[10-Q] Blue Owl Technology Finance Corp. Quarterly Earnings Report

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False2025Q3000174777712/31291.812.678.5370.32.125.714.7304,99024.624.6http://fasb.org/us-gaap/2025#UnrealizedGainLossOnInvestments0.66670.3333xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureiso4217:GBPiso4217:EURiso4217:AUDortf:platformortf:component00017477772025-01-012025-09-3000017477772025-11-050001747777us-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777us-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001747777us-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001747777us-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-3100017477772025-09-3000017477772024-12-3100017477772024-01-012024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMember2025-07-012025-09-300001747777us-gaap:InvestmentUnaffiliatedIssuerMember2024-07-012024-09-300001747777us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-09-300001747777us-gaap:InvestmentUnaffiliatedIssuerMember2024-01-012024-09-300001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-07-012025-09-300001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-07-012024-09-300001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-09-300001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-09-300001747777us-gaap:InvestmentAffiliatedIssuerControlledMember2025-07-012025-09-300001747777us-gaap:InvestmentAffiliatedIssuerControlledMember2024-07-012024-09-300001747777us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-09-300001747777us-gaap:InvestmentAffiliatedIssuerControlledMember2024-01-012024-09-3000017477772025-07-012025-09-3000017477772024-07-012024-09-3000017477772024-01-012024-09-300001747777ManTech International Corporation, First lien senior secured loan2025-09-300001747777Peraton Corp., Second lien senior secured loan2025-09-300001747777us-gaap:DebtSecuritiesMemberus-gaap:AerospaceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Accommodations Plus Technologies LLC, First lien senior secured loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:AirlinesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777AI Titan Parent, Inc. (dba Prometheus Group), First lien senior secured loan2025-09-300001747777AlphaSense, Inc., First lien senior secured loan2025-09-300001747777Anaplan, Inc., First lien senior secured loan2025-09-300001747777Armstrong Bidco Limited, First lien senior secured GBP term loan2025-09-300001747777Artifact Bidco, Inc. (dba Avetta), First lien senior secured loan2025-09-300001747777Boxer Parent Company Inc. (f/k/a BMC), First lien senior secured loan2025-09-300001747777Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.), First lien senior secured loan2025-09-300001747777CivicPlus, LLC, First lien senior secured loan2025-09-300001747777Coupa Holdings, LLC, First lien senior secured loan2025-09-300001747777CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC), Unsecured notes2025-09-300001747777Einstein Parent, Inc. (dba Smartsheet), First lien senior secured loan2025-09-300001747777Gainsight, Inc., First lien senior secured loan2025-09-300001747777Granicus, Inc., First lien senior secured loan2025-09-300001747777Granicus, Inc., First lien senior secured delayed draw term loan2025-09-300001747777GS Acquisitionco, Inc. (dba insightsoftware), First lien senior secured loan2025-09-300001747777Infobip Inc., First lien senior secured loan2025-09-300001747777JS Parent, Inc. (dba Jama Software), First lien senior secured loan2025-09-300001747777Magnet Forensics, LLC (f/k/a Grayshift, LLC), First lien senior secured loan2025-09-300001747777Ministry Brands Holdings, LLC, First lien senior secured loan2025-09-300001747777Simpler Postage, Inc. (dba Easypost), First lien senior secured loan2025-09-300001747777Tamarack Intermediate, L.L.C. (dba Verisk 3E), First lien senior secured loan2025-09-300001747777Velocity HoldCo III Inc. (dba VelocityEHS), First lien senior secured loan2025-09-300001747777XPLOR T1, LLC, First lien senior secured loan2025-09-300001747777Zendesk, Inc., First lien senior secured loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:ApplicationSoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Finastra USA, Inc., First lien senior secured loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:BanksMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Innovation Ventures HoldCo, LLC (dba 5 Hour Energy), First lien senior secured loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:BeveragesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777EET Buyer, Inc. (dba e-Emphasys), First lien senior secured loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:BuildingProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Associations, Inc., First lien senior secured loan2025-09-300001747777Associations Finance, Inc., Unsecured notes2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:BuildingsRealEstateMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777CCM Midco, LLC (f/k/a Cresset Capital Management, LLC), First lien senior secured loan2025-09-300001747777Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet), First lien senior secured loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:CapitalMarketsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Pye-Barker Fire & Safety, LLC, First lien senior secured loan2025-09-300001747777Pye-Barker Fire & Safety, LLC, First lien senior secured revolving loan2025-09-300001747777SimpliSafe Holding Corporation, First lien senior secured loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:CommercialServicesSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Dodge Construction Network LLC, First lien senior secured loan 12025-09-300001747777Dodge Construction Network LLC, First lien senior secured loan 22025-09-300001747777us-gaap:DebtSecuritiesMemberus-gaap:ConstructionSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Klarna Holding AB, Subordinated Floating Rate Notes2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:ConsumerFinanceMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Eagan Parent, Inc. (dba Elite), First lien senior secured loan2025-09-300001747777Icefall Parent, Inc. (dba EngageSmart), First lien senior secured loan2025-09-300001747777Litera Bidco LLC, First lien senior secured loan2025-09-300001747777Relativity ODA LLC, First lien senior secured loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:DiversifiedConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Blackhawk Network Holdings, Inc., First lien senior secured loan2025-09-300001747777BTRS Holdings Inc. (dba Billtrust), First lien senior secured loan2025-09-300001747777Computer Services, Inc. (dba CSI), First lien senior secured loan 12025-09-300001747777Computer Services, Inc. (dba CSI), First lien senior secured loan 22025-09-300001747777Deerfield Dakota Holdings, First lien senior secured loan2025-09-300001747777Hg Genesis 8 Sumoco Limited, Unsecured facility2025-09-300001747777Hg Genesis 9 SumoCo Limited, Unsecured facility2025-09-300001747777Hg Saturn Luchaco Limited, Unsecured facility2025-09-300001747777Juniper Square, Inc., First lien senior secured loan2025-09-300001747777Minotaur Acquisition, Inc. (dba Inspira Financial), First lien senior secured loan2025-09-300001747777NMI Acquisitionco, Inc. (dba Network Merchants), First lien senior secured loan2025-09-300001747777Smarsh Inc., First lien senior secured loan2025-09-300001747777Smarsh Inc., First lien senior secured revolving loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:DiversifiedFinancialServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777CoreTrust Purchasing Group LLC, First lien senior secured loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:DiversifiedSupportServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Aerosmith Bidco 1 Limited (dba Audiotonix), First lien senior secured loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:ElectricalEquipmentMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Storable, Inc., First lien senior secured loan2025-09-300001747777Storable Intermediate Holdings, LLC, First lien senior secured loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:EquityRealEstateInvestmentTrustsREITsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)), First lien senior secured loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:FoodStaplesRetailingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Cambrex Corporation, First lien senior secured loan2025-09-300001747777Packaging Coordinators Midco, Inc., First lien senior secured loan2025-09-300001747777PerkinElmer U.S. LLC, First lien senior secured loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:HealthCareEquipmentSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Bristol Hospice L.L.C., First lien senior secured loan2025-09-300001747777Covetrus, Inc., Second lien senior secured loan2025-09-300001747777Engage Debtco Limited, First lien senior secured loan2025-09-300001747777EresearchTechnology, Inc. (dba Clario), First lien senior secured loan2025-09-300001747777KWOL Acquisition, Inc. (dba Worldwide Clinical Trials), First lien senior secured loan2025-09-300001747777Natural Partners, LLC, First lien senior secured loan2025-09-300001747777OneOncology, LLC, First lien senior secured loan2025-09-300001747777OneOncology, LLC, First lien senior secured delayed draw term loan2025-09-300001747777PetVet Care Centers, LLC, First lien senior secured loan2025-09-300001747777Valeris, Inc. (fka Phantom Purchaser, Inc.), First lien senior secured loan 12025-09-300001747777Valeris, Inc. (fka Phantom Purchaser, Inc.), First lien senior secured loan 22025-09-300001747777Vermont Aus Pty Ltd, First lien senior secured AUD term loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:HealthCareProvidersServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Athenahealth Group Inc., First lien senior secured loan2025-09-300001747777BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured loan2025-09-300001747777BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured delayed draw term loan2025-09-300001747777BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured revolving loan2025-09-300001747777Color Intermediate, LLC (dba ClaimsXten), First lien senior secured loan2025-09-300001747777CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant), First lien senior secured loan2025-09-300001747777CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant), First lien senior secured delayed draw term loan2025-09-300001747777Greenway Health, LLC, First lien senior secured loan2025-09-300001747777GI Ranger Intermediate, LLC (dba Rectangle Health), First lien senior secured loan2025-09-300001747777Himalaya Topco LLC (dba HealthEdge), First lien senior secured loan2025-09-300001747777Hyland Software, Inc., First lien senior secured loan2025-09-300001747777Indikami Bidco, LLC (dba IntegriChain), First lien senior secured loan2025-09-300001747777Indikami Bidco, LLC (dba IntegriChain), First lien senior secured delayed draw term loan2025-09-300001747777Indikami Bidco, LLC (dba IntegriChain), First lien senior secured revolving loan 12025-09-300001747777Inovalon Holdings, Inc., First lien senior secured loan2025-09-300001747777Inovalon Holdings, Inc., Second lien senior secured loan2025-09-300001747777Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.), First lien senior secured loan2025-09-300001747777Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured loan2025-09-300001747777Modernizing Medicine, Inc. (dba ModMed), First lien senior secured loan2025-09-300001747777Neptune Holdings, Inc. (dba NexTech), First lien senior secured loan2025-09-300001747777RL Datix Holdings (USA), Inc., First lien senior secured loan2025-09-300001747777RL Datix Holdings (USA), Inc., First lien senior secured GBP term loan2025-09-300001747777Salinger Bidco Inc. (dba Surgical Information Systems), First lien senior secured loan2025-09-300001747777Salinger Bidco Inc. (dba Surgical Information Systems), First lien senior secured revolving loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:HealthcareTechnologyMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777MINDBODY, Inc., First lien senior secured loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:HotelsRestaurantsLeisureMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777BCTO BSI Buyer, Inc. (dba Buildertrend), First lien senior secured loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:HouseholdDurablesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Aptean Acquiror, Inc. (dba Aptean), First lien senior secured loan2025-09-300001747777Aptean Acquiror, Inc. (dba Aptean), First lien senior secured revolving loan2025-09-300001747777QAD, Inc., First lien senior secured loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:IndustrialConglomeratesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777AmeriLife Holdings LLC, First lien senior secured loan2025-09-300001747777AmeriLife Holdings LLC, First lien senior secured delayed draw term loan2025-09-300001747777AmeriLife Holdings LLC, First lien senior secured revolving loan 12025-09-300001747777Asurion, LLC, First lien senior secured loan2025-09-300001747777Asurion, LLC, Second lien senior secured loan2025-09-300001747777Diamond Insure Bidco (dba Acturis), First lien senior secured EUR term loan2025-09-300001747777Diamond Insure Bidco (dba Acturis), First lien senior secured GBP term loan2025-09-300001747777Galway Borrower LLC, First lien senior secured delayed draw term loan2025-09-300001747777Integrated Specialty Coverages, LLC, First lien senior secured loan2025-09-300001747777Integrity Marketing Acquisition, LLC, First lien senior secured loan2025-09-300001747777Simplicity Financial Marketing Group Holdings, Inc., First lien senior secured loan2025-09-300001747777Trucordia Insurance Holdings, LLC, Second lien senior secured loan2025-09-300001747777us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Aurelia Netherlands B.V., First lien senior secured EUR term loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:InternetDirectMarketingRetailMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Flexera Software LLC, First lien senior secured loan2025-09-300001747777Flexera Software LLC, First lien senior secured EUR term loan2025-09-300001747777Kaseya Inc., First lien senior secured loan2025-09-300001747777Kaseya Inc., Second lien senior secured loan2025-09-300001747777Severin Acquisition, LLC (dba PowerSchool), First lien senior secured loan2025-09-300001747777Spaceship Purchaser, Inc. (dba Squarespace), First lien senior secured loan2025-09-300001747777us-gaap:DebtSecuritiesMemberus-gaap:TechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Bamboo US BidCo LLC, First lien senior secured EUR term loan2025-09-300001747777Bamboo US BidCo LLC, First lien senior secured delayed draw term loan2025-09-300001747777Bracket Intermediate Holding Corp., First lien senior secured loan2025-09-300001747777Commander Buyer, Inc. (dba CenExel), First lien senior secured loan2025-09-300001747777Creek Parent, Inc. (dba Catalent), First lien senior secured loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:LifeSciencesToolsServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Monotype Imaging Holdings Inc., First lien senior secured loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:MediaMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777PDI TA Holdings, Inc., First lien senior secured loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:MultilineRetailMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Foundation Consumer Brands, LLC, First lien senior secured loan2025-09-300001747777Pacific BidCo Inc., First lien senior secured loan2025-09-300001747777Pacific BidCo Inc., First lien senior secured delayed draw term loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:PharmaceuticalsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777BCTO WIW Holdings, Inc. (dba When I Work), Senior convertible notes2025-09-300001747777Certinia Inc., First lien senior secured loan2025-09-300001747777CloudPay, Inc., First lien senior secured loan2025-09-300001747777Cornerstone OnDemand, Inc., Second lien senior secured loan2025-09-300001747777Gerson Lehrman Group, Inc., First lien senior secured loan2025-09-300001747777Proofpoint, Inc., First lien senior secured loan2025-09-300001747777Sensor Technology Topco, Inc. (dba Humanetics), First lien senior secured loan2025-09-300001747777Sensor Technology Topco, Inc. (dba Humanetics), First lien senior secured EUR term loan2025-09-300001747777Sovos Compliance, LLC, First lien senior secured loan2025-09-300001747777Thunder Purchaser, Inc. (dba Vector Solutions), First lien senior secured loan2025-09-300001747777TK Operations Ltd (dba Travelperk, Inc.), First lien senior secured loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:ProfessionalServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777RealPage, Inc., First lien senior secured loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:RealEstateManagementDevelopmentMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Acquia Inc., First lien senior secured loan2025-09-300001747777Activate Holdings (US) Corp. (dba Absolute Software), First lien senior secured loan2025-09-300001747777Appfire Technologies, LLC, First lien senior secured loan2025-09-300001747777Arctic Wolf Networks, Inc., First lien senior secured loan2025-09-300001747777Arctic Wolf Networks, Inc., Senior convertible notes2025-09-300001747777Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.), First lien senior secured loan2025-09-300001747777Barracuda Parent, LLC, First lien senior secured loan 12025-09-300001747777Barracuda Parent, LLC, Second lien senior secured loan2025-09-300001747777Barracuda Parent, LLC, First lien senior secured loan 22025-09-300001747777Bayshore Intermediate #2, L.P. (dba Boomi), First lien senior secured loan2025-09-300001747777Bayshore Intermediate #2, L.P. (dba Boomi), First lien senior secured revolving loan2025-09-300001747777Circle Internet Services, Inc., Subordinated Convertible Security2025-09-300001747777ConnectWise, LLC, First lien senior secured loan2025-09-300001747777Crewline Buyer, Inc. (dba New Relic), First lien senior secured loan2025-09-300001747777Databricks, Inc., First lien senior secured loan2025-09-300001747777Delinea Buyer, Inc. (f/k/a Centrify), First lien senior secured loan2025-09-300001747777Delta TopCo, Inc. (dba Infoblox, Inc.), Second lien senior secured loan2025-09-300001747777Forescout Technologies, Inc., First lien senior secured loan2025-09-300001747777H&F Opportunities LUX III S.À R.L (dba Checkmarx), First lien senior secured loan2025-09-300001747777LogRhythm, Inc., First lien senior secured loan2025-09-300001747777Ping Identity Holding Corp., First lien senior secured loan2025-09-300001747777Securonix, Inc., First lien senior secured loan2025-09-300001747777Sitecore Holding III A/S, First lien senior secured loan2025-09-300001747777Sitecore Holding III A/S, First lien senior secured EUR term loan2025-09-300001747777Sitecore USA, Inc., First lien senior secured loan2025-09-300001747777Sophos Holdings, LLC, First lien senior secured loan2025-09-300001747777Talon MidCo 2 Limited, First lien senior secured loan 12025-09-300001747777Talon MidCo 2 Limited, First lien senior secured loan 22025-09-300001747777Tricentis Operations Holdings, Inc., First lien senior secured loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:SystemsSoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777CCI BUYER, INC. (dba Consumer Cellular), First lien senior secured loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:WirelessTelecommunicationServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-09-300001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:MiscellaneousDebtCommitmentsNettingMember2025-09-300001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:TotalCompanyInvestmentsIncludingMiscellaneousDebtCommitmentsBeforeNettingMember2025-09-300001747777Space Exploration Technologies Corp., Class A Common Stock2025-09-300001747777Space Exploration Technologies Corp., Class C Common Stock2025-09-300001747777us-gaap:EquitySecuritiesMemberus-gaap:AerospaceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-3000017477776Sense Insights, Inc., Series E-1 Preferred Stock2025-09-300001747777Alpha Partners Technology Merger Corp, Common stock2025-09-300001747777Alpha Partners Technology Merger Corp, Warrants2025-09-300001747777AlphaSense, LLC, Series E Preferred Shares2025-09-300001747777Bird Holding B.V. (fka MessageBird Holding B.V.), Extended Series C Warrants2025-09-300001747777Diligent Preferred Issuer, Inc. (dba Diligent Corporation), Preferred Stock2025-09-300001747777EShares, Inc. (dba Carta), Series E Preferred Stock2025-09-300001747777Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC), LP Interest2025-09-300001747777Nylas, Inc., Series C Preferred Stock2025-09-300001747777Project Alpine Co-Invest Fund, LP, LP Interest2025-09-300001747777Saturn Ultimate, Inc., Common stock2025-09-300001747777Simpler Postage, Inc. (dba Easypost), Warrants2025-09-300001747777Zoro TopCo, L.P., Class A Common Units2025-09-300001747777Zoro TopCo, Inc., Series A Preferred Equity2025-09-300001747777us-gaap:EquitySecuritiesMemberortf:ApplicationSoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Acorns Grow Incorporated, Series F Preferred Stock2025-09-300001747777us-gaap:EquitySecuritiesMemberortf:CapitalMarketsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Dodge Construction Network Holdings, L.P., Class A-2 Common Units2025-09-300001747777Dodge Construction Network Holdings, L.P., Series A Preferred Units2025-09-300001747777us-gaap:EquitySecuritiesMemberus-gaap:ConstructionSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777SLA Eclipse Co-Invest, L.P., LP Interest2025-09-300001747777us-gaap:EquitySecuritiesMemberortf:DiversifiedConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Amergin Asset Management, LLC, Specialty finance equity investment2025-09-300001747777Brex, Inc., Class A Units2025-09-300001747777Brex, Inc., Preferred Stock2025-09-300001747777Juniper Square, Inc., Warrants2025-09-300001747777us-gaap:EquitySecuritiesMemberortf:DiversifiedFinancialServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777BEHP Co-Investor II, L.P., LP Interest2025-09-300001747777Minerva Holdco, Inc., Senior A Preferred Stock2025-09-300001747777ModMed Software Midco Holdings, Inc. (dba ModMed), Series A Preferred Units2025-09-300001747777Orange Blossom Parent, Inc., Common Units2025-09-300001747777WP Irving Co-Invest, L.P., Partnership Units2025-09-300001747777us-gaap:EquitySecuritiesMemberortf:HealthcareTechnologyMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777KWOL Acquisition, Inc. (dba Worldwide Clinical Trials), Class A Interest2025-09-300001747777Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers), Series A Preferred Stock2025-09-300001747777us-gaap:EquitySecuritiesMemberortf:HealthCareProvidersServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.), Series A Preferred Stock2025-09-300001747777us-gaap:EquitySecuritiesMemberortf:HotelsRestaurantsLeisureMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Accelerate Topco Holdings, LLC, Common Units2025-09-300001747777us-gaap:EquitySecuritiesMemberus-gaap:InsuranceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Kajabi Holdings, LLC, Senior Preferred Class D Units2025-09-300001747777Linked Store Cayman Ltd. (dba Nuvemshop), Series E Preferred Stock2025-09-300001747777us-gaap:EquitySecuritiesMemberortf:InternetDirectMarketingRetailMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777JumpCloud, Inc., Series B Preferred Stock2025-09-300001747777JumpCloud, Inc., Series F Preferred Stock2025-09-300001747777Nscale Global Holdings Limited, Preferred equity2025-09-300001747777Nscale Global Holdings Limited, Series B Preferred Shares2025-09-300001747777Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.), Perpetual Preferred Stock2025-09-300001747777Replicated, Inc., Series C Preferred Stock2025-09-300001747777WMC Bidco, Inc. (dba West Monroe), Senior Preferred Stock2025-09-300001747777us-gaap:EquitySecuritiesMemberus-gaap:TechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Baypine Commander Co-Invest, LP, LP Interest2025-09-300001747777us-gaap:EquitySecuritiesMemberortf:LifeSciencesToolsServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777XOMA Corporation, Warrants2025-09-300001747777us-gaap:EquitySecuritiesMemberortf:PharmaceuticalsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777CloudPay, Inc., Series E Preferred Stock2025-09-300001747777Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.), Series A Preferred Stock2025-09-300001747777Thunder Topco L.P. (dba Vector Solutions), Common Units2025-09-300001747777TravelPerk, Inc., Warrants2025-09-300001747777Vestwell Holdings, Inc., Series D Preferred Stock2025-09-300001747777us-gaap:EquitySecuritiesMemberortf:ProfessionalServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Bolt Technology OÜ, Preferred Stock2025-09-300001747777us-gaap:EquitySecuritiesMemberortf:RoadRailMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Algolia, Inc., Series C Preferred Stock2025-09-300001747777Algolia, Inc., Series D Preferred Stock2025-09-300001747777Arctic Wolf Networks, Inc., Preferred Stock2025-09-300001747777Axonius, Inc., Series E Preferred Stock2025-09-300001747777Brooklyn Lender Co-Invest 2, L.P. (dba Boomi), Common Units2025-09-300001747777Chrome Investors LP, LP Interest2025-09-300001747777Circle Internet Services, Inc., Warrants2025-09-300001747777Circle Internet Services, Inc., Series D Preferred Stock2025-09-300001747777Circle Internet Services, Inc., Series E Preferred Stock2025-09-300001747777Circle Internet Services, Inc., Series F Preferred Stock2025-09-300001747777Elliott Alto Co-Investor Aggregator L.P., LP Interest2025-09-300001747777Excalibur CombineCo, L.P., Class A Units2025-09-300001747777Halo Parent Newco, LLC, Class H PIK Preferred Equity2025-09-300001747777HARNESS INC., Series D Preferred Stock2025-09-300001747777Illumio, Inc., Common stock2025-09-300001747777Illumio, Inc., Series F Preferred Stock2025-09-300001747777Project Hotel California Co-Invest Fund, L.P., LP Interest2025-09-300001747777us-gaap:EquitySecuritiesMemberortf:SystemsSoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777Blend Labs, Inc., Warrants2025-09-300001747777us-gaap:EquitySecuritiesMemberortf:ThriftsMortgageFinanceMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001747777us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-09-300001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC, Specialty finance debt investment2025-09-300001747777AAM Series 2.1 Aviation Feeder, LLC, Specialty finance debt investment2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:DiversifiedFinancialServicesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001747777Coherent Group Inc., Convertible notes2025-09-300001747777us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001747777Walker Edison Furniture Company LLC, First lien senior secured loan 12025-09-300001747777Walker Edison Furniture Company LLC, First lien senior secured loan 22025-09-300001747777Walker Edison Furniture Company LLC, First lien senior secured revolving loan2025-09-300001747777us-gaap:DebtSecuritiesMemberortf:InternetDirectMarketingRetailMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001747777Pluralsight, LLC, First lien senior secured loan 12025-09-300001747777Pluralsight, LLC, First lien senior secured loan 22025-09-300001747777us-gaap:DebtSecuritiesMemberus-gaap:TechnologySectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:DebtSecuritiesMember2025-09-300001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberortf:MiscellaneousDebtCommitmentsNettingMember2025-09-300001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberortf:TotalCompanyInvestmentsIncludingMiscellaneousDebtCommitmentsBeforeNettingMember2025-09-300001747777Blue Owl Cross-Strategy Opportunities LLC, Specialty finance equity investment2025-09-300001747777us-gaap:EquitySecuritiesMemberortf:AssetBasedLendingAndFundFinanceMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC, Specialty finance equity investment2025-09-300001747777AAM Series 2.1 Aviation Feeder, LLC, Specialty finance equity investment2025-09-300001747777us-gaap:EquitySecuritiesMemberortf:DiversifiedFinancialServicesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001747777Coherent Group Inc., Series B Preferred Shares2025-09-300001747777Fifth Season Investments LLC, Specialty finance equity investment2025-09-300001747777us-gaap:EquitySecuritiesMemberus-gaap:InsuranceSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001747777Signifyd Inc., Preferred equity2025-09-300001747777Walker Edison Holdco LLC, Common Units2025-09-300001747777us-gaap:EquitySecuritiesMemberortf:InternetDirectMarketingRetailMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001747777Paradigmatic Holdco LLC (dba Pluralsight), Common stock2025-09-300001747777us-gaap:EquitySecuritiesMemberus-gaap:TechnologySectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001747777LSI Financing 1 DAC, Specialty finance equity investment2025-09-300001747777LSI Financing LLC, Specialty finance equity investment2025-09-300001747777us-gaap:EquitySecuritiesMemberortf:PharmaceuticalsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001747777Help HP SCF Investor, LP, LP Interest2025-09-300001747777Securiti, Inc., Series C Preferred Shares2025-09-300001747777us-gaap:EquitySecuritiesMemberortf:SystemsSoftwareMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2025-09-300001747777Revolut Ribbit Holdings, LLC, LLC Interest2025-09-300001747777us-gaap:EquitySecuritiesMemberortf:DiversifiedFinancialServicesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001747777Blue Owl Credit SLF LLC, LLC Interest2025-09-300001747777us-gaap:EquitySecuritiesMemberortf:JointVenturesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001747777us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2025-09-300001747777us-gaap:InterestRateSwapMemberortf:April2029NotesMemberus-gaap:UnsecuredDebtMember2025-09-300001747777us-gaap:InterestRateSwapMemberortf:March2028NotesMemberus-gaap:UnsecuredDebtMember2025-09-300001747777us-gaap:InterestRateSwapMemberus-gaap:UnsecuredDebtMember2025-09-300001747777ortf:PoundSterlingForeignCurrencyForwardContractMemberortf:GoldmanSachsBankUSAMemberus-gaap:LongMember2025-09-300001747777ortf:PoundSterlingForeignCurrencyForwardContractMemberortf:GoldmanSachsBankUSAMemberus-gaap:ShortMember2025-09-300001747777ortf:GoldmanSachsBankUSAMemberortf:PoundSterlingForeignCurrencyForwardContractMember2025-09-300001747777ortf:EuroForeignCurrencyForwardContractMemberortf:SMBCCapitalMarketsInc.Memberus-gaap:LongMember2025-09-300001747777ortf:EuroForeignCurrencyForwardContractMemberortf:SMBCCapitalMarketsInc.Memberus-gaap:ShortMember2025-09-300001747777ortf:SMBCCapitalMarketsInc.Memberortf:EuroForeignCurrencyForwardContractMember2025-09-300001747777ortf:EuroForeignCurrencyForwardContractMemberortf:GoldmanSachsBankUSAMemberus-gaap:LongMember2025-09-300001747777ortf:EuroForeignCurrencyForwardContractMemberortf:GoldmanSachsBankUSAMemberus-gaap:ShortMember2025-09-300001747777ortf:GoldmanSachsBankUSAMemberortf:EuroForeignCurrencyForwardContractMember2025-09-300001747777ortf:AustralianDollarForeignCurrencyForwardContractMemberortf:GoldmanSachsBankUSAMemberus-gaap:LongMember2025-09-300001747777ortf:AustralianDollarForeignCurrencyForwardContractMemberortf:GoldmanSachsBankUSAMemberus-gaap:ShortMember2025-09-300001747777ortf:GoldmanSachsBankUSAMemberortf:AustralianDollarForeignCurrencyForwardContractMember2025-09-300001747777ortf:GoldmanSachsBankUSAMember2025-09-300001747777Aerosmith Bidco 1 Limited (dba Audiotonix), First lien senior secured delayed draw term loan2025-09-300001747777AI Titan Parent, Inc. (dba Prometheus Group), First lien senior secured delayed draw term loan2025-09-300001747777AlphaSense, Inc., First lien senior secured delayed draw term loan 12025-09-300001747777AlphaSense, Inc., First lien senior secured delayed draw term loan 22025-09-300001747777AmeriLife Holdings LLC, First lien senior secured delayed draw term loan 12025-09-300001747777AmeriLife Holdings LLC, First lien senior secured delayed draw term loan 22025-09-300001747777Appfire Technologies, LLC, First lien senior secured delayed draw term loan 12025-09-300001747777Appfire Technologies, LLC, First lien senior secured delayed draw term loan 22025-09-300001747777Aptean Acquiror, Inc. (dba Aptean), First lien senior secured delayed draw term loan2025-09-300001747777Artifact Bidco, Inc. (dba Avetta), First lien senior secured delayed draw term loan2025-09-300001747777Associations, Inc., First lien senior secured delayed draw term loan2025-09-300001747777Bamboo US BidCo LLC, First lien senior secured delayed draw term loan 12025-09-300001747777BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured delayed draw term loan 12025-09-300001747777Cambrex Corporation, First lien senior secured delayed draw term loan 12025-09-300001747777Cambrex Corporation, First lien senior secured delayed draw term loan 22025-09-300001747777CCM Midco, LLC (f/k/a Cresset Capital Management, LLC), First lien senior secured delayed draw term loan 12025-09-300001747777CCM Midco, LLC (f/k/a Cresset Capital Management, LLC), First lien senior secured delayed draw term loan 22025-09-300001747777CCM Midco, LLC (f/k/a Cresset Capital Management, LLC), First lien senior secured delayed draw term loan 32025-09-300001747777CivicPlus, LLC, First lien senior secured delayed draw term loan2025-09-300001747777Commander Buyer, Inc. (dba CenExel), First lien senior secured delayed draw term loan2025-09-300001747777Computer Services, Inc. (dba CSI), First lien senior secured delayed draw term loan2025-09-300001747777CoreTrust Purchasing Group LLC, First lien senior secured delayed draw term loan2025-09-300001747777Coupa Holdings, LLC, First lien senior secured delayed draw term loan2025-09-300001747777CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant), First lien senior secured delayed draw term loan 12025-09-300001747777Databricks, Inc., First lien senior secured delayed draw term loan2025-09-300001747777Eagan Parent, Inc. (dba Elite), First lien senior secured delayed draw term loan2025-09-300001747777EresearchTechnology, Inc. (dba Clario), First lien senior secured delayed draw term loan2025-09-300001747777EET Buyer, Inc. (dba e-Emphasys), First lien senior secured delayed draw term loan2025-09-300001747777Galway Borrower LLC, First lien senior secured delayed draw term loan 12025-09-300001747777GS Acquisitionco, Inc. (dba insightsoftware), First lien senior secured delayed draw term loan 12025-09-300001747777GS Acquisitionco, Inc. (dba insightsoftware), First lien senior secured delayed draw term loan 22025-09-300001747777Himalaya Topco LLC (dba HealthEdge), First lien senior secured delayed draw term loan 12025-09-300001747777Himalaya Topco LLC (dba HealthEdge), First lien senior secured delayed draw term loan 22025-09-300001747777Indikami Bidco, LLC (dba IntegriChain), First lien senior secured delayed draw term loan 12025-09-300001747777Integrated Specialty Coverages, LLC, First lien senior secured delayed draw term loan2025-09-300001747777Integrity Marketing Acquisition, LLC, First lien senior secured delayed draw term loan2025-09-300001747777Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured delayed draw term loan2025-09-300001747777Juniper Square, Inc., First lien senior secured delayed draw term loan2025-09-300001747777KWOL Acquisition, Inc. (dba Worldwide Clinical Trials), First lien senior secured delayed draw term loan2025-09-300001747777Litera Bidco LLC, First lien senior secured delayed draw term loan 12025-09-300001747777Litera Bidco LLC, First lien senior secured delayed draw term loan 22025-09-300001747777ManTech International Corporation, First lien senior secured delayed draw term loan2025-09-300001747777Minotaur Acquisition, Inc. (dba Inspira Financial), First lien senior secured delayed draw term loan2025-09-300001747777Monotype Imaging Holdings Inc., First lien senior secured delayed draw term loan2025-09-300001747777OneOncology, LLC, First lien senior secured delayed draw term loan 12025-09-300001747777Packaging Coordinators Midco, Inc., First lien senior secured delayed draw term loan2025-09-300001747777PetVet Care Centers, LLC, First lien senior secured delayed draw term loan2025-09-300001747777Pye-Barker Fire & Safety, LLC, First lien senior secured delayed draw term loan2025-09-300001747777RL Datix Holdings (USA), Inc., First lien senior secured delayed draw term loan2025-09-300001747777Salinger Bidco Inc. (dba Surgical Information Systems), First lien senior secured delayed draw term loan2025-09-300001747777Severin Acquisition, LLC (dba PowerSchool), First lien senior secured delayed draw term loan 12025-09-300001747777Simpler Postage, Inc. (dba Easypost), First lien senior secured delayed draw term loan2025-09-300001747777Simplicity Financial Marketing Group Holdings, Inc., First lien senior secured delayed draw term loan2025-09-300001747777Smarsh Inc., First lien senior secured delayed draw term loan2025-09-300001747777Spaceship Purchaser, Inc. (dba Squarespace), First lien senior secured delayed draw term loan 12025-09-300001747777Spaceship Purchaser, Inc. (dba Squarespace), First lien senior secured delayed draw term loan 22025-09-300001747777Tamarack Intermediate, L.L.C. (dba Verisk 3E), First lien senior secured delayed draw term loan2025-09-300001747777Tricentis Operations Holdings, Inc., First lien senior secured delayed draw term loan2025-09-300001747777Walker Edison Furniture Company LLC, First lien senior secured delayed draw term loan2025-09-300001747777Zendesk, Inc., First lien senior secured delayed draw term loan2025-09-300001747777Accommodations Plus Technologies LLC, First lien senior secured revolving loan2025-09-300001747777Acquia Inc., First lien senior secured revolving loan2025-09-300001747777Activate Holdings (US) Corp. (dba Absolute Software), First lien senior secured revolving loan2025-09-300001747777Aerosmith Bidco 1 Limited (dba Audiotonix), First lien senior secured revolving loan2025-09-300001747777AI Titan Parent, Inc. (dba Prometheus Group), First lien senior secured revolving loan2025-09-300001747777AmeriLife Holdings LLC, First lien senior secured revolving loan2025-09-300001747777Anaplan, Inc., First lien senior secured revolving loan2025-09-300001747777Appfire Technologies, LLC, First lien senior secured revolving loan2025-09-300001747777Aptean Acquiror, Inc. (dba Aptean), First lien senior secured revolving loan 12025-09-300001747777Artifact Bidco, Inc. (dba Avetta), First lien senior secured revolving loan2025-09-300001747777Associations, Inc., First lien senior secured revolving loan2025-09-300001747777Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.), First lien senior secured revolving loan2025-09-300001747777Bamboo US BidCo LLC, First lien senior secured revolving loan2025-09-300001747777Bayshore Intermediate #2, L.P. (dba Boomi), First lien senior secured revolving loan 12025-09-300001747777BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured revolving loan 12025-09-300001747777BCTO BSI Buyer, Inc. (dba Buildertrend), First lien senior secured revolving loan2025-09-300001747777Bristol Hospice L.L.C., First lien senior secured revolving loan2025-09-300001747777BTRS Holdings Inc. (dba Billtrust), First lien senior secured revolving loan2025-09-300001747777Cambrex Corporation, First lien senior secured revolving loan2025-09-300001747777Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.), First lien senior secured revolving loan2025-09-300001747777CCI BUYER, INC. (dba Consumer Cellular), First lien senior secured revolving loan2025-09-300001747777CCM Midco, LLC (f/k/a Cresset Capital Management, LLC), First lien senior secured revolving loan2025-09-300001747777Certinia Inc., First lien senior secured revolving loan2025-09-300001747777CivicPlus, LLC, First lien senior secured revolving loan2025-09-300001747777Commander Buyer, Inc. (dba CenExel), First lien senior secured revolving loan2025-09-300001747777CoreTrust Purchasing Group LLC, First lien senior secured revolving loan2025-09-300001747777Coupa Holdings, LLC, First lien senior secured revolving loan2025-09-300001747777Creek Parent, Inc. (dba Catalent), First lien senior secured revolving loan2025-09-300001747777Crewline Buyer, Inc. (dba New Relic), First lien senior secured revolving loan2025-09-300001747777CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant), First lien senior secured revolving loan2025-09-300001747777Deerfield Dakota Holdings, First lien senior secured revolving loan2025-09-300001747777Delinea Buyer, Inc. (f/k/a Centrify), First lien senior secured revolving loan2025-09-300001747777Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet), First lien senior secured revolving loan2025-09-300001747777Eagan Parent, Inc. (dba Elite), First lien senior secured revolving loan2025-09-300001747777EET Buyer, Inc. (dba e-Emphasys), First lien senior secured revolving loan2025-09-300001747777Einstein Parent, Inc. (dba Smartsheet), First lien senior secured revolving loan2025-09-300001747777EresearchTechnology, Inc. (dba Clario), First lien senior secured revolving loan2025-09-300001747777Flexera Software LLC, First lien senior secured revolving loan2025-09-300001747777Forescout Technologies, Inc., First lien senior secured revolving loan2025-09-300001747777Foundation Consumer Brands, LLC, First lien senior secured revolving loan2025-09-300001747777Gainsight, Inc., First lien senior secured revolving loan2025-09-300001747777Galway Borrower LLC, First lien senior secured revolving loan2025-09-300001747777Gerson Lehrman Group, Inc., First lien senior secured revolving loan2025-09-300001747777GI Ranger Intermediate, LLC (dba Rectangle Health), First lien senior secured revolving loan2025-09-300001747777Granicus, Inc., First lien senior secured revolving loan2025-09-300001747777GS Acquisitionco, Inc. (dba insightsoftware), First lien senior secured revolving loan2025-09-300001747777H&F Opportunities LUX III S.À R.L (dba Checkmarx), First lien senior secured revolving loan2025-09-300001747777Himalaya Topco LLC (dba HealthEdge), First lien senior secured revolving loan2025-09-300001747777Hyland Software, Inc., First lien senior secured revolving loan2025-09-300001747777Icefall Parent, Inc. (dba EngageSmart), First lien senior secured revolving loan2025-09-300001747777Indikami Bidco, LLC (dba IntegriChain), First lien senior secured revolving loan2025-09-300001747777Integrated Specialty Coverages, LLC, First lien senior secured revolving loan2025-09-300001747777Integrity Marketing Acquisition, LLC, First lien senior secured revolving loan2025-09-300001747777Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.), First lien senior secured revolving loan2025-09-300001747777Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured revolving loan2025-09-300001747777IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)), First lien senior secured revolving loan2025-09-300001747777JS Parent, Inc. (dba Jama Software), First lien senior secured revolving loan2025-09-300001747777Juniper Square, Inc., First lien senior secured revolving loan2025-09-300001747777KWOL Acquisition, Inc. (dba Worldwide Clinical Trials), First lien senior secured revolving loan2025-09-300001747777Litera Bidco LLC, First lien senior secured revolving loan2025-09-300001747777LogRhythm, Inc., First lien senior secured revolving loan2025-09-300001747777Magnet Forensics, LLC (f/k/a Grayshift, LLC), First lien senior secured revolving loan2025-09-300001747777ManTech International Corporation, First lien senior secured revolving loan2025-09-300001747777MINDBODY, Inc., First lien senior secured revolving loan2025-09-300001747777Ministry Brands Holdings, LLC, First lien senior secured revolving loan2025-09-300001747777Minotaur Acquisition, Inc. (dba Inspira Financial), First lien senior secured revolving loan2025-09-300001747777Modernizing Medicine, Inc. (dba ModMed), First lien senior secured revolving loan2025-09-300001747777Monotype Imaging Holdings Inc., First lien senior secured revolving loan2025-09-300001747777Natural Partners, LLC, First lien senior secured revolving loan2025-09-300001747777Neptune Holdings, Inc. (dba NexTech), First lien senior secured revolving loan2025-09-300001747777NMI Acquisitionco, Inc. (dba Network Merchants), First lien senior secured revolving loan2025-09-300001747777OneOncology, LLC, First lien senior secured revolving loan2025-09-300001747777Packaging Coordinators Midco, Inc., First lien senior secured revolving loan 12025-09-300001747777Packaging Coordinators Midco, Inc., First lien senior secured revolving loan 22025-09-300001747777PDI TA Holdings, Inc., First lien senior secured revolving loan2025-09-300001747777PetVet Care Centers, LLC, First lien senior secured revolving loan2025-09-300001747777Ping Identity Holding Corp., First lien senior secured revolving loan2025-09-300001747777Pye-Barker Fire & Safety, LLC, First lien senior secured revolving loan 12025-09-300001747777QAD, Inc., First lien senior secured revolving loan2025-09-300001747777Relativity ODA LLC, First lien senior secured revolving loan2025-09-300001747777RL Datix Holdings (USA), Inc., First lien senior secured revolving loan2025-09-300001747777Salinger Bidco Inc. (dba Surgical Information Systems), First lien senior secured revolving loan 12025-09-300001747777Securonix, Inc., First lien senior secured revolving loan2025-09-300001747777Sensor Technology Topco, Inc. (dba Humanetics), First lien senior secured revolving loan2025-09-300001747777Severin Acquisition, LLC (dba PowerSchool), First lien senior secured revolving loan2025-09-300001747777Simplicity Financial Marketing Group Holdings, Inc., First lien senior secured revolving loan2025-09-300001747777Smarsh Inc., First lien senior secured revolving loan 12025-09-300001747777Spaceship Purchaser, Inc. (dba Squarespace), First lien senior secured revolving loan2025-09-300001747777Talon MidCo 2 Limited, First lien senior secured revolving loan2025-09-300001747777Tamarack Intermediate, L.L.C. (dba Verisk 3E), First lien senior secured revolving loan2025-09-300001747777Thunder Purchaser, Inc. (dba Vector Solutions), First lien senior secured revolving loan2025-09-300001747777Tricentis Operations Holdings, Inc., First lien senior secured revolving loan2025-09-300001747777Valeris, Inc. (fka Phantom Purchaser, Inc.), First lien senior secured revolving loan2025-09-300001747777Velocity HoldCo III Inc. (dba VelocityEHS), First lien senior secured revolving loan2025-09-300001747777Zendesk, Inc., First lien senior secured revolving loan2025-09-300001747777Proofpoint, Inc., Second lien senior secured term loan2025-09-300001747777Total non-controlled/non-affiliated - debt commitments2025-09-300001747777Chrome Investors LP, LP Interest 12025-09-300001747777Total non-controlled/non-affiliated - equity commitments2025-09-300001747777Pluralsight, LLC, First lien senior secured delayed draw term loan2025-09-300001747777Walker Edison Furniture Company LLC, First lien senior secured delayed draw term loan 12025-09-300001747777Pluralsight, LLC, First lien senior secured revolving loan2025-09-300001747777Walker Edison Furniture Company LLC, First lien senior secured revolving loan 12025-09-300001747777Total non-controlled/affiliated - debt commitments2025-09-300001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC, Specialty finance equity investment 12025-09-300001747777LSI Financing LLC, Specialty finance equity investment 12025-09-300001747777Total non-controlled/affiliated - equity commitments2025-09-300001747777Total Portfolio Company Commitments2025-09-300001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC2024-12-310001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC2025-01-012025-09-300001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC2025-09-300001747777 AAM Series 2.1 Aviation Feeder, LLC2024-12-310001747777 AAM Series 2.1 Aviation Feeder, LLC2025-01-012025-09-300001747777 AAM Series 2.1 Aviation Feeder, LLC2025-09-300001747777Blue Owl Cross-Strategy Opportunities LLC2024-12-310001747777Blue Owl Cross-Strategy Opportunities LLC2025-01-012025-09-300001747777Blue Owl Cross-Strategy Opportunities LLC2025-09-300001747777Coherent Group Inc.2024-12-310001747777Coherent Group Inc.2025-01-012025-09-300001747777Coherent Group Inc.2025-09-300001747777Fifth Season Investments LLC2024-12-310001747777Fifth Season Investments LLC2025-01-012025-09-300001747777Fifth Season Investments LLC2025-09-300001747777Help HP SCF Investor, LP2024-12-310001747777Help HP SCF Investor, LP2025-01-012025-09-300001747777Help HP SCF Investor, LP2025-09-300001747777LSI Financing 1 DAC2024-12-310001747777LSI Financing 1 DAC2025-01-012025-09-300001747777LSI Financing 1 DAC2025-09-300001747777LSI Financing LLC2024-12-310001747777LSI Financing LLC2025-01-012025-09-300001747777LSI Financing LLC2025-09-300001747777Pluralsight, LLC2024-12-310001747777Pluralsight, LLC2025-01-012025-09-300001747777Pluralsight, LLC2025-09-300001747777Securiti, Inc.2024-12-310001747777Securiti, Inc.2025-01-012025-09-300001747777Securiti, Inc.2025-09-300001747777Signifyd Inc.2024-12-310001747777Signifyd Inc.2025-01-012025-09-300001747777Signifyd Inc.2025-09-300001747777Walker Edison Furniture Company LLC2024-12-310001747777Walker Edison Furniture Company LLC2025-01-012025-09-300001747777Walker Edison Furniture Company LLC2025-09-300001747777Blue Owl Credit SLF LLC2024-12-310001747777Blue Owl Credit SLF LLC2025-01-012025-09-300001747777Blue Owl Credit SLF LLC2025-09-300001747777Revolut Ribbit Holdings, LLC2024-12-310001747777Revolut Ribbit Holdings, LLC2025-01-012025-09-300001747777Revolut Ribbit Holdings, LLC2025-09-300001747777us-gaap:RetainedInvestmentInBusinessMemberortf:HarnessInc.Member2025-09-300001747777ManTech International Corporation, First lien senior secured loan2024-12-310001747777Peraton Corp., Second lien senior secured loan2024-12-310001747777us-gaap:DebtSecuritiesMemberus-gaap:AerospaceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777AI Titan Parent, Inc. (dba Prometheus Group), First lien senior secured loan2024-12-310001747777AlphaSense, Inc., First lien senior secured loan2024-12-310001747777Anaplan, Inc., First lien senior secured loan2024-12-310001747777Armstrong Bidco Limited, First lien senior secured GBP term loan2024-12-310001747777Artifact Bidco, Inc. (dba Avetta), First lien senior secured loan2024-12-310001747777Avalara, Inc., First lien senior secured loan2024-12-310001747777Boxer Parent Company Inc. (f/k/a BMC), First lien senior secured loan2024-12-310001747777Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.), First lien senior secured loan2024-12-310001747777CivicPlus, LLC, First lien senior secured loan2024-12-310001747777Coupa Holdings, LLC, First lien senior secured loan2024-12-310001747777CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC), Unsecured notes2024-12-310001747777Diamondback Acquisition, Inc. (dba Sphera), First lien senior secured loan2024-12-310001747777Fullsteam Operations, LLC, First lien senior secured loan2024-12-310001747777Fullsteam Operations, LLC, First lien senior secured delayed draw term loan2024-12-310001747777Gainsight, Inc., First lien senior secured loan2024-12-310001747777Granicus, Inc., First lien senior secured loan2024-12-310001747777Granicus, Inc., First lien senior secured delayed draw term loan2024-12-310001747777GS Acquisitionco, Inc. (dba insightsoftware), First lien senior secured loan2024-12-310001747777JS Parent, Inc. (dba Jama Software), First lien senior secured loan2024-12-310001747777Magnet Forensics, LLC (f/k/a Grayshift, LLC), First lien senior secured loan2024-12-310001747777Ministry Brands Holdings, LLC, First lien senior secured loan2024-12-310001747777Simpler Postage, Inc. (dba Easypost), First lien senior secured loan2024-12-310001747777Tamarack Intermediate, L.L.C. (dba Verisk 3E), First lien senior secured loan2024-12-310001747777Velocity HoldCo III Inc. (dba VelocityEHS), First lien senior secured loan2024-12-310001747777XPLOR T1, LLC, First lien senior secured loan2024-12-310001747777Zendesk, Inc., First lien senior secured loan2024-12-310001747777us-gaap:DebtSecuritiesMemberortf:ApplicationSoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777Finastra USA, Inc., First lien senior secured loan2024-12-310001747777us-gaap:DebtSecuritiesMemberortf:BanksMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777EET Buyer, Inc. (dba e-Emphasys), First lien senior secured loan2024-12-310001747777us-gaap:DebtSecuritiesMemberortf:BuildingProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777Associations Finance, Inc., Unsecured notes2024-12-310001747777Associations, Inc., First lien senior secured loan2024-12-310001747777us-gaap:DebtSecuritiesMemberortf:BuildingsRealEstateMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777SimpliSafe Holding Corporation, First lien senior secured loan2024-12-310001747777Pye-Barker Fire & Safety, LLC, First lien senior secured loan2024-12-310001747777Pye-Barker Fire & Safety, LLC, First lien senior secured revolving loan2024-12-310001747777us-gaap:DebtSecuritiesMemberortf:CommercialServicesSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777Klarna Holding AB, Subordinated Floating Rate Notes2024-12-310001747777us-gaap:DebtSecuritiesMemberortf:ConsumerFinanceMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777Icefall Parent, Inc. (dba EngageSmart), First lien senior secured loan2024-12-310001747777Litera Bidco LLC, First lien senior secured loan2024-12-310001747777Relativity ODA LLC, First lien senior secured loan2024-12-310001747777us-gaap:DebtSecuritiesMemberortf:DiversifiedConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC, First lien senior secured loan2024-12-310001747777AAM Series 2.1 Aviation Feeder, LLC, First lien senior secured loan2024-12-310001747777Blackhawk Network Holdings, Inc., First lien senior secured loan2024-12-310001747777BTRS HOLDINGS INC. (dba Billtrust), First lien senior secured loan2024-12-310001747777Computer Services, Inc. (dba CSI), First lien senior secured loan 12024-12-310001747777Computer Services, Inc. (dba CSI), First lien senior secured loan 22024-12-310001747777Hg Genesis 8 Sumoco Limited, Unsecured facility2024-12-310001747777Hg Genesis 9 SumoCo Limited, Unsecured facility2024-12-310001747777Hg Saturn Luchaco Limited, Unsecured facility2024-12-310001747777Minotaur Acquisition, Inc. (dba Inspira Financial), First lien senior secured loan2024-12-310001747777NMI Acquisitionco, Inc. (dba Network Merchants), First lien senior secured loan2024-12-310001747777Smarsh Inc., First lien senior secured loan2024-12-310001747777Smarsh Inc., First lien senior secured revolving loan2024-12-310001747777us-gaap:DebtSecuritiesMemberortf:DiversifiedFinancialServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777Aerosmith Bidco 1 Limited (dba Audiotonix), First lien senior secured loan2024-12-310001747777us-gaap:DebtSecuritiesMemberortf:ElectricalEquipmentMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777Storable, Inc., First lien senior secured loan2024-12-310001747777us-gaap:DebtSecuritiesMemberortf:EquityRealEstateInvestmentTrustsREITsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)), First lien senior secured loan2024-12-310001747777IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)), First lien senior secured revolving loan2024-12-310001747777us-gaap:DebtSecuritiesMemberortf:FoodStaplesRetailingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777KWOL Acquisition Inc. (dba Worldwide Clinical Trials), First lien senior secured loan2024-12-310001747777PetVet Care Centers, LLC, First lien senior secured loan2024-12-310001747777us-gaap:DebtSecuritiesMemberortf:HealthCareProvidersServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured loan2024-12-310001747777BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured delayed draw term loan2024-12-310001747777BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured revolving loan2024-12-310001747777CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant), First lien senior secured loan2024-12-310001747777GI Ranger Intermediate, LLC (dba Rectangle Health), First lien senior secured loan2024-12-310001747777GI Ranger Intermediate, LLC (dba Rectangle Health), First lien senior secured revolving loan2024-12-310001747777Greenway Health, LLC, First lien senior secured loan2024-12-310001747777Hyland Software, Inc., First lien senior secured loan2024-12-310001747777Indikami Bidco, LLC (dba IntegriChain), First lien senior secured loan2024-12-310001747777Indikami Bidco, LLC (dba IntegriChain), First lien senior secured delayed draw term loan2024-12-310001747777Indikami Bidco, LLC (dba IntegriChain), First lien senior secured revolving loan2024-12-310001747777Inovalon Holdings, Inc., First lien senior secured loan2024-12-310001747777Inovalon Holdings, Inc., Second lien senior secured loan2024-12-310001747777Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.), First lien senior secured loan2024-12-310001747777Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured loan2024-12-310001747777Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured revolving loan2024-12-310001747777Neptune Holdings, Inc. (dba NexTech), First lien senior secured loan2024-12-310001747777RL Datix Holdings (USA), Inc., First lien senior secured loan2024-12-310001747777RL Datix Holdings (USA), Inc., First lien senior secured revolving loan2024-12-310001747777RL Datix Holdings (USA), Inc., First lien senior secured GBP term loan2024-12-310001747777Salinger Bidco Inc. (dba Surgical Information Systems), First lien senior secured loan2024-12-310001747777us-gaap:DebtSecuritiesMemberortf:HealthcareTechnologyMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777MINDBODY, Inc., First lien senior secured loan2024-12-310001747777Par Technology Corporation, First lien senior secured loan2024-12-310001747777us-gaap:DebtSecuritiesMemberortf:HotelsRestaurantsLeisureMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777BCTO BSI Buyer, Inc. (dba Buildertrend), First lien senior secured loan2024-12-310001747777us-gaap:DebtSecuritiesMemberortf:HouseholdDurablesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777Aptean Acquiror, Inc. (dba Aptean), First lien senior secured loan2024-12-310001747777QAD, Inc., First lien senior secured loan2024-12-310001747777us-gaap:DebtSecuritiesMemberortf:IndustrialConglomeratesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777Asurion, LLC, Second lien senior secured loan2024-12-310001747777Diamond Insure Bidco (dba Acturis), First lien senior secured EUR term loan2024-12-310001747777Diamond Insure Bidco (dba Acturis), First lien senior secured GBP term loan2024-12-310001747777Disco Parent, Inc. (dba Duck Creek Technologies, Inc.), First lien senior secured loan2024-12-310001747777Integrity Marketing Acquisition, LLC, First lien senior secured loan2024-12-310001747777Simplicity Financial Marketing Group Holdings, Inc., First lien senior secured loan2024-12-310001747777us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777Aurelia Netherlands B.V., First lien senior secured EUR term loan2024-12-310001747777us-gaap:DebtSecuritiesMemberortf:InternetDirectMarketingRetailMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777Kaseya Inc., First lien senior secured loan2024-12-310001747777Kaseya Inc., First lien senior secured delayed draw term loan2024-12-310001747777Severin Acquisition, LLC (dba PowerSchool), First lien senior secured loan2024-12-310001747777Spaceship Purchaser, Inc. (dba Squarespace), First lien senior secured loan2024-12-310001747777us-gaap:DebtSecuritiesMemberus-gaap:TechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777Bamboo US BidCo LLC, First lien senior secured EUR term loan2024-12-310001747777Bamboo US BidCo LLC, First lien senior secured loan2024-12-310001747777Creek Parent, Inc. (dba Catalent), First lien senior secured loan2024-12-310001747777us-gaap:DebtSecuritiesMemberortf:LifeSciencesToolsServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777Monotype Imaging Holdings Inc., First lien senior secured loan2024-12-310001747777us-gaap:DebtSecuritiesMemberortf:MediaMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777PDI TA Holdings, Inc., First lien senior secured loan2024-12-310001747777PDI TA Holdings, Inc., First lien senior secured delayed draw term loan2024-12-310001747777us-gaap:DebtSecuritiesMemberortf:MultilineRetailMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777Certinia Inc., First lien senior secured loan2024-12-310001747777CloudPay, Inc., First lien senior secured loan2024-12-310001747777Cornerstone OnDemand, Inc., Second lien senior secured loan2024-12-310001747777Gerson Lehrman Group, Inc., First lien senior secured loan2024-12-310001747777Thunder Purchaser, Inc. (dba Vector Solutions), First lien senior secured loan2024-12-310001747777TK Operations Ltd (dba Travelperk, Inc.), First lien senior secured loan2024-12-310001747777When I Work, Inc., First lien senior secured loan2024-12-310001747777us-gaap:DebtSecuritiesMemberortf:ProfessionalServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777Entrata, Inc., First lien senior secured loan2024-12-310001747777RealPage, Inc., First lien senior secured loan2024-12-310001747777us-gaap:DebtSecuritiesMemberortf:RealEstateManagementDevelopmentMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777Acquia Inc., First lien senior secured loan2024-12-310001747777Activate Holdings (US) Corp. (dba Absolute Software), First lien senior secured loan2024-12-310001747777Arctic Wolf Networks, Inc., Senior convertible notes2024-12-310001747777Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.), First lien senior secured loan2024-12-310001747777Bayshore Intermediate #2, L.P. (dba Boomi), First lien senior secured loan2024-12-310001747777Crewline Buyer, Inc. (dba New Relic), First lien senior secured loan2024-12-310001747777Databricks, Inc., First lien senior secured loan2024-12-310001747777Delinea Buyer, Inc. (f/k/a Centrify), First lien senior secured loan2024-12-310001747777Delta TopCo, Inc. (dba Infoblox, Inc.), Second lien senior secured loan2024-12-310001747777Forescout Technologies, Inc., First lien senior secured loan2024-12-310001747777H&F Opportunities LUX III S.À R.L (dba Checkmarx), First lien senior secured loan2024-12-310001747777Ivanti Software, Inc., Second lien senior secured loan2024-12-310001747777LogRhythm, Inc., First lien senior secured loan2024-12-310001747777Oranje Holdco, Inc. (dba KnowBe4), First lien senior secured loan 12024-12-310001747777Oranje Holdco, Inc. (dba KnowBe4), First lien senior secured loan 22024-12-310001747777Ping Identity Holding Corp., First lien senior secured loan2024-12-310001747777Rubrik, Inc., First lien senior secured loan2024-12-310001747777SailPoint Technologies Holdings, Inc., First lien senior secured loan2024-12-310001747777Securonix, Inc., First lien senior secured loan2024-12-310001747777Securonix, Inc., First lien senior secured revolving loan2024-12-310001747777Sitecore Holding III A/S, First lien senior secured EUR term loan2024-12-310001747777Sitecore USA, Inc., First lien senior secured loan2024-12-310001747777Sitecore Holding III A/S, First lien senior secured loan2024-12-310001747777Talon MidCo 2 Limited, First lien senior secured loan2024-12-310001747777us-gaap:DebtSecuritiesMemberortf:SystemsSoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2024-12-310001747777Space Exploration Technologies Corp., Class A Common Stock2024-12-310001747777Space Exploration Technologies Corp., Class C Common Stock2024-12-310001747777us-gaap:EquitySecuritiesMemberus-gaap:AerospaceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-3100017477776Sense Insights, Inc., Series E-1 Preferred Stock2024-12-310001747777Alpha Partners Technology Merger Corp, Common stock2024-12-310001747777Alpha Partners Technology Merger Corp, Warrants2024-12-310001747777AlphaSense, LLC, Series E Preferred Shares2024-12-310001747777Diligent Preferred Issuer, Inc. (dba Diligent Corporation), Preferred Stock2024-12-310001747777EShares, Inc. (dba Carta), Series E Preferred Stock2024-12-310001747777Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC), LP Interest2024-12-310001747777Bird Holding B.V. (fka MessageBird Holding B.V.), Extended Series C Warrants2024-12-310001747777Nylas, Inc., Series C Preferred Stock2024-12-310001747777Project Alpine Co-Invest Fund, LP, LP Interest2024-12-310001747777Saturn Ultimate, Inc., Common stock2024-12-310001747777Simpler Postage, Inc. (dba Easypost), Warrants2024-12-310001747777Zoro TopCo, Inc., Series A Preferred Equity2024-12-310001747777Zoro TopCo, L.P., Class A Common Units2024-12-310001747777us-gaap:EquitySecuritiesMemberortf:ApplicationSoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777Dodge Construction Network Holdings, L.P., Series A Preferred Units2024-12-310001747777Dodge Construction Network Holdings, L.P., Class A-2 Common Units2024-12-310001747777us-gaap:EquitySecuritiesMemberus-gaap:ConstructionSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777SLA Eclipse Co-Invest, L.P., LP Interest2024-12-310001747777us-gaap:EquitySecuritiesMemberortf:DiversifiedConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC, LLC Interest2024-12-310001747777AAM Series 2.1 Aviation Feeder, LLC, LLC Interest2024-12-310001747777Amergin Asset Management, LLC, Class A Units2024-12-310001747777Brex, Inc., Preferred Stock2024-12-310001747777us-gaap:EquitySecuritiesMemberortf:DiversifiedFinancialServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777KWOL Acquisition Inc. (dba Worldwide Clinical Trials), Class A Interest2024-12-310001747777Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers), Series A Preferred Stock2024-12-310001747777us-gaap:EquitySecuritiesMemberortf:HealthCareProvidersServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777BEHP Co-Investor II, L.P., LP Interest2024-12-310001747777Minerva Holdco, Inc., Senior A Preferred Stock2024-12-310001747777WP Irving Co-Invest, L.P., Partnership Units2024-12-310001747777us-gaap:EquitySecuritiesMemberortf:HealthcareTechnologyMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.), Series A Preferred Stock2024-12-310001747777us-gaap:EquitySecuritiesMemberortf:HotelsRestaurantsLeisureMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777Kajabi Holdings, LLC, Senior Preferred Class D Units2024-12-310001747777Klaviyo, Inc., Series B Common Stock2024-12-310001747777Linked Store Cayman Ltd. (dba Nuvemshop), Series E Preferred Stock2024-12-310001747777us-gaap:EquitySecuritiesMemberortf:InternetDirectMarketingRetailMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777E2Open Parent Holdings, Inc., Class A Common Stock2024-12-310001747777JumpCloud, Inc., Series B Preferred Stock2024-12-310001747777JumpCloud, Inc., Series F Preferred Stock2024-12-310001747777Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.), Perpetual Preferred Stock2024-12-310001747777Replicated, Inc., Series C Preferred Stock2024-12-310001747777WMC Bidco, Inc. (dba West Monroe), Senior Preferred Stock2024-12-310001747777us-gaap:EquitySecuritiesMemberus-gaap:TechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777XOMA Corporation, Warrants2024-12-310001747777us-gaap:EquitySecuritiesMemberortf:PharmaceuticalsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777BCTO WIW Holdings, Inc. (dba When I Work), Class A Common Stock2024-12-310001747777CloudPay, Inc., Series E Preferred Stock2024-12-310001747777Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.), Series A Preferred Stock2024-12-310001747777Thunder Topco L.P. (dba Vector Solutions), Common Units2024-12-310001747777TravelPerk, Inc., Warrants2024-12-310001747777Vestwell Holdings, Inc., Series D Preferred Stock2024-12-310001747777us-gaap:EquitySecuritiesMemberortf:ProfessionalServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777Bolt Technology OÜ, Preferred Stock2024-12-310001747777us-gaap:EquitySecuritiesMemberortf:RoadRailMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777Algolia, Inc., Series D Preferred Stock2024-12-310001747777Algolia, Inc., Series C Preferred Stock2024-12-310001747777Arctic Wolf Networks, Inc., Preferred Stock2024-12-310001747777Brooklyn Lender Co-Invest 2, L.P. (dba Boomi), Common Units2024-12-310001747777Circle Internet Services, Inc., Warrants2024-12-310001747777Circle Internet Services, Inc., Series D Preferred Stock2024-12-310001747777Circle Internet Services, Inc., Series E Preferred Stock2024-12-310001747777Circle Internet Services, Inc., Series F Preferred Stock2024-12-310001747777Circle Internet Services, Inc., Subordinated Convertible Security2024-12-310001747777Elliott Alto Co-Investor Aggregator L.P., LP Interest2024-12-310001747777Excalibur CombineCo, L.P., Class A Units2024-12-310001747777Halo Parent Newco, LLC, Class H PIK Preferred Equity2024-12-310001747777HARNESS INC., Series D Preferred Stock2024-12-310001747777Illumio, Inc., Common stock2024-12-310001747777Illumio, Inc., Series F Preferred Stock2024-12-310001747777Project Hotel California Co-Invest Fund, L.P., LP Interest2024-12-310001747777Securiti, Inc., Series C Preferred Shares2024-12-310001747777us-gaap:EquitySecuritiesMemberortf:SystemsSoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777Blend Labs, Inc., Warrants2024-12-310001747777us-gaap:EquitySecuritiesMemberortf:ThriftsMortgageFinanceMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:TotalCompanyInvestmentsIncludingMiscellaneousDebtCommitmentsBeforeNettingMember2024-12-310001747777Walker Edison Furniture Company LLC, First lien senior secured revolving loan2024-12-310001747777Walker Edison Furniture Company LLC, First lien senior secured delayed draw term loan2024-12-310001747777Walker Edison Furniture Company LLC, First lien senior secured loan2024-12-310001747777us-gaap:DebtSecuritiesMemberortf:InternetDirectMarketingRetailMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001747777Pluralsight, LLC, First lien senior secured loan 12024-12-310001747777Pluralsight, LLC, First lien senior secured loan 22024-12-310001747777us-gaap:DebtSecuritiesMemberus-gaap:TechnologySectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:DebtSecuritiesMember2024-12-310001747777Fifth Season Investments LLC, Class A Units2024-12-310001747777us-gaap:EquitySecuritiesMemberus-gaap:InsuranceSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001747777Signifyd Inc., Preferred equity2024-12-310001747777Walker Edison Holdco LLC, Common Units2024-12-310001747777us-gaap:EquitySecuritiesMemberortf:InternetDirectMarketingRetailMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001747777Paradigmatic Holdco LLC (dba Pluralsight), Common stock2024-12-310001747777us-gaap:EquitySecuritiesMemberus-gaap:TechnologySectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001747777LSI Financing 1 DAC, Preferred equity2024-12-310001747777LSI Financing LLC, Common Equity2024-12-310001747777us-gaap:EquitySecuritiesMemberortf:PharmaceuticalsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001747777Help HP SCF Investor, LP, LP Interest2024-12-310001747777us-gaap:EquitySecuritiesMemberortf:SystemsSoftwareMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2024-12-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberortf:TotalCompanyInvestmentsIncludingMiscellaneousDebtCommitmentsBeforeNettingMember2024-12-310001747777Revolut Ribbit Holdings, LLC, LLC Interest2024-12-310001747777us-gaap:EquitySecuritiesMemberortf:DiversifiedFinancialServicesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001747777Blue Owl Credit SLF LLC, LLC Interest2024-12-310001747777us-gaap:EquitySecuritiesMemberortf:JointVenturesMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001747777us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2024-12-310001747777us-gaap:InvestmentAffiliatedIssuerControlledMemberortf:TotalCompanyInvestmentsIncludingMiscellaneousDebtCommitmentsBeforeNettingMember2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:MiscellaneousDebtCommitmentsNettingMember2024-12-310001747777Aerosmith Bidco 1 Limited (dba Audiotonix), First lien senior secured delayed draw term loan2024-12-310001747777AI Titan Parent, Inc. (dba Prometheus Group), First lien senior secured delayed draw term loan2024-12-310001747777AlphaSense, Inc., First lien senior secured delayed draw term loan 12024-12-310001747777AlphaSense, Inc., First lien senior secured delayed draw term loan 22024-12-310001747777Aptean Acquiror, Inc. (dba Aptean), First lien senior secured delayed draw term loan2024-12-310001747777Artifact Bidco, Inc. (dba Avetta), First lien senior secured delayed draw term loan2024-12-310001747777Associations, Inc., First lien senior secured delayed draw term loan2024-12-310001747777Bamboo US BidCo LLC, First lien senior secured delayed draw term loan 12024-12-310001747777Bamboo US BidCo LLC, First lien senior secured delayed draw term loan 22024-12-310001747777BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured delayed draw term loan, 10/20252024-12-310001747777Computer Services, Inc. (dba CSI), First lien senior secured delayed draw term loan2024-12-310001747777Coupa Holdings, LLC, First lien senior secured delayed draw term loan2024-12-310001747777CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant), First lien senior secured delayed draw term loan2024-12-310001747777Databricks, Inc., First lien senior secured delayed draw term loan2024-12-310001747777EET Buyer, Inc. (dba e-Emphasys), First lien senior secured delayed draw term loan2024-12-310001747777Fullsteam Operations, LLC, First lien senior secured delayed draw term loan 12024-12-310001747777Fullsteam Operations, LLC, First lien senior secured delayed draw term loan 22024-12-310001747777GS Acquisitionco, Inc. (dba insightsoftware), First lien senior secured delayed draw term loan2024-12-310001747777Indikami Bidco, LLC (dba IntegriChain), First lien senior secured delayed draw term loan, 12/20252024-12-310001747777Integrity Marketing Acquisition, LLC, First lien senior secured delayed draw term loan2024-12-310001747777Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured delayed draw term loan2024-12-310001747777Kaseya Inc., First lien senior secured delayed draw term loan, 6/20252024-12-310001747777Litera Bidco LLC, First lien senior secured delayed draw term loan 12024-12-310001747777Litera Bidco LLC, First lien senior secured delayed draw term loan 22024-12-310001747777ManTech International Corporation, First lien senior secured delayed draw term loan2024-12-310001747777Minotaur Acquisition, Inc. (dba Inspira Financial), First lien senior secured delayed draw term loan2024-12-310001747777Monotype Imaging Holdings Inc., First lien senior secured delayed draw term loan2024-12-310001747777PDI TA Holdings, Inc., First lien senior secured delayed draw term loan, 2/20262024-12-310001747777PetVet Care Centers, LLC, First lien senior secured delayed draw term loan2024-12-310001747777Pluralsight, LLC, First lien senior secured delayed draw term loan2024-12-310001747777Pye-Barker Fire & Safety, LLC, First lien senior secured delayed draw term loan2024-12-310001747777RL Datix Holdings (USA), Inc., First lien senior secured delayed draw term loan2024-12-310001747777Rubrik, Inc., First lien senior secured delayed draw term loan2024-12-310001747777Salinger Bidco Inc. (dba Surgical Information Systems), First lien senior secured delayed draw term loan2024-12-310001747777Severin Acquisition, LLC (dba PowerSchool), First lien senior secured delayed draw term loan2024-12-310001747777Simpler Postage, Inc. (dba Easypost), First lien senior secured delayed draw term loan2024-12-310001747777Simplicity Financial Marketing Group Holdings, Inc., First lien senior secured delayed draw term loan2024-12-310001747777Smarsh Inc., First lien senior secured delayed draw term loan2024-12-310001747777Spaceship Purchaser, Inc. (dba Squarespace), First lien senior secured delayed draw term loan 12024-12-310001747777Spaceship Purchaser, Inc. (dba Squarespace), First lien senior secured delayed draw term loan 22024-12-310001747777Zendesk, Inc., First lien senior secured delayed draw term loan2024-12-310001747777Acquia Inc., First lien senior secured revolving loan2024-12-310001747777Activate Holdings (US) Corp. (dba Absolute Software), First lien senior secured revolving loan2024-12-310001747777Aerosmith Bidco 1 Limited (dba Audiotonix), First lien senior secured revolving loan2024-12-310001747777AI Titan Parent, Inc. (dba Prometheus Group), First lien senior secured revolving loan2024-12-310001747777Anaplan, Inc., First lien senior secured revolving loan2024-12-310001747777Aptean Acquiror, Inc. (dba Aptean), First lien senior secured revolving loan2024-12-310001747777Artifact Bidco, Inc. (dba Avetta), First lien senior secured revolving loan2024-12-310001747777Associations, Inc., First lien senior secured revolving loan2024-12-310001747777Avalara, Inc., First lien senior secured revolving loan2024-12-310001747777Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.), First lien senior secured revolving loan2024-12-310001747777Bamboo US BidCo LLC, First lien senior secured revolving loan2024-12-310001747777Bayshore Intermediate #2, L.P. (dba Boomi), First lien senior secured revolving loan2024-12-310001747777BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured revolving loan, 8/20262024-12-310001747777BCTO BSI Buyer, Inc. (dba Buildertrend), First lien senior secured revolving loan2024-12-310001747777BTRS HOLDINGS INC. (dba Billtrust), First lien senior secured revolving loan2024-12-310001747777Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.), First lien senior secured revolving loan2024-12-310001747777Certinia Inc., First lien senior secured revolving loan2024-12-310001747777CivicPlus, LLC, First lien senior secured revolving loan2024-12-310001747777Coupa Holdings, LLC, First lien senior secured revolving loan2024-12-310001747777Creek Parent, Inc. (dba Catalent), First lien senior secured revolving loan2024-12-310001747777Crewline Buyer, Inc. (dba New Relic), First lien senior secured revolving loan2024-12-310001747777CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant), First lien senior secured revolving loan2024-12-310001747777Delinea Buyer, Inc. (f/k/a Centrify), First lien senior secured revolving loan2024-12-310001747777Disco Parent, Inc. (dba Duck Creek Technologies, Inc.), First lien senior secured revolving loan2024-12-310001747777EET Buyer, Inc. (dba e-Emphasys), First lien senior secured revolving loan2024-12-310001747777Entrata, Inc., First lien senior secured revolving loan2024-12-310001747777Finastra USA, Inc., First lien senior secured revolving loan2024-12-310001747777Forescout Technologies, Inc., First lien senior secured revolving loan2024-12-310001747777Fullsteam Operations, LLC, First lien senior secured revolving loan2024-12-310001747777Gainsight, Inc., First lien senior secured revolving loan2024-12-310001747777Gerson Lehrman Group, Inc., First lien senior secured revolving loan2024-12-310001747777GI Ranger Intermediate, LLC (dba Rectangle Health), First lien senior secured revolving loan, 10/20272024-12-310001747777Granicus, Inc., First lien senior secured revolving loan2024-12-310001747777GS Acquisitionco, Inc. (dba insightsoftware), First lien senior secured revolving loan2024-12-310001747777H&F Opportunities LUX III S.À R.L (dba Checkmarx), First lien senior secured revolving loan2024-12-310001747777Hyland Software, Inc., First lien senior secured revolving loan2024-12-310001747777Icefall Parent, Inc. (dba EngageSmart), First lien senior secured revolving loan2024-12-310001747777Indikami Bidco, LLC (dba IntegriChain), First lien senior secured revolving loan, 6/20302024-12-310001747777Integrity Marketing Acquisition, LLC, First lien senior secured revolving loan2024-12-310001747777Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.), First lien senior secured revolving loan2024-12-310001747777Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured revolving loan, 3/20282024-12-310001747777IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)), First lien senior secured revolving loan, 12/20272024-12-310001747777JS Parent, Inc. (dba Jama Software), First lien senior secured revolving loan2024-12-310001747777Kaseya Inc., First lien senior secured revolving loan2024-12-310001747777KWOL Acquisition Inc. (dba Worldwide Clinical Trials), First lien senior secured revolving loan2024-12-310001747777Litera Bidco LLC, First lien senior secured revolving loan2024-12-310001747777LogRhythm, Inc., First lien senior secured revolving loan2024-12-310001747777Magnet Forensics, LLC (f/k/a Grayshift, LLC), First lien senior secured revolving loan2024-12-310001747777ManTech International Corporation, First lien senior secured revolving loan2024-12-310001747777MINDBODY, Inc., First lien senior secured revolving loan2024-12-310001747777Ministry Brands Holdings, LLC, First lien senior secured revolving loan2024-12-310001747777Minotaur Acquisition, Inc. (dba Inspira Financial), First lien senior secured revolving loan2024-12-310001747777Monotype Imaging Holdings Inc., First lien senior secured revolving loan2024-12-310001747777Neptune Holdings, Inc. (dba NexTech), First lien senior secured revolving loan2024-12-310001747777NMI Acquisitionco, Inc. (dba Network Merchants), First lien senior secured revolving loan2024-12-310001747777Oranje Holdco, Inc. (dba KnowBe4), First lien senior secured revolving loan2024-12-310001747777PDI TA Holdings, Inc., First lien senior secured revolving loan2024-12-310001747777PetVet Care Centers, LLC, First lien senior secured revolving loan2024-12-310001747777Ping Identity Holding Corp., First lien senior secured revolving loan2024-12-310001747777Pluralsight, LLC, First lien senior secured revolving loan2024-12-310001747777Pye-Barker Fire & Safety, LLC, First lien senior secured revolving loan, 5/20302024-12-310001747777QAD, Inc., First lien senior secured revolving loan2024-12-310001747777Relativity ODA LLC, First lien senior secured revolving loan2024-12-310001747777RL Datix Holdings (USA), Inc., First lien senior secured revolving loan, 10/20302024-12-310001747777SailPoint Technologies Holdings, Inc., First lien senior secured revolving loan2024-12-310001747777Salinger Bidco Inc. (dba Surgical Information Systems), First lien senior secured revolving loan2024-12-310001747777Securonix, Inc., First lien senior secured revolving loan, 4/20282024-12-310001747777Severin Acquisition, LLC (dba PowerSchool), First lien senior secured revolving loan2024-12-310001747777Simplicity Financial Marketing Group Holdings, Inc., First lien senior secured revolving loan2024-12-310001747777Smarsh Inc., First lien senior secured revolving loan, 2/20292024-12-310001747777Spaceship Purchaser, Inc. (dba Squarespace), First lien senior secured revolving loan2024-12-310001747777Talon MidCo 2 Limited, First lien senior secured revolving loan2024-12-310001747777Tamarack Intermediate, L.L.C. (dba Verisk 3E), First lien senior secured revolving loan2024-12-310001747777Thunder Purchaser, Inc. (dba Vector Solutions), First lien senior secured revolving loan2024-12-310001747777Velocity HoldCo III Inc. (dba VelocityEHS), First lien senior secured revolving loan2024-12-310001747777When I Work, Inc., First lien senior secured revolving loan2024-12-310001747777Zendesk, Inc., First lien senior secured revolving loan2024-12-310001747777Walker Edison Furniture Company LLC, First lien senior secured delayed draw term loan, 3/20272024-12-310001747777Walker Edison Furniture Company LLC, First lien senior secured revolving loan, 3/20272024-12-310001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC, LLC Interest, N/A2024-12-310001747777AAM Series 2.1 Aviation Feeder, LLC, LLC Interest, N/A2024-12-310001747777LSI Financing LLC, Common Equity, N/A2024-12-310001747777Total Portfolio Company Commitments2024-12-310001747777Fifth Season Investments LLC2023-12-310001747777Fifth Season Investments LLC2024-01-012024-12-310001747777Help HP SCF Investor, LP2023-12-310001747777Help HP SCF Investor, LP2024-01-012024-12-310001747777LSI Financing LLC2023-12-310001747777LSI Financing LLC2024-01-012024-12-310001747777LSI Financing 1 DAC2023-12-310001747777LSI Financing 1 DAC2024-01-012024-12-310001747777Pluralsight, LLC2023-12-310001747777Pluralsight, LLC2024-01-012024-12-310001747777Signifyd Inc.2023-12-310001747777Signifyd Inc.2024-01-012024-12-310001747777Split Software, Inc.2023-12-310001747777Split Software, Inc.2024-01-012024-12-310001747777Split Software, Inc.2024-12-310001747777Walker Edison Furniture Company LLC2023-12-310001747777Walker Edison Furniture Company LLC2024-01-012024-12-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-12-310001747777Blue Owl Credit SLF LLC2023-12-310001747777Blue Owl Credit SLF LLC2024-01-012024-12-310001747777Revolut Ribbit Holdings, LLC2023-12-310001747777Revolut Ribbit Holdings, 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________________________________________________

