Private credit was the big deal for the last few years, and Blue Owl was pretty hot stuff. Now:

The New York investment group on Wednesday said investors in Blue Owl Capital Corp II would no longer be able to redeem their investments in quarterly intervals but that the company would instead return investors’ capital in episodic payments as it sells down assets in coming quarters and years.

Blue Owl’s announcement came as part of a $1.4bn sale of credit assets across three of its funds, including $600mn for its retail credit fund. The sale amounts to 30 per cent of its total assets.

Investors in OBDC II pulled $150mn from the fund through the first nine months of 2025, a 20 per cent increase from the prior year, according to securities filings. Redemptions in the third quarter of 2025 nearly doubled to $60mn, or 6 per cent of its net asset value.

This seems like a sign or portent or something.