August 5, 2026 - 10-Q: Quarterly report [Sections 13 or 15(d)] | Blue Owl Technology Finance Corp. (OTF)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________________________________________________

FORM 10-Q

______________________________________________________________________________


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

For the period ended June 30, 2026


☐			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 ☒ 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 ☒ 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 ☒

Emerging growth company ☐

Smaller reporting company ☐

Non-accelerated filer o

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 ☒

As of July 29, 2026, the registrant had 458,185,389 shares of common stock, $0.01 par value per share, outstanding.

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		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements	5
	Consolidated Statements of Assets and Liabilities as o f June 30, 2026 (Unaudited) and December 31, 2025	5
	Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)	6
	Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)	7
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025 (Unaudited)	8
	Consolidated Schedules of Investments as of June 30, 2026 (Unaudited) and December 31, 2025	9
	Notes to Consolidated Financial Statements (Unaudited)	62
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	112
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	145
Item 4.	Controls and Procedures	146

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	147
Item 1A.	Risk Factors	147
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	147
Item 3.	Defaults Upon Senior Securities	147
Item 4.	Mine Safety Disclosures	147
Item 5.	Other Information	147
Item 6.	Exhibits	148
Signatures

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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 and tax reductions, trade disputes with other countries, and the risk of recession or future government shutdowns 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 on our business and our portfolio companies;

•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, continued political unrest in various countries such as Venezuela, as well as political and social unrest in the Middle East and North Africa regions, uncertainty with respect to immigration, and general

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uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China, on financial market volatility, global economic markets, and various markets for commodities globally such as oil and natural gas; and

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

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

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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)


	As of June 30, 2026 (Unaudited)		As of December 31, 2025
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $13,997,430 and $13,262,010, respectively)	$	13,643,875	$	13,363,077
Non-controlled, affiliated investments (amortized cost of $854,843 and $736,415, respectively)	728,216		692,202
Controlled, affiliated investments (amortized cost of $150,520 and $128,788, respectively)	308,447		230,760
Total investments at fair value (amortized cost of $15,002,793 and $14,127,213, respectively)	14,680,538		14,286,039
Cash (restricted cash of $— and $—, respectively)	210,276		282,257
Foreign cash (cost of $3,435 and $709, respectively)	3,230		667
Interest and dividend receivable	114,967		88,553
Receivable from a controlled affiliate	897		720
Prepaid expenses and other assets	44,993		56,775
Total Assets	$	15,054,901	$	14,715,011
Liabilities
Debt (net of unamortized debt issuance costs of $95,067 and $84,123, respectively)	$	7,157,528	$	6,288,200
Distribution payable	183,068		185,749
Management fee payable	53,949		48,556
Incentive fee payable	29,316		68,085
Payables to affiliates	—		64
Payable for investments purchased	1,558		3,006
Accrued expenses and other liabilities	89,617		79,753
Total Liabilities	$	7,515,036	$	6,673,413
Commitments and contingencies (Note 8)
Net Assets
Common shares $0.01 par value, 1,000,000,000 shares authorized; 457,612,537 and 464,047,623 shares issued and outstanding, respectively	$	4,576	$	4,640
Additional paid-in-capital	7,477,530		7,573,712
Total accumulated undistributed earnings	57,759		463,246
Total Net Assets	7,539,865		8,041,598
Total Liabilities and Net Assets	$	15,054,901	$	14,715,011
Net Asset Value Per Share	$	16.48	$	17.33

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

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Blue Owl Technology Finance Corp.

Consolidated Statements of Operations

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

(Unaudited)


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income	$	273,492	$	264,998	$	541,814	$	408,356
Payment-in-kind ("PIK") interest income	24,969		22,648		49,026		37,929
Dividend income	453		539		978		539
PIK dividend income	13,657		15,455		28,001		23,855
Other income	4,167		4,105		7,343		8,744
Total investment income from non-controlled, non-affiliated investments	316,738		307,745		627,162		479,423
Investment income from non-controlled, affiliated investments:
Interest income	1,641		1,612		2,670		2,233
PIK interest income	255		955		1,033		2,131
Dividend income	15,073		5,866		24,700		12,019
PIK dividend income	3,405		3,119		6,772		6,202
Other income	23		32		45		83
Total investment income from non-controlled, affiliated investments	20,397		11,584		35,220		22,668
Investment income from controlled, affiliated investments:
Dividend income	897		138		1,590		193
Total investment income from controlled, affiliated investments	897		138		1,590		193
Total Investment Income	338,032		319,467		663,972		502,284
Operating Expenses
Interest expense	$	108,791	$	87,327	$	212,616	$	139,013
Management fees, net(1)	53,948		32,540		107,861		48,416
Performance based incentive fees	29,316		28,052		18,631		37,493
Professional fees	3,090		2,841		5,831		6,209
Listing advisory fees	—		4,821		—		4,821
Directors' fees	420		314		694		573

Other general and administrative	3,401		3,055		6,687		4,558
Total Operating Expenses	198,966		158,950		352,320		241,083
Net Investment Income (Loss) Before Taxes	139,066		160,517		311,652		261,201
Income tax expense (benefit), including excise tax expense (benefit)	422		146		1,697		3,498
Net Investment Income (Loss) After Taxes	138,644		160,371		309,955		257,703
Net Realized and Change in Unrealized Gain (Loss)
Net change in unrealized gain (loss):
Non-controlled, non-affiliated investments	$	11,954	$	19,330	$	(436,630)	$	(655)
Non-controlled, affiliated investments	(38,635)		19,194		(82,410)		18,435
Controlled, affiliated investments	54,299		14,684		55,955		14,686
Translation of assets and liabilities in foreign currencies and other transactions	7,102		24,894		3,443		25,968
Income tax (provision) benefit	—		(48)		79		(843)
Total Net Change in Unrealized Gain (Loss)	34,720		78,054		(459,563)		57,591
Net realized gain (loss):
Non-controlled, non-affiliated investments	$	(14,349)	$	(12,106)	$	109,474	$	(10,259)
Non-controlled, affiliated investments	(2,020)		—		(25,176)		—
Foreign currency transactions	(2,773)		(24,832)		(359)		(25,416)
Total Net Realized Gain (Loss)	(19,142)		(36,938)		83,939		(35,675)
Total Net Realized and Change in Unrealized Gain (Loss)	$	15,578	$	41,116	$	(375,624)	$	21,916
Net Increase (Decrease) in Net Assets Resulting from Operations	$	154,222	$	201,487	$	(65,669)	$	279,619
Earnings Per Share - Basic and Diluted	$	0.33	$	0.43	$	(0.14)	$	0.80
Weighted Average Shares Outstanding - Basic and Diluted	460,878,695		465,124,070		462,563,216		350,872,326

_______________

(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.

