August 11, 2023 - 10-Q: Quarterly report pursuant to Section 13 or 15(d)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________

FORM 10-Q

____________________________________

(Mark One)


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

For the period ended June 30, 2023


o			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			83-1273258
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

399 Park Avenue, New York, New York			10022
(Address of principal executive offices)			(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

None

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 definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Emerging growth company

Small reporting company

Non-accelerated filer

Accelerated filer

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 August 11, 2023, the registrant had 204,877,097 shares of common stock, $0.01 par value per share, outstanding.

Table of Contents


		Page
PART I
Item 1.	CONSOLIDATED FINANCIAL INFORMATION	3
	Consolidated Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of June 3 0 , 2023 (Unaudited) and December 31, 2022	3
	Consolidated Statements of Operations for the Three and Six Months Ended June 3 0 , 2023 and 2022 (Unaudited)	4
	Consolidated Schedules of Investments as of June 30 , 2023 (Unaudited) and December 31, 2022	5
	Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 3 0 , 2023 and 2022 (Unaudited)	38
	Consolidated Statements of Cash Flows for the Six Months Ended June 30 , 2023 and 2022 (Unaudited)	39
	Notes to Consolidated Financial Statements (Unaudited)	41
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	75
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	116
Item 4.	Controls and Procedures	118

PART II	OTHER INFORMATION	119
Item 1.	Legal Proceedings	119
Item 1A.	Risk Factors	119
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	119
Item 3.	Defaults Upon Senior Securities	119
Item 4.	Mine Safety Disclosures	119
Item 5.	Other Information	119
Item 6.	Exhibits	120
Signatures		121

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 rising interest rates, elevated inflation rates, ongoing supply chain and labor market disruptions, instability in the U.S. and international banking systems, and the risk of recession on 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;

•interest rate volatility, including the decommissioning of LIBOR, 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 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”);

•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

•the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing war between Russia and Ukraine and general uncertainty surrounding the financial and 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; 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”).

PART I. CONSOLIDATED FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Blue Owl Technology Finance Corp.

Consolidated Statements of Assets and Liabilities

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



	June 30, 2023 (Unaudited)		December 31, 2022
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $6,101,026 and $6,192,231, respectively)	$	6,097,208	$	6,113,513
Non-controlled, affiliated investments (amortized cost of $277,982 and $235,491, respectively)	268,183		231,367
Controlled, affiliated investments (amortized cost of $75,251 and $75,251, respectively)	66,509		66,509
Total investments at fair value (amortized cost of $6,454,259 and $6,502,973, respectively)	6,431,900		6,411,389
Cash	79,328		203,293
Interest receivable	45,009		41,542
Dividend income receivable	998		6,243
Prepaid expenses and other assets	687		902
Total Assets	$	6,557,922	$	6,663,369
Liabilities
Debt (net of unamortized debt issuance costs of $30,644 and $32,920, respectively)	$	2,927,794	$	3,157,975
Management fee payable	14,843		14,243
Distribution payable	76,156		59,115
Incentive fee payable	20,761		15,022
Payables to affiliates	2,284		2,758

Accrued expenses and other liabilities	30,858		26,891
Total Liabilities	$	3,072,696	$	3,276,004
Commitments and contingencies (Note 7)
Net Assets
Common shares $0.01 par value, 500,000,000 shares authorized; 204,877,097 and 202,882,309 shares issued and outstanding, respectively	$	2,049	$	2,029
Additional paid-in-capital	3,249,640		3,216,142
Accumulated undistributed (overdistributed) earnings	233,537		169,194
Total Net Assets	$	3,485,226	$	3,387,365
Total Liabilities and Net Assets	$	6,557,922	$	6,663,369
Net Asset Value Per Share	$	17.01	$	16.70

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

Blue Owl Technology Finance Corp.

Consolidated Statements of Operations

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

(Unaudited)


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income	$	128,879	$	77,757	$	249,676	$	159,049
Payment-in-kind interest income	31,791		21,293		61,924		38,471

Dividend income	6,504		4,801		12,843		9,145
Other income	941		1,128		2,546		2,003
Total investment income from non-controlled, non-affiliated investments	168,115		104,979		326,989		208,668
Investment income from non-controlled, affiliated investments:
Dividend income	3,081		2,478		5,695		6,277
Total investment income from non-controlled, affiliated investments	3,081		2,478		5,695		6,277
Total Investment Income	171,196		107,457		332,684		214,945
Expenses
Interest expense	$	48,580	$	28,715	$	96,791	$	55,793
Management fees	14,843		13,892		29,455		27,878
Incentive fees	12,768		(9,383)		23,531		(13,304)
Professional fees	2,195		2,037		4,226		3,580
Directors' fees	227		266		453		548
Other general and administrative	2,038		1,079		3,004		2,193
Total Expenses	80,651		36,606		157,460		76,688
Net Investment Income (Loss) Before Taxes	90,545		70,851		175,224		138,257
Income tax expense (benefit), including excise tax expense (benefit)	3,316		3,347		6,390		5,447
Net Investment Income (Loss) After Taxes	87,229		67,504		168,834		132,810
Net Change in Unrealized Gain (Loss)
Non-controlled, non-affiliated investments	$	31,913	$	(179,455)	$	62,778	$	(306,961)
Non-controlled, affiliated investments	(5,624)		(45,766)		(5,675)		(21,596)
Controlled, affiliated investments	—		(22,439)		—		(23,981)

Translation of assets and liabilities in foreign currencies	278		(292)		292		(273)
Total Net Change in Unrealized Gain (Loss)	26,567		(247,952)		57,395		(352,811)
Net Realized Gain (Loss):
Non-controlled, non-affiliated investments	$	80	$	9	$	(15,423)	$	4,233
Non-controlled, affiliated investments	—		36,871		—		36,871
Foreign currency transactions	(30)		(85)		(65)		(43)
Total Net Realized Gain (Loss)	50		36,795		(15,488)		41,061
Total Net Realized and Change in Unrealized Gain (Loss)	$	26,617	$	(211,157)	$	41,907	$	(311,750)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	113,846	$	(143,653)	$	210,741	$	(178,940)
Earnings (Loss) Per Share - Basic and Diluted	$	0.56	$	(0.71)	$	1.03	$	(0.89)
Weighted Average Shares Outstanding - Basic and Diluted	204,353,656		200,939,078		203,924,439		200,673,073

