Blue Owl Capital (OBDC) 10-K 2024 FY Annual report

Policies & Procedures Regarding Insider Trading and Tipping

Exhibit 19.1

I. Purpose of these Policies and Procedures

It is the Blue Owl BDCs’, (including its subsidiaries, , collectively “the Blue Owl BDCs”) policy that no person covered by this policy who, in the course of working for the Blue Owl BDCs or otherwise, learns of material nonpublic information (“MNPI”) about the Blue Owl BDCs or any company with which any of them does business maytrade in the securities of any such company, or disclose any such information to someone who may trade in such securities, until the information becomes public or is no longer material.

This policy is not intended to discourage or prohibit appropriate communications between you and other market participants and trading counterparties. You should consult with the CCO with any questions about the appropriateness of any communications.

The Blue Owl BDCs have instituted the general policy set forth below with the aim of detecting and preventingthemisuseofMNPI (as defined below). 1,2

II. Regulatory Framework

•Compliance with U.S. Securities Laws

Although not defined in U.S. securities laws, “insider trading” is generally described as trading either personally or on behalf of others on the basis of MNPI or communicating (or “tipping”) MNPI to others who may trade in securities on the basis of that information.

U.S.securitieslawshavebeen interpreted to prohibit the followingactivities:

(1)trading by an insider while in possession ofMNPI;

(2)tradingbyanon-insiderwhileinpossessionofMNPI,wheretheinformationwasdisclosedtothenon-insider in violation of an insider’s duty to keep it confidential;

(3)trading by a non-insider who obtained MNPI through unlawful means, such as computer hacking;and

(4)communicating MNPI to others in breach of a fiduciaryduty.

III. Who Is Covered?

1 The Blue Owl BDCs are funds managed by affiliates of Blue Owl Capital Inc. that have elected to be regulated as business development companies under the Investment Company Act of 1940, as amended.

2 While not exhaustive, this includes, the Blue Owl BDCs’ customers or suppliers, as well as portfolio companies in which the Blue Owl BDCs invest.

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Policies & Procedures Regarding Insider Trading and Tipping

Exhibit 19.1

This policy covers directors, officers and employees of the Blue Owl BDCs (collectively “you”).

In addition, this policy applies to your family members who reside with you, including any child, child away at college, stepchild, grandparents, parent, stepparent, spouse or civil partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and any person (other than a tenant or employee) sharing your household, as well as any family members who do not live in your household but whose transactions in any securities are directed by you or are subject to your influence or control, such as parents or children who consult with you before they trade in any securities (collectively, “Immediate Family Members”).

This policy also applies to any entities or accounts that you influence or control, including any corporations, partnerships, trusts or non-discretionary accounts (collectively referred to as “Controlled Entities”), and transactions by these Controlled Entities should be treated for the purposes of this policy and applicable securities laws as if they were for your own account.

You areresponsibleforthetransactionsofyour Immediate FamilyMembersandthereforeyoushouldmakethemaware of the need to confer with you before they trade in anysecurities, and you should treat all such transactions for the purposes of this policy and applicable securities laws as if the transactions were for your own account. This policy does not, however, apply to personal securities transactions of Immediate Family Members where the purchase or sale decision is made by a third party not controlled by, influenced by or related to you or your Immediate Family Members.

IV. What Information Is Material?

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Policies & Procedures Regarding Insider Trading and Tipping

Exhibit 19.1

All information that an investor might consider important in deciding whether to buy, sell or hold securities is considered material. Information that is likely to affect the price of a company’s securities is almost always material. Individuals may not be held liable for trading on inside information, unless the information is material. Examples of some types of material information are:

•financial results or expectations for the quarter or theyear;

•financialforecasts;

•changesin distributions;

•possible mergers, acquisitions, joint ventures and other purchases and sales of companiesand investments in companies;

•changes in customer relationships with significantcustomers;

•obtaining or losing importantcontracts;

•important productdevelopments;

•major financingdevelopments;

•major personnelchanges;

•major litigationdevelopments;

•write-downs or write-offs ofassets;

•additions to reserves for bad debts orcontingent liabilities;

•expansion or curtailment of company or major divisionoperations;

•criminal, civil and government investigations andindictments;

•pending labordisputes;

•debt service or liquidityproblems;

•bankruptcy or insolvencyproblems;

•tender offers, stock repurchase plans,etc.; and

•recapitalization.

