May 12, 2025 - 10-Q: Quarterly report [Sections 13 or 15(d)] | Blue Owl Technology Finance Corp. (OTF)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________________________________________________

FORM 10-Q

______________________________________________________________________________


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

For the period ended March 31, 2025


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

For the transition period from to

Commission File Number 000-55977

______________________________________________________________________________

BLUE OWL TECHNOLOGY FINANCE CORP.

(Exact name of Registrant as specified in its Charter)

______________________________________________________________________________


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

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

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

______________________________________________________________________________

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

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

Large accelerated filer o

Emerging growth company ☐

Smaller reporting company ☐

Non-accelerated filer x

Accelerated filer o

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

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

As of May 12, 2025, the registrant had 465,122,953 shares of common stock, $0.01 par value per share, outstanding.

Table of Contents


		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of March 31 , 202 5 (Unaudited) and December 31, 20 24	3
	Consolidated Statements of Operations for the Three Months Ended March 31 , 202 5 and 202 4 (Unaudited)	4
	Consolidated Schedules of Investments as of March 31, 2025 (Unaudited) and December 31, 202 4	6
	Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31 , 202 5 and 202 4 (Unaudited)	44
	Consolidated Statements of Cash Flows for the Three Months Ended March 31 , 202 5 and 202 4 (Unaudited)	45
	Notes to Consolidated Financial Statements (Unaudited)	47
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	81
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	118
Item 4.	Controls and Procedures	121

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	122
Item 1A.	Risk Factors	122
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	122
Item 3.	Defaults Upon Senior Securities	122
Item 4.	Mine Safety Disclosures	122
Item 5.	Other Information	122
Item 6.	Exhibits	122
Signatures		126

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

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

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

•the impact of elevated inflation rates, fluctuating interest rates, ongoing supply chain and labor market disruptions, including those as a result of strikes, work stoppages or accidents, instability in the U.S. and international banking systems, uncertainties related to the new Presidential administration, including the impact of tariff enactment and tax reductions, trade disputes with other countries, 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, as well as political and social unrest in the Middle East and North Africa regions 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;

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

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

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

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

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

PART I: FINANCIAL INFORMATION

Item 1. Financial Statements

Blue Owl Technology Finance Corp.

Consolidated Statements of Assets and Liabilities

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


	March 31, 2025 (Unaudited)		December 31, 2024
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $11,377,479 and $5,921,172, respectively)	$	11,336,974	$	5,892,773
Non-controlled, affiliated investments (amortized cost of $653,615 and $435,706, respectively)	624,989		407,303
Controlled, affiliated investments (amortized cost of $77,746 and $76,243, respectively)	108,895		107,390
Total investments at fair value (amortized cost of $12,108,840 and $6,433,121, respectively)	12,070,858		6,407,466
Cash (restricted cash of $10,073 and $—, respectively)	997,270		252,964
Foreign cash (cost of $3,762 and $4,040, respectively)	3,745		4,036
Interest receivable	86,220		45,838
Dividend income receivable	13,174		1,929


Prepaid expenses and other assets	47,743		10,388
Total Assets	$	13,219,010	$	6,722,621
Liabilities
Debt (net of unamortized debt issuance costs of $93,708 and $37,495, respectively)	$	5,127,899	$	2,914,509
Management fee payable	27,664		14,687
Distribution payable	—		70,998
Incentive fee payable	21,399		11,133
Payables to affiliates	2,287		1,903
Payable for investments purchased	10,721		52,796
Accrued expenses and other liabilities	82,317		31,445
Total Liabilities	$	5,272,287	$	3,097,471
Commitments and contingencies (Note 7)
Net Assets
Common shares $0.01 par value, 1,000,000,000 shares authorized; 465,122,953 and 212,155,118 shares issued and outstanding, respectively	$	4,651	$	2,122
Additional paid-in-capital	7,665,630		3,352,211
Total accumulated undistributed earnings	276,442		270,817
Total Net Assets	7,946,723		3,625,150
Total Liabilities and Net Assets	$	13,219,010	$	6,722,621
Net Asset Value Per Share	$	17.09	$	17.09

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,
	2025		2024
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income	$	143,358	$	131,552
Payment-in-kind interest income	15,281		27,923
Dividend income	—		506
Payment-in-kind dividend income	8,400		6,541
Other income	4,639		2,094
Total investment income from non-controlled, non-affiliated investments	171,678		168,616
Investment income from non-controlled, affiliated investments:
Interest income	621		—
Payment-in-kind interest income	1,176		—
Dividend income	6,153		795
Payment-in-kind dividend income	3,083		2,847
Other income	51		3
Total investment income from non-controlled, affiliated investments	11,084		3,645
Investment income from controlled, affiliated investments:
Dividend income	55		—
Total investment income from controlled, affiliated investments	55		—
Total Investment Income	182,817		172,261
Expenses
Interest expense	$	51,686	$	49,255
Management fees, net(1)	15,876		13,991
Incentive fees	9,441		10,097

Professional fees	3,368		1,548
Directors' fees	259		258

Other general and administrative	1,503		1,190
Total Expenses	82,133		76,339
Net Investment Income (Loss) Before Taxes	100,684		95,922
Income tax expense (benefit), including excise tax expense (benefit)	3,352		3,284
Net Investment Income (Loss) After Taxes	97,332		92,638
Net Change in Unrealized Gain (Loss)
Non-controlled, non-affiliated investments	$	(19,985)	$	24,911
Non-controlled, affiliated investments	(759)		2,103
Controlled, affiliated investments	2		(4,455)
Translation of assets and liabilities in foreign currencies	1,074		(598)
Income tax (provision) benefit	(795)		—
Total Net Change in Unrealized Gain (Loss)	(20,463)		21,961
Net Realized Gain (Loss):
Non-controlled, non-affiliated investments	$	1,847	$	(22,797)

Foreign currency transactions	(584)		(928)
Total Net Realized Gain (Loss)	1,263		(23,725)
Total Net Realized and Change in Unrealized Gain (Loss)	$	(19,200)	$	(1,764)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	78,132	$	90,874
Earnings (Loss) Per Share - Basic and Diluted	$	0.33	$	0.44
Weighted Average Shares Outstanding - Basic and Diluted	235,351,119		208,065,044

Blue Owl Technology Finance Corp.

Consolidated Statements of Operations

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

(Unaudited)

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

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

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(7)(18)(20)	Investment	Interest			Maturity Date	Par / Units		Amortized Cost(4)(5)		Fair Value		% of Net Assets
		Ref. Rate	Cash	PIK
Non-controlled/non-affiliated portfolio company investments
Debt Investments(6)
Aerospace & defense
ManTech International Corporation(9)(15)	First lien senior secured loan	S+	5.00%		9/2029	$	76,669	$	76,726	$	76,669
Peraton Corp.(3)(9)(15)	Second lien senior secured loan	S+	7.75%		2/2029	84,551		83,802		62,939
								160,528		139,608		1.8	%
Application Software
AI Titan Parent, Inc. (dba Prometheus Group)(8)(15)	First lien senior secured loan	S+	4.75%		8/2031	50,189		49,724		49,687
AlphaSense, Inc.(9)(15)	First lien senior secured loan	S+	6.25%		6/2029	59,360		58,905		58,915
Anaplan, Inc.(9)(15)	First lien senior secured loan	S+	5.00%		6/2029	185,049		185,062		185,049
Armstrong Bidco Limited(11)(15)(23)	First lien senior secured GBP term loan	SA+	5.25%		6/2029	£	16,173	20,169		20,772
Artifact Bidco, Inc. (dba Avetta)(9)(15)	First lien senior secured loan	S+	4.50%		7/2031	34,579		34,429		34,406
Boxer Parent Company Inc. (f/k/a BMC)(3)(9)(15)	First lien senior secured loan	S+	3.00%		7/2031	30,000		29,719		29,442
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(9)(15)(16)	First lien senior secured loan	S+	5.50%		8/2027	78,569		77,654		76,492
CivicPlus, LLC(9)(15)	First lien senior secured loan	S+	5.75%		8/2027	68,151		67,842		68,151
Coupa Holdings, LLC(9)(15)	First lien senior secured loan	S+	5.25%		2/2030	84,955		85,022		84,955
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(10)(15)	Unsecured notes	S+		12.00%	6/2034	46,503		45,778		46,503
Diamondback Acquisition, Inc. (dba Sphera)(8)(15)	First lien senior secured loan	S+	5.50%		9/2028	75,668		74,807		75,479
Einstein Parent, Inc. (dba Smartsheet)(9)(15)	First lien senior secured loan	S+	6.50%		1/2031	105,186		104,155		104,135
Fullsteam Operations, LLC(9)(15)	First lien senior secured loan	S+	8.25%		11/2029	30,815		30,437		30,815
Fullsteam Operations, LLC(9)(15)(16)	First lien senior secured delayed draw term loan	S+	7.00%		11/2029	8,329		8,247		8,307
Gainsight, Inc.(9)(15)(16)	First lien senior secured loan	S+	6.00%		7/2027	70,687		70,233		70,687
Granicus, Inc.(9)(15)	First lien senior secured loan	S+	3.50%	2.25%	1/2031	3,933		3,918		3,933
Granicus, Inc.(9)(15)	First lien senior secured delayed draw term loan	S+	3.00%	2.25%	1/2031	583		578		578
GS Acquisitionco, Inc. (dba insightsoftware)(9)(15)(16)	First lien senior secured loan	S+	5.25%		5/2028	52,679		52,542		52,140
JS Parent, Inc. (dba Jama Software)(9)(15)	First lien senior secured loan	S+	5.00%		4/2031	27,216		27,166		27,216
Magnet Forensics, LLC (f/k/a Grayshift, LLC)(8)(15)(23)	First lien senior secured loan	S+	5.00%		7/2028	176,356		176,448		176,356
Ministry Brands Holdings, LLC(8)(15)	First lien senior secured loan	S+	5.50%		12/2028	8,203		8,105		8,142
Simpler Postage, Inc. (dba Easypost)(8)(15)(16)	First lien senior secured loan	S+	8.00%		6/2029	66,554		63,601		63,515
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(9)(15)	First lien senior secured loan	S+	5.75%		3/2028	12,086		11,943		12,025
Velocity HoldCo III Inc. (dba VelocityEHS)(9)(15)	First lien senior secured loan	S+	5.50%		4/2027	40,104		39,739		40,104
XPLOR T1, LLC(9)(15)	First lien senior secured loan	S+	3.50%		6/2031	9,950		9,954		9,950
Zendesk, Inc.(9)(15)	First lien senior secured loan	S+	4.99%		11/2028	146,363		145,745		146,363
								1,481,922		1,484,117		18.7	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(7)(18)(20)	Investment	Interest			Maturity Date	Par / Units	Amortized Cost(4)(5)	Fair Value	% of Net Assets
		Ref. Rate	Cash	PIK
Banks
Finastra USA, Inc.(10)(15)(16)(23)	First lien senior secured loan	S+	7.25%		9/2029	156,950	156,244	156,950
							156,244	156,950	2.0	%
Beverages
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(8)(15)	First lien senior secured loan	S+	6.25%		3/2027	7,204	7,101	7,095
							7,101	7,095	0.1	%
Building products
EET Buyer, Inc. (dba e-Emphasys)(9)(15)	First lien senior secured loan	S+	4.75%		11/2027	67,733	67,396	67,733
							67,396	67,733	0.9	%
Buildings & Real Estate
Associations, Inc.(9)(15)(16)	First lien senior secured revolving loan	S+	6.50%		7/2028	104,663	104,658	104,663
Associations Finance, Inc.(15)(26)	Unsecured notes	N/A		14.25%	5/2030	41,145	41,034	41,145
							145,692	145,808	1.8	%
Capital Markets
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured loan	N/A	5.00%		6/2030	7,777	7,783	7,777
							7,783	7,777	0.1	%
Commercial Services & Supplies
Pye-Barker Fire & Safety, LLC(9)(15)(16)	First lien senior secured loan	S+	4.50%		5/2031	38,685	38,551	38,588
Pye-Barker Fire & Safety, LLC(9)(15)(16)	First lien senior secured revolving loan	S+	4.50%		5/2030	682	664	668
SimpliSafe Holding Corporation(8)(15)	First lien senior secured loan	S+	6.25%		5/2028	23,459	23,466	23,459
							62,681	62,715	0.8	%
Construction & Engineering
Dodge Construction Network LLC(9)(15)	First lien senior secured loan	S+	6.25%		1/2029	4,396	4,312	4,308
Dodge Construction Network LLC(9)(15)	First lien senior secured loan	S+	4.75%		2/2029	6,080	4,873	4,864
							9,185	9,172	0.1	%
Consumer Finance
Klarna Holding AB(9)(15)(23)	Subordinated Floating Rate Notes	S+	7.00%		4/2034	65,334	65,360	65,334
							65,360	65,334	0.8	%
Diversified Consumer Services
Ellucian Holdings Inc. (f/k/a Sophia, L.P.)(3)(8)(15)	First lien senior secured loan	S+	3.00%		10/2029	7,978	7,955	7,957
Icefall Parent, Inc. (dba EngageSmart)(9)(15)	First lien senior secured loan	S+	6.50%		1/2030	31,043	30,841	31,043
Juniper Square, Inc.(9)(15)(16)	First lien senior secured loan	S+	8.50%		12/2026	56,584	56,629	56,584
Litera Bidco LLC(8)(15)(16)	First lien senior secured loan	S+	5.00%		5/2028	189,191	188,519	188,718
Relativity ODA LLC(8)(15)	First lien senior secured loan	S+	4.49%		5/2029	137,241	136,834	136,898
							420,778	421,200	5.3	%
Diversified Financial Services
Blackhawk Network Holdings, Inc.(3)(8)(15)	First lien senior secured loan	S+	4.00%		3/2029	90,174	90,135	89,705
BTRS Holdings Inc. (dba Billtrust)(9)(15)(16)	First lien senior secured loan	S+	5.50%		12/2028	149,027	148,730	148,626
Computer Services, Inc. (dba CSI)(9)(15)	First lien senior secured loan	S+	5.25%		11/2029	156,854	156,932	156,854