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

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(20)(22)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments
Aerospace & defense
Peraton Corp.(3)(6)(11)(15)	Second lien senior secured loan	SR +	7.75%	02/2029	84,946	83,948	82,185	2.4	%
ManTech International Corporation(6)(11)(15)	First lien senior secured loan	SR +	5.75%	09/2029	6,719	6,596	6,652	0.2	%
ManTech International Corporation(6)(15)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	5.75%	09/2024	—	(14)	—	—	%
ManTech International Corporation(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	5.75%	09/2028	—	(15)	(9)	—	%
					91,665	90,515	88,828	2.6	%
Application Software
Anaplan, Inc.(6)(10)(15)	First lien senior secured loan	SR +	6.50%	06/2029	49,219	48,781	49,219	1.4	%
Anaplan, Inc.(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	6.50%	06/2028	—	(29)	—	—	%
Apptio, Inc.(6)(10)(15)	First lien senior secured loan	SR +	5.00%	01/2025	59,901	59,437	59,901	1.8	%
Apptio, Inc.(6)(11)(15)(16)	First lien senior secured revolving loan	SR +	5.00%	01/2025	981	964	981	—	%
Armstrong Bidco Limited (dba The Access Group)(6)(13)(15)(25)	First lien senior secured loan	SA +	5.25%	06/2029	6,756	6,393	6,705	0.2	%
Armstrong Bidco Limited (dba The Access Group)(6)(13)(15)(16)(18)(25)	First lien senior secured delayed draw term loan	SA +	5.25%	06/2025	3,097	2,928	3,087	0.1	%
Avalara, Inc.(6)(11)(15)	First lien senior secured loan	SR +	7.25%	10/2028	9,091	8,966	9,045	0.3	%
Avalara, Inc.(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	7.25%	10/2028	—	(12)	(5)	—	%
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(6)(11)(15)	First lien senior secured loan	SR +	5.50%	08/2027	63,357	62,198	59,556	1.8	%
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(6)(11)(15)(16)(18)	First lien senior secured delayed draw term loan	SR +	5.50%	08/2023	14,255	13,945	13,082	0.4	%
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(6)(10)(15)(16)	First lien senior secured revolving loan	SR +	5.50%	08/2027	6,109	5,994	5,702	0.2	%
Certify, Inc.(6)(10)	First lien senior secured loan	SR +	5.50%	02/2024	57,039	56,924	57,039	1.6	%
Certify, Inc.(6)(10)(16)	First lien senior secured revolving loan	SR +	5.50%	02/2024	570	566	570	—	%
CivicPlus, LLC(6)(8)(15)	First lien senior secured loan	L +	6.75% (2.50% PIK)	08/2027	66,445	65,942	66,445	1.9	%
CivicPlus, LLC(6)(7)(15)(16)	First lien senior secured revolving loan	L +	6.00%	08/2027	839	806	839	—	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(20)(22)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Coupa Holdings, LLC(6)(10)(15)	First lien senior secured loan	SR +	7.50%	02/2030	785	766	766	—	%
Coupa Holdings, LLC(6)(15)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	7.50%	08/2024	—	(1)	(1)	—	%
Coupa Holdings, LLC(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	7.50%	02/2029	—	(1)	(1)	—	%
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(6)(12)(15)	Unsecured notes	SR +	11.75% PIK	06/2034	36,305	35,451	36,123	1.0	%
Community Brands ParentCo, LLC(6)(10)(15)	First lien senior secured loan	SR +	5.50%	02/2028	12,591	12,388	12,465	0.4	%
Community Brands ParentCo, LLC(6)(15)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	5.50%	02/2024	—	(12)	—	—	%
Community Brands ParentCo, LLC(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	5.50%	02/2028	—	(12)	(8)	—	%
Diamondback Acquisition, Inc. (dba Sphera)(6)(10)(15)	First lien senior secured loan	SR +	5.50%	09/2028	77,041	75,819	75,885	2.2	%
Diamondback Acquisition, Inc. (dba Sphera)(6)(15)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	5.50%	09/2023	—	(151)	(102)	—	%
Diligent Corporation(6)(10)	First lien senior secured loan	SR +	6.17%	08/2025	24,751	24,490	24,380	0.7	%
Diligent Corporation(6)(10)(16)	First lien senior secured revolving loan	SR +	6.25%	08/2025	731	715	708	—	%
Fullsteam Operations, LLC(6)(11)(15)	First lien senior secured delayed draw term loan	SR +	7.50% (3.00% PIK)	10/2027	10,463	10,254	10,567	0.3	%
Gainsight, Inc.(6)(8)(15)	First lien senior secured loan	L +	6.75% PIK	07/2027	58,176	57,511	57,594	1.7	%
Gainsight, Inc.(6)(10)(15)(16)	First lien senior secured revolving loan	SR +	6.75%	07/2027	3,750	3,688	3,698	0.1	%
Granicus, Inc.(6)(11)(15)	First lien senior secured loan	SR +	5.50%	01/2027	35,012	34,479	34,399	1.0	%
Granicus, Inc.(6)(11)(15)(16)	First lien senior secured revolving loan	SR +	6.50%	01/2027	811	773	765	—	%
Grayshift, LLC(6)(10)(15)(25)	First lien senior secured loan	SR +	8.00%	07/2028	8,942	8,864	8,763	0.3	%
Grayshift, LLC(6)(15)(16)(17)(25)	First lien senior secured revolving loan	SR +	7.50%	07/2028	—	(8)	(19)	—	%
GS Acquisitionco, Inc. (dba insightsoftware)(6)(11)(15)	First lien senior secured loan	SR +	5.75%	05/2026	49,276	48,996	49,153	1.4	%
GS Acquisitionco, Inc. (dba insightsoftware)(6)(11)(15)(16)	First lien senior secured revolving loan	SR +	5.75%	05/2026	1,115	1,099	1,106	—	%
MessageBird BidCo B.V.(6)(7)(15)(25)	First lien senior secured loan	L +	6.75%	05/2027	70,000	68,917	69,300	2.0	%
Ministry Brands Holdings, LLC(6)(10)(15)	First lien senior secured loan	SR +	5.50%	12/2028	7,584	7,458	7,432	0.2	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(20)(22)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Ministry Brands Holdings, LLC(6)(10)(15)(16)(18)	First lien senior secured delayed draw term loan	SR +	5.50%	12/2023	310	287	282	—	%
Ministry Brands Holdings, LLC(6)(10)(15)(16)	First lien senior secured revolving loan	SR +	5.50%	12/2027	270	259	256	—	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(6)(11)(15)	First lien senior secured loan	SR +	5.25%	03/2028	10,175	10,007	10,048	0.3	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(6)(11)(15)(16)	First lien senior secured revolving loan	SR +	5.25%	03/2028	278	251	257	—	%
Velocity HoldCo III Inc. (dba VelocityEHS)(6)(11)(15)	First lien senior secured loan	SR +	5.75%	04/2027	40,833	40,199	40,833	1.2	%
Velocity HoldCo III Inc. (dba VelocityEHS)(6)(10)(15)(16)	First lien senior secured revolving loan	SR +	5.75%	04/2026	1,667	1,635	1,667	—	%
Zendesk, Inc.(6)(11)(15)	First lien senior secured loan	SR +	7.00% (3.50% PIK)	11/2028	52,140	51,187	51,228	1.5	%
Zendesk, Inc.(6)(15)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	6.50%	11/2024	—	(432)	(97)	—	%
Zendesk, Inc.(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	6.50%	11/2028	—	(96)	(93)	—	%
					840,665	828,583	829,520	24.0	%
Banks
Adenza Group, Inc.(6)(10)(15)	First lien senior secured loan	SR +	5.75%	12/2027	139,348	138,002	139,348	4.0	%
Adenza Group, Inc.(6)(15)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	5.75%	07/2023	—	(8)	—	—	%
Adenza Group, Inc.(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	5.75%	12/2025	—	(108)	—	—	%
					139,348	137,886	139,348	4.0	%
Building products
EET Buyer, Inc. (dba e-Emphasys)(6)(8)(15)	First lien senior secured loan	L +	6.50%	11/2027	54,512	54,027	54,512	1.6	%
EET Buyer, Inc. (dba e-Emphasys)(6)(15)(16)(17)	First lien senior secured revolving loan	L +	6.50%	11/2027	—	(45)	—	—	%
					54,512	53,982	54,512	1.6	%
Commercial Services & Supplies
SimpliSafe Holding Corporation(6)(10)(15)	First lien senior secured loan	SR +	6.25%	05/2028	815	801	809	—	%
SimpliSafe Holding Corporation(6)(15)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	6.25%	05/2024	—	(1)	—	—	%
					815	800	809	—	%
Consumer Finance
Affirm, Inc.(3)(15)(25)(26)	Senior convertible notes		N/A	11/2026	25,000	18,314	18,475	0.5	%
					25,000	18,314	18,475	0.5	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(20)(22)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Diversified Consumer Services
Litera Bidco LLC(6)(10)(15)	First lien senior secured loan	SR +	5.25%	05/2026	152,634	151,478	152,432	4.4	%
Litera Bidco LLC(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	5.25%	05/2025	—	(35)	(21)	—	%
Muine Gall, LLC(6)(9)(15)(21)(25)	First lien senior secured loan	L +	7.00% PIK	09/2024	112,606	113,350	111,760	3.2	%
Relativity ODA LLC(6)(10)(15)	First lien senior secured loan	SR +	6.50%	05/2027	131,681	130,493	131,681	3.8	%
Relativity ODA LLC(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	6.50%	05/2027	—	(109)	—	—	%
Transact Holdings Inc.(6)(7)(15)	First lien senior secured loan	L +	4.25%	04/2026	8,566	8,507	8,502	0.2	%
					405,487	403,684	404,354	11.6	%
Diversified Financial Services
Computer Services, Inc. (dba CSI)(6)(11)(15)	First lien senior secured loan	SR +	6.75%	11/2029	998	979	985	—	%
BTRS Holdings Inc. (dba Billtrust)(6)(11)(15)	First lien senior secured loan	SR +	8.00%	12/2028	839	816	823	—	%
BTRS Holdings Inc. (dba Billtrust)(6)(11)(15)(16)(18)	First lien senior secured delayed draw term loan	SR +	8.00%	12/2024	17	17	16	—	%
BTRS Holdings Inc. (dba Billtrust)(6)(10)(15)(16)	First lien senior secured revolving loan	SR +	7.25%	12/2028	31	29	30	—	%
Hg Genesis 8 Sumoco Limited(6)(13)(15)(25)	Unsecured facility	SA +	6.00% PIK	09/2025	78,002	80,817	78,002	2.2	%
Hg Genesis 9 SumoCo Limited(6)(14)(15)(25)	Unsecured facility	E +	7.00% PIK	03/2027	8,530	8,561	8,530	0.2	%
Hg Saturn Luchaco Limited(6)(13)(15)(25)	Unsecured facility	SA +	7.50% PIK	03/2026	126,729	134,954	125,462	3.6	%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(10)(15)	First lien senior secured loan	SR +	5.75%	09/2025	16,860	16,778	16,733	0.5	%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(10)(15)(16)(18)	First lien senior secured delayed draw term loan	SR +	5.75%	10/2023	3,979	3,935	3,949	0.1	%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	5.75%	09/2025	—	(9)	(8)	—	%
Smarsh Inc.(6)(12)(15)	First lien senior secured loan	SR +	6.50%	02/2029	44,190	43,815	43,970	1.3	%
Smarsh Inc.(6)(12)(15)(16)(18)	First lien senior secured delayed draw term loan	SR +	6.50%	02/2024	5,524	5,429	5,496	0.2	%
Smarsh Inc.(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	6.50%	02/2029	—	(4)	(2)	—	%
					285,699	296,117	283,986	8.1	%
Electrical Equipment
BCPE Watson (DE) ORML, LP(6)(12)(15)(21)(25)	First lien senior secured loan	SR +	6.50%	07/2028	50,000	49,565	49,750	1.5	%
					50,000	49,565	49,750	1.5	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(20)(22)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Energy Equipment & Services
3ES Innovation Inc. (dba Aucerna)(6)(11)(15)(25)	First lien senior secured loan	SR +	6.50%	05/2025	70,968	70,597	70,968	2.0	%
3ES Innovation Inc. (dba Aucerna)(6)(10)(15)(16)(25)	First lien senior secured revolving loan	SR +	6.50%	05/2025	2,000	1,982	2,000	0.1	%
Project Power Buyer, LLC (dba PEC-Veriforce)(6)(11)(15)	First lien senior secured loan	SR +	7.00%	05/2026	52,239	51,893	51,717	1.5	%
Project Power Buyer, LLC (dba PEC-Veriforce)(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	7.00%	05/2025	—	(15)	(38)	—	%
					125,207	124,457	124,647	3.6	%
Food & Staples Retailing
Circana Group, L.P. (fka The NPD Group, L.P.)(6)(10)(15)	First lien senior secured loan	SR +	6.25% (2.75% PIK)	12/2028	23,936	23,503	23,637	0.7	%
Circana Group, L.P. (fka The NPD Group, L.P.)(6)(10)(15)(16)	First lien senior secured revolving loan	SR +	5.75%	12/2027	121	96	102	—	%
					24,057	23,599	23,739	0.7	%
Health Care Technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(8)(15)	First lien senior secured loan	L +	5.75%	08/2028	115,907	114,447	113,879	3.3	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(15)(16)(17)(18)	First lien senior secured delayed draw term loan	L +	5.75%	08/2023	—	(215)	(181)	—	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(8)(15)(16)	First lien senior secured revolving loan	L +	5.75%	08/2026	4,621	4,488	4,407	0.1	%
Datix Bidco Limited (dba RLDatix)(6)(13)(15)(25)	First lien senior secured GBP term loan	SA +	4.50%	04/2025	810	867	802	—	%
Datix Bidco Limited (dba RLDatix)(6)(13)(15)(25)	Second lien senior secured GBP term loan	SA +	7.75%	04/2026	8,476	9,050	8,412	0.2	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(6)(11)(15)	First lien senior secured loan	SR +	5.75%	10/2028	27,372	26,930	26,893	0.8	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(6)(11)(15)(16)	First lien senior secured revolving loan	SR +	5.75%	10/2027	885	853	846	—	%
Hyland Software, Inc.(3)(6)(7)(15)	Second lien senior secured loan	L +	6.25%	07/2025	94,842	94,820	90,811	2.6	%
Imprivata, Inc.(6)(10)(15)	Second lien senior secured loan	SR +	6.25%	12/2028	17,647	17,470	17,382	0.5	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(6)(11)(15)(25)	First lien senior secured loan	SR +	6.50%	08/2026	156,264	155,086	154,310	4.4	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(6)(11)(15)(16)(25)	First lien senior secured revolving loan	SR +	6.50%	08/2026	4,759	4,655	4,624	0.1	%
Interoperability Bidco, Inc. (dba Lyniate)(6)(11)(15)	First lien senior secured loan	SR +	7.00%	12/2026	85,010	84,593	84,161	2.4	%
Interoperability Bidco, Inc. (dba Lyniate)(6)(11)(15)(16)	First lien senior secured revolving loan	SR +	7.00%	12/2024	2,031	1,982	1,963	0.1	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(20)(22)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Inovalon Holdings, Inc.(6)(8)(15)	First lien senior secured loan	L +	6.25% (2.75% PIK)	11/2028	134,983	132,357	132,621	3.8	%
Inovalon Holdings, Inc.(6)(15)(16)(17)(18)	First lien senior secured delayed draw term loan	L +	6.25% (2.75% PIK)	05/2024	—	(133)	(69)	—	%
Inovalon Holdings, Inc.(6)(11)(15)	Second lien senior secured loan	SR +	10.50% PIK	11/2033	75,224	74,067	74,472	2.1	%
RL Datix Holdings (USA), Inc.(6)(15)(18)(25)	First lien senior secured loan	SA +	4.50%	04/2025	14,600	14,415	14,454	0.4	%
RL Datix Holdings (USA), Inc.(6)(12)(15)(16)(25)	First lien senior secured revolving loan	SR +	4.50%	04/2025	1,112	1,087	1,092	—	%
RL Datix Holdings (USA), Inc.(6)(12)(15)(25)	Second lien senior secured loan	SR +	7.75%	04/2026	22,333	21,990	22,166	0.6	%
					766,876	758,809	753,045	21.4	%
Hotels, Restaurants & Leisure
MINDBODY, Inc.(6)(7)(15)	First lien senior secured loan	L +	7.00%	02/2025	79,572	79,279	79,174	2.3	%
MINDBODY, Inc.(6)(15)(16)(17)	First lien senior secured revolving loan	L +	7.00%	02/2025	—	(19)	(36)	—	%
					79,572	79,260	79,138	2.3	%
Household Durables
BCTO BSI Buyer, Inc. (dba Buildertrend)(6)(11)(15)	First lien senior secured loan	SR +	8.00% PIK	12/2026	77,141	76,616	77,141	2.2	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	7.00%	12/2026	—	(103)	—	—	%
					77,141	76,513	77,141	2.2	%
Industrial Conglomerates
QAD, Inc.(6)(10)(15)	First lien senior secured loan	SR +	5.38%	11/2027	87,464	86,115	85,715	2.5	%
QAD, Inc.(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	5.38%	11/2027	—	(166)	(229)	—	%
					87,464	85,949	85,486	2.5	%
Insurance
Asurion, LLC(3)(6)(10)(15)	Second lien senior secured loan	SR +	5.25%	01/2028	10,833	10,650	9,188	0.3	%
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(6)(11)(15)	First lien senior secured loan	SR +	7.50%	03/2029	909	887	891	—	%
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	7.50%	03/2029	—	(2)	(2)	—	%
Integrity Marketing Acquisition, LLC(6)(11)(15)	First lien senior secured loan	SR +	5.80%	08/2025	54,294	53,926	54,294	1.6	%
Integrity Marketing Acquisition, LLC(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	5.75%	08/2025	—	(20)	—	—	%
					66,036	65,441	64,371	1.9	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(20)(22)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
IT Services
BCPE Nucleon (DE) SPV, LP(6)(9)(15)(25)	First lien senior secured loan	L +	7.00%	09/2026	133,333	132,088	133,333	3.8	%
Kaseya Inc.(6)(10)(15)	First lien senior secured loan	SR +	6.25% (2.50% PIK)	06/2029	15,610	15,332	15,571	0.4	%
Kaseya Inc.(6)(10)(15)(16)(18)	First lien senior secured delayed draw term loan	SR +	6.25% (2.50% PIK)	06/2024	58	49	58	—	%
Kaseya Inc.(6)(10)(15)(16)	First lien senior secured revolving loan	SR +	6.25% (2.50% PIK)	06/2029	236	220	234	—	%
Pluralsight, LLC(6)(11)(15)	First lien senior secured loan	SR +	8.00%	04/2027	159,496	158,418	157,102	4.5	%
Pluralsight, LLC(6)(11)(15)(16)	First lien senior secured revolving loan	SR +	8.00%	04/2027	5,000	4,950	4,850	0.1	%
					313,733	311,057	311,148	8.8	%
Professional Services
Cornerstone OnDemand, Inc.(6)(11)(15)	Second lien senior secured loan	SR +	6.50%	10/2029	71,667	70,764	67,367	1.9	%
Gerson Lehrman Group, Inc.(6)(11)(15)	First lien senior secured loan	SR +	5.25%	12/2024	80,764	80,427	80,764	2.3	%
Gerson Lehrman Group, Inc.(6)(10)(15)(16)	First lien senior secured revolving loan	SR +	5.25%	12/2024	1,823	1,815	1,823	0.1	%
Motus Group, LLC(6)(7)(15)	Second lien senior secured loan	L +	6.50%	12/2029	17,868	17,714	17,600	0.5	%
Proofpoint, Inc.(6)(10)(15)	Second lien senior secured loan	SR +	6.25%	08/2029	55,000	54,773	53,213	1.5	%
Thunder Purchaser, Inc. (dba Vector Solutions)(6)(11)(15)	First lien senior secured loan	SR +	5.75%	06/2028	130,953	129,955	129,972	3.7	%
Thunder Purchaser, Inc. (dba Vector Solutions)(6)(11)(15)(16)(18)	First lien senior secured delayed draw term loan	SR +	5.75%	08/2023	8,019	7,950	7,959	0.2	%
Thunder Purchaser, Inc. (dba Vector Solutions)(6)(11)(15)(16)	First lien senior secured revolving loan	SR +	5.75%	06/2027	6,637	6,585	6,578	0.2	%
When I Work, Inc.(6)(8)(15)	First lien senior secured loan	L +	7.00% PIK	11/2027	32,635	32,404	32,064	0.9	%
When I Work, Inc.(6)(15)(16)(17)	First lien senior secured revolving loan	L +	6.00%	11/2027	—	(41)	(98)	—	%
					405,366	402,346	397,242	11.3	%
Real Estate Management & Development
REALPAGE, INC.(3)(6)(10)(15)	Second lien senior secured loan	SR +	6.50%	04/2029	52,500	51,880	50,705	1.5	%
					52,500	51,880	50,705	1.5	%
Systems Software
Acquia Inc.(6)(9)	First lien senior secured loan	L +	7.00%	10/2025	152,102	151,349	152,102	4.4	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(20)(22)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Acquia Inc.(6)(9)(16)	First lien senior secured revolving loan	L +	7.00%	10/2025	9,196	9,150	9,196	0.3	%
Arctic Wolf Networks, Inc.(15)(28)	Senior convertible notes		3.00% PIK	09/2027	122,258	132,953	132,629	3.8	%
Bayshore Intermediate #2, L.P. (dba Boomi)(6)(11)(15)	First lien senior secured loan	SR +	7.50% PIK	10/2028	167,478	164,916	164,965	4.7	%
Bayshore Intermediate #2, L.P. (dba Boomi)(6)(10)(15)(16)	First lien senior secured revolving loan	SR +	6.50%	10/2027	2,341	2,154	2,165	0.1	%
Centrify Corporation(6)(11)(15)	First lien senior secured loan	SR +	5.75%	03/2028	78,898	77,457	78,306	2.2	%
Centrify Corporation(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	5.75%	03/2027	—	(147)	(61)	—	%
Exabeam, Inc.(28)	First lien senior secured loan		12.00%	05/2028	40,000	39,609	29,600	0.8	%
Forescout Technologies, Inc.(6)(8)(15)	First lien senior secured loan	L +	9.50% PIK	08/2026	128,514	127,508	129,156	3.7	%
Forescout Technologies, Inc.(6)(15)(16)(17)(18)	First lien senior secured delayed draw term loan	L +	9.00%	07/2024	—	(122)	—	—	%
Forescout Technologies, Inc.(6)(15)(16)(17)	First lien senior secured revolving loan	L +	8.50%	08/2025	—	(62)	—	—	%
Delta TopCo, Inc. (dba Infoblox, Inc.)(6)(12)(15)	Second lien senior secured loan	SR +	7.25%	12/2028	20,000	19,926	19,400	0.6	%
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(6)(10)(15)(25)	First lien senior secured loan	SR +	7.50%	04/2026	148,889	146,512	148,889	4.3	%
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(6)(15)(16)(17)(25)	First lien senior secured revolving loan	SR +	7.50%	04/2026	—	(349)	—	—	%
Ivanti Software, Inc.(6)(8)(15)	Second lien senior secured loan	L +	7.25%	12/2028	21,000	20,528	15,488	0.4	%
Oranje Holdco, Inc. (dba KnowBe4)(6)(11)(15)	First lien senior secured loan	SR +	7.75%	02/2029	12,818	12,636	12,626	0.4	%
Oranje Holdco, Inc. (dba KnowBe4)(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	7.75%	02/2029	—	(22)	(24)	—	%
Ping Identity Holding Corp.(6)(10)(15)	First lien senior secured loan	SR +	7.00%	10/2029	909	896	900	—	%
Ping Identity Holding Corp.(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	7.00%	10/2028	—	(1)	(1)	—	%
Rubrik, Inc.(6)(12)(15)	First lien senior secured loan	SR +	7.00%	06/2027	6,282	6,178	6,235	0.2	%
Rubrik, Inc.(6)(12)(15)(16)	First lien senior secured delayed draw term loan	SR +	7.00%	06/2027	518	518	512	—	%
SailPoint Technologies Holdings, Inc.(6)(10)(15)	First lien senior secured loan	SR +	6.25%	08/2029	45,640	44,763	45,070	1.3	%
SailPoint Technologies Holdings, Inc.(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	6.25%	08/2028	—	(74)	(54)	—	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(20)(22)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(4)(5)		Fair Value		Percentage of Net Assets
Securonix, Inc.(6)(11)(15)	First lien senior secured loan	SR +	6.50%	04/2028	19,774		19,609		19,082		0.5	%
Securonix, Inc.(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	6.50%	04/2028	—		(28)		(125)		—	%
Tahoe Finco, LLC(6)(7)(15)(25)	First lien senior secured loan	L +	6.00%	09/2028	172,094		170,716		170,372		4.9	%
Tahoe Finco, LLC(6)(15)(16)(17)(25)	First lien senior secured revolving loan	L +	6.00%	10/2027	—		(92)		(129)		—	%
Talon MidCo 2 Limited (dba Tufin)(6)(11)(15)(25)	First lien senior secured loan	SR +	7.69%	08/2028	2,437		2,394		2,394		0.1	%
Talon MidCo 2 Limited (dba Tufin)(6)(15)(16)(17)(25)	First lien senior secured revolving loan	SR +	7.00%	08/2028	—		(2)		(2)		—	%
					1,151,148		1,148,873		1,138,691		32.7	%
Thrifts & Mortgage Finance
Blend Labs, Inc.(6)(10)(15)	First lien senior secured loan	SR +	7.50%	06/2026	112,500		110,703		109,688		3.1	%
Blend Labs, Inc.(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	7.50%	06/2026	—		(75)		(313)		—	%
					112,500		110,628		109,375		3.1	%
Total non-controlled/non-affiliated portfolio company debt investments					$	5,154,791	$	5,118,258	$	5,084,310	145.9	%

