August 6, 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 June 30, 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

Common Stock $0.01 par value per share

OTF

The New York Stock Exchange

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

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

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

Large accelerated filer o

Emerging growth company ☐

Smaller reporting company ☐

Non-accelerated filer x

Accelerated filer o

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

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

As of August 6, 2025, the registrant had 467,141,783 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 June 3 0 , 2025 (Unaudited) and December 31, 2024	3
	Consolidated Statements of Operations for the Three and Six Months Ended June 30 , 2025 and 2024 (Unaudited)	4
	Consolidated Schedules of Investments as of June 30, 2025 (Unaudited) and December 31, 2024	6
	Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30 , 2025 and 2024 (Unaudited)	46
	Consolidated Statements of Cash Flows for the Six Months Ended June 30 , 2025 and 2024 (Unaudited)	47
	Notes to Consolidated Financial Statements (Unaudited)	49
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	87
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	126
Item 4.	Controls and Procedures	128

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	129
Item 1A.	Risk Factors	129
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	129
Item 3.	Defaults Upon Senior Securities	129
Item 4.	Mine Safety Disclosures	129
Item 5.	Other Information	130
Item 6.	Exhibits	130
Signatures		131

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, uncertainty with respect to immigration, 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)


	June 30, 2025 (Unaudited)		December 31, 2024
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $11,891,793 and $5,921,172, respectively)	$	11,906,643	$	5,892,773
Non-controlled, affiliated investments (amortized cost of $700,264 and $435,706, respectively)	690,296		407,303
Controlled, affiliated investments (amortized cost of $85,870 and $76,243, respectively)	131,703		107,390
Total investments at fair value (amortized cost of $12,677,927 and $6,433,121, respectively)	12,728,642		6,407,466
Cash (restricted cash of $— and $—, respectively)	169,024		252,964
Foreign cash (cost of $1,518 and $4,040, respectively)	1,499		4,036
Interest receivable	82,414		45,838
Dividend income receivable	5,920		1,929


Prepaid expenses and other assets	55,433		10,388
Total Assets	$	13,042,932	$	6,722,621
Liabilities
Debt (net of unamortized debt issuance costs of $87,155 and $37,495, respectively)	$	4,752,225	$	2,914,509
Management fee payable	32,508		14,687
Distribution payable	162,793		70,998
Incentive fee payable	28,052		11,133
Payables to affiliates	61		1,903
Payable for investments purchased	—		52,796
Accrued expenses and other liabilities	81,875		31,445
Total Liabilities	$	5,057,514	$	3,097,471
Commitments and contingencies (Note 8)
Net Assets
Common shares $0.01 par value, 1,000,000,000 shares authorized; 465,126,583 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	315,137		270,817
Total Net Assets	7,985,418		3,625,150
Total Liabilities and Net Assets	$	13,042,932	$	6,722,621
Net Asset Value Per Share	$	17.17	$	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 June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income	$	264,998	$	128,685	$	408,356	$	260,237
Payment-in-kind interest income	22,648		31,146		37,929		59,069
Dividend income	539		522		539		1,028
Payment-in-kind dividend income	15,455		7,017		23,855		13,558
Other income	4,105		2,056		8,744		4,150
Total investment income from non-controlled, non-affiliated investments	307,745		169,426		479,423		338,042
Investment income from non-controlled, affiliated investments:
Interest income	1,612		—		2,233		—
Payment-in-kind interest income	955		—		2,131		—
Dividend income	5,866		1,894		12,019		2,689
Payment-in-kind dividend income	3,119		2,847		6,202		5,694
Other income	32		3		83		6
Total investment income from non-controlled, affiliated investments	11,584		4,744		22,668		8,389
Investment income from controlled, affiliated investments:
Dividend income	138		—		193		—
Total investment income from controlled, affiliated investments	138		—		193		—
Total Investment Income	319,467		174,170		502,284		346,431
Expenses
Interest expense	$	87,327	$	48,451	$	139,013	$	97,706
Management fees, net(1)	32,540		13,956		48,416		27,947
Incentive fees	28,052		3,993		37,493		14,090

Professional fees	2,841		1,768		6,209		3,316
Listing advisory fees (net of Adviser reimbursement)	4,821		—		4,821		—
Directors' fees	314		258		573		516

Other general and administrative	3,055		1,496		4,558		2,686
Total Expenses	158,950		69,922		241,083		146,261
Net Investment Income (Loss) Before Taxes	160,517		104,248		261,201		200,170
Income tax expense (benefit), including excise tax expense (benefit)	146		2,453		3,498		5,737
Net Investment Income (Loss) After Taxes	160,371		101,795		257,703		194,433
Net Change in Unrealized Gain (Loss)
Non-controlled, non-affiliated investments	$	19,330	$	(89,991)	$	(655)	$	(65,080)
Non-controlled, affiliated investments	19,194		(10,061)		18,435		(7,958)
Controlled, affiliated investments	14,684		6,481		14,686		2,026
Translation of assets and liabilities in foreign currencies and other transactions	24,894		469		25,968		(129)
Income tax (provision) benefit	(48)		—		(843)		—
Total Net Change in Unrealized Gain (Loss)	78,054		(93,102)		57,591		(71,141)
Net Realized Gain (Loss):
Non-controlled, non-affiliated investments	$	(12,106)	$	325	$	(10,259)	$	(22,472)

Foreign currency transactions	(24,832)		(903)		(25,416)		(1,831)
Total Net Realized Gain (Loss)	(36,938)		(578)		(35,675)		(24,303)
Total Net Realized and Change in Unrealized Gain (Loss)	$	41,116	$	(93,680)	$	21,916	$	(95,444)

Blue Owl Technology Finance Corp.

Consolidated Statements of Operations

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

(Unaudited)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	201,487	$	8,115	$	279,619	$	98,989
Earnings (Loss) Per Share - Basic and Diluted	$	0.43	$	0.04	$	0.80	$	0.47
Weighted Average Shares Outstanding - Basic and Diluted	465,124,070		209,079,502		350,872,326		208,572,273

(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 June 30, 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	$	76,122	$	76,175	$	76,122
Peraton Corp.(3)(9)(15)	Second lien senior secured loan	S+	7.75%		2/2029	84,551		83,842		58,763
								160,017		134,885		1.7	%
Airlines
Accommodations Plus Technologies LLC(9)	First lien senior secured loan	S+	4.50%		5/2032	48,967		48,482		48,477
								48,482		48,477		0.6	%
Application Software
AI Titan Parent, Inc. (dba Prometheus Group)(8)(15)	First lien senior secured loan	S+	4.50%		8/2031	50,189		49,737		49,687
AlphaSense, Inc.(9)(15)	First lien senior secured loan	S+	6.25%		6/2029	59,360		58,920		58,915
Anaplan, Inc.(9)	First lien senior secured loan	S+	4.50%		6/2029	107,085		107,085		107,085
Armstrong Bidco Limited(11)(15)(23)	First lien senior secured GBP term loan	SA+	5.00%		6/2029	£	16,173	20,180		22,052
Artifact Bidco, Inc. (dba Avetta)(9)(15)	First lien senior secured loan	S+	4.25%		7/2031	34,579		34,433		34,579
Boxer Parent Company Inc. (f/k/a BMC)(3)(9)(15)	First lien senior secured loan	S+	3.00%		7/2031	29,925		29,653		29,719
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(9)(15)(16)	First lien senior secured loan	S+	5.50%		8/2027	78,371		77,549		76,300
CivicPlus, LLC(9)	First lien senior secured loan	S+	5.50%		8/2030	92,655		92,201		92,424
Coupa Holdings, LLC(9)(15)	First lien senior secured loan	S+	5.25%		2/2030	84,741		84,805		84,741
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(10)(15)	Unsecured notes	S+		11.75%	6/2034	26,527		26,271		26,527
Diamondback Acquisition, Inc. (dba Sphera)(8)(15)	First lien senior secured loan	S+	5.50%		9/2028	75,472		74,666		75,472
Einstein Parent, Inc. (dba Smartsheet)(9)(15)	First lien senior secured loan	S+	6.50%		1/2031	105,186		104,184		104,135
Fullsteam Operations, LLC(9)(15)(16)	First lien senior secured loan	S+	8.25%		11/2029	31,408		31,034		31,408
Fullsteam Operations, LLC(9)(15)(16)	First lien senior secured delayed draw term loan	S+	7.00%		11/2029	10,284		10,192		10,284
Gainsight, Inc.(9)(15)	First lien senior secured loan	S+	5.75%		7/2027	67,754		67,377		67,754
Granicus, Inc.(9)(15)	First lien senior secured loan	S+	3.50%	2.25%	1/2031	3,946		3,931		3,946
Granicus, Inc.(9)(15)	First lien senior secured delayed draw term loan	S+	3.00%	2.25%	1/2031	584		580		582
Granicus, Inc.(16)(29)	First lien senior secured revolving loan	P+	4.25%		1/2031	77		75		77
GS Acquisitionco, Inc. (dba insightsoftware)(9)(15)(16)	First lien senior secured loan	S+	5.25%		5/2028	53,186		53,068		52,894
Infobip Inc.(9)	First lien senior secured loan	S+	5.75%		6/2029	67,705		66,704		66,690
JS Parent, Inc. (dba Jama Software)(9)(15)	First lien senior secured loan	S+	4.75%		4/2031	27,148		27,099		27,148
Magnet Forensics, LLC (f/k/a Grayshift, LLC)(8)(15)(23)	First lien senior secured loan	S+	4.50%		7/2028	175,907		175,993		175,907
Ministry Brands Holdings, LLC(8)(15)	First lien senior secured loan	S+	5.50%		12/2028	8,181		8,090		8,121
Ministry Brands Holdings, LLC(16)(29)	First lien senior secured revolving loan	P+	4.50%		12/2027	61		55		56

