |  |
| 47599235(36) | ABF asset | N/A | 5.60% | 11/2027 | 12499 | 12728 | 11972 |  |
| 47599471(36) | ABF asset | N/A | 15.00% | 11/2032 | 44814 | 45633 | 45985 |  |
| 47599628(36) | ABF asset | N/A | 10.32% | 11/2028 | 6846 | 6971 | 6880 |  |
| 47600128(36) | ABF asset | N/A | 5.60% | 11/2027 | 11538 | 11749 | 11051 |  |
| 47600615(36) | ABF asset | N/A | 9.46% | 11/2027 | 14454 | 14719 | 14049 |  |
| 47600663(36) | ABF asset | N/A | 16.23% | 11/2032 | 34874 | 35512 | 37878 |  |
| 47601373(36) | ABF asset | N/A | 16.31% | 11/2028 | 51473 | 52414 | 54618 |  |
| 47601375(36) | ABF asset | N/A | 13.67% | 11/2030 | 54489 | 55485 | 56760 |  |
| 47601548(36) | ABF asset | N/A | 14.91% | 11/2030 | 59479 | 60567 | 59840 |  |
| 47601605(36) | ABF asset | N/A | 11.26% | 11/2032 | 17889 | 18216 | 18047 |  |
| 47601648(36) | ABF asset | N/A | 7.51% | 11/2029 | 39361 | 40081 | 38357 |  |
| 47601690(36) | ABF asset | N/A | 12.01% | 11/2031 | 30760 | 31323 | 31870 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47601816(36) | ABF asset | N/A | 16.32% | 11/2030 | 29550 | 30090 | 31929 |  |
| 47601866(36) | ABF asset | N/A | 20.96% | 11/2030 | 49706 | 50615 | 53546 |  |
| 47601948(36) | ABF asset | N/A | 9.24% | 11/2027 | 38354 | 39056 | 38216 |  |
| 47602087(36) | ABF asset | N/A | 12.78% | 11/2032 | 34807 | 35444 | 35419 |  |
| 47602283(36) | ABF asset | N/A | 9.40% | 11/2030 | 49427 | 50331 | 48936 |  |
| 47602286(36) | ABF asset | N/A | 19.41% | 11/2032 | 39910 | 40640 | 43089 |  |
| 47602413(36) | ABF asset | N/A | 6.18% | 11/2027 | 12504 | 12732 | 12031 |  |
| 47602493(36) | ABF asset | N/A | 9.72% | 11/2030 | 9887 | 10068 | 9147 |  |
| 47602494(36) | ABF asset | N/A | 16.98% | 11/2032 | 26861 | 27353 | 29639 |  |
| 47602550(36) | ABF asset | N/A | 14.79% | 11/2031 | 31792 | 32374 | 32909 |  |
| 47602936(36) | ABF asset | N/A | 7.26% | 11/2029 | 24582 | 25031 | 23878 |  |
| 47603052(36) | ABF asset | N/A | 8.51% | 11/2028 | 21494 | 21887 | 21294 |  |
| 47603413(36) | ABF asset | N/A | 11.74% | 11/2032 | 19887 | 20251 | 20249 |  |
| 47603655(36) | ABF asset | N/A | 8.50% | 11/2029 | 9839 | 10019 | 9459 |  |
| 47603667(36) | ABF asset | N/A | 6.21% | 11/2027 | 38473 | 39177 | 37395 |  |
| 47603773(36) | ABF asset | N/A | 6.77% | 11/2027 | 33675 | 34291 | 31825 |  |
| 47604080(36) | ABF asset | N/A | 11.70% | 11/2030 | 5938 | 6047 | 6107 |  |
| 47604464(36) | ABF asset | N/A | 11.72% | 11/2030 | 6928 | 7055 | 6622 |  |
| 47605311(36) | ABF asset | N/A | 13.91% | 11/2030 | 12881 | 13116 | 12754 |  |
| 47605357(36) | ABF asset | N/A | 9.44% | 11/2030 | 26691 | 27179 | 25926 |  |
| 47605624(36) | ABF asset | N/A | 9.93% | 11/2029 | 7878 | 8022 | 7950 |  |
| 47605721(36) | ABF asset | N/A | 20.89% | 11/2030 | 4970 | 5061 | 5326 |  |
| 47606054(36) | ABF asset | N/A | 18.99% | 11/2028 | 68773 | 70031 | 72114 |  |
| 47606112(36) | ABF asset | N/A | 15.74% | 11/2029 | 34568 | 35201 | 33263 |  |
| 47606278(36) | ABF asset | N/A | 10.93% | 11/2029 | 55156 | 56165 | 51864 |  |
| 47606519(36) | ABF asset | N/A | 15.02% | 11/2030 | 11896 | 12114 | 11990 |  |
| 47606591(36) | ABF asset | N/A | 8.00% | 11/2030 | 25683 | 26153 | 24840 |  |
| 47606626(36) | ABF asset | N/A | 16.83% | 11/2032 | 14853 | 15125 | 16417 |  |
| 47606949(36) | ABF asset | N/A | 9.95% | 11/2030 | 21754 | 22152 | 21736 |  |
| 47607153(36) | ABF asset | N/A | 10.97% | 11/2029 | 20684 | 21062 | 19732 |  |
| 47607315(36) | ABF asset | N/A | 8.81% | 11/2029 | 29516 | 30056 | 29316 |  |
| 47607376(36) | ABF asset | N/A | 7.22% | 11/2028 | 34171 | 34796 | 33182 |  |
| 47607475(36) | ABF asset | N/A | 11.68% | 11/2027 | 9394 | 9566 | 9437 |  |
| 47607617(36) | ABF asset | N/A | 11.14% | 11/2030 | 63324 | 64482 | 63275 |  |
| 47607827(36) | ABF asset | N/A | 8.79% | 11/2027 | 22821 | 23239 | 22414 |  |
| 47608038(36) | ABF asset | N/A | 13.57% | 11/2030 | 71529 | 72837 | 74749 |  |
| 47608062(36) | ABF asset | N/A | 15.23% | 11/2032 | 31844 | 32426 | 33944 |  |
| 47608258(36) | ABF asset | N/A | 10.06% | 11/2030 | 5933 | 6042 | 5823 |  |
| 47608370(36) | ABF asset | N/A | 12.76% | 11/2030 | 60385 | 61489 | 61972 |  |
| 47608441(36) | ABF asset | N/A | 15.68% | 11/2029 | 49445 | 50350 | 52408 |  |
| 47608847(36) | ABF asset | N/A | 9.60% | 11/2030 | 10875 | 11074 | 10042 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47608880(36) | ABF asset | N/A | 13.58% | 11/2032 | 41799 | 42564 | 41807 |  |
| 47609092(36) | ABF asset | N/A | 12.53% | 11/2029 | 23665 | 24098 | 22722 |  |
| 47609629(36) | ABF asset | N/A | 13.32% | 11/2032 | 29853 | 30399 | 30692 |  |
| 47609756(36) | ABF asset | N/A | 17.36% | 11/2032 | 14953 | 15227 | 16001 |  |
| 47609771(36) | ABF asset | N/A | 12.65% | 11/2029 | 13806 | 14058 | 14056 |  |
| 47609805(36) | ABF asset | N/A | 10.55% | 11/2031 | 51562 | 52505 | 51998 |  |
| 47609943(36) | ABF asset | N/A | 14.63% | 11/2032 | 84600 | 86148 | 89170 |  |
| 47609969(36) | ABF asset | N/A | 11.70% | 11/2030 | 53445 | 54423 | 54963 |  |
| 47610101(36) | ABF asset | N/A | 14.42% | 11/2030 | 17840 | 18166 | 18812 |  |
| 47610268(36) | ABF asset | N/A | 15.07% | 11/2030 | 29742 | 30286 | 31693 |  |
| 47610640(36) | ABF asset | N/A | 10.56% | 11/2030 | 7911 | 8056 | 7829 |  |
| 47611184(36) | ABF asset | N/A | 18.71% | 11/2032 | 31907 | 32491 | 34957 |  |
| 47611605(36) | ABF asset | N/A | 15.75% | 11/2032 | 28179 | 28695 | 29306 |  |
| 47611611(36) | ABF asset | N/A | 13.13% | 11/2032 | 19875 | 20239 | 19709 |  |
| 47611700(36) | ABF asset | N/A | 7.20% | 11/2027 | 11549 | 11760 | 11202 |  |
| 47611733(36) | ABF asset | N/A | 10.62% | 11/2030 | 76166 | 77559 | 71513 |  |
| 47611950(36) | ABF asset | N/A | 11.93% | 11/2029 | 57173 | 58219 | 59350 |  |
| 47611980(36) | ABF asset | N/A | 12.21% | 11/2029 | 24647 | 25098 | 23921 |  |
| 47612026(36) | ABF asset | N/A | 5.66% | 11/2028 | 5853 | 5960 | 5585 |  |
| 47612130(36) | ABF asset | N/A | 12.47% | 11/2030 | 25743 | 26214 | 24907 |  |
| 47612275(36) | ABF asset | N/A | 10.53% | 11/2030 | 31347 | 31920 | 29930 |  |
| 47612512(36) | ABF asset | N/A | 15.67% | 11/2031 | 21875 | 22275 | 23968 |  |
| 47612611(36) | ABF asset | N/A | 9.40% | 11/2030 | 25702 | 26172 | 25447 |  |
| 47612900(36) | ABF asset | N/A | 9.92% | 11/2031 | 41633 | 42395 | 41496 |  |
| 47613666(36) | ABF asset | N/A | 14.20% | 11/2030 | 25745 | 26216 | 27586 |  |
| 47613783(36) | ABF asset | N/A | 9.31% | 11/2030 | 8894 | 9057 | 8793 |  |
| 47614115(36) | ABF asset | N/A | 8.49% | 11/2027 | 33700 | 34317 | 33361 |  |
| 47615002(36) | ABF asset | N/A | 15.75% | 11/2032 | 29886 | 30432 | 31081 |  |
| 47615212(36) | ABF asset | N/A | 14.11% | 11/2031 | 11918 | 12137 | 12831 |  |
| 47615772(36) | ABF asset | N/A | 9.35% | 11/2028 | 49838 | 50750 | 49554 |  |
| 47616376(36) | ABF asset | N/A | 15.35% | 11/2032 | 39824 | 40553 | 43401 |  |
| 47616442(36) | ABF asset | N/A | 14.84% | 11/2030 | 46932 | 47791 | 48156 |  |
| 47616473(36) | ABF asset | N/A | 16.32% | 11/2030 | 36906 | 37581 | 40127 |  |
| 47616716(36) | ABF asset | N/A | 16.14% | 11/2029 | 57309 | 58357 | 57286 |  |
| 47617098(36) | ABF asset | N/A | 13.12% | 11/2032 | 40785 | 41531 | 40453 |  |
| 47617169(36) | ABF asset | N/A | 18.46% | 11/2032 | 5984 | 6094 | 6528 |  |
| 47617331(36) | ABF asset | N/A | 12.53% | 11/2029 | 13805 | 14057 | 13255 |  |
| 47617924(36) | ABF asset | N/A | 11.93% | 11/2031 | 19835 | 20198 | 19908 |  |
| 47618083(36) | ABF asset | N/A | 7.95% | 11/2030 | 31609 | 32187 | 29034 |  |
| 47618175(36) | ABF asset | N/A | 9.15% | 11/2030 | 9884 | 10065 | 9745 |  |
| 47618335(36) | ABF asset | N/A | 15.30% | 11/2029 | 23689 | 24122 | 25004 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47618343(36) | ABF asset | N/A | 15.64% | 11/2029 | 12471 | 12699 | 12680 |  |
| 47618360(36) | ABF asset | N/A | 10.54% | 11/2030 | 13848 | 14101 | 13700 |  |
| 47618903(36) | ABF asset | N/A | 11.98% | 11/2030 | 39586 | 40310 | 37998 |  |
| 47618950(36) | ABF asset | N/A | 5.47% | 11/2028 | 12679 | 12911 | 12130 |  |
| 47619677(36) | ABF asset | N/A | 11.43% | 11/2028 | 16948 | 17258 | 17242 |  |
| 47620263(36) | ABF asset | N/A | 13.86% | 11/2031 | 44706 | 45524 | 47912 |  |
| 47620429(36) | ABF asset | N/A | 9.40% | 11/2030 | 14828 | 15099 | 14681 |  |
| 47620822(36) | ABF asset | N/A | 11.53% | 11/2027 | 4824 | 4912 | 4840 |  |
| 47621061(36) | ABF asset | N/A | 18.63% | 11/2029 | 21760 | 22158 | 21706 |  |
| 47621821(36) | ABF asset | N/A | 19.21% | 11/2030 | 44677 | 45494 | 46699 |  |
| 47622923(36) | ABF asset | N/A | 13.86% | 11/2031 | 29793 | 30338 | 31930 |  |
| 47623703(36) | ABF asset | N/A | 13.69% | 11/2032 | 34821 | 35458 | 36796 |  |
| 47624098(36) | ABF asset | N/A | 13.05% | 11/2032 | 11931 | 12149 | 11404 |  |
| 47624207(36) | ABF asset | N/A | 17.48% | 11/2030 | 29765 | 30309 | 30316 |  |
| 47624492(36) | ABF asset | N/A | 8.99% | 11/2027 | 69071 | 70334 | 68401 |  |
| 47624982(36) | ABF asset | N/A | 10.55% | 11/2030 | 68231 | 69479 | 65417 |  |
| 47625967(36) | ABF asset | N/A | 7.80% | 11/2030 | 18762 | 19105 | 17191 |  |
| 47626146(36) | ABF asset | N/A | 13.42% | 11/2029 | 28927 | 29456 | 28343 |  |
| 47626191(36) | ABF asset | N/A | 13.08% | 11/2032 | 39785 | 40513 | 40717 |  |
| 47626316(36) | ABF asset | N/A | 15.20% | 11/2032 | 27875 | 28385 | 30303 |  |
| 47626317(36) | ABF asset | N/A | 10.76% | 11/2027 | 67483 | 68717 | 66958 |  |
| 47626717(36) | ABF asset | N/A | 8.99% | 11/2027 | 65492 | 66690 | 65093 |  |
| 47626816(36) | ABF asset | N/A | 8.49% | 11/2027 | 6206 | 6320 | 6124 |  |
| 47627365(36) | ABF asset | N/A | 9.57% | 11/2029 | 39370 | 40090 | 38417 |  |
| 47627487(36) | ABF asset | N/A | 14.63% | 11/2030 | 63410 | 64570 | 63512 |  |
| 47627650(36) | ABF asset | N/A | 14.90% | 11/2032 | 33844 | 34463 | 36587 |  |
| 47627942(36) | ABF asset | N/A | 11.45% | 11/2030 | 14727 | 14996 | 15124 |  |
| 47628017(36) | ABF asset | N/A | 10.25% | 11/2030 | 69209 | 70475 | 69495 |  |
| 47628436(36) | ABF asset | N/A | 14.12% | 11/2028 | 19592 | 19951 | 20112 |  |
| 47628444(36) | ABF asset | N/A | 6.46% | 11/2029 | 14740 | 15009 | 14154 |  |
| 47628481(36) | ABF asset | N/A | 11.58% | 11/2028 | 41091 | 41842 | 42151 |  |
| 47628576(36) | ABF asset | N/A | 8.24% | 11/2030 | 36549 | 37217 | 35491 |  |
| 47628852(36) | ABF asset | N/A | 8.50% | 11/2030 | 7903 | 8047 | 7708 |  |
| 47628925(36) | ABF asset | N/A | 7.55% | 11/2027 | 20232 | 20602 | 19844 |  |
| 47629245(36) | ABF asset | N/A | 12.47% | 11/2030 | 13612 | 13861 | 13107 |  |
| 47629481(36) | ABF asset | N/A | 7.79% | 11/2030 | 12837 | 13072 | 12128 |  |
| 47629509(36) | ABF asset | N/A | 7.23% | 11/2027 | 4144 | 4219 | 4064 |  |
| 47629852(36) | ABF asset | N/A | 11.28% | 11/2028 | 63583 | 64746 | 63208 |  |
| 47629862(36) | ABF asset | N/A | 9.65% | 11/2030 | 46455 | 47305 | 46185 |  |
| 47630245(36) | ABF asset | N/A | 10.79% | 11/2030 | 35641 | 36293 | 35382 |  |
| 47630332(36) | ABF asset | N/A | 13.85% | 11/2032 | 59698 | 60790 | 63275 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47630400(36) | ABF asset | N/A | 10.93% | 11/2028 | 30319 | 30873 | 30675 |  |
| 47631329(36) | ABF asset | N/A | 16.61% | 11/2032 | 24903 | 25359 | 26297 |  |
| 47631347(36) | ABF asset | N/A | 15.46% | 11/2032 | 29869 | 30416 | 31979 |  |
| 47631599(36) | ABF asset | N/A | 17.96% | 11/2032 | 19933 | 20298 | 21555 |  |
| 47631745(36) | ABF asset | N/A | 10.93% | 11/2029 | 36442 | 37109 | 34267 |  |
| 47631775(36) | ABF asset | N/A | 15.98% | 11/2030 | 59431 | 60518 | 60867 |  |
| 47632369(36) | ABF asset | N/A | 9.58% | 11/2027 | 28903 | 29432 | 28120 |  |
| 47632504(36) | ABF asset | N/A | 5.51% | 11/2029 | 19643 | 20002 | 18605 |  |
| 47632725(36) | ABF asset | N/A | 11.54% | 11/2030 | 26712 | 27201 | 26869 |  |
| 47633165(36) | ABF asset | N/A | 10.40% | 11/2027 | 24096 | 24537 | 23841 |  |
| 47633427(36) | ABF asset | N/A | 15.27% | 11/2030 | 49554 | 50460 | 50140 |  |
| 47633577(36) | ABF asset | N/A | 9.57% | 11/2030 | 29651 | 30194 | 28864 |  |
| 47633915(36) | ABF asset | N/A | 9.70% | 11/2030 | 26666 | 27154 | 25233 |  |
| 47634225(36) | ABF asset | N/A | 7.07% | 11/2030 | 23691 | 24124 | 22557 |  |
| 47634624(36) | ABF asset | N/A | 10.08% | 11/2032 | 35758 | 36412 | 34532 |  |
| 47634960(36) | ABF asset | N/A | 12.18% | 11/2029 | 15769 | 16057 | 16424 |  |
| 47635059(36) | ABF asset | N/A | 8.74% | 11/2030 | 22723 | 23139 | 22251 |  |
| 47635078(36) | ABF asset | N/A | 14.68% | 11/2029 | 12802 | 13036 | 13297 |  |
| 47635089(36) | ABF asset | N/A | 11.18% | 11/2027 | 30856 | 31421 | 30876 |  |
| 47635431(36) | ABF asset | N/A | 12.82% | 11/2030 | 84145 | 85684 | 86442 |  |
| 47635584(36) | ABF asset | N/A | 14.76% | 11/2031 | 21968 | 22370 | 23930 |  |
| 47635651(36) | ABF asset | N/A | 7.49% | 11/2028 | 48813 | 49705 | 47543 |  |
| 47636558(36) | ABF asset | N/A | 13.20% | 11/2030 | 25743 | 26214 | 27130 |  |
| 47636681(36) | ABF asset | N/A | 7.26% | 11/2029 | 49153 | 50052 | 46438 |  |
| 47636809(36) | ABF asset | N/A | 8.83% | 11/2029 | 22629 | 23043 | 21855 |  |
| 47636833(36) | ABF asset | N/A | 14.01% | 11/2031 | 59590 | 60680 | 64038 |  |
| 47637399(36) | ABF asset | N/A | 12.96% | 11/2032 | 19892 | 20255 | 20731 |  |
| 47637579(36) | ABF asset | N/A | 5.66% | 11/2028 | 54616 | 55615 | 52366 |  |
| 47637859(36) | ABF asset | N/A | 6.71% | 11/2027 | 24048 | 24488 | 23469 |  |
| 47638022(36) | ABF asset | N/A | 10.08% | 11/2032 | 28805 | 29332 | 27817 |  |
| 47638083(36) | ABF asset | N/A | 13.03% | 11/2032 | 84542 | 86088 | 86439 |  |
| 47638309(36) | ABF asset | N/A | 13.86% | 11/2031 | 17876 | 18203 | 19158 |  |
| 47638488(36) | ABF asset | N/A | 11.58% | 11/2028 | 94900 | 96636 | 97350 |  |
| 47638605(36) | ABF asset | N/A | 5.61% | 11/2029 | 21609 | 22004 | 20496 |  |
| 47638861(36) | ABF asset | N/A | 10.64% | 11/2030 | 24722 | 25175 | 24499 |  |
| 47638939(36) | ABF asset | N/A | 9.09% | 11/2030 | 31152 | 31722 | 30090 |  |
| 47638942(36) | ABF asset | N/A | 10.13% | 11/2029 | 49200 | 50100 | 48384 |  |
| 47639023(36) | ABF asset | N/A | 9.08% | 11/2028 | 5862 | 5970 | 5846 |  |
| 47639080(36) | ABF asset | N/A | 11.87% | 11/2029 | 21679 | 22075 | 20942 |  |
| 47639180(36) | ABF asset | N/A | 11.68% | 11/2029 | 13794 | 14046 | 14269 |  |
| 47639212(36) | ABF asset | N/A | 7.89% | 11/2027 | 27864 | 28374 | 27452 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47639322(36) | ABF asset | N/A | 14.63% | 11/2032 | 11944 | 12162 | 12175 |  |
| 47639613(36) | ABF asset | N/A | 7.34% | 11/2029 | 10814 | 11012 | 10139 |  |
| 47639701(36) | ABF asset | N/A | 17.10% | 11/2032 | 12830 | 13065 | 14328 |  |
| 47639776(36) | ABF asset | N/A | 19.91% | 11/2032 | 60000 | 61098 | 65199 |  |
| 47639778(36) | ABF asset | N/A | 10.62% | 11/2030 | 24722 | 25174 | 23212 |  |
| 47639971(36) | ABF asset | N/A | 16.31% | 11/2028 | 88262 | 89877 | 93657 |  |
| 47640035(36) | ABF asset | N/A | 17.58% | 11/2032 | 14948 | 15221 | 16647 |  |
| 47640217(36) | ABF asset | N/A | 19.11% | 11/2032 | 25857 | 26330 | 28600 |  |
| 47640241(36) | ABF asset | N/A | 16.23% | 11/2032 | 9954 | 10136 | 10811 |  |
| 47640287(36) | ABF asset | N/A | 13.19% | 11/2031 | 27798 | 28307 | 27928 |  |
| 47640302(36) | ABF asset | N/A | 11.09% | 12/2027 | 7000 | 7128 | 7082 |  |
| 47640362(36) | ABF asset | N/A | 16.03% | 11/2032 | 5975 | 6085 | 6038 |  |
| 47640651(36) | ABF asset | N/A | 6.72% | 11/2030 | 29608 | 30150 | 28025 |  |
| 47640666(36) | ABF asset | N/A | 15.43% | 11/2032 | 57747 | 58803 | 61790 |  |
| 47640791(36) | ABF asset | N/A | 11.70% | 11/2030 | 7915 | 8060 | 8140 |  |
| 47640955(36) | ABF asset | N/A | 17.61% | 12/2032 | 40000 | 40732 | 43194 |  |
| 47641115(36) | ABF asset | N/A | 13.12% | 11/2032 | 25861 | 26334 | 25651 |  |
| 47641133(36) | ABF asset | N/A | 23.27% | 11/2030 | 70779 | 72074 | 76645 |  |
| 47641559(36) | ABF asset | N/A | 7.31% | 11/2027 | 10585 | 10778 | 10276 |  |
| 47641669(36) | ABF asset | N/A | 14.07% | 11/2030 | 78251 | 79683 | 82046 |  |
| 47641877(36) | ABF asset | N/A | 10.79% | 11/2030 | 98899 | 100708 | 100196 |  |
| 47641950(36) | ABF asset | N/A | 12.01% | 11/2032 | 48714 | 49605 | 49858 |  |
| 47642772(36) | ABF asset | N/A | 8.50% | 11/2030 | 15475 | 15758 | 15097 |  |
| 47642852(36) | ABF asset | N/A | 10.77% | 11/2031 | 64459 | 65638 | 64530 |  |
| 47642950(36) | ABF asset | N/A | 6.35% | 11/2027 | 21158 | 21545 | 20272 |  |
| 47643149(36) | ABF asset | N/A | 9.03% | 11/2029 | 9840 | 10020 | 9804 |  |
| 47643491(36) | ABF asset | N/A | 9.10% | 11/2032 | 39713 | 40439 | 38420 |  |
| 47643538(36) | ABF asset | N/A | 12.40% | 11/2030 | 34641 | 35275 | 36035 |  |
| 47643734(36) | ABF asset | N/A | 10.76% | 11/2030 | 24724 | 25176 | 24550 |  |
| 47643797(36) | ABF asset | N/A | 6.22% | 11/2030 | 19673 | 20033 | 18466 |  |
| 47643865(36) | ABF asset | N/A | 6.47% | 11/2029 | 14740 | 15009 | 13771 |  |
| 47643932(36) | ABF asset | N/A | 11.54% | 11/2030 | 32648 | 33245 | 31811 |  |
| 47643962(36) | ABF asset | N/A | 22.77% | 11/2030 | 49715 | 50625 | 53449 |  |
| 47644036(36) | ABF asset | N/A | 16.78% | 11/2032 | 18928 | 19274 | 19395 |  |
| 47644296(36) | ABF asset | N/A | 12.80% | 11/2029 | 19702 | 20063 | 20101 |  |
| 47644453(36) | ABF asset | N/A | 9.83% | 11/2028 | 34211 | 34837 | 34406 |  |
| 47644990(36) | ABF asset | N/A | 14.73% | 11/2032 | 44790 | 45610 | 47299 |  |
| 47645041(36) | ABF asset | N/A | 21.21% | 11/2030 | 9977 | 10159 | 10744 |  |
| 47645747(36) | ABF asset | N/A | 15.59% | 11/2030 | 69385 | 70655 | 72147 |  |
| 47645808(36) | ABF asset | N/A | 15.05% | 11/2030 | 14865 | 15137 | 16141 |  |
| 47645892(36) | ABF asset | N/A | 12.80% | 11/2030 | 40587 | 41330 | 42497 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47645994(36) | ABF asset | N/A | 10.28% | 11/2029 | 20677 | 21055 | 20191 |  |
| 47646376(36) | ABF asset | N/A | 10.65% | 11/2031 | 14874 | 15146 | 15028 |  |
| 47646391(36) | ABF asset | N/A | 14.64% | 11/2032 | 34836 | 35473 | 36724 |  |
| 47646532(36) | ABF asset | N/A | 8.24% | 11/2029 | 17723 | 18047 | 16809 |  |
| 47647108(36) | ABF asset | N/A | 10.49% | 11/2028 | 27378 | 27879 | 26450 |  |
| 47647340(36) | ABF asset | N/A | 12.70% | 11/2030 | 39595 | 40320 | 41391 |  |
| 47647540(36) | ABF asset | N/A | 10.45% | 11/2030 | 21754 | 22152 | 21916 |  |
| 47647988(36) | ABF asset | N/A | 10.83% | 11/2031 | 49585 | 50492 | 48771 |  |
| 47648146(36) | ABF asset | N/A | 5.61% | 11/2029 | 25537 | 26004 | 24222 |  |
| 47648507(36) | ABF asset | N/A | 9.82% | 11/2030 | 44482 | 45296 | 43482 |  |
| 47648545(36) | ABF asset | N/A | 14.79% | 11/2031 | 31792 | 32374 | 32909 |  |
| 47648586(36) | ABF asset | N/A | 12.18% | 11/2028 | 44039 | 44845 | 45172 |  |
| 47648957(36) | ABF asset | N/A | 10.80% | 11/2030 | 11868 | 12085 | 12025 |  |
| 47649136(36) | ABF asset | N/A | 10.91% | 11/2030 | 14835 | 15107 | 14768 |  |
| 47649169(36) | ABF asset | N/A | 7.30% | 11/2027 | 11225 | 11430 | 11010 |  |
| 47649363(36) | ABF asset | N/A | 8.68% | 11/2027 | 5778 | 5883 | 5728 |  |
| 47649383(36) | ABF asset | N/A | 11.65% | 11/2029 | 47294 | 48159 | 47496 |  |
| 47649573(36) | ABF asset | N/A | 18.42% | 11/2030 | 44066 | 44872 | 46847 |  |
| 47649684(36) | ABF asset | N/A | 13.68% | 11/2028 | 39176 | 39893 | 40845 |  |
| 47650263(36) | ABF asset | N/A | 12.80% | 11/2029 | 7535 | 7672 | 7533 |  |
| 47650309(36) | ABF asset | N/A | 14.35% | 11/2032 | 54585 | 55583 | 58395 |  |
| 47650373(36) | ABF asset | N/A | 9.22% | 11/2030 | 20752 | 21132 | 20484 |  |
| 47650436(36) | ABF asset | N/A | 15.81% | 11/2032 | 45125 | 45951 | 48630 |  |
| 47650591(36) | ABF asset | N/A | 7.56% | 11/2027 | 11549 | 11760 | 11234 |  |
| 47650794(36) | ABF asset | N/A | 18.87% | 11/2027 | 7261 | 7394 | 7530 |  |
| 47650962(36) | ABF asset | N/A | 13.58% | 11/2028 | 31839 | 32421 | 33402 |  |
| 47651014(36) | ABF asset | N/A | 17.59% | 11/2028 | 29439 | 29978 | 30405 |  |
| 47651702(36) | ABF asset | N/A | 6.96% | 11/2027 | 28862 | 29390 | 28223 |  |
| 47652041(36) | ABF asset | N/A | 12.42% | 11/2029 | 32527 | 33122 | 31660 |  |
| 47652858(36) | ABF asset | N/A | 12.16% | 11/2027 | 20260 | 20631 | 19964 |  |
| 47653214(36) | ABF asset | N/A | 13.92% | 11/2030 | 5943 | 6051 | 6216 |  |
| 47653395(36) | ABF asset | N/A | 9.05% | 11/2029 | 29483 | 30022 | 29247 |  |
| 47653559(36) | ABF asset | N/A | 9.93% | 11/2029 | 47252 | 48117 | 47686 |  |
| 47653820(36) | ABF asset | N/A | 14.60% | 11/2032 | 49764 | 50675 | 53496 |  |
| 47654184(36) | ABF asset | N/A | 15.24% | 11/2030 | 68383 | 69634 | 70711 |  |
| 47654833(36) | ABF asset | N/A | 9.32% | 11/2029 | 24603 | 25053 | 23924 |  |
| 47655168(36) | ABF asset | N/A | 11.98% | 11/2030 | 64777 | 65962 | 62213 |  |
| 47655757(36) | ABF asset | N/A | 9.19% | 11/2027 | 14448 | 14713 | 14013 |  |
| 47655770(36) | ABF asset | N/A | 11.33% | 11/2028 | 78258 | 79689 | 79527 |  |
| 47655902(36) | ABF asset | N/A | 5.12% | 11/2028 | 37050 | 37728 | 35304 |  |
| 47655941(36) | ABF asset | N/A | 8.93% | 11/2031 | 7926 | 8071 | 7526 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47656029(36) | ABF asset | N/A | 6.78% | 11/2027 | 14309 | 14570 | 13752 |  |
| 47656167(36) | ABF asset | N/A | 8.99% | 11/2027 | 9631 | 9807 | 9573 |  |
| 47656172(36) | ABF asset | N/A | 7.86% | 11/2029 | 60969 | 62085 | 58089 |  |
| 47656239(36) | ABF asset | N/A | 15.42% | 11/2030 | 39646 | 40371 | 42487 |  |
| 47656321(36) | ABF asset | N/A | 12.27% | 11/2030 | 19794 | 20156 | 19516 |  |
| 47656352(36) | ABF asset | N/A | 10.09% | 11/2031 | 45602 | 46436 | 45073 |  |
| 47656369(36) | ABF asset | N/A | 11.77% | 11/2030 | 89050 | 90679 | 87091 |  |
| 47656376(36) | ABF asset | N/A | 19.81% | 11/2030 | 11917 | 12135 | 12568 |  |
| 47656654(36) | ABF asset | N/A | 8.99% | 11/2027 | 38525 | 39230 | 38290 |  |
| 47656937(36) | ABF asset | N/A | 8.60% | 11/2027 | 22045 | 22448 | 21282 |  |
| 47656946(36) | ABF asset | N/A | 7.79% | 11/2030 | 13436 | 13682 | 12650 |  |
| 47657296(36) | ABF asset | N/A | 13.58% | 11/2030 | 23767 | 24202 | 23409 |  |
| 47657432(36) | ABF asset | N/A | 10.83% | 11/2027 | 15444 | 15727 | 15188 |  |
| 47657612(36) | ABF asset | N/A | 5.72% | 11/2027 | 6440 | 6558 | 6221 |  |
| 47657806(36) | ABF asset | N/A | 18.92% | 11/2030 | 39676 | 40401 | 42529 |  |
| 47658033(36) | ABF asset | N/A | 14.27% | 11/2031 | 30707 | 31268 | 32889 |  |
| 47658828(36) | ABF asset | N/A | 10.49% | 12/2028 | 12549 | 12778 | 12135 |  |
| 47659702(36) | ABF asset | N/A | 12.68% | 11/2030 | 4949 | 5040 | 5172 |  |
| 47660593(36) | ABF asset | N/A | 15.10% | 11/2032 | 34771 | 35407 | 35577 |  |
| 47672887(36) | ABF asset | N/A | 8.86% | 11/2028 | 34152 | 34777 | 32871 |  |
| 47675973(36) | ABF asset | N/A | 15.40% | 12/2032 | 25000 | 25457 | 27363 |  |
| 47680551(36) | ABF asset | N/A | 5.22% | 12/2027 | 7018 | 7146 | 6756 |  |
| 47680994(36) | ABF asset | N/A | 7.79% | 11/2027 | 10576 | 10770 | 10210 |  |
| 47684701(36) | ABF asset | N/A | 12.05% | 11/2030 | 29639 | 30181 | 30515 |  |
| 47707406(36) | ABF asset | N/A | 17.32% | 12/2030 | 77000 | 78408 | 81140 |  |
| 47714401(36) | ABF asset | N/A | 16.20% | 11/2030 | 75189 | 76564 | 81269 |  |
| 47721007(36) | ABF asset | N/A | 14.96% | 12/2030 | 100000 | 101829 | 109017 |  |
| 47738781(36) | ABF asset | N/A | 13.42% | 11/2030 | 49421 | 50325 | 51071 |  |
| 47740630(36) | ABF asset | N/A | 8.62% | 12/2027 | 20000 | 20366 | 19845 |  |
| 47767782(36) | ABF asset | N/A | 7.74% | 11/2028 | 24384 | 24830 | 23705 |  |
| 47768054(36) | ABF asset | N/A | 7.35% | 11/2028 | 24380 | 24826 | 23599 |  |
| 47778324(36) | ABF asset | N/A | 11.47% | 12/2032 | 27000 | 27494 | 26120 |  |
| 47791536(36) | ABF asset | N/A | 18.26% | 12/2031 | 30000 | 30549 | 33355 |  |
| 47792427(36) | ABF asset | N/A | 13.21% | 12/2030 | 40000 | 40732 | 40199 |  |
| 47801389(36) | ABF asset | N/A | 8.99% | 12/2027 | 34000 | 34622 | 33828 |  |
| 47802490(36) | ABF asset | N/A | 11.39% | 11/2032 | 49617 | 50525 | 49981 |  |
| 47804438(36) | ABF asset | N/A | 15.23% | 11/2032 | 15896 | 16187 | 16867 |  |
| 47807371(36) | ABF asset | N/A | 16.95% | 12/2030 | 65100 | 66291 | 71941 |  |
| 47823359(36) | ABF asset | N/A | 14.99% | 12/2030 | 60000 | 61098 | 62226 |  |
| 47824104(36) | ABF asset | N/A | 13.45% | 11/2030 | 88959 | 90586 | 91903 |  |
| 47839032(36) | ABF asset | N/A | 16.24% | 12/2030 | 50000 | 50915 | 52783 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 47846218(36) | ABF asset | N/A | 14.60% | 12/2032 | 67000 | 68226 | 72318 |  |
| 47850806(36) | ABF asset | N/A | 13.57% | 12/2031 | 20000 | 20366 | 21154 |  |
| 47854114(36) | ABF asset | N/A | 4.16% | 12/2027 | 16000 | 16293 | 15149 |  |
| 47879341(36) | ABF asset | N/A | 14.76% | 11/2029 | 83710 | 85241 | 82346 |  |
| 47881383(36) | ABF asset | N/A | 12.30% | 11/2030 | 39135 | 39851 | 40739 |  |
| 47882123(36) | ABF asset | N/A | 13.64% | 12/2032 | 32000 | 32585 | 33235 |  |
| 47897199(36) | ABF asset | N/A | 8.58% | 11/2029 | 62886 | 64037 | 61969 |  |
| 47898076(36) | ABF asset | N/A | 10.33% | 12/2032 | 39000 | 39713 | 37960 |  |
| 47903834(36) | ABF asset | N/A | 18.85% | 11/2030 | 58944 | 60022 | 61469 |  |
| 47904865(36) | ABF asset | N/A | 10.64% | 12/2030 | 35000 | 35640 | 34789 |  |
| 47909981(36) | ABF asset | N/A | 8.83% | 12/2027 | 13000 | 13238 | 12803 |  |
| 47917695(36) | ABF asset | N/A | 10.82% | 12/2031 | 20000 | 20366 | 20121 |  |
| 47919972(36) | ABF asset | N/A | 14.68% | 12/2032 | 17987 | 18316 | 19037 |  |
| 47924624(36) | ABF asset | N/A | 15.24% | 11/2030 | 44506 | 45320 | 45841 |  |
| 47933247(36) | ABF asset | N/A | 14.99% | 11/2031 | 11899 | 12117 | 12955 |  |
| 47935729(36) | ABF asset | N/A | 13.60% | 11/2032 | 5960 | 6069 | 6254 |  |
| 47935784(36) | ABF asset | N/A | 13.08% | 12/2030 | 50000 | 50915 | 49133 |  |
| 47937690(36) | ABF asset | N/A | 19.55% | 12/2030 | 60000 | 61098 | 65555 |  |
| 47941101(36) | ABF asset | N/A | 6.81% | 12/2027 | 10000 | 10183 | 9680 |  |
| 47947410(36) | ABF asset | N/A | 13.11% | 11/2031 | 73334 | 74675 | 77172 |  |
| 47947663(36) | ABF asset | N/A | 8.37% | 11/2027 | 13007 | 13245 | 12838 |  |
| 47952037(36) | ABF asset | N/A | 15.43% | 11/2032 | 27820 | 28329 | 27673 |  |
| 47958708(36) | ABF asset | N/A | 13.45% | 12/2027 | 5000 | 5091 | 5047 |  |
| 47964829(36) | ABF asset | N/A | 14.68% | 12/2032 | 33470 | 34082 | 35465 |  |
| 47971543(36) | ABF asset | N/A | 11.56% | 12/2027 | 5000 | 5091 | 5039 |  |
| 47972011(36) | ABF asset | N/A | 14.30% | 12/2031 | 55000 | 56006 | 58964 |  |
| 47973917(36) | ABF asset | N/A | 7.27% | 12/2027 | 35000 | 35640 | 34340 |  |
| 47974823(36) | ABF asset | N/A | 11.06% | 12/2031 | 24000 | 24439 | 24212 |  |
| 47982134(36) | ABF asset | N/A | 13.56% | 12/2030 | 48000 | 48878 | 48512 |  |
| 47985676(36) | ABF asset | N/A | 7.74% | 11/2027 | 7694 | 7835 | 7536 |  |
| 47985812(36) | ABF asset | N/A | 12.33% | 12/2030 | 50000 | 50915 | 52168 |  |
| 47998322(36) | ABF asset | N/A | 9.91% | 11/2030 | 98721 | 100527 | 98118 |  |
| 48012001(36) | ABF asset | N/A | 10.94% | 11/2031 | 17804 | 18129 | 17832 |  |
| 48013327(36) | ABF asset | N/A | 6.89% | 11/2027 | 4555 | 4638 | 4434 |  |
| 48018963(36) | ABF asset | N/A | 11.86% | 11/2032 | 26074 | 26551 | 26486 |  |
| 48025077(36) | ABF asset | N/A | 12.16% | 11/2030 | 49400 | 50304 | 49971 |  |
| 48027478(36) | ABF asset | N/A | 20.88% | 11/2029 | 29532 | 30072 | 30146 |  |
| 48028958(36) | ABF asset | N/A | 6.67% | 11/2027 | 8709 | 8869 | 8396 |  |
| 48030695(36) | ABF asset | N/A | 12.27% | 11/2030 | 81707 | 83201 | 80191 |  |
| 48035855(36) | ABF asset | N/A | 13.56% | 12/2030 | 35000 | 35640 | 35376 |  |
| 48038497(36) | ABF asset | N/A | 14.48% | 12/2032 | 50000 | 50915 | 52841 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48038684(36) | ABF asset | N/A | 12.54% | 12/2030 | 70000 | 71280 | 71859 |  |
| 48045444(36) | ABF asset | N/A | 10.22% | 11/2029 | 63903 | 65072 | 62063 |  |
| 48046938(36) | ABF asset | N/A | 17.23% | 12/2030 | 60000 | 61098 | 61408 |  |
| 48047582(36) | ABF asset | N/A | 12.78% | 11/2028 | 4886 | 4976 | 4918 |  |
| 48047663(36) | ABF asset | N/A | 8.99% | 12/2027 | 15000 | 15274 | 14935 |  |
| 48050474(36) | ABF asset | N/A | 15.32% | 11/2030 | 70013 | 71293 | 74782 |  |
| 48055271(36) | ABF asset | N/A | 14.03% | 11/2030 | 88903 | 90529 | 89889 |  |
| 48059642(36) | ABF asset | N/A | 16.86% | 11/2027 | 6459 | 6577 | 6545 |  |
| 48062555(36) | ABF asset | N/A | 7.05% | 12/2027 | 50000 | 50915 | 48908 |  |
| 48071215(36) | ABF asset | N/A | 16.10% | 12/2032 | 29000 | 29530 | 32162 |  |
| 48077721(36) | ABF asset | N/A | 11.63% | 11/2030 | 83964 | 85500 | 84195 |  |
| 48079722(36) | ABF asset | N/A | 10.33% | 11/2028 | 23099 | 23522 | 23272 |  |
| 48086232(36) | ABF asset | N/A | 14.83% | 11/2028 | 20414 | 20788 | 21023 |  |
| 48087559(36) | ABF asset | N/A | 12.43% | 11/2030 | 80035 | 81499 | 78753 |  |
| 48093639(36) | ABF asset | N/A | 18.67% | 12/2030 | 60000 | 61098 | 64614 |  |
| 48097730(36) | ABF asset | N/A | 11.43% | 12/2029 | 30000 | 30549 | 30994 |  |
| 48099878(36) | ABF asset | N/A | 17.86% | 11/2032 | 29827 | 30372 | 32072 |  |
| 48100583(36) | ABF asset | N/A | 12.05% | 12/2030 | 40000 | 40732 | 41459 |  |
| 48103036(36) | ABF asset | N/A | 16.11% | 11/2032 | 4969 | 5060 | 5177 |  |
| 48103462(36) | ABF asset | N/A | 17.98% | 12/2032 | 13000 | 13238 | 14642 |  |
| 48105845(36) | ABF asset | N/A | 10.99% | 11/2032 | 21829 | 22228 | 21807 |  |
| 48106615(36) | ABF asset | N/A | 17.85% | 12/2028 | 42000 | 42768 | 44295 |  |
| 48111475(36) | ABF asset | N/A | 9.31% | 11/2030 | 49350 | 50252 | 47611 |  |
| 48111699(36) | ABF asset | N/A | 12.11% | 12/2030 | 76000 | 77390 | 79008 |  |
| 48114032(36) | ABF asset | N/A | 7.61% | 12/2028 | 25000 | 25457 | 24547 |  |
| 48114678(36) | ABF asset | N/A | 12.28% | 11/2030 | 70151 | 71434 | 68907 |  |
| 48115279(36) | ABF asset | N/A | 7.99% | 11/2027 | 5769 | 5875 | 5662 |  |
| 48124502(36) | ABF asset | N/A | 14.73% | 11/2030 | 98894 | 100703 | 98823 |  |
| 48124801(36) | ABF asset | N/A | 12.34% | 11/2032 | 24816 | 25270 | 24924 |  |