Equity Investments
Aerospace & Defense
Space Exploration Technologies Corp.(15)(19)(26)	Class A Common Stock		N/A	N/A	419,311		23,013		32,287		0.9	%
Space Exploration Technologies Corp.(15)(19)(26)	Class C Common Stock		N/A	N/A	84,250		4,011		6,487		0.2	%
							27,024		38,774		1.1	%
Application Software
6Sense Insights, Inc.(15)(19)(26)	Series E-1 Preferred Stock		N/A	N/A	1,264,514		40,066		33,456		1.0	%
Alpha Partners Technology Merger Corp(2)(25)(26)	Common stock		N/A	N/A	2,000,000		20,027		20,820		0.6	%
Alpha Partners Technology Merger Corp(25)(26)	Sponsor Shares		N/A	N/A	100,000		1,000		455		—	%
Diligent Preferred Issuer, Inc. (dba Diligent Corporation)(15)(19)(28)	Preferred Stock		10.50% PIK	N/A	15,000		18,055		17,458		0.5	%
EShares, Inc. (dba Carta)(19)(26)	Series E Preferred Stock		N/A	N/A	186,904		2,008		8,309		0.2	%
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(15)(19)(25)(26)	LP Interest		N/A	N/A	2,280,564		2,281		2,281		0.1	%
MessageBird BidCo B.V.(15)(19)(25)(26)	Extended Series C Warrants		N/A	N/A	191,530		1,174		214		—	%
Nylas, Inc.(19)(26)	Series C Preferred Stock		N/A	N/A	2,088,467		15,009		7,906		0.2	%
Project Alpine Co-Invest Fund, LP(15)(19)(25)(26)	LP Interest		N/A	N/A	3,643,669		3,646		3,998		0.1	%
Saturn Ultimate, Inc.(15)(19)(26)	Common stock		N/A	N/A	5,580,593		25,008		55,632		1.6	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(20)(22)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Zoro TopCo, Inc.(15)(19)(28)	Series A Preferred Equity		12.50% PIK	N/A	7,114	7,422	7,491	0.2	%
Zoro TopCo, L.P.(15)(19)(26)	Class A Common Units		N/A	N/A	592,872	5,929	5,929	0.2	%
						141,625	163,949	4.7	%
Capital Markets
Robinhood Markets, Inc.(2)(15)(25)(26)	Common stock		N/A	N/A	2,416,000	64,335	24,112	0.7	%
						64,335	24,112	0.7	%
Construction & Engineering
Dodge Construction Network Holdings, L.P.(15)(19)	Series A Preferred Units	SR +	8.25%	N/A	—	70	69	—	%
Dodge Construction Network Holdings, L.P.(15)(19)(26)	Class A-2 Common Units		N/A	N/A	3,333,333	2,841	2,343	0.1	%
						2,911	2,412	0.1	%
Consumer Finance
Remitly Global, Inc.(2)(26)	Common stock		N/A	N/A	1,386,115	8,267	26,087	0.7	%
						8,267	26,087	0.7	%
Diversified Consumer Services
SLA Eclipse Co-Invest, L.P.(3)(19)(25)(26)	LP Interest		N/A	N/A	15,000	15,217	19,440	0.6	%
						15,217	19,440	0.6	%
Diversified Financial Services
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(15)(16)(19)(25)(26)	LLC Interest		N/A	N/A	339,762	338	340	—	%
AAM Series 2.1 Aviation Feeder, LLC(15)(16)(19)(25)(26)	LLC Interest		N/A	N/A	1,052,423	1,053	1,052	—	%
Amergin Asset Management, LLC(15)(19)(25)(26)	Class A Units		N/A	N/A	50,000,000	—	—	—	%
Brex, Inc.(19)(26)	Preferred Stock		N/A	N/A	143,943	5,012	3,220	0.1	%
						6,403	4,612	0.1	%
Health Care Technology
BEHP Co-Investor II, L.P.(15)(19)(25)(26)	LP Interest		N/A	N/A	1,269,969	1,266	1,325	—	%
Minerva Holdco, Inc. (dba Athenahealth, Inc.)(15)(19)(28)	Series A Preferred Stock		10.75% PIK	N/A	50,000	57,079	53,611	1.5	%
WP Irving Co-Invest, L.P.(15)(19)(25)(26)	Partnership Units		N/A	N/A	1,250,000	1,267	1,304	—	%
						59,612	56,240	1.5	%
Hotels, Restaurants & Leisure
Toast, Inc.(19)(26)	Warrants		N/A	N/A	5,762,612	36,254	55,822	1.6	%
Toast, Inc.(2)(26)	Common stock		N/A	N/A	322,578	6,398	7,281	0.2	%
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)(15)(19)(28)	Series A Preferred Stock		6.00% PIK	N/A	25,000	27,333	27,060	0.8	%
						69,985	90,163	2.6	%
Internet & Direct Marketing Retail
Kajabi Holdings, LLC(19)(26)	Class D Units		N/A	N/A	4,126,175	50,025	41,170	1.2	%
Klaviyo, Inc.(19)(26)	Common stock		N/A	N/A	1,198,270	40,018	40,000	1.2	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(20)(22)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Linked Store Cayman Ltd. (dba Nuvemshop)(15)(19)(25)(26)	Series E Preferred Stock		N/A	N/A	19,499	42,496	38,596	1.1	%
						132,539	119,766	3.5	%
IT Services
E2Open Parent Holdings, Inc.(2)(25)(26)	Class A Common Stock		N/A	N/A	1,650,943	17,504	9,245	0.3	%
JumpCloud, Inc.(19)(26)	Series B Preferred Stock		N/A	N/A	756,590	4,531	2,923	0.1	%
JumpCloud, Inc.(19)(26)	Series F Preferred Stock		N/A	N/A	6,679,245	40,017	36,303	1.1	%
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(15)(19)(28)	Perpetual Preferred Stock		11.75% PIK	N/A	7,500	8,256	8,404	0.2	%
Replicated, Inc.(19)(26)	Series C Preferred Stock		N/A	N/A	1,277,832	20,008	16,376	0.5	%
WMC Bidco, Inc. (dba West Monroe)(15)(19)(28)	Senior Preferred Stock		11.25% PIK	N/A	5,762,612	67,556	65,023	1.9	%
						157,872	138,274	4.1	%
Professional Services
BCTO WIW Holdings, Inc. (dba When I Work)(15)(19)(26)	Class A Common Stock		N/A	N/A	70,000	7,000	6,305	0.2	%
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(15)(19)(28)	Series A Preferred Stock		10.50% PIK	N/A	28,000	32,759	29,352	0.8	%
Thunder Topco L.P. (dba Vector Solutions)(15)(19)(26)	Common Units		N/A	N/A	7,857,410	7,857	8,047	0.2	%
						47,616	43,704	1.2	%
Road & Rail
Bolt Technology OÜ(19)(25)(26)	Preferred Stock		N/A	N/A	43,478	11,318	10,535	0.3	%
						11,318	10,535	0.3	%
Systems Software
Algolia, Inc.(19)(26)	Series C Preferred Stock		N/A	N/A	970,281	10,000	24,314	0.7	%
Algolia, Inc.(19)(26)	Series D Preferred Stock		N/A	N/A	136,776	4,000	3,790	0.1	%
Arctic Wolf Networks, Inc.(19)(26)	Preferred Stock		N/A	N/A	3,032,840	25,036	29,564	0.9	%
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(15)(19)(26)	Common Units		N/A	N/A	12,692,160	12,692	13,036	0.4	%
Circle Internet Services, Inc.(19)(26)	Series D Preferred Stock		N/A	N/A	2,934,961	15,000	34,192	1.0	%
Circle Internet Services, Inc.(19)(26)	Series E Preferred Stock		N/A	N/A	821,806	6,917	10,238	0.3	%
Circle Internet Services, Inc.(19)(26)	Series F Preferred Stock		N/A	N/A	75,876	1,500	1,287	—	%
Circle Internet Services, Inc.(19)(26)	Warrants		N/A	N/A	244,580	—	1,687	—	%
Elliott Alto Co-Investor Aggregator L.P.(15)(19)(25)(26)	LP Interest		N/A	N/A	1,572	1,576	1,485	—	%
Exabeam, Inc.(19)(26)	Series F-1 Preferred Stock		N/A	N/A	3,340,668	95,669	97,551	2.8	%
Halo Parent Newco, LLC(15)(19)(28)	Class H PIK Preferred Equity		11.00% PIK	N/A	5,000	5,773	4,702	0.1	%
Project Hotel California Co-Invest Fund, L.P.(15)(19)(25)(26)	LP Interest		N/A	N/A	2,684,708	2,687	2,686	0.1	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(20)(22)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)		Fair Value		Percentage of Net Assets
Illumio, Inc.(19)(26)	Series F Preferred Stock		N/A	N/A	2,483,618	16,683		15,781		0.5	%
Illumio, Inc.(19)(26)	Common stock		N/A	N/A	358,365	2,432		1,727		—	%
Picard Holdco, Inc.(6)(11)(15)(19)	Series A Preferred Stock	SR +	12.00% PIK	N/A	13,790	13,438		12,584		0.4	%
Securiti, Inc.(15)(19)(26)	Series C Preferred Stock		N/A	N/A	2,525,571	20,016		20,000		0.6	%
						233,419		274,624		7.9	%
Thrifts & Mortgage Finance
Blend Labs, Inc.(2)(15)(26)	Common stock		N/A	N/A	216,953	3,000		205		—	%
Blend Labs, Inc.(15)(19)(26)	Warrants		N/A	N/A	299,216	1,625		1		—	%
						4,625		206		—	%
Total non-controlled/non-affiliated portfolio company equity investments						$	982,768	$	1,012,898	29.1	%
Total non-controlled/non-affiliated portfolio company investments						$	6,101,026	$	6,097,208	175.0	%

