May 10, 2024 - 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 quarterly period ended March 31, 2024


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 May 10, 2024, the registrant had 208,464,789 shares of common stock, $0.01 par value per share, outstanding.

Table of Contents


		Page
PART I	FINANCIAL INFORMATION
Item 1.	CONSOLIDATED FINANCIAL INFORMATION	3
	Consolidated Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of March 3 1 , 202 4 (Unaudited) and December 31, 202 3	3
	Consolidated Statements of Operations for the Three Months Ended Mar ch 31 , 202 4 and 202 3 (Unaudited)	4
	Consolidated Schedules of Investments as of March 31 , 202 4 (Unaudited) and December 31, 202 3	5
	Consolidated Statements of Changes in Net Assets for the Three Months Ended March 3 1 , 202 4 and 202 3 (Unaudited)	42
	Consolidated Statements of Cash Flows for the Three Months Ended March 3 1 , 202 4 and 202 3 (Unaudited)	43
	Notes to Consolidated Financial Statements (Unaudited)	45
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	77
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	118
Item 4.	Controls and Procedures	119

PART II	OTHER INFORMATION	120
Item 1.	Legal Proceedings	120
Item 1A.	Risk Factors	120
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	120
Item 3.	Defaults Upon Senior Securities	120
Item 4.	Mine Safety Disclosures	120
Item 5.	Other Information	120
Item 6.	Exhibits	121
Signatures		122

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

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

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

•the impact of elevated interest and inflation rates, ongoing supply chain and labor market disruptions, including those as a result of strikes, work stoppages or accidents, instability in the U.S. and international banking systems, and the risk of recession or a shutdown of government services could impact our business prospects and the prospects of our portfolio companies;

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

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

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

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

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

•our future operating results;

•our contractual arrangements and relationships with third parties;

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

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

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

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

•the adequacy of our financing sources and working capital;

•the loss of key personnel;

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

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

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

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

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

•the effect of legal, tax and regulatory changes;

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

•the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing war between Russia and Ukraine and the escalated conflict in the Middle-East, including the Israel-Hamas conflict, 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)



	March 31, 2024 (Unaudited)		December 31, 2023
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $5,747,227 and $5,841,371, respectively)	$	5,720,662	$	5,793,420
Non-controlled, affiliated investments (amortized cost of $316,868 and $296,593, respectively)	294,472		272,093
Controlled, affiliated investments (amortized cost of $75,262 and $75,262, respectively)	62,054		66,509
Total investments at fair value (amortized cost of $6,139,357 and $6,213,226, respectively)	6,077,188		6,132,022
Cash	499,838		469,017
Interest receivable	55,243		44,188
Dividend income receivable	8,130		5,842
Prepaid expenses and other assets	28,794		1,114
Total Assets	$	6,669,193	$	6,652,183
Liabilities
Debt (net of unamortized debt issuance costs of $33,146 and $35,064, respectively)	$	2,954,893	$	2,947,329
Management fee payable	13,991		14,252
Distribution payable	76,360		76,883
Incentive fee payable	16,860		17,915
Payables to affiliates	2,095		1,119
Payable for investments purchased	—		24,163
Accrued expenses and other liabilities	39,981		40,528
Total Liabilities	$	3,104,180	$	3,122,189
Commitments and contingencies (Note 7)
Net Assets
Common shares $0.01 par value, 500,000,000 shares authorized; 208,464,789 and 207,252,229 shares issued and outstanding, respectively	$	2,085	$	2,073
Additional paid-in-capital	3,301,258		3,280,766
Accumulated undistributed (overdistributed) earnings	261,670		247,155
Total Net Assets	$	3,565,013	$	3,529,994
Total Liabilities and Net Assets	$	6,669,193	$	6,652,183
Net Asset Value Per Share	$	17.10	$	17.03

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 March 31,
	2024		2023
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income	$	131,552	$	120,797
Payment-in-kind interest income	27,923		30,133

Dividend income	7,047		6,339
Other income	2,094		1,605
Total investment income from non-controlled, non-affiliated investments	168,616		158,874
Investment income from non-controlled, affiliated investments:
Dividend income	3,642		2,614
Other income	3		—
Total investment income from non-controlled, affiliated investments	3,645		2,614
Total Investment Income	172,261		161,488
Expenses
Interest expense	$	49,255	$	48,211
Management fees	13,991		14,612
Incentive fees	10,097		10,763
Professional fees	1,548		2,031
Directors' fees	258		226
Other general and administrative	1,190		966
Total Expenses	76,339		76,809
Net Investment Income (Loss) Before Taxes	95,922		84,679
Income tax expense (benefit), including excise tax expense (benefit)	3,284		3,074
Net Investment Income (Loss) After Taxes	92,638		81,605
Net Change in Unrealized Gain (Loss)
Non-controlled, non-affiliated investments	$	24,911	$	30,865
Non-controlled, affiliated investments	2,103		(51)
Controlled, affiliated investments	(4,455)		—

Translation of assets and liabilities in foreign currencies	(598)		14
Total Net Change in Unrealized Gain (Loss)	21,961		30,828
Net Realized Gain (Loss):
Non-controlled, non-affiliated investments	$	(22,797)	$	(15,503)

Foreign currency transactions	(928)		(35)
Total Net Realized Gain (Loss)	(23,725)		(15,538)
Total Net Realized and Change in Unrealized Gain (Loss)	$	(1,764)	$	15,290
Net Increase (Decrease) in Net Assets Resulting from Operations	$	90,874	$	96,895
Earnings (Loss) Per Share - Basic and Diluted	$	0.44	$	0.48
Weighted Average Shares Outstanding - Basic and Diluted	208,065,044		203,490,453