Information provided by a company could be material because of its expected effect on a particular class of a company’s securities, all of the company’s securities, the securities of another company, or the securities of several companies. The misuse of MNPI applies to all types of securities, including equity, debt, commercial paper, government securities and options.

Material information does not have to relate to a company’s business. For example, information about the contents of an upcoming newspaper column may affect the price of a security and therefore be considered material.

You should consult with the CCO if there is any question as to whether nonpublic information is material.

V. When Is Information No Longer Nonpublic Information?

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Policies & Procedures Regarding Insider Trading and Tipping

Exhibit 19.1

Once nonpublic information has been effectively distributed to the investing public, it can no longer be classified as MNPI. However, the distribution of MNPI should occur through commonly recognized channelsfortheclassificationtochange.Inaddition,theinformationshouldnotonlybepubliclydisclosed, there should be adequate time for the public to receive and digest the information. Lastly, nonpublic information does not change to public information solely by selectivedissemination.

Examples of the ways in which nonpublic information might be transmitted include, but are not limited to:

•in person;

•in writing;

•by telephone;

•during a presentation;

•by email, instant messaging or Bloomberg messaging;

•by text message or through X (formerly known as Twitter); and

•on a social networking site such as Facebook or LinkedIn.

Youshouldbeawarethatevenwherethereisnoexpectationofconfidentiality,apersonmaybecomean insider upon receiving MNPI. You should consult with the CCO if there is any question as to whether material information isnonpublic.

VI. Penalties for Trading on MNPI

The penalties for trading on or communicating MNPI are extremely severe in nature, both for the individualsinvolvedinsuchunlawfulconductandforanypersonwhoatthetimeofsuchconduct,directly orindirectly,controlledthepersonwhoengagedinsuchconduct.Apersoncanbesubjecttothepenalties below even if (s)he does not personally benefit from the violation. Penaltiesinclude the following:

•civil injunctions;

•damages to contemporaneous traders on the opposite side of the market;

•jail sentences of up to 20 years;

•a civil penalty for the person who committed the violation of up to three times the profit gained or loss avoided, whether or not such person actually benefited;

•a civil penalty for the controlling person of three times the amount of the profit gained or loss avoided as a result of the violator’s conduct; and

•criminal fines of up to $5,000,000.

In addition, any violation of the law or this policy can be expected to result in serious sanctions by the Blue Owl BDCs, including dismissal of the person or persons involved, as permitted by local laws.

The foregoing is a very brief and simple summary of what constitutes insider trading under the current law. If you have a question concerning insider trading or concerning the status of specific information in your possession you should consult with the CCO.

VII. Procedures to Follow When You Believe You May Possess MNPI

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Policies & Procedures Regarding Insider Trading and Tipping

Exhibit 19.1

If you believe that you have received information that might be MNPI, you must immediately notify the CCO.

If you are not sure if the information is MNPI, you should discuss the information with the CCO who will determine if the information is MNPI.

If the information is determined to be MNPI, you must comply with the following requirements.

•Do not discuss the information with anyone outside of the Blue Owl BDCs and in general, within the Blue Owl BDCs, disclosure should be limited to the investment team and/or others who are deemed to need this information to perform his/her job responsibilities. You should consult with the CCO if any questions arise as to who should be privy to MNPI.

•If you know that other employees have also received this information, you must inform the CCO.

•Do not engage in a transaction, either in your personal trading accounts or on behalf of the Blue Owl BDCs or any other person, in a financial instrument while in possession of MNPI about its issuer.