| 48125385(36) | ABF asset | N/A | 14.13% | 12/2030 | 49000 | 49896 | 49026 |  |
| 48128872(36) | ABF asset | N/A | 15.97% | 12/2032 | 11000 | 11201 | 11550 |  |
| 48133677(36) | ABF asset | N/A | 10.81% | 11/2028 | 38085 | 38781 | 37842 |  |
| 48134117(36) | ABF asset | N/A | 11.57% | 12/2030 | 57000 | 58043 | 57470 |  |
| 48136642(36) | ABF asset | N/A | 9.18% | 12/2027 | 15000 | 15274 | 14809 |  |
| 48137525(36) | ABF asset | N/A | 13.55% | 11/2029 | 58080 | 59142 | 59591 |  |
| 48142605(36) | ABF asset | N/A | 11.11% | 12/2029 | 50000 | 50915 | 48012 |  |
| 48144767(36) | ABF asset | N/A | 15.10% | 11/2032 | 29804 | 30349 | 32192 |  |
| 48145449(36) | ABF asset | N/A | 14.15% | 12/2027 | 10391 | 10582 | 10428 |  |
| 48146088(36) | ABF asset | N/A | 10.93% | 11/2028 | 7813 | 7955 | 7868 |  |
| 48147002(36) | ABF asset | N/A | 8.85% | 12/2032 | 18000 | 18329 | 17380 |  |
| 48147381(36) | ABF asset | N/A | 15.70% | 11/2030 | 14499 | 14764 | 15836 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48148128(36) | ABF asset | N/A | 14.59% | 11/2030 | 65262 | 66455 | 66528 |  |
| 48148318(36) | ABF asset | N/A | 8.02% | 11/2027 | 13462 | 13708 | 12788 |  |
| 48148959(36) | ABF asset | N/A | 10.77% | 12/2030 | 70000 | 71280 | 67668 |  |
| 48151192(36) | ABF asset | N/A | 8.60% | 11/2027 | 19236 | 19588 | 18483 |  |
| 48153349(36) | ABF asset | N/A | 16.63% | 11/2032 | 25841 | 26314 | 26285 |  |
| 48160381(36) | ABF asset | N/A | 7.79% | 11/2031 | 21742 | 22140 | 20477 |  |
| 48161296(36) | ABF asset | N/A | 12.90% | 12/2028 | 14000 | 14256 | 13806 |  |
| 48163878(36) | ABF asset | N/A | 9.33% | 11/2028 | 10736 | 10932 | 10686 |  |
| 48165758(36) | ABF asset | N/A | 7.18% | 12/2027 | 47000 | 47860 | 45611 |  |
| 48168910(36) | ABF asset | N/A | 15.28% | 11/2032 | 5961 | 6070 | 5913 |  |
| 48169802(36) | ABF asset | N/A | 8.74% | 11/2027 | 57711 | 58767 | 57021 |  |
| 48170961(36) | ABF asset | N/A | 13.27% | 12/2032 | 41000 | 41750 | 42282 |  |
| 48171255(36) | ABF asset | N/A | 12.26% | 11/2031 | 10898 | 11097 | 11299 |  |
| 48171280(36) | ABF asset | N/A | 13.78% | 11/2030 | 59313 | 60398 | 59686 |  |
| 48173133(36) | ABF asset | N/A | 5.81% | 12/2027 | 15279 | 15558 | 14592 |  |
| 48176240(36) | ABF asset | N/A | 8.58% | 12/2028 | 38000 | 38695 | 37747 |  |
| 48177342(36) | ABF asset | N/A | 8.86% | 11/2028 | 21467 | 21860 | 21132 |  |
| 48180042(36) | ABF asset | N/A | 4.54% | 12/2028 | 22000 | 22402 | 20819 |  |
| 48185147(36) | ABF asset | N/A | 14.08% | 11/2032 | 12911 | 13147 | 13406 |  |
| 48189525(36) | ABF asset | N/A | 8.70% | 12/2032 | 25000 | 25457 | 24050 |  |
| 48190183(36) | ABF asset | N/A | 16.61% | 11/2027 | 20262 | 20632 | 20388 |  |
| 48190571(36) | ABF asset | N/A | 9.51% | 11/2029 | 83550 | 85079 | 81086 |  |
| 48194619(36) | ABF asset | N/A | 14.82% | 11/2030 | 49480 | 50385 | 52301 |  |
| 48194857(36) | ABF asset | N/A | 7.24% | 12/2031 | 28000 | 28512 | 26597 |  |
| 48198028(36) | ABF asset | N/A | 12.15% | 11/2030 | 35726 | 36379 | 36154 |  |
| 48200015(36) | ABF asset | N/A | 9.20% | 11/2032 | 29749 | 30293 | 28724 |  |
| 48207993(36) | ABF asset | N/A | 10.72% | 11/2030 | 29625 | 30167 | 27752 |  |
| 48208482(36) | ABF asset | N/A | 6.59% | 12/2027 | 31713 | 32293 | 30927 |  |
| 48209101(36) | ABF asset | N/A | 14.85% | 12/2032 | 46690 | 47544 | 50187 |  |
| 48210111(36) | ABF asset | N/A | 8.37% | 12/2027 | 7018 | 7147 | 6940 |  |
| 48214258(36) | ABF asset | N/A | 13.72% | 11/2032 | 19861 | 20225 | 20480 |  |
| 48216771(36) | ABF asset | N/A | 8.49% | 11/2027 | 4809 | 4897 | 4738 |  |
| 48217962(36) | ABF asset | N/A | 16.36% | 12/2031 | 39679 | 40405 | 44494 |  |
| 48219247(36) | ABF asset | N/A | 11.22% | 11/2031 | 49519 | 50425 | 49798 |  |
| 48220083(36) | ABF asset | N/A | 13.55% | 12/2030 | 30000 | 30549 | 31264 |  |
| 48220597(36) | ABF asset | N/A | 16.12% | 12/2030 | 40000 | 40732 | 42142 |  |
| 48220769(36) | ABF asset | N/A | 15.26% | 12/2031 | 34000 | 34622 | 37603 |  |
| 48225646(36) | ABF asset | N/A | 5.12% | 11/2027 | 26892 | 27384 | 25790 |  |
| 48228806(36) | ABF asset | N/A | 11.89% | 11/2027 | 6410 | 6527 | 6216 |  |
| 48229509(36) | ABF asset | N/A | 14.88% | 11/2027 | 21212 | 21600 | 21441 |  |
| 48230508(36) | ABF asset | N/A | 13.68% | 11/2028 | 6843 | 6968 | 6958 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48233488(36) | ABF asset | N/A | 14.41% | 12/2030 | 30000 | 30549 | 30782 |  |
| 48234889(36) | ABF asset | N/A | 10.99% | 11/2032 | 25798 | 26269 | 25790 |  |
| 48235951(36) | ABF asset | N/A | 15.90% | 11/2031 | 15821 | 16110 | 17031 |  |
| 48239113(36) | ABF asset | N/A | 9.28% | 12/2028 | 19477 | 19833 | 19283 |  |
| 48239630(36) | ABF asset | N/A | 13.68% | 12/2029 | 50000 | 50915 | 53412 |  |
| 48240648(36) | ABF asset | N/A | 9.43% | 11/2028 | 25376 | 25840 | 25138 |  |
| 48241614(36) | ABF asset | N/A | 9.81% | 12/2027 | 12000 | 12220 | 11909 |  |
| 48242449(36) | ABF asset | N/A | 13.80% | 12/2030 | 40000 | 40732 | 41906 |  |
| 48242577(36) | ABF asset | N/A | 13.45% | 12/2030 | 70000 | 71280 | 72908 |  |
| 48246970(36) | ABF asset | N/A | 17.92% | 11/2030 | 59303 | 60388 | 62404 |  |
| 48248458(36) | ABF asset | N/A | 11.23% | 11/2030 | 65187 | 66379 | 66217 |  |
| 48248463(36) | ABF asset | N/A | 10.94% | 12/2030 | 9000 | 9165 | 8329 |  |
| 48250386(36) | ABF asset | N/A | 8.30% | 11/2027 | 6732 | 6855 | 6521 |  |
| 48250634(36) | ABF asset | N/A | 9.69% | 11/2031 | 26726 | 27215 | 26097 |  |
| 48251045(36) | ABF asset | N/A | 12.36% | 12/2032 | 90000 | 91646 | 92942 |  |
| 48254378(36) | ABF asset | N/A | 12.56% | 12/2030 | 50000 | 50915 | 49711 |  |
| 48255336(36) | ABF asset | N/A | 17.81% | 12/2029 | 50000 | 50915 | 51764 |  |
| 48256039(36) | ABF asset | N/A | 21.46% | 12/2030 | 5000 | 5091 | 5443 |  |
| 48259756(36) | ABF asset | N/A | 14.08% | 12/2032 | 37000 | 37677 | 38786 |  |
| 48261947(36) | ABF asset | N/A | 7.68% | 12/2027 | 25000 | 25457 | 24598 |  |
| 48262115(36) | ABF asset | N/A | 10.26% | 11/2029 | 68825 | 70084 | 66922 |  |
| 48262589(36) | ABF asset | N/A | 13.57% | 11/2030 | 39539 | 40262 | 40959 |  |
| 48265116(36) | ABF asset | N/A | 9.05% | 12/2030 | 60000 | 61098 | 56314 |  |
| 48267528(36) | ABF asset | N/A | 9.61% | 11/2029 | 50132 | 51049 | 48755 |  |
| 48267559(36) | ABF asset | N/A | 8.56% | 12/2027 | 100000 | 101829 | 99060 |  |
| 48268200(36) | ABF asset | N/A | 9.99% | 11/2031 | 24749 | 25202 | 24586 |  |
| 48268395(36) | ABF asset | N/A | 7.61% | 11/2030 | 49223 | 50124 | 47081 |  |
| 48270848(36) | ABF asset | N/A | 6.96% | 11/2027 | 24990 | 25447 | 24341 |  |
| 48273467(36) | ABF asset | N/A | 10.96% | 12/2028 | 45000 | 45823 | 45980 |  |
| 48273833(36) | ABF asset | N/A | 13.32% | 12/2030 | 56000 | 57024 | 58268 |  |
| 48273972(36) | ABF asset | N/A | 11.24% | 11/2032 | 40684 | 41428 | 40841 |  |
| 48274286(36) | ABF asset | N/A | 10.61% | 11/2029 | 49167 | 50067 | 46453 |  |
| 48274530(36) | ABF asset | N/A | 7.74% | 12/2027 | 5000 | 5091 | 4919 |  |
| 48274569(36) | ABF asset | N/A | 10.43% | 11/2028 | 4882 | 4971 | 4890 |  |
| 48274896(36) | ABF asset | N/A | 9.25% | 11/2027 | 19243 | 19595 | 18586 |  |
| 48274994(36) | ABF asset | N/A | 6.66% | 12/2030 | 60000 | 61098 | 56748 |  |
| 48276381(36) | ABF asset | N/A | 6.02% | 11/2028 | 35088 | 35730 | 33635 |  |
| 48276407(36) | ABF asset | N/A | 18.86% | 12/2032 | 53000 | 53969 | 60668 |  |
| 48277588(36) | ABF asset | N/A | 20.29% | 11/2030 | 14859 | 15130 | 15721 |  |
| 48278539(36) | ABF asset | N/A | 11.39% | 11/2030 | 6914 | 7041 | 6906 |  |
| 48279075(36) | ABF asset | N/A | 6.65% | 12/2028 | 29000 | 29530 | 28121 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48279464(36) | ABF asset | N/A | 14.27% | 12/2032 | 28000 | 28512 | 29457 |  |
| 48279540(36) | ABF asset | N/A | 18.34% | 11/2028 | 11747 | 11962 | 12183 |  |
| 48280395(36) | ABF asset | N/A | 8.73% | 11/2029 | 72716 | 74047 | 71833 |  |
| 48280952(36) | ABF asset | N/A | 15.48% | 12/2032 | 21000 | 21384 | 23076 |  |
| 48281283(36) | ABF asset | N/A | 17.78% | 11/2032 | 40743 | 41488 | 42347 |  |
| 48281579(36) | ABF asset | N/A | 13.02% | 11/2027 | 19182 | 19533 | 19119 |  |
| 48282459(36) | ABF asset | N/A | 9.91% | 12/2030 | 55485 | 56500 | 55552 |  |
| 48285287(36) | ABF asset | N/A | 10.83% | 11/2030 | 54314 | 55308 | 54806 |  |
| 48285781(36) | ABF asset | N/A | 8.26% | 12/2028 | 15750 | 16038 | 15502 |  |
| 48286531(36) | ABF asset | N/A | 12.53% | 11/2030 | 91527 | 93201 | 95019 |  |
| 48286649(36) | ABF asset | N/A | 10.46% | 11/2027 | 7700 | 7841 | 7510 |  |
| 48286901(36) | ABF asset | N/A | 11.16% | 11/2030 | 39306 | 40025 | 39179 |  |
| 48290458(36) | ABF asset | N/A | 12.98% | 11/2032 | 4964 | 5055 | 4900 |  |
| 48290626(36) | ABF asset | N/A | 16.30% | 11/2030 | 59362 | 60447 | 60765 |  |
| 48290906(36) | ABF asset | N/A | 19.74% | 12/2032 | 55000 | 56006 | 61755 |  |
| 48291134(36) | ABF asset | N/A | 17.27% | 12/2030 | 60000 | 61098 | 63210 |  |
| 48292001(36) | ABF asset | N/A | 19.36% | 12/2032 | 48467 | 49353 | 53990 |  |
| 48292820(36) | ABF asset | N/A | 10.68% | 12/2028 | 40000 | 40732 | 40738 |  |
| 48293664(36) | ABF asset | N/A | 15.43% | 12/2029 | 49000 | 49896 | 53669 |  |
| 48293956(36) | ABF asset | N/A | 20.77% | 11/2030 | 26749 | 27238 | 28480 |  |
| 48294116(36) | ABF asset | N/A | 19.16% | 11/2032 | 53706 | 54689 | 57497 |  |
| 48294501(36) | ABF asset | N/A | 15.86% | 12/2032 | 5000 | 5091 | 5067 |  |
| 48295713(36) | ABF asset | N/A | 14.45% | 12/2032 | 13598 | 13847 | 13954 |  |
| 48297466(36) | ABF asset | N/A | 15.42% | 11/2031 | 20826 | 21207 | 22612 |  |
| 48297636(36) | ABF asset | N/A | 10.40% | 11/2031 | 58416 | 59485 | 58517 |  |
| 48297796(36) | ABF asset | N/A | 6.57% | 11/2029 | 4909 | 4999 | 4572 |  |
| 48297882(36) | ABF asset | N/A | 10.94% | 12/2031 | 30000 | 30549 | 30199 |  |
| 48298139(36) | ABF asset | N/A | 7.74% | 11/2027 | 33651 | 34267 | 32961 |  |
| 48299432(36) | ABF asset | N/A | 15.45% | 11/2032 | 24839 | 25294 | 27005 |  |
| 48300441(36) | ABF asset | N/A | 5.77% | 11/2028 | 21441 | 21833 | 20503 |  |
| 48301315(36) | ABF asset | N/A | 22.11% | 12/2032 | 18000 | 18329 | 21060 |  |
| 48301421(36) | ABF asset | N/A | 16.98% | 11/2030 | 59374 | 60460 | 59741 |  |
| 48302129(36) | ABF asset | N/A | 12.73% | 11/2031 | 8000 | 8146 | 8469 |  |
| 48304132(36) | ABF asset | N/A | 14.81% | 11/2030 | 82077 | 83579 | 79910 |  |
| 48309361(36) | ABF asset | N/A | 11.62% | 11/2032 | 29772 | 30317 | 28619 |  |
| 48309981(36) | ABF asset | N/A | 15.08% | 11/2030 | 49448 | 50353 | 53505 |  |
| 48310365(36) | ABF asset | N/A | 9.53% | 11/2027 | 4811 | 4899 | 4730 |  |
| 48310477(36) | ABF asset | N/A | 15.70% | 12/2032 | 30000 | 30549 | 32370 |  |
| 48312245(36) | ABF asset | N/A | 8.93% | 11/2027 | 21162 | 21549 | 20601 |  |
| 48313604(36) | ABF asset | N/A | 7.35% | 12/2027 | 8000 | 8146 | 7784 |  |
| 48314307(36) | ABF asset | N/A | 10.97% | 12/2030 | 45000 | 45823 | 42735 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48314338(36) | ABF asset | N/A | 15.23% | 12/2032 | 40000 | 40732 | 43637 |  |
| 48314343(36) | ABF asset | N/A | 8.06% | 11/2027 | 9616 | 9792 | 9351 |  |
| 48314509(36) | ABF asset | N/A | 15.08% | 11/2032 | 39738 | 40465 | 42906 |  |
| 48314581(36) | ABF asset | N/A | 14.93% | 11/2027 | 7714 | 7855 | 7915 |  |
| 48315036(36) | ABF asset | N/A | 14.67% | 11/2030 | 75000 | 76372 | 80210 |  |
| 48315224(36) | ABF asset | N/A | 9.65% | 12/2030 | 50000 | 50915 | 49852 |  |
| 48316252(36) | ABF asset | N/A | 10.13% | 11/2030 | 90000 | 91646 | 86235 |  |
| 48316436(36) | ABF asset | N/A | 11.38% | 11/2030 | 75067 | 76441 | 72667 |  |
| 48316717(36) | ABF asset | N/A | 15.86% | 11/2031 | 22738 | 23153 | 23908 |  |
| 48317982(36) | ABF asset | N/A | 11.14% | 12/2027 | 50000 | 50915 | 50609 |  |
| 48318776(36) | ABF asset | N/A | 10.54% | 11/2031 | 28714 | 29240 | 28491 |  |
| 48320725(36) | ABF asset | N/A | 9.84% | 11/2028 | 18547 | 18886 | 18054 |  |
| 48320826(36) | ABF asset | N/A | 6.00% | 11/2027 | 28823 | 29350 | 27138 |  |
| 48322360(36) | ABF asset | N/A | 16.13% | 12/2030 | 65000 | 66189 | 67195 |  |
| 48322806(36) | ABF asset | N/A | 13.10% | 11/2032 | 54608 | 55607 | 56842 |  |
| 48323085(36) | ABF asset | N/A | 14.55% | 12/2030 | 70000 | 71280 | 74168 |  |
| 48323220(36) | ABF asset | N/A | 12.67% | 11/2031 | 19817 | 20180 | 20459 |  |
| 48325167(36) | ABF asset | N/A | 13.17% | 11/2030 | 40000 | 40732 | 41647 |  |
| 48327037(36) | ABF asset | N/A | 11.45% | 11/2029 | 64921 | 66109 | 66633 |  |
| 48327885(36) | ABF asset | N/A | 11.04% | 11/2030 | 11851 | 12068 | 10892 |  |
| 48328250(36) | ABF asset | N/A | 9.18% | 11/2029 | 14742 | 15012 | 14652 |  |
| 48328796(36) | ABF asset | N/A | 9.40% | 11/2030 | 88832 | 90457 | 87545 |  |
| 48330504(36) | ABF asset | N/A | 13.67% | 12/2029 | 60000 | 61098 | 59813 |  |
| 48332561(36) | ABF asset | N/A | 8.17% | 11/2029 | 12772 | 13005 | 11670 |  |
| 48333677(36) | ABF asset | N/A | 8.61% | 11/2030 | 65125 | 66316 | 63379 |  |
| 48333760(36) | ABF asset | N/A | 12.69% | 12/2032 | 20000 | 20366 | 20831 |  |
| 48337297(36) | ABF asset | N/A | 7.99% | 12/2027 | 15000 | 15274 | 14789 |  |
| 48338925(36) | ABF asset | N/A | 15.09% | 11/2030 | 59338 | 60424 | 60973 |  |
| 48339642(36) | ABF asset | N/A | 15.70% | 12/2030 | 85000 | 86555 | 91892 |  |
| 48343885(36) | ABF asset | N/A | 16.49% | 11/2030 | 39577 | 40301 | 41549 |  |
| 48344277(36) | ABF asset | N/A | 14.85% | 11/2027 | 4256 | 4334 | 4284 |  |
| 48345081(36) | ABF asset | N/A | 12.53% | 12/2032 | 16000 | 16293 | 15245 |  |
| 48346744(36) | ABF asset | N/A | 14.51% | 11/2032 | 29799 | 30344 | 29156 |  |
| 48347372(36) | ABF asset | N/A | 8.49% | 11/2028 | 34148 | 34772 | 33690 |  |
| 48347625(36) | ABF asset | N/A | 17.50% | 11/2032 | 19883 | 20246 | 20564 |  |
| 48347877(36) | ABF asset | N/A | 18.08% | 11/2032 | 17897 | 18225 | 20023 |  |
| 48349326(36) | ABF asset | N/A | 15.15% | 11/2028 | 17606 | 17928 | 17836 |  |
| 48351499(36) | ABF asset | N/A | 13.07% | 11/2032 | 19857 | 20221 | 20239 |  |
| 48351946(36) | ABF asset | N/A | 13.73% | 11/2028 | 35194 | 35838 | 35829 |  |
| 48352268(36) | ABF asset | N/A | 7.25% | 11/2028 | 11702 | 11916 | 11168 |  |
| 48352272(36) | ABF asset | N/A | 9.91% | 11/2030 | 71079 | 72379 | 70645 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48352549(36) | ABF asset | N/A | 14.50% | 12/2028 | 37000 | 37677 | 37207 |  |
| 48352719(36) | ABF asset | N/A | 6.10% | 11/2027 | 17094 | 17407 | 16287 |  |
| 48353562(36) | ABF asset | N/A | 22.52% | 12/2030 | 49000 | 49896 | 52748 |  |
| 48353641(36) | ABF asset | N/A | 13.28% | 12/2028 | 25000 | 25457 | 25046 |  |
| 48354938(36) | ABF asset | N/A | 16.63% | 12/2032 | 54400 | 55395 | 57250 |  |
| 48357433(36) | ABF asset | N/A | 17.92% | 11/2030 | 48503 | 49391 | 50930 |  |
| 48357825(36) | ABF asset | N/A | 11.24% | 11/2032 | 34730 | 35366 | 34864 |  |
| 48358152(36) | ABF asset | N/A | 6.96% | 11/2027 | 96115 | 97873 | 93556 |  |
| 48358255(36) | ABF asset | N/A | 8.44% | 11/2031 | 39577 | 40301 | 37739 |  |
| 48360019(36) | ABF asset | N/A | 19.56% | 11/2032 | 46679 | 47533 | 50137 |  |
| 48360482(36) | ABF asset | N/A | 16.33% | 11/2032 | 17889 | 18216 | 19390 |  |
| 48360693(36) | ABF asset | N/A | 12.75% | 12/2031 | 65000 | 66189 | 67824 |  |
| 48360696(36) | ABF asset | N/A | 21.59% | 12/2030 | 60000 | 61098 | 65435 |  |
| 48361581(36) | ABF asset | N/A | 15.08% | 11/2032 | 28810 | 29337 | 29490 |  |
| 48362208(36) | ABF asset | N/A | 12.94% | 11/2032 | 77441 | 78857 | 80308 |  |
| 48363129(36) | ABF asset | N/A | 15.85% | 11/2032 | 15995 | 16288 | 17532 |  |
| 48363213(36) | ABF asset | N/A | 22.77% | 11/2030 | 50000 | 50915 | 54555 |  |
| 48363746(36) | ABF asset | N/A | 5.66% | 11/2027 | 11528 | 11738 | 11003 |  |
| 48363871(36) | ABF asset | N/A | 10.39% | 12/2030 | 73943 | 75295 | 74099 |  |
| 48364278(36) | ABF asset | N/A | 12.20% | 11/2030 | 39520 | 40243 | 40000 |  |
| 48365568(36) | ABF asset | N/A | 10.76% | 12/2032 | 35000 | 35640 | 35102 |  |
| 48366880(36) | ABF asset | N/A | 10.68% | 12/2029 | 100000 | 101829 | 102345 |  |
| 48367301(36) | ABF asset | N/A | 6.80% | 11/2027 | 10564 | 10757 | 10276 |  |
| 48367663(36) | ABF asset | N/A | 8.31% | 11/2029 | 42247 | 43020 | 41499 |  |
| 48368148(36) | ABF asset | N/A | 16.00% | 12/2027 | 11642 | 11855 | 11850 |  |
| 48368857(36) | ABF asset | N/A | 12.52% | 11/2029 | 39362 | 40082 | 38215 |  |
| 48369178(36) | ABF asset | N/A | 11.45% | 12/2030 | 9000 | 9165 | 9252 |  |
| 48369660(36) | ABF asset | N/A | 11.93% | 12/2027 | 10000 | 10183 | 10105 |  |
| 48369941(36) | ABF asset | N/A | 11.64% | 11/2030 | 54330 | 55324 | 55600 |  |
| 48370400(36) | ABF asset | N/A | 17.23% | 12/2030 | 50000 | 50915 | 51197 |  |
| 48371507(36) | ABF asset | N/A | 18.73% | 11/2032 | 84529 | 86075 | 95896 |  |
| 48371792(36) | ABF asset | N/A | 21.75% | 12/2030 | 29000 | 29530 | 30899 |  |
| 48371989(36) | ABF asset | N/A | 19.74% | 11/2032 | 26857 | 27348 | 29056 |  |
| 48372019(36) | ABF asset | N/A | 11.20% | 12/2030 | 69026 | 70289 | 70012 |  |
| 48372669(36) | ABF asset | N/A | 18.67% | 12/2030 | 53385 | 54362 | 57346 |  |
| 48373472(36) | ABF asset | N/A | 10.65% | 12/2030 | 55000 | 56006 | 55737 |  |
| 48373779(36) | ABF asset | N/A | 11.97% | 11/2030 | 49397 | 50300 | 47190 |  |
| 48374534(36) | ABF asset | N/A | 7.99% | 11/2028 | 16583 | 16886 | 15971 |  |
| 48375560(36) | ABF asset | N/A | 14.45% | 11/2030 | 48450 | 49336 | 51900 |  |
| 48375832(36) | ABF asset | N/A | 12.59% | 11/2030 | 49407 | 50311 | 46518 |  |
| 48376493(36) | ABF asset | N/A | 12.79% | 11/2031 | 19818 | 20180 | 20126 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48376494(36) | ABF asset | N/A | 20.61% | 11/2032 | 34822 | 35459 | 39370 |  |
| 48377587(36) | ABF asset | N/A | 10.35% | 11/2029 | 35316 | 35962 | 34701 |  |
| 48377654(36) | ABF asset | N/A | 16.52% | 12/2032 | 32000 | 32585 | 33886 |  |
| 48378009(36) | ABF asset | N/A | 6.02% | 11/2028 | 19494 | 19850 | 18682 |  |
| 48378352(36) | ABF asset | N/A | 12.63% | 11/2028 | 7818 | 7961 | 7855 |  |
| 48378425(36) | ABF asset | N/A | 20.81% | 12/2032 | 20000 | 20366 | 22266 |  |
| 48378546(36) | ABF asset | N/A | 7.01% | 11/2029 | 70429 | 71717 | 67908 |  |
| 48379274(36) | ABF asset | N/A | 8.11% | 11/2029 | 62875 | 64025 | 57361 |  |
| 48379862(36) | ABF asset | N/A | 7.74% | 11/2027 | 16345 | 16644 | 16010 |  |
| 48380306(36) | ABF asset | N/A | 16.45% | 11/2032 | 14908 | 15180 | 16522 |  |
| 48380467(36) | ABF asset | N/A | 6.71% | 11/2027 | 17299 | 17615 | 16804 |  |
| 48380703(36) | ABF asset | N/A | 14.60% | 11/2032 | 19866 | 20230 | 21273 |  |
| 48380735(36) | ABF asset | N/A | 11.38% | 11/2031 | 10696 | 10892 | 10911 |  |
| 48380831(36) | ABF asset | N/A | 12.63% | 12/2028 | 8000 | 8146 | 8106 |  |
| 48380900(36) | ABF asset | N/A | 9.22% | 11/2029 | 21622 | 22018 | 20051 |  |
| 48380981(36) | ABF asset | N/A | 10.63% | 11/2029 | 67852 | 69093 | 66270 |  |
| 48381414(36) | ABF asset | N/A | 16.56% | 11/2032 | 45721 | 46558 | 46669 |  |
| 48381559(36) | ABF asset | N/A | 9.54% | 12/2030 | 75000 | 76372 | 73119 |  |
| 48381581(36) | ABF asset | N/A | 15.51% | 11/2031 | 29350 | 29886 | 32301 |  |
| 48381607(36) | ABF asset | N/A | 15.51% | 11/2031 | 89257 | 90890 | 98284 |  |
| 48381775(36) | ABF asset | N/A | 5.54% | 11/2028 | 14617 | 14885 | 13931 |  |
| 48381927(36) | ABF asset | N/A | 11.28% | 11/2029 | 49015 | 49911 | 48843 |  |
| 48381960(36) | ABF asset | N/A | 11.06% | 11/2027 | 13479 | 13725 | 13422 |  |
| 48382156(36) | ABF asset | N/A | 5.51% | 11/2028 | 11694 | 11908 | 11097 |  |
| 48382249(36) | ABF asset | N/A | 17.48% | 11/2030 | 59298 | 60382 | 60205 |  |
| 48382518(36) | ABF asset | N/A | 9.16% | 11/2027 | 9620 | 9796 | 9439 |  |
| 48382550(36) | ABF asset | N/A | 11.93% | 11/2032 | 24813 | 25267 | 24742 |  |
| 48383010(36) | ABF asset | N/A | 9.25% | 11/2030 | 63925 | 65095 | 62842 |  |
| 48383133(36) | ABF asset | N/A | 8.45% | 11/2027 | 7683 | 7823 | 7388 |  |
| 48383433(36) | ABF asset | N/A | 12.07% | 11/2030 | 29639 | 30181 | 28361 |  |
| 48383440(36) | ABF asset | N/A | 8.18% | 11/2027 | 14424 | 14688 | 14034 |  |
| 48384198(36) | ABF asset | N/A | 17.01% | 11/2027 | 9650 | 9826 | 9740 |  |
| 48384362(36) | ABF asset | N/A | 18.36% | 11/2032 | 24859 | 25314 | 26946 |  |
| 48384429(36) | ABF asset | N/A | 8.47% | 11/2028 | 15590 | 15875 | 15312 |  |
| 48384450(36) | ABF asset | N/A | 7.69% | 11/2027 | 7692 | 7832 | 7460 |  |
| 48384463(36) | ABF asset | N/A | 10.33% | 11/2030 | 88662 | 90284 | 84374 |  |
| 48384546(36) | ABF asset | N/A | 8.74% | 11/2027 | 4810 | 4897 | 4752 |  |
| 48385538(36) | ABF asset | N/A | 14.81% | 11/2030 | 29666 | 30209 | 28903 |  |
| 48385794(36) | ABF asset | N/A | 8.74% | 11/2027 | 38474 | 39178 | 38014 |  |
| 48386037(36) | ABF asset | N/A | 10.78% | 11/2030 | 39501 | 40223 | 37840 |  |
| 48386297(36) | ABF asset | N/A | 19.51% | 11/2032 | 20888 | 21270 | 23114 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48386347(36) | ABF asset | N/A | 9.93% | 11/2027 | 4797 | 4884 | 4749 |  |
| 48386431(36) | ABF asset | N/A | 16.11% | 11/2032 | 57638 | 58692 | 60236 |  |
| 48387575(36) | ABF asset | N/A | 12.68% | 11/2032 | 13777 | 14029 | 14057 |  |
| 48387711(36) | ABF asset | N/A | 13.60% | 11/2032 | 29779 | 30323 | 31250 |  |
| 48387736(36) | ABF asset | N/A | 11.69% | 11/2027 | 6674 | 6796 | 6589 |  |
| 48387750(36) | ABF asset | N/A | 14.38% | 11/2032 | 18834 | 19179 | 19075 |  |
| 48388117(36) | ABF asset | N/A | 14.43% | 11/2029 | 28226 | 28742 | 30269 |  |
| 48388481(36) | ABF asset | N/A | 9.08% | 11/2029 | 58967 | 60046 | 58564 |  |
| 48389136(36) | ABF asset | N/A | 16.85% | 11/2032 | 44728 | 45546 | 49939 |  |
| 48389210(36) | ABF asset | N/A | 8.84% | 11/2030 | 59209 | 60293 | 56713 |  |
| 48389335(36) | ABF asset | N/A | 8.74% | 11/2027 | 15007 | 15281 | 14822 |  |
| 48389545(36) | ABF asset | N/A | 19.23% | 11/2030 | 34659 | 35293 | 36097 |  |
| 48389978(36) | ABF asset | N/A | 20.31% | 12/2032 | 22500 | 22912 | 24822 |  |
| 48390327(36) | ABF asset | N/A | 16.24% | 11/2030 | 49467 | 50372 | 51764 |  |
| 48390464(36) | ABF asset | N/A | 7.64% | 11/2027 | 7544 | 7682 | 7394 |  |
| 48390555(36) | ABF asset | N/A | 6.93% | 11/2027 | 12395 | 12621 | 11943 |  |
| 48391056(36) | ABF asset | N/A | 15.20% | 11/2028 | 5803 | 5910 | 5950 |  |
| 48391173(36) | ABF asset | N/A | 8.00% | 11/2029 | 15672 | 15959 | 14946 |  |
| 48391279(36) | ABF asset | N/A | 14.05% | 11/2030 | 34602 | 35235 | 36828 |  |
| 48391355(36) | ABF asset | N/A | 13.92% | 11/2030 | 49372 | 50275 | 51497 |  |
| 48391427(36) | ABF asset | N/A | 10.14% | 11/2030 | 39492 | 40214 | 38632 |  |
| 48391574(36) | ABF asset | N/A | 18.73% | 11/2032 | 19889 | 20253 | 22533 |  |
| 48391630(36) | ABF asset | N/A | 10.51% | 11/2027 | 14000 | 14256 | 14016 |  |
| 48391770(36) | ABF asset | N/A | 8.74% | 11/2027 | 4809 | 4897 | 4752 |  |
| 48391801(36) | ABF asset | N/A | 15.33% | 11/2032 | 29806 | 30351 | 31709 |  |
| 48391940(36) | ABF asset | N/A | 16.45% | 11/2032 | 6957 | 7084 | 7710 |  |
| 48391973(36) | ABF asset | N/A | 10.19% | 11/2027 | 6574 | 6694 | 6410 |  |
| 48392023(36) | ABF asset | N/A | 11.74% | 11/2027 | 10767 | 10964 | 10896 |  |
| 48392378(36) | ABF asset | N/A | 8.56% | 11/2029 | 36356 | 37021 | 35840 |  |
| 48392693(36) | ABF asset | N/A | 13.67% | 12/2030 | 73971 | 75324 | 76744 |  |
| 48392865(36) | ABF asset | N/A | 16.45% | 12/2031 | 71000 | 72299 | 79292 |  |
| 48393163(36) | ABF asset | N/A | 18.23% | 11/2032 | 13921 | 14175 | 15628 |  |
| 48393164(36) | ABF asset | N/A | 8.99% | 11/2027 | 4810 | 4898 | 4758 |  |
| 48393197(36) | ABF asset | N/A | 8.98% | 11/2029 | 98275 | 100072 | 97464 |  |
| 48393585(36) | ABF asset | N/A | 11.48% | 11/2031 | 49523 | 50429 | 50613 |  |
| 48393597(36) | ABF asset | N/A | 6.96% | 11/2027 | 10432 | 10623 | 10174 |  |
| 48393617(36) | ABF asset | N/A | 7.99% | 11/2027 | 4808 | 4896 | 4722 |  |
| 48393623(36) | ABF asset | N/A | 20.78% | 11/2031 | 46367 | 47215 | 53443 |  |
| 48394268(36) | ABF asset | N/A | 14.16% | 11/2030 | 63964 | 65134 | 64709 |  |
| 48394446(36) | ABF asset | N/A | 21.53% | 11/2031 | 19869 | 20232 | 23138 |  |
| 48394578(36) | ABF asset | N/A | 16.10% | 11/2032 | 79499 | 80953 | 87540 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48394641(36) | ABF asset | N/A | 6.46% | 11/2027 | 19219 | 19571 | 18645 |  |
| 48394865(36) | ABF asset | N/A | 10.43% | 11/2029 | 58997 | 60076 | 59687 |  |
| 48395264(36) | ABF asset | N/A | 10.06% | 12/2030 | 19000 | 19348 | 19045 |  |
| 48395441(36) | ABF asset | N/A | 10.77% | 11/2031 | 62384 | 63525 | 62209 |  |
| 48395759(36) | ABF asset | N/A | 8.25% | 12/2030 | 5000 | 5091 | 4860 |  |
| 48395767(36) | ABF asset | N/A | 10.71% | 11/2028 | 4882 | 4972 | 4849 |  |
| 48396217(36) | ABF asset | N/A | 21.06% | 11/2029 | 59213 | 60296 | 63083 |  |
| 48396228(36) | ABF asset | N/A | 12.16% | 11/2027 | 12521 | 12750 | 12566 |  |
| 48396487(36) | ABF asset | N/A | 6.71% | 11/2027 | 48059 | 48938 | 46717 |  |
| 48396624(36) | ABF asset | N/A | 21.71% | 11/2030 | 4955 | 5046 | 5353 |  |
| 48397154(36) | ABF asset | N/A | 14.83% | 11/2028 | 34230 | 34856 | 35280 |  |
| 48397479(36) | ABF asset | N/A | 12.18% | 11/2028 | 5862 | 5969 | 6031 |  |
| 48397882(36) | ABF asset | N/A | 13.53% | 11/2032 | 29790 | 30335 | 28613 |  |
| 48398815(36) | ABF asset | N/A | 10.93% | 11/2029 | 74743 | 76111 | 76206 |  |
| 48398924(36) | ABF asset | N/A | 8.68% | 11/2027 | 43282 | 44074 | 42713 |  |
| 48399216(36) | ABF asset | N/A | 13.92% | 12/2030 | 60000 | 61098 | 62919 |  |
| 48399347(36) | ABF asset | N/A | 19.04% | 12/2029 | 60000 | 61098 | 63057 |  |
| 48399515(36) | ABF asset | N/A | 10.79% | 11/2030 | 4938 | 5028 | 4886 |  |
| 48399749(36) | ABF asset | N/A | 10.69% | 11/2030 | 4937 | 5028 | 4510 |  |
| 48399875(36) | ABF asset | N/A | 5.96% | 11/2027 | 48038 | 48916 | 46416 |  |
| 48400156(36) | ABF asset | N/A | 14.64% | 11/2032 | 24831 | 25285 | 26057 |  |
| 48400213(36) | ABF asset | N/A | 7.51% | 11/2030 | 43399 | 44193 | 41438 |  |
| 48400294(36) | ABF asset | N/A | 11.16% | 11/2032 | 34729 | 35365 | 34809 |  |
| 48400571(36) | ABF asset | N/A | 10.24% | 11/2028 | 20503 | 20878 | 20256 |  |
| 48400805(36) | ABF asset | N/A | 12.14% | 11/2030 | 61175 | 62294 | 63183 |  |
| 48400931(36) | ABF asset | N/A | 16.27% | 11/2032 | 12919 | 13156 | 13978 |  |
| 48401263(36) | ABF asset | N/A | 8.98% | 11/2029 | 98275 | 100072 | 97396 |  |
| 48401673(36) | ABF asset | N/A | 11.70% | 11/2030 | 19757 | 20118 | 20239 |  |
| 48402025(36) | ABF asset | N/A | 12.40% | 11/2029 | 83640 | 85170 | 84479 |  |
| 48402720(36) | ABF asset | N/A | 13.45% | 12/2031 | 7000 | 7128 | 7468 |  |
| 48402729(36) | ABF asset | N/A | 17.98% | 11/2032 | 51702 | 52647 | 57813 |  |
| 48404308(36) | ABF asset | N/A | 9.98% | 11/2030 | 39489 | 40212 | 37362 |  |
| 48404389(36) | ABF asset | N/A | 8.08% | 11/2028 | 19510 | 19867 | 19145 |  |
| 48404404(36) | ABF asset | N/A | 12.07% | 11/2030 | 29639 | 30181 | 28380 |  |
| 48404472(36) | ABF asset | N/A | 13.48% | 11/2032 | 99299 | 101115 | 104026 |  |
| 48405130(36) | ABF asset | N/A | 12.91% | 12/2028 | 35000 | 35640 | 36319 |  |
| 48405301(36) | ABF asset | N/A | 10.39% | 11/2030 | 59243 | 60327 | 58196 |  |
| 48405442(36) | ABF asset | N/A | 7.79% | 11/2030 | 78896 | 80340 | 74177 |  |
| 48405676(36) | ABF asset | N/A | 8.59% | 12/2028 | 16000 | 16293 | 15474 |  |
| 48405839(36) | ABF asset | N/A | 10.51% | 11/2027 | 8934 | 9097 | 8850 |  |
| 48405867(36) | ABF asset | N/A | 5.71% | 11/2027 | 21134 | 21521 | 20380 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48406309(36) | ABF asset | N/A | 13.67% | 11/2030 | 79081 | 80527 | 81998 |  |
| 48406341(36) | ABF asset | N/A | 12.98% | 11/2029 | 47242 | 48106 | 47642 |  |
| 48406424(36) | ABF asset | N/A | 15.08% | 11/2030 | 49449 | 50353 | 49688 |  |
| 48406833(36) | ABF asset | N/A | 7.99% | 12/2030 | 37000 | 37677 | 35851 |  |
| 48406920(36) | ABF asset | N/A | 13.62% | 11/2029 | 29533 | 30073 | 29110 |  |
| 48407703(36) | ABF asset | N/A | 10.14% | 12/2028 | 12000 | 12220 | 11914 |  |
| 48407752(36) | ABF asset | N/A | 5.52% | 11/2028 | 18515 | 18854 | 17642 |  |
| 48407868(36) | ABF asset | N/A | 8.46% | 11/2027 | 4809 | 4897 | 4692 |  |
| 48407939(36) | ABF asset | N/A | 8.86% | 11/2028 | 5835 | 5942 | 5781 |  |
| 48408180(36) | ABF asset | N/A | 10.41% | 11/2031 | 29660 | 30203 | 28179 |  |
| 48408377(36) | ABF asset | N/A | 4.92% | 12/2028 | 47000 | 47860 | 44619 |  |
| 48408885(36) | ABF asset | N/A | 10.66% | 11/2030 | 74061 | 75415 | 74579 |  |
| 48409399(36) | ABF asset | N/A | 11.53% | 11/2031 | 46553 | 47404 | 46200 |  |
| 48409515(36) | ABF asset | N/A | 20.56% | 12/2030 | 31000 | 31567 | 33294 |  |
| 48409587(36) | ABF asset | N/A | 5.29% | 12/2028 | 45000 | 45823 | 42936 |  |
| 48409624(36) | ABF asset | N/A | 12.27% | 11/2030 | 52216 | 53171 | 51247 |  |
| 48409670(36) | ABF asset | N/A | 13.78% | 11/2032 | 19862 | 20225 | 19167 |  |
| 48410339(36) | ABF asset | N/A | 13.06% | 11/2032 | 41700 | 42463 | 43343 |  |
| 48410470(36) | ABF asset | N/A | 8.43% | 12/2027 | 10000 | 10183 | 9818 |  |
| 48410568(36) | ABF asset | N/A | 14.64% | 11/2032 | 29800 | 30345 | 31293 |  |
| 48410749(36) | ABF asset | N/A | 9.22% | 11/2029 | 39314 | 40033 | 36456 |  |
| 48410840(36) | ABF asset | N/A | 5.96% | 11/2027 | 24019 | 24458 | 23208 |  |
| 48410890(36) | ABF asset | N/A | 8.29% | 11/2029 | 63832 | 65000 | 62713 |  |
| 48411188(36) | ABF asset | N/A | 22.52% | 12/2030 | 9000 | 9165 | 9671 |  |
| 48411855(36) | ABF asset | N/A | 7.80% | 11/2027 | 48074 | 48954 | 47111 |  |
| 48412061(36) | ABF asset | N/A | 15.35% | 12/2032 | 30000 | 30549 | 32846 |  |
| 48412878(36) | ABF asset | N/A | 19.17% | 12/2030 | 33864 | 34483 | 36285 |  |
| 48412908(36) | ABF asset | N/A | 16.10% | 12/2032 | 85000 | 86555 | 94475 |  |
| 48413258(36) | ABF asset | N/A | 13.63% | 11/2030 | 68376 | 69627 | 69358 |  |