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

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(7)(18)(20)	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)(9)(13)	Second lien senior secured loan	SR +	7.75%	02/2029	84,551		83,654	84,677	2.4	%
ManTech International Corporation(6)(9)(13)	First lien senior secured loan	SR +	5.75%	09/2029	6,475		6,367	6,475	0.2	%
ManTech International Corporation(6)(9)(13)(14)(16)	First lien senior secured delayed draw term loan	SR +	5.75%	09/2024	565		548	565	—	%
ManTech International Corporation(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	5.75%	09/2028	—		(13)	—	—	%
					91,591		90,556	91,717	2.6	%
Application Software
Anaplan, Inc.(6)(9)(13)	First lien senior secured loan	SR +	6.50%	06/2029	49,219		48,821	49,219	1.4	%
Anaplan, Inc.(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	6.50%	06/2028	—		(25)	—	—	%
Armstrong Bidco Limited(6)(11)(13)(23)	First lien senior secured GBP term loan	SA +	5.25%	06/2029	£	8,087	9,750	10,139	0.3	%
Avalara, Inc.(6)(9)(13)	First lien senior secured loan	SR +	7.25%	10/2028	9,091		8,979	9,091	0.3	%
Avalara, Inc.(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	7.25%	10/2028	—		(10)	—	—	%
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(6)(9)(13)	First lien senior secured loan	SR +	5.50%	08/2027	77,021		75,843	74,324	2.1	%
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(6)(9)(13)(14)	First lien senior secured revolving loan	SR +	5.50%	08/2027	2,338		2,244	2,101	0.1	%
CivicPlus, LLC(6)(9)(13)	First lien senior secured loan	SR +	6.50% (2.50% PIK)	08/2027	67,716		67,295	67,717	1.9	%
CivicPlus, LLC(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	6.00%	08/2027	—		(28)	—	—	%
Coupa Holdings, LLC(6)(9)(13)	First lien senior secured loan	SR +	7.50%	02/2030	785		768	779	—	%
Coupa Holdings, LLC(6)(13)(14)(15)(16)	First lien senior secured delayed draw term loan	SR +	7.50%	08/2024	—		(1)	—	—	%
Coupa Holdings, LLC(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	7.50%	02/2029	—		(1)	—	—	%
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(6)(13)	Unsecured notes	SR +	11.75% PIK	06/2034	39,383		38,584	39,383	1.1	%
Community Brands ParentCo, LLC(6)(8)(13)	First lien senior secured loan	SR +	5.50%	02/2028	12,495		12,320	12,401	0.3	%
Community Brands ParentCo, LLC(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	5.50%	02/2028	—		(10)	(6)	—	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(7)(18)(20)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Diamondback Acquisition, Inc. (dba Sphera)(6)(8)(13)	First lien senior secured loan	SR +	5.50%	09/2028	76,453	75,379	75,688	2.1	%
Diligent Corporation(6)(9)	First lien senior secured loan	SR +	6.25%	08/2025	24,561	24,242	24,314	0.7	%
Diligent Corporation(6)(9)(14)	First lien senior secured revolving loan	SR +	6.25%	08/2025	670	660	655	—	%
Fullsteam Operations, LLC(6)(9)(13)	First lien senior secured loan	SR +	8.25%	11/2029	10,593	10,286	10,593	0.3	%
Fullsteam Operations, LLC(6)(9)(13)(14)	First lien senior secured loan	SR +	8.25%	11/2029	2,502	2,342	2,447	0.1	%
Fullsteam Operations, LLC(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	8.25%	11/2029	—	(16)	—	—	%
Gainsight, Inc.(6)(9)(13)	First lien senior secured loan	SR +	6.75% PIK	07/2027	63,754	63,187	63,435	1.8	%
Gainsight, Inc.(6)(9)(13)(14)	First lien senior secured revolving loan	SR +	6.75% PIK	07/2027	2,760	2,709	2,732	0.1	%
Granicus, Inc.(6)(8)(13)	First lien senior secured loan	SR +	5.75% (2.25% PIK)	01/2031	1,937	1,918	1,917	0.1	%
Granicus, Inc.(6)(13)(14)(15)(16)	First lien senior secured delayed draw term loan	SR +	5.75% (2.25% PIK)	01/2026	—	(1)	(1)	—	%
Granicus, Inc.(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	5.25%	01/2031	—	(3)	(3)	—	%
Grayshift, LLC(6)(8)(13)(23)	First lien senior secured loan	SR +	8.00%	07/2028	21,010	20,777	20,852	0.6	%
Grayshift, LLC(6)(13)(14)(15)(23)	First lien senior secured revolving loan	SR +	8.00%	07/2028	—	(7)	(7)	—	%
GS Acquisitionco, Inc. (dba insightsoftware)(6)(9)(13)	First lien senior secured loan	SR +	5.00%	05/2026	48,894	48,681	48,772	1.4	%
GS Acquisitionco, Inc. (dba insightsoftware)(6)(13)(14)(15)(16)	First lien senior secured delayed draw term loan	SR +	5.00%	03/2026	—	(15)	—	—	%
GS Acquisitionco, Inc. (dba insightsoftware)(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	5.50%	05/2026	—	(19)	(12)	—	%
MessageBird BidCo B.V.(6)(8)(13)(23)	First lien senior secured loan	SR +	6.75%	05/2027	44,000	43,431	44,000	1.2	%
Ministry Brands Holdings, LLC(6)(8)(13)	First lien senior secured loan	SR +	5.50%	12/2028	8,287	8,167	8,122	0.2	%
Ministry Brands Holdings, LLC(6)(8)(13)(14)	First lien senior secured revolving loan	SR +	5.50%	12/2027	74	65	59	—	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(6)(9)(13)	First lien senior secured loan	SR +	5.75%	03/2028	10,340	10,195	10,211	0.3	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(6)(9)(13)(14)(16)	First lien senior secured delayed draw term loan	SR +	5.75%	10/2025	377	360	372	—	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	5.75%	03/2028	—	(22)	(21)	—	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(7)(18)(20)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Velocity HoldCo III Inc. (dba VelocityEHS)(6)(9)(13)	First lien senior secured loan	SR +	5.75%	04/2027	40,521	39,997	40,521	1.1	%
Velocity HoldCo III Inc. (dba VelocityEHS)(6)(9)(13)(14)	First lien senior secured revolving loan	SR +	5.75%	04/2026	313	289	313	—	%
Zendesk, Inc.(6)(9)(13)	First lien senior secured loan	SR +	6.25% (3.25% PIK)	11/2028	53,033	52,187	52,767	1.5	%
Zendesk, Inc.(6)(13)(14)(15)(16)	First lien senior secured delayed draw term loan	SR +	6.25%	11/2024	—	(372)	—	—	%
Zendesk, Inc.(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	6.25%	11/2028	—	(82)	(27)	—	%
					676,214	668,864	672,847	19.0	%
Banks
Finastra USA, Inc.(6)(10)(13)(23)	First lien senior secured loan	SR +	7.25%	09/2029	72,084	71,363	71,723	2.0	%
Finastra USA, Inc.(6)(8)(13)(14)(23)	First lien senior secured revolving loan	SR +	7.25%	09/2029	1,385	1,311	1,348	—	%
					73,469	72,674	73,071	2.0	%
Building products
EET Buyer, Inc. (dba e-Emphasys)(6)(9)(13)	First lien senior secured loan	SR +	6.50%	11/2027	54,123	53,709	54,123	1.5	%
EET Buyer, Inc. (dba e-Emphasys)(6)(9)(13)(14)	First lien senior secured revolving loan	SR +	6.50%	11/2027	1,070	1,033	1,070	—	%
					55,193	54,742	55,193	1.5	%
Commercial Services & Supplies
SimpliSafe Holding Corporation(6)(8)(13)	First lien senior secured loan	SR +	6.25%	05/2028	809	797	807	—	%
SimpliSafe Holding Corporation(6)(8)(13)(14)(16)	First lien senior secured delayed draw term loan	SR +	6.25%	05/2024	27	26	27	—	%
					836	823	834	—	%
Diversified Consumer Services
Icefall Parent, Inc. (dba EngageSmart)(6)(9)(13)	First lien senior secured loan	SR +	6.50%	01/2030	12,783	12,532	12,527	0.4	%
Icefall Parent, Inc. (dba EngageSmart)(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	6.50%	01/2030	—	(24)	(24)	—	%
Litera Bidco LLC(6)(8)(13)	First lien senior secured loan	SR +	5.25%	05/2026	151,460	150,581	151,460	4.2	%
Litera Bidco LLC(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	5.25%	05/2025	—	(22)	—	—	%
Relativity ODA LLC(6)(8)(13)	First lien senior secured loan	SR +	6.50%	05/2027	131,681	130,688	131,681	3.7	%
Relativity ODA LLC(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	7.50%	05/2027	—	(87)	—	—	%
Transact Holdings Inc.(3)(6)(8)(13)	First lien senior secured loan	SR +	4.25%	04/2026	8,498	8,454	8,512	0.2	%
					304,422	302,122	304,156	8.5	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(7)(18)(20)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Diversified Financial Services
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(13)(26)	First lien senior secured loan		12.00% PIK	07/2030	2,207		2,207	2,207	0.1	%
AAM Series 2.1 Aviation Feeder, LLC(13)(26)	First lien senior secured loan		12.00% PIK	11/2030	2,584		2,584	2,584	0.1	%
Blackhawk Network Holdings, Inc.(3)(6)(8)(13)	First lien senior secured loan	SR +	5.00%	03/2029	60,000		58,800	60,036	1.7	%
BTRS Holdings Inc. (dba Billtrust)(6)(9)(13)	First lien senior secured loan	SR +	8.00%	12/2028	839		818	829	—	%
BTRS Holdings Inc. (dba Billtrust)(6)(9)(13)(14)(16)	First lien senior secured delayed draw term loan	SR +	8.00%	12/2024	44		44	43	—	%
BTRS Holdings Inc. (dba Billtrust)(6)(9)(13)(14)	First lien senior secured revolving loan	SR +	7.25%	12/2028	45		43	44	—	%
Computer Services, Inc. (dba CSI)(6)(9)(13)	First lien senior secured loan	SR +	5.25%	11/2029	7,499		7,449	7,480	0.2	%
Computer Services, Inc. (dba CSI)(6)(13)(14)(15)(16)	First lien senior secured delayed draw term loan	SR +	5.25%	02/2026	—		(22)	—	—	%
Hg Genesis 8 Sumoco Limited(6)(11)(13)(23)	Unsecured facility	SA +	6.00% PIK	09/2025	£	64,840	85,352	81,909	2.3	%
Hg Genesis 9 SumoCo Limited(6)(12)(13)(23)	Unsecured facility	E +	7.00% PIK	03/2027	€	8,475	9,280	9,153	0.3	%
Hg Saturn Luchaco Limited(6)(11)(13)(23)	Unsecured facility	SA +	7.50% PIK	03/2026	£	98,401	131,635	124,305	3.5	%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(8)(13)	First lien senior secured loan	SR +	5.75%	09/2028	24,544		24,412	24,483	0.7	%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	5.50%	09/2028	—		(6)	(3)	—	%
Smarsh Inc.(6)(9)(13)	First lien senior secured loan	SR +	5.75%	02/2029	44,190		43,853	44,190	1.2	%
Smarsh Inc.(6)(9)(13)(14)(16)	First lien senior secured delayed draw term loan	SR +	5.75%	02/2025	5,524		5,442	5,524	0.2	%
Smarsh Inc.(6)(8)(13)(14)	First lien senior secured revolving loan	SR +	5.75%	02/2029	177		174	177	—	%
					319,369		372,065	362,961	10.3	%
Energy Equipment & Services
3ES Innovation Inc. (dba Aucerna)(6)(9)(13)(23)	First lien senior secured loan	SR +	6.75%	05/2025	70,417		70,189	70,417	2.0	%
3ES Innovation Inc. (dba Aucerna)(6)(8)(13)(14)(23)	First lien senior secured revolving loan	SR +	6.75%	05/2025	2,000		1,989	2,000	0.1	%
Project Power Buyer, LLC (dba PEC-Veriforce)(6)(9)(13)	First lien senior secured loan	SR +	7.00%	05/2026	51,839		51,574	51,839	1.5	%
Project Power Buyer, LLC (dba PEC-Veriforce)(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	7.00%	05/2025	—		(9)	—	—	%
					124,256		123,743	124,256	3.6	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(7)(18)(20)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Food & Staples Retailing
Circana Group, L.P. (fka The NPD Group, L.P.)(6)(9)(13)	First lien senior secured loan	SR +	6.25% (2.75% PIK)	12/2028	24,282		23,899	24,162	0.7	%
Circana Group, L.P. (fka The NPD Group, L.P.)(6)(8)(13)(14)	First lien senior secured revolving loan	SR +	5.75%	12/2027	846		825	838	—	%
					25,128		24,724	25,000	0.7	%
Health Care Providers & Services
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)(6)(10)(13)	First lien senior secured loan	SR +	6.25%	12/2029	21,635		21,222	21,310	0.6	%
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	6.25%	12/2029	—		(55)	(44)	—	%
PetVet Care Centers, LLC(6)(8)(13)	First lien senior secured loan	SR +	6.00%	11/2030	39,152		38,775	38,956	1.1	%
PetVet Care Centers, LLC(6)(13)(14)(15)(16)	First lien senior secured delayed draw term loan	SR +	6.00%	11/2025	—		(24)	—	—	%
PetVet Care Centers, LLC(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	6.00%	11/2029	—		(54)	(27)	—	%
					60,787		59,864	60,195	1.7	%
Health Care Technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(9)(13)	First lien senior secured loan	SR +	5.75%	08/2028	121,006		119,639	120,099	3.4	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(13)(14)(15)(16)	First lien senior secured delayed draw term loan	SR +	5.75%	10/2025	—		(238)	—	—	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(8)(13)(14)	First lien senior secured revolving loan	SR +	5.75%	08/2026	6,524		6,423	6,432	0.2	%
Datix Bidco Limited (dba RLDatix)(6)(11)(13)(23)	First lien senior secured GBP term loan	SA +	4.50%	04/2025	£	637	870	805	—	%
Datix Bidco Limited (dba RLDatix)(6)(11)(13)(23)	Second lien senior secured GBP term loan	SA +	7.75%	04/2026	£	6,667	9,074	8,422	0.2	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(6)(9)(13)	First lien senior secured loan	SR +	6.00%	10/2028	27,164		26,729	26,756	0.8	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	5.75%	10/2027	—		(26)	(33)	—	%
Greenway Health, LLC(6)(10)(13)	First lien senior secured loan	SR +	6.75%	04/2029	8,751		8,500	8,554	0.2	%
Hyland Software, Inc.(6)(8)(13)	First lien senior secured loan	SR +	6.00%	09/2030	85,673		84,455	84,387	2.4	%
Hyland Software, Inc.(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	6.00%	09/2029	—		(56)	(61)	—	%
Indikami Bidco, LLC (dba IntegriChain)(6)(8)(13)	First lien senior secured loan	SR +	6.50% (2.50% PIK)	12/2030	47,994		46,945	47,274	1.3	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(7)(18)(20)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Indikami Bidco, LLC (dba IntegriChain)(6)(13)(14)(15)(16)	First lien senior secured delayed draw term loan	SR +	6.00%	12/2025	—	(65)	—	—	%
Indikami Bidco, LLC (dba IntegriChain)(6)(8)(13)(14)	First lien senior secured revolving loan	SR +	6.00%	06/2030	1,197	1,069	1,108	—	%
Imprivata, Inc.(6)(9)(13)	Second lien senior secured loan	SR +	6.25%	12/2028	17,647	17,470	17,647	0.5	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(6)(9)(13)(23)	First lien senior secured loan	SR +	6.50%	08/2026	155,074	154,151	150,810	4.2	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(6)(9)(13)(23)	First lien senior secured revolving loan	SR +	6.50%	08/2026	10,847	10,768	10,549	0.3	%
Interoperability Bidco, Inc. (dba Lyniate)(6)(9)(13)	First lien senior secured loan	SR +	7.00%	12/2026	84,365	84,031	82,678	2.3	%
Interoperability Bidco, Inc. (dba Lyniate)(6)(9)(13)(14)	First lien senior secured revolving loan	SR +	7.00%	12/2024	2,573	2,549	2,437	0.1	%
Inovalon Holdings, Inc.(6)(9)(13)	First lien senior secured loan	SR +	6.25% (2.75% PIK)	11/2028	137,546	135,216	135,827	3.8	%
Inovalon Holdings, Inc.(6)(9)(13)(14)(16)	First lien senior secured delayed draw term loan	SR +	3.50%	05/2024	6,479	6,285	6,398	0.2	%
Inovalon Holdings, Inc.(6)(9)(13)	Second lien senior secured loan	SR +	10.50% PIK	11/2033	83,791	82,671	82,954	2.3	%
Neptune Holdings, Inc. (dba NexTech)(6)(10)(13)	First lien senior secured loan	SR +	6.00%	08/2030	4,401	4,297	4,313	0.1	%
Neptune Holdings, Inc. (dba NexTech)(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	6.00%	08/2029	—	(13)	(12)	—	%
RL Datix Holdings (USA), Inc.(6)(10)(13)(16)(23)	First lien senior secured delayed draw term loan	SR +	4.50%	04/2025	14,600	14,452	14,600	0.4	%
RL Datix Holdings (USA), Inc.(6)(10)(13)(14)(23)	First lien senior secured revolving loan	SR +	4.50%	10/2024	670	656	670	—	%
RL Datix Holdings (USA), Inc.(6)(10)(13)(23)	Second lien senior secured loan	SR +	7.75%	04/2026	22,333	22,049	22,333	0.6	%
					845,939	837,901	834,947	23.3	%
Hotels, Restaurants & Leisure
MINDBODY, Inc.(6)(9)(13)	First lien senior secured loan	SR +	7.00%	09/2025	72,962	72,822	72,780	2.0	%
MINDBODY, Inc.(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	7.00%	09/2025	—	(10)	(18)	—	%
					72,962	72,812	72,762	2.0	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(7)(18)(20)	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)(9)(13)	First lien senior secured loan	SR +	7.50% PIK	12/2026	79,995	79,567	79,995	2.2	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	7.50%	12/2026	—	(81)	—	—	%
					79,995	79,486	79,995	2.2	%
Industrial Conglomerates
Aptean Acquiror, Inc.(6)(9)(13)	First lien senior secured loan	SR +	5.25%	01/2031	2,945	2,916	2,915	0.1	%
Aptean Acquiror, Inc.(6)(9)(13)(14)(16)	First lien senior secured delayed draw term loan	SR +	5.25%	01/2026	26	23	23	—	%
Aptean Acquiror, Inc.(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	5.25%	01/2031	—	(3)	(3)	—	%
QAD, Inc.(6)(8)(13)	First lien senior secured loan	SR +	5.38%	11/2027	86,800	85,654	86,149	2.4	%
QAD, Inc.(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	6.00%	11/2027	—	(137)	(86)	—	%
					89,771	88,453	88,998	2.5	%
Insurance
Asurion, LLC(3)(6)(8)(13)	Second lien senior secured loan	SR +	5.25%	01/2028	10,833	10,675	9,723	0.3	%
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(6)(9)(13)	First lien senior secured loan	SR +	7.50%	03/2029	909	889	900	—	%
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	7.50%	03/2029	—	(2)	(1)	—	%
Integrity Marketing Acquisition, LLC(6)(9)(13)	First lien senior secured loan	SR +	5.80%	08/2026	39,577	39,487	39,577	1.1	%
Integrity Marketing Acquisition, LLC(6)(9)(13)(14)(16)	First lien senior secured delayed draw term loan	SR +	6.00%	02/2025	1,027	964	1,027	—	%
Integrity Marketing Acquisition, LLC(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	6.50%	08/2026	—	(13)	—	—	%
					52,346	52,000	51,226	1.4	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(7)(18)(20)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
IT Services
Kaseya Inc.(6)(9)(13)	First lien senior secured loan	SR +	6.25% (2.50% PIK)	06/2029	15,903		15,652	15,903	0.4	%
Kaseya Inc.(6)(13)(14)(15)(16)	First lien senior secured delayed draw term loan	SR +	6.00%	06/2025	—		(7)	—	—	%
Kaseya Inc.(6)(8)(13)(14)	First lien senior secured revolving loan	SR +	5.50%	06/2029	239		225	239	—	%
Pluralsight, LLC(6)(9)(13)	First lien senior secured loan	SR +	8.00%	04/2027	159,494		158,604	133,178	3.7	%
Pluralsight, LLC(6)(9)(13)	First lien senior secured revolving loan	SR +	8.00%	04/2027	10,000		9,960	8,350	0.2	%
					185,636		184,434	157,670	4.3	%
Life Sciences Tools & Services
Bamboo US BidCo LLC(6)(12)(13)	First lien senior secured EUR term loan	E +	6.75% (3.38% PIK)	09/2030	€	3,089	3,179	3,262	0.1	%
Bamboo US BidCo LLC(6)(9)(13)	First lien senior secured loan	SR +	6.75% (3.38% PIK)	09/2030	4,966		4,825	4,854	0.1	%
Bamboo US BidCo LLC(6)(9)(13)(14)(16)	First lien senior secured delayed draw term loan	SR +	6.75% (3.38% PIK)	03/2025	82		70	75	—	%
Bamboo US BidCo LLC(6)(13)(14)(15)	First lien senior secured revolving loan	E +	6.00%	10/2029	€	—	(28)	(23)	—	%
					8,137		8,046	8,168	0.2	%
Media
Monotype Imaging Holdings Inc.(6)(9)(13)	First lien senior secured loan	SR +	5.50%	02/2031	58,955		58,517	58,495	1.6	%
Monotype Imaging Holdings Inc.(6)(13)(14)(15)(16)	First lien senior secured delayed draw term loan	SR +	5.50%	02/2026	—		(18)	(1)	—	%
Monotype Imaging Holdings Inc.(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	5.50%	02/2030	—		(54)	(57)	—	%
					58,955		58,445	58,437	1.6	%
Multiline Retail
PDI TA Holdings, Inc.(6)(8)(13)	First lien senior secured loan	SR +	5.50%	02/2031	8,070		7,951	7,949	0.2	%
PDI TA Holdings, Inc.(6)(13)(14)(15)(16)	First lien senior secured delayed draw term loan	SR +	5.50%	02/2026	—		(30)	(31)	—	%
PDI TA Holdings, Inc.(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	5.50%	02/2031	—		(13)	(14)	—	%
					8,070		7,908	7,904	0.2	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(7)(18)(20)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Pharmaceuticals
BridgeBio Pharma, Inc.(6)(9)(13)	First lien senior secured loan	SR +	6.75%	01/2029	30,000	29,956	29,700	0.8	%
XRL 1 LLC (dba XOMA)(13)(26)	First lien senior secured loan		9.88%	12/2038	13,000	12,767	12,610	0.4	%
XRL 1 LLC (dba XOMA)(13)(14)(15)(16)(26)	First lien senior secured delayed draw term loan		9.88%	12/2025	—	(15)	(30)	—	%
					43,000	42,708	42,280	1.2	%
Professional Services
Certinia, Inc.(6)(9)(13)	First lien senior secured loan	SR +	7.25%	08/2029	22,059	21,652	21,728	0.6	%
Certinia, Inc.(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	7.25%	08/2029	—	(52)	(44)	—	%
Cornerstone OnDemand, Inc.(6)(8)(13)	Second lien senior secured loan	SR +	6.50%	10/2029	71,667	70,842	68,621	1.9	%
Gerson Lehrman Group, Inc.(6)(9)(13)	First lien senior secured loan	SR +	5.25%	12/2027	18,895	18,734	18,727	0.5	%
Gerson Lehrman Group, Inc.(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	5.25%	12/2027	—	(8)	(9)	—	%
Motus Group, LLC(6)(9)(13)	Second lien senior secured loan	SR +	6.50%	12/2029	17,868	17,727	17,689	0.5	%
Thunder Purchaser, Inc. (dba Vector Solutions)(6)(9)(13)	First lien senior secured loan	SR +	5.75%	06/2028	140,477	139,531	140,127	3.9	%
Thunder Purchaser, Inc. (dba Vector Solutions)(6)(9)(13)(14)	First lien senior secured revolving loan	SR +	5.75%	06/2027	7,762	7,690	7,734	0.2	%
When I Work, Inc.(6)(9)(13)	First lien senior secured loan	SR +	7.00% PIK	11/2027	34,430	34,233	33,570	0.9	%
When I Work, Inc.(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	6.00%	11/2027	—	(34)	(140)	—	%
					313,158	310,315	308,003	8.5	%
Real Estate Management & Development
Entrata, Inc.(6)(8)(13)	First lien senior secured loan	SR +	6.00%	07/2030	895	883	888	—	%
Entrata, Inc.(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	6.00%	07/2028	—	(1)	(1)	—	%
REALPAGE, INC.(3)(6)(8)(13)	Second lien senior secured loan	SR +	6.50%	04/2029	52,500	51,940	51,933	1.5	%
					53,395	52,822	52,820	1.5	%
Systems Software
Acquia Inc.(6)(10)	First lien senior secured loan	SR +	7.00%	10/2025	176,509	175,772	176,509	5.0	%
Acquia Inc.(6)(10)(14)	First lien senior secured revolving loan	SR +	7.00%	10/2025	3,914	3,883	3,914	0.1	%
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(6)(8)(13)	First lien senior secured loan	SR +	6.50%	03/2031	13,063	12,867	12,867	0.4	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(7)(18)(20)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(6)(13)(14)(15)(16)	First lien senior secured delayed draw term loan	SR +	6.50%	03/2026	—	(222)	(223)	—	%
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	6.50%	03/2031	—	(71)	(71)	—	%
Activate Holdings (US) Corp. (dba Absolute Software)(6)(9)(13)(23)	First lien senior secured loan	SR +	6.25%	07/2030	4,625	4,506	4,555	0.1	%
Activate Holdings (US) Corp. (dba Absolute Software)(6)(13)(14)(15)(23)	First lien senior secured revolving loan	SR +	6.75%	07/2029	—	(9)	(5)	—	%
Arctic Wolf Networks, Inc.(13)(26)	Senior convertible notes		3.00% PIK	09/2027	125,954	147,019	146,696	4.2	%
Bayshore Intermediate #2, L.P. (dba Boomi)(6)(9)(13)	First lien senior secured loan	SR +	7.50% PIK	10/2028	180,766	178,479	179,411	5.0	%
Bayshore Intermediate #2, L.P. (dba Boomi)(6)(8)(13)(14)	First lien senior secured revolving loan	SR +	6.75%	10/2027	1,559	1,406	1,471	—	%
Delinea Buyer, Inc. (f/k/a Centrify)(6)(9)(13)	First lien senior secured loan	SR +	5.75%	03/2028	78,293	77,048	77,902	2.2	%
Delinea Buyer, Inc. (f/k/a Centrify)(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	5.75%	03/2027	—	(117)	(41)	—	%
Crewline Buyer, Inc. (dba New Relic)(6)(9)(13)	First lien senior secured loan	SR +	6.75%	11/2030	90,340	89,036	89,436	2.5	%
Crewline Buyer, Inc. (dba New Relic)(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	6.75%	11/2030	—	(133)	(94)	—	%
Exabeam, Inc.(26)	First lien senior secured loan		12.00% PIK	05/2028	43,133	42,789	42,486	1.2	%
Forescout Technologies, Inc.(6)(9)(13)	First lien senior secured loan	SR +	8.00%	08/2026	69,292	68,905	69,638	2.0	%
Forescout Technologies, Inc.(6)(13)(14)(15)(16)	First lien senior secured delayed draw term loan	SR +	8.00%	07/2024	—	(93)	—	—	%
Forescout Technologies, Inc.(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	8.00%	08/2026	—	(40)	—	—	%
Delta TopCo, Inc. (dba Infoblox, Inc.)(6)(10)(13)	Second lien senior secured loan	SR +	7.25%	12/2028	20,000	19,934	20,050	0.6	%
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(6)(8)(13)(23)	First lien senior secured loan	SR +	7.50%	04/2026	148,889	147,082	148,889	4.2	%
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(6)(13)(14)(15)(23)	First lien senior secured revolving loan	SR +	7.50%	04/2026	—	(255)	—	—	%
Ivanti Software, Inc.(6)(9)(13)	Second lien senior secured loan	SR +	7.25%	12/2028	21,000	20,576	18,008	0.5	%
Oranje Holdco, Inc. (dba KnowBe4)(6)(9)(13)	First lien senior secured loan	SR +	7.50%	02/2029	12,818	12,654	12,754	0.4	%
Oranje Holdco, Inc. (dba KnowBe4)(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	7.50%	02/2029	—	(19)	(8)	—	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(7)(18)(20)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(4)(5)		Fair Value		Percentage of Net Assets
Ping Identity Holding Corp.(6)(8)(13)	First lien senior secured loan	SR +	7.00%	10/2029	909		897		909		—	%
Ping Identity Holding Corp.(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	7.00%	10/2028	—		(1)		—		—	%
Rubrik, Inc.(6)(9)(13)	First lien senior secured loan	SR +	7.00%	08/2028	10,394		10,273		10,342		0.3	%
Rubrik, Inc.(6)(9)(13)(14)(16)	First lien senior secured delayed draw term loan	SR +	7.00%	08/2028	495		479		488		—	%
SailPoint Technologies Holdings, Inc.(6)(9)(13)	First lien senior secured loan	SR +	6.00%	08/2029	45,640		44,842		45,526		1.3	%
SailPoint Technologies Holdings, Inc.(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	6.00%	08/2028	—		(64)		(11)		—	%
Securonix, Inc.(6)(9)(13)	First lien senior secured loan	SR +	6.00%	04/2028	19,774		19,629		18,192		0.5	%
Securonix, Inc.(6)(13)(14)(15)	First lien senior secured revolving loan	SR +	6.00%	04/2028	—		(24)		(285)		—	%
Sitecore USA, Inc.(6)(10)(13)	First lien senior secured loan	SR +	7.50% (4.25% PIK)	03/2029	9,035		8,971		9,013		0.3	%
Sitecore Holding III A/S(6)(10)(13)	First lien senior secured loan	SR +	7.50% (4.25% PIK)	03/2029	54,474		54,083		54,337		1.5	%
Sitecore Holding III A/S(6)(12)(13)	First lien senior secured EUR term loan	E +	7.50% (4.25% PIK)	03/2029	€	53,086	55,541		57,189		1.6	%
Talon MidCo 2 Limited (dba Tufin)(6)(8)(13)(23)	First lien senior secured loan	SR +	7.69%	08/2028	2,668		2,627		2,642		0.1	%
Talon MidCo 2 Limited (dba Tufin)(6)(13)(14)(16)(23)	First lien senior secured delayed draw term loan	SR +	7.69%	08/2024	—		—		—		—	%
Talon MidCo 2 Limited (dba Tufin)(6)(13)(14)(15)(23)	First lien senior secured revolving loan	SR +	7.69%	08/2028	—		(2)		(1)		—	%
					1,186,630		1,198,248		1,202,485		34.0	%
Thrifts & Mortgage Finance
Blend Labs, Inc.(6)(8)(13)	First lien senior secured loan	SR +	7.50%	06/2027	70,000		69,128		68,600		1.9	%
					70,000		69,128		68,600		1.9	%
Total non-controlled/non-affiliated portfolio company debt investments					$	4,799,259	$	4,832,883	$	4,804,525	134.7	%

