November 5, 2025 - 10-Q: Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________________________________________________

FORM 10-Q

______________________________________________________________________________


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

For the period ended September 30, 2025


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

For the transition period from to

Commission File Number 000-55977

______________________________________________________________________________

BLUE OWL TECHNOLOGY FINANCE CORP.

(Exact name of Registrant as specified in its Charter)

______________________________________________________________________________


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

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

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

______________________________________________________________________________

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock $0.01 par value per share

OTF

The New York Stock Exchange

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

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

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

Large accelerated filer o

Emerging growth company ☐

Smaller reporting company ☐

Non-accelerated filer x

Accelerated filer o

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

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

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

Table of Contents


		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and December 31, 2024	3
	Consolidated Statements of Operations for the Three and Nine Months Ended S eptember 30, 2025 and 2024 (Unaudited)	4
	Consolidated Schedules of Investments as of September 30, 2025 (Unaudited) and December 31, 2024	6
	Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)	45
	Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 (Unaudited)	46
	Notes to Consolidated Financial Statements (Unaudited)	48
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	90
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	132
Item 4.	Controls and Procedures	134

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	135
Item 1A.	Risk Factors	135
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	135
Item 3.	Defaults Upon Senior Securities	135
Item 4.	Mine Safety Disclosures	135
Item 5.	Other Information	135
Item 6.	Exhibits	136
Signatures		137

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

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

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

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

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

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

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

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

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

•our future operating results;

•our contractual arrangements and relationships with third parties;

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

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

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

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

•the adequacy of our financing sources and working capital;

•the loss of key personnel;

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

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

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

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

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

•the effect of legal, tax and regulatory changes;

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

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

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)


	September 30, 2025 (Unaudited)		December 31, 2024
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $11,932,448 and $5,921,172, respectively)	$	11,949,880	$	5,892,773
Non-controlled, affiliated investments (amortized cost of $713,080 and $435,706, respectively)	756,010		407,303
Controlled, affiliated investments (amortized cost of $93,994 and $76,243, respectively)	178,156		107,390
Total investments at fair value (amortized cost of $12,739,522 and $6,433,121, respectively)	12,884,046		6,407,466
Cash (restricted cash of $— and $—, respectively)	396,921		252,964
Foreign cash (cost of $225 and $4,040, respectively)	212		4,036
Interest receivable	71,682		45,838
Dividend income receivable	11,939		1,929


Prepaid expenses and other assets	35,988		10,388
Total Assets	$	13,400,788	$	6,722,621
Liabilities
Debt (net of unamortized debt issuance costs of $82,572 and $37,495, respectively)	$	4,966,719	$	2,914,509
Management fee payable	47,969		14,687
Distribution payable	186,631		70,998
Incentive fee payable	55,948		11,133
Payables to affiliates	—		1,903
Payable for investments purchased	—		52,796
Accrued expenses and other liabilities	88,297		31,445
Total Liabilities	$	5,345,564	$	3,097,471
Commitments and contingencies (Note 8)
Net Assets
Common shares $0.01 par value, 1,000,000,000 shares authorized; 466,464,720 and 212,155,118 shares issued and outstanding, respectively	$	4,665	$	2,122
Additional paid-in-capital	7,687,119		3,352,211
Total accumulated undistributed earnings	363,440		270,817
Total Net Assets	8,055,224		3,625,150
Total Liabilities and Net Assets	$	13,400,788	$	6,722,621
Net Asset Value Per Share	$	17.27	$	17.09

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

Blue Owl Technology Finance Corp.

