Exhibit 10.1


 


AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT


 


BETWEEN


 


OWL ROCK CORE INCOME CORP.


 


AND


 


OWL ROCK CAPITAL ADVISORS LLC


 


 


This Amended and Restated
Investment Advisory Agreement (the “Agreement”) is made as of May 18, 2021, by and between Owl Rock Core Income Corp.,
a Maryland corporation (the “Company”), and Owl Rock Capital Advisors LLC, a Delaware limited liability company (the
 “Adviser”)


.


WHEREAS, the Company is a
closed-end management investment company that has elected to be treated as a business development company (“BDC”) under
the Investment Company Act of 1940, as amended (the “Investment Company Act”);


 


WHEREAS, the Adviser is an
investment adviser that is registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”);


 


WHEREAS, the Company and the
Adviser entered into the investment advisory agreement dated September 30, 2020 (the “Original Agreement”); and


 


WHEREAS, as a result of the
change of control of the Adviser that will result from the transaction (“Transaction”) pursuant to which Owl Rock
Capital Group, LLC, the parent of the Adviser, and Dyal Capital Partners will merge to form Blue Owl Capital, Inc. and termination of
the Original Agreement, the Company and the Adviser desire to amend and restate the Original Agreement in its entirety to set forth terms
and conditions for the continued provision by the Adviser of investment advisory services to the Company.


 


NOW, THEREFORE, in consideration
of the premises and for other good and valuable consideration, the parties hereby agree as follows:


 


		1)	Duties of the Adviser



 


		a)	The Company hereby employs the Adviser to act as the investment adviser to the Company and to manage the
investment and reinvestment of the assets of the Company, subject to the supervision of the Board of Directors of the Company (the “Board”),
for the period and upon the terms herein set forth, (x) in accordance with the investment objective, policies and restrictions that
are set forth in the Company’s registration statement on Form N-2 (as amended from time to time, the “Registration
Statement”) to be filed with the Securities and Exchange Commission (the “SEC”); (y) in accordance with
all other applicable federal and state laws, rules and regulations, and the Company’s charter as may be amended from time to time
(the “Charter”) and by-laws as the same shall be amended from time to time; and (z) in accordance with the Investment
Company Act. Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this
Agreement: (i) determine the composition and allocation of the portfolio of the Company, the nature and timing of the changes therein
and the manner of implementing such changes; (ii) identify/source, research, evaluate and negotiate the structure of the investments
made by the Company; (iii)  execute, close, service and monitor the Company’s investments; (iv) determine the securities, loans
and other assets that the Company will purchase, retain, or sell; (v) use reasonable endeavors to ensure that the Company’s
investments consist mainly of shares, securities, loans or currencies (or derivative contracts relating thereto), which for the avoidance
of doubt may include notes and other evidences of indebtedness (whether or not such investment are securities as defined under the Securities
Act); (vi) perform due diligence on prospective portfolio companies; and (vii) provide the Company with such other investment
advisory, research, and related services as the Company may, from time to time, reasonably require for the investment of its funds, including
providing operating and managerial assistance to the Company and its portfolio companies as required. Subject to the supervision of the
Board, the Adviser shall have the power and authority on behalf of the Company to effectuate its investment decisions for the Company,
including the execution and delivery of all documents relating to the Company’s investments and the placing of orders for other
purchase or sale transactions on behalf of the Company. In the event that the Company determines to acquire debt financing, the Adviser
will arrange for such financing on the Company’s behalf, subject to the oversight and approval of the Board. If it is necessary
or appropriate for the Adviser to make investments on behalf of the Company through a special purpose vehicle, the Adviser shall have
authority to create or arrange for the creation of such special purpose vehicle and to make such investments through such special purpose
vehicle (in accordance with the Investment Company Act).



 






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		b)	The Adviser hereby accepts such employment and agrees during the term hereof to render the services described
herein for the compensation provided herein.



 


		c)	The Adviser shall for all purposes herein provided be deemed to be an independent contractor and, except
as expressly provided or authorized herein, shall have no authority to act for or represent the Company in any way or otherwise be deemed
an agent of the Company.



 


		d)	Subject to review by, and the overall control of, the Board, the Adviser shall keep and preserve for the
period required by the Investment Company Act any books and records relevant to the provision of its investment advisory services to the
Company and shall specifically maintain all books and records in accordance with Section 31(a) of the Investment Company Act with respect
to the Company’s portfolio transactions and shall render to the Board such periodic and special reports as the Board may reasonably
request or as may be required under applicable federal and state law, and shall make such records available for inspection by the Board
and its authorized agents, at any time and from time to time during normal business hours. The Adviser agrees that all records that it
maintains for the Company are the property of the Company and will surrender promptly to the Company any such records upon the Company’s
request and termination of this Agreement pursuant to Section 10, provided that the Adviser may retain a copy of such records.



 


		e)	The Adviser shall be primarily responsible for the execution of any trades in securities or loans in the Company’s portfolio and the Company’s allocation of brokerage commissions

                                                                                .




		f)	The Adviser shall, upon request by an official or agency administering the securities laws of a state (a “State Administrator”), submit to such State Administrator the reports and statements required to be distributed to the Company’s stockholders pursuant to this Agreement, any registration statement filed with the SEC and applicable federal and state law.

                                                                                 




		g)	The Adviser has a fiduciary responsibility and duty to the Company and the Company’s stockholders
for the safekeeping and use of all the funds and assets of the Company, whether or not in the Adviser’s immediate possession or
control. The Adviser shall not employ, or permit another to employ, such funds or assets except for the exclusive benefit of the Company.
The Adviser shall not, by entry into an agreement with any stockholder of the Company or otherwise, contract away the fiduciary obligation
owed to the Company and the Company’s stockholders under common law.