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(7)(18)(20)	Investment	Interest			Maturity Date	Par / Units		Amortized Cost(4)(5)	Fair Value	% of Net Assets
		Ref. Rate	Cash	PIK
Computer Services, Inc. (dba CSI)(9)(15)	First lien senior secured loan	S+	4.75%		11/2029	26,526		26,401	26,459
Hg Genesis 8 Sumoco Limited(11)(15)(23)	Unsecured facility	SA+		6.00%	9/2027	£	14,319	18,069	18,482
Hg Genesis 9 SumoCo Limited(12)(15)(23)	Unsecured facility	E+		6.25%	3/2029	€	62,688	67,564	67,716
Hg Saturn Luchaco Limited(11)(15)(23)	Unsecured facility	SA+		7.50%	3/2026	£	40,822	51,876	52,691
Minotaur Acquisition, Inc. (dba Inspira Financial)(8)(15)	First lien senior secured loan	S+	5.00%		6/2030	145,523		145,004	145,523
NMI Acquisitionco, Inc. (dba Network Merchants)(8)(15)	First lien senior secured loan	S+	5.00%		9/2028	24,294		24,238	24,294
Smarsh Inc.(9)(15)	First lien senior secured loan	S+	4.75%		2/2029	86,977		86,653	86,977
Smarsh Inc.(8)(15)(16)	First lien senior secured revolving loan	S+	4.75%		2/2029	1,155		1,135	1,155
								816,737	818,482	10.3	%
Diversified Support Services
CoreTrust Purchasing Group LLC(8)(15)	First lien senior secured loan	S+	5.25%		10/2029	30,013		30,037	30,013
								30,037	30,013	0.4	%
Entertainment
Aerosmith Bidco 1 Limited (dba Audiotonix)(9)(15)(23)	First lien senior secured loan	S+	5.25%		7/2031	197,055		195,973	197,055
								195,973	197,055	2.5	%
Equity Real Estate Investment Trusts (REITs)
Storable, Inc.(3)(8)(15)	First lien senior secured loan	S+	3.25%		4/2031	9,923		9,891	9,858
								9,891	9,858	0.1	%
Food & Staples Retailing
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(9)(15)	First lien senior secured loan	S+	5.00%		12/2028	169,577		169,694	169,577
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(8)(15)(16)	First lien senior secured revolving loan	S+	5.00%		12/2027	1,214		1,215	1,214
								170,909	170,791	2.1	%
Health Care Equipment & Supplies
Cambrex Corporation(8)(15)	First lien senior secured loan	S+	4.75%		3/2032	39,067		38,695	38,676
Packaging Coordinators Midco, Inc.(9)(15)	First lien senior secured loan	S+	4.75%		1/2032	122,559		120,941	120,874
PerkinElmer U.S. LLC(8)(15)	First lien senior secured loan	S+	5.00%		3/2029	67,532		67,081	67,025
								226,717	226,575	2.9	%
Health Care Providers & Services
Covetrus, Inc.(9)(15)	Second lien senior secured loan	S+	9.25%		10/2030	75,000		73,378	72,938
Engage Debtco Limited(9)(15)(23)	First lien senior secured loan	S+	3.18%	2.50%	7/2029	20,821		20,319	20,300
EresearchTechnology, Inc. (dba Clario)(8)(15)(16)	First lien senior secured loan	S+	4.75%		1/2032	67,599		66,900	66,862
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(9)(15)	First lien senior secured loan	S+	4.75%		12/2029	45,575		45,241	45,575
OneOncology, LLC(9)(15)	First lien senior secured loan	S+	4.75%		6/2030	13,069		13,038	13,003
OneOncology, LLC(9)(15)(16)	First lien senior secured delayed draw term loan	S+	5.00%		6/2030	10,893		10,872	10,893
PetVet Care Centers, LLC(8)(15)	First lien senior secured loan	S+	6.00%		11/2030	77,519		75,093	73,255
Phantom Purchaser, Inc.(9)(15)	First lien senior secured loan	S+	5.00%		9/2031	8,887		8,872	8,865

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(7)(18)(20)	Investment	Interest			Maturity Date	Par / Units		Amortized Cost(4)(5)	Fair Value	% of Net Assets
		Ref. Rate	Cash	PIK
TC Holdings, LLC (dba TrialCard)(9)(15)	First lien senior secured loan	S+	5.00%		4/2027	38,415		38,445	38,415
Vermont Aus Pty Ltd(14)(15)(23)	First lien senior secured AUD term loan	BBSY+	5.75%		3/2028	A$	12,942	8,074	8,024
								360,232	358,130	4.5	%
Health Care Technology
Athenahealth Group Inc.(3)(8)(15)	First lien senior secured loan	S+	3.00%		2/2029	3,484		3,444	3,435
BCPE Osprey Buyer, Inc. (dba PartsSource)(9)(15)	First lien senior secured loan	S+	5.75%		8/2028	113,848		112,813	112,425
BCPE Osprey Buyer, Inc. (dba PartsSource)(8)(15)(16)	First lien senior secured delayed draw term loan	S+	5.75%		8/2028	10,441		10,159	10,256
BCPE Osprey Buyer, Inc. (dba PartsSource)(8)(15)(16)	First lien senior secured revolving loan	S+	5.75%		8/2026	11,280		11,222	11,128
Color Intermediate, LLC (dba ClaimsXten)(9)(15)	First lien senior secured loan	S+	4.75%		10/2029	47,789		47,827	47,789
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(8)(15)	First lien senior secured loan	S+	5.00%		8/2031	155,835		155,604	155,835
GI Ranger Intermediate, LLC (dba Rectangle Health)(9)(15)	First lien senior secured loan	S+	5.75%		10/2028	26,886		26,553	26,347
Greenway Health, LLC(9)(15)	First lien senior secured loan	S+	6.75%		4/2029	18,860		18,582	18,625
Hyland Software, Inc.(8)(15)	First lien senior secured loan	S+	5.00%		9/2030	149,434		149,486	149,434
Indikami Bidco, LLC (dba IntegriChain)(8)(15)	First lien senior secured loan	S+	4.00%	2.50%	12/2030	133,805		131,964	132,467
Indikami Bidco, LLC (dba IntegriChain)(8)(15)(16)	First lien senior secured delayed draw term loan	S+	6.00%		12/2030	2,085		2,004	2,065
Indikami Bidco, LLC (dba IntegriChain)(8)(15)(16)	First lien senior secured revolving loan	S+	6.00%		6/2030	7,299		7,124	7,169
Inovalon Holdings, Inc.(9)(15)	First lien senior secured loan	S+	5.75%		11/2028	151,454		149,387	151,454
Inovalon Holdings, Inc.(9)(15)	Second lien senior secured loan	S+		10.76%	11/2033	98,162		97,096	98,162
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(9)(15)(23)	First lien senior secured loan	S+	6.50%		8/2026	164,336		163,732	160,227
Interoperability Bidco, Inc. (dba Lyniate)(9)(15)(16)	First lien senior secured loan	S+	5.75%		3/2028	117,712		116,857	115,215
Natural Partners, LLC(9)(15)(23)	First lien senior secured loan	S+	4.50%		11/2027	12,289		12,298	12,289
Neptune Holdings, Inc. (dba NexTech)(9)(15)	First lien senior secured loan	S+	4.50%		8/2030	10,892		10,876	10,892
Project Ruby Ultimate Parent Corp. (dba Wellsky)(3)(8)(15)	First lien senior secured loan	S+	3.00%		3/2028	11,628		11,594	11,581
RL Datix Holdings (USA), Inc.(10)(15)	First lien senior secured loan	S+	5.25%		4/2031	104,855		104,042	104,069
RL Datix Holdings (USA), Inc.(11)(15)	First lien senior secured GBP term loan	SA+	5.25%		4/2031	£	48,558	61,227	62,206
Salinger Bidco Inc. (dba Surgical Information Systems)(9)(15)	First lien senior secured loan	S+	5.75%		8/2031	94,453		94,314	94,453
								1,498,205	1,497,523	18.8	%
Hotels, Restaurants & Leisure
MINDBODY, Inc.(9)(15)	First lien senior secured loan	S+	7.00%		9/2025	72,962		72,887	72,962
								72,887	72,962	0.9	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(7)(18)(20)	Investment	Interest			Maturity Date	Par / Units		Amortized Cost(4)(5)	Fair Value	% of Net Assets
		Ref. Rate	Cash	PIK
Household Durables
BCTO BSI Buyer, Inc. (dba Buildertrend)(9)(15)	First lien senior secured loan	S+	6.50%		12/2026	83,870		83,589	83,870
								83,589	83,870	1.1	%
Industrial Conglomerates
Aptean Acquiror, Inc. (dba Aptean)(9)(15)(16)	First lien senior secured loan	S+	5.25%		1/2031	6,708		6,682	6,708
QAD, Inc.(8)(15)	First lien senior secured loan	S+	4.75%		11/2027	87,940		87,940	87,720
								94,622	94,428	1.2	%
Insurance
AmeriLife Holdings LLC(10)(15)(16)	First lien senior secured loan	S+	5.00%		8/2029	43,920		43,733	43,695
Asurion, LLC(3)(8)(15)	First lien senior secured loan	S+	4.25%		8/2028	18,389		18,309	18,202
Asurion, LLC(3)(8)(15)	Second lien senior secured loan	S+	5.25%		1/2028	10,833		10,711	10,230
Diamond Insure Bidco (dba Acturis)(13)(15)	First lien senior secured EUR term loan	E+	4.25%		7/2031	€	8,121	8,666	8,662
Diamond Insure Bidco (dba Acturis)(11)(15)	First lien senior secured GBP term loan	SA+	4.50%		7/2031	£	26,545	33,765	33,835
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(9)(15)	First lien senior secured loan	S+	7.50%		3/2029	44,738		44,426	44,403
Galway Borrower LLC(9)(15)(16)	First lien senior secured delayed draw term loan	S+	4.50%		9/2028	152		152	152
Integrated Specialty Coverages, LLC(9)(15)	First lien senior secured loan	S+	4.75%		7/2030	7,773		7,779	7,773
Integrity Marketing Acquisition, LLC(9)(15)	First lien senior secured loan	S+	5.00%		8/2028	84,612		84,425	84,612
Simplicity Financial Marketing Group Holdings, Inc.(9)(15)	First lien senior secured loan	S+	5.00%		12/2031	14,286		14,153	14,143
Simplicity Financial Marketing Group Holdings, Inc.(10)(15)(16)	First lien senior secured delayed draw term loan	S+	5.00%		12/2031	610		588	587
								266,707	266,294	3.4	%
Internet & Direct Marketing Retail
Aurelia Netherlands B.V.(12)(15)(23)	First lien senior secured EUR term loan	E+	5.50%		5/2031	€	64,942	69,428	70,150
								69,428	70,150	0.9	%
IT Services
Kaseya Inc.(8)(15)	First lien senior secured loan	S+	3.25%		3/2032	70,000		69,698	69,650
Kaseya Inc.(8)(15)	Second lien senior secured loan	S+	5.00%		3/2033	17,500		17,424	17,413
Severin Acquisition, LLC (dba PowerSchool)(8)(15)	First lien senior secured loan	S+	2.75%	2.25%	10/2031	93,322		92,309	92,156
Severin Acquisition, LLC (dba PowerSchool)(8)(15)(16)	First lien senior secured delayed draw term loan	S+	5.00%		10/2031	1,317		1,184	1,164
Severin Acquisition, LLC (dba PowerSchool)(9)(15)(16)	First lien senior secured revolving loan	S+	4.75%		10/2031	1,754		1,621	1,608
Spaceship Purchaser, Inc. (dba Squarespace)(9)(15)	First lien senior secured loan	S+	5.00%		10/2031	180,849		180,528	180,849
								362,764	362,840	4.6	%
Life Sciences Tools & Services
Bamboo US BidCo LLC(12)(15)	First lien senior secured EUR term loan	E+	5.25%		9/2030	€	15,655	16,842	16,910
Bamboo US BidCo LLC(9)(15)	First lien senior secured loan	S+	5.25%		9/2030	28,995		29,003	28,995
Bracket Intermediate Holding Corp.(3)(9)(15)(23)	First lien senior secured loan	S+	4.25%		5/2028	34,390		34,496	34,476

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(7)(18)(20)	Investment	Interest			Maturity Date	Par / Units		Amortized Cost(4)(5)	Fair Value	% of Net Assets
		Ref. Rate	Cash	PIK
Creek Parent, Inc. (dba Catalent)(8)(15)	First lien senior secured loan	S+	5.25%		12/2031	174,889		173,077	174,014
								253,418	254,395	3.2	%
Media
Monotype Imaging Holdings Inc.(8)(15)(16)	First lien senior secured loan	S+	5.50%		2/2031	129,370		129,015	129,370
								129,015	129,370	1.6	%
Multiline Retail
PDI TA Holdings, Inc.(9)(15)(16)	First lien senior secured loan	S+	5.50%		2/2031	25,263		24,973	24,991
								24,973	24,991	0.3	%
Pharmaceuticals
Foundation Consumer Brands, LLC(9)(15)	First lien senior secured loan	S+	5.00%		2/2029	21,394		21,304	21,287
Pacific BidCo Inc.(10)(15)(23)	First lien senior secured loan	S+		6.00%	8/2029	9,049		8,876	8,868
Pacific BidCo Inc.(10)(15)(23)	First lien senior secured delayed draw term loan	S+	5.75%		8/2029	954		936	935
								31,116	31,090	0.4	%
Professional Services
Certinia Inc.(9)(15)	First lien senior secured loan	S+	5.25%		8/2030	88,235		87,895	88,235
CloudPay, Inc.(9)(15)	First lien senior secured loan	S+	7.50%		7/2029	21,000		20,815	20,790
Cornerstone OnDemand, Inc.(8)(15)	Second lien senior secured loan	S+	6.50%		10/2029	71,667		70,959	60,379
Gerson Lehrman Group, Inc.(9)(15)	First lien senior secured loan	S+	5.00%		12/2027	37,790		37,586	37,790
Proofpoint, Inc.(3)(8)(15)	First lien senior secured loan	S+	3.00%		8/2028	3,159		3,151	3,146
Sensor Technology Topco, Inc. (dba Humanetics)(9)(15)(16)	First lien senior secured loan	S+	7.00%		5/2028	64,416		64,468	64,416
Sensor Technology Topco, Inc. (dba Humanetics)(12)(15)(16)	First lien senior secured EUR term loan	E+	7.25%		5/2028	€	11,648	12,612	12,594
Sensor Technology Topco, Inc. (dba Humanetics)(8)(15)(16)	First lien senior secured revolving loan	S+	6.50%		5/2028	2,528		2,530	2,528
Sovos Compliance, LLC(3)(8)(15)	First lien senior secured loan	S+	4.00%		8/2029	19,303		19,209	19,201
Thunder Purchaser, Inc. (dba Vector Solutions)(9)(15)	First lien senior secured loan	S+	5.25%		6/2028	139,408		138,659	139,408
TK Operations Ltd (dba Travelperk, Inc.)(15)(26)	First lien senior secured loan	N/A		11.50%	5/2029	49,430		46,244	46,465
When I Work, Inc.(9)(15)	First lien senior secured loan	S+	5.50%		11/2027	36,203		36,054	34,935
								540,182	529,887	6.7	%
Real Estate Management & Development
Entrata, Inc.(8)(15)	First lien senior secured loan	S+	5.75%		7/2030	45,197		45,222	45,197
RealPage, Inc.(3)(9)(15)	First lien senior secured loan	S+	3.75%		4/2028	35,000		34,825	34,962
								80,047	80,159	1.0	%
Systems Software
Acquia Inc.(9)	First lien senior secured loan	S+	7.00%		11/2026	188,298		188,004	184,533
Activate Holdings (US) Corp. (dba Absolute Software)(9)(15)(23)	First lien senior secured loan	S+	5.50%		7/2030	54,401		54,420	54,401
Appfire Technologies, LLC(9)(15)	First lien senior secured loan	S+	5.00%		3/2028	6,978		6,983	6,978
Arctic Wolf Networks, Inc.(9)(15)	First lien senior secured loan	S+	5.75%		2/2030	88,384		87,519	87,500
Arctic Wolf Networks, Inc.(15)(26)	Senior convertible notes	N/A		3.00%	11/2030	129,334		165,316	165,316
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(8)(15)	First lien senior secured loan	S+	6.50%		3/2031	94,049		93,133	93,345
Barracuda Networks, Inc.(3)(9)(15)	First lien senior secured loan	S+	4.50%		8/2029	22,976		20,253	19,817
Barracuda Networks, Inc.(9)(15)	Second lien senior secured loan	S+	7.00%		8/2030	55,875		43,661	42,325
Barracuda Parent, LLC(9)(15)	First lien senior secured loan	S+	6.50%		8/2029	20,442		19,848	19,369