Consolidated Statements of Operations

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

(Unaudited)


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income	$	266,669	$	131,461	$	675,025	$	391,698
Payment-in-kind interest income	23,823		24,994		61,752		84,063
Dividend income	—		599		539		1,627
Payment-in-kind dividend income	16,120		7,371		39,975		20,929
Other income	3,909		939		12,653		5,089
Total investment income from non-controlled, non-affiliated investments	310,521		165,364		789,944		503,406
Investment income from non-controlled, affiliated investments:
Interest income	1,600		275		3,833		275
Payment-in-kind interest income	1,160		475		3,291		475
Dividend income	5,563		1,774		17,582		4,463
Payment-in-kind dividend income	3,292		3,007		9,494		8,701
Other income	22		13		105		19
Total investment income from non-controlled, affiliated investments	11,637		5,544		34,305		13,933
Investment income from controlled, affiliated investments:
Dividend income	432		—		625		—
Total investment income from controlled, affiliated investments	432		—		625		—
Total Investment Income	322,590		170,908		824,874		517,339
Expenses
Interest expense	$	85,427	$	48,278	$	224,440	$	145,984
Management fees, net(1)	47,970		14,071		96,386		42,018
Incentive fees	49,737		10,251		87,230		24,341

Professional fees	2,938		1,670		9,147		4,986
Listing advisory fees (net of Adviser reimbursement)	—		—		4,821		—
Directors' fees	259		259		832		775

Other general and administrative	3,261		1,275		7,819		3,961
Total Expenses	189,592		75,804		430,675		222,065
Net Investment Income (Loss) Before Taxes	132,998		95,104		394,199		295,274
Income tax expense (benefit), including excise tax expense (benefit)	2,433		2,846		5,931		8,583
Net Investment Income (Loss) After Taxes	130,565		92,258		388,268		286,691
Net Change in Unrealized Gain (Loss)
Non-controlled, non-affiliated investments	$	9,445	$	57,725	$	8,790	$	(7,355)
Non-controlled, affiliated investments	52,899		13,135		71,334		5,177
Controlled, affiliated investments	38,330		37,906		53,016		39,932
Translation of assets and liabilities in foreign currencies and other transactions	2,686		922		28,654		793
Income tax (provision) benefit	—		—		(843)		—
Total Net Change in Unrealized Gain (Loss)	103,360		109,688		160,951		38,547
Net Realized Gain (Loss):
Non-controlled, non-affiliated investments	$	(2,153)	$	(65,983)	$	(12,412)	$	(88,455)
Non-controlled, affiliated investments	—		(16,865)		—		(16,865)
Foreign currency transactions	3,163		440		(22,253)		(1,391)
Total Net Realized Gain (Loss)	1,010		(82,408)		(34,665)		(106,711)

Blue Owl Technology Finance Corp.

Consolidated Statements of Operations

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

(Unaudited)


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

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

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

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


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

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(25)	Investment	Interest			Maturity Date	Par / Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
		Ref. Rate	Cash	PIK
							1,382,941	1,383,127	17.2	%
Banks
Finastra USA, Inc.(3)(4)(9)(31)	First lien senior secured loan	S+	7.25%		9/2029	42,622	42,534	42,835