FORM 10-Q

______________________________________________________________________________

(Mark One)
☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the period ended September 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                         to

Commission File Number 000-55977

______________________________________________________________________________

BLUE OWL TECHNOLOGY FINANCE CORP.

(Exact name of Registrant as specified in its Charter)

______________________________________________________________________________

Maryland (State or other jurisdiction of incorporation or organization)						83-1273258 (I.R.S. Employer Identification No.)
399 Park Avenue, New York, New York (Address of principal executive offices)						10022 (Zip Code)

Registrant’s telephone number, including area code: (212) 419-3000

______________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock $0.01 par value per share

OTF

The New York Stock Exchange

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the Registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes x No o

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o

Emerging growth company ☐

Smaller reporting company ☐

Non-accelerated filer x

Accelerated filer o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES o NO x

As of November 5, 2025, the registrant had 468,625,740 shares of common stock, $0.01 par value per share, outstanding.

i

Table of Contents

						Page
PART I			FINANCIAL INFORMATION
Item 1.			Financial Statements			3
			Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and December 31, 2024			3
			Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)			4
			Consolidated Schedules of Investments as of September 30, 2025 (Unaudited) and December 31, 2024			6
			Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)			45
			Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 (Unaudited)			46
			Notes to Consolidated Financial Statements (Unaudited)			48
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			90
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			132
Item 4.			Controls and Procedures			134
PART II			OTHER INFORMATION
Item 1.			Legal Proceedings			135
Item 1A.			Risk Factors			135
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			135
Item 3.			Defaults Upon Senior Securities			135
Item 4.			Mine Safety Disclosures			135
Item 5.			Other Information			135
Item 6.			Exhibits			136
Signatures						137

ii

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Blue Owl Technology Finance Corp. (the “Company,” “we” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

•an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;

•an economic downturn could disproportionately impact the companies that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;

•the impact of elevated inflation rates, fluctuating interest rates, ongoing supply chain and labor market disruptions, including those as a result of strikes, work stoppages or accidents, instability in the U.S. and international banking systems, changes in law or regulation, including the impact of tariff enactment, trade disputes with other countries, and the risk of recession or a prolonged shutdown of government services could impact our business prospects and the prospects of our portfolio companies;

•an economic downturn could also impact availability and pricing of our financing and our ability to access the debt and equity capital markets;

•a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;

•changes in base interest rates and significant market volatility on our business and our portfolio companies (including our business prospects and the prospects of our portfolio companies including the ability to achieve our and their business objectives), our industry and the global economy including as a result of ongoing supply chain disruptions;

•interest rate volatility could adversely affect our results, particularly because we use leverage as part of our investment strategy;

•currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

•our future operating results;

•our contractual arrangements and relationships with third parties;

•the ability of our portfolio companies to achieve their objectives;

•competition with other entities and our affiliates for investment opportunities;

•risks related to the uncertainty of the value of our portfolio investments, particularly those having no liquid trading market;

•the use of borrowed money to finance a portion of our investments as well as any estimates regarding potential use of leverage;

•the adequacy of our financing sources and working capital;

•the loss of key personnel;

•the timing of cash flows, if any, from the operations of our portfolio companies;

•the ability of Blue Owl Technology Credit Advisors LLC (“the Adviser” or “our Adviser”) to locate suitable investments for us and to monitor and administer our investments;

•the ability of the Adviser to attract and retain highly talented professionals;

•our ability to qualify for and maintain our tax treatment as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”);

•the impact that environmental, social and governance matters could have on our brand and reputation and our portfolio companies;

•the effect of legal, tax and regulatory changes;

•the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks, and the increasing use of artificial intelligence and machine learning technology;

•the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing war between Russia and Ukraine, as well as political and social unrest in the Middle East and North Africa regions, uncertainty with respect to immigration, and general uncertainty surrounding the financial and

1

political stability of the United States, the United Kingdom, the European Union and China, on financial market volatility, global economic markets, and various markets for commodities globally such as oil and natural gas;

•the ability to realize the anticipated benefits of the merger of Blue Owl Technology Finance Corp. II (“OTF II”) with and into us (the “Mergers”) on March 24, 2025 pursuant to an Agreement and Plan of Merger (the “Merger Agreement”), dated November 12, 2024, among us, OTF II, Oriole Merger Sub, Inc., a Maryland corporation and our wholly owned subsidiary (“Merger Sub”) and, solely for the limited purposes set forth therein, the Adviser and, solely for the limited purposes set forth therein, Blue Owl Technology Credit Advisers II LLC, a Delaware limited liability company and investment advisor to OTF II (“OTCA II”);

•the effects of disruption on our business from the Mergers;

•the combined company’s plans, expectations, objectives and intentions as a result of the Mergers; and

•other risks, uncertainties and other factors previously identified in the reports and other documents we have filed with the Securities and Exchange Commission (“SEC”).

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).

2

PART I: FINANCIAL INFORMATION

Item 1. Financial Statements

Blue Owl Technology Finance Corp.

Consolidated Statements of Assets and Liabilities

(Amounts in thousands, except share and per share amounts)

			September 30, 2025 (Unaudited)						December 31, 2024
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $11,932,448 and $5,921,172, respectively)			$	11,949,880					$	5,892,773
Non-controlled, affiliated investments (amortized cost of $713,080 and $435,706, respectively)			756,010						407,303
Controlled, affiliated investments (amortized cost of $93,994 and $76,243, respectively)			178,156						107,390
Total investments at fair value (amortized cost of $12,739,522 and $6,433,121, respectively)			12,884,046						6,407,466
Cash (restricted cash of $— and $—, respectively)			396,921						252,964
Foreign cash (cost of $225 and $4,040, respectively)			212						4,036
Interest receivable			71,682						45,838
Dividend income receivable			11,939						1,929
Prepaid expenses and other assets			35,988						10,388
Total Assets			$	13,400,788					$	6,722,621
Liabilities
Debt (net of unamortized debt issuance costs of $82,572 and $37,495, respectively)			$	4,966,719					$	2,914,509
Management fee payable			47,969						14,687
Distribution payable			186,631						70,998
Incentive fee payable			55,948						11,133
Payables to affiliates			—						1,903
Payable for investments purchased			—						52,796
Accrued expenses and other liabilities			88,297						31,445
Total Liabilities			$	5,345,564					$	3,097,471
Commitments and contingencies (Note 8)
Net Assets
Common shares $0.01 par value, 1,000,000,000 shares authorized; 466,464,720 and 212,155,118 shares issued and outstanding, respectively			$	4,665					$	2,122
Additional paid-in-capital			7,687,119						3,352,211
Total accumulated undistributed earnings			363,440						270,817
Total Net Assets			8,055,224						3,625,150
Total Liabilities and Net Assets			$	13,400,788					$	6,722,621
Net Asset Value Per Share			$	17.27					$	17.09

    

The accompanying notes are an integral part of these consolidated financial statements.

3

Blue Owl Technology Finance Corp.

Consolidated Statements of Operations

(Amounts in thousands, except share and per share amounts)

(Unaudited)

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2025						2024						2025						2024
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income			$	266,669					$	131,461					$	675,025					$	391,698
Payment-in-kind interest income			23,823						24,994						61,752						84,063
Dividend income			—						599						539						1,627
Payment-in-kind dividend income			16,120						7,371						39,975						20,929
Other income			3,909						939						12,653						5,089
Total investment income from non-controlled, non-affiliated investments			310,521						165,364						789,944						503,406
Investment income from non-controlled, affiliated investments:
Interest income			1,600						275						3,833						275
Payment-in-kind interest income			1,160						475						3,291						475
Dividend income			5,563						1,774						17,582						4,463
Payment-in-kind dividend income			3,292						3,007						9,494						8,701
Other income			22						13						105						19
Total investment income from non-controlled, affiliated investments			11,637						5,544						34,305						13,933
Investment income from controlled, affiliated investments:
Dividend income			432						—						625						—
Total investment income from controlled, affiliated investments			432						—						625						—
Total Investment Income			322,590						170,908						824,874						517,339
Expenses
Interest expense			$	85,427					$	48,278					$	224,440					$	145,984
Management fees, net(1)			47,970						14,071						96,386						42,018
Incentive fees			49,737						10,251						87,230						24,341
Professional fees			2,938						1,670						9,147						4,986
Listing advisory fees (net of Adviser reimbursement)			—						—						4,821						—
Directors' fees			259						259						832						775
Other general and administrative			3,261						1,275						7,819						3,961
Total Expenses			189,592						75,804						430,675						222,065
Net Investment Income (Loss) Before Taxes			132,998						95,104						394,199						295,274
Income tax expense (benefit), including excise tax expense (benefit)			2,433						2,846						5,931						8,583
Net Investment Income (Loss) After Taxes			130,565						92,258						388,268						286,691
Net Change in Unrealized Gain (Loss)
Non-controlled, non-affiliated investments			$	9,445					$	57,725					$	8,790					$	(7,355)
Non-controlled, affiliated investments			52,899						13,135						71,334						5,177
Controlled, affiliated investments			38,330						37,906						53,016						39,932
Translation of assets and liabilities in foreign currencies and other transactions			2,686						922						28,654						793
Income tax (provision) benefit			—						—						(843)						—
Total Net Change in Unrealized Gain (Loss)			103,360						109,688						160,951						38,547
Net Realized Gain (Loss):
Non-controlled, non-affiliated investments			$	(2,153)					$	(65,983)					$	(12,412)					$	(88,455)
Non-controlled, affiliated investments			—						(16,865)						—						(16,865)
Foreign currency transactions			3,163						440						(22,253)						(1,391)
Total Net Realized Gain (Loss)			1,010						(82,408)						(34,665)						(106,711)

4

Blue Owl Technology Finance Corp.

Consolidated Statements of Operations

(Amounts in thousands, except share and per share amounts)

(Unaudited)

Total Net Realized and Change in Unrealized Gain (Loss)			$	104,370					$	27,280					$	126,286					$	(68,164)
Net Increase (Decrease) in Net Assets Resulting from Operations			$	234,935					$	119,538					$	514,554					$	218,527
Earnings (Loss) Per Share - Basic and Diluted			$	0.50					$	0.57					$	1.32					$	1.04
Weighted Average Shares Outstanding - Basic and Diluted			466,720,357						210,331,300						389,912,688						209,162,895

(1)Refer to Note 3 “Agreements and Related Party Transactions” for additional details on management fee waiver.

The accompanying notes are an integral part of these consolidated financial statements.

5

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(25)						Investment						Interest									Maturity Date						Par / Units						Amortized Cost(2)(27)						Fair Value						% of Net Assets
												Ref. Rate			Cash			PIK
Non-controlled/non-affiliated portfolio company investments
Debt Investments(7)
Aerospace & Defense
ManTech International Corporation(3)(4)(9)						First lien senior secured loan						S+			5.00%						9/2029						$	75,928					$	75,978					$	75,928
Peraton Corp.(3)(9)						Second lien senior secured loan						S+			7.75%						2/2029						84,551						83,883						49,995
																																	159,861						125,923						1.6		%
Airlines
Accommodations Plus Technologies LLC(4)(9)						First lien senior secured loan						S+			4.50%						5/2032						48,844						48,373						48,356
																																	48,373						48,356						0.6		%
Application Software
AI Titan Parent, Inc. (dba Prometheus Group)(3)(4)(8)						First lien senior secured loan						S+			4.50%						8/2031						50,189						49,747						49,687
AlphaSense, Inc.(3)(4)(9)						First lien senior secured loan						S+			6.25%						6/2029						59,360						58,935						59,063
Anaplan, Inc.(4)(9)						First lien senior secured loan						S+			4.50%						6/2029						124,052						124,052						124,052
Armstrong Bidco Limited(3)(4)(19)(31)						First lien senior secured GBP term loan						SA+			5.25%						6/2029						£	16,173					20,193						21,665
Artifact Bidco, Inc. (dba Avetta)(3)(4)(9)						First lien senior secured loan						S+			4.25%						7/2031						34,579						34,435						34,579
Boxer Parent Company Inc. (f/k/a BMC)(3)(9)						First lien senior secured loan						S+			3.00%						7/2031						29,850						29,588						29,784
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(3)(4)(9)(22)						First lien senior secured loan						S+			5.50%						8/2027						77,420						76,692						75,354
CivicPlus, LLC(4)(9)						First lien senior secured loan						S+			5.50%						8/2030						92,655						92,219						92,424
Coupa Holdings, LLC(3)(4)(9)						First lien senior secured loan						S+			5.25%						2/2030						84,527						84,589						84,527
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(3)(4)(10)						Unsecured notes						S+						11.75%			6/2034						26,527						26,278						26,527
Einstein Parent, Inc. (dba Smartsheet)(3)(4)(9)						First lien senior secured loan						S+			6.50%						1/2031						105,186						104,211						104,135
Gainsight, Inc.(3)(4)(9)						First lien senior secured loan						S+			6.25%						7/2027						67,754						67,419						67,754
Granicus, Inc.(3)(4)(9)						First lien senior secured loan						S+			3.50%			2.25%			1/2031						3,959						3,945						3,959
Granicus, Inc.(3)(4)(9)						First lien senior secured delayed draw term loan						S+			3.00%			2.25%			1/2031						586						582						585
GS Acquisitionco, Inc. (dba insightsoftware)(3)(4)(9)(22)						First lien senior secured loan						S+			5.25%						5/2028						54,292						54,202						53,855
Infobip Inc.(4)(9)(31)						First lien senior secured loan						S+			5.75%						6/2029						67,536						66,590						66,523
JS Parent, Inc. (dba Jama Software)(3)(4)(9)						First lien senior secured loan						S+			4.75%						4/2031						27,079						27,033						27,079
Magnet Forensics, LLC (f/k/a Grayshift, LLC)(3)(4)(8)(31)						First lien senior secured loan						S+			4.50%						7/2028						175,458						175,538						175,458
Ministry Brands Holdings, LLC(3)(4)(8)						First lien senior secured loan						S+			5.50%						12/2028						8,161						8,075						8,100
Simpler Postage, Inc. (dba Easypost)(3)(4)(9)(22)						First lien senior secured loan						S+			8.00%						6/2029						62,754						60,341						58,453
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(3)(4)(8)(22)						First lien senior secured loan						S+			5.00%						3/2029						12,958						12,819						12,958
Velocity HoldCo III Inc. (dba VelocityEHS)(3)(4)(9)						First lien senior secured loan						S+			5.50%						4/2027						39,896						39,615						39,896
XPLOR T1, LLC(3)(4)(9)						First lien senior secured loan						S+			3.50%						6/2031						9,900						9,904						9,875
Zendesk, Inc.(3)(4)(9)(22)						First lien senior secured loan						S+			5.00%						11/2028						156,835						155,939						156,835

6

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(25)						Investment						Interest									Maturity Date						Par / Units						Amortized Cost(2)(27)						Fair Value						% of Net Assets
												Ref. Rate			Cash			PIK
																																	1,382,941						1,383,127						17.2		%
Banks
Finastra USA, Inc.(3)(4)(9)(31)						First lien senior secured loan						S+			7.25%						9/2029						42,622						42,534						42,835
																																	42,534						42,835						0.5		%
Beverages
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(3)(4)(8)						First lien senior secured loan						S+			6.25%						3/2027						2,606						2,580						2,595
																																	2,580						2,595						—		%
Building Products
EET Buyer, Inc. (dba e-Emphasys)(3)(4)(9)(22)						First lien senior secured loan						S+			4.75%						11/2027						75,022						74,723						75,022
																																	74,723						75,022						0.9		%
Buildings & Real Estate
Associations, Inc.(3)(4)(9)(22)						First lien senior secured loan						S+			6.50%						7/2028						125,766						125,649						125,766
Associations Finance, Inc.(3)(4)(6)						Unsecured notes						N/A						14.25%			5/2030						44,180						44,076						44,180
																																	169,725						169,946						2.1		%
Capital Markets
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)(4)(8)(22)						First lien senior secured loan						S+			4.75%						6/2030						12,597						12,517						12,597
Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet)(3)(4)(8)						First lien senior secured loan						S+			5.50%						8/2032						86,364						85,085						85,068
																																	97,602						97,665						1.2		%
Commercial Services & Supplies
Pye-Barker Fire & Safety, LLC(3)(4)(9)(22)						First lien senior secured loan						S+			4.50%						5/2031						42,336						42,179						42,229
Pye-Barker Fire & Safety, LLC(3)(4)(9)(22)						First lien senior secured revolving loan						S+			4.50%						5/2030						682						665						668
SimpliSafe Holding Corporation(3)(4)(8)						First lien senior secured loan						S+			6.25%						5/2028						23,338						23,344						23,338
																																	66,188						66,235						0.8		%
Construction & Engineering
Dodge Construction Network LLC(3)(9)						First lien senior secured loan						S+			6.25%						1/2029						4,363						4,288						4,319
Dodge Construction Network LLC(4)(9)						First lien senior secured loan						S+			4.75%						2/2029						6,050						4,967						4,931
																																	9,255						9,250						0.1		%
Consumer Finance
Klarna Holding AB(3)(4)(9)(31)						Subordinated Floating Rate Notes						S+			7.00%						4/2034						65,334						65,359						65,334
																																	65,359						65,334						0.8		%
Diversified Consumer Services
Eagan Parent, Inc. (dba Elite)(3)(4)(9)						First lien senior secured loan						S+			4.50%						9/2032						23,675						23,557						23,556
Icefall Parent, Inc. (dba EngageSmart)(3)(4)(9)						First lien senior secured loan						S+			4.50%						1/2030						30,068						30,068						30,068
Litera Bidco LLC(3)(4)(8)(22)						First lien senior secured loan						S+			5.00%						5/2028						189,725						189,119						189,725
Relativity ODA LLC(3)(4)(8)						First lien senior secured loan						S+			4.50%						5/2029						137,241						136,871						137,241
																																	379,615						380,590						4.7		%
Diversified Financial Services
Blackhawk Network Holdings, Inc.(3)(8)						First lien senior secured loan						S+			4.00%						3/2029						89,722						89,687						89,991
BTRS Holdings Inc. (dba Billtrust)(3)(4)(9)(22)						First lien senior secured loan						S+			5.50%						12/2028						152,176						151,906						152,176

7

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(25)						Investment						Interest									Maturity Date						Par / Units						Amortized Cost(2)(27)						Fair Value						% of Net Assets
												Ref. Rate			Cash			PIK
Computer Services, Inc. (dba CSI)(3)(4)(9)						First lien senior secured loan						S+			5.25%						11/2029						156,046						156,117						156,046
Computer Services, Inc. (dba CSI)(3)(4)(9)						First lien senior secured loan						S+			4.75%						11/2029						26,393						26,278						26,393
Deerfield Dakota Holdings(3)(4)(9)						First lien senior secured loan						S+			3.00%			2.75%			9/2032						126,400						125,772						125,768
Hg Genesis 8 Sumoco Limited(3)(4)(19)(31)						Unsecured facility						SA+						7.50%			9/2027						£	15,129					19,166						20,368
Hg Genesis 9 SumoCo Limited(3)(4)(14)(31)						Unsecured facility						E+						6.25%			3/2029						€	57,780					62,665						67,892
Hg Saturn Luchaco Limited(3)(4)(19)(31)						Unsecured facility						SA+						8.25%			3/2027						£	43,398					55,355						58,425
Juniper Square, Inc.(3)(4)(9)(22)						First lien senior secured loan						S+			8.50%						12/2026						56,584						56,617						56,584
Minotaur Acquisition, Inc. (dba Inspira Financial)(3)(4)(8)						First lien senior secured loan						S+			5.00%						6/2030						144,059						143,585						144,059
NMI Acquisitionco, Inc. (dba Network Merchants)(3)(4)(8)						First lien senior secured loan						S+			4.50%						9/2028						24,168						24,137						24,168
Smarsh Inc.(3)(4)(9)						First lien senior secured loan						S+			4.75%						2/2029						86,977						86,689						86,759
Smarsh Inc.(3)(4)(8)(22)						First lien senior secured revolving loan						S+			4.75%						2/2029						2,426						2,408						2,404
																																	1,000,382						1,011,033						12.6		%
Diversified Support Services
CoreTrust Purchasing Group LLC(3)(4)(8)						First lien senior secured loan						S+			5.25%						10/2029						29,861						29,883						29,861
																																	29,883						29,861						0.4		%
Entertainment
Aerosmith Bidco 1 Limited (dba Audiotonix)(3)(4)(10)(31)						First lien senior secured loan						S+			5.25%						7/2031						197,055						196,036						197,055
																																	196,036						197,055						2.4		%
Equity Real Estate Investment Trusts (REITs)
Storable, Inc.(3)(8)						First lien senior secured loan						S+			3.25%						4/2031						9,951						9,919						9,970
Storable Intermediate Holdings, LLC(4)(9)						First lien senior secured loan						S+						6.00%			4/2032						106,297						105,801						106,297
																																	115,720						116,267						1.4		%
Food & Staples Retailing
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(4)(8)						First lien senior secured loan						S+			4.50%						12/2029						187,088						187,022						187,088
																																	187,022						187,088						2.3		%
Health Care Equipment & Supplies
Cambrex Corporation(3)(4)(8)						First lien senior secured loan						S+			4.50%						3/2032						39,067						38,714						39,067
Packaging Coordinators Midco, Inc.(3)(4)(9)						First lien senior secured loan						S+			4.75%						1/2032						122,253						120,714						121,641
PerkinElmer U.S. LLC(3)(4)(8)						First lien senior secured loan						S+			4.75%						3/2029						67,189						66,752						67,189
																																	226,180						227,897						2.8		%
Health Care Providers & Services
Bristol Hospice L.L.C.(3)(4)(8)						First lien senior secured loan						S+			5.00%						8/2032						18,258						18,167						18,167
Covetrus, Inc.(3)(4)(9)						Second lien senior secured loan						S+			9.25%						10/2030						75,000						73,479						69,938
Engage Debtco Limited(3)(4)(9)(31)						First lien senior secured loan						S+			3.18%			2.75%			7/2029						21,110						20,659						20,318
EresearchTechnology, Inc. (dba Clario)(3)(4)(8)(22)						First lien senior secured loan						S+			4.75%						1/2032						79,855						79,079						79,855
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(3)(4)(9)						First lien senior secured loan						S+			4.75%						12/2029						45,350						45,047						45,350
Natural Partners, LLC(3)(4)(9)(31)						First lien senior secured loan						S+			4.50%						11/2030						21,937						21,855						21,883
OneOncology, LLC(3)(4)(9)(22)						First lien senior secured loan						S+			4.75%						6/2030						40,962						40,722						40,962

8

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(25)						Investment						Interest									Maturity Date						Par / Units						Amortized Cost(2)(27)						Fair Value						% of Net Assets
												Ref. Rate			Cash			PIK
OneOncology, LLC(3)(4)(9)						First lien senior secured delayed draw term loan						S+			5.00%						6/2030						13,792						13,759						13,792
PetVet Care Centers, LLC(3)(4)(8)						First lien senior secured loan						S+			6.00%						11/2030						77,127						74,872						71,342
Valeris, Inc. (fka Phantom Purchaser, Inc.)(3)(4)(9)						First lien senior secured loan						S+			5.00%						9/2031						8,842						8,828						8,842
Valeris, Inc. (fka Phantom Purchaser, Inc.)(4)(9)						First lien senior secured loan						S+			4.75%						9/2031						15,160						15,015						15,084
Vermont Aus Pty Ltd(3)(4)(16)(31)						First lien senior secured AUD term loan						BBSY+			5.75%						3/2028						A$	12,875					8,037						8,533
																																	419,519						414,066						5.1		%
Health Care Technology
Athenahealth Group Inc.(3)(8)						First lien senior secured loan						S+			2.75%						2/2029						3,467						3,432						3,458
BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(9)						First lien senior secured loan						S+			5.75%						8/2028						113,260						112,362						112,127
BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(8)(22)						First lien senior secured delayed draw term loan						S+			5.75%						8/2028						24,764						24,337						24,516
BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(8)(22)						First lien senior secured revolving loan						S+			5.75%						8/2026						10,193						10,156						10,071
Color Intermediate, LLC (dba ClaimsXten)(3)(4)(9)						First lien senior secured loan						S+			4.75%						10/2029						47,548						47,583						47,548
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(3)(4)(8)(22)						First lien senior secured loan						S+			5.00%						8/2031						157,569						157,351						157,569
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(3)(4)(8)(22)						First lien senior secured delayed draw term loan						S+			4.75%						8/2031						41,868						41,630						41,624
Greenway Health, LLC(3)(4)(9)						First lien senior secured loan						S+			6.75%						4/2029						18,765						18,524						18,531
GI Ranger Intermediate, LLC (dba Rectangle Health)(3)(4)(8)						First lien senior secured loan						S+			5.75%						10/2028						26,746						26,457						26,211
Himalaya Topco LLC (dba HealthEdge)(3)(4)(8)						First lien senior secured loan						S+			3.00%			2.25%			6/2032						93,856						92,929						92,917
Hyland Software, Inc.(3)(4)(8)						First lien senior secured loan						S+			5.00%						9/2030						148,677						148,726						148,677
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)						First lien senior secured loan						S+			4.00%			2.50%			12/2030						135,515						133,791						133,482
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)(22)						First lien senior secured delayed draw term loan						S+			6.00%						12/2030						2,085						2,012						2,054
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)(22)						First lien senior secured revolving loan						S+			6.00%						6/2030						9,906						9,747						9,710
Inovalon Holdings, Inc.(4)(8)						First lien senior secured loan						S+			2.75%			2.75%			11/2028						192,750						192,491						192,750
Inovalon Holdings, Inc.(4)(8)						Second lien senior secured loan						S+						8.50%			11/2033						76,289						76,289						76,289
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(3)(4)(9)(31)						First lien senior secured loan						S+			6.50%						8/2026						163,543						163,152						161,907
Interoperability Bidco, Inc. (dba Lyniate)(3)(4)(9)(22)						First lien senior secured loan						S+			5.75%						3/2028						118,741						118,051						116,877
Modernizing Medicine, Inc. (dba ModMed)(4)(9)						First lien senior secured loan						S+			2.50%			2.25%			4/2032						146,451						145,073						145,718
Neptune Holdings, Inc. (dba NexTech)(3)(4)(9)						First lien senior secured loan						S+			4.50%						8/2030						10,836						10,822						10,836
RL Datix Holdings (USA), Inc.(3)(4)(10)						First lien senior secured loan						S+			5.00%						4/2031						104,855						104,855						104,855
RL Datix Holdings (USA), Inc.(3)(4)(19)						First lien senior secured GBP term loan						SA+			5.00%						4/2031						£	48,558					65,531						65,371
Salinger Bidco Inc. (dba Surgical Information Systems)(3)(4)(9)						First lien senior secured loan						S+			5.75%						8/2031						94,453						94,318						94,453
Salinger Bidco Inc. (dba Surgical Information Systems)(4)(9)(22)						First lien senior secured revolving loan						S+			5.75%						5/2031						1,523						1,506						1,523

9

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(25)						Investment						Interest									Maturity Date						Par / Units						Amortized Cost(2)(27)						Fair Value						% of Net Assets
												Ref. Rate			Cash			PIK
																																	1,801,125						1,799,074						22.3		%
Hotels, Restaurants & Leisure
MINDBODY, Inc.(3)(4)(9)						First lien senior secured loan						S+			6.00%						9/2027						72,962						72,929						72,962
																																	72,929						72,962						0.9		%
Household Durables
BCTO BSI Buyer, Inc. (dba Buildertrend)(3)(4)(9)						First lien senior secured loan						S+			6.50%						12/2026						83,520						83,317						83,520
																																	83,317						83,520						1.0		%
Industrial Conglomerates
Aptean Acquiror, Inc. (dba Aptean)(3)(4)(9)						First lien senior secured loan						S+			4.75%						1/2031						16,827						16,754						16,827
Aptean Acquiror, Inc. (dba Aptean)(3)(4)(8)(22)						First lien senior secured revolving loan						S+			4.34%						1/2031						93						90						93
QAD, Inc.(3)(4)(8)						First lien senior secured loan						S+			4.75%						11/2027						87,486						87,487						87,486
																																	104,331						104,406						1.3		%
Insurance
AmeriLife Holdings LLC(3)(4)(9)						First lien senior secured loan						S+			5.00%						8/2029						41,513						41,351						41,305
AmeriLife Holdings LLC(4)(9)(22)						First lien senior secured delayed draw term loan						S+			4.81%						8/2029						4,134						4,116						4,113
AmeriLife Holdings LLC(4)(9)(22)						First lien senior secured revolving loan						S+			5.00%						8/2028						816						796						792
Asurion, LLC(3)(8)						First lien senior secured loan						S+			4.25%						8/2028						18,296						18,217						18,349
Asurion, LLC(3)(8)						Second lien senior secured loan						S+			5.25%						1/2028						10,833						10,731						10,535
Diamond Insure Bidco (dba Acturis)(3)(4)(14)(31)						First lien senior secured EUR term loan						E+			4.00%						7/2031						€	8,121					8,674						9,542
Diamond Insure Bidco (dba Acturis)(3)(4)(19)(31)						First lien senior secured GBP term loan						SA+			4.25%						7/2031						£	26,545					33,792						35,736
Galway Borrower LLC(3)(4)(9)(22)						First lien senior secured delayed draw term loan						S+			4.50%						9/2028						292						292						292
Integrated Specialty Coverages, LLC(3)(4)(8)						First lien senior secured loan						S+			4.75%						7/2030						7,731						7,736						7,731
Integrity Marketing Acquisition, LLC(3)(4)(9)						First lien senior secured loan						S+			5.00%						8/2028						90,560						90,353						90,560
Simplicity Financial Marketing Group Holdings, Inc.(3)(4)(9)(22)						First lien senior secured loan						S+			5.00%						12/2031						15,342						15,194						15,342
Trucordia Insurance Holdings, LLC(4)(8)						Second lien senior secured loan						S+			5.75%						6/2033						60,500						59,909						60,500
																																	291,161						294,797						3.7		%
Internet & Direct Marketing Retail
Aurelia Netherlands B.V.(4)(14)(31)						First lien senior secured EUR term loan						E+			4.75%						5/2031						€	64,941					73,397						76,306
																																	73,397						76,306						0.9		%
IT Services
Flexera Software LLC(3)(4)(9)						First lien senior secured loan						S+			4.75%						8/2032						17,563						17,521						17,519
Flexera Software LLC(3)(4)(13)						First lien senior secured EUR term loan						E+			4.75%						8/2032						€	5,300					6,193						6,212
Kaseya Inc.(3)(8)						First lien senior secured loan						S+			3.25%						3/2032						69,650						69,364						69,713
Kaseya Inc.(3)(8)						Second lien senior secured loan						S+			5.00%						3/2033						19,884						19,812						19,876
Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8)(22)						First lien senior secured loan						S+			2.75%			2.25%			10/2031						97,308						96,128						95,971
Spaceship Purchaser, Inc. (dba Squarespace)(3)(4)(9)						First lien senior secured loan						S+			5.00%						10/2031						179,948						179,645						179,948
																																	388,663						389,239						4.8		%

10

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(25)						Investment						Interest									Maturity Date						Par / Units						Amortized Cost(2)(27)						Fair Value						% of Net Assets
												Ref. Rate			Cash			PIK
Life Sciences Tools & Services
Bamboo US BidCo LLC(3)(4)(14)						First lien senior secured EUR term loan						E+			5.25%						9/2030						€	15,578					16,761						18,304
Bamboo US BidCo LLC(3)(4)(9)(22)						First lien senior secured delayed draw term loan						S+			5.25%						9/2030						32,030						32,008						32,030
Bracket Intermediate Holding Corp.(3)(8)						First lien senior secured loan						S+			4.25%						5/2028						34,217						34,307						34,374
Commander Buyer, Inc. (dba CenExel)(4)(9)						First lien senior secured loan						S+			4.75%						6/2032						33,133						32,956						33,050
Creek Parent, Inc. (dba Catalent)(3)(4)(8)						First lien senior secured loan						S+			5.00%						12/2031						174,014						172,309						174,014
																																	288,341						291,772						3.6		%
Media
Monotype Imaging Holdings Inc.(3)(4)(8)(22)						First lien senior secured loan						S+			5.50%						2/2031						128,994						128,663						128,994
																																	128,663						128,994						1.6		%
Multiline Retail
PDI TA Holdings, Inc.(3)(4)(9)(22)						First lien senior secured loan						S+			5.50%						2/2031						28,006						27,705						27,860
																																	27,705						27,860						0.3		%
Pharmaceuticals
Foundation Consumer Brands, LLC(3)(4)(9)						First lien senior secured loan						S+			5.00%						2/2029						21,076						20,990						20,971
Pacific BidCo Inc.(3)(4)(10)(31)						First lien senior secured loan						S+			4.12%			1.88%			8/2029						9,195						9,040						9,126
Pacific BidCo Inc.(3)(4)(10)(31)						First lien senior secured delayed draw term loan						S+			5.75%						8/2029						954						938						947
																																	30,968						31,044						0.4		%
Professional Services
BCTO WIW Holdings, Inc. (dba When I Work)(3)(4)(6)						Senior convertible notes						N/A						5.50%			8/2030						4,694						4,694						4,694
Certinia Inc.(3)(4)(9)						First lien senior secured loan						S+			5.25%						8/2030						88,015						87,701						88,015
CloudPay, Inc.(3)(4)(9)(31)						First lien senior secured loan						S+			7.50%						7/2029						24,500						24,253						23,460
Cornerstone OnDemand, Inc.(3)(4)(8)						Second lien senior secured loan						S+			6.50%						10/2029						71,667						71,022						67,725
Gerson Lehrman Group, Inc.(3)(4)(9)						First lien senior secured loan						S+			5.00%						12/2028						37,696						37,564						37,696
Proofpoint, Inc.(3)(8)						First lien senior secured loan						S+			3.00%						8/2028						3,143						3,128						3,151
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(9)						First lien senior secured loan						S+			7.00%						5/2028						68,679						68,699						68,679
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(14)						First lien senior secured EUR term loan						E+			7.25%						5/2028						€	11,770					12,730						13,830
Sovos Compliance, LLC(3)(8)						First lien senior secured loan						S+			3.25%						8/2029						19,255						19,255						19,272
Thunder Purchaser, Inc. (dba Vector Solutions)(3)(4)(9)						First lien senior secured loan						S+			5.25%						6/2028						138,709						138,066						138,709
TK Operations Ltd (dba Travelperk, Inc.)(3)(4)(6)(31)						First lien senior secured loan						N/A						11.50%			5/2029						52,362						49,482						50,399
																																	516,594						515,630						6.4		%
Real Estate Management & Development
RealPage, Inc.(3)(9)						First lien senior secured loan						S+			3.75%						4/2028						34,825						34,668						34,912
																																	34,668						34,912						0.4		%
Systems Software
Acquia Inc.(4)(9)						First lien senior secured loan						S+			6.00%						10/2026						188,298						188,257						185,003
Activate Holdings (US) Corp. (dba Absolute Software)(3)(4)(9)(31)						First lien senior secured loan						S+			5.50%						7/2030						54,125						54,142						54,125
Appfire Technologies, LLC(3)(4)(9)(22)						First lien senior secured loan						S+			5.00%						3/2028						7,361						7,363						7,361

11

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(25)						Investment						Interest									Maturity Date						Par / Units						Amortized Cost(2)(27)						Fair Value						% of Net Assets
												Ref. Rate			Cash			PIK
Arctic Wolf Networks, Inc.(3)(4)(9)						First lien senior secured loan						S+			5.75%						2/2030						88,384						87,573						87,942
Arctic Wolf Networks, Inc.(3)(4)(6)						Senior convertible notes						N/A						3.00%			11/2030						130,908						177,679						177,679
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(3)(4)(8)						First lien senior secured loan						S+			6.00%						3/2031						94,049						93,196						94,049
Barracuda Parent, LLC(3)(9)						First lien senior secured loan						S+			4.50%						8/2029						22,859						20,399						19,085
Barracuda Parent, LLC(3)(4)(9)						Second lien senior secured loan						S+			7.00%						8/2030						55,875						44,399						42,186
Barracuda Parent, LLC(3)(4)(9)						First lien senior secured loan						S+			6.50%						8/2029						20,442						19,903						18,653
Bayshore Intermediate #2, L.P. (dba Boomi)(3)(4)(9)						First lien senior secured loan						S+			2.50%			3.00%			10/2028						156,899						156,928						156,899
Bayshore Intermediate #2, L.P. (dba Boomi)(4)(9)(22)						First lien senior secured revolving loan						S+			5.00%						10/2027						3,257						3,231						3,257
Circle Internet Services, Inc.(4)(29)						Subordinated Convertible Security						N/A									N/A						759						759						759
ConnectWise, LLC(3)(9)						First lien senior secured loan						S+			3.50%						9/2028						3,034						3,033						3,037
Crewline Buyer, Inc. (dba New Relic)(3)(4)(8)						First lien senior secured loan						S+			6.75%						11/2030						213,236						211,061						211,637
Databricks, Inc.(3)(4)(8)						First lien senior secured loan						S+			4.50%						1/2031						114,694						114,216						114,694
Delinea Buyer, Inc. (f/k/a Centrify)(3)(4)(9)						First lien senior secured loan						S+			5.75%						3/2028						104,910						103,727						104,910
Delta TopCo, Inc. (dba Infoblox, Inc.)(3)(8)						Second lien senior secured loan						S+			5.25%						11/2030						30,000						29,976						29,823
Forescout Technologies, Inc.(3)(4)(9)						First lien senior secured loan						S+			5.00%						5/2031						67,303						67,015						67,303
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(3)(4)(8)(31)						First lien senior secured loan						S+			6.50%						4/2027						148,517						148,009						148,517
LogRhythm, Inc.(3)(4)(8)						First lien senior secured loan						S+			7.50%						7/2029						4,750						4,636						4,572
Ping Identity Holding Corp.(3)(4)(9)						First lien senior secured loan						S+			4.75%						10/2029						101,829						101,890						101,829
Securonix, Inc.(3)(4)(9)						First lien senior secured loan						S+			4.00%			3.75%			4/2029						40,683						38,195						36,513
Sitecore Holding III A/S(3)(4)(9)						First lien senior secured loan						S+			3.25%			4.00%			3/2029						21,975						21,936						21,975
Sitecore Holding III A/S(3)(4)(14)						First lien senior secured EUR term loan						E+			3.25%			4.00%			3/2029						€	127,115					135,873						149,360
Sitecore USA, Inc.(3)(4)(9)						First lien senior secured loan						S+			3.00%			4.00%			3/2029						132,472						132,225						132,472
Sophos Holdings, LLC(3)(8)(31)						First lien senior secured loan						S+			3.50%						3/2027						14,503						14,523						14,513
Talon MidCo 2 Limited(3)(4)(8)(31)						First lien senior secured loan						S+			5.18%						8/2028						33,455						33,448						33,455
Talon MidCo 2 Limited(3)(4)(8)(31)						First lien senior secured loan						S+			5.17%						8/2028						2,262						2,261						2,262
Tricentis Operations Holdings, Inc.(3)(4)(9)						First lien senior secured loan						S+			1.38%			4.88%			2/2032						115,185						114,173						114,033
																																	2,130,026						2,137,903						26.5		%
Wireless Telecommunication Services
CCI BUYER, INC. (dba Consumer Cellular)(4)(9)						First lien senior secured loan						S+			5.00%						5/2032						75,114						74,392						74,738
																																	74,392						74,738						0.9		%
Total non-controlled/non-affiliated debt investments																																	$	10,719,778					$	10,713,302					133.0		%
Total non-controlled/non-affiliated misc. debt commitments(22)(23)(Note 8)																																	$	(4,828)					$	(4,121)					(0.1)		%
Total non-controlled/non-affiliated portfolio company debt investments																																	$	10,714,950					$	10,709,181					132.9		%
Equity Investments
Aerospace & Defense
Space Exploration Technologies Corp.(3)(4)(29)(30)						Class A Common Stock						N/A									N/A						419,311						23,013						90,236

12

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(25)						Investment						Interest									Maturity Date						Par / Units						Amortized Cost(2)(27)						Fair Value						% of Net Assets
												Ref. Rate			Cash			PIK
Space Exploration Technologies Corp.(3)(4)(29)(30)						Class C Common Stock						N/A									N/A						84,250						4,011						18,131
																																	27,024						108,367						1.3		%
Application Software
6Sense Insights, Inc.(3)(4)(29)(30)						Series E-1 Preferred Stock						N/A									N/A						1,580,642						48,102						40,145
Alpha Partners Technology Merger Corp(29)(30)(31)						Common stock						N/A									N/A						30,000						1,000						339
Alpha Partners Technology Merger Corp(29)(30)(31)						Warrants						N/A									N/A						666,666						—						113
AlphaSense, LLC(3)(4)(29)(30)						Series E Preferred Shares						N/A									N/A						284,408						13,176						17,010
Bird Holding B.V. (fka MessageBird Holding B.V.)(3)(4)(29)(30)(31)						Extended Series C Warrants						N/A									N/A						191,530						1,174						213
Diligent Preferred Issuer, Inc. (dba Diligent Corporation)(3)(4)(6)(30)						Preferred Stock						N/A						10.50%			N/A						15,000						23,480						22,547
EShares, Inc. (dba Carta)(4)(29)(30)						Series E Preferred Stock						N/A									N/A						186,904						2,008						4,547
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(3)(4)(29)(30)(31)						LP Interest						N/A									N/A						$	2,285					2,285						2,862
Nylas, Inc.(4)(29)(30)						Series C Preferred Stock						N/A									N/A						2,088,467						15,009						1,879
Project Alpine Co-Invest Fund, LP(3)(4)(29)(30)(31)						LP Interest						N/A									N/A						$	13,333					16,381						17,509
Saturn Ultimate, Inc.(3)(4)(29)(30)						Common stock						N/A									N/A						5,580,593						25,008						30,241
Simpler Postage, Inc. (dba Easypost)(3)(4)(29)(30)						Warrants						N/A									N/A						216,891						2,635						2,356
Zoro TopCo, L.P.(3)(4)(29)(30)						Class A Common Units						N/A									N/A						1,644,254						17,739						18,455
Zoro TopCo, Inc.(3)(4)(9)(30)						Series A Preferred Equity						S+						9.50%			N/A						19,731						20,215						20,202
																																	188,212						178,418						2.2		%
Capital Markets
Acorns Grow Incorporated(3)(4)(6)(30)(31)						Series F Preferred Stock						N/A						5.00%			N/A						572,135						11,670						11,588
																																	11,670						11,588						0.1		%
Construction & Engineering
Dodge Construction Network Holdings, L.P.(3)(4)(29)(30)						Class A-2 Common Units						N/A									N/A						3,333,333						2,841						361
Dodge Construction Network Holdings, L.P.(3)(4)(9)(30)						Series A Preferred Units						S+						8.25%			N/A						—						69						42
																																	2,910						403						—		%
Diversified Consumer Services
SLA Eclipse Co-Invest, L.P.(29)(30)(31)						LP Interest						N/A									N/A						$	15,000					15,308						18,275
																																	15,308						18,275						0.2		%
Diversified Financial Services
Amergin Asset Management, LLC(3)(4)(29)(30)						Specialty finance equity investment						N/A									N/A						50,000,000						783						2,576
Brex, Inc.(3)(4)(29)(30)						Class A Units						N/A									N/A						1,358,335						9,997						9,997
Brex, Inc.(4)(29)(30)						Preferred Stock						N/A									N/A						143,943						5,012						3,678
Juniper Square, Inc.(4)(29)(30)						Warrants						N/A									N/A						40,984						2,128						1,471
																																	17,920						17,722						0.2		%
Health Care Technology
BEHP Co-Investor II, L.P.(3)(4)(29)(30)(31)						LP Interest						N/A									N/A						$	2,540					1,901						3,340
Minerva Holdco, Inc.(3)(4)(6)(30)						Senior A Preferred Stock						N/A						10.75%			N/A						100,000						144,936						146,243
ModMed Software Midco Holdings, Inc. (dba ModMed)(4)(6)(30)						Series A Preferred Units						N/A						13.00%			N/A						32,375						31,566						31,809

