The Blue Owl Credit PFAs provide investment advisory services through the Credit platform of Blue Owl (“Blue Owl Credit”) to investment funds offered to qualified investors in the United States and elsewhere (the “Blue Owl Private Funds”) as well as fund-of-one or other separately managed account clients (“SMA Clients” and with the Blue Owl Private Funds, “Clients”). OCA, OPFA and ODCA commenced operations in 2016, 2018 and 2020, respectively. The Blue Owl Credit PFAs are principally owned, through certain intermediary vehicles, by Blue Owl Capital Inc. (“Blue Owl”), which is a publicly traded company listed on the New York Stock Exchange (NYSE: OWL), and an affiliate of Neuberger Berman Group LLC and are controlled by Blue Owl. Blue Owl is controlled by the founders and principals of Blue Owl. More information about the Blue Owl Credit PFAs’ owners and executive officers is available in each Blue Owl Credit PFA’s Form ADV, in Part 1A, Schedules A/B. As of December 31, 2023:
• OCA managed approximately $37.8 billion on a discretionary basis;
• OPFA managed approximately $9.8 billion on a discretionary basis and $1.3 billion on a non- discretionary basis; and
• ODCA managed approximately $8.0 billion on a discretionary basis. Blue Owl, through the Blue Owl Credit PFAs and together with the other SEC-registered investment advisers associated with the Credit, GP Strategic Capital, and Real Estate platforms of Blue Owl (collectively, the “Blue Owl Advisers”), managed approximately $165.7 billion (based on information as of December 31, 2023).1 The Blue Owl Private Funds and their Strategies The Blue Owl Credit PFAs, specializing in middle market direct lending, serve as investment managers and provide discretionary investment advisory services to their clients. 1 For the purposes of these calculations, for Blue Owl Credit, assets under management (approximately $84.6 billion based on information as of December 31, 2023) represents the sum of (i) total assets of clients (including assets acquired with leverage) managed by Blue Owl Credit, (ii) undrawn debt available to these clients (including certain amounts subject to restrictions), (iii) uncalled committed capital of these clients (including commitments to products that have yet to commence their investment periods), and (iv) par value of collateral for collateralized loan obligations. For Blue Owl GP Strategic Capital, assets under management (approximately $54.2 billion based on information as of December 31, 2023) represents the sum of (i) total assets of clients (including assets acquired with leverage) managed by Blue Owl GP Strategic Capital and (ii) uncalled committed capital of these clients (including commitments to products that have yet to commence their investment period. For Blue Owl Real Estate, assets under management (approximately $26.9 billion based on information as of December 31, 2023) represents the sum of (i) total assets of clients (including assets acquired with leverage) managed by Blue Owl Real Estate, (ii) undrawn debt available to these clients (including certain amounts subject to restrictions), and (iii) uncalled committed capital of these clients (including commitments to products that have yet to commence their investment periods). 5 | P a g e The Blue Owl Credit PFAs’ investment strategy focuses primarily on originating primary transactions in and, to a lesser extent, engaging in secondary acquisitions of, senior secured loans in or related to middle market businesses based primarily in the United States. The Blue Owl Credit PFAs may also invest, on a limited basis, in other types of debt and debt-related securities in or related to middle market businesses based primarily in the United States. Certain of the Blue Owl Private Funds have a concentrated secondary strategy such as first lien lending, opportunistic lending, diversified lending or technology lending.
• For the Blue Owl Private Funds that pursue a first lien lending strategy, the Blue Owl Credit PFAs seek to realize current income with an emphasis on preservation of capital primarily through originating primary transactions in and, to a lesser extent, secondary transactions of first lien senior secured loans in or related to middle market businesses based primarily in the United States.
• For the Blue Owl Private Funds that pursue an opportunistic lending strategy, the Blue Owl Credit PFAs seek to generate attractive risk-adjusted returns by taking advantage of credit opportunities in U.S. middle-market companies with liquidity needs and market leaders seeking to improve their balance sheets. The opportunistic lending strategy focuses on high- quality companies that could be experiencing disruption, dislocation, distress or transformational change. The opportunistic lending strategy aims to be the partner of choice for companies by being well equipped to provide a variety of financing solutions to meet a broad range of situations, including the following: (i) rescue financing, (ii) new issuance and recapitalizations, (iii) wedge capital, (iv) debtor-in-possession loans, (v) financing for additional liquidity and covenant relief and (vi) broken syndications.