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

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


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

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


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

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(25)	Investment	Interest			Maturity Date	Par / Units		Amortized Cost(2)(27)	Fair Value	% of Net Assets
		Ref. Rate	Cash	PIK
								1,801,125	1,799,074	22.3	%
Hotels, Restaurants & Leisure
MINDBODY, Inc.(3)(4)(9)	First lien senior secured loan	S+	6.00%		9/2027	72,962		72,929	72,962
								72,929	72,962	0.9	%
Household Durables
BCTO BSI Buyer, Inc. (dba Buildertrend)(3)(4)(9)	First lien senior secured loan	S+	6.50%		12/2026	83,520		83,317	83,520
								83,317	83,520	1.0	%
Industrial Conglomerates
Aptean Acquiror, Inc. (dba Aptean)(3)(4)(9)	First lien senior secured loan	S+	4.75%		1/2031	16,827		16,754	16,827
Aptean Acquiror, Inc. (dba Aptean)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	4.34%		1/2031	93		90	93
QAD, Inc.(3)(4)(8)	First lien senior secured loan	S+	4.75%		11/2027	87,486		87,487	87,486
								104,331	104,406	1.3	%
Insurance
AmeriLife Holdings LLC(3)(4)(9)	First lien senior secured loan	S+	5.00%		8/2029	41,513		41,351	41,305
AmeriLife Holdings LLC(4)(9)(22)	First lien senior secured delayed draw term loan	S+	4.81%		8/2029	4,134		4,116	4,113
AmeriLife Holdings LLC(4)(9)(22)	First lien senior secured revolving loan	S+	5.00%		8/2028	816		796	792
Asurion, LLC(3)(8)	First lien senior secured loan	S+	4.25%		8/2028	18,296		18,217	18,349
Asurion, LLC(3)(8)	Second lien senior secured loan	S+	5.25%		1/2028	10,833		10,731	10,535
Diamond Insure Bidco (dba Acturis)(3)(4)(14)(31)	First lien senior secured EUR term loan	E+	4.00%		7/2031	€	8,121	8,674	9,542
Diamond Insure Bidco (dba Acturis)(3)(4)(19)(31)	First lien senior secured GBP term loan	SA+	4.25%		7/2031	£	26,545	33,792	35,736
Galway Borrower LLC(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	4.50%		9/2028	292		292	292
Integrated Specialty Coverages, LLC(3)(4)(8)	First lien senior secured loan	S+	4.75%		7/2030	7,731		7,736	7,731
Integrity Marketing Acquisition, LLC(3)(4)(9)	First lien senior secured loan	S+	5.00%		8/2028	90,560		90,353	90,560
Simplicity Financial Marketing Group Holdings, Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		12/2031	15,342		15,194	15,342
Trucordia Insurance Holdings, LLC(4)(8)	Second lien senior secured loan	S+	5.75%		6/2033	60,500		59,909	60,500


								291,161	294,797	3.7	%
Internet & Direct Marketing Retail
Aurelia Netherlands B.V.(4)(14)(31)	First lien senior secured EUR term loan	E+	4.75%		5/2031	€	64,941	73,397	76,306
								73,397	76,306	0.9	%
IT Services
Flexera Software LLC(3)(4)(9)	First lien senior secured loan	S+	4.75%		8/2032	17,563		17,521	17,519
Flexera Software LLC(3)(4)(13)	First lien senior secured EUR term loan	E+	4.75%		8/2032	€	5,300	6,193	6,212
Kaseya Inc.(3)(8)	First lien senior secured loan	S+	3.25%		3/2032	69,650		69,364	69,713
Kaseya Inc.(3)(8)	Second lien senior secured loan	S+	5.00%		3/2033	19,884		19,812	19,876
Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8)(22)	First lien senior secured loan	S+	2.75%	2.25%	10/2031	97,308		96,128	95,971
Spaceship Purchaser, Inc. (dba Squarespace)(3)(4)(9)	First lien senior secured loan	S+	5.00%		10/2031	179,948		179,645	179,948
								388,663	389,239	4.8	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


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

								34,668	34,912	0.4	%
Systems Software
Acquia Inc.(4)(9)	First lien senior secured loan	S+	6.00%		10/2026	188,298		188,257	185,003
Activate Holdings (US) Corp. (dba Absolute Software)(3)(4)(9)(31)	First lien senior secured loan	S+	5.50%		7/2030	54,125		54,142	54,125
Appfire Technologies, LLC(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		3/2028	7,361		7,363	7,361

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


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

								2,130,026		2,137,903		26.5	%
Wireless Telecommunication Services
CCI BUYER, INC. (dba Consumer Cellular)(4)(9)	First lien senior secured loan	S+	5.00%		5/2032	75,114		74,392		74,738
								74,392		74,738		0.9	%