13

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(25)						Investment						Interest									Maturity Date						Par / Units						Amortized Cost(2)(27)						Fair Value						% of Net Assets
												Ref. Rate			Cash			PIK
Orange Blossom Parent, Inc.(3)(4)(29)(30)						Common Units						N/A									N/A						16,667						1,665						1,720
WP Irving Co-Invest, L.P.(3)(4)(29)(30)(31)						Partnership Units						N/A									N/A						2,500,000						1,848						3,288
																																	181,916						186,400						2.3		%
Health Care Providers & Services
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(3)(4)(29)(30)						Class A Interest						N/A									N/A						317						3,521						4,401
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(3)(4)(6)(30)						Series A Preferred Stock						N/A						15.00%			N/A						8,838						10,987						10,178
																																	14,508						14,579						0.2		%
Hotels, Restaurants & Leisure
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)(3)(4)(6)(30)						Series A Preferred Stock						N/A						11.00%			N/A						25,000						31,779						35,434
																																	31,779						35,434						0.4		%
Insurance
Accelerate Topco Holdings, LLC(4)(29)(30)						Common Units						N/A									N/A						12,822						612						612
																																	612						612						—		%
Internet & Direct Marketing Retail
Kajabi Holdings, LLC(4)(29)(30)						Senior Preferred Class D Units						N/A									N/A						4,126,175						50,025						38,371
Linked Store Cayman Ltd. (dba Nuvemshop)(3)(4)(29)(30)(31)						Series E Preferred Stock						N/A									N/A						19,499						42,496						39,383
																																	92,521						77,754						1.0		%
IT Services
JumpCloud, Inc.(4)(29)(30)						Series B Preferred Stock						N/A									N/A						756,590						4,531						782
JumpCloud, Inc.(4)(29)(30)						Series F Preferred Stock						N/A									N/A						6,679,245						40,017						28,343
Nscale Global Holdings Limited(3)(4)(29)(30)(31)						Preferred equity						N/A									N/A						7,506,912						7,507						7,507
Nscale Global Holdings Limited(3)(4)(29)(30)(31)						Series B Preferred Shares						N/A									N/A						5,004,539						5,005						5,005
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(3)(4)(10)(30)						Perpetual Preferred Stock						S+						10.75%			N/A						44,100						57,310						57,271
Replicated, Inc.(4)(29)(30)						Series C Preferred Stock						N/A									N/A						1,277,832						20,008						6,317
WMC Bidco, Inc. (dba West Monroe)(3)(4)(6)(30)						Senior Preferred Stock						N/A						11.25%			N/A						57,231						87,852						87,781
																																	222,230						193,006						2.4		%
Life Sciences Tools & Services
Baypine Commander Co-Invest, LP(4)(29)(30)(31)						LP Interest						N/A									N/A						1,807						1,807						1,807
																																	1,807						1,807						—		%
Pharmaceuticals
XOMA Corporation(3)(4)(29)(30)						Warrants						N/A									N/A						24,000						174						444
																																	174						444						—		%
Professional Services
CloudPay, Inc.(3)(4)(6)(30)(31)						Series E Preferred Stock						N/A						13.50%			N/A						84,830						21,906						21,898
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(3)(4)(6)(30)						Series A Preferred Stock						N/A						10.50%			N/A						28,000						40,515						36,848
Thunder Topco L.P. (dba Vector Solutions)(3)(4)(29)(30)						Common Units						N/A									N/A						7,857,410						7,857						9,348

14

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(25)						Investment						Interest									Maturity Date						Par / Units						Amortized Cost(2)(27)						Fair Value						% of Net Assets
												Ref. Rate			Cash			PIK
TravelPerk, Inc.(3)(4)(29)(30)(31)						Warrants						N/A									N/A						156,041						4,447						5,764
Vestwell Holdings, Inc.(3)(4)(29)(30)						Series D Preferred Stock						N/A									N/A						304,350						6,022						6,452
																																	80,747						80,310						1.0		%
Road & Rail
Bolt Technology OÜ(4)(29)(30)(31)						Preferred Stock						N/A									N/A						43,478						11,318						12,482
																																	11,318						12,482						0.2		%
Systems Software
Algolia, Inc.(4)(29)(30)						Series C Preferred Stock						N/A									N/A						970,281						10,000						17,523
Algolia, Inc.(4)(29)(30)						Series D Preferred Stock						N/A									N/A						136,776						4,000						3,027
Arctic Wolf Networks, Inc.(4)(29)(30)						Preferred Stock						N/A									N/A						3,032,840						25,036						28,149
Axonius, Inc.(4)(29)(30)						Series E Preferred Stock						N/A									N/A						1,733,274						8,149						10,000
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(3)(4)(29)(30)						Common Units						N/A									N/A						12,692,160						12,692						21,299
Chrome Investors LP(3)(4)(6)(22)(30)(31)						LP Interest						N/A									N/A						$	16,407					16,417						16,407
Circle Internet Services, Inc.(4)(29)(30)						Warrants						N/A									N/A						358,412						6						567
Circle Internet Services, Inc.(4)(29)(30)						Series D Preferred Stock						N/A									N/A						2,934,961						15,000						14,175
Circle Internet Services, Inc.(4)(29)(30)						Series E Preferred Stock						N/A									N/A						821,806						6,917						4,978
Circle Internet Services, Inc.(4)(29)(30)						Series F Preferred Stock						N/A									N/A						75,876						1,500						788
Elliott Alto Co-Investor Aggregator L.P.(3)(4)(29)(30)(31)						LP Interest						N/A									N/A						14,627						21,934						30,201
Excalibur CombineCo, L.P.(3)(4)(29)(30)						Class A Units						N/A									N/A						3,340,668						99,452						66,350
Halo Parent Newco, LLC(3)(4)(6)(30)						Class H PIK Preferred Equity						N/A						11.00%			N/A						45,000						51,110						44,783
HARNESS INC.(4)(29)(30)(31)(32)						Series D Preferred Stock						N/A									N/A						1,022,648						9,169						8,314
Illumio, Inc.(4)(29)(30)						Common stock						N/A									N/A						358,365						2,432						1,649
Illumio, Inc.(4)(29)(30)						Series F Preferred Stock						N/A									N/A						2,483,618						16,684						15,802
Project Hotel California Co-Invest Fund, L.P.(3)(29)(30)(31)						LP Interest						N/A									N/A						$	10,739					14,719						19,079
																																	315,217						303,091						3.8		%
Thrifts & Mortgage Finance
Blend Labs, Inc.(3)(4)(29)(30)						Warrants						N/A									N/A						299,216						1,625						7
																																	1,625						7						—		%
Total non-controlled/non-affiliated portfolio company equity investments																																	$	1,217,498					$	1,240,699					15.4		%
Total non-controlled/non-affiliated portfolio company investments																																	$	11,932,448					$	11,949,880					148.3		%
Non-controlled/affiliated portfolio company investments(24)
Debt Investments(7)
Diversifed Financial Services
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(3)(4)(6)(24)(31)						Specialty finance debt investment						N/A						12.00%			7/2030						15,520						15,511						15,520
AAM Series 2.1 Aviation Feeder, LLC(3)(4)(6)(24)(31)						Specialty finance debt investment						N/A						12.00%			11/2030						21,236						21,243						21,236
																																	36,754						36,756						0.5		%

15

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(25)						Investment						Interest									Maturity Date						Par / Units						Amortized Cost(2)(27)						Fair Value						% of Net Assets
												Ref. Rate			Cash			PIK
Insurance
Coherent Group Inc.(3)(4)(6)(24)(31)						Convertible notes						N/A			5.30%						3/2026						3,029						3,030						3,029
																																	3,030						3,029						—		%
Internet & Direct Marketing Retail
Walker Edison Furniture Company LLC(3)(4)(9)(22)(24)(28)						First lien senior secured loan						S+						6.75%			3/2027						17,700						13,531						2,070
Walker Edison Furniture Company LLC(3)(4)(6)(22)(24)(28)						First lien senior secured loan						N/A						10.00%			2/2026						2,037						2,005						2,020
Walker Edison Furniture Company LLC(3)(4)(9)(24)(28)						First lien senior secured revolving loan						S+			6.25%						3/2027						4,495						4,496						236
																																	20,032						4,326						0.1		%
IT Services
Pluralsight, LLC(3)(4)(9)(24)						First lien senior secured loan						S+			3.00%			1.50%			8/2029						30,752						30,752						30,444
Pluralsight, LLC(3)(4)(9)(24)						First lien senior secured loan						S+						7.50%			8/2029						34,303						34,303						33,960
																																	65,055						64,404						0.8		%
Total non-controlled/affiliated debt investments																																	$	124,871					$	108,515					1.3		%
Total non-controlled/affiliated misc. debt commitments(22)(23)(Note 8)																																	—						(177)						—		%
Total non-controlled/affiliated portfolio company debt investments																																	$	124,871					$	108,338					1.3		%
Equity Investments
Asset based lending and fund finance
Blue Owl Cross-Strategy Opportunities LLC(3)(5)(24)(26)(30)(34)						Specialty finance equity investment						N/A									N/A						$	4,913					4,913						4,913
																																	4,913						4,913						0.1		%
Diversified Financial Services
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(3)(4)(22)(24)(30)(31)						Specialty finance equity investment						N/A									N/A						7,365,950						9,178						11,033
AAM Series 2.1 Aviation Feeder, LLC(3)(4)(24)(30)(31)						Specialty finance equity investment						N/A									N/A						8,168,669						10,722						12,474
																																	19,900						23,507						0.3		%
Insurance
Coherent Group Inc.(4)(24)(29)(30)(31)						Series B Preferred Shares						N/A									N/A						455,940						12,210						13,506
Fifth Season Investments LLC(3)(4)(24)(30)						Specialty finance equity investment						N/A									N/A						16						164,869						174,132
																																	177,079						187,638						2.3		%
Internet & Direct Marketing Retail
Signifyd Inc.(4)(6)(24)(30)						Preferred equity						N/A						9.00%			N/A						2,755,121						145,390						146,662
Walker Edison Holdco LLC(3)(4)(24)(29)(30)						Common Units						N/A									N/A						98,319						9,500						—
																																	154,890						146,662						1.8		%
IT Services
Paradigmatic Holdco LLC (dba Pluralsight)(3)(4)(24)(29)(30)						Common stock						N/A									N/A						10,119,090						26,850						16,694
																																	26,850						16,694						0.2		%
Pharmaceuticals
LSI Financing 1 DAC(3)(4)(24)(30)(31)						Specialty finance equity investment						N/A									N/A						$	6,748					7,043						6,422

16

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Company(1)(25)						Investment						Interest									Maturity Date						Par / Units						Amortized Cost(2)(27)						Fair Value						% of Net Assets
												Ref. Rate			Cash			PIK
LSI Financing LLC(3)(5)(22)(24)(30)(31)						Specialty finance equity investment						N/A									N/A						$	99,065					98,117						106,340
																																	105,160						112,762						1.4		%
Systems Software
Help HP SCF Investor, LP(3)(4)(24)(29)(30)						LP Interest						N/A									N/A						$	59,333					59,385						60,323
Securiti, Inc.(3)(4)(24)(29)(30)						Series C Preferred Shares						N/A									N/A						5,051,142						40,032						95,173
																																	99,417						155,496						1.9		%
Total non-controlled/affiliated portfolio company equity investments																																	$	588,209					$	647,672					8.0		%
Total non-controlled/affiliated portfolio company investments																																	$	713,080					$	756,010					9.4		%
Controlled/affiliated portfolio company investments(24)
Equity Investments
Diversified Financial Services
Revolut Ribbit Holdings, LLC(4)(24)(29)(30)(31)						LLC Interest						N/A									N/A						122,996						75,294						159,664
																																	75,294						159,664						2.0		%
Joint ventures
Blue Owl Credit SLF LLC(3)(5)(24)(26)(30)(31)						LLC Interest						N/A									N/A						$	10,566					18,700						18,492
																																	18,700						18,492						0.2		%
Total controlled/affiliated portfolio company equity investments																																	$	93,994					$	178,156					2.2		%
Total controlled/affiliated portfolio company investments																																	$	93,994					$	178,156					2.2		%
Total Investments																																	$	12,739,522					$	12,884,046					159.9		%

			Interest Rate Swaps as of September 30, 2025
			Company Receives						Company Pays												Maturity Date						Notional Amount						Fair Value						Upfront Payments/Receipts						Change in Unrealized Appreciation / (Depreciation)						Hedged Instrument						Footnote Reference
Interest rate swap(a)			6.75%						S + 2.5645%												3/4/2029						700,000						15,840						—						7,189						April 2029 Notes						Note 5
Interest rate swap(b)			6.10%						S + 1.7670%												2/15/2028						650,000						12,794						—						12,794						March 2028 Notes						Note 5
Total																											$	1,350,000					$	28,634											$	19,983

(a) The Company has an International Swaps and Derivatives Association (“ISDA”) agreement with Goldman Sachs Bank USA.

(b) The Company has an International Swaps and Derivatives Association (“ISDA”) agreement with SMBC Capital Markets, Inc.

			Forward Contracts as of September 30, 2025
			Notional Amount to be Purchased						Notional Amount to be Sold						Counterparty						Settlement Date						Change in Unrealized Appreciation / (Depreciation)
Foreign currency forward contract			$	197,770					£	147,230					Goldman Sachs Bank USA						1/20/2026						$	(177)
Foreign currency forward contract			$	6,296					€	5,301					SMBC Capital Markets, Inc.						7/17/2026						(13)
Foreign currency forward contract			$	334,694					€	282,462					Goldman Sachs Bank USA						7/17/2026						(1,522)
Foreign currency forward contract			$	8,405					A$	12,910					Goldman Sachs Bank USA						1/20/2026						(141)
Total																											$	(1,853)

(1)Certain portfolio company investments are subject to contractual restrictions on sales. Refer to footnote 30 for additional information on our restricted securities.

17

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

(2)The amortized cost represents the original cost adjusted for the amortization or accretion of premium or discount, as applicable, on debt investments using the effective interest method.

(3)Represents co-investment made with the Company’s affiliates in accordance with the terms of an order for exemptive relief that an affiliate of the Company’s investment adviser received from the U.S. Securities and Exchange Commission. See Note 3 “Agreements and Related Party Transactions”.

(4)These investments were valued using unobservable inputs and are considered Level 3 investments.

(5)Investment measured at net asset value (“NAV”).

(6)Contains a fixed-rate structure.

(7)Unless otherwise indicated, loan contains a variable rate structure and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate (“SOFR” or “S,” which can include one-, three-, six- or twelve-month SOFR), Euro Interbank Offered Rate (“EURIBOR” or “E”, which can include one-, three- or six-month EURIBOR), SONIA (“SONIA” or “SA”), Australian Bank Bill Swap Bid Rate (“BBSY” or “BB”) (which can include one-, three-, or six-month BBSY) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement..

(8)The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2025 was 4.13%.

(9)The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2025 was 3.98%.

(10)The interest rate on these loans is subject to 6 month SOFR, which as of September 30, 2025 was 3.85%.

(11)Reserved.

(12)Reserved.

(13)The interest rate on these loans is subject to 1 month EURIBOR, which as of September 30, 2025 was 1.93%.

(14)The interest rate on these loans is subject to 3 month EURIBOR, which as of September 30, 2025 was 2.03%.

(15)Reserved.

(16)The interest rate on these loans is subject to 1 month BBSY, which as of September 30, 2025 was 3.49%.

(17)Reserved.

(18)Reserved.

(19)The interest rate on these loans is subject to SONIA, which as of September 30, 2025 was 3.97%.

(20)Reserved.

(21)Reserved.

(22)Position or portion thereof is a partially unfunded debt or equity commitment. See below for more information on the Company’s commitments. See Note 8 “Commitments and Contingencies”.

Portfolio Company						Commitment Type						Commitment Expiration Date						Funded Commitment						Unfunded
																								Commitment						Fair Value(23)
Non-controlled/non-affiliated - debt commitments
Aerosmith Bidco 1 Limited (dba Audiotonix)						First lien senior secured delayed draw term loan						7/2027						$	—					$	67,184					$	—
AI Titan Parent, Inc. (dba Prometheus Group)						First lien senior secured delayed draw term loan						9/2026						—						10,038						(50)
AlphaSense, Inc.						First lien senior secured delayed draw term loan						12/2025						—						11,872						(59)
AlphaSense, Inc.						First lien senior secured delayed draw term loan						6/2029						—						12,030						(60)
AmeriLife Holdings LLC						First lien senior secured delayed draw term loan						6/2026						4,134						381						—
AmeriLife Holdings LLC						First lien senior secured delayed draw term loan						2/2027						—						5,250						(13)
Appfire Technologies, LLC						First lien senior secured delayed draw term loan						12/2025						245						1,863						—
Appfire Technologies, LLC						First lien senior secured delayed draw term loan						6/2026						—						1,344						—
Aptean Acquiror, Inc. (dba Aptean)						First lien senior secured delayed draw term loan						2/2027						—						3,478						—
Artifact Bidco, Inc. (dba Avetta)						First lien senior secured delayed draw term loan						7/2027						—						8,463						—
Associations, Inc.						First lien senior secured delayed draw term loan						2/2027						5,409						29,539						—
Bamboo US BidCo LLC						First lien senior secured delayed draw term loan						11/2026						3,162						3,694						—
BCPE Osprey Buyer, Inc. (dba PartsSource)						First lien senior secured delayed draw term loan						10/2025						18,872						7,303						—

18

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company						Commitment Type						Commitment Expiration Date						Funded Commitment						Unfunded
																								Commitment						Fair Value(23)
Cambrex Corporation						First lien senior secured delayed draw term loan						3/2027						—						5,831						—
Cambrex Corporation						First lien senior secured delayed draw term loan						9/2026						—						10,933						—
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)						First lien senior secured delayed draw term loan						11/2025						—						7,254						—
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)						First lien senior secured delayed draw term loan						1/2027						56						4,422						—
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)						First lien senior secured delayed draw term loan						6/2026						1,007						1,231						—
CivicPlus, LLC						First lien senior secured delayed draw term loan						5/2027						—						21,473						—
Commander Buyer, Inc. (dba CenExel)						First lien senior secured delayed draw term loan						6/2027						—						9,036						—
Computer Services, Inc. (dba CSI)						First lien senior secured delayed draw term loan						2/2026						—						18,393						—
CoreTrust Purchasing Group LLC						First lien senior secured delayed draw term loan						5/2026						—						6,316						—
Coupa Holdings, LLC						First lien senior secured delayed draw term loan						6/2027						—						7,643						—
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)						First lien senior secured delayed draw term loan						8/2031						12,967						17,010						—
Databricks, Inc.						First lien senior secured delayed draw term loan						7/2026						—						25,806						—
Eagan Parent, Inc. (dba Elite)						First lien senior secured delayed draw term loan						9/2027						—						5,919						(15)
EresearchTechnology, Inc. (dba Clario)						First lien senior secured delayed draw term loan						1/2027						1,769						10,866						—
EET Buyer, Inc. (dba e-Emphasys)						First lien senior secured delayed draw term loan						1/2027						7,636						1,909						—
Galway Borrower LLC						First lien senior secured delayed draw term loan						7/2026						251						1,302						—
GS Acquisitionco, Inc. (dba insightsoftware)						First lien senior secured delayed draw term loan						5/2027						—						5,225						(26)
GS Acquisitionco, Inc. (dba insightsoftware)						First lien senior secured delayed draw term loan						3/2026						713						1,203						—
Himalaya Topco LLC (dba HealthEdge)						First lien senior secured delayed draw term loan						12/2027						—						12,896						(64)
Himalaya Topco LLC (dba HealthEdge)						First lien senior secured delayed draw term loan						6/2027						—						12,896						(64)
Indikami Bidco, LLC (dba IntegriChain)						First lien senior secured delayed draw term loan						12/2025						2,085						16,162						—
Integrated Specialty Coverages, LLC						First lien senior secured delayed draw term loan						2/2027						—						514						—
Integrity Marketing Acquisition, LLC						First lien senior secured delayed draw term loan						8/2026						—						6,427						—
Interoperability Bidco, Inc. (dba Lyniate)						First lien senior secured delayed draw term loan						6/2026						—						7,619						(114)
Juniper Square, Inc.						First lien senior secured delayed draw term loan						6/2026						3,545						7,705						—
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)						First lien senior secured delayed draw term loan						8/2027						—						44,628						—

19

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company						Commitment Type						Commitment Expiration Date						Funded Commitment						Unfunded
																								Commitment						Fair Value(23)
Litera Bidco LLC						First lien senior secured delayed draw term loan						5/2027						—						17,577						—
Litera Bidco LLC						First lien senior secured delayed draw term loan						11/2026						38,499						3,385						—
ManTech International Corporation						First lien senior secured delayed draw term loan						12/2025						—						3,520						—
Minotaur Acquisition, Inc. (dba Inspira Financial)						First lien senior secured delayed draw term loan						5/2026						—						20,908						—
Monotype Imaging Holdings Inc.						First lien senior secured delayed draw term loan						2/2026						2,733						7,895						—
OneOncology, LLC						First lien senior secured delayed draw term loan						3/2027						27,955						6,723						—
Packaging Coordinators Midco, Inc.						First lien senior secured delayed draw term loan						4/2026						—						65,095						—
PetVet Care Centers, LLC						First lien senior secured delayed draw term loan						11/2025						—						10,239						(666)
Pye-Barker Fire & Safety, LLC						First lien senior secured delayed draw term loan						5/2026						2,005						11,771						—
RL Datix Holdings (USA), Inc.						First lien senior secured delayed draw term loan						4/2027						—						23,650						—
Salinger Bidco Inc. (dba Surgical Information Systems)						First lien senior secured delayed draw term loan						8/2026						—						9,141						—
Severin Acquisition, LLC (dba PowerSchool)						First lien senior secured delayed draw term loan						10/2027						3,287						16,207						—
Simpler Postage, Inc. (dba Easypost)						First lien senior secured delayed draw term loan						6/2026						7,016						50,693						—
Simplicity Financial Marketing Group Holdings, Inc.						First lien senior secured delayed draw term loan						12/2026						1,128						2,676						—
Smarsh Inc.						First lien senior secured delayed draw term loan						1/2027						—						16,329						—
Spaceship Purchaser, Inc. (dba Squarespace)						First lien senior secured delayed draw term loan						10/2026						—						10,765						—
Spaceship Purchaser, Inc. (dba Squarespace)						First lien senior secured delayed draw term loan						10/2027						—						25,836						—
Tamarack Intermediate, L.L.C. (dba Verisk 3E)						First lien senior secured delayed draw term loan						7/2027						934						2,242						—
Tricentis Operations Holdings, Inc.						First lien senior secured delayed draw term loan						2/2027						—						22,480						(112)
Walker Edison Furniture Company LLC						First lien senior secured delayed draw term loan						2/2026						450						1,151						—
Zendesk, Inc.						First lien senior secured delayed draw term loan						11/2025						11,189						24,591						—
Accommodations Plus Technologies LLC						First lien senior secured revolving loan						5/2032						—						7,533						(75)
Acquia Inc.*						First lien senior secured revolving loan						10/2026						11,789						—						—
Activate Holdings (US) Corp. (dba Absolute Software)						First lien senior secured revolving loan						7/2029						—						3,363						—
Aerosmith Bidco 1 Limited (dba Audiotonix)						First lien senior secured revolving loan						7/2030						—						28,149						—
AI Titan Parent, Inc. (dba Prometheus Group)						First lien senior secured revolving loan						8/2031						—						6,274						(63)
AmeriLife Holdings LLC						First lien senior secured revolving loan						8/2028						816						4,081						—

20

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company						Commitment Type						Commitment Expiration Date						Funded Commitment						Unfunded
																								Commitment						Fair Value(23)
Anaplan, Inc.						First lien senior secured revolving loan						6/2028						—						12,963						—
Appfire Technologies, LLC						First lien senior secured revolving loan						3/2028						175						641						—
Aptean Acquiror, Inc. (dba Aptean)						First lien senior secured revolving loan						1/2031						93						860						—
Artifact Bidco, Inc. (dba Avetta)						First lien senior secured revolving loan						7/2030						—						6,046						—
Associations, Inc.						First lien senior secured revolving loan						7/2028						—						6,131						—
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)						First lien senior secured revolving loan						3/2031						—						10,450						—
Bamboo US BidCo LLC						First lien senior secured revolving loan						10/2029						—						5,128						—
Bayshore Intermediate #2, L.P. (dba Boomi)						First lien senior secured revolving loan						10/2027						3,257						9,875						—
BCPE Osprey Buyer, Inc. (dba PartsSource)						First lien senior secured revolving loan						8/2026						10,193						2,039						—
BCTO BSI Buyer, Inc. (dba Buildertrend)						First lien senior secured revolving loan						12/2026						—						11,250						—
Bristol Hospice L.L.C.						First lien senior secured revolving loan						8/2032						—						1,742						(9)
BTRS Holdings Inc. (dba Billtrust)						First lien senior secured revolving loan						12/2028						14,171						7,873						—
Cambrex Corporation						First lien senior secured revolving loan						3/2032						—						5,102						—
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)						First lien senior secured revolving loan						8/2027						1,584						5,204						—
CCI BUYER, INC. (dba Consumer Cellular)						First lien senior secured revolving loan						5/2032						—						4,386						(22)
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)						First lien senior secured revolving loan						6/2029						—						1,119						—
Certinia Inc.						First lien senior secured revolving loan						8/2030						—						8,824						—
CivicPlus, LLC						First lien senior secured revolving loan						8/2030						—						6,185						(15)
Commander Buyer, Inc. (dba CenExel)						First lien senior secured revolving loan						6/2032						—						6,024						(15)
CoreTrust Purchasing Group LLC						First lien senior secured revolving loan						10/2029						—						3,789						—
Coupa Holdings, LLC						First lien senior secured revolving loan						2/2029						—						5,852						—
Creek Parent, Inc. (dba Catalent)						First lien senior secured revolving loan						12/2031						—						25,111						—
Crewline Buyer, Inc. (dba New Relic)						First lien senior secured revolving loan						11/2030						—						21,393						(160)
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)						First lien senior secured revolving loan						8/2031						—						20,378						—
Deerfield Dakota Holdings						First lien senior secured revolving loan						9/2032						—						11,850						(59)
Delinea Buyer, Inc. (f/k/a Centrify)						First lien senior secured revolving loan						3/2027						—						8,163						—

21

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company						Commitment Type						Commitment Expiration Date						Funded Commitment						Unfunded
																								Commitment						Fair Value(23)
Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet)						First lien senior secured revolving loan						8/2032						—						8,636						(130)
Eagan Parent, Inc. (dba Elite)						First lien senior secured revolving loan						9/2032						—						3,157						(16)
EET Buyer, Inc. (dba e-Emphasys)						First lien senior secured revolving loan						11/2027						—						6,150						—
Einstein Parent, Inc. (dba Smartsheet)						First lien senior secured revolving loan						1/2031						—						10,881						(109)
EresearchTechnology, Inc. (dba Clario)						First lien senior secured revolving loan						10/2031						—						6,318						—
Flexera Software LLC						First lien senior secured revolving loan						8/2032						—						1,348						(3)
Forescout Technologies, Inc.						First lien senior secured revolving loan						5/2030						—						9,693						—
Foundation Consumer Brands, LLC						First lien senior secured revolving loan						2/2029						—						575						(3)
Gainsight, Inc.						First lien senior secured revolving loan						7/2027						—						5,633						—
Galway Borrower LLC						First lien senior secured revolving loan						9/2028						41						155						—
Gerson Lehrman Group, Inc.						First lien senior secured revolving loan						12/2028						—						1,913						—
GI Ranger Intermediate, LLC (dba Rectangle Health)						First lien senior secured revolving loan						10/2027						—						2,211						(44)
Granicus, Inc.						First lien senior secured revolving loan						1/2031						—						548						—
GS Acquisitionco, Inc. (dba insightsoftware)						First lien senior secured revolving loan						5/2028						1,600						3,199						—
H&F Opportunities LUX III S.À R.L (dba Checkmarx)						First lien senior secured revolving loan						4/2027						—						25,000						—
Himalaya Topco LLC (dba HealthEdge)						First lien senior secured revolving loan						6/2032						—						14,509						(145)
Hyland Software, Inc.						First lien senior secured revolving loan						9/2029						—						7,172						—
Icefall Parent, Inc. (dba EngageSmart)						First lien senior secured revolving loan						1/2030						—						2,957						—
Indikami Bidco, LLC (dba IntegriChain)						First lien senior secured revolving loan						6/2030						9,906						3,128						—
Integrated Specialty Coverages, LLC						First lien senior secured revolving loan						7/2029						—						603						—
Integrity Marketing Acquisition, LLC						First lien senior secured revolving loan						8/2028						—						4,294						—
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)*						First lien senior secured revolving loan						8/2026						10,847						—						—
Interoperability Bidco, Inc. (dba Lyniate)						First lien senior secured revolving loan						3/2028						3,611						5,416						—
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))						First lien senior secured revolving loan						12/2028						—						14,862						—
JS Parent, Inc. (dba Jama Software)						First lien senior secured revolving loan						4/2031						—						2,647						—
Juniper Square, Inc.						First lien senior secured revolving loan						12/2026						—						2,250						—

22

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company						Commitment Type						Commitment Expiration Date						Funded Commitment						Unfunded
																								Commitment						Fair Value(23)
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)						First lien senior secured revolving loan						12/2029						—						11,498						—
Litera Bidco LLC						First lien senior secured revolving loan						5/2028						1,486						8,517						—
LogRhythm, Inc.						First lien senior secured revolving loan						7/2029						—						475						(18)
Magnet Forensics, LLC (f/k/a Grayshift, LLC)						First lien senior secured revolving loan						7/2028						—						6,774						—
ManTech International Corporation						First lien senior secured revolving loan						9/2028						—						9,460						—
MINDBODY, Inc.						First lien senior secured revolving loan						9/2027						—						7,143						—
Ministry Brands Holdings, LLC						First lien senior secured revolving loan						12/2027						—						737						(6)
Minotaur Acquisition, Inc. (dba Inspira Financial)						First lien senior secured revolving loan						6/2030						—						12,863						—
Modernizing Medicine, Inc. (dba ModMed)						First lien senior secured revolving loan						4/2032						—						13,578						(68)
Monotype Imaging Holdings Inc.						First lien senior secured revolving loan						2/2030						—						15,982						—
Natural Partners, LLC						First lien senior secured revolving loan						11/2030						—						1,590						(4)
Neptune Holdings, Inc. (dba NexTech)						First lien senior secured revolving loan						8/2029						—						1,471						—
NMI Acquisitionco, Inc. (dba Network Merchants)						First lien senior secured revolving loan						9/2028						—						1,115						—
OneOncology, LLC						First lien senior secured revolving loan						6/2029						—						9,300						—
Packaging Coordinators Midco, Inc.						First lien senior secured revolving loan						1/2032						—						12,346						(62)
Packaging Coordinators Midco, Inc.						First lien senior secured revolving loan						12/2032						—						2,694						(13)
PDI TA Holdings, Inc.						First lien senior secured revolving loan						2/2031						905						1,358						—
PetVet Care Centers, LLC						First lien senior secured revolving loan						11/2029						—						10,745						(806)
Ping Identity Holding Corp.						First lien senior secured revolving loan						10/2028						—						10,286						—
Pye-Barker Fire & Safety, LLC						First lien senior secured revolving loan						5/2030						682						4,773						—
QAD, Inc.						First lien senior secured revolving loan						11/2027						—						11,429						—
Relativity ODA LLC						First lien senior secured revolving loan						5/2029						—						11,725						—
RL Datix Holdings (USA), Inc.						First lien senior secured revolving loan						10/2030						—						20,708						—
Salinger Bidco Inc. (dba Surgical Information Systems)						First lien senior secured revolving loan						5/2031						1,523						7,617						—
Securonix, Inc.						First lien senior secured revolving loan						4/2028						—						7,119						(730)
Sensor Technology Topco, Inc. (dba Humanetics)						First lien senior secured revolving loan						5/2028						—						5,571						(2)
Severin Acquisition, LLC (dba PowerSchool)						First lien senior secured revolving loan						10/2031						—						11,696						(146)

23

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company						Commitment Type						Commitment Expiration Date						Funded Commitment						Unfunded
																								Commitment						Fair Value(23)
Simplicity Financial Marketing Group Holdings, Inc.						First lien senior secured revolving loan						12/2031						—						1,905						—
Smarsh Inc.						First lien senior secured revolving loan						2/2029						2,426						6,238						—
Spaceship Purchaser, Inc. (dba Squarespace)						First lien senior secured revolving loan						10/2031						—						21,530						—
Talon MidCo 2 Limited						First lien senior secured revolving loan						8/2028						—						2,976						—
Tamarack Intermediate, L.L.C. (dba Verisk 3E)						First lien senior secured revolving loan						3/2029						—						1,682						—
Thunder Purchaser, Inc. (dba Vector Solutions)						First lien senior secured revolving loan						6/2027						—						11,250						—
Tricentis Operations Holdings, Inc.						First lien senior secured revolving loan						2/2032						—						14,050						(140)
Valeris, Inc. (fka Phantom Purchaser, Inc.)						First lien senior secured revolving loan						9/2031						—						2,990						(15)
Velocity HoldCo III Inc. (dba VelocityEHS)						First lien senior secured revolving loan						4/2027						—						2,500						—
Zendesk, Inc.						First lien senior secured revolving loan						11/2028						—						14,756						—
Proofpoint, Inc.						Second lien senior secured term loan						5/2033						—						132,426						—
Total non-controlled/non-affiliated - debt commitments																		$	232,152					$	1,617,838					$	(4,121)
Non-controlled/non-affiliated - equity commitments
Chrome Investors LP						LP Interest						N/A						$	16,407					$	4,102					$	—
Total non-controlled/non-affiliated - equity commitments																		$	16,407					$	4,102					$	—
Non-controlled/affiliated - debt commitments
Pluralsight, LLC						First lien senior secured delayed draw term loan						8/2029						$	—					$	12,649					$	(126)
Walker Edison Furniture Company LLC						First lien senior secured delayed draw term loan						3/2027						1,000						440						—
Pluralsight, LLC						First lien senior secured revolving loan						8/2029						—						5,060						(51)
Walker Edison Furniture Company LLC*						First lien senior secured revolving loan						3/2027						4,495						—						—
Total non-controlled/affiliated - debt commitments																		$	5,495					$	18,149					$	(177)
Non-controlled/affiliated - equity commitments
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC						Specialty finance equity investment						N/A						$	7,366					$	11,369					$	—
LSI Financing LLC						Specialty finance equity investment						N/A						99,065						31,120						—
Total non-controlled/affiliated - equity commitments																		$	106,431					$	42,489					$	—
Total Portfolio Company Commitments																		$	360,485					$	1,682,578					$	(4,298)

*Fully funded

(23)The negative cost and fair value results from unamortized fees, which are capitalized to the investment cost of unfunded commitments.

(24)As defined in the Investment Company Act of 1940, as amended (the “1940 Act”), the Company is deemed to “control” a portfolio company if the Company owns more than 25% of the portfolio company's voting securities or has the power to exercise control over management or policies, including through a management agreement. As defined in the 1940 Act, the Company is an “affiliated person” of this portfolio company if the Company owns

24

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

more than 5% or more of the portfolio company’s outstanding voting securities. Transactions related to the Company’s investments in non-controlled affiliates and controlled affiliates for the period ended September 30, 2025 were as follows:

Company						Fair Value at December 31, 2024						Gross Additions (a)						Gross Reductions (b)						Net Change in Unrealized Gain/(Loss)						Realized Gains/(Loss)						Transfers						Fair Value at September 30, 2025						Interest and PIK Interest Income						Dividend and PIK Dividend Income						Other Income
Non-Controlled Affiliates
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(c)						$	—					$	20,736					$	(24)					$	1,865					$	—					$	3,976					$	26,553					$	939					$	—					$	19
AAM Series 2.1 Aviation Feeder, LLC(c)						—						28,796						(791)						1,745						—						3,960						33,710						1,126						—						—
Blue Owl Cross-Strategy Opportunities LLC						—						4,913						—						—						—						—						4,913						—						14						—
Coherent Group Inc.						—						15,242						(2)						1,295						—						—						16,535						84						—						—
Fifth Season Investments LLC						62,517						108,209						—						3,406						—						—						174,132						—						12,561						—
Help HP SCF Investor, LP						60,350						—						—						(27)						—						—						60,323						—						—						—
LSI Financing 1 DAC						3,093						4,928						(1,002)						(597)						—						—						6,422						—						555						—
LSI Financing LLC						61,677						92,350						(56,098)						8,411						—						—						106,340						—						4,452						—
Pluralsight, LLC						88,660						3,321						(77)						(10,983)						—						—						80,921						4,982						—						86
Securiti, Inc.						—						20,016						—						55,141						—						20,016						95,173						—						—						—
Signifyd Inc.						126,065						6,200						—						14,397						—						—						146,662						—						9,494						—
Walker Edison Furniture Company LLC						4,941						4,266						(1,562)						(3,319)						—						—						4,326						(7)						—						—
Total Non-Controlled Affiliates						$	407,303					$	308,977					$	(59,556)					$	71,334					$	—					$	27,952					$	756,010					$	7,124					$	27,076					$	105
Controlled Affiliates
Blue Owl Credit SLF LLC (d)						$	947					$	17,750					$	—					$	(205)					$	—					$	—					$	18,492					$	—					$	625					$	—
Revolut Ribbit Holdings, LLC						106,443						—						—						53,221						—						—						159,664						—						—						—
Total Controlled Affiliates						$	107,390					$	17,750					$	—					$	53,016					$	—					$	—					$	178,156					$	—					$	625					$	—

(a)Gross additions include increases in the cost basis of investments resulting from new investments, payment-in-kind interest (“PIK”) or dividends, and the amortization of any unearned income or discounts on equity investments, as applicable.

(b)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, and the amortization of any premiums on equity investments, as applicable.

(c)In connection with its investment in AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin AssetCo”) the Company made a minority investment in Amergin Asset Management, LLC, which has entered into a Servicing Agreement with Amergin AssetCo.

(d)For further description of the Company's investment in Blue Owl Credit SLF LLC (“Credit SLF”), see Note 4 “Investments.”

(25)Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, Athena CLO II, Athena CLO IV and CLO 2020-1. See Note 5 “Debt”.

(26)This portfolio company is not pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, Athena CLO II, Athena CLO IV and CLO 2020-1. See Note 5 “Debt”.

(27)As of September 30, 2025, the net estimated unrealized gain for U.S. federal income tax purposes was $291.8 million based on a tax cost basis of $12.6 billion. As of September 30, 2025, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $78.5 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $370.3 million.

(28)Loan was on non-accrual status as of September 30, 2025.

(29)Non-income producing investment.

(30)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of September 30, 2025, the aggregate fair value of these securities is $2.1 billion or 25.7% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Portfolio Company

Investment

Acquisition Date

6Sense Insights, Inc.

Series E-1 Preferred Stock

January 20, 2022

AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC

Specialty finance equity investment

July 01, 2022

AAM Series 2.1 Aviation Feeder, LLC

Specialty finance equity investment

July 01, 2022

25

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company

Investment

Acquisition Date

Accelerate Topco Holdings, LLC

Common Units

March 24, 2025

Acorns Grow Incorporated

Series F Preferred Stock

March 24, 2025

Algolia, Inc.

Series D Preferred Stock

July 19, 2021

Algolia, Inc.

Series C Preferred Stock

August 30, 2019

Alpha Partners Technology Merger Corp

Common stock

July 23, 2021

Alpha Partners Technology Merger Corp

Warrants

July 21, 2023

AlphaSense, LLC

Series E Preferred Shares

June 27, 2024

Amergin Asset Management, LLC

Specialty finance equity investment

July 01, 2022

Arctic Wolf Networks, Inc.

Preferred Stock

July 07, 2021

Axonius, Inc.

Series E Preferred Stock

March 24, 2025

Baypine Commander Co-Invest, LP

LP Interest

June 24, 2025

BEHP Co-Investor II, L.P.

LP Interest

May 06, 2022

Blend Labs, Inc.

Warrants

July 02, 2021

Blue Owl Credit SLF LLC*

LLC Interest

August 01, 2024

Blue Owl Cross-Strategy Opportunities LLC

Limited Partner Interest

September 19, 2025

Bolt Technology OÜ

Preferred Stock

December 10, 2021

Brex, Inc.

Class A Units

August 15, 2025

Brex, Inc.

Preferred Stock

November 30, 2021

Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)

Common Units

October 01, 2021

Chrome Investors LP

LP Interest

January 25, 2025

Circle Internet Services, Inc.

Series D Preferred Stock

May 20, 2019

Circle Internet Services, Inc.

Series E Preferred Stock

February 28, 2020

Circle Internet Services, Inc.

Series F Preferred Stock

May 04, 2021

Circle Internet Services, Inc.

Warrants

May 20, 2019

CloudPay, Inc.

Series E Preferred Stock

July 31, 2024

Coherent Group Inc.

Series B Preferred Shares

March 24, 2025

Diligent Preferred Issuer, Inc. (dba Diligent Corporation)

Preferred Stock

April 06, 2021

Dodge Construction Network Holdings, L.P.

Series A Preferred Units

March 16, 2022

Dodge Construction Network Holdings, L.P.

Class A-2 Common Units

March 16, 2022

Elliott Alto Co-Investor Aggregator L.P.

LP Interest

September 28, 2022

EShares, Inc. (dba Carta)

Series E Preferred Stock

August 01, 2019

Excalibur CombineCo, L.P.

Class A Units

July 02, 2024

Fifth Season Investments LLC

Specialty finance equity investment

October 17, 2022

Halo Parent Newco, LLC

Class H PIK Preferred Equity

October 15, 2021

HARNESS INC.

Series D Preferred Stock

June 11, 2024

Help HP SCF Investor, LP

LP Interest

April 28, 2021

Illumio, Inc.

Common stock

August 27, 2021

Illumio, Inc.

Series F Preferred Stock

June 23, 2021

Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)

LP Interest

June 08, 2022

JumpCloud, Inc.

Series F Preferred Stock

September 03, 2021

JumpCloud, Inc.

Series B Preferred Stock

December 30, 2021

Juniper Square, Inc.

Warrants

March 24, 2025

Kajabi Holdings, LLC

Senior Preferred Class D Units

March 24, 2021

Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)

Perpetual Preferred Stock

June 22, 2022

KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)

Class A Interest

December 12, 2023

Linked Store Cayman Ltd. (dba Nuvemshop)

Series E Preferred Stock

August 09, 2021

26

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company

Investment

Acquisition Date

LSI Financing 1 DAC

Specialty finance equity investment

December 14, 2022

LSI Financing LLC

Specialty finance equity investment

November 25, 2024

Bird Holding B.V. (fka MessageBird Holding B.V.)

Extended Series C Warrants

May 05, 2021

Minerva Holdco, Inc.

Senior A Preferred Stock

February 14, 2022

ModMed Software Midco Holdings, Inc. (dba ModMed)

Series A Preferred Units

April 30, 2025

Nscale Global Holdings Limited

Preferred equity

September 29, 2025

Nscale Global Holdings Limited

Series B Preferred Shares

September 29, 2025

Nylas, Inc.

Series C Preferred Stock

June 03, 2021

Orange Blossom Parent, Inc.

Common Units

March 24, 2025

Paradigmatic Holdco LLC (dba Pluralsight)

Common stock

August 22, 2024

Project Alpine Co-Invest Fund, LP

LP Interest

June 13, 2022

Project Hotel California Co-Invest Fund, L.P.

LP Interest

August 09, 2022

Replicated, Inc.

Series C Preferred Stock

June 30, 2021

Revolut Ribbit Holdings, LLC

LLC Interest

September 30, 2021

Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)

Series A Preferred Stock

November 15, 2023

Saturn Ultimate, Inc.

Common stock

December 29, 2021

Securiti, Inc.

Series C Preferred Shares

July 29, 2022

Signifyd Inc.

Preferred equity

April 08, 2021

Simpler Postage, Inc. (dba Easypost)

Warrants

June 11, 2024

SLA Eclipse Co-Invest, L.P.

LP Interest

September 30, 2019

Space Exploration Technologies Corp.

Class A Common Stock

March 23, 2021

Space Exploration Technologies Corp.

Class C Common Stock

March 23, 2021

Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)

Series A Preferred Stock

October 14, 2021

Thunder Topco L.P. (dba Vector Solutions)

Common Units

June 30, 2021

TravelPerk, Inc.

Warrants

May 02, 2024

VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)

Series A Preferred Stock

October 15, 2021

Vestwell Holdings, Inc.

Series D Preferred Stock

December 20, 2023

Walker Edison Holdco LLC

Common Units

March 01, 2023

WMC Bidco, Inc. (dba West Monroe)

Senior Preferred Stock

November 09, 2021

WP Irving Co-Invest, L.P.

Partnership Units

May 18, 2022

XOMA Corporation

Warrants

December 15, 2023

Zoro TopCo, Inc.

Series A Preferred Equity

November 22, 2022

Zoro TopCo, L.P.

Class A Common Units

November 22, 2022

* Refer to Note 4 “Investments – Blue Owl Credit SLF LLC” for further information.

(31)This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of September 30, 2025, non-qualifying assets represented 14.7% of total assets as calculated in accordance with the regulatory requirements.

(32)Harness Inc. has retained 304,990 shares until June 11, 2026 as a security for indemnity obligations detailed in the Merger Agreement with Split Software, Inc.

(33)Reserved.

(34)BOCSO was formed to invest in alternative credit assets, including asset-based finance (“ABF”). ABF is a subsector of private credit focused on generating income from pools of financial, physical or other assets. As of September 30, 2025, the portfolio consists of one investment with a cost and fair value of $24.6 million and $24.6 million, respectively. As of September 30, 2025, the portfolio industry composition was 100.0% ABF – Commercial Real Estate.

The accompanying notes are an integral part of these consolidated financial statements.

27

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)

Company(1)(7)(17)(19)						Investment						Interest												Maturity Date						Par / Units						Amortized Cost(2)(3)						Fair Value						Percentage of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments
Aerospace & defense
ManTech International Corporation(6)(9)(13)						First lien senior secured loan						S+						5.00%						9/2029						$	6,988					$	6,988					$	6,988					0.2		%
Peraton Corp.(3)(6)(9)(13)						Second lien senior secured loan						S+						7.75%						2/2029						84,551						83,762						68,148						1.9		%
																																				90,750						75,136						2.1		%
Application Software
AI Titan Parent, Inc. (dba Prometheus Group)(6)(8)(13)						First lien senior secured loan						S+						4.75%						8/2031						22,642						22,423						22,415						0.6		%
AlphaSense, Inc.(6)(9)(13)						First lien senior secured loan						S+						6.25%						6/2029						27,383						27,132						27,110						0.7		%
Anaplan, Inc.(6)(9)(13)						First lien senior secured loan						S+						5.25%						6/2029						50,696						50,596						50,696						1.4		%
Armstrong Bidco Limited(6)(11)(13)(14)(22)						First lien senior secured GBP term loan						SA+						5.25%						6/2029						£	8,086					9,775						10,077						0.3		%
Artifact Bidco, Inc. (dba Avetta)(6)(9)(13)						First lien senior secured loan						S+						4.50%						7/2031						15,982						15,907						15,902						0.4		%
Avalara, Inc.(6)(9)(13)						First lien senior secured loan						S+						6.25%						10/2028						9,091						8,994						9,091						0.3		%
Boxer Parent Company Inc. (f/k/a BMC)(3)(6)(9)(13)						First lien senior secured loan						S+						3.75%						7/2031						10,000						9,977						10,074						0.3		%
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(6)(9)(13)(14)						First lien senior secured loan						S+						5.50%						8/2027						78,766						77,760						76,477						2.1		%
CivicPlus, LLC(6)(9)(13)(14)						First lien senior secured loan						S+						5.75%						8/2027						68,151						67,813						68,151						1.9		%
Coupa Holdings, LLC(6)(9)(13)						First lien senior secured loan						S+						5.25%						2/2030						781						781						781						—		%
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(6)(10)(13)						Unsecured notes						S+						11.75% PIK						6/2034						46,503						45,760						46,503						1.3		%
Diamondback Acquisition, Inc. (dba Sphera)(6)(8)(13)						First lien senior secured loan						S+						5.50%						9/2028						75,864						74,948						75,485						2.1		%
Fullsteam Operations, LLC(6)(9)(13)(14)						First lien senior secured loan						S+						8.25%						11/2029						15,407						15,003						15,407						0.4		%
Fullsteam Operations, LLC(6)(9)(13)(14)						First lien senior secured delayed draw term loan						S+						7.00%						11/2029						969						915						961						—		%
Gainsight, Inc.(6)(9)(13)(14)						First lien senior secured loan						S+						6.00%						7/2027						70,687						70,190						70,687						1.9		%
Granicus, Inc.(6)(9)(13)						First lien senior secured loan						S+						5.75% (2.25% PIK)						1/2031						1,960						1,943						1,960						0.1		%
Granicus, Inc.(6)(9)(13)						First lien senior secured delayed draw term loan						S+						5.25% (2.25% PIK)						1/2031						290						288						287						—		%
GS Acquisitionco, Inc. (dba insightsoftware)(6)(9)(13)(14)						First lien senior secured loan						S+						5.25%						5/2028						52,817						52,654						52,413						1.4		%
JS Parent, Inc. (dba Jama Software)(6)(9)(13)						First lien senior secured loan						S+						5.00%						4/2031						13,642						13,579						13,642						0.4		%
Magnet Forensics, LLC (f/k/a Grayshift, LLC)(6)(8)(13)(22)						First lien senior secured loan						S+						5.00%						7/2028						27,761						27,731						27,761						0.8		%
Ministry Brands Holdings, LLC(6)(8)(13)(14)						First lien senior secured loan						S+						5.50%						12/2028						8,224						8,120						8,163						0.2		%
Simpler Postage, Inc. (dba Easypost)(6)(8)(13)(14)						First lien senior secured loan						S+						8.00%						6/2029						19,215						18,328						18,322						0.5		%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(6)(9)(13)(14)						First lien senior secured loan						S+						5.75%						3/2028						12,117						11,964						12,056						0.3		%
Velocity HoldCo III Inc. (dba VelocityEHS)(6)(9)(13)						First lien senior secured loan						S+						5.50%						4/2027						40,208						39,802						40,208						1.1		%
XPLOR T1, LLC(6)(9)(13)						First lien senior secured loan						S+						3.50%						6/2031						4,988						4,988						5,025						0.1		%
Zendesk, Inc.(6)(9)(13)						First lien senior secured loan						S+						5.00%						11/2028						52,903						52,170						52,903						1.5		%

28

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)

Company(1)(7)(17)(19)						Investment						Interest												Maturity Date						Par / Units						Amortized Cost(2)(3)						Fair Value						Percentage of Net Assets
																																				729,541						732,557						20.1		%
Banks
Finastra USA, Inc.(6)(9)(13)(14)(22)						First lien senior secured loan						S+						7.25%						9/2029						76,194						75,417						76,194						2.1		%
																																				75,417						76,194						2.1		%
Building products
EET Buyer, Inc. (dba e-Emphasys)(6)(9)(13)(14)						First lien senior secured loan						S+						4.75%						11/2027						56,056						55,678						56,056						1.5		%
																																				55,678						56,056						1.5		%
Buildings & Real Estate
Associations Finance, Inc.(13)(25)						Unsecured notes												14.25% PIK						5/2030						19,978						19,845						19,978						0.6		%
Associations, Inc.(6)(9)(13)(14)						First lien senior secured loan						S+						6.50%						7/2028						51,699						51,649						51,699						1.4		%
																																				71,494						71,677						2.0		%
Commercial Services & Supplies
SimpliSafe Holding Corporation(6)(8)(13)(14)						First lien senior secured loan						S+						6.25%						5/2028						904						893						904						—		%
Pye-Barker Fire & Safety, LLC(6)(9)(13)(14)						First lien senior secured loan						S+						4.50%						5/2031						18,740						18,638						18,693						0.5		%
Pye-Barker Fire & Safety, LLC(6)(9)(13)(14)						First lien senior secured revolving loan						S+						4.50%						5/2030						341						329						334						—		%
																																				19,860						19,931						0.5		%
Consumer Finance
Klarna Holding AB(6)(9)(13)						Subordinated Floating Rate Notes												7.00%						4/2034						32,667						32,667						32,667						0.9		%
																																				32,667						32,667						0.9		%
Diversified Consumer Services
Icefall Parent, Inc. (dba EngageSmart)(6)(8)(13)						First lien senior secured loan						S+						6.50%						1/2030						12,783						12,557						12,783						0.4		%
Litera Bidco LLC(6)(8)(13)(14)						First lien senior secured loan						S+						5.00%						5/2028						130,589						129,990						130,263						3.6		%
Relativity ODA LLC(6)(8)(13)						First lien senior secured loan						S+						4.50%						5/2029						92,129						91,781						91,899						2.5		%
																																				234,328						234,945						6.5		%
Diversified Financial Services
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(13)(14)(25)						First lien senior secured loan												12.00% PIK						7/2030						2,507						2,490						2,507						0.1		%
AAM Series 2.1 Aviation Feeder, LLC(13)(14)(25)						First lien senior secured loan												12.00% PIK						11/2030						2,534						2,534						2,534						0.1		%
Blackhawk Network Holdings, Inc.(3)(6)(8)(13)						First lien senior secured loan						S+						5.00%						3/2029						59,700						58,613						60,363						1.7		%
BTRS HOLDINGS INC. (dba Billtrust)(6)(9)(13)(14)						First lien senior secured loan						S+						7.25%						12/2028						944						924						941						—		%
Computer Services, Inc. (dba CSI)(6)(9)(13)(14)						First lien senior secured loan						S+						5.25%						11/2029						7,443						7,398						7,443						0.2		%
Computer Services, Inc. (dba CSI)(6)(9)(13)						First lien senior secured loan						S+						4.75%						11/2029						26,592						26,463						26,459						0.7		%
Hg Genesis 8 Sumoco Limited(6)(11)(13)(22)						Unsecured facility						SA+						7.00% PIK						9/2027						£	16,420					20,996						20,565						0.6		%
Hg Genesis 9 SumoCo Limited(6)(12)(13)(22)						Unsecured facility						E+						6.25% PIK						3/2029						€	9,187					10,055						9,513						0.3		%
Hg Saturn Luchaco Limited(6)(11)(13)(22)						Unsecured facility						SA+						7.50% PIK						3/2026						£	38,430					48,784						48,130						1.3		%

29

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)

Company(1)(7)(17)(19)						Investment						Interest												Maturity Date						Par / Units						Amortized Cost(2)(3)						Fair Value						Percentage of Net Assets
Minotaur Acquisition, Inc. (dba Inspira Financial)(6)(8)(13)(14)						First lien senior secured loan						S+						5.00%						6/2030						61,704						61,090						61,396						1.7		%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(8)(13)(14)						First lien senior secured loan						S+						5.00%						9/2028						24,357						24,283						24,357						0.7		%
Smarsh Inc.(6)(9)(13)(14)						First lien senior secured loan						S+						5.75%						2/2029						49,714						49,350						49,714						1.4		%
Smarsh Inc.(6)(8)(13)(14)						First lien senior secured revolving loan						S+						5.75%						2/2029						177						174						177						—		%
																																				313,154						314,099						8.8		%
Entertainment
Aerosmith Bidco 1 Limited (dba Audiotonix)(6)(8)(13)(22)						First lien senior secured loan						S+						5.25%						7/2031						120,979						119,493						120,676						3.3		%
																																				119,493						120,676						3.3		%
Equity Real Estate Investment Trusts (REITs)
Storable, Inc.(3)(6)(8)(13)						First lien senior secured loan						S+						3.50%						4/2028						4,974						4,944						5,004						0.1		%
																																				4,944						5,004						0.1		%
Food & Staples Retailing
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(6)(8)(13)						First lien senior secured loan						S+						5.00%						12/2028						24,292						24,292						24,292						0.7		%
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(6)(9)(13)(14)						First lien senior secured revolving loan						S+						5.00%						12/2027						302						302						302						—		%
																																				24,594						24,594						0.7		%
Health Care Providers & Services
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)(6)(9)(13)						First lien senior secured loan						S+						4.75%						12/2029						22,668						22,300						22,668						0.6		%
PetVet Care Centers, LLC(6)(8)(13)						First lien senior secured loan						S+						6.00%						11/2030						38,858						38,514						37,206						1.0		%
																																				60,814						59,874						1.6		%
Health Care Technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(9)(13)						First lien senior secured loan						S+						5.75%						8/2028						114,142						113,042						112,715						3.1		%
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(8)(13)(14)						First lien senior secured delayed draw term loan						S+						5.75%						8/2028						10,467						10,165						10,282						0.3		%
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(8)(13)(14)						First lien senior secured revolving loan						S+						5.75%						8/2026						8,155						8,085						8,002						0.2		%
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(6)(8)(13)						First lien senior secured loan						S+						5.00%						8/2031						58,027						57,705						57,882						1.6		%
GI Ranger Intermediate, LLC (dba Rectangle Health)(6)(9)(13)(14)						First lien senior secured loan						S+						6.00%						10/2028						26,955						26,602						26,483						0.7		%
GI Ranger Intermediate, LLC (dba Rectangle Health)(6)(9)(13)(14)						First lien senior secured revolving loan						S+						6.00%						10/2027						258						237						219						—		%
Greenway Health, LLC(6)(9)(13)						First lien senior secured loan						S+						6.75%						4/2029						8,685						8,514						8,577						0.2		%
Hyland Software, Inc.(6)(8)(13)						First lien senior secured loan						S+						6.00%						9/2030						85,028						83,923						85,028						2.3		%
Indikami Bidco, LLC (dba IntegriChain)(6)(8)(13)						First lien senior secured loan						S+						6.50% (2.50% PIK)						12/2030						61,081						59,862						60,776						1.7		%

30

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)

Company(1)(7)(17)(19)						Investment						Interest												Maturity Date						Par / Units						Amortized Cost(2)(3)						Fair Value						Percentage of Net Assets
Indikami Bidco, LLC (dba IntegriChain)(6)(8)(13)(14)						First lien senior secured delayed draw term loan						S+						6.00%						12/2030						479						413						476						—		%
Indikami Bidco, LLC (dba IntegriChain)(6)(8)(13)(14)						First lien senior secured revolving loan						S+						6.00%						6/2030						2,155						2,042						2,125						0.1		%
Inovalon Holdings, Inc.(6)(9)(13)(14)						First lien senior secured loan						S+						5.75%						11/2028						151,132						148,946						149,243						4.1		%
Inovalon Holdings, Inc.(6)(9)(13)						Second lien senior secured loan						S+						10.50% PIK						11/2033						94,457						93,376						93,513						2.6		%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(6)(9)(13)(14)(22)						First lien senior secured loan						S+						6.50%						8/2026						164,732						164,030						160,614						4.4		%
Interoperability Bidco, Inc. (dba Lyniate)(6)(9)(13)(14)						First lien senior secured loan						S+						6.25%						3/2028						87,018						86,769						84,841						2.3		%
Interoperability Bidco, Inc. (dba Lyniate)(6)(8)(13)(14)						First lien senior secured revolving loan						S+						6.25%						3/2028						352						312						183						—		%
Neptune Holdings, Inc. (dba NexTech)(6)(9)(13)						First lien senior secured loan						S+						4.75%						8/2030						4,368						4,346						4,368						0.1		%
RL Datix Holdings (USA), Inc.(6)(10)(13)						First lien senior secured loan						S+						5.50%						4/2031						48,700						48,249						48,457						1.3		%
RL Datix Holdings (USA), Inc.(6)(9)(13)(14)						First lien senior secured revolving loan						S+						5.50%						10/2030						1,266						1,180						1,218						—		%
RL Datix Holdings (USA), Inc.(6)(11)(13)						First lien senior secured GBP term loan						SA+						5.50%						4/2031						£	22,553					27,908						28,104						0.8		%
Salinger Bidco Inc. (dba Surgical Information Systems)(6)(8)(13)						First lien senior secured loan						S+						5.75%						8/2031						14,531						14,321						14,495						0.4		%
																																				960,027						957,601						26.2		%
Hotels, Restaurants & Leisure
MINDBODY, Inc.(6)(9)(13)(14)						First lien senior secured loan						S+						7.00%						9/2025						72,962						72,929						72,962						2.0		%
Par Technology Corporation(6)(8)(13)						First lien senior secured loan						S+						5.00%						7/2029						19,286						19,008						19,093						0.5		%
																																				91,937						92,055						2.5		%
Household Durables
BCTO BSI Buyer, Inc. (dba Buildertrend)(6)(9)(13)						First lien senior secured loan						S+						6.50%						12/2026						84,045						83,727						84,045						2.3		%
																																				83,727						84,045						2.3		%
Industrial Conglomerates
Aptean Acquiror, Inc. (dba Aptean)(6)(9)(13)(14)						First lien senior secured loan						S+						5.00%						1/2031						3,314						3,283						3,305						0.1		%
QAD, Inc.(6)(8)(13)						First lien senior secured loan						S+						4.75%						11/2027						88,166						88,167						87,946						2.4		%
																																				91,450						91,251						2.5		%
Insurance
Asurion, LLC(3)(6)(8)(13)						Second lien senior secured loan						S+						5.25%						1/2028						10,833						10,702						10,555						0.3		%
Diamond Insure Bidco (dba Acturis)(6)(13)						First lien senior secured EUR term loan						E+						4.25%						7/2031						€	625					658						636						—		%
Diamond Insure Bidco (dba Acturis)(6)(11)(13)						First lien senior secured GBP term loan						SA+						4.50%						7/2031						£	2,042					2,533						2,513						0.1		%
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(6)(9)(13)						First lien senior secured loan						S+						7.50%						3/2029						1,064						1,043						1,056						—		%
Integrity Marketing Acquisition, LLC(6)(9)(13)						First lien senior secured loan						S+						5.00%						8/2028						47,836						47,606						47,836						1.3		%
Simplicity Financial Marketing Group Holdings, Inc.(6)(9)(13)						First lien senior secured loan						S+						5.00%						12/2031						3,571						3,536						3,536						0.1		%
																																				66,078						66,132						1.8		%

31

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)