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 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
Simpler Postage, Inc. (dba Easypost)(9)(15)(16)	First lien senior secured loan	S+	8.00%		6/2029	65,077	62,373	62,457
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(9)(15)(16)	First lien senior secured loan	S+	5.75%		3/2028	10,183	10,063	10,183
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(9)	First lien senior secured loan	S+	5.75%		3/2029	2,085	2,057	2,085
Velocity HoldCo III Inc. (dba VelocityEHS)(9)(15)	First lien senior secured loan	S+	5.50%		4/2027	40,000	39,676	40,000
XPLOR T1, LLC(9)(15)	First lien senior secured loan	S+	3.50%		6/2031	9,925	9,929	9,925
Zendesk, Inc.(9)(15)(16)	First lien senior secured loan	S+	5.00%		11/2028	157,222	156,259	157,222
							1,484,239	1,488,375	18.6	%
Banks
Finastra USA, Inc.(10)(15)(23)	First lien senior secured loan	S+	7.25%		9/2029	152,535	151,903	152,535
Finastra USA, Inc.(9)(16)	First lien senior secured revolving loan	S+	7.25%		9/2029	3,181	3,108	3,181
							155,011	155,716	2.0	%
Beverages
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(8)(15)	First lien senior secured loan	S+	6.25%		3/2027	6,207	6,130	6,115
							6,130	6,115	0.1	%
Building products
EET Buyer, Inc. (dba e-Emphasys)(9)(15)	First lien senior secured loan	S+	4.75%		11/2027	67,559	67,253	67,559
							67,253	67,559	0.8	%
Buildings & Real Estate
Associations, Inc.(9)(15)(16)	First lien senior secured revolving loan	S+	6.50%		7/2028	105,871	105,867	105,871
Associations Finance, Inc.(15)(26)	Unsecured notes	N/A		14.25%	5/2030	42,628	42,520	42,628
							148,387	148,499	1.9	%
Capital Markets
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)(8)	First lien senior secured loan	S+	5.00%		6/2030	12,570	12,531	12,570
							12,531	12,570	0.2	%
Commercial Services & Supplies
Pye-Barker Fire & Safety, LLC(9)(15)(16)	First lien senior secured loan	S+	4.50%		5/2031	39,684	39,548	39,584
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	23,398	23,405	23,398
							63,617	63,650	0.8	%
Construction & Engineering
Dodge Construction Network LLC(9)(15)	First lien senior secured loan	S+	6.25%		1/2029	4,374	4,295	4,341
Dodge Construction Network LLC(3)(9)	First lien senior secured loan	S+	4.75%		2/2029	6,065	4,929	4,953
							9,224	9,294	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	7,958	7,936	7,973

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 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
Icefall Parent, Inc. (dba EngageSmart)(9)(15)	First lien senior secured loan	S+	5.75%		1/2030	31,043		30,850	31,043
Litera Bidco LLC(8)(15)(16)	First lien senior secured loan	S+	5.00%		5/2028	188,715		188,091	188,243
Relativity ODA LLC(8)(15)	First lien senior secured loan	S+	4.50%		5/2029	137,241		136,853	137,241
								363,730	364,500	4.6	%
Diversified Financial Services
Blackhawk Network Holdings, Inc.(3)(8)(15)	First lien senior secured loan	S+	4.00%		3/2029	89,948		89,911	90,371
BTRS Holdings Inc. (dba Billtrust)(9)(15)(16)	First lien senior secured loan	S+	5.50%		12/2028	149,027		148,744	148,626
Computer Services, Inc. (dba CSI)(9)(15)	First lien senior secured loan	S+	5.25%		11/2029	156,451		156,524	156,451
Computer Services, Inc. (dba CSI)(9)(15)	First lien senior secured loan	S+	4.75%		11/2029	26,459		26,339	26,459
Hg Genesis 8 Sumoco Limited(11)(15)(23)	Unsecured facility	SA+		7.50%	9/2027	£	15,130	19,166	20,733
Hg Genesis 9 SumoCo Limited(12)(15)(23)	Unsecured facility	E+		6.25%	3/2029	€	56,558	61,233	66,390
Hg Saturn Luchaco Limited(11)(15)(23)	Unsecured facility	SA+		8.25%	3/2027	£	40,822	51,881	55,940
Juniper Square, Inc.(9)(15)(16)	First lien senior secured loan	S+	8.50%		12/2026	56,584		56,623	56,584
Minotaur Acquisition, Inc. (dba Inspira Financial)(8)(15)	First lien senior secured loan	S+	5.00%		6/2030	144,582		144,087	144,582
NMI Acquisitionco, Inc. (dba Network Merchants)(8)(15)	First lien senior secured loan	S+	5.00%		9/2028	24,231		24,194	24,231
Smarsh Inc.(9)(15)(16)	First lien senior secured revolving loan	S+	4.75%		2/2029	90,674		90,349	90,434
								869,051	880,801	11.0	%
Diversified Support Services
CoreTrust Purchasing Group LLC(8)(15)	First lien senior secured loan	S+	5.25%		10/2029	29,937		29,960	29,937
								29,960	29,937	0.4	%
Entertainment
Aerosmith Bidco 1 Limited (dba Audiotonix)(10)(15)(23)	First lien senior secured loan	S+	5.25%		7/2031	197,055		196,005	197,055
								196,005	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	10,697		10,661	10,676
Storable Intermediate Holdings, LLC(8)	First lien senior secured loan	S+		6.00%	4/2032	103,539		103,026	103,021
								113,687	113,697	1.4	%
Food & Staples Retailing
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(8)	First lien senior secured loan	S+	4.50%		12/2029	173,446		173,519	173,446
								173,519	173,446	2.2	%
Health Care Equipment & Supplies
Cambrex Corporation(8)(15)	First lien senior secured loan	S+	4.75%		3/2032	39,067		38,705	38,969
Packaging Coordinators Midco, Inc.(9)(15)	First lien senior secured loan	S+	4.75%		1/2032	122,559		120,980	121,027
PerkinElmer U.S. LLC(8)(15)	First lien senior secured loan	S+	4.75%		3/2029	67,360		66,915	66,686
								226,600	226,682	2.8	%
Health Care Providers & Services
Covetrus, Inc.(9)(15)	Second lien senior secured loan	S+	9.25%		10/2030	75,000		73,427	70,875