Total non-controlled/non-affiliated debt investments								$	10,719,778	$	10,713,302	133.0	%
Total non-controlled/non-affiliated misc. debt commitments(22)(23)(Note 8)								$	(4,828)	$	(4,121)	(0.1)	%
Total non-controlled/non-affiliated portfolio company debt investments								$	10,714,950	$	10,709,181	132.9	%

Equity Investments
Aerospace & Defense
Space Exploration Technologies Corp.(3)(4)(29)(30)	Class A Common Stock	N/A			N/A	419,311		23,013		90,236

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


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

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


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

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(25)	Investment	Interest			Maturity Date	Par / Units		Amortized Cost(2)(27)		Fair Value		% of Net Assets
		Ref. Rate	Cash	PIK
TravelPerk, Inc.(3)(4)(29)(30)(31)	Warrants	N/A			N/A	156,041		4,447		5,764
Vestwell Holdings, Inc.(3)(4)(29)(30)	Series D Preferred Stock	N/A			N/A	304,350		6,022		6,452

								80,747		80,310		1.0	%
Road & Rail
Bolt Technology OÜ(4)(29)(30)(31)	Preferred Stock	N/A			N/A	43,478		11,318		12,482
								11,318		12,482		0.2	%
Systems Software
Algolia, Inc.(4)(29)(30)	Series C Preferred Stock	N/A			N/A	970,281		10,000		17,523
Algolia, Inc.(4)(29)(30)	Series D Preferred Stock	N/A			N/A	136,776		4,000		3,027
Arctic Wolf Networks, Inc.(4)(29)(30)	Preferred Stock	N/A			N/A	3,032,840		25,036		28,149
Axonius, Inc.(4)(29)(30)	Series E Preferred Stock	N/A			N/A	1,733,274		8,149		10,000
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(3)(4)(29)(30)	Common Units	N/A			N/A	12,692,160		12,692		21,299
Chrome Investors LP(3)(4)(6)(22)(30)(31)	LP Interest	N/A			N/A	$	16,407	16,417		16,407
Circle Internet Services, Inc.(4)(29)(30)	Warrants	N/A			N/A	358,412		6		567
Circle Internet Services, Inc.(4)(29)(30)	Series D Preferred Stock	N/A			N/A	2,934,961		15,000		14,175
Circle Internet Services, Inc.(4)(29)(30)	Series E Preferred Stock	N/A			N/A	821,806		6,917		4,978
Circle Internet Services, Inc.(4)(29)(30)	Series F Preferred Stock	N/A			N/A	75,876		1,500		788
Elliott Alto Co-Investor Aggregator L.P.(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	14,627		21,934		30,201
Excalibur CombineCo, L.P.(3)(4)(29)(30)	Class A Units	N/A			N/A	3,340,668		99,452		66,350
Halo Parent Newco, LLC(3)(4)(6)(30)	Class H PIK Preferred Equity	N/A		11.00%	N/A	45,000		51,110		44,783
HARNESS INC.(4)(29)(30)(31)(32)	Series D Preferred Stock	N/A			N/A	1,022,648		9,169		8,314
Illumio, Inc.(4)(29)(30)	Common stock	N/A			N/A	358,365		2,432		1,649
Illumio, Inc.(4)(29)(30)	Series F Preferred Stock	N/A			N/A	2,483,618		16,684		15,802
Project Hotel California Co-Invest Fund, L.P.(3)(29)(30)(31)	LP Interest	N/A			N/A	$	10,739	14,719		19,079
								315,217		303,091		3.8	%
Thrifts & Mortgage Finance
Blend Labs, Inc.(3)(4)(29)(30)	Warrants	N/A			N/A	299,216		1,625		7
								1,625		7		—	%
Total non-controlled/non-affiliated portfolio company equity investments								$	1,217,498	$	1,240,699	15.4	%
Total non-controlled/non-affiliated portfolio company investments								$	11,932,448	$	11,949,880	148.3	%