| 48413502(36) | ABF asset | N/A | 10.58% | 11/2027 | 28877 | 29405 | 28190 |  |
| 48413774(36) | ABF asset | N/A | 8.58% | 11/2028 | 19514 | 19871 | 19259 |  |
| 48415145(36) | ABF asset | N/A | 13.58% | 11/2028 | 29327 | 29863 | 30625 |  |
| 48415602(36) | ABF asset | N/A | 13.60% | 11/2027 | 4819 | 4907 | 4818 |  |
| 48415888(36) | ABF asset | N/A | 15.62% | 11/2030 | 29674 | 30217 | 29250 |  |
| 48416768(36) | ABF asset | N/A | 10.53% | 11/2032 | 19841 | 20204 | 19241 |  |
| 48416856(36) | ABF asset | N/A | 9.95% | 11/2029 | 30476 | 31034 | 29759 |  |
| 48416863(36) | ABF asset | N/A | 7.99% | 11/2027 | 4808 | 4896 | 4646 |  |
| 48417056(36) | ABF asset | N/A | 5.86% | 11/2027 | 14411 | 14674 | 13767 |  |
| 48417433(36) | ABF asset | N/A | 12.79% | 11/2030 | 24705 | 25157 | 24451 |  |
| 48417941(36) | ABF asset | N/A | 13.42% | 11/2032 | 19859 | 20223 | 20783 |  |
| 48417959(36) | ABF asset | N/A | 15.97% | 11/2027 | 17363 | 17680 | 17534 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48418005(36) | ABF asset | N/A | 9.57% | 11/2030 | 39484 | 40206 | 38258 |  |
| 48418425(36) | ABF asset | N/A | 11.01% | 11/2028 | 18555 | 18895 | 18305 |  |
| 48419060(36) | ABF asset | N/A | 11.54% | 11/2031 | 16838 | 17146 | 16702 |  |
| 48419552(36) | ABF asset | N/A | 10.51% | 11/2030 | 82944 | 84461 | 81641 |  |
| 48420447(36) | ABF asset | N/A | 10.78% | 11/2030 | 70114 | 71396 | 67165 |  |
| 48420547(36) | ABF asset | N/A | 9.91% | 12/2027 | 35000 | 35640 | 34606 |  |
| 48420865(36) | ABF asset | N/A | 12.41% | 11/2030 | 64225 | 65400 | 63176 |  |
| 48421497(36) | ABF asset | N/A | 11.07% | 11/2032 | 28775 | 29301 | 27362 |  |
| 48421562(36) | ABF asset | N/A | 8.02% | 11/2028 | 24387 | 24833 | 23915 |  |
| 48421599(36) | ABF asset | N/A | 6.96% | 11/2027 | 38446 | 39149 | 37422 |  |
| 48421686(36) | ABF asset | N/A | 8.44% | 11/2031 | 27704 | 28210 | 26417 |  |
| 48421712(36) | ABF asset | N/A | 8.74% | 11/2028 | 34151 | 34776 | 32826 |  |
| 48422263(36) | ABF asset | N/A | 7.57% | 11/2029 | 58869 | 59946 | 55687 |  |
| 48422333(36) | ABF asset | N/A | 22.46% | 11/2030 | 24780 | 25233 | 27047 |  |
| 48422426(36) | ABF asset | N/A | 10.86% | 11/2029 | 59006 | 60086 | 55947 |  |
| 48422465(36) | ABF asset | N/A | 11.37% | 11/2027 | 24002 | 24441 | 23585 |  |
| 48422822(36) | ABF asset | N/A | 11.23% | 11/2032 | 26725 | 27214 | 26888 |  |
| 48423199(36) | ABF asset | N/A | 11.50% | 11/2029 | 49184 | 50083 | 49066 |  |
| 48423410(36) | ABF asset | N/A | 20.43% | 11/2031 | 40719 | 41464 | 47370 |  |
| 48423867(36) | ABF asset | N/A | 7.74% | 11/2027 | 6699 | 6822 | 6565 |  |
| 48424223(36) | ABF asset | N/A | 14.07% | 11/2029 | 63998 | 65169 | 63427 |  |
| 48424328(36) | ABF asset | N/A | 6.21% | 11/2027 | 19217 | 19569 | 18593 |  |
| 48424526(36) | ABF asset | N/A | 12.68% | 11/2028 | 38909 | 39621 | 39939 |  |
| 48424769(36) | ABF asset | N/A | 5.87% | 11/2027 | 24899 | 25355 | 24098 |  |
| 48425163(36) | ABF asset | N/A | 19.23% | 11/2030 | 49513 | 50419 | 51532 |  |
| 48425387(36) | ABF asset | N/A | 12.64% | 11/2030 | 50396 | 51318 | 52389 |  |
| 48425439(36) | ABF asset | N/A | 14.83% | 11/2030 | 70211 | 71495 | 70224 |  |
| 48425677(36) | ABF asset | N/A | 7.14% | 11/2031 | 24724 | 25176 | 23276 |  |
| 48425807(36) | ABF asset | N/A | 10.03% | 11/2030 | 8885 | 9048 | 8849 |  |
| 48426113(36) | ABF asset | N/A | 9.15% | 11/2030 | 38275 | 38975 | 37572 |  |
| 48426974(36) | ABF asset | N/A | 15.08% | 12/2030 | 99000 | 100811 | 108097 |  |
| 48427240(36) | ABF asset | N/A | 10.16% | 12/2030 | 39434 | 40155 | 38612 |  |
| 48427414(36) | ABF asset | N/A | 13.52% | 11/2030 | 54100 | 55090 | 56227 |  |
| 48427420(36) | ABF asset | N/A | 13.68% | 11/2032 | 52632 | 53594 | 54234 |  |
| 48427610(36) | ABF asset | N/A | 12.30% | 12/2027 | 17000 | 17311 | 16993 |  |
| 48427756(36) | ABF asset | N/A | 10.76% | 11/2032 | 16866 | 17175 | 16775 |  |
| 48427809(36) | ABF asset | N/A | 9.08% | 11/2028 | 10735 | 10931 | 10598 |  |
| 48428097(36) | ABF asset | N/A | 13.45% | 12/2030 | 89571 | 91209 | 94439 |  |
| 48428117(36) | ABF asset | N/A | 16.45% | 11/2032 | 7951 | 8096 | 8806 |  |
| 48428143(36) | ABF asset | N/A | 7.59% | 11/2027 | 4807 | 4895 | 4655 |  |
| 48428696(36) | ABF asset | N/A | 6.76% | 11/2029 | 56950 | 57992 | 53181 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48428924(36) | ABF asset | N/A | 11.77% | 11/2030 | 15806 | 16095 | 15893 |  |
| 48428935(36) | ABF asset | N/A | 11.08% | 11/2028 | 22462 | 22873 | 22660 |  |
| 48428938(36) | ABF asset | N/A | 13.51% | 11/2030 | 49423 | 50327 | 51136 |  |
| 48428952(36) | ABF asset | N/A | 11.31% | 12/2032 | 25000 | 25457 | 24825 |  |
| 48429033(36) | ABF asset | N/A | 10.06% | 11/2029 | 66854 | 68077 | 67282 |  |
| 48429109(36) | ABF asset | N/A | 20.74% | 11/2028 | 28422 | 28942 | 30228 |  |
| 48429294(36) | ABF asset | N/A | 5.29% | 11/2028 | 34104 | 34727 | 32409 |  |
| 48429309(36) | ABF asset | N/A | 9.47% | 11/2028 | 22448 | 22859 | 21971 |  |
| 48429317(36) | ABF asset | N/A | 15.97% | 11/2032 | 21862 | 22262 | 22720 |  |
| 48429395(36) | ABF asset | N/A | 13.58% | 11/2032 | 23833 | 24268 | 24511 |  |
| 48429787(36) | ABF asset | N/A | 11.56% | 11/2028 | 5702 | 5806 | 5714 |  |
| 48430136(36) | ABF asset | N/A | 14.10% | 11/2032 | 44693 | 45510 | 47376 |  |
| 48430486(36) | ABF asset | N/A | 11.48% | 11/2031 | 29714 | 30257 | 30347 |  |
| 48430608(36) | ABF asset | N/A | 14.10% | 11/2032 | 12911 | 13147 | 13686 |  |
| 48430789(36) | ABF asset | N/A | 7.44% | 12/2027 | 12000 | 12220 | 11677 |  |
| 48430986(36) | ABF asset | N/A | 18.04% | 11/2029 | 39437 | 40158 | 41242 |  |
| 48431272(36) | ABF asset | N/A | 9.05% | 11/2027 | 7696 | 7837 | 7369 |  |
| 48431926(36) | ABF asset | N/A | 12.85% | 12/2032 | 25000 | 25457 | 26065 |  |
| 48431944(36) | ABF asset | N/A | 16.31% | 11/2028 | 19571 | 19929 | 20671 |  |
| 48431976(36) | ABF asset | N/A | 10.33% | 11/2027 | 33686 | 34303 | 32820 |  |
| 48432160(36) | ABF asset | N/A | 8.58% | 11/2028 | 17504 | 17824 | 17279 |  |
| 48432254(36) | ABF asset | N/A | 10.83% | 11/2032 | 31749 | 32330 | 30970 |  |
| 48432308(36) | ABF asset | N/A | 11.50% | 11/2029 | 39347 | 40067 | 39253 |  |
| 48432411(36) | ABF asset | N/A | 11.87% | 11/2027 | 16372 | 16671 | 16148 |  |
| 48432869(36) | ABF asset | N/A | 8.96% | 11/2028 | 4879 | 4968 | 4748 |  |
| 48433035(36) | ABF asset | N/A | 17.24% | 11/2031 | 20788 | 21168 | 22423 |  |
| 48433109(36) | ABF asset | N/A | 13.88% | 11/2029 | 39289 | 40008 | 40198 |  |
| 48433436(36) | ABF asset | N/A | 11.74% | 11/2027 | 29853 | 30399 | 30188 |  |
| 48433832(36) | ABF asset | N/A | 9.05% | 11/2030 | 40463 | 41203 | 37676 |  |
| 48433964(36) | ABF asset | N/A | 14.02% | 11/2029 | 39383 | 40103 | 39005 |  |
| 48434229(36) | ABF asset | N/A | 14.55% | 11/2027 | 10583 | 10776 | 10683 |  |
| 48434395(36) | ABF asset | N/A | 13.59% | 11/2027 | 24093 | 24534 | 23893 |  |
| 48434398(36) | ABF asset | N/A | 9.40% | 12/2030 | 100000 | 101829 | 99198 |  |
| 48434493(36) | ABF asset | N/A | 10.56% | 11/2029 | 39333 | 40053 | 39866 |  |
| 48434933(36) | ABF asset | N/A | 10.59% | 11/2028 | 17576 | 17897 | 16921 |  |
| 48435180(36) | ABF asset | N/A | 15.73% | 11/2032 | 25835 | 26307 | 26735 |  |
| 48435571(36) | ABF asset | N/A | 7.52% | 12/2028 | 16000 | 16293 | 15700 |  |
| 48436173(36) | ABF asset | N/A | 19.56% | 11/2032 | 16918 | 17228 | 18222 |  |
| 48436209(36) | ABF asset | N/A | 13.31% | 11/2032 | 5958 | 6067 | 6222 |  |
| 48436320(36) | ABF asset | N/A | 10.77% | 11/2031 | 5941 | 6050 | 5921 |  |
| 48436833(36) | ABF asset | N/A | 11.68% | 11/2027 | 9599 | 9775 | 9598 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48437271(36) | ABF asset | N/A | 13.45% | 11/2030 | 48433 | 49319 | 51016 |  |
| 48437337(36) | ABF asset | N/A | 16.85% | 11/2032 | 21118 | 21504 | 23572 |  |
| 48437467(36) | ABF asset | N/A | 9.43% | 11/2031 | 19759 | 20121 | 18884 |  |
| 48437504(36) | ABF asset | N/A | 5.66% | 12/2028 | 27000 | 27494 | 25781 |  |
| 48437650(36) | ABF asset | N/A | 12.98% | 11/2032 | 40000 | 40732 | 39917 |  |
| 48437672(36) | ABF asset | N/A | 8.74% | 11/2027 | 23084 | 23507 | 22793 |  |
| 48437809(36) | ABF asset | N/A | 7.31% | 11/2027 | 6729 | 6852 | 6399 |  |
| 48438053(36) | ABF asset | N/A | 19.34% | 11/2028 | 4880 | 4969 | 5128 |  |
| 48438142(36) | ABF asset | N/A | 10.93% | 11/2027 | 38508 | 39212 | 38281 |  |
| 48438146(36) | ABF asset | N/A | 8.46% | 11/2027 | 4809 | 4897 | 4689 |  |
| 48438368(36) | ABF asset | N/A | 15.36% | 12/2031 | 25000 | 25457 | 27696 |  |
| 48438842(36) | ABF asset | N/A | 12.52% | 12/2029 | 40000 | 40732 | 39229 |  |
| 48439213(36) | ABF asset | N/A | 10.97% | 11/2030 | 49379 | 50283 | 46414 |  |
| 48439480(36) | ABF asset | N/A | 14.64% | 11/2032 | 21853 | 22253 | 22932 |  |
| 48439490(36) | ABF asset | N/A | 9.19% | 12/2030 | 73000 | 74335 | 70796 |  |
| 48439873(36) | ABF asset | N/A | 14.05% | 12/2030 | 61000 | 62116 | 65359 |  |
| 48440122(36) | ABF asset | N/A | 9.93% | 11/2032 | 14878 | 15150 | 14260 |  |
| 48440291(36) | ABF asset | N/A | 8.74% | 11/2027 | 34627 | 35260 | 34189 |  |
| 48441548(36) | ABF asset | N/A | 8.50% | 12/2030 | 59157 | 60239 | 54740 |  |
| 48441856(36) | ABF asset | N/A | 8.70% | 11/2027 | 4809 | 4897 | 4625 |  |
| 48442045(36) | ABF asset | N/A | 14.56% | 11/2028 | 18580 | 18920 | 19250 |  |
| 48442398(36) | ABF asset | N/A | 15.57% | 11/2030 | 84978 | 86533 | 90831 |  |
| 48442409(36) | ABF asset | N/A | 7.12% | 11/2028 | 17552 | 17873 | 17036 |  |
| 48442476(36) | ABF asset | N/A | 16.54% | 11/2031 | 49603 | 50510 | 52784 |  |
| 48442792(36) | ABF asset | N/A | 8.49% | 11/2027 | 4809 | 4897 | 4738 |  |
| 48443270(36) | ABF asset | N/A | 16.73% | 11/2032 | 23854 | 24291 | 26031 |  |
| 48443649(36) | ABF asset | N/A | 7.69% | 11/2027 | 11537 | 11748 | 11182 |  |
| 48443842(36) | ABF asset | N/A | 18.31% | 11/2032 | 22870 | 23288 | 24768 |  |
| 48444480(36) | ABF asset | N/A | 15.69% | 11/2027 | 13503 | 13750 | 13860 |  |
| 48445064(36) | ABF asset | N/A | 12.29% | 12/2027 | 25000 | 25457 | 24772 |  |
| 48445296(36) | ABF asset | N/A | 20.92% | 11/2030 | 4942 | 5033 | 5448 |  |
| 48445332(36) | ABF asset | N/A | 11.93% | 11/2027 | 12317 | 12543 | 12339 |  |
| 48445558(36) | ABF asset | N/A | 15.85% | 11/2032 | 29810 | 30356 | 32651 |  |
| 48445616(36) | ABF asset | N/A | 8.99% | 11/2027 | 84652 | 86200 | 83749 |  |
| 48445736(36) | ABF asset | N/A | 10.20% | 11/2031 | 20791 | 21171 | 20735 |  |
| 48446082(36) | ABF asset | N/A | 12.88% | 12/2032 | 25000 | 25457 | 25612 |  |
| 48446136(36) | ABF asset | N/A | 13.45% | 12/2031 | 45000 | 45823 | 47538 |  |
| 48446254(36) | ABF asset | N/A | 15.85% | 11/2032 | 23848 | 24285 | 26121 |  |
| 48446417(36) | ABF asset | N/A | 16.84% | 11/2030 | 39581 | 40305 | 41783 |  |
| 48446418(36) | ABF asset | N/A | 14.24% | 11/2030 | 32627 | 33224 | 34146 |  |
| 48446420(36) | ABF asset | N/A | 15.57% | 12/2030 | 40000 | 40732 | 43158 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48446465(36) | ABF asset | N/A | 12.30% | 11/2029 | 75901 | 77289 | 76575 |  |
| 48446502(36) | ABF asset | N/A | 13.06% | 12/2032 | 8853 | 9015 | 9279 |  |
| 48447227(36) | ABF asset | N/A | 13.27% | 11/2030 | 39535 | 40258 | 40727 |  |
| 48447547(36) | ABF asset | N/A | 11.06% | 11/2028 | 19532 | 19890 | 19700 |  |
| 48447671(36) | ABF asset | N/A | 16.33% | 11/2032 | 39753 | 40480 | 43059 |  |
| 48447727(36) | ABF asset | N/A | 12.82% | 12/2032 | 24000 | 24439 | 24558 |  |
| 48448077(36) | ABF asset | N/A | 8.43% | 11/2027 | 10574 | 10767 | 10313 |  |
| 48448622(36) | ABF asset | N/A | 15.70% | 12/2030 | 68000 | 69244 | 75048 |  |
| 48448707(36) | ABF asset | N/A | 9.71% | 11/2027 | 18750 | 19093 | 18460 |  |
| 48448774(36) | ABF asset | N/A | 15.20% | 12/2030 | 18000 | 18329 | 19654 |  |
| 48449049(36) | ABF asset | N/A | 15.60% | 11/2032 | 39744 | 40471 | 43330 |  |
| 48449100(36) | ABF asset | N/A | 11.20% | 11/2030 | 4835 | 4924 | 4677 |  |
| 48449704(36) | ABF asset | N/A | 12.70% | 12/2030 | 60000 | 61098 | 62997 |  |
| 48450002(36) | ABF asset | N/A | 16.81% | 11/2028 | 18808 | 19152 | 19975 |  |
| 48450552(36) | ABF asset | N/A | 20.18% | 11/2030 | 15734 | 16021 | 16726 |  |
| 48451039(36) | ABF asset | N/A | 6.71% | 11/2027 | 3926 | 3998 | 3824 |  |
| 48451133(36) | ABF asset | N/A | 8.66% | 11/2028 | 19514 | 19871 | 19167 |  |
| 48451293(36) | ABF asset | N/A | 19.36% | 12/2032 | 27000 | 27494 | 31290 |  |
| 48451547(36) | ABF asset | N/A | 11.09% | 11/2028 | 5852 | 5959 | 5840 |  |
| 48451847(36) | ABF asset | N/A | 8.14% | 11/2031 | 42540 | 43318 | 40816 |  |
| 48452005(36) | ABF asset | N/A | 9.74% | 11/2028 | 19522 | 19880 | 19524 |  |
| 48452030(36) | ABF asset | N/A | 10.52% | 11/2027 | 18288 | 18623 | 18029 |  |
| 48452373(36) | ABF asset | N/A | 13.78% | 11/2032 | 19862 | 20225 | 19154 |  |
| 48452410(36) | ABF asset | N/A | 16.04% | 12/2030 | 50000 | 50915 | 51636 |  |
| 48452595(36) | ABF asset | N/A | 12.17% | 12/2027 | 4018 | 4092 | 4029 |  |
| 48452935(36) | ABF asset | N/A | 11.18% | 11/2027 | 9628 | 9804 | 9590 |  |
| 48453048(36) | ABF asset | N/A | 14.42% | 11/2028 | 4889 | 4979 | 4913 |  |
| 48453175(36) | ABF asset | N/A | 9.86% | 11/2028 | 82974 | 84492 | 82606 |  |
| 48453362(36) | ABF asset | N/A | 14.03% | 12/2032 | 44000 | 44805 | 47036 |  |
| 48453433(36) | ABF asset | N/A | 7.22% | 11/2028 | 18517 | 18855 | 17899 |  |
| 48453446(36) | ABF asset | N/A | 7.64% | 11/2031 | 63304 | 64462 | 60167 |  |
| 48453534(36) | ABF asset | N/A | 10.62% | 11/2027 | 18247 | 18581 | 17828 |  |
| 48453629(36) | ABF asset | N/A | 14.42% | 11/2032 | 19865 | 20229 | 21185 |  |
| 48453673(36) | ABF asset | N/A | 8.49% | 11/2027 | 10543 | 10736 | 10391 |  |
| 48453775(36) | ABF asset | N/A | 11.20% | 11/2032 | 34730 | 35365 | 34837 |  |
| 48453792(36) | ABF asset | N/A | 7.80% | 12/2027 | 11243 | 11449 | 11022 |  |
| 48454008(36) | ABF asset | N/A | 5.94% | 11/2027 | 44194 | 45003 | 42012 |  |
| 48454045(36) | ABF asset | N/A | 10.93% | 11/2028 | 28321 | 28839 | 28707 |  |
| 48454580(36) | ABF asset | N/A | 14.71% | 11/2032 | 26821 | 27311 | 28182 |  |
| 48455199(36) | ABF asset | N/A | 19.78% | 11/2031 | 6951 | 7078 | 7842 |  |
| 48455319(36) | ABF asset | N/A | 9.84% | 12/2030 | 50000 | 50915 | 49036 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48455599(36) | ABF asset | N/A | 7.95% | 11/2027 | 17308 | 17624 | 16719 |  |
| 48455644(36) | ABF asset | N/A | 7.47% | 11/2028 | 4876 | 4965 | 4727 |  |
| 48455698(36) | ABF asset | N/A | 12.10% | 12/2027 | 40000 | 40732 | 39574 |  |
| 48455976(36) | ABF asset | N/A | 11.51% | 11/2031 | 18819 | 19163 | 19230 |  |
| 48456739(36) | ABF asset | N/A | 10.48% | 11/2031 | 39605 | 40330 | 39705 |  |
| 48456871(36) | ABF asset | N/A | 16.07% | 11/2031 | 27774 | 28282 | 30511 |  |
| 48457198(36) | ABF asset | N/A | 15.53% | 11/2032 | 21859 | 22259 | 21785 |  |
| 48457333(36) | ABF asset | N/A | 15.10% | 11/2032 | 44706 | 45524 | 48287 |  |
| 48458105(36) | ABF asset | N/A | 11.03% | 12/2030 | 40000 | 40732 | 40831 |  |
| 48458209(36) | ABF asset | N/A | 10.08% | 12/2032 | 15000 | 15274 | 14516 |  |
| 48458441(36) | ABF asset | N/A | 12.66% | 11/2030 | 27659 | 28165 | 28219 |  |
| 48459455(36) | ABF asset | N/A | 5.46% | 11/2029 | 35330 | 35977 | 33285 |  |
| 48459513(36) | ABF asset | N/A | 20.31% | 11/2032 | 5969 | 6078 | 6520 |  |
| 48459721(36) | ABF asset | N/A | 7.74% | 11/2027 | 4807 | 4895 | 4710 |  |
| 48459959(36) | ABF asset | N/A | 5.91% | 11/2028 | 55554 | 56570 | 53174 |  |
| 48460463(36) | ABF asset | N/A | 12.63% | 12/2032 | 32000 | 32585 | 32623 |  |
| 48460474(36) | ABF asset | N/A | 16.38% | 11/2032 | 22858 | 23276 | 23143 |  |
| 48460918(36) | ABF asset | N/A | 7.47% | 11/2029 | 37321 | 38004 | 36196 |  |
| 48460968(36) | ABF asset | N/A | 4.61% | 12/2027 | 11000 | 11201 | 10457 |  |
| 48461033(36) | ABF asset | N/A | 20.16% | 11/2032 | 33824 | 34442 | 36845 |  |
| 48461169(36) | ABF asset | N/A | 16.31% | 11/2030 | 51447 | 52388 | 52675 |  |
| 48461638(36) | ABF asset | N/A | 9.90% | 11/2028 | 45881 | 46720 | 45124 |  |
| 48461715(36) | ABF asset | N/A | 14.23% | 11/2032 | 19864 | 20228 | 20684 |  |
| 48462048(36) | ABF asset | N/A | 12.68% | 11/2032 | 19855 | 20218 | 20072 |  |
| 48462205(36) | ABF asset | N/A | 8.47% | 11/2028 | 2 | 2 | 2 |  |
| 48462335(36) | ABF asset | N/A | 7.86% | 11/2028 | 48770 | 49662 | 47739 |  |
| 48462744(36) | ABF asset | N/A | 7.43% | 11/2027 | 7651 | 7791 | 7416 |  |
| 48462881(36) | ABF asset | N/A | 20.56% | 11/2029 | 19164 | 19515 | 20415 |  |
| 48463068(36) | ABF asset | N/A | 9.69% | 11/2030 | 39485 | 40208 | 39101 |  |
| 48463174(36) | ABF asset | N/A | 14.98% | 11/2030 | 69226 | 70492 | 69403 |  |
| 48463372(36) | ABF asset | N/A | 15.03% | 12/2032 | 54000 | 54988 | 57676 |  |
| 48463501(36) | ABF asset | N/A | 9.00% | 12/2030 | 60000 | 61098 | 59115 |  |
| 48463556(36) | ABF asset | N/A | 7.56% | 11/2027 | 9375 | 9547 | 9095 |  |
| 48464229(36) | ABF asset | N/A | 16.32% | 11/2031 | 29760 | 30304 | 32841 |  |
| 48464246(36) | ABF asset | N/A | 12.67% | 12/2029 | 30000 | 30549 | 29484 |  |
| 48464770(36) | ABF asset | N/A | 11.44% | 12/2028 | 20000 | 20366 | 20016 |  |
| 48464896(36) | ABF asset | N/A | 14.63% | 12/2030 | 37000 | 37677 | 37251 |  |
| 48465660(36) | ABF asset | N/A | 11.71% | 11/2029 | 34431 | 35061 | 33033 |  |
| 48465672(36) | ABF asset | N/A | 5.66% | 12/2027 | 20000 | 20366 | 19185 |  |
| 48465677(36) | ABF asset | N/A | 18.86% | 11/2032 | 14888 | 15160 | 16123 |  |
| 48465706(36) | ABF asset | N/A | 9.82% | 11/2029 | 4915 | 5005 | 4791 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48465865(36) | ABF asset | N/A | 8.60% | 11/2027 | 13365 | 13609 | 13047 |  |
| 48466361(36) | ABF asset | N/A | 8.46% | 11/2027 | 11259 | 11465 | 11010 |  |
| 48466511(36) | ABF asset | N/A | 21.21% | 11/2030 | 33713 | 34330 | 36053 |  |
| 48466526(36) | ABF asset | N/A | 6.71% | 11/2027 | 14416 | 14679 | 14004 |  |
| 48467002(36) | ABF asset | N/A | 13.19% | 11/2028 | 48870 | 49764 | 48442 |  |
| 48467499(36) | ABF asset | N/A | 14.57% | 11/2030 | 84049 | 85586 | 88435 |  |
| 48467762(36) | ABF asset | N/A | 9.64% | 11/2027 | 4783 | 4871 | 4764 |  |
| 48467930(36) | ABF asset | N/A | 12.20% | 11/2030 | 74101 | 75456 | 76479 |  |
| 48467977(36) | ABF asset | N/A | 6.98% | 11/2027 | 33641 | 34256 | 32246 |  |
| 48468241(36) | ABF asset | N/A | 10.20% | 12/2028 | 13000 | 13238 | 12822 |  |
| 48468291(36) | ABF asset | N/A | 6.67% | 11/2027 | 17299 | 17615 | 16632 |  |
| 48469234(36) | ABF asset | N/A | 10.36% | 11/2027 | 11550 | 11761 | 11431 |  |
| 48469535(36) | ABF asset | N/A | 15.60% | 12/2032 | 50000 | 50915 | 52215 |  |
| 48469647(36) | ABF asset | N/A | 10.18% | 11/2027 | 9624 | 9800 | 9512 |  |
| 48469674(36) | ABF asset | N/A | 15.20% | 12/2032 | 80000 | 81463 | 87413 |  |
| 48469906(36) | ABF asset | N/A | 13.88% | 11/2028 | 11732 | 11947 | 11955 |  |
| 48470546(36) | ABF asset | N/A | 9.67% | 11/2027 | 7698 | 7839 | 7460 |  |
| 48470814(36) | ABF asset | N/A | 16.64% | 12/2032 | 28000 | 28512 | 29757 |  |
| 48471136(36) | ABF asset | N/A | 12.01% | 11/2030 | 44458 | 45271 | 44860 |  |
| 48471621(36) | ABF asset | N/A | 11.47% | 11/2028 | 6000 | 6110 | 5901 |  |
| 48471685(36) | ABF asset | N/A | 10.11% | 11/2027 | 19242 | 19594 | 19012 |  |
| 48471809(36) | ABF asset | N/A | 10.15% | 11/2030 | 78984 | 80428 | 74886 |  |
| 48472196(36) | ABF asset | N/A | 13.85% | 11/2027 | 18998 | 19345 | 19106 |  |
| 48472211(36) | ABF asset | N/A | 13.25% | 11/2029 | 78744 | 80184 | 80464 |  |
| 48472957(36) | ABF asset | N/A | 16.22% | 11/2032 | 49689 | 50598 | 51995 |  |
| 48473061(36) | ABF asset | N/A | 9.70% | 11/2031 | 58402 | 59470 | 57704 |  |
| 48473066(36) | ABF asset | N/A | 11.77% | 12/2030 | 40000 | 40732 | 40544 |  |
| 48473419(36) | ABF asset | N/A | 14.38% | 11/2032 | 54629 | 55629 | 53283 |  |
| 48473466(36) | ABF asset | N/A | 9.98% | 11/2028 | 5102 | 5195 | 4985 |  |
| 48473522(36) | ABF asset | N/A | 6.57% | 11/2029 | 36228 | 36890 | 33743 |  |
| 48473574(36) | ABF asset | N/A | 10.86% | 11/2031 | 19805 | 20167 | 18952 |  |
| 48473649(36) | ABF asset | N/A | 11.01% | 11/2032 | 28774 | 29301 | 28757 |  |
| 48473738(36) | ABF asset | N/A | 10.58% | 11/2028 | 15623 | 15909 | 15483 |  |
| 48473822(36) | ABF asset | N/A | 17.23% | 11/2032 | 29709 | 30252 | 32843 |  |
| 48473872(36) | ABF asset | N/A | 17.35% | 12/2030 | 30000 | 30549 | 30761 |  |
| 48474055(36) | ABF asset | N/A | 11.23% | 12/2028 | 30000 | 30549 | 29957 |  |
| 48474068(36) | ABF asset | N/A | 12.68% | 12/2029 | 21633 | 22029 | 22552 |  |
| 48474413(36) | ABF asset | N/A | 9.96% | 11/2027 | 28870 | 29398 | 27551 |  |
| 48475072(36) | ABF asset | N/A | 10.68% | 11/2027 | 32729 | 33327 | 32818 |  |
| 48475679(36) | ABF asset | N/A | 13.30% | 11/2031 | 12884 | 13119 | 13605 |  |
| 48475725(36) | ABF asset | N/A | 19.02% | 12/2030 | 54890 | 55894 | 58968 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48475998(36) | ABF asset | N/A | 17.97% | 11/2029 | 49221 | 50121 | 48547 |  |
| 48476269(36) | ABF asset | N/A | 8.11% | 11/2028 | 34142 | 34767 | 33331 |  |
| 48476389(36) | ABF asset | N/A | 5.40% | 11/2027 | 18250 | 18584 | 17274 |  |
| 48476400(36) | ABF asset | N/A | 20.88% | 11/2029 | 88299 | 89914 | 90650 |  |
| 48476409(36) | ABF asset | N/A | 13.85% | 11/2027 | 4819 | 4907 | 4828 |  |
| 48476672(36) | ABF asset | N/A | 12.27% | 12/2028 | 29000 | 29530 | 28418 |  |
| 48477170(36) | ABF asset | N/A | 5.59% | 11/2027 | 4803 | 4891 | 4579 |  |
| 48477211(36) | ABF asset | N/A | 17.98% | 12/2030 | 50000 | 50915 | 51719 |  |
| 48477603(36) | ABF asset | N/A | 11.17% | 11/2031 | 47537 | 48407 | 48272 |  |
| 48477721(36) | ABF asset | N/A | 10.10% | 12/2032 | 90000 | 91646 | 89018 |  |
| 48477802(36) | ABF asset | N/A | 16.85% | 11/2032 | 29819 | 30364 | 33270 |  |
| 48477828(36) | ABF asset | N/A | 9.49% | 11/2028 | 19521 | 19878 | 18560 |  |
| 48477927(36) | ABF asset | N/A | 15.11% | 12/2031 | 85000 | 86555 | 93735 |  |
| 48477989(36) | ABF asset | N/A | 11.10% | 12/2031 | 66000 | 67207 | 67523 |  |
| 48477998(36) | ABF asset | N/A | 11.18% | 12/2031 | 5000 | 5091 | 5114 |  |
| 48478152(36) | ABF asset | N/A | 8.99% | 12/2027 | 5289 | 5386 | 5266 |  |
| 48478343(36) | ABF asset | N/A | 18.74% | 12/2032 | 15000 | 15274 | 16061 |  |
| 48478719(36) | ABF asset | N/A | 17.49% | 11/2030 | 39589 | 40313 | 42220 |  |
| 48478732(36) | ABF asset | N/A | 17.50% | 11/2030 | 53527 | 54506 | 54287 |  |
| 48479161(36) | ABF asset | N/A | 14.88% | 11/2032 | 29802 | 30347 | 32057 |  |
| 48479434(36) | ABF asset | N/A | 11.26% | 11/2032 | 16826 | 17134 | 16897 |  |
| 48479484(36) | ABF asset | N/A | 18.96% | 11/2032 | 22886 | 23304 | 24383 |  |
| 48479485(36) | ABF asset | N/A | 10.29% | 11/2027 | 13474 | 13721 | 13328 |  |
| 48479801(36) | ABF asset | N/A | 14.60% | 11/2032 | 44700 | 45517 | 47831 |  |
| 48479933(36) | ABF asset | N/A | 14.46% | 11/2032 | 40725 | 41469 | 43463 |  |
| 48480086(36) | ABF asset | N/A | 13.31% | 11/2032 | 21745 | 22142 | 22705 |  |
| 48480367(36) | ABF asset | N/A | 18.98% | 11/2032 | 31548 | 32125 | 35930 |  |
| 48480386(36) | ABF asset | N/A | 12.27% | 12/2030 | 50000 | 50915 | 49577 |  |
| 48480393(36) | ABF asset | N/A | 16.36% | 12/2032 | 50000 | 50915 | 52871 |  |
| 48480635(36) | ABF asset | N/A | 18.56% | 12/2029 | 60000 | 61098 | 62731 |  |
| 48480936(36) | ABF asset | N/A | 9.83% | 11/2027 | 22132 | 22537 | 21477 |  |
| 48481023(36) | ABF asset | N/A | 12.21% | 11/2032 | 11588 | 11800 | 11844 |  |
| 48481151(36) | ABF asset | N/A | 8.49% | 11/2027 | 23580 | 24011 | 23235 |  |
| 48481327(36) | ABF asset | N/A | 7.06% | 11/2027 | 19224 | 19575 | 18540 |  |
| 48481329(36) | ABF asset | N/A | 11.33% | 12/2028 | 5000 | 5091 | 5099 |  |
| 48481416(36) | ABF asset | N/A | 9.08% | 11/2029 | 58967 | 60046 | 58523 |  |
| 48481559(36) | ABF asset | N/A | 8.85% | 11/2032 | 63456 | 64617 | 60811 |  |
| 48481611(36) | ABF asset | N/A | 16.74% | 12/2030 | 60000 | 61098 | 63884 |  |
| 48481679(36) | ABF asset | N/A | 10.72% | 11/2030 | 47400 | 48267 | 44372 |  |
| 48481767(36) | ABF asset | N/A | 5.66% | 11/2028 | 25338 | 25801 | 24068 |  |
| 48481826(36) | ABF asset | N/A | 10.33% | 11/2032 | 4960 | 5051 | 4892 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48482001(36) | ABF asset | N/A | 9.81% | 11/2030 | 34774 | 35410 | 34504 |  |
| 48482360(36) | ABF asset | N/A | 12.56% | 11/2032 | 50628 | 51554 | 52124 |  |
| 48482439(36) | ABF asset | N/A | 8.91% | 11/2027 | 18184 | 18517 | 17699 |  |
| 48483183(36) | ABF asset | N/A | 5.29% | 12/2028 | 21000 | 21384 | 20054 |  |
| 48483196(36) | ABF asset | N/A | 6.68% | 12/2027 | 16000 | 16293 | 15478 |  |
| 48483583(36) | ABF asset | N/A | 11.93% | 11/2028 | 20516 | 20891 | 20890 |  |
| 48483591(36) | ABF asset | N/A | 14.30% | 11/2030 | 28660 | 29184 | 30547 |  |
| 48483716(36) | ABF asset | N/A | 7.47% | 11/2028 | 17554 | 17876 | 17016 |  |
| 48484371(36) | ABF asset | N/A | 9.80% | 12/2031 | 22000 | 22402 | 21957 |  |
| 48484725(36) | ABF asset | N/A | 10.08% | 12/2028 | 6000 | 6110 | 6069 |  |
| 48484792(36) | ABF asset | N/A | 20.56% | 12/2030 | 57000 | 58043 | 61423 |  |
| 48485002(36) | ABF asset | N/A | 13.05% | 12/2029 | 38000 | 38695 | 39114 |  |
| 48485144(36) | ABF asset | N/A | 14.96% | 11/2032 | 28809 | 29336 | 30415 |  |
| 48485409(36) | ABF asset | N/A | 9.93% | 11/2027 | 9623 | 9799 | 9492 |  |
| 48485563(36) | ABF asset | N/A | 8.51% | 11/2029 | 49129 | 50027 | 48364 |  |
| 48485599(36) | ABF asset | N/A | 13.43% | 11/2032 | 29789 | 30334 | 30550 |  |
| 48485718(36) | ABF asset | N/A | 10.66% | 12/2027 | 15000 | 15274 | 14977 |  |
| 48485876(36) | ABF asset | N/A | 11.18% | 11/2029 | 53112 | 54084 | 54305 |  |
| 48485980(36) | ABF asset | N/A | 22.67% | 11/2030 | 59475 | 60563 | 67446 |  |
| 48486018(36) | ABF asset | N/A | 8.99% | 12/2027 | 5000 | 5091 | 4978 |  |
| 48486286(36) | ABF asset | N/A | 14.18% | 11/2027 | 14459 | 14724 | 14740 |  |
| 48486438(36) | ABF asset | N/A | 14.59% | 12/2030 | 55000 | 56006 | 56668 |  |
| 48486626(36) | ABF asset | N/A | 9.69% | 12/2028 | 38000 | 38695 | 37251 |  |
| 48486773(36) | ABF asset | N/A | 13.11% | 12/2031 | 75000 | 76372 | 79664 |  |
| 48486784(36) | ABF asset | N/A | 22.96% | 12/2030 | 83818 | 85351 | 93415 |  |
| 48486949(36) | ABF asset | N/A | 7.54% | 11/2029 | 55003 | 56009 | 53399 |  |
| 48487035(36) | ABF asset | N/A | 6.96% | 12/2027 | 20000 | 20366 | 19571 |  |
| 48487261(36) | ABF asset | N/A | 16.49% | 11/2031 | 8726 | 8886 | 9263 |  |
| 48487595(36) | ABF asset | N/A | 18.33% | 11/2032 | 14915 | 15188 | 16763 |  |
| 48487599(36) | ABF asset | N/A | 10.33% | 12/2032 | 90000 | 91646 | 89423 |  |
| 48487631(36) | ABF asset | N/A | 11.28% | 11/2027 | 5777 | 5883 | 5759 |  |
| 48487875(36) | ABF asset | N/A | 17.07% | 11/2030 | 69272 | 70539 | 75877 |  |
| 48488051(36) | ABF asset | N/A | 10.03% | 11/2029 | 83524 | 85052 | 81649 |  |
| 48488054(36) | ABF asset | N/A | 15.51% | 11/2031 | 33398 | 34009 | 36706 |  |
| 48488155(36) | ABF asset | N/A | 12.80% | 11/2032 | 20848 | 21230 | 19735 |  |
| 48489079(36) | ABF asset | N/A | 20.96% | 11/2030 | 39631 | 40355 | 42317 |  |
| 48489150(36) | ABF asset | N/A | 12.81% | 12/2032 | 100000 | 101829 | 104289 |  |
| 48489312(36) | ABF asset | N/A | 13.20% | 11/2030 | 54359 | 55354 | 57026 |  |
| 48489555(36) | ABF asset | N/A | 14.34% | 11/2029 | 59081 | 60161 | 57805 |  |
| 48489568(36) | ABF asset | N/A | 15.18% | 11/2031 | 20825 | 21205 | 22064 |  |
| 48489891(36) | ABF asset | N/A | 12.67% | 12/2028 | 40000 | 40732 | 39833 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48490097(36) | ABF asset | N/A | 15.18% | 11/2032 | 6954 | 7082 | 7372 |  |
| 48490408(36) | ABF asset | N/A | 18.08% | 12/2028 | 22000 | 22402 | 23745 |  |
| 48490543(36) | ABF asset | N/A | 11.06% | 12/2027 | 15000 | 15274 | 15040 |  |
| 48490561(36) | ABF asset | N/A | 10.45% | 11/2031 | 22733 | 23149 | 22817 |  |
| 48490635(36) | ABF asset | N/A | 13.68% | 12/2032 | 40000 | 40732 | 41623 |  |
| 48490805(36) | ABF asset | N/A | 8.90% | 11/2027 | 4307 | 4386 | 4198 |  |
| 48490813(36) | ABF asset | N/A | 13.11% | 12/2030 | 65000 | 66189 | 67322 |  |
| 48491017(36) | ABF asset | N/A | 16.31% | 12/2028 | 30000 | 30549 | 32067 |  |
| 48491491(36) | ABF asset | N/A | 16.57% | 11/2030 | 38588 | 39294 | 41931 |  |
| 48491574(36) | ABF asset | N/A | 7.74% | 12/2027 | 5000 | 5091 | 4926 |  |
| 48492010(36) | ABF asset | N/A | 17.73% | 12/2032 | 30000 | 30549 | 33729 |  |
| 48492141(36) | ABF asset | N/A | 7.90% | 12/2029 | 5000 | 5091 | 4913 |  |
| 48492246(36) | ABF asset | N/A | 15.49% | 12/2030 | 60000 | 61098 | 62579 |  |
| 48492704(36) | ABF asset | N/A | 9.58% | 11/2027 | 22130 | 22535 | 21432 |  |
| 48493069(36) | ABF asset | N/A | 20.81% | 12/2032 | 46000 | 46841 | 51236 |  |
| 48493981(36) | ABF asset | N/A | 6.76% | 12/2030 | 70000 | 71280 | 66321 |  |
| 48494414(36) | ABF asset | N/A | 15.68% | 11/2029 | 74870 | 76240 | 81504 |  |
| 48494728(36) | ABF asset | N/A | 8.39% | 12/2028 | 5000 | 5091 | 4929 |  |
| 48494974(36) | ABF asset | N/A | 13.22% | 12/2032 | 22000 | 22402 | 21990 |  |
| 48495374(36) | ABF asset | N/A | 9.94% | 12/2028 | 30000 | 30549 | 29497 |  |
| 48495381(36) | ABF asset | N/A | 7.93% | 12/2027 | 20000 | 20366 | 19421 |  |
| 48495645(36) | ABF asset | N/A | 10.79% | 12/2029 | 35000 | 35640 | 34591 |  |
| 48495988(36) | ABF asset | N/A | 16.61% | 12/2032 | 28000 | 28512 | 29741 |  |
| 48496181(36) | ABF asset | N/A | 12.15% | 12/2029 | 40000 | 40732 | 40569 |  |
| 48496418(36) | ABF asset | N/A | 14.76% | 12/2031 | 50000 | 50915 | 54783 |  |
| 48496623(36) | ABF asset | N/A | 10.91% | 12/2032 | 28000 | 28512 | 28140 |  |
| 48496652(36) | ABF asset | N/A | 16.28% | 12/2032 | 19000 | 19348 | 19457 |  |
| 48497170(36) | ABF asset | N/A | 8.83% | 12/2028 | 35457 | 36105 | 35117 |  |
| 48497288(36) | ABF asset | N/A | 15.89% | 12/2030 | 30000 | 30549 | 30823 |  |
| 48497372(36) | ABF asset | N/A | 19.73% | 12/2032 | 20000 | 20366 | 23339 |  |