•If you become aware that the Blue Owl BDCs are considering or actually trading any security for any account we manage, you should regard that as MNPI. Accordingly, you should not communicate any information about this prospective trade to anyone until you know that such trading is no longer being considered or until after the Blue Owl BDCs cease trading in that security. In addition, you may not trade for yourself or any Immediate Family Member in any security the Blue Owl BDCs are currently trading until after the Blue Owl BDCs have ceased trading in that security.

VIII. Restricted List

From time to time, the CCO may place certain securities on the Restricted Trading List (“RTL”).

You may not trade in securities on the RTL for your personal account or accounts managed by you on behalf of others, unless specific approval has been received from the CCO. In addition, at times, the RTL may also contain prohibitions, restrictions and limitation on trading for accounts managed by the Blue Owl BDCs. For the avoidance of doubt, these provisions also apply to your Immediate Family Members.

The contents of the RTL are proprietary to the Blue Owl BDCs and are not published at this time. If you find out the name of any security or any other information that is on the RTL, or that is being considered for inclusion on the RTL (e.g., because you have requested that a security be added to the RTL), you are prohibited from sharing that information, including with:

•anyone at the Blue Owl BDCs (provided, that you may contact a member of the Compliance Department with any questions); or

•anyone outside of the Blue Owl BDCs (provided, that you may communicate to a person whose accounts are subject to this policy, such as an Immediate Family Member, that a preclearance request has been denied).

IX. Trading Restrictions

Annex A contains additional trading restrictions and procedures that apply to any directors, officers and employees of the Blue Owl BDCs, as well as their Immediate Family Members, other members of a person’s household and their Controlled Entities. The Blue Owl BDCs may also determine that other persons should be subject to the procedures therein, such as contractors or consultants who have access to MNPI.

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Policies & Procedures Regarding Insider Trading and Tipping

Exhibit 19.1

X. Post-Termination Transactions

The restrictions set forth in this policy and Annex A continue to apply to transactions in any securities even after termination of service to the Blue Owl BDCs.

If an individual is in possession of MNPI (including information regarding the Blue Owl BDCs or information regarding another company which (s)he obtained in the course of employment or term of service with the Blue Owl BDCs) when his or her service terminates, that individual may not trade in BDC Securities (as defined in Annex A) and/or the other company’s securities until that information has become public or is no longer material. The pre-clearance procedures specified in Annex A, however, will cease to apply to transactions in BDC Securities upon the opening of any Open Window Period applicable at the time of the termination of service.

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Policies & Procedures Regarding Insider Trading and Tipping – Annex A

I. Pre-Clearance and Window Periods

The Blue Owl BDCs have established additional procedures to facilitate compliance with laws prohibiting insider trading while in possession of MNPI, and to avoid the appearance of any impropriety. Unless otherwise specified below, these additional procedures are applicable only to all directors, officers and employees of the Blue Owl BDCs, as well as their Immediate Family Members, other members of a person’s household and their Controlled Entities. The Blue Owl BDCs may also determine that other persons should be subject to the procedures below, such as contractors or consultants who have access to MNPI.

For the purpose of the following pre-clearance and window period procedures, “BDC Securities” means any common stock, units, options to purchase common stock or units, or any other type of securities that the Blue Owl BDCs or any of its subsidiaries may issue, including (but not limited to) preferred stock, convertible debentures and warrants, as well as derivative securities that are not issued by the Blue Owl BDCs, such as exchange traded put or call options or swaps relating to BDC Securities.

•Quarterly Window Periods

You may only conduct transactions involving BDC Securities (other than as specified by this Annex), during the “Open Window Period” subject to announcement by the General Counsel and/or CCO. The Open Window Period typically begins after the close of trading on the second (2nd) full trading day following the public release of a Blue Owl BDC’s quarterly earnings and ends no later than fourteen (14) calendar days prior to the start of the next fiscal quarter.

•Pre-Clearance Procedures

You may not engage in any transaction in BDC Securities without first obtaining pre-clearance of the transaction from the CCO.