Non-controlled/affiliated portfolio company investments(24)
Debt Investments(7)
Diversifed Financial Services
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(3)(4)(6)(24)(31)	Specialty finance debt investment	N/A		12.00%	7/2030	15,520		15,511		15,520
AAM Series 2.1 Aviation Feeder, LLC(3)(4)(6)(24)(31)	Specialty finance debt investment	N/A		12.00%	11/2030	21,236		21,243		21,236
								36,754		36,756		0.5	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(25)	Investment	Interest			Maturity Date	Par / Units		Amortized Cost(2)(27)		Fair Value		% of Net Assets
		Ref. Rate	Cash	PIK
Insurance
Coherent Group Inc.(3)(4)(6)(24)(31)	Convertible notes	N/A	5.30%		3/2026	3,029		3,030		3,029
								3,030		3,029		—	%
Internet & Direct Marketing Retail
Walker Edison Furniture Company LLC(3)(4)(9)(22)(24)(28)	First lien senior secured loan	S+		6.75%	3/2027	17,700		13,531		2,070
Walker Edison Furniture Company LLC(3)(4)(6)(22)(24)(28)	First lien senior secured loan	N/A		10.00%	2/2026	2,037		2,005		2,020
Walker Edison Furniture Company LLC(3)(4)(9)(24)(28)	First lien senior secured revolving loan	S+	6.25%		3/2027	4,495		4,496		236
								20,032		4,326		0.1	%
IT Services
Pluralsight, LLC(3)(4)(9)(24)	First lien senior secured loan	S+	3.00%	1.50%	8/2029	30,752		30,752		30,444
Pluralsight, LLC(3)(4)(9)(24)	First lien senior secured loan	S+		7.50%	8/2029	34,303		34,303		33,960
								65,055		64,404		0.8	%
Total non-controlled/affiliated debt investments								$	124,871	$	108,515	1.3	%
Total non-controlled/affiliated misc. debt commitments(22)(23)(Note 8)								—		(177)		—	%
Total non-controlled/affiliated portfolio company debt investments								$	124,871	$	108,338	1.3	%

Equity Investments
Asset based lending and fund finance
Blue Owl Cross-Strategy Opportunities LLC(3)(5)(24)(26)(30)(34)	Specialty finance equity investment	N/A			N/A	$	4,913	4,913		4,913
								4,913		4,913		0.1	%
Diversified Financial Services
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(3)(4)(22)(24)(30)(31)	Specialty finance equity investment	N/A			N/A	7,365,950		9,178		11,033
AAM Series 2.1 Aviation Feeder, LLC(3)(4)(24)(30)(31)	Specialty finance equity investment	N/A			N/A	8,168,669		10,722		12,474
								19,900		23,507		0.3	%
Insurance
Coherent Group Inc.(4)(24)(29)(30)(31)	Series B Preferred Shares	N/A			N/A	455,940		12,210		13,506
Fifth Season Investments LLC(3)(4)(24)(30)	Specialty finance equity investment	N/A			N/A	16		164,869		174,132
								177,079		187,638		2.3	%
Internet & Direct Marketing Retail
Signifyd Inc.(4)(6)(24)(30)	Preferred equity	N/A		9.00%	N/A	2,755,121		145,390		146,662
Walker Edison Holdco LLC(3)(4)(24)(29)(30)	Common Units	N/A			N/A	98,319		9,500		—
								154,890		146,662		1.8	%
IT Services
Paradigmatic Holdco LLC (dba Pluralsight)(3)(4)(24)(29)(30)	Common stock	N/A			N/A	10,119,090		26,850		16,694
								26,850		16,694		0.2	%
Pharmaceuticals
LSI Financing 1 DAC(3)(4)(24)(30)(31)	Specialty finance equity investment	N/A			N/A	$	6,748	7,043		6,422