 






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		2)	Company’s Responsibilities and Expenses Payable by the Company 



 


		a)	Except as otherwise provided herein or in the Amended and Restated Administration Agreement (the “Administration
Agreement”), dated May 18, 2021, between the Company and the Adviser (the Adviser, in its capacity as the administrator, the
 “Administrator”), the Adviser shall be solely responsible for the compensation of its investment professionals and
employees and all overhead expenses of the Adviser (including rent, office equipment and utilities).



 


		b)	The Company, either directly or through reimbursement to the Adviser, shall bear all other costs and expenses
of its operations, administration and transactions, including (without limitation): expenses deemed to be “organization and offering
expenses” of the Company for purposes of Conduct Rule 2310(a)(12) of the Financial Industry Regulatory Authority (for purposes of
this Agreement, such expenses, exclusive of commissions, the dealer manager fee, any discounts and other similar expenses paid by investors
at the time of sale of the stock of the Company, are hereinafter referred to as “Organization and Offering Costs”);
corporate and organizational expenses relating to offerings of shares of Common Stock, subject to limitations included in the Agreement;
the cost of calculating the Company’s net asset value, including the cost of any third-party valuation services; the cost of effecting
any sales and repurchases of the Common Stock and other securities; fees and expenses payable under any dealer manager agreements, if
any; debt service and other costs of borrowings or other financing arrangements; costs of hedging; expenses, including travel expense,
incurred by the Adviser, or members of the Investment Team (defined below), or payable to third parties, performing due diligence on prospective
portfolio companies and, if necessary, enforcing the Company’s rights; escrow agent, transfer agent and custodial fees and expenses;
fees and expenses associated with marketing efforts; federal and state registration fees, any stock exchange listing fees and fees payable
to rating agencies; federal, state and local taxes; independent directors’ fees and expenses, including certain travel expenses;
costs of preparing financial statements and maintaining books and records and filing reports or other documents with the SEC (or other
regulatory bodies) and other reporting and compliance costs, including registration fees, listing fees and licenses, and the compensation
of professionals responsible for the preparation of the foregoing; the costs of any reports, proxy statements or other notices to stockholders
(including printing and mailing costs), the costs of any stockholder or director meetings and the compensation of personnel responsible
for the preparation of the foregoing and related matters; commissions and other compensation payable to brokers or dealers; research and
market data; fidelity bond, directors and officers errors and omissions liability insurance and other insurance premiums; direct costs
and expenses of administration, including printing, mailing, long distance telephone and staff; fees and expenses associated with independent
audits, outside legal and consulting costs; costs of winding up; costs incurred in connection with the formation or maintenance of entities
or vehicles to hold the Company’s assets for tax or other purposes; extraordinary expenses (such as litigation or indemnification);
and costs associated with reporting and compliance obligations under the Advisers Act and applicable federal and state securities laws.



 


Notwithstanding anything to the contrary
contained herein, the Company will bear its allocable portion of the costs of the compensation, benefits and related administrative expenses
(including travel expenses) of the Company’s officers who provide operational and administrative services hereunder, their respective
staffs and other professionals who provide services to the Company (including, in each case, employees of the Adviser or an affiliate)
who assist with the preparation, coordination, and administration of the foregoing or provide other “back office” or “middle
office” financial or operational services to the Company.


 


Notwithstanding anything to the contrary contained herein,
the Company shall reimburse the Adviser (or its affiliates) for an allocable portion of the compensation paid by the Adviser (or its affiliates)
to such individuals (based on a percentage of time such individuals devote, on an estimated basis, to the business affairs of the Company
and in acting on behalf of the Company).


 


Notwithstanding the foregoing, the Company shall not be liable
for Organization and Offering Costs to the extent that Organization and Offering Costs, together with all prior Organization and Offering
Costs, exceed 1.50% of the aggregate gross proceeds from the offering of the Company’s securities.


 






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		c)	In addition to the compensation paid to the Adviser pursuant to Section 3, the Company shall reimburse
the Adviser for all expenses of the Company incurred by the Adviser as well as the actual cost of goods and services used for or by the
Company and obtained from entities not affiliated with the Adviser. The Adviser may be reimbursed for the administrative services performed
by it on behalf of the Company pursuant to any separate administration or co-administration agreement with the Adviser; provided, however,
the reimbursement shall be an amount equal to the lower of the Adviser’s actual cost or the amount the Company would be required
to pay third parties for the provision of comparable administrative services in the same geographic location; and provided, further, that
such costs are reasonably allocated to the Company on the basis of assets, revenues, time records or other methods conforming with U.S.
generally accepted accounting principles. No reimbursement shall be permitted for services for which the Adviser is entitled to compensation
by way of a separate fee. Excluded from the allowable reimbursement shall be:



 


		i)	rent or depreciation, utilities, capital equipment, and other administrative items of the Adviser; and



 


		ii)	salaries, fringe benefits, travel expenses and other administrative items incurred or allocated to any
Controlling Person of the Adviser. The term “Controlling Person” shall mean a person, whatever his or her title, who performs
functions for the Adviser similar to those of (a) the chairman or other member of a board of directors, (b) executive officers or (c)
those holding 10% or more equity interest in the Adviser, or a person having the power to direct or cause the direction of the Adviser,
whether through the ownership of voting securities, by contract or otherwise.



