The Dyal Advisers provide investment advisory services through the Dyal Capital division of Blue Owl (“Dyal Capital”) to investment funds offered to qualified investors in the United States and elsewhere (the “Dyal Funds”). The Dyal Advisers commenced operations, as relying advisers of an affiliate of Neuberger Berman Group LLC (“Neuberger”) and under prior names, in 2010 and 2017, respectively. Dyal Capital is now a division of Blue Owl. The Dyal Advisers are principally owned, through certain intermediary vehicles, by Blue Owl and an affiliate of Neuberger and are controlled by Blue Owl (“Blue Owl”), which is a publicly traded company listed on the New York Stock Exchange (NYSE:OWL). Blue Owl is ultimately controlled by the founders and principals of the various divisions of Blue Owl. More information about the Dyal Advisers’ owners and executive officers is available in the Dyal Advisers’ Form ADV Part 1A, Schedule A/B. As of December 31, 2022, the Dyal Advisers managed approximately $48.5 billion on a discretionary basis. Blue Owl, through the Dyal Advisers together with the SEC-registered investment advisers associated with the Owl Rock division of Blue Owl (the “Owl Rock Advisers”) and the Oak Street division of Blue Owl (the “Oak Street Advisers” and, together with the Owl Rock Advisers and the Dyal Advisers and any future affiliated investment advisers, the “Blue Owl Advisers”), managed approximately $138.2 billion on a discretionary basis (based on information as of December 31, 2022).1 Dyal Funds and their Strategies The Dyal Advisers pursue three distinct investment strategies for the Dyal Funds: GP Minority Equity Investments, GP Debt Financing Investments, and National Basketball Association (“NBA”) Franchise Minority Investments.
• For the Dyal Funds that pursue the GP Minority Equity Investments strategy (such funds, the “Dyal Equity Funds”), the Dyal Advisers seek to build diversified portfolios of minority equity 1 For the purposes of these calculations, for the Owl Rock Advisers, assets under management (approximately $68.6 billion based on information as of December 31, 2022) represents the sum of (i) total assets of clients (including assets acquired with leverage) managed by the Owl Rock Advisers, (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). For the Dyal Advisers, assets managed on a discretionary basis (approximately $48.5 billion based on information as of December 31, 2022) represents the sum of capital commitments to the funds managed by the Dyal Advisers. For the Oak Street Advisers, assets managed on a discretionary basis (approximately $21.1 billion based on information as of December 31, 2022) represents the sum of (i) total assets of clients (including assets acquired with leverage) managed by the Oak Street Advisers, (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 investments in institutionalized alternative asset management firms (such firms, “Partner Managers”) across multiple strategies, geographies, and asset classes. The Dyal Equity Funds may also make direct investments in alternative investment funds or separate accounts that are managed by Partner Managers (“Portfolio Funds”) and other investments that are consistent with the Dyal Advisers’ investment theses for the Dyal Equity Funds. The Dyal Equity Funds are closed-end, permanent capital funds. The Dyal Equity Funds’ investment objective is to generate cash yield by collecting a set percentage of contractually fixed management fees, a set percentage of carried interest and return on balance sheet investments made by underlying Partner Managers. The Dyal Equity Funds primarily focus on acquiring minority positions in large, multi-product Partner Managers who continue to gain a disproportionate

proportion of the assets flowing into private investment strategies and exhibit high levels of stability. The inaugural Dyal Equity Funds followed a hedge fund manager-focused investment program that has since evolved into a private capital manager- focused investment program in more recent Dyal Equity Funds.
• For the Dyal Funds that pursue the GP Debt Financing Investments strategy (such funds, the “Dyal Financing Funds”), the relevant Dyal Adviser seeks to originate and make collateralized, long-term debt investments, preferred equity investments and structured investments in Partner Managers. The Dyal Financing Funds acquire, hold and dispose of investments structured as long-term loans to, and/or preferred equity or structured investments in, Partner Managers as well as opportunistic investments related to this strategy, pursuant to cash flow sweeps of set percentages of management fees, general partner realization, carried interest and other fee streams of the Partner Manager in the event that certain minimum coverage ratios are not maintained. The Dyal Financing Funds’ investment objective is to generate current income by targeting investment opportunities with attractive risk-adjusted returns. The relevant Dyal Adviser expects that the loans will be used to allow borrowers to support business growth, fund the Partner Managers’ investments in their own funds, and launch new strategies. The Dyal Adviser to the Dyal Financing Funds will seek to assemble a portfolio of complementary investments whose borrowers are diversified by investment strategy, geography and asset class. The GP Debt Financing investment strategy allows the Dyal Advisers to offer a comprehensive suite of solutions to private capital managers.
• For Dyal Funds that pursue the NBA Franchise Minority Investments strategy (such funds, the “Dyal HomeCourt Funds”), the relevant Dyal Adviser seeks to build diversified portfolios of minority equity investments in National Basketball Association teams (“NBA Teams”). The relevant Dyal Adviser’s first endeavor in this area was creating a partnership with the NBA, which has pre-approved the Dyal Adviser to the Dyal HomeCourt Funds as a prospective buyer of NBA Teams and waived both its requirement that any minority owner own a stake in a single franchise and its limitation on any team having more than 25 individual beneficial owners. The NBA has also provided pre-approval for the Dyal HomeCourt Funds to own interests in multiple NBA Teams. The Dyal Adviser to the Dyal HomeCourt Funds believes that having these approvals and waivers already established will provide selling owners with more certainty of a Dyal HomeCourt Fund’s ability to close on any investment and will make the Dyal HomeCourt Funds the buyer of choice when a minority interest in an NBA Team becomes 6 | P a g e available. The Dyal HomeCourt Funds’ investments in the NBA are intended to provide low correlation to other asset classes and long-term value appreciation. The Dyal Advisers’ advisory services to the Dyal Funds are detailed in the relevant private placement memorandum or other offering documents, limited partnership or other operating agreements of the Dyal Funds (“Offering Materials”) and are further described below under Item 8 - Methods of Analysis, Investment Strategies and Risk of Loss. The Dyal Advisers have overall responsibility for implementing the investment strategies of the Dyal Funds and have the authority to select investments within the stated investment strategies and objectives of each Dyal Fund (such investments, including investments in Partner Managers, Portfolio Funds, and/or NBA Teams, as the context requires, “Portfolio Investments”). The Dyal Advisers generally do not tailor advice given to a Dyal Fund based on the individualized needs of any particular investor. Each investor in a Dyal Fund (“Investors”) must consider whether that Dyal Fund meets such Investor’s investment objectives and risk tolerance prior to investing. Refer to Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss and Item 13 — Review of Accounts for further discussion on the Dyal Advisers’ investment process. 7 | P a g e