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Company(1)(25)	Investment	Interest			Maturity Date	Par / Units		Amortized Cost(2)(27)		Fair Value		% of Net Assets
		Ref. Rate	Cash	PIK
LSI Financing LLC(3)(5)(22)(24)(30)(31)	Specialty finance equity investment	N/A			N/A	$	99,065	98,117		106,340
								105,160		112,762		1.4	%
Systems Software
Help HP SCF Investor, LP(3)(4)(24)(29)(30)	LP Interest	N/A			N/A	$	59,333	59,385		60,323
Securiti, Inc.(3)(4)(24)(29)(30)	Series C Preferred Shares	N/A			N/A	5,051,142		40,032		95,173
								99,417		155,496		1.9	%

Total non-controlled/affiliated portfolio company equity investments								$	588,209	$	647,672	8.0	%
Total non-controlled/affiliated portfolio company investments								$	713,080	$	756,010	9.4	%

Controlled/affiliated portfolio company investments(24)
Equity Investments
Diversified Financial Services
Revolut Ribbit Holdings, LLC(4)(24)(29)(30)(31)	LLC Interest	N/A			N/A	122,996		75,294		159,664
								75,294		159,664		2.0	%
Joint ventures
Blue Owl Credit SLF LLC(3)(5)(24)(26)(30)(31)	LLC Interest	N/A			N/A	$	10,566	18,700		18,492
								18,700		18,492		0.2	%
Total controlled/affiliated portfolio company equity investments								$	93,994	$	178,156	2.2	%
Total controlled/affiliated portfolio company investments								$	93,994	$	178,156	2.2	%
Total Investments								$	12,739,522	$	12,884,046	159.9	%


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

Interest rate swap(a)	6.75%	S + 2.5645%	3/4/2029	700,000		15,840		—	7,189		April 2029 Notes	Note 5
Interest rate swap(b)	6.10%	S + 1.7670%	2/15/2028	650,000		12,794		—	12,794		March 2028 Notes	Note 5
Total				$	1,350,000	$	28,634		$	19,983

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

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


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

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

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

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

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

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

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

(6)Contains a fixed-rate structure.

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

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

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

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

(11)Reserved.

(12)Reserved.

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

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

(15)Reserved.

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

(17)Reserved.

(18)Reserved.

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

(20)Reserved.

(21)Reserved.

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


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

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


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

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


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

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


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

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


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

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


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

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)


Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Unfunded
					Commitment		Fair Value(23)
Simplicity Financial Marketing Group Holdings, Inc.	First lien senior secured revolving loan	12/2031	—		1,905		—
Smarsh Inc.	First lien senior secured revolving loan	2/2029	2,426		6,238		—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured revolving loan	10/2031	—		21,530		—
Talon MidCo 2 Limited	First lien senior secured revolving loan	8/2028	—		2,976		—
Tamarack Intermediate, L.L.C. (dba Verisk 3E)	First lien senior secured revolving loan	3/2029	—		1,682		—
Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured revolving loan	6/2027	—		11,250		—
Tricentis Operations Holdings, Inc.	First lien senior secured revolving loan	2/2032	—		14,050		(140)
Valeris, Inc. (fka Phantom Purchaser, Inc.)	First lien senior secured revolving loan	9/2031	—		2,990		(15)
Velocity HoldCo III Inc. (dba VelocityEHS)	First lien senior secured revolving loan	4/2027	—		2,500		—
Zendesk, Inc.	First lien senior secured revolving loan	11/2028	—		14,756		—
Proofpoint, Inc.	Second lien senior secured term loan	5/2033	—		132,426		—
Total non-controlled/non-affiliated - debt commitments			$	232,152	$	1,617,838	$	(4,121)