Equity Investments
Aerospace & Defense
Space Exploration Technologies Corp.(13)(17)(24)	Class A Common Stock		N/A	N/A	419,311		23,013		40,607		1.1	%
Space Exploration Technologies Corp.(13)(17)(24)	Class C Common Stock		N/A	N/A	84,250		4,011		8,158		0.2	%
							27,024		48,765		1.3	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(7)(18)(20)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Application Software
6Sense Insights, Inc.(13)(17)(24)	Series E-1 Preferred Stock		N/A	N/A	1,264,514	40,066	33,456	0.9	%
Alpha Partners Technology Merger Corp(17)(23)(24)	Warrants		N/A	N/A	666,666	—	—	—	%
Alpha Partners Technology Merger Corp(23)(24)	Sponsor Shares		N/A	N/A	100,000	1,000	—	—	%
Diligent Preferred Issuer, Inc. (dba Diligent Corporation)(13)(17)(26)	Preferred Stock		10.50% PIK	N/A	15,000	19,051	18,529	0.5	%
EShares, Inc. (dba Carta)(17)(24)	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)(13)(17)(23)(24)	LP Interest		N/A	N/A	2,281	2,285	2,467	0.1	%
MessageBird Holding B.V.(13)(17)(23)(24)	Extended Series C Warrants		N/A	N/A	191,530	1,174	240	—	%
Nylas, Inc.(17)(24)	Series C Preferred Stock		N/A	N/A	2,088,467	15,009	6,807	0.2	%
Project Alpine Co-Invest Fund, LP(13)(17)(23)(24)	LP Interest		N/A	N/A	3,644	3,646	4,306	0.1	%
Saturn Ultimate, Inc.(13)(17)(24)	Common stock		N/A	N/A	5,580,593	25,008	51,050	1.4	%
Zoro TopCo, Inc.(13)(17)(26)	Series A Preferred Equity		12.50% PIK	N/A	7,114	7,928	8,118	0.2	%
Zoro TopCo, L.P.(13)(17)(24)	Class A Common Units		N/A	N/A	592,872	5,929	6,455	0.2	%
						123,104	139,737	3.8	%
Construction & Engineering
Dodge Construction Network Holdings, L.P.(13)(17)	Series A Preferred Units		8.25%	N/A	—	69	50	—	%
Dodge Construction Network Holdings, L.P.(13)(17)(24)	Class A-2 Common Units		N/A	N/A	3,333,333	2,841	2,281	0.1	%
						2,910	2,331	0.1	%
Diversified Consumer Services
SLA Eclipse Co-Invest, L.P.(3)(17)(23)(24)	LP Interest		N/A	N/A	15,000	15,217	15,467	0.4	%
						15,217	15,467	0.4	%
Diversified Financial Services
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(13)(14)(17)(23)(24)	LLC Interest		N/A	N/A	1,497	1,497	1,497	—	%
AAM Series 2.1 Aviation Feeder, LLC(13)(17)(23)(24)	LLC Interest		N/A	N/A	1,727	1,729	1,727	—	%
Amergin Asset Management, LLC(13)(17)(23)(24)	Class A Units		N/A	N/A	50,000,000	—	—	—	%
Brex, Inc.(17)(24)	Preferred Stock		N/A	N/A	143,943	5,012	3,220	0.1	%
						8,238	6,444	0.1	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(7)(18)(20)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Health Care Providers & Services
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)(13)(17)(24)	Common stock		N/A	N/A	159	1,585	1,585	0.1	%
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(13)(17)(26)	Series A Preferred Stock		15.00% PIK	N/A	4,588,433	4,505	4,497	0.1	%
						6,090	6,082	0.2	%
Health Care Technology
BEHP Co-Investor II, L.P.(13)(17)(23)(24)	LP Interest		N/A	N/A	1,270	1,266	1,278	—	%
Minerva Holdco, Inc. (dba Athenahealth, Inc.)(13)(17)(26)	Series A Preferred Stock		10.75% PIK	N/A	50,000	60,414	58,620	1.6	%
WP Irving Co-Invest, L.P.(13)(17)(23)(24)	Partnership Units		N/A	N/A	1,250,000	1,267	1,258	—	%
						62,947	61,156	1.6	%
Hotels, Restaurants & Leisure
Toast, Inc.(17)(24)	Warrants		N/A	N/A	5,762,612	36,254	73,957	2.1	%
Toast, Inc.(2)(24)	Common stock		N/A	N/A	322,578	6,398	8,039	0.2	%
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)(13)(17)(26)	Series A Preferred Stock		6.00% PIK	N/A	25,000	28,872	28,655	0.8	%
						71,524	110,651	3.1	%
Internet & Direct Marketing Retail
Kajabi Holdings, LLC(17)(24)	Senior Preferred Class D Units		N/A	N/A	4,126,175	50,025	41,170	1.2	%
Klaviyo, Inc.(2)(17)(24)	Common stock		N/A	N/A	1,198,270	40,018	30,532	0.9	%
Linked Store Cayman Ltd. (dba Nuvemshop)(13)(17)(23)(24)	Series E Preferred Stock		N/A	N/A	19,499	42,496	35,738	1.0	%
						132,539	107,440	3.1	%
IT Services
E2Open Parent Holdings, Inc.(2)(23)(24)	Class A Common Stock		N/A	N/A	1,650,943	17,504	7,330	0.2	%
JumpCloud, Inc.(17)(24)	Series B Preferred Stock		N/A	N/A	756,590	4,531	1,298	—	%
JumpCloud, Inc.(17)(24)	Series F Preferred Stock		N/A	N/A	6,679,245	40,017	31,433	1.0	%
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(13)(17)(26)	Perpetual Preferred Stock		11.75% PIK	N/A	7,500	8,772	8,903	0.2	%
Replicated, Inc.(17)(24)	Series C Preferred Stock		N/A	N/A	1,277,832	20,008	11,736	0.3	%
WMC Bidco, Inc. (dba West Monroe)(13)(17)(26)	Senior Preferred Stock		11.25% PIK	N/A	57,231	73,774	70,211	2.0	%
						164,606	130,911	3.7	%
Pharmaceuticals
XOMA Corporation(13)(17)(24)	Warrants		N/A	N/A	12,000	82	136	—	%
						82	136	—	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(7)(18)(20)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Professional Services
BCTO WIW Holdings, Inc. (dba When I Work)(13)(17)(24)	Class A Common Stock		N/A	N/A	70,000	7,000	5,102	0.1	%
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(13)(17)(26)	Series A Preferred Stock		10.50% PIK	N/A	28,000	34,596	31,889	1.0	%
Thunder Topco L.P. (dba Vector Solutions)(13)(17)(24)	Common Units		N/A	N/A	7,857,410	7,857	8,483	0.2	%
Vestwell Holdings, Inc.(13)(17)(24)	Series D Preferred Stock		N/A	N/A	152,175	3,000	3,000	0.1	%
						52,453	48,474	1.4	%
Road & Rail
Bolt Technology OÜ(17)(23)(24)	Preferred Stock		N/A	N/A	43,478	11,318	10,429	0.3	%
						11,318	10,429	0.3	%
Systems Software
Algolia, Inc.(17)(24)	Series C Preferred Stock		N/A	N/A	970,281	10,000	24,314	0.7	%
Algolia, Inc.(17)(24)	Series D Preferred Stock		N/A	N/A	136,776	4,000	3,790	0.1	%
Arctic Wolf Networks, Inc.(17)(24)	Preferred Stock		N/A	N/A	3,032,840	25,036	31,387	0.9	%
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(13)(17)(24)	Common Units		N/A	N/A	12,692,160	12,692	13,841	0.4	%
Circle Internet Services, Inc.(17)(24)	Series D Preferred Stock		N/A	N/A	2,934,961	15,000	19,862	0.7	%
Circle Internet Services, Inc.(17)(24)	Series E Preferred Stock		N/A	N/A	821,806	6,917	6,752	0.2	%
Circle Internet Services, Inc.(17)(24)	Series F Preferred Stock		N/A	N/A	75,876	1,500	1,024	—	%
Circle Internet Services, Inc.(17)(24)	Warrants		N/A	N/A	244,580	—	470	—	%
Elliott Alto Co-Investor Aggregator L.P.(13)(17)(23)(24)	LP Interest		N/A	N/A	1,567	1,577	1,686	—	%
Exabeam, Inc.(17)(24)	Series F-1 Preferred Stock		N/A	N/A	3,340,668	95,669	67,432	1.9	%
Halo Parent Newco, LLC(13)(17)(26)	Class H PIK Preferred Equity		11.00% PIK	N/A	5,000	6,280	5,213	0.1	%
Project Hotel California Co-Invest Fund, L.P.(13)(17)(23)(24)	LP Interest		N/A	N/A	2,685	2,687	3,084	0.1	%
Illumio, Inc.(17)(24)	Series F Preferred Stock		N/A	N/A	2,483,618	16,684	14,843	0.5	%
Illumio, Inc.(17)(24)	Common stock		N/A	N/A	358,365	2,432	1,495	—	%
Picard Holdco, LLC(6)(9)(13)(17)	Series A Preferred Stock	SR +	12.00% PIK	N/A	10,570	11,177	12,191	0.4	%
Securiti, Inc.(13)(17)(24)	Series C Preferred Stock		N/A	N/A	2,525,571	20,016	20,000	0.6	%
						231,667	227,384	6.6	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(7)(18)(20)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Thrifts & Mortgage Finance
Blend Labs, Inc.(2)(13)(24)	Common stock		N/A	N/A	216,953	3,000	705	—	%
Blend Labs, Inc.(13)(17)(24)	Warrants		N/A	N/A	299,216	1,625	25	—	%
						4,625	730	—	%
Total non-controlled/non-affiliated portfolio company equity investments						914,344	916,137	25.7	%
Total non-controlled/non-affiliated portfolio company investments						5,747,227	5,720,662	160.4	%

Non-controlled/affiliated portfolio company investments
Debt Investments
Internet & Direct Marketing Retail
Walker Edison Furniture Company LLC(6)(8)(13)(21)(25)	First lien senior secured loan	SR +	6.75% PIK	03/2027	11,338	9,396	9,922	0.3	%
Walker Edison Furniture Company LLC(6)(8)(13)(14)(21)(25)	First lien senior secured delayed draw term loan	SR +	6.75% PIK	03/2027	1,187	1,180	835	—	%
Walker Edison Furniture Company LLC(6)(8)(13)(21)(25)	First lien senior secured revolving loan	SR +	6.25%	03/2027	4,495	4,495	4,101	0.1	%
					17,020	15,071	14,858	0.4	%
Total non-controlled/affiliated portfolio company debt investments					17,020	15,071	14,858	0.4	%

Equity Investments
Systems Software
Help HP SCF Investor, LP(13)(17)(21)(24)	LP Interest		N/A	N/A	59,333	59,379	68,756	1.9	%
Split Software, Inc.(17)(21)(24)	Series D Non-Participating Convertible Preferred Stock		N/A	N/A	12,335,526	30,005	21,053	0.7	%
						89,384	89,809	2.6	%
Insurance
Fifth Season Investments LLC(13)(17)(19)(21)	Class A Units		N/A	N/A	8	63,235	65,309	1.8	%
						63,235	65,309	1.8	%
Internet & Direct Marketing Retail
Walker Edison Holdco LLC(13)(17)(21)(24)	Common Equity		N/A	N/A	98,319	9,500	410	—	%
Signifyd Inc.(17)(21)(26)	Series E Preferred Shares		9.00% PIK	N/A	2,755,121	127,523	111,188	3.1	%
						137,023	111,598	3.1	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(7)(18)(20)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)		Fair Value		Percentage of Net Assets
Pharmaceuticals
LSI Financing 1 DAC(13)(14)(17)(21)(23)	Preferred Equity		N/A	N/A	12,073,000	12,155		12,898		0.4	%
						12,155		12,898		0.4	%
Total non-controlled/affiliated portfolio company equity investments						$	301,797	279,614		7.9	%
Total non-controlled/affiliated portfolio company investments						$	316,868	294,472		8.3	%

Controlled/affiliated portfolio company investments
Equity Investments
Diversified Financial Services
Revolut Ribbit Holdings, LLC(17)(22)(23)(24)	LLC Interest		N/A	N/A	75,031	75,262		$	62,054	1.8	%




						75,262		62,054		1.8	%
Total controlled/affiliated portfolio company equity investments						$	75,262	62,054		1.8	%
Total controlled/affiliated portfolio company investments						$	75,262	62,054		1.8	%
Total Investments						$	6,139,357	$	6,077,188	170.5	%

________________

(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 March 31, 2024, the net estimated unrealized gain on investments for U.S. federal income tax purposes was $0.7 million based on a tax cost basis of $6.10 billion. As of March 31, 2024, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $163.8 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $164.5 million.

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

(7)Certain portfolio company investments are subject to contractual restrictions on sales. Refer to footnote 19 for additional information on our restricted securities.

(8)The interest rate on these loans is subject to 1 month SOFR, which as of March 31, 2024 was 5.33%.

(9)The interest rate on these loans is subject to 3 month SOFR, which as of March 31, 2024 was 5.30%.

(10)The interest rate on these loans is subject to 6 month SOFR, which as of March 31, 2024 was 5.22%.

(11)The interest rate on these loans is subject to SONIA, which as of March 31, 2024 was 5.19%.

(12)The interest rate on these loans is subject to 3 month EURIBOR, which as of March 31, 2024 was 3.89%.

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

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

(15)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.

(16)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.

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)

(17)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 March 31, 2024, the aggregate fair value of these securities is $1.24 billion or 34.8% 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

Alpha Partners Technology Merger Corp

Common Stock Warrants

July 28, 2021

Amergin Asset Management, LLC

Class A Units

July 1, 2022

Arctic Wolf Networks, Inc.

Preferred Stock

July 7, 2021

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

Class A Common Stock

November 2, 2021

BEHP Co-Investor II, L.P.

LP Interest

May 11, 2022

Blend Labs, Inc.

Warrants

July 2, 2021

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

Senior Preferred Class D Units

March 24, 2021

Klaviyo, Inc.

Common stock

May 4, 2021

KWOL Acquisition Inc.

Common stock

December 12, 2023

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

Perpetual Preferred Stock

June 22, 2022

Linked Store Cayman Ltd. (dba Nuvemshop)

Series E Preferred Stock

August 9, 2021

LSI Financing 1 DAC

Preferred Equity

December 14, 2022

MessageBird Holding 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

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company

Investment

Acquisition Date

Picard Holdco, LLC

Series A Preferred Stock

September 30, 2022

Replicated, Inc.

Series C Preferred Stock

June 30, 2021

Revolut Ribbit Holdings, LLC

Ordinary Shares

September 30, 2021

Romulus Intermediate Holdings 1 Inc. (dba PetVet)

Series A Preferred Stock

November 15, 2023

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

Vestwell Holdings, Inc.

Series D Preferred Stock

December 20, 2023

Walker Edison Holdco LLC

Common Units

March 1, 2023

WMC Bidco, Inc. (dba West Monroe)

Senior Preferred Stock

November 9, 2021

WP Irving Co-Invest, L.P.

Partnership Units

May 18, 2022

XOMA Corporation

Warrants

December 15, 2023

Zoro TopCo, Inc.

Series A Preferred Equity

November 22, 2022

Zoro TopCo, L.P.

Class A Common Units

November 22, 2022

(18)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”.

(19)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”.

(20)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.

(21)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 March 31, 2024 in which the Company was an Affiliated Person of the portfolio company are as follows:


Company	Fair Value at December 31, 2023		Gross Additions(a)		Gross Reductions(b)		Net Change in Unrealized Gain/(Loss)		Realized Gain/(Loss)		Transfers		Fair Value at March 31, 2024		Other Income		Interest Income
Fifth Season Investments LLC	$	43,904	$	19,332	$	—	$	2,073	$	—	$	—	$	65,309	$	785	$	—
Help HP SCF Investor, LP	67,221		—		—		1,535		—		—		68,756		—		—
LSI Financing 1 DAC	12,992		—		(242)		148		—		—		12,898		10		—
Signifyd Inc.	110,500		—		—		688		—		—		111,188		2,847		—
Split Software, Inc.	22,484		—		—		(1,431)		—		—		21,053		—		—
Walker Edison Furniture Company LLC	14,992		1,186		—		(910)		—		—		15,268		3		—

Total	$	272,093	$	20,518	$	(242)	$	2,103	$	—	$	—	$	294,472	$	3,645	$	—

________________

(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 March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)

(22)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 March 31, 2024 were as follows:


Company	Fair Value at December 31, 2023		Gross Additions(a)		Gross Reductions(b)		Net Change in Unrealized Gain/(Loss)		Realized Gain/(Loss)		Transfers		Fair Value at March 31, 2024		Other Income		Interest Income
Revolut Ribbit Holdings, LLC	$	66,509	$	—	$	—	$	(4,455)	$	—	$	—	$	62,054	$	—	$	—
Total	$	66,509	$	—	$	—	$	(4,455)	$	—	$	—	$	62,054	$	—	$	—

________________

(23)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 March 31, 2024, non-qualifying assets represented 14.9% of total assets as calculated in accordance with the regulatory requirements.

(24)Non-income producing investment.

(25)Loan was on non-accrual status as of March 31, 2024.

(26)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, 2023

(Amounts in thousands, except share amounts)