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(7)(18)(20)	Investment	Interest			Maturity Date	Par / Units		Amortized Cost(4)(5)		Fair Value		% of Net Assets
		Ref. Rate	Cash	PIK
Bayshore Intermediate #2, L.P. (dba Boomi)(9)(15)	First lien senior secured loan	S+	2.88%	3.38%	10/2028	153,679		153,699		153,679
ConnectWise, LLC(3)(9)(15)	First lien senior secured loan	S+	3.50%		9/2028	3,050		3,048		3,044
Crewline Buyer, Inc. (dba New Relic)(8)(15)	First lien senior secured loan	S+	6.75%		11/2030	213,236		210,927		211,104
Databricks, Inc.(8)(15)	First lien senior secured loan	S+	4.50%		1/2031	114,694		114,179		114,120
Databricks, Inc.(15)	First lien senior secured delayed draw term loan	S+	4.50%		1/2031	—		2		—
Delinea Buyer, Inc. (f/k/a Centrify)(9)(15)(16)	First lien senior secured loan	S+	5.75%		3/2028	105,455		104,052		105,455
Delta TopCo, Inc. (dba Infoblox, Inc.)(3)(9)(15)	Second lien senior secured loan	S+	5.25%		11/2030	30,000		29,974		29,934
Forescout Technologies, Inc.(9)(15)	First lien senior secured loan	S+	5.00%		5/2031	67,644		67,335		67,305
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(8)(15)(23)	First lien senior secured loan	S+	7.50%		4/2026	148,889		147,924		148,889
LogRhythm, Inc.(9)(15)	First lien senior secured loan	S+	7.50%		7/2029	4,750		4,624		4,619
Oranje Holdco, Inc. (dba KnowBe4)(9)(15)	First lien senior secured loan	S+	7.75%		2/2029	119,636		119,584		119,636
Oranje Holdco, Inc. (dba KnowBe4)(9)(15)	First lien senior secured loan	S+	7.25%		2/2029	26,646		26,459		26,446
Ping Identity Holding Corp.(9)(15)	First lien senior secured loan	S+	4.75%		10/2029	102,343		102,411		102,343
Rubrik, Inc.(9)(15)(16)	First lien senior secured loan	S+	7.00%		8/2028	64,734		64,667		64,734
Securonix, Inc.(9)(15)	First lien senior secured loan	S+	4.00%	3.75%	4/2028	39,927		37,199		34,637
Securonix, Inc.(9)(15)(16)(28)	First lien senior secured revolving loan	S+	7.00%		4/2028	160		(326)		(783)
Sitecore Holding III A/S(9)(15)	First lien senior secured loan	S+	3.50%	4.25	3/2029	21,288		21,242		21,288
Sitecore Holding III A/S(12)(15)	First lien senior secured EUR term loan	E+	3.50%	4.25%	3/2029	€	123,803	132,044		133,732
Sitecore USA, Inc.(9)(15)	First lien senior secured loan	S+	3.50%	4.25%	3/2029	128,341		128,068		128,341
Sophos Holdings, LLC(3)(8)(15)(23)	First lien senior secured loan	S+	3.50%		3/2027	14,579		14,607		14,569
Talon MidCo 2 Limited(8)(15)(23)	First lien senior secured loan	S+	5.20%		8/2028	35,903		35,894		35,903
Tricentis Operations Holdings, Inc.(9)(15)	First lien senior secured loan	S+	1.38%	4.88%	2/2032	112,398		111,323		111,274
								2,308,073		2,303,853		29.0	%
Total non-controlled/non-affiliated debt investments								$	10,210,192	$	10,180,225	128.1	%
Total non-controlled/non-affiliated misc. debt commitments(15)(28)(Note 7)								$	(4,880)	$	(4,047)	(0.1)	%
Total non-controlled/non-affiliated portfolio company debt investments								$	10,205,312	$	10,176,178	128.1	%

Equity Investments
Aerospace & defense
Space Exploration Technologies Corp.(15)(17)(24)	Class A Common Stock	N/A			N/A	419,311		23,013		78,957
Space Exploration Technologies Corp.(15)(17)(24)	Class C Common Stock	N/A			N/A	84,250		4,011		15,864
								27,024		94,821		1.2	%
Application Software
6Sense Insights, Inc.(15)(17)(24)	Series E-1 Preferred Stock	N/A			N/A	1,580,642		48,102		40,145
Alpha Partners Technology Merger Corp(2)(17)(23)(24)	Common stock	N/A			N/A	30,000		1,000		336
Alpha Partners Technology Merger Corp(2)(17)(23)(24)	Warrants	N/A			N/A	666,666		—		113
AlphaSense, LLC(15)(17)(24)	Series E Preferred Shares	N/A			N/A	284,408		13,176		13,441
Bird Holding B.V. (fka MessageBird Holding B.V.)(15)(17)(23)(24)	Extended Series C Warrants	N/A			N/A	191,530		1,174		278

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(7)(18)(20)	Investment	Interest			Maturity Date	Par / Units		Amortized Cost(4)(5)	Fair Value	% of Net Assets
		Ref. Rate	Cash	PIK
Diligent Preferred Issuer, Inc. (dba Diligent Corporation)(15)(17)(26)	Preferred Stock	N/A		10.50%	N/A	15,000		22,279	21,648
EShares, Inc. (dba Carta)(17)(24)	Series E Preferred Stock	N/A			N/A	186,904		2,008	4,378
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(15)(17)(23)(24)	LP Interest	N/A			N/A	$	2,285	2,285	2,867
Nylas, Inc.(17)(24)	Series C Preferred Stock	N/A			N/A	2,088,467		15,009	2,535
Project Alpine Co-Invest Fund, LP(15)(17)(23)(24)	LP Interest	N/A			N/A	$	13,333	16,381	17,509
Saturn Ultimate, Inc.(15)(17)(24)	Common stock	N/A			N/A	5,580,593		25,008	45,535
Simpler Postage, Inc. (dba Easypost)(15)(17)(24)	Warrants	N/A			N/A	216,891		2,635	2,591
Zoro TopCo, L.P.(15)(17)(24)	Class A Common Units	N/A			N/A	19,731		17,739	18,455
Zoro TopCo, Inc.(9)(15)(17)	Series A Preferred Equity	S+		9.50%	N/A	1,644,254		26,289	26,491
								193,085	196,322	2.5	%
Capital Markets
Acorns Grow Incorporated(15)(17)(23)(26)	Series F Preferred Stock	N/A		5.00%	N/A	572,135		11,376	11,225
								11,376	11,225	0.1	%
Construction & Engineering
Dodge Construction Network Holdings, L.P.(15)(17)(24)	Class A-2 Common Units	N/A			N/A	3,333,333		2,841	474
Dodge Construction Network Holdings, L.P.(9)(15)(17)	Series A Preferred Units	S+	8.25%		N/A	—		69	41
								2,910	515
Consumer products
SLA Eclipse Co-Invest, L.P.(3)(17)(23)(24)	LP Interest	N/A			N/A	$	15,000	15,256	16,551
								15,256	16,551	0.2	%
Diversified Financial Services
Amergin Asset Management, LLC(15)(17)(23)(24)	Class A Units	N/A			N/A	50,000,000		783	1,816
Brex, Inc.(17)(24)	Preferred Stock	N/A			N/A	143,943		5,012	2,885
Juniper Square, Inc.(17)(24)	Warrants	N/A			N/A	40,984		2,128	2,126
								7,923	6,827	0.1	%
Health Care Technology
BEHP Co-Investor II, L.P.(15)(17)(23)(24)	LP Interest	N/A			N/A	$	2,540	2,341	2,593
Minerva Holdco, Inc.(15)(17)(26)	Senior A Preferred Stock	N/A		10.75%	N/A	100,000		136,940	135,419
Orange Blossom Parent, Inc.(15)(17)(24)	Common Units	N/A			N/A	16,667		1,665	1,664
WP Irving Co-Invest, L.P.(15)(17)(23)(24)	Partnership Units	N/A			N/A	2,500,000		2,241	2,553
								143,187	142,229	1.8	%
Health Care Providers & Services
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(15)(17)(24)	Class A Interest	N/A			N/A	317		3,521	3,868
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(15)(17)(26)	Series A Preferred Stock	N/A		15.00%	N/A	8,838		10,118	9,744
								13,639	13,612	0.2	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(7)(18)(20)	Investment	Interest			Maturity Date	Par / Units		Amortized Cost(4)(5)	Fair Value	% of Net Assets
		Ref. Rate	Cash	PIK
Hotels, Restaurants & Leisure
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)(15)(17)(26)	Series A Preferred Stock	N/A		10.00%	N/A	25,000		30,187	32,149
								30,187	32,149	0.4	%
Insurance
Accelerate Topco Holdings, LLC(17)(24)	Common Units	N/A			N/A	12,822		612	612
								612	612	—	%
Internet & Direct Marketing Retail
Kajabi Holdings, LLC(17)(24)	Senior Preferred Class D Units	N/A			N/A	4,126,175		50,025	39,463
Linked Store Cayman Ltd. (dba Nuvemshop)(15)(17)(23)(24)	Series E Preferred Stock	N/A			N/A	19,499		42,496	37,998
								92,521	77,461	1.0	%
IT Services
E2Open Parent Holdings, Inc.(2)(23)(24)	Class A Common Stock	N/A			N/A	1,650,943		17,505	3,302
JumpCloud, Inc.(17)(24)	Series B Preferred Stock	N/A			N/A	756,590		4,531	639
JumpCloud, Inc.(17)(24)	Series F Preferred Stock	N/A			N/A	6,679,245		40,017	28,343
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(10)(15)(17)	Perpetual Preferred Stock	S+		11.00%	N/A	44,100		61,130	61,157
Replicated, Inc.(17)(24)	Series C Preferred Stock	N/A			N/A	1,277,832		20,008	6,496
WMC Bidco, Inc. (dba West Monroe)(15)(17)(26)	Senior Preferred Stock	N/A		11.25%	N/A	57,231		82,884	82,340
								226,075	182,277	2.3	%
Pharmaceuticals
XOMA Corporation(15)(17)(24)	Warrants	N/A			N/A	24,000		174	169
								174	169	—	%
Professional Services
BCTO WIW Holdings, Inc. (dba When I Work)(15)(17)(24)	Class A Common Stock	N/A			N/A	70,000		7,000	3,621
CloudPay, Inc.(15)(17)(23)(26)	Series E Preferred Stock	N/A		13.50%	N/A	84,830		19,956	19,947
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(15)(17)(26)	Series A Preferred Stock	N/A		10.50%	N/A	28,000		38,448	30,841
Thunder Topco L.P. (dba Vector Solutions)(15)(17)(24)	Common Units	N/A			N/A	7,857,410		7,857	9,348
TravelPerk, Inc.(15)(17)(24)	Warrants	N/A			N/A	156,041		4,447	5,400
Vestwell Holdings, Inc.(15)(17)(24)	Series D Preferred Stock	N/A			N/A	304,350		6,022	6,000
								83,730	75,157	0.9	%
Road & Rail
Bolt Technology OÜ(17)(23)(24)	Preferred Stock	N/A			N/A	43,478		11,318	10,431
								11,318	10,431	0.1	%
Systems Software
Algolia, Inc.(17)(24)	Series C Preferred Stock	N/A			N/A	970,281		10,000	17,523
Algolia, Inc.(17)(24)	Series D Preferred Stock	N/A			N/A	136,776		4,000	3,027
Arctic Wolf Networks, Inc.(17)(24)	Preferred Stock	N/A			N/A	3,032,840		25,036	26,901
Axonius, Inc.(17)(24)	Series E Preferred Stock	N/A			N/A	1,733,274		8,149	8,142
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(15)(17)(24)	Common Units	N/A			N/A	12,692,160		12,692	19,053
Chrome Investors LP(15)(16)(23)(26)	LP Interest	N/A			N/A	$	16,407	16,417	16,407
Circle Internet Services, Inc.(17)(24)	Warrants	N/A			N/A	358,412		6	567

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(7)(18)(20)	Investment	Interest			Maturity Date	Par / Units		Amortized Cost(4)(5)		Fair Value		% of Net Assets
		Ref. Rate	Cash	PIK
Circle Internet Services, Inc.(17)(24)	Series D Preferred Stock	N/A			N/A	2,934,961		15,000		14,175
Circle Internet Services, Inc.(17)(24)	Series E Preferred Stock	N/A			N/A	821,806		6,917		4,978
Circle Internet Services, Inc.(17)(24)	Series F Preferred Stock	N/A			N/A	75,876		1,500		788
Circle Internet Services, Inc.(17)(24)	Subordinated Convertible Security	N/A			N/A	758,882		759		759
Elliott Alto Co-Investor Aggregator L.P.(15)(17)(23)(24)	LP Interest	N/A			N/A	14,627		21,934		24,085
Excalibur CombineCo, L.P.(15)(17)(24)	Class A Units	N/A			N/A	3,340,668		99,452		78,278
Halo Parent Newco, LLC(15)(17)(26)	Class H PIK Preferred Equity	N/A		11.00%	N/A	45,000		46,659		44,734
HARNESS INC.(17)(24)(27)	Series D Preferred Stock	N/A			N/A	1,022,648		9,169		9,169
Illumio, Inc.(17)(24)	Common stock	N/A			N/A	358,365		2,432		1,486
Illumio, Inc.(17)(24)	Series F Preferred Stock	N/A			N/A	2,483,618		16,684		15,502
Project Hotel California Co-Invest Fund, L.P.(3)(15)(17)(23)(24)	LP Interest	N/A			N/A	$	10,739	14,719		14,860
								311,525		300,434		3.8	%
Thrifts & Mortgage Finance
Blend Labs, Inc.(15)(17)(24)	Warrants	N/A			N/A	299,216		1,625		4
								1,625		4
Total non-controlled/non-affiliated portfolio company equity investments								$	1,172,167	$	1,160,796	14.6	%
Total non-controlled/non-affiliated portfolio company investments								$	11,377,479	$	11,336,974	142.7	%

Non-controlled/affiliated portfolio company investments(21)
Debt Investments(6)
Diversified Financial Services
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(15)(23)(26)	First lien senior secured loan	N/A		12.00%	7/2030	13,154		13,144		13,154
AAM Series 2.1 Aviation Feeder, LLC(15)(23)(26)	First lien senior secured loan	N/A		12.00%	11/2030	15,806		15,816		15,806
								28,960		28,960		0.4	%
Insurance
Coherent Group Inc.(15)(21)(26)	Convertible notes	N/A	5.30%		12/2025	3,029		3,032		3,029
								3,032		3,029		—	%
Internet & Direct Marketing Retail
Walker Edison Furniture Company LLC(9)(15)(16)(21)(25)	First lien senior secured loan	N/A		6.75%	3/2027	22,197		19,199		3,766
								19,199		3,766		—	%
IT Services
Pluralsight, LLC(9)(15)(21)	First lien senior secured loan	S+	3.00%	1.50%	8/2029	30,593		30,593		30,593
Pluralsight, LLC(9)(15)(21)	First lien senior secured loan	S+		7.50%	8/2029	32,319		32,319		32,319
								62,912		62,912		0.8	%
Total non-controlled/affiliated portfolio company debt investments								$	114,103	$	98,667	1.2	%