 


		3)	Compensation of the Adviser



 


     The
Company agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a base management
fee (the “Management Fee”) and an incentive fee (the “Incentive Fee”) as hereinafter set forth.
The Adviser may, in its sole discretion, elect or agree to temporarily or permanently waive, defer, reduce or modify, in whole or in part,
the Management Fee and/or the Incentive Fee. The Company shall make any payments due hereunder to the Adviser or to the Adviser’s
designee as the Adviser may otherwise direct. See Annex A for examples of how these fees are calculated.


 


		a)	The Management Fee will be calculated at an annual rate of 1.25% of the average value of the Company’s
net assets at the end of the two most recently completed calendar months. The Management Fee will be payable monthly in arrears. All or
any part of the Management Fee not taken as to any month shall be deferred without interest and may be taken in any such other quarter
prior to the occurrence of a liquidity event (as such term is defined in the Registration Statement) as the Adviser shall determine. The
Management Fee for any partial month shall be prorated based on the number of days in the month.



 






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The determination of gross assets will
reflect changes in the fair value of the Company’s portfolio investments. 


 


		b)	The Incentive Fee shall consist of two parts, as follows:



 


The first part of the Incentive Fee
(the “Incentive Fee on Income”) will be calculated and payable quarterly in arrears based on the Pre-Incentive Fee
Net Investment Income for the immediately preceding calendar quarter. In the case of a liquidation of the Company or if this Agreement
is terminated, the Incentive Fee on Income will also become payable as of the effective date of the event. For this purpose, Pre-Incentive
Fee Net Investment Income means investment income and any other income accrued during the calendar quarter, minus operating expenses for
the calendar quarter, including the Management Fee, expenses payable under this Agreement and the Administration Agreement, and any interest
expense and dividends paid on issued and outstanding preferred stock, but excluding the Incentive Fee. Pre-Incentive Fee Net Investment
Income does not include any expense support payments or any reimbursements by the Company of expense support payments, or any realized
capital gains, realized capital losses or unrealized capital appreciation or depreciation. Pre-Incentive Fee Net Investment Income, expressed
as a rate of return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter, will be compared
to a “hurdle rate” of 1.25% per calendar quarter (5.00% annualized). The Company’s net investment income used to calculate
this part of the Incentive Fee is also included in the amount of its gross assets used to calculate the Management Fee. The Incentive
Fee on Income for each calendar month will be calculated as follows:


 


		(1)	No Incentive Fee on Income will be payable in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed a quarterly return to investors of 1.25% per quarter (the “Quarterly Preferred Return”)

                                                                                .




		(2)	All of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the Quarterly
Preferred Return, but is less than or equal to 1.43% (the “Upper Level Breakpoint”), for that calendar quarter will be payable
to the Adviser. This portion of the Incentive Fee on Income is referred to as the “catch-up.” It is intended to provide an
incentive fee of 12.50% on all of the Company’s Pre-Incentive Fee Net Investment Income when the Pre-Incentive Fee Net Investment
Income reaches 1.43% for that calendar quarter, measured as of the end of the immediately preceding calendar quarter. The Quarterly Preferred
Return of 1.25% and Upper Level Breakpoint of 1.43% are also adjusted for the actual number of days each calendar quarter.



 


		(3)	For any quarter in which our Pre-Incentive Fee Net Investment Income exceeds 1.43%, the Incentive Fee
on Income will equal 12.50% of the amount of our Pre-Incentive Fee Net Investment Income, because the Quarterly Preferred Return and catch
up will have been achieved.



 


		ii)	The second part of the Incentive Fee (the “Incentive Fee on Capital Gains”) will be
determined and payable in arrears as of the end of each calendar year of the Company (or upon termination of this Agreement as set forth
below), and will equal 12.50% of the Company’s realized capital gains, if any, on a cumulative basis from inception through the
end of such calendar year, net of all realized capital losses and unrealized capital depreciation on a cumulative basis, minus the aggregate
amount of any previously paid Incentive Fee on Capital Gains as calculated in accordance with U.S. generally accepted accounting principles
(“U.S. GAAP”). In no event will the Capital Gains Incentive Fee payable pursuant hereto be in excess of the amount
permitted by the Advisers Act, including Section 205 thereof.



 


Examples of the quarterly incentive
fee calculation are attached hereto as Annex A.  Such examples are included for illustrative purposes only and are not considered
part of this Agreement.


 






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		4)	Covenants of the Adviser



 


		a)	The Adviser agrees that it will remain registered as an investment adviser under the Advisers Act so long
as the Company maintains its election to be regulated as a BDC under the Investment Company Act. The Adviser agrees that its activities
will at all times be in compliance in all material respects with all applicable federal and state laws governing its operations and investments.



 