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 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
Engage Debtco Limited(9)(15)(23)	First lien senior secured loan	S+	3.33%	2.75%	7/2029	15,826		15,465	15,153
Engage Debtco Limited(9)(15)(23)	First lien senior secured delayed draw term loan	S+	3.18%	2.54%	7/2029	5,138		5,022	4,920
EresearchTechnology, Inc. (dba Clario)(8)(15)(16)	First lien senior secured loan	S+	4.75%		1/2032	79,855		79,062	79,002
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(9)(15)	First lien senior secured loan	S+	4.75%		12/2029	45,465		45,146	45,465
Natural Partners, LLC(9)(15)(23)	First lien senior secured loan	S+	4.50%		11/2030	21,994		21,908	21,884
OneOncology, LLC(9)(15)(16)	First lien senior secured loan	S+	4.75%		6/2030	21,368		21,218	21,261
OneOncology, LLC(9)(15)	First lien senior secured delayed draw term loan	S+	5.00%		6/2030	13,832		13,797	13,832
PetVet Care Centers, LLC(8)(15)	First lien senior secured loan	S+	6.00%		11/2030	77,323		74,981	73,070
Valeris, Inc. (fka Phantom Purchaser, Inc.)(9)(15)	First lien senior secured loan	S+	5.00%		9/2031	8,865		8,850	8,842
Valeris, Inc. (fka Phantom Purchaser, Inc.)(9)	First lien senior secured loan	S+	4.75%		9/2031	15,198		15,047	15,046
Vermont Aus Pty Ltd(14)(15)(23)	First lien senior secured AUD term loan	BBSY+	5.75%		3/2028	A$	12,908	8,055	8,417
								381,978	377,767	4.7	%
Health Care Technology
Athenahealth Group Inc.(3)(8)(15)	First lien senior secured loan	S+	2.75%		2/2029	3,476		3,438	3,470
BCPE Osprey Buyer, Inc. (dba PartsSource)(9)(15)	First lien senior secured loan	S+	5.75%		8/2028	113,554		112,589	112,418
BCPE Osprey Buyer, Inc. (dba PartsSource)(8)(15)(16)	First lien senior secured delayed draw term loan	S+	5.75%		8/2028	22,170		21,732	21,949
BCPE Osprey Buyer, Inc. (dba PartsSource)(8)(15)(16)	First lien senior secured revolving loan	S+	5.75%		8/2026	6,116		6,068	5,994
Color Intermediate, LLC (dba ClaimsXten)(8)(15)	First lien senior secured loan	S+	4.75%		10/2029	47,668		47,705	47,549
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(8)(15)	First lien senior secured loan	S+	5.00%		8/2031	155,445		155,220	155,445
GI Ranger Intermediate, LLC (dba Rectangle Health)(8)(15)	First lien senior secured loan	S+	5.75%		10/2028	26,817		26,505	26,279
Greenway Health, LLC(9)(15)	First lien senior secured loan	S+	6.75%		4/2029	18,813		18,553	18,578
Hyland Software, Inc.(8)(15)	First lien senior secured loan	S+	5.00%		9/2030	149,055		149,106	149,055
Indikami Bidco, LLC (dba IntegriChain)(8)(15)	First lien senior secured loan	S+	4.00%	2.50%	12/2030	134,652		132,869	133,306
Indikami Bidco, LLC (dba IntegriChain)(8)(15)(16)	First lien senior secured delayed draw term loan	S+	6.00%		12/2030	2,085		2,008	2,065
Indikami Bidco, LLC (dba IntegriChain)(8)(15)(16)	First lien senior secured revolving loan	S+	6.00%		6/2030	9,906		9,739	9,775
Inovalon Holdings, Inc.(9)	First lien senior secured loan	S+	3.00%	2.75%	11/2028	190,516		190,238	190,516
Inovalon Holdings, Inc.(9)	Second lien senior secured loan	S+		8.50%	11/2033	72,235		72,235	72,235
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(9)(15)(23)	First lien senior secured loan	S+	6.50%		8/2026	163,939		163,440	160,660
Interoperability Bidco, Inc. (dba Lyniate)(9)(15)(16)	First lien senior secured loan	S+	5.75%		3/2028	116,150		115,377	113,971
Modernizing Medicine, Inc. (dba ModMed)(9)	First lien senior secured loan	S+	2.50%	2.75%	4/2032	145,459		144,039	144,004