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Blue Owl Technology Finance Corp.

Consolidated Statements of Changes in Net Assets

(Amounts in thousands)

(Unaudited)


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)	$	138,644	$	160,371	$	309,955	$	257,703
Net change in unrealized gain (loss)	34,720		78,054		(459,563)		57,591
Net realized gain (loss)	(19,142)		(36,938)		83,939		(35,675)
Net Increase (Decrease) in Net Assets Resulting from Operations	154,222		201,487		(65,669)		279,619
Distributions
Distributions declared from earnings	(183,068)		(162,792)		(367,647)		(235,299)
Net Decrease in Net Assets Resulting from Shareholders' Distributions	(183,068)		(162,792)		(367,647)		(235,299)
Capital Share Transactions
Repurchase of common shares	(55,137)		—		(105,321)		—
Reinvestment of distributions	18,395		—		36,904		37,945

Issuance of common shares in connection with the Mergers(1)	—		—		—		4,278,003
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions	(36,742)		—		(68,417)		4,315,948
Total Increase (Decrease) in Net Assets	$	(65,588)	$	38,695	$	(501,733)	$	4,360,268
Net Assets, at beginning of period	7,605,453		7,946,723		8,041,598		3,625,150
Net Assets, at End of Period	$	7,539,865	$	7,985,418	$	7,539,865	$	7,985,418

_______________

(1)Refer to “Note 13 — Merger with Blue Owl Technology Finance Corp. II (“OTF II”)” for additional information on the merger between the Company and OTF II (the “Mergers”).

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

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Blue Owl Technology Finance Corp.

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)


	For the Six Months Ended June 30,
	2026		2025
Cash Flows from Operating Activities
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(65,669)	$	279,619
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments, net	(2,015,512)		(1,272,908)
Proceeds from investments and investment repayments, net	1,336,506		692,311
Net accretion/amortization of discount/premium on investments	(26,794)		(25,529)
Net change in unrealized (gain) loss on investments	463,085		(32,466)
Net change in unrealized (gain) loss on interest rate swaps attributed to unsecured notes	(29,728)		20,992
Net change in unrealized (gain) loss on foreign currency forward contracts	(21,641)		(11,400)
Net change in unrealized (gain) loss on translation of assets and liabilities in foreign currencies	18,198		(25,968)
Net realized (gain) loss on investments	(84,298)		10,259
Net realized (gain) loss on foreign currency transactions relating to investments	(2,443)		(3,581)
Net realized (gain) loss on foreign currency transactions relating to debt	—		29,674

Payment-in-kind interest and dividends	(83,039)		(76,286)
Amortization of debt issuance costs	15,771		11,058

Cash acquired in the Mergers	—		647,248
Changes in operating assets and liabilities:

(Increase) decrease in dividend income receivable	(26,591)		33,911
(Increase) decrease in prepaid expenses and other assets	31,279		3,227
Increase (decrease) in management fee payable	5,393		6,033
Increase (decrease) in incentive fee payable	(38,769)		6,236
Increase (decrease) in payables to affiliate	(64)		(1,842)
Increase (decrease) in payable for investments purchased	(1,448)		(52,796)
Increase (decrease) in accrued expenses and other liabilities	11,806		(105,734)
Net cash provided by (used in) operating activities	(513,958)		132,058
Cash Flows from Financing Activities
Borrowings on debt	3,230,000		1,030,000
Payments on debt	(2,320,000)		(1,129,340)
Debt issuance costs	(26,715)		(13,636)

Repurchases of common stock	(105,321)		—
Cash Distributions paid to shareholders	(333,424)		(105,559)
Net cash provided by (used in) financing activities	444,540		(218,535)
Net increase (decrease) in cash and restricted cash, including foreign cash	(69,418)		(86,477)
Cash and restricted cash, including foreign cash, beginning of period(1)	282,924		257,000
Cash and restricted cash, including foreign cash, end of period(1)	$	213,506	$	170,523
Supplemental and Non-Cash Information
Interest paid during the period	$	182,029	$	138,677
Distributions recorded in the period	367,647		235,299
Reinvestment of distributions during the period	36,904		37,945
Distributions Payable	183,068		162,793
Issuance of shares in connection with the merger(2)	—		4,278,003

Taxes, including excise tax, paid during the period	7,997		11,550

_______________

(1)The Company held no restricted cash in the periods presented.

(2)Refer to “Note 13 — Merger with Blue Owl Technology Finance Corp. II” for additional information on the Mergers.