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

Non-controlled/affiliated - debt commitments
Pluralsight, LLC	First lien senior secured delayed draw term loan	8/2029	$	—	$	12,649	$	(126)
Walker Edison Furniture Company LLC	First lien senior secured delayed draw term loan	3/2027	1,000		440		—
Pluralsight, LLC	First lien senior secured revolving loan	8/2029	—		5,060		(51)
Walker Edison Furniture Company LLC*	First lien senior secured revolving loan	3/2027	4,495		—		—
Total non-controlled/affiliated - debt commitments			$	5,495	$	18,149	$	(177)

Non-controlled/affiliated - equity commitments
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC	Specialty finance equity investment	N/A	$	7,366	$	11,369	$	—
LSI Financing LLC	Specialty finance equity investment	N/A	99,065		31,120		—

Total non-controlled/affiliated - equity commitments			$	106,431	$	42,489	$	—
Total Portfolio Company Commitments			$	360,485	$	1,682,578	$	(4,298)

*Fully funded

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

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

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

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


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

Controlled Affiliates
Blue Owl Credit SLF LLC (d)	$	947	$	17,750	$	—	$	(205)	$	—	$	—	$	18,492	$	—	$	625	$	—
Revolut Ribbit Holdings, LLC	106,443		—		—		53,221		—		—		159,664		—		—		—
Total Controlled Affiliates	$	107,390	$	17,750	$	—	$	53,016	$	—	$	—	$	178,156	$	—	$	625	$	—

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

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

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

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

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

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

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

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

(29)Non-income producing investment.

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

Portfolio Company

Investment

Acquisition Date

6Sense Insights, Inc.

Series E-1 Preferred Stock

January 20, 2022

AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC

Specialty finance equity investment

July 01, 2022

AAM Series 2.1 Aviation Feeder, LLC

Specialty finance equity investment

July 01, 2022

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company

Investment

Acquisition Date

Accelerate Topco Holdings, LLC

Common Units

March 24, 2025

Acorns Grow Incorporated

Series F Preferred Stock

March 24, 2025

Algolia, Inc.

Series D Preferred Stock

July 19, 2021

Algolia, Inc.

Series C Preferred Stock

August 30, 2019

Alpha Partners Technology Merger Corp

Common stock

July 23, 2021

Alpha Partners Technology Merger Corp

Warrants

July 21, 2023

AlphaSense, LLC

Series E Preferred Shares

June 27, 2024

Amergin Asset Management, LLC

Specialty finance equity investment

July 01, 2022

Arctic Wolf Networks, Inc.

Preferred Stock

July 07, 2021

Axonius, Inc.

Series E Preferred Stock

March 24, 2025

Baypine Commander Co-Invest, LP

LP Interest

June 24, 2025

BEHP Co-Investor II, L.P.

LP Interest

May 06, 2022

Blend Labs, Inc.

Warrants

July 02, 2021

Blue Owl Credit SLF LLC*

LLC Interest

August 01, 2024

Blue Owl Cross-Strategy Opportunities LLC

Limited Partner Interest

September 19, 2025

Bolt Technology OÜ

Preferred Stock

December 10, 2021

Brex, Inc.

Class A Units

August 15, 2025

Brex, Inc.

Preferred Stock

November 30, 2021

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

Common Units

October 01, 2021

Chrome Investors LP

LP Interest

January 25, 2025

Circle Internet Services, Inc.

Series D Preferred Stock

May 20, 2019

Circle Internet Services, Inc.

Series E Preferred Stock

February 28, 2020

Circle Internet Services, Inc.

Series F Preferred Stock

May 04, 2021

Circle Internet Services, Inc.

Warrants

May 20, 2019

CloudPay, Inc.

Series E Preferred Stock

July 31, 2024

Coherent Group Inc.

Series B Preferred Shares

March 24, 2025

Diligent Preferred Issuer, Inc. (dba Diligent Corporation)

Preferred Stock

April 06, 2021

Dodge Construction Network Holdings, L.P.

Series A Preferred Units

March 16, 2022

Dodge Construction Network Holdings, L.P.

Class A-2 Common Units

March 16, 2022

Elliott Alto Co-Investor Aggregator L.P.