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 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
Neptune Holdings, Inc. (dba NexTech)(9)(15)	First lien senior secured loan	S+	4.50%		8/2030	10,864		10,849	10,864
Project Ruby Ultimate Parent Corp. (dba Wellsky)(3)(8)(15)	First lien senior secured loan	S+	3.00%		3/2028	11,599		11,566	11,608
RL Datix Holdings (USA), Inc.(10)(15)	First lien senior secured loan	S+	5.25%		4/2031	104,855		104,064	104,331
RL Datix Holdings (USA), Inc.(11)(15)	First lien senior secured GBP term loan	SA+	5.25%		4/2031	£	48,558	61,243	66,208
RL Datix Holdings (USA), Inc.(10)(16)	First lien senior secured revolving loan	S+	5.25%		10/2030	4,360		4,202	4,256
Salinger Bidco Inc. (dba Surgical Information Systems)(9)(15)	First lien senior secured loan	S+	5.75%		8/2031	94,453		94,317	94,453
Salinger Bidco Inc. (dba Surgical Information Systems)(9)(16)	First lien senior secured revolving loan	S+	5.75%		5/2031	1,828		1,810	1,828
								1,658,912	1,660,817	20.8	%
Hotels, Restaurants & Leisure
MINDBODY, Inc.(9)(15)	First lien senior secured loan	S+	6.00%		9/2027	72,962		72,918	72,962
								72,918	72,962	0.9	%
Household Durables
BCTO BSI Buyer, Inc. (dba Buildertrend)(9)(15)	First lien senior secured loan	S+	6.50%		12/2026	83,695		83,452	83,695
								83,452	83,695	1.0	%
Industrial Conglomerates
Aptean Acquiror, Inc. (dba Aptean)(9)(15)(16)	First lien senior secured loan	S+	4.75%		1/2031	16,483		16,408	16,483
QAD, Inc.(8)(15)	First lien senior secured loan	S+	4.75%		11/2027	87,713		87,714	87,713
								104,122	104,196	1.3	%
Insurance
AmeriLife Holdings LLC(10)(15)	First lien senior secured loan	S+	4.75%		8/2029	41,618		41,452	41,410
AmeriLife Holdings LLC(9)(16)	First lien senior secured delayed draw term loan	S+	4.84%		8/2029	3,809		3,791	3,788
AmeriLife Holdings LLC(9)(16)	First lien senior secured revolving loan	S+	4.75%		8/2028	408		386	384
Asurion, LLC(3)(8)(15)	First lien senior secured loan	S+	4.25%		8/2028	18,342		18,263	18,130
Asurion, LLC(3)(8)(15)	Second lien senior secured loan	S+	5.25%		1/2028	10,833		10,721	10,333
Diamond Insure Bidco (dba Acturis)(13)(15)	First lien senior secured EUR term loan	E+	4.25%		7/2031	€	8,121	8,670	9,485
Diamond Insure Bidco (dba Acturis)(11)(15)	First lien senior secured GBP term loan	SA+	4.50%		7/2031	£	26,545	33,778	36,194
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(8)(15)	First lien senior secured loan	S+	7.00%		3/2029	44,738		44,431	44,738
Galway Borrower LLC(9)(15)(16)	First lien senior secured delayed draw term loan	S+	4.50%		9/2028	313		312	313
Integrated Specialty Coverages, LLC(8)(15)	First lien senior secured loan	S+	4.75%		7/2030	7,750		7,756	7,750
Integrity Marketing Acquisition, LLC(9)(15)	First lien senior secured loan	S+	5.00%		8/2028	90,021		89,807	90,021
Simplicity Financial Marketing Group Holdings, Inc.(8)(15)	First lien senior secured loan	S+	5.00%		12/2031	14,250		14,120	14,108
Simplicity Financial Marketing Group Holdings, Inc.(10)(15)(16)	First lien senior secured delayed draw term loan	S+	5.00%		12/2031	846		823	807
Trucordia Insurance Holdings, LLC(8)	Second lien senior secured loan	S+	5.75%		6/2033	60,500		59,898	59,898
								334,208	337,359	4.2	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 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
Internet & Direct Marketing Retail
Aurelia Netherlands B.V.(12)(23)	First lien senior secured EUR term loan	E+	4.75%		5/2031	€	64,942	73,397	76,232
								73,397	76,232	1.0	%
IT Services
Kaseya Inc.(3)(8)(15)	First lien senior secured loan	S+	3.25%		3/2032	69,825		69,531	70,062
Kaseya Inc.(3)(8)(15)	Second lien senior secured loan	S+	5.00%		3/2033	17,500		17,426	17,505
Severin Acquisition, LLC (dba PowerSchool)(8)(15)(16)	First lien senior secured delayed draw term loan	S+	2.75%	2.25%	10/2031	96,282		95,072	94,951
Severin Acquisition, LLC (dba PowerSchool)(8)(15)(16)	First lien senior secured revolving loan	S+	4.75%		10/2031	5,068		4,940	4,922
Spaceship Purchaser, Inc. (dba Squarespace)(9)(15)	First lien senior secured loan	S+	5.00%		10/2031	180,397		180,086	180,397
								367,055	367,837	4.6	%
Life Sciences Tools & Services
Bamboo US BidCo LLC(9)(15)(16)	First lien senior secured loan	S+	5.25%		9/2030	29,260		29,246	29,260
Bamboo US BidCo LLC(12)(15)	First lien senior secured EUR term loan	E+	5.25%		9/2030	€	15,616	16,802	18,331
Bracket Intermediate Holding Corp.(3)(9)(15)(23)	First lien senior secured loan	S+	4.25%		5/2028	34,303		34,402	34,382
Commander Buyer, Inc. (dba CenExel)(9)(23)	First lien senior secured loan	S+	4.75%		6/2032	33,133		32,952	32,952
Creek Parent, Inc. (dba Catalent)(8)(15)	First lien senior secured loan	S+	5.25%		12/2031	174,452		172,693	174,452
								286,095	289,377	3.6	%
Media
Monotype Imaging Holdings Inc.(9)(15)(16)	First lien senior secured loan	S+	5.50%		2/2031	129,321		128,976	129,321
								128,976	129,321	1.6	%
Multiline Retail
PDI TA Holdings, Inc.(9)(15)(16)	First lien senior secured loan	S+	5.50%		2/2031	28,077		27,768	27,784
								27,768	27,784	0.3	%
Pharmaceuticals
Foundation Consumer Brands, LLC(9)(15)	First lien senior secured loan	S+	5.00%		2/2029	21,300		21,212	21,194
Pacific BidCo Inc.(10)(15)(23)	First lien senior secured loan	S+	4.12%	1.88%	8/2029	9,195		9,031	9,080
Pacific BidCo Inc.(10)(15)(23)	First lien senior secured delayed draw term loan	S+	5.75%		8/2029	954		937	943
								31,180	31,217	0.4	%
Professional Services
Certinia Inc.(9)(15)	First lien senior secured loan	S+	5.25%		8/2030	88,235		87,907	88,235
CloudPay, Inc.(9)(15)	First lien senior secured loan	S+	7.50%		7/2029	21,000		20,818	20,370
Cornerstone OnDemand, Inc.(8)(15)	Second lien senior secured loan	S+	6.50%		10/2029	71,667		70,990	65,933
Gerson Lehrman Group, Inc.(9)(15)	First lien senior secured loan	S+	5.00%		12/2027	37,696		37,553	37,696
Proofpoint, Inc.(3)(8)(15)	First lien senior secured term loan	S+	3.00%		8/2028	3,151		3,136	3,151
Sensor Technology Topco, Inc. (dba Humanetics)(9)(15)(16)	First lien senior secured loan	S+	7.00%		5/2028	68,458		68,480	68,458
Sensor Technology Topco, Inc. (dba Humanetics)(12)(15)(16)	First lien senior secured EUR term loan	E+	7.25%		5/2028	€	11,710	12,667	13,754
Sovos Compliance, LLC(3)(8)(15)	First lien senior secured loan	S+	4.00%		8/2029	19,255		19,162	19,339
Thunder Purchaser, Inc. (dba Vector Solutions)(9)(15)	First lien senior secured loan	S+	5.50%		6/2028	139,058		138,362	139,058

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 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
TK Operations Ltd (dba Travelperk, Inc.)(15)(26)	First lien senior secured loan	N/A		11.50%	5/2029	50,867		47,833	48,324
When I Work, Inc.(9)(15)	First lien senior secured loan	S+	5.50%		11/2027	36,128		35,993	35,225
								542,901	539,543	6.8	%
Real Estate Management & Development
Entrata, Inc.(8)(15)	First lien senior secured loan	S+	5.75%		7/2030	45,083		45,107	45,083
RealPage, Inc.(3)(9)(15)	First lien senior secured loan	S+	3.75%		4/2028	34,913		34,741	34,913
								79,848	79,996	1.0	%
Systems Software
Acquia Inc.(9)	First lien senior secured loan	S+	7.00%		10/2026	188,298		188,130	185,003
Activate Holdings (US) Corp. (dba Absolute Software)(9)(15)(23)	First lien senior secured loan	S+	5.50%		7/2030	54,263		54,281	54,263
Appfire Technologies, LLC(9)(15)	First lien senior secured loan	S+	5.00%		3/2028	6,959		6,964	6,959
Arctic Wolf Networks, Inc.(9)(15)	First lien senior secured loan	S+	5.75%		2/2030	88,384		87,546	87,500
Arctic Wolf Networks, Inc.(15)(26)	Senior convertible notes	N/A		3.00%	11/2030	129,334		170,739	170,739
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(8)(15)	First lien senior secured loan	S+	6.00%		3/2031	94,049		93,165	94,049
Barracuda Parent, LLC(3)(9)(15)	First lien senior secured loan	S+	4.50%		8/2029	22,918		20,325	18,960
Barracuda Parent, LLC(9)(15)	Second lien senior secured loan	S+	7.00%		8/2030	55,875		44,017	41,348
Barracuda Parent, LLC(9)(15)	First lien senior secured loan	S+	6.50%		8/2029	20,442		19,875	18,500
Bayshore Intermediate #2, L.P. (dba Boomi)(8)(15)	First lien senior secured loan	S+	2.88%	3.38%	10/2028	154,961		154,997	154,961
Bayshore Intermediate #2, L.P. (dba Boomi)(9)(16)	First lien senior secured revolving loan	S+	5.75%		10/2027	1,576		1,547	1,576
ConnectWise, LLC(3)(9)(15)	First lien senior secured loan	S+	3.50%		9/2028	3,042		3,041	3,054
Crewline Buyer, Inc. (dba New Relic)(8)(15)	First lien senior secured loan	S+	6.75%		11/2030	213,236		210,994	211,104
Databricks, Inc.(8)(15)	First lien senior secured loan	S+	4.50%		1/2031	114,694		114,199	114,407
Delinea Buyer, Inc. (f/k/a Centrify)(9)(15)(16)	First lien senior secured loan	S+	5.75%		3/2028	105,183		103,887	105,183
Delta TopCo, Inc. (dba Infoblox, Inc.)(3)(9)(15)	Second lien senior secured loan	S+	5.25%		11/2030	30,000		29,975	30,048
Forescout Technologies, Inc.(9)(15)	First lien senior secured loan	S+	5.00%		5/2031	67,473		67,175	67,473
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(8)(15)(23)	First lien senior secured loan	S+	6.50%		4/2027	148,889		148,149	148,889
LogRhythm, Inc.(9)(15)	First lien senior secured loan	S+	7.50%		7/2029	4,750		4,630	4,619
Oranje Holdco, Inc. (dba KnowBe4)(9)(15)	First lien senior secured loan	S+	7.75%		2/2029	119,636		119,587	119,636
Oranje Holdco, Inc. (dba KnowBe4)(9)(15)	First lien senior secured loan	S+	7.25%		2/2029	26,646		26,469	26,579
Ping Identity Holding Corp.(9)(15)	First lien senior secured loan	S+	4.75%		10/2029	102,086		102,151	102,086
Securonix, Inc.(9)(15)	First lien senior secured loan	S+	4.00%	3.75%	4/2029	40,301		37,754	36,170
Securonix, Inc.(9)(15)(16)(28)	First lien senior secured revolving loan	S+	7.00%		4/2029	160		(286)	(569)
Sitecore Holding III A/S(9)(15)	First lien senior secured loan	S+	3.25%	4.00%	3/2029	21,630		21,587	21,630
Sitecore Holding III A/S(12)(15)	First lien senior secured EUR term loan	E+	3.25%	4.00%	3/2029	€	125,491	133,961	147,308
Sitecore USA, Inc.(9)(15)	First lien senior secured loan	S+	3.25%	4.00%	3/2029	130,404		130,146	130,404
Sophos Holdings, LLC(3)(8)(15)(23)	First lien senior secured loan	S+	3.50%		3/2027	14,541		14,565	14,589
Talon MidCo 2 Limited(8)(15)(23)	First lien senior secured loan	S+	5.18%		8/2028	35,807		35,799	35,807