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

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Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par		Shares/Units	Amortized Cost(2)(27)		Fair Value		% of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments(7)
Aerospace & Defense
Jeppesen Holdings, LLC(3)(4)(9)	First lien senior secured loan	S+	4.75%		10/2032	$	44,089	—	$	43,765	$	43,428
ManTech International Corporation(3)(4)(9)	First lien senior secured loan	S+	4.50%		9/2029	76,409		—	76,451		75,072
Peraton Corp.(3)(4)(9)	Second lien senior secured loan	S+	7.75%		2/2029	84,551		—	84,014		56,649
									204,230		175,149		2.3	%
Airlines
Accommodations Plus Technologies LLC(3)(4)(9)	First lien senior secured loan	S+	5.25%		5/2032	48,600		—	48,172		47,385
									48,172		47,385		0.6	%
Air Freight & Logistics
Auctane, Inc. (f/k/a Stamps.com Inc.)(3)(4)(9)	First lien senior secured loan	S+	5.75%		6/2033	93,750		—	92,356		92,344
									92,356		92,344		1.2	%
Application Software
AI Titan Parent, Inc. (dba Prometheus Group)(3)(4)(8)(22)	First lien senior secured loan	S+	4.50%		8/2031	52,447		—	52,016		50,980
AlphaSense, Inc.(3)(4)(9)	First lien senior secured loan	S+	6.25%		6/2029	59,360		—	59,012		59,063
Anaplan, Inc.(3)(4)(9)	First lien senior secured loan	S+	4.50%		6/2029	123,119		—	123,119		120,965
Armstrong Bidco Limited(3)(4)(19)(31)	First lien senior secured GBP term loan	SA+	5.25%		6/2029	£	16,173	—	20,230		20,822
Arrow Borrower 2025, Inc. (dba AvidXchange)(3)(4)(9)	First lien senior secured loan	S+	4.25%		10/2032	36,960		—	36,792		35,944
Artifact Bidco, Inc. (dba Avetta)(3)(4)(9)	First lien senior secured loan	S+	4.15%		7/2031	34,579		—	34,452		34,492
Avalara, Inc.(3)(9)	First lien senior secured loan	S+	2.50%		3/2032	2,462		—	2,410		2,354
BCTO WIW Holdings, Inc. (dba When I Work)(3)(4)(6)	Senior convertible notes	N/A		5.50%	8/2030	—		4,871,573	4,694		4,694
BusinessSolver.com, Inc.(3)(4)(9)	First lien senior secured loan	S+	4.50%		12/2032	84,467		—	84,075		82,144
CALABRIO, INC.(3)(9)	First lien senior secured loan	S+	4.00%		11/2032	10,000		—	9,532		7,708
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(3)(4)(9)	First lien senior secured loan	S+	5.25%		8/2027	75,243		—	74,835		71,857
CivicPlus, LLC(3)(4)(9)(22)	First lien senior secured loan	S+	3.25%	2.75%	8/2030	106,778		—	106,338		104,554
Coupa Holdings, LLC(3)(4)(9)	First lien senior secured loan	S+	5.25%		2/2030	91,528		—	91,524		88,095
Coupa Holdings, LLC(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.25%		2/2029	3,901		—	3,901		3,682
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(3)(4)(9)	Unsecured notes	S+		11.75%	6/2034	30,908		—	30,680		30,368
Dawn Bidco, LLC (dba Dayforce)(3)(9)	First lien senior secured loan	S+	3.00%		10/2032	2,500		—	2,404		2,272
Einstein Parent, Inc. (dba Smartsheet)(3)(4)(9)	First lien senior secured loan	S+	5.25%		1/2031	105,186		—	104,334		103,346

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Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par		Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
Gainsight, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.50%		7/2027	67,754		—	67,550	66,907
Granicus, Inc.(3)(4)(9)	First lien senior secured loan	S+	3.50%	2.25%	1/2031	3,993		—	3,981	3,943
Granicus, Inc.(3)(4)(9)	First lien senior secured delayed draw term loan	S+	3.00%	2.25%	1/2031	593		—	589	578
Granicus, Inc.(3)(4)(12)(22)	First lien senior secured revolving loan	P+	4.25%		1/2031	44		—	42	37
GS Acquisitionco, Inc. (dba insightsoftware)(3)(4)(9)(22)	First lien senior secured loan	S+	5.25%		5/2028	57,070		—	56,937	54,643
Gusto, Inc.(3)(4)(9)	First lien senior secured loan	S+	4.50%		11/2030	46,280		—	46,126	46,165
IGT Holding IV AB (dba IFS)(3)(9)(31)	First lien senior secured loan	S+	3.00%		9/2031	3,990		—	3,923	3,893
Infobip Inc.(3)(4)(9)(31)	First lien senior secured loan	S+	5.25%		6/2029	67,027		—	66,254	66,356
Jawbreaker Parent, Inc.(3)(4)(9)	First lien senior secured loan	S+	4.75%		1/2033	124,121		—	123,476	122,259
JS Parent, Inc. (dba Jama Software)(3)(4)(9)	First lien senior secured loan	S+	4.75%		4/2031	26,874		—	26,831	26,874
Lighthouse Buyer, Inc. (dba Harbor Compliance)(3)(4)(9)(22)	First lien senior secured loan	S+	4.25%		12/2031	16,986		—	16,808	16,602
Lumen Bidco 1 Limited (dba Unit4)(3)(4)(14)(31)	First lien senior secured EUR term loan	E+	4.50%		6/2033	€	51,692	—	59,327	57,327
Magnet Forensics, LLC (f/k/a Grayshift, LLC)(3)(4)(8)(31)	First lien senior secured loan	S+	4.50%		7/2028	174,110		—	174,191	174,110
Ministry Brands Holdings, LLC(3)(4)(8)	First lien senior secured loan	S+	5.50%		12/2028	8,098		—	8,029	7,895
Onward Acquireco, Inc. (dba OneStream)(3)(4)(8)	First lien senior secured loan	S+	2.38%	2.68%	4/2033	157,918		—	157,347	157,326
Simpler Postage, Inc. (dba Easypost)(3)(4)(8)	First lien senior secured loan	S+	8.00%		6/2029	74,556		—	72,606	72,133
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(3)(4)(9)	First lien senior secured loan	S+	4.95%		3/2029	9,867		—	9,799	9,669
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(3)(4)(9)	First lien senior secured delayed draw term loan	S+	4.81%		3/2029	1,095		—	1,082	1,073
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	5.00%		3/2029	1,897		—	1,875	1,825
VCI Asset Holdings LLC(3)(4)(6)(31)	First lien senior secured loan	N/A	10.00%		11/2030	111,068		—	110,067	118,288
Velocity HoldCo III Inc. (dba VelocityEHS)(3)(4)(9)	First lien senior secured loan	S+	5.50%		5/2029	71,123		—	71,123	69,878
XPLOR T1, LLC(3)(4)(9)	First lien senior secured loan	S+	3.25%		12/2032	18,262		—	18,176	16,664
Zendesk, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.00%		11/2028	180,113		—	179,228	174,259
									2,115,715	2,092,044	27.7	%




Beverages
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(3)(4)(8)	First lien senior secured loan	S+	6.25%		3/2027	1,709		—	1,700	1,709
									1,700	1,709	—	%

