Blue Owl falls after capping withdrawals in two private credit funds

Shares of Blue Owl Capital (OWL) are moving lower after Blue Owl Credit Income Corp. disclosed a letter sent to its shareholders announcing redemptions in two of its private credit funds will be limited. Blue Owl said it will cap redemptions in its private-credit and technology-focused funds at 5% after receiving withdrawal requests totalling 21.9% in the former and 40.7% in the latter fund. Shares of Blue Owl Capital are down 7%, or 59c, to $8.13 in morning trading. Other alternative asset management stocks, including Ares Management (ARES), KKR (KKR), Apollo Global (APO) and Blackstone (BX), are also moving lower.