Non-controlled/affiliated portfolio company investments
Debt Investments
Internet & Direct Marketing Retail
Walker Edison Furniture Company LLC(6)(10)(15)(23)(27)	First lien senior secured loan	SR +	6.75% PIK	03/2027	8,842	8,263		8,666		0.3	%
Walker Edison Furniture Company LLC(6)(10)(15)(16)(23)(27)	First lien senior secured delayed draw term loan	SR +	6.75% PIK	03/2027	227	225		227		—	%
Walker Edison Furniture Company LLC(6)(10)(15)(23)(27)	First lien senior secured revolving loan	SR +	6.25% PIK	03/2027	4,513	4,495		4,495		0.1	%
					13,582	12,983		13,388		0.4	%
Total non-controlled/affiliated portfolio company debt investments					13,582	12,983		13,388		0.4	%

Equity Investments
Systems Software
Help HP SCF Investor, LP(15)(19)(23)(26)	LP Interest		N/A	N/A	59,333	59,379		67,070		1.9	%
Split Software, Inc.(19)(23)(26)	Series D Non-Participating Convertible Preferred Stock		N/A	N/A	12,335,526	30,005		25,586		0.7	%
						89,384		92,656		2.6	%
Insurance
Fifth Season Investments LLC(15)(19)(21)(23)	Class A Units		N/A	N/A	8	31,293		31,293		0.9	%
						31,293		31,293		0.9	%
Internet & Direct Marketing Retail
Walker Edison Holdco LLC(15)(19)(23)(26)	Common Units		N/A	N/A	98,319	9,500		8,590		0.3	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(20)(22)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)		Fair Value		Percentage of Net Assets
Signifyd Inc.(19)(23)(28)	Series E Preferred Shares		9.00% PIK	N/A	2,755,121	122,002		109,500		3.1	%
						131,502		118,090		3.4	%
Pharmaceuticals
LSI Financing 1 DAC(15)(19)(23)(25)	Preferred Equity		N/A	N/A	13,789,000	12,820		12,756		0.4	%
						12,820		12,756		0.4	%
Total non-controlled/affiliated portfolio company equity investments						$	264,999	$	254,795	7.3	%
Total non-controlled/affiliated portfolio company investments						$	277,982	$	268,183	7.7	%

Controlled/affiliated portfolio company investments
Equity Investments
Diversified Financial Services
Revolut Ribbit Holdings, LLC(19)(24)(25)(26)	LLC Interest		N/A	N/A	75,000	75,251		66,509		1.9	%
						75,251		66,509		1.9	%
Total controlled/affiliated portfolio company equity investments						$	75,251	$	66,509	1.9	%
Total controlled/affiliated portfolio company investments						$	75,251	$	66,509	1.9	%
Total Investments						$	6,454,259	$	6,431,900	184.6	%

________________

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

(2)Level 1 investment.

(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 June 30, 2023, the net estimated unrealized gain on investments for U.S. federal income tax purposes was $16.2 million based on a tax cost basis of $6.5 billion. As of June 30, 2023, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $151.2 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $167.4 million.

(6)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 London Interbank Offered Rate (“LIBOR” or “L”, which can include one-, two-, three-, six-, or twelve-month LIBOR), Secured Overnight Financing Rate ("SOFR" or "SR", which can include one-, three- or six-month SOFR), British Pound Sterling LIBOR (“GBPLIBOR” or “G”), Euro Interbank Offered Rate ("EURIBOR" or "E", which can include three- or six-month EURIBOR), Sterling Overnight Interbank Average Rate ("SONIA" or "SA"), Canadian Dollar Offered Rate ("CDOR" or "C"), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate ("Prime" or "P")), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.

(7)The interest rate on these loans is subject to 1 month LIBOR, which as of June 30, 2023 was 5.22%.

(8)The interest rate on these loans is subject to 3 month LIBOR, which as of June 30, 2023 was 5.55%.

(9)The interest rate on these loans is subject to 6 month LIBOR, which as of June 30, 2023 was 5.76%.

(10)The interest rate on these loans is subject to 1 month SOFR, which as of June 30, 2023 was 5.14%.

(11)The interest rate on these loans is subject to 3 month SOFR, which as of June 30, 2023 was 5.27%.

(12)The interest rate on these loans is subject to 6 month SOFR, which as of June 30, 2023 was 5.39%.

(13)The interest rate on these loans is subject to SONIA, which as of June 30, 2023 was 4.93%.

(14)The interest rate on these loans is subject to 3 month EURIBOR, which as of June 30, 2023 was 3.58%.

(15)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”.

(16)Position or portion thereof is an unfunded loan commitment. See Note 7 “Commitments and Contingencies”.

(17)The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands, except share amounts)

(Unaudited)

(18)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.

(19)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 June 30, 2023, the aggregate fair value of these securities is $1.2 billion or 35.8% 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

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

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.

Warrants

May 20, 2019

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

Exabeam, Inc.

Series F-1 Preferred Stock

May 12, 2023

Fifth Season Investments LLC

Class A Units

July 18, 2022

Halo Parent Newco, LLC

Class H PIK Preferred Equity

October 15, 2021

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

Kajabi Holdings, LLC

Class D Units

March 24, 2021

Klaviyo, Inc.

Common stock

May 4, 2021

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

Preferred Equity

December 14, 2022

MessageBird BidCo B.V.

Extended Series C Warrants

May 5, 2021

Minerva Holdco, Inc. (dba Athenahealth, Inc.)

Series A Preferred Stock

February 15, 2022

Nylas, Inc.

Series C Preferred Stock

June 3, 2021

Picard Holdco, Inc.

Series A Preferred Stock

September 30, 2022

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company

Investment

Acquisition Date

Replicated, Inc.

Series C Preferred Stock

June 30, 2021

Revolut Ribbit Holdings, LLC

LLC Interest

September 30, 2021

Saturn Ultimate, Inc.

Common stock

December 29, 2021

Securiti, Inc.

Series C Preferred Stock

July 28, 2022

Signifyd Inc.

Series E Preferred Shares

April 8, 2021

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

Split Software, Inc.

Series D Non-Participating Convertible Preferred Stock

August 13, 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

Toast, Inc.

Warrants

June 21, 2021

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

Series A Preferred Stock

October 15, 2021

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

Zoro TopCo, Inc.

Series A Preferred Equity

November 22, 2022

Zoro TopCo, L.P.

Class A Common Units

November 22, 2022

(20)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 6 “Debt”.

(21)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 6 "Debt".

(22)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.

(23)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% of the portfolio company's outstanding voting securities. Transactions during the period ended June 30, 2023 in which the Company was an Affiliated Person of the portfolio company are as follows:


Company	Fair Value at December 31, 2022		Gross Additions(a)		Gross Reductions(b)		Net Change in Unrealized Gain/(Loss)		Realized Gain/(Loss)		Transfers		Fair Value at June 30, 2023		Other Income		Interest Income
Fifth Season Investments LLC	$	25,110	$	6,035	$	—	$	148	$	—	$	—	$	31,293	$	381	$	—
Help HP SCF Investor, LP	65,192		—		—		1,878		—		—		67,070		—		—
LSI Financing 1 DAC	4,013		9,807		(1,033)		(31)		—		—		12,756		115		—
Signifyd Inc.	109,216		5,199		—		(4,915)		—		—		109,500		5,199		—
Split Software, Inc.	27,836		—		—		(2,250)		—		—		25,586		—		—
Walker Edison Furniture Company LLC	—		22,483		—		(505)		—		—		21,978		—		—

Total	$	231,367	$	43,524	$	(1,033)	$	(5,675)	$	—	$	—	$	268,183	$	5,695	$	—

(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.

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2023

(Amounts in thousands, except share amounts)

(Unaudited)

such portfolio company (including through a management agreement). The Company’s investments in affiliates for the period ended June 30, 2023 were as follows:


Company	Fair Value at December 31, 2022		Gross Additions(a)		Gross Reductions(b)		Net Change in Unrealized Gain/(Loss)		Realized Gain/(Loss)		Transfers		Fair Value at June 30, 2023		Other Income		Interest Income
Revolut Ribbit Holdings, LLC	$	66,509	$	—	$	—	$	—	$	—	$	—	$	66,509	$	—	$	—
Total	$	66,509	$	—	$	—	$	—	$	—	$	—	$	66,509	$	—	$	—

(25)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 June 30, 2023, non-qualifying assets represented 21.7% of total assets as calculated in accordance with the regulatory requirements.

(26)Non-income producing investment.

(27)Loan was on non-accrual status as of June 30, 2023.

(28)Contains a fixed-rate structure.