Table of Contents

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par	Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
Building Products
EET Buyer, Inc. (dba e-Emphasys)(3)(4)(9)(22)	First lien senior secured loan	S+	5.50%		11/2029	48,461	—	48,346	47,709
								48,346	47,709	0.6	%
Buildings & Real Estate
Associations, Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	6.50%		7/2028	148,881	—	148,795	148,881
Associations Finance, Inc.(3)(4)(6)	Unsecured notes	N/A		14.25%	5/2030	49,128	—	49,037	49,128
								197,832	198,009	2.6	%
Capital Markets
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)(3)(4)(8)(22)	First lien senior secured loan	S+	4.50%		6/2030	19,730	—	19,573	19,730
Clearwater Analytics Holdings, Inc.(3)(4)(9)	First lien senior secured loan	S+	4.50%		6/2033	149,310	—	148,565	148,563
Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet)(3)(4)(8)(22)	First lien senior secured loan	S+	5.50%		8/2032	87,487	—	86,223	80,394
								254,361	248,687	3.3	%
Commercial Services & Supplies
Sentinel Buyer Corp. (dba SimpliSafe)(3)(4)(8)	First lien senior secured loan	S+	5.00%		11/2032	23,856	—	23,638	23,558


								23,638	23,558	0.3	%
Construction & Engineering
Dodge Construction Network LLC(3)(9)	First lien senior secured loan	S+	6.25%		1/2029	4,089	—	4,033	4,096
Dodge Construction Network LLC(3)(9)	First lien senior secured loan	S+	4.75%		2/2029	6,004	—	5,124	4,484
Pike Corp.(4)(8)	First lien senior secured loan	S+	4.25%		12/2032	25,691	—	25,571	25,691
								34,728	34,271	0.5	%
Consumer Finance
Klarna Holding AB(3)(4)(9)(31)	Subordinated Floating Rate Notes	S+	7.00%		4/2034	65,334	—	65,357	65,334
								65,357	65,334	0.9	%
Diversified Consumer Services
Eagan Parent, Inc. (dba Elite)(3)(4)(9)	First lien senior secured loan	S+	4.25%		9/2032	23,675	—	23,567	23,438
Icefall Parent, Inc. (dba EngageSmart)(3)(4)(9)	First lien senior secured loan	S+	4.50%		1/2030	30,068	—	30,068	29,842
Litera Bidco LLC(3)(4)(8)(22)	First lien senior secured loan	S+	5.00%		5/2028	186,798	—	186,391	183,478
Themis Solutions Inc. (dba Clio)(3)(4)(8)(31)	First lien senior secured loan	S+	1.75%	3.75%	10/2032	82,138	—	81,401	80,495

								321,427	317,253	4.2	%
Diversified Financial Services
Blackhawk Network Holdings, Inc.(3)(8)	First lien senior secured loan	S+	3.50%		3/2029	89,049	—	89,049	88,550
BTRS Holdings Inc. (dba Billtrust)(3)(4)(9)(22)	First lien senior secured loan	S+	5.50%		12/2028	155,325	—	155,121	151,724
Computer Services, Inc. (dba CSI)(3)(4)(9)	First lien senior secured loan	S+	4.50%		11/2031	228,007	—	227,806	224,017
Deerfield Dakota Holdings(3)(4)(9)	First lien senior secured loan	S+	3.00%	2.75%	9/2032	128,557	—	127,989	127,915

Table of Contents

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par		Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
Deerfield Dakota Holdings(3)(4)(8)(22)	First lien senior secured revolving loan	S+	5.25%		9/2032	4,345		—	4,293	4,286
Hg Genesis 8 Sumoco Limited(3)(4)(19)(31)	Unsecured facility	SA+	6.00%		9/2027	£	4,284	—	5,558	5,686
Hg Genesis 9 SumoCo Limited(3)(4)(14)(31)	Unsecured facility	E+		6.25%	3/2029	€	41,883	—	45,669	47,885
Hg Saturn Luchaco Limited(3)(4)(19)(31)	Unsecured facility	SA+		8.25%	3/2027	£	46,076	—	58,885	61,154
Minotaur Acquisition, Inc. (dba Inspira Financial)(3)(4)(8)	First lien senior secured loan	S+	5.00%		6/2030	185,405		—	184,706	184,942
ML Holdco, Inc. (dba Meridian Link)(3)(4)(9)	First lien senior secured loan	S+	4.25%		10/2032	106,139		—	105,653	103,750
NMI Acquisitionco, Inc. (dba Network Merchants)(3)(4)(8)(22)	First lien senior secured loan	S+	4.50%		9/2028	24,817		—	24,794	24,565
Smarsh Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	4.75%		2/2029	88,922			88,675	84,878
Smarsh Inc.(3)(4)(8)(22)	First lien senior secured revolving loan	S+	4.75%		2/2029	4,968			4,954	4,599
									1,123,152	1,113,951	14.8	%
Diversified Support Services
CoreTrust Purchasing Group LLC(3)(4)(8)	First lien senior secured loan	S+	5.25%		10/2029	34,312		—	34,331	34,227
									34,331	34,227	0.5	%
Entertainment
Aerosmith Bidco 1 Limited (dba Audiotonix)(3)(4)(9)(31)	First lien senior secured loan	S+	5.25%		7/2031	173,404		—	172,488	173,404
Aerosmith Bidco 1 Limited (dba Audiotonix)(3)(4)(10)(31)	First lien senior secured delayed draw term loan	S+	5.25%		7/2031	40,503		—	40,075	40,503
									212,563	213,907	2.8	%
Equity Real Estate Investment Trusts (REITs)
Storable, Inc.(3)(8)	First lien senior secured loan	S+	3.25%		4/2031	9,876		—	9,850	8,782
Storable Intermediate Holdings, LLC(3)(4)(8)	First lien senior secured loan	S+		6.00%	4/2032	114,448		—	114,005	100,714
									123,855	109,496	1.5	%
Food & Staples Retailing
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(3)(4)(8)	First lien senior secured loan	S+	4.25%		12/2029	187,088		—	187,031	185,685
									187,031	185,685	2.5	%
Health Care Equipment & Supplies
Cambrex Corporation(3)(4)(8)(22)	First lien senior secured loan	S+	4.75%		3/2032	46,034		—	45,627	45,785