Equity Investments
Diversified Financial Services
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(15)(16)(17)(23)(24)	LLC Interest	N/A			N/A	7,365,950		9,178		9,750
AAM Series 2.1 Aviation Feeder, LLC(15)(16)(17)(23)(24)(26)	LLC Interest	N/A			N/A	6,850,888		9,404		9,687
								18,582		19,437		0.2	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(7)(18)(20)	Investment	Interest			Maturity Date	Par / Units		Amortized Cost(4)(5)		Fair Value		% of Net Assets
		Ref. Rate	Cash	PIK
Insurance
Coherent Group Inc.(17)(21)(24)	Series B Preferred Shares	N/A			N/A	456,035		12,210		12,199
Fifth Season Investments LLC(15)(17)(19)(21)	Class A Units	N/A			N/A	16		133,467		137,359
								145,677		149,558		1.9	%
Internet & Direct Marketing Retail
Signifyd Inc.(17)(21)(26)	Preferred equity	N/A		9.00%	N/A	2,755,121		139,190		126,940
Walker Edison Holdco LLC(15)(17)(21)(24)	Common Units	N/A			N/A	98,319		9,500		—
								148,690		126,940		1.6	%
IT Services
Paradigmatic Holdco LLC (dba Pluralsight)(15)(17)(21)(24)	Common stock	N/A			N/A	10,119,090		26,850		26,850
								26,850		26,850		0.3	%
Pharmaceuticals
LSI Financing LLC(15)(16)(17)(21)(23)(24)(26)	Common Equity	N/A			N/A	$	92,364	92,252		95,876
LSI Financing 1 DAC(15)(17)(21)(23)(26)	Preferred equity	N/A			N/A	$	7,749	8,044		7,738
								100,296		103,614		1.3	%
Systems Software
Help HP SCF Investor, LP(15)(17)(21)(24)	LP Interest	N/A			N/A	$	59,333	59,385		59,923
Securiti, Inc.(15)(17)(24)	Series C Preferred Shares	N/A			N/A	5,051,142		40,032		40,000
								99,417		99,923		1.3	%
Total non-controlled/affiliated portfolio company equity investments								$	539,512	$	526,322	6.6	%
Total non-controlled/affiliated portfolio company investments								$	653,615	$	624,989	7.9	%

Controlled/affiliated portfolio company investments(22)
Equity Investments
Diversified Financial Services
Revolut Ribbit Holdings, LLC(17)(22)(23)(24)	LLC Interest	N/A			N/A	122,996		75,294		106,443
								75,294		106,443		1.3	%
Joint Ventures
Blue Owl Credit SLF LLC(15)(17)(19)(22)(23)(24)	LLC Interest	N/A			N/A	$	2,442	2,452		2,452
								2,452		2,452		—	%
Total controlled/affiliated portfolio company equity investments								$	77,746	$	108,895	1.4	%
Total controlled/affiliated portfolio company investments								$	77,746	$	108,895	1.4	%
Total Investments								$	12,108,840	$	12,070,858	151.9	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


	Interest Rate Swaps as of March 31, 2025
	Company Receives	Company Pays	Maturity Date	Notional Amount		Fair Value		Upfront Payments/Receipts	Change in Unrealized Appreciation / (Depreciation)		Hedged Instrument	Footnote Reference

Interest rate swap(a)	6.75%	S + 2.5645%	3/4/2029	700,000		10,665		—	(57)		April 2029 Notes	Note 5
Interest rate swap(b)	6.10%	S + 1.7670%	2/15/2028	650,000		10,208		—	(410)		March 2028 Notes	Note 5
Total				$	1,350,000	$	20,873		$	(467)

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

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

(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, 2025, the net estimated unrealized gain for U.S. federal income tax purposes was $49.7 million based on a tax cost basis of $12.0 billion. As of March 31, 2025, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $135.9 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $185.6 million.

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

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

(8)The interest rate on these loans is subject to 1 month SOFR, which as of March 31, 2025 was 4.32%.

(9)The interest rate on these loans is subject to 3 month SOFR, which as of March 31, 2025 was 4.29%.

(10)The interest rate on these loans is subject to 6 month SOFR, which as of March 31, 2025 was 4.19%.

(11)The interest rate on these loans is subject to SONIA, which as of March 31, 2025 was 4.46%.

(12)The interest rate on these loans is subject to 3 month EURIBOR, which as of March 31, 2025 was 2.34%.

(13)The interest rate on these loans is subject to 6 month EURIBOR, which as of March 31, 2025 was 2.34%.

(14)The interest rate on these loans is subject to 3 month BBSY, which as of March 31, 2025 was 4.13%.

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

(16)Position or portion thereof is a partially unfunded debt or equity commitment. See below for more information on the Company’s commitments. See Note 7 “Commitments and Contingencies”.


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Unfunded
					Commitment		Fair Value(28)
Non-controlled/non-affiliated - delayed draw debt commitments
Aerosmith Bidco 1 Limited (dba Audiotonix)	First lien senior secured delayed draw term loan	7/2027	$	—	$	67,184	$	—
AI Titan Parent, Inc. (dba Prometheus Group)	First lien senior secured delayed draw term loan	9/2026	—		10,038		(50)
AlphaSense, Inc.	First lien senior secured delayed draw term loan	6/2029	—		12,030		(90)
AlphaSense, Inc.	First lien senior secured delayed draw term loan	12/2025	—		11,872		(89)
AmeriLife Holdings LLC	First lien senior secured delayed draw term loan	6/2026	2,197		2,339		—
AmeriLife Holdings LLC	First lien senior secured delayed draw term loan	2/2027	—		5,250		(13)
Appfire Technologies, LLC	First lien senior secured delayed draw term loan	12/2025	—		2,108		—
Appfire Technologies, LLC	First lien senior secured delayed draw term loan	6/2026	—		1,344		—

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(28)
Aptean Acquiror, Inc. (dba Aptean)	First lien senior secured delayed draw term loan	1/2026	129	169	—
Aptean Acquiror, Inc. (dba Aptean)	First lien senior secured delayed draw term loan	7/2025	—	7,119	—
Aptean Acquiror, Inc. (dba Aptean)	First lien senior secured delayed draw term loan	2/2027	—	6,329	—
Artifact Bidco, Inc. (dba Avetta)	First lien senior secured delayed draw term loan	7/2027	—	8,463	—
Associations, Inc.	First lien senior secured delayed draw term loan	7/2028	1,898	5,745	—
Bamboo US BidCo LLC	First lien senior secured delayed draw term loan	11/2026	—	6,856	—
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured delayed draw term loan	10/2025	4,519	21,744	—
Cambrex Corporation	First lien senior secured delayed draw term loan	3/2027	—	5,831	(29)
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured delayed draw term loan	9/2025	—	3,806	—
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured delayed draw term loan	6/2026	—	2,239	—
Computer Services, Inc. (dba CSI)	First lien senior secured delayed draw term loan	2/2026	—	18,393	—
CoreTrust Purchasing Group LLC	First lien senior secured delayed draw term loan	5/2026	—	6,316	—
Coupa Holdings, LLC	First lien senior secured delayed draw term loan	8/2025	—	7,643	—
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured delayed draw term loan	8/2026	—	5,364	—
Databricks, Inc.	First lien senior secured delayed draw term loan	7/2026	—	25,806	—
EET Buyer, Inc. (dba e-Emphasys)	First lien senior secured delayed draw term loan	4/2026	—	9,545	—
EresearchTechnology, Inc. (dba Clario)	First lien senior secured delayed draw term loan	1/2027	632	12,003	—
EresearchTechnology, Inc. (dba Clario)	First lien senior secured delayed draw term loan	3/2026	—	11,119	(56)
Fullsteam Operations, LLC	First lien senior secured delayed draw term loan	8/2025	6,338	5,514	—
Fullsteam Operations, LLC	First lien senior secured delayed draw term loan	2/2026	1,991	972	—
Galway Borrower LLC	First lien senior secured delayed draw term loan	7/2026	88	1,466	—
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured delayed draw term loan	3/2026	425	1,494	—
Indikami Bidco, LLC (dba IntegriChain)	First lien senior secured delayed draw term loan	12/2025	2,085	16,162	—
Integrated Specialty Coverages, LLC	First lien senior secured delayed draw term loan	2/2027	—	514	—
Integrity Marketing Acquisition, LLC	First lien senior secured delayed draw term loan	8/2026	—	12,831	—
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured delayed draw term loan	6/2026	—	7,619	(152)
Juniper Square, Inc.	First lien senior secured delayed draw term loan	6/2026	3,545	7,705	—

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(28)
Litera Bidco LLC	First lien senior secured delayed draw term loan	11/2026	38,693	3,385	—
Litera Bidco LLC	First lien senior secured delayed draw term loan	5/2027	—	17,577	(44)
ManTech International Corporation	First lien senior secured delayed draw term loan	6/2025	—	11,334	—
Minotaur Acquisition, Inc. (dba Inspira Financial)	First lien senior secured delayed draw term loan	5/2026	—	20,908	—
Monotype Imaging Holdings Inc.	First lien senior secured delayed draw term loan	2/2026	2,470	8,172	—
OneOncology, LLC	First lien senior secured delayed draw term loan	3/2027	—	34,699	(87)
OneOncology, LLC	First lien senior secured delayed draw term loan	10/2026	4,970	2,956	—
Packaging Coordinators Midco, Inc.	First lien senior secured delayed draw term loan	4/2026	—	65,095	(489)
PDI TA Holdings, Inc.	First lien senior secured delayed draw term loan	2/2026	—	2,271	(11)
PetVet Care Centers, LLC	First lien senior secured delayed draw term loan	11/2025	—	10,239	(461)
Pye-Barker Fire & Safety, LLC	First lien senior secured delayed draw term loan	5/2026	—	13,777	—
Pye-Barker Fire & Safety, LLC	First lien senior secured delayed draw term loan	5/2026	10,409	1,645	—
RL Datix Holdings (USA), Inc.	First lien senior secured delayed draw term loan	4/2027	—	23,650	—
Rubrik, Inc.	First lien senior secured delayed draw term loan	6/2028	7,570	419	—
Salinger Bidco Inc. (dba Surgical Information Systems)	First lien senior secured delayed draw term loan	8/2026	—	9,141	—
Sensor Technology Topco, Inc. (dba Humanetics)	First lien senior secured delayed draw term loan	9/2025	551	736	—
Sensor Technology Topco, Inc. (dba Humanetics)	First lien senior secured EUR delayed draw term loan	9/2025	121	162	—
Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured delayed draw term loan	10/2027	1,317	18,175	—
Simpler Postage, Inc. (dba Easypost)	First lien senior secured delayed draw term loan	6/2026	4,478	53,946	—
Simplicity Financial Marketing Group Holdings, Inc.	First lien senior secured delayed draw term loan	12/2026	610	3,200	—
Smarsh Inc.	First lien senior secured delayed draw term loan	1/2027	—	16,329	—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured delayed draw term loan	10/2026	—	10,765	—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured delayed draw term loan	10/2027	—	25,836	—
Tricentis Operations Holdings, Inc.	First lien senior secured delayed draw term loan	2/2027	—	22,480	(112)
Zendesk, Inc.	First lien senior secured delayed draw term loan	11/2025	—	35,836	—
Non-controlled/non-affiliated - revolving debt commitments
Acquia Inc.*	First lien senior secured revolving loan	11/2026	11,789	—	—
Activate Holdings (US) Corp. (dba Absolute Software)	First lien senior secured revolving loan	7/2029	—	3,363	—

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(28)
Aerosmith Bidco 1 Limited (dba Audiotonix)	First lien senior secured revolving loan	7/2030	—	28,149	—
AI Titan Parent, Inc. (dba Prometheus Group)	First lien senior secured revolving loan	8/2031	—	6,274	(63)
AmeriLife Holdings LLC	First lien senior secured revolving loan	8/2028	—	4,898	(24)
Anaplan, Inc.	First lien senior secured revolving loan	6/2028	—	12,963	—
Appfire Technologies, LLC	First lien senior secured revolving loan	3/2028	—	816	—
Aptean Acquiror, Inc. (dba Aptean)	First lien senior secured revolving loan	1/2031	—	952	—
Artifact Bidco, Inc. (dba Avetta)	First lien senior secured revolving loan	7/2030	—	6,046	(30)
Associations, Inc.	First lien senior secured revolving loan	7/2028	4,537	1,594	—
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)	First lien senior secured revolving loan	3/2031	—	10,450	(78)
Bamboo US BidCo LLC	First lien senior secured revolving loan	10/2029	—	5,128	—
Bayshore Intermediate #2, L.P. (dba Boomi)	First lien senior secured revolving loan	10/2027	—	13,131	—
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured revolving loan	8/2026	11,280	951	—
BCTO BSI Buyer, Inc. (dba Buildertrend)	First lien senior secured revolving loan	12/2026	—	11,250	—
BTRS Holdings Inc. (dba Billtrust)	First lien senior secured revolving loan	12/2028	11,022	11,022	—
Cambrex Corporation	First lien senior secured revolving loan	3/2032	—	5,102	(51)
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)	First lien senior secured revolving loan	8/2027	2,338	4,450	—
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured revolving loan	6/2029	—	1,119	—
Certinia Inc.	First lien senior secured revolving loan	8/2030	—	8,824	—
CivicPlus, LLC	First lien senior secured revolving loan	8/2027	—	4,664	—
CoreTrust Purchasing Group LLC	First lien senior secured revolving loan	10/2029	—	3,789	—
Coupa Holdings, LLC	First lien senior secured revolving loan	2/2029	—	5,852	—
Creek Parent, Inc. (dba Catalent)	First lien senior secured revolving loan	12/2031	—	25,111	(126)
Crewline Buyer, Inc. (dba New Relic)	First lien senior secured revolving loan	11/2030	—	21,393	(214)
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured revolving loan	8/2031	—	13,410	—
Delinea Buyer, Inc. (f/k/a Centrify)	First lien senior secured revolving loan	3/2027	—	8,163	—
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)	First lien senior secured revolving loan	3/2029	—	3,823	(29)
EET Buyer, Inc. (dba e-Emphasys)	First lien senior secured revolving loan	11/2027	—	6,150	—
Einstein Parent, Inc. (dba Smartsheet)	First lien senior secured revolving loan	1/2031	—	10,881	(109)
Entrata, Inc.	First lien senior secured revolving loan	7/2028	—	5,231	—
EresearchTechnology, Inc. (dba Clario)	First lien senior secured revolving loan	10/2031	—	6,318	(63)
Finastra USA, Inc.	First lien senior secured revolving loan	9/2029	4,029	11,994	—
Forescout Technologies, Inc.	First lien senior secured revolving loan	5/2030	—	9,693	(48)
Foundation Consumer Brands, LLC	First lien senior secured revolving loan	2/2029	—	575	(6)
Fullsteam Operations, LLC	First lien senior secured revolving loan	11/2029	—	1,185	—
Gainsight, Inc.	First lien senior secured revolving loan	7/2027	2,933	2,700	—