A request for pre-clearance should be submitted to the CCO at least two (2) business days in advance of the proposed transaction through Comply Sci. The CCO is under no obligation to approve a transaction submitted for pre-clearance and may determine not to permit the transaction. If a person seeks pre-clearance and permission to engage in the transaction is denied, then (s)he should refrain from initiating any transaction in BDC Securities and should not inform any other person of the restriction.

When a request for pre-clearance is made, you should carefully consider whether you may be aware of any MNPI about the relevant Blue Owl BDC and should describe fully those circumstances to the CCO. You should also be prepared to comply with SEC Rule 144 and file Form 144, if necessary, at the time of any sale.

If a person seeks pre-clearance and permission to engage in the transaction is granted, then such trade must be effected within five (5) business days of receipt of pre-clearance, unless an exception is granted. Section 16 Individuals must promptly notify the CCO following the completion of the transaction. A person who has not effected a transaction within the time limit may not engage in such transaction without again obtaining pre-clearance of the transaction from the CCO.

•Other Events That May Impact the Open Window Period

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Policies & Procedures Regarding Insider Trading and Tipping – Annex A

From time to time, a non-earnings-related event that has the potential to be material to a Blue Owl BDC may be anticipated and the CCO determines it appropriate to close or not open the trading window. In such cases, the Open Window Period will typically begin on the first (1st) full trading day following the public announcement of such non-earnings-related event. As may be appropriate for the particular situation where the non-earnings-related event is known by only a few directors, officers and/or employees of the Blue Owl BDCs, the CCO may determine it appropriate to prohibit just those individuals with knowledge from trading BDC Securities. In that situation, once the non-earnings-related event is no longer material and/or been made public, such persons typically will be able to trade, subject to CCO approval, so long as the relevant Blue Owl BDC is currently in an Open Window Period.

In addition, a Blue Owl BDC’s financial results may be sufficiently material in a particular fiscal quarter that, in the judgment of the CCO, certain persons should refrain from trading in BDC Securities even during the typical Open Window Period described above. In that situation, the CCO may notify these persons that they should not trade in BDC Securities, without disclosing the reason for the restriction. The existence of an event-specific trading restriction period or modification of an Open Window Period will not be announced to the Blue Owl BDCs as a whole and should not be communicated to any other person.

Even if you are not a person who should not trade due to an event-specific restriction, you should not trade while aware of MNPI.

•Exceptions

Transactions that may be necessary or justifiable for independent reasons (such as the need to raise money for an emergency expenditure), or small transactions, are not excepted from the restrictions in this Annex. The securities laws do not recognize any mitigating circumstances, and, in any event, even the appearance of an improper transaction must be avoided to preserve the Blue Owl BDCs’ reputation for adhering to the highest standards of conduct.

The requirement for pre-clearance, the quarterly trading restrictions and event-driven trading restrictions do not apply to (i) transactions conducted pursuant to approved Rule 10b5-1 plans, which are further described below under the heading “Rule 10b5-1 Plans” and (ii) transactions under Blue Owl BDC Plans and transactions not involving a purchase or sale, which are described below.

•Transactions under Blue Owl BDC Plans

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Policies & Procedures Regarding Insider Trading and Tipping – Annex A

(1)401(k) Plan: The requirements for pre-clearance, the quarterly trading restrictions and event-driven trading restrictions do not apply to purchases of BDC Securities in Blue Owl’s 401(k) plan resulting from your periodic contribution of money to the plan pursuant to your payroll deduction election. The requirements for pre-clearance, the quarterly trading restrictions and event-driven trading restrictions do apply, however, to certain elections you may make under the 401(k) plan should the plan allow for investments, directly or indirectly, in BDC Securities.

(2)Dividend Reinvestment Plan: The requirements for pre-clearance, the quarterly trading restrictions and event-driven trading restrictions do not apply to purchases of BDC Securities under any of the Blue Owl BDC’s dividend reinvestment plan that a Blue Owl BDC may adopt resulting from your reinvestment of dividends paid on BDC Securities. The requirements for pre-clearance, the quarterly trading restrictions and event-driven trading restrictions do apply, however, to voluntary purchases of BDC Securities resulting from additional contributions you choose to make to a dividend reinvestment plan, and to your election to participate in a plan or increase your level of participation in a plan. The requirements for pre-clearance, the quarterly trading restrictions and event-driven trading restrictions also apply to your sale of any BDC Securities purchased pursuant to a plan.