Packaging Coordinators Midco, Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		10/2032	147,136		—	145,522	145,663
Packaging Coordinators Midco, Inc.(3)(4)(19)	First lien senior secured delayed draw term loan	SA+	5.00%		10/2032	£	12,384	—	16,291	16,272
PerkinElmer U.S. LLC(3)(4)(9)	First lien senior secured loan	S+	4.50%		3/2029	75,065		—	74,692	74,690
									282,132	282,410	3.7	%
Health Care Providers & Services
Bristol Hospice L.L.C.(3)(4)(8)	First lien senior secured loan	S+	5.25%		8/2032	18,167		—	18,084	18,167

Table of Contents

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par		Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
Covetrus, Inc.(3)(4)(9)	Second lien senior secured loan	S+	9.25%		10/2030	75,000		—	73,647	75,000
dentalcorp Health Services Ltd. (fka Aryeh Bidco Investment Ltd.)(3)(4)(21)(22)(31)	First lien senior secured loan	C+	5.00%		1/2033	C$	56,978	—	40,817	39,937
Engage Debtco Limited(3)(4)(9)(31)	First lien senior secured loan	S+	3.08%	2.75%	7/2029	21,555		—	21,183	19,561

KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(3)(4)(9)	First lien senior secured loan	S+	5.00%		12/2029	135,271		—	134,403	134,595
Natural Partners, LLC(3)(4)(9)(31)	First lien senior secured loan	S+	4.50%		11/2030	21,771		—	21,698	21,771
PetVet Care Centers, LLC(3)(4)(8)	First lien senior secured loan	S+	6.00%		11/2030	76,538		—	74,560	66,588
PetVet Care Centers, LLC(3)(4)(8)(22)	First lien senior secured revolving loan	S+	6.00%		11/2029	3,224		—	3,005	1,827
Valeris, Inc. (fka Phantom Purchaser, Inc.)(3)(4)(9)	First lien senior secured loan	S+	5.00%		9/2031	8,776		—	8,763	8,776
Valeris, Inc. (fka Phantom Purchaser, Inc.)(3)(4)(9)	First lien senior secured loan	S+	4.75%		9/2031	15,046		—	14,918	15,008
Vermont Aus Pty Ltd(3)(4)(17)(31)	First lien senior secured AUD term loan	B+	4.50%		3/2028	A$	12,774	—	8,436	8,828



									419,514	410,058	5.4	%
Health Care Technology

BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(9)	First lien senior secured loan	S+	5.75%		8/2028	124,188		—	123,455	123,567
BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	5.75%		8/2028	34,678		—	34,402	34,488
Color Intermediate, LLC (dba ClaimsXten)(3)(4)(9)	First lien senior secured loan	S+	4.75%		10/2029	47,187		—	47,216	46,479
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(3)(4)(8)(22)	First lien senior secured loan	S+	5.00%		8/2031	156,379		—	156,188	156,379
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	41,571		—	41,363	41,365
GI Ranger Intermediate, LLC (dba Rectangle Health)(3)(4)(9)	First lien senior secured loan	S+	6.00%		10/2028	26,539		—	26,315	24,083
GI Ranger Intermediate, LLC (dba Rectangle Health)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	6.00%		10/2027	1,290		—	1,280	1,085
Greenway Health, LLC(3)(4)(10)	First lien senior secured loan	S+	6.75%		4/2029	18,622		—	18,372	17,831
Himalaya Topco LLC (dba HealthEdge)(3)(4)(8)(22)	First lien senior secured loan	S+	3.00%	2.25%	6/2032	96,141		—	95,242	94,035
Himalaya Topco LLC (dba HealthEdge)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	5.00%		6/2032	2,270		—	2,143	1,980
Hyland Software, Inc.(3)(4)(8)	First lien senior secured loan	S+	4.75%		9/2030	147,542		—	147,584	143,116
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)	First lien senior secured loan	S+	4.00%	2.50%	12/2030	138,105		—	136,607	133,962
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)	First lien senior secured delayed draw term loan	S+	6.00%		12/2030	2,085		—	2,084	2,023

Table of Contents

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par		Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	6.00%		6/2030	10,949		—	10,815	10,557
Inovalon Holdings, Inc.(3)(4)(9)	First lien senior secured loan	S+	2.75%	2.75%	11/2028	195,887		—	195,673	186,582
Inovalon Holdings, Inc.(3)(4)(9)	Second lien senior secured loan	S+		8.50%	11/2033	82,058		—	82,058	68,929
Interoperability Bidco, Inc. (dba Lyniate)(3)(4)(9)	First lien senior secured loan	S+	5.25%		3/2028	114,235		—	113,855	113,378
Modernizing Medicine, Inc. (dba ModMed)(3)(4)(9)	First lien senior secured loan	S+	2.50%	2.25%	4/2032	148,964		—	147,719	148,964
Neptune Holdings, Inc. (dba NexTech)(3)(4)(9)	First lien senior secured loan	S+	4.50%		8/2030	10,754		—	10,741	10,512
RL Datix Holdings (USA), Inc.(3)(4)(10)	First lien senior secured loan	S+	5.00%		4/2031	104,855		—	104,856	103,020
RL Datix Holdings (USA), Inc.(3)(4)(19)	First lien senior secured GBP term loan	SA+	5.00%		4/2031	£	48,558	—	65,531	63,320
Salinger Bidco Inc. (dba Surgical Information Systems)(3)(4)(9)	First lien senior secured loan	S+	5.75%		8/2031	94,453		—	94,338	94,453


									1,657,837	1,620,108	21.5	%



Household Durables
BCTO BSI Buyer, Inc. (dba Buildertrend)(3)(4)(9)	First lien senior secured loan	S+	5.75%		12/2028	73,419		—	73,285	71,950
									73,285	71,950	1.0	%
Industrial Conglomerates
Aptean Acquiror, Inc. (dba Aptean)(3)(4)(9)(22)	First lien senior secured loan	S+	4.75%		1/2031	17,288		—	17,222	16,792
QAD, Inc.(3)(4)(8)	First lien senior secured loan	S+	4.75%		11/2027	86,806		—	86,807	85,938