| 48497504(36) | ABF asset | N/A | 20.74% | 12/2028 | 6000 | 6110 | 6475 |  |
| 48497560(36) | ABF asset | N/A | 7.89% | 12/2027 | 22000 | 22402 | 21700 |  |
| 48497761(36) | ABF asset | N/A | 8.93% | 12/2027 | 15000 | 15274 | 14789 |  |
| 48498120(36) | ABF asset | N/A | 13.78% | 12/2030 | 52000 | 52951 | 52808 |  |
| 48498661(36) | ABF asset | N/A | 9.67% | 12/2031 | 90000 | 91646 | 89600 |  |
| 48498730(36) | ABF asset | N/A | 12.11% | 12/2027 | 5000 | 5091 | 4893 |  |
| 48498993(36) | ABF asset | N/A | 9.43% | 12/2028 | 18000 | 18329 | 17963 |  |
| 48499821(36) | ABF asset | N/A | 14.67% | 12/2031 | 19000 | 19348 | 20552 |  |
| 48500369(36) | ABF asset | N/A | 14.75% | 12/2027 | 8000 | 8146 | 8164 |  |
| 48500466(36) | ABF asset | N/A | 9.18% | 12/2028 | 22000 | 22402 | 21859 |  |
| 48500544(36) | ABF asset | N/A | 12.41% | 12/2030 | 40000 | 40732 | 40903 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48500668(36) | ABF asset | N/A | 9.94% | 12/2030 | 5000 | 5091 | 5010 |  |
| 48500823(36) | ABF asset | N/A | 8.49% | 12/2027 | 23000 | 23421 | 22803 |  |
| 48501179(36) | ABF asset | N/A | 7.55% | 12/2027 | 36317 | 36981 | 35690 |  |
| 48501460(36) | ABF asset | N/A | 9.92% | 12/2030 | 30000 | 30549 | 27991 |  |
| 48501579(36) | ABF asset | N/A | 17.48% | 12/2032 | 20000 | 20366 | 22380 |  |
| 48501875(36) | ABF asset | N/A | 12.10% | 12/2031 | 25000 | 25457 | 26057 |  |
| 48502399(36) | ABF asset | N/A | 9.45% | 12/2030 | 40000 | 40732 | 37827 |  |
| 48502787(36) | ABF asset | N/A | 17.26% | 12/2027 | 19000 | 19348 | 19449 |  |
| 48502950(36) | ABF asset | N/A | 6.96% | 12/2027 | 40000 | 40732 | 39142 |  |
| 48503279(36) | ABF asset | N/A | 16.85% | 12/2032 | 19000 | 19348 | 21428 |  |
| 48503372(36) | ABF asset | N/A | 9.40% | 12/2030 | 42000 | 42768 | 41696 |  |
| 48503468(36) | ABF asset | N/A | 6.64% | 12/2028 | 5000 | 5091 | 4829 |  |
| 48503985(36) | ABF asset | N/A | 8.11% | 12/2028 | 37000 | 37677 | 36556 |  |
| 48503992(36) | ABF asset | N/A | 4.85% | 12/2027 | 5000 | 5091 | 4760 |  |
| 48504075(36) | ABF asset | N/A | 14.92% | 12/2030 | 40000 | 40732 | 42749 |  |
| 48504089(36) | ABF asset | N/A | 12.03% | 12/2027 | 39897 | 40627 | 40143 |  |
| 48504138(36) | ABF asset | N/A | 10.43% | 12/2029 | 60000 | 61098 | 61182 |  |
| 48504153(36) | ABF asset | N/A | 10.97% | 12/2030 | 60000 | 61098 | 56980 |  |
| 48504332(36) | ABF asset | N/A | 4.85% | 12/2027 | 10538 | 10731 | 9958 |  |
| 48504553(36) | ABF asset | N/A | 15.27% | 12/2032 | 20000 | 20366 | 21460 |  |
| 48504600(36) | ABF asset | N/A | 7.81% | 12/2027 | 9000 | 9165 | 8791 |  |
| 48504815(36) | ABF asset | N/A | 14.15% | 12/2028 | 19000 | 19348 | 19208 |  |
| 48505205(36) | ABF asset | N/A | 10.53% | 12/2027 | 16000 | 16293 | 15987 |  |
| 48505248(36) | ABF asset | N/A | 8.70% | 12/2032 | 18000 | 18329 | 17328 |  |
| 48506057(36) | ABF asset | N/A | 6.47% | 12/2030 | 14000 | 14256 | 13212 |  |
| 48506072(36) | ABF asset | N/A | 9.70% | 12/2031 | 27000 | 27494 | 26895 |  |
| 48506299(36) | ABF asset | N/A | 9.85% | 12/2030 | 90000 | 91646 | 90016 |  |
| 48506315(36) | ABF asset | N/A | 6.96% | 12/2027 | 14726 | 14995 | 14389 |  |
| 48506375(36) | ABF asset | N/A | 10.33% | 12/2028 | 5000 | 5091 | 5071 |  |
| 48506398(36) | ABF asset | N/A | 8.73% | 12/2029 | 55000 | 56006 | 54696 |  |
| 48506474(36) | ABF asset | N/A | 7.39% | 12/2030 | 87000 | 88591 | 81779 |  |
| 48506516(36) | ABF asset | N/A | 7.02% | 12/2031 | 32000 | 32585 | 30266 |  |
| 48506569(36) | ABF asset | N/A | 15.61% | 12/2031 | 31679 | 32259 | 34791 |  |
| 48506593(36) | ABF asset | N/A | 11.07% | 12/2032 | 22000 | 22402 | 21104 |  |
| 48506912(36) | ABF asset | N/A | 7.74% | 12/2027 | 17000 | 17311 | 16747 |  |
| 48506935(36) | ABF asset | N/A | 10.53% | 12/2027 | 10000 | 10183 | 9992 |  |
| 48507469(36) | ABF asset | N/A | 18.87% | 12/2027 | 25000 | 25457 | 26164 |  |
| 48507831(36) | ABF asset | N/A | 11.20% | 12/2028 | 15459 | 15742 | 15480 |  |
| 48507941(36) | ABF asset | N/A | 8.49% | 12/2027 | 24982 | 25439 | 24619 |  |
| 48508044(36) | ABF asset | N/A | 21.19% | 12/2032 | 23000 | 23421 | 25794 |  |
| 48508151(36) | ABF asset | N/A | 11.20% | 12/2030 | 6000 | 6110 | 6140 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48508370(36) | ABF asset | N/A | 14.34% | 12/2032 | 46000 | 46841 | 49400 |  |
| 48508409(36) | ABF asset | N/A | 5.22% | 12/2028 | 6000 | 6110 | 5725 |  |
| 48508569(36) | ABF asset | N/A | 19.36% | 12/2032 | 12000 | 12220 | 13406 |  |
| 48508591(36) | ABF asset | N/A | 6.44% | 12/2027 | 10000 | 10183 | 9656 |  |
| 48508753(36) | ABF asset | N/A | 8.99% | 12/2030 | 6000 | 6110 | 5915 |  |
| 48508768(36) | ABF asset | N/A | 9.42% | 12/2029 | 5000 | 5091 | 5025 |  |
| 48509030(36) | ABF asset | N/A | 12.81% | 12/2032 | 37977 | 38671 | 39405 |  |
| 48509042(36) | ABF asset | N/A | 8.14% | 12/2027 | 5000 | 5091 | 4942 |  |
| 48509061(36) | ABF asset | N/A | 11.18% | 12/2028 | 17000 | 17311 | 17313 |  |
| 48509482(36) | ABF asset | N/A | 17.96% | 12/2032 | 28000 | 28512 | 30498 |  |
| 48510010(36) | ABF asset | N/A | 14.10% | 12/2032 | 4929 | 5019 | 5238 |  |
| 48510297(36) | ABF asset | N/A | 12.18% | 12/2032 | 25000 | 25457 | 25262 |  |
| 48510361(36) | ABF asset | N/A | 9.25% | 12/2027 | 20000 | 20366 | 19665 |  |
| 48510452(36) | ABF asset | N/A | 11.66% | 12/2031 | 20000 | 20366 | 19636 |  |
| 48510531(36) | ABF asset | N/A | 6.10% | 12/2028 | 7000 | 7128 | 6751 |  |
| 48510602(36) | ABF asset | N/A | 18.01% | 12/2031 | 46000 | 46841 | 53479 |  |
| 48510661(36) | ABF asset | N/A | 20.53% | 12/2031 | 57000 | 58043 | 66099 |  |
| 48510905(36) | ABF asset | N/A | 22.46% | 12/2030 | 25000 | 25457 | 27673 |  |
| 48510990(36) | ABF asset | N/A | 10.47% | 12/2032 | 22000 | 22402 | 20885 |  |
| 48511079(36) | ABF asset | N/A | 15.20% | 12/2030 | 12150 | 12372 | 13299 |  |
| 48511176(36) | ABF asset | N/A | 15.89% | 12/2032 | 35000 | 35640 | 38003 |  |
| 48511239(36) | ABF asset | N/A | 11.41% | 12/2032 | 35000 | 35640 | 35554 |  |
| 48511375(36) | ABF asset | N/A | 12.94% | 12/2027 | 25000 | 25457 | 25355 |  |
| 48511415(36) | ABF asset | N/A | 13.63% | 12/2030 | 43000 | 43787 | 42591 |  |
| 48511437(36) | ABF asset | N/A | 5.59% | 12/2027 | 48000 | 48878 | 46375 |  |
| 48512099(36) | ABF asset | N/A | 11.76% | 12/2032 | 40000 | 40732 | 40913 |  |
| 48512259(36) | ABF asset | N/A | 6.36% | 12/2028 | 15000 | 15274 | 14258 |  |
| 48512268(36) | ABF asset | N/A | 9.00% | 12/2030 | 37000 | 37677 | 36472 |  |
| 48512324(36) | ABF asset | N/A | 6.55% | 12/2027 | 5000 | 5091 | 4757 |  |
| 48512544(36) | ABF asset | N/A | 14.42% | 12/2031 | 11000 | 11201 | 11848 |  |
| 48512655(36) | ABF asset | N/A | 10.01% | 12/2029 | 100000 | 101829 | 98529 |  |
| 48512729(36) | ABF asset | N/A | 13.75% | 12/2028 | 41000 | 41750 | 40875 |  |
| 48512743(36) | ABF asset | N/A | 12.13% | 12/2032 | 28000 | 28512 | 28266 |  |
| 48513198(36) | ABF asset | N/A | 16.33% | 12/2032 | 15000 | 15274 | 16424 |  |
| 48513272(36) | ABF asset | N/A | 11.48% | 12/2030 | 90000 | 91646 | 88070 |  |
| 48513547(36) | ABF asset | N/A | 16.53% | 12/2032 | 24000 | 24439 | 24694 |  |
| 48513695(36) | ABF asset | N/A | 11.17% | 12/2031 | 30000 | 30549 | 30733 |  |
| 48513832(36) | ABF asset | N/A | 16.70% | 12/2032 | 35000 | 35640 | 39361 |  |
| 48514057(36) | ABF asset | N/A | 7.90% | 12/2030 | 90000 | 91646 | 82893 |  |
| 48514112(36) | ABF asset | N/A | 13.20% | 12/2030 | 65000 | 66189 | 68797 |  |
| 48514274(36) | ABF asset | N/A | 10.47% | 12/2028 | 11000 | 11201 | 10972 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48514296(36) | ABF asset | N/A | 10.11% | 12/2030 | 23873 | 24310 | 23394 |  |
| 48514570(36) | ABF asset | N/A | 9.05% | 12/2027 | 20000 | 20366 | 19924 |  |
| 48514781(36) | ABF asset | N/A | 13.27% | 12/2027 | 25000 | 25457 | 25196 |  |
| 48515453(36) | ABF asset | N/A | 8.22% | 12/2028 | 85000 | 86555 | 83621 |  |
| 48516855(36) | ABF asset | N/A | 12.95% | 12/2030 | 68848 | 70107 | 72041 |  |
| 48516870(36) | ABF asset | N/A | 8.70% | 12/2028 | 50000 | 50915 | 49476 |  |
| 48516915(36) | ABF asset | N/A | 14.10% | 12/2032 | 50000 | 50915 | 53517 |  |
| 48517135(36) | ABF asset | N/A | 14.85% | 12/2032 | 37500 | 38186 | 40702 |  |
| 48517732(36) | ABF asset | N/A | 6.89% | 12/2028 | 7488 | 7625 | 7254 |  |
| 48517741(36) | ABF asset | N/A | 15.08% | 12/2030 | 40000 | 40732 | 41528 |  |
| 48518230(36) | ABF asset | N/A | 5.74% | 12/2029 | 5000 | 5091 | 4755 |  |
| 48518307(36) | ABF asset | N/A | 14.92% | 12/2030 | 50000 | 50915 | 53414 |  |
| 48518420(36) | ABF asset | N/A | 13.00% | 12/2029 | 97000 | 98774 | 99757 |  |
| 48518432(36) | ABF asset | N/A | 20.89% | 12/2030 | 49000 | 49896 | 52888 |  |
| 48518614(36) | ABF asset | N/A | 8.66% | 12/2027 | 18000 | 18329 | 17610 |  |
| 48518760(36) | ABF asset | N/A | 9.95% | 12/2031 | 50000 | 50915 | 50045 |  |
| 48518965(36) | ABF asset | N/A | 6.34% | 12/2027 | 30000 | 30549 | 29169 |  |
| 48519277(36) | ABF asset | N/A | 6.71% | 12/2027 | 28000 | 28512 | 27340 |  |
| 48519279(36) | ABF asset | N/A | 12.89% | 12/2030 | 65000 | 66189 | 68465 |  |
| 48519591(36) | ABF asset | N/A | 15.82% | 12/2031 | 25752 | 26223 | 28074 |  |
| 48519750(36) | ABF asset | N/A | 8.05% | 12/2030 | 40000 | 40732 | 36928 |  |
| 48520026(36) | ABF asset | N/A | 11.78% | 12/2029 | 60000 | 61098 | 62401 |  |
| 48520057(36) | ABF asset | N/A | 7.31% | 12/2027 | 15000 | 15274 | 14590 |  |
| 48520159(36) | ABF asset | N/A | 8.50% | 12/2030 | 40000 | 40732 | 37221 |  |
| 48520318(36) | ABF asset | N/A | 8.42% | 12/2027 | 7804 | 7947 | 7645 |  |
| 48520595(36) | ABF asset | N/A | 7.37% | 12/2027 | 44000 | 44805 | 43199 |  |
| 48520684(36) | ABF asset | N/A | 13.82% | 12/2031 | 59000 | 60079 | 62839 |  |
| 48520779(36) | ABF asset | N/A | 5.93% | 12/2028 | 40000 | 40732 | 38279 |  |
| 48520956(36) | ABF asset | N/A | 15.45% | 12/2030 | 99000 | 100811 | 108676 |  |
| 48520971(36) | ABF asset | N/A | 11.76% | 12/2030 | 70000 | 71280 | 70804 |  |
| 48521003(36) | ABF asset | N/A | 6.66% | 12/2030 | 50000 | 50915 | 47342 |  |
| 48521193(36) | ABF asset | N/A | 11.44% | 12/2027 | 37262 | 37944 | 37062 |  |
| 48521317(36) | ABF asset | N/A | 6.91% | 12/2027 | 38000 | 38695 | 36837 |  |
| 48522090(36) | ABF asset | N/A | 20.39% | 12/2030 | 11000 | 11201 | 11823 |  |
| 48522311(36) | ABF asset | N/A | 7.99% | 12/2027 | 15000 | 15274 | 14808 |  |
| 48522386(36) | ABF asset | N/A | 16.40% | 12/2032 | 70000 | 71280 | 78279 |  |
| 48522471(36) | ABF asset | N/A | 19.41% | 12/2032 | 40000 | 40732 | 43407 |  |
| 48522518(36) | ABF asset | N/A | 18.50% | 12/2032 | 40000 | 40732 | 43990 |  |
| 48522520(36) | ABF asset | N/A | 15.70% | 12/2030 | 17312 | 17629 | 19098 |  |
| 48522539(36) | ABF asset | N/A | 16.23% | 12/2032 | 60000 | 61098 | 65543 |  |
| 48522789(36) | ABF asset | N/A | 6.96% | 12/2027 | 40000 | 40732 | 39142 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48522985(36) | ABF asset | N/A | 16.23% | 12/2032 | 25000 | 25457 | 27309 |  |
| 48523178(36) | ABF asset | N/A | 12.28% | 12/2028 | 6000 | 6110 | 6188 |  |
| 48523193(36) | ABF asset | N/A | 5.96% | 12/2027 | 37000 | 37677 | 35896 |  |
| 48523194(36) | ABF asset | N/A | 10.55% | 12/2030 | 60000 | 61098 | 57804 |  |
| 48523278(36) | ABF asset | N/A | 16.07% | 12/2031 | 25000 | 25457 | 27728 |  |
| 48523346(36) | ABF asset | N/A | 10.57% | 12/2029 | 32000 | 32585 | 30544 |  |
| 48523974(36) | ABF asset | N/A | 8.87% | 12/2029 | 40000 | 40732 | 37247 |  |
| 48524229(36) | ABF asset | N/A | 10.18% | 12/2027 | 50000 | 50915 | 50290 |  |
| 48524236(36) | ABF asset | N/A | 10.43% | 12/2027 | 15000 | 15274 | 14975 |  |
| 48524615(36) | ABF asset | N/A | 20.81% | 12/2030 | 37000 | 37677 | 40023 |  |
| 48524792(36) | ABF asset | N/A | 11.16% | 12/2032 | 50000 | 50915 | 50542 |  |
| 48524826(36) | ABF asset | N/A | 8.41% | 12/2029 | 57000 | 58043 | 56352 |  |
| 48524915(36) | ABF asset | N/A | 11.02% | 12/2031 | 19000 | 19348 | 19190 |  |
| 48524997(36) | ABF asset | N/A | 7.81% | 12/2027 | 13024 | 13262 | 12714 |  |
| 48525605(36) | ABF asset | N/A | 8.84% | 12/2027 | 13876 | 14130 | 13698 |  |
| 48525950(36) | ABF asset | N/A | 6.32% | 12/2029 | 12000 | 12220 | 11209 |  |
| 48526307(36) | ABF asset | N/A | 9.93% | 12/2029 | 30000 | 30549 | 30375 |  |
| 48526369(36) | ABF asset | N/A | 17.98% | 12/2030 | 39000 | 39713 | 41559 |  |
| 48526510(36) | ABF asset | N/A | 12.43% | 12/2030 | 40000 | 40732 | 39768 |  |
| 48526512(36) | ABF asset | N/A | 18.21% | 12/2032 | 55000 | 56006 | 60175 |  |
| 48526588(36) | ABF asset | N/A | 18.04% | 12/2029 | 50000 | 50915 | 51867 |  |
| 48528129(36) | ABF asset | N/A | 17.35% | 12/2032 | 28000 | 28512 | 31875 |  |
| 48528153(36) | ABF asset | N/A | 13.52% | 12/2030 | 70000 | 71280 | 70837 |  |
| 48528535(36) | ABF asset | N/A | 5.59% | 12/2027 | 10000 | 10183 | 9585 |  |
| 48528684(36) | ABF asset | N/A | 20.14% | 12/2030 | 14000 | 14256 | 14966 |  |
| 48529077(36) | ABF asset | N/A | 22.46% | 12/2030 | 22000 | 22402 | 24308 |  |
| 48529687(36) | ABF asset | N/A | 8.93% | 12/2027 | 85000 | 86555 | 83785 |  |
| 48530871(36) | ABF asset | N/A | 9.59% | 12/2030 | 85000 | 86555 | 82939 |  |
| 48531170(36) | ABF asset | N/A | 11.66% | 12/2031 | 19000 | 19348 | 18618 |  |
| 48531918(36) | ABF asset | N/A | 21.11% | 12/2032 | 53000 | 53969 | 61020 |  |
| 48531955(36) | ABF asset | N/A | 6.59% | 12/2027 | 28000 | 28512 | 27296 |  |
| 48532086(36) | ABF asset | N/A | 10.58% | 12/2029 | 19000 | 19348 | 17258 |  |
| 48532391(36) | ABF asset | N/A | 8.74% | 12/2027 | 27000 | 27494 | 26788 |  |
| 48532523(36) | ABF asset | N/A | 10.87% | 12/2031 | 19000 | 19348 | 19118 |  |
| 48533209(36) | ABF asset | N/A | 11.32% | 12/2028 | 5000 | 5091 | 4997 |  |
| 48533261(36) | ABF asset | N/A | 8.24% | 12/2027 | 34000 | 34622 | 33629 |  |
| 48533914(36) | ABF asset | N/A | 13.85% | 12/2032 | 26000 | 26476 | 27685 |  |
| 48533935(36) | ABF asset | N/A | 9.47% | 12/2028 | 25000 | 25457 | 24922 |  |
| 48534612(36) | ABF asset | N/A | 16.48% | 12/2032 | 14805 | 15076 | 16108 |  |
| 48534930(36) | ABF asset | N/A | 14.53% | 12/2032 | 11000 | 11201 | 11622 |  |
| 48535004(36) | ABF asset | N/A | 7.86% | 12/2028 | 11000 | 11201 | 10833 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48535009(36) | ABF asset | N/A | 13.40% | 12/2030 | 38000 | 38695 | 38378 |  |
| 48535124(36) | ABF asset | N/A | 9.65% | 12/2030 | 60000 | 61098 | 59806 |  |
| 48535615(36) | ABF asset | N/A | 8.74% | 12/2027 | 5000 | 5091 | 4967 |  |
| 48535977(36) | ABF asset | N/A | 14.19% | 12/2031 | 25000 | 25457 | 26282 |  |
| 48536706(36) | ABF asset | N/A | 13.30% | 12/2030 | 55000 | 56006 | 58310 |  |
| 48537057(36) | ABF asset | N/A | 9.29% | 12/2027 | 25000 | 25457 | 24552 |  |
| 48538147(36) | ABF asset | N/A | 7.14% | 12/2030 | 5000 | 5091 | 4679 |  |
| 48538333(36) | ABF asset | N/A | 12.28% | 12/2029 | 30000 | 30549 | 30273 |  |
| 48538927(36) | ABF asset | N/A | 11.06% | 12/2032 | 38000 | 38695 | 38267 |  |
| 48539253(36) | ABF asset | N/A | 12.18% | 12/2030 | 40000 | 40732 | 39589 |  |
| 48539626(36) | ABF asset | N/A | 18.05% | 12/2030 | 65000 | 66189 | 69134 |  |
| 48539641(36) | ABF asset | N/A | 15.88% | 12/2030 | 34000 | 34622 | 34930 |  |
| 48540454(36) | ABF asset | N/A | 16.35% | 12/2032 | 74262 | 75621 | 81948 |  |
| 48541304(36) | ABF asset | N/A | 23.27% | 12/2030 | 50000 | 50915 | 54490 |  |
| 48541603(36) | ABF asset | N/A | 8.99% | 12/2027 | 20000 | 20366 | 19909 |  |
| 48541613(36) | ABF asset | N/A | 12.26% | 12/2031 | 39000 | 39713 | 40771 |  |
| 48541944(36) | ABF asset | N/A | 10.14% | 12/2030 | 50000 | 50915 | 49276 |  |
| 48541954(36) | ABF asset | N/A | 11.43% | 12/2027 | 14000 | 14256 | 14067 |  |
| 48542557(36) | ABF asset | N/A | 9.11% | 12/2028 | 6000 | 6110 | 5995 |  |
| 48542610(36) | ABF asset | N/A | 5.59% | 12/2027 | 20000 | 20366 | 19323 |  |
| 48542796(36) | ABF asset | N/A | 13.51% | 12/2030 | 46000 | 46841 | 47998 |  |
| 48543365(36) | ABF asset | N/A | 12.06% | 12/2032 | 7430 | 7566 | 7600 |  |
| 48543507(36) | ABF asset | N/A | 14.12% | 12/2029 | 35000 | 35640 | 35141 |  |
| 48543735(36) | ABF asset | N/A | 15.51% | 12/2030 | 30000 | 30549 | 30702 |  |
| 48543874(36) | ABF asset | N/A | 18.68% | 12/2031 | 21000 | 21384 | 23529 |  |
| 48543985(36) | ABF asset | N/A | 17.73% | 12/2032 | 22000 | 22402 | 24723 |  |
| 48544147(36) | ABF asset | N/A | 16.70% | 12/2032 | 6000 | 6110 | 6744 |  |
| 48544267(36) | ABF asset | N/A | 9.08% | 12/2028 | 32000 | 32585 | 31977 |  |
| 48544562(36) | ABF asset | N/A | 17.24% | 12/2030 | 70000 | 71280 | 75265 |  |
| 48544603(36) | ABF asset | N/A | 16.22% | 12/2032 | 30000 | 30549 | 31670 |  |
| 48544954(36) | ABF asset | N/A | 20.93% | 12/2030 | 36000 | 36659 | 38990 |  |
| 48545110(36) | ABF asset | N/A | 9.69% | 12/2030 | 81000 | 82482 | 79213 |  |
| 48545389(36) | ABF asset | N/A | 9.95% | 12/2031 | 54000 | 54988 | 54034 |  |
| 48545474(36) | ABF asset | N/A | 11.18% | 12/2028 | 20000 | 20366 | 20362 |  |
| 48545485(36) | ABF asset | N/A | 12.48% | 12/2028 | 31000 | 31567 | 31357 |  |
| 48545505(36) | ABF asset | N/A | 17.36% | 12/2032 | 43000 | 43787 | 46227 |  |
| 48545812(36) | ABF asset | N/A | 15.24% | 12/2030 | 29983 | 30532 | 30877 |  |
| 48546712(36) | ABF asset | N/A | 10.22% | 12/2029 | 34000 | 34622 | 32280 |  |
| 48547267(36) | ABF asset | N/A | 10.76% | 12/2032 | 5000 | 5091 | 5013 |  |
| 48548009(36) | ABF asset | N/A | 9.84% | 12/2028 | 40000 | 40732 | 40278 |  |
| 48548117(36) | ABF asset | N/A | 20.96% | 12/2030 | 60000 | 61098 | 64829 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48548244(36) | ABF asset | N/A | 7.74% | 12/2028 | 11000 | 11201 | 10328 |  |
| 48548311(36) | ABF asset | N/A | 7.89% | 12/2027 | 19000 | 19348 | 18717 |  |
| 48548715(36) | ABF asset | N/A | 9.58% | 12/2028 | 7000 | 7128 | 7037 |  |
| 48548765(36) | ABF asset | N/A | 10.20% | 12/2031 | 25000 | 25457 | 25136 |  |
| 48548953(36) | ABF asset | N/A | 16.00% | 12/2027 | 5000 | 5091 | 5150 |  |
| 48548988(36) | ABF asset | N/A | 8.24% | 12/2027 | 20000 | 20366 | 19782 |  |
| 48549192(36) | ABF asset | N/A | 8.31% | 12/2027 | 5000 | 5091 | 4827 |  |
| 48549480(36) | ABF asset | N/A | 8.26% | 12/2028 | 37000 | 37677 | 36614 |  |
| 48549627(36) | ABF asset | N/A | 22.46% | 12/2030 | 14502 | 14767 | 16072 |  |
| 48550817(36) | ABF asset | N/A | 11.66% | 12/2027 | 20000 | 20366 | 19698 |  |
| 48551166(36) | ABF asset | N/A | 11.87% | 12/2027 | 15000 | 15274 | 15289 |  |
| 48551726(36) | ABF asset | N/A | 15.07% | 12/2030 | 85000 | 86555 | 90956 |  |
| 48551770(36) | ABF asset | N/A | 13.55% | 12/2030 | 60000 | 61098 | 62528 |  |
| 48552332(36) | ABF asset | N/A | 9.28% | 12/2028 | 20000 | 20366 | 19920 |  |
| 48552500(36) | ABF asset | N/A | 7.55% | 12/2030 | 70000 | 71280 | 64074 |  |
| 48552634(36) | ABF asset | N/A | 8.66% | 12/2027 | 19000 | 19348 | 18584 |  |
| 48553120(36) | ABF asset | N/A | 10.93% | 12/2028 | 55000 | 56006 | 55834 |  |
| 48553366(36) | ABF asset | N/A | 8.45% | 12/2030 | 50000 | 50915 | 48800 |  |
| 48553435(36) | ABF asset | N/A | 4.97% | 12/2027 | 11000 | 11201 | 10577 |  |
| 48553444(36) | ABF asset | N/A | 14.26% | 12/2028 | 19000 | 19348 | 19234 |  |
| 48553703(36) | ABF asset | N/A | 11.28% | 12/2027 | 10000 | 10183 | 10051 |  |
| 48553973(36) | ABF asset | N/A | 8.99% | 12/2027 | 15000 | 15274 | 14931 |  |
| 48554177(36) | ABF asset | N/A | 13.09% | 12/2027 | 5000 | 5091 | 4991 |  |
| 48554382(36) | ABF asset | N/A | 8.41% | 12/2029 | 29444 | 29982 | 28961 |  |
| 48554721(36) | ABF asset | N/A | 14.70% | 12/2030 | 45168 | 45995 | 48668 |  |
| 48555092(36) | ABF asset | N/A | 8.36% | 12/2028 | 18000 | 18329 | 17521 |  |
| 48555528(36) | ABF asset | N/A | 6.46% | 12/2027 | 11160 | 11364 | 10834 |  |
| 48555650(36) | ABF asset | N/A | 9.22% | 12/2028 | 20000 | 20366 | 19906 |  |
| 48555797(36) | ABF asset | N/A | 20.16% | 12/2029 | 50000 | 50915 | 53319 |  |
| 48555950(36) | ABF asset | N/A | 10.45% | 12/2030 | 38000 | 38695 | 38343 |  |
| 48556863(36) | ABF asset | N/A | 12.03% | 12/2032 | 48000 | 48878 | 48345 |  |
| 48559231(36) | ABF asset | N/A | 17.15% | 12/2032 | 37440 | 38125 | 38922 |  |
| 48559474(36) | ABF asset | N/A | 15.58% | 12/2032 | 27000 | 27494 | 29107 |  |
| 48560561(36) | ABF asset | N/A | 16.76% | 12/2029 | 30000 | 30549 | 30562 |  |
| 48560751(36) | ABF asset | N/A | 7.44% | 12/2030 | 69000 | 70262 | 64837 |  |
| 48560783(36) | ABF asset | N/A | 15.24% | 12/2029 | 50000 | 50915 | 48263 |  |
| 48560937(36) | ABF asset | N/A | 14.10% | 12/2032 | 35000 | 35640 | 37419 |  |
| 48561038(36) | ABF asset | N/A | 11.87% | 12/2029 | 30000 | 30549 | 29150 |  |
| 48561593(36) | ABF asset | N/A | 16.10% | 12/2032 | 75000 | 76372 | 83287 |  |
| 48562334(36) | ABF asset | N/A | 11.33% | 12/2028 | 10814 | 11012 | 11011 |  |
| 48562392(36) | ABF asset | N/A | 15.01% | 12/2031 | 55094 | 56102 | 60234 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48562700(36) | ABF asset | N/A | 11.52% | 12/2031 | 25727 | 26197 | 25969 |  |
| 48565667(36) | ABF asset | N/A | 16.90% | 12/2032 | 30000 | 30549 | 31042 |  |
| 48566756(36) | ABF asset | N/A | 10.78% | 12/2027 | 12000 | 12220 | 12005 |  |
| 48566774(36) | ABF asset | N/A | 6.76% | 12/2030 | 50000 | 50915 | 47398 |  |
| 48566880(36) | ABF asset | N/A | 14.39% | 12/2030 | 70000 | 71280 | 74065 |  |
| 48566894(36) | ABF asset | N/A | 11.31% | 12/2030 | 40000 | 40732 | 40987 |  |
| 48566895(36) | ABF asset | N/A | 17.48% | 12/2032 | 17000 | 17311 | 18996 |  |
| 48566953(36) | ABF asset | N/A | 12.09% | 12/2032 | 15000 | 15274 | 15116 |  |
| 48567015(36) | ABF asset | N/A | 9.73% | 12/2029 | 70000 | 71280 | 68088 |  |
| 48567140(36) | ABF asset | N/A | 20.56% | 12/2032 | 65000 | 66189 | 71957 |  |
| 48567154(36) | ABF asset | N/A | 14.17% | 12/2029 | 60000 | 61098 | 60168 |  |
| 48567260(36) | ABF asset | N/A | 8.99% | 12/2027 | 6000 | 6110 | 5970 |  |
| 48567533(36) | ABF asset | N/A | 13.18% | 12/2032 | 26068 | 26545 | 25941 |  |
| 48567891(36) | ABF asset | N/A | 16.23% | 12/2032 | 40270 | 41007 | 43352 |  |
| 48567914(36) | ABF asset | N/A | 8.91% | 12/2027 | 10000 | 10183 | 9851 |  |
| 48568266(36) | ABF asset | N/A | 16.08% | 12/2032 | 20000 | 20366 | 21766 |  |
| 48568315(36) | ABF asset | N/A | 12.09% | 12/2027 | 40000 | 40732 | 40848 |  |
| 48568539(36) | ABF asset | N/A | 6.71% | 12/2027 | 24000 | 24439 | 23388 |  |
| 48568753(36) | ABF asset | N/A | 10.19% | 12/2028 | 11000 | 11201 | 10839 |  |
| 48568851(36) | ABF asset | N/A | 14.67% | 12/2030 | 18000 | 18329 | 19134 |  |
| 48569239(36) | ABF asset | N/A | 16.92% | 12/2030 | 34000 | 34622 | 35519 |  |
| 48570471(36) | ABF asset | N/A | 17.25% | 12/2032 | 16000 | 16293 | 16664 |  |
| 48570895(36) | ABF asset | N/A | 14.77% | 12/2032 | 24000 | 24439 | 25475 |  |
| 48571365(36) | ABF asset | N/A | 12.78% | 12/2029 | 37000 | 37677 | 39017 |  |
| 48572154(36) | ABF asset | N/A | 7.66% | 12/2027 | 21000 | 21384 | 20359 |  |
| 48572385(36) | ABF asset | N/A | 6.10% | 12/2027 | 10000 | 10183 | 9625 |  |
| 48572465(36) | ABF asset | N/A | 12.31% | 12/2032 | 29000 | 29530 | 29320 |  |
| 48572557(36) | ABF asset | N/A | 8.01% | 12/2028 | 25000 | 25457 | 24654 |  |
| 48573070(36) | ABF asset | N/A | 10.26% | 12/2030 | 59000 | 60079 | 58233 |  |
| 48573094(36) | ABF asset | N/A | 9.95% | 12/2031 | 17000 | 17311 | 17002 |  |
| 48573440(36) | ABF asset | N/A | 9.01% | 12/2029 | 23000 | 23421 | 22326 |  |
| 48574036(36) | ABF asset | N/A | 10.79% | 12/2031 | 20000 | 20366 | 20093 |  |
| 48575009(36) | ABF asset | N/A | 16.39% | 12/2029 | 45000 | 45823 | 45581 |  |
| 48575039(36) | ABF asset | N/A | 4.89% | 12/2027 | 17000 | 17311 | 16195 |  |
| 48575411(36) | ABF asset | N/A | 12.47% | 12/2029 | 70000 | 71280 | 70753 |  |
| 48575904(36) | ABF asset | N/A | 16.32% | 12/2031 | 11000 | 11201 | 12240 |  |
| 48575930(36) | ABF asset | N/A | 7.36% | 12/2027 | 35000 | 35640 | 33846 |  |
| 48576034(36) | ABF asset | N/A | 20.91% | 12/2032 | 30000 | 30549 | 33422 |  |
| 48577030(36) | ABF asset | N/A | 15.57% | 12/2030 | 85000 | 86555 | 91710 |  |
| 48577076(36) | ABF asset | N/A | 9.31% | 12/2027 | 12473 | 12701 | 12265 |  |
| 48577184(36) | ABF asset | N/A | 17.23% | 12/2032 | 45000 | 45823 | 50049 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48577637(36) | ABF asset | N/A | 6.16% | 12/2028 | 50000 | 50915 | 48229 |  |
| 48577941(36) | ABF asset | N/A | 10.63% | 12/2029 | 76000 | 77390 | 74875 |  |
| 48578030(36) | ABF asset | N/A | 10.64% | 12/2029 | 70000 | 71280 | 71558 |  |
| 48578559(36) | ABF asset | N/A | 11.07% | 12/2028 | 20000 | 20366 | 20091 |  |
| 48578611(36) | ABF asset | N/A | 8.81% | 12/2029 | 70000 | 71280 | 69662 |  |
| 48579184(36) | ABF asset | N/A | 10.40% | 12/2030 | 50000 | 50915 | 47967 |  |
| 48579441(36) | ABF asset | N/A | 15.20% | 12/2030 | 10000 | 10183 | 10932 |  |
| 48579493(36) | ABF asset | N/A | 16.22% | 12/2032 | 23000 | 23421 | 24259 |  |
| 48579692(36) | ABF asset | N/A | 9.16% | 12/2027 | 22000 | 22402 | 21716 |  |
| 48579984(36) | ABF asset | N/A | 13.73% | 12/2030 | 40000 | 40732 | 39729 |  |
| 48580008(36) | ABF asset | N/A | 7.66% | 12/2028 | 21000 | 21384 | 20503 |  |
| 48580054(36) | ABF asset | N/A | 9.18% | 12/2029 | 30000 | 30549 | 30018 |  |
| 48580096(36) | ABF asset | N/A | 9.81% | 12/2030 | 5000 | 5091 | 4995 |  |
| 48580669(36) | ABF asset | N/A | 14.73% | 12/2032 | 19842 | 20205 | 19483 |  |
| 48580685(36) | ABF asset | N/A | 20.81% | 12/2032 | 23000 | 23421 | 25577 |  |
| 48581067(36) | ABF asset | N/A | 10.83% | 12/2028 | 40000 | 40732 | 40787 |  |
| 48582025(36) | ABF asset | N/A | 9.07% | 12/2030 | 59168 | 60250 | 54056 |  |
| 48582336(36) | ABF asset | N/A | 13.83% | 12/2028 | 5000 | 5091 | 5280 |  |
| 48582665(36) | ABF asset | N/A | 17.33% | 12/2032 | 80000 | 81463 | 89144 |  |
| 48583067(36) | ABF asset | N/A | 13.57% | 12/2032 | 21000 | 21384 | 21781 |  |
| 48583100(36) | ABF asset | N/A | 13.73% | 12/2028 | 19000 | 19348 | 19524 |  |
| 48583447(36) | ABF asset | N/A | 9.22% | 12/2029 | 34000 | 34622 | 31798 |  |
| 48583838(36) | ABF asset | N/A | 15.35% | 12/2032 | 13000 | 13238 | 14233 |  |
| 48584153(36) | ABF asset | N/A | 16.73% | 12/2032 | 14000 | 14256 | 15425 |  |
| 48584460(36) | ABF asset | N/A | 6.34% | 12/2027 | 10000 | 10183 | 9643 |  |
| 48584687(36) | ABF asset | N/A | 7.77% | 12/2028 | 10000 | 10183 | 9834 |  |
| 48584842(36) | ABF asset | N/A | 6.24% | 12/2029 | 71000 | 72299 | 68013 |  |
| 48585173(36) | ABF asset | N/A | 17.92% | 12/2030 | 30000 | 30549 | 31845 |  |
| 48585188(36) | ABF asset | N/A | 9.84% | 12/2031 | 27000 | 27494 | 26615 |  |
| 48585232(36) | ABF asset | N/A | 9.56% | 12/2027 | 23000 | 23421 | 22638 |  |
| 48585845(36) | ABF asset | N/A | 11.30% | 12/2027 | 25000 | 25457 | 24732 |  |
| 48585953(36) | ABF asset | N/A | 10.46% | 12/2032 | 18000 | 18329 | 17565 |  |
| 48585992(36) | ABF asset | N/A | 16.40% | 12/2032 | 70000 | 71280 | 78175 |  |
| 48586212(36) | ABF asset | N/A | 13.18% | 12/2030 | 50000 | 50915 | 52804 |  |
| 48587409(36) | ABF asset | N/A | 19.10% | 12/2032 | 19000 | 19348 | 22310 |  |
| 48587580(36) | ABF asset | N/A | 13.89% | 12/2032 | 55000 | 56006 | 57400 |  |
| 48587736(36) | ABF asset | N/A | 10.14% | 12/2030 | 40000 | 40732 | 39399 |  |
| 48588665(36) | ABF asset | N/A | 11.47% | 12/2027 | 5000 | 5091 | 4922 |  |
| 48589371(36) | ABF asset | N/A | 5.47% | 12/2028 | 36000 | 36659 | 34423 |  |
| 48589544(36) | ABF asset | N/A | 11.39% | 12/2031 | 38000 | 38695 | 37902 |  |
| 48590174(36) | ABF asset | N/A | 6.72% | 12/2030 | 39414 | 40135 | 37175 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48590977(36) | ABF asset | N/A | 6.57% | 12/2030 | 34433 | 35063 | 32444 |  |
| 48591101(36) | ABF asset | N/A | 15.46% | 12/2028 | 7000 | 7128 | 7330 |  |
| 48591141(36) | ABF asset | N/A | 8.19% | 12/2031 | 25000 | 25457 | 23889 |  |
| 48591223(36) | ABF asset | N/A | 13.22% | 12/2032 | 8000 | 8146 | 8409 |  |
| 48591408(36) | ABF asset | N/A | 11.00% | 12/2027 | 20000 | 20366 | 19736 |  |
| 48591679(36) | ABF asset | N/A | 12.68% | 12/2032 | 8000 | 8146 | 8155 |  |
| 48592733(36) | ABF asset | N/A | 12.95% | 12/2030 | 70000 | 71280 | 73728 |  |
| 48593459(36) | ABF asset | N/A | 10.40% | 12/2030 | 45000 | 45823 | 45406 |  |
| 48593523(36) | ABF asset | N/A | 7.74% | 12/2027 | 5000 | 5091 | 4919 |  |
| 48593792(36) | ABF asset | N/A | 7.10% | 12/2027 | 18000 | 18329 | 17198 |  |
| 48594182(36) | ABF asset | N/A | 8.99% | 12/2027 | 5000 | 5091 | 4975 |  |
| 48594435(36) | ABF asset | N/A | 8.74% | 12/2027 | 36000 | 36659 | 35742 |  |
| 48595026(36) | ABF asset | N/A | 9.06% | 12/2027 | 16000 | 16293 | 15781 |  |
| 48595057(36) | ABF asset | N/A | 11.34% | 12/2027 | 50000 | 50915 | 50740 |  |
| 48595128(36) | ABF asset | N/A | 5.59% | 12/2027 | 35000 | 35640 | 33815 |  |
| 48595436(36) | ABF asset | N/A | 16.45% | 12/2032 | 27000 | 27494 | 30181 |  |
| 48595540(36) | ABF asset | N/A | 12.45% | 12/2030 | 100000 | 101829 | 104343 |  |
| 48596113(36) | ABF asset | N/A | 10.48% | 12/2030 | 5000 | 5091 | 5052 |  |
| 48596262(36) | ABF asset | N/A | 9.25% | 12/2028 | 31000 | 31567 | 30481 |  |
| 48596312(36) | ABF asset | N/A | 9.69% | 12/2031 | 20000 | 20366 | 19674 |  |
| 48597250(36) | ABF asset | N/A | 16.23% | 12/2032 | 55000 | 56006 | 60028 |  |
| 48597428(36) | ABF asset | N/A | 10.34% | 12/2027 | 40000 | 40732 | 40253 |  |
| 48597653(36) | ABF asset | N/A | 10.42% | 12/2030 | 5000 | 5091 | 4944 |  |
| 48597738(36) | ABF asset | N/A | 13.30% | 12/2029 | 46000 | 46841 | 47413 |  |
| 48597793(36) | ABF asset | N/A | 10.73% | 12/2030 | 5000 | 5091 | 5073 |  |
| 48599272(36) | ABF asset | N/A | 7.47% | 12/2029 | 40000 | 40732 | 36445 |  |
| 48600490(36) | ABF asset | N/A | 14.07% | 12/2030 | 49000 | 49896 | 46360 |  |
| 48600805(36) | ABF asset | N/A | 13.85% | 12/2032 | 35000 | 35640 | 37198 |  |
| 48601557(36) | ABF asset | N/A | 15.95% | 12/2028 | 40000 | 40732 | 41283 |  |
| 48602382(36) | ABF asset | N/A | 10.43% | 12/2027 | 2003 | 2040 | 2001 |  |