		b)	The Adviser shall prepare or shall cause to be prepared and mailed or delivered by any reasonable means,
including an electronic medium, a copy of the Company’s Annual Report on Form 10-K, filed by the Company under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), to each stockholder as of a record date after the end of the fiscal year
within 120 days after the end of the fiscal year to which it relates that shall include: (i) financial statements prepared in accordance
with U.S. GAAP which are audited and reported on by independent certified public accountants; (ii) a report of the material activities
of the Company during the period covered by the report; (iii) where forecasts have been provided to the Company’s stockholders,
a table comparing the forecasts previously provided with the actual results during the period covered by the report; and (iv) a report
setting forth distributions to Company’s stockholders for the period covered thereby and separately identifying distributions from:
(A) cash flow from operations during the period; (B) cash flow from operations during a prior period which have been held as reserves;
(C) proceeds from disposition of assets; and (D) reserves from the gross proceeds. Such Annual Report on Form 10-K must also contain a
breakdown of the costs reimbursed to the Adviser. The Company shall take reasonable steps to assure that: (v) within the scope of
the annual audit of the Company’s financial statements, the independent certified public accountants preparing such Annual Report
on Form 10-K will issue a special report on the allocation of such costs to the Company in accordance with this Agreement; (w) the
special report shall be in accordance with the American Institute of Certified Public Accountants United States Auditing Standards relating
to special reports; (x) the additional costs of such special report will be itemized and may be reimbursed to the Adviser by the
Company in accordance with this Section 4(b) only to the extent that such reimbursement, when added to the cost for administrative services
rendered, does not exceed the competitive rate for such services as determined above; (y) the special report shall at minimum provide
a review of the time records of individual employees, the costs of whose services were reimbursed and the specific nature of the work
performed by each such employee; and (z) the prospectus, prospectus supplement or periodic report as filed with the SEC shall disclose
in tabular form an itemized estimate of such proposed expenses for the next fiscal year together with a breakdown by year of such expenses
reimbursed in each of the last five public programs formed by the Adviser and subject to the Omnibus Guidelines published by the North
American Securities Administrators Association on May 7, 2007.



 


		c)	The Adviser shall prepare or shall cause to be prepared and mailed or delivered to each Company stockholder
within 60 days after the end of each fiscal quarter of the Company a Quarterly Report on Form 10-Q filed by the Company under the Exchange
Act.



 


		d)	The Adviser shall prepare or shall cause to be prepared and mailed or delivered within 75 days after the
end of each calendar year of the Company to each person who was at any time during such calendar year a Company stockholder all information
pertaining to such stockholder’s investment in the Company necessary for the preparation of such person’s federal income tax
return.



 


		e)	The Adviser shall, upon written request of any State Administrator, submit any of the reports and statements
to be prepared and distributed by it pursuant to this Section 4 to such State Administrator.



 


		f)	In performing its duties hereunder, the Adviser shall cause the Company to provide for adequate reserves
for normal replacements and contingencies (but not for the payment of fees payable to the Adviser described in Section 3 of the Agreement)
by causing the Company to retain a reasonable percentage of proceeds from offerings and revenues.



 






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		g)	From time to time and not less than quarterly, the Company shall cause the Adviser to review the Company’s
accounts to determine whether cash distributions are appropriate. The Company may, subject to authorization by the Board, distribute pro
rata to the Company’s stockholders funds which the Board deems unnecessary to retain in the Company. The Board of Directors may
from time to time authorize the Company to declare and pay to the Company’s stockholders such dividends or other distributions,
in cash or other assets of the Company or in securities of the Company, including in shares of one class or series payable to the holders
of the shares of another class or series, or from any other source as the Board of Directors in its discretion shall determine. Any such
cash distributions to the Adviser shall be made only in conjunction with distributions to stockholders and as a result of any shares held
by the Adviser. All such cash distributions shall be made only out of funds legally available therefor pursuant to the Maryland General
Corporation Law, as amended from time to time.



 


		h)	The Adviser shall, in its sole discretion, temporarily place proceeds from offerings by the Company of
its equity securities into short-term, highly liquid investments which, in its reasonable judgment, afford appropriate safety of principal
during such time as it is determining the composition and allocation of the portfolio of the Company and the nature, timing and implementation
of any changes thereto pursuant to Section 1 of the Agreement; provided however, that the Adviser shall be under no fiduciary obligation
to select any such short-term, highly liquid investment based solely on any yield or return of such investment. The Adviser shall cause
any proceeds of the offering of Company securities not committed for investment within the later of two years from the date of effectiveness
of the Registration Statement or one year from termination of the offering, unless a longer period is permitted by the applicable State
Administrator, to be paid as a distribution to the stockholders of the Company as a return of capital without deduction of Front End Fees.



 


		5)	Excess Brokerage Commissions



 


		a)	The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the
Company to pay a member of a national securities exchange, broker or dealer an amount of commission for effecting a securities or loan
transaction in excess of the amount of commission another member of such exchange, broker or dealer would have charged for effecting that
transaction, if the Adviser determines in good faith, taking into account such factors as price (including the applicable brokerage commission
or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm’s risk and skill
in positioning blocks of securities, that such amount of commission is reasonable in relation to the value of the brokerage and/or research
services provided by such member, broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities
with respect to the Company’s portfolio, and constitutes the best net results for the Company.



 


		b)	All Front End Fees (as defined in the Company’s Charter) shall be reasonable and shall not exceed
18% of the gross proceeds of any offering and sale of the Company’s shares, regardless of the source of payment. Any reimbursement
to the Adviser or any other person for deferred Organizational and Offering Expenses (as defined in the Company’s Charter), including
any interest thereon, if any, will be included within this 18% limitation.



 



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		c)	The Adviser shall cause the Company to commit at least 82% of the gross proceeds of any offering and sale of the Company’s shares towards the investment or reinvestment of assets and reserves as set forth in Section 4(f) on behalf of the Company. The remaining proceeds may be used to pay Front End Fees.

                                                                                                 

                                                                                                

                                                                                                

                                                                                




		6)	Investment Team



 


     The
Adviser shall manage the Company’s portfolio through a team of investment professionals (the “Investment Team”)
dedicated primarily to the Company’s business, in cooperation with the Company’s Chief Executive Officer. The Investment Team
shall be comprised of senior personnel of the Adviser, supported by and with access to the investment professionals, analytical capabilities
and support personnel of the Adviser.