Company(1)(7)(19)(21)	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)(9)(14)	Second lien senior secured loan	SR +	7.75%	02/2029	84,551		83,621	83,916	2.4	%
ManTech International Corporation(6)(9)(14)	First lien senior secured loan	SR +	5.75%	09/2029	6,685		6,570	6,635	0.2	%
ManTech International Corporation(6)(9)(14)(15)(17)	First lien senior secured delayed draw term loan	SR +	5.75%	09/2024	567		548	563	—	%
ManTech International Corporation(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	5.75%	09/2028	—		(13)	(6)	—	%
					91,803		90,726	91,108	2.6	%
Application Software
Anaplan, Inc.(6)(9)(14)	First lien senior secured loan	SR +	6.50%	06/2029	49,219		48,808	49,219	1.4	%
Anaplan, Inc.(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	6.50%	06/2028	—		(26)	—	—	%
Armstrong Bidco Limited(6)(11)(14)(24)	First lien senior secured loan	SA +	5.25%	06/2029	£	8,087	9,741	10,232	0.3	%
Avalara, Inc.(6)(9)(14)	First lien senior secured loan	SR +	7.25%	10/2028	9,091		8,975	9,045	0.3	%
Avalara, Inc.(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	7.25%	10/2028	—		(11)	(5)	—	%
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(6)(9)(14)	First lien senior secured loan	SR +	5.50%	08/2027	77,218		75,962	74,515	2.1	%
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(6)(9)(14)(15)	First lien senior secured revolving loan	SR +	5.50%	08/2027	2,338		2,237	2,101	0.1	%
CivicPlus, LLC(6)(9)(14)	First lien senior secured loan	SR +	6.50% (2.50% PIK)	08/2027	67,293		66,843	67,293	1.9	%
CivicPlus, LLC(6)(8)(14)(15)	First lien senior secured revolving loan	SR +	6.00%	08/2027	1,586		1,556	1,586	—	%
Coupa Holdings, LLC(6)(8)(14)	First lien senior secured loan	SR +	7.50%	02/2030	785		767	770	—	%
Coupa Holdings, LLC(6)(14)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	7.50%	08/2024	—		(1)	(1)	—	%
Coupa Holdings, LLC(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	7.50%	02/2029	—		(1)	(1)	—	%
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(6)(8)(14)	Unsecured notes	SR +	11.75% PIK	06/2034	39,383		38,565	39,284	1.1	%
Community Brands ParentCo, LLC(6)(8)(14)	First lien senior secured loan	SR +	5.50%	02/2028	12,527		12,342	12,402	0.4	%
Community Brands ParentCo, LLC(6)(14)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	5.50%	02/2024	—		(10)	—	—	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(7)(19)(21)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Community Brands ParentCo, LLC(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	5.50%	02/2028	—	(10)	(8)	—	%
Diamondback Acquisition, Inc. (dba Sphera)(6)(8)(14)	First lien senior secured loan	SR +	5.50%	09/2028	76,649	75,525	75,499	2.1	%
Diligent Corporation(6)(9)	First lien senior secured loan	SR +	6.25%	08/2025	24,623	24,250	24,315	0.7	%
Diligent Corporation(6)(9)(15)	First lien senior secured revolving loan	SR +	6.25%	08/2025	823	810	803	—	%
Fullsteam Operations, LLC(6)(9)(14)	First lien senior secured loan	SR +	8.25%	11/2029	10,593	10,278	10,275	0.3	%
Fullsteam Operations, LLC(6)(9)(14)(15)(17)	First lien senior secured delayed draw term loan	SR +	8.25%	05/2025	1,009	923	922	—	%
Fullsteam Operations, LLC(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	8.25%	11/2029	—	(17)	(18)	—	%
Gainsight, Inc.(6)(9)(14)	First lien senior secured loan	SR +	6.75% PIK	07/2027	61,814	61,212	61,196	1.7	%
Gainsight, Inc.(6)(9)(14)(15)	First lien senior secured revolving loan	SR +	6.75% PIK	07/2027	2,676	2,621	2,622	0.1	%
Granicus, Inc.(6)(9)(14)	First lien senior secured loan	SR +	5.50%	01/2027	35,152	34,686	35,064	1.0	%
Granicus, Inc.(6)(9)(14)(15)	First lien senior secured revolving loan	SR +	6.50%	01/2027	546	514	539	—	%
Grayshift, LLC(6)(8)(14)(24)	First lien senior secured loan	SR +	8.00%	07/2028	21,062	20,819	20,747	0.6	%
Grayshift, LLC(6)(14)(15)(16)(24)	First lien senior secured revolving loan	SR +	8.00%	07/2028	—	(7)	(15)	—	%
GS Acquisitionco, Inc. (dba insightsoftware)(6)(9)(14)	First lien senior secured loan	SR +	5.50%	05/2026	49,021	48,785	48,899	1.4	%
GS Acquisitionco, Inc. (dba insightsoftware)(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	5.50%	05/2026	—	(13)	(8)	—	%
MessageBird BidCo B.V.(6)(8)(14)(24)	First lien senior secured loan	SR +	6.75%	05/2027	60,000	59,172	59,850	1.7	%
Ministry Brands Holdings, LLC(6)(8)(14)	First lien senior secured loan	SR +	5.50%	12/2028	8,309	8,183	8,143	0.2	%
Ministry Brands Holdings, LLC(6)(8)(14)(15)	First lien senior secured revolving loan	SR +	5.50%	12/2027	393	383	378	—	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(6)(9)(14)	First lien senior secured loan	SR +	5.75%	03/2028	10,366	10,207	10,237	0.3	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(6)(9)(14)(15)(17)	First lien senior secured delayed draw term loan	SR +	5.75%	10/2025	377	359	373	—	%
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	5.75%	03/2028	—	(24)	(21)	—	%
Velocity HoldCo III Inc. (dba VelocityEHS)(6)(9)(14)	First lien senior secured loan	SR +	5.75%	04/2027	40,625	40,064	40,625	1.2	%
Velocity HoldCo III Inc. (dba VelocityEHS)(6)(9)(14)(15)	First lien senior secured revolving loan	SR +	5.75%	04/2026	313	287	313	—	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(7)(19)(21)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Zendesk, Inc.(6)(9)(14)	First lien senior secured loan	SR +	6.25% (3.25% PIK)	11/2028	53,033	52,152	52,370	1.5	%
Zendesk, Inc.(6)(14)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	6.25%	11/2024	—	(392)	(32)	—	%
Zendesk, Inc.(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	6.25%	11/2028	—	(87)	(67)	—	%
					724,911	716,427	719,441	20.4	%
Banks
Finastra USA, Inc.(6)(10)(14)(24)	First lien senior secured loan	SR +	7.25%	09/2029	72,084	71,363	71,363	2.0	%
Finastra USA, Inc.(6)(8)(14)(15)(24)	First lien senior secured revolving loan	SR +	7.25%	09/2029	1,979	1,904	1,904	0.1	%
					74,063	73,267	73,267	2.1	%
Building products
EET Buyer, Inc. (dba e-Emphasys)(6)(9)(14)	First lien senior secured loan	SR +	6.50%	11/2027	54,261	53,822	54,261	1.5	%
EET Buyer, Inc. (dba e-Emphasys)(6)(10)(14)(15)	First lien senior secured revolving loan	SR +	6.50%	11/2027	1,070	1,030	1,070	—	%
					55,331	54,852	55,331	1.5	%
Commercial Services & Supplies
SimpliSafe Holding Corporation(6)(8)(14)	First lien senior secured loan	SR +	6.25%	05/2028	811	798	803	—	%
SimpliSafe Holding Corporation(6)(8)(14)(15)(17)	First lien senior secured delayed draw term loan	SR +	6.25%	05/2024	27	26	27	—	%
					838	824	830	—	%
Consumer Finance
Affirm, Inc.(3)(14)(24)(25)	Senior convertible notes		N/A	11/2026	25,000	19,180	20,455	0.6	%
					25,000	19,180	20,455	0.6	%
Diversified Consumer Services
Litera Bidco LLC(6)(8)(14)	First lien senior secured loan	SR +	5.25%	05/2026	151,852	150,878	151,852	4.3	%
Litera Bidco LLC(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	5.25%	05/2025	—	(26)	—	—	%
Relativity ODA LLC(6)(8)(14)	First lien senior secured loan	SR +	6.50%	05/2027	131,681	130,621	131,681	3.7	%
Relativity ODA LLC(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	6.50%	05/2027	—	(95)	—	—	%
Transact Holdings Inc.(3)(6)(8)(14)	First lien senior secured loan	SR +	4.25%	04/2026	8,521	8,472	8,521	0.2	%
					292,054	289,850	292,054	8.2	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(7)(19)(21)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Diversified Financial Services
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(14)(27)	First lien senior secured loan		12.00% PIK	07/2030	2,196		2,196	2,196	0.1	%
AAM Series 2.1 Aviation Feeder, LLC(14)(27)	First lien senior secured loan		12.00% PIK	11/2030	2,609		2,609	2,609	0.1	%
Computer Services, Inc.(6)(9)(14)	First lien senior secured loan	SR +	6.75%	11/2029	1,160		1,140	1,158	—	%
BTRS HOLDINGS INC.(6)(9)(14)	First lien senior secured loan	SR +	8.00%	12/2028	839		817	827	—	%
BTRS HOLDINGS INC.(6)(9)(14)(15)(17)	First lien senior secured delayed draw term loan	SR +	8.00%	12/2024	35		35	34	—	%
BTRS HOLDINGS INC.(6)(9)(14)(15)	First lien senior secured revolving loan	SR +	7.25%	12/2028	22		20	21	—	%
Hg Genesis 8 Sumoco Limited(6)(11)(14)(24)	Unsecured facility	SA +	6.00% PIK	09/2025	£	64,840	85,302	82,658	2.3	%
Hg Genesis 9 SumoCo Limited(6)(12)(14)(24)	Unsecured facility	E +	7.00% PIK	03/2027	€	8,247	9,027	9,110	0.3	%
Hg Saturn Luchaco Limited(6)(11)(14)(24)	Unsecured facility	SA +	7.50% PIK	03/2026	£	105,882	142,649	134,978	3.8	%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(8)(14)	First lien senior secured loan	SR +	5.75%	09/2025	24,607		24,453	24,484	0.7	%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	5.75%	09/2025	—		(7)	(6)	—	%
Smarsh Inc.(6)(9)(14)	First lien senior secured loan	SR +	5.75%	02/2029	44,190		43,840	44,080	1.2	%
Smarsh Inc.(6)(9)(14)(15)(17)	First lien senior secured delayed draw term loan	SR +	5.75%	02/2024	5,524		5,438	5,510	0.2	%
Smarsh Inc.(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	5.75%	02/2029	—		(3)	(1)	—	%
					260,151		317,516	307,658	8.7	%
Electrical Equipment
BCPE Watson (DE) ORML, LP(6)(10)(14)(20)(24)	First lien senior secured loan	SR +	6.50%	07/2028	50,000		49,598	49,750	1.5	%
					50,000		49,598	49,750	1.5	%
Energy Equipment & Services
3ES Innovation Inc. (dba Aucerna)(6)(9)(14)(24)	First lien senior secured loan	SR +	6.75%	05/2025	70,601		70,324	70,601	2.0	%
3ES Innovation Inc. (dba Aucerna)(6)(8)(14)(15)(24)	First lien senior secured revolving loan	SR +	6.75%	05/2025	3,000		2,987	3,000	0.1	%
Project Power Buyer, LLC (dba PEC-Veriforce)(6)(9)(14)	First lien senior secured loan	SR +	7.00%	05/2026	51,972		51,680	51,712	1.5	%
Project Power Buyer, LLC (dba PEC-Veriforce)(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	7.00%	05/2025	—		(11)	(19)	—	%
					125,573		124,980	125,294	3.6	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(7)(19)(21)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Food & Staples Retailing
Circana Group, L.P. (fka The NPD Group, L.P.)(6)(8)(14)	First lien senior secured loan	SR +	6.25% (2.75% PIK)	12/2028	24,164		23,764	23,923	0.7	%
Circana Group, L.P. (fka The NPD Group, L.P.)(6)(8)(14)(15)	First lien senior secured revolving loan	SR +	5.75%	12/2027	272		250	257	—	%
					24,436		24,014	24,180	0.7	%
Health Care Providers & Services
KWOL Acquisition Inc.(6)(10)(14)	First lien senior secured loan	SR +	6.25%	12/2029	21,635		21,209	21,206	0.6	%
KWOL Acquisition Inc.(6)(10)(14)(15)	First lien senior secured revolving loan	SR +	6.25%	12/2029	881		824	823	—	%
PetVet Care Centers, LLC(6)(8)(14)	First lien senior secured loan	SR +	6.00%	11/2030	39,250		38,863	38,838	1.1	%
PetVet Care Centers, LLC(6)(14)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	6.00%	11/2025	—		(25)	(3)	—	%
PetVet Care Centers, LLC(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	6.00%	11/2029	—		(57)	(56)	—	%
					61,766		60,814	60,808	1.7	%
Health Care Technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(9)(14)	First lien senior secured loan	SR +	5.75%	08/2028	121,316		119,884	119,799	3.4	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(14)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	5.75%	10/2025	—		(252)	(66)	—	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(8)(14)(15)	First lien senior secured revolving loan	SR +	5.75%	08/2026	3,805		3,694	3,653	0.1	%
Datix Bidco Limited (dba RLDatix)(6)(11)(14)(24)	First lien senior secured GBP term loan	SA +	4.50%	04/2025	£	637	869	813	—	%
Datix Bidco Limited (dba RLDatix)(6)(11)(14)(24)	Second lien senior secured GBP term loan	SA +	7.75%	04/2026	£	6,667	9,066	8,499	0.2	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(6)(9)(14)	First lien senior secured loan	SR +	5.75%	10/2028	27,233		26,826	26,825	0.8	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(6)(9)(14)(15)	First lien senior secured revolving loan	SR +	5.75%	10/2027	1,327		1,299	1,294	—	%
Greenway Health, LLC(6)(10)(14)	First lien senior secured loan	SR +	6.75%	04/2029	8,751		8,490	8,489	0.2	%
Hyland Software, Inc.(6)(8)(14)	First lien senior secured loan	SR +	6.00%	09/2030	85,887		84,635	84,599	2.4	%
Hyland Software, Inc.(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	6.00%	09/2029	—		(58)	(61)	—	%
Indikami Bidco, LLC(6)(8)(14)	First lien senior secured loan	SR +	6.00%	12/2030	47,897		46,823	46,820	1.3	%
Indikami Bidco, LLC(6)(14)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	6.00%	12/2025	—		(68)	(52)	—	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(7)(19)(21)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Indikami Bidco, LLC(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	6.00%	06/2030	—	(134)	(135)	—	%
Imprivata, Inc.(6)(9)(14)	Second lien senior secured loan	SR +	6.25%	12/2028	17,647	17,470	17,647	0.5	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(6)(9)(14)(24)	First lien senior secured loan	SR +	6.50%	08/2026	155,471	154,461	151,195	4.3	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(6)(9)(14)(24)	First lien senior secured revolving loan	SR +	6.50%	08/2026	10,847	10,759	10,549	0.3	%
Interoperability Bidco, Inc. (dba Lyniate)(6)(9)(14)	First lien senior secured loan	SR +	7.00%	12/2026	84,580	84,217	83,311	2.4	%
Interoperability Bidco, Inc. (dba Lyniate)(6)(9)(14)(15)	First lien senior secured revolving loan	SR +	7.00%	12/2024	2,843	2,811	2,742	0.1	%
Inovalon Holdings, Inc.(6)(8)(14)	First lien senior secured loan	SR +	6.25% (2.75% PIK)	11/2028	137,232	134,800	135,516	3.8	%
Inovalon Holdings, Inc.(6)(14)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	5.75%	05/2024	—	(121)	—	—	%
Inovalon Holdings, Inc.(6)(8)(14)	Second lien senior secured loan	SR +	10.50% PIK	11/2033	82,583	81,449	81,757	2.3	%
Neptune Holdings, Inc. (dba NexTech)(6)(10)(14)	First lien senior secured loan	SR +	6.00%	08/2030	4,412	4,305	4,301	0.1	%
Neptune Holdings, Inc. (dba NexTech)(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	6.00%	08/2029	—	(14)	(15)	—	%
RL Datix Holdings (USA), Inc.(6)(10)(14)(17)(24)	First lien senior secured delayed draw term loan	SR +	4.50%	04/2025	14,600	14,440	14,600	0.4	%
RL Datix Holdings (USA), Inc.(6)(10)(14)(15)(24)	First lien senior secured revolving loan	SR +	4.50%	10/2024	1,222	1,204	1,222	—	%
RL Datix Holdings (USA), Inc.(6)(10)(14)(24)	Second lien senior secured loan	SR +	7.75%	04/2026	22,333	22,029	22,333	0.6	%
					837,290	828,884	825,635	23.2	%
Hotels, Restaurants & Leisure
MINDBODY, Inc.(6)(9)(14)	First lien senior secured loan	SR +	7.00%	02/2025	76,739	76,538	76,356	2.2	%
MINDBODY, Inc.(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	7.00%	02/2025	—	(13)	(36)	—	%
					76,739	76,525	76,320	2.2	%
Household Durables
BCTO BSI Buyer, Inc. (dba Buildertrend)(6)(9)(14)	First lien senior secured loan	SR +	7.50% PIK	12/2026	78,695	78,233	78,695	2.2	%
BCTO BSI Buyer, Inc. (dba Buildertrend)(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	7.50%	12/2026	—	(88)	—	—	%
					78,695	78,145	78,695	2.2	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(7)(19)(21)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Industrial Conglomerates
QAD, Inc.(6)(8)(14)	First lien senior secured loan	SR +	5.38%	11/2027	87,021		85,807	85,716	2.4	%
QAD, Inc.(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	5.38%	11/2027	—		(146)	(171)	—	%
					87,021		85,661	85,545	2.4	%
Insurance
Asurion, LLC(3)(6)(8)(14)	Second lien senior secured loan	SR +	5.25%	01/2028	10,833		10,666	10,300	0.3	%
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(6)(9)(14)	First lien senior secured loan	SR +	7.50%	03/2029	909		888	895	—	%
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	7.50%	03/2029	—		(2)	(1)	—	%
Integrity Marketing Acquisition, LLC(6)(9)(14)	First lien senior secured loan	SR +	5.80%	08/2026	39,676		39,577	39,676	1.1	%
Integrity Marketing Acquisition, LLC(6)(9)(14)(15)(17)	First lien senior secured delayed draw term loan	SR +	6.00%	02/2025	1,030		960	1,030	—	%
Integrity Marketing Acquisition, LLC(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	6.50%	08/2026	—		(14)	—	—	%
					52,448		52,075	51,900	1.4	%
IT Services
Kaseya Inc.(6)(9)(14)	First lien senior secured loan	SR +	6.25% (2.50% PIK)	06/2029	15,744		15,484	15,704	0.4	%
Kaseya Inc.(6)(9)(14)(15)(17)	First lien senior secured delayed draw term loan	SR +	6.25% (2.50% PIK)	06/2024	58		50	58	—	%
Kaseya Inc.(6)(8)(14)(15)	First lien senior secured revolving loan	SR +	5.50%	06/2029	239		224	236	—	%
Pluralsight, LLC(6)(9)(14)	First lien senior secured loan	SR +	8.00%	04/2027	159,494		158,548	154,311	4.4	%
Pluralsight, LLC(6)(9)(14)(15)	First lien senior secured revolving loan	SR +	8.00%	04/2027	7,770		7,727	7,445	0.2	%
					183,305		182,033	177,754	5.0	%
Life Sciences Tools & Services
Bamboo US BidCo LLC(6)(12)(14)	First lien senior secured EUR term loan	E +	6.00%	09/2030	€	3,063	3,148	3,282	0.1	%
Bamboo US BidCo LLC(6)(9)(14)	First lien senior secured loan	SR +	6.00%	09/2030	4,923		4,779	4,775	0.1	%
Bamboo US BidCo LLC(6)(8)(14)(15)(17)	First lien senior secured delayed draw term loan	SR +	6.00%	03/2025	53		41	40	—	%
Bamboo US BidCo LLC(6)(14)(15)(16)	First lien senior secured revolving loan	E +	6.00%	10/2029	€	—	(29)	(31)	—	%
					8,039		7,939	8,066	0.2	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(7)(19)(21)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Pharmaceuticals
XRL 1 LLC (f/k/a XOMA)(14)(27)	First lien senior secured loan		9.88%	12/2038	13,000	12,725	12,708	0.4	%
XRL 1 LLC (f/k/a XOMA)(14)(15)(16)(17)(27)	First lien senior secured delayed draw term loan		9.88%	12/2025	—	(15)	(23)	—	%
					13,000	12,710	12,685	0.4	%
Professional Services
Certinia, Inc.(6)(10)(14)	First lien senior secured loan	SR +	7.25%	08/2029	22,059	21,639	21,618	0.6	%
Certinia, Inc.(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	7.25%	08/2029	—	(55)	(59)	—	%
Cornerstone OnDemand, Inc.(6)(8)(14)	Second lien senior secured loan	SR +	6.50%	10/2029	71,667	70,816	67,367	1.9	%
Gerson Lehrman Group, Inc.(6)(9)(14)	First lien senior secured loan	SR +	5.25%	12/2024	80,348	80,125	80,348	2.3	%
Gerson Lehrman Group, Inc.(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	5.25%	12/2024	—	(6)	—	—	%
Motus Group, LLC(6)(8)(14)	Second lien senior secured loan	SR +	6.50%	12/2029	17,868	17,723	17,689	0.5	%
Proofpoint, Inc.(3)(6)(8)(14)	Second lien senior secured loan	SR +	6.25%	08/2029	55,000	54,786	55,413	1.6	%
Thunder Purchaser, Inc. (dba Vector Solutions)(6)(9)(14)	First lien senior secured loan	SR +	5.75%	06/2028	140,839	139,842	140,134	4.0	%
Thunder Purchaser, Inc. (dba Vector Solutions)(6)(9)(14)(15)	First lien senior secured revolving loan	SR +	5.75%	06/2027	6,637	6,559	6,581	0.2	%
When I Work, Inc.(6)(9)(14)	First lien senior secured loan	SR +	7.00% PIK	11/2027	33,813	33,604	33,221	0.9	%
When I Work, Inc.(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	6.00%	11/2027	—	(36)	(98)	—	%
					428,231	424,997	422,214	12.0	%
Real Estate Management & Development
Entrata, Inc.(6)(8)(14)	First lien senior secured loan	SR +	6.00%	07/2030	897	885	884	—	%
Entrata, Inc.(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	6.00%	07/2028	—	(1)	(2)	—	%
REALPAGE, INC.(3)(6)(8)(14)	Second lien senior secured loan	SR +	6.50%	04/2029	52,500	51,920	52,369	1.5	%
					53,397	52,804	53,251	1.5	%
Systems Software
Acquia Inc.(6)(10)	First lien senior secured loan	SR +	7.00%	10/2025	176,509	175,657	176,509	5.0	%
Acquia Inc.(6)(10)(15)	First lien senior secured revolving loan	SR +	7.00%	10/2025	5,800	5,764	5,800	0.2	%
Activate Holdings (US) Corp. (dba Absolute Software)(6)(9)(14)(24)	First lien senior secured loan	SR +	6.75%	07/2030	4,636	4,515	4,520	0.1	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(7)(19)(21)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Activate Holdings (US) Corp. (dba Absolute Software)(6)(9)(14)(15)(24)	First lien senior secured revolving loan	SR +	6.75%	07/2030	70	61	62	—	%
Arctic Wolf Networks, Inc.(14)(27)	Senior convertible notes		3.00% PIK	09/2027	124,092	141,700	141,377	4.1	%
Bayshore Intermediate #2, L.P. (dba Boomi)(6)(9)(14)	First lien senior secured loan	SR +	7.50% PIK	10/2028	178,644	176,263	176,413	5.0	%
Bayshore Intermediate #2, L.P. (dba Boomi)(6)(9)(14)(15)	First lien senior secured revolving loan	SR +	6.75%	10/2027	2,339	2,174	2,193	0.1	%
Delinea Buyer, Inc. (f/k/a Centrify)(6)(9)(14)	First lien senior secured loan	SR +	5.75%	03/2028	78,494	77,184	78,102	2.2	%
Delinea Buyer, Inc. (f/k/a Centrify)(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	5.75%	03/2027	—	(127)	(41)	—	%
Crewline Buyer, Inc.(6)(9)(14)	First lien senior secured loan	SR +	6.75%	11/2030	90,566	89,227	89,208	2.5	%
Crewline Buyer, Inc.(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	6.75%	11/2030	—	(139)	(142)	—	%
Exabeam, Inc.(27)	First lien senior secured loan		12.00%	05/2028	40,000	39,640	30,400	0.9	%
Forescout Technologies, Inc.(6)(9)(14)	First lien senior secured loan	SR +	8.00%	08/2026	69,292	68,870	69,638	2.0	%
Forescout Technologies, Inc.(6)(14)(15)(16)(17)	First lien senior secured delayed draw term loan	SR +	8.00%	07/2024	—	(103)	—	—	%
Forescout Technologies, Inc.(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	8.00%	08/2026	—	(47)	—	—	%
Delta TopCo, Inc. (dba Infoblox, Inc.)(6)(9)(14)	Second lien senior secured loan	SR +	7.25%	12/2028	20,000	19,931	20,000	0.6	%
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(6)(8)(14)(24)	First lien senior secured loan	SR +	7.50%	04/2026	148,889	146,888	148,889	4.2	%
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(6)(14)(15)(16)(24)	First lien senior secured revolving loan	SR +	7.50%	04/2026	—	(286)	—	—	%
Ivanti Software, Inc.(3)(6)(9)(14)	Second lien senior secured loan	SR +	7.25%	12/2028	21,000	20,560	16,800	0.5	%
Oranje Holdco, Inc. (dba KnowBe4)(6)(9)(14)	First lien senior secured loan	SR +	7.50%	02/2029	12,818	12,647	12,690	0.4	%
Oranje Holdco, Inc. (dba KnowBe4)(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	7.50%	02/2029	—	(20)	(16)	—	%
Ping Identity Holding Corp.(6)(8)(14)	First lien senior secured loan	SR +	7.00%	10/2029	909	897	905	—	%
Ping Identity Holding Corp.(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	7.00%	10/2028	—	(1)	—	—	%
Rubrik, Inc.(6)(9)(14)	First lien senior secured term loan	SR +	7.00%	08/2028	10,394	10,268	10,290	0.3	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(7)(19)(21)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(4)(5)		Fair Value		Percentage of Net Assets
Rubrik, Inc.(6)(9)(14)(15)(17)	First lien senior secured delayed draw term loan	SR +	7.00%	08/2028	147		130		132		—	%
SailPoint Technologies Holdings, Inc.(6)(8)(14)	First lien senior secured loan	SR +	6.00%	08/2029	45,640		44,815		45,298		1.3	%
SailPoint Technologies Holdings, Inc.(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	6.00%	08/2028	—		(67)		(33)		—	%
Securonix, Inc.(6)(9)(14)	First lien senior secured loan	SR +	6.00%	04/2028	19,774		19,622		18,538		0.5	%
Securonix, Inc.(6)(14)(15)(16)	First lien senior secured revolving loan	SR +	6.50%	04/2028	—		(25)		(222)		—	%
Sitecore Holding III A/S(6)(10)(14)	First lien senior secured loan	SR +	7.50% (4.25% PIK)	03/2029	9,035		8,969		8,968		0.3	%
Sitecore USA, Inc.(6)(10)(14)	First lien senior secured loan	SR +	7.50% (4.25% PIK)	03/2029	54,474		54,070		54,065		1.5	%
Sitecore Holding III A/S(6)(13)(14)	First lien senior secured EUR term loan	E +	7.50% (4.25% PIK)	03/2029	€	53,086	55,526		58,201		1.6	%
Talon MidCo 2 Limited(6)(9)(14)(24)	First lien senior secured loan	SR +	7.69%	08/2028	2,650		2,607		2,617		0.1	%
Talon MidCo 2 Limited(6)(14)(15)(17)(24)	First lien senior secured delayed draw term loan	SR +	7.69%	08/2024	—		—		—		—	%
Talon MidCo 2 Limited(6)(14)(15)(16)(24)	First lien senior secured revolving loan	SR +	7.69%	08/2028	—		(2)		(1)		—	%
					1,169,258		1,177,168		1,171,160		33.4	%
Thrifts & Mortgage Finance
Blend Labs, Inc.(6)(8)(14)	First lien senior secured loan	SR +	7.50%	06/2026	70,000		69,043		68,250		1.9	%
					70,000		69,043		68,250		1.9	%
Total non-controlled/non-affiliated portfolio company debt investments					$	4,843,349	$	4,870,032	$	4,851,651	137.4	%