									104,029	102,730	1.4	%
Insurance
AmeriLife Holdings LLC(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		8/2029	46,617		—	46,466	46,246
AmeriLife Holdings LLC(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.00%		8/2028	1,224		—	1,209	1,188
Diamond Insure Bidco (dba Acturis)(3)(4)(14)(31)	First lien senior secured EUR term loan	E+	3.75%		7/2031	€	8,121	—	8,686	9,145
Diamond Insure Bidco (dba Acturis)(3)(4)(19)(31)	First lien senior secured GBP term loan	SA+	4.00%		7/2031	£	21,743	—	27,767	28,425
Galway Borrower LLC(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	4.50%		9/2028	449		—	448	449
Integrity Marketing Acquisition, LLC(3)(4)(9)	First lien senior secured loan	S+	5.00%		8/2028	90,515		—	90,359	90,515
Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages)(3)(4)(9)(22)	First lien senior secured loan	S+	4.50%		11/2032	3,310		—	3,294	3,274
Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	4.50%		11/2032	110		—	108	105
One, Inc. Software Corporation(3)(4)(9)	First lien senior secured loan	S+	4.50%		12/2032	144,280		—	143,604	142,838

Table of Contents

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par		Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
Simplicity Financial Marketing Group Holdings, Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		12/2031	17,643		—	17,504	17,421
Trucordia Insurance Holdings, LLC(3)(4)(9)	Second lien senior secured loan	S+	5.75%		6/2033	60,500		—	59,956	54,601



									399,401	394,207	5.2	%
Internet & Direct Marketing Retail
Aurelia Netherlands B.V.(3)(4)(14)(31)	First lien senior secured EUR term loan	E+	4.75%		5/2031	€	64,942	—	73,397	74,248
									73,397	74,248	1.0	%
IT Services
Flexera Software LLC(3)(4)(9)	First lien senior secured loan	S+	4.50%		8/2032	20,995		—	20,949	20,470
Flexera Software LLC(3)(4)(13)	First lien senior secured EUR term loan	E+	4.50%		8/2032	€	5,300	—	6,194	5,908
Kaseya Inc.(3)(9)	First lien senior secured loan	S+	3.25%		3/2032	69,125		—	68,873	53,185
Kaseya Inc.(3)(4)(9)	Second lien senior secured loan	S+	5.00%		3/2033	19,884		—	19,818	11,980
NSCALE SERVICES UK LTD(3)(4)(9)(22)(31)	First lien senior secured delayed draw term loan	S+	5.00%		2/2031	6,984		—	4,003	4,500
Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8)(22)	First lien senior secured loan	S+	2.75%	2.25%	10/2031	99,988		—	98,908	95,195
Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	4.75%		10/2031	5,848		—	5,740	5,351
Spaceship Purchaser, Inc. (dba Squarespace)(3)(4)(9)	First lien senior secured loan	S+	3.75%		10/2031	132,598		—	132,598	131,272

									357,083	327,861	4.3	%
Life Sciences Tools & Services
Bamboo US BidCo LLC(3)(4)(14)	First lien senior secured EUR term loan	E+	5.25%		9/2030	€	15,463	—	16,639	17,679
Bamboo US BidCo LLC(3)(4)(9)	First lien senior secured delayed draw term loan	S+	5.25%		9/2030	35,478		—	35,445	35,478
Bamboo US BidCo LLC(3)(4)(8)(22)	First lien senior secured revolving loan	S+	5.25%		10/2029	1,795		—	1,795	1,795
Bracket Intermediate Holding Corp.(3)(4)(9)	First lien senior secured loan	S+	4.75%		10/2031	40,348		—	39,997	40,348
Bracket Intermediate Holding Corp.(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.00%		10/2031	1,037		—	1,006	1,037
Caris Life Sciences, Inc.(3)(4)(9)(31)	First lien senior secured loan	S+	5.00%		4/2031	28,929		—	28,791	28,784
Commander Buyer, Inc. (dba CenExel)(3)(4)(8)	First lien senior secured loan	S+	4.50%		6/2032	32,884		—	32,728	32,720
Creek Parent, Inc. (dba Catalent)(3)(4)(8)	First lien senior secured loan	S+	5.00%		12/2031	172,703		—	171,177	171,408

									327,578	329,249	4.4	%

Table of Contents

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par		Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
Media
Monotype Imaging Holdings Inc.(3)(4)(8)	First lien senior secured loan	S+	5.25%		2/2031	128,015		—	127,746	126,094
									127,746	126,094	1.7	%
Multiline Retail
PDI TA Holdings, Inc.(3)(4)(9)	First lien senior secured loan	S+	3.50%	2.50%	2/2031	27,065		—	26,831	25,847
PDI TA Holdings, Inc.(3)(4)(9)	First lien senior secured revolving loan	S+	5.50%		2/2031	2,263		—	2,244	2,161
									29,075	28,008	0.4	%
Pharmaceuticals
Foundation Consumer Brands, LLC(3)(4)(8)	First lien senior secured loan	S+	5.00%		2/2029	6,267		—	6,249	6,267
Pacific BidCo Inc.(3)(4)(10)(31)	First lien senior secured delayed draw term loan	S+	5.75%		8/2029	10,149		—	10,006	9,946

									16,255	16,213	0.2	%
Professional Services
Certinia Inc.(3)(4)(9)	First lien senior secured loan	S+	4.50%		8/2031	231,597		—	231,268	225,807
CloudPay, Inc.(3)(4)(9)(31)	First lien senior secured loan	S+	7.50%		7/2029	24,500		—	24,291	23,765
Cornerstone OnDemand, Inc.(3)(4)(8)	Second lien senior secured loan	S+	6.50%		10/2029	71,667		—	71,125	41,208
Gerson Lehrman Group, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.00%		12/2028	37,696		—	37,594	37,130
Perk International Holdings Ltd (fka TK Operations Ltd)(3)(4)(8)(31)	First lien senior secured loan	S+	7.00%		5/2031	56,250		—	55,699	55,125
Proofpoint, Inc.(3)(9)	First lien senior secured loan	S+	3.00%		8/2028	3,119		—	3,113	3,006
Proofpoint, Inc.(3)(4)(14)	Second lien senior secured loan	E+	5.75%		12/2033	€	57,749	—	65,286	62,394
Proofpoint, Inc.(3)(4)(9)	Second lien senior secured loan	S+	5.75%		12/2033	66,014		—	66,014	62,383
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(9)	First lien senior secured loan	S+	6.50%		5/2028	68,185		—	68,201	67,844
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(14)	First lien senior secured EUR term loan	E+	6.75%		5/2028	€	11,685	—	12,637	13,294
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	6.50%		5/2028	738		—	739	711
Sovos Compliance, LLC(3)(8)	First lien senior secured loan	S+	3.25%		8/2029	19,110		—	19,110	17,872
Thunder Purchaser, Inc. (dba Vector Solutions)(3)(4)(9)	First lien senior secured loan	S+	5.25%		6/2028	137,661		—	137,184	135,251
Vestwell Holdings Inc.(3)(4)(9)	First lien senior secured loan	S+		7.00%	1/2031	87,591		—	86,773	84,964
Vestwell Holdings Inc.(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	7.00%		1/2031	2,327		—	2,327	1,714