 


		7)	Limitations on the Employment of the Adviser



 


     The
services of the Adviser to the Company are not exclusive, and the Adviser may engage in any other business or render similar or different
services to others including, without limitation, the direct or indirect sponsorship or management of other investment-based accounts
or commingled pools of capital, however structured, having investment objectives similar to those of the Company, so long as its services
to the Company hereunder are not impaired thereby, and nothing in this Agreement shall limit or restrict the right of any manager, partner,
officer or employee of the Adviser to engage in any other business or to devote his or her time and attention in part to any other business,
whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for serving
as a director of, or providing consulting services to, one or more of the Company’s portfolio companies, subject to applicable law).
So long as this Agreement or any extension, renewal or amendment remains in effect, the Adviser shall be the only investment adviser for
the Company, subject to the Adviser’s right to enter into sub-advisory agreements as set forth herein. The Adviser assumes no responsibility
under this Agreement other than to render the services called for hereunder. It is understood that directors, officers, employees and
stockholders of the Company are or may become interested in the Adviser and its affiliates, as directors, officers, employees, partners,
stockholders, members, managers or otherwise, and that the Adviser and directors, officers, employees, partners, stockholders, members
and managers of the Adviser and its affiliates are or may become similarly interested in the Company as stockholders or otherwise.


 


		8)	Responsibility of Dual Directors, Officers and/or Employees



 


     If
any person who is a manager, partner, officer or employee of the Adviser is or becomes a director, officer and/or employee of the Company
and acts as such in any business of the Company, then such manager, partner, officer and/or employee of the Adviser or the Administrator
shall be deemed to be acting in such capacity solely for the Company, and not as a manager, partner, officer or employee of the Adviser
or the Administrator or under the control or direction of the Adviser or the Administrator, even if paid by the Adviser or the Administrator.


 






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		9)	Limitation of Liability of the Adviser; Indemnification



 


		a)	The Adviser (and its officers, managers, partners, agents, employees,
controlling persons, members and any other person or entity affiliated with the Adviser,
including without limitation its general partner or managing member) shall not be liable
to the Company for any action taken or omitted to be taken by the Adviser in connection with the performance of any of its duties or obligations
under this Agreement or otherwise as an investment adviser of the Company (except to the extent specified in Section 36(b) of the Investment
Company Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with
respect to the receipt of compensation for services), and the Company shall indemnify, defend and protect the Adviser (and its officers,
managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including
without limitation its general partner or managing member and the Administrator each of whom shall be deemed a third party beneficiary
hereof) (collectively, the “Indemnified Parties”) and hold them harmless from and against all damages, liabilities,
costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the Indemnified
Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or
suit by or in the right of the Company or its security holders and an administrative or regulatory proceeding against, or investigation
of, the Company) arising out of or otherwise based upon the performance of any of the Adviser’s
duties or obligations under this Agreement or otherwise as an investment adviser of the Company. Notwithstanding the preceding sentence
of this Section 9 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle
or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Company or its security holders
to which the Indemnified Parties would otherwise be subject by reason of criminal conduct, willful misfeasance, bad faith or gross negligence
in the performance of the Adviser’s duties or by reason of the reckless disregard of the Adviser’s duties and obligations
under this Agreement (as the same shall be determined in accordance with the Investment Company Act and any interpretations or guidance
by the SEC or its staff thereunder). 



 


		b)	Notwithstanding Section 9(a) to the contrary, the Company shall
not provide for indemnification of an Indemnified Party for any liability or loss suffered by an Indemnified Party, nor shall the Company
provide that any of the Indemnified Parties be held harmless for any loss or liability suffered by the Company, unless all of the following
conditions are met:



 


		i)	the Company has determined, in good faith, that the course of conduct
that caused the loss or liability was in the best interests of the Company;



 


		ii)	the Company has determined, in good faith, that the Indemnified
Party was acting on behalf of or performing services for the Company;



 


		iii)	the Company has determined, in good faith, that such liability or
loss was not the result of (A) negligence or misconduct, in the case that the Indemnified Party is the Adviser or an Affiliate (as defined
in the Articles of Incorporation) of the Adviser, or (B) gross negligence or willful misconduct, in the case that the Indemnified Party
is a director of the Company who is not also an officer of the Company or the Adviser or an Affiliate of the Adviser; and



 


		iv)	such indemnification or agreement to hold harmless is recoverable
only out of the Company’s net assets and not from the Company stockholders.



 


Furthermore,
the Indemnified Party shall not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of
federal or state securities laws by such party unless one or more of the following conditions are met:


 


		i)	there has been a successful adjudication on the merits of each count
involving alleged material securities law violations as to the Indemnified Party;



 


		ii)	such claims have been dismissed with prejudice on the merits by
a court of competent jurisdiction as to the Indemnified Party; or



 


		iii)	a court of competent jurisdiction approves a settlement of the claims
against the Indemnified Party and finds that indemnification of the settlement and the related costs should be made, and the court considering
the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory
authority in which shares of stock of the Company were offered or sold as to indemnification for violations of securities laws.



 






    9 


     


    










 



		c)	The Company may pay or reimburse reasonable legal expenses and other
costs incurred by the Indemnified Party in advance of final disposition of a proceeding only if all of the following are satisfied:



 


		i)	the proceeding relates to acts or omissions with respect to the
performance of duties or services on behalf of the Company;



 


		ii)	the Indemnified Party provides the Company with written affirmation
of such Indemnified Party’s good faith belief that the Indemnified Party has met the standard of conduct necessary for indemnification
by the Company;



 


		iii)	the legal proceeding was initiated by a third party who is not a
Company stockholder, or, if by a Company stockholder acting in his or her capacity as such, a court of competent jurisdiction approves
such advancement; and



 


		iv)	the Indemnified Party provides the Company with a written agreement
to repay the amount paid or reimbursed by the Company, together with the applicable legal rate of interest thereon, if it is ultimately
determined that the Indemnified Party did not comply with the requisite standard of conduct and is not entitled to indemnification.