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(28)
Galway Borrower LLC	First lien senior secured revolving loan	9/2028	64	132	—
Gerson Lehrman Group, Inc.	First lien senior secured revolving loan	12/2027	—	1,913	—
GI Ranger Intermediate, LLC (dba Rectangle Health)	First lien senior secured revolving loan	10/2027	—	2,211	(44)
Granicus, Inc.	First lien senior secured revolving loan	1/2031	—	548	—
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured revolving loan	5/2028	—	4,799	(48)
H&F Opportunities LUX III S.À R.L (dba Checkmarx)	First lien senior secured revolving loan	4/2026	—	25,000	—
Hyland Software, Inc.	First lien senior secured revolving loan	9/2029	—	7,172	—
Icefall Parent, Inc. (dba EngageSmart)	First lien senior secured revolving loan	1/2030	—	2,957	—
Indikami Bidco, LLC (dba IntegriChain)	First lien senior secured revolving loan	6/2030	7,299	5,735	—
Integrated Specialty Coverages, LLC	First lien senior secured revolving loan	7/2029	—	603	—
Integrity Marketing Acquisition, LLC	First lien senior secured revolving loan	8/2028	—	4,294	—
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)*	First lien senior secured revolving loan	8/2026	10,847	—	—
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured revolving loan	3/2028	1,986	7,041	—
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))	First lien senior secured revolving loan	12/2027	1,214	9,024	—
JS Parent, Inc. (dba Jama Software)	First lien senior secured revolving loan	4/2031	—	2,647	—
Juniper Square, Inc.	First lien senior secured revolving loan	12/2026	—	2,250	—
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)	First lien senior secured revolving loan	12/2029	—	6,251	—
Litera Bidco LLC	First lien senior secured revolving loan	5/2028	—	10,004	(25)
LogRhythm, Inc.	First lien senior secured revolving loan	7/2029	—	475	(13)
Magnet Forensics, LLC (f/k/a Grayshift, LLC)	First lien senior secured revolving loan	7/2028	—	6,774	—
ManTech International Corporation	First lien senior secured revolving loan	9/2028	—	9,460	—
MINDBODY, Inc.	First lien senior secured revolving loan	9/2025	—	7,143	—
Ministry Brands Holdings, LLC	First lien senior secured revolving loan	12/2027	—	737	(6)
Minotaur Acquisition, Inc. (dba Inspira Financial)	First lien senior secured revolving loan	6/2030	—	12,863	—
Monotype Imaging Holdings Inc.	First lien senior secured revolving loan	2/2030	—	15,982	—
Natural Partners, LLC	First lien senior secured revolving loan	11/2027	—	1,590	—
Neptune Holdings, Inc. (dba NexTech)	First lien senior secured revolving loan	8/2029	—	1,471	—
NMI Acquisitionco, Inc. (dba Network Merchants)	First lien senior secured revolving loan	9/2028	—	1,115	—
OneOncology, LLC	First lien senior secured revolving loan	6/2029	—	9,300	(47)
Oranje Holdco, Inc. (dba KnowBe4)	First lien senior secured revolving loan	2/2029	—	14,955	—
Packaging Coordinators Midco, Inc.	First lien senior secured revolving loan	1/2032	—	12,346	(170)
PDI TA Holdings, Inc.	First lien senior secured revolving loan	2/2031	302	1,961	—
PetVet Care Centers, LLC	First lien senior secured revolving loan	11/2029	—	10,745	(591)

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Unfunded
					Commitment		Fair Value(28)
Phantom Purchaser, Inc.	First lien senior secured revolving loan	9/2031	—		1,140		(3)
Ping Identity Holding Corp.	First lien senior secured revolving loan	10/2028	—		10,286		—
Pye-Barker Fire & Safety, LLC	First lien senior secured revolving loan	5/2030	682		4,773		—
QAD, Inc.	First lien senior secured revolving loan	11/2027	—		11,429		(29)
Relativity ODA LLC	First lien senior secured revolving loan	5/2029	—		11,725		(29)
RL Datix Holdings (USA), Inc.	First lien senior secured revolving loan	10/2030	—		20,708		(155)
SailPoint Technologies Holdings, Inc.	First lien senior secured revolving loan	8/2028	—		17,433		—
Salinger Bidco Inc. (dba Surgical Information Systems)	First lien senior secured revolving loan	5/2031	—		9,141		—
Securonix, Inc.	First lien senior secured revolving loan	4/2028	160		6,958		—
Sensor Technology Topco, Inc. (dba Humanetics)	First lien senior secured revolving loan	5/2028	2,528		3,011		—
Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured revolving loan	10/2031	1,754		9,941		—
Simplicity Financial Marketing Group Holdings, Inc.	First lien senior secured revolving loan	12/2031	—		1,905		(19)
Smarsh Inc.	First lien senior secured revolving loan	2/2029	1,155		7,509		—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured revolving loan	10/2031	—		21,530		—
Talon MidCo 2 Limited	First lien senior secured revolving loan	8/2028	—		2,976		—
Tamarack Intermediate, L.L.C. (dba Verisk 3E)	First lien senior secured revolving loan	3/2028	—		1,682		(8)
TC Holdings, LLC (dba TrialCard)	First lien senior secured revolving loan	4/2027	—		2,842		—
Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured revolving loan	6/2027	—		11,250		—
Tricentis Operations Holdings, Inc.	First lien senior secured revolving loan	2/2032	—		14,050		(140)
Velocity HoldCo III Inc. (dba VelocityEHS)	First lien senior secured revolving loan	4/2027	—		2,500		—
When I Work, Inc.	First lien senior secured revolving loan	11/2027	—		5,605		(196)
Zendesk, Inc.	First lien senior secured revolving loan	11/2028	—		14,756		—
Non-controlled/non-affiliated - equity commitments
Chrome Investors LP	LP Interest	N/A	16,407		4,102		—
Non-controlled/affiliated - delayed draw debt commitments
Pluralsight, LLC	First lien senior secured delayed draw term loan	8/2029	—		12,649		—
Walker Edison Furniture Company LLC	First lien senior secured delayed draw term loan	3/2027	587		822		—
Non-controlled/affiliated - revolving debt commitments
Pluralsight, LLC	First lien senior secured revolving loan	8/2029	—		5,060		—
Walker Edison Furniture Company LLC*	First lien senior secured revolving loan	3/2027	4,495		—		—
Non-controlled/affiliated - equity commitments
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC	LLC Interest	N/A	7,366		15,723		—
AAM Series 2.1 Aviation Feeder, LLC	LLC Interest	N/A	6,851		4,491		—
LSI Financing LLC	Common Equity	N/A	92,364		1,000		—
Total Portfolio Company Commitments			$	299,025	$	1,457,574	$	(4,047)

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

*Fully funded

(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, 2025, the aggregate fair value of these securities is $1.8 billion or 22.6% 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 01, 2022

AAM Series 2.1 Aviation Feeder, LLC

LLC interest

July 01, 2022

Accelerate Topco Holdings, LLC

Common Units

March 24, 2025

Acorns Grow Incorporated

Series F Preferred Stock

March 24, 2025

Algolia, Inc.

Series D Preferred Stock

July 19, 2021

Algolia, Inc.

Series C Preferred Stock

August 30, 2019

Alpha Partners Technology Merger Corp

Common stock

July 23, 2021

Alpha Partners Technology Merger Corp

Warrants

July 21, 2023

AlphaSense, LLC

Series E Preferred Shares

June 27, 2024

Amergin Asset Management, LLC

Class A Units

July 01, 2022

Arctic Wolf Networks, Inc.

Preferred Stock

July 07, 2021

Axonius, Inc.

Series E Preferred Stock

March 24, 2025

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

Class A Common Stock

November 02, 2021

BEHP Co-Investor II, L.P.

LP Interest

May 06, 2022

Blend Labs, Inc.

Warrants

July 02, 2021

Blue Owl Credit SLF LLC*

LLC Interest

August 01, 2024

Bolt Technology OÜ

Preferred Stock

December 10, 2021

Brex, Inc.

Preferred Stock

November 30, 2021

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

Common Units

October 01, 2021

Chrome Investors LP

LP Interest

January 25, 2025

Circle Internet Services, Inc.

Series D Preferred Stock

May 20, 2019

Circle Internet Services, Inc.

Series E Preferred Stock

February 28, 2020

Circle Internet Services, Inc.

Series F Preferred Stock

May 04, 2021

Circle Internet Services, Inc.

Warrants

May 20, 2019

Circle Internet Services, Inc.

Subordinated Convertible Security

April 12, 2024

CloudPay, Inc.

Series E Preferred Stock

July 31, 2024

Coherent Group Inc.

Series B Preferred Shares

March 24, 2025

Diligent Preferred Issuer, Inc. (dba Diligent Corporation)

Preferred Stock

April 06, 2021

Dodge Construction Network Holdings, L.P.

Series A Preferred Units

March 16, 2022

Dodge Construction Network Holdings, L.P.

Class A-2 Common Units

March 16, 2022

E2Open Parent Holdings, Inc.

Class A Common Stock

August 27, 2021

Elliott Alto Co-Investor Aggregator L.P.

LP Interest

September 28, 2022

EShares, Inc. (dba Carta)

Series E Preferred Stock

August 01, 2019

Excalibur CombineCo, L.P.

Class A Units

July 02, 2024

Fifth Season Investments LLC

Class A Units

October 17, 2022

Halo Parent Newco, LLC

Class H PIK Preferred Equity

October 15, 2021

HARNESS INC.

Series D Preferred Stock

June 11, 2024

Help HP SCF Investor, LP

LP Interest

April 28, 2021

Illumio, Inc.

Common stock

August 27, 2021

Illumio, Inc.

Series F Preferred Stock

June 23, 2021

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

LP Interest

June 08, 2022

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company

Investment

Acquisition Date

JumpCloud, Inc.

Series F Preferred Stock

September 03, 2021

JumpCloud, Inc.

Series B Preferred Stock

December 30, 2021

Juniper Square, Inc.

Warrants

March 24, 2025

Kajabi Holdings, LLC

Senior Preferred Class D Units

March 24, 2021

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

Perpetual Preferred Stock

June 22, 2022

KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)

Class A Interest

December 12, 2023

Linked Store Cayman Ltd. (dba Nuvemshop)

Series E Preferred Stock

August 09, 2021

LSI Financing 1 DAC

Preferred equity

December 14, 2022

LSI Financing LLC

Common Equity

November 25, 2024

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

Extended Series C Warrants

May 05, 2021

Minerva Holdco, Inc.

Senior A Preferred Stock

February 14, 2022

Nylas, Inc.

Series C Preferred Stock

June 03, 2021

Orange Blossom Parent, Inc.

Common Units

March 24, 2025

Paradigmatic Holdco LLC (dba Pluralsight)

Common stock

August 22, 2024

Project Alpine Co-Invest Fund, LP

LP Interest

June 13, 2022

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

LP Interest

August 09, 2022

Replicated, Inc.

Series C Preferred Stock

June 30, 2021

Revolut Ribbit Holdings, LLC

LLC Interest

September 30, 2021

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

Series A Preferred Stock

November 15, 2023

Saturn Ultimate, Inc.

Common stock

December 29, 2021

Securiti, Inc.

Series C Preferred Shares

July 29, 2022

Signifyd Inc.

Preferred equity

April 08, 2021

Simpler Postage, Inc. (dba Easypost)

Warrants

June 11, 2024

SLA Eclipse Co-Invest, L.P.

LP Interest

September 30, 2019

Space Exploration Technologies Corp.

Class A Common Stock

March 23, 2021

Space Exploration Technologies Corp.

Class C Common Stock

March 23, 2021

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

Series A Preferred Stock

October 14, 2021

Thunder Topco L.P. (dba Vector Solutions)

Common Units

June 30, 2021

TravelPerk, Inc.

Warrants

May 02, 2024

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

Series A Preferred Stock

October 15, 2021

Vestwell Holdings, Inc.

Series D Preferred Stock

December 20, 2023

Walker Edison Holdco LLC

Common Units

March 01, 2023

WMC Bidco, Inc. (dba West Monroe)

Senior Preferred Stock

November 09, 2021

WP Irving Co-Invest, L.P.

Partnership Units

May 18, 2022

XOMA Corporation

Warrants

December 15, 2023

Zoro TopCo, Inc.

Series A Preferred Equity

November 22, 2022

Zoro TopCo, L.P.

Class A Common Units

November 22, 2022

(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, SPV Asset Facility III, SPV Asset Facility IV, Athena CLO II, Athena CLO IV and CLO 2020-1. See Note 5 “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, SPV Asset Facility III, SPV Asset Facility IV, Athena CLO II, Athena CLO IV and CLO 2020-1. See Note 5 “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% but less than 25% of the portfolio company’s outstanding voting securities. Transactions during the period ended March 31, 2025 in which the Company was an Affiliated Person of the portfolio company are as follows:

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company	Fair Value at December 31, 2024		Gross Additions (a)		Gross Reductions (b)		Net Change in Unrealized Gain/(Loss)		Realized Gains/(Loss)		Transfers		Fair Value at March 31, 2025		Interest Income		Dividend Income		Other Income
Non-Controlled Affiliates
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC	$	—	$	18,371	$	(24)	$	384	$	—	$	4,173	$	22,904	$	47	$	—	$	19
AAM Series 2.1 Aviation Feeder, LLC	—		21,311		(52)		(82)		—		4,316		25,493		122		—		—
Coherent Group LTD	—		15,241		—		(13)		—		—		15,228		5		—		—
Fifth Season Investments LLC	62,517		76,807		—		(1,965)		—		—		137,359		—		4,514		—
Help HP SCF Investor, LP	60,350		—		—		(427)		—		—		59,923		—		—		—
LSI Financing 1 DAC	3,093		4,929		—		(284)		—		—		7,738		—		—		—
LSI Financing LLC	61,677		47,605		(17,218)		3,812		—		—		95,876		—		1,639		—
Pluralsight, LLC	88,660		1,102		—		—		—		—		89,762		1,628		—		32
Securiti, Inc.	—		20,016		—		(16)		—		20,000		40,000		—		—		—
Signifyd Inc.	126,065		—		—		875		—		—		126,940		—		3,083		—

Walker Edison Furniture Company LLC	4,941		1,875		(7)		(3,043)		—		—		3,766		(5)		—		—
Total Non-Controlled Affiliates	$	407,303	$	207,257	$	(17,301)	$	(759)	$	—	$	28,489	$	624,989	$	1,797	$	9,236	$	51

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

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

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

(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 (“controlled affiliate”). The Company’s investments in controlled affiliates for the period ended March 31, 2025, were as follows:


Company	Fair Value at December 31, 2024		Gross Additions (a)		Gross Reductions (b)		Net Change in Unrealized Gain/(Loss)		Realized Gains/(Loss)		Transfers		Fair Value at March 31, 2025		Interest Income		Dividend Income		Other Income
Controlled Affiliates
Blue Owl Credit SLF LLC(c)	$	947	$	1,503	$	—	$	2	$	—	$	—	$	2,452	$	—	$	55	$	—
Revolut Ribbit Holdings, LLC	106,443		—		—		—		—		—		106,443		—		—		—
Total Controlled Affiliates	$	107,390	$	1,503	$	—	$	2	$	—	$	—	$	108,895	$	—	$	55	$	—

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

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

(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, 2025, non-qualifying assets represented 13.7% 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, 2025.

