Blue Owl Diversified Credit Advisors LLC

Item 5 – Fees and Compensation

Management Fees

   Blue Owl Private Funds

    The Blue Owl Private Funds generally compensate the Blue Owl Credit PFAs or their affiliates
    for their investment management services through an annual management fee with respect
    to each Investor, payable quarterly in advance. Management fees charged with respect to
    each Investor can be negotiable and typically are equal to a specified percentage per annum,
    as described in the relevant Offering Materials.

    Subject to the relevant Offering Materials, management fees may be offset by the Investors’
    share of any directors’ fees, origination fees, monitoring fees, commitment fees, transaction
    fees, closing fees and break-up fees received by the Blue Owl Credit PFAs or affiliates with
    respect to any investment made by the Blue Owl Private Fund. Blue Owl Credit entities also
    have received in the past, and expect to continue to receive, arranger fees related to services
    provided as lead arranger that will not be included in the management fee offset described
    above. Refer to Item 14—Client Referrals and Other Compensation for additional
    information about these arranger fees.

    Fees are deducted directly from the account of each Blue Owl Private Fund. Should a Blue
    Owl Private Fund liquidate during a quarterly period, any prepaid, unearned management
    fees will be refunded.

    Each Blue Owl Credit PFA, in its discretion, is permitted to waive, alter or rebate the
    management fee applicable to all or any Investors.

   SMA Clients

    SMA Client fee schedules can be negotiated and as such will vary based upon a wide variety
    of factors including the type of client mandate, services provided, investment amount and
    other factors as may be agreed with the particular SMA Client.

    Depending on the structure of the SMA Client’s account, management fees can be deducted
    directly from the account or invoiced to the client and may be charged in advance or arrears,
    as agreed to with the SMA Client. SMA Clients initiated or terminated during a calendar
    quarter will be charged a prorated fee for the period (if fees are paid in arrears) or have any
    prepaid, unearned fees refunded (if fees are paid in advance).

Performance Fees

Refer to Item 6 – Performance-Based Fees and Side-By-Side Management for discussion of
performance-based compensation.

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Additional Expenses

The fees described above cover only the Blue Owl Credit PFAs’ investment management services.
The Blue Owl Private Funds and their Investors and the SMA Clients also bear, directly and
indirectly, certain additional expenses, in each case as described in the relevant Offering
Materials.

   Blue Owl Private Funds

    Each Blue Owl Private Fund typically pays, or reimburses Blue Owl Credit for, operating
    expenses and organizational expenses related to such Blue Owl Private Fund. Expenses
    permitted to be charged to a specific Blue Owl Private Fund are set out in the relevant
    Offering Materials.

    As set forth more fully in relevant Offering materials, operating expenses for a Blue Owl
    Private Fund typically include all fees, costs, expenses and liabilities related to or attributable
    to the operation, administration and liquidation of such Blue Owl Private Fund (or any
    subsidiary thereof), including but not limited to the following:

       fees, costs, expenses, liabilities and obligations relating to the Blue Owl Private Fund
        and/or its activities, business, Portfolio Investments or actual or potential investments,
        including with respect to any person formed to effect the acquisition and/or holding of a
        Portfolio Investment (to the extent not borne or reimbursed by a Portfolio Investment or
        potential Portfolio Investment);
       deal related expenses (such as identification and sourcing, research due diligence on an
        investment and structuring and monitoring of an investment) including those deals that
        the Blue Owl Credit PFAs ultimately determines not appropriate for investment;
       costs and expenses associated with the purchase, operation, financing, selling, restructure,
        valuing and holding a Portfolio Investment, including any third-party costs;
       costs and expenses of organizing, managing, operating and dissolving any alternative
        investment vehicles and other special purpose vehicles formed to hold the Blue Owl Private
        Fund’s assets;
       research and market data (such as news and quotation equipment, software and
        services);
       expenses related to legal, tax, auditors, accountants, administrators, custodians,
        consultants, compliance firms, third party valuation firms, information technology
        providers and other outside advisors and professionals;
       insurance;
       costs and expenses related to the Blue Owl Private Fund’s compliance with applicable laws,
        rules, regulations, policies, directives or similar measures;
       brokerage, custodial, transfer agent and banking charges and other investment costs;
       costs and expenses associated with negotiating, structuring, forming and holding a credit
        facility or other borrowings;
       costs and expenses associated with hedging investments;
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      unreimbursed costs and expenses associated with transfers or proposed transfers;
      costs and expenses associated with certain feeder vehicles that invest all or substantially
       of their assets in the Blue Owl Private Fund;
      meetings of such Blue Owl Private Fund’s advisory board or limited partners (including out
       of pocket costs (including travel costs) of the members and any non-voting observers of the
       advisory board);
      interest and other expenses on borrowed money;
      taxes, duties and other governmental charges;
...

Item 7 – Types of Clients

Each Blue Owl Credit PFA provides investment advisory services to one or more of the following:

      Blue Owl Private Funds;
      Blue Owl BDCs;
      SMA Clients; and
      Blue Owl Credit CLO Funds.

In addition to the foregoing, the Blue Owl Private Funds also include one or more “friends and
family” vehicles that have been formed, and may be formed in the future, to facilitate the ability
of a limited number of investors to obtain exposure to one or more Blue Owl Credit Funds and
other vehicles across Blue Owl Credit’s platform. Such vehicles generally are not expected to
directly bear management fees, carried interest or performance-based compensation but in
some instances indirectly bear their portion of the fees and expenses incurred by the underlying
Blue Owl Credit Funds and other vehicles in which they invest.

SMA Clients currently include institutional investors such as pension plans, non-profit
organizations and financial institutions.

Investors in the Blue Owl Private Funds include, among others:

      pension plans (including public and corporate pension plans);
      non-profit organizations (including endowments and foundations);
      institutions;
      corporations;
      employees (both current and former);
      high net worth individuals (including family offices);
      insurance companies; and
      sovereign wealth funds.

The Blue Owl Credit PFAs do not provide investment advisory services to natural person Investors.

Investors are subject to applicable suitability requirements and generally must be “accredited
investors” (as defined in Regulation D under the U.S. Securities Act of 1933, as amended) and,
where applicable, “qualified purchasers” or “knowledgeable employees” (each as defined under
the 1940 Act) as specified in the related Offering Materials.

In addition, Investors must meet certain stated minimum commitments as set out in the Offering
Materials for the relevant Blue Owl Private Fund. These minimum commitments, which can vary
by Blue Owl Private Fund, can be individually waived, increased or decreased at the Blue Owl
Credit PFAs’ discretion.

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The Blue Owl Credit PFAs can enter into side letters or other arrangements with certain Blue Owl
Private Fund Investors, which can modify or add to any of the terms in the relevant Blue Owl
Private Fund’s Offering Materials, including fee reductions, waivers or sharing arrangements or
other modifications.

As a general rule, a minimum account size of $400 million is required for an SMA Client. In certain
circumstances, however, a smaller account size may be agreed upon and will be reflected in the
terms of the applicable Offering Materials.

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