| 48602582(36) | ABF asset | N/A | 8.74% | 12/2027 | 37000 | 37677 | 36709 |  |
| 48603237(36) | ABF asset | N/A | 11.69% | 12/2028 | 30000 | 30549 | 30065 |  |
| 48604547(36) | ABF asset | N/A | 16.68% | 12/2031 | 41729 | 42493 | 45213 |  |
| 48604732(36) | ABF asset | N/A | 13.85% | 12/2032 | 25000 | 25457 | 26570 |  |
| 48605484(36) | ABF asset | N/A | 9.58% | 12/2027 | 30000 | 30549 | 29253 |  |
| 48605724(36) | ABF asset | N/A | 6.96% | 12/2027 | 20000 | 20366 | 19548 |  |
| 48605760(36) | ABF asset | N/A | 12.22% | 12/2027 | 22000 | 22402 | 21766 |  |
| 48606349(36) | ABF asset | N/A | 20.61% | 12/2032 | 24000 | 24439 | 27317 |  |
| 48606697(36) | ABF asset | N/A | 20.71% | 12/2030 | 40000 | 40732 | 43058 |  |
| 48606726(36) | ABF asset | N/A | 5.66% | 12/2028 | 20000 | 20366 | 19080 |  |
| 48607479(36) | ABF asset | N/A | 22.46% | 12/2030 | 50000 | 50915 | 55245 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48607991(36) | ABF asset | N/A | 12.10% | 12/2032 | 20000 | 20366 | 18859 |  |
| 48608112(36) | ABF asset | N/A | 11.79% | 12/2031 | 39000 | 39713 | 39153 |  |
| 48608780(36) | ABF asset | N/A | 22.71% | 12/2030 | 5000 | 5091 | 5545 |  |
| 48608785(36) | ABF asset | N/A | 7.99% | 12/2027 | 9000 | 9165 | 8873 |  |
| 48610050(36) | ABF asset | N/A | 17.12% | 12/2032 | 40000 | 40732 | 41502 |  |
| 48610077(36) | ABF asset | N/A | 8.78% | 12/2027 | 14000 | 14256 | 13766 |  |
| 48610479(36) | ABF asset | N/A | 12.65% | 12/2029 | 83000 | 84518 | 84774 |  |
| 48610792(36) | ABF asset | N/A | 16.85% | 12/2032 | 24000 | 24439 | 25568 |  |
| 48610839(36) | ABF asset | N/A | 20.31% | 12/2032 | 20000 | 20366 | 22004 |  |
| 48611324(36) | ABF asset | N/A | 5.11% | 12/2027 | 7676 | 7817 | 7307 |  |
| 48611403(36) | ABF asset | N/A | 12.03% | 12/2032 | 27000 | 27494 | 27150 |  |
| 48611884(36) | ABF asset | N/A | 11.69% | 12/2028 | 6000 | 6110 | 6013 |  |
| 48612229(36) | ABF asset | N/A | 15.07% | 12/2030 | 32000 | 32585 | 34200 |  |
| 48612378(36) | ABF asset | N/A | 15.12% | 12/2031 | 35424 | 36072 | 38260 |  |
| 48612706(36) | ABF asset | N/A | 13.10% | 12/2032 | 22000 | 22402 | 23048 |  |
| 48613042(36) | ABF asset | N/A | 9.24% | 12/2027 | 5000 | 5091 | 4981 |  |
| 48614280(36) | ABF asset | N/A | 11.47% | 12/2031 | 24000 | 24439 | 24404 |  |
| 48614516(36) | ABF asset | N/A | 17.35% | 12/2030 | 35000 | 35640 | 35804 |  |
| 48615109(36) | ABF asset | N/A | 15.83% | 12/2032 | 20000 | 20366 | 20920 |  |
| 48615354(36) | ABF asset | N/A | 6.91% | 12/2030 | 49144 | 50043 | 46586 |  |
| 48615593(36) | ABF asset | N/A | 17.92% | 12/2030 | 65000 | 66189 | 68997 |  |
| 48616603(36) | ABF asset | N/A | 12.08% | 12/2032 | 20000 | 20366 | 20130 |  |
| 48617135(36) | ABF asset | N/A | 10.50% | 12/2028 | 17000 | 17311 | 16799 |  |
| 48617154(36) | ABF asset | N/A | 12.03% | 12/2027 | 8000 | 8146 | 8078 |  |
| 48617428(36) | ABF asset | N/A | 14.18% | 12/2029 | 46000 | 46841 | 47580 |  |
| 48617968(36) | ABF asset | N/A | 15.17% | 12/2030 | 30000 | 30549 | 29673 |  |
| 48618008(36) | ABF asset | N/A | 19.71% | 12/2032 | 27000 | 27494 | 30254 |  |
| 48618157(36) | ABF asset | N/A | 5.47% | 12/2027 | 5000 | 5091 | 4826 |  |
| 48618264(36) | ABF asset | N/A | 6.11% | 12/2028 | 27000 | 27494 | 25892 |  |
| 48618923(36) | ABF asset | N/A | 6.66% | 12/2030 | 63000 | 64152 | 59586 |  |
| 48619445(36) | ABF asset | N/A | 11.03% | 12/2028 | 35000 | 35640 | 35518 |  |
| 48619603(36) | ABF asset | N/A | 22.36% | 12/2032 | 27526 | 28030 | 32325 |  |
| 48620146(36) | ABF asset | N/A | 7.74% | 12/2027 | 4003 | 4076 | 3944 |  |
| 48621130(36) | ABF asset | N/A | 14.92% | 12/2030 | 61000 | 62116 | 65033 |  |
| 48622031(36) | ABF asset | N/A | 10.69% | 12/2028 | 40000 | 40732 | 39616 |  |
| 48622653(36) | ABF asset | N/A | 10.95% | 12/2030 | 37000 | 37677 | 37649 |  |
| 48622662(36) | ABF asset | N/A | 14.94% | 12/2027 | 9000 | 9165 | 9259 |  |
| 48622759(36) | ABF asset | N/A | 8.99% | 12/2030 | 21000 | 21384 | 20672 |  |
| 48623893(36) | ABF asset | N/A | 20.97% | 12/2030 | 4922 | 5012 | 5104 |  |
| 48624189(36) | ABF asset | N/A | 12.05% | 12/2030 | 60000 | 61098 | 62189 |  |
| 48624595(36) | ABF asset | N/A | 9.78% | 12/2029 | 40000 | 40732 | 40346 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48624719(36) | ABF asset | N/A | 11.21% | 12/2028 | 19000 | 19348 | 18934 |  |
| 48624898(36) | ABF asset | N/A | 11.60% | 12/2030 | 9000 | 9165 | 8621 |  |
| 48625026(36) | ABF asset | N/A | 16.45% | 12/2030 | 15000 | 15274 | 16715 |  |
| 48625296(36) | ABF asset | N/A | 9.69% | 12/2027 | 5035 | 5127 | 4999 |  |
| 48625347(36) | ABF asset | N/A | 8.58% | 12/2028 | 70000 | 71280 | 69453 |  |
| 48625409(36) | ABF asset | N/A | 10.68% | 12/2027 | 71000 | 72299 | 70902 |  |
| 48625687(36) | ABF asset | N/A | 12.88% | 12/2032 | 48000 | 48878 | 49071 |  |
| 48626013(36) | ABF asset | N/A | 9.69% | 12/2028 | 40000 | 40732 | 39149 |  |
| 48626260(36) | ABF asset | N/A | 14.09% | 12/2032 | 11000 | 11201 | 11511 |  |
| 48626638(36) | ABF asset | N/A | 11.45% | 12/2029 | 35241 | 35886 | 35211 |  |
| 48626765(36) | ABF asset | N/A | 7.44% | 12/2028 | 35000 | 35640 | 33348 |  |
| 48627124(36) | ABF asset | N/A | 13.40% | 12/2028 | 12000 | 12220 | 12025 |  |
| 48627330(36) | ABF asset | N/A | 20.36% | 12/2032 | 53000 | 53969 | 60064 |  |
| 48627399(36) | ABF asset | N/A | 12.48% | 12/2030 | 50000 | 50915 | 48598 |  |
| 48627513(36) | ABF asset | N/A | 7.25% | 12/2028 | 21000 | 21384 | 20152 |  |
| 48628677(36) | ABF asset | N/A | 15.67% | 12/2031 | 29000 | 29530 | 31888 |  |
| 48629329(36) | ABF asset | N/A | 8.42% | 12/2029 | 35000 | 35640 | 34607 |  |
| 48629742(36) | ABF asset | N/A | 9.40% | 12/2030 | 50000 | 50915 | 49562 |  |
| 48630001(36) | ABF asset | N/A | 11.13% | 12/2028 | 30362 | 30917 | 30045 |  |
| 48630608(36) | ABF asset | N/A | 15.03% | 12/2032 | 39000 | 39713 | 41553 |  |
| 48631092(36) | ABF asset | N/A | 12.96% | 12/2032 | 30000 | 30549 | 30717 |  |
| 48631141(36) | ABF asset | N/A | 9.71% | 12/2028 | 15914 | 16205 | 15483 |  |
| 48632408(36) | ABF asset | N/A | 14.50% | 12/2027 | 7000 | 7128 | 7112 |  |
| 48632532(36) | ABF asset | N/A | 7.74% | 12/2027 | 1073 | 1093 | 1061 |  |
| 48632575(36) | ABF asset | N/A | 6.80% | 12/2027 | 36000 | 36659 | 35140 |  |
| 48632763(36) | ABF asset | N/A | 15.31% | 12/2028 | 70000 | 71280 | 73809 |  |
| 48633376(36) | ABF asset | N/A | 8.78% | 12/2028 | 29000 | 29530 | 28682 |  |
| 48634109(36) | ABF asset | N/A | 12.83% | 12/2028 | 19000 | 19348 | 19812 |  |
| 48634455(36) | ABF asset | N/A | 19.88% | 12/2031 | 29000 | 29530 | 33128 |  |
| 48634638(36) | ABF asset | N/A | 8.01% | 12/2028 | 17000 | 17311 | 16665 |  |
| 48634983(36) | ABF asset | N/A | 8.01% | 12/2029 | 57000 | 58043 | 52343 |  |
| 48635037(36) | ABF asset | N/A | 11.20% | 12/2029 | 38000 | 38695 | 38039 |  |
| 48635325(36) | ABF asset | N/A | 7.92% | 12/2027 | 8000 | 8146 | 7643 |  |
| 48635660(36) | ABF asset | N/A | 5.39% | 12/2027 | 15000 | 15274 | 14343 |  |
| 48635887(36) | ABF asset | N/A | 12.63% | 12/2031 | 20000 | 20366 | 21018 |  |
| 48635922(36) | ABF asset | N/A | 8.31% | 12/2027 | 5000 | 5091 | 4824 |  |
| 48637084(36) | ABF asset | N/A | 8.74% | 12/2027 | 25000 | 25457 | 24803 |  |
| 48637357(36) | ABF asset | N/A | 9.00% | 12/2030 | 60000 | 61098 | 59071 |  |
| 48637480(36) | ABF asset | N/A | 9.73% | 12/2029 | 80000 | 81463 | 77753 |  |
| 48638153(36) | ABF asset | N/A | 10.08% | 12/2032 | 28000 | 28512 | 27096 |  |
| 48638362(36) | ABF asset | N/A | 9.29% | 12/2030 | 49661 | 50569 | 47997 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48638708(36) | ABF asset | N/A | 10.77% | 12/2031 | 27000 | 27494 | 27092 |  |
| 48638987(36) | ABF asset | N/A | 6.71% | 12/2027 | 26000 | 26476 | 25360 |  |
| 48639173(36) | ABF asset | N/A | 18.01% | 12/2031 | 47000 | 47860 | 54483 |  |
| 48639304(36) | ABF asset | N/A | 12.85% | 12/2032 | 13000 | 13238 | 13554 |  |
| 48639370(36) | ABF asset | N/A | 14.93% | 12/2029 | 46000 | 46841 | 48075 |  |
| 48639424(36) | ABF asset | N/A | 13.99% | 12/2027 | 45000 | 45823 | 46634 |  |
| 48639511(36) | ABF asset | N/A | 13.68% | 12/2030 | 65000 | 66189 | 65828 |  |
| 48639632(36) | ABF asset | N/A | 13.68% | 12/2028 | 5000 | 5091 | 5228 |  |
| 48639869(36) | ABF asset | N/A | 8.24% | 12/2030 | 10000 | 10183 | 9527 |  |
| 48640141(36) | ABF asset | N/A | 12.43% | 12/2029 | 44000 | 44805 | 46117 |  |
| 48640284(36) | ABF asset | N/A | 5.62% | 12/2027 | 30000 | 30549 | 28993 |  |
| 48640409(36) | ABF asset | N/A | 10.20% | 12/2031 | 27000 | 27494 | 27109 |  |
| 48640925(36) | ABF asset | N/A | 12.78% | 12/2032 | 50000 | 50915 | 51016 |  |
| 48641315(36) | ABF asset | N/A | 7.38% | 12/2029 | 70000 | 71280 | 65794 |  |
| 48641485(36) | ABF asset | N/A | 15.70% | 12/2030 | 23398 | 23826 | 25768 |  |
| 48641745(36) | ABF asset | N/A | 7.74% | 12/2027 | 36873 | 37547 | 36285 |  |
| 48642368(36) | ABF asset | N/A | 17.08% | 12/2032 | 30000 | 30549 | 33226 |  |
| 48642941(36) | ABF asset | N/A | 11.48% | 12/2030 | 71000 | 72299 | 69347 |  |
| 48643035(36) | ABF asset | N/A | 8.55% | 12/2027 | 5000 | 5091 | 4953 |  |
| 48643289(36) | ABF asset | N/A | 14.05% | 12/2030 | 50000 | 50915 | 53573 |  |
| 48643366(36) | ABF asset | N/A | 9.89% | 12/2030 | 60000 | 61098 | 58799 |  |
| 48643873(36) | ABF asset | N/A | 15.26% | 12/2031 | 24000 | 24439 | 26474 |  |
| 48644197(36) | ABF asset | N/A | 6.57% | 12/2030 | 40000 | 40732 | 37773 |  |
| 48645130(36) | ABF asset | N/A | 11.68% | 12/2030 | 50000 | 50915 | 48998 |  |
| 48645410(36) | ABF asset | N/A | 6.83% | 12/2027 | 7000 | 7128 | 6735 |  |
| 48645465(36) | ABF asset | N/A | 8.24% | 12/2030 | 90000 | 91646 | 85744 |  |
| 48645718(36) | ABF asset | N/A | 13.20% | 12/2030 | 58030 | 59092 | 60926 |  |
| 48646071(36) | ABF asset | N/A | 5.71% | 12/2027 | 100000 | 101829 | 96718 |  |
| 48646418(36) | ABF asset | N/A | 17.31% | 12/2032 | 30000 | 30549 | 32223 |  |
| 48646955(36) | ABF asset | N/A | 12.70% | 12/2030 | 52000 | 52951 | 54484 |  |
| 48647209(36) | ABF asset | N/A | 6.93% | 12/2027 | 11000 | 11201 | 10653 |  |
| 48647330(36) | ABF asset | N/A | 8.99% | 12/2030 | 30000 | 30549 | 29531 |  |
| 48647447(36) | ABF asset | N/A | 5.20% | 12/2027 | 38286 | 38986 | 36351 |  |
| 48648036(36) | ABF asset | N/A | 10.55% | 12/2030 | 75000 | 76372 | 75804 |  |
| 48648073(36) | ABF asset | N/A | 6.96% | 12/2027 | 40000 | 40732 | 39097 |  |
| 48648741(36) | ABF asset | N/A | 16.68% | 12/2031 | 40000 | 40732 | 43902 |  |
| 48648934(36) | ABF asset | N/A | 5.59% | 12/2027 | 8000 | 8146 | 7662 |  |
| 48649537(36) | ABF asset | N/A | 15.60% | 12/2032 | 52000 | 52951 | 57131 |  |
| 48649968(36) | ABF asset | N/A | 11.03% | 12/2028 | 21000 | 21384 | 21311 |  |
| 48650622(36) | ABF asset | N/A | 14.12% | 12/2028 | 22000 | 22402 | 22684 |  |
| 48650695(36) | ABF asset | N/A | 8.31% | 12/2029 | 36000 | 36659 | 35539 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48651125(36) | ABF asset | N/A | 13.67% | 12/2031 | 46000 | 46841 | 48754 |  |
| 48651556(36) | ABF asset | N/A | 13.04% | 12/2030 | 50000 | 50915 | 50109 |  |
| 48651642(36) | ABF asset | N/A | 13.10% | 12/2029 | 75000 | 76372 | 77088 |  |
| 48651758(36) | ABF asset | N/A | 8.99% | 12/2027 | 25000 | 25457 | 24855 |  |
| 48651788(36) | ABF asset | N/A | 12.60% | 12/2029 | 64000 | 65171 | 65322 |  |
| 48652392(36) | ABF asset | N/A | 16.85% | 12/2032 | 44000 | 44805 | 49487 |  |
| 48652512(36) | ABF asset | N/A | 10.83% | 12/2028 | 45558 | 46391 | 46296 |  |
| 48652541(36) | ABF asset | N/A | 21.21% | 12/2030 | 20000 | 20366 | 21691 |  |
| 48652869(36) | ABF asset | N/A | 10.79% | 12/2030 | 36000 | 36659 | 35822 |  |
| 48652880(36) | ABF asset | N/A | 15.94% | 12/2030 | 38000 | 38695 | 41197 |  |
| 48653146(36) | ABF asset | N/A | 15.49% | 12/2030 | 60000 | 61098 | 62579 |  |
| 48654044(36) | ABF asset | N/A | 14.54% | 12/2027 | 5000 | 5091 | 5127 |  |
| 48654125(36) | ABF asset | N/A | 5.85% | 12/2027 | 10000 | 10183 | 9599 |  |
| 48654641(36) | ABF asset | N/A | 9.17% | 12/2031 | 7000 | 7128 | 6812 |  |
| 48655213(36) | ABF asset | N/A | 11.95% | 12/2030 | 40000 | 40732 | 41390 |  |
| 48655967(36) | ABF asset | N/A | 8.41% | 12/2029 | 9000 | 9165 | 8898 |  |
| 48656058(36) | ABF asset | N/A | 6.98% | 12/2027 | 11421 | 11630 | 11153 |  |
| 48656322(36) | ABF asset | N/A | 15.85% | 12/2032 | 12254 | 12478 | 13526 |  |
| 48656803(36) | ABF asset | N/A | 14.40% | 12/2032 | 44000 | 44805 | 47256 |  |
| 48657679(36) | ABF asset | N/A | 16.77% | 12/2030 | 5000 | 5091 | 5211 |  |
| 48657975(36) | ABF asset | N/A | 14.51% | 12/2028 | 4868 | 4957 | 4898 |  |
| 48658043(36) | ABF asset | N/A | 14.10% | 12/2032 | 22736 | 23152 | 24279 |  |
| 48658046(36) | ABF asset | N/A | 20.76% | 12/2027 | 5000 | 5091 | 5250 |  |
| 48658843(36) | ABF asset | N/A | 12.03% | 12/2030 | 50000 | 50915 | 49282 |  |
| 48659125(36) | ABF asset | N/A | 16.33% | 12/2032 | 30000 | 30549 | 32761 |  |
| 48660541(36) | ABF asset | N/A | 17.92% | 12/2030 | 30000 | 30549 | 31845 |  |
| 48660799(36) | ABF asset | N/A | 11.32% | 12/2028 | 20000 | 20366 | 19956 |  |
| 48660846(36) | ABF asset | N/A | 8.02% | 12/2028 | 35000 | 35640 | 34497 |  |
| 48661393(36) | ABF asset | N/A | 11.41% | 12/2032 | 41000 | 41750 | 41571 |  |
| 48661531(36) | ABF asset | N/A | 14.48% | 12/2032 | 60000 | 61098 | 63259 |  |
| 48661943(36) | ABF asset | N/A | 16.33% | 12/2032 | 12000 | 12220 | 13104 |  |
| 48662010(36) | ABF asset | N/A | 7.99% | 12/2027 | 30000 | 30549 | 29578 |  |
| 48662148(36) | ABF asset | N/A | 19.07% | 12/2030 | 30000 | 30549 | 34214 |  |
| 48662252(36) | ABF asset | N/A | 10.65% | 12/2027 | 19000 | 19348 | 18836 |  |
| 48662392(36) | ABF asset | N/A | 12.80% | 12/2030 | 65000 | 66189 | 68219 |  |
| 48663017(36) | ABF asset | N/A | 15.73% | 12/2032 | 25000 | 25457 | 26993 |  |
| 48663185(36) | ABF asset | N/A | 11.99% | 12/2027 | 31000 | 31567 | 31600 |  |
| 48663718(36) | ABF asset | N/A | 17.28% | 12/2031 | 19000 | 19348 | 21078 |  |
| 48663752(36) | ABF asset | N/A | 7.16% | 12/2030 | 100000 | 101829 | 95399 |  |
| 48663888(36) | ABF asset | N/A | 13.38% | 12/2030 | 40000 | 40732 | 40311 |  |
| 48663960(36) | ABF asset | N/A | 15.06% | 12/2028 | 20000 | 20366 | 21019 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 48664495(36) | ABF asset | N/A | 9.93% | 12/2029 | 5000 | 5091 | 5054 |  |
| 48664503(36) | ABF asset | N/A | 17.58% | 12/2032 | 35000 | 35640 | 39128 |  |
| 48664613(36) | ABF asset | N/A | 8.67% | 12/2027 | 5000 | 5091 | 4912 |  |
| 48664688(36) | ABF asset | N/A | 15.41% | 12/2030 | 50000 | 50915 | 50980 |  |
| 48665167(36) | ABF asset | N/A | 15.51% | 12/2031 | 27502 | 28005 | 30193 |  |
| 48665573(36) | ABF asset | N/A | 11.15% | 12/2030 | 75000 | 76372 | 76574 |  |
| 48665703(36) | ABF asset | N/A | 18.98% | 12/2032 | 52000 | 52951 | 59661 |  |
| 48666587(36) | ABF asset | N/A | 6.97% | 12/2027 | 7000 | 7128 | 6636 |  |
| 48667515(36) | ABF asset | N/A | 14.30% | 12/2030 | 71000 | 72299 | 76388 |  |
| 48668395(36) | ABF asset | N/A | 7.79% | 12/2031 | 28000 | 28512 | 26531 |  |
| 48668576(36) | ABF asset | N/A | 14.57% | 12/2031 | 14121 | 14379 | 15216 |  |
| 48668648(36) | ABF asset | N/A | 15.51% | 12/2031 | 30000 | 30549 | 33243 |  |
| 48668826(36) | ABF asset | N/A | 18.62% | 12/2032 | 21691 | 22088 | 22912 |  |
| 48669057(36) | ABF asset | N/A | 12.45% | 12/2030 | 46000 | 46841 | 47998 |  |
| 48669683(36) | ABF asset | N/A | 9.37% | 12/2028 | 17000 | 17311 | 17025 |  |
| 48669715(36) | ABF asset | N/A | 9.99% | 12/2028 | 17000 | 17311 | 17149 |  |
| 48670306(36) | ABF asset | N/A | 15.20% | 12/2032 | 11000 | 11201 | 11994 |  |
| 48670578(36) | ABF asset | N/A | 6.29% | 12/2028 | 21000 | 21384 | 20278 |  |
| 48671189(36) | ABF asset | N/A | 12.88% | 12/2030 | 40000 | 40732 | 41226 |  |
| 48671771(36) | ABF asset | N/A | 14.95% | 12/2032 | 25000 | 25457 | 27132 |  |
| 48671908(36) | ABF asset | N/A | 16.74% | 12/2030 | 49950 | 50864 | 53155 |  |
| 48673386(36) | ABF asset | N/A | 11.35% | 12/2027 | 20000 | 20366 | 19979 |  |
| 48673519(36) | ABF asset | N/A | 15.95% | 12/2028 | 16000 | 16293 | 16513 |  |
| 48673997(36) | ABF asset | N/A | 15.32% | 12/2031 | 85000 | 86555 | 92867 |  |
| 48674642(36) | ABF asset | N/A | 8.49% | 12/2027 | 24000 | 24439 | 23761 |  |
| 48674910(36) | ABF asset | N/A | 11.50% | 12/2032 | 20000 | 20366 | 18640 |  |
| 48675009(36) | ABF asset | N/A | 13.85% | 12/2027 | 16000 | 16293 | 16168 |  |
| 48675057(36) | ABF asset | N/A | 20.44% | 12/2030 | 48000 | 48878 | 51460 |  |
| 48675594(36) | ABF asset | N/A | 10.35% | 12/2032 | 45000 | 45823 | 44691 |  |
| 48675848(36) | ABF asset | N/A | 15.41% | 12/2029 | 28000 | 28512 | 28024 |  |
| 48676641(36) | ABF asset | N/A | 19.96% | 12/2032 | 53000 | 53969 | 59648 |  |
| 48677563(36) | ABF asset | N/A | 15.20% | 12/2030 | 20000 | 20366 | 21838 |  |
| 48677817(36) | ABF asset | N/A | 15.57% | 12/2030 | 83941 | 85476 | 90453 |  |
| 48678864(36) | ABF asset | N/A | 8.50% | 12/2030 | 3003 | 3058 | 2951 |  |
| 48679129(36) | ABF asset | N/A | 16.13% | 12/2032 | 38000 | 38695 | 42167 |  |
| Salary Finance Limited(17)(23)(33) | First lien senior secured GBP revolving loan | SA+ | 10.00% | 10/2034 | £6825000 | 9098356 | 9129423 |  |
| Skylark Loans Limited(17)(23)(33) | Second lien senior secured GBP revolving loan | SA+ | 6.75% | 10/2034 | £11741969 | 15663760 | 15710652 |  |
| SoFi Consumer Loan Program 2025-2 Trust Class D Note(16)(36) | Asset-backed security | N/A | 5.62% | 06/2034 | 1389000 | 1391913 | 1389415 |  |
| SoFi Consumer Loan Program 2025-3 Trust Class D Note(16)(36) | Asset-backed security | N/A | 5.35% | 08/2034 | 930000 | 929865 | 934891 |  |
| Upgrade Warehouse Trust 2025-3(7)(33) | First lien senior secured revolving loan | S+ | 6.00% | 12/2028 | 5707692 | 5618992 | 5618685 |  |
| Upgrade Warehouse Trust 2025-3(30)(31)(33) | First lien senior secured CAD revolving loan | C+ | 6.38% | 12/2028 | 5000000 | 3609879 | 3620281 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| Upstart Securitization Trust 2025-4 Class D Note(16)(36) | Asset-backed security | N/A | 7.67% | 11/2026 | 5272000 | 5270945 | 5270247 |  |
|  |  |  |  |  |  | 520856215 | 519528779 | 41.7% |
| **Equipment leasing** |  |  |  |  |  |  |  |  |
| VCI Intermediate TopCo 1 LLC(16) | ABF equity | N/A |  | N/A | 340909 | 340909 | 340888 |  |
| Heartland Dental, LLC(36) | Promissory note | N/A | 10.97% | 04/2029 | 3031030 | 3045247 | 3053852 |  |
| Heartland Dental, LLC(36) | Promissory note | N/A | 10.94% | 06/2029 | 1218375 | 1226834 | 1228415 |  |
| Heartland Dental, LLC(36) | Promissory note | N/A | 9.25% | 08/2029 | 4272456 | 4272456 | 4274644 |  |
| Heartland Dental, LLC(36) | Promissory note | N/A | 9.25% | 10/2029 | 1137473 | 1137473 | 1132660 |  |
| Pharmalogic Los Angeles, LLC(36) | Financing lease | N/A | 10.20% | 10/2032 | 4015964 | 4015964 | 3980550 |  |
| Pharmalogic New York City, LLC(36) | Financing lease | N/A | 10.18% | 10/2030 | 388864 | 388864 | 386591 |  |
| VCI Asset Holdings LLC(36) | First lien senior secured loan | N/A | 10.00% | 11/2030 | 6818182 | 6751569 | 6750000 |  |
|  |  |  |  |  |  | 21179316 | 21147600 | 1.7% |
| **Residential** |  |  |  |  |  |  |  |  |
| 2023062-TOLUK | ABF asset | N/A |  | N/A(28) | 174997 | 210988 | 216935 |  |
| 2025122-AJELU | ABF asset | N/A |  | N/A(28) | 92000 | 96891 | 105041 |  |
| 2025206-XIKAV | ABF asset | N/A |  | N/A(28) | 58000 | 61292 | 66179 |  |
| 2025232-ANUVY | ABF asset | N/A |  | N/A(28) | 143000 | 150334 | 162801 |  |
| 2025245-ZAHEM | ABF asset | N/A |  | N/A(28) | 45000 | 47432 | 51702 |  |
| 2025251-OSUBA | ABF asset | N/A |  | N/A(28) | 323000 | 339775 | 369540 |  |
| 2025253-GIWAD | ABF asset | N/A |  | N/A(28) | 48000 | 50564 | 54833 |  |
| 2025254-UMOXU | ABF asset | N/A |  | N/A(28) | 56000 | 58980 | 64023 |  |
| 2025273-ETIPI | ABF asset | N/A |  | N/A(28) | 45000 | 47382 | 52038 |  |
| 2025286-RUNAX | ABF asset | N/A |  | N/A(28) | 50000 | 52632 | 57629 |  |
| 2025102-TEXIM | ABF asset | N/A |  | N/A(28) | 86000 | 90596 | 98658 |  |
| 2025233-ETAXU | ABF asset | N/A |  | N/A(28) | 45000 | 47585 | 51438 |  |
| 2025235-LIKUW | ABF asset | N/A |  | N/A(28) | 57000 | 59960 | 64337 |  |
| 2025252-HONIC | ABF asset | N/A |  | N/A(28) | 56000 | 59005 | 64381 |  |
| 2025253-KUDAR | ABF asset | N/A |  | N/A(28) | 142000 | 149993 | 164068 |  |
| 2025253-SUJAJ | ABF asset | N/A |  | N/A(28) | 54000 | 57132 | 61474 |  |
| 2025256-KACUB | ABF asset | N/A |  | N/A(28) | 178000 | 188089 | 202332 |  |
| 2025274-BOSIP | ABF asset | N/A |  | N/A(28) | 89000 | 93685 | 100512 |  |
| 2025233-LEKOX | ABF asset | N/A |  | N/A(28) | 61000 | 64232 | 69829 |  |
| 2025241-TEFEJ | ABF asset | N/A |  | N/A(28) | 70000 | 73667 | 79870 |  |
| 2025266-TUGUJ | ABF asset | N/A |  | N/A(28) | 82000 | 86305 | 92925 |  |
| 2025274-OBEMA | ABF asset | N/A |  | N/A(28) | 85000 | 89417 | 97013 |  |
| 2025185-FIKIW | ABF asset | N/A |  | N/A(28) | 73000 | 77414 | 82800 |  |
| 2025232-FINAC | ABF asset | N/A |  | N/A(28) | 175000 | 183972 | 198372 |  |
| 2025281-TADEP | ABF asset | N/A |  | N/A(28) | 65000 | 68391 | 73195 |  |
| 2025285-MEBOJ | ABF asset | N/A |  | N/A(28) | 43000 | 45330 | 49188 |  |
| 2025152-SENUP | ABF asset | N/A |  | N/A(28) | 63000 | 66300 | 71125 |  |
| 2025162-LEDOP | ABF asset | N/A |  | N/A(28) | 113000 | 119699 | 129616 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 2025201-ENOJA | ABF asset | N/A |  | N/A(28) | 76000 | 79964 | 86058 |  |
| 2025241-DOVEJ | ABF asset | N/A |  | N/A(28) | 80000 | 84167 | 90000 |  |
| 2025263-LIPIW | ABF asset | N/A |  | N/A(28) | 31000 | 32690 | 35083 |  |
| 2025264-ZAVUD | ABF asset | N/A |  | N/A(28) | 133000 | 139834 | 150697 |  |
| 2025271-LAFEV | ABF asset | N/A |  | N/A(28) | 83000 | 87355 | 94091 |  |
| 2025272-IWOCU | ABF asset | N/A |  | N/A(28) | 87000 | 91586 | 99429 |  |
| 2025273-LAROZ | ABF asset | N/A |  | N/A(28) | 91000 | 95732 | 103264 |  |
| 2025273-MUJOV | ABF asset | N/A |  | N/A(28) | 80000 | 84166 | 90296 |  |
| 2025274-EDUMI | ABF asset | N/A |  | N/A(28) | 132000 | 138834 | 148593 |  |
| 2025274-EMIWE | ABF asset | N/A |  | N/A(28) | 150000 | 157776 | 168264 |  |
| 2025281-JUSIL | ABF asset | N/A |  | N/A(28) | 55000 | 57916 | 64233 |  |
| 2025283-DASIB | ABF asset | N/A |  | N/A(28) | 50000 | 52680 | 56306 |  |
| 2025051-EVANO | ABF asset | N/A |  | N/A(28) | 71000 | 75053 | 80427 |  |
| 2025171-KUXIS | ABF asset | N/A |  | N/A(28) | 62000 | 65517 | 69605 |  |
| 2025192-GINIV | ABF asset | N/A |  | N/A(28) | 98000 | 103295 | 110257 |  |
| 2025213-FUNEG | ABF asset | N/A |  | N/A(28) | 118000 | 124066 | 133007 |  |
| 2025225-HUTUJ | ABF asset | N/A |  | N/A(28) | 71000 | 74680 | 80462 |  |
| 2025233-TAMUF | ABF asset | N/A |  | N/A(28) | 98000 | 103082 | 111145 |  |
| 2025246-FOLUM | ABF asset | N/A |  | N/A(28) | 75000 | 78932 | 84187 |  |
| 2025252-NIKIG | ABF asset | N/A |  | N/A(28) | 43000 | 45314 | 48648 |  |
| 2025252-POTIG | ABF asset | N/A |  | N/A(28) | 140000 | 147230 | 158125 |  |
| 2025255-DIZIF | ABF asset | N/A |  | N/A(28) | 94000 | 99009 | 105517 |  |
| 2025262-NONIB | ABF asset | N/A |  | N/A(28) | 57000 | 60301 | 64882 |  |
| 2025263-TAZUZ | ABF asset | N/A |  | N/A(28) | 60000 | 63983 | 68870 |  |
| 2025274-ENIBU | ABF asset | N/A |  | N/A(28) | 138000 | 145101 | 155861 |  |
| 2025274-VAVUF | ABF asset | N/A |  | N/A(28) | 48000 | 50540 | 54453 |  |
| 2025274-SOGIH | ABF asset | N/A |  | N/A(28) | 175000 | 183980 | 196840 |  |
| 2025275-REGOG | ABF asset | N/A |  | N/A(28) | 82000 | 86806 | 92628 |  |
| 2025281-CUDOV | ABF asset | N/A |  | N/A(28) | 100000 | 105180 | 112959 |  |
| 2025281-JASES | ABF asset | N/A |  | N/A(28) | 80000 | 85341 | 91768 |  |
| 2025282-AVEXA | ABF asset | N/A |  | N/A(28) | 99000 | 104626 | 111877 |  |
| 2025285-TUNEW | ABF asset | N/A |  | N/A(28) | 100000 | 105167 | 112016 |  |
| 2025291-UKIJA | ABF asset | N/A |  | N/A(28) | 49000 | 51630 | 54966 |  |
| 2025294-FUXEW | ABF asset | N/A |  | N/A(28) | 120000 | 126166 | 134903 |  |
| 2025295-AMEGY | ABF asset | N/A |  | N/A(28) | 49000 | 51608 | 57876 |  |
| 2025296-VIXUX | ABF asset | N/A |  | N/A(28) | 95000 | 100165 | 106654 |  |
| 2025311-RAJIP | ABF asset | N/A |  | N/A(28) | 87000 | 91516 | 98628 |  |
| 2025216-IXEDY | ABF asset | N/A |  | N/A(28) | 181000 | 190280 | 206289 |  |
| 2025222-LANEN | ABF asset | N/A |  | N/A(28) | 126000 | 132765 | 144535 |  |
| 2025241-JALUX | ABF asset | N/A |  | N/A(28) | 41000 | 43196 | 46822 |  |
| 2025246-ZUSEK | ABF asset | N/A |  | N/A(28) | 253000 | 267278 | 290089 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 2025283-OMUFY | ABF asset | N/A |  | N/A(28) | 75000 | 78916 | 84821 |  |
| 2025291-DIXOK | ABF asset | N/A |  | N/A(28) | 63000 | 66300 | 71746 |  |
| 2025292-CEZIR | ABF asset | N/A |  | N/A(28) | 85000 | 89408 | 96208 |  |
| 2025286-EZAPU | ABF asset | N/A |  | N/A(28) | 30000 | 31640 | 34305 |  |
| 2025244-UJADI | ABF asset | N/A |  | N/A(28) | 100000 | 105166 | 110880 |  |
| 2025253-LUPUX | ABF asset | N/A |  | N/A(28) | 187000 | 197840 | 209247 |  |
| 2025283-TOTIX | ABF asset | N/A |  | N/A(28) | 209000 | 219955 | 235464 |  |
| 2025303-NAPAX | ABF asset | N/A |  | N/A(28) | 182000 | 191256 | 202021 |  |
| 2025286-POXOG | ABF asset | N/A |  | N/A(28) | 195000 | 204916 | 215845 |  |
| 2025313-LUREC | ABF asset | N/A |  | N/A(28) | 117000 | 123057 | 130243 |  |
| 2025255-VOKUS | ABF asset | N/A |  | N/A(28) | 80000 | 84201 | 88697 |  |
| 2025275-NIJEC | ABF asset | N/A |  | N/A(28) | 66000 | 69510 | 73131 |  |
| 2025281-ZUDOV | ABF asset | N/A |  | N/A(28) | 70000 | 73680 | 78075 |  |
| 2025286-AGIZO | ABF asset | N/A |  | N/A(28) | 65000 | 68432 | 72111 |  |
| 2025293-GULIN | ABF asset | N/A |  | N/A(28) | 35000 | 36932 | 38837 |  |
| 2025294-HICIP | ABF asset | N/A |  | N/A(28) | 70000 | 73736 | 78021 |  |
| 2025304-GEGUZ | ABF asset | N/A |  | N/A(28) | 68000 | 71582 | 75672 |  |
| 2025313-GEVEW | ABF asset | N/A |  | N/A(28) | 67000 | 70516 | 74126 |  |
| 2025314-JASEJ | ABF asset | N/A |  | N/A(28) | 62000 | 65375 | 69225 |  |
| 2025316-SOXOS | ABF asset | N/A |  | N/A(28) | 85000 | 89838 | 94604 |  |
| 2025334-WALAK | ABF asset | N/A |  | N/A(28) | 30000 | 31640 | 33179 |  |
| 2025180-XEGIL | ABF asset | N/A |  | N/A(28) | 78000 | 82418 | 86981 |  |
| 2025204-BOWIL | ABF asset | N/A |  | N/A(28) | 130000 | 136736 | 144100 |  |
| 2025226-FEKUG | ABF asset | N/A |  | N/A(28) | 149000 | 156680 | 165730 |  |
| 2025332-TIPOF | ABF asset | N/A |  | N/A(28) | 49000 | 51686 | 54682 |  |
| 2025170-TUWIT | ABF asset | N/A |  | N/A(28) | 155000 | 163710 | 172269 |  |
| 2025222-SERIR | ABF asset | N/A |  | N/A(28) | 45000 | 47390 | 49788 |  |
| 2025223-MAXOZ | ABF asset | N/A |  | N/A(28) | 100000 | 105972 | 111734 |  |
| 2025254-KUGEH | ABF asset | N/A |  | N/A(28) | 95000 | 99986 | 105384 |  |
| 2025262-ZACIW | ABF asset | N/A |  | N/A(28) | 55000 | 58385 | 61674 |  |
| 2025284-DIVUW | ABF asset | N/A |  | N/A(28) | 60000 | 63699 | 67083 |  |
| 2025293-DIFEZ | ABF asset | N/A |  | N/A(28) | 101000 | 106407 | 112784 |  |
| 2025302-WIXOZ | ABF asset | N/A |  | N/A(28) | 88000 | 92558 | 97621 |  |
| 2025303-HEDIF | ABF asset | N/A |  | N/A(28) | 65000 | 68506 | 72013 |  |
| 2025314-AZOPO | ABF asset | N/A |  | N/A(28) | 258000 | 271525 | 286369 |  |
| 2025316-VEGIW | ABF asset | N/A |  | N/A(28) | 56000 | 58966 | 62490 |  |
| 2025325-MOSIM | ABF asset | N/A |  | N/A(28) | 65000 | 68391 | 72267 |  |
| 2025333-CAJOK | ABF asset | N/A |  | N/A(28) | 70000 | 73968 | 77926 |  |
| 2025333-EHAFE | ABF asset | N/A |  | N/A(28) | 98000 | 103570 | 109240 |  |
| 2025333-KAWAW | ABF asset | N/A |  | N/A(28) | 137000 | 144711 | 152955 |  |
| 2025334-UROTE | ABF asset | N/A |  | N/A(28) | 47000 | 49531 | 52435 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 2025342-XEGOZ | ABF asset | N/A |  | N/A(28) | 88000 | 92566 | 98190 |  |
| 2025241-UZOHA | ABF asset | N/A |  | N/A(28) | 40000 | 42182 | 44605 |  |
| 2025242-JIVOT | ABF asset | N/A |  | N/A(28) | 150000 | 158458 | 165643 |  |
| 2025255-DONEZ | ABF asset | N/A |  | N/A(28) | 100000 | 105460 | 111675 |  |
| 2025262-RIHUH | ABF asset | N/A |  | N/A(28) | 41000 | 44028 | 46430 |  |
| 2025263-JETEG | ABF asset | N/A |  | N/A(28) | 67000 | 71097 | 75106 |  |
| 2025260-CUWOG | ABF asset | N/A |  | N/A(28) | 45000 | 48152 | 50724 |  |
| 2025270-SERUZ | ABF asset | N/A |  | N/A(28) | 76000 | 80331 | 84492 |  |
| 2025285-VIVEP | ABF asset | N/A |  | N/A(28) | 80000 | 84182 | 88471 |  |
| 2025285-DUHOM | ABF asset | N/A |  | N/A(28) | 100000 | 105658 | 110446 |  |
| 2025285-GADEM | ABF asset | N/A |  | N/A(28) | 127000 | 133557 | 139922 |  |
| 2025286-FOMUC | ABF asset | N/A |  | N/A(28) | 82000 | 86949 | 91989 |  |
| 2025304-ERILE | ABF asset | N/A |  | N/A(28) | 160000 | 168230 | 176554 |  |
| 2025311-ZIGAH | ABF asset | N/A |  | N/A(28) | 321000 | 337928 | 356615 |  |
| 2025311-WALIZ | ABF asset | N/A |  | N/A(28) | 34000 | 35882 | 37823 |  |
| 2025311-RAWEM | ABF asset | N/A |  | N/A(28) | 128000 | 134630 | 142298 |  |
| 2025312-TUNOS | ABF asset | N/A |  | N/A(28) | 79000 | 83779 | 88776 |  |
| 2025313-TESOP | ABF asset | N/A |  | N/A(28) | 45000 | 47382 | 49542 |  |
| 2025314-MOPOX | ABF asset | N/A |  | N/A(28) | 115000 | 121515 | 128070 |  |
| 2025314-KAWOH | ABF asset | N/A |  | N/A(28) | 108000 | 113770 | 118951 |  |
| 2025310-HATEX | ABF asset | N/A |  | N/A(28) | 105000 | 110416 | 116523 |  |
| 2025322-FIROF | ABF asset | N/A |  | N/A(28) | 77000 | 81172 | 84882 |  |
| 2025322-DAGAV | ABF asset | N/A |  | N/A(28) | 44000 | 46366 | 48945 |  |
| 2025322-WUNOW | ABF asset | N/A |  | N/A(28) | 60000 | 63166 | 66178 |  |
| 2025322-KUVIS | ABF asset | N/A |  | N/A(28) | 63000 | 66308 | 70024 |  |
| 2025323-UMISI | ABF asset | N/A |  | N/A(28) | 82000 | 86266 | 90397 |  |
| 2025323-GEFEZ | ABF asset | N/A |  | N/A(28) | 74000 | 78035 | 82339 |  |
| 2025326-XUJAW | ABF asset | N/A |  | N/A(28) | 127000 | 134156 | 141527 |  |
| 2025326-WEFEC | ABF asset | N/A |  | N/A(28) | 126000 | 132482 | 140025 |  |