(26)Contains a fixed-rate structure.

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

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

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of March 31, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

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, 2024

(Amounts in thousands, except share amounts)


Company(1)(7)(17)(19)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(2)(3)		Fair Value		Percentage of Net Assets

Non-controlled/non-affiliated portfolio company investments
Debt Investments
Aerospace & defense
ManTech International Corporation(6)(9)(13)	First lien senior secured loan	S+	5.00%	9/2029	$	6,988	$	6,988	$	6,988	0.2	%
Peraton Corp.(3)(6)(9)(13)	Second lien senior secured loan	S+	7.75%	2/2029	84,551		83,762		68,148		1.9	%



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

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(7)(17)(19)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets

							729,541	732,557	20.1	%
Banks
Finastra USA, Inc.(6)(9)(13)(14)(22)	First lien senior secured loan	S+	7.25%	9/2029	76,194		75,417	76,194	2.1	%


							75,417	76,194	2.1	%
Building products
EET Buyer, Inc. (dba e-Emphasys)(6)(9)(13)(14)	First lien senior secured loan	S+	4.75%	11/2027	56,056		55,678	56,056	1.5	%


							55,678	56,056	1.5	%
Buildings & Real Estate
Associations Finance, Inc.(13)(25)	Unsecured notes		14.25% PIK	5/2030	19,978		19,845	19,978	0.6	%
Associations, Inc.(6)(9)(13)(14)	First lien senior secured loan	S+	6.50%	7/2028	51,699		51,649	51,699	1.4	%

							71,494	71,677	2.0	%
Commercial Services & Supplies
SimpliSafe Holding Corporation(6)(8)(13)(14)	First lien senior secured loan	S+	6.25%	5/2028	904		893	904	—	%
Pye-Barker Fire & Safety, LLC(6)(9)(13)(14)	First lien senior secured loan	S+	4.50%	5/2031	18,740		18,638	18,693	0.5	%
Pye-Barker Fire & Safety, LLC(6)(9)(13)(14)	First lien senior secured revolving loan	S+	4.50%	5/2030	341		329	334	—	%


							19,860	19,931	0.5	%
Consumer Finance
Klarna Holding AB(6)(9)(13)	Subordinated Floating Rate Notes		7.00%	4/2034	32,667		32,667	32,667	0.9	%


							32,667	32,667	0.9	%
Diversified Consumer Services
Icefall Parent, Inc. (dba EngageSmart)(6)(8)(13)	First lien senior secured loan	S+	6.50%	1/2030	12,783		12,557	12,783	0.4	%
Litera Bidco LLC(6)(8)(13)(14)	First lien senior secured loan	S+	5.00%	5/2028	130,589		129,990	130,263	3.6	%
Relativity ODA LLC(6)(8)(13)	First lien senior secured loan	S+	4.50%	5/2029	92,129		91,781	91,899	2.5	%



							234,328	234,945	6.5	%
Diversified Financial Services
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(13)(14)(25)	First lien senior secured loan		12.00% PIK	7/2030	2,507		2,490	2,507	0.1	%
AAM Series 2.1 Aviation Feeder, LLC(13)(14)(25)	First lien senior secured loan		12.00% PIK	11/2030	2,534		2,534	2,534	0.1	%
Blackhawk Network Holdings, Inc.(3)(6)(8)(13)	First lien senior secured loan	S+	5.00%	3/2029	59,700		58,613	60,363	1.7	%
BTRS HOLDINGS INC. (dba Billtrust)(6)(9)(13)(14)	First lien senior secured loan	S+	7.25%	12/2028	944		924	941	—	%
Computer Services, Inc. (dba CSI)(6)(9)(13)(14)	First lien senior secured loan	S+	5.25%	11/2029	7,443		7,398	7,443	0.2	%
Computer Services, Inc. (dba CSI)(6)(9)(13)	First lien senior secured loan	S+	4.75%	11/2029	26,592		26,463	26,459	0.7	%
Hg Genesis 8 Sumoco Limited(6)(11)(13)(22)	Unsecured facility	SA+	7.00% PIK	9/2027	£	16,420	20,996	20,565	0.6	%
Hg Genesis 9 SumoCo Limited(6)(12)(13)(22)	Unsecured facility	E+	6.25% PIK	3/2029	€	9,187	10,055	9,513	0.3	%
Hg Saturn Luchaco Limited(6)(11)(13)(22)	Unsecured facility	SA+	7.50% PIK	3/2026	£	38,430	48,784	48,130	1.3	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(7)(17)(19)	Investment	Interest		Maturity Date	Par / Units	Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets

Minotaur Acquisition, Inc. (dba Inspira Financial)(6)(8)(13)(14)	First lien senior secured loan	S+	5.00%	6/2030	61,704	61,090	61,396	1.7	%
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(8)(13)(14)	First lien senior secured loan	S+	5.00%	9/2028	24,357	24,283	24,357	0.7	%
Smarsh Inc.(6)(9)(13)(14)	First lien senior secured loan	S+	5.75%	2/2029	49,714	49,350	49,714	1.4	%
Smarsh Inc.(6)(8)(13)(14)	First lien senior secured revolving loan	S+	5.75%	2/2029	177	174	177	—	%
						313,154	314,099	8.8	%
Entertainment
Aerosmith Bidco 1 Limited (dba Audiotonix)(6)(8)(13)(22)	First lien senior secured loan	S+	5.25%	7/2031	120,979	119,493	120,676	3.3	%


						119,493	120,676	3.3	%
Equity Real Estate Investment Trusts (REITs)
Storable, Inc.(3)(6)(8)(13)	First lien senior secured loan	S+	3.50%	4/2028	4,974	4,944	5,004	0.1	%


						4,944	5,004	0.1	%
Food & Staples Retailing
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(6)(8)(13)	First lien senior secured loan	S+	5.00%	12/2028	24,292	24,292	24,292	0.7	%
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(6)(9)(13)(14)	First lien senior secured revolving loan	S+	5.00%	12/2027	302	302	302	—	%
						24,594	24,594	0.7	%
Health Care Providers & Services
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)(6)(9)(13)	First lien senior secured loan	S+	4.75%	12/2029	22,668	22,300	22,668	0.6	%
PetVet Care Centers, LLC(6)(8)(13)	First lien senior secured loan	S+	6.00%	11/2030	38,858	38,514	37,206	1.0	%




						60,814	59,874	1.6	%
Health Care Technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(9)(13)	First lien senior secured loan	S+	5.75%	8/2028	114,142	113,042	112,715	3.1	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(8)(13)(14)	First lien senior secured delayed draw term loan	S+	5.75%	8/2028	10,467	10,165	10,282	0.3	%
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(8)(13)(14)	First lien senior secured revolving loan	S+	5.75%	8/2026	8,155	8,085	8,002	0.2	%
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(6)(8)(13)	First lien senior secured loan	S+	5.00%	8/2031	58,027	57,705	57,882	1.6	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(6)(9)(13)(14)	First lien senior secured loan	S+	6.00%	10/2028	26,955	26,602	26,483	0.7	%
GI Ranger Intermediate, LLC (dba Rectangle Health)(6)(9)(13)(14)	First lien senior secured revolving loan	S+	6.00%	10/2027	258	237	219	—	%
Greenway Health, LLC(6)(9)(13)	First lien senior secured loan	S+	6.75%	4/2029	8,685	8,514	8,577	0.2	%
Hyland Software, Inc.(6)(8)(13)	First lien senior secured loan	S+	6.00%	9/2030	85,028	83,923	85,028	2.3	%
Indikami Bidco, LLC (dba IntegriChain)(6)(8)(13)	First lien senior secured loan	S+	6.50% (2.50% PIK)	12/2030	61,081	59,862	60,776	1.7	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(7)(17)(19)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets

Indikami Bidco, LLC (dba IntegriChain)(6)(8)(13)(14)	First lien senior secured delayed draw term loan	S+	6.00%	12/2030	479		413	476	—	%
Indikami Bidco, LLC (dba IntegriChain)(6)(8)(13)(14)	First lien senior secured revolving loan	S+	6.00%	6/2030	2,155		2,042	2,125	0.1	%
Inovalon Holdings, Inc.(6)(9)(13)(14)	First lien senior secured loan	S+	5.75%	11/2028	151,132		148,946	149,243	4.1	%
Inovalon Holdings, Inc.(6)(9)(13)	Second lien senior secured loan	S+	10.50% PIK	11/2033	94,457		93,376	93,513	2.6	%
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(6)(9)(13)(14)(22)	First lien senior secured loan	S+	6.50%	8/2026	164,732		164,030	160,614	4.4	%
Interoperability Bidco, Inc. (dba Lyniate)(6)(9)(13)(14)	First lien senior secured loan	S+	6.25%	3/2028	87,018		86,769	84,841	2.3	%
Interoperability Bidco, Inc. (dba Lyniate)(6)(8)(13)(14)	First lien senior secured revolving loan	S+	6.25%	3/2028	352		312	183	—	%
Neptune Holdings, Inc. (dba NexTech)(6)(9)(13)	First lien senior secured loan	S+	4.75%	8/2030	4,368		4,346	4,368	0.1	%
RL Datix Holdings (USA), Inc.(6)(10)(13)	First lien senior secured loan	S+	5.50%	4/2031	48,700		48,249	48,457	1.3	%
RL Datix Holdings (USA), Inc.(6)(9)(13)(14)	First lien senior secured revolving loan	S+	5.50%	10/2030	1,266		1,180	1,218	—	%
RL Datix Holdings (USA), Inc.(6)(11)(13)	First lien senior secured GBP term loan	SA+	5.50%	4/2031	£	22,553	27,908	28,104	0.8	%
Salinger Bidco Inc. (dba Surgical Information Systems)(6)(8)(13)	First lien senior secured loan	S+	5.75%	8/2031	14,531		14,321	14,495	0.4	%


							960,027	957,601	26.2	%
Hotels, Restaurants & Leisure
MINDBODY, Inc.(6)(9)(13)(14)	First lien senior secured loan	S+	7.00%	9/2025	72,962		72,929	72,962	2.0	%
Par Technology Corporation(6)(8)(13)	First lien senior secured loan	S+	5.00%	7/2029	19,286		19,008	19,093	0.5	%

							91,937	92,055	2.5	%
Household Durables
BCTO BSI Buyer, Inc. (dba Buildertrend)(6)(9)(13)	First lien senior secured loan	S+	6.50%	12/2026	84,045		83,727	84,045	2.3	%



							83,727	84,045	2.3	%
Industrial Conglomerates
Aptean Acquiror, Inc. (dba Aptean)(6)(9)(13)(14)	First lien senior secured loan	S+	5.00%	1/2031	3,314		3,283	3,305	0.1	%
QAD, Inc.(6)(8)(13)	First lien senior secured loan	S+	4.75%	11/2027	88,166		88,167	87,946	2.4	%

							91,450	91,251	2.5	%
Insurance
Asurion, LLC(3)(6)(8)(13)	Second lien senior secured loan	S+	5.25%	1/2028	10,833		10,702	10,555	0.3	%
Diamond Insure Bidco (dba Acturis)(6)(13)	First lien senior secured EUR term loan	E+	4.25%	7/2031	€	625	658	636	—	%
Diamond Insure Bidco (dba Acturis)(6)(11)(13)	First lien senior secured GBP term loan	SA+	4.50%	7/2031	£	2,042	2,533	2,513	0.1	%
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(6)(9)(13)	First lien senior secured loan	S+	7.50%	3/2029	1,064		1,043	1,056	—	%
Integrity Marketing Acquisition, LLC(6)(9)(13)	First lien senior secured loan	S+	5.00%	8/2028	47,836		47,606	47,836	1.3	%
Simplicity Financial Marketing Group Holdings, Inc.(6)(9)(13)	First lien senior secured loan	S+	5.00%	12/2031	3,571		3,536	3,536	0.1	%
							66,078	66,132	1.8	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(7)(17)(19)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets

Internet & Direct Marketing Retail
Aurelia Netherlands B.V.(6)(12)(13)(22)	First lien senior secured EUR term loan	E+	5.75%	5/2031	€	25,282	26,511	26,049	0.7	%


							26,511	26,049	0.7	%
IT Services
Kaseya Inc.(6)(8)(13)	First lien senior secured loan	S+	5.50%	6/2029	15,865		15,644	15,865	0.4	%
Kaseya Inc.(6)(9)(13)(14)	First lien senior secured delayed draw term loan	S+	5.50%	6/2029	482		462	482	—	%
Severin Acquisition, LLC (dba PowerSchool)(6)(8)(13)	First lien senior secured loan	S+	5.00% (2.25% PIK)	10/2031	31,972		31,663	31,653	0.9	%
Spaceship Purchaser, Inc. (dba Squarespace)(6)(9)(13)	First lien senior secured loan	S+	5.00%	10/2031	83,848		83,438	83,429	2.3	%

















							131,207	131,429	3.6	%
Life Sciences Tools & Services
Bamboo US BidCo LLC(6)(12)(13)	First lien senior secured EUR term loan	E+	5.25%	9/2030	€	3,139	3,302	3,250	0.1	%
Bamboo US BidCo LLC(6)(9)(13)(14)	First lien senior secured loan	S+	5.25%	9/2030	5,498		5,498	5,498	0.2	%
Creek Parent, Inc. (dba Catalent)(6)(8)(13)	First lien senior secured loan	S+	5.25%	12/2031	84,384		82,913	82,907	2.3	%


























							91,713	91,655	2.6	%
Media
Monotype Imaging Holdings Inc.(6)(9)(13)(14)	First lien senior secured loan	S+	5.50%	2/2031	59,806		59,379	59,656	1.6	%


							59,379	59,656	1.6	%





Multiline Retail
PDI TA Holdings, Inc.(6)(9)(13)	First lien senior secured loan	S+	5.00%	2/2031	8,989		8,867	8,899	0.2	%
PDI TA Holdings, Inc.(6)(9)(13)(14)	First lien senior secured delayed draw term loan	S+	5.50%	2/2031	1,166		1,142	1,150	—	%

