The Blue Owl Credit CLO Advisers provide investment advisory services through the Credit
platform of Blue Owl (“Blue Owl Credit”) to (i) investment funds offered to qualified investors in
the United States and elsewhere (the “Blue Owl Private Funds”), (ii) collateralized loan obligation
vehicles (the “Blue Owl Credit CLO Funds”), (iii) business development companies (the “Blue Owl
BDCs” and, together with the Blue Owl Private Funds and Blue Owl Credit CLO Funds, “Blue Owl
Credit Funds”), and (iv) fund-of-one or other separately managed account clients (“SMA Clients”).
OCA, OPFA, OTCA, ODCA and OTCA II commenced operations in 2016, 2018, 2018, 2020 and
2021, respectively.
The Blue Owl Credit CLO Advisers 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 CLO Advisers’ owners and executive officers is available in each Blue
Owl Credit CLO Adviser’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;
• OTCA managed approximately $7.3 billion on a discretionary basis;
• ODCA managed approximately $8.0 billion on a discretionary basis; and
• OTCA II managed approximately $11.3 billion on a discretionary basis.
Blue Owl, through the Blue Owl Credit CLO Advisers 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
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
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The Blue Owl Credit CLO Funds and Their Strategies
The Blue Owl Credit CLO Advisers, specializing in the selection, acquisition, reinvestment and
disposition of the underlying collateral obligations in each Blue Owl Credit CLO Fund’s investment
portfolio (“Collateral Obligations”), serve as investment managers and provide discretionary
investment advisory services to their clients. The Blue Owl Credit CLO Advisers’ 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 (the “Financing Subsidiaries”) or the Blue Owl Private Funds, in each case managed
by the respective Blue Owl Credit CLO Fund’s investment adviser.
Middle market loans are generally loans extended to obligors with annual earnings before
interest, taxes, depreciation and amortization of between $10 million and $250 million, and/or
annual revenue of $50 million to $2.5 billion at the time of investment. These loans share many
of the same characteristics as more broadly syndicated loans, including a senior secured position
in the borrower’s capital structure and floating rate interest payments. These loans also tend to
be privately
held and are not often publicly rated.
The Blue Owl Credit CLO Advisers’ advisory services to the Blue Owl Credit CLO Funds are detailed
in the relevant private placement memorandum or other offering documents of the Blue Owl
Credit CLO Funds (“Offering Materials”) and are further described below under Item 8 - Methods
of Analysis, Investment Strategies and Risk of Loss. The Blue Owl Credit CLO Advisers have
overall responsibility for implementing the investment strategies of the Blue Owl Credit CLO
Funds and have the authority to select investments within the stated investment strategies and
objectives of each Blue Owl Credit CLO Fund (such investments, together with investments of
each Blue Owl Credit Client, “Portfolio Investments”). The Blue Owl Credit CLO Advisers generally
do not tailor advice given to a Blue Owl Credit CLO Fund based on the individualized needs of any
particular investor. Each investor in a Blue Owl Credit CLO Fund (“Investors”) must consider
whether that Blue Owl Credit CLO Fund meets such Investor’s investment objectives and risk
tolerances prior to investing.
SMA Clients
The Blue Owl Credit CLO Advisers may also manage accounts for SMA Clients. As of the date of
this Brochure, OPFA manages accounts for SMA Clients, OCA, OTCA, ODCA and OTCA II do not.
Each Blue Owl Credit CLO Adviser 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 CLO Adviser generally works with
to restrictions), and (iii) uncalled committed capital of these clients (including commitments to products that
have yet to commence their investment periods).
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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 each Blue Owl Credit CLO Adviser’s investment
process for the Blue Owl Credit CLO Funds.
Blue Owl BDCs
Certain Blue Owl Credit CLO Advisers 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
(the “1940 Act”), whose 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,
ODCA, OTCA and OTCA II manage Blue Owl BDCs; OPFA does not.
Blue Owl Private Funds
Certain Blue Owl Credit CLO Advisers also manage one or more Blue Owl Private Funds, whose
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 CLO Advisers 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. The Blue Owl Private Funds primarily
invest in senior secured or unsecured loans, mezzanine debt, other subordinated debt, and
interests in senior to common equity, as well as equity securities (or rights to acquire equity
securities) which may or may not be acquired in connection with a debt financing transaction.
The Blue Owl Credit CLO Advisers do not tailor advice given to a Blue Owl Private Fund based on
the individualized needs of any particular Investor. As of the date of this Brochure, OCA, OPFA
and ODCA manage Blue Owl Private Funds; OTCA and OTCA II do not.
Refer to Item 10 – Other Financial Industry Activities and Affiliations for further discussion on
the investment services provided by certain Blue Owl Credit CLO Advisers to the Blue Owl Credit
CLO Funds.
This Brochure generally covers Blue Owl Credit’s CLO 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 Private Funds and CLOs managed by Blue Owl Liquid Credit
Advisors LLC (“Blue Owl Liquid Credit”) can also be found in the separate brochure that covers
Blue Owl Credit’s diversified lending advisory business or by contacting Blue Owl Credit at the
phone number or address on the cover page of this Brochure.
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