| 2025326-TIZEH | ABF asset | N/A |  | N/A(28) | 60000 | 63155 | 66127 |  |
| 2025320-EMUSI | ABF asset | N/A |  | N/A(28) | 134000 | 140922 | 148512 |  |
| 2025331-IJAXU | ABF asset | N/A |  | N/A(28) | 31000 | 32730 | 34598 |  |
| 2025331-WANAN | ABF asset | N/A |  | N/A(28) | 50000 | 52841 | 55360 |  |
| 2025332-HECIM | ABF asset | N/A |  | N/A(28) | 120000 | 126375 | 133328 |  |
| 2025334-LEMIL | ABF asset | N/A |  | N/A(28) | 112000 | 117835 | 124300 |  |
| 2025343-ZOVUM | ABF asset | N/A |  | N/A(28) | 30000 | 31650 | 33210 |  |
| 2025351-TONAV | ABF asset | N/A |  | N/A(28) | 75000 | 78908 | 82980 |  |
| 2025354-JEDAM | ABF asset | N/A |  | N/A(28) | 35000 | 36931 | 39036 |  |
| 2025253-NIBAG | ABF asset | N/A |  | N/A(28) | 52000 | 54736 | 58150 |  |
| 2025265-IVEWU | ABF asset | N/A |  | N/A(28) | 61000 | 64862 | 68405 |  |
| 2025282-DAZAX | ABF asset | N/A |  | N/A(28) | 90000 | 95313 | 101049 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 2025303-OZAVI | ABF asset | N/A |  | N/A(28) | 82000 | 86266 | 92209 |  |
| 2025325-RAHIZ | ABF asset | N/A |  | N/A(28) | 108000 | 114127 | 121344 |  |
| 2025352-CEHAW | ABF asset | N/A |  | N/A(28) | 225000 | 236755 | 251173 |  |
| 2025245-LEGEC | ABF asset | N/A |  | N/A(28) | 100000 | 105425 | 111310 |  |
| 2025281-AZUSI | ABF asset | N/A |  | N/A(28) | 103000 | 109364 | 115434 |  |
| 2025322-ATIJI | ABF asset | N/A |  | N/A(28) | 61000 | 64200 | 67869 |  |
| 2025335-ZICAD | ABF asset | N/A |  | N/A(28) | 70000 | 73736 | 77169 |  |
| 2025114-TABUV | ABF asset | N/A |  | N/A(28) | 77000 | 81355 | 85311 |  |
| 2025243-SASIX | ABF asset | N/A |  | N/A(28) | 66000 | 69510 | 73094 |  |
| 2025281-BIJAP | ABF asset | N/A |  | N/A(28) | 33000 | 34884 | 36701 |  |
| 2025302-ZIMUP | ABF asset | N/A |  | N/A(28) | 85000 | 89416 | 93493 |  |
| 2025302-BUGOT | ABF asset | N/A |  | N/A(28) | 86000 | 90894 | 95523 |  |
| 2025315-TEMOF | ABF asset | N/A |  | N/A(28) | 50000 | 53131 | 55971 |  |
| 2025310-WUXEG | ABF asset | N/A |  | N/A(28) | 134000 | 140930 | 148000 |  |
| 2025321-BOMAW | ABF asset | N/A |  | N/A(28) | 85000 | 89585 | 94328 |  |
| 2025322-UREDA | ABF asset | N/A |  | N/A(28) | 73000 | 76899 | 81016 |  |
| 2025322-KEFIH | ABF asset | N/A |  | N/A(28) | 38000 | 40075 | 41928 |  |
| 2025335-IDUDY | ABF asset | N/A |  | N/A(28) | 51000 | 53800 | 56811 |  |
| 2025342-TEGED | ABF asset | N/A |  | N/A(28) | 120000 | 126158 | 131579 |  |
| 2025344-OFOCE | ABF asset | N/A |  | N/A(28) | 96000 | 101432 | 106498 |  |
| 2025344-WENAL | ABF asset | N/A |  | N/A(28) | 60000 | 63166 | 65880 |  |
| 2025351-POBAL | ABF asset | N/A |  | N/A(28) | 150000 | 157707 | 165131 |  |
| 2025362-TERIH | ABF asset | N/A |  | N/A(28) | 94000 | 98880 | 103923 |  |
| 2025232-NATOK | ABF asset | N/A |  | N/A(28) | 70000 | 73968 | 77539 |  |
| 2025274-GUZIP | ABF asset | N/A |  | N/A(28) | 68000 | 71582 | 74774 |  |
| 2025282-HOVON | ABF asset | N/A |  | N/A(28) | 49000 | 51700 | 54171 |  |
| 2025292-UPIPI | ABF asset | N/A |  | N/A(28) | 192000 | 201830 | 210607 |  |
| 2025301-ZIVUR | ABF asset | N/A |  | N/A(28) | 36000 | 38078 | 39924 |  |
| 2025304-DOFAJ | ABF asset | N/A |  | N/A(28) | 90000 | 94792 | 98580 |  |
| 2025325-HEBUB | ABF asset | N/A |  | N/A(28) | 65000 | 68416 | 71265 |  |
| 2025344-RUPIG | ABF asset | N/A |  | N/A(28) | 143000 | 150583 | 156435 |  |
| 2025345-IVOJI | ABF asset | N/A |  | N/A(28) | 60000 | 63405 | 65766 |  |
| 2025345-DOPEF | ABF asset | N/A |  | N/A(28) | 61000 | 64255 | 66959 |  |
| 2025354-LITEP | ABF asset | N/A |  | N/A(28) | 300000 | 315625 | 327916 |  |
| 2025272-COVUF | ABF asset | N/A |  | N/A(28) | 60000 | 63983 | 66696 |  |
| 2025274-LOHAJ | ABF asset | N/A |  | N/A(28) | 54000 | 56894 | 59474 |  |
| 2025280-JIHAN | ABF asset | N/A |  | N/A(28) | 39000 | 41080 | 42955 |  |
| 2025292-ESORU | ABF asset | N/A |  | N/A(28) | 33000 | 34860 | 36458 |  |
| 2025294-ZUMEN | ABF asset | N/A |  | N/A(28) | 75000 | 78916 | 82250 |  |
| 2025301-LUVAW | ABF asset | N/A |  | N/A(28) | 136000 | 143030 | 148772 |  |
| 2025301-PIXOC | ABF asset | N/A |  | N/A(28) | 30000 | 31682 | 33102 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 2025301-SEMAM | ABF asset | N/A |  | N/A(28) | 60000 | 63181 | 65933 |  |
| 2025304-KOTER | ABF asset | N/A |  | N/A(28) | 50000 | 52640 | 55002 |  |
| 2025332-IXIDY | ABF asset | N/A |  | N/A(28) | 68000 | 71582 | 74819 |  |
| 2025342-PUCIX | ABF asset | N/A |  | N/A(28) | 316000 | 332206 | 346824 |  |
| 2025355-UCORU | ABF asset | N/A |  | N/A(28) | 36000 | 37940 | 39777 |  |
| 2025365-NOFAC | ABF asset | N/A |  | N/A(28) | 156000 | 164030 | 170043 |  |
| 2025371-RIHAK | ABF asset | N/A |  | N/A(28) | 55000 | 57908 | 60239 |  |
| 2025376-GOFET | ABF asset | N/A |  | N/A(28) | 86000 | 90465 | 94461 |  |
| 2025370-KESAR | ABF asset | N/A |  | N/A(28) | 70000 | 73682 | 77233 |  |
| 2025382-WIJAJ | ABF asset | N/A |  | N/A(28) | 85000 | 89417 | 93550 |  |
| 2025184-DUXOK | ABF asset | N/A |  | N/A(28) | 49000 | 51550 | 53666 |  |
| 2025243-KUBED | ABF asset | N/A |  | N/A(28) | 75000 | 79249 | 82513 |  |
| 2025281-IRENI | ABF asset | N/A |  | N/A(28) | 160000 | 169329 | 175362 |  |
| 2025295-VACAW | ABF asset | N/A |  | N/A(28) | 55000 | 57908 | 60093 |  |
| 2025296-TOHOK | ABF asset | N/A |  | N/A(28) | 54000 | 57092 | 59350 |  |
| 2025301-URUMA | ABF asset | N/A |  | N/A(28) | 108000 | 114102 | 118184 |  |
| 2025311-LEKEZ | ABF asset | N/A |  | N/A(28) | 100000 | 105166 | 109139 |  |
| 2025330-KEVIW | ABF asset | N/A |  | N/A(28) | 130000 | 136735 | 141294 |  |
| 2025343-OTIKU | ABF asset | N/A |  | N/A(28) | 55000 | 57955 | 60026 |  |
| 2025345-POMIK | ABF asset | N/A |  | N/A(28) | 44000 | 46352 | 48138 |  |
| 2025352-TOWOT | ABF asset | N/A |  | N/A(28) | 118000 | 124066 | 128710 |  |
| 2025354-BELAN | ABF asset | N/A |  | N/A(28) | 65000 | 68486 | 71226 |  |
| 2025364-UPOVO | ABF asset | N/A |  | N/A(28) | 65000 | 68575 | 71046 |  |
| 2025365-GEMIV | ABF asset | N/A |  | N/A(28) | 71000 | 74732 | 78136 |  |
| 2025360-CAWIZ | ABF asset | N/A |  | N/A(28) | 84000 | 88756 | 91923 |  |
| 2025383-VOHIG | ABF asset | N/A |  | N/A(28) | 57000 | 60236 | 62707 |  |
| 2025220-HITAD | ABF asset | N/A |  | N/A(28) | 131000 | 137780 | 142391 |  |
| 2025293-EZOBO | ABF asset | N/A |  | N/A(28) | 105000 | 110663 | 114989 |  |
| 2025311-UDUPA | ABF asset | N/A |  | N/A(28) | 59000 | 62160 | 64183 |  |
| 2025323-TIZOB | ABF asset | N/A |  | N/A(28) | 160000 | 168230 | 174257 |  |
| 2025320-LEVED | ABF asset | N/A |  | N/A(28) | 31000 | 32621 | 33997 |  |
| 2025341-RUFEV | ABF asset | N/A |  | N/A(28) | 165000 | 173480 | 179340 |  |
| 2025343-KUBES | ABF asset | N/A |  | N/A(28) | 450000 | 473502 | 492271 |  |
| 2025345-CIVIW | ABF asset | N/A |  | N/A(28) | 70000 | 73890 | 76343 |  |
| 2025361-NAVAN | ABF asset | N/A |  | N/A(28) | 100000 | 105166 | 108494 |  |
| 2025394-ERANU | ABF asset | N/A |  | N/A(28) | 75000 | 78891 | 81364 |  |
| 2025301-RUZUN | ABF asset | N/A |  | N/A(28) | 110000 | 116531 | 120727 |  |
| 2025301-HOJUD | ABF asset | N/A |  | N/A(28) | 140000 | 148210 | 152990 |  |
| 2025313-TEGOD | ABF asset | N/A |  | N/A(28) | 59000 | 62160 | 64147 |  |
| 2025321-SEJEV | ABF asset | N/A |  | N/A(28) | 78000 | 82443 | 85375 |  |
| 2025325-MACOM | ABF asset | N/A |  | N/A(28) | 30000 | 31890 | 33051 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 2025325-PAPIT | ABF asset | N/A |  | N/A(28) | 73000 | 76855 | 79643 |  |
| 2025331-DAXAP | ABF asset | N/A |  | N/A(28) | 500000 | 526214 | 546732 |  |
| 2025332-ROREG | ABF asset | N/A |  | N/A(28) | 69000 | 72580 | 75029 |  |
| 2025343-TOZUN | ABF asset | N/A |  | N/A(28) | 56000 | 59098 | 61394 |  |
| 2025350-INUPE | ABF asset | N/A |  | N/A(28) | 152000 | 160569 | 166386 |  |
| 2025363-CUJOJ | ABF asset | N/A |  | N/A(28) | 73000 | 76886 | 79845 |  |
| 2025364-NIWUR | ABF asset | N/A |  | N/A(28) | 52000 | 54974 | 56681 |  |
| 2025371-JEJAM | ABF asset | N/A |  | N/A(28) | 30000 | 31640 | 32769 |  |
| 2025372-EMOJE | ABF asset | N/A |  | N/A(28) | 136000 | 143035 | 148389 |  |
| 2025376-ELOCU | ABF asset | N/A |  | N/A(28) | 80000 | 84166 | 86877 |  |
| 2025381-ZIJEB | ABF asset | N/A |  | N/A(28) | 101000 | 106285 | 109854 |  |
| 2025383-CEGUM | ABF asset | N/A |  | N/A(28) | 50000 | 52866 | 54563 |  |
| 2025383-JAPID | ABF asset | N/A |  | N/A(28) | 245000 | 257480 | 266738 |  |
| 2025240-BOPUR | ABF asset | N/A |  | N/A(28) | 146000 | 154489 | 160445 |  |
| 2025275-XEFIW | ABF asset | N/A |  | N/A(28) | 104000 | 109610 | 114019 |  |
| 2025286-IZATO | ABF asset | N/A |  | N/A(28) | 48000 | 50575 | 52518 |  |
| 2025293-ODIZI | ABF asset | N/A |  | N/A(28) | 73000 | 76816 | 79483 |  |
| 2025290-SIXEW | ABF asset | N/A |  | N/A(28) | 106000 | 111991 | 115836 |  |
| 2025304-JOZID | ABF asset | N/A |  | N/A(28) | 59000 | 62373 | 64683 |  |
| 2025311-INENI | ABF asset | N/A |  | N/A(28) | 136000 | 143290 | 148379 |  |
| 2025324-BIPEP | ABF asset | N/A |  | N/A(28) | 80000 | 84180 | 87016 |  |
| 2025320-SECIN | ABF asset | N/A |  | N/A(28) | 49000 | 51810 | 53827 |  |
| 2025336-INISA | ABF asset | N/A |  | N/A(28) | 30000 | 31680 | 32835 |  |
| 2025345-ROZEN | ABF asset | N/A |  | N/A(28) | 141000 | 148280 | 152820 |  |
| 2025354-JEFIS | ABF asset | N/A |  | N/A(28) | 80000 | 84130 | 86943 |  |
| 2025361-VETIV | ABF asset | N/A |  | N/A(28) | 142000 | 149989 | 154848 |  |
| 2025362-PISUT | ABF asset | N/A |  | N/A(28) | 64000 | 67460 | 69634 |  |
| 2025366-CEPAL | ABF asset | N/A |  | N/A(28) | 60000 | 63430 | 65366 |  |
| 2025373-BOVIC | ABF asset | N/A |  | N/A(28) | 40000 | 42303 | 43854 |  |
| 2025376-IFUBA | ABF asset | N/A |  | N/A(28) | 100000 | 105178 | 108683 |  |
| 2025382-ORAFE | ABF asset | N/A |  | N/A(28) | 76000 | 79967 | 82982 |  |
| 2025382-PUDIL | ABF asset | N/A |  | N/A(28) | 120000 | 126768 | 130968 |  |
| 2025384-LUNOK | ABF asset | N/A |  | N/A(28) | 110000 | 115667 | 119567 |  |
| 2025385-UNEWE | ABF asset | N/A |  | N/A(28) | 73000 | 76800 | 79565 |  |
| 2025386-XUZOG | ABF asset | N/A |  | N/A(28) | 92000 | 96782 | 100333 |  |
| 2025394-XELIH | ABF asset | N/A |  | N/A(28) | 50000 | 52640 | 54258 |  |
| 2025315-POHEX | ABF asset | N/A |  | N/A(28) | 247000 | 260978 | 272521 |  |
| 2025322-HOVUS | ABF asset | N/A |  | N/A(28) | 47000 | 49697 | 51932 |  |
| 2025336-FISOS | ABF asset | N/A |  | N/A(28) | 70000 | 73665 | 77156 |  |
| 2025341-KUXIT | ABF asset | N/A |  | N/A(28) | 74000 | 78759 | 82095 |  |
| 2025361-BOTIS | ABF asset | N/A |  | N/A(28) | 45000 | 47400 | 49244 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 2025375-POFEW | ABF asset | N/A |  | N/A(28) | 121000 | 127217 | 133157 |  |
| 2025383-GALEM | ABF asset | N/A |  | N/A(28) | 100000 | 105395 | 109528 |  |
| 2025221-WOSUW | ABF asset | N/A |  | N/A(28) | 87000 | 91613 | 95395 |  |
| 2025332-MEFEM | ABF asset | N/A |  | N/A(28) | 159000 | 168273 | 175185 |  |
| 2025335-SEBIZ | ABF asset | N/A |  | N/A(28) | 150000 | 157730 | 163987 |  |
| 2025342-XOZAV | ABF asset | N/A |  | N/A(28) | 61000 | 64319 | 66618 |  |
| 2025343-GAJON | ABF asset | N/A |  | N/A(28) | 118000 | 124066 | 128683 |  |
| 2025345-MIHUB | ABF asset | N/A |  | N/A(28) | 195000 | 205355 | 213740 |  |
| 2025363-ICEWY | ABF asset | N/A |  | N/A(28) | 100000 | 105335 | 109065 |  |
| 2025371-BEHUH | ABF asset | N/A |  | N/A(28) | 169000 | 178468 | 184888 |  |
| 2025373-WIWUK | ABF asset | N/A |  | N/A(28) | 144000 | 152434 | 157857 |  |
| 2025374-WAWAR | ABF asset | N/A |  | N/A(28) | 132000 | 138807 | 143935 |  |
| 2025374-BEVAB | ABF asset | N/A |  | N/A(28) | 63000 | 66407 | 68756 |  |
| 2025382-ELEDY | ABF asset | N/A |  | N/A(28) | 30000 | 31682 | 32906 |  |
| 2025383-TAMOR | ABF asset | N/A |  | N/A(28) | 144000 | 152434 | 158314 |  |
| 2025384-IDAMU | ABF asset | N/A |  | N/A(28) | 49000 | 51810 | 53754 |  |
| 2025393-NOHIJ | ABF asset | N/A |  | N/A(28) | 52000 | 54782 | 56827 |  |
| 2025394-RAMAP | ABF asset | N/A |  | N/A(28) | 103000 | 108357 | 112408 |  |
| 2025412-CAMAK | ABF asset | N/A |  | N/A(28) | 113000 | 118817 | 123262 |  |
| 2025282-UMALA | ABF asset | N/A |  | N/A(28) | 100000 | 105166 | 108458 |  |
| 2025295-XEROG | ABF asset | N/A |  | N/A(28) | 140000 | 148210 | 152698 |  |
| 2025304-TOCEL | ABF asset | N/A |  | N/A(28) | 120000 | 126195 | 129815 |  |
| 2025322-IDISY | ABF asset | N/A |  | N/A(28) | 80000 | 85091 | 87775 |  |
| 2025343-DUKET | ABF asset | N/A |  | N/A(28) | 110000 | 115675 | 119663 |  |
| 2025344-EZESI | ABF asset | N/A |  | N/A(28) | 72000 | 76080 | 78250 |  |
| 2025344-WORER | ABF asset | N/A |  | N/A(28) | 60000 | 63158 | 65068 |  |
| 2025361-LULOX | ABF asset | N/A |  | N/A(28) | 59000 | 62434 | 64471 |  |
| 2025361-NIDOK | ABF asset | N/A |  | N/A(28) | 50000 | 52680 | 54181 |  |
| 2025362-ZOSUW | ABF asset | N/A |  | N/A(28) | 144000 | 151382 | 155902 |  |
| 2025371-HENOJ | ABF asset | N/A |  | N/A(28) | 70000 | 73993 | 76464 |  |
| 2025374-BUNEG | ABF asset | N/A |  | N/A(28) | 52000 | 54782 | 56563 |  |
| 2025374-UVEMI | ABF asset | N/A |  | N/A(28) | 249000 | 261955 | 270153 |  |
| 2025383-BEMAK | ABF asset | N/A |  | N/A(28) | 125000 | 131425 | 135877 |  |
| 2025386-DEMAS | ABF asset | N/A |  | N/A(28) | 100000 | 105182 | 108369 |  |
| 2025393-AKAZU | ABF asset | N/A |  | N/A(28) | 79000 | 83779 | 86506 |  |
| 2025393-FOPIR | ABF asset | N/A |  | N/A(28) | 32000 | 33758 | 34856 |  |
| 2025323-ADACO | ABF asset | N/A |  | N/A(28) | 55000 | 58123 | 60099 |  |
| 2025336-IBADY | ABF asset | N/A |  | N/A(28) | 75000 | 79720 | 82337 |  |
| 2025355-POHUF | ABF asset | N/A |  | N/A(28) | 75000 | 78916 | 81206 |  |
| 2025375-NUSIL | ABF asset | N/A |  | N/A(28) | 219000 | 231631 | 238085 |  |
| 2025376-IZOWI | ABF asset | N/A |  | N/A(28) | 35000 | 37000 | 38254 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 2025395-ACAWU | ABF asset | N/A |  | N/A(28) | 55000 | 57986 | 59727 |  |
| 2025403-ROCET | ABF asset | N/A |  | N/A(28) | 112000 | 117775 | 121472 |  |
| 2025403-OGALI | ABF asset | N/A |  | N/A(28) | 50000 | 52637 | 54373 |  |
| 2025404-SUHIK | ABF asset | N/A |  | N/A(28) | 56000 | 58982 | 60857 |  |
| 2025411-KAJAV | ABF asset | N/A |  | N/A(28) | 109000 | 114617 | 117688 |  |
| 2025271-FOFAR | ABF asset | N/A |  | N/A(28) | 72000 | 76381 | 78624 |  |
| 2025291-IPUBO | ABF asset | N/A |  | N/A(28) | 134000 | 141545 | 145781 |  |
| 2025321-SUZAT | ABF asset | N/A |  | N/A(28) | 34000 | 36800 | 37895 |  |
| 2025332-COGIX | ABF asset | N/A |  | N/A(28) | 52000 | 54730 | 56177 |  |
| 2025336-VOVOV | ABF asset | N/A |  | N/A(28) | 80000 | 84556 | 86612 |  |
| 2025342-IFAWE | ABF asset | N/A |  | N/A(28) | 60000 | 63460 | 65172 |  |
| 2025364-DELUX | ABF asset | N/A |  | N/A(28) | 96000 | 101457 | 104432 |  |
| 2025366-ZAVAT | ABF asset | N/A |  | N/A(28) | 143000 | 150595 | 154449 |  |
| 2025370-PEXIN | ABF asset | N/A |  | N/A(28) | 100000 | 105166 | 108067 |  |
| 2025370-GABEJ | ABF asset | N/A |  | N/A(28) | 73000 | 76830 | 78912 |  |
| 2025385-CUHAG | ABF asset | N/A |  | N/A(28) | 214000 | 225269 | 231343 |  |
| 2025404-HAVUM | ABF asset | N/A |  | N/A(28) | 95000 | 99908 | 102820 |  |
| 2025400-WACOH | ABF asset | N/A |  | N/A(28) | 56000 | 58966 | 60621 |  |
| 2025415-DAGUL | ABF asset | N/A |  | N/A(28) | 92000 | 96782 | 99331 |  |
| 2025293-FOZOH | ABF asset | N/A |  | N/A(28) | 115000 | 121188 | 124126 |  |
| 2025314-SIXES | ABF asset | N/A |  | N/A(28) | 102000 | 107435 | 110151 |  |
| 2025321-JOLUX | ABF asset | N/A |  | N/A(28) | 70000 | 73682 | 75491 |  |
| 2025322-PESEG | ABF asset | N/A |  | N/A(28) | 49000 | 51840 | 53290 |  |
| 2025330-TUBIL | ABF asset | N/A |  | N/A(28) | 114000 | 120060 | 123010 |  |
| 2025361-HARUX | ABF asset | N/A |  | N/A(28) | 70000 | 73666 | 75766 |  |
| 2025362-EVUWA | ABF asset | N/A |  | N/A(28) | 54000 | 56910 | 58402 |  |
| 2025371-OROTY | ABF asset | N/A |  | N/A(28) | 75000 | 79140 | 81210 |  |
| 2025374-EJABI | ABF asset | N/A |  | N/A(28) | 116000 | 122044 | 124843 |  |
| 2025370-PELEP | ABF asset | N/A |  | N/A(28) | 119000 | 125116 | 128647 |  |
| 2025381-LOZUJ | ABF asset | N/A |  | N/A(28) | 275000 | 289375 | 297218 |  |
| 2025384-PEPEL | ABF asset | N/A |  | N/A(28) | 55000 | 58255 | 59948 |  |
| 2025384-HALAL | ABF asset | N/A |  | N/A(28) | 60000 | 63158 | 64742 |  |
| 2025394-UVUPI | ABF asset | N/A |  | N/A(28) | 61000 | 64216 | 65998 |  |
| 2025403-ZEKOP | ABF asset | N/A |  | N/A(28) | 50000 | 52640 | 54231 |  |
| 2025404-ICUZU | ABF asset | N/A |  | N/A(28) | 45000 | 47605 | 48825 |  |
| 2025400-ATORI | ABF asset | N/A |  | N/A(28) | 66000 | 69482 | 71305 |  |
| 2025411-KAJEL | ABF asset | N/A |  | N/A(28) | 50000 | 52682 | 54035 |  |
| 2025413-APASA | ABF asset | N/A |  | N/A(28) | 65000 | 68430 | 70049 |  |
| 2025150-DAJAL | ABF asset | N/A |  | N/A(28) | 40000 | 42210 | 43096 |  |
| 2025210-AZASU | ABF asset | N/A |  | N/A(28) | 186000 | 196784 | 200742 |  |
| 2025292-DEMOG | ABF asset | N/A |  | N/A(28) | 60000 | 63190 | 64599 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 2025305-JEVIH | ABF asset | N/A |  | N/A(28) | 150000 | 157805 | 161078 |  |
| 2025344-REMEJ | ABF asset | N/A |  | N/A(28) | 143000 | 150655 | 153990 |  |
| 2025352-ZEBED | ABF asset | N/A |  | N/A(28) | 159000 | 167180 | 170548 |  |
| 2025350-GUJON | ABF asset | N/A |  | N/A(28) | 58000 | 61225 | 62416 |  |
| 2025362-JISUL | ABF asset | N/A |  | N/A(28) | 65000 | 68408 | 69836 |  |
| 2025360-FEFIC | ABF asset | N/A |  | N/A(28) | 49000 | 51600 | 52693 |  |
| 2025372-NAZAH | ABF asset | N/A |  | N/A(28) | 50000 | 53128 | 54131 |  |
| 2025374-UBUPI | ABF asset | N/A |  | N/A(28) | 60000 | 63667 | 64827 |  |
| 2025375-BUPAM | ABF asset | N/A |  | N/A(28) | 117000 | 123185 | 125662 |  |
| 2025383-SAKER | ABF asset | N/A |  | N/A(28) | 75000 | 78932 | 80619 |  |
| 2025384-KUSUF | ABF asset | N/A |  | N/A(28) | 92000 | 96782 | 98688 |  |
| 2025391-MEREG | ABF asset | N/A |  | N/A(28) | 249000 | 262122 | 267132 |  |
| 2025392-ORIPI | ABF asset | N/A |  | N/A(28) | 79000 | 83100 | 84889 |  |
| 2025394-MINAK | ABF asset | N/A |  | N/A(28) | 74000 | 77866 | 79493 |  |
| 2025390-ETAXE | ABF asset | N/A |  | N/A(28) | 54000 | 56850 | 58160 |  |
| 2025401-LAMON | ABF asset | N/A |  | N/A(28) | 58000 | 61030 | 62274 |  |
| 2025402-HEZIK | ABF asset | N/A |  | N/A(28) | 120000 | 126225 | 128881 |  |
| 2025404-TIKUW | ABF asset | N/A |  | N/A(28) | 45000 | 47425 | 48330 |  |
| 2025405-VABAV | ABF asset | N/A |  | N/A(28) | 130000 | 136675 | 138962 |  |
| 2025406-IBORA | ABF asset | N/A |  | N/A(28) | 115000 | 120916 | 123401 |  |
| 2025400-BUGOJ | ABF asset | N/A |  | N/A(28) | 49000 | 51655 | 52799 |  |
| 2025411-JEMIJ | ABF asset | N/A |  | N/A(28) | 59000 | 62155 | 63387 |  |
| 2025413-ROKOJ | ABF asset | N/A |  | N/A(28) | 265000 | 278875 | 284487 |  |
| 2025413-MUCAX | ABF asset | N/A |  | N/A(28) | 53000 | 55831 | 56821 |  |
| 2025415-TEDEH | ABF asset | N/A |  | N/A(28) | 36000 | 37939 | 38746 |  |
| 2025421-OKOPA | ABF asset | N/A |  | N/A(28) | 207000 | 217855 | 222019 |  |
| 2025422-EWULY | ABF asset | N/A |  | N/A(28) | 93000 | 97816 | 99510 |  |
| 2025423-WOSEJ | ABF asset | N/A |  | N/A(28) | 97000 | 102000 | 104399 |  |
| 2025431-SEPAM | ABF asset | N/A |  | N/A(28) | 91000 | 95730 | 97430 |  |
| 2025436-URENE | ABF asset | N/A |  | N/A(28) | 52000 | 54752 | 55765 |  |
| 2025436-ORUVI | ABF asset | N/A |  | N/A(28) | 30000 | 31638 | 32268 |  |
| 2025183-BOHIG | ABF asset | N/A |  | N/A(28) | 345000 | 362875 | 370004 |  |
| 2025353-NIVEZ | ABF asset | N/A |  | N/A(28) | 265000 | 278800 | 283213 |  |
| 2025386-HUPUS | ABF asset | N/A |  | N/A(28) | 300000 | 315625 | 321482 |  |
| 2025395-GUBUW | ABF asset | N/A |  | N/A(28) | 155000 | 163710 | 166809 |  |
| 2025404-VAGEV | ABF asset | N/A |  | N/A(28) | 117000 | 123308 | 125571 |  |
| 2025414-WUJIG | ABF asset | N/A |  | N/A(28) | 35000 | 36932 | 37563 |  |
| 2025422-WAZUR | ABF asset | N/A |  | N/A(28) | 50000 | 52736 | 53613 |  |
| 2025425-PIJER | ABF asset | N/A |  | N/A(28) | 125000 | 131416 | 133493 |  |
| 2025321-UCARE | ABF asset | N/A |  | N/A(28) | 130000 | 136707 | 140748 |  |
| 2025413-NIFOM | ABF asset | N/A |  | N/A(28) | 100000 | 105141 | 108093 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 2025414-XERAL | ABF asset | N/A |  | N/A(28) | 65000 | 68400 | 70125 |  |
| 2025432-RUCIZ | ABF asset | N/A |  | N/A(28) | 90000 | 94682 | 97209 |  |
| 2025433-UVOXO | ABF asset | N/A |  | N/A(28) | 140000 | 147222 | 151396 |  |
| 2025315-IWINE | ABF asset | N/A |  | N/A(28) | 102000 | 108083 | 110760 |  |
| 2025332-EXOFO | ABF asset | N/A |  | N/A(28) | 60000 | 63590 | 64842 |  |
| 2025365-ULIFE | ABF asset | N/A |  | N/A(28) | 146000 | 153706 | 157628 |  |
| 2025385-UWEMU | ABF asset | N/A |  | N/A(28) | 171000 | 179780 | 184254 |  |
| 2025394-WALAN | ABF asset | N/A |  | N/A(28) | 57000 | 60175 | 61769 |  |
| 2025401-XEVOX | ABF asset | N/A |  | N/A(28) | 81000 | 85260 | 86795 |  |
| 2025402-SURIB | ABF asset | N/A |  | N/A(28) | 157000 | 165080 | 168515 |  |
| 2025414-JOWEV | ABF asset | N/A |  | N/A(28) | 60000 | 63430 | 64927 |  |
| 2025415-HUMUB | ABF asset | N/A |  | N/A(28) | 119000 | 125737 | 128862 |  |
| 2025421-RIJAS | ABF asset | N/A |  | N/A(28) | 70000 | 73666 | 74991 |  |
| 2025422-METOH | ABF asset | N/A |  | N/A(28) | 55000 | 57960 | 59109 |  |
| 2025431-WIFAH | ABF asset | N/A |  | N/A(28) | 33000 | 34808 | 35712 |  |
| 2025435-IKAFO | ABF asset | N/A |  | N/A(28) | 91000 | 95716 | 97866 |  |
| 2025443-OKERE | ABF asset | N/A |  | N/A(28) | 46000 | 48450 | 49348 |  |
| 2025332-PIXIZ | ABF asset | N/A |  | N/A(28) | 90000 | 94873 | 96685 |  |
| 2025354-PODAK | ABF asset | N/A |  | N/A(28) | 53000 | 56595 | 57626 |  |
| 2025361-HOREN | ABF asset | N/A |  | N/A(28) | 65000 | 68575 | 69893 |  |
| 2025371-XALAM | ABF asset | N/A |  | N/A(28) | 31000 | 32730 | 33422 |  |
| 2025375-DEPIL | ABF asset | N/A |  | N/A(28) | 73000 | 77120 | 78586 |  |
| 2025382-IVEFI | ABF asset | N/A |  | N/A(28) | 38000 | 40040 | 40858 |  |
| 2025386-TIDEH | ABF asset | N/A |  | N/A(28) | 83000 | 87503 | 89087 |  |
| 2025391-MUZIG | ABF asset | N/A |  | N/A(28) | 160000 | 169329 | 172502 |  |
| 2025402-FAWOC | ABF asset | N/A |  | N/A(28) | 35000 | 37075 | 37844 |  |
| 2025403-OTEKI | ABF asset | N/A |  | N/A(28) | 47000 | 49491 | 50452 |  |
| 2025411-BEHEK | ABF asset | N/A |  | N/A(28) | 330000 | 348448 | 355529 |  |
| 2025415-JATAM | ABF asset | N/A |  | N/A(28) | 110000 | 115921 | 117960 |  |
| 2025421-BIMOL | ABF asset | N/A |  | N/A(28) | 110000 | 115701 | 117837 |  |
| 2025422-PIFIP | ABF asset | N/A |  | N/A(28) | 50000 | 52682 | 53684 |  |
| 2025422-OPOLY | ABF asset | N/A |  | N/A(28) | 48000 | 50594 | 51485 |  |
| 2025433-XAREN | ABF asset | N/A |  | N/A(28) | 98000 | 103040 | 104786 |  |
| 2025434-COJAV | ABF asset | N/A |  | N/A(28) | 36000 | 38275 | 39023 |  |
| 2025435-ODEVO | ABF asset | N/A |  | N/A(28) | 84000 | 88330 | 90062 |  |
| 2025442-ODAHE | ABF asset | N/A |  | N/A(28) | 51000 | 53758 | 54763 |  |
| 2025442-DECAK | ABF asset | N/A |  | N/A(28) | 92000 | 97492 | 99272 |  |
| 2025451-NOREN | ABF asset | N/A |  | N/A(28) | 130000 | 136722 | 139291 |  |
| 2025232-BIBAD | ABF asset | N/A |  | N/A(28) | 49000 | 52471 | 53329 |  |
| 2025250-HEMAJ | ABF asset | N/A |  | N/A(28) | 45000 | 47432 | 48282 |  |
| 2025314-XOJAH | ABF asset | N/A |  | N/A(28) | 100000 | 105182 | 106813 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 2025331-VOJUM | ABF asset | N/A |  | N/A(28) | 78000 | 82240 | 83650 |  |
| 2025343-OSARE | ABF asset | N/A |  | N/A(28) | 74000 | 78193 | 79383 |  |
| 2025355-UZIKE | ABF asset | N/A |  | N/A(28) | 45000 | 47412 | 48146 |  |
| 2025362-HELEF | ABF asset | N/A |  | N/A(28) | 110000 | 116238 | 117972 |  |
| 2025365-EKEHU | ABF asset | N/A |  | N/A(28) | 65000 | 68686 | 69745 |  |
| 2025370-WERUJ | ABF asset | N/A |  | N/A(28) | 59000 | 62132 | 63138 |  |
| 2025381-XECOH | ABF asset | N/A |  | N/A(28) | 138000 | 145862 | 148511 |  |
| 2025381-ECARO | ABF asset | N/A |  | N/A(28) | 35000 | 37255 | 37811 |  |
| 2025390-LALOH | ABF asset | N/A |  | N/A(28) | 45000 | 47487 | 48222 |  |
| 2025405-DEGIL | ABF asset | N/A |  | N/A(28) | 73000 | 76816 | 78169 |  |
| 2025411-NUHOK | ABF asset | N/A |  | N/A(28) | 71000 | 74715 | 75965 |  |
| 2025413-XASAZ | ABF asset | N/A |  | N/A(28) | 66000 | 69767 | 70785 |  |
| 2025423-OMIZU | ABF asset | N/A |  | N/A(28) | 67000 | 70532 | 71710 |  |
| 2025420-BUPUM | ABF asset | N/A |  | N/A(28) | 367000 | 385900 | 392105 |  |
| 2025436-RIMOF | ABF asset | N/A |  | N/A(28) | 70000 | 73710 | 74827 |  |
| 2025430-MOBUD | ABF asset | N/A |  | N/A(28) | 158000 | 166075 | 168734 |  |
| 2025442-OKEXO | ABF asset | N/A |  | N/A(28) | 60000 | 63166 | 64167 |  |
| 2025443-CALOL | ABF asset | N/A |  | N/A(28) | 49000 | 52044 | 52969 |  |
| 2025451-DOPEC | ABF asset | N/A |  | N/A(28) | 75000 | 79038 | 80202 |  |
| 2025453-ADESU | ABF asset | N/A |  | N/A(28) | 182000 | 191307 | 194591 |  |
| 2025252-OHOFA | ABF asset | N/A |  | N/A(28) | 78000 | 82208 | 83270 |  |
| 2025321-MICUK | ABF asset | N/A |  | N/A(28) | 77000 | 81925 | 83107 |  |
| 2025356-FEJIV | ABF asset | N/A |  | N/A(28) | 71000 | 75313 | 76522 |  |
| 2025382-JUGEW | ABF asset | N/A |  | N/A(28) | 55000 | 57930 | 58705 |  |
| 2025396-SUBON | ABF asset | N/A |  | N/A(28) | 87000 | 92679 | 94038 |  |
| 2025405-UVOGA | ABF asset | N/A |  | N/A(28) | 45000 | 48250 | 48972 |  |
| 2025413-FOZIJ | ABF asset | N/A |  | N/A(28) | 146000 | 154236 | 156523 |  |
| 2025413-RUNOT | ABF asset | N/A |  | N/A(28) | 57000 | 60088 | 61010 |  |
| 2025413-DACUN | ABF asset | N/A |  | N/A(28) | 210000 | 220730 | 223656 |  |
| 2025431-HEZIF | ABF asset | N/A |  | N/A(28) | 127000 | 133587 | 135297 |  |
| 2025430-JIROZ | ABF asset | N/A |  | N/A(28) | 75000 | 78985 | 80182 |  |
| 2025442-WEBEZ | ABF asset | N/A |  | N/A(28) | 54000 | 56936 | 57750 |  |
| 2025443-AHIMO | ABF asset | N/A |  | N/A(28) | 124000 | 131102 | 132792 |  |
| 2025451-XADEP | ABF asset | N/A |  | N/A(28) | 144000 | 151804 | 154192 |  |
| 2025450-FAZAJ | ABF asset | N/A |  | N/A(28) | 62000 | 65250 | 66106 |  |
| 2025461-ZUTAD | ABF asset | N/A |  | N/A(28) | 97000 | 101980 | 103301 |  |
| 2025462-IGUWE | ABF asset | N/A |  | N/A(28) | 64000 | 67401 | 68301 |  |
| 2025403-PALIZ | ABF asset | N/A |  | N/A(28) | 51000 | 54450 | 55108 |  |
| 2025405-BEDIC | ABF asset | N/A |  | N/A(28) | 45000 | 47809 | 48392 |  |
| 2025415-VUFER | ABF asset | N/A |  | N/A(28) | 35000 | 36891 | 37295 |  |
| 2025410-GINIJ | ABF asset | N/A |  | N/A(28) | 82000 | 86401 | 87326 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 2025422-HOLEP | ABF asset | N/A |  | N/A(28) | 89000 | 93632 | 94658 |  |
| 2025422-UMOJA | ABF asset | N/A |  | N/A(28) | 69000 | 72860 | 73813 |  |
| 2025435-RAVUC | ABF asset | N/A |  | N/A(28) | 80000 | 84201 | 85094 |  |
| 2025436-BAWOX | ABF asset | N/A |  | N/A(28) | 180000 | 189222 | 191648 |  |
| 2025430-ZUFAT | ABF asset | N/A |  | N/A(28) | 63000 | 66355 | 67043 |  |
| 2025441-DANIX | ABF asset | N/A |  | N/A(28) | 70000 | 73650 | 74509 |  |
| 2025443-AVOKI | ABF asset | N/A |  | N/A(28) | 67000 | 70799 | 71701 |  |
| 2025461-RUPET | ABF asset | N/A |  | N/A(28) | 85000 | 89485 | 90497 |  |
| 2025462-WIJAM | ABF asset | N/A |  | N/A(28) | 75000 | 78916 | 79822 |  |
| 2025325-DISES | ABF asset | N/A |  | N/A(28) | 59000 | 62098 | 62690 |  |
| 2025320-DAGUD | ABF asset | N/A |  | N/A(28) | 75000 | 78916 | 79637 |  |
| 2025332-CICUB | ABF asset | N/A |  | N/A(28) | 89000 | 93775 | 94695 |  |
| 2025396-OKIJO | ABF asset | N/A |  | N/A(28) | 104000 | 109529 | 110570 |  |
| 2025402-NOCIH | ABF asset | N/A |  | N/A(28) | 160000 | 168230 | 169769 |  |
| 2025402-ZUGOC | ABF asset | N/A |  | N/A(28) | 79000 | 83086 | 83870 |  |
| 2025403-DOSAF | ABF asset | N/A |  | N/A(28) | 153000 | 160880 | 163660 |  |
| 2025403-PIBUD | ABF asset | N/A |  | N/A(28) | 107000 | 112508 | 113534 |  |
| 2025414-REHUZ | ABF asset | N/A |  | N/A(28) | 57000 | 60498 | 61011 |  |
| 2025415-EHEKE | ABF asset | N/A |  | N/A(28) | 59000 | 62927 | 63516 |  |
| 2025422-FIKAT | ABF asset | N/A |  | N/A(28) | 93000 | 97791 | 98666 |  |
| 2025424-ZOHIX | ABF asset | N/A |  | N/A(28) | 104000 | 109358 | 110327 |  |
| 2025431-OFECU | ABF asset | N/A |  | N/A(28) | 85000 | 89416 | 90179 |  |
| 2025432-LAFUH | ABF asset | N/A |  | N/A(28) | 235000 | 248378 | 250849 |  |
| 2025445-LESIH | ABF asset | N/A |  | N/A(28) | 50000 | 52954 | 53428 |  |
| 2025440-IJEWU | ABF asset | N/A |  | N/A(28) | 45000 | 47809 | 48222 |  |
| 2025461-XINAH | ABF asset | N/A |  | N/A(28) | 56000 | 59179 | 59784 |  |
| 2025462-BUDUV | ABF asset | N/A |  | N/A(28) | 40000 | 42253 | 42645 |  |
| 2025462-VOKOC | ABF asset | N/A |  | N/A(28) | 55000 | 57915 | 58406 |  |
| 2025465-BADAT | ABF asset | N/A |  | N/A(28) | 55000 | 57908 | 58444 |  |
| 2025215-FUGUZ | ABF asset | N/A |  | N/A(28) | 46000 | 48510 | 48853 |  |
| 2025353-LEBEF | ABF asset | N/A |  | N/A(28) | 109000 | 115157 | 115947 |  |
| 2025391-UTALI | ABF asset | N/A |  | N/A(28) | 67000 | 70500 | 70976 |  |
| 2025394-JAFEB | ABF asset | N/A |  | N/A(28) | 70000 | 73750 | 74335 |  |
| 2025402-EWOPU | ABF asset | N/A |  | N/A(28) | 220000 | 231430 | 233188 |  |
| 2025406-RUZUC | ABF asset | N/A |  | N/A(28) | 58000 | 61378 | 61829 |  |
| 2025410-ILEVI | ABF asset | N/A |  | N/A(28) | 100000 | 105166 | 105917 |  |
| 2025422-HELID | ABF asset | N/A |  | N/A(28) | 67000 | 70824 | 71390 |  |
| 2025426-HEJIJ | ABF asset | N/A |  | N/A(28) | 72000 | 75835 | 76437 |  |
| 2025433-TOPOX | ABF asset | N/A |  | N/A(28) | 101000 | 106232 | 107184 |  |
| 2025435-VUCUR | ABF asset | N/A |  | N/A(28) | 53000 | 55830 | 56259 |  |
| 2025442-DEKEX | ABF asset | N/A |  | N/A(28) | 120000 | 127296 | 128199 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| 2025463-KUJIP | ABF asset | N/A |  | N/A(28) | 350000 | 369497 | 372341 |  |
| 2025304-TOGEL | ABF asset | N/A |  | N/A(28) | 86000 | 91424 | 91753 |  |
| 2025331-RIGOG | ABF asset | N/A |  | N/A(28) | 61000 | 64200 | 64435 |  |
