Neena Reddy
About Neena Reddy
Neena A. Reddy serves as Vice President and Secretary of Blue Owl Capital Corporation (OBDC). She is also Chief Legal Officer of the Blue Owl Credit Advisers, and General Counsel, Chief Legal Officer, and Secretary of Blue Owl Capital Inc., serving on Blue Owl’s Operating Committee. She is 47 and has served as an officer of OBDC since 2019. Her background includes associate general counsel at Goldman Sachs (GSAM) focused on direct alternatives/private credit; prior corporate law roles at Boies Schiller & Flexner and Debevoise & Plimpton; and an early-career financial analyst role at Goldman Sachs. She holds a J.D. from NYU School of Law and a B.A. (magna cum laude) from Georgetown University. In 2024 she joined the Board of Partnership for New York City representing Blue Owl.
Context on company performance during her tenure: OBDC reported >12% ROE for 2024 and distributed $1.72/share in dividends; Blue Owl closed the merger with OBDE in January 2025, establishing OBDC as the second-largest publicly traded BDC by total assets. Borrowers across Blue Owl’s credit platform delivered mid-to-high single-digit EBITDA and revenue growth YoY in 2024. Ms. Reddy also signed (as GC/CLO of the Adviser) the November 5, 2025 merger agreement combining OBDC and OBDC II, underscoring her role in strategic execution.
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Blue Owl Capital Inc. | General Counsel, Chief Legal Officer, Secretary; Operating Committee member | 2019–present | Leads legal/governance across the public parent; platform-level policy and governance influence for OBDC’s external manager |
| Blue Owl Credit Advisers | Chief Legal Officer | 2019–present | Oversees legal for the Adviser that manages OBDC; central to transaction execution and regulatory oversight |
| Goldman Sachs (GSAM) | Associate General Counsel | 2010–2019 | Responsible for GSAM-managed direct alternatives, including private credit—relevant to BDC legal structuring/risk |
| Boies Schiller & Flexner LLP | Corporate Attorney | Pre-2010 | Complex corporate/transactional training applicable to BDC legal needs |
| Debevoise & Plimpton LLP | Corporate Attorney | Pre-2010 | Large-cap corporate/securities experience |
| Goldman Sachs & Co. | Financial Analyst, Private Wealth | Early career | Markets/wealth perspective useful for investor communications and governance |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Partnership for New York City | Board of Directors (representing Blue Owl) | 2024–present | Public-policy and civic network that can enhance information flow and stakeholder engagement |
Fixed Compensation
- OBDC has no employees; its executive officers (including Ms. Reddy) do not receive direct compensation from OBDC. The company reimburses the Adviser only for an allocable portion of compensation for the CFO, CCO, and their staffs under the Administration Agreement. Therefore, base salary, target/actual bonus, and perquisites for Ms. Reddy are not disclosed at OBDC level (they would be paid by the Adviser/Blue Owl).
Performance Compensation
While Ms. Reddy’s individual incentive pay is not disclosed by OBDC, the Adviser’s fee construct creates platform-level performance incentives that influence resource allocation and, indirectly, personnel incentives.
| Component | Metric/Term | Value/Details |
|---|---|---|
| Management Fee | Rate | 1.50% of average gross assets (ex-cash) above 200% asset coverage; 1.00% below 200%, payable quarterly in arrears |
| Income Incentive Fee | Hurdle | 1.50% per quarter (6% annualized) hurdle rate on pre-incentive fee NII; 100% catch-up to 1.82% per quarter (7.27% annualized), then 17.5% of excess |
| Capital Gains Incentive Fee | Rate/Scope | 17.5% of cumulative realized gains since listing, net of cumulative realized losses and unrealized depreciation; payable annually in arrears (with prior fees netted) |
Note: Fees are payable to the Adviser (Blue Owl Credit Advisors LLC), not to OBDC executives. Ms. Reddy is an officer of the Adviser and parent company; OBDC does not disclose her compensation.
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficial ownership – OBDC common shares | 0 shares as of March 28, 2025 |
| Shares outstanding (record date) | 511,046,234 |
| Ownership as % of outstanding | ~0.00% (computed from 0 / 511,046,234) |
- Hedging/pledging: OBDC’s insider trading policy prohibits directors and officers of OBDC and any director/officer/employee of its investment adviser from short-selling, entering hedges/monetization transactions, or pledging OBDC securities as collateral. This reduces alignment risk from hedging/pledging.
- Section 16 compliance: The company reports all required Forms 3/4/5 were timely filed for FY2024.
Implication: With zero direct OBDC share ownership, there is no immediate insider selling overhang from Ms. Reddy; alignment relies on her platform role and firm-wide incentives.
Employment Terms
- Employment framework: OBDC has no employees; executive officers are provided by the Adviser under the Investment Advisory and Administration Agreements. No OBDC employment contract, severance, or change-of-control economics are disclosed for Ms. Reddy.
- Officer tenure mechanics: Officers serve until successors are duly elected and qualified, or earlier resignation/removal.
- Non-compete/non-solicit/garden leave: Not disclosed by OBDC for executive officers.
Performance & Track Record
- Transaction execution: Ms. Reddy signed the November 5, 2025 merger agreement combining OBDC and OBDC II on behalf of the Adviser as General Counsel and Chief Legal Officer—indicating direct involvement in high-stakes strategic transactions.
- Company outcomes during her tenure: OBDC delivered >12% ROE and $1.72/share dividends in 2024; closed the OBDE merger in January 2025, making OBDC the second-largest listed BDC by total assets; borrowers showed mid-to-high single-digit EBITDA and revenue growth.
Compensation Committee Analysis
- The Compensation Committee determines compensation “if any” for OBDC’s CEO and officers; however, because no executive officers are compensated by OBDC, there is no CD&A on executive pay at the company.
- Director pay (not applicable to Ms. Reddy) is cash-based with retainer tiers by AUM; no equity compensation to directors is presented.
Investment Implications
- Alignment: Ms. Reddy holds no OBDC shares, so there is minimal insider-sale overhang but limited direct “skin in the game” at the BDC level. Hedging and pledging prohibitions mitigate alignment and collateral risks.
- Retention risk: As an officer of the Adviser and parent, her compensation and employment terms sit outside OBDC; retention risk (and incentives) are effectively at Blue Owl. This limits OBDC’s direct levers but benefits from platform-scale legal resources.
- Execution signal: Her signature role in the OBDC–OBDC II merger and the earlier completion of the OBDE merger reflect institutional capability to execute consolidating transactions—supportive for cost efficiencies and scale benefits. Monitor additional corporate actions for legal/structural complexity that could influence timing/expense.
- Trading watchouts: With no disclosed holdings, Form 4 activity may be sparse; nonetheless, track Section 16 filings for any change in beneficial ownership and the Adviser’s fee disclosures for evolving incentive alignment.