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

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands, except share amounts)


Company(1)(20)(22)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments
Aerospace & defense
Peraton Corp.(3)(6)(7)(15)	Second lien senior secured loan	L +	7.75%	02/2029	84,946	83,887	80,486	2.4	%
ManTech International Corporation(6)(11)(15)	First lien senior secured loan	SR +	5.75%	09/2029	6,753	6,623	6,618	0.2	%
ManTech International Corporation(6)(15)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	5.75%	09/2024	—	(15)	(16)	—	%
ManTech International Corporation(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	5.75%	09/2028	—	(16)	(17)	—	%
					91,699	90,479	87,071	2.6	%
Application Software
Anaplan, Inc.(6)(15)	First lien senior secured loan	SR +	6.50%	06/2029	49,219	48,755	49,096	1.4	%
Anaplan, Inc.(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	6.50%	06/2028	—	(32)	(9)	—	%
Apptio, Inc.(6)(8)(15)	First lien senior secured loan	L +	6.00%	01/2025	59,901	59,298	59,901	1.8	%
Apptio, Inc.(6)(8)(15)(16)	First lien senior secured revolving loan	L +	6.00%	01/2025	1,962	1,939	1,962	0.1	%
Armstrong Bidco Limited (dba The Access Group)(6)(13)(15)(25)	First lien senior secured loan	SA +	5.25%	06/2029	6,392	6,384	6,312	0.2	%
Armstrong Bidco Limited (dba The Access Group)(6)(13)(15)(16)(18)(25)	First lien senior secured delayed draw term loan	SA +	5.25%	06/2025	2,588	2,583	2,556	0.1	%
Avalara, Inc.(6)(11)(15)	First lien senior secured loan	SR +	7.25%	10/2028	9,091	8,958	8,955	0.3	%
Avalara, Inc.(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	7.25%	10/2028	—	(13)	(14)	—	%
Certify, Inc.(6)(7)	First lien senior secured loan	L +	5.50%	02/2024	57,039	56,841	57,039	1.7	%
Certify, Inc.(6)(7)(16)	First lien senior secured revolving loan	L +	5.50%	02/2024	570	564	570	—	%
CivicPlus, LLC(6)(8)(15)	First lien senior secured loan	L +	6.75% (incl. 2.50% PIK)	08/2027	65,613	65,057	65,450	1.9	%
CivicPlus, LLC(6)(15)(16)(17)	First lien senior secured revolving loan	L +	6.25%	08/2027	—	(38)	(12)	—	%
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(6)(12)(15)	Unsecured notes	SR +	11.75% PIK	06/2034	33,061	32,171	32,565	1.0	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands, except share amounts)


Company(1)(20)(22)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Community Brands ParentCo, LLC(6)(10)(15)	First lien senior secured loan	SR +	5.75%	02/2028	12,654	12,433	12,465	0.4	%
Community Brands ParentCo, LLC(6)(15)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	5.75%	02/2024	—	(13)	(8)	—	%
Community Brands ParentCo, LLC(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	5.75%	02/2028	—	(13)	(11)	—	%
Diamondback Acquisition, Inc. (dba Sphera)(6)(7)(15)	First lien senior secured loan	L +	5.50%	09/2028	77,433	76,117	76,658	2.3	%
Diamondback Acquisition, Inc. (dba Sphera)(6)(15)(16)(17)(18)	First lien senior secured delayed draw term loan	L +	5.50%	09/2023	—	(166)	—	—	%
Diligent Corporation(6)(7)	First lien senior secured loan	L +	6.17%	08/2025	24,879	24,560	24,631	0.7	%
Diligent Corporation(6)(7)(16)	First lien senior secured revolving loan	L +	6.25%	08/2025	457	437	442	—	%
Fullsteam Operations, LLC(6)(8)(15)(16)(18)	First lien senior secured delayed draw term loan	L +	7.50%	05/2024	6,121	5,940	5,995	0.2	%
Gainsight, Inc.(6)(8)(15)	First lien senior secured loan	L +	6.75% PIK	07/2027	55,023	54,295	54,198	1.6	%
Gainsight, Inc.(6)(15)(16)(17)	First lien senior secured revolving loan	L +	6.25%	07/2027	—	(70)	(79)	—	%
GovBrands Intermediate, Inc.(6)(8)(15)	First lien senior secured loan	L +	5.50%	08/2027	63,680	62,403	60,814	1.8	%
GovBrands Intermediate, Inc.(6)(8)(15)(16)(18)	First lien senior secured delayed draw term loan	L +	5.50%	08/2023	14,364	14,015	13,500	0.4	%
GovBrands Intermediate, Inc.(6)(8)(15)(16)	First lien senior secured revolving loan	L +	5.50%	08/2027	6,109	5,980	5,804	0.2	%
Granicus, Inc.(6)(7)(15)	First lien senior secured loan	L +	5.50%	01/2027	35,086	34,487	34,209	1.0	%
Granicus, Inc.(6)(7)(15)(16)	First lien senior secured revolving loan	L +	6.50%	01/2027	877	834	812	—	%
Grayshift, LLC(6)(10)(15)	First lien senior secured loan	SR +	7.50%	07/2028	8,987	8,903	8,920	0.3	%
Grayshift, LLC(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	7.50%	07/2028	—	(9)	(7)	—	%
GS Acquisitionco, Inc. (dba insightsoftware)(6)(8)(15)	First lien senior secured loan	L +	5.75%	05/2026	49,531	49,241	49,283	1.5	%
GS Acquisitionco, Inc. (dba insightsoftware)(6)(15)(16)(17)	First lien senior secured revolving loan	L +	5.75%	05/2026	—	(18)	(17)	—	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands, except share amounts)


Company(1)(20)(22)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
MessageBird BidCo B.V.(6)(7)(15)(25)	First lien senior secured loan	L +	6.75%	05/2027	120,000	117,953	117,300	3.5	%
Ministry Brands Holdings, LLC(6)(7)(15)	First lien senior secured loan	L +	5.50%	12/2028	7,622	7,487	7,432	0.2	%
Ministry Brands Holdings, LLC(6)(15)(16)(17)(18)	First lien senior secured delayed draw term loan	L +	5.50%	12/2023	—	(21)	(37)	—	%
Ministry Brands Holdings, LLC(6)(7)(15)(16)	First lien senior secured revolving loan	L +	5.50%	12/2027	369	356	350	—	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(6)(12)(15)	First lien senior secured loan	SR +	5.50%	03/2028	10,226	10,044	10,022	0.3	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(6)(10)(15)(16)	First lien senior secured revolving loan	SR +	5.50%	03/2028	299	270	265	—	%
Velocity HoldCo III Inc. (dba VelocityEHS)(6)(9)(15)	First lien senior secured loan	L +	5.75%	04/2027	41,042	40,338	41,042	1.2	%
Velocity HoldCo III Inc. (dba VelocityEHS)(6)(7)(15)(16)	First lien senior secured revolving loan	L +	5.75%	04/2026	500	463	500	—	%
Zendesk, Inc.(6)(11)(15)	First lien senior secured loan	SR +	6.50%	11/2028	51,686	50,667	50,653	1.5	%
Zendesk, Inc.(6)(15)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	6.50%	11/2024	—	(472)	(129)	—	%
Zendesk, Inc.(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	6.50%	11/2028	—	(104)	(106)	—	%
					872,381	858,804	859,272	25.6	%
Banks
AxiomSL Group, Inc.(6)(7)(15)	First lien senior secured loan	L +	5.75%	12/2027	140,059	138,587	137,959	4.1	%
AxiomSL Group, Inc.(6)(15)(16)(17)(18)	First lien senior secured delayed draw term loan	L +	5.75%	07/2023	—	(9)	(12)	—	%
AxiomSL Group, Inc.(6)(15)(16)(17)	First lien senior secured revolving loan	L +	5.75%	12/2025	—	(130)	(231)	—	%
					140,059	138,448	137,716	4.1	%
Building products
EET Buyer, Inc. (dba e-Emphasys)(6)(9)(15)	First lien senior secured loan	L +	5.25%	11/2027	45,114	44,736	45,114	1.3	%
EET Buyer, Inc. (dba e-Emphasys)(6)(15)(16)(17)	First lien senior secured revolving loan	L +	5.25%	11/2027	—	(37)	—	—	%
					45,114	44,699	45,114	1.3	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands, except share amounts)


Company(1)(20)(22)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Commercial Services & Supplies
SimpliSafe Holding Corporation(6)(10)(15)	First lien senior secured loan	SR +	6.25%	05/2028	819	804	809	—	%
SimpliSafe Holding Corporation(6)(15)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	6.25%	05/2024	—	(1)	—	—	%
					819	803	809	—	%
Consumer Finance
Affirm, Inc.(3)(15)(25)(26)(28)	Senior convertible notes		N/A	11/2026	25,000	17,492	13,735	0.4	%
					25,000	17,492	13,735	0.4	%
Diversified Consumer Services
Litera Bidco LLC(6)(10)(15)	First lien senior secured loan	L +	5.75%	05/2026	153,420	152,083	153,013	4.5	%
Litera Bidco LLC(6)(8)(15)(16)	First lien senior secured revolving loan	L +	5.75%	05/2025	2,269	2,224	2,228	0.1	%
Muine Gall, LLC(6)(9)(15)(21)(25)	First lien senior secured loan	L +	7.00% PIK	09/2024	222,546	223,853	216,982	6.3	%
Relativity ODA LLC(6)(7)(15)	First lien senior secured loan	L +	7.50% PIK	05/2027	128,839	127,531	128,516	3.8	%
Relativity ODA LLC(6)(15)(16)(17)	First lien senior secured revolving loan	L +	6.50%	05/2027	—	(123)	(28)	—	%
Transact Holdings Inc.(6)(7)(15)	First lien senior secured loan	L +	4.25%	04/2026	8,611	8,543	8,503	0.3	%
					515,685	514,111	509,214	15.0	%
Diversified Financial Services
BTRS Holdings Inc. (dba Billtrust)(6)(11)(15)	First lien senior secured loan	SR +	8.00%	12/2028	839	814	816	—	%
BTRS Holdings Inc. (dba Billtrust)(6)(15)(16)(18)	First lien senior secured delayed draw term loan	SR +	7.00%	12/2024	—	—	(2)	—	%
BTRS Holdings Inc. (dba Billtrust)(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	7.00%	12/2028	—	(3)	(2)	—	%
Hg Genesis 8 Sumoco Limited(6)(13)(15)(25)	Unsecured facility	SA +	6.00% PIK	08/2025	70,265	77,092	70,282	2.1	%
Hg Genesis 9 SumoCo Limited(6)(14)(15)(25)	Unsecured facility	E +	7.00% PIK	03/2027	7,956	8,167	7,959	0.2	%
Hg Saturn Luchaco Limited(6)(13)(15)(25)	Unsecured facility	SA +	7.50% PIK	03/2026	113,882	128,669	112,459	3.3	%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(7)(15)	First lien senior secured loan	L +	5.75%	09/2025	16,946	16,827	16,734	0.5	%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(7)(15)(16)(18)	First lien senior secured delayed draw term loan	L +	5.75%	10/2023	3,999	3,945	3,938	0.1	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands, except share amounts)


Company(1)(20)(22)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(15)(16)(17)	First lien senior secured revolving loan	L +	5.75%	09/2025	—	(11)	(14)	—	%
Smarsh Inc.(6)(12)(15)	First lien senior secured loan	SR +	6.50%	02/2029	44,190	43,791	43,749	1.3	%
Smarsh Inc.(6)(12)(15)(16)(18)	First lien senior secured delayed draw term loan	SR +	6.50%	02/2024	5,524	5,421	5,469	0.2	%
Smarsh Inc.(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	6.50%	02/2029	—	(24)	(28)	—	%
					263,601	284,688	261,360	7.7	%
Electrical Equipment
BCPE Watson (DE) ORML, LP(6)(12)(15)(25)	First lien senior secured loan	SR +	6.50%	07/2028	50,000	49,532	49,500	1.5	%
					50,000	49,532	49,500	1.5	%
Energy Equipment & Services
3ES Innovation Inc. (dba Aucerna)(6)(8)(15)(25)	First lien senior secured loan	L +	6.50%	05/2025	71,335	70,874	70,978	2.1	%
3ES Innovation Inc. (dba Aucerna)(6)(8)(15)(16)(25)	First lien senior secured revolving loan	L +	6.50%	05/2025	2,000	1,977	1,977	0.1	%
Project Power Buyer, LLC (dba PEC-Veriforce)(6)(7)(15)	First lien senior secured loan	L +	6.00%	05/2026	52,506	52,107	52,506	1.6	%
Project Power Buyer, LLC (dba PEC-Veriforce)(6)(15)(16)(17)	First lien senior secured revolving loan	L +	6.00%	05/2025	—	(18)	—	—	%
					125,841	124,940	125,461	3.8	%
Food & Staples Retailing
The NPD Group, L.P.(6)(10)(15)	First lien senior secured loan	SR +	6.25% (incl. 2.75% PIK)	12/2028	23,717	23,252	23,243	0.7	%
The NPD Group, L.P.(6)(10)(15)(16)	First lien senior secured revolving loan	SR +	5.75%	12/2027	181	153	151	—	%
					23,898	23,405	23,394	0.7	%
Health Care Technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(8)(15)	First lien senior secured loan	L +	5.75%	08/2028	116,496	114,925	113,875	3.4	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(15)(16)(17)(18)	First lien senior secured delayed draw term loan	L +	5.75%	08/2023	—	(236)	(325)	—	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(15)(16)(17)	First lien senior secured revolving loan	L +	5.75%	08/2026	—	(154)	(275)	—	%
Datix Bidco Limited (dba RLDatix)(6)(13)(15)(25)	First lien senior secured loan	SA +	4.50%	04/2025	767	865	753	—	%
Datix Bidco Limited (dba RLDatix)(6)(13)(15)(25)	Second lien senior secured loan	SA +	7.75%	04/2026	8,019	9,028	7,899	0.2	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands, except share amounts)