| 2025393-RUSER | ABF asset | N/A |  | N/A(28) | 156000 | 163956 | 164496 |  |
| 2025402-FEGUD | ABF asset | N/A |  | N/A(28) | 500000 | 525650 | 527731 |  |
| 2025414-ZAJUW | ABF asset | N/A |  | N/A(28) | 34000 | 35905 | 36034 |  |
| 2025415-ZOCUW | ABF asset | N/A |  | N/A(28) | 36000 | 37955 | 38097 |  |
| 2025415-VOMON | ABF asset | N/A |  | N/A(28) | 60000 | 63166 | 63414 |  |
| 2025422-JAVUX | ABF asset | N/A |  | N/A(28) | 110000 | 115666 | 116037 |  |
| 2025431-NIFUF | ABF asset | N/A |  | N/A(28) | 59000 | 62132 | 62359 |  |
| 2025430-CIKEH | ABF asset | N/A |  | N/A(28) | 125000 | 132646 | 133069 |  |
| 2025463-PIMUX | ABF asset | N/A |  | N/A(28) | 65000 | 68460 | 68697 |  |
| 2025463-JUXOX | ABF asset | N/A |  | N/A(28) | 101000 | 106232 | 106603 |  |
| 2025481-ROPOF | ABF asset | N/A |  | N/A(28) | 68000 | 72032 | 72268 |  |
| 2025325-XEJUF | ABF asset | N/A |  | N/A(28) | 28000 | 29530 | 29530 |  |
| 2025381-RINEX | ABF asset | N/A |  | N/A(28) | 80000 | 84270 | 84270 |  |
| 2025390-GARIX | ABF asset | N/A |  | N/A(28) | 67000 | 70508 | 70508 |  |
| 2025401-UVEXO | ABF asset | N/A |  | N/A(28) | 120000 | 126885 | 126885 |  |
| 2025424-INILU | ABF asset | N/A |  | N/A(28) | 75000 | 79081 | 79081 |  |
| 2025442-NUJOW | ABF asset | N/A |  | N/A(28) | 79000 | 83116 | 83116 |  |
| 2025444-WONUZ | ABF asset | N/A |  | N/A(28) | 71000 | 74785 | 74785 |  |
| 2025440-FIGAN | ABF asset | N/A |  | N/A(28) | 135000 | 141932 | 141932 |  |
| 2025456-IXAZU | ABF asset | N/A |  | N/A(28) | 61000 | 64208 | 64208 |  |
| 2025463-IWENO | ABF asset | N/A |  | N/A(28) | 70000 | 73705 | 73705 |  |
| 2025463-AZABY | ABF asset | N/A |  | N/A(28) | 30000 | 31637 | 31637 |  |
| 2025472-MORUN | ABF asset | N/A |  | N/A(28) | 100000 | 105141 | 105141 |  |
| 2025473-AJUNY | ABF asset | N/A |  | N/A(28) | 123000 | 129276 | 129276 |  |
| 2025481-KAXOT | ABF asset | N/A |  | N/A(28) | 300000 | 315625 | 315625 |  |
| HGUTK873Q | ABF asset | N/A |  | N/A(28) | 210000 | 216380 | 229455 |  |
| H2CS9UE8U | ABF asset | N/A |  | N/A(28) | 110015 | 113395 | 119475 |  |
| HEADG89GG | ABF asset | N/A |  | N/A(28) | 60852 | 62757 | 65960 |  |
| H5Z9XK577 | ABF asset | N/A |  | N/A(28) | 95211 | 98097 | 102971 |  |
| H9KUKD15Y | ABF asset | N/A |  | N/A(28) | 70712 | 72913 | 76603 |  |
| H33OZ1S6Z | ABF asset | N/A |  | N/A(28) | 360000 | 370830 | 389618 |  |
| HD9SD99MP | ABF asset | N/A |  | N/A(28) | 98821 | 101840 | 106889 |  |
| HLW1UY7TC | ABF asset | N/A |  | N/A(28) | 131763 | 135796 | 142550 |  |
| H7IGOQS8B | ABF asset | N/A |  | N/A(28) | 129658 | 133577 | 139956 |  |
| HAW3C92DI | ABF asset | N/A |  | N/A(28) | 142796 | 147160 | 154068 |  |
| HY942LYN8 | ABF asset | N/A |  | N/A(28) | 65221 | 67257 | 70456 |  |
| H1W8ZAND3 | ABF asset | N/A |  | N/A(28) | 500000 | 515080 | 538894 |  |
| H5J4D1389 | ABF asset | N/A |  | N/A(28) | 393500 | 405385 | 424137 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| H7A7Z9IRR | ABF asset | N/A |  | N/A(28) | 75000 | 77305 | 81170 |  |
| H57G17S7D | ABF asset | N/A |  | N/A(28) | 156750 | 161532 | 168904 |  |
| H259KLO8P | ABF asset | N/A |  | N/A(28) | 71750 | 73982 | 77441 |  |
| HBQNV2NP9 | ABF asset | N/A |  | N/A(28) | 142500 | 146855 | 153606 |  |
| HDWZ9A597 | ABF asset | N/A |  | N/A(28) | 63870 | 65816 | 68812 |  |
| HE91T6U5J | ABF asset | N/A |  | N/A(28) | 87500 | 90205 | 94445 |  |
| HFNQ5G61M | ABF asset | N/A |  | N/A(28) | 50000 | 51580 | 54034 |  |
| HM2KD9OC9 | ABF asset | N/A |  | N/A(28) | 143250 | 147627 | 154949 |  |
| HNYJO9ZR2 | ABF asset | N/A |  | N/A(28) | 157505 | 162310 | 169836 |  |
| HR3LAFA91 | ABF asset | N/A |  | N/A(28) | 66879 | 68915 | 72083 |  |
| H8FI8D27W | ABF asset | N/A |  | N/A(28) | 205003 | 211233 | 220905 |  |
| HJ6NZM18I | ABF asset | N/A |  | N/A(28) | 86575 | 89227 | 93344 |  |
| HR2YO9NA3 | ABF asset | N/A |  | N/A(28) | 71688 | 73868 | 77301 |  |
| H1IS6QOJF | ABF asset | N/A |  | N/A(28) | 122169 | 125914 | 131435 |  |
| H4DIFJS1B | ABF asset | N/A |  | N/A(28) | 176000 | 181360 | 189318 |  |
| H8QQ9YQ4Q | ABF asset | N/A |  | N/A(28) | 50000 | 51555 | 53811 |  |
| H9EEKMNS7 | ABF asset | N/A |  | N/A(28) | 322709 | 332470 | 347058 |  |
| H15KOMPC6 | ABF asset | N/A |  | N/A(28) | 140000 | 144235 | 150715 |  |
| H98BM8VCM | ABF asset | N/A |  | N/A(28) | 106145 | 109409 | 114237 |  |
| H853Z194X | ABF asset | N/A |  | N/A(28) | 102905 | 106047 | 110852 |  |
| HBWU3PF8P | ABF asset | N/A |  | N/A(28) | 60750 | 62652 | 65467 |  |
| HTFT41OVZ | ABF asset | N/A |  | N/A(28) | 72194 | 74415 | 77679 |  |
| HVGGIY6U7 | ABF asset | N/A |  | N/A(28) | 75000 | 77280 | 80814 |  |
| HX8J1M1ZM | ABF asset | N/A |  | N/A(28) | 69334 | 71494 | 74695 |  |
| HZAB71A7P | ABF asset | N/A |  | N/A(28) | 83122 | 85645 | 89489 |  |
| H45XPJ6L4 | ABF asset | N/A |  | N/A(28) | 80710 | 83186 | 86646 |  |
| H69IIIJC8 | ABF asset | N/A |  | N/A(28) | 91590 | 94417 | 98375 |  |
| H88PZ7UOU | ABF asset | N/A |  | N/A(28) | 101099 | 104187 | 108595 |  |
| HA7D3D8M4 | ABF asset | N/A |  | N/A(28) | 150000 | 154580 | 161047 |  |
| HAPBTQ893 | ABF asset | N/A |  | N/A(28) | 81710 | 84191 | 87747 |  |
| HG59ZT5UA | ABF asset | N/A |  | N/A(28) | 161250 | 166142 | 173114 |  |
| HS4XLY7E7 | ABF asset | N/A |  | N/A(28) | 67250 | 69347 | 72294 |  |
| HZ2X8KY2U | ABF asset | N/A |  | N/A(28) | 50000 | 51580 | 53723 |  |
| H8VSWW5FU | ABF asset | N/A |  | N/A(28) | 132017 | 136032 | 141589 |  |
| H49C4CS26 | ABF asset | N/A |  | N/A(28) | 253020 | 260690 | 271104 |  |
| H58SSN8DX | ABF asset | N/A |  | N/A(28) | 74245 | 76502 | 79612 |  |
| HBFMK67L2 | ABF asset | N/A |  | N/A(28) | 50000 | 51580 | 53690 |  |
| HL248QRO5 | ABF asset | N/A |  | N/A(28) | 110655 | 114054 | 119116 |  |
| HLSV6UAP7 | ABF asset | N/A |  | N/A(28) | 134750 | 138872 | 144689 |  |
| HN1IOUIL1 | ABF asset | N/A |  | N/A(28) | 94926 | 97854 | 101792 |  |
| HPRINIX5V | ABF asset | N/A |  | N/A(28) | 89870 | 92646 | 96464 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| HS28S4Q14 | ABF asset | N/A |  | N/A(28) | 75000 | 77280 | 80466 |  |
| HTNMPU4ZC | ABF asset | N/A |  | N/A(28) | 100000 | 103080 | 107196 |  |
| HVW7AQEWQ | ABF asset | N/A |  | N/A(28) | 93750 | 96642 | 100603 |  |
| HD3DK3XO1 | ABF asset | N/A |  | N/A(28) | 74632 | 76951 | 80019 |  |
| HW17JO2AF | ABF asset | N/A |  | N/A(28) | 98750 | 101792 | 105861 |  |
| HYCAO17VS | ABF asset | N/A |  | N/A(28) | 120027 | 123708 | 129078 |  |
| HGFGK9ECY | ABF asset | N/A |  | N/A(28) | 76760 | 79093 | 82776 |  |
| HR8Q6FYWV | ABF asset | N/A |  | N/A(28) | 73996 | 76296 | 79846 |  |
| HYBZ49DBD | ABF asset | N/A |  | N/A(28) | 223739 | 230481 | 241173 |  |
| H13O37E2S | ABF asset | N/A |  | N/A(28) | 83750 | 86292 | 90505 |  |
| H4RQ8ET8Q | ABF asset | N/A |  | N/A(28) | 112957 | 116425 | 121456 |  |
| H5N9EOSYN | ABF asset | N/A |  | N/A(28) | 63181 | 65156 | 67931 |  |
| H174YBB87 | ABF asset | N/A |  | N/A(28) | 111250 | 114617 | 119500 |  |
| HA6SVKPEX | ABF asset | N/A |  | N/A(28) | 141773 | 146106 | 152514 |  |
| HA6XJ67VM | ABF asset | N/A |  | N/A(28) | 138640 | 142879 | 149523 |  |
| HEAKN3Q4F | ABF asset | N/A |  | N/A(28) | 133640 | 137729 | 143738 |  |
| HR2QCBB5J | ABF asset | N/A |  | N/A(28) | 57045 | 58836 | 61404 |  |
| HT3ERDKV5 | ABF asset | N/A |  | N/A(28) | 246000 | 253460 | 264241 |  |
| HG1SKE7DE | ABF asset | N/A |  | N/A(28) | 72794 | 75008 | 77678 |  |
| HZ2L5IDNR | ABF asset | N/A |  | N/A(28) | 80764 | 83267 | 86228 |  |
| HTVJLGDFI | ABF asset | N/A |  | N/A(28) | 56335 | 58105 | 60152 |  |
| H1XTJ1MPZ | ABF asset | N/A |  | N/A(28) | 72839 | 75054 | 77727 |  |
| H993OW76D | ABF asset | N/A |  | N/A(28) | 99807 | 102881 | 106580 |  |
| HZY2Y6JEN | ABF asset | N/A |  | N/A(28) | 83932 | 86480 | 89593 |  |
| H96D77UVS | ABF asset | N/A |  | N/A(28) | 105500 | 108695 | 112928 |  |
| HXO8GNRL1 | ABF asset | N/A |  | N/A(28) | 50000 | 51330 | 53148 |  |
| H3DOFE7M7 | ABF asset | N/A |  | N/A(28) | 58750 | 60542 | 62867 |  |
| H44SE3R6Y | ABF asset | N/A |  | N/A(28) | 218750 | 225392 | 233439 |  |
| HAAD22N8X | ABF asset | N/A |  | N/A(28) | 74948 | 77251 | 79980 |  |
| HO3X54LER | ABF asset | N/A |  | N/A(28) | 81517 | 84042 | 86955 |  |
| HWG42Q1B7 | ABF asset | N/A |  | N/A(28) | 159379 | 164190 | 169889 |  |
| H3P3C5I7Y | ABF asset | N/A |  | N/A(28) | 150250 | 154837 | 160108 |  |
| H8EE6FB3F | ABF asset | N/A |  | N/A(28) | 50000 | 51580 | 53152 |  |
| HBA3TSK8F | ABF asset | N/A |  | N/A(28) | 75000 | 77305 | 79654 |  |
| HK2ZNZVU6 | ABF asset | N/A |  | N/A(28) | 300000 | 309080 | 318394 |  |
| HL8G4B27S | ABF asset | N/A |  | N/A(28) | 68750 | 70842 | 73042 |  |
| HQY92U5PZ | ABF asset | N/A |  | N/A(28) | 75000 | 77330 | 79656 |  |
| HTGZ86RYS | ABF asset | N/A |  | N/A(28) | 50000 | 51580 | 53135 |  |
| HUNUCTIOA | ABF asset | N/A |  | N/A(28) | 177575 | 182982 | 188557 |  |
| H4C2O8O26 | ABF asset | N/A |  | N/A(28) | 51451 | 53049 | 54537 |  |
| H833XP5Q7 | ABF asset | N/A |  | N/A(28) | 76250 | 78567 | 80771 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| HANX6COK3 | ABF asset | N/A |  | N/A(28) | 248750 | 256242 | 263518 |  |
| HEP7YP389 | ABF asset | N/A |  | N/A(28) | 168117 | 173240 | 177924 |  |
| HGRE2Q4R4 | ABF asset | N/A |  | N/A(28) | 51849 | 53484 | 54981 |  |
| HKMQL7GIR | ABF asset | N/A |  | N/A(28) | 132500 | 136555 | 140332 |  |
| HP58319TJ | ABF asset | N/A |  | N/A(28) | 50000 | 51580 | 53014 |  |
| HQ895ZY6E | ABF asset | N/A |  | N/A(28) | 116000 | 119560 | 122914 |  |
| HY1QGPM99 | ABF asset | N/A |  | N/A(28) | 60000 | 61880 | 63806 |  |
| HK3V41ZME | ABF asset | N/A |  | N/A(28) | 134690 | 138810 | 142423 |  |
| HWM6857XJ | ABF asset | N/A |  | N/A(28) | 70582 | 72779 | 74696 |  |
| H1R9Q1SQA | ABF asset | N/A |  | N/A(28) | 248594 | 256132 | 263295 |  |
| H7EWGDQ69 | ABF asset | N/A |  | N/A(28) | 137000 | 141140 | 145472 |  |
| HD2QYX4M7 | ABF asset | N/A |  | N/A(28) | 86190 | 88855 | 91355 |  |
| HKDNVB6SI | ABF asset | N/A |  | N/A(28) | 50000 | 51530 | 52919 |  |
| HOR788VX8 | ABF asset | N/A |  | N/A(28) | 69751 | 71923 | 73866 |  |
| HQUA3NO27 | ABF asset | N/A |  | N/A(28) | 53719 | 55410 | 56960 |  |
| HSDX9K3XN | ABF asset | N/A |  | N/A(28) | 229421 | 236383 | 242769 |  |
| HXMYI7VA1 | ABF asset | N/A |  | N/A(28) | 96250 | 99167 | 101842 |  |
| HXYMVDC2K | ABF asset | N/A |  | N/A(28) | 120000 | 123680 | 127021 |  |
| H2VI14658 | ABF asset | N/A |  | N/A(28) | 50000 | 51580 | 52911 |  |
| H11RAZ14V | ABF asset | N/A |  | N/A(28) | 159244 | 164101 | 168678 |  |
| H16EOTIXF | ABF asset | N/A |  | N/A(28) | 164863 | 169889 | 174222 |  |
| H18OWIC8E | ABF asset | N/A |  | N/A(28) | 80599 | 83047 | 85196 |  |
| H19G28UW4 | ABF asset | N/A |  | N/A(28) | 71245 | 73594 | 75549 |  |
| H27LURA93 | ABF asset | N/A |  | N/A(28) | 171036 | 176247 | 180728 |  |
| HJC7C5566 | ABF asset | N/A |  | N/A(28) | 169500 | 174615 | 178844 |  |
| HK6PRYE15 | ABF asset | N/A |  | N/A(28) | 55337 | 57027 | 58481 |  |
| HLWK7JO1M | ABF asset | N/A |  | N/A(28) | 265000 | 273030 | 279975 |  |
| HRP12S2O8 | ABF asset | N/A |  | N/A(28) | 158029 | 162850 | 167071 |  |
| HSQS1TV73 | ABF asset | N/A |  | N/A(28) | 206500 | 212775 | 218788 |  |
| HWISC79XY | ABF asset | N/A |  | N/A(28) | 103750 | 106917 | 109744 |  |
| HWWWSQ5LE | ABF asset | N/A |  | N/A(28) | 198768 | 204761 | 210797 |  |
| HXPXZAJXC | ABF asset | N/A |  | N/A(28) | 197384 | 203385 | 208558 |  |
| HYZI1FS82 | ABF asset | N/A |  | N/A(28) | 75937 | 78245 | 80231 |  |
| H1GKL2L7B | ABF asset | N/A |  | N/A(28) | 141250 | 145567 | 150483 |  |
| HI85B9A6W | ABF asset | N/A |  | N/A(28) | 116250 | 119767 | 124131 |  |
| HKCO8D48K | ABF asset | N/A |  | N/A(28) | 170425 | 175618 | 181487 |  |
| HNG7A59V9 | ABF asset | N/A |  | N/A(28) | 68000 | 70120 | 72586 |  |
| H81BL9QKA | ABF asset | N/A |  | N/A(28) | 53507 | 55192 | 56781 |  |
| H98O75KN7 | ABF asset | N/A |  | N/A(28) | 94542 | 97458 | 100273 |  |
| HDVM7WUAF | ABF asset | N/A |  | N/A(28) | 85750 | 88402 | 91197 |  |
| H8M2CXD2K | ABF asset | N/A |  | N/A(28) | 133750 | 137842 | 141491 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| HEGR9Q8EE | ABF asset | N/A |  | N/A(28) | 246500 | 253950 | 260601 |  |
| HQBZ3RMA3 | ABF asset | N/A |  | N/A(28) | 126250 | 130117 | 133860 |  |
| HTMRV4CZ5 | ABF asset | N/A |  | N/A(28) | 128500 | 132435 | 135984 |  |
| H9D97WF9Q | ABF asset | N/A |  | N/A(28) | 150000 | 154580 | 158356 |  |
| HEE84R191 | ABF asset | N/A |  | N/A(28) | 56065 | 57827 | 59388 |  |
| HGTBE2FK3 | ABF asset | N/A |  | N/A(28) | 98735 | 101777 | 104330 |  |
| H1C5659BK | ABF asset | N/A |  | N/A(28) | 182381 | 187932 | 192567 |  |
| H75YGQOBY | ABF asset | N/A |  | N/A(28) | 89005 | 91730 | 93765 |  |
| H744L495C | ABF asset | N/A |  | N/A(28) | 205000 | 211230 | 216127 |  |
| HEM66KJ9I | ABF asset | N/A |  | N/A(28) | 189416 | 195178 | 199637 |  |
| HI31S9I8B | ABF asset | N/A |  | N/A(28) | 72297 | 74496 | 76147 |  |
| HJPL746ZL | ABF asset | N/A |  | N/A(28) | 65000 | 67030 | 68685 |  |
| HXE3ZTY4W | ABF asset | N/A |  | N/A(28) | 125347 | 129162 | 132026 |  |
| HZQ89J187 | ABF asset | N/A |  | N/A(28) | 112383 | 115834 | 118402 |  |
| HIG1DS2QR | ABF asset | N/A |  | N/A(28) | 99600 | 102618 | 104277 |  |
| HMCRAF9NV | ABF asset | N/A |  | N/A(28) | 175250 | 180587 | 183445 |  |
| HQ3E6U8VA | ABF asset | N/A |  | N/A(28) | 142283 | 146606 | 148932 |  |
| HRA7F546S | ABF asset | N/A |  | N/A(28) | 75304 | 77643 | 78951 |  |
| HS5TZUJGL | ABF asset | N/A |  | N/A(28) | 58346 | 60401 | 61353 |  |
| HXY4ZWZJL | ABF asset | N/A |  | N/A(28) | 65070 | 67077 | 68135 |  |
| H1CDTUMZE | ABF asset | N/A |  | N/A(28) | 190000 | 195780 | 198420 |  |
| H1ES5T5M4 | ABF asset | N/A |  | N/A(28) | 370500 | 381670 | 386963 |  |
| H2GX46Z19 | ABF asset | N/A |  | N/A(28) | 173750 | 178992 | 181210 |  |
| H4L7SIVED | ABF asset | N/A |  | N/A(28) | 50000 | 51580 | 52202 |  |
| H7C32B9G3 | ABF asset | N/A |  | N/A(28) | 91220 | 93986 | 95239 |  |
| H8LC225V9 | ABF asset | N/A |  | N/A(28) | 80169 | 82654 | 83649 |  |
| H9MYYEZUS | ABF asset | N/A |  | N/A(28) | 193750 | 199592 | 202090 |  |
| H36XUY215 | ABF asset | N/A |  | N/A(28) | 201293 | 207387 | 210085 |  |
| H443AAK8G | ABF asset | N/A |  | N/A(28) | 123019 | 126789 | 128443 |  |
| HBE32XNT1 | ABF asset | N/A |  | N/A(28) | 107941 | 111234 | 112571 |  |
| HFVF4Z7P9 | ABF asset | N/A |  | N/A(28) | 57773 | 59536 | 60272 |  |
| HJVQSIL39 | ABF asset | N/A |  | N/A(28) | 146698 | 151129 | 152946 |  |
| HMCOY8V77 | ABF asset | N/A |  | N/A(28) | 169880 | 175056 | 177388 |  |
| HMJCR2683 | ABF asset | N/A |  | N/A(28) | 67068 | 69160 | 70081 |  |
| HN3N37OGY | ABF asset | N/A |  | N/A(28) | 90179 | 92914 | 94033 |  |
| HO5PYIKY4 | ABF asset | N/A |  | N/A(28) | 137692 | 141903 | 143659 |  |
| HOS97QUCA | ABF asset | N/A |  | N/A(28) | 181250 | 186767 | 189010 |  |
| HQT1QTV9P | ABF asset | N/A |  | N/A(28) | 86826 | 89511 | 90604 |  |
| H1M84N18T | ABF asset | N/A |  | N/A(28) | 147250 | 151747 | 154818 |  |
| H2TVE34CX | ABF asset | N/A |  | N/A(28) | 129707 | 133628 | 136090 |  |
| HYGG8QX4S | ABF asset | N/A |  | N/A(28) | 70570 | 72767 | 74109 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| H6EL7D6K5 | ABF asset | N/A |  | N/A(28) | 137504 | 141684 | 144602 |  |
| HSBRP9892 | ABF asset | N/A |  | N/A(28) | 51842 | 53427 | 54517 |  |
| HT48B19RP | ABF asset | N/A |  | N/A(28) | 97000 | 99990 | 101962 |  |
| HVFIM19D2 | ABF asset | N/A |  | N/A(28) | 64350 | 66360 | 67691 |  |
| H19PU7Z5N | ABF asset | N/A |  | N/A(28) | 100000 | 103055 | 104834 |  |
| H51G2D3VS | ABF asset | N/A |  | N/A(28) | 80000 | 82430 | 83797 |  |
| H372UFX8R | ABF asset | N/A |  | N/A(28) | 50000 | 51580 | 52483 |  |
| HEQ2LN6U6 | ABF asset | N/A |  | N/A(28) | 100000 | 103080 | 104782 |  |
| HZWK7VKAP | ABF asset | N/A |  | N/A(28) | 118399 | 122031 | 124060 |  |
| H3C825ZEN | ABF asset | N/A |  | N/A(28) | 70123 | 72306 | 73376 |  |
| HC1R3PZ3W | ABF asset | N/A |  | N/A(28) | 87866 | 90582 | 91895 |  |
| HKKC8V45O | ABF asset | N/A |  | N/A(28) | 96884 | 99820 | 101307 |  |
| H6WZ5N62J | ABF asset | N/A |  | N/A(28) | 59750 | 61622 | 62330 |  |
| H13E6K3P8 | ABF asset | N/A |  | N/A(28) | 84135 | 86739 | 87875 |  |
| H29I9IE9K | ABF asset | N/A |  | N/A(28) | 132777 | 136840 | 138400 |  |
| H36JO52L3 | ABF asset | N/A |  | N/A(28) | 62350 | 64275 | 65009 |  |
| H54V656VX | ABF asset | N/A |  | N/A(28) | 82000 | 84490 | 85640 |  |
| H64O946N9 | ABF asset | N/A |  | N/A(28) | 125000 | 128805 | 130558 |  |
| H66URX84M | ABF asset | N/A |  | N/A(28) | 59797 | 61671 | 62395 |  |
| H417LNR1P | ABF asset | N/A |  | N/A(28) | 98750 | 101792 | 103079 |  |
| HA43PWKSO | ABF asset | N/A |  | N/A(28) | 58750 | 60592 | 61288 |  |
| HB4PFV5ED | ABF asset | N/A |  | N/A(28) | 53775 | 55418 | 56050 |  |
| HCEQR3J5D | ABF asset | N/A |  | N/A(28) | 96774 | 99707 | 100946 |  |
| HCRE4EG36 | ABF asset | N/A |  | N/A(28) | 50000 | 51580 | 52169 |  |
| HODGYJ434 | ABF asset | N/A |  | N/A(28) | 219750 | 226422 | 229166 |  |
| HPZ4DB5SY | ABF asset | N/A |  | N/A(28) | 113850 | 117345 | 118682 |  |
| HQPL6F6C5 | ABF asset | N/A |  | N/A(28) | 85792 | 88446 | 89543 |  |
| HWBDT6D86 | ABF asset | N/A |  | N/A(28) | 75000 | 77305 | 78357 |  |
| HX4FE27E8 | ABF asset | N/A |  | N/A(28) | 65385 | 67426 | 68270 |  |
| HY3TZ17QV | ABF asset | N/A |  | N/A(28) | 84001 | 86551 | 87645 |  |
| H5Q4PC2B4 | ABF asset | N/A |  | N/A(28) | 152750 | 157412 | 159040 |  |
| H667U489T | ABF asset | N/A |  | N/A(28) | 95060 | 97942 | 98875 |  |
| H826S892V | ABF asset | N/A |  | N/A(28) | 100000 | 103030 | 104000 |  |
| HDNYPIBLY | ABF asset | N/A |  | N/A(28) | 243250 | 250602 | 252992 |  |
| HZQL956BB | ABF asset | N/A |  | N/A(28) | 128941 | 132864 | 134141 |  |
| H2N6B9GLW | ABF asset | N/A |  | N/A(28) | 375000 | 386305 | 389263 |  |
| H2V3ANRPV | ABF asset | N/A |  | N/A(28) | 76250 | 78617 | 79114 |  |
| H3VXM3N4T | ABF asset | N/A |  | N/A(28) | 93075 | 95947 | 96651 |  |
| H15RP32S1 | ABF asset | N/A |  | N/A(28) | 50000 | 51530 | 51918 |  |
| H16I7YGZ2 | ABF asset | N/A |  | N/A(28) | 109750 | 113072 | 113795 |  |
| H371PBM6C | ABF asset | N/A |  | N/A(28) | 130500 | 134470 | 135367 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| HA78D336U | ABF asset | N/A |  | N/A(28) | 50000 | 51555 | 51881 |  |
| HBFTI14LI | ABF asset | N/A |  | N/A(28) | 129757 | 133729 | 134737 |  |
| HD6G5VI1Y | ABF asset | N/A |  | N/A(28) | 275000 | 283305 | 285199 |  |
| HD14F398W | ABF asset | N/A |  | N/A(28) | 65941 | 67974 | 68427 |  |
| HG7KCNVVE | ABF asset | N/A |  | N/A(28) | 60000 | 61880 | 62311 |  |
| HIXXQJ18R | ABF asset | N/A |  | N/A(28) | 235266 | 242404 | 244023 |  |
| HJ12429P3 | ABF asset | N/A |  | N/A(28) | 115000 | 118505 | 119257 |  |
| HORBR8CJR | ABF asset | N/A |  | N/A(28) | 117000 | 120590 | 121391 |  |
| HRJBJT2M6 | ABF asset | N/A |  | N/A(28) | 76750 | 79082 | 79587 |  |
| HROXNZMW5 | ABF asset | N/A |  | N/A(28) | 163671 | 168661 | 169785 |  |
| HTBL32635 | ABF asset | N/A |  | N/A(28) | 156500 | 161275 | 162300 |  |
| HTVS4L73G | ABF asset | N/A |  | N/A(28) | 66000 | 68060 | 68490 |  |
| HTW93PBXR | ABF asset | N/A |  | N/A(28) | 50000 | 51530 | 51855 |  |
| HWD62AK4M | ABF asset | N/A |  | N/A(28) | 60000 | 61855 | 62267 |  |
| HYKIO36W7 | ABF asset | N/A |  | N/A(28) | 70000 | 72130 | 72599 |  |
| H61IN6U9I | ABF asset | N/A |  | N/A(28) | 199654 | 205673 | 206285 |  |
| H6792XTW2 | ABF asset | N/A |  | N/A(28) | 267500 | 275580 | 276398 |  |
| HDPZAJ5U4 | ABF asset | N/A |  | N/A(28) | 64032 | 66033 | 66185 |  |
| H2EM4BB5O | ABF asset | N/A |  | N/A(28) | 73935 | 73935 | 73935 |  |
| H3ZYQT8YF | ABF asset | N/A |  | N/A(28) | 77280 | 77280 | 77280 |  |
| H6Z9V29JS | ABF asset | N/A |  | N/A(28) | 74497 | 74497 | 74497 |  |
| H7AVFVLAU | ABF asset | N/A |  | N/A(28) | 88610 | 88610 | 88610 |  |
| H9K183WSJ | ABF asset | N/A |  | N/A(28) | 154530 | 154530 | 154530 |  |
| H9YTL64WT | ABF asset | N/A |  | N/A(28) | 51530 | 51530 | 51530 |  |
| H23YM49EG | ABF asset | N/A |  | N/A(28) | 154580 | 154580 | 154580 |  |
| H27N624RC | ABF asset | N/A |  | N/A(28) | 129552 | 129552 | 129552 |  |
| H65V79P1C | ABF asset | N/A |  | N/A(28) | 304778 | 304778 | 304778 |  |
| H333AE7EY | ABF asset | N/A |  | N/A(28) | 98841 | 98841 | 98841 |  |
| H5633A95C | ABF asset | N/A |  | N/A(28) | 206080 | 206080 | 206080 |  |
| HE95RVB2Y | ABF asset | N/A |  | N/A(28) | 305217 | 305217 | 305217 |  |
| HMP6D9G1G | ABF asset | N/A |  | N/A(28) | 67030 | 67030 | 67030 |  |
| HOR5DV8P2 | ABF asset | N/A |  | N/A(28) | 92730 | 92730 | 92730 |  |
| HQ3GX7RLM | ABF asset | N/A |  | N/A(28) | 51530 | 51530 | 51530 |  |
| HS5IZMSZ5 | ABF asset | N/A |  | N/A(28) | 77330 | 77330 | 77330 |  |
| HTSM2M23L | ABF asset | N/A |  | N/A(28) | 70120 | 70120 | 70120 |  |
| HXL62G8AT | ABF asset | N/A |  | N/A(28) | 77280 | 77280 | 77280 |  |
| HYRFA67F1 | ABF asset | N/A |  | N/A(28) | 51530 | 51530 | 51530 |  |
| Point Securitization Trust 2025-2 A1 Note(16)(33)(34)(36) | Asset-backed security | N/A | 5.75% | 09/2055 | 31893416 | 31951993 | 31801467 |  |
| Point Securitization Trust 2025-2 A2 Note(16)(36)(37) | Asset-backed security | N/A | 7.00% | 09/2055 | 9500000 | 9554287 | 9506560 |  |
| Point Securitization Trust 2025-2 B1 Note(16)(36)(37) | Asset-backed security | N/A | 7.00% | 09/2055 | 9300000 | 8128410 | 8073087 |  |
| Point Securitization Trust 2025-2 B2 Note(16)(36)(37) | Asset-backed security | N/A | 5.50% | 09/2055 | 9156767 | 7286520 | 7224624 |  |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| Point Securitization Trust 2025-2 Series Certificate(10)(16)(37) | Asset-backed security | N/A |  | 10/2055 | 21083 | 10957102 | 10624020 |  |
|  |  |  |  |  |  | 153767571 | 155912474 | 12.5% |
| **Total non-controlled/non-affiliated asset based finance unfunded commitments (4)(12)(Note 4)** | **Total non-controlled/non-affiliated asset based finance unfunded commitments (4)(12)(Note 4)** |  |  |  |  | $— | $(71603) | 0.0% |
| **Total non-controlled/non-affiliated asset based finance investments** | **Total non-controlled/non-affiliated asset based finance investments** |  |  |  |  | $1093884513 | $1095672898 | 87.9% |
| **Corporate** |  |  |  |  |  |  |  |  |
| **Buildings and real estate** |  |  |  |  |  |  |  |  |
| Associations Inc.(29) | First lien senior secured delayed draw term loan | S+ | 6.76% | 07/2028 | 9808468 | $9810078 | $9804968 |  |
| Associations Inc.(29) | First lien senior secured loan | S+ | 6.76% | 07/2028 | 15797631 | 15799073 | 15797631 |  |
|  |  |  |  |  |  | 25609151 | 25602599 | 2.1% |
| Total non-controlled/non-affiliated corporate unfunded commitments (4)(12)(Note 4) | Total non-controlled/non-affiliated corporate unfunded commitments (4)(12)(Note 4) |  |  |  |  | $3382 | $(700) | 0.0% |
| Total non-controlled/non-affiliated corporate investments | Total non-controlled/non-affiliated corporate investments |  |  |  |  | $25612533 | $25601899 | 2.1% |
| **Fund Solution Investments** |  |  |  |  |  |  |  |  |
| **LP interests** |  |  |  |  |  |  |  |  |
| Valor CI Blocker Feeder LP(16) | Investment partnership | N/A |  | N/A | 119318 | 119318 | 119311 |  |
|  |  |  |  |  |  | 119318 | 119311 | 0.0% |
| **Total non-controlled/non-affiliated fund solution investments** | **Total non-controlled/non-affiliated fund solution investments** |  |  |  |  | $119318 | $119311 | 0.0% |
| **Total non-controlled/non-affiliated investments** | **Total non-controlled/non-affiliated investments** |  |  |  |  | $1119616364 | $1121394108 | 89.9% |
| **Non-controlled/affiliated investments** | **Non-controlled/affiliated investments** |  |  |  |  |  |  |  |
| **Asset Based Finance ("ABF")** |  |  |  |  |  |  |  |  |
| **Consumer - credit cards** |  |  |  |  |  |  |  |  |
| CCI GPCC Syndicate LLC (5)(6)(13)(16)(33) | ABF equity | N/A |  | N/A | 1230723 | $1230723 | $1262061 |  |
|  |  |  |  |  |  | 1230723 | 1262061 | 0.1% |
| **Total non-controlled/affiliated asset based finance investments** | **Total non-controlled/affiliated asset based finance investments** |  |  |  |  | $1230723 | $1262061 | 0.1% |
| **Fund Solution Investments** |  |  |  |  |  |  |  |  |
| **LP interests** |  |  |  |  |  |  |  |  |
| AgAmerica Lending LLC(13)(16)(33) | Investment partnership | N/A |  | N/A | 42555736 | $42913467 | $44364015 |  |
|  |  |  |  |  |  | 42913467 | 44364015 | 3.6% |
| **Total non-controlled/affiliated fund solutions investments** | **Total non-controlled/affiliated fund solutions investments** |  |  |  |  | $42913467 | $44364015 | 3.6% |
| **Total non-controlled/affiliated investments** | **Total non-controlled/affiliated investments** |  |  |  |  | $44144190 | $45626076 | 3.6% |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | | | | | |
|<br>**Issuer/Borrower/Loan ID/Policy ID(1)(2)(11)(25)(32)** |<br>**Investment** | **Ref. Rate** | **Rate/Spread** |<br>**Maturity Date** |<br>**Par/Units(14)** |<br>**Amortized Cost** |<br>**Fair Value** |<br>**% of Net<br>Assets(15)** |
| **Controlled/affiliated investments** | | | | | | | | |
| **Asset Based Finance ("ABF")** | | | | | | | | |
| **Aircraft leasing** | | | | | | | | |
| Blue Crest Aviation Partners 2025-1 LLC(6)(13)(16) | ABF equity | N/A |  | N/A | 69199023 | $69199023 | $70520309 |  |
| BOAC IAT Aviation Opco 1 LLC(5)(6)(13)(16)(33) | ABF equity | N/A |  | N/A | 49174300 | 49174300 | 49204346 |  |
| Contrail JV II LLC Sunrise Portfolio Offshore LLC(6)(13)(16) | ABF equity | N/A |  | N/A | 18022642 | 18434273 | 19607992 |  |
| Contrail JV II LLC Sunrise Portfolio Onshore LLC(6)(13)(16)(18) | ABF equity | N/A |  | N/A | 8192752 | 8617256 | 9044691 |  |
|  |  |  |  |  |  | 145424852 | 148377338 | 11.9% |
| **Commercial - SME lending** |  |  |  |  |  |  |  |  |
| BOAC Crevasse I LLC(5)(6)(13)(16) | ABF equity | N/A |  | N/A | 34236090 | 34236090 | 30949117 |  |
|  |  |  |  |  |  | 34236090 | 30949117 | 2.5% |
| **Consumer - personal loans** |  |  |  |  |  |  |  |  |
| ACM Uprise Direct 2024 LLC(5)(6)(13)(16) | ABF equity | N/A |  | N/A | 32410838 | 32410838 | 32274388 |  |
| BOAC AIF A4 Interval Pagani Depositor LLC(5)(6)(13)(16) | ABF equity | N/A |  | N/A | 66132747 | 66132747 | 54670685 |  |
| BOAC Up Owl Night E 2025 JV LLC(5)(6)(13)(16) | ABF equity | N/A |  | N/A | 50315440 | 50315440 | 50730140 |  |
|  |  |  |  |  |  | 148859025 | 137675213 | 11.0% |
| **Equipment leasing** |  |  |  |  |  |  |  |  |
| Blue Owl Leasing LLC(5)(6)(13)(16) | ABF equity | N/A |  | N/A | 31000000 | 31000000 | 30887749 |  |
|  |  |  |  |  |  | 31000000 | 30887749 | 2.5% |
| **Total controlled/affiliated asset based finance investments** | **Total controlled/affiliated asset based finance investments** |  |  |  |  | $359519967 | $347889417 | 27.9% |
| **Other** |  |  |  |  |  |  |  |  |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |
| LSI Financing LLC(5)(6)(13)(16) | Common equity | N/A |  | N/A | 29752165 | $29752165 | $31015948 |  |
|  |  |  |  |  |  | 29752165 | 31015948 | 2.5% |
| **Total controlled/affiliated other investments** | **Total controlled/affiliated other investments** |  |  |  |  | $29752165 | $31015948 | 2.5% |
|  |  |  |  |  |  | $389272132 | $378905365 | 30.4% |
| **Short term investments** |  |  |  |  |  |  |  |  |
| Blackrock Liquidity Funds Treasury Trust Fund - Administration Class(8)(9) | Short term investments | N/A | 3.53% | N/A | 6724194 | $6724194 | $6724194 |  |
| State Street Institutional Liquid Reserves Government Money Market Fund - Investor Class(8)(9) | Short term investments | N/A | 3.65% | N/A | 4177672 | 4177672 | 4177672 |  |
|  |  |  |  |  |  | 10901866 | 10901866 | 0.9% |
| **Total short term investments** |  |  |  |  |  | $10901866 | $10901866 | 0.9% |
| **Total investments** |  |  |  |  |  | $1563934552 | $1556827415 | 124.7% |
| **Net Assets** |  |  |  |  |  |  | $1247158729 | 100.0% |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts as of December 31, 2025** | **Forward Foreign Currency Contracts as of December 31, 2025** | **Forward Foreign Currency Contracts as of December 31, 2025** | **Forward Foreign Currency Contracts as of December 31, 2025** | **Forward Foreign Currency Contracts as of December 31, 2025** | **Forward Foreign Currency Contracts as of December 31, 2025** | **Forward Foreign Currency Contracts as of December 31, 2025** |
| | | **Amount to be Purchased** | **Amount to be Purchased** | **Amount to be Sold** | **Amount to be Sold** | |
|<br>**Counterparty** |<br>**Settlement Date** | **Notional** | **Currency** | **Notional** | **Currency** |<br>**Unrealized Gain (Loss)** |
| Silicon Valley Bank | 3/26/2026 | 15047654 | USD | 11259000 | GBP | $(93030) |
| Silicon Valley Bank | 12/11/2026 | 6484017 | USD | 4813000 | GBP | 19312 |
| Silicon Valley Bank | 12/11/2026 | 9499301 | USD | 7106000 | GBP | (45307) |
| Silicon Valley Bank | 12/11/2026 | 3958987 | USD | 2958000 | GBP | (14127) |
| Silicon Valley Bank | 12/11/2026 | 7881838 | USD | 5889000 | GBP | (28125) |
| Silicon Valley Bank | 12/15/2026 | 3999853 | USD | 5457000 | CAD | (27650) |
| **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** |  |  |  |  | $(188927) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Cap Transactions as of December 31, 2025** | **Interest Rate Cap Transactions as of December 31, 2025** | **Interest Rate Cap Transactions as of December 31, 2025** | **Interest Rate Cap Transactions as of December 31, 2025** | **Interest Rate Cap Transactions as of December 31, 2025** | **Interest Rate Cap Transactions as of December 31, 2025** | **Interest Rate Cap Transactions as of December 31, 2025** |
| **Counterparty** | **Termination Date** | **Notional Amount** | **Reference Rate** | **Cap Rate** | **Upfront Payments/Receipts** | **Fair Value** |
| Bank of America, N.A. | 4/30/2026 | $100000000 | USD-SOFR | 6.00% | $7700 | $7700 |
| **Total Interest Rate Cap Transactions** | **Total Interest Rate Cap Transactions** | **Total Interest Rate Cap Transactions** | **Total Interest Rate Cap Transactions** | **Total Interest Rate Cap Transactions** | $7700 | $7700 |

