Blue Owl Real Estate Capital LLC

Item 5 – Fees and Compensation

Management Fees

•   Blue Owl Private Funds

    The Blue Owl Private Funds generally compensate Blue Owl Net Lease or its affiliates for their
    investment management services through an annual management fee with respect to each
    Investor, payable on monthly or quarterly basis at the beginning or end of the service period.
    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, monitoring fees, commitment fees, transaction fees, closing fees
    and break-up fees received by Blue Owl Net Lease or affiliates with respect to any investment
    made by the Blue Owl Private Fund. However, Blue Owl Net Lease or their affiliates are
    expected to provide a broad range of financial services to Blue Owl Private Funds, as well as
    intermediate structuring vehicles (including wholly owned subsidiaries), Portfolio
    Investments or prospective Portfolio Investments, or third parties (including co-investors,
    tenants, borrowers, or others), for which they will receive fees that are not subject to any
    offset of management fees (“Capital Markets Fees”). For example, Blue Owl Advisers have
    received in the past, and expect to continue to receive, arranger fees related to services
    provided as lead arranger. Certain affiliates are also expected to receive fees for providing
    capital markets services, insurance brokerage services, acting as special servicer, and
    providing certain title services (together with Capital Markets Fees, “Affiliated Service
    Provider Fees”). In each case, these Affiliated Service Provider Fees will not offset
    management fees, even though they may be borne, directly or indirectly, by the Blue Owl
    Private Funds. Refer to Item 10—Code of Ethics, Participation or Interest in Client
    Transactions and Personal Trading and Item 14—Client Referrals and Other Compensation
    for additional information about these fees and services.

    Where a management fee is subject to offset pursuant to the relevant Blue Owl Private Fund’s
    Offering Materials, Blue Owl Net Lease will typically be paid fees from or with respect to co-
    investors and other owners of an investment. As a result, a Blue Owl Private Fund will not
    benefit from (and Blue Owl Net Lease are expected to retain) the portion of any fee related
    to, among other items: (i) relevant general partner, affiliated partner or similar fee-free
    Investor commitments or (ii) co-investors or potential co-investors (which could include co-
    investment vehicles managed by Blue Owl Net Lease). Blue Owl Net Lease’s ability to retain
    such amounts provides it with an incentive to increase the portion of each relevant
    investment held by such persons. Fee offsets are generally performed on a net basis, after
    giving effect to certain taxes and other expenses in connection with the receipt of such fees
    or the provision of related services.

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    Management 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.

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

•   Blue Owl Net Lease SMA Clients

    Blue Owl Net Lease 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 Blue Owl Net
    Lease SMA Client.

    Depending on the structure of the Blue Owl Net Lease 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 Blue Owl Net Lease SMA Client. Blue Owl Net
    Lease 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).

    Blue Owl Net Lease or its affiliates, are also expected to provide services to Blue Owl Net Lease
    SMA Clients and receive Affiliated Service Provider Fees that will not offset management fees.

Asset-Based Property Management Fees

From time to time, Blue Owl Net Lease enters into asset-based property management fee
arrangements for portfolios outside of the Blue Owl Private Funds. For example, in instances
where a Client invests in issuers of asset-backed securities, Blue Owl Net Lease or an affiliate will
generally be appointed as a Property Manager and receive an annual asset-based fee paid
monthly, calculated on either (i) the lower of the allocated loan amount of each property and the
collateral value of all properties held by the relevant Master Trust, or (ii) the gross cost of all
properties held by the relevant master trust; although these fees may differ across Blue Owl
Private Funds. Please refer to Item 11 – Code of Ethics, Participation or Interest
in Client Transactions and Personal Trading for discussion of potential conflicts of interest,
including in connection with such arrangements.

Performance Fees

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

Additional Expenses

The fees described above cover only Blue Owl Net Lease’s investment management services. Blue
Owl Private Funds and their Investors and the Blue Owl Net Lease SMA Clients also bear, directly
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Item 7 – Types of Clients

Blue Owl Net Lease provides investment advisory services to the Blue Owl Private Funds and the
Blue Owl Net Lease SMA Clients.

In addition to the foregoing, the Blue Owl Private Funds can 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 Private Funds.
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 Private Funds and other vehicles in which they
invest.

Blue Owl Net Lease SMA Clients currently include institutional investors such as pension plans,
labor unions, and wealth managers. 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);
   •   other investment advisers;
   •   institutions;
   •   corporations, limited liability companies and / or other business entities;
   •   employees (both current and former);
   •   high net worth individuals (including family offices);
   •   insurance companies;
   •   sovereign wealth funds;
   •   Unions/Taft-Hartley plans; and
   •   Trusts or estates.

Blue Owl Net Lease does 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 Investment Company Act of 1940, as amended (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 Blue Owl Net
Lease’s discretion.

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Blue Owl Net Lease 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 $100 million is required for a Blue Owl Net Lease
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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