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 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
Tricentis Operations Holdings, Inc.(8)(15)	First lien senior secured loan	S+	1.38%	4.88%	2/2032	113,768		112,726		112,630
								2,258,095		2,264,905		28.4	%
Wireless Telecommunication Services
CCI BUYER, INC. (dba Consumer Cellular)(9)	First lien senior secured loan	S+	5.00%		5/2032	75,114		74,373		74,363
								74,373		74,363		0.9	%

Total non-controlled/non-affiliated debt investments								$	10,698,081	$	10,703,963	134.0	%
Total non-controlled/non-affiliated misc. debt commitments(15)(28)(Note 8)								$	(3,937)	$	(3,309)	—	%
Total non-controlled/non-affiliated portfolio company debt investments								$	10,694,144	$	10,700,654	134.0	%

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		339
Alpha Partners Technology Merger Corp(2)(17)(23)(24)	Warrants	N/A			N/A	666,666		—		127
AlphaSense, LLC(15)(17)(24)	Series E Preferred Shares	N/A			N/A	284,408		13,176		13,896
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
Diligent Preferred Issuer, Inc. (dba Diligent Corporation)(15)(17)(26)	Preferred Stock	N/A		10.50%	N/A	15,000		22,288		21,535
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		2,862
Nylas, Inc.(17)(24)	Series C Preferred Stock	N/A			N/A	2,088,467		15,009		2,110
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		38,032
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		19,536		19,523
								186,341		181,780		2.3	%
Capital Markets
Acorns Grow Incorporated(15)(17)(23)(26)	Series F Preferred Stock	N/A		5.00%	N/A	572,135		11,521		11,518
								11,521		11,518		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		—	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 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
Consumer products
SLA Eclipse Co-Invest, L.P.(3)(17)(23)(24)	LP Interest	N/A			N/A	$	15,000	15,256	17,240
								15,256	17,240	0.2	%
Diversified Financial Services
Amergin Asset Management, LLC(15)(17)(23)(24)	Class A Units	N/A			N/A	50,000,000		783	2,165
Brex, Inc.(17)(24)	Preferred Stock	N/A			N/A	143,943		5,012	3,002
Juniper Square, Inc.(17)(24)	Warrants	N/A			N/A	40,984		2,128	1,822
								7,923	6,989	0.1	%
Health Care Technology
BEHP Co-Investor II, L.P.(15)(17)(23)(24)	LP Interest	N/A			N/A	$	2,540	1,901	3,340
Minerva Holdco, Inc.(15)(17)(26)	Senior A Preferred Stock	N/A		10.75%	N/A	100,000		140,863	142,333
ModMed Software Midco Holdings, Inc. (dba ModMed)(17)(26)	Series A Preferred Units	N/A		13.00%	N/A	32,375		31,566	31,566
Orange Blossom Parent, Inc.(15)(17)(24)	Common Units	N/A			N/A	16,667		1,665	1,720
WP Irving Co-Invest, L.P.(15)(17)(23)(24)	Partnership Units	N/A			N/A	2,500,000		1,848	3,288
								177,843	182,247	2.3	%
Health Care Providers & Services
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(15)(17)(24)	Class A Interest	N/A			N/A	317		3,521	4,283
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(15)(17)(26)	Series A Preferred Stock	N/A		15.00%	N/A	8,838		10,547	10,113
								14,068	14,396	0.2	%
Hotels, Restaurants & Leisure
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)(15)(17)(26)	Series A Preferred Stock	N/A		11.00%	N/A	25,000		30,931	33,947
								30,931	33,947	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
JumpCloud, Inc.(17)(24)	Series B Preferred Stock	N/A			N/A	756,590		4,531	783
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		65,728	65,754
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		85,320	84,897
								215,604	186,273	2.3	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 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
Life Sciences Tools & Services
Baypine Commander Co-Invest, LP(17)(24)	LP Interest	N/A			N/A	1,807		1,807		1,807
								1,807		1,807		—	%
Pharmaceuticals
XOMA Corporation(15)(17)(24)	Warrants	N/A			N/A	24,000		174		236
								174		236		—	%
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		3,773
CloudPay, Inc.(15)(17)(23)(26)	Series E Preferred Stock	N/A		13.50%	N/A	84,830		20,636		20,628
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(15)(17)(26)	Series A Preferred Stock	N/A		10.50%	N/A	28,000		40,494		35,517
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		6,452
								86,456		81,118		1.0	%
Road & Rail
Bolt Technology OÜ(17)(23)(24)	Preferred Stock	N/A			N/A	43,478		11,318		11,335
								11,318		11,335		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		20,583
Chrome Investors LP(15)(16)(17)(23)(24)	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		535
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				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		26,527
Excalibur CombineCo, L.P.(15)(17)(24)	Class A Units	N/A			N/A	3,340,668		99,452		73,557
Halo Parent Newco, LLC(15)(17)(26)	Class H PIK Preferred Equity	N/A		11.00%	N/A	45,000		48,849		45,948
HARNESS INC.(17)(24)(27)	Series D Preferred Stock	N/A			N/A	1,022,648		9,169		7,751
Illumio, Inc.(17)(24)	Common stock	N/A			N/A	358,365		2,432		1,438
Illumio, Inc.(17)(24)	Series F Preferred Stock	N/A			N/A	2,483,618		16,684		14,907
Project Hotel California Co-Invest Fund, L.P.(3)(15)(17)(23)(24)	LP Interest	N/A			N/A	$	10,739	14,719		19,744
								313,715		303,690		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								$	1,197,649	$	1,205,989	15.1	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 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
Total non-controlled/non-affiliated portfolio company investments								$	11,891,793	$	11,906,643	149.1	%

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	15,256		15,247		15,256
AAM Series 2.1 Aviation Feeder, LLC(15)(23)(26)	First lien senior secured loan	N/A		12.00%	11/2030	16,213		16,222		16,213
								31,469		31,469		0.4	%
Insurance
Coherent Group Inc.(15)(21)(26)	Convertible notes	N/A	5.30%		3/2026	3,029		3,031		3,029
								3,031		3,029		—	%
Internet & Direct Marketing Retail
Walker Edison Furniture Company LLC(9)(15)(21)(25)	First lien senior secured loan	S+		6.75%	3/2027	21,144		17,603		1,180
Walker Edison Furniture Company LLC(8)(15)(16)(21)(25)	First lien senior secured delayed draw term loan	S+		6.75%	3/2027	2,036		1,979		2,036
								19,582		3,216		—	%
IT Services
Pluralsight, LLC(9)(15)(21)	First lien senior secured loan	S+	3.00%	1.50%	8/2029	30,711		30,711		30,711
Pluralsight, LLC(9)(15)(21)	First lien senior secured loan	S+		7.50%	8/2029	33,296		33,296		33,296
								64,007		64,007		0.8	%
Total non-controlled/affiliated portfolio company debt investments								$	118,089	$	101,721	1.3	%