							10,009	10,049	0.2	%
Professional Services
Certinia Inc.(6)(9)(13)	First lien senior secured loan	S+	5.25%	8/2030	29,412		29,010	29,412	0.8	%
CloudPay, Inc.(6)(9)(13)	First lien senior secured loan	S+	7.50%	7/2029	9,682		9,597	9,585	0.3	%
Cornerstone OnDemand, Inc.(6)(8)(13)	Second lien senior secured loan	S+	6.50%	10/2029	71,667		70,928	61,096	1.7	%
Gerson Lehrman Group, Inc.(6)(9)(13)	First lien senior secured loan	S+	5.25%	12/2027	18,895		18,763	18,848	0.5	%
Thunder Purchaser, Inc. (dba Vector Solutions)(6)(9)(13)	First lien senior secured loan	S+	5.50%	6/2028	139,757		138,958	139,757	3.9	%
TK Operations Ltd (dba Travelperk, Inc.)(13)(25)	First lien senior secured loan		11.50% PIK	5/2029	22,152		20,418	20,546	0.6	%
When I Work, Inc.(6)(9)(13)	First lien senior secured loan	S+	5.50%	11/2027	36,277		36,116	35,008	1.0	%













							323,790	314,252	8.8	%
Real Estate Management & Development
Entrata, Inc.(6)(8)(13)	First lien senior secured loan	S+	5.75%	7/2030	888		877	888	—	%
RealPage, Inc.(3)(6)(9)(13)	First lien senior secured loan	S+	3.75%	4/2028	35,000		34,825	35,088	1.0	%

							35,702	35,976	1.0	%
Systems Software
Acquia Inc.(6)(9)(14)	First lien senior secured loan	S+	7.00%	10/2025	183,111		182,696	183,111	5.1	%
Activate Holdings (US) Corp. (dba Absolute Software)(6)(9)(13)(14)(22)	First lien senior secured loan	S+	5.25%	7/2030	5,711		5,689	5,711	0.2	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(7)(17)(19)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(2)(3)		Fair Value		Percentage of Net Assets

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































































































Total non-controlled/non-affiliated portfolio company debt investments							$	5,016,156	$	4,987,203	137.4	%

Equity Investments
Aerospace & Defense
Space Exploration Technologies Corp.(13)(16)(23)	Class A Common Stock		N/A	N/A	419,311		23,013		75,009		2.1	%
Space Exploration Technologies Corp.(13)(16)(23)	Class C Common Stock		N/A	N/A	84,250		4,011		15,071		0.4	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(7)(17)(19)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets

							27,024	90,080	2.5	%
Application Software
6Sense Insights, Inc.(13)(16)(23)	Series E-1 Preferred Stock		N/A	N/A	1,264,514		40,066	32,116	0.9	%
Alpha Partners Technology Merger Corp(2)(22)(23)	Common stock		N/A	N/A	30,000		1,000	334	—	%
Alpha Partners Technology Merger Corp(2)(16)(22)(23)	Warrants		N/A	N/A	666,666		—	120	—	%
AlphaSense, LLC(13)(16)(23)	Series E Preferred Shares		N/A	N/A	131,200		5,929	5,890	0.2	%
Diligent Preferred Issuer, Inc. (dba Diligent Corporation)(13)(16)(25)	Preferred Stock		10.50% PIK	N/A	15,000		21,147	20,622	0.6	%
EShares, Inc. (dba Carta)(16)(23)	Series E Preferred Stock		N/A	N/A	186,904		2,008	4,225	0.1	%
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(13)(16)(22)(23)	LP Interest		N/A	N/A	$	2,281	2,285	2,862	0.1	%
Bird Holding B.V. (fka MessageBird Holding B.V.)(13)(16)(22)(23)	Extended Series C Warrants		N/A	N/A	191,530		1,174	281	—	%
Nylas, Inc.(16)(23)	Series C Preferred Stock		N/A	N/A	2,088,467		15,009	3,427	0.1	%
Project Alpine Co-Invest Fund, LP(13)(16)(22)(23)	LP Interest		N/A	N/A	$	3,644	3,646	4,785	0.1	%
Saturn Ultimate, Inc.(13)(16)(23)	Common stock		N/A	N/A	5,580,593		25,008	47,930	1.3	%
Simpler Postage, Inc. (dba Easypost)(13)(16)(23)	Warrants		N/A	N/A	65,694		827	827	—	%
Zoro TopCo, Inc.(9)(13)(16)	Series A Preferred Equity	S+	9.50% PIK	N/A	7,114		9,017	9,236	0.3	%
Zoro TopCo, L.P.(13)(16)(23)	Class A Common Units		N/A	N/A	592,872		5,929	6,455	0.2	%
							133,045	139,110	3.9	%
Construction & Engineering
Dodge Construction Network Holdings, L.P.(6)(9)(13)(16)	Series A Preferred Units	S+	8.25%	N/A	—		69	40	—	%
Dodge Construction Network Holdings, L.P.(13)(16)(23)	Class A-2 Common Units		N/A	N/A	3,333,333		2,841	474	—	%

							2,910	514	—	%
Diversified Consumer Services
SLA Eclipse Co-Invest, L.P.(3)(16)(22)(23)	LP Interest		N/A	N/A	$	15,000	15,256	18,078	0.5	%


							15,256	18,078	0.5	%
Diversified Financial Services
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(13)(14)(16)(22)(23)	LLC Interest		N/A	N/A	$	1,487	1,487	1,667	—	%
AAM Series 2.1 Aviation Feeder, LLC(13)(14)(16)(22)(23)	LLC Interest		N/A	N/A	$	1,422	1,425	1,781	—	%
Amergin Asset Management, LLC(13)(16)(22)(23)	Class A Units		N/A	N/A	25,000,000		—	778	—	%
Brex, Inc.(16)(23)	Preferred Stock		N/A	N/A	143,943		5,012	2,885	0.1	%
							7,924	7,111	0.1	%
Health Care Providers & Services
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)(13)(16)(23)	Class A Interest		N/A	N/A	159		1,585	1,797	—	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(7)(17)(19)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(2)(3)	Fair Value	Percentage of Net Assets

Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(13)(16)(25)	Series A Preferred Stock		15.00% PIK	N/A	4,419		5,046	4,749	0.1	%

							6,631	6,546	0.1	%
Health Care Technology
BEHP Co-Investor II, L.P.(13)(16)(22)(23)	LP Interest		N/A	N/A	$	1,270	1,043	1,297	—	%
Minerva Holdco, Inc.(13)(16)(25)	Senior A Preferred Stock		10.75% PIK	N/A	50,000		67,422	65,937	1.8	%
WP Irving Co-Invest, L.P.(13)(16)(22)(23)	Partnership Units		N/A	N/A	1,250,000		976	1,276	—	%
							69,441	68,510	1.8	%
Hotels, Restaurants & Leisure
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)(13)(16)(25)	Series A Preferred Stock		10.00% PIK	N/A	25,000		29,446	30,919	0.9	%


							29,446	30,919	0.9	%





Internet & Direct Marketing Retail
Kajabi Holdings, LLC(16)(23)	Senior Preferred Class D Units		N/A	N/A	4,126,175		50,025	39,463	1.1	%
Klaviyo, Inc.(2)(16)(23)	Series B Common Stock		N/A	N/A	1,078,770		36,027	44,488	1.2	%
Linked Store Cayman Ltd. (dba Nuvemshop)(13)(16)(22)(23)	Series E Preferred Stock		N/A	N/A	19,499		42,496	37,998	1.0	%
							128,548	121,949	3.3	%















IT Services
E2Open Parent Holdings, Inc.(2)(22)(23)	Class A Common Stock		N/A	N/A	1,650,943		17,504	4,392	0.1	%
JumpCloud, Inc.(16)(23)	Series B Preferred Stock		N/A	N/A	756,590		4,531	639	—	%
JumpCloud, Inc.(16)(23)	Series F Preferred Stock		N/A	N/A	6,679,245		40,017	28,343	0.8	%
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(6)(10)(13)(16)	Perpetual Preferred Stock	S+	10.75% PIK	N/A	7,500		10,266	10,405	0.3	%
Replicated, Inc.(16)(23)	Series C Preferred Stock		N/A	N/A	1,277,832			10,502	0.3	%
WMC Bidco, Inc. (dba West Monroe)(13)(16)(25)	Senior Preferred Stock		11.25% PIK	N/A	57,231		80,541	79,680	2.2	%
							172,867	133,961	3.7	%
Pharmaceuticals
XOMA Corporation(13)(16)(23)	Warrants		N/A	N/A	12,000		82	139	—	%



							82	139	—	%








































Professional Services
BCTO WIW Holdings, Inc. (dba When I Work)(13)(16)(23)	Class A Common Stock		13.50% PIK	N/A	70,000		7,000	3,827	0.1	%
CloudPay, Inc.(13)(16)(22)(25)	Series E Preferred Stock		13.50% PIK	N/A	39,109		8,896	8,896	0.2	%
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(13)(16)(25)	Series A Preferred Stock		10.50% PIK	N/A	28,000		38,428	30,743	0.8	%
Thunder Topco L.P. (dba Vector Solutions)(13)(16)(23)	Common Units		N/A	N/A	7,857,410		7,857	9,348	0.3	%
TravelPerk, Inc.(13)(16)(23)	Warrants		N/A	N/A	71,940		1,534	1,534	—	%
Vestwell Holdings, Inc.(13)(16)(23)	Series D Preferred Stock		N/A	N/A	152,175		3,020	3,000	0.1	%
							66,735	57,348	1.5	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(7)(17)(19)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(2)(3)		Fair Value		Percentage of Net Assets

Road & Rail
Bolt Technology OÜ(16)(22)(23)	Preferred Stock		N/A	N/A	43,478		11,318		9,999		0.3	%


							11,318		9,999		0.3	%
Systems Software
Algolia, Inc.(16)(23)	Series D Preferred Stock		N/A	N/A	136,776		4,000		3,027		0.1	%
Algolia, Inc.(16)(23)	Series C Preferred Stock		N/A	N/A	970,281		10,000		17,523		0.5	%
Arctic Wolf Networks, Inc.(16)(23)	Preferred Stock		N/A	N/A	3,032,840		25,036		26,901		0.7	%
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(13)(16)(23)	Common Units		N/A	N/A	12,692,160		12,692		19,053		0.5	%
Circle Internet Services, Inc.(16)(23)	Warrants		N/A	N/A	358,412		—		786		—	%
Circle Internet Services, Inc.(16)(23)	Series D Preferred Stock		N/A	N/A	2,934,961		15,000		16,478		0.5	%
Circle Internet Services, Inc.(16)(23)	Series E Preferred Stock		N/A	N/A	821,806		6,917		5,675		0.2	%
Circle Internet Services, Inc.(16)(23)	Series F Preferred Stock		N/A	N/A	75,876		1,500		879		—	%
Circle Internet Services, Inc.(16)(23)	Subordinated Convertible Security		N/A	N/A	758,882		759		759		—	%
Elliott Alto Co-Investor Aggregator L.P.(13)(16)(22)(23)	LP Interest		N/A	N/A	1,567		1,577		2,441		0.1	%
Excalibur CombineCo, L.P.(13)(16)(23)	Class A Units		N/A	N/A	3,340,668		99,452		75,296		2.1	%
Halo Parent Newco, LLC(13)(16)(25)	Class H PIK Preferred Equity		11.00% PIK	N/A	5,000		6,826		5,138		0.1	%
HARNESS INC.(16)(23)(26)	Series D Preferred Stock		N/A	N/A	1,022,648		9,169		9,198		0.3	%
Illumio, Inc.(16)(23)	Common stock		N/A	N/A	358,365		2,432		1,487		—	%
Illumio, Inc.(16)(23)	Series F Preferred Stock		N/A	N/A	2,483,618		16,684		15,502		0.4	%
Project Hotel California Co-Invest Fund, L.P.(13)(16)(22)(23)	LP Interest		N/A	N/A	$	2,685	2,687		3,092		0.1	%
Securiti, Inc.(13)(16)(23)	Series C Preferred Shares		N/A	N/A	2,525,571		20,016		20,000		0.6	%
							234,747		223,235		6.2	%





Thrifts & Mortgage Finance
Blend Labs, Inc.(13)(16)(23)	Warrants		N/A	N/A	299,216		1,625		14		—	%


							1,625		14		—	%
Total non-controlled/non-affiliated portfolio company equity investments							$	907,599	$	907,513	24.8	%
Total non-controlled/non-affiliated portfolio company investments							$	5,923,755	$	5,894,716	162.2	%

Non-controlled/affiliated portfolio company investments(21)
Debt Investments
Internet & Direct Marketing Retail
Walker Edison Furniture Company LLC(6)(9)(13)(20)(24)	First lien senior secured revolving loan	S+	6.25%	3/2027	$	4,495	4,495		2,888		0.1	%
Walker Edison Furniture Company LLC(6)(9)(13)(14)(20)(24)	First lien senior secured delayed draw term loan	S+	6.75% PIK	3/2027	4,527		4,214		556		—	%
Walker Edison Furniture Company LLC(6)(9)(13)(20)(24)	First lien senior secured loan	S+	6.75% PIK	3/2027	11,090		8,621		1,497		—	%


							17,330		4,941		0.1	%
IT Services

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)


Company(1)(7)(17)(19)	Investment	Interest		Maturity Date	Par / Units		Amortized Cost(2)(3)		Fair Value		Percentage of Net Assets

Pluralsight, LLC(6)(9)(13)(20)	First lien senior secured loan	S+	4.50% (1.50% PIK)	8/2029	30,474		30,474		30,474		0.8	%
Pluralsight, LLC(6)(9)(13)(20)	First lien senior secured loan	S+	7.50% PIK	8/2029	31,336		31,336		31,336		0.9	%

							61,810		61,810		1.7	%
Total non-controlled/affiliated portfolio company debt investments							$	79,140	$	66,751	1.8	%

Equity Investments
Insurance
Fifth Season Investments LLC(13)(16)(18)(20)	Class A Units		N/A	N/A	8		56,660		62,517		1.7	%


							56,660		62,517		1.7	%
Internet & Direct Marketing Retail
Signifyd Inc.(16)(20)(25)	Preferred equity		9.00% PIK	N/A	2,755,121		139,190		126,065		3.5	%
Walker Edison Holdco LLC(13)(16)(20)(23)	Common Units		N/A	N/A	98,319		9,500		—		—	%

							148,690		126,065		3.5	%
IT Services
Paradigmatic Holdco LLC (dba Pluralsight)(13)(16)(20)(23)	Common stock		N/A	N/A	10,119,090		26,850		26,850		0.7	%


							26,850		26,850		0.7	%
Pharmaceuticals
LSI Financing 1 DAC(13)(14)(16)(20)(22)	Preferred equity		N/A	N/A	$	3,053	3,116		3,093		0.1	%
LSI Financing LLC(13)(14)(16)(20)(22)(23)	Common Equity		N/A	N/A	$	61,865	61,865		61,677		1.7	%

							64,981		64,770		1.8	%
Systems Software
Help HP SCF Investor, LP(13)(16)(20)(23)	LP Interest		N/A	N/A	$	59,333	59,385		60,350		1.7	%
							59,385		60,350		1.7	%
Total non-controlled/affiliated portfolio company equity investments							$	356,566	$	340,552	9.5	%


Total non-controlled/affiliated portfolio company investments							$	435,706	$	407,303	11.3	%

Controlled/affiliated portfolio company investments(22)
Equity Investments
Diversified Financial Services
Revolut Ribbit Holdings, LLC(14)(16)(21)(22)(23)	LLC Interest		N/A	N/A	122,996		75,294		106,443		2.9	%


							75,294		106,443		2.9	%
Joint Ventures
Blue Owl Credit SLF LLC(13)(16)(18)(21)(22)(23)	LLC Interest		N/A	N/A	$	947	949		947		—	%


							949		947		—	%
Total controlled/affiliated portfolio company equity investments							$	76,243	$	107,390	2.9	%
Total controlled/affiliated portfolio company investments							$	76,243	$	107,390	2.9	%

Total non-controlled/non-affiliated misc. debt commitments(16)(27)(Note 7)							$	(2,583)	$	(1,943)	(0.1)	%





Total Investments							$	6,433,121	$	6,407,466	176.3	%

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

(2)Level 1 investment.