• For the Blue Owl Private Funds that pursue a diversified lending strategy, the Blue Owl Credit PFAs seek to generate current income and, to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns across credit cycles with an emphasis on preserving capital primarily through originating and making loans to, and making debt and equity investments in, U.S. middle market companies. The diversified

lending strategy provides a wide range of financing solutions with strong focus on the top of the capital structure and operate this strategy through diversification by borrower, sector, sponsor, and position size.
• For the Blue Owl Private Funds that pursue a technology lending strategy, the Blue Owl Credit PFAs seek to maximize total return by generating current income from debt investments and other income producing securities, and capital appreciation from equity and equity-linked investments primarily through originating and making loans to, and making debt and equity investments in, technology related companies based primarily in the United States. The technology lending strategy originates and invests in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may be convertible into a portfolio company’s common equity. The technology lending strategy 6 | P a g e invests in a broad range of established and high growth technology companies that are capitalizing on the large and growing demand for technology products and services. This strategy focuses on companies that operate in technology-related industries or sectors which include, but are not limited to, information technology, application or infrastructure software, financial services, data and analytics, security, cloud computing, communications, life sciences, healthcare, media, consumer electronics, semi-conductor, internet commerce and advertising, environmental, aerospace and defense industries and sectors. The Blue Owl Credit PFAs’ advisory services to the Blue Owl Private Funds are detailed in the relevant private placement memorandum or other offering documents, limited partnership or other operating agreements of the Blue Owl Private Funds (“Offering Materials”) and are further described below under Item 8 - Methods of Analysis, Investment Strategies and Risk of Loss. The Blue Owl Credit PFAs have overall responsibility for implementing the investment strategies of the Blue Owl Private Funds and have the authority to select investments within the stated investment strategies and objectives of each Blue Owl Private Fund (such investments, together with investments of each Client, “Portfolio Investments”). The Blue Owl Credit PFAs generally do not tailor advice given to a Blue Owl Private Fund based on the individualized needs of any particular investor. Each investor in a Blue Owl Private Fund (“Investors”) must consider whether that Blue Owl Private Fund meets such Investor’s investment objectives and risk tolerances prior to investing. SMA Clients The Blue Owl Credit PFAs may also manage accounts for SMA Clients. As of the date of this Brochure, OPFA manages accounts for SMA Clients; OCA and ODCA do not. Each Blue Owl Credit PFA has the ability to build fully customizable separately managed accounts, which can be structured as a traditional separate account or as a fund of one, depending on the client’s preferences. The Blue Owl Credit PFAs generally works with each client to design portfolio construction guidelines including investment objectives, constraints and preferences as well as monitoring and reporting obligations. Refer to Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss and Item 13 — Review of Accounts for further discussion on the Blue Owl Credit PFAs’ investment process. Blue Owl BDCs Certain Blue Owl Credit PFAs also manage one or more Blue Owl BDCs which have elected to be regulated as business development companies under the Investment Company Act of 1940, as amended (the “1940 Act”). The Blue Owl BDCs’ investment strategies focus primarily on originating and making loans to, and making debt and equity investments in, U.S. middle market companies. The Blue Owl BDCs invest in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity-related securities and warrants. As of the date of this Brochure, OCA, and ODCA manage Blue Owl BDCs; OPFA does not. 7 | P a g e Blue Owl Credit CLO Funds Certain Blue Owl Credit PFAs also manage one or more collateralized loan obligation vehicles (the “Blue Owl Credit CLO Funds” and together with the Blue Owl Private Funds and the Blue Owl BDCs, the “Blue Owl Credit Funds”), whose investment strategy focuses primarily on middle market loans (and participation interests in middle market loans) that are below investment grade. A substantial portion of these loans are originated by, and are expected to be originated in the future by, Blue Owl BDCs through their wholly owned subsidiaries, or Blue Owl Private Funds, in each case managed by the respective Blue Owl Credit CLO Fund’s investment adviser. As of the date of this Brochure, OCA, OPFA and ODCA manage Blue Owl Credit CLO Funds. Refer to Item 10 – Other Financial Industry Activities and Affiliations for further discussion on the investment services provided by the Blue Owl Credit Advisers (as defined in Item 10) to the Blue Owl Credit CLO Funds and the Blue Owl BDCs. This Brochure generally covers Blue Owl Credit’s diversified lending program. More information about the Blue Owl BDCs can be found on Blue Owl Credit’s website (www.blueowl.com) or by contacting Blue Owl Credit at the phone number or address on the cover page of this Brochure. Further information about the Blue Owl Credit CLO Funds can also be found in the separate brochure that covers Blue Owl Credit’s CLO advisory business or by contacting Blue Owl Credit at the phone number or address on the cover page of this Brochure. 8 | P a g e