Company(1)(20)(22)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
GI Ranger Intermediate, LLC (dba Rectangle Health)(6)(11)(15)	First lien senior secured loan	SR +	6.00%	10/2028	27,511	27,032	26,823	0.8	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(6)(11)(15)(16)	First lien senior secured revolving loan	SR +	6.00%	10/2027	221	186	166	—	%
Hyland Software, Inc.(6)(7)(15)	Second lien senior secured loan	L +	6.25%	07/2025	94,842	94,816	89,626	2.6	%
Imprivata, Inc.(6)(10)(15)	Second lien senior secured loan	SR +	6.25%	12/2028	17,647	17,470	17,206	0.5	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(6)(11)(15)(25)	First lien senior secured loan	SR +	6.50%	08/2026	157,057	155,719	156,271	4.5	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(6)(10)(15)(25)	First lien senior secured revolving loan	SR +	6.50%	08/2026	6,120	6,079	6,089	0.2	%
Interoperability Bidco, Inc. (dba Lyniate)(6)(11)(15)	First lien senior secured loan	SR +	7.00%	12/2026	85,441	84,972	84,800	2.5	%
Interoperability Bidco, Inc. (dba Lyniate)(6)(11)(15)(16)	First lien senior secured revolving loan	SR +	7.00%	12/2024	1,957	1,940	1,927	0.1	%
Inovalon Holdings, Inc.(6)(8)(15)	First lien senior secured loan	L +	6.25% (incl. 2.75% PIK)	11/2028	133,146	130,332	129,817	3.8	%
Inovalon Holdings, Inc.(6)(15)(16)(17)(18)	First lien senior secured delayed draw term loan	L +	5.75%	05/2024	—	(146)	(173)	—	%
Inovalon Holdings, Inc.(6)(8)(15)	Second lien senior secured loan	L +	10.50% PIK	11/2033	69,603	68,424	68,559	2.0	%
RL Datix Holdings (USA), Inc.(6)(12)(15)(18)(25)	First lien senior secured loan	SR +	4.50%	04/2025	14,600	14,394	14,389	0.4	%
RL Datix Holdings (USA), Inc.(6)(12)(15)(25)	First lien senior secured revolving loan	SR +	4.50%	04/2025	2,000	1,969	1,965	0.1	%
RL Datix Holdings (USA), Inc.(6)(12)(15)(25)	Second lien senior secured loan	SR +	7.75%	04/2026	22,333	21,951	21,993	0.6	%
					757,760	749,566	741,385	21.7	%
Hotels, Restaurants & Leisure
MINDBODY, Inc.(6)(8)(15)	First lien senior secured loan	L +	7.00%	02/2025	79,572	79,217	79,572	2.3	%
MINDBODY, Inc.(6)(15)(16)(17)	First lien senior secured revolving loan	L +	7.00%	02/2025	—	(25)	—	—	%
					79,572	79,192	79,572	2.3	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands, except share amounts)


Company(1)(20)(22)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Household Durables
BCTO BSI Buyer, Inc. (dba Buildertrend)(6)(11)(15)	First lien senior secured loan	SR +	8.00% PIK	12/2026	73,432	72,845	73,432	2.2	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	8.00%	12/2026	—	(118)	—	—	%
					73,432	72,727	73,432	2.2	%
Industrial Conglomerates
QAD Inc.(6)(7)(15)	First lien senior secured loan	L +	6.00%	11/2027	87,907	86,429	85,709	2.5	%
QAD Inc.(6)(15)(16)(17)	First lien senior secured revolving loan	L +	6.00%	11/2027	—	(185)	(286)	—	%
					87,907	86,244	85,423	2.5	%
Insurance
Asurion, LLC(3)(6)(7)(15)	Second lien senior secured loan	L +	5.25%	01/2028	10,833	10,635	8,396	0.2	%
Integrity Marketing Acquisition, LLC(6)(9)(15)	First lien senior secured loan	L +	5.80%	08/2025	54,576	54,127	54,439	1.6	%
Integrity Marketing Acquisition, LLC(6)(15)(16)(17)	First lien senior secured revolving loan	L +	6.50%	08/2025	—	(25)	(9)	—	%
					65,409	64,737	62,826	1.8	%
Internet & Direct Marketing Retail
Walker Edison Furniture Company LLC(6)(8)(15)(27)	First lien senior secured loan	L +	8.75% (incl. 3.00% PIK)	03/2027	34,466	33,948	17,577	0.5	%
					34,466	33,948	17,577	0.5	%
IT Services
BCPE Nucleon (DE) SPV, LP(6)(9)(15)(25)	First lien senior secured loan	L +	7.00%	09/2026	133,333	131,934	133,000	3.9	%
Kaseya Inc.(6)(11)(15)	First lien senior secured loan	SR +	5.75%	06/2029	15,610	15,315	15,454	0.5	%
Kaseya Inc.(6)(15)(16)(17)(18)	First lien senior secured delayed draw term loan	SR +	5.75%	06/2024	—	(9)	—	—	%
Kaseya Inc.(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	5.75%	06/2029	—	(17)	(9)	—	%
Pluralsight, LLC(6)(8)(15)	First lien senior secured loan	L +	8.00%	04/2027	159,495	158,309	157,102	4.5	%
Pluralsight, LLC(6)(7)(15)(16)	First lien senior secured revolving loan	L +	8.00%	04/2027	5,000	4,944	4,850	0.1	%
					313,438	310,476	310,397	9.0	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands, except share amounts)


Company(1)(20)(22)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Life Sciences Tools & Services
Bracket Intermediate Holding Corp.(6)(8)(15)	First lien senior secured loan	L +	4.25%	09/2025	389	372	371	—	%
Bracket Intermediate Holding Corp.(6)(8)(15)	Second lien senior secured loan	L +	8.13%	09/2026	20,000	19,778	19,200	0.6	%
					20,389	20,150	19,571	0.6	%
Professional Services
Cornerstone OnDemand, Inc.(6)(7)(15)	Second lien senior secured loan	L +	6.50%	10/2029	71,667	70,714	68,800	2.0	%
Gerson Lehrman Group, Inc.(6)(7)(15)	First lien senior secured loan	L +	5.25%	12/2024	81,181	80,733	81,181	2.4	%
Gerson Lehrman Group, Inc.(6)(15)(16)(17)	First lien senior secured revolving loan	L +	5.25%	12/2024	—	(12)	—	—	%
Motus Group, LLC(6)(7)(15)	Second lien senior secured loan	L +	6.50%	12/2029	17,868	17,707	17,510	0.5	%
Proofpoint, Inc.(6)(8)(15)	Second lien senior secured loan	L +	6.25%	08/2029	55,000	54,760	52,663	1.6	%
Thunder Purchaser, Inc. (dba Vector Solutions)(6)(8)(15)	First lien senior secured loan	L +	5.75%	06/2028	131,622	130,538	128,989	3.8	%
Thunder Purchaser, Inc. (dba Vector Solutions)(6)(8)(15)(16)(18)	First lien senior secured delayed draw term loan	L +	5.75%	08/2023	8,060	7,984	7,754	0.2	%
Thunder Purchaser, Inc. (dba Vector Solutions)(6)(8)(15)(16)	First lien senior secured revolving loan	L +	5.75%	06/2027	2,700	2,641	2,543	0.1	%
When I Work, Inc.(6)(8)(15)	First lien senior secured loan	L +	7.00% PIK	11/2027	31,516	31,264	30,886	0.9	%
When I Work, Inc.(6)(15)(16)(17)	First lien senior secured revolving loan	L +	6.00%	11/2027	—	(45)	(112)	—	%
					399,614	396,284	390,214	11.5	%
Real Estate Management & Development
REALPAGE, INC.(6)(7)(15)	Second lien senior secured loan	L +	6.50%	04/2029	52,500	51,843	50,269	1.5	%
					52,500	51,843	50,269	1.5	%
Systems Software
Acquia Inc.(6)(8)	First lien senior secured loan	L +	7.00%	10/2025	152,102	151,211	152,102	4.5	%
Acquia Inc.(6)(9)(16)	First lien senior secured revolving loan	L +	7.00%	10/2025	6,932	6,877	6,932	0.2	%
Arctic Wolf Networks, Inc.(15)(28)	Senior convertible note		3.00% PIK	09/2027	120,600	124,380	124,057	3.7	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands, except share amounts)


Company(1)(20)(22)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Bayshore Intermediate #2, L.P. (dba Boomi)(6)(7)(15)	First lien senior secured loan	L +	7.75% PIK	10/2028	157,013	154,282	153,873	4.5	%
Bayshore Intermediate #2, L.P. (dba Boomi)(6)(7)(15)(16)	First lien senior secured revolving loan	L +	6.75%	10/2027	3,901	3,693	3,667	0.1	%
Centrify Corporation(6)(8)(15)	First lien senior secured loan	L +	6.00%	03/2028	79,300	77,736	78,309	2.3	%
Centrify Corporation(6)(8)(15)	First lien senior secured revolving loan	L +	6.00%	03/2027	8,163	7,996	8,060	0.2	%
Computer Services, Inc. (dba CSI)(6)(11)(15)	First lien senior secured loan	SR +	6.75%	11/2029	1,000	980	980	—	%
Forescout Technologies, Inc.(6)(8)(15)	First lien senior secured loan	L +	9.50% PIK	08/2026	122,628	121,496	122,484	3.6	%
Forescout Technologies, Inc.(6)(15)(16)(17)(18)	First lien senior secured delayed draw term loan	L +	8.00%	07/2024	—	(142)	—	—	%
Forescout Technologies, Inc.(6)(15)(16)(17)	First lien senior secured revolving loan	L +	8.00%	08/2025	—	(77)	—	—	%
Delta TopCo, Inc. (dba Infoblox, Inc.)(6)(11)(15)	Second lien senior secured loan	SR +	7.25%	12/2028	20,000	19,922	18,600	0.5	%
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(6)(7)(15)(25)	First lien senior secured loan	L +	7.50%	04/2026	148,889	146,162	148,889	4.4	%
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(6)(15)(16)(17)(25)	First lien senior secured revolving loan	L +	7.50%	04/2026	—	(411)	—	—	%
Ivanti Software, Inc.(6)(8)(15)	Second lien senior secured loan	L +	7.25%	12/2028	21,000	20,500	15,750	0.5	%
Ping Identity Holding Corp.(6)(10)(15)	First lien senior secured loan	SR +	7.00%	10/2029	909	896	895	—	%
Ping Identity Holding Corp.(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	7.00%	10/2028	—	(1)	(1)	—	%
Rubrik, Inc.(6)(12)(15)	First lien senior secured loan	SR +	6.50%	06/2027	6,282	6,168	6,219	0.2	%
Rubrik, Inc.(6)(11)(15)(16)	First lien senior secured delayed draw term loan	SR +	7.00%	06/2027	305	305	298	—	%
SailPoint Technologies Holdings, Inc.(6)(10)(15)	First lien senior secured loan	SR +	6.25%	08/2029	45,640	44,713	44,727	1.3	%
SailPoint Technologies Holdings, Inc.(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	6.25%	08/2028	—	(82)	(87)	—	%
Securonix, Inc.(6)(11)(15)	First lien senior secured loan	SR +	6.50%	04/2028	19,774	19,596	19,576	0.6	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands, except share amounts)