Equity Investments
Aerospace & Defense
Space Exploration Technologies Corp.(14)(18)(25)	Class A Common Stock		N/A	N/A	419,311		23,013		38,576		1.1	%
Space Exploration Technologies Corp.(14)(18)(25)	Class C Common Stock		N/A	N/A	84,250		4,011		7,750		0.2	%
							27,024		46,326		1.3	%
Application Software
6Sense Insights, Inc.(14)(18)(25)	Series E-1 Preferred Stock		N/A	N/A	1,264,514		40,066		33,456		0.9	%
Alpha Partners Technology Merger Corp(18)(24)(25)	Common Stock Warrants		N/A	N/A	666,666		—		—		—	%
Alpha Partners Technology Merger Corp(24)(25)	Sponsor Shares		N/A	N/A	100,000		1,000		—		—	%
Diligent Preferred Issuer, Inc. (dba Diligent Corporation)(14)(18)(27)	Preferred Stock		10.50% PIK	N/A	15,000		19,044		18,481		0.5	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(7)(19)(21)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
EShares, Inc. (dba Carta)(18)(25)	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)(14)(18)(24)(25)	LP Interest		N/A	N/A	2,281	2,285	2,472	0.1	%
MessageBird Holding B.V.(14)(18)(24)(25)	Extended Series C Warrants		N/A	N/A	191,530	1,174	225	—	%
Nylas, Inc.(18)(25)	Series C Preferred Stock		N/A	N/A	2,088,467	15,009	7,906	0.2	%
Project Alpine Co-Invest Fund, LP(14)(18)(24)(25)	LP Interest		N/A	N/A	3,644	3,646	4,306	0.1	%
Saturn Ultimate, Inc.(14)(18)(25)	Common stock		N/A	N/A	5,580,593	25,008	49,121	1.4	%
Zoro TopCo, Inc.(14)(18)(27)	Series A Preferred Equity		12.50% PIK	N/A	7,114	7,675	7,791	0.2	%
Zoro TopCo, L.P.(14)(18)(25)	Class A Common Units		N/A	N/A	592,872	5,929	6,455	0.2	%
						122,844	138,522	3.8	%
Capital Markets
Robinhood Markets, Inc.(2)(14)(24)(25)	Common stock		N/A	N/A	2,416,000	64,335	30,780	0.9	%
						64,335	30,780	0.9	%
Construction & Engineering
Dodge Construction Network Holdings, L.P.(14)(18)	Series A Preferred Units		8.25%	N/A	—	69	49	—	%
Dodge Construction Network Holdings, L.P.(14)(18)(25)	Class A-2 Common Units		N/A	N/A	3,333,333	2,841	2,281	0.1	%
						2,910	2,330	0.1	%
Diversified Consumer Services
SLA Eclipse Co-Invest, L.P.(3)(18)(24)(25)	LP Interest		N/A	N/A	15,000	15,217	18,110	0.5	%
						15,217	18,110	0.5	%
Diversified Financial Services
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(14)(15)(18)(24)(25)	LLC Interest		N/A	N/A	1,406	1,405	1,406	—	%
AAM Series 2.1 Aviation Feeder, LLC(14)(15)(18)(24)(25)	LLC Interest		N/A	N/A	1,750	1,751	1,750	—	%
Amergin Asset Management, LLC(14)(18)(24)(25)	Class A Units		N/A	N/A	50,000,000	—	—	—	%
Brex, Inc.(18)(25)	Preferred Stock		N/A	N/A	143,943	5,012	3,220	0.1	%
						8,168	6,376	0.1	%
Health Care Providers & Services
KWOL Acquisition Inc.(14)(18)(25)	Common stock		N/A	N/A	159	1,585	1,585	0.1	%
Romulus Intermediate Holdings 1 Inc. (dba PetVet)(14)(18)(27)	Series A Preferred Stock		15.00% PIK	11/2028	4,419,037	4,332	4,331	0.1	%
						5,917	5,916	0.2	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(7)(19)(21)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Health Care Technology
BEHP Co-Investor II, L.P.(14)(18)(24)(25)	LP Interest		N/A	N/A	1,270	1,266	1,278	—	%
Minerva Holdco, Inc. (dba Athenahealth, Inc.)(14)(18)(27)	Series A Preferred Stock		10.75% PIK	N/A	50,000	58,753	57,797	1.6	%
WP Irving Co-Invest, L.P.(14)(18)(24)(25)	Partnership Units		N/A	N/A	1,250,000	1,267	1,258	—	%
						61,286	60,333	1.6	%
Hotels, Restaurants & Leisure
Toast, Inc.(18)(25)	Warrants		N/A	N/A	5,762,612	36,254	46,428	1.3	%
Toast, Inc.(2)(25)	Common stock		N/A	N/A	322,578	6,398	5,890	0.2	%
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)(14)(18)(27)	Series A Preferred Stock		6.00% PIK	N/A	25,000	28,302	28,019	0.8	%
						70,954	80,337	2.3	%
Internet & Direct Marketing Retail
Kajabi Holdings, LLC(18)(25)	Senior Preferred Class D Units		N/A	N/A	4,126,175	50,025	41,170	1.2	%
Klaviyo, Inc.(2)(18)(25)	Common stock		N/A	N/A	1,198,270	40,018	31,457	0.9	%
Linked Store Cayman Ltd. (dba Nuvemshop)(14)(18)(24)(25)	Series E Preferred Stock		N/A	N/A	19,499	42,496	35,738	1.0	%
						132,539	108,365	3.1	%
IT Services
E2Open Parent Holdings, Inc.(2)(24)(25)	Class A Common Stock		N/A	N/A	1,650,943	17,504	7,248	0.2	%
JumpCloud, Inc.(18)(25)	Series B Preferred Stock		N/A	N/A	756,590	4,531	1,995	0.1	%
JumpCloud, Inc.(18)(25)	Series F Preferred Stock		N/A	N/A	6,679,245	40,017	34,491	1.1	%
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(14)(18)(27)	Perpetual Preferred Stock		11.75% PIK	N/A	7,500	8,266	8,404	0.2	%
Replicated, Inc.(18)(25)	Series C Preferred Stock		N/A	N/A	1,277,832	20,008	12,747	0.4	%
WMC Bidco, Inc. (dba West Monroe)(14)(18)(27)	Senior Preferred Stock		11.25% PIK	N/A	57,231	71,658	68,634	1.9	%
						161,984	133,519	3.9	%
Pharmaceuticals
XOMA Corporation(14)(18)(25)	Warrants		N/A	N/A	12,000	82	82	—	%



						82	82	—	%
Professional Services
BCTO WIW Holdings, Inc. (dba When I Work)(14)(18)(25)	Class A Common Stock		N/A	N/A	70,000	7,000	5,487	0.2	%
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(14)(18)(27)	Series A Preferred Stock		10.50% PIK	N/A	28,000	32,793	29,769	0.9	%
Thunder Topco L.P. (dba Vector Solutions)(14)(18)(25)	Common Units		N/A	N/A	7,857,410	7,857	8,720	0.3	%
Vestwell Holdings, Inc.(14)(18)(25)	Series D Preferred Stock		N/A	N/A	152,175	3,000	3,000	0.1	%
						50,650	46,976	1.5	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(7)(19)(21)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	Percentage of Net Assets
Road & Rail
Bolt Technology OÜ(18)(24)(25)	Preferred Stock		N/A	N/A	43,478	11,318	10,667	0.3	%
						11,318	10,667	0.3	%
Systems Software
Algolia, Inc.(18)(25)	Series C Preferred Stock		N/A	N/A	970,281	10,000	24,314	0.7	%
Algolia, Inc.(18)(25)	Series D Preferred Stock		N/A	N/A	136,776	4,000	3,790	0.1	%
Arctic Wolf Networks, Inc.(18)(25)	Preferred Stock		N/A	N/A	3,032,840	25,036	31,387	0.9	%
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(14)(18)(25)	Common Units		N/A	N/A	12,692,160	12,692	13,841	0.4	%
Circle Internet Services, Inc.(18)(25)	Series D Preferred Stock		N/A	N/A	2,934,961	15,000	26,381	0.8	%
Circle Internet Services, Inc.(18)(25)	Series E Preferred Stock		N/A	N/A	821,806	6,917	8,272	0.2	%
Circle Internet Services, Inc.(18)(25)	Series F Preferred Stock		N/A	N/A	75,876	1,500	1,139	—	%
Circle Internet Services, Inc.(18)(25)	Warrants		N/A	N/A	244,580	—	1,037	—	%
Elliott Alto Co-Investor Aggregator L.P.(14)(18)(24)(25)	LP Interest		N/A	N/A	1,567	1,576	1,573	—	%
Exabeam, Inc.(18)(25)	Series F-1 Preferred Stock		N/A	N/A	3,340,668	95,669	85,547	2.4	%
Halo Parent Newco, LLC(14)(18)(27)	Class H PIK Preferred Equity		11.00% PIK	N/A	5,000	6,106	4,996	0.1	%
Project Hotel California Co-Invest Fund, L.P.(14)(18)(24)(25)	LP Interest		N/A	N/A	2,685	2,687	3,045	0.1	%
Illumio, Inc.(18)(25)	Series F Preferred Stock		N/A	N/A	2,483,618	16,683	14,843	0.5	%
Illumio, Inc.(18)(25)	Common stock		N/A	N/A	358,365	2,432	1,495	—	%
Picard Holdco, LLC(6)(9)(14)(18)	Series A Preferred Stock	SR +	12.00% PIK	N/A	10,570	11,172	12,306	0.4	%
Securiti, Inc.(14)(18)(25)	Series C Preferred Stock		N/A	N/A	2,525,571	20,016	18,596	0.5	%
						231,486	252,562	7.1	%
Thrifts & Mortgage Finance
Blend Labs, Inc.(2)(14)(25)	Common stock		N/A	N/A	216,953	3,000	553	—	%
Blend Labs, Inc.(14)(18)(25)	Warrants		N/A	N/A	299,216	1,625	15	—	%
						4,625	568	—	%
Total non-controlled/non-affiliated portfolio company equity investments						971,339	941,769	26.7	%
Total non-controlled/non-affiliated portfolio company investments						5,841,371	5,793,420	164.1	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(7)(19)(21)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)		Fair Value		Percentage of Net Assets
Non-controlled/affiliated portfolio company investments
Debt Investments
Internet & Direct Marketing Retail
Walker Edison Furniture Company LLC(6)(8)(14)(22)(26)	First lien senior secured loan	SR +	6.75% (6.75% PIK)	03/2027	10,862	9,391		9,992		0.3	%
Walker Edison Furniture Company LLC(6)(14)(15)(17)(22)(26)	First lien senior secured delayed draw term loan	SR +	6.75% (6.75% PIK)	03/2027	—	—		(225)		—	%
Walker Edison Furniture Company LLC(6)(8)(14)(22)(26)	First lien senior secured revolving loan	SR +	6.25%	03/2027	4,495	4,495		4,202		0.1	%
					15,357	13,886		13,969		0.4	%
Total non-controlled/affiliated portfolio company debt investments					15,357	13,886		13,969		0.4	%

Equity Investments
Systems Software
Help HP SCF Investor, LP(14)(18)(22)(25)	LP Interest		N/A	N/A	59,333	59,379		67,221		1.9	%
Split Software, Inc.(18)(22)(25)	Series D Non-Participating Convertible Preferred Stock		N/A	N/A	12,335,526	30,005		22,484		0.7	%
						89,384		89,705		2.6	%
Insurance
Fifth Season Investments LLC(14)(18)(20)(22)	Class A Units		N/A	N/A	8	43,904		43,904		1.2	%
						43,904		43,904		1.2	%
Internet & Direct Marketing Retail
Walker Edison Holdco LLC(14)(18)(22)(25)	Common Units		N/A	N/A	98,319	9,500		1,023		—	%
Signifyd Inc.(18)(22)(27)	Series E Preferred Shares		9.00% PIK	N/A	2,755,121	127,523		110,500		3.1	%
						137,023		111,523		3.1	%
Pharmaceuticals
LSI Financing 1 DAC(14)(18)(22)(24)	Preferred Equity		N/A	N/A	12,317,000	12,396		12,992		0.4	%
						12,396		12,992		0.4	%
Total non-controlled/affiliated portfolio company equity investments						$	282,707	$	258,124	7.3	%
Total non-controlled/affiliated portfolio company investments						$	296,593	$	272,093	7.7	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2023

(Amounts in thousands, except share amounts)


Company(1)(7)(19)(21)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(4)(5)		Fair Value		Percentage of Net Assets
Controlled/affiliated portfolio company investments
Equity Investments
Diversified Financial Services
Revolut Ribbit Holdings, LLC(18)(23)(24)(25)	LLC Interest		N/A	N/A	75,031	75,262		66,509		1.9	%




						75,262		66,509		1.9	%
Total controlled/affiliated portfolio company equity investments						$	75,262	$	66,509	1.9	%
Total controlled/affiliated portfolio company investments						$	75,262	$	66,509	1.9	%
Total Investments						$	6,213,226	$	6,132,022	173.7	%

________________

(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, 2023, the net estimated unrealized loss on investments for U.S. federal income tax purposes was $25.4 million based on a tax cost basis of $6.2 billion. As of December 31, 2023, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $160.4 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $135.0 million.

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

(7)Certain portfolio company investments are subject to contractual restrictions on sales. Refer to footnote 19 for additional information on our restricted securities.

(8)The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2023 was 5.35%.

(9)The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2023 was 5.33%.

(10)The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2023 was 5.16%.

(11)The interest rate on these loans is subject to SONIA, which as of December 31, 2023 was 5.19%.

(12)The interest rate on these loans is subject to 3 month EURIBOR, which as of December 31, 2023 was 3.91%.

(13)The interest rate on these loans is subject to 6 month EURIBOR, which as of December 31, 2023 was 3.86%.

(14)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”.

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

(16)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.

(17)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.

(18)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be "restricted securities" under the Securities Act. As of December 31, 2023, the aggregate fair value of these securities is $1.2 billion or 34.6% 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

Alpha Partners Technology Merger Corp

Common Stock Warrants

July 28, 2021

Amergin Asset Management, LLC

Class A Units

July 1, 2022

Arctic Wolf Networks, Inc.

Preferred Stock

July 7, 2021

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2023

(Amounts in thousands, except share amounts)

Portfolio Company

Investment

Acquisition Date

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

Senior Preferred 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

KWOL Acquisition Inc.

Common stock

December 12, 2023

Linked Store Cayman Ltd. (dba Nuvemshop)

Series E Preferred Stock

August 9, 2021

LSI Financing 1 DAC

Preferred Equity

December 14, 2022

MessageBird Holding 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

Ordinary Shares

September 30, 2021

Romulus Intermediate Holdings 1 Inc. (dba PetVet)

Series A Preferred Stock

November 15, 2023

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

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2023

(Amounts in thousands, except share amounts)

Portfolio Company

Investment

Acquisition Date

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

Vestwell Holdings, Inc.

Series D Preferred Stock

December 20, 2023

Walker Edison Holdco LLC

Common Units

March 1, 2023

WMC Bidco, Inc. (dba West Monroe)

Senior Preferred Stock

November 9, 2021

WP Irving Co-Invest, L.P.

Partnership Units

May 18, 2022

XOMA Corporation

Warrants

December 15, 2023

Zoro TopCo, Inc.

Series A Preferred Equity

November 22, 2022

Zoro TopCo, L.P.

Class A Common Units

November 22, 2022

(19)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”.

(20)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".

(21)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.

(22)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 December 31, 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 December 31, 2023		Other Income		Interest Income
Fifth Season Investments LLC	$	25,110	$	18,646	$	—	$	148	$	—	$	—	$	43,904	$	1,390	$	—

Help HP SCF Investor, LP	65,192		—		—		2,029		—		—		67,221		—		—
LSI Financing 1 DAC	4,013		10,237		(1,886)		628		—		—		12,992		164		—



Signifyd Inc.	109,216		10,720		—		(9,436)		—		—		110,500		10,720		—
Split Software, Inc.	27,836		—		—		(5,352)		—		—		22,484		—		—
Walker Edison Furniture Company LLC	—		23,385		—		(8,393)		—		—		14,992		—		—






Total	$	231,367	$	62,988	$	(1,886)	$	(20,376)	$	—	$	—	$	272,093	$	12,274	$	—

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2023

(Amounts in thousands, except share amounts)

(23)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, 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 December 31, 2023		Other Income		Interest Income
Revolut Ribbit Holdings, LLC	$	66,509	$	11	$	—	$	(11)	$	—	$	—	$	66,509	$	—	$	—




Total	$	66,509	$	11	$	—	$	(11)	$	—	$	—	$	66,509	$	—	$	—

(24)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, 2023, non-qualifying assets represented 16.5% of total assets as calculated in accordance with the regulatory requirements.

(25)Non-income producing investment.

(26)Loan was on non-accrual status as of December 31, 2023.