Company(1)(7)(17)(19)						Investment						Interest												Maturity Date						Par / Units						Amortized Cost(2)(3)						Fair Value						Percentage of Net Assets
Internet & Direct Marketing Retail
Aurelia Netherlands B.V.(6)(12)(13)(22)						First lien senior secured EUR term loan						E+						5.75%						5/2031						€	25,282					26,511						26,049						0.7		%
																																				26,511						26,049						0.7		%
IT Services
Kaseya Inc.(6)(8)(13)						First lien senior secured loan						S+						5.50%						6/2029						15,865						15,644						15,865						0.4		%
Kaseya Inc.(6)(9)(13)(14)						First lien senior secured delayed draw term loan						S+						5.50%						6/2029						482						462						482						—		%
Severin Acquisition, LLC (dba PowerSchool)(6)(8)(13)						First lien senior secured loan						S+						5.00% (2.25% PIK)						10/2031						31,972						31,663						31,653						0.9		%
Spaceship Purchaser, Inc. (dba Squarespace)(6)(9)(13)						First lien senior secured loan						S+						5.00%						10/2031						83,848						83,438						83,429						2.3		%
																																				131,207						131,429						3.6		%
Life Sciences Tools & Services
Bamboo US BidCo LLC(6)(12)(13)						First lien senior secured EUR term loan						E+						5.25%						9/2030						€	3,139					3,302						3,250						0.1		%
Bamboo US BidCo LLC(6)(9)(13)(14)						First lien senior secured loan						S+						5.25%						9/2030						5,498						5,498						5,498						0.2		%
Creek Parent, Inc. (dba Catalent)(6)(8)(13)						First lien senior secured loan						S+						5.25%						12/2031						84,384						82,913						82,907						2.3		%
																																				91,713						91,655						2.6		%
Media
Monotype Imaging Holdings Inc.(6)(9)(13)(14)						First lien senior secured loan						S+						5.50%						2/2031						59,806						59,379						59,656						1.6		%
																																				59,379						59,656						1.6		%
Multiline Retail
PDI TA Holdings, Inc.(6)(9)(13)						First lien senior secured loan						S+						5.00%						2/2031						8,989						8,867						8,899						0.2		%
PDI TA Holdings, Inc.(6)(9)(13)(14)						First lien senior secured delayed draw term loan						S+						5.50%						2/2031						1,166						1,142						1,150						—		%
																																				10,009						10,049						0.2		%
Professional Services
Certinia Inc.(6)(9)(13)						First lien senior secured loan						S+						5.25%						8/2030						29,412						29,010						29,412						0.8		%
CloudPay, Inc.(6)(9)(13)						First lien senior secured loan						S+						7.50%						7/2029						9,682						9,597						9,585						0.3		%
Cornerstone OnDemand, Inc.(6)(8)(13)						Second lien senior secured loan						S+						6.50%						10/2029						71,667						70,928						61,096						1.7		%
Gerson Lehrman Group, Inc.(6)(9)(13)						First lien senior secured loan						S+						5.25%						12/2027						18,895						18,763						18,848						0.5		%
Thunder Purchaser, Inc. (dba Vector Solutions)(6)(9)(13)						First lien senior secured loan						S+						5.50%						6/2028						139,757						138,958						139,757						3.9		%
TK Operations Ltd (dba Travelperk, Inc.)(13)(25)						First lien senior secured loan												11.50% PIK						5/2029						22,152						20,418						20,546						0.6		%
When I Work, Inc.(6)(9)(13)						First lien senior secured loan						S+						5.50%						11/2027						36,277						36,116						35,008						1.0		%
																																				323,790						314,252						8.8		%
Real Estate Management & Development
Entrata, Inc.(6)(8)(13)						First lien senior secured loan						S+						5.75%						7/2030						888						877						888						—		%
RealPage, Inc.(3)(6)(9)(13)						First lien senior secured loan						S+						3.75%						4/2028						35,000						34,825						35,088						1.0		%
																																				35,702						35,976						1.0		%
Systems Software
Acquia Inc.(6)(9)(14)						First lien senior secured loan						S+						7.00%						10/2025						183,111						182,696						183,111						5.1		%
Activate Holdings (US) Corp. (dba Absolute Software)(6)(9)(13)(14)(22)						First lien senior secured loan						S+						5.25%						7/2030						5,711						5,689						5,711						0.2		%

32

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)

Company(1)(7)(17)(19)						Investment						Interest												Maturity Date						Par / Units						Amortized Cost(2)(3)						Fair Value						Percentage of Net Assets
Arctic Wolf Networks, Inc.(13)(25)						Senior convertible notes												3.00% PIK						9/2027						127,843						159,282						159,279						4.4		%
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(6)(8)(13)(14)						First lien senior secured loan						S+						6.50%						3/2031						42,751						42,154						42,430						1.2		%
Bayshore Intermediate #2, L.P. (dba Boomi)(6)(9)(13)						First lien senior secured loan						S+						6.25% (3.38% PIK)						10/2028						104,763						104,745						104,763						2.9		%
Crewline Buyer, Inc. (dba New Relic)(6)(8)(13)						First lien senior secured loan						S+						6.75%						11/2030						94,034						92,781						92,859						2.6		%
Databricks, Inc.(6)(8)(13)						First lien senior secured loan						S+						4.50%						1/2031						53,061						52,796						52,796						1.5		%
Delinea Buyer, Inc. (f/k/a Centrify)(6)(9)(13)(14)						First lien senior secured loan						S+						5.75%						3/2028						105,727						104,218						105,727						2.9		%
Delta TopCo, Inc. (dba Infoblox, Inc.)(3)(6)(10)						Second lien senior secured loan						S+						5.25%						11/2030						13,500						13,434						13,676						0.4		%
Forescout Technologies, Inc.(6)(9)(13)						First lien senior secured loan						S+						5.00%						5/2031						66,583						66,317						66,295						1.8		%
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(6)(8)(13)(22)						First lien senior secured loan						S+						7.50%						4/2026						148,889						147,706						148,517						4.1		%
Ivanti Software, Inc.(6)(9)(13)						Second lien senior secured loan						S+						7.25%						12/2028						21,000						20,633						11,550						0.3		%
LogRhythm, Inc.(6)(8)(13)						First lien senior secured loan						S+						7.50%						7/2029						4,750						4,618						4,619						0.1		%
Oranje Holdco, Inc. (dba KnowBe4)(6)(9)(13)						First lien senior secured loan						S+						7.75%						2/2029						12,818						12,673						12,818						0.4		%
Oranje Holdco, Inc. (dba KnowBe4)(6)(9)(13)						First lien senior secured loan						S+						7.25%						2/2029						5,371						5,324						5,331						0.1		%
Ping Identity Holding Corp.(6)(9)(13)						First lien senior secured loan						S+						4.75%						10/2029						6,413						6,403						6,413						0.2		%
Rubrik, Inc.(6)(9)(13)(14)						First lien senior secured loan						S+						7.00%						8/2028						11,770						11,654						11,770						0.3		%
SailPoint Technologies Holdings, Inc.(6)(9)(13)						First lien senior secured loan						S+						6.00%						8/2029						29,853						29,387						29,853						0.8		%
Securonix, Inc.(6)(9)(13)						First lien senior secured loan						S+						7.75% (3.75% PIK)						4/2028						19,774						19,652						17,154						0.5		%
Securonix, Inc.(6)(9)(13)(14)						First lien senior secured revolving loan						S+						7.00%						4/2028						80						61						(391)						—		%
Sitecore Holding III A/S(6)(12)(13)						First lien senior secured EUR term loan						E+						7.75% (4.25% PIK)						3/2029						€	56,504					59,255						58,510						1.6		%
Sitecore USA, Inc.(6)(9)(13)						First lien senior secured loan						S+						7.75% (4.25% PIK)						3/2029						58,456						58,111						58,456						1.6		%
Sitecore Holding III A/S(6)(9)(13)						First lien senior secured loan						S+						7.75% (4.25% PIK)						3/2029						9,696						9,639						9,696						0.3		%
Talon MidCo 2 Limited(6)(8)(13)(14)(22)						First lien senior secured loan						S+						6.95%						8/2028						2,700						2,664						2,700						0.1		%
																																				1,211,892						1,203,643						33.4		%
Total non-controlled/non-affiliated portfolio company debt investments																																				$	5,016,156					$	4,987,203					137.4		%
Equity Investments
Aerospace & Defense
Space Exploration Technologies Corp.(13)(16)(23)						Class A Common Stock												N/A						N/A						419,311						23,013						75,009						2.1		%
Space Exploration Technologies Corp.(13)(16)(23)						Class C Common Stock												N/A						N/A						84,250						4,011						15,071						0.4		%

33

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)

Company(1)(7)(17)(19)						Investment						Interest												Maturity Date						Par / Units						Amortized Cost(2)(3)						Fair Value						Percentage of Net Assets
																																				27,024						90,080						2.5		%
Application Software
6Sense Insights, Inc.(13)(16)(23)						Series E-1 Preferred Stock												N/A						N/A						1,264,514						40,066						32,116						0.9		%
Alpha Partners Technology Merger Corp(2)(22)(23)						Common stock												N/A						N/A						30,000						1,000						334						—		%
Alpha Partners Technology Merger Corp(2)(16)(22)(23)						Warrants												N/A						N/A						666,666						—						120						—		%
AlphaSense, LLC(13)(16)(23)						Series E Preferred Shares												N/A						N/A						131,200						5,929						5,890						0.2		%
Diligent Preferred Issuer, Inc. (dba Diligent Corporation)(13)(16)(25)						Preferred Stock												10.50% PIK						N/A						15,000						21,147						20,622						0.6		%
EShares, Inc. (dba Carta)(16)(23)						Series E Preferred Stock												N/A						N/A						186,904						2,008						4,225						0.1		%
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(13)(16)(22)(23)						LP Interest												N/A						N/A						$	2,281					2,285						2,862						0.1		%
Bird Holding B.V. (fka MessageBird Holding B.V.)(13)(16)(22)(23)						Extended Series C Warrants												N/A						N/A						191,530						1,174						281						—		%
Nylas, Inc.(16)(23)						Series C Preferred Stock												N/A						N/A						2,088,467						15,009						3,427						0.1		%
Project Alpine Co-Invest Fund, LP(13)(16)(22)(23)						LP Interest												N/A						N/A						$	3,644					3,646						4,785						0.1		%
Saturn Ultimate, Inc.(13)(16)(23)						Common stock												N/A						N/A						5,580,593						25,008						47,930						1.3		%
Simpler Postage, Inc. (dba Easypost)(13)(16)(23)						Warrants												N/A						N/A						65,694						827						827						—		%
Zoro TopCo, Inc.(9)(13)(16)						Series A Preferred Equity						S+						9.50% PIK						N/A						7,114						9,017						9,236						0.3		%
Zoro TopCo, L.P.(13)(16)(23)						Class A Common Units												N/A						N/A						592,872						5,929						6,455						0.2		%
																																				133,045						139,110						3.9		%
Construction & Engineering
Dodge Construction Network Holdings, L.P.(6)(9)(13)(16)						Series A Preferred Units						S+						8.25%						N/A						—						69						40						—		%
Dodge Construction Network Holdings, L.P.(13)(16)(23)						Class A-2 Common Units												N/A						N/A						3,333,333						2,841						474						—		%
																																				2,910						514						—		%
Diversified Consumer Services
SLA Eclipse Co-Invest, L.P.(3)(16)(22)(23)						LP Interest												N/A						N/A						$	15,000					15,256						18,078						0.5		%
																																				15,256						18,078						0.5		%
Diversified Financial Services
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(13)(14)(16)(22)(23)						LLC Interest												N/A						N/A						$	1,487					1,487						1,667						—		%
AAM Series 2.1 Aviation Feeder, LLC(13)(14)(16)(22)(23)						LLC Interest												N/A						N/A						$	1,422					1,425						1,781						—		%
Amergin Asset Management, LLC(13)(16)(22)(23)						Class A Units												N/A						N/A						25,000,000						—						778						—		%
Brex, Inc.(16)(23)						Preferred Stock												N/A						N/A						143,943						5,012						2,885						0.1		%
																																				7,924						7,111						0.1		%
Health Care Providers & Services
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)(13)(16)(23)						Class A Interest												N/A						N/A						159						1,585						1,797						—		%

34

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)

Company(1)(7)(17)(19)						Investment						Interest												Maturity Date						Par / Units						Amortized Cost(2)(3)						Fair Value						Percentage of Net Assets
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(13)(16)(25)						Series A Preferred Stock												15.00% PIK						N/A						4,419						5,046						4,749						0.1		%
																																				6,631						6,546						0.1		%
Health Care Technology
BEHP Co-Investor II, L.P.(13)(16)(22)(23)						LP Interest												N/A						N/A						$	1,270					1,043						1,297						—		%
Minerva Holdco, Inc.(13)(16)(25)						Senior A Preferred Stock												10.75% PIK						N/A						50,000						67,422						65,937						1.8		%
WP Irving Co-Invest, L.P.(13)(16)(22)(23)						Partnership Units												N/A						N/A						1,250,000						976						1,276						—		%
																																				69,441						68,510						1.8		%
Hotels, Restaurants & Leisure
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)(13)(16)(25)						Series A Preferred Stock												10.00% PIK						N/A						25,000						29,446						30,919						0.9		%
																																				29,446						30,919						0.9		%
Internet & Direct Marketing Retail
Kajabi Holdings, LLC(16)(23)						Senior Preferred Class D Units												N/A						N/A						4,126,175						50,025						39,463						1.1		%
Klaviyo, Inc.(2)(16)(23)						Series B Common Stock												N/A						N/A						1,078,770						36,027						44,488						1.2		%
Linked Store Cayman Ltd. (dba Nuvemshop)(13)(16)(22)(23)						Series E Preferred Stock												N/A						N/A						19,499						42,496						37,998						1.0		%
																																				128,548						121,949						3.3		%
IT Services
E2Open Parent Holdings, Inc.(2)(22)(23)						Class A Common Stock												N/A						N/A						1,650,943						17,504						4,392						0.1		%
JumpCloud, Inc.(16)(23)						Series B Preferred Stock												N/A						N/A						756,590						4,531						639						—		%
JumpCloud, Inc.(16)(23)						Series F Preferred Stock												N/A						N/A						6,679,245						40,017						28,343						0.8		%
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(6)(10)(13)(16)						Perpetual Preferred Stock						S+						10.75% PIK						N/A						7,500						10,266						10,405						0.3		%
Replicated, Inc.(16)(23)						Series C Preferred Stock												N/A						N/A						1,277,832												10,502						0.3		%
WMC Bidco, Inc. (dba West Monroe)(13)(16)(25)						Senior Preferred Stock												11.25% PIK						N/A						57,231						80,541						79,680						2.2		%
																																				172,867						133,961						3.7		%
Pharmaceuticals
XOMA Corporation(13)(16)(23)						Warrants												N/A						N/A						12,000						82						139						—		%
																																				82						139						—		%
Professional Services
BCTO WIW Holdings, Inc. (dba When I Work)(13)(16)(23)						Class A Common Stock												13.50% PIK						N/A						70,000						7,000						3,827						0.1		%
CloudPay, Inc.(13)(16)(22)(25)						Series E Preferred Stock												13.50% PIK						N/A						39,109						8,896						8,896						0.2		%
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(13)(16)(25)						Series A Preferred Stock												10.50% PIK						N/A						28,000						38,428						30,743						0.8		%
Thunder Topco L.P. (dba Vector Solutions)(13)(16)(23)						Common Units												N/A						N/A						7,857,410						7,857						9,348						0.3		%
TravelPerk, Inc.(13)(16)(23)						Warrants												N/A						N/A						71,940						1,534						1,534						—		%
Vestwell Holdings, Inc.(13)(16)(23)						Series D Preferred Stock												N/A						N/A						152,175						3,020						3,000						0.1		%
																																				66,735						57,348						1.5		%

35

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)

Company(1)(7)(17)(19)						Investment						Interest												Maturity Date						Par / Units						Amortized Cost(2)(3)						Fair Value						Percentage of Net Assets
Road & Rail
Bolt Technology OÜ(16)(22)(23)						Preferred Stock												N/A						N/A						43,478						11,318						9,999						0.3		%
																																				11,318						9,999						0.3		%
Systems Software
Algolia, Inc.(16)(23)						Series D Preferred Stock												N/A						N/A						136,776						4,000						3,027						0.1		%
Algolia, Inc.(16)(23)						Series C Preferred Stock												N/A						N/A						970,281						10,000						17,523						0.5		%
Arctic Wolf Networks, Inc.(16)(23)						Preferred Stock												N/A						N/A						3,032,840						25,036						26,901						0.7		%
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(13)(16)(23)						Common Units												N/A						N/A						12,692,160						12,692						19,053						0.5		%
Circle Internet Services, Inc.(16)(23)						Warrants												N/A						N/A						358,412						—						786						—		%
Circle Internet Services, Inc.(16)(23)						Series D Preferred Stock												N/A						N/A						2,934,961						15,000						16,478						0.5		%
Circle Internet Services, Inc.(16)(23)						Series E Preferred Stock												N/A						N/A						821,806						6,917						5,675						0.2		%
Circle Internet Services, Inc.(16)(23)						Series F Preferred Stock												N/A						N/A						75,876						1,500						879						—		%
Circle Internet Services, Inc.(16)(23)						Subordinated Convertible Security												N/A						N/A						758,882						759						759						—		%
Elliott Alto Co-Investor Aggregator L.P.(13)(16)(22)(23)						LP Interest												N/A						N/A						1,567						1,577						2,441						0.1		%
Excalibur CombineCo, L.P.(13)(16)(23)						Class A Units												N/A						N/A						3,340,668						99,452						75,296						2.1		%
Halo Parent Newco, LLC(13)(16)(25)						Class H PIK Preferred Equity												11.00% PIK						N/A						5,000						6,826						5,138						0.1		%
HARNESS INC.(16)(23)(26)						Series D Preferred Stock												N/A						N/A						1,022,648						9,169						9,198						0.3		%
Illumio, Inc.(16)(23)						Common stock												N/A						N/A						358,365						2,432						1,487						—		%
Illumio, Inc.(16)(23)						Series F Preferred Stock												N/A						N/A						2,483,618						16,684						15,502						0.4		%
Project Hotel California Co-Invest Fund, L.P.(13)(16)(22)(23)						LP Interest												N/A						N/A						$	2,685					2,687						3,092						0.1		%
Securiti, Inc.(13)(16)(23)						Series C Preferred Shares												N/A						N/A						2,525,571						20,016						20,000						0.6		%
																																				234,747						223,235						6.2		%
Thrifts & Mortgage Finance
Blend Labs, Inc.(13)(16)(23)						Warrants												N/A						N/A						299,216						1,625						14						—		%
																																				1,625						14						—		%
Total non-controlled/non-affiliated portfolio company equity investments																																				$	907,599					$	907,513					24.8		%
Total non-controlled/non-affiliated portfolio company investments																																				$	5,923,755					$	5,894,716					162.2		%
Non-controlled/affiliated portfolio company investments(21)
Debt Investments
Internet & Direct Marketing Retail
Walker Edison Furniture Company LLC(6)(9)(13)(20)(24)						First lien senior secured revolving loan						S+						6.25%						3/2027						$	4,495					4,495						2,888						0.1		%
Walker Edison Furniture Company LLC(6)(9)(13)(14)(20)(24)						First lien senior secured delayed draw term loan						S+						6.75% PIK						3/2027						4,527						4,214						556						—		%
Walker Edison Furniture Company LLC(6)(9)(13)(20)(24)						First lien senior secured loan						S+						6.75% PIK						3/2027						11,090						8,621						1,497						—		%
																																				17,330						4,941						0.1		%
IT Services

36

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)

Company(1)(7)(17)(19)						Investment						Interest												Maturity Date						Par / Units						Amortized Cost(2)(3)						Fair Value						Percentage of Net Assets
Pluralsight, LLC(6)(9)(13)(20)						First lien senior secured loan						S+						4.50% (1.50% PIK)						8/2029						30,474						30,474						30,474						0.8		%
Pluralsight, LLC(6)(9)(13)(20)						First lien senior secured loan						S+						7.50% PIK						8/2029						31,336						31,336						31,336						0.9		%
																																				61,810						61,810						1.7		%
Total non-controlled/affiliated portfolio company debt investments																																				$	79,140					$	66,751					1.8		%
Equity Investments
Insurance
Fifth Season Investments LLC(13)(16)(18)(20)						Class A Units												N/A						N/A						8						56,660						62,517						1.7		%
																																				56,660						62,517						1.7		%
Internet & Direct Marketing Retail
Signifyd Inc.(16)(20)(25)						Preferred equity												9.00% PIK						N/A						2,755,121						139,190						126,065						3.5		%
Walker Edison Holdco LLC(13)(16)(20)(23)						Common Units												N/A						N/A						98,319						9,500						—						—		%
																																				148,690						126,065						3.5		%
IT Services
Paradigmatic Holdco LLC (dba Pluralsight)(13)(16)(20)(23)						Common stock												N/A						N/A						10,119,090						26,850						26,850						0.7		%
																																				26,850						26,850						0.7		%
Pharmaceuticals
LSI Financing 1 DAC(13)(14)(16)(20)(22)						Preferred equity												N/A						N/A						$	3,053					3,116						3,093						0.1		%
LSI Financing LLC(13)(14)(16)(20)(22)(23)						Common Equity												N/A						N/A						$	61,865					61,865						61,677						1.7		%
																																				64,981						64,770						1.8		%
Systems Software
Help HP SCF Investor, LP(13)(16)(20)(23)						LP Interest												N/A						N/A						$	59,333					59,385						60,350						1.7		%
																																				59,385						60,350						1.7		%
Total non-controlled/affiliated portfolio company equity investments																																				$	356,566					$	340,552					9.5		%
Total non-controlled/affiliated portfolio company investments																																				$	435,706					$	407,303					11.3		%
Controlled/affiliated portfolio company investments(22)
Equity Investments
Diversified Financial Services
Revolut Ribbit Holdings, LLC(14)(16)(21)(22)(23)						LLC Interest												N/A						N/A						122,996						75,294						106,443						2.9		%
																																				75,294						106,443						2.9		%
Joint Ventures
Blue Owl Credit SLF LLC(13)(16)(18)(21)(22)(23)						LLC Interest												N/A						N/A						$	947					949						947						—		%
																																				949						947						—		%
Total controlled/affiliated portfolio company equity investments																																				$	76,243					$	107,390					2.9		%
Total controlled/affiliated portfolio company investments																																				$	76,243					$	107,390					2.9		%
Total non-controlled/non-affiliated misc. debt commitments(16)(27)(Note 8)																																				$	(2,583)					$	(1,943)					(0.1)		%
Total Investments																																				$	6,433,121					$	6,407,466					176.3		%

(1)Unless otherwise indicated, all investments are considered Level 3 investments.

(2)Level 1 investment.

37

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)

(3)Level 2 investment.

(4)The amortized cost represents the original cost adjusted for the amortization or accretion of premium or discount, as applicable, on debt investments using the effective interest method.

(5)As of December 31, 2024, the net estimated unrealized loss on investments for U.S. federal income tax purposes was $15.8 million based on a tax cost basis of $6.42 billion. As of December 31, 2024, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $203.8 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $188.0 million.

(6)Unless otherwise indicated, loan contains a variable rate structure and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate (“SOFR” or “S”, which can include one-, three- or six-month SOFR), Euro Interbank Offered Rate (“EURIBOR” or “E”, which can include three- or six-month EURIBOR), or Sterling Overnight Interbank Average Rate (“SONIA” or “SA”), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.

(7)Certain portfolio company investments are subject to contractual restrictions on sales. Refer to footnote 16 for additional information on our restricted securities.

(8)The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2024 was 4.33%.

(9)The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2024 was 4.31%.

(10)The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2024 was 4.25%.

(11)The interest rate on these loans is subject to SONIA, which as of December 31, 2024 was 4.70%.

(12)The interest rate on these loans is subject to 3 month EURIBOR, which as of December 31, 2024 was 2.71%.

(13)Represents co-investment made with the Company’s affiliates in accordance with the terms of an order for exemptive relief that an affiliate of the Company’s investment adviser received from the U.S. Securities and Exchange Commission. See Note 3 “Agreements and Related Party Transactions”.

(14)Position or portion thereof is a partially unfunded debt or equity commitment. See below for more information on the Company’s commitments. See Note 8 “Commitments and Contingencies”.

Portfolio Company						Commitment Type						Commitment Expiration Date						Funded Commitment						Unfunded
																								Commitment						Fair Value(27)
Non-controlled/non-affiliated - delayed draw debt commitments
Aerosmith Bidco 1 Limited (dba Audiotonix)						First lien senior secured delayed draw term loan						7/2027						$	—					$	38,460					$	(30)
AI Titan Parent, Inc. (dba Prometheus Group)						First lien senior secured delayed draw term loan						9/2026						—						4,528						(23)
AlphaSense, Inc.						First lien senior secured delayed draw term loan						6/2029						—						5,549						(55)
AlphaSense, Inc.						First lien senior secured delayed draw term loan						12/2025						—						5,477						(55)
Aptean Acquiror, Inc. (dba Aptean)						First lien senior secured delayed draw term loan						1/2026						53						149						—
Artifact Bidco, Inc. (dba Avetta)						First lien senior secured delayed draw term loan						7/2027						—						3,912						—
Associations, Inc.						First lien senior secured delayed draw term loan						7/2028						642						3,205						—
Bamboo US BidCo LLC						First lien senior secured delayed draw term loan						11/2026						—						1,372						—
Bamboo US BidCo LLC						First lien senior secured delayed draw term loan						3/2025						454						315						—
BCPE Osprey Buyer, Inc. (dba PartsSource)						First lien senior secured delayed draw term loan						10/2025						4,530						21,744						—
Computer Services, Inc. (dba CSI)						First lien senior secured delayed draw term loan						2/2026						—						9,196						—
Coupa Holdings, LLC						First lien senior secured delayed draw term loan						8/2025						—						70						—
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)						First lien senior secured delayed draw term loan						8/2026						—						1,992						(5)
Databricks, Inc.						First lien senior secured delayed draw term loan						7/2026						—						11,939						—
EET Buyer, Inc. (dba e-Emphasys)						First lien senior secured delayed draw term loan						4/2026						—						4,773						—
Fullsteam Operations, LLC						First lien senior secured delayed draw term loan						8/2025						550						5,376						—
Fullsteam Operations, LLC						First lien senior secured delayed draw term loan						2/2026						419						1,062						—
GS Acquisitionco, Inc. (dba insightsoftware)						First lien senior secured delayed draw term loan						3/2026						426						1,494						—
Indikami Bidco, LLC (dba IntegriChain)						First lien senior secured delayed draw term loan						12/2025						479						7,903						—
Integrity Marketing Acquisition, LLC						First lien senior secured delayed draw term loan						8/2026						—						7,236						—

38

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)

Portfolio Company						Commitment Type						Commitment Expiration Date						Funded Commitment						Unfunded
																								Commitment						Fair Value(27)
Interoperability Bidco, Inc. (dba Lyniate)						First lien senior secured delayed draw term loan						6/2026						—						5,714						(143)
Kaseya Inc.						First lien senior secured delayed draw term loan						6/2025						184						703						—
Litera Bidco LLC						First lien senior secured delayed draw term loan						11/2026						15,152						17,117						—
Litera Bidco LLC						First lien senior secured delayed draw term loan						5/2027						—						13,448						(34)
ManTech International Corporation						First lien senior secured delayed draw term loan						6/2025						—						1,030						—
Minotaur Acquisition, Inc. (dba Inspira Financial)						First lien senior secured delayed draw term loan						5/2026						—						8,834						—
Monotype Imaging Holdings Inc.						First lien senior secured delayed draw term loan						2/2026						1,145						3,768						—
PDI TA Holdings, Inc.						First lien senior secured delayed draw term loan						2/2026						1,166						922						—
PetVet Care Centers, LLC						First lien senior secured delayed draw term loan						11/2025						—						5,120						(166)
Pluralsight, LLC						First lien senior secured delayed draw term loan						8/2029						—						12,649						—
Pye-Barker Fire & Safety, LLC						First lien senior secured delayed draw term loan						5/2026						4,602						8,313						—
RL Datix Holdings (USA), Inc.						First lien senior secured delayed draw term loan						4/2027						—						10,985						—
Rubrik, Inc.						First lien senior secured delayed draw term loan						6/2028						1,376						76						—
Salinger Bidco Inc. (dba Surgical Information Systems)						First lien senior secured delayed draw term loan						8/2026						—						1,406						—
Severin Acquisition, LLC (dba PowerSchool)						First lien senior secured delayed draw term loan						10/2027						—						6,693						(33)
Simpler Postage, Inc. (dba Easypost)						First lien senior secured delayed draw term loan						6/2026						412						17,285						(25)
Simplicity Financial Marketing Group Holdings, Inc.						First lien senior secured delayed draw term loan						12/2026						—						952						(5)
Smarsh Inc.						First lien senior secured delayed draw term loan						2/2025						5,524						5,524						—
Spaceship Purchaser, Inc. (dba Squarespace)						First lien senior secured delayed draw term loan						10/2026						—						4,991						—
Spaceship Purchaser, Inc. (dba Squarespace)						First lien senior secured delayed draw term loan						10/2027						—						11,978						(30)
Zendesk, Inc.						First lien senior secured delayed draw term loan						11/2025						—						12,922						—
Non-controlled/non-affiliated - revolving debt commitments
Acquia Inc.						First lien senior secured revolving loan						10/2025						6,602						5,187						—
Activate Holdings (US) Corp. (dba Absolute Software)						First lien senior secured revolving loan						7/2029						—						352						—
Aerosmith Bidco 1 Limited (dba Audiotonix)						First lien senior secured revolving loan						7/2030						—						16,028						(40)
AI Titan Parent, Inc. (dba Prometheus Group)						First lien senior secured revolving loan						8/2031						—						2,830						(28)
Anaplan, Inc.						First lien senior secured revolving loan						6/2028						—						3,542						—
Aptean Acquiror, Inc. (dba Aptean)						First lien senior secured revolving loan						1/2031						—						273						(1)
Artifact Bidco, Inc. (dba Avetta)						First lien senior secured revolving loan						7/2030						—						2,794						(14)
Associations, Inc.						First lien senior secured revolving loan						7/2028						1,541						1,541						—
Avalara, Inc.						First lien senior secured revolving loan						10/2028						—						909						—
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)						First lien senior secured revolving loan						3/2031						—						4,750						(36)
Bamboo US BidCo LLC						First lien senior secured revolving loan						10/2029						—						1,026						—
Bayshore Intermediate #2, L.P. (dba Boomi)						First lien senior secured revolving loan						10/2027						—						9,028						—
BCPE Osprey Buyer, Inc. (dba PartsSource)						First lien senior secured revolving loan						8/2026						8,155						4,077						—
BCTO BSI Buyer, Inc. (dba Buildertrend)						First lien senior secured revolving loan						12/2026						—						11,250						—

39

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)

Portfolio Company						Commitment Type						Commitment Expiration Date						Funded Commitment						Unfunded
																								Commitment						Fair Value(27)
BTRS HOLDINGS INC. (dba Billtrust)						First lien senior secured revolving loan						12/2028						34						56						—
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)						First lien senior secured revolving loan						8/2027						2,338						4,450						—
Certinia Inc.						First lien senior secured revolving loan						8/2029						—						2,941						—
CivicPlus, LLC						First lien senior secured revolving loan						8/2027						—						4,664						—
Coupa Holdings, LLC						First lien senior secured revolving loan						2/2029						—						54						—
Creek Parent, Inc. (dba Catalent)						First lien senior secured revolving loan						12/2031						—						12,116						(212)
Crewline Buyer, Inc. (dba New Relic)						First lien senior secured revolving loan						11/2030						—						9,434						(118)
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)						First lien senior secured revolving loan						8/2031						—						4,981						(12)
Delinea Buyer, Inc. (f/k/a Centrify)						First lien senior secured revolving loan						3/2027						—						8,163						—
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)						First lien senior secured revolving loan						3/2029						—						91						(1)
EET Buyer, Inc. (dba e-Emphasys)						First lien senior secured revolving loan						11/2027						—						5,348						—
Entrata, Inc.						First lien senior secured revolving loan						7/2028						—						103						—
Finastra USA, Inc.						First lien senior secured revolving loan						9/2029						4,651						2,827						—
Forescout Technologies, Inc.						First lien senior secured revolving loan						5/2030						—						9,517						(44)
Fullsteam Operations, LLC						First lien senior secured revolving loan						11/2029						—						593						—
Gainsight, Inc.						First lien senior secured revolving loan						7/2027						2,933						2,700						—
Gerson Lehrman Group, Inc.						First lien senior secured revolving loan						12/2027						—						956						(2)
GI Ranger Intermediate, LLC (dba Rectangle Health)						First lien senior secured revolving loan						10/2027						258						1,953						—
Granicus, Inc.						First lien senior secured revolving loan						1/2031						—						274						—
GS Acquisitionco, Inc. (dba insightsoftware)						First lien senior secured revolving loan						5/2028						—						4,799						(36)
H&F Opportunities LUX III S.À R.L (dba Checkmarx)						First lien senior secured revolving loan						4/2026						—						25,000						(63)
Hyland Software, Inc.						First lien senior secured revolving loan						9/2029						—						4,070						—
Icefall Parent, Inc. (dba EngageSmart)						First lien senior secured revolving loan						1/2030						—						1,217						—
Indikami Bidco, LLC (dba IntegriChain)						First lien senior secured revolving loan						6/2030						2,155						3,832						—
Integrity Marketing Acquisition, LLC						First lien senior secured revolving loan						8/2028						—						2,422						—
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)*						First lien senior secured revolving loan						8/2026						10,847						—						—
Interoperability Bidco, Inc. (dba Lyniate)						First lien senior secured revolving loan						3/2028						352						6,418						—
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))						First lien senior secured revolving loan						12/2027						302						1,208						—
JS Parent, Inc. (dba Jama Software)						First lien senior secured revolving loan						4/2031						—						1,324						—
Kaseya Inc.						First lien senior secured revolving loan						6/2029						239						709						—
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)						First lien senior secured revolving loan						12/2029						—						3,101						—
Litera Bidco LLC						First lien senior secured revolving loan						5/2028						—						7,654						(19)
LogRhythm, Inc.						First lien senior secured revolving loan						7/2029						—						475						(13)
Magnet Forensics, LLC (f/k/a Grayshift, LLC)						First lien senior secured revolving loan						7/2028						—						968						—

40

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)

Portfolio Company						Commitment Type						Commitment Expiration Date						Funded Commitment						Unfunded
																								Commitment						Fair Value(27)
ManTech International Corporation						First lien senior secured revolving loan						9/2028						—						860						—
MINDBODY, Inc.						First lien senior secured revolving loan						9/2025						—						7,143						—
Ministry Brands Holdings, LLC						First lien senior secured revolving loan						12/2027						—						737						(6)
Minotaur Acquisition, Inc. (dba Inspira Financial)						First lien senior secured revolving loan						6/2030						—						5,435						(27)
Monotype Imaging Holdings Inc.						First lien senior secured revolving loan						2/2030						—						7,369						(18)
Neptune Holdings, Inc. (dba NexTech)						First lien senior secured revolving loan						8/2029						—						588						—
NMI Acquisitionco, Inc. (dba Network Merchants)						First lien senior secured revolving loan						9/2028						—						1,115						—
Oranje Holdco, Inc. (dba KnowBe4)						First lien senior secured revolving loan						2/2029						—						1,602						—
PDI TA Holdings, Inc.						First lien senior secured revolving loan						2/2031						—						918						(9)
PetVet Care Centers, LLC						First lien senior secured revolving loan						11/2029						—						5,373						(228)
Ping Identity Holding Corp.						First lien senior secured revolving loan						10/2028						—						643						—
Pluralsight, LLC						First lien senior secured revolving loan						8/2029						—						5,060						—
Pye-Barker Fire & Safety, LLC						First lien senior secured revolving loan						5/2030						341						2,386						—
QAD, Inc.						First lien senior secured revolving loan						11/2027						—						11,429						(29)
Relativity ODA LLC						First lien senior secured revolving loan						5/2029						—						7,871						(20)
RL Datix Holdings (USA), Inc.						First lien senior secured revolving loan						10/2030						1,266						8,352						—
SailPoint Technologies Holdings, Inc.						First lien senior secured revolving loan						8/2028						—						4,358						—
Salinger Bidco Inc. (dba Surgical Information Systems)						First lien senior secured revolving loan						5/2031						—						1,406						(4)
Securonix, Inc.						First lien senior secured revolving loan						4/2028						80						3,479						—
Severin Acquisition, LLC (dba PowerSchool)						First lien senior secured revolving loan						10/2031						—						4,016						(40)
Simplicity Financial Marketing Group Holdings, Inc.						First lien senior secured revolving loan						12/2031						—						476						(5)
Smarsh Inc.						First lien senior secured revolving loan						2/2029						177						265						—
Spaceship Purchaser, Inc. (dba Squarespace)						First lien senior secured revolving loan						10/2031						—						9,982						(50)
Talon MidCo 2 Limited						First lien senior secured revolving loan						8/2028						—						119						—
Tamarack Intermediate, L.L.C. (dba Verisk 3E)						First lien senior secured revolving loan						3/2028						—						1,682						(8)
Thunder Purchaser, Inc. (dba Vector Solutions)						First lien senior secured revolving loan						6/2027						—						11,250						(60)
Velocity HoldCo III Inc. (dba VelocityEHS)						First lien senior secured revolving loan						4/2026						—						2,500						—
When I Work, Inc.						First lien senior secured revolving loan						11/2027						—						5,605						(196)
Zendesk, Inc.						First lien senior secured revolving loan						11/2028						—						5,321						—
Non-controlled/affiliated - delayed draw debt commitments
Walker Edison Furniture Company LLC						First lien senior secured delayed draw term loan						3/2027						3,256						730						—
Non-controlled/affiliated revolving debt commitments
Walker Edison Furniture Company LLC*						First lien senior secured revolving loan						3/2027						4,495						—						—
Non-controlled/non-affiliated equity
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC						LLC Interest						N/A						1,487						3,280						—

41

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)

Portfolio Company						Commitment Type						Commitment Expiration Date						Funded Commitment						Unfunded
																								Commitment						Fair Value(27)
AAM Series 2.1 Aviation Feeder, LLC						LLC Interest						N/A						1,422						1,525						—
Non-controlled/affiliated - equity commitments
LSI Financing LLC						Common Equity						N/A						61,865						1,275						—
Total Portfolio Company Commitments																		$	151,910					$	608,337					$	(1,943)

*Fully funded

(15)The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date.

(16)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2024, the aggregate fair value of these securities is $1.35 billion or 37.3% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Portfolio Company

Investment

Acquisition Date

6Sense Insights, Inc.

Series E-1 Preferred Stock

January 20, 2022

AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC

LLC Interest

July 1, 2022

AAM Series 2.1 Aviation Feeder, LLC

LLC interest

July 1, 2022

Algolia, Inc.

Series C Preferred Stock

August 30, 2019

Algolia, Inc.

Series D Preferred Stock

July 19, 2021

Project Alpine Co-Invest Fund, LP

LP Interest

June 13, 2022

AlphaSense, LLC

Series E Preferred Shares

June 27, 2024

Alpha Partners Technology Merger Corp

Warrants

July 28, 2021

Amergin Asset Management, LLC

Class A Units

July 1, 2022

Arctic Wolf Networks, Inc.

Preferred Stock

July 7, 2021

BCTO WIW Holdings, Inc. (dba When I Work)

Class A Common Stock

November 2, 2021

BEHP Co-Investor II, L.P.

LP Interest

May 11, 2022

Blend Labs, Inc.

Warrants

July 2, 2021

Blue Owl Credit SLF LLC

LLC Interest

August 1, 2024

Bolt Technology OÜ

Preferred Stock

December 10, 2021

Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)

Common Units

October 1, 2021

Brex, Inc.

Preferred Stock

November 30, 2021

Circle Internet Services, Inc.

Series D Preferred Stock

May 20, 2019

Circle Internet Services, Inc.

Series E Preferred Stock

February 28, 2020

Circle Internet Services, Inc.

Series F Preferred Stock

May 4, 2021

Circle Internet Services, Inc.

Subordinated Convertible Security

April 12, 2024

Circle Internet Services, Inc.

Warrants

May 20, 2019

CloudPay, Inc.

Series E Preferred Stock

July 31, 2024

Diligent Preferred Issuer, Inc. (dba Diligent Corporation)

Preferred Stock

April 6, 2021

Dodge Construction Network Holdings, L.P.

Class A-2 Common Units

February 23, 2022

Dodge Construction Network Holdings, L.P.

Series A Preferred Units

February 23, 2022

Elliott Alto Co-Investor Aggregator L.P.

LP Interest

September 27, 2022

EShares, Inc. (dba Carta)

Series E Preferred Stock

August 1, 2019

Excalibur CombineCo, L.P.

Class A Units

July 2, 2024

Fifth Season Investments LLC

Class A Units

July 18, 2022

Halo Parent Newco, LLC

Class H PIK Preferred Equity

October 15, 2021

Harness, Inc.

Junior Preferred Stock

May 24, 2024

Help HP SCF Investor, LP

LP Interest

April 28, 2021

Project Hotel California Co-Invest Fund, L.P.

LP Interest

August 9, 2022

Illumio, Inc.

Common stock

June 23, 2021

Illumio, Inc.

Series F Preferred Stock

August 27, 2021

Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)

LP Interest

June 8, 2022

JumpCloud, Inc.

Series B Preferred Stock

December 30, 2021

JumpCloud, Inc.

Series F Preferred Stock

September 3, 2021

42

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)

Portfolio Company

Investment

Acquisition Date

Kajabi Holdings, LLC

Senior Preferred Class D Units

March 24, 2021

Klaviyo, Inc.

Series B Common Stock

May 4, 2021

KWOL Acquisition Inc. (dba Worldwide Clinical Trials)

Class A Interest

December 12, 2023

Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)

Perpetual Preferred Stock

June 22, 2022

Linked Store Cayman Ltd. (dba Nuvemshop)

Series E Preferred Stock

August 9, 2021

LSI Financing 1 DAC

Series 1 Notes

December 14, 2022

LSI Financing LLC

Common Equity

November 25, 2024

MessageBird Holding B.V.

Extended Series C Warrants

May 5, 2021

Minerva Holdco, Inc.

Senior A Preferred Stock

February 15, 2022

Nylas, Inc.

Series C Preferred Stock

June 3, 2021

Paradigmatic Holdco LLC (dba Pluralsight)

Common stock

August 22, 2024

Replicated, Inc.

Series C Preferred Stock

June 30, 2021

Revolut Ribbit Holdings, LLC

Ordinary Shares

September 30, 2021

Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)

Series A Preferred Stock

November 15, 2023

Saturn Ultimate, Inc.

Common stock

December 29, 2021

Securiti, Inc.

Series C Preferred Shares

July 28, 2022

Signifyd Inc.

Preferred equity

April 8, 2021

Simpler Postage, Inc. (dba Easypost)

Warrants

June 11, 2024

SLA Eclipse Co-Invest, L.P.

LP Interest

September 30, 2019

Space Exploration Technologies Corp.

Class A Common Stock

March 25, 2021

Space Exploration Technologies Corp.

Class C Common Stock

March 25, 2021

Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)

Series A Preferred Stock

October 15, 2021

Thunder Topco L.P. (dba Vector Solutions)

Common Units

June 30, 2021

TravelPerk, Inc.

Warrants

May 1, 2024

VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)

Series A Preferred Stock

October 15, 2021

Vestwell Holdings, Inc.

Series D Preferred Stock

December 20, 2023

Walker Edison Holdco LLC

Common Units

March 1, 2023

WMC Bidco, Inc. (dba West Monroe)

Senior Preferred Stock

November 9, 2021

WP Irving Co-Invest, L.P.

Partnership Units

May 18, 2022

XOMA Corporation

Warrants

December 15, 2023

Zoro TopCo, Inc.

Series A Preferred Equity

November 22, 2022

Zoro TopCo, L.P.

Class A Common Units

November 22, 2022

(17)Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II and CLO 2020-1. See Note 5 “Debt”.

(18)This portfolio company is not pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II and CLO 2020-1. See Note 5 “Debt”.

(19)Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

(20)Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Company is deemed to be an “Affiliated Person” of, as defined in the 1940 Act, this portfolio company, as the Company owns more than 5% but less than 25% of the portfolio company’s

43

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)

outstanding voting securities. Transactions during the period ended December 31, 2024 in which the Company was an Affiliated Person of the portfolio company are as follows:

Company						Fair Value at December 31, 2023						Gross Additions (a)						Gross Reductions(b)						Net Change in Unrealized Gain/(Loss)						Realized Gain/(Loss)						Transfers						Fair Value at December 31, 2024						Interest and PIK Interest Income						Dividend and PIK Dividend Income						Other Income
Fifth Season Investments LLC						$	43,904					$	32,382					$	(19,626)					$	5,857					$	—					$	—					$	62,517					$	—					$	6,673					$	—
Help HP SCF Investor, LP						67,221						6						—						(6,877)						—						—						60,350						—						—						—
LSI Financing LLC						—						83,915						(22,050)						(188)						—						—						61,677						—						324						—
LSI Financing 1 DAC						12,992						4,953						(15,403)						(618)						1,169						—						3,093						—						64						—
Pluralsight, LLC						—						88,660						—						—						—						—						88,660						2,449						—						32
Signifyd Inc.						110,500						11,707						(40)						3,898						—						—						126,065						—						11,702						—
Split Software, Inc.						22,484						—						(13,139)						7,520						(16,865)						—						—						—						—						—
Walker Edison Furniture Company LLC						14,992						3,446						—						(13,497)						—						—						4,941						—						—						10
Total						$	272,093					$	225,069					$	(70,258)					$	(3,905)					$	(15,696)					$	—					$	407,303					$	2,449					$	18,763					$	42

_______________

(a)Gross additions include increases in the cost basis of investments resulting from new investments, payment-in-kind interest or dividends, and the amortization of any unearned income or discounts on equity investments, as applicable.

(b)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, and the amortization of any premiums on equity investments, as applicable.

(21)As defined in the 1940 act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement (“controlled affiliate”). The Company’s investments in controlled affiliates for the period ended December 31, 2024 were as follows:

Company						Fair Value at December 31, 2023						Gross Additions (a)						Gross Reductions(b)						Net Change in Unrealized Gain/(Loss)						Realized Gain/(Loss)						Transfers						Fair Value at December 31, 2024						Interest and PIK Interest Income						Dividend and PIK Dividend Income						Other Income
Blue Owl Credit SLF LLC						$	—					$	2,618					$	(1,669)					$	(2)					$	—					$	—					$	947					$	—					$	27					$	—
Revolut Ribbit Holdings, LLC						66,509						32						—						39,902						—						—						106,443						—						—						—
Total						$	66,509					$	2,650					$	(1,669)					$	39,900					$	—					$	—					$	107,390					$	—					$	27					$	—

(a)Gross additions include increases in the cost basis of investments resulting from new investments, payment-in-kind interest or dividends, and the amortization of any unearned income or discounts on equity investments, as applicable.

(b)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, and the amortization of any premiums on equity investments, as applicable.

(22)This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of December 31, 2024, non-qualifying assets represented 14.2% of total assets as calculated in accordance with the regulatory requirements.

(23)Non-income producing investment.

(24)Loan was on non-accrual status as of December 31, 2024.

(25)Contains a fixed-rate structure.

(26)Harness Inc. has retained 304,990 shares until June 11, 2026 as a security for indemnity obligations detailed in the Merger Agreement with Split Software, Inc.

(27)The negative cost and fair value results from unamortized fees, which are capitalized to the investment cost of unfunded commitments.

The accompanying notes are an integral part of these consolidated financial statements.

44

Blue Owl Technology Finance Corp.

Consolidated Statements of Changes in Net Assets

(Amounts in thousands)

(Unaudited)

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2025						2024						2025						2024
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)			$	130,565					$	92,258					$	388,268					$	286,691
Net change in unrealized gain (loss)			103,360						109,688						160,951						38,547
Net realized gain (loss)			1,010						(82,408)						(34,665)						(106,711)
Net Increase (Decrease) in Net Assets Resulting from Operations			234,935						119,538						514,554						218,527
Distributions
Distributions declared from earnings			(186,632)						(76,545)						(421,931)						(236,029)
Net Decrease in Net Assets Resulting from Shareholders' Distributions			(186,632)						(76,545)						(421,931)						(236,029)
Capital Share Transactions
Issuance of common shares in connection with the Mergers(1)			—						—						4,278,003						—
Repurchase of common shares			(8,880)						—						(8,880)						—
Reinvestment of distributions			30,383						22,161						68,328						63,019
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions			21,503						22,161						4,337,451						63,019
Total Increase (Decrease) in Net Assets			69,806						65,154						4,430,074						45,517
Net Assets, at beginning of period			7,985,418						3,510,357						3,625,150						3,529,994
Net Assets, at end of period			$	8,055,224					$	3,575,511					$	8,055,224					$	3,575,511

(1)Refer to Note 13. Merger with Blue Owl Technology Finance Corp. II (“OTF II”) for additional information on the merger between the Company and OTF II (the “Mergers”).

The accompanying notes are an integral part of these consolidated financial statements.

45

Blue Owl Technology Finance Corp.

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)

									For the Nine Months Ended September 30,
															2025						2024
Cash Flows from Operating Activities
Net Increase (Decrease) in Net Assets Resulting from Operations															$	514,554					$	218,527
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments, net															(1,913,874)						(1,430,018)
Proceeds from investments and investment repayments, net															1,332,126						1,235,677
Net amortization/accretion of premium/discount on investments															(40,711)						(31,814)
Net change in unrealized (gain) loss on investments															(133,140)						(37,754)
Net change in unrealized (gain) loss on interest rate swaps attributed to unsecured notes															20,903						—
Net change in unrealized (gain) loss on forward contracts															1,852						—
Net change in unrealized (gain) loss on translation of assets and liabilities in foreign currencies															(30,506)						(793)
Net realized (gain) loss on investments															12,412						105,320
Net realized (gain) loss on foreign currency transactions relating to investments															(7,382)						14,377
Net realized (gain) loss on foreign currency transactions relating to debt															29,635						—
Paid-in-kind interest															(85,445)						(82,120)
Paid-in-kind dividends															(34,455)						(18,803)
Amortization of debt issuance costs															16,464						6,528
Cash acquired in the Mergers															647,248						—
Changes in operating assets and liabilities:
(Increase) decrease in interest receivable															48,634						(8,818)
(Increase) decrease in dividend income receivable															(10,010)						540
(Increase) decrease in paid-in-kind interest receivable															—						(5,384)
(Increase) decrease in prepaid expenses and other assets															22,676						(36,841)
Increase (decrease) in management fee payable															21,494						(182)
Increase (decrease) in incentive fee payable															34,132						(7,664)
Increase (decrease) in payables to affiliates															(1,903)						127
Increase (decrease) in payable for investments purchased															(52,796)						(24,163)
Increase (decrease) in accrued expenses and other liabilities															(101,165)						5,666
Net cash provided by (used in) operating activities															290,743						(97,592)
Cash Flows from Financing Activities
Borrowings on debt															1,620,000						156,829
Payments on debt															(1,509,301)						(167,700)
Debt issuance costs															(14,459)						(731)
Repurchases of common stock															(8,880)						—
Distributions paid															(237,970)						(173,348)
Net cash provided by (used in) financing activities															(150,610)						(184,950)
Net increase (decrease) in cash and restricted cash, including foreign cash (restricted cash of $— and $—, respectively)															140,133						(282,542)
Cash and restricted cash, including foreign cash, beginning of period (restricted cash of $— and $—, respectively)															257,000						469,017
Cash and restricted cash, including foreign cash, end of period (restricted cash of $— and $—, respectively)															$	397,133					$	186,475

46

Blue Owl Technology Finance Corp.

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)

									For the Nine Months Ended September 30,
															2025						2024
Supplemental and Non-Cash Information
Interest paid during the period															$	192,783					$	131,689
Distributions declared during the period															$	421,931					$	236,029
Reinvestment of distributions during the period															$	68,328					$	63,019
Distributions Payable															$	186,631					$	76,545
Issuance of shares in connection with the Mergers(1)															$	4,278,003					$	—
Taxes, including excise tax, paid during the period															$	11,550					$	10,155

(1)Refer to Note 13. Merger with Blue Owl Technology Finance Corp. II (“OTF II”) for additional information on the Mergers.

The accompanying notes are an integral part of these consolidated financial statements.

47

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited)

Note 1. Organization

Blue Owl Technology Finance Corp. (the “Company”) is a Maryland corporation formed on July 12, 2018. The Company was formed primarily to originate and make loans to, and make debt and equity investments in, technology-related companies, specifically software companies, based primarily in the United States. The Company originates and invests in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. The Company’s investment objective is to maximize total return by generating current income from its debt investments and other income producing securities, and capital appreciation from its equity and equity-linked investments.

The Company intends to invest at least 80% of the value of its total assets in “technology-related” companies. The Company defines technology-related companies as those that (i) operate directly in the technology industry, which includes, but is not limited to, application software, systems software, healthcare technology, information technology, technology services and infrastructure, financial technology and internet and digital media, (ii) operate indirectly through their reliance on technology (i.e., utilizing scientific knowledge or technology-enabled techniques, skills, methods, devices or processes to deliver goods and/or services) or (iii) seek to grow through technological advancements and innovations. The Company invests in a broad range of companies with a focus on established enterprise software companies that are capitalizing on the large and growing demand for software products and services.

The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for tax purposes, the Company is treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Because the Company has elected to be regulated as a BDC and qualifies as a RIC under the Code, the Company’s portfolio is subject to diversification and other requirements.

On September 24, 2018, the Company formed a wholly-owned subsidiary, OR Tech Lending LLC, a Delaware limited liability company, which holds a California finance lenders license. OR Tech Lending LLC originates loans to borrowers headquartered in California. From time to time the Company may form wholly-owned subsidiaries to facilitate the normal course of business.

Blue Owl Technology Credit Advisors LLC (the “Adviser”) serves as the Company’s investment adviser, an indirect affiliate of Blue Owl Capital, Inc. (“Blue Owl”) (NYSE: OWL) and part of Blue Owl’s Credit platform, which includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent investment strategies. The Adviser is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Blue Owl consists of three product platforms: (1) Credit, (2) GP Strategic Capital, which primarily focuses on acquiring equity stakes in or providing debt financing to large multi-product private equity and private credit firms and (3) Real Assets, which primarily focuses on the strategies of net lease real estate, real estate credit and digital infrastructure, which focuses on acquiring, financing, developing and operating data centers and related digital infrastructure assets. Subject to the overall supervision of the Company’s board of directors (the “Board”), the Adviser manages the day-to-day operations of, and provides investment advisory and management services to, the Company.

On August 10, 2018, the Company commenced its loan origination and investment activities contemporaneously with the initial drawdown from investors in the Company’s private offering. In September 2018, the Company made its first portfolio company investment.

On March 24, 2025, the Company consummated the transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement”) with Blue Owl Technology Finance Corp. II, a Maryland corporation (“OTF II”), Oriole Merger Sub Inc., a Maryland corporation and wholly-owned subsidiary of the Company (“Merger Sub”), and, solely for the limited purposes set forth therein, the Adviser, and Blue Owl Technology Credit Advisors II LLC (“OTCA II”), a Delaware limited liability company and investment adviser to OTF II. In connection therewith, Merger Sub merged with and into OTF II, with OTF II continuing as the surviving company and as a wholly-owned subsidiary of the Company (the “Initial Merger”) and, immediately thereafter, OTF II merged with and into the Company, with the Company continuing as the surviving company (together with the Initial Merger, the “Mergers”). Refer to Note 13. Merger with Blue Owl Technology Finance Corp. II for further discussion of the Mergers.

On June 12, 2025, the Company’s common stock was listed and began trading on the New York Stock Exchange (“NYSE”) under the symbol “OTF” (the “Exchange Listing”).

Note 2. Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial

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statements have been included. The Company was initially capitalized on August 7, 2018 and commenced operations on August 10, 2018. The Company’s fiscal year ends on December 31.

Reclassifications

As a result of changes in presentations, certain prior year amounts have been reclassified to conform to the current presentation. These reclassifications had no effect on the reported results of operations.

Use of Estimates 

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual amounts could differ from those estimates and such differences could be material.

Cash & Restricted Cash

Cash consists of deposits held at a custodian bank and restricted cash pledged as collateral. Cash is carried at cost, which approximates fair value. The Company deposits its cash with highly-rated banking corporations and, at times, may exceed the insured limits under applicable law.

Consolidation

As provided under Regulation S-X and ASC Topic 946 - Financial Services - Investment Companies, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company or controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company's wholly-owned subsidiaries in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation.

The Company does not consolidate its equity interest in Blue Owl Credit SLF LLC (“Credit SLF”). For further description of the Company’s investment in Credit SLF, see Note 4 “Investments”.

Investments at Fair Value

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Pursuant to Rule 2a-5, the Board designated the Adviser as the Company’s valuation designee to perform fair value determinations relating to the value of assets held by the Company for which market quotations are not readily available.

Investments for which market quotations are readily available are typically valued at the average bid price of those market quotations. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available, as is the case for substantially all of the Company’s investments, are valued at fair value as determined in good faith by the Adviser, as the valuation designee, based on, among other things, the input of the independent third-party valuation firm(s) engaged at the direction of the Adviser.

As part of the valuation process, the Adviser, as the valuation designee, takes into account relevant factors in determining the fair value of the Company’s investments, including: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company’s debt and equity), the nature and realizable value of any collateral, the portfolio company’s ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase or sale transaction, public offering or subsequent equity sale occurs, the Adviser, as the valuation designee, considers whether the pricing indicated by the external event corroborates its valuation.

The Adviser, as the valuation designee, undertakes a multi-step valuation process, which includes, among other procedures, the following:

•With respect to investments for which market quotations are readily available, those investments will typically be valued at the average bid price of those market quotations;

•With respect to investments for which market quotations are not readily available, the valuation process begins with the independent valuation firm(s) providing a preliminary valuation of each investment to the Adviser’s valuation committee;

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•Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee;

•The Adviser, as the valuation designee, reviews the recommended valuations and determines the fair value of each investment;

•Each quarter, the Adviser, as the valuation designee, will provide the Audit Committee a summary or description of material fair value matters that occurred in the prior quarter and on an annual basis, the Adviser, as the valuation designee, will provide the Audit Committee with a written assessment of the adequacy and effectiveness of its fair value process; and

•The Audit Committee oversees the valuation designee and will report to the Board on any valuation matters requiring the Board’s attention.

The Company conducts this valuation process on a quarterly basis.

The Company applies Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the Company considers its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:

•Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

•Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs. In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC 820. Consistent with the valuation policy, the Adviser, as the valuation designee, evaluates the source of the inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (such as broker quotes), the Adviser, as the valuation designee, subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Adviser, as the valuation designee, or the independent valuation firm(s), reviews pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs.

The Company applies the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.

Financial and Derivative Instruments

The Company follows the guidance in ASC 815 Derivatives and Hedging, when accounting for all derivative instruments. The Company designated certain interest rate swaps as hedging instruments, and as a result, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Consolidated Statements of Operations as the hedged item. The

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Company’s interest rate swaps are used to hedge the Company’s fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Consolidated Statements of Operations. Fair value is estimated by discounting remaining payments using applicable current market rates, or market quotes, if available. For all other derivatives, the Company does not utilize hedge accounting and values such derivatives at fair value with the unrealized gains or losses recorded in “net change in unrealized gains (losses) from foreign currency and other transactions” in the Company’s consolidated statement of operations.

Foreign Currency Forward Contracts

The Company uses foreign currency forward contracts to reduce the Company's exposure to fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate. Unrealized gains (losses) on foreign currency forward contracts are recorded within other assets or other liabilities on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis.

Interest Rate Swaps

The Company uses interest rate swaps to hedge some or all of the Company's fixed rate debt. The Company has designated each interest rate swap held as the hedging instrument in an effective hedge accounting relationship, and therefore the periodic payments and receipts are recognized as components of interest expense in the Consolidated Statements of Operations. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as an other asset or other liability on the Company's Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by a change in the net carrying value of the fixed rate debt. Any amounts paid to the counterparty to cover collateral obligations under the terms of the interest rate swap agreement are included in other assets or other liabilities and expenses on the Company's Consolidated Statements of Assets and Liabilities. Please see Note 5 to the Company's Consolidated Financial Statements for additional details.

Foreign Currency

Foreign currency amounts are translated into U.S. dollars on the following basis:

•cash, fair value of investments, outstanding debt, other assets and liabilities: at the spot exchange rate on the last business day of the period; and

•purchases and sales of investments, borrowings and repayments of such borrowings, income and expenses: at the rates of exchange prevailing on the respective dates of such transactions.

The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations with the change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Fluctuations arising from the translation of foreign currency borrowings are included with the net change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations.

Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar.

Interest and Dividend Income Recognition

Interest income is recorded on the accrual basis and includes amortization and accretion of discounts or premiums. Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends, the majority of which is structured at initial underwriting. PIK interest and dividends represent accrued interest or dividends that are added to the principal amount or liquidation amount of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a liquidation event.

PIK interest and PIK dividend income consisted of the following for the periods:

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			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
($ in thousands)			2025						2024						2025						2024
PIK Interest Income			$	24,983					$	25,469					$	65,043					$	84,538
PIK Interest Income as a % of Investment Income			7.8		%				14.9		%				7.9		%				16.3		%
PIK Dividend Income			$	19,412					$	10,378					$	49,469					$	29,630
PIK Dividend Income as a % of Investment Income			6.0		%				6.1		%				6.0		%				5.7		%
Total PIK Income			$	44,395					$	35,847					$	114,512					$	114,168
Total PIK Income as a % of Investment Income			13.8		%				21.0		%				13.9		%				22.1		%

Discounts and premiums to par value on securities purchased are amortized into interest income over the contractual life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the amortization and accretion of discounts or premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. If at any point the Company believes PIK interest is not expected to be realized, the investment generating PIK interest will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest income. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

Other Income 

From time to time, the Company may receive fees for services provided to portfolio companies. These fees are generally only available to the Company as a result of closing investments, are generally paid at the closing of the investments, are generally non-recurring and are recognized as revenue when earned upon closing of the investment. The services that the Adviser provides vary by investment, but can include closing, work, diligence or other similar fees and fees for providing managerial assistance to the Company’s portfolio companies.

Organization Expenses

Costs associated with the organization of the Company are expensed as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company.

Offering Expenses

Costs associated with the offering of common shares of the Company are capitalized as deferred offering expenses and are included in prepaid expenses and other assets in the Consolidated Statements of Assets and Liabilities and are amortized over a twelve-month period from incurrence. Expenses for any additional offerings are deferred and amortized as incurred. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s share offerings, the preparation of the Company’s registration statement, and registration fees.

Debt Issuance Costs

The Company records origination and other expenses related to its debt obligations as debt issuance costs. These expenses are deferred and amortized utilizing the effective yield method, over the estimated life of the related debt instrument. Debt issuance costs are presented on the Consolidated Statements of Assets and Liabilities as a direct deduction from the debt liability. In circumstances in which there is not an associated debt liability amount recorded in the consolidated financial statements when the debt issuance costs are incurred, such debt issuance costs will be reported on the Consolidated Statements of Assets and Liabilities as an asset until the debt liability is recorded.

Reimbursement of Transaction-Related Expenses

The Company may receive reimbursement for certain transaction-related expenses in pursuing investments. Transaction-related expenses, which are generally expected to be reimbursed by the Company’s portfolio companies, are typically deferred until the transaction is consummated and are recorded in prepaid expenses and other assets on the date incurred. The costs of successfully

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completed investments not otherwise reimbursed are borne by the Company and are included as a component of the investment’s cost basis.

Cash advances received in respect of transaction-related expenses are recorded as cash with an offset to accrued expenses and other liabilities. Accrued expenses and other liabilities are relieved as reimbursable expenses are incurred.

Income Taxes

The Company has elected to be treated as a BDC under the 1940 Act. The Company has elected to be treated as a RIC under the Code beginning with its taxable year ending December 31, 2018 and intends to continue to qualify annually thereafter as a RIC. So long as the Company maintains its tax treatment as a RIC, it generally will not pay U.S. federal income taxes at corporate rates on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Instead, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company.

To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company generally must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income.

Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain tax positions through December 31, 2024. As applicable, the Company’s prior three tax years remain subject to examination by U.S. federal, state and local tax authorities.