LP Interest

September 28, 2022

EShares, Inc. (dba Carta)

Series E Preferred Stock

August 01, 2019

Excalibur CombineCo, L.P.

Class A Units

July 02, 2024

Fifth Season Investments LLC

Specialty finance equity investment

October 17, 2022

Halo Parent Newco, LLC

Class H PIK Preferred Equity

October 15, 2021

HARNESS INC.

Series D Preferred Stock

June 11, 2024

Help HP SCF Investor, LP

LP Interest

April 28, 2021

Illumio, Inc.

Common stock

August 27, 2021

Illumio, Inc.

Series F Preferred Stock

June 23, 2021

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

LP Interest

June 08, 2022

JumpCloud, Inc.

Series F Preferred Stock

September 03, 2021

JumpCloud, Inc.

Series B Preferred Stock

December 30, 2021

Juniper Square, Inc.

Warrants

March 24, 2025

Kajabi Holdings, LLC

Senior Preferred Class D Units

March 24, 2021

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

Perpetual Preferred Stock

June 22, 2022

KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)

Class A Interest

December 12, 2023

Linked Store Cayman Ltd. (dba Nuvemshop)

Series E Preferred Stock

August 09, 2021

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of September 30, 2025

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company

Investment

Acquisition Date

LSI Financing 1 DAC

Specialty finance equity investment

December 14, 2022

LSI Financing LLC

Specialty finance equity investment

November 25, 2024

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

Extended Series C Warrants

May 05, 2021

Minerva Holdco, Inc.

Senior A Preferred Stock

February 14, 2022

ModMed Software Midco Holdings, Inc. (dba ModMed)

Series A Preferred Units

April 30, 2025

Nscale Global Holdings Limited

Preferred equity

September 29, 2025

Nscale Global Holdings Limited

Series B Preferred Shares

September 29, 2025

Nylas, Inc.

Series C Preferred Stock

June 03, 2021

Orange Blossom Parent, Inc.

Common Units

March 24, 2025

Paradigmatic Holdco LLC (dba Pluralsight)

Common stock

August 22, 2024

Project Alpine Co-Invest Fund, LP

LP Interest

June 13, 2022

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

LP Interest

August 09, 2022

Replicated, Inc.

Series C Preferred Stock

June 30, 2021

Revolut Ribbit Holdings, LLC

LLC Interest

September 30, 2021

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

Series A Preferred Stock

November 15, 2023

Saturn Ultimate, Inc.

Common stock

December 29, 2021

Securiti, Inc.

Series C Preferred Shares

July 29, 2022

Signifyd Inc.

Preferred equity

April 08, 2021

Simpler Postage, Inc. (dba Easypost)

Warrants

June 11, 2024

SLA Eclipse Co-Invest, L.P.

LP Interest

September 30, 2019

Space Exploration Technologies Corp.

Class A Common Stock

March 23, 2021

Space Exploration Technologies Corp.

Class C Common Stock

March 23, 2021

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

Series A Preferred Stock

October 14, 2021

Thunder Topco L.P. (dba Vector Solutions)

Common Units

June 30, 2021

TravelPerk, Inc.

Warrants

May 02, 2024

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

Series A Preferred Stock

October 15, 2021

Vestwell Holdings, Inc.

Series D Preferred Stock

December 20, 2023

Walker Edison Holdco LLC

Common Units

March 01, 2023

WMC Bidco, Inc. (dba West Monroe)

Senior Preferred Stock

November 09, 2021

WP Irving Co-Invest, L.P.

Partnership Units

May 18, 2022

XOMA Corporation

Warrants

December 15, 2023

Zoro TopCo, Inc.

Series A Preferred Equity

November 22, 2022

Zoro TopCo, L.P.

Class A Common Units

November 22, 2022

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

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

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

(33)Reserved.

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

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

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)

Form: 10-Q

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