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		9,936
AAM Series 2.1 Aviation Feeder, LLC(15)(16)(17)(23)(24)	LLC Interest	N/A			N/A	6,519,100		9,073		11,255
								18,251		21,191		0.3	%
Insurance
Coherent Group Inc.(17)(21)(24)	Series B Preferred Shares	N/A			N/A	456,035		12,210		13,503
Fifth Season Investments LLC(15)(17)(19)(21)	Class A Units	N/A			N/A	16		157,019		163,837
								169,229		177,340		2.2	%
Internet & Direct Marketing Retail
Signifyd Inc.(17)(21)(26)	Preferred equity	N/A		9.00%	N/A	2,755,121		145,390		142,308
Walker Edison Holdco LLC(15)(17)(21)(24)	Common Units	N/A			N/A	98,319		9,500		—
								154,890		142,308		1.8	%
IT Services
Paradigmatic Holdco LLC (dba Pluralsight)(15)(17)(21)(24)	Common stock	N/A			N/A	10,119,090		26,850		25,729
								26,850		25,729		0.3	%
Pharmaceuticals
LSI Financing 1 DAC(15)(17)(21)(23)	Preferred equity	N/A			N/A	$	6,748	7,043		6,252
LSI Financing LLC(15)(16)(17)(21)(23)(30)	Common Equity	N/A			N/A	$	107,442	106,495		112,371
								113,538		118,623		1.5	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 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
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		43,461
								99,417		103,384		1.3	%
Total non-controlled/affiliated portfolio company equity investments								$	582,175	$	588,575	7.4	%
Total non-controlled/affiliated portfolio company investments								$	700,264	$	690,296	8.6	%

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		121,210
								75,294		121,210		1.5	%
Joint Ventures
Blue Owl Credit SLF LLC(15)(17)(19)(22)(23)(30)	LLC Interest	N/A			N/A	$	10,566	10,576		10,493
								10,576		10,493		0.1	%
Total controlled/affiliated portfolio company equity investments								$	85,870	$	131,703	1.6	%
Total controlled/affiliated portfolio company investments								$	85,870	$	131,703	1.6	%
Total Investments								$	12,677,927	$	12,728,642	159.4	%


	Interest Rate Swaps as of June 30, 2025
	Company Receives	Company Pays	Maturity Date	Notional Amount		Fair Value		Upfront Payments/Receipts	Change in Unrealized Appreciation / (Depreciation)		Hedged Instrument	Footnote Reference

Interest rate swap(a)	6.75%	S + 2.5645%	3/4/2029	700,000		15,735		—	7,083		April 2029 Notes	Note 5
Interest rate swap(b)	6.10%	S + 1.7670%	2/15/2028	650,000		13,087		—	13,088		March 2028 Notes	Note 5
Total				$	1,350,000	$	28,822		$	20,171

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

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


	Forward Contracts as of June 30, 2025
	Notional Amount to be Purchased		Notional Amount to be Sold		Counterparty	Settlement Date	Change in Unrealized Appreciation / (Depreciation)
Foreign currency forward contract	$	197,237	£	146,416	Goldman Sachs Bank USA	7/21/2025	$	(3,832)
Foreign currency forward contract	$	331,083	€	286,855	Goldman Sachs Bank USA	7/21/2025	(7,492)
Foreign currency forward contract	$	8,443	A$	12,942	Goldman Sachs Bank USA	7/21/2025	(76)
Total							$	(11,400)

(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.

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

(5)As of June 30, 2025, the net estimated unrealized gain for U.S. federal income tax purposes was $189.0 million based on a tax cost basis of $12.5 billion. As of June 30, 2025, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $67.9 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $256.9 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-, six- or twelve-month SOFR), Euro Interbank Offered Rate (“EURIBOR” or “E”, which can include one-, three- or six-month EURIBOR), SONIA (“SONIA” or “SA”), Australian Bank Bill Swap Bid Rate (“BBSY” or “BB”) (which can include one-, three-, or six-month BBSY) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement..

(7)Certain portfolio company investments are subject to contractual restrictions on sales. Refer to footnote 17 for additional information on our restricted securities.

(8)The interest rate on these loans is subject to 1 month SOFR, which as of June 30, 2025 was 4.32%.

(9)The interest rate on these loans is subject to 3 month SOFR, which as of June 30, 2025 was 4.29%.

(10)The interest rate on these loans is subject to 6 month SOFR, which as of June 30, 2025 was 4.15%.

(11)The interest rate on these loans is subject to SONIA, which as of June 30, 2025 was 4.22%.

(12)The interest rate on these loans is subject to 3 month EURIBOR, which as of June 30, 2025 was 1.94%.

(13)The interest rate on these loans is subject to 6 month EURIBOR, which as of June 30, 2025 was 2.05%.

(14)The interest rate on these loans is subject to 3 month BBSY, which as of June 30, 2025 was 3.60%.

(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 8 “Commitments and Contingencies”.


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Unfunded
					Commitment		Fair Value(28)
Non-controlled/non-affiliated - debt commitments
Aerosmith Bidco 1 Limited (dba Audiotonix)	First lien senior secured delayed draw term loan	7/2027	$	—	$	67,184	$	—
AI Titan Parent, Inc. (dba Prometheus Group)	First lien senior secured delayed draw term loan	9/2026	—		10,038		(50)
AlphaSense, Inc.	First lien senior secured delayed draw term loan	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	3,809		717		—
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		—
Aptean Acquiror, Inc. (dba Aptean)	First lien senior secured delayed draw term loan	2/2027	38		3,843		—
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	2,511		5,126		—
Bamboo US BidCo LLC	First lien senior secured delayed draw term loan	11/2026	321		6,535		—
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured delayed draw term loan	10/2025	16,263		9,959		—
Cambrex Corporation	First lien senior secured delayed draw term loan	3/2027	—		5,831		—
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured delayed draw term loan	6/2026	1,007		1,231		—
CivicPlus, LLC	First lien senior secured delayed draw term loan	5/2027	—		21,473		—
Commander Buyer, Inc. (dba CenExel)	First lien senior secured delayed draw term loan	6/2027	—		9,036		(23)

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(28)
Computer Services, Inc. (dba CSI)	First lien senior secured delayed draw term loan	2/2026	—	18,393	—
CoreTrust Purchasing Group LLC	First lien senior secured delayed draw term loan	5/2026	—	6,316	—
Coupa Holdings, LLC	First lien senior secured delayed draw term loan	6/2027	—	7,643	—
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured delayed draw term loan	8/2026	—	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	1,769	10,866	—
Fullsteam Operations, LLC	First lien senior secured delayed draw term loan	8/2025	7,321	4,531	—
Galway Borrower LLC	First lien senior secured delayed draw term loan	7/2026	252	1,302	—
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured delayed draw term loan	3/2026	715	1,203	—
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured delayed draw term loan	5/2027	—	5,225	(13)
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	—	7,195	—
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured delayed draw term loan	6/2026	—	7,619	(133)
Juniper Square, Inc.	First lien senior secured delayed draw term loan	6/2026	3,545	7,705	—
Litera Bidco LLC	First lien senior secured delayed draw term loan	5/2027	—	17,577	(44)
Litera Bidco LLC	First lien senior secured delayed draw term loan	11/2026	38,596	3,385	—
ManTech International Corporation	First lien senior secured delayed draw term loan	12/2025	—	3,520	—
Minotaur Acquisition, Inc. (dba Inspira Financial)	First lien senior secured delayed draw term loan	5/2026	—	20,908	—
Monotype Imaging Holdings Inc.	First lien senior secured delayed draw term loan	2/2026	2,740	7,895	—
OneOncology, LLC	First lien senior secured delayed draw term loan	3/2027	8,328	26,371	—
Packaging Coordinators Midco, Inc.	First lien senior secured delayed draw term loan	4/2026	—	65,095	(326)
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	11,408	14,424	—
RL Datix Holdings (USA), Inc.	First lien senior secured delayed draw term loan	4/2027	—	23,650	—