Distributions to Common Shareholders

Distributions to common shareholders are recorded on the record date. The amount to be distributed is determined by the Board and is generally based upon the earnings estimated by the Adviser. In addition, the Board may consider the level of undistributed taxable income carried forward from the prior year for distribution in the current year. Undistributed long-term capital gains, if any, would be generally distributed at least annually, although the Company may decide to retain such capital gains for investment.

The Company has adopted an “opt out” dividend reinvestment plan that provides for reinvestment of any cash distributions on behalf of shareholders, unless a shareholder elects to receive cash. As a result, if the Board authorizes and declares a cash distribution, then the shareholders who have not “opted out” of the dividend reinvestment plan will have their cash distribution automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. The Company expects to use newly issued shares or shares purchased in the open market to implement the dividend reinvestment plan.

Segment Reporting

In accordance with ASC Topic 280 – “Segment Reporting (ASC 280),” the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.

The Company operates through a single operating and reporting segment with an investment objective to generate both current income, and to a lesser extent, capital appreciation through debt and equity investments. The chief operating decision maker (“CODM”) is comprised of the Company’s chief executive officer, president, and chief financial officer and chief operating officer and assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase in shareholder’s equity resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company’s stockholders. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the

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accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations.

New Accounting Pronouncements

In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740),” which updates annual income tax disclosure requirements related to rate reconciliation, income taxes paid and other disclosures. ASU 2023-09 is effective for public business entities for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact of adopting ASU No. 2023-09 on the consolidated annual financial statements.

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40),” which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, in each relevant expense caption. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

Other than the aforementioned guidance, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements.

Note 3. Agreements and Related Party Transactions

Administration Agreement

The Company has entered into an amended and restated Administration Agreement (the “Administration Agreement”) with the Adviser. Under the terms of the Administration Agreement, the Adviser performs, or oversees the performance of, required administrative services, which include providing office space, equipment and office services, maintaining financial records, preparing reports to shareholders and reports filed with the SEC, and managing the payment of expenses and the performance of administrative and professional services rendered by others. On May 5, 2025, the Board approved the continuation of the Administration Agreement.

The Administration Agreement also provides that the Company reimburses the Adviser for certain organization costs incurred prior to the commencement of the Company’s operations, and for certain offering costs.

The Company reimburses the Adviser for services performed for it pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Adviser may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Adviser for any services performed for it by such affiliate or third party.

Unless earlier terminated as described below, the Administration Agreement will remain in effect for two years from the date it first became effective, and will remain in effect from year to year if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the independent directors. The Administration Agreement may be terminated at any time, without the payment of any penalty, on 60 days’ written notice, by the vote of a majority of the outstanding voting securities of the Company (as defined in the 1940 Act), or by the vote of a majority of the Board or by the Adviser.

No person who is an officer, director, or employee of the Adviser or its affiliates and who serves as a director of the Company receives any compensation from the Company for his or her services as a director. However, the Company reimburses the Adviser (or its affiliates) for an allocable portion of the compensation paid by the Adviser or its affiliates to the Company’s officers who provide operational and administrative services, as well as their respective staffs and other professionals who provide services to the Company, 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 (based on the percentage of time those individuals devote, on an estimated basis, to the business and affairs of the Company). Directors who are not affiliated with the Adviser receive compensation for their services and reimbursement of expenses incurred to attend meetings.

For the three months ended September 30, 2025 and 2024, the Company incurred expenses of approximately $1.9 million and $0.8 million, respectively, for costs and expenses reimbursable to the Adviser under the terms of the Administration Agreement.

For the nine months ended September 30, 2025 and 2024, the Company incurred expenses of approximately $5.7 million and $2.3 million, respectively, for costs and expenses reimbursable to the Adviser under the terms of the Administration Agreement.

As of September 30, 2025 and 2024, amounts reimbursable to the Adviser pursuant to the Administration Agreement were $— million and $1.2 million, respectively.

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Investment Advisory Agreement

The Investment Advisory Agreement became effective on May 18, 2021. Under the terms of the Investment Advisory Agreement, the Adviser is responsible for managing the Company’s business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring its investments, and monitoring its portfolio companies on an ongoing basis through a team of investment professionals. On May 5, 2025, the Board approved the continuation of the Investment Advisory Agreement.

The Adviser’s services under the Investment Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities so long as its services to the Company are not impaired.

Unless earlier terminated as described below, the Investment Advisory Agreement will remain in effect for two years from the date it first became effective, and will remain in effect from year-to-year if approved annually by a majority of the Board or by the holders of a majority of our outstanding voting securities and, in each case, by a majority of independent directors.

The Investment Advisory Agreement will automatically terminate within the meaning of the 1940 Act and related SEC guidance and interpretations in the event of its assignment. In accordance with the 1940 Act, without payment of any penalty, the Company may terminate the Investment Advisory Agreement with the Adviser upon 60 days’ written notice. The decision to terminate the agreement may be made by a majority of the Board or the shareholders holding a majority of the outstanding shares (as defined in the 1940 Act) of the Company’s common stock. In addition, without payment of any penalty, the Adviser may generally terminate the Investment Advisory Agreement upon 60 days’ written notice.

From time to time, the Adviser may pay amounts owed by the Company to third-party providers of goods or services, including the Board, and the Company will subsequently reimburse the Adviser for such amounts paid on its behalf. Amounts payable to the Adviser are settled in the normal course of business without formal payment terms.

Under the terms of the Investment Advisory Agreement, the Company will pay the Adviser a base management fee and may also pay to it certain incentive fees. The cost of both the management fee and the incentive fee will ultimately be borne by the Company’s shareholders.

The management fee (“Management Fee”) is payable quarterly in arrears. Prior to the Exchange Listing, the Management Fee was payable at an annual rate of 0.90% of the Company’s (i) average gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) at the end of the two most recently completed calendar quarters; provided, however, that no Management Fee was charged on the value of gross assets (excluding cash and cash-equivalents but including assets purchased with borrowed amounts) that was below an asset coverage ratio of 200% calculated in accordance with Sections 18 and 61 of the 1940 Act; plus (ii) the average of any remaining unfunded capital commitments at the end of the two most recently completed calendar quarters. Following the Exchange Listing, the Management Fee is payable at an annual rate of (x) 1.50% of the Company’s average gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) that is above an asset coverage ratio of 200% calculated in accordance with Sections 18 and 61 of the 1940 Act and (y) 1.00% of the Company’s average gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) that is below an asset coverage ratio of 200% calculated in accordance with Sections 18 and 61 of the 1940 Act, in each case, at the end of the two most recently completed calendar quarters payable quarterly in arrears. The Management Fee will be appropriately prorated and adjusted (based on the actual number of days elapsed relative to the total number of days in such calendar quarter) for any share issuances or repurchases during the relevant calendar quarters. The Management Fee for any partial month or quarter, as the case may be, will be appropriately prorated and adjusted (based on the actual number of days elapsed relative to the total number of days in such calendar quarter). For purposes of the Investment Advisory Agreement, gross assets means the Company’s total assets determined on a consolidated basis in accordance with generally accepted accounting principles in the United States, excluding cash and cash equivalents, but including assets purchased with borrowed amounts.

For the three months ended September 30, 2025 and 2024, management fees were $48.0 million, net of $105.5 thousand in management fee waivers, and $14.1 million, respectively.

For the nine months ended September 30, 2025 and 2024, management fees were $96.4 million, net of $227.7 thousand in management fee waivers and $42.0 million, respectively.

Pursuant to the Investment Advisory Agreement, the Adviser is entitled to an incentive fee (“Incentive Fee”), which consists of two components that are independent of each other, with the result that one component may be payable even if the other is not.

The portion of the Incentive Fee based on income is determined and paid quarterly in arrears commencing with the first calendar quarter following the initial closing date, and equals (i) prior to the Exchange Listing, 100% of the pre-Incentive Fee net investment income in excess of a 1.5% quarterly “hurdle rate”, until the Adviser has received 10% of the total pre-Incentive Fee net investment income for that calendar quarter and, for pre-Incentive Fee net investment income in excess of 1.67% quarterly, 10% of all remaining pre-Incentive Fee net investment income for that calendar quarter, and (ii) subsequent to the Exchange Listing, 100% of the pre-Incentive Fee net investment income in excess of a 1.5% quarterly “hurdle rate,” until the Adviser has received 17.5% of the total

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pre-Incentive Fee net investment income for that calendar quarter and, for pre-Incentive Fee net investment income in excess of 1.82% quarterly, 17.5% of all remaining pre-Incentive Fee net investment income for that calendar quarter. The 100% “catch-up” provision for pre-Incentive Fee net investment income in excess of the 1.5% “hurdle rate” is intended to provide the Adviser with an Incentive Fee of (i) prior to the Exchange Listing, 10% on all pre- Incentive Fee net investment income when that amount equals 1.67% in a calendar quarter (6.67% annualized), and (ii) subsequent to the Exchange Listing, 17.5% on all pre-Incentive Fee net investment income when that amount equals 1.82% in a calendar quarter (7.27% annualized), which, in each case, is the rate at which catch-up is achieved. Once the “hurdle rate” is reached and catch-up is achieved, (i) prior to the Exchange Listing, 10% of any pre-Incentive Fee net investment income in excess of 1.67% in any calendar quarter is payable to the Adviser, and (ii) subsequent to the Exchange Listing, 17.5% of any pre-Incentive Fee net investment income in excess of 1.82% in any calendar quarter is payable to the Adviser.

For the three months ended September 30, 2025 and 2024, performance-based incentive fees based on net investment income were $31.5 million and $10.3 million, respectively.

For the nine months ended September 30, 2025 and 2024, performance-based incentive fees based on net investment income were $64.1 million and $31.1 million, respectively.

The second component of the Incentive Fee, the “Capital Gains Incentive Fee,” payable at the end of each calendar year in arrears, equals, (i) prior to the Exchange Listing, 10% of cumulative realized capital gains from the initial closing date to the end of each calendar year, less cumulative realized capital losses and unrealized capital depreciation from the initial closing date to the end of each calendar year, and (ii) subsequent to the Exchange Listing, 17.5% of cumulative realized capital gains from the Listing Date to the end of each calendar year, less cumulative realized capital losses and unrealized capital depreciation from the Listing Date to the end of each calendar year. Each year, the fee paid for the Capital Gains Incentive Fee is net of the aggregate amount of any previously paid Capital Gains Incentive Fee for prior periods. While the Investment Advisory Agreement neither includes nor contemplates the inclusion of unrealized gains in the calculation of the capital gains incentive fee, as required by U.S. GAAP, the Company accrues capital gains incentive fees on unrealized gains. This accrual reflects the incentive fees that would be payable to the Adviser if the Company’s entire investment portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized. The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated. In no event will the Capital Gains Fee payable pursuant to the Investment Advisory Agreement be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.

For the three and nine months ended September 30, 2025, the Company incurred performance-based incentive fees based on capital gains of $18.2 million and $23.1 million, respectively. The Company did not record performance-based incentive fees based on capital gains for the three months ended September 30, 2024. For the nine months ended September 30, 2024, the Company recorded a reversal of previously recorded performance based incentive fees based on capital gains of $6.8 million.

Affiliated Transactions

The Company may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. The Company, the Adviser and certain of their affiliates were granted an order for exemptive relief that permitted co-investing with affiliates of the Company subject to various approvals of the Board and other conditions. On May 6, 2025, the Company, the Adviser and certain of their affiliates were granted a new order for exemptive relief that superseded the prior order for exemptive relief (the “Order”) by the SEC for the Company to co-invest with other funds managed by the Adviser or certain affiliates, in a manner consistent with the Company’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such Order, the Company generally is permitted to co-invest with certain of its affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Order. The Order requires that a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain findings (1) in most instances when the Company co-invests with its affiliates in an issuer where an affiliate of the Company has an existing investment in the issuer, and (2) if the Company disposes of an asset acquired in a transaction under the Order unless the disposition is done on a pro rata basis. Pursuant to the Order, the Board will oversee the Company’s participation in the co-investment program. As required by the Order, the Company has adopted, and the Board has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Order, and the Adviser and the Company’s Chief Compliance Officer will provide reporting to the Board.

The Adviser is affiliated with Blue Owl Credit Advisors LLC (“OCA”), OTCA II, Blue Owl Credit Private Fund Advisors LLC (“OPFA”), and Blue Owl Diversified Credit Advisors LLC (“ODCA” together with OTCA II, OPFA, OCA, and the Adviser, the “Blue Owl Credit Advisers”), which are also investment advisers. The Blue Owl Credit Advisers are indirect affiliates of Blue Owl and comprise part of Blue Owl’s Credit platform, which includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent investment strategies. The Blue Owl Credit Advisers’ allocation policy seeks to ensure equitable allocation of investment opportunities over time between the Company, and other funds managed by the Adviser or its affiliates. As a result of the Order, there could be significant overlap in the Company’s investment portfolio and the investment portfolio of the business development companies, private funds and separately managed accounts managed by the Blue Owl Credit

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Advisers (collectively, the “Blue Owl Credit Clients”) and/or other funds managed by the Adviser or its affiliates that avail themselves of the Order.

License Agreement

On July 6, 2023, the Company entered into a license agreement (the “License Agreement”) with an affiliate of Blue Owl, pursuant to which the Company was granted a non-exclusive license to use the name “Blue Owl.” Under the License Agreement, the Company has a right to use the Blue Owl name for so long as the Adviser or one of its affiliates remains the Company’s investment adviser. Other than with respect to this limited license, the Company will have no legal right to the “Blue Owl” name or logo.

Controlled/Affiliated Portfolio Companies

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in these consolidated financial statements, including the consolidated schedule of investments.

The Company has made investments in non-controlled, affiliated companies, including Amergin AssetCo (“Amergin”), Blue Owl Cross-Strategy Opportunities LLC (“BOCSO”), Fifth Season Investments LLC (“Fifth Season”), LSI Financing 1 DAC (“LSI Financing DAC”), and LSI Financing LLC (“LSI Financing LLC”), and in a controlled, affiliated company, Blue Owl Credit SLF LLC (“Credit SLF”). For further description of Credit SLF, see “Note 4. Investments.”

Amergin AssetCo was created to invest in a leasing platform focused on railcar, aviation and other long-lived transportation assets. Amergin acquires existing on-lease portfolios of new and end-of-life railcars and related equipment and selectively purchases off-lease assets and is building a commercial aircraft portfolio through aircraft financing and engine acquisition on a sale and lease back basis. Amergin consists of Amergin AssetCo and Amergin Asset Management LLC, which has entered into a Servicing Agreement with Amergin AssetCo. The Company made an initial equity commitment to Amergin AssetCo on July 1, 2022. As of September 30, 2025, its commitment to Amergin AssetCo is $63.7 million, of which $27.0 million is equity and $36.7 million is debt. The Company’s investment in Amergin is a co-investment made with its affiliates in accordance with the terms of the exemptive relief that the Company received from the SEC. The Company does not consolidate its equity interest in Amergin AssetCo.

BOCSO is a portfolio company formed to invest in alternative credit assets, including asset-based finance (“ABF”). ABF is a subsector of private credit focused on generating income from pools of financial, physical or other assets. On September 18, 2025, we made an initial equity contribution to BOCSO. As of September 30, 2025, the Company’s investment at fair value in BOCSO was $4.9 million and the Company’s total commitment was $4.9 million. The Company does not consolidate its equity interest in BOCSO.

Fifth Season is a portfolio company created to invest in life insurance based assets, including secondary and tertiary life settlement and other life insurance exposures using detailed analytics, internal life expectancy review and sophisticated portfolio management techniques. On July 18, 2022, the Company made an initial equity investment in Fifth Season. As of September 30, 2025, its investment in Fifth Season was $174.1 million at fair value. The Company’s investment in Fifth Season is a co-investment with its affiliates in accordance with the terms of the exemptive relief that the Company received from the SEC. The Company does not consolidate its interest in Fifth Season.

LSI Financing DAC is a portfolio company formed to acquire contractual rights to revenue pursuant to earnout agreements generally in the life sciences space. On December 14, 2022, the Company made an initial investment in LSI Financing DAC. As of September 30, 2025, the Company’s investment in LSI Financing DAC was $6.4 million at fair value and its total commitment was $6.7 million. The Company does not consolidate its equity interest in LSI Financing DAC.

LSI Financing LLC is a separately managed portfolio company formed to indirectly own royalty purchase agreements and loans in the life sciences space. An affiliate of the Adviser provides consulting services to a subsidiary of LSI Financing LLC in exchange for a fee. The Adviser has agreed to waive a portion of the management fee payable by the Company pursuant to the Investment Advisory Agreement equal to the pro rata amount of such consulting fee. On November 25, 2024, the Company redeemed a portion of its interest in LSI Financing DAC in exchange for common shares of LSI Financing LLC. As of September 30, 2025, the fair value of the Company’s investment in LSI Financing LLC was $106.3 million and its total commitment was $130.2 million. The Company does not consolidate its equity interest in LSI Financing LLC.

Note 4. Investments

The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled non-affiliated, non-controlled affiliated or controlled affiliated investments.

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The table below presents the composition of investments at fair value and amortized cost as of the following periods:

			September 30, 2025												December 31, 2024
($ in thousands)			Amortized Cost						Fair Value						Amortized Cost						Fair Value
First-lien senior secured debt investments			$	9,874,507					$	9,885,010					$	4,457,465					$	4,451,797
Second-lien senior secured debt investments			469,499						426,867						292,835						258,538
Unsecured debt investments			459,061						468,887						337,386						336,635
Specialty finance debt investments			36,754						36,755						5,024						5,041
Preferred equity investments			1,097,718						1,096,622						764,816						686,859
Common equity investments			487,660						633,523						450,093						536,136
Specialty finance equity investments			295,624						317,890						124,553						131,513
Joint ventures			18,699						18,492						949						947
Total Investments			$	12,739,522					$	12,884,046					$	6,433,121					$	6,407,466

The Company uses the Global Industry Classification Standard (“GICS”) for classifying the industry groupings of its portfolio companies. The table below presents the industry composition of investments based on fair value as of the following periods:

			September 30, 2025						December 31, 2024
Aerospace & Defense			2.0		%				2.6		%
Airlines			0.4						—
Application Software			12.2						13.6
Asset based lending and fund finance(1)(6)			—						—
Banks			0.3						1.2
Beverages(1)			—						—
Building Products			0.6						0.9
Buildings & Real Estate			1.3						1.1
Capital Markets			0.8						—
Commercial Services & Supplies			0.5						0.3
Construction & Engineering			0.1						—
Consumer Finance			0.5						0.5
Diversified Consumer Services			3.1						3.9
Diversified Financial Services(2)			9.7						6.7
Diversified Support Services			0.2						—
Entertainment			1.5						1.9
Equity Real Estate Investment Trusts (REITs)			0.9						0.1
Food & Staples Retailing			1.5						0.4
Health Care Equipment & Supplies			1.8						—
Health Care Technology			15.4						16.0
Health Care Providers & Services			3.3						1.0
Hotels, Restaurants & Leisure			0.8						1.9
Household Durables			0.6						1.3
Industrial Conglomerates			0.8						1.4
Insurance(3)			3.8						2.0
Internet & Direct Marketing Retail			2.4						4.4
IT Services			5.1						5.5
Joint Ventures(4)			0.1						—
Life Sciences Tools & Services			2.3						1.4
Media			1.0						0.9
Multiline Retail			0.2						0.2
Pharmaceuticals(5)			1.1						1.0
Professional Services			4.6						5.8

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Real Estate Management & Development			0.3						0.6
Road & Rail			0.1						0.2
Systems Software			20.1						23.2
Thrifts & Mortgage Finance(1)			—						—
Wireless Telecommunication Services			0.6						—
Total			100.0		%				100.0		%

(1)As of September 30, 2025 and December 31, 2024 the Company’s investment rounds to less than 0.1% of the fair value of the portfolio.

(2)Includes debt and equity investment in Amergin AssetCo.

(3)Includes equity investment in Fifth Season.

(4)Includes equity investment in Credit SLF.

(5)Includes equity investment in LSI Financing DAC and LSI Financing LLC.

(6)Includes equity investment in BOCSO.

The table below presents the geographic composition of investments based on fair value as of the following periods:

			September 30, 2025						December 31, 2024
United States:
Midwest			16.3		%				20.9		%
Northeast			22.7						15.9
South			24.6						19.8
West			26.3						28.7
Australia			0.1						—
Brazil			0.3						0.6
Canada			2.0						3.0
Estonia			0.1						0.2
Guernsey			—						1.2
Ireland(1)			—						1.0
Israel			—						2.3
Netherlands(1)			—						—
Norway			0.6						0.4
Spain			0.4						0.3
Sweden			0.5						0.5
Switzerland			0.1						—
United Kingdom			6.0						5.2
Total			100.0		%				100.0		%

(1)As of September 30, 2025 or December 31, 2024, the Company’s investment rounds to less than 0.1% of the fair value of the portfolio.

Blue Owl Credit SLF LLC

Credit SLF, a Delaware limited liability company, is a joint venture among the Company, Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Credit Income Corp., Blue Owl Technology Income Corp. and State Teachers Retirement System of Ohio (“OSTRS”) (each, a “Credit Member” and collectively, the “Credit Members”). Credit SLF’s principal purpose is to make investments primarily in senior secured loans to middle market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. Credit SLF is managed by a board of directors comprised of an equal number of directors appointed by each Credit Member and which acts unanimously. Investment decisions must be approved by Credit SLF’s board. The Credit SLF Members coinvest through Credit SLF, or its wholly owned subsidiaries. Credit SLF’s date of inception was May 6, 2024 and Credit SLF made its first portfolio company investment on July 23, 2024.

Credit SLF’s investments at fair value are determined in accordance with FASB ASC 820, as amended; however, such fair value is not included in the Company’s valuation process.

Other than for purposes of the 1940 Act, the Company does not believe it has control over this portfolio company. Accordingly, the Company does not consolidate its non-controlling interest in Credit SLF.

The Company’s initial capital commitment to and economic ownership in Credit SLF was $2.5 million and 4.4%, respectively. On November 1, 2024 the Company's capital commitment in Credit SLF capital remained at $2.5 million and economic ownership

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decreased to 0.3%. On March 24, 2025, in connection with the Mergers, the Company assumed OTF II’s capital commitment to and economic ownership in Credit SLF of approximately $2.5 million and 0.3% respectively. On May 15, 2025, the Credit SLF Members modified their capital commitments to Credit SLF and the Company’s capital commitment was increased to $18.7 million of which $16.2 million was unfunded; the previously unfunded $16.2 million has since been funded. On September 4, 2025, certain Credit SLF Members increased their capital commitments to Credit SLF and the Company’s capital commitment was increased to $34.9 million of which $16.2 million was unfunded.

As of September 30, 2025, the capital commitment and economic ownership of each Credit SLF Member is as follows:

Members												Capital Commitment						Economic Ownership Interest(1)
($ in thousands)
Blue Owl Capital Corporation												$	427,085					74.0		%
Blue Owl Capital Corporation II												244						0.0		%
Blue Owl Credit Income Corp.												87,169						8.5		%
Blue Owl Technology Finance Corp.												34,937						3.4		%
Blue Owl Technology Income Corp.												16,161						1.6		%
State Teachers Retirement System of Ohio												80,799						12.5		%
Total												$	646,395					100.0		%

(1) Economic Ownership Interest based on funded capital to date.

The table below sets forth Credit SLF’s consolidated financial data as of and for the following periods:

						As of
($ in thousands)						September 30, 2025						December 31, 2024
Consolidated Balance Sheet Data
Cash						$	153,889					$	17,354
Investments at fair value						$	2,149,879					$	1,164,473
Total Assets						$	2,322,279					$	1,196,367
Total Debt (net of unamortized debt issuance costs)						$	1,567,440					$	750,610
Total Liabilities						$	1,781,658					$	847,556
Total Credit SLF Members’ Equity						$	540,621					$	348,811

						For the Three Months Ended September 30,																		For the Nine Months Ended September 30,
($ in thousands)						2025						2024(1)												2025						2024(1)
Consolidated Statement of Operations Data
Investment income						$	38,037					$	556											$	93,154					$	556
Net operating expenses						22,351						602												54,491						672
Net investment income (loss)						$	15,686					$	(46)											$	38,663					$	(116)
Total net realized and unrealized gain (loss)						(2,345)						104												(9,129)						104
Net increase (decrease) in Credit SLF Members’ Equity resulting from operations						$	13,341					$	58											$	29,534					$	(12)

(1) Credit SLF commenced operations on May 6, 2024.

The Company’s proportional share of Credit SLF’s generated distributions for the following period:

												For the Three Months Ended September 30,												For the Nine Months Ended September 30,
($ in thousands)												2025												2025
Dividend Income												$	432											$	625

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Note 5. Debt

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of September 30, 2025 and December 31, 2024, the Company’s asset coverage was 258% and 220%, respectively.

The tables below present debt obligations as of the following periods:

			September 30, 2025
($ in thousands)			Aggregate Principal Committed						Outstanding Principal						Amount Available(1)						Unamortized Debt Issuance Costs (Premium)						Net Carrying Value
Revolving Credit Facility(2)			$	2,675,000					$	100,009					$	2,574,991					$	25,234					$	74,775
SPV Asset Facility I			700,000						650,000						43,589						8,643						641,357
SPV Asset Facility II			400,000						325,000						75,000						4,027						320,973
SPV Asset Facility III			925,000						462,500						146,236						9,100						453,400
SPV Asset Facility IV			300,000						—						299,259						2,898						(2,898)
CLO 2020-1			204,000						204,000						—						3,745						200,255
Athena CLO II			288,000						288,000						—						2,110						285,890
Athena CLO IV			240,000						240,000						—						2,396						237,604
December 2025 Notes			650,000						650,000						—						(310)						650,310
June 2026 Notes			375,000						375,000						—						1,098						373,902
January 2027 Notes			300,000						300,000						—						2,005						297,995
March 2028 Notes(3)			650,000						650,000						—						8,681						654,730
September 2028 Notes			75,000						75,000						—						541						74,459
April 2029 Notes(3)			700,000						700,000						—						12,404						703,967
Total Debt			$	8,482,000					$	5,019,509					$	3,139,075					$	82,572					$	4,966,719

(1)The amount available reflects any limitations related to each credit facility’s borrowing base.

(2)Includes the unrealized translation gain (loss) on borrowings denominated in foreign currencies.

(3)Net carrying value is inclusive of change in fair market value of effective hedge.

			December 31, 2024
($ in thousands)			Aggregate Principal Committed						Outstanding Principal						Amount Available(1)						Unamortized Debt Issuance Costs (Premium)						Net Carrying Value
Revolving Credit Facility(2)			$	1,065,000					$	313,004					$	751,996					$	14,675					$	298,329
SPV Asset Facility I			700,000						600,000						100,000						9,552						590,448
SPV Asset Facility II			400,000						300,000						100,000						4,753						295,247
June 2025 Notes			210,000						210,000						—						623						209,377
December 2025 Notes			650,000						650,000						—						(1,495)						651,495
June 2026 Notes			375,000						375,000						—						2,227						372,773
January 2027 Notes			300,000						300,000						—						3,145						296,855
CLO 2020-1			204,000						204,000						—						4,015						199,985
Total Debt			$	3,904,000					$	2,952,004					$	951,996					$	37,495					$	2,914,509

(1)The amount available reflects any limitations related to each credit facility’s borrowing base.

(2)Includes the unrealized translation gain (loss) on borrowings denominated in foreign currencies.

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The table below presents the components of interest expense for the following periods:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
($ in thousands)			2025						2024						2025						2024
Interest expense			$	79,922					$	46,170					$	207,056					$	139,456
Amortization of debt issuance costs, net			5,406						2,108						16,464						6,528
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items(1)			99						—						920						—
Total Interest Expense			$	85,427					$	48,278					$	224,440					$	145,984
Average interest rate			6.4		%				6.2		%				6.1		%				6.2		%
Average daily borrowings			$	4,998,522					$	2,931,667					$	4,520,054					$	2,956,886

(1)Refer to the March 2028 Notes and April 2029 Notes for details on the facilities’ interest rate swaps.

Credit Facilities

Revolving Credit Facility

On November 15, 2022, the Company entered into an Amended and Restated Senior Secured Revolving Credit Agreement (as amended from time to time, the “Revolving Credit Facility”), which amended and restated in its entirety that certain Senior Secured Revolving Credit Agreement, dated as of March 15, 2019 (as amended, restated, supplemented or otherwise modified prior to November 15, 2022). The parties to the Revolving Credit Facility include the Company, as Borrower, the lenders from time to time parties thereto (each a “Lender” and collectively, the “Lenders”), Truist Bank as Administrative Agent, Truist Securities, Inc., ING Capital LLC, MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation and JPMorgan Chase Bank, N.A., as Joint Lead Arrangers and Truist Securities, Inc. and ING Capital LLC, as Joint Bookrunners. On December 20, 2024 (the "Revolving Credit Facility Third Amendment Date), the parties to the Revolving Credit Facility entered into an amendment to, among other things, extend the availability period and maturity date and make various other changes. The following describes the terms of the Revolving Credit Facility as modified through August 29, 2025.

The Revolving Credit Facility is guaranteed by certain of the Company's subsidiaries in existence on the Revolving Credit Facility Third Amendment Date, and will be guaranteed by certain subsidiaries of the Company that are formed or acquired by the Company in the future (each a “Guarantor” and collectively, the “Guarantors”). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including the funding of portfolio investments.

The Revolving Credit Facility provides for, on an aggregated basis, a total of outstanding term loans and revolving credit facility commitments in the principal amount of $2.68 billion, which is comprised of (a) a term loan in a principal amount of $100.0 million and (b) subject to availability under the borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness, a revolving credit facility in a principal amount of up to $2.58 billion (increased from $2.48 billion to $2.58 billion on August 29, 2025). The amount available for borrowing under the revolving credit facility commitments of the Revolving Credit Facility is reduced by any standby letters of credit issued through the Revolving Credit Facility. Maximum capacity under the Revolving Credit Facility may be increased to $3.83 billion through the Company's exercise of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Revolving Credit Facility includes a swingline loan limit of $400.0 million, and is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions.

The availability period under the Revolving Credit Facility will terminate on December 20, 2028 (the “Revolving Credit Facility Commitment Termination Date”) and the Revolving Credit Facility will mature on December 20, 2029 (the “Revolving Credit Facility Maturity Date”). During the period from the Revolving Credit Facility Commitment Termination Date to the Revolving Credit Facility Maturity Date, the Company will be obligated to make mandatory prepayments under the Revolving Credit Facility out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Revolving Credit Facility with respect to the commitments in U.S. dollars bear interest at either (i) term SOFR plus any applicable credit adjustment spread plus margin of either 1.875% per annum or, if the gross borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, 1.75% per annum, or (ii) the alternative base rate plus a margin of either 0.875% per annum or, if the gross borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, 0.75% per annum. With respect to loans denominated in U.S. dollars, the Company may elect either term SOFR or the alternative base rate at the time of drawdown, and such loans may be converted from one rate to another at any time at the Company’s option, subject to certain conditions. Amounts drawn under the Revolving Credit Facility with respect to the commitments in other permitted currencies will bear interest at the relevant rate specified therein (including any applicable credit adjustment spread plus margin of either 1.875% per annum or, if the gross borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, 1.75% per annum.

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Beginning on and after the Revolving Credit Facility Third Amendment Date, the Company also pays a fee of 0.350% on daily undrawn amounts under the Revolving Credit Facility.

The Revolving Credit Facility includes customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company’s ability to make distributions to its shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events and certain financial covenants related to asset coverage and liquidity and other maintenance covenants, as well as customary events of default. The Revolving Credit Facility requires a minimum asset coverage ratio with respect to the consolidated assets of the Company and its subsidiaries to senior securities that constitute indebtedness of no less than 1.50 to 1.00 at any time.

SPV Asset Facilities

Certain of the Company's wholly owned subsidiaries are parties to credit facilities (the “SPV Asset Facilities”). Pursuant to the SPV Asset Facilities, the Company sells and contributes certain investments to these wholly owned subsidiaries pursuant to sale and contribution agreements by and between the Company and the wholly owned subsidiaries. No gain or loss is recognized as a result of these contributions. Proceeds from the SPV Asset Facilities are used to finance the origination and acquisition of eligible assets by the wholly owned subsidiary, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired to the wholly owned subsidiary through the Company’s ownership of the wholly owned subsidiary. The SPV Asset Facilities are secured by a perfected first priority security interest in the assets of these wholly owned subsidiaries and on any payments received by such wholly owned subsidiaries in respect of those assets. Assets pledged to lenders under the SPV Asset Facilities will not be available to pay the Company's debts. The SPV Asset Facilities contain customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company’s ability to make distributions to their shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events, and customary events of default (with customary cure and notice provisions). Borrowings of the wholly owned subsidiaries under the SPV Asset Facilities are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

SPV Asset Facility I

On December 22, 2022 (the “SPV Asset Facility I Closing Date”), OR Tech Financing I LLC (“OR Tech Financing I”), a Delaware limited liability company and wholly-owned subsidiary of the Company entered into an Amended and Restated Credit Agreement (the “SPV Asset Facility I”), which amended and restated in its entirety that certain Credit Agreement, dated as of August 11, 2020, by and among OR Tech Financing I, as Borrower, Alter Domus (US) LLC, as Administrative Agent and Document Custodian, State Street Bank and Trust Company, as Collateral Agent, Collateral Administrator and Custodian and the lenders from time to time party thereto (the “SPV Asset Facility I Lenders”). On October 30, 2024, the parties to the SPV Asset Facility I entered into the Second Amendment to Amended and Restated Credit Agreement, in order to, among other changes, replace Alter Domus (US) LLC as document custodian with State Street Bank and Trust Company. The following describes the terms of SPV Asset Facility I as amended through October 30, 2024 (the “SPV Asset Facility I Second Amendment Date”).

The total term loan commitment of the SPV Asset Facility I is $700.0 million (increased from $600.0 million on the SPV Asset Facility I Second Amendment Date). The availability of the commitments are subject to a ramp up period and subject to an overcollateralization ratio test, which is based on the value of OR Tech Financing I assets from time to time, and satisfaction of certain other tests and conditions, including an advance rate test, interest coverage ratio test, certain concentration limits and collateral quality tests.

The SPV Asset Facility I provides for the ability to draw term loans for a period of up to three years after the SPV Asset Facility I Second Amendment Date unless the commitments are terminated as provided in the SPV Asset Facility I. Unless otherwise terminated, the SPV Asset Facility I will mature on October 30, 2035 (the “SPV Asset Facility I Stated Maturity”). Prior to the SPV Asset Facility I Stated Maturity, proceeds received by OR Tech Financing I from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility I Stated Maturity, OR Tech Financing I must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company.

Amounts drawn bear interest at term SOFR plus a spread of 2.25%.

SPV Asset Facility II

On November 16, 2021 (the “SPV Asset Facility II Closing Date”), ORTF Funding I LLC (“ORTF Funding I”), a Delaware limited liability company and the Company’s wholly-owned subsidiary entered into a Credit Agreement (the “SPV Asset Facility II”), with ORTF Funding I LLC, as Borrower, the lenders from time to time parties thereto, Goldman Sachs Bank USA as Sole Lead Arranger, Syndication Agent and Administrative Agent, State Street Bank and Trust company as Collateral Administrator and Collateral Agent and Alter Domus (US) LLC as Collateral Custodian. On the SPV Asset Facility II Closing Date, ORTF Funding I and Goldman Sachs Bank USA, as Administrative Agent, also entered into a Margining Agreement relating to the Secured Credit Facility (the “Margining Agreement”). On October 30, 2024, the parties to the SPV Asset Facility II entered into Amendment No. 2 to Credit Agreement, in order to, among other changes, replace Alter Domus (US) LLC as collateral custodian with State Street Bank

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and Trust Company. The following describes the terms of the SPV Asset Facility II as amended on October 30, 2024 (the “SPV Asset Facility II Second Amendment Date”).

The maximum principal amount which may be borrowed under the SPV Asset Facility II is $400 million (increased from $300.0 million on the SPV Asset Facility II Second Amendment Date); the availability of this amount is subject to a borrowing base test, which is based on the value of ORTF Funding I’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits.

The SPV Asset Facility II provides for the ability to draw and redraw revolving loans for a period after the SPV Asset Facility II Closing Date until November 16, 2027. Unless otherwise terminated, the SPV Asset Facility II will mature on November 16, 2029 (the “SPV Asset Facility II Stated Maturity”). Prior to the SPV Asset Facility II Stated Maturity, proceeds received by ORTF Funding I from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility II Stated Maturity, ORTF Funding I must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company. The SPV Asset Facility II may be permanently reduced, in whole or in part, at the option of ORTF Funding I subject to payment of a premium for a period of time.

Amounts drawn bear interest at Term SOFR plus a spread of 2.40% and the spread is payable on the amount by which the undrawn amount exceeds a minimum threshold, with such threshold being a range of 65% to 75% of the commitment amount. The undrawn amount of the commitment not subject to such spread payment is subject to an undrawn fee of 0.50% per annum. Certain additional fees are payable on each payment date to Goldman Sachs Bank USA as Administrative Agent. In addition, under the Margining Agreement and Credit Agreement, ORTF Funding I is required to post cash margin (or in certain cases, additional eligible assets) to the Administrative Agent if a borrowing base deficiency occurs or if the weighted average price gap (as defined in the Margining Agreement), which is a measure of the excess of the aggregate value assigned to ORTF Funding I’s assets for purposes of the borrowing base test over the total amount drawn under the SPV Asset Facility II, falls below 20%.

SPV Asset Facilities Assumed in the Mergers

On March 24, 2025, the Company became party to and assumed all of OTF II’s obligations under OTF II’s SPV asset facilities (the “OTF II SPV Asset Facility Assumption Date”).

SPV Asset Facility III

On July 15, 2022 (the “SPV Asset Facility III Closing Date”), Athena Funding I LLC (“Athena Funding I”), a Delaware limited liability company and a wholly-owned subsidiary of the Company entered into a Credit Agreement (the “SPV Asset Facility III”), with Athena Funding I, as borrower, Société Générale, as administrative agent, State Street Bank and Trust Company, as collateral agent, collateral administrator and custodian, Alter Domus (US) LLC, as document custodian, and the lenders party thereto (the “SPV Asset Facility III Lenders”). The parties to the SPV Asset Facility III have entered into various amendments, including those relating to the calculation of principal collateralization amounts and to permit a conversion of a revolving loan into a term loan. The following describes the terms of SPV Asset Facility III as amended through July 21, 2025.

The maximum principal amount which may be borrowed under the SPV Asset Facility III is $925.0 million (increased from $625.0 million to $925.0 million on June 28, 2024) which, subject to the satisfaction of certain conditions, may be increased to up to $1.50 billion. The availability of this amount is subject to a borrowing base test, which is based on the value of Athena Funding I’s assets from time to time, and satisfaction of certain conditions, including coverage tests, collateral quality tests, a lender advance rate test and certain concentration limits.

The SPV Asset Facility III provides for the ability to draw term loans and to draw and redraw revolving loans under the SPV Asset Facility III until July 15, 2026. Unless otherwise terminated, the SPV Asset Facility III will mature on July 15, 2034 (the “SPV Asset Facility III Stated Maturity”). Prior to the SPV Asset Facility III Stated Maturity, proceeds received by Athena Funding I from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility III Stated Maturity, Athena Funding I must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company. The credit facility may be permanently reduced, in whole or in part, at the option of Athena Funding I subject to payment of a premium for a period of time.

Amounts drawn bear interest at a reference rate (initially SOFR) plus a spread of 2.50%, and term loans and revolving loans are subject to a minimum utilization amount, after one year, subject to certain terms and conditions. The undrawn amount of the commitment not subject to such spread payment is subject to an undrawn fee of 0.50% to 1.50% per annum on the undrawn amount, if any, of the commitments. Certain additional fees are payable to Société Générale as administrative agent.

SPV Asset Facility IV

On November 8, 2022 (the “SPV Asset Facility IV Closing Date”), Athena Funding II LLC (“Athena Funding II”), a Delaware limited liability company entered into a Loan and Management Agreement (the “SPV Asset Facility IV”), with Athena Funding II

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LLC, as borrower, the Company, as collateral manager and transferor, MUFG Bank, Ltd. (“MUFG”), as administrative agent, State Street Bank and Trust Company, as collateral agent and collateral administrator, Alter Domus (US) LLC as custodian, the lenders from time to time parties thereto (the “SPV Asset Facility IV Lender”) and the group agents from time to time parties thereto. On August 20, 2024, the parties to the SPV Asset Facility IV entered into an amendment, including to extend the availability period and maturity date, change the interest rate, replace Alter Domus as custodian with State Street Bank and Trust Company and make various other changes. The following describes the terms of SPV Asset Facility IV as amended through the OTF II SPV Asset Facility Assumption Date.

The maximum principal amount of the SPV Asset Facility IV is $300.0 million; the availability of this amount is subject to a borrowing base test, which is based on the value of Athena Funding II’s assets from time to time, an advance rate and concentration limitations, and satisfaction of certain conditions, including collateral quality tests.

The SPV Asset Facility IV provides for the ability to draw and redraw revolving loans under the SPV Asset Facility IV until October 27, 2026 (the “SPV Asset Facility IV Reinvestment Period”) unless the SPV Asset Facility IV Reinvestment Period is terminated sooner as provided in the SPV Asset Facility IV. Unless otherwise terminated, the SPV Asset Facility IV will mature three years after the last day of the SPV Asset Facility IV Reinvestment Period, on October 27, 2029 (the “SPV Asset Facility IV Stated Maturity”). Prior to the SPV Asset Facility IV Stated Maturity, proceeds received by Athena Funding II from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility IV Stated Maturity, Athena Funding II must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company. The credit facility may be permanently reduced, in whole or in part, at the option of Athena Funding II.

Amounts drawn bear interest at a cost of funds rate as determined by MUFG periodically (or Term SOFR under certain circumstances) plus an applicable margin of 2.63% during the SPV Asset Facility IV Reinvestment Period and 3.03% after the end of the SPV Asset Facility IV Reinvestment Period. During the SPV Asset Facility IV Reinvestment Period, there is an unused fee of 0.50% on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility IV.

Debt Securitization Transactions

The Company incurs secured financing through debt securitization transactions which are also known as collateralized loan obligation transactions (the “CLO Transactions”) issued by the Company’s consolidated subsidiaries (the “CLO Issuers”), which are backed by a portfolio of collateral obligations consisting of middle-market loans and participation interests in middle-market loans as well as by other assets of the CLO Issuers. The CLO Issuers issue preferred shares which are not secured by the collateral securing the CLO Transactions which the Company purchases. The Company acts as retention holder in connection with the CLO Transactions for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of a CLO Issuer’s preferred shares. Notes issued by CLO Issuers have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities (e.g., “blue sky”) laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration. The Adviser serves as collateral manager for the CLO Issuers under a collateral management agreement. The Adviser is entitled to receive fees for providing these services. The Adviser routinely waives its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to Adviser pursuant to the Investment Advisory Agreement will be offset by the amount of the collateral management fee attributable to a CLO Issuer’s equity or notes owned by the Company. Assets pledged to debt holders of the CLO Transactions and the other secured parties under each CLO Transaction’s documentation will not be available to pay the debts of the Company. The Company consolidates the financial statements of the CLO Issuers in its consolidated financial statements.

CLO 2020-1

On December 16, 2020 (the “CLO 2020-1 Closing Date”), the Company completed a $333.5 million term debt securitization transaction (the “CLO 2020-1 Transaction”). The secured notes and preferred shares issued in the CLO 2020-1 Transaction were issued by the Company’s consolidated subsidiaries Owl Rock Technology Financing 2020-1, an exempted company incorporated in the Cayman Islands with limited liability (the “CLO 2020-1 Issuer”), and Owl Rock Technology Financing 2020-1 LLC, a Delaware limited liability company (the “CLO 2020-1 Co-Issuer” and together with the CLO 2020-1 Issuer, the “CLO 2020-1 Issuers”).

The CLO 2020-1 Transaction was executed by the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the Closing Date (the “CLO 2020-1 Indenture”), by and among the CLO 2020-1 Issuers and State Street Bank and Trust Company: $200 million of A (sf) Class A Notes, which bore interest at term SOFR (plus a spread adjustment) plus 2.95% (the “CLO 2020-1 Secured Notes”). The CLO 2020-1 Secured Notes are secured by the middle-market loans, recurring revenue loans, participation interests in middle-market loans and recurring revenue loans and other assets of the Issuer. The CLO 2020-1 Secured Notes are scheduled to mature on the Payment Date (as defined in the CLO 2020-1 Indenture) in January 2031. The CLO 2020-1 Secured Notes were offered by MUFG Securities Americas Inc., as initial purchaser, from time to time in individually negotiated transactions.

The CLO 2020-1 Secured Notes were redeemed in the CLO 2020-1 Refinancing, described below.

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Concurrently with the issuance of the CLO 2020-1 Secured Notes, the CLO 2020-1 Issuer issued approximately $133.5 million of subordinated securities in the form of 133,500 preferred shares at an issue price of $1,000 per share (the “CLO 2020-1 Preferred Shares”).

As part of the CLO 2020-1 Transaction, the Company entered into a loan sale agreement with the CLO 2020-1 Issuer dated as of the Closing Date, which provided for the sale and contribution of approximately $243.4 million par amount of middle-market loans and recurring revenue loans from the Company to the CLO 2020-1 Issuer on the Closing Date and for future sales from the Company to the CLO 2020-1 Issuer on an ongoing basis. No gain or loss was recognized as a result of these sales and contributions. Such loans constituted part of the initial portfolio of assets securing the CLO 2020-1 Secured Notes. The Company made customary representations, warranties, and covenants to the CLO 2020-1 Issuer under the loan sale agreement.

Through January 15, 2022, the net proceeds of the issuing of the CLO 2020-1 Secured Notes not used to purchase the initial portfolio of loans securing the CLO 2020-1 Secured Notes and a portion of the proceeds received by the CLO 2020-1 Issuer from the loans securing the CLO 2020-1 Secured Notes were able to be used by the CLO 2020-1 Issuer to purchase additional middle-market loans and recurring revenue loans under the direction of the Adviser, in its capacity as collateral manager for the CLO 2020-1 Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans and recurring revenue loans.

The CLO 2020-1 Secured Notes were the secured obligation of the CLO 2020-1 Issuers, and the CLO 2020-1 Indenture included customary covenants and events of default.

CLO 2020-1 Refinancing

On August 23, 2023 (the “CLO 2020-1 Refinancing Date”), the Company completed a $337.5 million term debt securitization refinancing (the “CLO 2020-1 Refinancing”). The secured notes issued in the CLO 2020-1 Refinancing were issued by the Company’s consolidated subsidiary Owl Rock Technology Financing 2020-1 LLC, a Delaware limited liability company (the “CLO 2020-1 Refinancing Issuer”).

The CLO 2020-1 Refinancing was executed by the issuance of the following classes of notes pursuant to an indenture and security agreement dated as of the CLO 2020-1 Closing Date by and among the CLO 2020-1 Issuer, the CLO 2020-1 Refinancing Issuer, as co-issuer and State Street Bank and Trust Company as trustee, as supplemented by the First Supplemental Indenture dated as of July 18, 2023 by and among the CLO 2020-1 Issuer, as issuer, the CLO 2020-1 Refinancing Issuer, as co-issuer and the Trustee and the Second Supplemental Indenture dated as of the CLO 2020-1 Refinancing Date (the “CLO 2020-1 Refinancing Indenture”), by and among the CLO 2020-1 Refinancing Issuer and the Trustee: (i) $112.5 million of AAA(sf) Class A-1R Notes, which bear interest at the Benchmark plus 3.05%, (ii) $23.5 million of AAA(sf) Class A-2R Notes, which bear interest at 6.937%, (iii) $53 million of A(sf) Class B-1R Notes, which bear interest at the Benchmark plus 4.64% and (iv) $15 million of A(sf) Class B-2R Notes, which bear interest at 8.497%, (together, the “CLO 2020-1 Refinancing Secured Notes”). The CLO 2020-1 Refinancing Secured Notes are secured by the middle-market loans and other assets of the CLO 2020-1 Refinancing Issuer. The CLO 2020-1 Refinancing Secured Notes are scheduled to mature on the Payment Date (as defined in the CLO 2020-1 Refinancing Indenture) in October 2035. The CLO 2020-1 Refinancing Secured Notes were privately placed by MUFG Securities Americas Inc. and Scotia Capital (USA) Inc. The proceeds from the CLO 2020-1 Refinancing were used to redeem in full the classes of notes issued on the CLO 2020-1 Closing Date and to pay expenses incurred in connection with the CLO 2020-1 Refinancing. On the CLO 2020-1 Refinancing Date, the CLO 2020-1 Issuer was merged with and into the CLO 2020-1 Refinancing Issuer, with the CLO 2020-1 Refinancing Issuer surviving the merger. The CLO 2020-1 Refinancing Issuer assumed by all operation of law all of the rights and obligations of the CLO 2020-1 Issuer, including the subordinated securities issued by the CLO 2020-1 Issuer on the CLO 2020-1 Closing Date.

On the CLO 2020-1 Closing Date, the CLO 2020-1 Issuer entered into a loan sale agreement with the Company, which provided for the sale and contribution of approximately $243.4 million par amount of middle-market loans from the Company to the CLO 2020-1 Issuer on the CLO 2020-1 Refinancing Date and for future sales from the Company to the CLO 2020-1 Issuer on an ongoing basis. No gain or loss was recognized as a result of these sales and contributions. As part of the CLO 2020-1 Refinancing, the CLO 2020-1 Refinancing Issuer, as the successor to the CLO 2020-1 Issuer, entered into an amended and restated loan sale agreement with the Company dated as of the CLO 2020-1 Refinancing Date, pursuant to which the CLO 2020-1 Refinancing Issuer assumed all ongoing obligations of the CLO 2020-1 Issuer under the original agreement and the Company sold and contributed approximately $83.93 million par amount middle-market loans to the CLO 2020-1 Refinancing Issuer on the CLO 2020-1 Refinancing Date and provides for future sales from the Company to the CLO 2020-1 Refinancing Issuer on an ongoing basis. Such loans constituted part of the portfolio of assets securing the CLO 2020-1 Refinancing Secured Notes. The Company made customary representations, warranties, and covenants to the CLO 2020-1 Refinancing Issuer under the loan sale agreement.

Through October 15, 2027, a portion of the proceeds received by the CLO 2020-1 Refinancing Issuer from the loans securing the CLO 2020-1 Refinancing Secured Notes may be used by the CLO 2020-1 Refinancing Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO 2020-1 Refinancing Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.

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The CLO 2020-1 Refinancing Secured Notes are the secured obligation of the CLO 2020-1 Refinancing Issuer, and the CLO 2020-1 Refinancing Indenture includes customary covenants and events of default.

Athena CLO II

On December 13, 2023 (the “Athena CLO II Closing Date”), OTF II completed a $475.3 million term debt securitization transaction (the “Athena CLO II Transaction”). The secured notes and preferred shares issued in the Athena CLO II Transaction and the secured loan borrowed in the Athena CLO II Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiary Athena CLO II, LLC, a limited liability company organized under the laws of the State of Delaware (the “Athena CLO II Issuer”). On March 24, 2025, as a result of the consummation of the Mergers, the Company became party to the relevant agreements with respect to and assumed all of OTF II’s obligations under the Athena CLO II Transaction.

The Athena CLO II Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the Athena CLO II Closing Date (the “Athena CLO II Indenture”), by and among the Athena CLO II Issuer and State Street Bank and Trust Company: (i) $40.0 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 2.85%, (ii) $16.5 million of AA(sf) Class B-1 Notes, which bear interest at three-month term SOFR plus 3.95%, (iii) $7.5 million of AA(sf) Class B-2 Notes, which bear interest at 7.25% and (iv) $24.0 million of A(sf) Class C Notes, which bear interest at three-month term SOFR plus 4.95% (together, the “Athena CLO II Secured Notes”) and (B) the borrowing by the Athena CLO II Issuer of $200.0 million under floating rate Class A-L loans (the “Athena CLO II Class A-L Loans” and together with the Athena CLO II Secured Notes, the “Athena CLO II Debt”). The Athena CLO II Class A-L Loans bear interest at three-month term SOFR plus 2.85%. The Athena CLO II Class A-L Loans were borrowed under a credit agreement (the “Athena CLO II Class A-L Credit Agreement”), dated as of the Athena CLO II Closing Date, by and among the Athena CLO II Issuer, as borrower, a financial institution, as lender, and State Street Bank and Trust Company, as collateral trustee and loan agent. The Athena CLO II Debt is secured by middle-market loans, participation interests in middle-market loans and other assets of the Athena CLO II Issuer. The Athena CLO II Debt is scheduled to mature on the Payment Date (as defined in the Athena CLO II Indenture) in January 2036. The Athena CLO II Secured Notes were privately placed by SG Americas Securities, LLC as Initial Purchaser.

Concurrently with the issuance of the Athena CLO II Secured Notes and the borrowing under the Athena CLO II Class A-L Loans, the Athena CLO II Issuer issued approximately $187.3 million of subordinated securities in the form of 187,300 preferred shares at an issue price of $1,000 per share (the “Athena CLO II Preferred Shares”).

As part of the Athena CLO II Transaction, OTF II entered into a loan sale agreement with the Athena CLO II Issuer dated as of the Athena CLO II Closing Date, which provided for the contribution of approximately $83.9 million funded par amount of middle-market loans from OTF II to the Athena CLO II Issuer on the Athena CLO II Closing Date and for future sales from OTF II to the Athena CLO II Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the Athena CLO II Debt. The remainder of the initial portfolio assets securing the Athena CLO II Debt consisted of approximately $380.6 million funded par amount of middle-market loans purchased by the Athena CLO II Issuer from Athena Funding I LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the Athena CLO II Closing Date between the Athena CLO II Issuer and Athena Funding I LLC. No gain or loss was recognized as a result of these sales and contributions. OTF II and Athena Funding I each made customary representations, warranties, and covenants to the Athena CLO II Issuer under the applicable loan sale agreement.

Through January 20, 2028, a portion of the proceeds received by the Athena CLO II Issuer from the loans securing the Athena CLO II Secured Notes may be used by the Athena CLO II Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the Athena CLO II Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.

The Athena CLO II Debt is the secured obligation of the Athena CLO II Issuer, and the Athena CLO II Indenture and Athena CLO II Class A-L Credit Agreement each includes customary covenants and events of default.

Athena CLO IV

On August 15, 2024 (the “Athena CLO IV Closing Date”), OTF II completed a $399.7 million term debt securitization transaction (the “Athena CLO IV Transaction”). The secured notes and preferred shares issued in the Athena CLO IV Transaction were issued by the Company’s consolidated subsidiary Athena CLO IV, LLC, a limited liability organized under the laws of the State of Delaware (the “Athena CLO IV Issuer”). On March 24, 2025, as a result of the consummation of the Mergers, the Company became party to the relevant agreements with respect to and assumed all of OTF II’s obligations under the Athena CLO IV Transaction.

The Athena CLO IV Transaction was executed by the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the Athena CLO IV Closing Date (the “Athena CLO IV Indenture”), by and among the Athena CLO IV Issuer and State Street Bank and Trust Company: (i) $208 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 2.00%, (ii) $7.0 million of AA(sf) Class B-1 Notes, which bear interest at three-month term SOFR plus 2.50%, (iii) $13.0 million of AA(sf) Class B-2 Notes, which bear interest at 6.254% and (iv) $12 million of A(sf) Class C Notes,

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which bear interest at three-month term SOFR plus 2.64% (together, the “Athena CLO IV Secured Notes”). The Athena CLO IV Secured Notes are secured by middle-market loans, participation interests in middle-market loans and other assets of the Athena CLO IV Issuer. The Athena CLO IV Secured Notes are scheduled to mature on the Payment Date (as defined in the Athena CLO IV Indenture) in July 2037. The Athena CLO IV Secured Notes were privately placed by MUFG Securities Americas Inc. as Initial Purchaser with respect to the Athena CLO IV Secured Notes and NatWest Markets Securities Inc. as Co-Placement Agent solely with respect to the Athena CLO IV Class A Secured Notes.

Concurrently with the issuance of the Athena CLO IV Secured Notes, the Athena CLO IV Issuer issued approximately $159.7 million of subordinated securities in the form of 159,700 preferred shares at an issue price of $1,000 per share (the “Athena CLO IV Preferred Shares”).

As part of the Athena CLO IV Transaction, OTF II entered into a loan sale agreement with the Athena CLO IV Issuer dated as of the Athena CLO IV Closing Date, which provided for the contribution of approximately $215.530 million funded par amount of middle-market loans from OTF II to the Athena CLO IV Issuer on the Athena CLO IV Closing Date and for future sales from OTF II to the Athena CLO IV Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the Athena CLO IV Secured Notes. The remainder of the initial portfolio assets securing the Athena CLO IV Secured Notes consisted of approximately $182.379 million funded par amount of middle-market loans purchased by the Athena CLO IV Issuer from Athena Funding II LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the Athena CLO IV Closing Date between the Athena CLO IV Issuer and Athena Funding II LLC. No gain or loss was recognized as a result of these sales and contributions. OTF II and Athena Funding II each made customary representations, warranties, and covenants to the Issuer under the applicable loan sale agreement.

Through the Payment Date in July 2029, a portion of the proceeds received by the Athena CLO IV Issuer from the loans securing the Athena CLO IV Secured Notes may be used by the Athena CLO IV Issuer to purchase additional middle-market loans under the direction of the Adviser, the Company’s investment advisor, in its capacity as collateral manager for the Athena CLO IV Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.

The Athena CLO IV Secured Notes are the secured obligation of the Athena CLO IV Issuer, and the Athena CLO IV Indenture includes customary covenants and events of default.

Unsecured Notes

Tripartite Agreement

On August 11, 2025, the Company entered into an agreement of removal, appointment and acceptance (the “Tripartite Agreement”), with Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association (the “Retiring Trustee”) and Deutsche Bank Trust Company Americas (the “Successor Trustee”), with respect to the Indenture, dated June 12, 2020 between the Company and the Retiring Trustee (the “Base Indenture”), the second supplemental indenture, dated September 23, 2020 (the “Second Supplemental Indenture”) between the Company and the Retiring Trustee, the third supplemental indenture, dated December 17, 2020 (the “Third Supplemental Indenture”) between the Company and the Retiring Trustee, the Fourth Supplemental Indenture, dated June 14, 2021 (the “Fourth Supplemental Indenture”) between the Company and the Retiring Trustee, and the Fifth Supplemental Indenture, dated January 21, 2025 (the “Fifth Supplemental Indenture” and together with the Base Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, and the Fourth Supplemental Indenture, the “Indenture”) between the Company and the Retiring Trustee.

The Tripartite Agreement provides that, effective as of the date thereof, (1) the Retiring Trustee assigns, transfers, delivers and confirms to the Successor Trustee all of its rights, title and interest under the Indenture and all of the rights, power, trusts and duties as trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture; and (2) the Successor Trustee accepts its appointment as successor trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture, and accepts the rights, indemnities, protections, powers, trust and duties of or afforded to Retiring Trustee as trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture. The Successor Trustee’s appointment became effective on August 25, 2025.

June 2025 Notes

On June 12, 2020, the Company issued $210 million aggregate principal amount of 6.75% notes that were due on June 30, 2025 (the “June 2025 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act.

On April 28, 2025, the Company caused notice to be issued to the Trustee of the June 2025 Notes regarding the Company’s exercise of the option to redeem in full all $210.0 million in aggregate principal amount of the June 2025 Notes at 100.0% of their principal amount, plus the accrued interest thereon through, but excluding, the redemption date, May 30, 2025. On May 30, 2025, the Company redeemed in full all $210.0 million in aggregate principal amount of the June 2025 Notes at 100.0% of their principal amount, plus the accrued interest thereon through, but excluding, May 30, 2025.

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The June 2025 Notes bore interest at a rate of 6.75% per year payable semi-annually on June 30 and December 30 of each year, commencing on December 30, 2020. The June 2025 Notes were the Company’s direct, general unsecured obligations and ranked senior in right of payment to all of the Company’s future indebtedness or other obligations that were expressly subordinated, or junior, in right of payment to the June 2025 Notes.

December 2025 Notes

On September 23, 2020, the Company issued $400 million aggregate principal amount of its 4.75% notes due 2025 (the “December 2025 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. On November 23, 2021, the Company issued an additional $250 million aggregate principal amount of the December 2025 Notes in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The December 2025 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

The December 2025 Notes were issued pursuant to the Base Indenture and the Second Supplemental Indenture (together, the “December 2025 Indenture”). The December 2025 Notes will mature on December 15, 2025 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the December 2025 Indenture. The December 2025 Notes bear interest at a rate of 4.75% per year payable semi-annually on June 15 and December 15 of each year, commencing on December 15, 2020. The December 2025 Notes are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the December 2025 Notes. The December 2025 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior. The December 2025 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The December 2025 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The December 2025 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with the asset coverage requirements of the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the December 2025 Notes and the Successor Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the Indenture.

In addition, if a change of control repurchase event, as defined in the December 2025 Indenture, occurs prior to maturity, holders of the December 2025 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the December 2025 Notes at a repurchase price equal to 100% of the aggregate principal amount of the December 2025 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

June 2026 Notes

On December 17, 2020, the Company issued $375 million aggregate principal amount of 3.75% notes due 2026 (the “June 2026 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The June 2026 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

The June 2026 Notes were issued pursuant to the Base Indenture and the Third Supplemental Indenture (together, the “June 2026 Indenture”). The June 2026 Notes will mature on June 17, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the June 2026 Indenture. The June 2026 Notes bear interest at a rate of 3.75% per year payable semi-annually on June 17 and December 17 of each year, commencing on June 17, 2021. The June 2026 Notes are the Company’s direct, general unsecured obligations and will rank senior in right of payment to all of the Company's future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the June 2026 Notes. The June 2026 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior to the June 2026 Notes. The June 2026 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The June 2026 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The June 2026 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with the asset coverage requirements of the Investment Company Act of 1940, as amended 1940, whether or not it is subject to those requirements,

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and (ii) provide financial information to the holders of the June 2026 Notes and the Successor Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the Indenture.

In addition, if a change of control repurchase event, as defined in the June 2026 Indenture, occurs prior to maturity, holders of the June 2026 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the June 2026 Notes at a repurchase price equal to 100% of the aggregate principal amount of the June 2026 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

January 2027 Notes

On June 14, 2021, the Company issued $300 million aggregate principal amount of 2.50% notes due 2027 (the “January 2027 Notes”). The January 2027 Notes were issued pursuant to the Base Indenture and the Fourth Supplemental Indenture (together, the “January 2027 Indenture”). The January 2027 Notes will mature on January 15, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the January 2027 Indenture. The January 2027 Notes bear interest at a rate of 2.50% per year, payable semi-annually on January 15 and July 15 of each year, commencing on January 15, 2022. The January 2027 Notes are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the January 2027 Notes. The January 2027 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior to the January 2027 Notes. The January 2027 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The January 2027 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The January 2027 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with the asset coverage requirements of the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the January 2027 Notes and the Successor Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the Indenture.