 


		10)	Effectiveness, Duration and Termination of Agreement



 


		a)	This Agreement shall become effective upon consummation of the Transaction. This Agreement may be terminated at any time, without cause or the payment of any
penalty, on 60 days’ written notice, by the vote of a majority of the outstanding voting securities of the Company or by the
vote of the Company’s independent directors or, on 120 days’ written notice, by the Adviser. The provisions of Section 9
of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding
any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser
shall be entitled to any amounts owed under Section 3 through the date of termination or expiration, and Section 9 shall continue
in force and effect and apply to the Adviser and its representatives as and to the extent applicable.



 


		b)	This Agreement shall continue in effect for two years from the consummation of the Transaction, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically
approved at least annually by (A) the vote of the Board, or by the vote of a majority of the outstanding voting securities of the
Company and (B) the vote of a majority of the Company’s directors who are not parties to this Agreement or “interested
persons” (as such term is defined in Section 2(a)(19) of the Investment Company Act) of any such party, in accordance with
the requirements of the Investment Company Act.



 


		c)	This Agreement will automatically terminate in the event of its “assignment” (as such term
is defined for purposes of Section 15(a)(4) of the Investment Company Act).



 


		d)	After the termination of this Agreement, the Adviser shall not be entitled to compensation for further
services provided hereunder, except that it shall be entitled to receive from the Company within 30 days after the effective date of such
termination all unpaid reimbursements and all earned but unpaid fees payable to the Adviser prior to termination of this Agreement, including
any deferred fees. The Adviser shall promptly upon termination:



 


		i)	Deliver to the Board a full accounting, including a statement showing all payments collected by it and
a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board;



 


		ii)	Deliver to the Board all assets and documents of the Company then in custody of the Adviser; and



 


		iii)	Cooperate with the Company to provide an orderly management transition.



 






    10 


     


    




 


		e)	Without the approval of holders of a majority of the shares entitled
to vote on the matter, the Adviser shall not: (i) amend this Agreement except for amendments that do not adversely affect the rights of
the stockholders; (ii) except as otherwise permitted herein, voluntarily withdraw as the Adviser unless such withdrawal would not affect
the tax status of the Company and would not materially adversely affect the stockholders; (iii) appoint a new Adviser (other than a sub-adviser
pursuant to the terms of this Agreement and applicable law); (iv) sell all or substantially all of the Company’s assets other than
in the ordinary course of the Company’s business or as otherwise permitted by law; or (v) cause the merger or other reorganization
of the Company except as permitted by law. In the event that the Adviser should withdraw pursuant to (ii) above, the withdrawing Adviser
shall pay all expenses incurred as a result of its withdrawal. 



 


		f)	The Company may terminate the Adviser’s interest in the Company’s
revenues, expenses, income, losses, distributions and capital by payment of an amount equal to the then present fair market value of the
terminated Adviser’s interest, determined by agreement of the terminated Adviser and the Company. If the Company and the Adviser
cannot agree upon such amount, the parties will submit to binding arbitration which cost will be borne equally by the Adviser and the
Company. The method of payment to the terminated Adviser must be fair and must protect the solvency and liquidity of the Company.



 


		11)	Conflicts of Interest and Prohibited Activities.



 


		a)	The Adviser is not
hereby granted or entitled to an exclusive right to sell or exclusive employment to sell assets for the Company.



 


		b)	The Adviser shall not: (i) receive or accept any rebate, give-up or similar arrangement that is prohibited
under applicable federal or state securities laws; (ii) participate in any reciprocal business arrangement that would circumvent provisions
of applicable federal or state securities laws governing conflicts of interest or investment restrictions; or (iii) enter into any agreement,
arrangement or understanding that would circumvent the restrictions against dealing with affiliates or promoters under applicable federal
or state securities laws.



 


		c)	The Adviser shall not directly or indirectly pay or award any fees or commissions or other compensation
to any Person engaged to sell shares of the Company’s stock or give investment advice to a potential stockholder; provided, however,
that this subsection shall not prohibit the payment to a registered broker-dealer or other properly licensed agent of sales commissions
for selling or distributing the Company’s common stock.



 


		d)	The Adviser covenants that it shall not permit or cause to be permitted the Company’s funds to be
commingled with the funds of any other entity. However, nothing in this subsection shall prohibit the Adviser from establishing a master
fiduciary account pursuant to which separate sub-trust accounts are established for the benefit of affiliated programs, provided that
the Company’s funds are protected from the claims of other programs and creditors of such programs.



 


		12)	Access to Stockholder List



 


If
a Stockholder requests a copy of the Stockholder List pursuant to Section 10.04 of the Company’s Charter or any successor provision
thereto (the “Charter Stockholder List Provision”), the Adviser is hereby authorized to request a copy of the Stockholder
List from the Company’s transfer agent and send a copy of the Stockholder List to any Stockholder so requesting in accordance with
the Charter Stockholder List Provision. In accordance with Section 9 of this Agreement, the Company shall indemnify, defend and protect
the Indemnified Parties and hold them harmless from and against all damages, liabilities, costs and expenses incurred by the Indemnified
Parties in or by reason of the Adviser’s refusal to exhibit, produce or mail a copy of the Stockholder List.