Company(1)(20)(22)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Securonix, Inc.(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	6.50%	04/2028	—	(31)	(36)	—	%
Tahoe Finco, LLC(6)(7)(15)(25)	First lien senior secured loan	L +	6.00%	09/2028	172,093	170,618	169,081	4.9	%
Tahoe Finco, LLC(6)(15)(16)(17)(25)	First lien senior secured revolving loan	L +	6.00%	10/2027	—	(102)	(226)	—	%
Talon MidCo 2 Limited (dba Tufin)(6)(12)(15)	First lien senior secured loan	SR +	7.69%	08/2028	2,404	2,358	2,361	0.1	%
Talon MidCo 2 Limited (dba Tufin)(6)(15)(16)(18)	First lien senior secured delayed draw term loan	SR +	7.69%	08/2024	—	—	—	—	%
Talon MidCo 2 Limited (dba Tufin)(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	7.69%	08/2028	—	(2)	(2)	—	%
					1,088,935	1,079,041	1,076,508	31.6	%
Thrifts & Mortgage Finance
Blend Labs, Inc.(6)(10)(15)	First lien senior secured loan	SR +	7.50%	07/2026	112,500	110,458	110,531	3.3	%
Blend Labs, Inc.(6)(15)(16)(17)	First lien senior secured revolving loan	SR +	7.50%	07/2026	—	(87)	(219)	—	%
					112,500	110,371	110,312	3.3	%
Total non-controlled/non-affiliated portfolio company debt investments					5,240,019	5,201,980	5,130,132	151.2	%

Equity Investments
Aerospace & Defense
Space Exploration Technologies Corp.(15)(19)(26)	Class A Common Stock		N/A	N/A	419,311	23,012	31,579	0.9	%
Space Exploration Technologies Corp.(15)(19)(26)	Class C Common Stock		N/A	N/A	84,250	4,011	6,345	0.2	%
						27,023	37,924	1.1	%
Application Software
6Sense Insights, Inc.(15)(19)(26)	Series E-1 Preferred Stock		N/A	N/A	1,264,514	40,066	37,376	1.1	%
Alpha Partners Technology Merger Corp(2)(25)(26)	Common Stock		N/A	N/A	2,000,000	20,027	20,400	0.6	%
Alpha Partners Technology Merger Corp(25)(26)	Sponsor Shares		N/A	N/A	100,000	1,000	1,783	0.1	%
Diligent Preferred Issuer, Inc. (dba Diligent Corporation)(15)(19)(28)	Preferred Stock		10.50% PIK	N/A	15,000	17,125	16,587	0.5	%
EShares, Inc. (dba Carta)(19)(26)	Series E Preferred Stock		N/A	N/A	186,904	2,008	8,309	0.2	%
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(15)(19)(25)(26)	LP Interest		N/A	N/A	2,280,564	2,281	2,281	0.1	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands, except share amounts)


Company(1)(20)(22)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
MessageBird BidCo B.V.(15)(19)(25)(26)	Extended Series C Warrants		N/A	N/A	191,530	1,174	138	—	%
Nylas, Inc.(19)(26)	Series C Preferred Stock		N/A	N/A	2,088,467	15,009	10,043	0.3	%
Project Alpine Co-Invest Fund, LP(15)(19)(25)(26)	LP Interest		N/A	N/A	3,643,669	3,646	3,644	0.1	%
Saturn Ultimate, Inc.(15)(19)(26)	Common Stock		N/A	N/A	5,580,593	25,008	54,016	1.6	%
Zoro TopCo, Inc. (dba Zendesk, Inc.)(15)(19)(28)	Series A Preferred Equity		12.50% PIK	N/A	7,114	6,865	6,901	0.2	%
Zoro TopCo, L.P. (dba Zendesk, Inc.)(15)(19)(26)	Class A Common Units		N/A	N/A	592,872	5,929	5,929	0.2	%
						140,138	167,407	5.0	%
Capital Markets
Robinhood Markets, Inc.(2)(15)(25)(26)	Common Stock		N/A	N/A	2,416,000	64,334	19,666	0.6	%
						64,334	19,666	0.6	%
Construction & Engineering
Dodge Construction Network Holdings, L.P.(15)(19)(28)	Series A Preferred Units		8.25%	N/A	—	70	69	—	%
Dodge Construction Network Holdings, L.P.(15)(19)(26)	Class A-2 Common Units		N/A	N/A	3,333,333	2,841	2,834	0.1	%
						2,911	2,903	0.1	%
Consumer Finance
Remitly Global, Inc.(2)(26)	Common Stock		N/A	N/A	2,772,231	20,008	31,742	0.9	%
						20,008	31,742	0.9	%
Diversified Consumer Services
SLA Eclipse Co-Invest, L.P.(3)(19)(25)(26)	LP Interest		N/A	N/A	15,000	15,153	12,216	0.4	%
						15,153	12,216	0.4	%
Diversified Financial Services
Brex, Inc.(19)(26)	Preferred Stock		N/A	N/A	143,943	5,012	5,000	0.1	%
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(15)(16)(19)(25)(26)	LLC Interest		N/A	N/A	—	—	—	—	%
AAM Series 2.1 Aviation Feeder, LLC(15)(16)(19)(25)(26)	LLC Interest		N/A	N/A	87,111	87	87	—	%
Amergin Asset Management, LLC(15)(19)(25)(26)	Class A Units		N/A	N/A	50,000,000	—	—	—	%
						5,099	5,087	0.1	%
Health Care Technology
BEHP Co-Investor II, L.P.(15)(19)(25)(26)	LP Interest		N/A	N/A	1,269,969	1,266	1,270	—	%
Minerva Holdco, Inc. (dba Athenahealth, Inc.)(15)(19)(28)	Series A Preferred Stock		10.75% PIK	N/A	50,000	52,525	48,103	1.4	%
Wp Irving Co-Invest, L.P.(15)(19)(25)(26)	Partnership Units		N/A	N/A	1,250,000	1,267	1,250	—	%
						55,058	50,623	1.4	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands, except share amounts)


Company(1)(20)(22)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Hotels, Restaurants & Leisure
Toast, Inc.(19)(26)	Warrants		N/A	N/A	5,762,612	36,254	39,471	1.2	%
Toast, Inc.(2)(26)	Common Stock		N/A	N/A	322,578	6,398	5,816	0.2	%
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)(15)(19)(28)	Series A Preferred Stock		6.00% PIK	N/A	25,000	26,523	26,257	0.8	%
						69,175	71,544	2.2	%
Internet & Direct Marketing Retail
Kajabi Holdings, LLC(19)(26)	Class D Units		N/A	N/A	4,126,175	50,025	42,343	1.3	%
Klaviyo, Inc.(19)(26)	Common Stock		N/A	N/A	1,198,270	40,018	40,000	1.2	%
Linked Store Cayman Ltd. (dba Nuvemshop)(15)(19)(25)(26)	Series E Preferred Stock		N/A	N/A	19,499	42,496	40,370	1.2	%
						132,539	122,713	3.7	%
IT Services
E2Open Parent Holdings, Inc.(2)(25)(26)	Class A Common Stock		N/A	N/A	1,650,943	17,504	9,691	0.3	%
JumpCloud, Inc.(19)(26)	Series B Preferred Stock		N/A	N/A	756,590	4,531	3,316	0.1	%
JumpCloud, Inc.(19)(26)	Series F Preferred Stock		N/A	N/A	6,679,245	40,017	39,002	1.2	%
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(15)(19)(28)	Perpetual Preferred Stock		11.75% PIK	N/A	7,500	7,322	7,406	0.2	%
Replicated, Inc.(19)(26)	Series C Preferred Stock		N/A	N/A	1,277,832	20,008	17,299	0.5	%
Starboard Value Acquisition Corp. (dba Cyxtera Technologies, Inc.)(2)(25)(26)	Common Stock		N/A	N/A	1,500,000	15,014	2,880	0.1	%
WMC Bidco, Inc. (dba West Monroe)(15)(19)(28)	Senior Preferred Stock		11.25% PIK	N/A	57,231	61,847	59,073	1.7	%
						166,243	138,667	4.1	%
Professional Services
BCTO WIW Holdings, Inc. (dba When I Work)(15)(19)(26)	Class A Common Stock		N/A	N/A	70,000	7,000	6,305	0.2	%
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(15)(19)(28)	Series A Preferred Stock		10.50% PIK	N/A	28,000	29,482	27,250	0.8	%
Thunder Topco L.P. (dba Vector Solutions)(15)(19)(26)	Common Units		N/A	N/A	7,857,410	7,857	7,762	0.2	%
						44,339	41,317	1.2	%
Road & Rail
Bolt Technology OÜ(19)(25)(26)	Preferred Stock		N/A	N/A	43,478	11,318	10,306	0.3	%
						11,318	10,306	0.3	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands, except share amounts)


Company(1)(20)(22)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Systems Software
Algolia, Inc.(19)(26)	Series C Preferred Stock		N/A	N/A	970,281	10,000	24,314	0.7	%
Algolia, Inc.(19)(26)	Series D Preferred Stock		N/A	N/A	136,776	4,000	3,790	0.1	%
Arctic Wolf Networks, Inc.(19)(26)	Preferred Stock		N/A	N/A	3,032,840	25,036	29,564	0.9	%
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(15)(19)(26)	Common Units		N/A	N/A	12,692,160	12,692	12,480	0.4	%
Circle Internet Services, Inc.(19)(26)	Series D Preferred Stock		N/A	N/A	2,934,961	15,000	42,223	1.2	%
Circle Internet Services, Inc.(19)(26)	Series E Preferred Stock		N/A	N/A	821,806	6,917	12,368	0.4	%
Circle Internet Services, Inc.(19)(26)	Series F Preferred Stock		N/A	N/A	75,876	1,500	1,435	—	%
Circle Internet Services, Inc.(19)(26)	Warrants		N/A	N/A	244,580	—	2,380	0.1	%
Elliott Alto Co-Investor Aggregator L.P.(15)(19)(25)(26)	LP Interest		N/A	N/A	1,567	1,572	1,567	—	%
Exabeam, Inc.(15)(19)(26)	Series F Preferred Stock		N/A	N/A	2,051,634	59,923	53,790	1.6	%
Exabeam, Inc.(15)(19)(26)	Common Stock		N/A	N/A	1,289,034	35,745	29,161	0.9	%
Halo Parent Newco, LLC(15)(19)(28)	Class H PIK Preferred Equity		11.00% PIK	N/A	5,000	5,613	5,218	0.2	%
Project Hotel California Co-Invest Fund, L.P. (15)(19)(25)(26)	LP Interest		N/A	N/A	2,684,708	2,687	2,685	0.1	%
Illumio, Inc.(19)(26)	Series F Preferred Stock		N/A	N/A	2,483,618	16,683	15,781	0.5	%
Illumio, Inc.(19)(26)	Common Stock		N/A	N/A	358,365	2,432	1,727	0.1	%
Picard Holdco, LLC(6)(11)(15)(19)	Series A Preferred Stock		SR + 12.00% PIK	N/A	12,848	12,484	12,463	0.4	%
Securiti, Inc.(15)(19)(26)	Series C Preferred Stock		N/A	N/A	2,525,571	20,004	20,000	0.6	%
						232,288	270,946	8.2	%
Thrifts & Mortgage Finance
Blend Labs, Inc.(2)(15)(26)	Common Stock		N/A	N/A	216,953	3,000	312	—	%
Blend Labs, Inc.(15)(19)(26)	Warrants		N/A	N/A	299,216	1,625	8	—	%
						4,625	320	—	%
Total non-controlled/non-affiliated portfolio company equity investments						990,251	983,381	29.3	%
Total non-controlled/non-affiliated portfolio company investments						6,192,231	6,113,513	180.5	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands, except share amounts)


Company(1)(20)(22)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Non-controlled/affiliated portfolio company investments
Equity Investments
Systems Software
Help HP SCF Investor, LP(15)(19)(23)(26)	LP Interest		N/A	N/A	59,332	59,379	65,192	1.9	%
Split Software, Inc.(19)(23)(26)	Series D Non-Participating Convertible Preferred Stock		N/A	N/A	12,335,526	30,005	27,836	0.8	%
						89,384	93,028	2.7	%
Insurance
Fifth Season Investments LLC(15)(19)(23)(26)	Class A Units		N/A	N/A	8	25,258	25,110	0.7	%
						25,258	25,110	0.7	%
Internet & Direct Marketing Retail
Signifyd Inc.(19)(23)(28)	Series E Preferred Stock		9.00% PIK	N/A	2,755,121	116,803	109,216	3.2	%
						116,803	109,216	3.2	%
Pharmaceuticals
LSI Financing 1 DAC(15)(19)(23)(25)(26)	Preferred Equity		N/A	N/A	4,013,497	4,046	4,013	0.1	%
						4,046	4,013	0.1	%
Total non-controlled/affiliated portfolio company equity investments						235,491	231,367	6.7	%
Total non-controlled/affiliated portfolio company investments						235,491	231,367	6.7	%

Controlled/affiliated portfolio company investments
Equity Investments
Diversified Financial Services
Revolut Ribbit Holdings, LLC(19)(24)(25)(26)	LLC Interest		N/A	N/A	75,000	75,251	66,509	2.0	%
						75,251	66,509	2.0	%
Total controlled/affiliated portfolio company equity investments						75,251	66,509	2.0	%
Total controlled/affiliated portfolio company investments						75,251	66,509	2.0	%
Total Investments						6,502,973	6,411,389	189.2	%

________________

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

(2)Level 1 investment.