In addition, if a change of control repurchase event, as defined in the January 2027 Indenture, occurs prior to maturity, holders of the January 2027 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the January 2027 Notes at a repurchase price equal to 100% of the aggregate principal amount of the January 2027 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

March 2028 Notes

On January 21, 2025, the Company issued $650.0 million aggregate principal amount of its 6.100% notes due 2028 (the “March 2028 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to Rule 144A under the Securities Act and non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act. The March 2028 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

The March 2028 Notes were issued pursuant to the Base Indenture and the Fifth Supplemental Indenture (together , the “March 2028 Indenture”). The March 2028 Notes will mature on March 15, 2028 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the March 2028 Indenture. The March 2028 Notes bear interest at a rate of 6.100% per year payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2025. The March 2028 Notes will be the Company’s direct, general unsecured obligations and will rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the Notes. The Notes will rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior to the Notes. The Notes will rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The Notes will rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The March 2028 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the March 2028 Notes and the Successor Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the March 2028 Indenture.

In addition, if a change of control repurchase event, as defined in the March 2028 Indenture, occurs prior to maturity, holders of the March 2028 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the Notes at a

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repurchase price equal to 100% of the aggregate principal amount of the March 2028 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.

In connection with the issuance of the March 2028 Notes, on January 21, 2025, the Company entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $650.0 million. The Company will receive fixed rate interest at 6.100% and pay variable rate interest based on SOFR plus 1.767%. The interest rate swap matures on February 15, 2028. For the three and nine months ended September 30, 2025, the Company made periodic payments of $10.0 million and $26.1 million, respectively. The interest expense related to the March 2028 Notes is equally offset by the proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. As of September 30, 2025, the interest rate swap had a fair value of $12.8 million. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in net carrying value of the March 2028 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.

Notes Assumed in the Mergers

On March 24, 2025, in connection with the Mergers, the Company entered into a Second Supplemental Indenture (the “OTF II Supplemental Indenture”) relating to the Company’s assumption of the April 2029 Notes (as defined below). Also on March 24, 2025, in connection with the Mergers, the Company entered into an assumption agreement (the “OTF II Note Assumption Agreement”) relating to the Company’s assumption of the September 2028 Notes (as defined below).

September 2028 Notes

On September 27, 2023, OTF II entered into a Note Purchase Agreement (the “September 2028 Notes Note Purchase Agreement”) governing the issuance of $75.0 million in aggregate principal amount of September 2028 Notes, due September 27, 2028, with a fixed interest rate of 8.50% per year (the “ September 2028 Notes”), to qualified institutional investors in a private placement. As of September 27, 2023, the September 2028 Notes were guaranteed by OR Tech Lending II LLC, ORTF II FSI LLC and ORTF II BC 2 LLC, subsidiaries of the Company. On March 24, 2025, the Company entered into the OTF II Note Assumption Agreement for the benefit of the Noteholders (as defined in the September 2028 Notes Note Purchase Agreement) pursuant to which the Company unconditionally and expressly assumed, confirmed and agreed to perform and observe each and every one of the covenants, rights, promises, agreements, terms, conditions, obligations, duties and liabilities of OTF II under the September 2028 Notes Note Purchase Agreement, under the September 2028 Notes and under any documents, instruments or agreements executed and delivered or furnished by OTF II in connection therewith, and to be bound by all waivers made by OTF II with respect to any matter set forth therein.

Interest on the September 2028 Notes will be due semiannually on March 27 and September 27 each year. The September 2028 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the September 2028 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The September 2028 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

The September 2028 Notes Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, a minimum net worth test, and a minimum asset coverage ratio of 1.50 to 1.00.

In addition, in the event that a Below Investment Grade Event (as defined in the September 2028 Notes Note Purchase Agreement) occurs, the September 2028 Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the September 2028 Notes from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that a Secured Debt Ratio Event (as defined in the September 2028 Notes Note Purchase Agreement) occurs, the September 2028 Notes will bear interest at a fixed rate per annum which is 1.50% above the stated rate of the September 2028 Notes from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Secured Debt Ratio Event is no longer continuing. In the event that both a Below Investment Grade Event and a Secured Debt Ratio Event have occurred and are continuing, the September 2028 Notes will bear interest at a fixed rate per annum which is 2.00% above the stated rate of the September 2028 Notes from the date of the occurrence of the later to occur of the Below Investment Grade Event and the Secured Debt Ratio Event to and until the date on which one of such events is no longer continuing.

The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under other indebtedness of the Company, certain judgments and orders and certain events of bankruptcy.

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April 2029 Notes

On April 4, 2024, OTF II issued $700.0 million aggregate principal amount of its 6.750% notes due 2029 (the “April 2029 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The April 2029 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration. On March 24, 2025, the Company entered into the OTF II Second Supplemental Indenture by and between the Successor Trustee, effective as of the closing of the Mergers. Pursuant to the Second Supplemental Indenture, the Company expressly assumed the obligations of OTF II for the due and punctual payment of the principal of, and premium, if any, and interest on all the April 2029 Notes outstanding, and the due and punctual performance and observance of all of the covenants and conditions of the April 2029 Indenture (as defined below).

The April 2029 Notes were issued pursuant to an Indenture (the “OTF II Base Indenture”) and a First Supplemental Indenture, dated as of April 4, 2024 (the “April 2029 First Supplemental Indenture” and together with the OTF II Base Indenture, the “April 2029 Indenture”), between OTF II and the Trustee. The April 2029 Notes will mature on April 4, 2029, unless repurchased or redeemed in accordance with their terms prior to such date. The April 2029 Notes bear interest at a rate of 6.750% per year payable semi-annually on April 4 and October 4 of each year, commencing on October 4, 2024. Concurrent with the issuance of the April 2029 Notes, OTF II entered into a Registration Rights Agreement (the “April 2029 Notes Registration Rights Agreement”) for the benefit of the purchasers of the April 2029 Notes. Pursuant to the April 2029 Notes Registration Rights Agreement, OTF II filed a registration statement with the SEC and, on December 23, 2024, commenced an offer to exchange the notes initially issued on April 4, 2024 for newly issued registered notes with substantially similar terms, which expired on January 24, 2025 and was completed promptly thereafter.

The April 2029 Notes are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the April 2029 Notes. The April 2029 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior to the April 2029 Notes. The April 2029 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The April 2029 Notes are structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The April 2029 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with Section 18(a)(1)(A) of the 1940 Act, as modified by Section 61(a) of the 1940 Act, for the period of time during which the April 2029 Notes are outstanding, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the April 2029 Notes and the Successor Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the OTF II Indenture.

In addition, if a change of control repurchase event, as defined in the OTF II Indenture, occurs prior to maturity, holders of the April 2029 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the April 2029 Notes at a repurchase price equal to 100% of the aggregate principal amount of the April 2029 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

In connection with the issuance of the April 2029 Notes, on April 4, 2024 OTF II entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $700.0 million. The Company will receive fixed rate interest at 6.750% and pay variable rate interest based on SOFR plus 2.565%. The interest rate swap matures on March 4, 2029. For the nine months ended September 30, 2025, the Company made periodic payments of $1.6 million. The interest expense related to the April 2029 Notes is equally offset by the proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. As of September 30, 2025, the interest rate swap had a fair value of $15.8 million. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in net carrying value of the April 2029 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.

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Note 6. Fair Value of Financial Instruments

Investments

The tables below present the fair value hierarchy of investments as of the following periods:

			Fair Value Hierarchy as of September 30, 2025
($ in thousands)			Level 1						Level 2						Level 3						Total
Cash (including restricted and foreign cash)			$	397,133					$	—					$	—					$	397,133
Investments:
First-lien senior secured debt investments			$	—					$	353,929					$	9,531,081					$	9,885,010
Second-lien senior secured debt investments			—						110,229						316,638						426,867
Unsecured debt investments			—						—						468,887						468,887
Specialty finance debt investments			—						—						36,755						36,755
Preferred equity investments			—						—						1,096,622						1,096,622
Common equity investments			452						37,353						595,718						633,523
Specialty finance equity investments			—						—						206,637						206,637
Subtotal			$	452					$	501,511					$	12,252,338					$	12,754,301
Investments measured at Net Asset Value(1)			—						—						—						129,745
Total Investments at fair value			$	452					$	501,511					$	12,252,338					$	12,884,046
Derivatives:
Foreign currency forward contracts			$	—					$	(1,853)					$	—					$	(1,853)
Interest rate swaps			$	—					$	28,634					$	—					$	28,634

(1)Includes equity investments in Credit SLF, LSI Financing LLC and BOCSO, which are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

			Fair Value Hierarchy as of December 31, 2024
($ in thousands)			Level 1						Level 2						Level 3						Total
Cash (including restricted and foreign cash)			$	257,000					$	—					$	—					$	257,000
Investments:
First-lien senior secured debt investments			$	—					$	110,529					$	4,341,268					$	4,451,797
Second-lien senior secured debt investments			—						92,379						166,159						258,538
Unsecured debt investments			—						—						336,635						336,635
Specialty finance debt investments			—						—						5,041						5,041
Preferred equity investments			—						—						686,858						686,858
Common equity investments			49,334						18,078						468,725						536,137
Specialty finance equity investments			—						—						69,836						69,836
Subtotal			$	49,334					$	220,986					$	6,074,522					$	6,344,842
Investments measured at Net Asset Value(1)			—						—						—						62,624
Total Investments at fair value			$	49,334					$	220,986					$	6,074,522					$	6,407,466

(1)Includes equity investments in Credit SLF and LSI Financing LLC, which are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

73

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the following periods:

						As of and for the Three Months Ended September 30, 2025
($ in thousands)						First-lien senior secured debt investments						Second-lien senior secured debt investments						Unsecured debt investments						Specialty finance debt investments						Preferred equity investments						Common equity investments						Specialty finance equity investments						Total
Fair value, beginning of period						$	9,517,301					$	310,288					$	451,319					$	31,470					$	1,015,943					$	556,563					$	193,445					$	12,076,329
Purchases of investments, net						557,656						—						4,694						4,859						13,060						9,997						9,500						599,766
Payment-in-kind						18,949						4,054						8,033						428						12,150						—						—						43,614
Proceeds from investments, net						(571,306)						—						—						—						(8,568)						(4,695)						—						(584,569)
Net change in unrealized gain (loss)						(4,125)						1,817						(1,293)						1						63,880						36,159						3,692						100,131
Net realized gains (losses)						3,801						—						—						—						149						(2,306)						—						1,644
Net amortization/accretion of premium/discount on investments						8,193						479						5,375						(3)						767						—						—						14,811
Transfers between investment types						—						—						759						—						(759)						—						—						—
Transfers into (out of) Level 3(1)						612						—						—						—						—						—						—						612
Fair value, end of period						$	9,531,081					$	316,638					$	468,887					$	36,755					$	1,096,622					$	595,718					$	206,637					$	12,252,338

(1)Transfers between levels, if any, are recognized at the beginning of the period noted. For the three months ended September 30, 2025, transfers between Level 2 and Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.

74

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

						As of and for the Three Months Ended September 30, 2024
($ in thousands)						First-lien senior secured debt investments						Second-lien senior secured debt investments						Unsecured debt investments						Specialty finance debt investments						Preferred equity investments						Common equity investments						Specialty finance equity investments						Total
Fair value, beginning of period						$	4,152,727					$	169,510					$	322,371					$	3,812					$	809,724					$	299,356					$	89,240					$	5,846,740
Purchases of investments, net						446,907						—						—						749						17,258						3,784						9,069						477,767
Payment-in-kind						12,932						3,584						6,215						20						10,305						—						—						33,056
Proceeds from investments, net						(210,923)						(17,647)						—						—						(25,159)						(60,514)						(732)						(314,975)
Net change in unrealized gain (loss)						85,000						(1,046)						8,316						—						12,024						10,238						2,340						116,872
Net realized gains (losses)						(91,275)						—						—						—						(16,293)						23,746						—						(83,822)
Net amortization/accretion of premium/discount on investments						5,515						236						3,491						—						379						—						—						9,621
Transfers between investment types						(26,850)						—						(759)						—						(132,236)						159,845						—						—
Transfers into (out of) Level 3(1)						—						13,362						—						—						—						—						—						13,362
Fair value, end of period						$	4,374,033					$	167,999					$	339,634					$	4,581					$	676,002					$	436,455					$	99,917					$	6,098,621

(1)Transfers between levels, if any, are recognized at the beginning of the period noted. For the three months ended September 30, 2024, transfers between Level 2 and Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.

75

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

						As of and for the Nine Months Ended September 30, 2025
($ in thousands)						First-lien senior secured debt investments						Second-lien senior secured debt investments						Unsecured debt investments						Specialty finance debt investments						Preferred equity investments						Common equity investments						Specialty finance equity investments						Total
Fair value, beginning of period						$	4,341,267					$	166,159					$	336,633					$	5,041					$	686,857					$	468,723					$	69,836					$	6,074,516
Purchases of investments, net						1,617,353						61,325						4,694						10,461						44,623						21,320						25,214						1,784,990
Payment-in-kind						39,124						13,119						21,748						600						45,308						—						—						119,899
Proceeds from investments, net						(1,043,413)						(41,117)						(33,358)						—						(20,147)						(5,527)						13,310						(1,130,252)
Net change in unrealized gain (loss)						18,213						10,317						10,580						(16)						76,867						51,074						6,895						173,930
Net realized gains (losses)						7,329						(12,198)						85						—						264						(2,306)						—						(6,826)
Net amortization/accretion of premium/discount on investments						19,023						2,043						15,889						(2)						1,976						—						—						38,929
Transfers between investment types						—						—						759						—						(759)						—						—						—
Transfers into (out of) Level 3(1)						—						—						—						—						—						(3,092)						—						(3,092)
Transfers in from the Mergers						4,532,185						116,990						111,857						20,671						261,633						65,526						91,382						5,200,244
Fair value, end of period						$	9,531,081					$	316,638					$	468,887					$	36,755					$	1,096,622					$	595,718					$	206,637					$	12,252,338

(1)Transfers between levels, if any, are recognized at the beginning of the period noted. For the nine months ended September 30, 2025, transfers between Level 2 and Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.

76

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

						As of and for the Nine Months Ended September 30, 2024
($ in thousands)						First-lien senior secured debt investments						Second-lien senior secured debt investments						Unsecured debt investments						Specialty finance debt investments						Preferred equity investments						Common equity investments						Specialty finance equity investments						Total
Fair value, beginning of period						$	3,970,342					$	235,292					$	407,407					$	4,805					$	848,786					$	263,525					$	60,053					$	5,790,210
Purchases of investments, net						1,222,878						—						51,465						801						23,149						6,023						35,916						1,340,232
Payment-in-kind						40,420						8,160						23,174						60						29,108						—						—						100,922
Proceeds from investments, net						(772,792)						(86,195)						(154,087)						(1,085)						(25,159)						(60,514)						(3,298)						(1,103,130)
Net change in unrealized gain (loss)						13,099						(6,206)						14,542						—						(31,152)						23,019						7,246						20,548
Net realized gains (losses)						(91,296)						(806)						(13,222)						—						(16,293)						23,746						—						(97,871)
Net amortization of discount on investments						18,232						954						11,114						—						610						—						—						30,910
Transfers between investment types						(26,850)						—						(759)						—						(153,047)						180,656						—						—
Transfers into (out of) Level 3(1)						—						16,800						—						—						—						—						—						16,800
Fair value, end of period						$	4,374,033					$	167,999					$	339,634					$	4,581					$	676,002					$	436,455					$	99,917					$	6,098,621

(1)Transfers between levels, if any, are recognized at the beginning of the period noted. For the nine months ended September 30, 2024, transfers into (out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.

The following tables present information with respect to net change in unrealized gains (losses) on investments for which Level 3 inputs were used in determining the fair value that are still held by the Company for the following periods:

($ in thousands)			Net change in unrealized gain (loss) for the Three Months Ended September 30, 2025 on Investments Held at September 30, 2025						Net change in unrealized gain (loss) for the Three Months Ended September 30, 2024 on Investments Held at September 30, 2024
First-lien senior secured debt investments			$	2,150					$	250
Second-lien senior secured debt investments			1,817						(869)
Unsecured debt investments			(1,293)						8,316
Specialty finance debt investments			1						—
Preferred equity investments			63,880						3,909
Common equity investments			32,916						18,037
Specialty finance equity investments			3,692						732
Total Investments			$	103,163					$	30,375

77

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

($ in thousands)			Net change in unrealized gain (loss) for the Nine Months Ended September 30, 2025 on Investments Held at September 30, 2025						Net change in unrealized gain (loss) for the Nine Months Ended September 30, 2024 on Investments Held at September 30, 2024
First-lien senior secured debt investments			$	21,436					$	6,617
Second-lien senior secured debt investments			1,371						(6,259)
Unsecured debt investments			10,037						14,542
Specialty finance debt investments			(16)						—
Preferred equity investments			76,867						(37,539)
Common equity investments			47,998						27,534
Specialty finance equity investments			6,895						5,638
Total Investments			$	164,588					$	10,533

78

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

The tables below present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of the following periods. The weighted average range of unobservable inputs is based on fair value of investments. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

September 30, 2025

($ in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input

First-lien senior secured debt investments

$

500,287

Recent Transaction

Transaction Price

98.5% - 103.3% (99.3%)

Increase

9,028,489

Yield Analysis

Market Yield

6.1% - 20.5% (9.5%)

Decrease

2,305

Collateral Analysis

Recovery Rate

—% - 100.0% (90.3%)

Increase

Second-lien senior secured debt investments

$

316,638

Yield Analysis

Market Yield

8.5% - 27.5% (15.0%)

Decrease

Unsecured debt investments

$

460,405

Yield Analysis

Market Yield

8.4% - 14.8% (11.8%)

Decrease

4,694

Recent Transaction

Transaction Price

100.0% - 100.0% (100.0%)

Increase

3,788

Market Approach

Revenue Multiple

4.5x - 5.3x (5.1x)

Increase

Specialty finance debt investments

$

36,755

Yield Analysis

Market Yield

11.8% - 11.8% (11.8%)

Decrease

Preferred equity investments

$

121,362

Recent Transaction

Transaction Price

73.6% - 237.9% (207.4%)

Increase

493,139

Yield Analysis

Market Yield

11.7% - 37.9% (15.0%)

Decrease

482,121

Market Approach

Revenue Multiple

2.0x - 16.0x (7.2x)

Increase

Common equity investments

$

125,936

Recent Transaction

Transaction Price

100.0% - 452.1% (363.6%)

Increase

66,349

Yield Analysis

Market Yield

22.5% - 22.5% (22.5%)

Decrease

130,287

Market Approach

EBITDA Multiple

8.5x - 26.5x (12.0x)

Increase

213

Market Approach

Gross Profit Multiple

9.0x - 9.0x (9.0x)

Increase

272,483

Market Approach

Revenue Multiple

4.5x - 16.5x (13.8x)

Increase

450

Option Pricing Model

Volatility

60.0% - 70.0% (69.9%)

Increase

Specialty finance equity investments

$

174,132

Market Approach

AUM Multiple

1.1x - 1.1x (1.1x)

Increase

23,507

Market Approach

N/A(1)

N/A

N/A

6,422

Yield Analysis

Market Yield

11.8% - 11.8% (11.8%)

Decrease

2,576

Discounted Cash Flow Analysis

Discounted Factor

20.0% - 20.0% (20.0%)

Decrease

    

(1)Fair value based on a weighting of the appraised value of the portfolio company’s underlying assets and their cost.

79

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

December 31, 2024

($ in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input

First-lien senior secured debt investments

$

4,085,269

Yield Analysis

Market Yield

6.8% - 35.2% (11.0%)

Decrease

253,946

Recent Transaction

Transaction Price

98.3% - 100.0% (99.0%)

Increase

2,053

Collateral Analysis

Recovery Rate

11.2% - 13.5% (13.1%)

Increase

Second-lien senior secured debt investments

$

166,159

Yield Analysis

Market Yield

16.5% - 43.6% (19.6%)

Decrease

Unsecured debt investments

$

177,356

Yield Analysis

Market Yield

8.6% - 16.7% (13.1%)

Decrease

159,279

Market Approach

Revenue Multiple

10.3x - 10.3x (10.3x)

Increase

Specialty finance debt investments

$

5,041

Yield Analysis

Market Yield

12.3% - 12.3% (12.3%)

Decrease

Preferred equity investments

$

257,469

Yield Analysis

Market Yield

12.8% - 37.1% (20.3%)

Decrease

393,291

Market Approach

Revenue Multiple

2.5x - 18.0x (7.8x)

Increase

36,099

Recent Transaction

Transaction Price

100.3% - 107.5% (105.6%)

Increase

Common equity investments

$

151,151

Market Approach

Revenue Multiple

5.3x - 14.5x (11.3x)

Increase

103,833

Market Approach

EBITDA Multiple

3.3x - 20.0x (13.1x)

Increase

153

Option Pricing Model

Volatility

60.0% - 70.0% (69.1%)

Increase

281

Market Approach

Gross Profit Multiple

10.0x - 10.0x (10.0x)

Increase

138,010

Recent Transaction

Transaction Price

96.8% - 100.0% (97.9%)

Increase

75,296

Yield Analysis

Market Yield

18.3% - 18.3% (18.3%)

Decrease

Specialty finance equity investments

$

62,517

Market Approach

AUM Multiple

1.1x - 1.1x (1.1x)

Increase

3,448

Market Approach

N/A(1)

N/A

N/A

3,093

Yield Analysis

Market Yield

12.3% - 12.3% (12.3%)

Decrease

778

Discounted Cash Flow Analysis

Discounted Factor

12.5% - 12.5% (12.5%)

Decrease

(1)Fair value based on a weighting of the appraised value of the portfolio company’s underlying assets and their cost.

The Adviser, as valuation designee, typically determines the fair value of its performing Level 3 debt investments utilizing a yield analysis. In a yield analysis, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to the expected life, portfolio company performance since close, and other terms and risks associated with an investment. Among other factors, a determinant of risk is the amount of leverage used by the portfolio company relative to its total enterprise value, and the rights and remedies of the Company’s investment within the portfolio company’s capital structure.

When the debtor is not performing or when there is insufficient value to cover the investment, the Company may utilize a net recovery approach to determine the fair value of debt investments in subject companies. A net recovery analysis typically consists of two steps. First, the total enterprise value for the subject company is estimated using standard valuation approaches, most commonly the market approach. Second, the fair value for each investment in the subject company is then estimated by allocating the subject company’s total enterprise value to the outstanding securities in the capital structure based upon various factors, including seniority, preferences, and other features if deemed relevant to each security in the capital structure.

80

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

Significant unobservable quantitative inputs typically used in the fair value measurement of the Company’s Level 3 debt investments primarily include current market yields, including relevant market indices, but may also include quotes from brokers, dealers, and pricing services as indicated by comparable investments. For the Company’s Level 3 equity investments, a market approach, based on comparable financial performance multiples such as publicly-traded company and comparable market transaction multiples of revenues, earnings before interest, taxes, depreciation and amortization (“EBITDA”) or some combination thereof and comparable market transactions are typically used.

Debt Not Carried at Fair Value

Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available. The table below presents the carrying and fair values of the Company’s debt obligations as of the following periods:

			September 30, 2025																		December 31, 2024
($ in thousands)			Net Carrying Value						Unamortized Debt Issuance Costs (Premium)						Fair Value						Net Carrying Value						Unamortized Debt Issuance Costs (Premium)						Fair Value
Revolving Credit Facility			$	74,775					$	25,234					$	74,775					$	298,329					$	14,675					$	298,329
SPV Asset Facility I			641,357						8,643						641,357						590,448						9,552						590,448
SPV Asset Facility II			320,973						4,027						320,973						295,247						4,753						295,247
SPV Asset Facility III			453,400						9,100						453,400						—						—						—
SPV Asset Facility IV			(2,898)						2,898						(2,898)						—						—						—
CLO 2020-1			200,255						3,745						200,255						199,985						4,015						199,985
Athena CLO II			285,890						2,110						285,890						—						—						—
Athena CLO IV			237,604						2,396						237,604						—						—						—
June 2025 Notes			—						—						—						209,377						623						208,425
December 2025 Notes			650,310						(310)						648,375						651,495						(1,495)						643,500
June 2026 Notes			373,902						1,098						371,250						372,773						2,227						362,813
January 2027 Notes			297,995						2,005						291,000						296,855						3,145						281,250
March 2028 Notes			654,730						8,681						658,125						—						—						—
September 2028 Notes			74,459						541						75,000						—						—						—
April 2029 Notes			703,967						12,404						722,750						—						—						—
Total Debt			$	4,966,719					$	82,572					$	4,977,856					$	2,914,509					$	37,495					$	2,879,997

The table below presents fair value measurements of the Company’s debt obligations as of the following periods:

($ in thousands)			September 30, 2025						December 31, 2024
Level 1			$	—					$	—
Level 2			2,766,500						1,495,988
Level 3			2,211,356						1,384,009
Total Debt			$	4,977,856					$	2,879,997

Financial Instruments Not Carried at Fair Value

As of September 30, 2025 and December 31, 2024, the carrying amounts of the Company’s other assets and liabilities approximate fair value due to their short maturities. These financial instruments would be categorized as Level 3 within the hierarchy.

81

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

Note 7. Derivative Instruments

The Company enters into derivative instruments from time to time to help mitigate its foreign currency and interest rate risk exposures. See Note 6 “Fair Value of Investments” for additional disclosures related to the fair value hierarchy for derivative instruments.

The table below presents the fair value and notional value of the derivative assets and liabilities for the following periods:

						As of September 30, 2025
						Notional Amount						Assets						Liabilities
Derivatives designated as hedges
Interest rate swaps April 2029 Notes						$	700,000					$	15,840					$	—
Interest rate swaps March 2028 Notes						$	650,000					12,794						—
Total derivatives designated as hedges(1)(2)												$	28,634					$	—
Derivatives not designated as hedges
Foreign currency forward contract GBP						£	147,230					$	197,770					$	(197,947)
Foreign currency forward contract EUR						€	287,763					340,990						(342,525)
Foreign currency forward contract AUD						A$	12,910					8,405						(8,546)
Total derivatives not designated as hedges												$	547,165					$	(549,018)

(1)The net fair value of the derivatives designated as hedges is recorded as an asset or liability in the Consolidated Statements of Assets and Liabilities.

(2)The Company’s unsecured notes, that are designated in a qualifying hedging relationship, had carrying value of $1.4 billion, net of the related cumulative hedging adjustments that represented an increase (decrease) to the carrying value of the notes of $29.8 million as of September 30, 2025.

The Company did not hold interest rate swaps or foreign currency forward contracts as of December 31, 2024.

The tables below present net unrealized gains and losses on effective interest rate swaps and hedged items included in interest expense for the following periods:

						For the Three Months Ended September 30, 2025																		For the Nine Months Ended September 30, 2025
						Change in Unrealized Gain (Loss) on:																		Change in Unrealized Gain (Loss) on:
						Interest Rate Swaps						Hedged Items						Net						Interest Rate Swaps						Hedged Items						Net
Derivatives designated as hedges
Interest rate swaps April 2029 Notes						$	105					$	(176)					$	(71)					$	7,189					$	(7,492)					$	(303)
Interest rate swaps March 2028 Notes						$	(293)					$	265					(28)						$	12,794					$	(13,411)					(617)
Net change in unrealized gain (loss) on interest rate swaps and hedged items(1)																		$	(99)																	$	(920)

(1)Recorded and recognized as components of interest expense in the Consolidated Statements of Operations.

The Company did not hold any interest rate swaps for the three and nine months ended September 30, 2024.

82

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

The table below presents net realized and unrealized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recognized by the Company for the following periods:

						For the Three Months Ended September 30, 2025																		For the Nine Months Ended September 30, 2025
						Net Change in Unrealized Gain (Loss)						Net Realized Gain (Loss)						Net						Net Change in Unrealized Gain (Loss)						Net Realized Gain (Loss)						Net
Derivatives not designated as hedges
Foreign currency forward contract GBP						$	3,655					$	791					$	4,446					$	(177)					$	791					$	614
Foreign currency forward contract EUR						$	5,957					$	(1,497)					4,460						$	(1,535)					$	(1,497)					(3,032)
Foreign currency forward contract AUD						$	(65)					$	43					(22)						$	(141)					$	43					(98)
Total net unrealized and realized gain (loss)(1)																		$	8,884																	$	(2,516)

(1)Recorded and recognized as components of translation of assets and liabilities in foreign currencies and other transactions in the Consolidated Statements of Operations.

The Company did not hold any foreign currency forward contracts for the three and nine months ended September 30, 2024.

Note 8. Commitments and Contingencies

Portfolio Company Commitments

From time to time, the Company may enter into commitments to fund investments in the form of revolving credit, delayed draw, or equity commitments, which require the Company to provide funding when requested by portfolio companies in accordance with underlying loan agreements. The Company had the following outstanding commitments as of the following periods:

						As of
($ in thousands)						September 30, 2025						December 31, 2024
Total unfunded revolving loan commitments						$	704,540					$	315,345
Total unfunded delayed draw loan commitments						$	931,447					$	286,912
Total unfunded debt commitments						$	1,635,987					$	602,257
Total unfunded specialty finance equity commitments						$	42,489					$	6,080
Total unfunded common equity commitments						$	4,102					$	—
Total unfunded equity commitments						$	46,591					$	6,080
Total unfunded commitments						$	1,682,578					$	608,337

The Company maintains sufficient borrowing capacity to cover outstanding unfunded portfolio company commitments that the Company may be required to fund.

Other Commitments and Contingencies

On May 27, 2025, the Board approved the 2025 Stock Repurchase Program (the “2025 Stock Repurchase Program”) under which we may repurchase up to $200 million of our outstanding common stock. Under the 2025 Stock Repurchase Program, purchases were made at management's discretion from time to time in open-market transactions, in accordance with applicable securities laws and regulations. Unless extended by the Board, the 2025 Stock Repurchase Program will terminate 18-months from the date of the Exchange Listing. As of September 30, 2025, 614,291 shares of the Company’s common stock have been repurchased pursuant to the 2025 Stock Repurchase Program for approximately $8.9 million since the 2025 Stock Repurchase Program’s inception. All shares purchased by us pursuant to 2025 Stock Repurchase Program have been retired and are authorized and unissued shares.

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of September 30, 2025, management was not aware of any pending or threatened litigation.

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

Note 9. Net Assets

Equity Issuances

The Company has the authority to issue 1,000,000,000 common shares at $0.01 per share par value.

There were no sales of the Company’s common stock during the three and nine months ended September 30, 2025 and 2024. See “Note 13. Merger with Blue Owl Technology Finance Corp. II” for information related to the issuance of shares of the Company’s common stock in connection with the Mergers.

Distributions

The table below reflects the distributions declared on shares of the Company’s common stock during the following periods:

For the Nine Months Ended September 30, 2025

Date Declared

Record Date

Payment Date

Distribution per Share

August 5, 2025

September 30, 2025

October 15, 2025

$

0.35

June 2, 2025 (supplemental dividend)

September 21, 2026

October 6, 2026

$

0.05

June 2, 2025 (supplemental dividend)

June 22, 2026

July 7, 2026

$

0.05

June 2, 2025 (supplemental dividend)

March 23, 2026

April 7, 2026

$

0.05

June 2, 2025 (supplemental dividend)

December 23, 2025

January 7, 2026

$

0.05

June 2, 2025 (supplemental dividend)

September 22, 2025

October 7, 2025

$

0.05

June 2, 2025

June 30, 2025

July 15, 2025

$

0.35

March 14, 2025

March 17, 2025

March 18, 2025

$

0.34

For the Nine Months Ended September 30, 2024

Date Declared

Record Date

Payment Date

Distribution per Share

August 6, 2024

September 30, 2024

November 15, 2024

$

0.36

May 7, 2024

June 28, 2024

August 15, 2024

$

0.40

February 29, 2024(1)

March 29, 2024

May 15, 2024

$

0.37

(1)Expected to be paid or was partially paid from sources other than ordinary income, including long-term capital gains.

Dividend Reinvestment

With respect to distributions, the Company has adopted an “opt out” dividend reinvestment plan for common shareholders. As a result, in the event of a declared distribution, each shareholder that has not “opted out” of the dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional shares of the Company’s common stock rather than receiving cash distributions. Prior to the Exchange Listing, the number of shares to be issued to a shareholder under the dividend reinvestment plan was determined by dividing the total dollar amount of the distribution payable to such shareholder by the net asset value per share of the Company's common stock, as of the last day of the Company's calendar quarter immediately preceding the date such distribution was declared. In connection with the Exchange Listing, the Company entered into an amended and restated dividend reinvestment plan, pursuant to which, if newly issued shares are used to implement the dividend reinvestment plan, the number of shares to be issued to a shareholder will be determined by dividing the total dollar amount of the cash dividend or distribution payable to a shareholder by the market price per share of the Company's common stock at the close of regular trading on the NYSE on the payment date of a distribution, or if no sale is reported for such day, the average of the reported bid and ask prices. However, if the market price per share on the payment date of a cash dividend or distribution exceeds the most recently computed net asset value per share, the Company will issue shares at the greater of (i) the most recently computed net asset value per share and (ii) 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeded the most recently computed net asset value per share). If shares are purchased in the open market to implement the dividend reinvestment plan, the number of shares to be issued to a shareholder shall be determined by dividing the dollar amount of the cash dividend payable to such shareholder by the weighted average price per share for all shares purchased by the plan administrator in the open market in

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Notes to Consolidated Financial Statements (Unaudited) - Continued

connection with the dividend. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

The table below reflects the common stock issued pursuant to the dividend reinvestment plan during the following periods:

For the Nine Months Ended September 30, 2025

Date Declared

Record Date

Payment Date

Shares

June 2, 2025

June 30, 2025

July 15, 2025

1,952,428

March 14, 2025

March 17, 2025

March 18, 2025

1,131,018

October 1, 2024

December 31, 2024

January 31, 2025

1,098,294

For the Nine Months Ended September 30, 2024

Date Declared

Record Date

Payment Date

Shares

May 7, 2024

June 28, 2024

August 15, 2024

1,323,864

February 21, 2024

March 29, 2024

May 15, 2024

1,190,189

November 7, 2023

December 29, 2023

January 31, 2024

1,212,560

2025 Stock Repurchase Program

On May 27, 2025, the Board approved the 2025 Stock Repurchase Program under which the Company may repurchase up to $200 million of its outstanding common stock. Under the 2025 Stock Repurchase Program, purchases were made at management's discretion from time to time in open-market transactions, in accordance with applicable securities laws and regulations. Unless extended by the Board, the 2025 Stock Repurchase Program will terminate 18-months from the date of the Exchange Listing. For the nine-month period ended September 30, 2025, repurchases under the 2025 Stock Repurchase Program were as follows:

Period ($ in thousands, except share and per share amounts)						Total Number of Shares Repurchased						Average Price Paid per Share						Approximate Dollar Value of Shares that have been Purchased Under the Plans						Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan
September 1, 2025 - September 30, 2025						614,291						$	14.46					$	8,880					$	191,120

Note 10. Earnings Per Share

The table below sets forth the computation of basic and diluted earnings (loss) per common share for the following periods:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
($ in thousands, except per share amounts)			2025						2024						2025						2024
Increase (decrease) in net assets resulting from operations			$	234,935					$	119,538					$	514,554					$	218,527
Weighted average shares of common stock outstanding—basic and diluted			466,720,357						210,331,300						389,912,688						209,162,895
Earnings (loss) per common share-basic and diluted			$	0.50					$	0.57					$	1.32					$	1.04

Note 11. Income Taxes

Taxable income generally differs from increase in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized.

The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital, or total distributable earnings (losses), as appropriate.

Depending on the level of taxable income earned in a tax year, the Company can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the Company will accrue excise tax on estimated excess taxable income.

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

For the three months ended September 30, 2025 and 2024, the Company recorded U.S. federal and state corporate-level income tax expense/(benefit) of $2.4 million, and $2.8 million, including U.S. federal excise tax expense of $2.4 million and $2.8 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company recorded U.S. federal and state corporate-level income tax expense/(benefit) of $5.9 million, and $8.6 million, including U.S. federal excise tax expense of $5.9 million and $8.6 million, respectively.

Taxable Subsidiaries

Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the three months ended September 30, 2025, the Company did not record a U.S. federal and state income tax expense/(benefit), for taxable subsidiaries. For the nine months ended September 30, 2025, the Company recorded U.S. federal and state income tax expense/(benefit) of $(18) thousand, for taxable subsidiaries. For the three and nine months ended September 30, 2024, the Company recorded U.S. federal and state income tax expense/(benefit) of $(1) thousand and $(4) thousand, respectively.

The Company recorded a net deferred tax liability of $973 thousand as of September 30, 2025, for taxable subsidiaries, which is significantly related to GAAP to tax outside basis differences in the taxable subsidiaries’ investment in certain partnership interests. The Company recorded a net deferred tax liability of $36 thousand for taxable subsidiaries as of December 31, 2024.

Note 12. Financial Highlights

The table below presents the financial highlights for a common share outstanding during the following periods:

			For the Nine Months Ended September 30,
($ in thousands, except share and per share amounts)			2025												2024
Per share data:
Net asset value, beginning of period			$	17.09											$	17.03
Net investment income (loss)(1)			1.00												1.37
Net realized and unrealized gain (loss)(1)			0.32												(0.33)
Total from operations			1.32												1.04
Repurchase of common shares(7)			—												—
Issuance of common shares in connection with the Mergers(2)			(0.05)												—
Distributions declared from net investment income(7)			(1.09)												(1.12)
Total increase (decrease) in net assets			0.18												(0.08)
Net asset value, end of period			$	17.27											$	16.95
Shares outstanding, end of period			466,464,720												210,978,842
Per share market value at end of period			$	13.82											N/A
Total Return, based on net market value(3)			(15.3)		%										N/A
Total Return, based on net asset value(4)			8.4		%										6.3		%
Ratios / Supplemental Data
Ratio of total expenses to average net assets(5)(6)			8.5		%										8.7		%
Ratio of net investment income to average net assets(5)			7.5		%										11.0		%
Net assets, end of period			$	8,055,224											$	3,575,511
Weighted-average shares outstanding			389,912,688												209,162,895
Total capital commitments, end of period			N/A												$	3,134,815
Ratio of total contributed capital to total committed capital, end of period			N/A												100.0		%
Portfolio turnover rate			14.1		%										25.2		%
Year of formation			2018												2018

(1)The per share data was derived using the weighted average shares outstanding during the period.

(2)The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the issuance of common stock because of the timing of sales of the Company’s shares.

(3)Total return based on market value is calculated as the change in market value per share during the respective periods, taking into account dividends and distributions, if any, reinvested in accordance with the Company’s dividend reinvestment plan. The beginning market value per share is based on the listing price of $17.15 per share on the listing date of June 12, 2025.

(4)Total return is calculated as the change in net asset value (“NAV”) per share during the period, plus distributions per share (assuming dividends and distributions, if any, are reinvested in accordance with the Company’s dividend reinvestment plan), if any, divided by the beginning NAV per share. Total return is not annualized.

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

(5)The ratio reflects an annualized amount, except in the case of non-recurring expenses (e.g. initial organization expenses).

(6)Prior to any management fee waivers, the annualized total expenses to average net assets for the period ended September 30, 2025 was 8.5%.

(7)The per share data was derived using actual shares outstanding at the date of the relevant transaction.

Note 13. Merger with Blue Owl Technology Finance Corp. II

On March 24, 2025, the Company completed its previously announced acquisition of OTF II. In accordance with the Merger Agreement, at the effective time of the Mergers, each outstanding share of OTF II common stock was converted into the right to receive 0.9113 shares of common stock, par value $0.01 per share of the Company (with OTF II stockholders receiving cash in lieu of fractional shares of the Company’s common stock). As a result of the Mergers, the Company issued an aggregate of approximately 250,738,523 shares of its common stock to former OTF II stockholders prior to any adjustment for OTF II stockholders receiving cash in lieu of fractional shares.

The Mergers were accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations — Related Issues. The consideration paid to OTF II’s shareholders was more than the aggregate fair values of the assets acquired and liabilities assumed, which resulted in a purchase premium (the “purchase premium”). The purchase premium was allocated to the cost of OTF II investments acquired by the Company on a pro-rata basis based on their relative fair values as of the closing date. Immediately following the Mergers, the investments were marked to their respective fair values and, as a result, the purchase premium allocated to the cost basis of the investments acquired was immediately recognized as unrealized depreciation on the Consolidated Statement of Operations. The purchase premium allocated to the loan investments acquired will amortize over the life of each respective loan through interest expense with a corresponding adjustment recorded as unrealized appreciation on such loans acquired through their ultimate disposition. The purchase premium allocated to equity investments acquired will not amortize over the life of such investments through interest expense and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, the Company will recognize a realized loss with a corresponding reversal of the unrealized depreciation on disposition of such equity investments acquired.

The Mergers were considered a tax-free reorganization and the Company has elected to carry forward the historical cost basis of the OTF II investments for tax purposes.

Pursuant to the Merger Agreement, the Adviser agreed to reimburse each of the Company and OTF II 50% of all fees and expenses incurred and payable by OTF II or on its behalf, on the one hand, or the Company or on its behalf, on the other hand, in connection with or related to the Mergers or the Merger Agreement up to an aggregate amount equal to $4.75 million. Net of merger transaction costs borne by the Adviser, the Company capitalized $4.5 million of merger transaction costs as part of the total consideration paid to acquire the assets and liabilities of OTF II.

The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the Mergers:

($ in thousands)
Common stock issued by the Company(1)						$	4,278,003
Transaction costs, net(2)						4,500
Total purchase price						$	4,282,503
Assets acquired:
Investments, at fair value (amortized cost of $5,541,254)						$	5,564,571
Cash and cash equivalents						647,248
Interest receivable						74,478
Other assets						52,695
Total assets acquired						$	6,338,992
Liabilities assumed:
Debt (net of deferred financing costs of $47,082)						$	1,882,354
Other liabilities(3)						178,635
Total liabilities assumed						2,060,989
Net assets acquired						4,278,003
Total purchase premium/(discount)						$	4,500

(1)Based on the NAV per share at closing of $17.06 and the 250,738,523 common shares issued by the Company in conjunction with the the Mergers.

(2)Pursuant to the Merger Agreement, the Adviser agreed to reimburse each of the Company and OTF II 50% of all fees and expenses incurred and payable in connection with or related to the Mergers or the Merger Agreement up to an aggregate amount equal to

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

$4.75 million. Net of merger transaction costs borne by the Adviser, the Company capitalized $4.5 million of merger transaction costs as part of the total consideration paid to acquire the assets and liabilities of OTF II.

(3)Includes $11.8 million of management fees and $10.7 million of incentive fees accrued by OTF II through the closing date of the Mergers pursuant to an investment advisory agreement between OTF II and its investment adviser, which was terminated upon the closing of the Mergers. The payable for these fees was assumed by the Company.

Note 14. Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of these consolidated financial statements and determined there are no subsequent events to disclose except for the following:

Athena CLO V

On October 8, 2025, the Company completed a $501.3 million term debt securitization transaction by the Company’s consolidated subsidiary, Athena CLO V, LLC (the “Athena CLO V Issuer”). As part of the transaction, the Athena CLO V Issuer issued the following classes of notes: (i) $260.0 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 1.73% and (ii) $25.0 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 2.25% and (iii) $15.0 million of A(sf) Class C Notes, which bear interest at three-month term SOFR plus 2.70%. The CLO XIX Issuer also issued approximately $201.3 million of subordinated securities, in the form of 201,320 preferred shares at an issue price of U.S.$1,000 per share held by the Company. All classes of notes are scheduled to mature on October 15, 2038.

December 2025 Notes

On October 15, 2025, the Company caused notice to be issued to the Successor Trustee of the December 2025 Notes regarding the Company's exercise of the option to redeem in full all $650.0 million in aggregate principal amount of the December 2025 Notes at 100.0% of their principal amount, plus the accrued interest thereon through, but excluding, the redemption date, November 15, 2025.

Owl Rock Technology Financing CLO 2020-1 Redemption

On October 15, 2025, the CLO 2020-1 Refinancing Issuer redeemed and paid in full all classes of the CLO 2020-1 Refinancing Secured Notes, plus accrued interest thereon though October 15, 2025.

SPV Asset Facility IV Amendment

On October 30, 2025, Athena Funding II entered into Omnibus Amendment No.2 to SPV Asset Facility IV in order to (i) increase the maximum principal amount of SPV Asset Facility IV from $300.0 million to $500.0 million, (ii) change the interest rate from a cost of funds rate as determined by MUFG periodically (or Term SOFR under certain circumstances) to Term SOFR, (iii) change the applicable margin from 2.63% during the SPV Asset Facility IV Reinvestment Period and 3.03% after the end of the SPV Asset Facility IV Reinvestment Period to 2.00% during the SPV Asset Facility IV Reinvestment Period and 2.35% after the end of the SPV Asset Facility IV Reinvestment Period, (iv) extend the SPV Asset Facility IV Reinvestment Period to October 30,2028 and (v) extend the SPV Asset Facility IV Stated Maturity to October 30, 2030.

Dividend

On November 4, 2025, the Board approved a fourth quarter dividend of $0.35 per share for stockholders of record as of December 31, 2025, payable on or before January 15, 2026.

Waiver of Transfer Restrictions

On November 4, 2025, the Board waived the transfer restrictions contained in the Company’s second amended and restated articles of incorporation (the “Charter”) with respect to shares of the Company’s common stock as follows:

Approximate Number of Shares Being Released from Transfer Restrictions						Effective Date
50.4 million(1)						November 13, 2025
49.1 million(2)						January 20, 2026
49.1 million(2)						February 20, 2026
49.1 million(3)						April 20, 2026
49.1 million(3)						May 20, 2026

(1)A pro rata portion of each shareholder’s shares of the Company’s common stock will be released from the First Lock-Up Period (as defined below).

(2)A pro rata portion of each shareholder’s shares of the Company’s common stock will be released from the Second Lock-Up Period (as defined below).

(3)A pro rata portion of each shareholder’s shares of the Company’s common stock will be released from the Third Lock-Up Period (as defined below).

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

The Charter provides for three separate restricted periods as set forth below and initially applied to all of the Company’s shares that were acquired by shareholders prior to the Exchange Listing. Previously, in connection with the Exchange Listing, the Board waived the transfer restrictions with respect to 23,256,814 shares of the Company’s common stock and a pro rata portion of each shareholder’s shares of the Company’s common stock were released from each of the three separate restricted periods. In addition, the Board previously waived the transfer restrictions with respect to 46,513,271 shares of the Company’s common stock, effective as of September 9, 2025 and such shares were released from the First Lock-Up Period.

The three separate restricted periods are as follows:

•One period is 180 days after the Exchange Listing and applies to all shares of the Company’s common stock issued prior to the Exchange Listing (the “First Lock-Up Period”);

•One period is 270 days after the Exchange Listing and applies to two-thirds of the shares of the Company’s common stock issued prior to the Exchange Listing (the “Second Lock-Up Period”); and

•One period is 365 days after the Exchange Listing and applies to one-third of the shares of the Company’s common stock issued prior to the Exchange Listing (the “Third Lock-Up Period”).

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The information contained in this section should be read in conjunction with “ITEM 1. FINANCIAL STATEMENTS”. This discussion contains forward-looking statements, which relate to future events or the future performance or financial condition of Blue Owl Technology Finance Corp. and involves numerous risks and uncertainties, including, but not limited to, those described in our Form 10-K for the fiscal year ended December 31, 2024 in “ITEM 1A. RISK FACTORS”. This discussion also should be read in conjunction with the “Cautionary Statement Regarding Forward Looking Statements” in this Quarterly Report on Form 10-Q. Actual results could differ materially from those implied or expressed in any forward-looking statements.

Overview

Blue Owl Technology Finance Corp. (the “Company”, “we”, “us” or “our”) is a Maryland corporation formed on July 12, 2018. We were formed primarily to originate and make debt and equity investments in technology-related, specifically software, companies based primarily in the United States. We originate and invest in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. Our investment objective is to maximize total return by generating current income from our debt investments and other income producing securities, and capital appreciation from our equity and equity-linked investments. We may hold our investments directly or through special purpose vehicles.

We are externally managed by Blue Owl Technology Credit Advisors LLC (“the Adviser” or “our Adviser”). The Adviser is registered with the U.S. Securities and Exchange Commission (the “SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), an indirect affiliate of Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL) and part of Blue Owl’s Credit platform, which includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent investment strategies. Subject to the overall supervision of our board of directors (the “Board”), the Adviser manages our day-to-day operations, and provides investment advisory and management services to us. The Adviser or its affiliates may engage in certain origination activities and receive attendant arrangement, structuring or similar fees. The Adviser is responsible for managing our business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring our investments, and monitoring our portfolio companies on an ongoing basis through a team of investment professionals.

On June 12, 2025, our common stock was listed and began trading on the New York Stock Exchange (“NYSE”) under the symbol “OTF” (the “Exchange Listing”).

Blue Owl consists of three product platforms: (1) Credit, (2) GP Strategic Capital, which primarily focuses on acquiring equity stakes in, or providing debt financing to, large, multi-product private equity and private credit firms and (3) Real Assets, which primarily focuses on the strategies of net lease real estate, real estate credit and digital infrastructure, which focuses on acquiring, financing, developing and operating data centers and related digital infrastructure assets. The direct lending strategy of Blue Owl’s Credit platform is comprised of the Adviser, Blue Owl Credit Advisors LLC (“OCA”), Blue Owl Technology Credit Advisors II LLC (“OTCA II”), Blue Owl Credit Private Fund Advisors LLC (“OPFA”), and Blue Owl Diversified Credit Advisors LLC (“ODCA” and together with the Adviser, OCA, OTCA II, and OPFA, the “Blue Owl Credit Advisers”), which also are investment advisers. As of September 30, 2025, the Adviser and its affiliates had $152.1 billion of assets under management across Blue Owl’s Credit platform.

The management of our investment portfolio is the responsibility of the Adviser and the Technology Lending Investment Committee. We consider these individuals to be our portfolio managers. The Investment Team is also led by Douglas I. Ostrover, Marc S. Lipschultz and Craig W. Packer and is supported by certain members of the Adviser’s senior executive team and Blue Owl’s Credit platform’s direct lending investment committees. Blue Owl’s four direct lending investment committees each focus on a specific investment strategy (Diversified Lending, Technology Lending, First Lien Lending and Opportunistic Lending). Douglas I. Ostrover, Marc S. Lipschultz, Craig W. Packer and Alexis Maged sit on each of Blue Owl’s Credit platform’s investment committees. In addition to Messrs. Ostrover, Lipschultz, Packer and Maged, the Technology Lending Investment Committee is comprised of Erik Bissonnette, Pravin Vazirani, Jon ten Oever and Arthur Martini. We consider the individuals on the Technology Lending Investment Committee to be our portfolio managers.The Investment Team, under the Technology Lending Investment Committee’s supervision, sources investment opportunities, conducts research, performs due diligence on potential investments, structures our investments and will monitor our portfolio companies on an ongoing basis.

The Technology Lending Investment Committee meets regularly to consider our investments, direct our strategic initiatives and supervise the actions taken by the Adviser on our behalf. In addition, the Technology Lending Investment Committee reviews and determines whether to make prospective investments (including approving parameters or guidelines pursuant to which investments in broadly syndicated loans may be bought and sold), structures financings and monitors the performance of the investment portfolio. Each investment opportunity requires the approval of a majority of the Technology Lending Investment Committee. Follow-on investments in existing portfolio companies may require the Technology Lending Investment Committee’s approval beyond that obtained when the initial investment in the portfolio company was made. In addition, temporary investments, such as those in cash equivalents, U.S. government securities and other high quality debt investments that mature in one year or less, may require approval by the Technology Lending Investment Committee. The compensation packages of Technology Lending Investment Committee

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members from the Adviser include various combinations of discretionary bonuses and variable incentive compensation based primarily on performance for services provided and may include shares of Blue Owl.

We may be prohibited under the Investment Company Act of 1940, as amended (the “1940 Act”) from participating in certain transactions with our affiliates without the prior approval of our directors who are not interested persons and, in some cases, the prior approval of the SEC. We, the Adviser and certain of our affiliates were granted an order for exemptive relief that permitted co-investing with our affiliates subject to various approvals of the Board and other conditions. On May 6, 2025, we, the Adviser and certain of our affiliates were granted a new order for exemptive relief that superseded the prior order for exemptive relief (the “Order”) by the SEC for us to co-invest with other funds managed by the Adviser or certain affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to the Order, we generally are permitted to co-invest with certain of our affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Order. The Order requires that a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain findings (1) in most instances when we co-invest with our affiliates in an issuer where our affiliate has an existing investment in the issuer, and (2) if we dispose of an asset acquired in a transaction under the Order unless the disposition is done on a pro rata basis. Pursuant to the Order, the Board will oversee our participation in the co-investment program. As required by the Order, we have adopted, and the Board has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Order, and the Adviser and our Chief Compliance Officer will provide reporting to the Board.

In addition, the Order permits us to participate in follow-on investments in our existing portfolio companies with certain affiliates that are private funds, when such private funds did not have an investment in such existing portfolio company.

The Blue Owl Credit Advisers’ investment allocation policy seeks to ensure equitable allocation of investment opportunities over time between us and other funds managed by our Adviser or its affiliates. As a result of the Order, there could be significant overlap in our investment portfolio and the investment portfolio of the business development companies (“BDCs”), private funds and separately managed accounts managed by the Blue Owl Credit Advisers (collectively, the “Blue Owl Credit Clients”) and/or other funds managed by the Adviser or its affiliates that avail themselves of the Order.

On September 24, 2018, we formed a wholly-owned subsidiary, OR Tech Lending LLC, a Delaware limited liability company, which holds a California finance lenders license. OR Tech Lending LLC originates loans to borrowers headquartered in California. From time to time we may form wholly-owned subsidiaries to facilitate the normal course of business.

We have elected to be regulated as a BDC under the 1940 Act and have elected to be treated as a regulated investment company (“RIC”) for tax purposes under the Internal Revenue Code of 1986, as amended (the “Code”). As a result, we are required to comply with various statutory and regulatory requirements, such as:

•the requirement to invest at least 70% of our assets in “qualifying assets”, as such term is defined in the 1940 Act;

•source of income limitations;

•asset diversification requirements; and

•the requirement to distribute (or be treated as distributing) in each taxable year the sum of at least 90% of our investment company taxable income and tax-exempt interest for that taxable year.

In addition, we will not invest more than 20% of our total assets in companies whose principal place of business is outside the United States, although we do not generally intend to invest in companies whose principal place of business is in an emerging market and we have adopted a policy to invest, under normal circumstances at least 80% of the value of our total assets in “technology-related” businesses (as defined below).

On March 24, 2025, we consummated the transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement”), dated November 12, 2024, with Blue Owl Technology Finance Corp. II, a Maryland corporation (“OTF II”), Oriole Merger Sub, Inc., a Maryland corporation and our wholly-owned subsidiary (“Merger Sub”), and, solely for the limited purposes set forth therein, the Adviser, and OTCA II, investment adviser to OTF II. In connection therewith, Merger Sub merged with and into OTF II, with OTF II continuing as the surviving company and our wholly-owned subsidiary (the “Initial Merger”) and, immediately thereafter, OTF II merged with and into us, and we continued as the surviving company (together with the Initial Merger, the “Mergers”).

Our Investment Framework

We are a Maryland corporation formed primarily to originate and make loans to and make debt and equity investments in, technology-related companies based primarily in the United States, with an emphasis on enterprise software investments. We originate and invest in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. Our investment objective is to maximize total return by generating current income from debt investments and other income producing securities, and capital appreciation from our equity and equity-linked investments. We may hold our

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investments directly or through special purpose vehicles. Since our Adviser’s affiliates began investment activities in April 2016 through September 30, 2025, the Blue Owl Credit Advisers have originated $174.7 billion aggregate principal amount of investments across multiple industries, of which $170.6 billion of aggregate principal amount of investments prior to any subsequent exits or repayments was retained by either us or a corporation or fund advised by our Adviser or its affiliates.

We invest at least 80% of the value of our total assets in “technology-related” companies. We define technology-related companies as those that (i) operate directly in the technology industry, which includes, but is not limited to, application software, systems software, healthcare technology, information technology, technology services and infrastructure, financial technology and internet and digital media, (ii) operate indirectly through their reliance on technology (i.e., utilizing scientific knowledge or technology-enabled techniques, skills, methods, devices or processes to deliver goods and/or services) or (iii) seek to grow through technological advancements and innovations. We invest in a broad range of established and high growth technology-related companies with a focus on large, established enterprise software companies across a variety of end-markets that are capitalizing on the large and growing demand for software products and services.

The companies in which we invest use our capital primarily to support their growth, acquisitions, market or product expansion, refinancings and/or recapitalizations. The debt in which we invest is generally not rated by any rating agency, but if these instruments were rated, they would likely receive a rating of below investment grade (that is, below BBB- or Baa3), which is often referred to as “high yield” or “junk”.

We leverage Blue Owl’s relationships and existing origination capabilities to focus our investments in companies with an enterprise value of at least $250 million and that are typically backed by institutional investors that are active investors in and have an expertise in technology companies and technology-related industries. We expect that our target investments typically will range in size between $50 million and $350 million. Our expected portfolio composition will be majority debt or income producing securities, in particular directly originated debt investments, with a lesser allocation to equity related opportunities. On these investments, we typically invest at a low loan-to-value ratio, which we consider to be 50% or below. We anticipate that generally any equity related securities we hold will be minority positions. We expect that our investment size will vary with the size of our capital base and that our average investment size will be 0.5-1.5% of our entire portfolio with no investment size greater than 5%. As of September 30, 2025, our average investment size in each of our portfolio companies was approximately $69.6 million based on fair value. In addition, we generally do not intend to invest more than 20% of our total assets in companies whose principal place of business is outside the United States, although we do not generally intend to invest in companies whose principal place of business is in an emerging market. Our portfolio composition may fluctuate from time to time based on market conditions and interest rates.

We expect that our portfolio composition will be comprised predominantly of directly originated debt and income producing securities, with a lesser allocation to equity or equity-linked opportunities. Our debt investments may be structured as annualized recurring revenue (“ARR”) loans, which are loans made to a company that may not currently be EBITDA positive because they have strategically determined to postpone profitability in favor of acquiring customers that will generate a high lifetime value over time. Generally, our ARR loans are made to high growth technology companies with a stable base of existing customers, providing strong revenue visibility. We believe the recurring revenue market to be underserved and find that ARR loans often have attractive risk adjusted return profiles, in the form of pricing, credit documentation, and /or loan-to-values, relative to the broader market. Our ARR loans, as a percentage of our portfolio, have decreased from its peak, and as we seek to originate additional loans we expect to increase our exposure to ARR loans.

We may also invest a portion of our portfolio in opportunistic investments and publicly traded debt investments and we may evaluate and enter into strategic portfolio transactions that may result in additional portfolio companies that we are considered to control. These types of investments are intended to supplement our core strategy and further enhance returns to our shareholders. These investments may include high-yield bonds and broadly syndicated loans, including “covenant lite” loans (as defined below), and other publicly traded debt instruments, typically originated and structured by banks on behalf of large corporate borrowers with employee counts, revenues, EBITDAs and enterprise values larger than those of middle-market companies, where OTF focuses, and equity investments in portfolio companies that make senior secured loans or invest in broadly syndicated loans, structured products, asset-based solutions or other forms of specialty finance, which may include, but is not limited to, investments such as life settlements, royalty interests and equipment finance.

Covenants are contractual restrictions that lenders place on companies to limit the corporate actions a company may pursue. The loans in which we expect to invest may have financial maintenance covenants, which are used to proactively address materially adverse changes in a portfolio company’s financial performance, or may take the form of “covenant-lite” loans, which generally refers to loans that do not have a complete set of financial maintenance covenants. Generally, “covenant-lite” loans provide borrowers more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Accordingly, to the extent we invest in “covenant-lite” loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.

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Key Components of Our Results of Operations

Investments

We focus primarily on originating and making debt and equity investments in technology-related (specifically software) companies based primarily in the United States.

Our level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make.

In addition, as part of our risk strategy on investments, we may reduce the levels of certain investments through partial sales or syndication to additional lenders.

Revenues

We generate revenues primarily in the form of interest income from the investments we hold. In addition, we may generate income from dividends on either direct equity investments or equity interests obtained in connection with originating loans, such as options, warrants or conversion rights. Our debt investments typically have a term of three to ten years. As of September 30, 2025, 97.0% of our debt investments based on fair value bear interest at a floating rate, subject to interest rate floors, in certain cases. Interest on our debt investments is generally payable either monthly or quarterly.

Our investment portfolio consists primarily of floating rate loans. Macro trends in base interest rates like SOFR, and any other alternative reference rates may affect our net investment income over the long term. However, because we generally intend to originate loans to a small number of portfolio companies each quarter, and those investments may vary in size, our results in any given period, including the interest rate on investments that may be sold or repaid in a period compared to the interest rate of new investments made during that period, may be idiosyncratic, and reflect the characteristics of the particular portfolio companies that we invested in or exited during the period and not necessarily any trends in our business or macro trends. Generally, because our portfolio consists primarily of floating rate loans, we expect our earnings to benefit from a prolonged higher rate environment.

Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts under U.S. generally accepted accounting principles (“U.S. GAAP”) as interest income using the effective yield method for term instruments and the straight-line method for revolving or delayed draw instruments. Repayments of our debt investments can reduce interest income from period to period. The frequency or volume of these repayments may fluctuate significantly. We record prepayment premiums on loans as interest income. We may also generate revenue in the form of commitment, loan origination, structuring, or due diligence fees, fees for providing managerial assistance to our portfolio companies and possibly consulting fees.

Dividend income on equity investments is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded companies.

Our portfolio activity will also reflect the proceeds from sales of investments. We will recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized gains (losses) on investments in the Consolidated Statements of Operations.

Expenses

Our primary operating expenses include the payment of the management fee, the incentive fee, expenses reimbursable under the Administration Agreement and Investment Advisory Agreement, legal and professional fees, interest and other debt expenses, and other operating expenses. The management fee and incentive fee compensate our Adviser for work in identifying, evaluating, negotiating, closing, monitoring and realizing our investments.