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(28)
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	866	420	—
Sensor Technology Topco, Inc. (dba Humanetics)	First lien senior secured EUR delayed draw term loan	9/2025	205	102	—
Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured delayed draw term loan	10/2027	2,569	16,928	—
Simpler Postage, Inc. (dba Easypost)	First lien senior secured delayed draw term loan	6/2026	5,582	52,600	—
Simplicity Financial Marketing Group Holdings, Inc.	First lien senior secured delayed draw term loan	12/2026	846	2,962	—
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	11,218	24,591	—
Accommodations Plus Technologies LLC	First lien senior secured revolving loan	5/2032	—	7,533	(75)
Acquia Inc.*	First lien senior secured revolving loan	10/2026	11,789	—	—
Activate Holdings (US) Corp. (dba Absolute Software)	First lien senior secured revolving loan	7/2029	—	3,363	—
Aerosmith Bidco 1 Limited (dba Audiotonix)	First lien senior secured revolving loan	7/2030	—	28,149	—
AI Titan Parent, Inc. (dba Prometheus Group)	First lien senior secured revolving loan	8/2031	—	6,274	(63)
AmeriLife Holdings LLC	First lien senior secured revolving loan	8/2028	408	4,490	—
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	—
Associations, Inc.	First lien senior secured revolving loan	7/2028	5,380	750	—
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)	First lien senior secured revolving loan	3/2031	—	10,450	—
Bamboo US BidCo LLC	First lien senior secured revolving loan	10/2029	—	5,128	—
Bayshore Intermediate #2, L.P. (dba Boomi)	First lien senior secured revolving loan	10/2027	1,576	11,556	—
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured revolving loan	8/2026	6,116	6,116	—
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 June 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(28)
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	(13)
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)	First lien senior secured revolving loan	8/2027	2,338	4,450	—
CCI BUYER, INC. (dba Consumer Cellular)	First lien senior secured revolving loan	5/2032	—	4,386	(44)
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured revolving loan	6/2029	—	1,119	—
Certinia Inc.	First lien senior secured revolving loan	8/2030	—	8,824	—
CivicPlus, LLC	First lien senior secured revolving loan	8/2030	—	6,185	(15)
Commander Buyer, Inc. (dba CenExel)	First lien senior secured revolving loan	6/2032	—	6,024	(30)
CoreTrust Purchasing Group LLC	First lien senior secured revolving loan	10/2029	—	3,789	—
Coupa Holdings, LLC	First lien senior secured revolving loan	2/2029	—	5,852	—
Creek Parent, Inc. (dba Catalent)	First lien senior secured revolving loan	12/2031	—	25,111	—
Crewline Buyer, Inc. (dba New Relic)	First lien senior secured revolving loan	11/2030	—	21,393	(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	—
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	3,181	12,843	—
Forescout Technologies, Inc.	First lien senior secured revolving loan	5/2030	—	9,693	—
Foundation Consumer Brands, LLC	First lien senior secured revolving loan	2/2029	—	575	(3)
Fullsteam Operations, LLC	First lien senior secured revolving loan	11/2029	593	593	—
Gainsight, Inc.	First lien senior secured revolving loan	7/2027	—	5,633	—
Galway Borrower LLC	First lien senior secured revolving loan	9/2028	61	134	—
Gerson Lehrman Group, Inc.	First lien senior secured revolving loan	12/2027	—	1,913	—

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Unfunded
				Commitment	Fair Value(28)
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	77	471	—
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured revolving loan	5/2028	355	4,443	—
H&F Opportunities LUX III S.À R.L (dba Checkmarx)	First lien senior secured revolving loan	4/2027	—	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	9,906	3,128	—
Integrated Specialty Coverages, LLC	First lien senior secured revolving loan	7/2029	—	603	—
Integrity Marketing Acquisition, LLC	First lien senior secured revolving loan	8/2028	—	4,294	—
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)*	First lien senior secured revolving loan	8/2026	10,847	—	—
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured revolving loan	3/2028	722	8,305	—
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))	First lien senior secured revolving loan	12/2028	—	14,862	—
JS Parent, Inc. (dba Jama Software)	First lien senior secured revolving loan	4/2031	—	2,647	—
Juniper Square, Inc.	First lien senior secured revolving loan	12/2026	—	2,250	—
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	9/2027	—	7,143	—
Ministry Brands Holdings, LLC	First lien senior secured revolving loan	12/2027	61	676	—
Minotaur Acquisition, Inc. (dba Inspira Financial)	First lien senior secured revolving loan	6/2030	—	12,863	—
Modernizing Medicine, Inc. (dba ModMed)	First lien senior secured revolving loan	4/2032	—	13,578	(136)
Monotype Imaging Holdings Inc.	First lien senior secured revolving loan	2/2030	—	15,982	—
Natural Partners, LLC	First lien senior secured revolving loan	11/2030	—	1,590	(8)
Neptune Holdings, Inc. (dba NexTech)	First lien senior secured revolving loan	8/2029	—	1,471	—

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Unfunded
					Commitment		Fair Value(28)
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		(154)
PDI TA Holdings, Inc.	First lien senior secured revolving loan	2/2031	905		1,358		—
PetVet Care Centers, LLC	First lien senior secured revolving loan	11/2029	—		10,745		(591)
Ping Identity Holding Corp.	First lien senior secured revolving loan	10/2028	—		10,286		—
Pye-Barker Fire & Safety, LLC	First lien senior secured revolving loan	5/2030	682		4,773		—
QAD, Inc.	First lien senior secured revolving loan	11/2027	—		11,429		—
Relativity ODA LLC	First lien senior secured revolving loan	5/2029	—		11,725		—
RL Datix Holdings (USA), Inc.	First lien senior secured revolving loan	10/2030	4,360		16,348		—
Salinger Bidco Inc. (dba Surgical Information Systems)	First lien senior secured revolving loan	5/2031	1,828		7,313		—
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	—		5,571		(2)
Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured revolving loan	10/2031	5,068		6,628		—
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	3,697		4,968		—
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	214		1,468		—
Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured revolving loan	6/2027	—		11,250		—
Tricentis Operations Holdings, Inc.	First lien senior secured revolving loan	2/2032	—		14,050		(140)
Valeris, Inc. (fka Phantom Purchaser, Inc.)	First lien senior secured revolving loan	9/2031	—		2,990		(7)
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		(140)
Zendesk, Inc.	First lien senior secured revolving loan	11/2028	—		14,756		—
Proofpoint, Inc.	Second lien senior secured term loan	5/2033	—		132,426		—
Total non-controlled/non-affiliated - debt commitments			$	203,340	$	1,508,984	$	(3,309)

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Unfunded
					Commitment		Fair Value(28)

Non-controlled/non-affiliated - equity commitments
Chrome Investors LP	LP Interest	N/A	$	16,407	$	4,102	$	—
Total non-controlled/non-affiliated - equity commitments			$	16,407	$	4,102	$	—

Non-controlled/affiliated - debt commitments
Pluralsight, LLC	First lien senior secured delayed draw term loan	8/2029	$	—	$	12,649	$	—
Walker Edison Furniture Company LLC	First lien senior secured delayed draw term loan	3/2027	985		440		—
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		—		—
Total non-controlled/affiliated - debt commitments			$	5,480	$	18,149	$	—

Non-controlled/affiliated - equity commitments
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC	LLC Interest	N/A	$	7,366	$	13,794	$	—
AAM Series 2.1 Aviation Feeder, LLC	LLC Interest	N/A	6,519		4,083		—
LSI Financing LLC	Common Equity	N/A	107,442		54,500		—
Total non-controlled/affiliated - equity commitments			$	121,327	$	72,377	$	—
Total Portfolio Company Commitments			$	346,554	$	1,603,612	$	(3,309)

*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 June 30, 2025, the aggregate fair value of these securities is $1.9 billion or 24.1% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Portfolio Company

Investment

Acquisition Date

6Sense Insights, Inc.