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)

(3)Level 2 investment.

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

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

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

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

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

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

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

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

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

(14)Position or portion thereof is a partially unfunded debt or equity commitment. See below for more information on the Company’s commitments. See Note 7 “Commitments and Contingencies”.


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Unfunded
					Commitment		Fair Value(27)
Non-controlled/non-affiliated - delayed draw debt commitments
Aerosmith Bidco 1 Limited (dba Audiotonix)	First lien senior secured delayed draw term loan	7/2027	$	—	$	38,460	$	(30)

AI Titan Parent, Inc. (dba Prometheus Group)	First lien senior secured delayed draw term loan	9/2026	—		4,528		(23)
AlphaSense, Inc.	First lien senior secured delayed draw term loan	6/2029	—		5,549		(55)
AlphaSense, Inc.	First lien senior secured delayed draw term loan	12/2025	—		5,477		(55)
Aptean Acquiror, Inc. (dba Aptean)	First lien senior secured delayed draw term loan	1/2026	53		149		—
Artifact Bidco, Inc. (dba Avetta)	First lien senior secured delayed draw term loan	7/2027	—		3,912		—
Associations, Inc.	First lien senior secured delayed draw term loan	7/2028	642		3,205		—
Bamboo US BidCo LLC	First lien senior secured delayed draw term loan	11/2026	—		1,372		—
Bamboo US BidCo LLC	First lien senior secured delayed draw term loan	3/2025	454		315		—

BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured delayed draw term loan	10/2025	4,530		21,744		—
Computer Services, Inc. (dba CSI)	First lien senior secured delayed draw term loan	2/2026	—		9,196		—
Coupa Holdings, LLC	First lien senior secured delayed draw term loan	8/2025	—		70		—
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured delayed draw term loan	8/2026	—		1,992		(5)
Databricks, Inc.	First lien senior secured delayed draw term loan	7/2026	—		11,939		—
EET Buyer, Inc. (dba e-Emphasys)	First lien senior secured delayed draw term loan	4/2026	—		4,773		—
Fullsteam Operations, LLC	First lien senior secured delayed draw term loan	8/2025	550		5,376		—
Fullsteam Operations, LLC	First lien senior secured delayed draw term loan	2/2026	419		1,062		—
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured delayed draw term loan	3/2026	426		1,494		—
Indikami Bidco, LLC (dba IntegriChain)	First lien senior secured delayed draw term loan	12/2025	479		7,903		—
Integrity Marketing Acquisition, LLC	First lien senior secured delayed draw term loan	8/2026	—		7,236		—

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(27)
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured delayed draw term loan	6/2026	—	5,714	(143)
Kaseya Inc.	First lien senior secured delayed draw term loan	6/2025	184	703	—
Litera Bidco LLC	First lien senior secured delayed draw term loan	11/2026	15,152	17,117	—
Litera Bidco LLC	First lien senior secured delayed draw term loan	5/2027	—	13,448	(34)
ManTech International Corporation	First lien senior secured delayed draw term loan	6/2025	—	1,030	—
Minotaur Acquisition, Inc. (dba Inspira Financial)	First lien senior secured delayed draw term loan	5/2026	—	8,834	—
Monotype Imaging Holdings Inc.	First lien senior secured delayed draw term loan	2/2026	1,145	3,768	—
PDI TA Holdings, Inc.	First lien senior secured delayed draw term loan	2/2026	1,166	922	—
PetVet Care Centers, LLC	First lien senior secured delayed draw term loan	11/2025	—	5,120	(166)
Pluralsight, LLC	First lien senior secured delayed draw term loan	8/2029	—	12,649	—
Pye-Barker Fire & Safety, LLC	First lien senior secured delayed draw term loan	5/2026	4,602	8,313	—

RL Datix Holdings (USA), Inc.	First lien senior secured delayed draw term loan	4/2027	—	10,985	—
Rubrik, Inc.	First lien senior secured delayed draw term loan	6/2028	1,376	76	—
Salinger Bidco Inc. (dba Surgical Information Systems)	First lien senior secured delayed draw term loan	8/2026	—	1,406	—
Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured delayed draw term loan	10/2027	—	6,693	(33)
Simpler Postage, Inc. (dba Easypost)	First lien senior secured delayed draw term loan	6/2026	412	17,285	(25)

Simplicity Financial Marketing Group Holdings, Inc.	First lien senior secured delayed draw term loan	12/2026	—	952	(5)
Smarsh Inc.	First lien senior secured delayed draw term loan	2/2025	5,524	5,524	—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured delayed draw term loan	10/2026	—	4,991	—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured delayed draw term loan	10/2027	—	11,978	(30)


Zendesk, Inc.	First lien senior secured delayed draw term loan	11/2025	—	12,922	—
Non-controlled/non-affiliated - revolving debt commitments
Acquia Inc.	First lien senior secured revolving loan	10/2025	6,602	5,187	—
Activate Holdings (US) Corp. (dba Absolute Software)	First lien senior secured revolving loan	7/2029	—	352	—
Aerosmith Bidco 1 Limited (dba Audiotonix)	First lien senior secured revolving loan	7/2030	—	16,028	(40)
AI Titan Parent, Inc. (dba Prometheus Group)	First lien senior secured revolving loan	8/2031	—	2,830	(28)
Anaplan, Inc.	First lien senior secured revolving loan	6/2028	—	3,542	—
Aptean Acquiror, Inc. (dba Aptean)	First lien senior secured revolving loan	1/2031	—	273	(1)
Artifact Bidco, Inc. (dba Avetta)	First lien senior secured revolving loan	7/2030	—	2,794	(14)

Associations, Inc.	First lien senior secured revolving loan	7/2028	1,541	1,541	—
Avalara, Inc.	First lien senior secured revolving loan	10/2028	—	909	—
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)	First lien senior secured revolving loan	3/2031	—	4,750	(36)
Bamboo US BidCo LLC	First lien senior secured revolving loan	10/2029	—	1,026	—
Bayshore Intermediate #2, L.P. (dba Boomi)	First lien senior secured revolving loan	10/2027	—	9,028	—
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured revolving loan	8/2026	8,155	4,077	—
BCTO BSI Buyer, Inc. (dba Buildertrend)	First lien senior secured revolving loan	12/2026	—	11,250	—

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)


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

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)


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

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)


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

Total Portfolio Company Commitments			$	151,910	$	608,337	$	(1,943)

*Fully funded

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

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

Portfolio Company

Investment

Acquisition Date

6Sense Insights, Inc.

Series E-1 Preferred Stock

January 20, 2022

AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC

LLC Interest

July 1, 2022

AAM Series 2.1 Aviation Feeder, LLC

LLC interest

July 1, 2022

Algolia, Inc.

Series C Preferred Stock

August 30, 2019

Algolia, Inc.

Series D Preferred Stock

July 19, 2021

Project Alpine Co-Invest Fund, LP

LP Interest

June 13, 2022

AlphaSense, LLC

Series E Preferred Shares

June 27, 2024

Alpha Partners Technology Merger Corp

Warrants

July 28, 2021

Amergin Asset Management, LLC

Class A Units

July 1, 2022

Arctic Wolf Networks, Inc.

Preferred Stock

July 7, 2021

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

Class A Common Stock

November 2, 2021

BEHP Co-Investor II, L.P.

LP Interest

May 11, 2022

Blend Labs, Inc.

Warrants

July 2, 2021

Blue Owl Credit SLF LLC

LLC Interest

August 1, 2024

Bolt Technology OÜ

Preferred Stock

December 10, 2021

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

Common Units

October 1, 2021

Brex, Inc.

Preferred Stock

November 30, 2021

Circle Internet Services, Inc.

Series D Preferred Stock

May 20, 2019

Circle Internet Services, Inc.

Series E Preferred Stock

February 28, 2020

Circle Internet Services, Inc.

Series F Preferred Stock

May 4, 2021

Circle Internet Services, Inc.

Subordinated Convertible Security

April 12, 2024

Circle Internet Services, Inc.

Warrants

May 20, 2019

CloudPay, Inc.

Series E Preferred Stock

July 31, 2024

Diligent Preferred Issuer, Inc. (dba Diligent Corporation)

Preferred Stock

April 6, 2021

Dodge Construction Network Holdings, L.P.

Class A-2 Common Units

February 23, 2022

Dodge Construction Network Holdings, L.P.

Series A Preferred Units

February 23, 2022

Elliott Alto Co-Investor Aggregator L.P.

LP Interest

September 27, 2022

EShares, Inc. (dba Carta)

Series E Preferred Stock

August 1, 2019

Excalibur CombineCo, L.P.

Class A Units

July 2, 2024

Fifth Season Investments LLC

Class A Units

July 18, 2022

Halo Parent Newco, LLC

Class H PIK Preferred Equity

October 15, 2021

Harness, Inc.

Junior Preferred Stock

May 24, 2024

Help HP SCF Investor, LP

LP Interest

April 28, 2021

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

LP Interest

August 9, 2022

Illumio, Inc.

Common stock

June 23, 2021

Illumio, Inc.

Series F Preferred Stock

August 27, 2021

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

LP Interest

June 8, 2022

JumpCloud, Inc.

Series B Preferred Stock

December 30, 2021

JumpCloud, Inc.

Series F Preferred Stock

September 3, 2021

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)

Kajabi Holdings, LLC

Senior Preferred Class D Units

March 24, 2021

Klaviyo, Inc.

Series B Common Stock

May 4, 2021

KWOL Acquisition Inc. (dba Worldwide Clinical Trials)

Class A Interest

December 12, 2023

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

Perpetual Preferred Stock

June 22, 2022

Linked Store Cayman Ltd. (dba Nuvemshop)

Series E Preferred Stock

August 9, 2021

LSI Financing 1 DAC

Series 1 Notes

December 14, 2022

LSI Financing LLC

Common Equity

November 25, 2024

MessageBird Holding B.V.

Extended Series C Warrants

May 5, 2021

Minerva Holdco, Inc.

Senior A Preferred Stock

February 15, 2022

Nylas, Inc.

Series C Preferred Stock

June 3, 2021

Paradigmatic Holdco LLC (dba Pluralsight)

Common stock

August 22, 2024

Replicated, Inc.

Series C Preferred Stock

June 30, 2021

Revolut Ribbit Holdings, LLC

Ordinary Shares

September 30, 2021

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

Series A Preferred Stock

November 15, 2023

Saturn Ultimate, Inc.

Common stock

December 29, 2021

Securiti, Inc.

Series C Preferred Shares

July 28, 2022

Signifyd Inc.

Preferred equity

April 8, 2021

Simpler Postage, Inc. (dba Easypost)

Warrants

June 11, 2024

SLA Eclipse Co-Invest, L.P.

LP Interest

September 30, 2019

Space Exploration Technologies Corp.

Class A Common Stock

March 25, 2021

Space Exploration Technologies Corp.

Class C Common Stock

March 25, 2021

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

Series A Preferred Stock

October 15, 2021

Thunder Topco L.P. (dba Vector Solutions)

Common Units

June 30, 2021

TravelPerk, Inc.

Warrants

May 1, 2024

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

Series A Preferred Stock

October 15, 2021

Vestwell Holdings, Inc.

Series D Preferred Stock

December 20, 2023

Walker Edison Holdco LLC

Common Units

March 1, 2023

WMC Bidco, Inc. (dba West Monroe)

Senior Preferred Stock

November 9, 2021

WP Irving Co-Invest, L.P.

Partnership Units

May 18, 2022

XOMA Corporation

Warrants

December 15, 2023

Zoro TopCo, Inc.

Series A Preferred Equity

November 22, 2022

Zoro TopCo, L.P.

Class A Common Units

November 22, 2022

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

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

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

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

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)

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


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

_______________

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

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


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

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

(23)Non-income producing investment.

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

(25)Contains a fixed-rate structure.

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

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

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

Blue Owl Technology Finance Corp.

Consolidated Statements of Changes in Net Assets

(Amounts in thousands)

(Unaudited)


	For the Three Months Ended March 31,
	2025		2024
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)	$	97,332	$	92,638
Net change in unrealized gain (loss)	(20,463)		21,961
Net realized gain (loss)	1,263		(23,725)
Net Increase (Decrease) in Net Assets Resulting from Operations	78,132		90,874
Distributions
Distributions declared from earnings	(72,507)		(76,360)
Net Decrease in Net Assets Resulting from Shareholders' Distributions	(72,507)		(76,360)
Capital Share Transactions
Issuance of common shares in connection with the Mergers(1)	4,278,003		—
Reinvestment of distributions	37,945		20,505
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions	4,315,948		20,505
Total Increase (Decrease) in Net Assets	4,321,573		35,019
Net Assets, at beginning of period	3,625,150		3,529,994
Net Assets, at end of period	$	7,946,723	$	3,565,013

(1)Refer to Note 12. Merger with Blue Owl Technology Finance Corp. II (“OTF II”) for additional information on the merger between the Company and OTF II (the “Mergers”).

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

Blue Owl Technology Finance Corp.

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)


	For the Three Months Ended March 31,
		2025		2024
Cash Flows from Operating Activities
Net Increase (Decrease) in Net Assets Resulting from Operations		$	78,132	$	90,874
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments, net		(454,124)		(253,108)
Proceeds from investments and investment repayments, net		387,592		340,454
Net amortization of discount on investments		(10,598)		(8,419)
Net change in unrealized (gain) loss on investments		20,742		(22,559)
Net change in unrealized gain (loss) on interest rate swap attributed to unsecured notes		12,689		—
Net change in unrealized (gains) losses on translation of assets and liabilities in foreign currencies		(1,074)		605
Net realized (gain) loss on investments		(1,847)		22,797
Net realized (gain) loss on foreign currency transactions relating to investments		624		1,645
Paid-in-kind interest		(18,573)		(22,346)
Paid-in-kind dividends		(9,722)		(7,154)
Amortization of debt issuance costs		3,514		2,294

Cash acquired in the Mergers		647,248		—
Changes in operating assets and liabilities:
(Increase) decrease in interest receivable		34,096		(11,055)
(Increase) decrease in dividend income receivable		(11,245)		(2,288)

(Increase) decrease in prepaid expenses and other assets		10,978		(27,695)
Increase (decrease) in management fee payable		1,189		(261)
Increase (decrease) in incentive fee payable		(417)		(1,055)
Increase (decrease) in payables to affiliates		384		976
Increase (decrease) in payable for investments purchased		(42,075)		(24,163)
Increase (decrease) in accrued expenses and other liabilities		(105,292)		(547)
Net cash provided by (used in) operating activities		542,221		78,995
Cash Flows from Financing Activities
Borrowings on debt		675,000

Form: 10-Q

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