Except as specifically provided below, we anticipate that all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory and management services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. In addition, the Adviser shall be solely responsible for any placement or “finder’s” fees payable to placement agents engaged by us or our affiliates in connection with the offering of securities by us. We will bear our allocable portion of the costs of the compensation, benefits and related administrative expenses (including travel expenses) of our officers who provide operational and administrative services hereunder, their respective staffs and other professionals who provide services to us (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 us. We 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 our business affairs and in acting on our behalf). We also will bear all other costs and expenses of our operations, administration and transactions, including, but not limited to (i) investment advisory fees, including Management Fees and Incentive

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Fees, to the Adviser, pursuant to the Investment Advisory Agreement; (ii) our allocable portion of overhead and other expenses incurred by the Adviser in performing its administrative obligations under the Investment Advisory Agreement and (iii) all other costs and expenses of our operations and transactions including, without limitation, those relating to:

•the cost of our organization and any offerings;

•the cost of calculating our 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, or payable to third parties, performing due diligence on prospective portfolio companies and, if necessary, enforcing our 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;

•costs of any reports, proxy statements or other notices to our shareholders (including printing and mailing costs);

•costs of any shareholder 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 our assets for tax or other purposes;

•extraordinary expenses (such as litigation or indemnification); and

•costs associated with reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws.

We expect, but cannot ensure, that our general and administrative expenses will increase in dollar terms during periods of asset growth, but will decline as a percentage of total assets during such periods.

Leverage

The amount of leverage we use in any period depends on a variety of factors, including cash available for investing, the cost of financing and general economic and market conditions. On August 7, 2018, we received shareholder approval that allowed us to reduce our asset coverage ratio from 200% to 150%, effective as of August 8, 2018. As a result, we are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to the common stock if our asset coverage, as defined in the 1940 Act, would at least be equal to 150% immediately after each such issuance. This reduced asset coverage ratio permits us to double the amount of leverage we can incur. For example, under a 150% asset coverage ratio we may borrow $2 for investment purposes of every $1 of investor equity whereas under a 200% asset coverage ratio we may only borrow $1 for investment purposes for every $1 of investor equity. Our current target leverage ratio is 0.90x-1.25x.

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In any period, our interest expense will depend largely on the extent of our borrowing and we expect interest expense will increase as we increase our leverage over time subject to the limits of the 1940 Act. In addition, we may dedicate assets to financing facilities.

Market Trends

We believe the technology investment lending environment provides opportunities for us to meet our goal of making investments that generate an attractive total return based on a combination of the following factors.

Limited Availability of Capital for Technology, Specifically Enterprise Software, Companies. We believe that technology companies have limited access to capital, driven by a lack of dedicated pools of capital focused on technology companies. Traditional lenders, such as commercial and investment banks, generally do not have flexible product offerings that meet the needs of technology-related companies and there has been a reduction in activity from commercial and investment banks as a result of regulatory and structural factors, industry consolidation and general risk aversion. In recent years, many commercial and investment banks have focused their efforts and resources on lending to large corporate clients and managing capital markets transactions rather than lending to technology-related companies. In addition, these lenders may be constrained in their ability to underwrite and hold loans and high yield securities, as well as their ability to provide equity financing, as they seek to meet existing and future regulatory capital requirements. We also believe that there is a lack of scaled market participants that are willing to provide and hold meaningful amounts of a customized financing solution for technology companies. As a result, we believe our focus on technology-related companies and our ability to invest across the capital structure, coupled with a limited supply of capital providers, presents an attractive opportunity to invest in technology companies.

Capital Markets Have Been Unable to Fill the Void Left by Banks. Access to the underwritten bond and syndicated loan markets is challenging for many technology companies due to loan size and liquidity. For example, high yield bonds are generally purchased by institutional investors such as mutual funds and exchange traded funds (“ETFs”) who, among other things, are highly focused on the liquidity characteristics of the bond being issued in order to fund investor redemptions and/or comply with regulatory requirements. Accordingly, the existence of an active secondary market for bonds is an important consideration in these entities’ initial investment decision. Syndicated loans arranged through a bank are done either on a “best efforts” basis or are underwritten with terms plus provisions that permit the underwriters to change certain terms, including pricing, structure, yield and tenor, otherwise known as “flex”, to successfully syndicate the loan, in the event the terms initially marketed are insufficiently attractive to investors. Loans provided by companies such as ours provide certainty to issuers in that we can commit to a given amount of debt on specific terms, at stated coupons and with agreed upon fees. As we are the ultimate holder of the loans, we do not require market “flex” or other arrangements that banks may require when acting on an agency basis. In addition, our Adviser has teams focused on both liquid credit and private credit and these teams are able to collaborate with respect to syndicated loans.

Secular Trends Supporting Growth for Private Credit. According to Gartner, a research and advisory company, global technology spend was $5.3 trillion in 2024 and is expected to grow to more than $5.7 trillion in 2025. We believe global demand for technology products and services will continue to grow rapidly, and that growth will stimulate demand for capital from technology companies which will continue to require access to capital to refinance existing debt, support growth and finance acquisitions. We believe that periods of market volatility, such as the current period of market volatility caused, in part, by uncertainty regarding inflation and interest rates, and current geopolitical conditions, have accentuated the advantages of private credit. The availability of capital in the liquid credit market is highly sensitive to market conditions whereas we believe private lending has proven to be a stable and reliable source of capital through periods of volatility. We believe the opportunity set for private credit will continue to expand even as the public markets remain open. Financial sponsors and companies today are familiar with direct lending and have seen firsthand the strong value proposition that a private solution can offer. Scale, certainty of execution and flexibility all provide borrowers with a compelling alternative to the syndicated and high yield markets. Based on our experience, there is an emerging trend where higher quality credits that have traditionally been issuers in the syndicated and high yield markets are increasingly seeking private solutions independent of credit market conditions. In our view, this is supported by financial sponsors wanting to work with collaborative financing partners that have scale and breadth of capabilities. We believe the large amount of uninvested capital held by funds of private equity firms, estimated by Preqin Ltd., an alternative assets industry data and research company, to be 2.6 trillion as of December 31, 2024, coupled with a growing focus on technology investing by private equity sponsors, will continue to drive deal activity. We expect that technology companies, private equity sponsors, venture capital firms, and entrepreneurs will continue to seek partners to provide flexible financing for their businesses with debt and equity investments provided by companies such as us.

Attractive Investment Dynamics. An imbalance between the supply of, and demand for, capital creates attractive pricing dynamics. With respect to the debt investments in technology companies, we believe the directly negotiated nature of such financings generally provides more favorable terms to the lender, including stronger covenant and reporting packages, better call protection, and lender protective change of control provisions. Further, we believe that historical default rates for technology and software companies have been lower, and recovery rates have been higher, as compared to the broader leveraged finance market, leading to lower cumulative losses. With respect to equity and equity-linked investments, we will seek to structure these investments with meaningful shareholder protections, including, but not limited to, anti-dilution, anti-layering, and liquidation preferences, which we believe will

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create the potential for meaningful risk-adjusted long-term capital gains in connection with the future liquidity events of these technology companies.

Compelling Business Models. We believe that the products and services that technology companies, and more specifically enterprise software businesses, provide often have high switching costs and are fundamental to the operations and success of their customers. We generally invest in scaled or growing players in niche markets that are selling mission critical products to established customer bases. As a result, technology companies with a focus on enterprise software have attributes that make them compelling investments, including strong customer retention rates, high switching costs and highly contracted cash flows which leads to recurring and predictable revenue. Further, technology companies with a focus on enterprise software are typically highly capital efficient, with limited capital expenditures and high free cash flow conversion. In addition, the replicable nature of technology products, specifically enterprise software, creates substantial operating leverage which typically results in strong profitability, lower loan to value ratios, high revenue retention, high gross margins and stable sale efficiency.

We believe that enterprise software businesses make compelling investments because they are inherently diversified into a variety of sectors due to end market applications and have been one of the more defensive sectors throughout economic cycles.

Attractive Opportunities in Investments in Technology Companies. We invest in the debt and equity of technology companies. We believe that opportunities in the debt of technology companies are significant because of the floating rate structure of most senior secured debt issuances and because of the strong defensive characteristics of these types of investments. We believe that debt issued with floating interest rates offer a superior return profile as compared with fixed-rate investments, since floating rate structures are generally less susceptible to declines in value experienced by fixed-rate securities in a rising interest rate environment. Senior secured debt also provides strong defensive characteristics. Senior secured debt has priority in payment among an issuer’s security holders whereby holders are due to receive payment before junior creditors and equity holders. Further, these investments are generally secured by the issuer’s assets, which may provide protection in the event of a default. We also make recurring revenue

loans to companies that have made a strategic decision to postpone profitability in favor of acquiring customers that will generate a high lifetime value over time. We believe that recurring revenue loans provide attractive credit characteristics including covenant

protections, lower loan-to-values and/or premium pricing.

We believe that opportunities in the equity of technology companies are significant because of the potential to generate meaningful capital appreciation by participating in the growth in the portfolio company and the demand for its products and services. We find many of these opportunities are in the form of preferred equities, where there is the opportunity to invest in large, established companies through structures that protect invested capital and also offer upside opportunities. Moreover, we believe that the high-growth profile of a technology company will generally make it a more attractive candidate for a liquidity event than a company in a non-high growth industry. We believe the technology investment lending environment provides opportunities for us to meet our goal of making investments that generate an attractive total return based on a combination of the foregoing factors.

Portfolio and Investment Activity

As of September 30, 2025, based on fair value, our portfolio consisted of 76.8% first lien senior secured debt investments (of which 58% we consider to be unitranche debt investments (including “last out” portions of such loans)), 3.3% second lien senior secured debt investments, 3.6% unsecured debt investments, 0.3% specialty finance debt investments, 8.5% preferred equity investments, 4.9% common equity investments, 2.5% specialty finance equity investments, and 0.1% joint ventures.

As of September 30, 2025, our weighted average total yield of the portfolio at fair value and amortized cost was 9.2% and 9.4%, respectively, and our weighted average yield of debt and income producing securities at fair value and amortized cost was 10.1% and 10.2%, respectively. Refer to our weighted average yields and interest rates table for more information on our calculation of weighted average yields. As of September 30, 2025, the weighted average spread of total debt investments was 5.6%.

As of September 30, 2025, we had investments in 185 portfolio companies with an aggregate fair value of $12.9 billion. Our current target leverage ratio is 0.90x to 1.25x. As of September 30, 2025, we had net leverage of 0.57x debt-to-equity.

Although deal activity remained muted, our platform continues to find attractive investment opportunities for deployment, predominantly in first lien originations to large borrowers. We continue to focus on investing in upper middle-market enterprise software businesses that we view to be recession resistant given their mission-critical nature and highly contracted cash flows.

Since quarter end, we have seen an uptick in origination activity. Through October 31, 2025, we have deployed nearly $400 million in new deals and have an investment backlog of over $500 million in transactions we expect to fund in this calendar quarter. While deals in our investment backlog are expected to close, such transactions are subject to the approval of the Technology Lending Investment Committee, the acceptance of final terms and structure and the execution and delivery of satisfactory transaction documentation. In addition, certain of these investments may result in the repayment of existing investments. We cannot assure you that we will make any of these investments.

Blue Owl serves as the lead, co-lead or administrative agent on many of our investments and the majority of our investments are supported by sophisticated financial sponsors who provide operational and financial resources. As of September 30, 2025, 80.1% of our portfolio at fair value is comprised of first or second lien loans. These positions have a weighted average annual revenue of

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$950.1 million, weighted average annual EBITDA of $281.6 million, and a weighted average enterprise value of $5.8 billion. 17.5% of our portfolio at fair value is comprised of unsecured debt and equity investments. These positions have a weighted average annual revenue of $1.06 billion and enterprise value of $26.0 billion. These statistics exclude strategic portfolio transactions, which comprise 1.0% of the book at fair value. In addition, Blue Owl’s direct lending strategy continues to invest in, and is often the lead lender or administrative agent on, transactions in excess of $1 billion in size, which gives us the ability to structure the terms of such deals to maximize deal economics and credit protection and provide customized flexible solutions. The average hold size of Blue Owl’s direct lending strategy’s new investments is approximately $350 million (up from approximately $200 million in 2021) and average total new deal size is approximately $1.5 billion (up from approximately $600 million in 2021).

We believe the construction of our current portfolio coupled with our experienced investment team and strong underwriting standards leave us well-positioned for the current economic environment. Many of the companies in which we invest are continuing to see modest growth in both revenues and EBITDA and our ARR loans continue to experience strong credit performance. However, in the event of further geopolitical, economic and financial market instability, in the U.S. and elsewhere, it is possible that the results of some of the middle-market companies similar to those in which we invest could be challenged.

We also believe that our portfolio companies are well positioned to evolve as a result of developments in artificial intelligence (“AI”). We remain focused on scaled companies that offer mission-critical solutions to established customer bases, with strong customer retention rates and high switching costs. We seek to invest in companies that offer a depth of broad, integrated solutions and product offerings across a geographic diversity and we emphasize agile, adaptable technology that enables fast integration of AI and other emerging technologies to maintain a competitive edge.

While we are not seeing a meaningful increase in amendment activity, requests for increased revolver borrowings, missed payments, downward movement in our watch list or other signs of an overall, broad deterioration in our results or those of our portfolio companies at this time, there can be no assurance that the performance of certain of our portfolio companies will not be negatively impacted by economic conditions, which could have a negative impact on our future results. Virtually all of our payment-in-kind (“PIK”) was structured as PIK from inception and not implemented as a result of credit underperformance.

We also continue to leverage the expanding role that private lenders are being asked to play in the broader credit markets to evaluate cross-platform opportunities including strategic equity and accretive joint venture investments that have cash flow and credit profiles that provide consistent income. We continue to invest in Blue Owl Credit SLF LLC (“Credit SLF”) and specialty financing portfolio companies, including Fifth Season Investments LLC (“Fifth Season”), LSI Financing 1 DAC (“LSI Financing DAC”), LSI Financing LLC (“LSI Financing LLC”), AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin AssetCo”), and Blue Owl Cross-Strategy Opportunities LLC (“BOCSO”). We formed Blue Owl Leasing LLC (“Blue Owl Leasing”), a cross-platform joint venture intended to invest in equipment leases and in the future we may invest through other cross-platform investment vehicles. In the future we may invest through additional specialty finance portfolio companies, joint ventures, partnerships or other special purpose vehicles. See “Specialty Financing Portfolio Companies” and “Joint Ventures.” These companies may use our capital to support acquisitions which could lead to increased dividend income across well-diversified underlying portfolios. We also intend to identify ways to participate in growth of various industries as a result of AI. In the future, we may evaluate cross-platform opportunities to invest in data center assets and AI related equipment such as graphic processing units.

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Our investment activity for the following periods is presented below (information presented herein is at par value unless otherwise indicated).

			Three Months Ended September 30,
($ in thousands)			2025						2024
New investment commitments
Gross originations			$	1,027,266					$	630,789
Less: Sell downs			(19,438)						—
Total new investment commitments			$	1,007,828					$	630,789
Principal amount of new investments funded:
First-lien senior secured debt investments			$	677,923					$	571,381
Second-lien senior secured debt investments			2,384						—
Unsecured debt investments			4,694						—
Specialty finance debt investments			4,859						—
Preferred equity investments			5,551						17,237
Common equity investments			17,504						103,202
Specialty finance equity investments			23,488						—
Joint ventures			8,124						2,188
Total principal amount of new investments funded			$	744,527					$	694,008
Drawdowns (Repayments) on revolvers and delayed draw term loans, net			$	66,197
Principal amount of investments sold or repaid:
First-lien senior secured debt investments(1)			$	(800,957)					$	(325,500)
Second-lien senior secured debt investments			—						(17,647)
Unsecured debt investments			—						—
Specialty finance debt investments			—						—
Preferred equity investments			(8,568)						(99,895)
Common equity investments			(4,694)						(35,741)
Specialty finance equity investments			(34,123)						—
Joint ventures			—						—
Total principal amount of investments sold or repaid			$	(848,342)					$	(478,783)
Number of new investment commitments in new portfolio companies(2)			12						16
Average new investment commitment amount			$	60,942					$	60,552
Weighted average term for new debt investment commitments (in years)			6.2						6.0
Percentage of new debt investment commitments at floating rates			98.9		%				99.5		%
Percentage of new debt investment commitments at fixed rates			1.1		%				0.5		%
Weighted average interest rate of new debt investment commitments(3)			8.6		%				9.7		%
Weighted average spread over applicable base rate of new debt investment commitments at floating rates			5.2		%				5.0		%

    

(1)Includes scheduled paydowns.

(2)Number of new investment commitments represents commitments to a particular portfolio company.

(3)Assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 3.98% and 4.59% as of September 30, 2025 and 2024, respectively.

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The table below presents our investments as of the following periods:

			September 30, 2025												December 31, 2024
($ in thousands)			Amortized Cost						Fair Value						Amortized Cost						Fair Value
First-lien senior secured debt investments(1)			$	9,874,507					$	9,885,010					$	4,457,465					$	4,451,797
Second-lien senior secured debt investments			469,499						426,867						292,835						258,538
Specialty finance debt investments			36,754						36,755						5,024						5,041
Unsecured debt investments			459,061						468,887						337,386						336,635
Preferred equity investments			1,097,718						1,096,622						764,816						686,859
Common equity investments			487,660						633,523						450,093						536,136
Specialty finance equity investments			295,624						317,890						124,553						131,513
Joint ventures			18,699						18,492						949						947
Total Investments			$	12,739,522					$	12,884,046					$	6,433,121					$	6,407,466

(1)We consider 58% and 69% of first-lien senior secured debt investments to be unitranche loans as of September 30, 2025 and December 31, 2024, respectively.

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We use GICS for classifying the industry groupings of our portfolio companies. The table below presents the industry composition of investments based on fair value as of the following periods:

			September 30, 2025						December 31, 2024
Aerospace & Defense			2.0		%				2.6		%
Airlines			0.4						—
Application Software			12.2						13.6
Asset based lending and fund finance(1)(6)			—						—
Banks			0.3						1.2
Beverages(1)			—						—
Building Products			0.6						0.9
Buildings & Real Estate			1.3						1.1
Capital Markets			0.8						—
Commercial Services & Supplies			0.5						0.3
Construction & Engineering			0.1						—
Consumer Finance			0.5						0.5
Diversified Consumer Services			3.1						3.9
Diversified Financial Services(2)			9.7						6.7
Diversified Support Services			0.2						—
Entertainment			1.5						1.9
Equity Real Estate Investment Trusts (REITs)			0.9						0.1
Food & Staples Retailing			1.5						0.4
Health Care Equipment & Supplies			1.8						—
Health Care Technology			15.4						16.0
Health Care Providers & Services			3.3						1.0
Hotels, Restaurants & Leisure			0.8						1.9
Household Durables			0.6						1.3
Industrial Conglomerates			0.8						1.4
Insurance(3)			3.8						2.0
Internet & Direct Marketing Retail			2.4						4.4
IT Services			5.1						5.5
Joint Ventures(4)			0.1						—
Life Sciences Tools & Services			2.3						1.4
Media			1.0						0.9
Multiline Retail			0.2						0.2
Pharmaceuticals(5)			1.1						1.0
Professional Services			4.6						5.8
Real Estate Management & Development			0.3						0.6
Road & Rail			0.1						0.2
Systems Software			20.1						23.2
Thrifts & Mortgage Finance(1)			—						—
Wireless Telecommunication Services			0.6						—
Total			100.0		%				100.0		%

(1)As of September 30, 2025 and December 31, 2024, our investment rounds to less than 0.1% of the fair value of the portfolio.

(2)Includes debt and equity investment in Amergin AssetCo.

(3)Includes equity investment in Fifth Season.

(4)Includes equity investment in Credit SLF.

(5)Includes equity investment in LSI Financing DAC and LSI Financing LLC.

(6)Includes equity investment in BOCSO.

We classify the industries of our portfolio companies by end-market (such as health care technology) and not by the product or services (such as software) directed to those end-markets.

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The table below describes investments by geographic composition based on fair value as of the following periods:

			September 30, 2025						December 31, 2024
United States:
Midwest			16.3		%				20.9		%
Northeast			22.7						15.9
South			24.6						19.8
West			26.3						28.7
Australia			0.1						—
Brazil			0.3						0.6
Canada			2.0						3.0
Estonia			0.1						0.2
Guernsey			—						1.2
Ireland(1)			—						1.0
Israel			—						2.3
Netherlands(1)			—						—
Norway			0.6						0.4
Spain			0.4						0.3
Sweden			0.5						0.5
Switzerland			0.1						—
United Kingdom			6.0						5.2
Total			100.0		%				100.0		%

(1)As of September 30, 2025 or December 31, 2024, our investment rounds to less than 0.1% of the fair value of the portfolio.

The table below presents the weighted average yields and interest rates of our investments at fair value as of the following periods:

			September 30, 2025						December 31, 2024
Weighted average total yield of portfolio(1)			9.2		%				9.4		%
Weighted average total yield of debt and income producing securities			10.1		%				10.9		%
Weighted average interest rate of debt securities			9.6		%				10.3		%
Weighted average spread over base rate of all floating rate investments			5.6		%				6.1		%

(1)For non-stated rate income producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending fair value. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annualized.

The weighted average yield of our debt and income producing securities is not the same as a return on investment for our shareholders but, rather, relates to a portion of our investment portfolio and is calculated before the payment of all of our and our subsidiaries’ fees and expenses. The weighted average yield was computed using the effective interest rates as of each respective date, including accretion of original issue discount and loan origination fees, but excluding investments on non-accrual status, if any. There can be no assurance that the weighted average yield will remain at its current level.

Our Adviser monitors our portfolio companies on an ongoing basis. It monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action with respect to each portfolio company. Our Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

•assessment of success of the portfolio company in adhering to its business plan and compliance with covenants;

•periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments;

•comparisons to other companies in the portfolio company’s industry; and

•review of monthly or quarterly financial statements and financial projections for portfolio companies.

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An investment will be placed on the Adviser's credit watch list when select events occur and will only be removed from the watch list with oversight of the Technology Lending Investment Committee and/or other agents of Blue Owl’s credit platform. Once an investment is on the credit watch list, the Adviser works with the borrower to resolve any financial stress through amendments, waivers or other alternatives. If a borrower defaults on its payment obligations, the Adviser's focus shifts to capital recovery. If an investment needs to be restructured, the Adviser’s workout team partners with the investment team and all material amendments, waivers and restructurings require the approval of a majority of the Technology Lending Investment Committee.

As part of the monitoring process, our Adviser employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Adviser rates the credit risk of all investments on a scale of 1 to 5. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors.

The rating system is as follows:

Investment Rating						Description
1						Investments with a rating of 1 involve the least amount of risk to our initial cost basis. The borrower is performing above expectations, and the trends and risk factors for this investment since origination or acquisition are generally favorable;
2						Investments rated 2 involve an acceptable level of risk that is similar to the risk at the time of origination or acquisition. The borrower is generally performing as expected and the risk factors are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a rate of 2;
3						Investments rated 3 involve a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination or acquisition;
4						Investments rated 4 involve a borrower performing materially below expectations and indicates that the loan’s risk has increased materially since origination or acquisition. In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due (but generally not more than 120 days past due); and
5						Investments rated 5 involve a borrower performing substantially below expectations and indicates that the loan’s risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 5 are not anticipated to be repaid in full and we will reduce the fair value of the loan to the amount we anticipate will be recovered.

Our Adviser rates the investments in our portfolio at least quarterly and it is possible that the rating of a portfolio investment may be reduced or increased over time. For investments rated 3, 4 or 5, our Adviser enhances its level of scrutiny over the monitoring of such portfolio company.

The Adviser has built out its portfolio management team to include workout experts who closely monitor our portfolio companies and who, on at least a quarterly basis, assess each portfolio company’s operational and liquidity exposure and outlook to understand and mitigate risks; and, on at least a monthly basis, evaluates existing and newly identified situations where operating results are deviating from expectations. As part of its monitoring process, the Adviser focuses on projected liquidity needs and where warranted, re-underwriting credits and evaluating downside and liquidation scenarios. The Adviser focuses on downside protection by leveraging existing rights available under our credit documents; however, for investments that are significantly underperforming or which may need to be restructured, the Adviser’s workout team partners with the investment team and all material amendments, waivers and restructurings require the approval of a majority of the Technology Lending Investment Committee. As of September 30, 2025, one of our portfolio companies is on non-accrual. Our average annual gain/(loss) ratio is 0.16%.

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The table below presents the composition of our portfolio on the 1 to 5 rating scale as of the following periods:

						September 30, 2025												December 31, 2024
Investment Rating						Investments at Fair Value						Percentage of Total Portfolio						Investments at Fair Value						Percentage of Total Portfolio
($ in thousands)
1						$	1,113,768					8.7		%				$	497,938					7.8		%
2						10,731,439						83.3						5,264,285						82.1
3						1,017,979						7.9						640,302						10.0
4						16,535						0.1						—						—
5						4,325						—						4,941						0.1
Total						$	12,884,046					100.0		%				$	6,407,466					100.0		%

The table below presents the amortized cost of our performing and non-accrual debt investments as of the following periods:

			September 30, 2025												December 31, 2024
($ in thousands)			Amortized Cost						Percentage						Amortized Cost						Percentage
Performing			$	10,819,789					99.8		%				$	5,075,380					99.7		%
Non-accrual			20,032						0.2						17,330						0.3
Total			$	10,839,821					100.0		%				$	5,092,710					100.0		%

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Specialty Financing Portfolio Companies and Joint Ventures

We leverage the expanding role that private lenders are being asked to play in the broader credit markets to evaluate cross-platform opportunities including strategic equity and accretive joint venture investments that have cash flow and credit profiles that provide consistent income.

Specialty Financing Portfolio Companies

Amergin was created to invest in a leasing platform focused on railcar, aviation and other long-lived transportation assets. Amergin acquires existing on-lease portfolios of new and end-of-life railcars and related equipment and selectively purchases off-lease assets and is building a commercial aircraft portfolio through aircraft financing and engine acquisition on a sale and lease back basis. Amergin consists of Amergin AssetCo and Amergin Asset Management LLC, which has entered into a Servicing Agreement with Amergin AssetCo. We made an initial equity commitment to Amergin AssetCo on July 1, 2022. As of September 30, 2025, our commitment to Amergin AssetCo is $63.7 million, of which $27.0 million is equity and $36.7 million is debt. We do not consolidate our equity interest in Amergin AssetCo.

BOCSO was formed to invest in alternative credit assets, including asset-based finance (“ABF”). ABF is a subsector of private credit focused on generating income from pools of financial, physical or other assets. We believe exposure to alternative credit presents an attractive opportunity as alternative credit is a growing subsector of private credit. On September 18, 2025, we made an initial equity contribution to BOCSO. As of September 30, 2025, our investment at fair value in BOCSO was $4.9 million and our total commitment was $4.9 million. As of September 30, 2025, the portfolio consists of one investment with a cost and fair value of $24.6 million and $24.6 million, respectively. As of September 30, 2025, the portfolio industry composition was 100.0% ABF – Commercial Real Estate. We do not consolidate our equity interest in BOCSO.

Fifth Season is a portfolio company created to invest in life insurance based assets, including secondary and tertiary life settlement and other life insurance exposures using detailed analytics, internal life expectancy review and sophisticated portfolio management techniques. On July 18, 2022, we made an initial equity investment in Fifth Season. As of September 30, 2025, our investment in Fifth Season was $174.1 million based on fair value. We do not consolidate our interest in Fifth Season.

LSI Financing DAC is a portfolio company formed to acquire contractual rights to revenue pursuant to earnout agreements generally in the life sciences space. On December 14, 2022, we made an initial equity commitment to LSI Financing DAC. As of September 30, 2025, our investment in LSI Financing DAC was $6.4 million based on fair value and our total commitment was was $6.7 million. We do not consolidate our equity interest in LSI Financing DAC.

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LSI Financing LLC is a separately managed portfolio company formed to indirectly own royalty purchase agreements and loans in the life sciences space. An affiliate of the Adviser provides consulting services to a subsidiary of LSI Financing LLC in exchange for a fee. The Adviser has agreed to waive a portion of the management fee payable by us pursuant to the Investment Advisory Agreement equal to the pro rata amount of such consulting fee. On November 25, 2024, we redeemed a portion of its interest in LSI Financing DAC in exchange for common shares of LSI Financing LLC. As of September 30, 2025, the fair value of our investment in LSI Financing LLC was $106.3 million and our total commitment was $130.2 million. We do not consolidate our equity interest in LSI Financing LLC.

Joint Ventures

On May 6, 2024, Credit SLF, a Delaware limited liability company, was formed as a joint venture between us, Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Credit Income Corp., Blue Owl Technology Income Corp., and State Teachers Retirement System of Ohio (“OSTRS”) (each, a “Credit SLF Member” and collectively, the “Credit SLF Members”). The Credit SLF Members co-manage Credit SLF. Credit SLF’s principal purpose is to make investments in senior secured loans to middle-market companies, broadly syndicated loans and senior and subordinated notes issued by collateralized loan obligations. Credit SLF is managed by a board consisting of an equal number of representatives appointed by each Credit SLF Member and which acts unanimously. Investment decisions must be approved by Credit SLF’s board. Our investment in Credit SLF is a co-investment made with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC. We do not consolidate our non-controlling interest in Credit SLF.

Refer to Exhibit 99.1 for the Credit SLF's Supplemental Financial Information.

On June 30, 2025, Blue Owl Leasing was formed as a joint venture. We co-manage Blue Owl Leasing with Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Credit Income Corp., Blue Owl Technology Income Corp., a Blue Owl managed alternative credit fund (Blue Owl Alternative Credit Fund), and California State Teachers Retirement System (each a “Blue Owl Leasing Member” and collectively, the “Blue Owl Leasing Members”). Blue Owl Leasing’s principal purpose is to make investments in financing leases. Blue Owl Leasing is managed by the Blue Owl Leasing Members and investment decisions must be unanimous. Our investment in Blue Owl Leasing is a co-investment made with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC. We do not consolidate our non-controlling interest in Blue Owl Leasing. As of September 30, 2025, Blue Owl Leasing had not made any investments.

On September 30, 2025, BOC Lease I LLC and BOC Lease II LLC, wholly-owned subsidiaries of Blue Owl Leasing, entered into a credit facility with Truist Bank and Deutsche Bank AG, New York Branch. Truist Bank serves as a co-structuring agent and the administrative agent, and Deutsche Bank AG, New York Branch serves as a co-structuring agent. The credit facility includes a maximum borrowing capacity of $300.0 million.

Results of Operations

The table below represents the operating results for the following periods:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
($ in thousands)			2025						2024						2025						2024
Total Investment Income			$	322,590					$	170,908					$	824,874					$	517,339
Less: Expenses			189,592						75,804						430,675						222,065
Net Investment Income (Loss) Before Taxes			$	132,998					$	95,104					$	394,199					$	295,274
Less: Income taxes, including excise taxes			2,433						2,846						5,931						8,583
Net Investment Income (Loss) After Taxes			$	130,565					$	92,258					$	388,268					$	286,691
Net change in unrealized gain (loss)			103,360						109,688						160,951						38,547
Net realized gain (loss)			1,010						(82,408)						(34,665)						(106,711)
Net Increase (Decrease) in Net Assets Resulting from Operations			$	234,935					$	119,538					$	514,554					$	218,527

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including the level of investment originations and exits activity, expenses, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. For the three and nine months ended September 30, 2025, our net asset value per share increased, primarily driven by unrealized appreciation in our portfolio. For the three months ended September 30, 2024, our net asset value per share increased, primarily driven by unrealized appreciation in our portfolio. For the nine months ended September 30, 2024, our net asset value per share decreased, primarily driven by realized losses in our portfolio.

On March 24, 2025, we completed the transactions contemplated by the Merger Agreement and OTF II was merged with and into us. The Mergers were accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations — Related Issues. The consideration paid to OTF II’s shareholders was more than the aggregate fair values of the assets acquired and liabilities

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assumed, which resulted in a purchase premium (the “purchase premium”). The purchase premium was allocated to the cost of OTF II investments acquired by us on a pro-rata basis based on their relative fair values as of the closing date. Immediately following the Mergers, the investments were marked to their respective fair values and, as a result, the purchase premium allocated to the cost basis of the investments acquired was immediately recognized as unrealized depreciation on our Consolidated Statement of Operations. The purchase premium allocated to the loan investments acquired will amortize over the life of each respective loan through interest expense with a corresponding adjustment recorded as unrealized appreciation on such loans acquired through their ultimate disposition. The purchase premium allocated to equity investments acquired will not amortize over the life of such investments through interest expense and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, we will recognize a realized loss with a corresponding reversal of the unrealized depreciation on disposition of such equity investments acquired.

Investment Income

The table below presents the investment income for the following periods:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
($ in thousands)			2025						2024						2025						2024
Interest income			$	268,269					$	131,736					$	678,858					$	391,973
Payment-in-kind interest income			24,983						25,469						65,043						84,538
Dividend income			5,995						2,373						18,746						6,090
Payment-in-kind dividend income			19,412						10,378						49,469						29,630
Other income			3,931						952						12,758						5,108
Total investment income			$	322,590					$	170,908					$	824,874					$	517,339

We generate revenues primarily in the form of interest income from the investments we hold. In addition, we may generate income from dividends on either direct equity investments or equity interests obtained in connection with originating loans, such as options, warrants or conversion rights.

Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024

Investment income increased to $322.6 million for the three months ended September 30, 2025 from $170.9 million for the same period in prior year primarily due to an increase in interest income as a result of an increase in our debt portfolio following the Mergers, which at par increased from $5.2 billion as of September 30, 2024 to $10.9 billion as of September 30, 2025, partially offset by a decrease in the weighted average yield of our portfolio from 10.0% to 9.2% period over period.. Included in interest income are other fees such as prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns which are non-recurring in nature. Fees received from unscheduled paydowns increased to $8.4 million for the three months ended September 30, 2025 from $3.6 million for the same period in prior year due to an increase in repayment activity for the period. Included in investment income is dividend income, which increased to $6.0 million from $2.4 million in the prior period, primarily due to an increase in investments which paid dividends following the Mergers. Payment-in-kind (“PIK”) interest income as a percentage of total investment income decreased to 7.7% for the three months ended September 30, 2025 from 14.9% for the three months ended September 30, 2024 primarily driven by a decrease in PIK interest earning investments in our portfolio following the Mergers. PIK dividend income as a percentage of total investment income decreased to 6.0% for the three months ended September 30, 2025 from 6.1% for the three months ended September 30, 2024. Other income increased period-over-period due to an increase in incremental fee income, which are fees that are generally available to us as a result of closing investments and generally paid at the time of closing. We expect that investment income will vary based on a variety of factors including the pace of our originations and repayments.

Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024

Investment income increased to $824.9 million for the nine months ended September 30, 2025, from $517.3 million for the same period in prior year primarily due to an increase in interest income as a result of an increase in our debt portfolio following the Mergers, which at par increased from $5.2 billion as of September 30, 2024 to $10.9 billion as of September 30, 2025. Included in interest income are other fees such as prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns which are non-recurring in nature. Fees received from unscheduled paydowns increased to $25.9 million for the nine months ended September 30, 2025 from $13.1 million for the same period in prior year due to an increase in repayment activity for the period. Dividend income increased to $18.7 million from $6.1 million in the prior period, primarily due to an increase in investments which paid dividends following the Mergers. PIK interest income as a percentage of total investment income decreased to 7.9% for the nine months ended September 30, 2025 from 16.3% for the nine months ended September 30, 2024 primarily driven by a decrease in PIK interest earning investments in our portfolio. PIK dividend income as a percentage of total investment income increased to 6.0% for the nine months ended September 30, 2025 from 5.7% for the nine months ended September 30, 2024. Other income increased period-over-period due to an increase in incremental fee income, which are fees that are generally available to us as a result of closing

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investments and normally paid at the time of closing. We expect that investment income will vary based on a variety of factors including the pace of our originations and repayments.

Expenses

The table below presents our expenses for the following periods:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
($ in thousands)			2025						2024						2025						2024
Interest expense			$	85,427					$	48,278					$	224,440					$	145,984
Management fees, net(1)			47,970						14,071						96,386						42,018
Incentive fees			49,737						10,251						87,230						24,341
Professional fees			2,938						1,670						9,147						4,986
Listing advisory fees (net of Adviser reimbursement)			—						—						4,821						—
Directors' fees			259						259						832						775
Other general and administrative			3,261						1,275						7,819						3,961
Total expenses			$	189,592					$	75,804					$	430,675					$	222,065

(1)Refer to Note 3 “Agreements and Related Party Transactions” for additional details on management fee waiver.

Under the terms of the Administration Agreement, we reimburse the Adviser for services performed for us. In addition, pursuant to the terms of the Administration Agreement, the Adviser may delegate its obligations under the Administration Agreement to an affiliate or to a third party and we reimburse the Adviser for any services performed for us by such affiliate or third party.

Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024

Total expenses increased to $189.6 million for the three months ended September 30, 2025, from $75.8 million for the same period in the prior year primarily due to an increase in interest expense, management fees and incentive fees driven by an increase in the size of our portfolio. The increase in interest expense was driven by an increase in average daily borrowings to $5.0 billion from $2.9 billion primarily due to the assumption of OTF II’s debt facilities, and an increase in the average interest rate to 6.4% from 6.2%, period over period. As a percentage of total assets, offering expenses, professional fees, directors’ fees and other general and administrative expenses remained relatively consistent period over period.

Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024

Total expenses increased to $430.7 million for the nine months ended September 30, 2025, from $222.1 million for the same period in the prior year primarily due to an increase in interest expense, management fees, and incentive fees driven by an increase in the size of our portfolio. The increase in interest expense was driven by an increase in average daily borrowings to $4.5 billion from $3.0 billion primarily due to the assumption of OTF II’s debt facilities, offset by a decrease in the average interest rate to 6.1% from 6.2%, period over period. As a percentage of total assets, offering expenses, professional fees, directors’ fees and other general and administrative expenses remained relatively consistent.

Income Taxes, Including Excise Taxes

We have elected to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, we must, among other things, distribute to our shareholders in each taxable year generally at least 90% of our investment company taxable income, as defined by the Code, and net tax-exempt income for that taxable year. In addition, a RIC may, in certain cases, satisfy this distribution requirement by

distributing dividends relating to a taxable year after the close of such taxable year under the “spillover dividend” provisions of

Subchapter M. As of September 30, 2025 we have generated undistributed taxable earnings “spillover” of $0.46 per share. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our shareholders, which generally relieves us from U.S. federal income taxes at corporate tax rates.

Depending on the level of taxable income earned in a tax year, we can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, we will accrue excise tax on estimated excess taxable income.

For the three months ended September 30, 2025 and 2024, we recorded U.S. federal and state corporate-level income tax expense/(benefit) of $2.4 million and $2.8 million, including U.S. federal excise tax expense of $2.4 million and $2.8 million, respectively. For the nine months ended September 30, 2025 and 2024, we recorded U.S. federal and state corporate-level income tax

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expense/(benefit) of $5.9 million and $8.6 million, including U.S. federal excise tax expense of $5.9 million and $8.6 million, respectively.

Taxable Subsidiaries

Certain of our consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the three months ended September 30, 2025, we did not record a U.S. federal and state income tax expense/(benefit), for taxable subsidiaries. For the nine months ended September 30, 2025, we recorded U.S. federal and state income tax expense/(benefit) of $(18) thousand, for taxable subsidiaries. For the three and nine months ended September 30, 2024, we recorded U.S. federal and state income tax expense/(benefit) of $(1) thousand and $(4) thousand, respectively.

We recorded a net deferred tax liability of $973 thousand as of September 30, 2025, for taxable subsidiaries, which is significantly related to GAAP to tax outside basis differences in the taxable subsidiaries’ investment in certain partnership interests. We recorded a net deferred tax liability of $36 thousand for taxable subsidiaries as of December 31, 2024.

Net Change in Unrealized Gains (Losses)

We fair value our portfolio investments quarterly and any changes in fair value are recorded as unrealized gains or losses. During the following periods, net unrealized gains (losses) were:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
($ in thousands)			2025						2024						2025						2024
Net change in unrealized gain (loss) on investments			$	100,674					$	108,766					$	133,140					$	37,754
Net change in unrealized gain (loss) on translation of assets and liabilities in foreign currencies			2,686						922						28,654						793
Income tax (provision) benefit			—						—						(843)						—
Net change in unrealized gain (loss)			$	103,360					$	109,688					$	160,951					$	38,547

Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024

For the three months ended September 30, 2025, the net unrealized gain was primarily driven by an increase in the fair value of certain of our equity investments, partially offset by a decrease in the fair value of certain of our debt and equity investments. As of September 30, 2025, the fair value of our debt investments as a percentage of principal was 99.2%, as compared to 99.2% as of June 30, 2025.

107

The ten largest contributors to the change in net unrealized gain (loss) on investments during the three months ended September 30, 2025 consisted of the following:

For the Three Months Ended September 30, 2025
Portfolio Company			Net Change in Unrealized Gain (Loss)
($ in millions)
Securiti, Inc.			$	51.7
Revolut Ribbit Holdings, LLC			38.5
Space Exploration Technologies Corp.			13.5
Pluralsight, LLC			(9.9)
Peraton Corp.			(8.8)
SalesLoft, Inc.			(7.8)
Exabeam, Inc.			(7.2)
Signifyd Inc.			4.4
BCTO WIW Holdings, Inc. (dba When I Work)			4.1
Elliott Alto Co-Investor Aggregator L.P.			3.7
Remaining portfolio companies			18.5
Total			$	100.7

For the three months ended September 30, 2024, the net unrealized gain was primarily driven by an increase in the fair value of our investments as compared to June 30, 2024 and a reversal of a prior period unrealized loss that was realized during the period in connection with the restructuring of a debt investment. As of September 30, 2024, the fair value of our debt investments as a percentage of principal was 99.2%, as compared to 99.2% as of June 30, 2024. The primary drivers of our portfolio’s unrealized gains were increases in the fair value of certain equity investments as compared to June 30, 2024 and reversals of prior period unrealized gains that were realized during the period.

For the Three Months Ended September 30, 2024
Portfolio Company			Net Change in Unrealized Gain (Loss)
($ in millions)
Pluralsight, LLC			$	89.0
Revolut Ribbit Holdings, LLC			37.9
Toast, Inc.			(36.1)
Klaviyo, Inc.			12.6
Signifyd Inc.			9.3
Split Software, Inc.			9.0
Peraton Corp.			(5.6)
Walker Edison Furniture Company LLC			(4.6)
Arctic Wolf Networks, Inc.			3.5
Bayshore Intermediate #2, L.P. (dba Boomi)			2.4
Remaining portfolio companies			(8.6)
Total			$	108.8

Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024

For the nine months ended September 30, 2025, the net unrealized gain was primarily driven by an increase in the fair value of certain of our debt and equity investments coupled with reversals of prior period unrealized losses that were realized during the period related to exited investments, partially offset by decreases in the fair value of certain of our debt and equity investments. As of September 30, 2025, the fair value of our debt investments as a percentage of principal was 99.2%, as compared to 99.0% as of December 31, 2024.

108

The ten largest contributors to the change in net unrealized gain (loss) on investments during the period consisted of the following:

For the Nine Months Ended September 30, 2025
Portfolio Company			Net Change in Unrealized Gain (Loss)
($ in thousands)
Securiti, Inc.			$	55.2
Revolut Ribbit Holdings, LLC			53.2
Space Exploration Technologies Corp.			18.3
Peraton Corp.			(18.3)
SalesLoft, Inc.			(17.7)
Signifyd Inc.			14.4
E2Open Parent Holdings, Inc.			13.1
Pluralsight, LLC			(11.0)
Cornerstone OnDemand, Inc.			10.6
Ivanti Software, Inc.			9.1
Remaining portfolio companies			6.2
Total			$	133.1

For the nine months ended September 30, 2024, the net unrealized gain was primarily driven by an increase in the fair value of certain of our debt and equity investments coupled with credit spreads tightening across the broader market, partially offset by increases in the fair value of certain of our debt and equity investments. As of September 30, 2024, the fair value of our debt investments as a percentage of principal was 99.2%, as compared to 99.0% as of December 31, 2023.

The ten largest contributors to the change in net unrealized gain (loss) on investments during the period consisted of the following:

For the Nine Months Ended September 30, 2024
Portfolio Company			Net Change in Unrealized Gain (Loss)
($ in thousands)
Revolut Ribbit Holdings, LLC			$	39.9
Robinhood Markets, Inc.			33.6
Circle Internet Services, Inc.			(11.7)
Klaviyo, Inc.			10.9
Space Exploration Technologies Corp.			10.1
Toast, Inc.			(9.7)
Walker Edison Furniture Company LLC			(9.0)
Algolia, Inc.			(7.6)
Split Software, Inc.			7.5
Exabeam, Inc.			(6.5)
Remaining portfolio companies			(19.7)
Total			$	37.8

Net Realized Gains (Losses)

The realized gains and losses on fully exited portfolio companies, partially exited portfolio companies and foreign currency transactions during the following periods were:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
($ in thousands)			2025						2024						2025						2024
Net realized gain (loss) on investments			$	(2,153)					$	(82,848)					$	(12,412)					$	(105,320)
Net realized gain (loss) on foreign currency transactions			3,163						440						(22,253)						(1,391)
Net realized gain (loss)			$	1,010					$	(82,408)					$	(34,665)					$	(106,711)

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Financial Condition, Liquidity and Capital Resources

Our liquidity and capital resources are generated primarily from cash flows from interest, dividends and fees earned from our investments and principal repayments, our credit facilities, and other secured and unsecured debt. The primary uses of our cash are (i) investments in portfolio companies and other investments and to comply with certain portfolio diversification requirements, (ii) the cost of operations (including paying or reimbursing our Adviser) and (iii) cash distributions to the holders of our shares.

We may from time to time enter into additional credit facilities, increase the size of our existing credit facilities, enter into additional debt securitization transactions or issue additional debt securities. Additional financings could include SPV drop down facilities and unsecured notes. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of September 30, 2025 and December 31, 2024, our asset coverage was 258% and 220%, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation to cover any outstanding unfunded commitments we are required to fund. Our current target ratio is 0.90x-1.25x. For the nine months ended September 30, 2025, our weighted average cost of debt was 6.6%. In addition, from time to time, we may seek to retire, repurchase, or exchange debt securities in open market purchases or by other means, including privately negotiated transactions, in each case dependent on market conditions, liquidity, contractual obligations, and other matters. The amounts involved in any such transactions, individually or in the aggregate, may be material.

As of September 30, 2025, cash, taken together with our available debt capacity of $3.14 billion is expected to be sufficient for our investing activities and to conduct our operations in the near term. Our long-term cash needs will include principal payments on outstanding indebtedness and funding of additional portfolio investments. Funding for long-term cash needs will come from unused net proceeds from financing activities and our capital commitments. We believe that our liquidity and sources of capital are adequate to satisfy our short and long-term cash requirements. We cannot, however, be certain that these sources of funds will be available at a time and upon terms acceptable to us in sufficient amounts in the future.

As of September 30, 2025, we had $0.4 billion in cash and restricted cash. During the nine months ended September 30, 2025, $0.29 billion in cash was provided by operating activities, primarily as a result of funding portfolio investments of $1.91 billion offset by sell downs and repayments of $1.33 billion and other operating activity of $0.87 billion. Lastly, cash used in financing activities was $0.15 billion during the period, primarily from net repayments on debt and distributions paid.

Equity

We have the authority to issue 1,000,000,000 common shares at $0.01 per share par value.

On June 12, 2025, our common stock was listed and began trading on the New York Stock Exchange (“NYSE”) under the symbol “OTF” (the “Exchange Listing”).

In connection with the Exchange Listing, the Board has determined to eliminate any outstanding fractional shares of our common stock (the “Fractional Shares”), as permitted by the Maryland General Corporation Law by rounding up the number of Fractional Shares held by each shareholder to the nearest whole share.

Our amended and restated articles of incorporation (the “Charter”) provides for three separate restricted periods during which shares of our common stock may not be transferred as follows:

•One period is 180 days after the Exchange Listing and applies to all of the shares of our common stock outstanding prior to the Listing (the “First Lock-Up Period”);

•One period is 270 days after the Exchange Listing and applies to two-thirds of the shares of our common stock outstanding prior to the Listing (the “Second Lock-Up Period”); and

•One period is 365 days after the Exchange Listing and applies to one-third of the shares of our common stock outstanding prior to the Listing (the “Third Lock-Up Period”).

In connection with the Exchange Listing, the Board waived the transfer restrictions with respect to 23,256,814 shares of our common stock and a pro rata portion of each shareholder’s shares of our common stock were released from each of the First, Second and Third Lock-Up Periods. Effective as of September 9, 2025, the Board waived the transfer restrictions with respect to 46,513,271 shares of our common stock and a pro rata portion of each shareholder’s shares of our common stock were released from the First Lock-Up Period. Generally, all of the Company’s common stock that has been outstanding for more than six months are eligible for public sale pursuant to Rule 144 under the Securities Act; however, certain affiliates will have to comply with the additional requirements relating to the manner of sale, volume limitation and notice provisions in order to rely on Rule 144.

110

Distributions

The table below reflects the distributions declared on shares of our common stock during the following periods:

For the Nine Months Ended September 30, 2025

Date Declared

Record Date

Payment Date

Distribution per Share

August 5, 2025

September 30, 2025

October 15, 2025

$

0.35

June 2, 2025 (supplemental dividend)

September 21, 2026

October 6, 2026

$

0.05

June 2, 2025 (supplemental dividend)

June 22, 2026

July 7, 2026

$

0.05

June 2, 2025 (supplemental dividend)

March 23, 2026

April 7, 2026

$

0.05

June 2, 2025 (supplemental dividend)

December 23, 2025

January 7, 2026

$

0.05

June 2, 2025 (supplemental dividend)

September 22, 2025

October 7, 2025

$

0.05

June 2, 2025

June 30, 2025

July 15, 2025

$

0.35

March 14, 2025

March 17, 2025

March 18, 2025

$

0.34

For the Nine Months Ended September 30, 2024

Date Declared

Record Date

Payment Date

Distribution per Share

August 6, 2024

September 30, 2024

November 15, 2024

$

0.36

May 7, 2024

June 28, 2024

August 15, 2024

$

0.40

February 21, 2024(1)

March 29, 2024

May 15, 2024

$

0.37

(1)Expected to be paid or was partially paid from sources other than ordinary income, including long-term capital gains.

Dividend Reinvestment

With respect to distributions, we adopted an “opt out” dividend reinvestment plan for common shareholders. As a result, in the event of a declared distribution, each shareholder that has not “opted out” of the dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional shares of our common stock rather than receiving cash distributions.

Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

The table below reflects the common stock issued pursuant to the dividend reinvestment plan during the following periods:

For the Nine Months Ended September 30, 2025

Date Declared

Record Date

Payment Date

Shares

June 2, 2025

June 30, 2025

July 15, 2025

1,952,428

March 14, 2025

March 17, 2025

March 18, 2025

1,131,018

October 1, 2024

December 31, 2024

January 31, 2025

1,098,294

For the Nine Months Ended September 30, 2024

Date Declared

Record Date

Payment Date

Shares

May 7, 2024

June 28, 2024

August 15, 2024

1,323,864

February 21, 2024

March 29, 2024

May 15, 2024

1,190,189

November 7, 2023

December 29, 2023

January 31, 2024

1,212,560

2025 Stock Repurchase Program

On May 27, 2025, the Board approved the 2025 Stock Repurchase Program (the “2025 Stock Repurchase Program”) under which we may repurchase up to $200 million of its outstanding common stock. Under the 2025 Stock Repurchase Program, purchases may be made at management's discretion from time to time in open-market transactions, in accordance with applicable securities laws and regulations. Unless extended by the Board, the 2025 Stock Repurchase Program will terminate 18-months from the date of the Exchange Listing. As of September 30, 2025, 614,291 shares of our common stock have been repurchased pursuant to the 2025 Stock Repurchase Program for approximately $8.9 million since the 2025 Stock Repurchase Program’s inception.

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Debt

Aggregate Borrowings

The tables below present debt obligations as of the following periods:

			September 30, 2025
($ in thousands)			Aggregate Principal Committed						Outstanding Principal						Amount Available(1)						Unamortized Debt Issuance Costs (Premium)						Net Carrying Value
Revolving Credit Facility(2)			$	2,675,000					$	100,009					$	2,574,991					$	25,234					$	74,775
SPV Asset Facility I			700,000						650,000						43,589						8,643						641,357
SPV Asset Facility II			400,000						325,000						75,000						4,027						320,973
SPV Asset Facility III			925,000						462,500						146,236						9,100						453,400
SPV Asset Facility IV			300,000						—						299,259						2,898						(2,898)
CLO 2020-1			204,000						204,000						—						3,745						200,255
Athena CLO II			288,000						288,000						—						2,110						285,890
Athena CLO IV			240,000						240,000						—						2,396						237,604
December 2025 Notes			650,000						650,000						—						(310)						650,310
June 2026 Notes			375,000						375,000						—						1,098						373,902
January 2027 Notes			300,000						300,000						—						2,005						297,995
March 2028 Notes(3)			650,000						650,000						—						8,681						654,730
September 2028 Notes			75,000						75,000						—						541						74,459
April 2029 Notes(3)			700,000						700,000						—						12,404						703,967
Total Debt			$	8,482,000					$	5,019,509					$	3,139,075					$	82,572					$	4,966,719

(1)The amount available reflects any limitations related to each credit facility’s borrowing base.

(2)Includes the unrealized translation gain (loss) on borrowings denominated in foreign currencies.

(3)Net carrying value is inclusive of change in fair market value of effective hedge.

			December 31, 2024
($ in thousands)			Aggregate Principal Committed						Outstanding Principal						Amount Available(1)						Unamortized Debt Issuance Costs (Premium)						Net Carrying Value
Revolving Credit Facility			$	1,065,000					$	313,004					$	751,996					$	14,675					$	298,329
SPV Asset Facility I			700,000						600,000						100,000						9,552						590,448
SPV Asset Facility II			400,000						300,000						100,000						4,753						295,247
June 2025 Notes			210,000						210,000						—						623						209,377
December 2025 Notes			650,000						650,000						—						(1,495)						651,495
June 2026 Notes			375,000						375,000						—						2,227						372,773
January 2027 Notes			300,000						300,000						—						3,145						296,855
CLO 2020-1			204,000						204,000						—						4,015						199,985
Total Debt			$	3,904,000					$	2,952,004					$	951,996					$	37,495					$	2,914,509

(1)The amount available reflects any limitations related to each credit facility’s borrowing base.

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The table below presents the components of interest expense for the following periods:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
($ in thousands)			2025						2024						2025						2024
Interest expense			$	79,922					$	46,170					$	207,056					$	139,456
Amortization of debt issuance costs, net			5,406						2,108						16,464						6,528
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items(1)			99						—						920						—
Total Interest Expense			$	85,427					$	48,278					$	224,440					$	145,984
Average interest rate			6.4		%				6.2		%				6.1		%				6.2		%
Average daily borrowings			$	4,998,522					$	2,931,667					$	4,520,054					$	2,956,886

(1)Refer to “ITEM 1. – FINANCIAL STATEMENTS – Notes to Consolidated Financial Statements – Note 5. Debt – March 2028 Notes and April 2029 Notes” for details on the facility’s interest rate swap.

Senior Securities

The table below presents information about our senior securities as of the following periods:

Class and Period						Total Amount Outstanding Exclusive of Treasury Securities(1) ($ in millions)						Asset Coverage per Unit(2)						Involuntary Liquidating Preference per Unit(3)						Average Market Value per Unit(4)
Revolving Credit Facility
September 30, 2025 (Unaudited)						$	100.0					$	2,577.4					—						N/A
December 31, 2024						$	313.0					$	2,200.6					—						N/A
December 31, 2023						$	343.4					$	2,165.0					—						N/A
December 31, 2022						$	705.9					$	2,057.3					—						N/A
December 31, 2021						$	650.8					$	2,309.9					—						N/A
December 31, 2020						$	68.3					$	1,905.6					—						N/A
December 31, 2019						$	185.0					$	1,934.6					—						N/A
Subscription Credit Facility(5)
December 31, 2021						$	—					$	2,309.9					—						N/A
December 31, 2020						$	105.8					$	1,905.6					—						N/A
December 31, 2019						$	645.7					$	1,934.6					—						N/A
December 31, 2018						$	300.0					$	1,954.6					—						N/A
SPV Asset Facility I
September 30, 2025 (Unaudited)						$	650.0					$	2,577.4					—						N/A
December 31, 2024						$	600.0					$	2,200.6					—						N/A
December 31, 2023						$	600.0					$	2,165.0					—						N/A
December 31, 2022						$	450.0					$	2,057.3					—						N/A
December 31, 2021						$	290.0					$	2,309.9					—						N/A
December 31, 2020						$	290.0					$	1,905.6					—						N/A
SPV Asset Facility II
September 30, 2025 (Unaudited)						$	325.0					$	2,577.4					—						N/A
December 31, 2024						$	300.0					$	2,200.6					—						N/A
December 31, 2023						$	300.0					$	2,165.0					—						N/A
December 31, 2022						$	300.0					$	2,057.3					—						N/A
December 31, 2021						$	—					$	2,309.9					—						N/A
SPV Asset Facility III
September 30, 2025 (Unaudited)						$	462.5					$	2,577.4					—						N/A
SPV Asset Facility IV
September 30, 2025 (Unaudited)						$	—					$	2,577.4					—						N/A
CLO 2020-1
September 30, 2025 (Unaudited)						$	204.0					$	2,577.4					—						N/A

113

Class and Period						Total Amount Outstanding Exclusive of Treasury Securities(1) ($ in millions)						Asset Coverage per Unit(2)						Involuntary Liquidating Preference per Unit(3)						Average Market Value per Unit(4)
December 31, 2024						$	204.0					$	2,200.6					—						N/A
December 31, 2023						$	204.0					$	2,165.0					—						N/A
December 31, 2022						$	200.0					$	2,057.3					—						N/A
December 31, 2021						$	200.0					$	2,309.9					—						N/A
December 31, 2020						$	200.0					$	1,905.6					—						N/A
Athena CLO II
September 30, 2025 (Unaudited)						$	288.0					$	2,577.4					—						N/A
Athena CLO IV
September 30, 2025 (Unaudited)						$	240.0					$	2,577.4					—						N/A
June 2025 Notes(6)
September 30, 2025 (Unaudited)						$	—					$	2,577.4					—						N/A
December 31, 2024						$	210.0					$	2,200.6					—						N/A
December 31, 2023						$	210.0					$	2,165.0					—						N/A
December 31, 2022						$	210.0					$	2,057.3					—						N/A
December 31, 2021						$	210.0					$	2,309.9					—						N/A
December 31, 2020						$	210.0					$	1,905.6					—						N/A
December 2025 Notes
September 30, 2025 (Unaudited)						$	650.0					$	2,577.4					—						N/A
December 31, 2024						$	650.0					$	2,200.6					—						N/A
December 31, 2023						$	650.0					$	2,165.0					—						N/A
December 31, 2022						$	650.0					$	2,057.3					—						N/A
December 31, 2021						$	650.0					$	2,309.9					—						N/A
December 31, 2020						$	400.0					$	1,905.6					—						N/A
June 2026 Notes
September 30, 2025 (Unaudited)						$	375.0					$	2,577.4					—						N/A
December 31, 2024						$	375.0					$	2,200.6					—						N/A
December 31, 2023						$	375.0					$	2,165.0					—						N/A
December 31, 2022						$	375.0					$	2,057.3					—						N/A
December 31, 2021						$	375.0					$	2,309.9					—						N/A
December 31, 2020						$	375.0					$	1,905.6					—						N/A
January 2027 Notes
September 30, 2025 (Unaudited)						$	300.0					$	2,577.4					—						N/A
December 31, 2024						$	300.0					$	2,200.6					—						N/A
December 31, 2023						$	300.0					$	2,165.0					—						N/A
December 31, 2022						$	300.0					$	2,057.3					—						N/A
December 31, 2021						$	300.0					$	2,309.9					—						N/A
March 2028 Notes
September 30, 2025 (Unaudited)						$	650.0					$	2,577.4					—						N/A
September 2028 Notes
September 30, 2025 (Unaudited)						$	75.0					$	2,577.4					—						N/A
April 2029 Notes
September 30, 2025 (Unaudited)						$	700.0					$	2,577.4					—						N/A

(1)Total amount of each class of senior securities outstanding at the end of the period presented.

(2)Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

114

(3)The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “—” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

(4)Not applicable because the senior securities are not registered for public trading.

(5)Facility was terminated in 2021.

(6)On May 30, 2025, we redeemed in full all $210,000,000 in aggregate principal amount of the 2025 Notes at 100% of their principal amount, plus the accrued interest thereon through, but excluding, May 30, 2025.

Credit Facilities

Revolving Credit Facility

On November 15, 2022, we entered into an Amended and Restated Senior Secured Revolving Credit Agreement (as amended from time to time, the “Revolving Credit Facility”), which amended and restated in its entirety that certain Senior Secured Revolving Credit Agreement, dated as of March 15, 2019 (as amended, restated, supplemented or otherwise modified prior to November 15, 2022). The parties to the Revolving Credit Facility include us, as Borrower, the lenders from time to time parties thereto (each a “Lender” and collectively, the “Lenders”), Truist Bank as Administrative Agent, Truist Securities, Inc., ING Capital LLC, MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation and JPMorgan Chase Bank, N.A., as Joint Lead Arrangers and Truist Securities, Inc. and ING Capital LLC, as Joint Bookrunners. On December 20, 2024 (the "Revolving Credit Facility Third Amendment Date), the parties to the Revolving Credit Facility entered into an amendment to, among other things, extend the availability period and maturity date and make various other changes. The following describes the terms of the Revolving Credit Facility as modified through August 29, 2025.

The Revolving Credit Facility is guaranteed by certain of our subsidiaries in existence on the Revolving Credit Facility Third Amendment Date, and will be guaranteed by certain subsidiaries of ours that are formed or acquired by us in the future (each a “Guarantor” and collectively, the “Guarantors”). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including the funding of portfolio investments.

The Revolving Credit Facility provides for, on an aggregated basis, a total of outstanding term loans and revolving credit facility commitments in the principal amount of $2.68 billion, which is comprised of (a) a term loan in a principal amount of $100.0 million and (b) subject to availability under the borrowing base, which is based on our portfolio investments and other outstanding indebtedness, a revolving credit facility in a principal amount of up to $2.58 billion (increased from $2.47 billion to $2.57 billion on August 29, 2025). The amount available for borrowing under the revolving credit facility commitments of the Revolving Credit Facility is reduced by any standby letters of credit issued through the Revolving Credit Facility. Maximum capacity under the Revolving Credit Facility may be increased to $3.83 billion through our exercise of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Revolving Credit Facility includes a swingline loan limit of $400.0 million, and is secured by a perfected first-priority interest in substantially all of the portfolio investments held by us and each Guarantor, subject to certain exceptions.