(27)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 March 31,
	2024		2023
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)	$	92,638	$	81,605
Net change in unrealized gain (loss)	21,961		30,828
Realized gain (loss)	(23,725)		(15,538)
Net Increase (Decrease) in Net Assets Resulting from Operations	90,874		96,895
Distributions
Distributions declared from earnings	(76,360)		(70,242)
Net Decrease in Net Assets Resulting from Shareholders' Distributions	(76,360)		(70,242)
Capital Share Transactions

Reinvestment of distributions	20,505		15,298
Net Increase/(Decrease) in Net Assets Resulting from Capital Share Transactions	20,505		15,298
Total Increase/(Decrease) in Net Assets	35,019		41,951
Net Assets, at beginning of period	3,529,994		3,387,365
Net Assets, at end of period	$	3,565,013	$	3,429,316

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 Three Months Ended March 31,
	2024		2023
Cash Flows from Operating Activities
Net Increase (Decrease) in Net Assets Resulting from Operations	$	90,874	$	96,895
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Purchases of investments, net	(253,108)		(60,234)
Proceeds from investments and investment repayments, net	340,454		19,398
Net amortization/accretion of premium/discount on investments	(8,419)		(6,956)
Net change in unrealized (gain) loss on investments	(22,559)		(30,814)
Net change in unrealized (gains) losses on translation of assets and liabilities in foreign currencies	605		(12)
Net realized (gain) loss on investments	22,797		15,503
Net realized (gain) loss on foreign currency transactions relating to investments	1,645		—
Paid-in-kind interest	(22,346)		(26,632)
Paid-in-kind dividend	(7,154)		(9,432)
Amortization of debt issuance costs	2,294		1,994

Changes in operating assets and liabilities:
(Increase) decrease in interest receivable	(7,002)		3,647
(Increase) decrease in dividend income receivable	(2,288)		130
(Increase) decrease in paid-in-kind interest receivable	(4,053)		(6,622)
(Increase) decrease in prepaid expenses and other assets	(27,695)		(578)
Increase (decrease) in management fee payable	(261)		369
Increase (decrease) in incentive fee payable	(1,055)		2,204
Increase (decrease) in payables to affiliates	976		(1,391)
Increase (decrease) in payable for investments purchased	(24,163)		—
Increase (decrease) in accrued expenses and other liabilities	(547)		14,723
Net cash provided by (used in) operating activities	78,995		12,192
Cash Flows from Financing Activities
Borrowings on debt	25,000		215,926
Payments on debt	(16,419)		(167,926)
Debt issuance costs	(377)		(1,398)


Distributions paid	(56,378)		(43,817)
Net cash provided by (used in) financing activities	(48,174)		2,785
Net increase (decrease) in cash	30,821		14,977
Cash, beginning of period	469,017		203,293
Cash, end of period	$	499,838	$	218,270

Blue Owl Technology Finance Corp.

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)


	For the Three Months Ended March 31,
	2024		2023
Supplemental and Non-Cash Information
Interest paid during the period	$	40,647	$	30,742
Distributions declared during the period	76,360		70,242
Reinvestment of distributions during the period	20,505		15,298
Distribution payable	76,360		70,242

Taxes, including excise tax, paid during the period	10,155		7,900

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. (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”) 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 triple net lease 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 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Pursuant to Rule 2a-5, the Board designated the Adviser as the Company’s valuation designee to perform fair value determinations relating to the value of assets held by the Company for which market quotations are not readily available.

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

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

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

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

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

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

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

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Notes to Consolidated Financial Statements (Unaudited) - Continued

•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 from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.

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

Financial and Derivative Instruments

Pursuant to ASC 815 Derivatives and Hedging, all derivative instruments entered into by the Company are designated as hedging instruments. For all derivative instruments designated as a hedge, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Consolidated Statements of Operations as the hedged item. The Company’s derivative instruments are used to hedge the Company’s fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Consolidated Statements of Operations. Fair value is estimated by discounting remaining payments using applicable current market rates, or market quotes, if available.

Rule 18f-4 requires BDCs that use derivatives to, among other things, comply with a value-at-risk leverage limit, adopt a derivatives risk management program, and implement certain testing and board reporting procedures. Rule 18f-4

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Notes to Consolidated Financial Statements (Unaudited) - Continued

exempts BDCs that qualify as “limited derivatives users” from the aforementioned requirements, provided that these BDCs adopt written policies and procedures that are reasonably designed to manage the BDC’s derivatives risks and comply with certain recordkeeping requirements. Rule 18f-4 provides that a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Pursuant to Rule 18f-4, when the Company trades reverse repurchase agreements or similar financing transactions, including certain tender option bonds, the Company needs to aggregate the amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. The Company currently qualifies as a “limited derivatives user” and expects to continue to do so. The Company has adopted a derivatives policy and complies with the recordkeeping requirements of Rule 18f-4.

Foreign Currency

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

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

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

The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations with the change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. The Company’s current approach to hedging the foreign currency exposure in its non-U.S. dollar denominated investments is primarily to borrow the par amount in local currency under the Company’s Revolving Credit Facility to fund these investments. Fluctuations arising from the translation of foreign currency borrowings are included with the net change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations.

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

Interest and Dividend Income Recognition

Interest income is recorded on the accrual basis and includes amortization and accretion of discounts or premiums. Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK interest and dividends represent accrued interest or dividends that are added to the principal amount or liquidation amount of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a liquidation event. For the three months ended March 31, 2024 and 2023, PIK income earned was $37.3 million and $39.1 million, representing 21.7% and 24.2% of investment income, respectively. Discounts and premiums to par value on securities purchased are amortized into interest income over the contractual life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the amortization and accretion of discounts or premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

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

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

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Notes to Consolidated Financial Statements (Unaudited) - Continued

Other Income

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

Organization Expenses

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

Offering Expenses

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

Debt Issuance Costs

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

Reimbursement of Transaction-Related Expenses

The Company may receive reimbursement for certain transaction-related expenses in pursuing investments. Transaction-related expenses, which are generally expected to be reimbursed by the Company’s portfolio companies, are typically deferred until the transaction is consummated and are recorded in prepaid expenses and other assets on the date incurred. The costs of successfully completed investments not otherwise reimbursed are borne by the Company and are included as a component of the investment’s cost basis.

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

Income Taxes

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

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

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

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Notes to Consolidated Financial Statements (Unaudited) - Continued

The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain tax positions through December 31, 2023. As applicable, the Company’s prior three tax years remain subject to examination by U.S. federal, state and local tax authorities.

Distributions to Common Shareholders

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

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

Consolidation

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

New Accounting Pronouncements

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848),” which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. In December 2022, the FASB issued ASU No. 2022-06, “Reference Rate Reform (Topic 848),” which extended the transition period provided under ASU No. 2020-04 and 2021-01 for all entities from December 31, 2022 to December 31, 2024.

In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement (Topic 820),” which clarifies the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The amendments affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. ASU 2022-03 is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. An entity that qualifies as an investment company under Topic 946 should apply the amendments in ASU No. 2022-03 to an investment in an equity security subject to a contractual sale restriction that is executed or modified on or after the date of adoption. Management has adopted the aforementioned accounting pronouncement and concluded that it does not have a material effect on the accompanying consolidated financial statements.

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

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Notes to Consolidated Financial Statements (Unaudited) - Continued

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

Note 3. Agreements and Related Party Transactions

Administration Agreement

The Company has entered into an amended and restated Administration Agreement (the “Administration Agreement”) with the Adviser. Under the terms of the Administration Agreement, the Adviser performs, or oversees the performance of, required administrative services, which include providing office space, equipment and office services, maintaining financial records, preparing reports to shareholders and reports filed with the SEC, and managing the payment of expenses and the performance of administrative and professional services rendered by others. On May 6, 2024, the Board approved the continuation of the Administration Agreement.

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

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

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

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

For the three months ended March 31, 2024 and 2023, the Company incurred expenses of approximately $0.8 million and $0.7 million, respectively, for costs and expenses reimbursable to the Adviser under the terms of the Administration Agreement.

As of March 31, 2024 and 2023, amounts reimbursable to the Adviser pursuant to the Administration Agreement were $2.1 million and $1.4 million, respectively.

Investment Advisory Agreement

The Investment Advisory Agreement became effective on May 18, 2021. Under the terms of the Investment Advisory Agreement, the Adviser is responsible for managing the Company’s business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring its investments, and monitoring its portfolio companies on an ongoing basis through a team of investment professionals. On May 6, 2024, the Board approved the continuation of the Investment Advisory Agreement.

The Adviser’s services under the Investment Advisory Agreement are not exclusive, and accordingly, the Adviser may provide similar services to others.

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

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Notes to Consolidated Financial Statements (Unaudited) - Continued

The Investment Advisory Agreement will automatically terminate within the meaning of the 1940 Act and related SEC guidance and interpretations in the event of its assignment. In accordance with the 1940 Act, without payment of any penalty, the Investment Advisory Agreement may be terminated by the vote of the outstanding voting securities of the Company (as defined in the 1940 Act), or by the vote of a majority of the Board. In addition, without payment of any penalty, the Adviser may generally terminate the Investment Advisory Agreement upon 60 days’ written notice.

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

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

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

For the three months ended March 31, 2024 and 2023, management fees were $14.0 million and $14.6 million, respectively.

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

The Incentive Fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on our income and a portion is based on our capital gains, each as described below. The portion of the Incentive Fee based on income is determined and paid quarterly in arrears commencing with the first calendar quarter following the Initial Closing Date, and equals (i) prior to an Exchange Listing, 100% of the pre-Incentive Fee net investment income in excess of a 1.5% quarterly “hurdle rate”, until the Adviser has received 10% of the total pre-Incentive Fee net investment income for that calendar quarter and, for pre-Incentive Fee net investment income in excess of 1.67% quarterly, 10% of all remaining pre-Incentive Fee net investment income for that calendar quarter, and (ii) subsequent to an Exchange Listing, 100% of the pre-Incentive Fee net investment income in excess of a 1.5% quarterly “hurdle rate,” until the Adviser has received 17.5% of the total pre-Incentive Fee net investment income for that calendar quarter and, for pre-Incentive Fee net investment income in excess of 1.82% quarterly, 17.5% of all remaining pre-Incentive Fee net investment income for that calendar quarter. The 100% “catch-up” provision for pre-Incentive Fee net investment income in excess of the 1.5% “hurdle rate” is intended to provide the Adviser with an Incentive Fee of (i) prior to an Exchange Listing, 10% on all pre-Incentive Fee net investment income when that amount equals 1.67% in a calendar quarter (6.67% annualized), and (ii) subsequent to an Exchange Listing, 17.5% on all pre-Incentive Fee net investment income when that amount equals 1.82% in a calendar quarter (7.27% annualized), which, in each case, is the rate at which catch-up is achieved. Once the “hurdle rate” is reached and catch-up is achieved, (i) prior to an Exchange Listing, 10% of any pre-Incentive Fee net investment income in excess of 1.67% in any

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Notes to Consolidated Financial Statements (Unaudited) - Continued

calendar quarter is payable to the Adviser, and (ii) subsequent to an Exchange Listing, 17.5% of any pre-Incentive Fee net investment income in excess of 1.82% in any calendar quarter is payable to the Adviser.

For the three months ended March 31, 2024 and 2023, the Company incurred incentive fees of $10.3 million and $9.2 million, respectively, based on net investment income.

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

For the three months ended March 31, 2024, the Company recorded a reversal of previously recorded performance based incentive fees based on capital gains of $0.2 million. For the three months ended March 31, 2023, the Company incurred performance-based incentive fees based on capital gains of $1.5 million, of which $1.5 million was related to unrealized gains.

Affiliated Transactions

The Company may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. The Company relies on an order exemptive relief (as amended, the “Order”) that has been granted by the SEC to Blue Owl Credit Advisors LLC (“OCA”) and certain of its affiliates to permit the Company to co-invest with other funds managed by the Adviser or its affiliates, in a manner consistent with the Company’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to the Order, the Company generally is permitted to co-invest with certain of its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Company and its shareholders and do not involve overreaching by the Company or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of the Company’s shareholders and is consistent with its investment objective and strategies, (3) the investment by its affiliates would not disadvantage the Company, and the Company’s participation would not be on a basis different from or less advantageous than that on which its affiliates are investing and (4) the proposed investment by the Company would not benefit the Adviser or its affiliates or any affiliated person of any of them (other than the parties to the transactions) except to the extent permitted by the Order and applicable law, including the limitations set forth in Section 57(k) of the 1940 Act.

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

The Adviser is affiliated with OCA, Blue Owl Private Credit Fund Advisors LLC (“OPCA”), Blue Owl Diversified Credit Advisors LLC (“ODCA”) and Blue Owl Technology Credit Advisors II LLC (“OTCA II”), together with OCA, OPFA, ODCA and the Adviser, the “Blue Owl Credit Advisers”, which are also investment advisers. The Blue Owl Credit Advisers are indirect affiliates of Blue Owl and comprise part of Blue Owl’s Credit platform, which focuses on direct lending. The Blue Owl Credit Advisers’ investment allocation policy seeks to ensure equitable allocation of investment opportunities between the Company and other funds managed by the Adviser or its affiliates. As a result of the Order, there could be significant overlap in the Company’s investment portfolio and investment portfolios of the BDCs, private funds and separately managed accounts managed by the Blue Owl Credit Advisers (collectively, the “Blue Owl Credit Clients”) and/or other funds managed by the Adviser or its affiliates that could avail themselves of the Order and that have investment objective similar to the Company.

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

License Agreement

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

Controlled/Affiliated Portfolio Companies

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the accompanying consolidated financial statements, including the consolidated schedule of investments. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled non-affiliated, non-controlled affiliated or controlled affiliated investments.

The Company has made investments in non-controlled, affiliated companies, including Fifth Season Investments LLC (“Fifth Season”) and LSI Financing DAC 1 (“LSI Financing”).

Fifth Season is a portfolio company created to invest in life insurance based assets, including secondary and tertiary life settlement and other life insurance exposures using detailed analytics, internal life expectancy review and sophisticated portfolio management techniques. On July 18, 2022, the Company made an initial equity investment in Fifth Season. As of March 31, 2024 its equity investment in Fifth Season was $65.3 million at fair value. The Company’s investment in Fifth Season is a co-investment with its affiliates in accordance with the terms of the exemptive relief that the Company received from the SEC. The Company does not consolidate its equity interest in Fifth Season.

LSI Financing is a portfolio company formed to acquire contractual rights to revenue pursuant to earnout agreements generally in the life sciences space. On December 14, 2022, the Company made an initial investment in LSI Financing. As of March 31, 2024 its investment in LSI Financing was $12.9 million at fair value. The Company’s investment in LSI Financing is a co-investment with its affiliates in accordance with the terms of the exemptive relief that the Company received from the SEC. The Company does not consolidate its equity interest in LSI Financing.

Note 4. Investments

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


	March 31, 2024				December 31, 2023
($ in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First-lien senior secured debt investments	$	4,029,472	$	4,015,880	$	3,987,458	$	3,983,668
Second-lien senior secured debt investments	406,612		402,057		460,037		454,090
Unsecured debt investments	411,870		401,446		436,423		427,862
Preferred equity investments(1)	912,812		837,241		905,784		861,779
Common equity investments(2)	378,591		420,564		423,524		404,623
Total Investments	$	6,139,357	$	6,077,188	$	6,213,226	$	6,132,022

________________

(1)Includes equity investment in LSI Financing.

(2)Includes equity investment in Fifth Season.

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

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


	March 31, 2024		December 31, 2023
Aerospace & Defense	2.3	%	2.2	%
Application Software	13.4		14.0
Banks	1.2		1.2
Building Products	0.9		0.9
Capital Markets	—		0.5
Commercial Services & Supplies	—		—
Construction & Engineering	—		—
Consumer Finance	—		0.3
Diversified Consumer Services	5.3		5.1
Diversified Financial Services	7.1		6.2
Electrical Equipment	—		0.8
Energy Equipment & Services	2.0		2.0
Food & Staples Retailing	0.4		0.4
Health Care Providers & Services	1.1		1.1
Health Care Technology	14.8		14.4
Hotels, Restaurants & Leisure	3.0		2.6
Household Durables	1.3		1.3
Industrial Conglomerates	1.5		1.4
Insurance(1)	1.9		1.6
Internet & Direct Marketing Retail	3.8		3.8
IT Services	4.7		5.1
Life Sciences Tools & Services	0.1		0.1
Media	1.0		—
Multiline Retail	0.1		—
Pharmaceuticals(2)	0.9		0.4
Professional Services	5.9		7.7
Real Estate Management & Development	0.9		0.9
Road & Rail	0.2		0.2
Systems Software	25.1		24.7
Thrifts & Mortgage Finance	1.1		1.1
Total	100.0	%	100.0	%

________________

(1)Includes investment in Fifth Season.

(2)Includes investment in LSI Financing.

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

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


	March 31, 2024		December 31, 2023
United States:
Midwest	20.1	%	19.7	%
Northeast	16.3		16.0
South	17.8		17.1
West	30.6		31.5
Brazil	0.6		0.6
Canada	4.3		4.3
Estonia	0.2		0.2
Guernsey	3.5		3.7
Ireland	0.2		0.2
Israel	2.5		2.5
Netherlands	0.7		1.0
United Kingdom	3.2		3.2
Total	100.0	%	100.0	%

Note 5. Debt

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. The Company’s asset coverage was 218% and 217% as of March 31, 2024 and December 31, 2023, respectively.

The tables below present the debt obligations for the following periods:


	March 31, 2024
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Net Carrying Value(2)
Revolving Credit Facility(3)	$	1,115,000	$	349,038	$	765,962	$	333,600
SPV Asset Facility I	600,000		600,000		—		594,642
SPV Asset Facility II	300,000		300,000		—		298,450
June 2025 Notes	210,000		210,000		—		208,472
December 2025 Notes	650,000		650,000		—		652,660
June 2026 Notes	375,000		375,000		—		371,669
January 2027 Notes	300,000		300,000		—		295,734
CLO 2020-1	204,000		204,000		—		199,666
Total Debt	$	3,754,000	$	2,988,038	$	765,962	$	2,954,893

________________

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

(2)The carrying value of the Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, June 2025 Notes, December 2025 Notes, June 2026 Notes, January 2027 Notes, and CLO 2020-1 is presented net of unamortized debt issuance costs/premium of $15.4 million, $5.4 million, $1.5 million, $1.5 million, -$2.7 million, $3.3 million, $4.3 million and $4.4 million, respectively.

(3)Net carrying value includes the unrealized translation gain (loss) on borrowings denominated in foreign currencies.

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued


	December 31, 2023
($ in thousands)	Aggregate Principal Committed		Outstanding Principal		Amount Available(1)		Net Carrying Value(2)
Revolving Credit Facility(3)	$	1,090,000	$	343,393	$	746,607	$	327,266
SPV Asset Facility I	600,000		600,000		—		594,453
SPV Asset Facility II	300,000		300,000		—		298,103
June 2025 Notes	210,000		210,000		—		208,175
December 2025 Notes	650,000		650,000		—		653,042
June 2026 Notes	375,000		375,000		—		371,316
January 2027 Notes	300,000		300,000		—		295,364
CLO 2020-1	204,000		204,000		—		199,610
Total Debt	$	3,729,000	$	2,982,393	$	746,607	$	2,947,329

________________

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

(2)The carrying value of the Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, June 2025 Notes, December 2025 Notes, June 2026 Notes, January 2027 Notes, and CLO 2020-1 is presented net of unamortized debt issuance costs/premium of $16.1 million, $5.6 million, $1.9 million, $1.8 million, -$3.0 million, $3.7 million, $4.6 million, and $4.4 million, respectively.

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

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


	For the Three Months Ended March 31,
($ in thousands)	2024			2023
Interest expense	$	46,961		$	46,217
Amortization of debt issuance costs	2,294			1,994
Total Interest Expense	$	49,255		$	48,211
Average interest rate	6.3		%	5.8		%
Average daily borrowings	$	2,986,183		$	3,207,224

Credit Facilities

Subscription Credit Facility

On November 19, 2018, the Company entered into a revolving credit facility (as amended, the “Subscription Credit Facility”) with Wells Fargo Bank, National Association (“Wells Fargo”) as administrative agent (the “Administrative Agent”) and letter of credit issuer, and the banks and financial institutions from time to time party thereto, as lenders.