(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, 2022, the net estimated unrealized loss on investments for U.S. federal income tax purposes was $57.7 million based on a tax cost basis of $6.5 billion. As of December 31, 2022, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $196.8 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $139.1 million.

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands, except share amounts)

(6)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 London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three-, six-, or twelve-month LIBOR), Secured Overnight Financing Rate ("SOFR" or "SR", which can include one-, three- or six-month SOFR), British Pound Sterling LIBOR ("GBPLIBOR" or "G"), Euro Interbank Offered Rate ("EURIBOR" or "E", which can include three- or six-month EURIBOR), Sterling Overnight Interbank Average Rate ("SONIA" or "SA"), Canadian Dollar Offered Rate ("CDOR" or "C"), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate ("Prime" or "P")), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.

(7)The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2022 was 4.39%.

(8)The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2022 was 4.77%.

(9)The interest rate on these loans is subject to 6 month LIBOR, which as of December 31, 2022 was 5.14%.

(10)The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2022 was 4.36%.

(11)The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2022 was 4.59%.

(12)The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2022 was 4.78%.

(13)The interest rate on these loans is subject to SONIA, which as of December 31, 2022 was 3.43%.

(14)The interest rate on these loans is subject to 3 month EURIBOR, which as of December 31, 2022 was 2.13%.

(16)Position or portion thereof is an unfunded loan commitment. See Note 7 “Commitments and Contingencies”.

(19)Security acquired in transaction exempt from registration under the Securities Act of 1933 and may be deemed to be “restricted securities" under the Securities Act. As of December 31, 2022, the aggregate fair value of these securities is $1.2 million or 35.1% 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

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

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.

Warrants

May 20, 2019

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

Exabeam, Inc.

Series F Preferred Stock

May 13, 2021

Exabeam, Inc.

Common Stock

June 25, 2021

Fifth Season Investments LLC

Class A Units

July 18, 2022

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands, except share amounts)

Portfolio Company

Investment

Acquisition Date

Halo Parent Newco, LLC

Class H PIK Preferred Equity

October 15, 2021

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

Kajabi Holdings, LLC

Class D Units

March 24, 2021

Klaviyo, Inc.

Common Stock

May 4, 2021

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

Preferred Equity

December 14, 2022

MessageBird BidCo B.V.

Extended Series C Warrants

May 5, 2021

Minerva Holdco, Inc. (dba Athenahealth, Inc.)

Series A Preferred Stock

February 15, 2022

Nylas, Inc.

Series C Preferred Stock

June 3, 2021

Picard Holdco, LLC

Series A Preferred Stock

September 30, 2022

Replicated, Inc.

Series C Preferred Stock

June 30, 2021

Revolut Ribbit Holdings, LLC

LLC Interest

September 30, 2021

Saturn Ultimate, Inc.

Common Stock

December 29, 2021

Securiti, Inc.

Series C Preferred Stock

July 28, 2022

Signifyd Inc.

Series E Preferred Stock

April 8, 2021

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

Split Software, Inc.

Series D Non-Participating Convertible Preferred Stock

August 13, 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

Toast, Inc.

Warrants

June 21, 2021

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

Series A Preferred Stock

October 15, 2021

WMC Bidco, Inc. (dba West Monroe)

Senior Preferred Stock

November 9, 2021

Wp Irving Co-Invest, L.P.

Partnership Units

May 18, 2022

Zoro TopCo, Inc. (dba Zendesk, Inc.)

Series A Preferred Equity

November 22, 2022

Zoro TopCo, L.P. (dba Zendesk, Inc.)

Class A Common Units

November 22, 2022

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2022

(Amounts in thousands, except share amounts)

(23)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% of the portfolio company’s outstanding voting securities. Transactions during the year ended December 31, 2022 in which the Company was an Affiliated Person of the portfolio company are as follows:


Company	Fair Value at December 31, 2021		Gross Additions(a)		Gross Reductions(b)		Net Change in Unrealized Gain/(Loss)		Realized Gain/(Loss)		Transfers		Fair Value at December 31, 2022		Other Income		Interest Income
Help HP SCF Investor, LP	$	61,268	$	—	$	—	$	3,924	$	—	$	—	$	65,192	$	—	$	—
Fifth Season Investments LLC	—		28,354		(3,200)		(148)		104		—		25,110		66		—
LSI Financing 1 DAC	—		4,046		—		(33)		—		—		4,013		—		—
Signifyd Inc.	106,938		9,865		—		(7,587)		—		—		109,216		9,865		—
Split Software, Inc.	30,000		—		—		(2,164)		—		—		27,836		—		—
UserZoom Technologies, Inc.	71,164		1,476		(95,068)		(14,443)		36,871		—		—		1,476		—
Total	$	269,370	$	43,741	$	(98,268)	$	(20,451)	$	36,975	$	—	$	231,367	$	11,407	$	—

(24)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). The Company’s investments in affiliates for the period ended December 31, 2022 were as follows:


Company	Fair Value at December 31, 2021		Gross Additions(a)		Gross Reductions(b)		Net Change in Unrealized Gain/(Loss)		Realized Gain/(Loss)		Transfers		Fair Value at December 31, 2022		Other Income		Interest Income
Revolut Ribbit Holdings, LLC	$	75,000	$	20	$	—	$	(8,511)	$	—	$	—	$	66,509	$	—	$	—
Total	$	75,000	$	20	$	—	$	(8,511)	$	—	$	—	$	66,509	$	—	$	—

(25)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, 2022, non-qualifying assets represented 22.9% of total assets as calculated in accordance with the regulatory requirements.

(26)Non-income producing investment.

(27)Loan was on non-accrual status as of December 31, 2022.

(28)Contains a fixed-rate structure.

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

Blue Owl Technology Finance Corp.

Consolidated Statements of Changes in Net Assets

(Amounts in thousands)

(Unaudited)


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)	$	87,229	$	67,504	$	168,834	$	132,810
Net change in unrealized gain (loss)	26,567		(247,952)		57,395		(352,811)
Realized gain (loss)	50		36,795		(15,488)		41,061
Net Increase (Decrease) in Net Assets Resulting from Operations	113,846		(143,653)		210,741		(178,940)
Distributions
Distributions declared from earnings(1)	(76,156)		(47,022)		(146,398)		(94,714)
Net Decrease in Net Assets Resulting from Shareholders' Distributions	(76,156)		(47,022)		(146,398)		(94,714)
Capital Share Transactions

Reinvestment of distributions	18,220		12,252		33,518		20,315
Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions	18,220		12,252		33,518		20,315
Total Increase/(Decrease) in Net Assets	55,910		(178,423)		97,861		(253,339)
Net Assets, at beginning of period	3,429,316		3,457,234		3,387,365		3,532,150
Net Assets, at end of period	$	3,485,226	$	3,278,811	$	3,485,226	$	3,278,811

________________

(1)For the three and six months ended June 30, 2023 and 2022, distributions declared from earnings were derived from net investment income and capital gains.

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

Blue Owl Technology Finance Corp.

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)


	For the Six Months Ended June 30,
	2023		2022
Cash Flows from Operating Activities
Net Increase (Decrease) in Net Assets Resulting from Operations	$	210,741	$	(178,940)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Purchases of investments, net	(138,574)		(562,127)
Proceeds from investments and investment repayments, net	272,016		434,820
Net amortization/accretion of premium/discount on investments	(14,041)		(9,740)
Net change in unrealized (gain) loss on investments	(57,103)		352,538
Net change in unrealized (gains) losses on translation of assets and liabilities in foreign currencies	(292)		241
Net realized (gain) loss on investments	15,423		(41,104)
Net realized (gain) loss on foreign currency transactions relating to investments	22		65
Paid-in-kind interest	(63,250)		(43,328)
Paid-in-kind dividend	(22,882)		(15,908)
Amortization of debt issuance costs	4,202		2,970

Changes in operating assets and liabilities:
(Increase) decrease in interest receivable	(2,744)		11,495
(Increase) decrease in dividend income receivable	5,245		147
(Increase) decrease in paid-in-kind interest receivable	(723)		2,053
(Increase) decrease in prepaid expenses and other assets	215		(48,433)
Increase (decrease) in management fee payable	600		538
Increase (decrease) in incentive fee payable	5,739		(31,089)
Increase (decrease) in payables to affiliates	(474)		(457)
Increase (decrease) in payable for investments purchased	—		(11,372)
Increase (decrease) in accrued expenses and other liabilities	3,967		2,275
Net cash provided by (used in) operating activities	218,087		(135,356)
Cash Flows from Financing Activities
Borrowings on debt	346,830		683,707
Payments on debt	(591,117)		(479,500)
Debt issuance costs	(1,926)		(1,062)


Distributions paid	(95,839)		(59,030)
Net cash provided by (used in) financing activities	(342,052)		144,115
Net increase (decrease) in cash	(123,965)		8,759
Cash, beginning of period	203,293		107,025
Cash, end of period	$	79,328	$	115,784



	For the Six Months Ended June 30,
	2023	2022
Supplemental and Non-Cash Information
Interest paid during the period	89,117	50,887
Distributions declared during the period	146,398	94,714
Reinvestment of distributions during the period	33,518	20,315
Distribution payable	76,156	47,022

Taxes, including excise tax, paid during the period	7,900	3,900

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

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited)

Note 1. Organization

Blue Owl Technology Finance Corp. (f/k/a Owl Rock Technology Finance Corp.) (the “Company”) is a Maryland corporation formed on July 12, 2018. The Company was formed primarily to originate and make debt and equity investments in technology-related companies based primarily in the United States. The Company intends to 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. 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 in a broad range of established and high growth technology companies that are capitalizing on the large and growing demand for technology products and services. These companies use technology extensively to improve business processes, applications and opportunities or seek to grow through technological developments and innovations. These companies operate in technology-related industries or sectors which include, but are not limited to, application software, systems software, healthcare information technology, technology services and infrastructure, financial technology and internet and digital media. Within each industry or sector, the Company intends to invest in companies that are developing or offering goods and services to businesses and consumers which utilize scientific knowledge, including techniques, skills, methods, devices and processes, to solve problems. The Company refers to all of these companies as “technology-related” companies and intends, under normal circumstances, to invest at least 80% of the value of its total assets in such businesses.

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. 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”) (f/k/a Owl Rock Technology Advisors LLC) 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 focuses on direct lending. 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 investment platforms: (1) Credit, which focuses on direct lending, (2) GP Strategic Capital, which focuses on providing capital to institutional alternative asset managers and (3) Real Estate, which focuses on real estate strategies. 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.

Through August 1, 2021, the Company conducted private offerings (each, a “Private Offering”) of its common shares to accredited investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended, (the “Securities Act”). At the closing of each Private Offering, each investor made a capital commitment (a “Capital Commitment”) to purchase shares of the Company’s common stock pursuant to a subscription agreement entered into with the Company. Until the earlier of an Exchange Listing (as defined below) or the end of the Commitment Period (as defined below), investors were required to fund drawdowns to purchase shares of the Company’s common stock up to the amount of their respective Capital Commitment on an as-needed basis each time the Company delivered a drawdown notice to its investors. As of November 5, 2021, the Capital Commitments were fully drawn. The initial closing of the Private Offering occurred on August 10, 2018 (the “Initial Closing”). The “Commitment Period” will continue until August 10, 2025, which is the earlier of (i) the five year anniversary of the Final Closing (August 1, 2026) and (ii) the seven year anniversary of the Initial Closing (August 10, 2025). If the Company has not consummated an Exchange Listing by the end of the Commitment Period, subject to extension of two additional one-year periods, in the sole discretion of the Board, the Board (subject to any necessary shareholder approvals and applicable requirements of the 1940 Act) will use its commercially reasonable efforts to wind down and/or liquidate and dissolve the Company in an orderly manner.

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

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

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 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.

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

Cash consists of deposits held at a custodian bank. 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.

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 was adopted by the SEC in January 2021 and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. The Company complied with the mandatory provisions of Rule 2a-5 by the September 2022 compliance date. Additionally, commencing with the fourth quarter of 2022, 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;

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

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

•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.

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 fro

Form: 10-Q

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