---

(1) Unless otherwise indicated, all investments are considered Level 3 investments. The value of each investment was determined using unobservable inputs as required to be notated by Article 12-12, footnote 9 of Regulation S-X.

(2) Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate ("SOFR" or "S") (which can include one-, three-, six- or twelve-month SOFR), Euro Interbank Offered Rate ("EURIBOR" or "E"), Canadian Overnight Repo Rate Average ("CORRA" or "C") (which can include one- or three-month CORRA), Australian Bank Bill Swap Bid Rate ("BBSY" or "B") (which can include one-, three-, or six-month BBSY), Sterling (SP) Overnight Interbank Average Rate ("SONIA" or "SA") or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate ("Prime" or "P"), at the borrower's option, and which reset periodically based on the terms of the loan agreement).

(3) Reserved.

(4) Position or portion thereof is a partially unfunded debt, ABF asset, or equity commitment. See Note 9 "Commitments and Contingencies".

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Unfunded** | **Unfunded** |
| **Issuer/Borrower** | **Sub Asset Class** | **Commitment Type** | **Maturity Date(24)** | **Funded Commitment** | **Commitment** | **Fair Value** |
| **Non-controlled/non-affiliated - delayed draw term loan unfunded commitments** | **Non-controlled/non-affiliated - delayed draw term loan unfunded commitments** | | | | | |
| Associations Inc. | Buildings and real estate | First lien senior secured delayed draw term loan | 07/2028 | $9808468 | $7832661 | $— |
| Associations Inc. | Buildings and real estate | First lien senior secured delayed draw term loan | 07/2028 |  | 1481855 | (700) |
| **Total non-controlled/non-affiliated - delayed draw term loans** | **Total non-controlled/non-affiliated - delayed draw term loans** |  |  | $9808468 | $9314516 | $(700) |
| **Non-controlled/non-affiliated - revolving debt unfunded commitments** | **Non-controlled/non-affiliated - revolving debt unfunded commitments** |  |  |  |  |  |
| CLP Issuer III, LLC | Consumer - personal loans | First lien senior secured revolving loan | 05/2028 | $74531250 | $468750 | $— |
| Mission Lane Credit Card Master Trust | Consumer - credit cards | First lien senior secured revolving loan | 03/2030 | 2631579 | 33082707 |  |
| New Wave Capital Limited | Commercial - credit cards | First lien senior secured GBP revolving loan | 12/2028 | 14546581 | 15488170 | (52715) |
| New Wave Capital Limited | Commercial - credit cards | First lien senior secured revolving loan | 05/2029 | 3691124 | 3566076 |  |
| Opportunity Funding SPE V, LLC | Consumer - personal loans | First lien senior secured revolving loan | 02/2029 | 48677632 | 38822368 |  |
| Salary Finance Limited | Consumer - personal loans | First lien senior secured GBP revolving loan | 10/2034 | 9179964 | 2983488 | (10155) |
| Skylark Loans Limited | Consumer - personal loans | Second lien senior secured GBP revolving loan | 10/2034 | 15793531 | 2565703 | (8733) |
| Upgrade Warehouse Trust 2025-3 | Consumer - personal loans | First lien senior secured revolving loan | 12/2028 | 5707692 | 6292308 |  |
| **Total non-controlled/non-affiliated - revolving debt** | **Total non-controlled/non-affiliated - revolving debt** |  |  | $174759353 | $103269570 | $(71603) |
| **Non-controlled/non-affiliated - ABF asset unfunded commitments(26)** | **Non-controlled/non-affiliated - ABF asset unfunded commitments(26)** |  |  |  |  |  |
| Various | Commercial - SME lending | ABF asset | 01/2027 - 06/2027 | $133394442 | $190605558 | $— |
| Various | Residential | ABF asset | N/A | 31109791 | 48890209 |  |
| **Total non-controlled/non-affiliated - ABF asset** | **Total non-controlled/non-affiliated - ABF asset** |  |  | $164504233 | $239495767 | $— |
| **Non-controlled/affiliated - ABF equity unfunded commitments** | **Non-controlled/affiliated - ABF equity unfunded commitments** |  |  |  |  |  |
| ACM Uprise Direct 2024 LLC(a) | Consumer - personal loans | ABF equity | N/A | $32410838 | $2184618 | $— |
| **Total non controlled/affiliated - ABF equity** | **Total non controlled/affiliated - ABF equity** |  |  | $32410838 | $2184618 | $— |
| **Total** |  |  |  | $381482892 | $354264471 | $(72303) |

---

(a) Funded commitment includes recoverable distributions.

(5) Investment measured at net asset value ("NAV").

(6) Underlying investments generate net investment income, which is distributed periodically.

(7) The interest rate on these investments is subject to 1 month SOFR, which as of December 31, 2025 was 3.69%.

(8) Short term investments (Level 1 investment) represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less.

(9) 7-day effective yield as of December 31, 2025.

(10) Considered equity positions in the vehicles held which are not rated. These positions are entitled to recurring distributions, which are generally equal to the remaining cash flow of the payments made by the underlying vehicle's securities, less contractual payments and expenses. An estimated yield is accrued based upon a current projection of the amount and timing of these recurring distributions and the estimated amount of repayment of principal upon termination. Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.

(11) Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which Blue Owl Alternative Credit Fund (the "Fund") owns less than 5% of the company's outstanding voting securities and does not have the power to exercise control over the management or policies of such company.

(12) The negative cost and fair value results from unamortized fees, which are capitalized to the investment cost of unfunded commitments.

(13) The Fund is deemed to be an "affiliated person" (as defined in the Investment Company Act of 1940, as amended (the "1940 Act") of this company as the Fund either has common control with affiliates, has the power to exercise control over the management or policies of such company ("controlled affiliates") or the Fund owns more than 5% but less than 25% of the company's voting securities ("non-controlled affiliates"). Transactions related to investments in non-controlled affiliates and controlled affiliates for the period ended December 31, 2025 were as follows:

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer/Borrower** | **Fair Value as of March 7, 2025 (Commencement of Operations)** | **Gross Additions(a)** | **Gross Reductions(b)** | **Net Change in Unrealized Gain/(Loss)** | **Realized Gain/(Loss)** | **Fair Value as of December 31, 2025** | **Dividend Income** |
| **Non-Controlled Affiliates** | | | | | | | |
| AgAmerica Lending LLC | $— | $42913467 | $— | $1450548 | $— | $44364015 | $1249247 |
| CCI GPCC Syndicate LLC |  | 1230723 |  | 31338 |  | 1262061 |  |
| **Total** | $— | $44144190 | $— | $1481886 | $— | $45626076 | $1249247 |
| **Controlled Affiliates** |  |  |  |  |  |  |  |
| ACM Uprise Direct 2024 LLC | $— | $42662394 | $(10251556) | $(136450) | $— | $32274388 | $2450924 |
| Blue Crest Aviation Partners 2025-1 LLC |  | 74644023 | (5445000) | 1321286 |  | 70520309 |  |
| Blue Owl Leasing LLC |  | 31000000 |  | (112251) |  | 30887749 |  |
| BOAC AIF A4 Interval Pagani Depositor LLC |  | 66132747 |  | (11462062) |  | 54670685 | 14847515 |
| BOAC Crevasse I LLC |  | 57805150 | (23569060) | (3286973) |  | 30949117 | 5437034 |
| BOAC IAT Aviation Opco 1 LLC |  | 49174300 |  | 30046 |  | 49204346 |  |
| BOAC Up Owl Night E 2025 JV LLC |  | 50315440 |  | 414700 |  | 50730140 |  |
| Contrail JV II LLC Sunrise Portfolio Offshore LLC |  | 18434274 |  | 1173718 |  | 19607992 |  |
| Contrail JV II LLC Sunrise Portfolio Onshore LLC |  | 8872946 | (255690) | 427435 |  | 9044691 |  |
| LSI Financing LLC |  | 41872279 | (12120114) | 1263783 |  | 31015948 | 1007388 |
| **Total** | $— | $440913553 | $(51641420) | $(10366768) | $— | $378905365 | $23742861 |

---

(a) Gross additions may include increases in the cost basis of investments resulting from new investments, additional contributions, amounts related to payment-in-kind ("PIK") interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing company into this non-controlled affiliated category from a different category.

(b) Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.

(14) Par/Units is denominated in USD ("$") unless otherwise noted as denominated in British Pound ("£") or Canadian Dollars ("CAD")

(15) Totals presented may differ than actuals due to rounding.

(16) Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted security" under the Securities Act. As of December 31, 2025, the aggregate fair value of these securities is $842,881,675, or 67.6% of the Fund's net assets. The acquisition dates of the restricted securities are as follows:

---

| | | |
|:---|:---|:---|
| **Issuer/Borrower** | **Investment** | **Acquisition Date** |
| ACHD Trust 2025-DS1 Class B Note | Asset-backed security | 12/2025 |
| ACHD Trust 2025-DS1 Class C Note | Asset-backed security | 12/2025 |
| ACM Uprise Direct 2024 LLC | ABF equity | 05/2025 |
| AgAmerica Lending LLC | Investment partnership | 07/2025 |
| Blue Crest Aviation Partners 2025-1 LLC | ABF equity | 09/2025 |
| Blue Owl Leasing LLC | ABF equity | 10/2025 |
| BOAC AIF A4 Interval Pagani Depositor LLC | ABF equity | 05/2025 |
| BOAC Crevasse I LLC | ABF equity | 06/2025 |
| BOAC IAT Aviation Opco 1 LLC | ABF equity | 12/2025 |
| BOAC Up Owl Night E 2025 JV LLC | ABF equity | 12/2025 |
| VCI Intermediate TopCo 1 LLC | ABF equity | 11/2025 |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

---

| | | |
|:---|:---|:---|
| CCI GPCC Syndicate LLC | ABF equity | 12/2025 |
| Continental Finance Credit Card ABS Master Trust Series 2025-A Class E Note | Asset-backed security | 12/2025 |
| Continental Finance Credit Card ABS Master Trust Series 2025-A Class D Note | Asset-backed security | 12/2025 |
| Contrail JV II LLC Sunrise Portfolio Offshore LLC | ABF equity | 07/2025 |
| Contrail JV II LLC Sunrise Portfolio Onshore LLC | ABF equity | 07/2025 |
| GLS Auto Receivables Issuer Trust 2025-1 Series Certificate | Asset-backed security | 05/2025 |
| GLS Auto Receivables Issuer Trust 2025-2 Series Certificate | Asset-backed security | 05/2025 |
| GLS Auto Receivables Issuer Trust 2025-3 Class E Series Note | Asset-backed security | 08/2025 |
| GLS Auto Receivables Issuer Trust 2025-3 Series Certificate | Asset-backed security | 08/2025 |
| GLS Auto Receivables Issuer Trust 2025-4 Class E Series Note | Asset-backed security | 11/2025 |
| GLS Auto Receivables Issuer Trust 2025-4 Series Certificate | Asset-backed security | 11/2025 |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-P11 Class B Series Note | Asset-backed security | 08/2025 |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-P11 Series Certificate | Asset-backed security | 08/2025 |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-P14 Class B Series Note | Asset-backed security | 09/2025 |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-P14 Series Certificate | Asset-backed security | 09/2025 |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-P16 Class B Series Note | Asset-backed security | 11/2025 |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-P16 Series Certificate | Asset-backed security | 11/2025 |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-RP1 Class B Series Note | Asset-backed security | 05/2025 |
| LendingClub Structured Loan Certificate Issuer Trust, Series 2025-RP1 Series Certificate | Asset-backed security | 05/2025 |
| LSI Financing LLC | Common equity | 07/2025 |
| OnDeck Asset Securitization IV, LLC 2025-2 Class D Note | Asset-backed security | 11/2025 |
| Point Securitization Trust 2025-2 A1 Note | Asset-backed security | 10/2025 |
| Point Securitization Trust 2025-2 A2 Note | Asset-backed security | 10/2025 |
| Point Securitization Trust 2025-2 B1 Note | Asset-backed security | 10/2025 |
| Point Securitization Trust 2025-2 B2 Note | Asset-backed security | 10/2025 |
| Point Securitization Trust 2025-2 Series Certificate | Asset-backed security | 10/2025 |
| SoFi Consumer Loan Program 2025-2 Trust Class D Note | Asset-backed security | 06/2025 |
| SoFi Consumer Loan Program 2025-3 Trust Class D Note | Asset-backed security | 08/2025 |
| Upstart Securitization Trust 2025-4 Class D Note | Asset-backed security | 11/2025 |
| Valor CI Blocker Feeder LP | Investment partnership | 11/2025 |
| Wells Fargo Commercial Mortgage Trust 2025-5C7 Class E Certificate | Asset-backed security | 12/2025 |
| Wells Fargo Commercial Mortgage Trust 2025-5C7 Class F Certificate | Asset-backed security | 12/2025 |
| Wells Fargo Commercial Mortgage Trust 2025-5C7 Class G Certificate | Asset-backed security | 12/2025 |

---

------

**Blue Owl Alternative Credit Fund**

**Consolidated Schedule of Investments - Continued**

**As of December 31, 2025**

(17) The interest rate on these investments is subject to SONIA, which as of December 31, 2025 was 3.73%.

(18) The Fund invests in this company through blocker entity OWLCX Sunrise Onshore 7x LLC.

(19) Reserved.

(20) Reserved.

(21) Reserved.

(22) Reserved.

(23) Domiciled in the United Kingdom.

(24) The date disclosed represents the commitment period of the unfunded loan. Upon expiration of the commitment period, the funded portion of the loan may be subject to a longer maturity date.

(25) Unless otherwise indicated, all investments are domiciled in the United States.

(26) The Fund has entered into forward flow arrangements that require the purchase of certain ABF assets. These unfunded commitments are subject to specific maximum monthly purchase amounts and are not structured as funding-on-demand obligations of the alternative lending platforms.

(27) Reserved.

(28) Home equity investments will be realized upon the sale or refinancing of the underlying homes, portfolio sales, or through securitization.

(29) The interest rate on these investments is subject to 3 month SOFR, which as of December 31, 2025 was 3.65%.

(30) The interest rate on these investments is subject to 1 month CORRA, which as of December 31, 2025 was 2.30%.

(31) Domiciled in Canada.

(32) Unless otherwise indicated, the Fund's investment is pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facility I, or SPV Asset Facility II.

(33) The Fund's investment is not pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facility I, or SPV Asset Facility II.

(34) The Fund's investment is pledged as collateral supporting the amounts outstanding under the payable for reverse repurchase agreements.

(35) "SME" means small and medium-sized enterprises.

(36) Investment does not contain a variable rate structure.

(37) The Fund holds various individual home equity investments through OWLCX REIT LLC.

(38) Reserved.

(39) Reserved.

(40) Reserved.

(41) Investment is subject to a forward flow arrangement. See Note 2 "Significant Accounting Policies".

## Ex-99.D

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees

Blue Owl Alternative Credit Fund:

*Opinion on the Consolidated Financial Statements*

We have audited the accompanying consolidated statement of assets and liabilities of Blue Owl Alternative Credit Fund (the Fund), including the consolidated summary schedule of investments, as of December 31, 2025, the related consolidated statements of operations, changes in net assets, and cash flows for the period from March 7, 2025 (Commencement of Operations) to December 31, 2025, and the related notes (collectively, the consolidated financial statements) and the consolidated financial highlights for the period from March 7, 2025 (Commencement of Operations) to December 31, 2025 (the consolidated financial statements and consolidated financial highlights are included in Item 1 of this Form N-CSR), and the consolidated schedule of investments as of December 31, 2025 (included in Item 6 of this Form N-CSR). In our opinion, the consolidated financial statements, consolidated financial highlights and consolidated schedule of investments present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations, changes in its net assets and its cash flows for the period from March 7, 2025 (Commencement of Operations) to December 31, 2025, and the consolidated financial highlights for the period from March 7, 2025 (Commencement of Operations) to December 31, 2025, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These consolidated financial statements, consolidated financial highlights and consolidated schedule of investments are the responsibility of the Fund's management. Our responsibility is to express an opinion on these consolidated financial statements, consolidated financial highlights and consolidated schedule of investments based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.These consolidated financial statements and consolidated financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these consolidated financial statements and consolidated financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements, consolidated financial highlights and consolidated schedule of investments are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, consolidated financial highlights and consolidated schedule of investments, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements, consolidated financial highlights and consolidated schedule of investments. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with custodians, brokers and other counterparties; when replies were not received from custodians, brokers and/or counterparties, we performed other appropriate auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements, consolidated financial highlights and consolidated schedule of investments. We believe that our audit provides a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the Fund's auditor since 2025.

New York, New York

February 26, 2026

<br>