 






    11 


     


    




 






		13)	Notices



 


     Any
notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal
office.


 


		14)	Amendments



 


     This
Agreement may be amended by mutual consent, but the consent of the Company must be obtained in conformity with the requirements of the
Investment Company Act.


 


		15)	Certain Definitions



 


As used in this Agreement,
the following terms shall have the following meanings unless the context otherwise requires:


 


Approval of a Majority of the Outstanding Voting
Securities. The term “Approval of a Majority of the Outstanding Voting Securities” shall mean the affirmative vote, at
a duly called and held meeting of stockholders of Company, (a) of the holders of 67% or more of the shares of Company present (in person
or by proxy) and entitled to vote at the meeting, if the holders of more than 50% of the outstanding shares of the Company entitled to
vote at the meeting are present in person or by proxy or (b) of the holders of more than 50% of the outstanding shares of the Company
entitled to vote at the meeting, whichever is less.


 


Covered Security. The term “Covered
Securities” shall have the meaning set forth in Section 18 of the Securities Act.


 


		16)	Entire Agreement; Governing Law



 


     This
Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect
to the subject matter hereof. This Agreement shall be construed in accordance with the laws of the State of Delaware and in accordance
with the applicable provisions of the Investment Company Act. In such case, to the extent the applicable laws of the State of Delaware,
or any of the provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control.


 


[Remainder of page intentionally left blank.]


 


* * *




    12 


     


    








 



IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed on the date above written.


 


	 	 	 	 
	 	OWL ROCK CORE INCOME CORP.

  
	 	By:  	 /s/ Bryan Cole
	 	 	Name:  	Bryan Cole 
	 	 	Title:  	Chief Financial Officer 
	 
	 	OWL ROCK CAPITAL ADVISORS LLC

  
	 	By:  	 /s/ Alan Kirshenbaum
	 	 	Name:  	Alan Kirshenbaum
	 	 	Title:  	Chief Operating Officer and Chief Financial Officer  


  




    13 


     


    



 


Annex A 


 


Examples of Quarterly Incentive Fee Calculation



 


Example 1: Income Related Portion of Incentive Fee1:


 


Alternative 1


 


Assumptions


 


Investment income (including interest, dividends, fees, etc.) = 1.75%

Hurdle rate3 = 1.25%

Management fee4 = 0.38%

Other expenses (legal, accounting, custodian, transfer agent, etc.)5 = 0.20%

Pre-Incentive Fee Net Investment Income

    (investment income - (management fee + other expenses)) = 1.17%

Pre-Incentive Fee Net Investment Income does not exceed hurdle rate, therefore there is no Incentive Fee.


 


Alternative 2


 


Assumptions


 


Investment income (including interest, dividends, fees, etc.) = 2.00%

Hurdle rate3 = 1.25%

Management fee4 = 0.38%

Other expenses (legal, accounting, custodian, transfer agent, etc.)5 = 0.20%

Pre-Incentive Fee Net Investment Income

    (investment income - (management fee + other expenses)) = 1.42%

Incentive Fee = 100% × Pre-Incentive Fee Net Investment Income, subject to the “catch-up”6

    = 100% × (1.42% - 1.25%)

    = 0.17%


 


Alternative 3


 


Assumptions


 


Investment income (including interest, dividends, fees, etc.) = 2.50%

Hurdle rate3 = 1.25%

Management fee4 = 0.38%

Other expenses (legal, accounting, custodian, transfer agent, etc.)5 = 0.20%

Pre-Incentive Fee Net Investment Income

    (investment income - (management fee + other expenses)) = 1.92%

Incentive Fee = 12.50% × Pre-Incentive Fee Net Investment Income, subject to “catch-up”6

Incentive Fee = 100% × “catch-up” + (12.50% × (Pre-Incentive Fee Net Investment Income – 1.43%))

Catch-up = 1.43% - 1.25% = 0.18%

Incentive Fee = (100% × 0.18%) + (12.50% × (1.92% - 1.43%))

    = 0.18% + (12.50% × 0.49%)


   = 0.18% + 0.06125%

    = 0.24125%


 


1 The hypothetical amount of Pre-Incentive
Fee Net Investment Income shown is based on a percentage of total net assets.


2 Represents 6.00% annualized hurdle
rate.


3 Represents 1.25% annualized management
fee.


4 Excludes organizational and offering
expenses.


5 The “catch-up” provision
is intended to provide the Adviser with an Incentive Fee of 12.50% on all of the Company’s Pre-Incentive Fee Net Investment Income
as if a hurdle rate did not apply. The “catch-up” portion of the Company’s Pre-Incentive Fee Net Investment Income is
the portion that exceeds the 1.25% hurdle rate but is less than or equal to 1.43% for that calendar quarter.


 






     


     


    

 


Example 2: Capital Gains Portion of Incentive Fee:


 


Assumptions


 


	 	i)	Year 1: The Listing Date is the last day of the first calendar quarter. Prior to the last day of the first calendar quarter the Company has made an investment in Company A (“Investment A”), an investment in Company B (“Investment B”), an investment in Company C (“Investment C”), an investment in Company D (“Investment D”) and an investment in Company E (“Investment E”). On the last day of the first calendar quarter the fair market value (“FMV”) of each of Investment A, Investment B, Investment C, Investment D and Investment E is $10 million. For purposes of calculating the Capital Gains Incentive Fee, the cost basis of each of Investment A, Investment B, Investment C, Investment D and Investment E is considered to be its FMV as of the last day of the first calendar quarter; provided, however, that in no event will the Capital Gains Incentive Fee payable pursuant hereto be in excess of the amount permitted by the Investment Advisers Act of 1940, as amended, including Section 205 thereof.