The availability period under the Revolving Credit Facility will terminate on December 20, 2028 (the “Revolving Credit Facility Commitment Termination Date”) and the Revolving Credit Facility will mature on December 20, 2029 (the “Revolving Credit Facility Maturity Date”). During the period from the Revolving Credit Facility Commitment Termination Date to the Revolving Credit Facility Maturity Date, we will be obligated to make mandatory prepayments under the Revolving Credit Facility out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.

We may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Revolving Credit Facility with respect to the commitments in U.S. dollars bear interest at either (i) term SOFR plus any applicable credit adjustment spread plus margin of either 1.875% per annum or, if the gross borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, 1.75% per annum, or (ii) the alternative base rate plus a margin of either 0.875% per annum or, if the gross borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, 0.75% per annum. With respect to loans denominated in U.S. dollars, we may elect either term SOFR or the alternative base rate at the time of drawdown, and such loans may be converted from one rate to another at any time at our option, subject to certain conditions. Amounts drawn under the Revolving Credit Facility with respect to the commitments in other permitted currencies will bear interest at the relevant rate specified therein (including any applicable credit adjustment spread plus margin of either 1.875% per annum or, if the gross borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, 1.75% per annum. Beginning on and after the Revolving Credit Facility Third Amendment Date, we also pay a fee of 0.350% on daily undrawn amounts under the Revolving Credit Facility.

The Revolving Credit Facility includes customary covenants, including certain limitations on the incurrence by us of additional indebtedness and on our ability to make distributions to its shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events and certain financial covenants related to asset coverage and liquidity and other maintenance covenants, as well as customary events of default. The Revolving Credit Facility requires a minimum asset coverage ratio with respect to the consolidated assets of ours and our subsidiaries to senior securities that constitute indebtedness of no less than 1.50 to 1.00 at any time.

SPV Asset Facilities

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Certain of our wholly owned subsidiaries are parties to credit facilities (the “SPV Asset Facilities”). Pursuant to the SPV Asset Facilities, we sell and contribute certain investments to these wholly owned subsidiaries pursuant to sale and contribution agreements by and between us and the wholly owned subsidiaries. No gain or loss is recognized as a result of these contributions. Proceeds from the SPV Asset Facilities are used to finance the origination and acquisition of eligible assets by the wholly owned subsidiary, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired to the wholly owned subsidiary through our ownership of the wholly owned subsidiary. The SPV Asset Facilities are secured by a perfected first priority security interest in the assets of these wholly owned subsidiaries and on any payments received by such wholly owned subsidiaries in respect of those assets. Assets pledged to lenders under the SPV Asset Facilities will not be available to pay our debts. The SPV Asset Facilities contain customary covenants, including certain limitations on our incurrence of additional indebtedness and on our ability to make distributions to our shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events, and customary events of default (with customary cure and notice provisions). Borrowings of the wholly owned subsidiaries under the SPV Asset Facilities are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

SPV Asset Facility I

On December 22, 2022 (the “SPV Asset Facility I Closing Date”), OR Tech Financing I LLC (“OR Tech Financing I”), a Delaware limited liability company and wholly-owned subsidiary of ours entered into an Amended and Restated Credit Agreement (the “SPV Asset Facility I”), which amended and restated in its entirety that certain Credit Agreement, dated as of August 11, 2020, by and among OR Tech Financing I, as Borrower, Alter Domus (US) LLC, as Administrative Agent and Document Custodian, State Street Bank and Trust Company, as Collateral Agent, Collateral Administrator and Custodian and the lenders from time to time party thereto (the “SPV Asset Facility I Lenders”). On October 30, 2024, the parties to the SPV Asset Facility I entered into the Second Amendment to the Amended and Restated Credit Agreement, in order to, among other changes, replace Alter Domus (US) LLC as document custodian with State Street Bank and Trust Company. The following describes the terms of SPV Asset Facility I as amended through October 30, 2024 (the “SPV Asset Facility I Second Amendment Date”).

The total term loan commitment of the SPV Asset Facility I is $700.0 million (increased from $600.0 million on the SPV Asset Facility I Second Amendment Date). The availability of the commitments are subject to a ramp up period and subject to an overcollateralization ratio test, which is based on the value of OR Tech Financing I assets from time to time, and satisfaction of certain other tests and conditions, including an advance rate test, interest coverage ratio test, certain concentration limits and collateral quality tests.

The SPV Asset Facility I provides for the ability to draw term loans for a period of up to three years after the SPV Asset Facility I Second Amendment Date unless the commitments are terminated as provided in the SPV Asset Facility I. Unless otherwise terminated, the SPV Asset Facility I will mature on October 30, 2035 (the “SPV Asset Facility I Stated Maturity”). Prior to the SPV Asset Facility I Stated Maturity, proceeds received by OR Tech Financing I from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to us, subject to certain conditions. On the SPV Asset Facility I Stated Maturity, OR Tech Financing I must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to us. Amounts drawn bear interest at term SOFR plus a spread of 2.25%.

SPV Asset Facility II

On November 16, 2021 (the “SPV Asset Facility II Closing Date”), ORTF Funding I LLC (“ORTF Funding I”), a Delaware limited liability company and our wholly-owned subsidiary entered into a Credit Agreement (the “SPV Asset Facility II”), with ORTF Funding I LLC, as Borrower, the lenders from time to time parties thereto, Goldman Sachs Bank USA as Sole Lead Arranger, Syndication Agent and Administrative Agent, State Street Bank and Trust company as Collateral Administrator and Collateral Agent and Alter Domus (US) LLC as Collateral Custodian. On the SPV Asset Facility II Closing Date, ORTF Funding I and Goldman Sachs Bank USA, as Administrative Agent, also entered into a Margining Agreement relating to the Secured Credit Facility (the “Margining Agreement”). On October 30, 2024, the parties to the SPV Asset Facility II entered into Amendment No. 2 to Credit Agreement, in order to, among other changes, replace Alter Domus (US) LLC as collateral custodian with State Street Bank and Trust Company. The following describes the terms of the SPV Asset Facility II as amended on October 30, 2024 (the “SPV Asset Facility II Second Amendment Date”).

The maximum principal amount which may be borrowed under the SPV Asset Facility II is $400.0 million (increased from $300.0 million on the SPV Asset Facility II Second Amendment Date); the availability of this amount is subject to a borrowing base test, which is based on the value of ORTF Funding I’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits.

The SPV Asset Facility II provides for the ability to draw and redraw revolving loans for a period after the SPV Asset Facility II Closing Date until November 16, 2027. Unless otherwise terminated, the SPV Asset Facility II will mature on November 16, 2029 (the “SPV Asset Facility II Stated Maturity”). Prior to the SPV Asset Facility II Stated Maturity, proceeds received by ORTF Funding I from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to us, subject to certain conditions. On the SPV Asset Facility II Stated Maturity, ORTF Funding I must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be

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returned to us. The SPV Asset Facility II may be permanently reduced, in whole or in part, at the option of ORTF Funding I subject to payment of a premium for a period of time.

Amounts drawn bear interest at Term SOFR plus a spread of 2.40% and the spread is payable on the amount by which the undrawn amount exceeds a minimum threshold, with such threshold being a range of 65% to 75% of the commitment amount. The undrawn amount of the commitment not subject to such spread payment is subject to an undrawn fee of 0.50% per annum. Certain additional fees are payable on each payment date to Goldman Sachs Bank USA as Administrative Agent. In addition, under the Margining Agreement and Credit Agreement, ORTF Funding I is required to post cash margin (or in certain cases, additional eligible assets) to the Administrative Agent if a borrowing base deficiency occurs or if the weighted average price gap (as defined in the Margining Agreement), which is a measure of the excess of the aggregate value assigned to ORTF Funding I’s assets for purposes of the borrowing base test over the total amount drawn under the SPV Asset Facility II, falls below 20%.

SPV Asset Facilities Assumed in the Mergers

On March 24, 2025, we became party to and assumed all of OTF II’s obligations under OTF II’s SPV asset facilities (the “OTF II SPV Asset Facility Assumption Date”).

SPV Asset Facility III

On July 15, 2022 (the “SPV Asset Facility III Closing Date”), Athena Funding I LLC (“Athena Funding I”), a Delaware limited liability company and our wholly-owned subsidiary entered into a Credit Agreement (the “SPV Asset Facility III”), with Athena Funding I, as borrower, Société Générale, as administrative agent, State Street Bank and Trust Company, as collateral agent, collateral administrator and custodian, Alter Domus (US) LLC, as document custodian, and the lenders party thereto (the “SPV Asset Facility III Lenders”). The parties to the SPV Asset Facility III have entered into various amendments, including those relating to the calculation of principal collateralization amounts and to permit a conversion of a revolving loan into a term loan. The following describes the terms of SPV Asset Facility III as amended through July 21, 2025.

The maximum principal amount which may be borrowed under the SPV Asset Facility III is $925.0 million (increased from $625.0 million to $925.0 million on June 28, 2024) which, subject to the satisfaction of certain conditions, may be increased to up to $1.50 billion. The availability of this amount is subject to a borrowing base test, which is based on the value of Athena Funding I’s assets from time to time, and satisfaction of certain conditions, including coverage tests, collateral quality tests, a lender advance rate test and certain concentration limits.

The SPV Asset Facility III provides for the ability to draw term loans and to draw and redraw revolving loans under the SPV Asset Facility III until July 15, 2026. Unless otherwise terminated, the SPV Asset Facility III will mature on July 15, 2034 (the “SPV Asset Facility III Stated Maturity”). Prior to the SPV Asset Facility III Stated Maturity, proceeds received by Athena Funding I from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to us, subject to certain conditions. On the SPV Asset Facility III Stated Maturity, Athena Funding I must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to us. The credit facility may be permanently reduced, in whole or in part, at the option of Athena Funding I subject to payment of a premium for a period of time.

Amounts drawn bear interest at a reference rate (initially SOFR) plus a spread of 2.50%, and term loans and revolving loans are subject to a minimum utilization amount, after one year, subject to certain terms and conditions. The undrawn amount of the commitment not subject to such spread payment is subject to an undrawn fee of 0.50% to 1.50% per annum on the undrawn amount, if any, of the commitments. Certain additional fees are payable to Société Générale as administrative agent.

SPV Asset Facility IV

On November 8, 2022 (the “SPV Asset Facility IV Closing Date”), Athena Funding II LLC (“Athena Funding II”), a Delaware limited liability company entered into a Loan and Management Agreement (the “SPV Asset Facility IV”), with Athena Funding II LLC, as borrower, us, as collateral manager and transferor, MUFG Bank, Ltd. (“MUFG”), as administrative agent, State Street Bank and Trust Company, as collateral agent and collateral administrator, Alter Domus (US) LLC as custodian, the lenders from time to time parties thereto (the “SPV Asset Facility IV Lender”) and the group agents from time to time parties thereto. On August 20, 2024, the parties to the SPV Asset Facility IV entered into an amendment, including to extend the availability period and maturity date, change the interest rate, replace Alter Domus as custodian with State Street Bank and Trust Company and make various other changes. The following describes the terms of SPV Asset Facility IV as amended through the OTF II SPV Asset Facility Assumption Date.

The maximum principal amount of the SPV Asset Facility IV is $300.0 million; the availability of this amount is subject to a borrowing base test, which is based on the value of Athena Funding II’s assets from time to time, an advance rate and concentration limitations, and satisfaction of certain conditions, including collateral quality tests.

The SPV Asset Facility IV provides for the ability to draw and redraw revolving loans under the SPV Asset Facility IV until October 27, 2026 (the “SPV Asset Facility IV Reinvestment Period”) unless the SPV Asset Facility IV Reinvestment Period is terminated sooner as provided in the SPV Asset Facility IV. Unless otherwise terminated, the SPV Asset Facility IV will mature after the last day of the SPV Asset Facility IV Reinvestment Period, on October 27, 2029 (the “SPV Asset Facility IV Stated Maturity”).

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Prior to the SPV Asset Facility IV Stated Maturity, proceeds received by Athena Funding II from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to us, subject to certain conditions. On the SPV Asset Facility IV Stated Maturity, Athena Funding II must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to us. The credit facility may be permanently reduced, in whole or in part, at the option of Athena Funding II.

Amounts drawn bear interest at a cost of funds rate as determined by MUFG periodically (or Term SOFR under certain circumstances) plus an applicable margin of 2.625% during the SPV Asset Facility IV Reinvestment Period and 3.025% after the end of the SPV Asset Facility IV Reinvestment Period. During the SPV Asset Facility IV Reinvestment Period, there is an unused fee of 0.50% on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility IV.

Debt Securitization Transactions

We incur secured financing through debt securitization transactions which are also known as collateralized loan obligation transactions (the “CLO Transactions”) issued by our consolidated subsidiaries (the “CLO Issuers”), which are backed by a portfolio of collateral obligations consisting of middle-market loans and participation interests in middle-market loans as well as by other assets of the CLO Issuers. The CLO Issuers issue preferred shares which are not secured by the collateral securing the CLO Transactions which we purchase. We act as retention holder in connection with the CLO Transactions for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of a CLO Issuer’s preferred shares. Notes issued by CLO Issuers have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities (e.g., “blue sky”) laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration. The Adviser serves as collateral manager for the CLO Issuers under a collateral management agreement. The Adviser is entitled to receive fees for providing these services. The Adviser routinely waives its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to Adviser pursuant to the Investment Advisory Agreement will be offset by the amount of the collateral management fee attributable to a CLO Issuer’s equity or notes owned by us. Assets pledged to debt holders of the CLO Transactions and the other secured parties under each CLO Transaction’s documentation will not be available to pay our debts. We consolidate the financial statements of the CLO Issuers in our consolidated financial statements.

CLO 2020-1

On December 16, 2020 (the “CLO 2020-1 Closing Date”), we completed a $333.5 million term debt securitization transaction (the “CLO 2020-1 Transaction”). The secured notes and preferred shares issued in the CLO 2020-1 Transaction were issued by our consolidated subsidiaries Owl Rock Technology Financing 2020-1, an exempted company incorporated in the Cayman Islands with limited liability (the “CLO 2020-1 Issuer”), and Owl Rock Technology Financing 2020-1 LLC, a Delaware limited liability company (the “CLO 2020-1 Co-Issuer” and together with the CLO 2020-1 Issuer, the “CLO 2020-1 Issuers”).

The CLO 2020-1 Transaction was executed by the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the Closing Date (the “CLO 2020-1 Indenture”), by and among the CLO 2020-1 Issuers and State Street Bank and Trust Company: $200 million of A (sf) Class A Notes, which bore interest at term SOFR (plus a spread adjustment) plus 2.95% (the “CLO 2020-1 Secured Notes”). The CLO 2020-1 Secured Notes are secured by the middle-market loans, recurring revenue loans, participation interests in middle-market loans and recurring revenue loans and other assets of the Issuer. The CLO 2020-1 Secured Notes are scheduled to mature on the Payment Date (as defined in the CLO 2020-1 Indenture) in January 2031. The CLO 2020-1 Secured Notes were offered by MUFG Securities Americas Inc., as initial purchaser, from time to time in individually negotiated transactions.

The CLO 2020-1 Secured Notes were redeemed in the CLO 2020-1 Refinancing, described below.

Concurrently with the issuance of the CLO 2020-1 Secured Notes, the CLO 2020-1 Issuer issued approximately $133.5 million of subordinated securities in the form of 133,500 preferred shares at an issue price of $1,000 per share (the “CLO 2020-1 Preferred Shares”).

As part of the CLO 2020-1 Transaction, we entered into a loan sale agreement with the CLO 2020-1 Issuer dated as of the Closing Date, which provided for the sale and contribution of approximately $243.4 million par amount of middle-market loans and recurring revenue loans from us to the CLO 2020-1 Issuer on the Closing Date and for future sales from us to the CLO 2020-1 Issuer on an ongoing basis. No gain or loss was recognized as a result of these sales and contributions. Such loans constituted part of the initial portfolio of assets securing the CLO 2020-1 Secured Notes. We made customary representations, warranties, and covenants to the CLO 2020-1 Issuer under the loan sale agreement.

Through January 15, 2022, the net proceeds of the issuance of the CLO 2020-1 Secured Notes not used to purchase the initial portfolio of loans securing the CLO 2020-1 Secured Notes and a portion of the proceeds received by the CLO 2020-1 Issuer from the loans securing the CLO 2020-1 Secured Notes were able to be used by the CLO 2020-1 Issuer to purchase additional middle-market loans and recurring revenue loans under the direction of the Adviser, in its capacity as collateral manager for the CLO 2020-1 Issuer and in accordance with our investing strategy and ability to originate eligible middle-market loans and recurring revenue loans.

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The CLO 2020-1 Secured Notes were the secured obligation of the CLO 2020-1 Issuers, and the CLO 2020-1 Indenture included customary covenants and events of default.

CLO 2020-1 Refinancing

On August 23, 2023 (the “CLO 2020-1 Refinancing Date”), we completed a $337.5 million term debt securitization refinancing (the “CLO 2020-1 Refinancing”). The secured notes issued in the CLO 2020-1 Refinancing were issued by our consolidated subsidiary Owl Rock Technology Financing 2020-1 LLC, a Delaware limited liability company (the “CLO 2020-1 Refinancing Issuer”).

The CLO 2020-1 Refinancing was executed by the issuance of the following classes of notes pursuant to an indenture and security agreement dated as of the CLO 2020-1 Closing Date by and among the CLO 2020-1 Issuer, the CLO 2020-1 Refinancing Issuer, as co-issuer and State Street Bank and Trust Company as trustee, as supplemented by the First Supplemental Indenture dated as of July 18, 2023 by and among the CLO 2020-1 Issuer, as issuer, the CLO 2020-1 Refinancing Issuer, as co-issuer and the Trustee and the Second Supplemental Indenture dated as of the CLO 2020-1 Refinancing Date (the “CLO 2020-1 Refinancing Indenture”), by and among the CLO 2020-1 Refinancing Issuer and the Trustee: (i) $112.5 million of AAA(sf) Class A-1R Notes, which bear interest at the Benchmark plus 3.05%, (ii) $23.5 million of AAA(sf) Class A-2R Notes, which bear interest at 6.937%, (iii) $53 million of A(sf) Class B-1R Notes, which bear interest at the Benchmark plus 4.64% and (iv) $15 million of A(sf) Class B-2R Notes, which bear interest at 8.497%, (together, the “CLO 2020-1 Refinancing Secured Notes”). The CLO 2020-1 Refinancing Secured Notes are secured by the middle-market loans and other assets of the CLO 2020-1 Refinancing Issuer. The CLO 2020-1 Refinancing Secured Notes are scheduled to mature on the Payment Date (as defined in the CLO 2020-1 Refinancing Indenture) in October 2035. The CLO 2020-1 Refinancing Secured Notes were privately placed by MUFG Securities Americas Inc. and Scotia Capital (USA) Inc. The proceeds from the CLO 2020-1 Refinancing were used to redeem in full the classes of notes issued on the CLO 2020-1 Closing Date and to pay expenses incurred in connection with the CLO 2020-1 Refinancing. On the CLO 2020-1 Refinancing Date, the CLO 2020-1 Issuer was merged with and into the CLO 2020-1 Refinancing Issuer, with the CLO 2020-1 Refinancing Issuer surviving the merger. The CLO 2020-1 Refinancing Issuer assumed by all operation of law all of the rights and obligations of the CLO 2020-1 Issuer, including the subordinated securities issued by the CLO 2020-1 Issuer on the CLO 2020-1 Closing Date.

On the CLO 2020-1 Closing Date, the CLO 2020-1 Issuer entered into a loan sale agreement with us, which provided for the sale and contribution of approximately $243.4 million par amount of middle-market loans from us to the CLO 2020-1 Issuer on the CLO 2020-1 Refinancing Date and for future sales from us to the CLO 2020-1 Issuer on an ongoing basis. No gain or loss was recognized as a result of these sales and contributions. As part of the CLO 2020-1 Refinancing, the CLO 2020-1 Refinancing Issuer, as the successor to the CLO 2020-1 Issuer, entered into an amended and restated loan sale agreement with us dated as of the CLO 2020-1 Refinancing Date, pursuant to which the CLO 2020-1 Refinancing Issuer assumed all ongoing obligations of the CLO 2020-1 Issuer under the original agreement and we sold and contributed approximately $83.93 million par amount middle-market loans to the CLO 2020-1 Refinancing Issuer on the CLO 2020-1 Refinancing Date and provides for future sales from us to the CLO 2020-1 Refinancing Issuer on an ongoing basis. Such loans constituted part of the portfolio of assets securing the CLO 2020-1 Refinancing Secured Notes. We made customary representations, warranties, and covenants to the CLO 2020-1 Refinancing Issuer under the loan sale agreement.

Through October 15, 2027, a portion of the proceeds received by the CLO 2020-1 Refinancing Issuer from the loans securing the CLO 2020-1 Refinancing Secured Notes may be used by the CLO 2020-1 Refinancing Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO 2020-1 Refinancing Issuer and in accordance with our investing strategy and ability to originate eligible middle-market loans.

The CLO 2020-1 Refinancing Secured Notes are the secured obligation of the CLO 2020-1 Refinancing Issuer, and the CLO 2020-1 Refinancing Indenture includes customary covenants and events of default.

Debt Securitization Transactions Assumed in the Mergers

Athena CLO II

On December 13, 2023 (the “Athena CLO II Closing Date”), OTF II completed a $475.3 million term debt securitization transaction (the “Athena CLO II Transaction”). The secured notes and preferred shares issued in the Athena CLO II Transaction and the secured loan borrowed in the Athena CLO II Transaction were issued and incurred, as applicable, by our consolidated subsidiary Athena CLO II, LLC, a limited liability company organized under the laws of the State of Delaware (the “Athena CLO II Issuer”). On March 24, 2025, as a result of the consummation of the Mergers, we became party to the relevant agreements with respect to and assumed all of OTF II’s obligations under the Athena CLO II Transaction.

The Athena CLO II Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the Athena CLO II Closing Date (the “Athena CLO II Indenture”), by and among the Athena CLO II Issuer and State Street Bank and Trust Company: (i) $40.0 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 2.85%, (ii) $16.5 million of AA(sf) Class B-1 Notes, which bear interest at three-month term SOFR plus 3.95%, (iii) $7.5 million of AA(sf) Class B-2 Notes, which bear interest at 7.25% and (iv) $24.0 million of A(sf) Class C Notes, which bear interest at three-month term SOFR plus 4.95% (together, the “Athena CLO II Secured Notes”) and (B) the

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borrowing by the Athena CLO II Issuer of $200.0 million under floating rate Class A-L loans (the “Athena CLO II Class A-L Loans” and together with the Athena CLO II Secured Notes, the “Athena CLO II Debt”). The Athena CLO II Class A-L Loans bear interest at three-month term SOFR plus 2.85%. The Athena CLO II Class A-L Loans were borrowed under a credit agreement (the “Athena CLO II Class A-L Credit Agreement”), dated as of the Athena CLO II Closing Date, by and among the Athena CLO II Issuer, as borrower, a financial institution, as lender, and State Street Bank and Trust Company, as collateral trustee and loan agent. The Athena CLO II Debt is secured by middle-market loans, participation interests in middle-market loans and other assets of the Athena CLO II Issuer. The Athena CLO II Debt is scheduled to mature on the Payment Date (as defined in the Athena CLO II Indenture) in January 2036. The Athena CLO II Secured Notes were privately placed by SG Americas Securities, LLC as Initial Purchaser.

Concurrently with the issuance of the Athena CLO II Secured Notes and the borrowing under the Athena CLO II Class A-L Loans, the Athena CLO II Issuer issued approximately $187.3 million of subordinated securities in the form of 187,300 preferred shares at an issue price of $1,000 per share (the “Athena CLO II Preferred Shares”).

As part of the Athena CLO II Transaction, OTF II entered into a loan sale agreement with the Athena CLO II Issuer dated as of the Athena CLO II Closing Date, which provided for the contribution of approximately $83.9 million funded par amount of middle-market loans from OTF II to the Athena CLO II Issuer on the Athena CLO II Closing Date and for future sales from OTF II to the Athena CLO II Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the Athena CLO II Debt. The remainder of the initial portfolio assets securing the Athena CLO II Debt consisted of approximately $380.6 million funded par amount of middle-market loans purchased by the Athena CLO II Issuer from Athena Funding I LLC, a wholly-owned subsidiary of ours, under an additional loan sale agreement executed on the Athena CLO II Closing Date between the Athena CLO II Issuer and Athena Funding I LLC. No gain or loss was recognized as a result of these sales and contributions. OTF II and Athena Funding I each made customary representations, warranties, and covenants to the Athena CLO II Issuer under the applicable loan sale agreement.

Through January 20, 2028, a portion of the proceeds received by the Athena CLO II Issuer from the loans securing the Athena CLO II Secured Notes may be used by the Athena CLO II Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the Athena CLO II Issuer and in accordance with our investing strategy and ability to originate eligible middle-market loans.

The Athena CLO II Debt is the secured obligation of the Athena CLO II Issuer, and the Athena CLO II Indenture and Athena CLO II Class A-L Credit Agreement each includes customary covenants and events of default.

Athena CLO IV

On August 15, 2024 (the “Athena CLO IV Closing Date”), OTF II completed a $399.7 million term debt securitization transaction (the “Athena CLO IV Transaction”). The secured notes and preferred shares issued in the Athena CLO IV Transaction were issued by our consolidated subsidiary Athena CLO IV, LLC, a limited liability company organized under the laws of the State of Delaware (the “Athena CLO IV Issuer”). On March 24, 2025, as a result of the consummation of the Mergers, we became party to the relevant agreements with respect to and assumed all of OTF II’s obligations under the Athena CLO IV Transaction.

The Athena CLO IV Transaction was executed by the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the Athena CLO IV Closing Date (the “Athena CLO IV Indenture”), by and among the Athena CLO IV Issuer and State Street Bank and Trust Company: (i) $208.0 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 2.00%, (ii) $7.0 million of AA(sf) Class B-1 Notes, which bear interest at three-month term SOFR plus 2.5%, (iii) $13.0 million of AA(sf) Class B-2 Notes, which bear interest at 6.254% and (iv) $12.0 million of A(sf) Class C Notes, which bear interest at three-month term SOFR plus 2.64% (together, the “Athena CLO IV Secured Notes”). The Athena CLO IV Secured Notes are secured by middle-market loans, participation interests in middle-market loans and other assets of the Athena CLO IV Issuer. The Athena CLO IV Secured Notes are scheduled to mature on the Payment Date (as defined in the Athena CLO IV Indenture) in July 2037. The Athena CLO IV Secured Notes were privately placed by MUFG Securities Americas Inc. as Initial Purchaser with respect to the Athena CLO IV Secured Notes and NatWest Markets Securities Inc. as Co-Placement Agent solely with respect to the Athena CLO IV Class A Secured Notes.

Concurrently with the issuance of the Athena CLO IV Secured Notes, the Athena CLO IV Issuer issued approximately $159.7 million of subordinated securities in the form of 159,700 preferred shares at an issue price of $1,000 per share (the “Athena CLO IV Preferred Shares”).

As part of the Athena CLO IV Transaction, OTF II entered into a loan sale agreement with the Athena CLO IV Issuer dated as of the Athena CLO IV Closing Date, which provided for the contribution of approximately $215.5 million funded par amount of middle-market loans from OTF II to the Athena CLO IV Issuer on the Athena CLO IV Closing Date and for future sales from OTF II to the Athena CLO IV Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the Athena CLO IV Secured Notes. The remainder of the initial portfolio assets securing the Athena CLO IV Secured Notes consisted of approximately $182.4 million funded par amount of middle-market loans purchased by the Athena CLO IV Issuer from Athena Funding II LLC, a wholly-owned subsidiary of ours, under an additional loan sale agreement executed on the Athena CLO IV Closing Date between the Athena CLO IV Issuer and Athena Funding II LLC. No gain or loss was recognized as a result of these sales and

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contributions. OTF II and Athena Funding II each made customary representations, warranties, and covenants to the Issuer under the applicable loan sale agreement.

Through the Payment Date in July 2029, a portion of the proceeds received by the Athena CLO IV Issuer from the loans securing the Athena CLO IV Secured Notes may be used by the Athena CLO IV Issuer to purchase additional middle-market loans under the direction of the Adviser, our investment advisor, in its capacity as collateral manager for the Athena CLO IV Issuer and in accordance with our investing strategy and ability to originate eligible middle-market loans.

The Athena CLO IV Secured Notes are the secured obligation of the Athena CLO IV Issuer, and the Athena CLO IV Indenture includes customary covenants and events of default.

Unsecured Notes

Tripartite Agreement

On August 11, 2025, we entered into an agreement of removal, appointment and acceptance (the “Tripartite Agreement”), with Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association (the “Retiring Trustee”) and Deutsche Bank Trust Company Americas (the “Successor Trustee”), with respect to the Indenture, dated June 12, 2020 between us and the Retiring Trustee (the “Base Indenture”), the second supplemental indenture, dated September 23, 2020 (the “Second Supplemental Indenture”) between us and the Retiring Trustee, the third supplemental indenture, dated December 17, 2020 (the “Third Supplemental Indenture”) between us and the Retiring Trustee, the Fourth Supplemental Indenture, dated June 14, 2021 (the “Fourth Supplemental Indenture”) between us and the Retiring Trustee, and the Fifth Supplemental Indenture, dated January 21, 2025 (the “Fifth Supplemental Indenture” and together with the Base Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, and the Fourth Supplemental Indenture, the “Indenture”) between us and the Retiring Trustee.

The Tripartite Agreement provides that, effective as of the date thereof, (1) the Retiring Trustee assigns, transfers, delivers and confirms to the Successor Trustee all of its rights, title and interest under the Indenture and all of the rights, power, trusts and duties as trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture; and (2) the Successor Trustee accepts its appointment as successor trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture, and accepts the rights, indemnities, protections, powers, trust and duties of or afforded to Retiring Trustee as trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture. The Successor Trustee’s appointment became effective on August 25, 2025.

June 2025 Notes

On June 12, 2020, we issued $210.0 million aggregate principal amount of 6.75% notes that were due on June 30, 2025 (the “June 2025 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The June 2025 Notes were not registered under the Securities Act and could not be offered or sold in the United States absent registration or an applicable exemption from registration. On April 28, 2025, we caused notice to be issued to the Trustee of the June 2025 Notes regarding our exercise of the option to redeem in full all $210.0 million in aggregate principal amount of the June 2025 Notes at 100.0% of their principal amount, plus the accrued interest thereon through, but excluding, the redemption date, May 30, 2025. On May 30, 2025, we redeemed in full all $210.0 million in aggregate principal amount of the June 2025 Notes at 100.0% of their principal amount, plus the accrued interest thereon through, but excluding, May 30, 2025.

The June 2025 Notes bore interest at a rate of 6.75% per year payable semi-annually on June 30 and December 30 of each year, commencing on December 30, 2020. The June 2025 Notes were our direct, general unsecured obligations and ranked senior in right of payment to all of our future indebtedness or other obligations that were expressly subordinated, or junior, in right of payment to the June 2025 Notes.

December 2025 Notes

On September 23, 2020, we issued $400.0 million aggregate principal amount of its 4.75% notes due 2025 (the “December 2025 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. On November 23, 2021, we issued an additional $250 million aggregate principal amount of the December 2025 Notes in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The December 2025 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

The December 2025 Notes were issued pursuant to the Base Indenture and the Second Supplemental Indenture (together with the Base Indenture, the “December 2025 Indenture”). The December 2025 Notes will mature on December 15, 2025 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the December 2025 Indenture. The December 2025 Notes bear interest at a rate of 4.75% per year payable semi-annually on June 15 and December 15 of each year, commencing on December 15, 2020. The December 2025 Notes are our direct, general unsecured obligations and rank senior in right of payment to all of our future indebtedness or other obligations that are expressly subordinated, or junior, in right of

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payment to the December 2025 Notes. The December 2025 Notes rank pari passu, or equal, in right of payment with all of our existing and future indebtedness or other obligations that are not so subordinated, or junior. The December 2025 Notes rank effectively subordinated, or junior, to any of our future secured indebtedness or other obligations (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness. The December 2025 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.

The December 2025 Indenture contains certain covenants, including covenants requiring us to (i) comply with the asset coverage requirements of the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the December 2025 Notes and the Successor Trustee if we are no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the Indenture.

In addition, if a change of control repurchase event, as defined in the December 2025 Indenture, occurs prior to maturity, holders of the December 2025 Notes will have the right, at their option, to require us to repurchase for cash some or all of the December 2025 Notes at a repurchase price equal to 100% of the aggregate principal amount of the December 2025 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

June 2026 Notes

On December 17, 2020, we issued $375.0 million aggregate principal amount of 3.75% notes due 2026 (the “June 2026 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The June 2026 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

The June 2026 Notes were issued pursuant to the Base Indenture and the Third Supplemental Indenture (together, the “June 2026 Indenture”). The June 2026 Notes will mature on June 17, 2026 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the June 2026 Indenture. The June 2026 Notes bear interest at a rate of 3.75% per year payable semi-annually on June 17 and December 17 of each year, commencing on June 17, 2021. The June 2026 Notes are our direct, general unsecured obligations and will rank senior in right of payment to all of our future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the June 2026 Notes. The June 2026 Notes rank pari passu, or equal, in right of payment with all of our existing and future indebtedness or other obligations that are not so subordinated, or junior to the June 2026 Notes. The June 2026 Notes rank effectively subordinated, or junior, to any of our future secured indebtedness or other obligations (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness. The June 2026 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.

The June 2026 Indenture contains certain covenants, including covenants requiring us to (i) comply with the asset coverage requirements of the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the June 2026 Notes and the Successor Trustee if we are no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the Indenture.

In addition, if a change of control repurchase event, as defined in the June 2026 Indenture, occurs prior to maturity, holders of the June 2026 Notes will have the right, at their option, to require us to repurchase for cash some or all of the June 2026 Notes at a repurchase price equal to 100% of the aggregate principal amount of the June 2026 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

January 2027 Notes

On June 14, 2021, we issued $300.0 million aggregate principal amount of 2.50% notes due 2027 (the “January 2027 Notes”). The January 2027 Notes were issued pursuant to the Base Indenture and the Fourth Supplemental Indenture (together , the “January 2027 Indenture”). The January 2027 Notes will mature on January 15, 2027 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the January 2027 Indenture. The January 2027 Notes bear interest at a rate of 2.50% per year, payable semi-annually on January 15 and July 15 of each year, commencing on January 15, 2022. The January 2027 Notes are our direct, general unsecured obligations and rank senior in right of payment to all of our future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the January 2027 Notes. The January 2027 Notes rank pari passu, or equal, in right of payment with all of our existing and future indebtedness or other obligations that are not so subordinated, or junior to the January 2027 Notes. The January 2027 Notes rank effectively subordinated, or junior, to any of our future secured indebtedness or other obligations (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness. The January 2027 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.

The January 2027 Indenture contains certain covenants, including covenants requiring us to (i) comply with the asset coverage requirements of the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the January 2027 Notes and the Successor Trustee if we are no longer subject to the reporting requirements under the Securities

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Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the Indenture.

In addition, if a change of control repurchase event, as defined in the January 2027 Indenture, occurs prior to maturity, holders of the January 2027 Notes will have the right, at their option, to require us to repurchase for cash some or all of the January 2027 Notes at a repurchase price equal to 100% of the aggregate principal amount of the January 2027 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

March 2028 Notes

On January 21, 2025, we issued $650.0 million aggregate principal amount of its 6.10% notes due 2028 (the “March 2028 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to Rule 144A under the Securities Act and non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act. The March 2028 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

The March 2028 Notes were issued pursuant to the Base Indenture and the Fifth Supplemental Indenture (together, the “March 2028 Indenture”), between us and the Trustee. The March 2028 Notes will mature on March 15, 2028 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the March 2028 Indenture. The March 2028 Notes bear interest at a rate of 6.10% per year payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2025. The March 2028 Notes will be our direct, general unsecured obligations and will rank senior in right of payment to all of our future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the Notes. The Notes will rank pari passu, or equal, in right of payment with all of our existing and future indebtedness or other obligations that are not so subordinated, or junior to the Notes. The Notes will rank effectively subordinated, or junior, to any of our future secured indebtedness or other obligations (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness. The Notes will rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.

The March 2028 Indenture contains certain covenants, including covenants requiring us to (i) comply with Section 18(a)(1)(A) of the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the March 2028 Notes and the Successor Trustee if we are no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the March 2028 Indenture.

In addition, if a change of control repurchase event, as defined in the March 2028 Indenture, occurs prior to maturity, holders of the March 2028 Notes will have the right, at their option, to require us to repurchase for cash some or all of the Notes at a repurchase price equal to 100% of the aggregate principal amount of the March 2028 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.

In connection with the issuance of the March 2028 Notes, on January 21, 2025 we entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $650.0 million. We will receive fixed rate interest at 6.10% and pay variable rate interest based on SOFR plus 1.767%. The interest rate swap matures on February 15, 2028. For the three and nine months ended September 30, 2025, we made periodic payments of $10.0 million and $26.1 million, respectively. The interest expense related to the March 2028 Notes is equally offset by the proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest expense on our Consolidated Statements of Operations. As of September 30, 2025, the interest rate swap had a fair value of $12.8 million. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on our Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in net carrying value of the March 2028 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.

Notes Assumed in the Mergers

On March 24, 2025, in connection with the Mergers, we entered into a Second Supplemental Indenture (the “OTF II Supplemental Indenture”) relating to our assumption of the April 2029 Notes (as defined below). Also on March 24, 2025, in connection with the Mergers, we entered into an assumption agreement (the “OTF II Note Assumption Agreement”) relating to our assumption of the September 2028 Notes (as defined below).

September 2028 Notes

On September 27, 2023, OTF II entered into a Note Purchase Agreement (the “September 2028 Notes Note Purchase Agreement”) governing the issuance of $75.0 million in aggregate principal amount of September 2028 Notes, due September 27, 2028, with a fixed interest rate of 8.50% per year (the “September 2028 Notes”), to qualified institutional investors in a private placement. As of September 27, 2023, the September 2028 Notes were guaranteed by OR Tech Lending II LLC, ORTF II FSI LLC and ORTF II BC 2 LLC, subsidiaries of ours. On March 24, 2025, we entered into the OTF II Note Assumption Agreement for the benefit of the Noteholders (as defined in the September 2028 Notes Note Purchase Agreement) pursuant to which we unconditionally

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and expressly assumed, confirmed and agreed to perform and observe each and every one of the covenants, rights, promises, agreements, terms, conditions, obligations, duties and liabilities of OTF II under the September 2028 Notes Note Purchase Agreement, under the September 2028 Notes and under any documents, instruments or agreements executed and delivered or furnished by OTF II in connection therewith, and to be bound by all waivers made by OTF II with respect to any matter set forth therein.

Interest on the September 2028 Notes will be due semiannually on March 27 and September 27 each year. The September 2028 Notes may be redeemed in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, we are obligated to offer to prepay the September 2028 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The September 2028 Notes are general unsecured obligations of ours that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.

The September 2028 Notes Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, a minimum net worth test, and a minimum asset coverage ratio of 1.5 to 1.00.

In addition, in the event that a Below Investment Grade Event (as defined in the September 2028 Notes Note Purchase Agreement) occurs, the September 2028 Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the September 2028 Notes from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that a Secured Debt Ratio Event (as defined in the Note Purchase Agreement) occurs, the September 2028 Notes will bear interest at a fixed rate per annum which is 1.50% above the stated rate of the September 2028 Notes from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Secured Debt Ratio Event is no longer continuing. In the event that both a Below Investment Grade Event and a Secured Debt Ratio Event have occurred and are continuing, the September 2028 Notes will bear interest at a fixed rate per annum which is 0.02 above the stated rate of the September 2028 Notes from the date of the occurrence of the later to occur of the Below Investment Grade Event and the Secured Debt Ratio Event to and until the date on which one of such events is no longer continuing.

The September 2028 Notes Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under other indebtedness of ours, certain judgments and orders and certain events of bankruptcy.

April 2029 Notes

On April 4, 2024, OTF II issued $700.0 million aggregate principal amount of its 6.75% notes due 2029 (the “April 2029 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The 2029 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration. On March 24, 2025, we entered into the OTF II Second Supplemental Indenture by and between the Successor Trustee, effective as of the closing of the Mergers. Pursuant to the Second Supplemental Indenture, we expressly assumed the obligations of OTF II for the due and punctual payment of the principal of, and premium, if any, and interest on all the April 2029 Notes outstanding, and the due and punctual performance and observance of all of the covenants and conditions of the OTF II Indenture (as defined below).

The April 2029 Notes were issued pursuant to an Indenture (the “OTF II Base Indenture”) and a First Supplemental Indenture, dated as of April 4, 2024 (the “April 2029 First Supplemental Indenture” and together with the OTF II Base Indenture, the “April 2029 Indenture”), between OTF II and the Trustee. The April 2029 Notes will mature on April 4, 2029, unless repurchased or redeemed in accordance with their terms prior to such date. The April 2029 Notes bear interest at a rate of 6.75% per year payable semi-annually on April 4 and October 4 of each year, commencing on October 4, 2024. Concurrent with the issuance of the April 2029 Notes, OTF II entered into a Registration Rights Agreement (the “April 2029 Notes Registration Rights Agreement”) for the benefit of the purchasers of the April 2029 Notes. Pursuant to the April 2029 Notes Registration Rights Agreement, OTF II filed a registration statement with the SEC and, on December 23, 2024, commenced an offer to exchange the notes initially issued on April 4, 2024 for newly issued registered notes with substantially similar terms, which expired on January 24, 2025 and was completed promptly thereafter.

The April 2029 Notes are our direct, general unsecured obligations and rank senior in right of payment to all of our future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the April 2029 Notes. The April 2029 Notes rank pari passu, or equal, in right of payment with all of our existing and future indebtedness or other obligations that are not so subordinated, or junior to the April 2029 Notes. The April 2029 Notes rank effectively subordinated, or junior, to any of our future secured indebtedness or other obligations (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness. The April 2029 Notes are structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.

The April 2029 Indenture contains certain covenants, including covenants requiring us to (i) comply with Section 18(a)(1)(A) of the 1940 Act, as modified by Section 61(a) of the 1940 Act, for the period of time during which the April 2029 Notes are

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outstanding, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the April 2029 Notes and the Successor Trustee if we are no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the April 2029 Indenture.

In addition, if a change of control repurchase event, as defined in the April 2029 Indenture, occurs prior to maturity, holders of the April 2029 Notes will have the right, at their option, to require us to repurchase for cash some or all of the April 2029 Notes at a repurchase price equal to 100% of the aggregate principal amount of the April 2029 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

In connection with the issuance of the April 2029 Notes, on April 4, 2024, OTF II entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $700.0 million. We will receive fixed rate interest at 6.75% and pay variable rate interest based on SOFR plus 2.565%. The interest rate swap matures on March 4, 2029. For the nine months ended September 30, 2025, the Company made periodic payments of $1.6 million. The interest expense related to the April 2029 Notes is equally offset by the proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest expense on our Consolidated Statements of Operations. As of September 30, 2025, the interest rate swap had a fair value of $15.8 million. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on our Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in net carrying value of the April 2029 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.

Off-Balance Sheet Arrangements

Portfolio Company Commitments

From time to time, we may enter into commitments to fund investments in the form of revolving credit, delayed draw, or equity commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. We had the following outstanding commitments as of the following periods:

						As of
($ in thousands)						September 30, 2025						December 31, 2024
Total unfunded revolving loan commitments						$	704,540					$	315,345
Total unfunded delayed draw loan commitments						$	931,447					$	286,912
Total unfunded debt commitments						$	1,635,987					$	602,257
Total unfunded specialty finance equity commitments						$	42,489					$	6,080
Total unfunded common equity commitments						$	4,102					$	—
Total unfunded equity commitments						$	46,591					$	6,080
Total unfunded commitments						$	1,682,578					$	608,337

We seek to carefully consider our unfunded portfolio company commitments for the purpose of planning our ongoing financial leverage. Further, we consider any outstanding unfunded portfolio company commitments we are required to fund within the 150% asset coverage limitation. As of September 30, 2025, we believed we had adequate financial resources to satisfy the unfunded portfolio company commitments.

Other Commitments and Contingencies

From time to time, we may become a party to certain legal proceedings incidental to the normal course of our business. At September 30, 2025, management was not aware of any pending or threatened litigation.

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Contractual Obligations

A summary of our contractual payment obligations under our credit facilities as of September 30, 2025, is as follows:

			Payments Due by Period
($ in thousands)			Total						Less than 1 year						1-3 years						3-5 years						After 5 years
Revolving Credit Facility			$	100,009					$	—					$	—					$	100,009					$	—
SPV Asset Facility I			650,000						—						—						—						650,000
SPV Asset Facility II			325,000						—						—						325,000						—
SPV Asset Facility III			462,500						—						—						—						462,500
SPV Asset Facility IV			—						—						—						—						—
CLO 2020-1			204,000						—						—						—						204,000
Athena CLO II			288,000						—						—						—						288,000
Athena CLO IV			240,000						—						—						—						240,000
December 2025 Notes			650,000						650,000						—						—						—
June 2026 Notes			375,000						375,000						—						—						—
January 2027 Notes			300,000						—						300,000						—						—
March 2028 Notes			650,000						—						650,000						—						—
September 2028 Notes			75,000						—						75,000						—						—
April 2029 Notes			700,000						—						—						700,000						—
Total Contractual Obligations			$	5,019,509					$	1,025,000					$	1,025,000					$	1,125,009					$	1,844,500

Related-Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the following:

•the Investment Advisory Agreement;

•the Administration Agreement; and

•the License Agreement.

In addition to the aforementioned agreements, we, our Adviser and certain of our Adviser’s affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by the Adviser or certain affiliates, in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. See “ITEM 1. – Notes to Consolidated Financial Statements – Note 3. Agreements and Related Party Transactions” for further details.

We invest in Credit SLF, a controlled affiliated investment, and Amergin, BOCSO, Fifth Season, LSI Financing DAC, and LSI Financing LLC, which are non-controlled affiliated investments, as defined in the 1940 Act. See “ITEM 1. – Notes to Consolidated Financial Statements – Note 3. Agreements and Related Party Transactions” for further details.

Critical Accounting Policies

The preparation of the consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies should be read in connection with our risk factors as described in our Form 10-K for the fiscal year ended December 31, 2024 in “ITEM 1A. RISK FACTORS.”

Investments at Fair Value

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Pursuant to Rule 2a-5, the Board designated the Adviser as our valuation designee to perform fair value determinations relating to the value of assets held by us for which market quotations are not readily available.

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Investments for which market quotations are readily available are typically valued at the average bid price of those market quotations. To validate market quotations, we utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available, as is the case for substantially all of our investments, are valued at fair value as determined in good faith by our Adviser, as the valuation designee, based on, among other things, the input of independent third-party valuation firm(s) engaged at the direction of our Adviser.

As part of the valuation process, our Adviser, as the valuation designee, takes into account relevant factors in determining the fair value of our investments, including: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company’s debt and equity), the nature and realizable value of any collateral, the portfolio company’s ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Adviser, as the valuation designee, considers whether the pricing indicated by the external event corroborates its valuation.

Our Adviser, as the valuation designee, undertakes a multi-step valuation process, which includes, among other procedures, the following:

•With respect to investments for which market quotations are readily available, those investments will typically be valued at the average bid price of those market quotations;

•With respect to investments for which market quotations are not readily available, the valuation process begins with the independent valuation firm(s) providing a preliminary valuation of each investment to the Adviser’s valuation committee;

•Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee;

•Our Adviser, as the valuation designee, reviews the recommended valuations and determines the fair value of each investment;

•Each quarter, our Adviser, as the valuation designee, provides the Audit Committee a summary or description of material fair value matters that occurred in the prior quarter and on an annual basis, our Adviser, as the valuation designee, will provide the Audit Committee with a written assessment of the adequacy and effectiveness of its fair value process; and

•The Audit Committee oversees the valuation designee and will report to the Board on any valuation matters requiring the Board’s attention.

We conduct this valuation process on a quarterly basis.

We apply Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, we consider its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:

•Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access.

•Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfer occurred. In addition to using the above inputs in investment valuations, we apply the valuation policy approved by our Board that is consistent with ASC 820. Consistent with the valuation policy, our Adviser, as the valuation designee, evaluates the source of the inputs, including any markets in which our investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), our Adviser,

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as the valuation designee, subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, our Adviser, as the valuation designee, or the independent valuation firm(s), review pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs.

We apply the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If we were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.

Financial and Derivative Instruments

Rule 18f-4 requires BDCs that use derivatives to, among other things, comply with a value-at-risk leverage limit, adopt a derivatives risk management program, and implement certain testing and board reporting procedures. Rule 18f-4 exempts BDCs that qualify as “limited derivatives users” from the aforementioned requirements, provided that these BDCs adopt written policies and procedures that are reasonably designed to manage the BDC’s derivatives risks and comply with certain recordkeeping requirements. Rule 18f-4 provides that a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Pursuant to Rule 18f-4, when we trade reverse repurchase agreements or similar financing transactions, including certain tender option bonds, we need to aggregate the amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. We currently qualify as a “limited derivatives user” and expect to continue to do so. We adopted a derivatives policy and complies with Rule 18f-4’s recordkeeping requirements.

Interest and Dividend Income Recognition

Interest income is recorded on the accrual basis and includes amortization and accretion of discounts or premiums. Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends, the majority of which is structured at initial underwriting. PIK interest and dividends represent accrued interest or dividends that are added to the principal amount or liquidation amount of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally become due at maturity or at the occurrence of a liquidation event. Discounts and premiums to par value on securities purchased are amortized into interest income over the contractual life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the amortization and accretion of discounts or premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. If, at any point, we believe PIK interest is not expected to be realized, the investment generating PIK interest will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest income. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

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Distributions

We have elected to be treated for U.S. federal income tax purposes, and qualify annually thereafter, as a RIC under Subchapter M of the Code. To maintain our tax treatment as a RIC, we must distribute (or be deemed to distribute) in each taxable year distributions for tax purposes equal to the sum of:

•90% of our investment company taxable income (which is generally our ordinary income plus the excess of realized short-term capital gains over realized net long-term capital losses), determined without regard to the deduction for dividends paid, for such taxable year; and

•90% of our net tax-exempt interest income (which is the excess of our gross tax-exempt interest income over certain disallowed deductions) for such taxable year.

As a RIC, we (but not our shareholders) generally will not be subject to U.S. federal tax on investment company taxable income and net capital gains that we distribute to our shareholders.

We intend to distribute annually all or substantially all of such income. To the extent that we retain our net capital gains or any investment company taxable income, we generally will be subject to U.S. federal income tax at corporate rates. We can be expected to carry forward our net capital gains or any investment company taxable income in excess of current year dividend distributions, and pay the U.S. federal excise tax as described below.

Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% U.S. federal excise tax payable by us. We may be subject to a nondeductible 4% U.S. federal excise tax if we do not distribute (or are treated as distributing) during each calendar year an amount at least equal to the sum of:

•98% of our net ordinary income excluding certain ordinary gains or losses for that calendar year;

•98.2% of our capital gain net income, adjusted for certain ordinary gains and losses, recognized for the twelve-month period ending on October 31 of that calendar year; and

•100% of any income or gains recognized, but not distributed, in preceding years.

While we intend to distribute any income and capital gains in the manner necessary to minimize imposition of the 4% U.S. federal excise tax, sufficient amounts of our taxable income and capital gains may not be distributed and as a result, in such cases, the excise tax will be imposed. In such an event, we will be liable for this tax only on the amount by which we do not meet the foregoing distribution requirement.

We intend to pay quarterly distributions to our shareholders out of assets legally available for distribution. All distributions will be paid at the discretion of our Board and will depend on our earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as our Board may deem relevant from time to time.

To the extent our current taxable earnings for a year fall below the total amount of our distributions for that year, a portion of those distributions may be deemed a return of capital to our shareholders for U.S. federal income tax purposes. Thus, the source of a distribution to our shareholders may be the original capital invested by the shareholder rather than our income or gains. Shareholders should read written disclosure carefully and should not assume that the source of any distribution is our ordinary income or gains.

We have adopted an “opt out” dividend reinvestment plan for our common shareholders. As a result, if we declare a cash dividend or other distribution, each shareholder that has not “opted out” of our dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional shares of our common stock rather than receiving cash distributions. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

Income Taxes

We have elected to be treated as a BDC under the 1940 Act. We have also elected to be treated as a RIC under the Code beginning with the taxable year ending December 31, 2018 and intend to continue to qualify as a RIC. So long as we maintain our tax treatment as a RIC, we generally will not pay U.S. federal income taxes at corporate rates on any ordinary income or capital gains that we distribute at least annually to our shareholders as dividends. Instead, any tax liability related to income earned and distributed by us represents obligations of our investors and will not be reflected in our consolidated financial statements.

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, we generally must distribute to our shareholders, for each taxable year, at least 90% of our “investment company taxable income” for that year, which is generally our ordinary income plus the excess of our realized net short-term capital gains over our realized net long-term capital losses. In order for us not to be subject to U.S. federal excise taxes, we must distribute annually an amount at least equal to the sum of (i) 98% of our net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of our capital gains in excess of capital losses for the one-year period ending on October 31

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of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. We, at our discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income.

Certain of our consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes.

We evaluate tax positions taken or expected to be taken in the course of preparing our consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain tax positions through December 31, 2024. As applicable, our prior three tax years remain subject to examination by U.S. federal, state and local tax authorities.

Recent Developments

We have evaluated subsequent events through the date of issuance of these consolidated financial statements and determined there are no subsequent events to disclose except for the following:

Athena CLO V

On October 8, 2025, we completed a $501.3 million term debt securitization transaction by our consolidated subsidiary, Athena CLO V, LLC (the “Athena CLO V Issuer”). As part of the transaction, the Athena CLO V Issuer issued the following classes of notes: (i) $260.0 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 1.73% and (ii) $25.0 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 2.25% and (iii) $15.0 million of A(sf) Class C Notes, which bear interest at three-month term SOFR plus 2.70%. The CLO XIX Issuer also issued approximately $2.01.3 million of subordinated securities, in the form of 201,320 preferred shares at an issue price of U.S.$1,000 per share held by us. All classes of notes are scheduled to mature on October 15, 2038.

December 2025 Notes

On October 15, 2025, we caused notice to be issued to the Successor Trustee of the December 2025 Notes regarding our exercise of the option to redeem in full all $650.0 million in aggregate principal amount of the December 2025 Notes at 100.0% of their principal amount, plus the accrued interest thereon through, but excluding, the redemption date, November 15, 2025.

Owl Rock Technology Financing CLO 2020-1 Redemption

On October 15, 2025, the CLO 2020-1 Refinancing Issuer redeemed and paid in full all classes of the CLO 2020-1 Refinancing Secured Notes, plus accrued interest thereon though, October 15, 2025.

SPV Asset Facility IV Amendment

On October 30, 2025, Athena Funding II entered into Omnibus Amendment No.2 to SPV Asset Facility IV in order to (i) increase the maximum principal amount of SPV Asset Facility IV from $300.0 million to $500.0 million, (ii) change the interest rate from a cost of funds rate as determined by MUFG periodically (or Term SOFR under certain circumstances) to Term SOFR, (iii) change the applicable margin from 2.63% during the SPV Asset Facility IV Reinvestment Period and 3.03% after the end of the SPV Asset Facility IV Reinvestment Period to 2.00% during the SPV Asset Facility IV Reinvestment Period and 2.35% after the end of the SPV Asset Facility IV Reinvestment Period, (iv) extend the SPV Asset Facility IV Reinvestment Period to October 30,2028 and (v) extend the SPV Asset Facility IV Stated Maturity to October 30, 2030.

Dividend

On November 4, 2025, the Board approved a fourth quarter dividend of $0.35 per share for stockholders of record as of December 31, 2025, payable on or before January 15, 2026.

Waiver of Transfer Restrictions

On November 4, 2025, the Board waived the transfer restrictions contained in the Company’s second amended and restated articles of incorporation (the “Charter”) with respect to shares of the Company’s common stock as follows:

Approximate Number of Shares Being Released from Transfer Restrictions						Effective Date
50.4 million(1)						November 13, 2025
49.1 million(2)						January 20, 2026
49.1 million(2)						February 20, 2026

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49.1 million(3)						April 20, 2026
49.1 million(3)						May 20, 2026

(1)A pro rata portion of each shareholder’s shares of the Company’s common stock will be released from the First Lock-Up Period.

(2)A pro rata portion of each shareholder’s shares of the Company’s common stock will be released from the Second Lock-Up Period.

(3)A pro rata portion of each shareholder’s shares of the Company’s common stock will be released from the Third Lock-Up Period.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to financial market risks, including valuation risk, interest rate risk, currency risk, credit risk and inflation risk. Uncertainty with respect to the imposition of tariffs on and trade disputes with certain countries, the fluctuations in global interest rates, the ongoing war between Russia and Ukraine, the conflicts in the Middle East, a prolonged government shutdown and concerns over future increases in inflation or adverse investor sentiment generally, introduced significant volatility in the financial markets, and the effects of this volatility has materially impacted and could continue to materially impact our market risks, including those listed below.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and therefore, we will value these investments at fair value as determined in good faith by the Adviser, as our valuation designee, based on, among other things, the input of the independent third-party valuation firm(s) engaged at the direction of the Adviser, as our valuation designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material. The independent third-party valuation firm(s) engaged at the discretion of the Adviser and its affiliates are full service financial institutions engaged in a variety of activities and from time to time we may receive or provide additional services to or from such independent third-party valuation firm(s).

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure you that a significant change in market interest rates will not have a material adverse effect on our net investment income.

In a low interest rate environment, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net income and potentially adversely affecting our operating results. Conversely, in a rising interest rate environment, such difference could potentially increase thereby increasing our net income as indicated per the table below.

As of September 30, 2025, 97.0% of our debt investments based on fair value were floating rates. Additionally, the weighted average floating rate floor, based on fair value, of our debt investments was 0.8%. The Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III and SPV Asset Facility IV bear interest at variable interest rates with an interest rate floor of 0.0%. The December 2025 Notes, June 2026 Notes, January 2027 Notes, March 2028 Notes, September 2028 Notes and April 2029 Notes bear interest at fixed rates. The April 2029 Notes and March 2028 Notes are hedged against interest rate swap instruments. CLO 2020-1, Athena CLO II and Athena CLO IV bear interest at fixed and variable rates.

Based on our Consolidated Statements of Assets and Liabilities as of September 30, 2025, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates on our debt investments (considering interest rate floors for floating rate instruments) assuming each floating rate investment is subject to 3-month reference rate and there are no changes in our investment and borrowing structure:

($ in thousands)			Interest Income						Interest Expense(1)						Net Income (2)
Up 300 basis points			$	322,286					$	108,585					$	213,701
Up 200 basis points			$	214,858					$	72,390					$	142,468
Up 100 basis points			$	107,429					$	36,195					$	71,234
Down 100 basis points			$	(107,429)					$	(36,195)					$	(71,234)
Down 200 basis points			$	(214,817)					$	(72,390)					$	(142,427)
Down 300 basis points			$	(319,753)					$	(108,585)					$	(211,168)

(1)Includes the impact of our interest rate swaps as a result of interest rate changes.

(2)Excludes the impact of income based fees. See “ITEM 1. – Notes to Consolidated Financial Statements – Note 3. Agreements and Related Party Transactions” for more information on the income based fees.

We may hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options, and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions, such as interest rate swap agreements, may also limit our ability to participate in the benefits of lower interest rates.

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Currency Risk

From time to time, we may make investments that are denominated in a foreign currency, borrow in certain foreign currencies under our credit facilities or issue notes in certain foreign currencies. These investments, borrowings and issuances are translated into U.S. dollars at each balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may seek to utilize instruments such as, but not limited to, forward contracts or cross currency swaps to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates. Instead of entering into a foreign currency forward contract in connection with loans or other investments denominated in a foreign currency, we may borrow in that currency to establish a natural hedge against our loan, or investment. To the extent the loan, issuance or investment is based on a floating rate other than a rate under which we can borrow under our credit facilities, we may utilize interest rate derivatives to hedge our exposure to changes in the associated rate.

Credit Risk

We generally endeavor to minimize our risk of exposure by limiting to reputable financial institutions the counterparties with which we enter into financial transactions. As of September 30, 2025 and December 31, 2024, we held the majority of our cash balances with a single highly rated money center bank and such balances are in excess of Federal Deposit Insurance Corporation insured limits. We seek to mitigate this exposure by monitoring the credit standing of these financial institutions.

Inflation Risk

Inflation is likely to continue in the near to medium-term, particularly in the United States, with the possibility that monetary policy may continue to tighten in response. Persistent inflationary pressures could affect our portfolio companies’ profit margins.

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Item 4. Controls and Procedures.

(a)Evaluation of Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

(b)Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Neither we nor the Adviser are currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, “ITEM 1A. RISK FACTORS” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in Part II, “ITEM 1A. RISK FACTORS” in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Other than the share issues pursuant to our dividend reinvestment plan, we did not sell any unregistered equity securities, except as previously disclosed in certain Current Reports on Form 8-K filed with the SEC.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended September 30, 2025, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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Item 6. Exhibits.

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

Exhibit Number						Description of Exhibits
3.1						Second Articles of Amendment and Restatement of Blue Owl Technology Finance Corp (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on March 24, 2025).
3.2						Amended and Restated Bylaws, dated July 6, 2023 (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K, filed on June 22, 2023).
4.1						Agreement of Removal, Appointment and Acceptance, dated August 11, 2025, between Blue Owl Technology Finance Corp., Computershare Trust Company, N.A. and Deutsche Bank Trust Company Americas (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K, filed on August 11, 2025).
21.1*						List of Subsidiaries.
31.1*						Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*						Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**						Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**						Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
99.1*						Supplemental Financial Information of Blue Owl Credit SLF LLC (unaudited) as of and for the period ended September 30, 2025.
101.INS						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document
101.SCH						Inline XBRL Taxonomy Extension Schema Document
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

____________________

*Filed herein

**Furnished herein.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

			Blue Owl Technology Finance Corp.
Date: November 5, 2025			By:						/s/ Craig W. Packer
									Craig W. Packer
									Chief Executive Officer
			Blue Owl Technology Finance Corp.
Date: November 5, 2025			By:						/s/ Jonathan Lamm
									Jonathan Lamm
									Chief Operating Officer and Chief Financial Officer

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