Series E-1 Preferred Stock

January 20, 2022

AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC

LLC Interest

July 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

Baypine Commander Co-Invest, LP

LP Interest

June 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 Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company

Investment

Acquisition Date

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

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

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

ModMed Software Midco Holdings, Inc. (dba ModMed)

Series A Preferred Units

April 30, 2025

Nylas, Inc.

Series C Preferred Stock

June 03, 2021

Orange Blossom Parent, Inc.

Common Units

March 24, 2025

Paradigmatic Holdco LLC (dba Pluralsight)

Common stock

August 22, 2024

Project Alpine Co-Invest Fund, LP

LP Interest

June 13, 2022

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

LP Interest

August 09, 2022

Replicated, Inc.

Series C Preferred Stock

June 30, 2021

Revolut Ribbit Holdings, LLC

LLC Interest

September 30, 2021

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

Series A Preferred Stock

November 15, 2023

Saturn Ultimate, Inc.

Common stock

December 29, 2021

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company

Investment

Acquisition Date

Securiti, Inc.

Series C Preferred Shares

July 29, 2022

Signifyd Inc.

Preferred equity

April 08, 2021

Simpler Postage, Inc. (dba Easypost)

Warrants

June 11, 2024

SLA Eclipse Co-Invest, L.P.

LP Interest

September 30, 2019

Space Exploration Technologies Corp.

Class A Common Stock

March 23, 2021

Space Exploration Technologies Corp.

Class C Common Stock

March 23, 2021

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

Series A Preferred Stock

October 14, 2021

Thunder Topco L.P. (dba Vector Solutions)

Common Units

June 30, 2021

TravelPerk, Inc.

Warrants

May 02, 2024

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

Series A Preferred Stock

October 15, 2021

Vestwell Holdings, Inc.

Series D Preferred Stock

December 20, 2023

Walker Edison Holdco LLC

Common Units

March 01, 2023

WMC Bidco, Inc. (dba West Monroe)

Senior Preferred Stock

November 09, 2021

WP Irving Co-Invest, L.P.

Partnership Units

May 18, 2022

XOMA Corporation

Warrants

December 15, 2023

Zoro TopCo, Inc.

Series A Preferred Equity

November 22, 2022

Zoro TopCo, L.P.

Class A Common Units

November 22, 2022

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

(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 June 30, 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 June 30, 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 June 30, 2025		Interest Income		Dividend Income		Other Income
Non-Controlled Affiliates
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC	$	—	$	20,473	$	(24)	$	767	$	—	$	3,976	$	25,192	$	471	$	—	$	19
AAM Series 2.1 Aviation Feeder	—		22,125		(792)		2,175		—		3,960		27,468		569		—		—
Coherent Group LTD	—		15,241		(1)		1,292		—		—		16,532		44		—		—
Fifth Season Investments LLC	62,517		100,359		—		961		—		—		163,837		—		8,636		—
Help HP SCF Investor, LP	60,350		—		—		(427)		—		—		59,923		—		—		—
LSI Financing 1 DAC	3,093		4,930		(1,001)		(770)		—		—		6,252		—		555		—
LSI Financing LLC	61,677		66,605		(21,975)		6,064		—		—		112,371		—		2,828		—
Pluralsight, LLC	88,660		2,198		—		(1,122)		—		—		89,736		3,290		—		64
Securiti, Inc.	—		20,016		—		3,429		—		20,016		43,461		—		—		—
Signifyd Inc.	126,065		6,200		—		10,043		—		—		142,308		—		6,202		—

Walker Edison Furniture Company LLC	4,941		2,259		(7)		(3,977)		—		—		3,216		(10)		—		—
Total Non-Controlled Affiliates	$	407,303	$	260,406	$	(23,800)	$	18,435	$	—	$	27,952	$	690,296	$	4,364	$	18,221	$	83

(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 June 30, 2025, were as follows:


Company	Fair Value at December 31, 2024		Gross Additions (a)		Gross Reductions (b)		Net Change in Unrealized Gain/(Loss)		Realized Gains/(Loss)		Transfers		Fair Value at June 30, 2025		Interest Income		Dividend Income		Other Income
Controlled Affiliates
Blue Owl Credit SLF LLC(c)	$	947	$	9,627	$	—	$	(81)	$	—	$	—	$	10,493	$	—	$	193	$	—
Revolut Ribbit Holdings, LLC	106,443		—		—		14,767		—		—		121,210		—		—		—
Total Controlled Affiliates	$	107,390	$	9,627	$	—	$	14,686	$	—	$	—	$	131,703	$	—	$	193	$	—

(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 June 30, 2025, non-qualifying assets represented 15.4% 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 June 30, 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.

(29)The interest rate on these loans is subject to Prime, which as of June 30, 2025 was 7.50%.

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

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

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 8)							$	(2,583)	$	(1,943)	(0.1)	%





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

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

(2)Level 1 investment.

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2024

(Amounts in thousands, except share amounts)

(3)Level 2 investment.

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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)

Portfolio Company

Investment

Acquisition Date

Kajabi Holdings, LLC

Senior Preferred Class D Units

March 24, 2021

Klaviyo, Inc.

Series B Common Stock

May 4, 2021

KWOL Acquisition Inc. (dba Worldwide Clinical Trials)

Class A Interest

December 12, 2023

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

Perpetual Preferred Stock

June 22, 2022

Linked Store Cayman Ltd. (dba Nuvemshop)

Series E Preferred Stock

August 9, 2021

LSI Financing 1 DAC

Series 1 Notes

December 14, 2022

LSI Financing LLC

Common Equity

November 25, 2024

MessageBird Holding B.V.

Extended Series C Warrants

May 5, 2021

Minerva Holdco, Inc.

Senior A Preferred Stock

February 15, 2022

Nylas, Inc.

Series C Preferred Stock

June 3, 2021

Paradigmatic Holdco LLC (dba Pluralsight)

Common stock

August 22, 2024

Replicated, Inc.

Series C Preferred Stock

June 30, 2021

Revolut Ribbit Holdings, LLC

Ordinary Shares

September 30, 2021

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

Series A Preferred Stock

November 15, 2023

Saturn Ultimate, Inc.

Common stock

December 29, 2021

Securiti, Inc.

Series C Preferred Shares

July 28, 2022

Signifyd Inc.

Preferred equity

April 8, 2021

Simpler Postage, Inc. (dba Easypost)

Warrants

June 11, 2024

SLA Eclipse Co-Invest, L.P.

LP Interest

September 30, 2019

Space Exploration Technologies Corp.

Class A Common Stock

March 25, 2021

Space Exploration Technologies Corp.

Class C Common Stock

March 25, 2021

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

Series A Preferred Stock

October 15, 2021

Thunder Topco L.P. (dba Vector Solutions)

Common Units

June 30, 2021

TravelPerk, Inc.

Warrants

May 1, 2024

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

Series A Preferred Stock

October 15, 2021

Vestwell Holdings, Inc.

Series D Preferred Stock

December 20, 2023

Walker Edison Holdco LLC

Common Units

March 1, 2023

WMC Bidco, Inc. (dba West Monroe)

Senior Preferred Stock

November 9, 2021

WP Irving Co-Invest, L.P.

Partnership Units

May 18, 2022

XOMA Corporation

Warrants

December 15, 2023

Zoro TopCo, Inc.

Series A Preferred Equity

November 22, 2022

Zoro TopCo, L.P.

Class A Common Units

November 22, 2022

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

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

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

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

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)

Form: 10-Q

Documents