 


	·	Year 2: Investment A sold for $20 million, fair market value (“FMV”) of Investment B determined to be $8 million, FMV of Investment C determined to be $12 million, and FMV of Investments D and E each determined to be $10 million.


 


	·	Year 3: FMV of Investment of B determined to be $8 million, FMV of Investment C determined to be $14 million, FMV of Investment D determined to be $14 million and FMV of Investment E determined to be $16 million.


 


	·	Year 4: $10 million investment made in Company F (“Investment F”), Investment D sold for $12 million, FMV of Investment B determined to be $10 million, FMV of Investment C determined to be $16 million and FMV of Investment E determined to be $14 million.


 


	·	Year 5: Investment C sold for $20 million, FMV of Investment B determined to be $14 million, FMV of Investment E determined to be $10 million and FMV of Investment F determined to $12 million.


 


	·	Year 6: Investment B sold for $16 million, FMV of Investment E determined to be $8 million and FMV of Investment F determined to be $15 million.


 


	·	Year 7: Investment E sold for $8 million and FMV of Investment F determined to be $17 million.


 


	·	Year 8: Investment F sold for $18 million.


 






     


     


    

 


These assumptions are summarized in the following chart:


 


	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Cumulative	 	Cumulative	 	Cumulative
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Unrealized	 	Realized	 	Realized
	 	 	Investment	 	Investment	 	Investment	 	Investment	 	Investment	 	Investment	 	Capital	 	Capital	 	Capital
	 	 	A	 	B	 	C	 	D	 	E	 	F	 	Depreciation	 	Losses	 	Gains
	Year 1	 	$10 million (FMV/cost basis)	 	$10 million (FMV/cost basis)	 	$10 million (FMV/cost basis)	 	$10 million (FMV/cost basis)	 	$10 million (FMV/cost basis)	 	—	 	—	 	—	 	—
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Year 2	 	$20 million (sale price)	 	$8 million FMV	 	$12 million FMV	 	$10 million FMV	 	$10 million FMV	 	—	 	$2 million	 	—	 	$10 million
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Year 3	 	—	 	$8 million FMV	 	$14 million FMV	 	$14 million FMV	 	$16 million FMV	 	—	 	$2 million	 	—	 	$10 million
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Year 4	 	—	 	$10 million FMV	 	$16 million FMV	 	$12 million (sale price)	 	$14 million FMV	 	$10 million (cost basis)	 	—	 	—	 	$12 million
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Year 5	 	—	 	$14 million FMV	 	$20 million (sale price)	 	—	 	$10 million FMV	 	$12 million FMV	 	—	 	—	 	$22 million
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Year 6	 	—	 	$16 million (sale price)	 	—	 	—	 	$8 million FMV	 	$15 million FMV	 	$2 million	 	—	 	$28 million
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Year 7	 	—	 	—	 	—	 	—	 	$8 million (sale price)	 	$17 million FMV	 	—	 	$2 million	 	$28 million
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Year 8	 	—	 	—	 	—	 	—	 	—	 	$18 million (sale price)	 	—	 	$2 million	 	$36 million


 


The capital gains portion of the Incentive Fee
would be:


 


	 	 ·	Year 1: None
	 	 	 
	 	 ·	Year 2:
	 	 	 
	 	 	Capital Gains Incentive Fee = 12.50% multiplied by ($10 million realized capital gains on sale of Investment A less $2 million cumulative capital depreciation) = $1.00 million
	 	 	 
	 	 ·	Year 3:
	 	 	 
	 	 	Capital Gains Incentive Fee = 12.50% multiplied by ($10 million cumulative realized capital gains less $2 million cumulative capital depreciation)) less $1.00 million cumulative Capital Gains Incentive Fee previously paid = $1.00 million less $1.00 million = $0.00
	 	 	 
	 	 ·	Year 4:
	 	 	 
	 	 	Capital Gains Incentive Fee = (12.50% multiplied by ($12 million cumulative realized capital gains)) less $1.00 million cumulative Capital Incentive Gains Fee previously paid = $1.50 million less $1.00 million = $0.50 million


 


	 	 ·	Year 5:
	 	 	 
	 	 	Capital Gains Incentive Fee = (12.50% multiplied by ($22 million cumulative realized capital gains)) less $1.50 million cumulative Capital Gains Incentive Fee previously paid = $2.75 million less $1.50 million = $1.25 million
	 	 	 
	 	 ·	Year 6:
	 	 	 
	 	 	Capital Gains Incentive Fee = (12.50% multiplied by ($28 million cumulative realized capital gains less $2 million cumulative capital depreciation)) less $2.75 million cumulative Capital Gains Incentive Fee previously paid = $3.25 million less $2.75 million = $0.50 million
	 	 	 
	 	 ·	Year 7:
	 	 	 
	 	 	Capital Gains Incentive Fee = (12.50% multiplied by ($28 million cumulative realized capital gains less $2 million cumulative realized capital losses)) less $3.25 million cumulative Capital Gains Incentive Fee previously paid = $3.25 million less $3.25 million = $0.00
	 	 	 
	 	 ·	Year 8:
	 	 	 
	 	 	Capital Gains Incentive Fee = (12.50% multiplied by ($36 million cumulative realized capital gains less $2 million cumulative realized capital losses)) less $3.25 million cumulative Capital Gains Incentive Fee previously paid = $4.25 million less $3.25 million = $1.00 million