•Transactions Not Involving a Purchase or Sale

Bona fide gifts are not transactions subject to the requirements for pre-clearance, the quarterly trading restrictions and event-driven trading restrictions, unless the person making the gift has reason to believe that the recipient intends to sell BDC Securities while (s)he is aware of MNPI, is subject to the trading restrictions specified under the heading “Pre-Clearance and Window Periods” and the sales by the recipient of BDC Securities occur outside of an Open Window Period.

Further, transactions in mutual funds that are invested in BDC Securities are not transactions subject to the requirements for pre-clearance, the quarterly trading restrictions and event-driven trading restrictions.

II. Special and Prohibited Transactions

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Policies & Procedures Regarding Insider Trading and Tipping – Annex A

The Blue Owl BDCs have determined that there is a heightened legal risk and/or the appearance of improper or inappropriate conduct if the persons subject to the procedures in this Annex engage in certain types of transactions. It therefore is the Blue Owl BDCs’ policy that any persons covered by the procedures in this Annex may not engage in any of the following transactions, or should otherwise consider the Blue Owl BDCs’ preferences as described below:

• Short-Term Trading: Any director, officer or employee of the Blue Owl BDCs who purchases BDC Securities in the open market may not sell any BDC Securities of the same class during the ninety (90) days following the purchase (or vice versa) for non-Section 16 individuals and one hundred and eighty (180) days following the purchase (or vice versa) for any individual subject to Section 16(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

• Short Sales: Short sales of BDC Securities are prohibited under the Blue Owl BDCs’ policy.

• Publicly Traded Options: Transactions using BDC Securities in put options, call options or other derivative securities, on an exchange or in any other organized market, are prohibited under the Blue Owl BDCs’ policy.

• Hedging Transactions: Hedging transactions using BDC Securities are prohibited under the Blue Owl BDCs’ policy.

• Margin Accounts and Pledged Securities: Holding BDC Securities in a margin account or otherwise pledging BDC Securities as collateral for a loan is prohibited under the Blue Owl BDCs' policy. Notwithstanding the foregoing, officers and employees of the Blue Owl BDCs may pledge BDC Securities as collateral under one or more bona fide loans with prior written approval of the CCO and the Audit Committee.

• Standing and Limit Orders: Placing standing or limit orders on BDC Securities absent a specific exception as provided by the CCO is prohibited under the Blue Owl BDCs’ policy.

III. Rule 10B5-1 Plans

Rule 10b5-1 under the Exchange Act provides a defense from insider trading liability under Rule 10b-5. To be eligible to rely on this defense in connection with any transaction in BDC Securities, a person subject to the trading restrictions in this Annex must enter into a Rule 10b5-1 plan for transactions in BDC Securities that meets certain conditions specified in the Rule (a “Rule 10b5-1 Plan”). If the plan meets the requirements of Rule 10b5-1, BDC Securities may be purchased or sold without regard to certain insider trading restrictions. To comply with these requirements, a Rule 10b5-1 Plan must be approved by the General Counsel and CCO and meet the requirements of Rule 10b5-1. In general, a Rule 10b5-1 Plan must be entered into at a time when the person entering into the plan is not aware of MNPI. Once the plan is adopted, the person must not exercise any influence over the amount of securities to be traded, the price at which they are to be traded or the date of the trade. The plan must either specify the amount, pricing and timing of transactions in advance or delegate discretion on these matters to an independent third party.

Any person subject to the trading restrictions set forth in this Annex who wishes to enter into a Rule 10b5-1 Plan must submit the plan to the General Counsel and CCO for approval. No further pre-approval of transactions conducted pursuant to the Rule 10b5-1 Plan will be required.For the avoidance of doubt this requirement shall not apply to share repurchase programs adopted by the Blue Owl BDCs.

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