									881,361	832,468	11.0	%

Table of Contents

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par		Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
Real Estate Management & Development
Conservice Midco, LLC(3)(4)(9)	First lien senior secured loan	S+	4.50%		2/2033	212,443		—	211,932	211,912
RealPage, Inc.(3)(9)	First lien senior secured loan	S+	3.75%		4/2028	34,563			34,450	32,433
RealPage, Inc.(3)(9)	First lien senior secured loan	S+	3.00%		4/2028	1,320		—	1,303	1,232
									247,685	245,577	3.3	%
Specialty Retail
Courier Plus, Inc. (dba Dutchie)(3)(4)(9)	First lien senior secured loan	S+	6.50%		5/2031	21,926		—	21,715	21,707
McQueen Bidco PTY LTD. (dba Infomedia)(3)(4)(9)(31)	First lien senior secured loan	S+	4.50%		12/2032	77,652		—	77,652	76,681
McQueen Bidco PTY LTD. (dba Infomedia)(3)(4)(14)(22)(31)	First lien senior secured revolving loan	E+	4.50%		12/2032	€	2,023	—	2,313	2,150
OECONNECTION LLC(3)(4)(8)	First lien senior secured loan	S+	4.50%		12/2032	37,471		—	37,295	36,909
									138,975	137,447	1.8	%
Systems Software
Acquia Inc.(3)(4)(9)	First lien senior secured loan	S+	6.00%		10/2026	188,298		—	188,185	183,120
Activate Holdings (US) Corp. (dba Absolute Software)(3)(4)(9)(31)	First lien senior secured loan	S+	5.25%		7/2030	53,711		—	53,727	52,905
Appfire Technologies, LLC(3)(4)(9)	First lien senior secured loan	S+	4.75%		3/2028	7,144		—	7,145	6,929
Arctic Wolf Networks, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.75%		2/2030	88,384		—	87,693	86,396
Arctic Wolf Networks, Inc.(3)(4)(6)	Senior convertible notes	N/A		3.00%	11/2030	132,871		—	195,741	195,417
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(3)(4)(8)	First lien senior secured loan	S+	6.00%		3/2031	93,843		—	93,111	92,201
Barracuda Parent, LLC(3)(9)	First lien senior secured loan	S+	4.50%		8/2029	22,683		—	20,639	15,320
Barracuda Parent, LLC(3)(9)	Second lien senior secured loan	S+	7.00%		8/2030	55,875		—	45,648	18,355
Barracuda Parent, LLC(3)(4)(9)	First lien senior secured loan	S+	6.50%		8/2029	20,442		—	19,991	15,434
Bayshore Intermediate #2, L.P. (dba Boomi)(3)(4)(9)	First lien senior secured loan	S+	2.50%	3.00%	10/2028	160,429		—	160,452	157,621
Bayshore Intermediate #2, L.P. (dba Boomi)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.00%		10/2027	6,408		—	6,392	6,178
Circle Internet Services, Inc.(4)(29)	Subordinated Convertible Security	N/A			N/A	—		758,882	759	759
Clover Holdings 2, LLC (dba Cohesity)(3)(8)	First lien senior secured loan	S+	3.75%		12/2031	3,317		—	3,221	3,162
ConnectWise, LLC(3)(9)	First lien senior secured loan	S+	3.50%		9/2028	9,027		—	8,869	8,277
Crewline Buyer, Inc. (dba New Relic)(3)(4)(9)	First lien senior secured loan	S+	6.75%		11/2030	213,236		—	211,342	208,438
Databricks, Inc.(3)(4)(8)	First lien senior secured loan	S+	4.50%		1/2032	114,694		—	114,694	114,694
Delinea Buyer, Inc. (f/k/a Centrify)(3)(4)(9)	First lien senior secured loan	S+	4.25%		3/2030	144,306		—	143,862	143,585

Table of Contents

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par		Shares/Units	Amortized Cost(2)(27)		Fair Value		% of Net Assets
Delta TopCo, Inc. (dba Infoblox, Inc.)(3)(9)	First lien senior secured loan	S+	2.75%		11/2029	7,462		—	7,207		7,047
Delta TopCo, Inc. (dba Infoblox, Inc.)(3)(9)	Second lien senior secured loan	S+	5.25%		11/2030	30,000		—	29,979		27,264
Forescout Technologies, Inc.(3)(4)(9)	First lien senior secured loan	S+	4.50%		5/2032	153,797		—	153,365		150,337
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(3)(4)(8)(31)	First lien senior secured loan	S+	6.50%		4/2028	119,740		—	119,526		117,944
LogRhythm, Inc.(3)(4)(9)	First lien senior secured loan	S+	7.50%		7/2029	4,790		—	4,695		3,712
Matterhorn Finco, Inc. (dba Nexthink)(3)(4)(9)	First lien senior secured loan	S+	5.50%		3/2033	189,561		—	188,646		188,613
Securonix, Inc.(3)(4)(9)	First lien senior secured loan	S+	4.00%	3.75%	4/2029	41,856		—	39,811		32,647
Securonix, Inc.(3)(4)(9)(22)	First lien senior secured revolving loan	S+	7.00%		4/2029	2,373		—	2,088		807
Sitecore Holding III A/S(3)(4)(15)	First lien senior secured EUR term loan	E+	6.00%		3/2029	€	128,743	—	137,814		143,145
Sitecore Holding III A/S(3)(4)(10)	First lien senior secured loan	S+	6.00%		3/2029	22,321		—	22,289		21,707
Sitecore USA, Inc.(3)(4)(10)	First lien senior secured loan	S+	6.00%		3/2029	134,573		—	134,384		130,872
Sophos Holdings, LLC(3)(8)(31)	First lien senior secured loan	S+	3.50%		3/2027	14,388		—	14,398		13,317
Talon MidCo 2 Limited(3)(4)(8)(31)	First lien senior secured loan	S+	4.93%		8/2028	35,447			35,442		34,915