The Subscription Credit Facility permitted the Company to borrow up to $700 million, subject to availability under the "Borrowing Base". The Borrowing Base was calculated based on the unused Capital Commitments of the investors meeting various eligibility requirements above certain concentration limits. Effective November 5, 2021, the outstanding balance on the Subscription Credit Facility was paid in full and the facility was terminated pursuant to its terms.

Borrowings under the Subscription Credit Facility bore interest, at the Company’s election at the time of drawdown, at a rate per annum equal to (i) in the case of LIBOR rate loans, an adjusted LIBOR rate for the applicable interest period plus 1.50% or (ii) in the case of reference rate loans, the greatest of (A) a prime rate plus 0.50%, (B) the federal funds rate plus 1.00%, and (C) one-month LIBOR plus 1.50%. The Company generally borrowed utilizing LIBOR rate loans, generally electing one-month LIBOR upon borrowing. Loans were able to be converted from one rate to another at any time at the Company’s election, subject to certain conditions. The Company also paid an unused commitment fee of 0.25% per annum on the unused commitments.

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

Revolving Credit Facility

On November 15, 2022, the Company entered into an Amended and Restated Senior Secured Revolving Credit Agreement (the “Revolving Credit Facility”), which amended and restated in its entirety that certain Senior Secured Revolving Credit Agreement, dated as of March 15, 2019 (as amended, restated, supplemented or otherwise modified prior to November 15, 2022). The parties to the Revolving Credit Facility include the Company, as Borrower, the lenders from time to time parties thereto (each a “Lender” and collectively, the “Lenders”), Truist Bank as Administrative Agent, Truist Securities, Inc., ING Capital LLC, MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation and JPMorgan Chase Bank, N.A., as Joint Lead Arrangers and Truist Securities, Inc. and ING Capital LLC, as Joint Bookrunners. On September 26, 2023 (the "Revolving Credit Facility First Amendment Date"), the parties to the Revolving Credit Facility entered into an amendment, including to increase the maximum commitments available under the facility, extend the availability period and maturity date, reduce the credit adjustment spread for US dollar denominated term SOFR loans and make various other changes. The following describes the terms of the Revolving Credit Facility amended through February 29, 2024.

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

As of February 29, 2024, the Revolving Credit Facility provides for (a) a term loan in a principal amount of $75.0 million (which term loan amount was increased from $50.0 million to $75.0 million on the February 29, 2024) and (b) subject to availability under the borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness, a revolving credit facility in a principal amount of up to $1.04 billion (on an aggregated basis, the aggregate outstanding term loans and revolving credit facility commitments under the Revolving Credit Facility increased from $1.09 billion to $1.12 billion on February 29, 2024). The amount available for borrowing under the Revolving Credit Facility is reduced by any standby letters of credit issued through the Revolving Credit Facility. Maximum capacity under the Revolving Credit Facility may be increased to $1.64 billion through the Company's exercise of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Revolving Credit Facility includes a $200 million limit for swingline loans, and is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions.

As of the Revolving Credit Facility First Amendment Date, the availability period under the Revolving Credit Facility will terminate on September 24, 2027 (the “Revolving Credit Facility Commitment Termination Date”) and the Revolving Credit Facility will mature on September 26, 2028 (the “Revolving Credit Facility Maturity Date”). During the period from the Revolving Credit Facility Commitment Termination Date to the Revolving Credit Facility Maturity Date, the Company will be obligated to make mandatory prepayments under the Revolving Credit Facility out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Revolving Credit Facility in U.S. dollars will bear interest at either (i) term SOFR plus a credit spread adjustment plus margin of 1.875% or 1.75% per annum, subject to certain conditions, or (ii) the prime rate plus margin of 0.875% or 0.75% per annum, subject to certain conditions. The Company may elect either the term SOFR or prime rate at the time of drawdown, and loans denominated in U.S. dollars may be converted from one rate to another at any time at the Company’s option, subject to certain conditions. Amounts drawn under the Revolving Credit Facility in other permitted currencies will bear interest at the relevant rate specified therein plus an applicable margin (including any applicable credit spread adjustment). The Company will also pay a fee of 0.375% on daily undrawn amounts under the Revolving Credit Facility.

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

SPV Asset Facilities

Certain of our wholly owned subsidiaries are parties to credit facilities (the “SPV Asset Facilities”). Pursuant to the SPV Asset Facilities, the Company sells and contributes certain investments to these wholly owned subsidiaries pursuant to sale and contribution agreements by and between the Company and the wholly owned subsidiaries. No gain or loss is recognized as a result of these contributions. Proceeds from the SPV Asset Facilities are used to finance the

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

origination and acquisition of eligible assets by the wholly owned subsidiary, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired to the wholly owned subsidiary through the Company’s ownership of the wholly owned subsidiary. The SPV Asset Facilities are secured by a perfected first priority security interest in the assets of these wholly owned subsidiaries and on any payments received by such wholly owned subsidiaries in respect of those assets. Assets pledged to lenders under the SPV Asset Facilities will not be available to pay our debts. The SPV Asset Facilities contain customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company’s ability to make distributions to their shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events, and customary events of default (with customary cure and notice provisions).

SPV Asset Facility I

On December 22, 2022 (the “SPV Asset Facility I Closing Date”), OR Tech Financing I LLC ("OR Tech Financing I”), a Delaware limited liability company and wholly-owned subsidiary of the Company entered into an Amended and Restated Credit Agreement (the “SPV Asset Facility I”), which amends and restates in its entirety that certain Credit Agreement, dated as of August 11, 2020, by and among OR Tech Financing I, as Borrower, Alter Domus (US) LLC, as Administrative Agent and Document Custodian, State Street Bank and Trust Company, as Collateral Agent, Collateral Administrator and Custodian and the lenders from time to time party thereto (the “SPV Asset Facility I Lenders”). On March 30, 2023, the parties to the SPV Asset Facility I entered into an amendment and the following describes the terms of SPV Asset Facility I as amended through such date.

From time to time, the Company expects to sell and contribute certain investments to OR Tech Financing I pursuant to a Sale and Contribution Agreement by and between the Company and OR Tech Financing I. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility I will be used to finance the origination and acquisition of eligible assets by OR Tech Financing I, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by OR Tech Financing I through ownership of OR Tech Financing I. The total term loan commitment of the SPV Asset Facility I is $600 million (increased from $450 million on March 30, 2023). The availability of the commitments are subject to a ramp up period and subject to an overcollateralization ratio test, which is based on the value of OR Tech Financing I assets from time to time, and satisfaction of certain other tests and conditions, including an advance rate test, interest coverage ratio test, certain concentration limits and collateral quality tests.

The SPV Asset Facility I provides for the ability to draw term loans for a period of up to three years after the SPV Asset Facility I Closing Date unless the commitments are terminated as provided in the SPV Asset Facility I. Unless otherwise terminated, the SPV Asset Facility I will mature on December 22, 2033 (the “SPV Asset Facility I Stated Maturity”). Prior to the SPV Asset Facility I Stated Maturity, proceeds received by OR Tech Financing I from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility I Stated Maturity, OR Tech Financing I must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company.

Amounts drawn bear interest at term SOFR plus a spread of 3.31%. The SPV Asset Facility I contains customary covenants, limitations on the activities of OR Tech Financing I, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Asset Facility I is secured by a perfected first priority security interest in the assets of OR Tech Financing I and on any payments received by OR Tech Financing I in respect of those assets. Assets pledged to the SPV Asset Facility I Lenders will not be available to pay the debts of the Company.

SPV Asset Facility II

On November 16, 2021 (the “SPV Asset Facility II Closing Date”), ORTF Funding I LLC (“ORTF Funding I”), a Delaware limited liability company and the Company’s wholly-owned subsidiary entered into a Credit Agreement (the "SPV Asset Facility II"), with ORTF Funding I LLC, as Borrower, the lenders from time to time parties thereto, Goldman Sachs Bank USA as Sole Lead Arranger, Syndication Agent and Administrative Agent, State Street Bank and Trust company as Collateral Administrator and Collateral Agent and Alter Domus (US) LLC as Collateral Custodian. On the SPV Asset Facility II Closing Date, ORTF Funding I and Goldman Sachs Bank USA, as Administrative Agent, also entered into a Margining Agreement relating to the Secured Credit Facility (the "Margining Agreement"). The following describes the terms of the SPV Asset Facility II as amended through June 23, 2023.

From time to time, the Company expects to sell and contribute certain investments to ORTF Funding I pursuant to a Sale and Contribution Agreement by and between the Company and ORTF Funding I. No gain or loss will be recognized as a result of the contribution. Proceeds from SPV Asset Facility II will be used to finance the origination and acquisition

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

of eligible assets by ORTF Funding I, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by ORTF Funding I through their ownership of ORTF Funding I. The maximum principal amount which may be borrowed under SPV Asset Facility II is $300 million; the availability of this amount is subject to a borrowing base test, which is based on the value of ORTF Funding I’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits.

The SPV Asset Facility II provides for the ability to draw and redraw revolving loans for a period of up to three years after the SPV Asset Facility II Closing Date. Unless otherwise terminated, the SPV Asset Facility II will mature on November 16, 2026 (the “SPV Asset Facility II Stated Maturity”). Prior to the SPV Asset Facility II Stated Maturity, proceeds received by ORTF Funding I from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility II Stated Maturity, ORTF Funding I must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company. The SPV Asset Facility II may be permanently reduced, in whole or in part, at the option of ORTF Funding I subject to payment of a premium for a period of time.

Amounts drawn bear interest at Term SOFR plus a spread of 2.625% and the spread is payable on the amount by which the undrawn amount exceeds a minimum threshold, initially zero and ramping to 75% of the commitment amount. The undrawn amount of the commitment not subject to such spread payment is subject to an undrawn fee of 0.50% per annum. Certain additional fees are payable on each payment date to Goldman Sachs Bank USA as Administrative Agent. In addition, under the Margining Agreement and Credit Agreement, ORTF Funding I is required to post cash margin (or in certain cases, additional eligible assets) to the Administrative Agent if a borrowing base deficiency occurs or if the weighted average price gap (as defined in the Margining Agreement), which is a measure of the excess of the aggregate value assigned to ORTF Funding I’s assets for purposes of the borrowing base test over the total amount drawn under the SPV Asset Facility II, falls below 20%.

Unsecured Notes

June 2025 Notes

On June 12, 2020, the Company issued $210 million aggregate principal amount of 6.75% notes due 2025 (the “June 2025 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The June 2025 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

The June 2025 Notes were issued pursuant to an Indenture dated as of June 12, 2020 (the “Base Indenture”), between the Company and Computershare Trust Company, N.A. as successor to Wells Fargo Bank, National Association, as trustee (the “Trustee”), and a First Supplemental Indenture, dated as of June 12, 2020 (the “First Supplemental Indenture” and together with the Base Indenture, the “June 2025 Indenture”), between the Company and the Trustee. The June 2025 Notes will mature on June 30, 2025 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the June 2025 Indenture. The June 2025 Notes initially bear interest at a rate of 6.75% per year payable semi-annually on June 30 and December 30 of each year, commencing on December 30, 2020. As described in the First Supplemental Indenture, if the June 2025 Notes cease to have an investment grade rating from Kroll Bond Rating Agency (or if Kroll Bond Rating Agency ceases to rate the June 2025 Notes or fails to make a rating of the June 2025 Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization,” as defined in Section 3(a)(62) of the Exchange Act, selected by the Company as a replacement agency for Kroll Bond Rating Agency) (an “Interest Rate Adjustment Event”), the interest rate on the June 2025 Notes will increase to 7.50% from the date of the Interest Rate Adjustment Event until the date on which the June 2025 Notes next again receive an investment grade rating. The June 2025 Notes are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the June 2025 Notes. The June 2025 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior. The June 2025 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The June 2025 Notes will rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

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

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

December 2025 Notes

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

The December 2025 Notes were issued pursuant to the Base Indenture and a Second Supplemental Indenture, dated as of September 23, 2020 (the “Second Supplemental Indenture” and together with the Base Indenture, the “December 2025 Indenture”), between the Company and the Trustee. The December 2025 Notes will mature on December 15, 2025 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the December 2025 Indenture. The December 2025 Notes bear interest at a rate of 4.75% per year payable semi-annually on June 15 and December 15 of each year, commencing on December 15, 2020. The December 2025 Notes are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the December 2025 Notes. The December 2025 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior. The December 2025 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The December 2025 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

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

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

June 2026 Notes

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

The June 2026 Notes were issued pursuant to the Base Indenture and a Third Supplemental Indenture, dated as of December 17, 2020 (the “Third Supplemental Indenture” and together with the Base Indenture, the “June 2026 Indenture”), between us and the Trustee. The June 2026 Notes will mature on June 17, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the June 2026 Indenture. The

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

June 2026 Notes bear interest at a rate of 3.75% per year payable semi-annually on June 17 and December 17 of each year, commencing on June 17, 2021. The June 2026 Notes are the Company’s direct, general unsecured obligations and will rank senior in right of payment to all of our future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the June 2026 Notes. The June 2026 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior to the June 2026 Notes. The June 2026 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The June 2026 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

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

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

January 2027 Notes

On June 14, 2021, the Company issued $300 million aggregate principal amount of 2.50% notes due 2027 (the “January 2027 Notes”).

The January 2027 Notes were issued pursuant to the Base Indenture and a Fourth Supplemental Indenture, dated as of December 17, 2020 (the “Fourth Supplemental Indenture” and together with the Base Indenture, the “January 2027 Indenture”), between the Company and the Trustee. The January 2027 Notes will mature on January 15, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the January 2027 Indenture. The January 2027 Notes bear interest at a rate of 2.50% per year, payable semi-annually on January 15 and July 15 of each year, commencing on January 15, 2022. The January 2027 Notes are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the January 2027 Notes. The January 2027 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior to the January 2027 Notes. The January 2027 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The January 2027 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

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

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

CLO

CLO 2020-1

On December 16, 2020 (the “CLO 2020-1 Closing Date”), the Company completed a $333.5 million term debt securitization transaction (the “CLO 2020-1 Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by the Company. The secured notes and preferred shares issued in the CLO 2020-1 Transaction were issued by the Company’s consolidated subsidiaries Owl Rock Technology Financing 2020-1, an

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

exempted company incorporated in the Cayman Islands with limited liability (the “CLO 2020-1 Issuer”), and Owl Rock Technology Financing 2020-1 LLC, a Delaware limited liability company (the “CLO 2020-1 Co-Issuer” and together with the CLO 2020-1 Issuer, the “CLO 2020-1 Issuers”) and are backed by a portfolio of collateral obligations consisting of middle market loans, recurring revenue loans and participation interests in middle market loans, recurring revenue loans as well as by other assets of the CLO 2020-1 Issuer.

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

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

Concurrently with the issuance of the CLO 2020-1 Secured Notes, the CLO 2020-1 Issuer issued approximately $133.5 million of subordinated securities in the form of 133,500 preferred shares at an issue price of U.S. $1,000 per share (the “CLO 2020-1 Preferred Shares”). The CLO 2020-1 Preferred Shares were issued by the CLO 2020-1 Issuer as part of its issued share capital and are not secured by the collateral securing the CLO 2020-1 Secured Notes. The Company purchased all of the CLO 2020-1 Preferred Shares. The Company acts as retention holder in connection with the CLO 2020-1 Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the CLO 2020-1 Preferred Shares.

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

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

The CLO 2020-1 Secured Notes were the secured obligation of the CLO 2020-1 Issuers, and the CLO 2020-1 Indenture included customary covenants and events of default. The CLO 2020-1 Secured Notes were not registered under the Securities Act, or any state securities (e.g., “blue sky”) laws, and were not able to be offered or sold in the United States absent registration with the SEC or pursuant to an applicable exemption from such registration.

The Adviser served as collateral manager for the CLO 2020-1 Issuer under a collateral management agreement dated as of the Closing Date. The Adviser was entitled to receive fees for providing these services. The Adviser waived its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to the Adviser pursuant to the Investment Advisory Agreement, dated August 10, 2018, between the Adviser and the Company will be offset by the amount of the collateral management fee attributable to the CLO 2020-1 Issuers’ equity or notes owned by the Company.

CLO 2020-1 Refinancing

On August 23, 2023 (the “CLO 2020-1 Refinancing Date”), the Company completed a $337.5 million term debt securitization refinancing (the “CLO 2020-1 Refinancing”), also known as a collateralized loan obligation refinancing, which is a form of secured financing incurred by the Company. The secured notes issued in the CLO 2020-1 Refinancing were issued by the Company’s consolidated subsidiary Owl Rock Technology Financing 2020-1 LLC, a Delaware limited

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

liability company (the “CLO 2020-1 Refinancing Issuer”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the CLO 2020-1 Refinancing Issuer.

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

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

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

The CLO 2020-1 Refinancing Secured Notes are the secured obligation of the CLO 2020-1 Refinancing Issuer, and the CLO 2020-1 Refinancing Indenture includes customary covenants and events of default. The CLO 2020-1 Refinancing Secured Notes have not been registered under the Securities Act, or any state securities (e.g., “blue sky”) laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration.

The Adviser serves as collateral manager for the CLO 2020-1 Refinancing Issuer under an amended and restated collateral management agreement dated as of the CLO 2020-1 Refinancing Date. The Adviser is entitled to receive fees for providing these services. The Adviser has waived its right to receive such fees but may rescind such waiver at any time.

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

Note 6. Fair Value of Financial Instruments

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


	Fair Value Hierarchy as of March 31, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash	$	499,838	$	—	$	—	$	499,838
Investments:
First-lien senior secured debt investments	—		68,548		3,947,332		4,015,880
Second-lien senior secured debt investments	—		146,333		255,724		402,057
Unsecured debt investments	—		—		401,446		401,446
Preferred equity investments(1)	—		—		837,241		837,241
Common equity investments(2)	46,606		15,467		358,491		420,564
Total Investments at fair value	$	46,606	$	230,348	$	5,800,234	$	6,077,188

________________

(1)Includes equity investment in LSI Financing.

(2)Includes equity investment in Fifth Season.


	Fair Value Hierarchy as of December 31, 2023
($ in thousands)	Level 1		Level 2		Level 3		Total
Cash	$	469,017	$	—	$	—	$	469,017
Investments:
First-lien senior secured debt investments	—		8,521		3,975,147		3,983,668
Second-lien senior secured debt investments	—		218,798		235,292		454,090
Unsecured debt investments	—		20,455		407,407		427,862
Preferred equity investments(1)	—		—		861,779		861,779
Common equity investments(2)	75,928		18,110		310,585		404,623
Total Investments at fair value	$	75,928	$	265,884	$	5,790,210	$	6,132,022

________________

(1)Includes equity investment in LSI Financing.

(2)Includes equity investment in Fifth Season.

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

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


	As of and for the Three Months Ended March 31, 2024
($ in thousands)	First-lien senior secured debt investments		Second-lien senior secured debt investments		Unsecured debt investments		Preferred equity investments		Common equity investments		Total
Fair value, beginning of period	$	3,975,147	$	235,292	$	407,407	$	861,779	$	310,585	$	5,790,210
Purchases of investments, net	174,887		—		—		1		19,426		194,314
Payment-in-kind	10,570		1,209		10,567		7,153		—		29,499
Proceeds from investments, net	(206,082)		—		(17,979)		(242)		(23)		(224,326)
Net change in unrealized gain (loss)	(11,043)		2,333		(586)		(31,564)		28,503		(12,357)
Net realized gains (losses)	—		—		(1,658)		—		—		(1,658)
Net amortization/accretion of premium/discount on investments	3,853		90		3,695		114		—		7,752
Transfers between investment types	—		—		—		—		—		—
Transfers into (out of) Level 3(1)	—		16,800		—		—		—		16,800
Fair value, end of period	$	3,947,332	$	255,724	$	401,446	$	837,241	$	358,491	$	5,800,234

________________

(1)Transfers between levels, if any, are recognized at the beginning of the period noted. For the three months ended March 31, 2024, transfers into (out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued


	As of and for the Three Months Ended March 31, 2023
($ in thousands)	First-lien senior secured debt investments		Second-lien senior secured debt investments		Unsecured debt investments		Preferred equity investments		Common equity investments		Total
Fair value, beginning of period	$	4,232,118	$	448,075	$	347,322	$	834,593	$	343,941	$	6,206,049
Purchases of investments, net	49,655		—		—		9,778		1,729		61,162
Payment-in-kind	14,507		2,762		8,452		9,432		—		35,153
Proceeds from investments, net	(19,397)		—		—		—		—		(19,397)
Net change in unrealized gain (loss)	25,179		(400)		5,680		(20,585)		1,090		10,964
Net realized gains (losses)	(15,503)		—		—		—		—		(15,503)
Net amortization of discount on investments	2,705		107		3,579		101		—		6,492
Transfers between investment types	(9,500)		—		—		—		9,500		—
Transfers into (out of) Level 3(1)	(371)		(139,894)		—		—		—		(140,265)
Fair value, end of period	$	4,279,393	$	310,650	$	365,033	$	833,319	$	356,260	$	6,144,655

________________

(1)Transfers between levels, if any, are recognized at the beginning of the period noted. For the three months ended March 31, 2023, transfers into (out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.

The table below presents the net change in unrealized gains (losses) on investments for which Level 3 inputs were used in determining the fair value that are still held by the Company for the following periods:


($ in thousands)	Net change in unrealized gain (loss) for the Three Months Ended March 31, 2024 on Investments Held at March 31, 2024		Net change in unrealized gain (loss) for the Three Months Ended March 31, 2023 on Investments Held at March 31, 2023
First-lien senior secured debt investments	$	(10,248)	$	8,809
Second-lien senior secured debt investments	2,333		(399)
Unsecured debt investments	(586)		5,681
Preferred equity investments	(31,564)		(20,584)
Common equity investments	28,503		1,089
Total Investments	$	(11,562)	$	(5,404)

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

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

As of March 31, 2024

($ in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input

First-lien senior secured debt investments

3,802,649

Yield Analysis

Market Yield

6.8%-21.6% (12.6%)

Decrease

144,683

Recent Transaction

Transaction Price

98.0%-100.0% (98.9%)

Increase

Second-lien senior secured debt investments

255,724

Yield Analysis

Market Yield

11.9%-19.2% (15.6%)

Decrease

Unsecured debt investments

254,750

Yield Analysis

Market Yield

10.0%-17.5% (12.6%)

Decrease

146,696

Market Approach

Transaction Price

100.0%-100.0% (100.0%)

Increase

Preferred equity investments

247,583

Yield Analysis

Market Yield

10.9%-32.7% (21.3%)

Decrease

488,711

Market Approach

Revenue Multiple

3.2x-23.5x (9.0x)

Increase

68,756

Market Approach

EBITDA Multiple

18.3x-18.3x (18.3x)

Increase

32,191

Recent Transaction

Transaction Price

100.0%-106.5% (102.5%)

Increase

Common equity investments

149,854

Market Approach

Revenue Multiple

6.3x-14.5x (11.4x)

Increase

15,396

Market Approach

EBITDA Multiple

5.8x-20.0x (16.3x)

Increase

48,765

Market Approach

Transaction Price

$92.00-$92.00 ($92.00)

Increase

74,118

Option Pricing Model

Volatility

60.0%-70.0% (65.0%)

Increase

240

Market Approach

Gross Profit Multiple

9.6x-9.6x (9.6x)

Increase

65,309

Market Approach

AUM Multiple

1.0x-1.0x (1.0x)

Increase

4,809

Recent Transaction

Transaction Price

100.0%-100.0% (100.0%)

Increase

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

As of December 31, 2023

($ in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input

First-lien senior secured debt investments

3,625,053

Yield Analysis

Market Yield

9.3%-15.9% (12.3%)

Decrease

350,094

Recent Transaction

Transaction Price

97.0%-100.0% (98.6%)

Increase

Second-lien senior secured debt investments

235,292

Yield Analysis

Market Yield

11.4%-17.5% (15.3%)

Decrease

Unsecured debt investments

266,030

Yield Analysis

Market Yield

10.6%-17.2% (12.3%)

Decrease

141,377

Market Approach

Transaction Price

100.0%-100.0% (100.0%)

Increase

Preferred equity investments

236,932

Yield Analysis

Market Yield

12.6%-25.0% (14.6%)

Decrease

537,989

Market Approach

Revenue Multiple

4.5x-21.0x (11.1x)

Increase

67,221

Market Approach

EBITDA Multiple

18.3x-18.3x (18.3x)

Increase

19,637

Recent Transaction

Transaction Price

98.0%-107.5% (104.3%)

Increase

Common equity investments

152,731

Market Approach

Revenue Multiple

6.3x-14.7x (12.5x)

Increase

16,133

Market Approach

EBITDA Multiple

6.0x-20.3x (16.2x)

Increase

46,326

Market Approach

Transaction Price

$92.00-$92.00 ($92.00)

Increase

46,443

Option Pricing Model

Volatility

60.0%-63.5% (63.5%)

Decrease

225

Market Approach

Gross Profit Multiple

9.9x-9.9x (9.9x)

Increase

48,727

Recent Transaction

Transaction Price

100.0%-100.0% (100.0%)

Increase

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

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

Significant unobservable quantitative inputs typically used in the fair value measurement of the Company’s Level 3 debt investments primarily include current market yields, including relevant market indices, but may also include quotes from brokers, dealers, and pricing services as indicated by comparable investments. For the Company’s Level 3 equity investments, a market approach, based on comparable financial performance multiples such as publicly-traded company

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

and comparable market transaction multiples of revenues, earnings before income taxes, depreciation and amortization (“EBITDA”), or some combination thereof and comparable market transactions are typically used.

Debt Not Carried at Fair Value

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


	March 31, 2024				December 31, 2023
($ in thousands)	Net Carrying Value(1)		Fair Value		Net Carrying Value(2)		Fair Value
Revolving Credit Facility(3)	333,600		333,600		327,266		327,267
SPV Asset Facility I	594,642		594,642		594,453		594,453
SPV Asset Facility II	298,450		298,450		298,103		298,103
June 2025 Notes	208,472		208,425		208,175		205,800
December 2025 Notes	652,660		624,000		653,042		614,250
June 2026 Notes	371,669		346,875		371,316		343,125
January 2027 Notes	295,734		266,160		295,364		261,750
CLO 2020-1	199,666		199,665		199,610		199,610
Total Debt	$	2,954,893	$	2,871,817	$	2,947,329	$	2,844,358

________________

(1)The carrying value of the Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, June 2025 Notes, December 2025 Notes, June 2026 Notes, January 2027 Notes, and CLO 2020-1 is presented net of unamortized debt issuance costs/premium of $15.4 million, $5.4 million, $1.5 million, $1.5 million, -$2.7 million, $3.3 million, $4.3 million and $4.4 million, respectively.

(2)The carrying value of the Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, June 2025 Notes, December 2025 Notes, June 2026 Notes, January 2027 Notes, and CLO 2020-1 is presented net of unamortized debt issuance costs/premium of $16.1 million, $5.6 million, $1.9 million, $1.8 million, -$3.0 million, $3.7 million, $4.6 million, and $4.4 million, respectively.

(3)Net carrying value includes unrealized translation gain (loss) on borrowings denominated in foreign currencies.

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


	March 31, 2024		December 31, 2023
Level 1	$	—	$	—
Level 2	1,445,460		1,424,925
Level 3	1,426,357		1,419,433
Total Debt	$	2,871,817	$	2,844,358

Financial Instruments Not Carried at Fair Value

As of March 31, 2024 and December 31, 2023, the carrying amounts of the Company’s other assets and liabilities approximate fair value due to their short maturities. These financial instruments would be categorized as Level 3 within the hierarchy.

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

Note 7. Commitments and Contingencies

Portfolio Company Commitments

From time to time, the Company may enter into commitments to fund investments. The table below presents outstanding commitments to fund investments in current portfolio companies as of the following periods:


Portfolio Company	Investment	March 31, 2024		December 31, 2023
($ in thousands)
Activate Holdings (US) Corp. (dba Absolute Software)	First lien senior secured revolving loan	$	352	$	282
3ES Innovation Inc. (dba Aucerna)	First lien senior secured revolving loan	2,580		1,580
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC	LLC Interest	222		296
AAM Series 2.1 Aviation Feeder, LLC	LLC Interest	—		17
Acquia Inc.	First lien senior secured revolving loan	7,875		5,989
Anaplan, Inc.	First lien senior secured revolving loan	3,542		3,542
Aptean Acquiror, Inc.	First lien senior secured delayed draw term loan	506		—
Aptean Acquiror, Inc.	First lien senior secured revolving loan	273		—
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)	First lien senior secured delayed draw term loan	29,688		—
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)	First lien senior secured revolving loan	4,750		—
Aurelia Netherlands Midco 2 B.V.	First lien senior secured EUR term loan	13,693		14,005
Aurelia Netherlands Midco 2 B.V.	First lien senior secured NOK term loan	13,720		14,656
Aurelia Netherlands Midco 2 B.V.	First lien senior secured EUR revolving loan	1,521		1,556
Avalara, Inc.	First lien senior secured revolving loan	909		909
Bamboo US BidCo LLC	First lien senior secured delayed draw term loan	687		716
Bamboo US BidCo LLC	First lien senior secured revolving loan	1,026		1,026
Bayshore Intermediate #2, L.P. (dba Boomi)	First lien senior secured revolving loan	10,134		9,355
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured delayed draw term loan	26,309		26,309
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured revolving loan	5,708		8,426
BCTO BSI Buyer, Inc. (dba Buildertrend)	First lien senior secured revolving loan	11,250		11,250
BTRS Holdings Inc. (dba Billtrust)	First lien senior secured delayed draw term loan	27		36
BTRS Holdings Inc. (dba Billtrust)	First lien senior secured revolving loan	45		67
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)	First lien senior secured revolving loan	4,450		4,450

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued


Portfolio Company	Investment	March 31, 2024	December 31, 2023
Certinia, Inc.	First lien senior secured revolving loan	2,941	2,941
Circana Group, L.P. (fka The NPD Group, L.P.)	First lien senior secured revolving loan	664	1,238
CivicPlus, LLC	First lien senior secured revolving loan	4,664	3,078
Community Brands ParentCo, LLC	First lien senior secured delayed draw term loan	—	1,500
Community Brands ParentCo, LLC	First lien senior secured revolving loan	750	750
Computer Services, Inc. (dba CSI)	First lien senior secured delayed draw term loan	9,196	—
Coupa Holdings, LLC	First lien senior secured delayed draw term loan	70	70
Coupa Holdings, LLC	First lien senior secured revolving loan	54	54
Crewline Buyer, Inc. (dba New Relic)	First lien senior secured revolving loan	9,434	9,434
Delinea Buyer, Inc. (f/k/a Centrify)	First lien senior secured revolving loan	8,163	8,163
Diligent Corporation	First lien senior secured revolving loan	853	701
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)	First lien senior secured revolving loan	91	91
Entrata, Inc.	First lien senior secured revolving loan	103	103
EET Buyer, Inc. (dba e-Emphasys)	First lien senior secured revolving loan	4,278	4,278
Finastra USA, Inc.	First lien senior secured revolving loan	6,092	5,498
Forescout Technologies, Inc.	First lien senior secured delayed draw term loan	32,175	32,175
Forescout Technologies, Inc.	First lien senior secured revolving loan	8,333	8,333
Fullsteam Operations, LLC	First lien senior secured loan	9,720	3,805
Fullsteam Operations, LLC	First lien senior secured revolving loan	593	593
Gainsight, Inc.	First lien senior secured revolving loan	2,700	2,700
Gerson Lehrman Group, Inc.	First lien senior secured revolving loan	956	3,647
GI Ranger Intermediate, LLC (dba Rectangle Health)	First lien senior secured revolving loan	2,211	885
Granicus, Inc.	First lien senior secured delayed draw term loan	289	—
Granicus, Inc.	First lien senior secured revolving loan	274	—
Granicus, Inc.	First lien senior secured revolving loan	—	2,069
Grayshift, LLC	First lien senior secured revolving loan	968	968
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured delayed draw term loan	5,821	—

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued


Portfolio Company	Investment	March 31, 2024	December 31, 2023
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured revolving loan	4,799	3,344
H&F Opportunities LUX III S.À R.L (dba Checkmarx)	First lien senior secured revolving loan	25,000	25,000
Hyland Software, Inc.	First lien senior secured revolving loan	4,070	4,070
Icefall Parent, Inc. (dba EngageSmart)	First lien senior secured revolving loan	1,217	—
Indikami Bidco, LLC (dba IntegriChain)	First lien senior secured delayed draw term loan	8,382	8,382
Indikami Bidco, LLC (dba IntegriChain)	First lien senior secured revolving loan	4,790	5,987
Inovalon Holdings, Inc.	First lien senior secured delayed draw term loan	7,355	13,834
Integrity Marketing Acquisition, LLC	First lien senior secured delayed draw term loan	13,714	13,714
Integrity Marketing Acquisition, LLC	First lien senior secured revolving loan	3,409	3,409
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured revolving loan	4,198	3,927
Kaseya Inc.	First lien senior secured delayed draw term loan	887	887
Kaseya Inc.	First lien senior secured revolving loan	709	709
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)	First lien senior secured revolving loan	2,937	2,056
Litera Bidco LLC	First lien senior secured revolving loan	8,250	8,250
LSI Financing 1 DAC	Preferred Equity	32,622	—
ManTech International Corporation	First lien senior secured delayed draw term loan	1,030	1,030
ManTech International Corporation	First lien senior secured revolving loan	860	860
MINDBODY, Inc.	First lien senior secured revolving loan	7,143	7,143
Ministry Brands Holdings, LLC	First lien senior secured revolving loan	664	344
Monotype Imaging Holdings Inc.	First lien senior secured delayed draw term loan	4,913	—
Monotype Imaging Holdings Inc.	First lien senior secured revolving loan	7,369	—
Neptune Holdings, Inc. (dba NexTech)	First lien senior secured revolving loan	588	588
NMI Acquisitionco, Inc. (dba Network Merchants)	First lien senior secured revolving loan	1,115	1,115
Oranje Holdco, Inc. (dba KnowBe4)	First lien senior secured revolving loan	1,602	1,602
PDI TA Holdings, Inc.	First lien senior secured delayed draw term loan	3,052	—
PDI TA Holdings, Inc.	First lien senior secured revolving loan	918	—
PetVet Care Centers, LLC	First lien senior secured delayed draw term loan	5,120	5,120

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued


Portfolio Company	Investment	March 31, 2024		December 31, 2023
PetVet Care Centers, LLC	First lien senior secured revolving loan	5,373		5,373
Ping Identity Holding Corp.	First lien senior secured revolving loan	91		91
Pluralsight, LLC	First lien senior secured revolving loan	—		2,230
Project Power Buyer, LLC (dba PEC-Veriforce)	First lien senior secured revolving loan	3,750		3,750
QAD, Inc.	First lien senior secured revolving loan	11,429		11,429
Relativity ODA LLC	First lien senior secured revolving loan	11,250		11,250
RL Datix Holdings (USA), Inc.	First lien senior secured revolving loan	1,330		778
Rubrik, Inc.	First lien senior secured delayed draw term loan	958		1,306
SailPoint Technologies Holdings, Inc.	First lien senior secured revolving loan	4,358		4,358
Securonix, Inc.	First lien senior secured revolving loan	3,559		3,559
SimpliSafe Holding Corporation	First lien senior secured delayed draw term loan	75		75
Smarsh Inc.	First lien senior secured delayed draw term loan	5,524		5,524
Smarsh Inc.	First lien senior secured revolving loan	265		442
Talon MidCo 2 Limited (dba Tufin)	First lien senior secured delayed draw term loan	18		13
Talon MidCo 2 Limited (dba Tufin)	First lien senior secured revolving loan	119		119
Tamarack Intermediate, L.L.C. (dba Verisk 3E)	First lien senior secured delayed draw term loan	744		744
Tamarack Intermediate, L.L.C. (dba Verisk 3E)	First lien senior secured revolving loan	1,682		1,682
Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured revolving loan	3,488		4,613
Velocity HoldCo III Inc. (dba VelocityEHS)	First lien senior secured revolving loan	2,188		2,188
Walker Edison Furniture Company LLC	First lien senior secured delayed draw term loan	1,629		2,809
When I Work, Inc.	First lien senior secured revolving loan	5,605		5,605
XRL 1 LLC (dba XOMA)	First lien senior secured delayed draw term loan	1,000		1,000
Zendesk, Inc.	First lien senior secured delayed draw term loan	12,922		12,922
Zendesk, Inc.	First lien senior secured revolving loan	5,321		5,321
Total Unfunded Portfolio Company Commitments		$	490,051	$	396,093

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

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

Other Commitments and Contingencies

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. At March 31, 2024, management was not aware of any pending or threatened litigation.

Note 8. Net Assets

Equity Issuances

The Company has the authority to issue 500,000,000 common shares at $0.01 per share par value.

There were no sales of the Company’s common stock during the three months ended March 31, 2024 and 2023.

Distributions

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

For the Three Months Ended March 31, 2024

Date Declared

Record Date

Payment Date

Distribution per Share

February 21, 2024(1)

March 29, 2024

May 15, 2024

0.37

________________

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

For the Three Months Ended March 31, 2023

Date Declared

Record Date

Payment Date

Distribution per Share

February 21, 2023(1)

March 31, 2023

May 15, 2023

0.34

________________

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

Dividend Reinvestment

With respect to distributions, the Company has adopted an “opt out” dividend reinvestment plan for common shareholders. As a result, in the event of a declared distribution, each shareholder that has not “opted out” of the dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional shares of the Company’s common stock rather than receiving cash distributions. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

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

For the Three Months Ended March 31, 2024

Date Declared

Record Date

Payment Date

November 7, 2023

December 29, 2023

January 31, 2024

1,212,560

For the Three Months Ended March 31, 2023

Date Declared

Record Date

Payment Date

November 1, 2022

December 31, 2022

January 31, 2023

912,215

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

Note 9. Earnings Per Share

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


	For the Three Months Ended March 31,
($ in thousands, except per share amounts)	2024		2023
Increase (decrease) in net assets resulting from operations	$	90,874	$	96,895
Weighted average shares of common stock outstanding—basic and diluted	208,065,044		203,490,453
Earnings (loss) per common share-basic and diluted	$	0.44	$	0.48

Note 10. Income Taxes

The Company has elected to be treated as a RIC under Subchapter M of the Code, and the Company intends to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, the Company must, among other things, distribute to its shareholders in each taxable year generally at least the sum of 90% of our investment company taxable income, as defined by the Code, and net tax-exempt income for that taxable year. To maintain its tax treatment as a RIC, the Company, among other things, intends to make the requisite distributions to our shareholders, which generally relieves the Company from U.S. federal income taxes at corporate rates.

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

For the three months ended March 31, 2024 and 2023, the Company recorded U.S. federal excise tax expense of $3.3 million and $3.1 million, respectively.

Taxable Subsidiaries

Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the three months ended March 31, 2024 and 2023, the Company recorded a net tax benefit of approximately $1 thousand and $1 thousand, respectively.

The Company recorded a net deferred tax asset of $7 thousand as of March 31, 2024, for taxable subsidiaries, which is significantly related to GAAP to tax outside basis differences in the taxable subsidiaries’ investment in certain partnership interests. The Company recorded a net deferred tax asset of $5 thousand as of December 31, 2023, for taxable subsidiaries, which is significantly related to GAAP to tax outside basis differences in the taxable subsidiaries' investment in certain partnership interests.

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) - Continued

Note 11. Financial Highlights

The table below presents the financial highlights for a common share outstanding.

For the Three Months Ended March 31,

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

Form: 10-Q

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