Tricentis Operations Holdings, Inc.(3)(4)(9)	First lien senior secured loan	S+	2.75%	3.25%	2/2032	119,022			118,103		116,046
									2,369,218		2,297,164		30.5	%
Wireless Telecommunication Services
CCI BUYER, INC. (dba Consumer Cellular)(3)(4)(9)	First lien senior secured loan	S+	5.00%		5/2032	74,550		—	73,905		74,550
									73,905		74,550		1.0	%
Total non-controlled/non-affiliated debt investments									$	12,667,270	$	12,371,060	164.1	%
Total non-controlled/non-affiliated misc. debt commitments(22)(23)(Note 8)									$	(4,751)	$	(16,044)	(0.2)	%
Total non-controlled/non-affiliated portfolio company debt investments									$	12,662,519	$	12,355,016	163.9	%

Equity Investments
Aerospace & Defense
Space Exploration Technologies Corp.(3)(29)(30)	Class A Common Stock	N/A			N/A	—		1,258,900	11,708		215,096

									11,708		215,096		2.9	%
Application Software
6Sense Insights, Inc.(3)(4)(29)(30)	Series E-1 Preferred Stock	N/A			N/A	—		1,580,642	48,102		23,359
Alpha Partners Technology Merger Corp(29)(30)(31)	Common stock	N/A			N/A	—		30,000	1,000		312
Alpha Partners Technology Merger Corp(29)(30)(31)	Warrants	N/A			N/A	—		666,666	—		133
AlphaSense, LLC(3)(4)(29)(30)	Series E Preferred Shares	N/A			N/A	—		1,422,042	13,176		21,691

Table of Contents

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par	Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
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	217
Diligent Preferred Issuer, Inc. (dba Diligent Corporation)(3)(4)(6)(30)	Preferred Stock	N/A		10.50%	N/A	—	15,000	24,752	22,857
EShares, Inc. (dba Carta)(4)(29)(30)	Series E Preferred Stock	N/A			N/A	—	186,904	2,008	4,722
Harvey AI Corporation(3)(4)(29)(30)	Series F Preferred Stock	N/A			N/A	—	610,456	15,250	18,768
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	2,292	—	2,292	2,770
Nylas, Inc.(4)(29)(30)	Series C Preferred Stock	N/A			N/A	—	2,088,467	15,009	1,976
Project Alpine Co-Invest Fund, LP(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	13,333	—	16,381	15,258
Saturn Ultimate, Inc.(3)(4)(29)(30)	Common stock	N/A			N/A	—	5,580,593	25,008	10,641
Simpler Postage, Inc. (dba Easypost)(3)(4)(29)(30)	Warrants	N/A			N/A	—	216,891	2,635	2,218
Valor CI Blocker Feeder LP(3)(4)(22)(29)(30)(31)	LP Interest	N/A			N/A	5,708	—	5,551	5,957
VCI Intermediate TopCo 1 LLC(3)(4)(29)(30)(31)	Class B Units	N/A			N/A	6,170	—	5,978	6,294
Zoro TopCo, L.P.(3)(4)(29)(30)	Class A Common Units	N/A			N/A	—	1,644,254	17,739	13,271
Zoro TopCo, Inc.(3)(4)(9)(30)	Series A Preferred Equity	S+		9.50%	N/A	—	4,749	7,531	7,262
								203,586	157,706	2.1	%
Banks
Capital One Financial Corp(3)(29)(30)(31)	Common stock	N/A			N/A	—	55,408	13,415	11,116
								13,415	11,116	0.1	%
Capital Markets
Acorns Grow Incorporated(3)(4)(6)(30)(31)	Series F Preferred Stock	N/A		5.00%	N/A	—	572,135	12,122	14,190
GT Silver Co-Invest SCSp(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	4,596	—	4,596	4,596
WP Silver Co-Invest, L.P.(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	4,596	—	4,596	4,596
								21,314	23,382	0.3	%
Commercial Services & Supplies
Rome Topco Holdings, LLC (dba SimpliSafe)(3)(4)(29)(30)	Class A Units	N/A			N/A	—	1,157	1,157	1,200
Rome Topco Holdings, LLC (dba SimpliSafe)(3)(4)(29)(30)	Class B Units	N/A			N/A	—	1,156,728	—	100
								1,157	1,300	—	%




Diversified Consumer Services
Capital Integration Systems LLC (dba CAIS)(3)(4)(29)(30)	Class D Common Units	N/A			N/A	—	6,372	5,000	5,000
SLA Eclipse Co-Invest, L.P.(29)(30)(31)	LP Interest	N/A			N/A	15,000	—	15,308	16,518
								20,308	21,518	0.3	%
Diversified Financial Services
Amergin Asset Management, LLC(3)(4)(29)(30)	Specialty finance equity investment	N/A			N/A	—	50,000,000	783	2,061


Juniper Square, Inc.(3)(4)(29)(30)	Warrants	N/A			N/A	—	40,984	2,128	909

Table of Contents

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par	Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
Plaid Inc.(3)(4)(29)(30)	Class A Common Stock	N/A			N/A	—	26,998	7,628	7,625
								10,539	10,595	0.1	%
Health Care Equipment & Supplies
KPCI Co-Invest 2, L.P.(3)(4)(29)(30)(31)	Class A Units	N/A			N/A	—	587,621	5,876	5,592
								5,876	5,592	0.1	%
Health Care Technology
BEHP Co-Investor II, L.P.(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	2,540	—	570	5,085
Minerva Holdco, Inc.(3)(4)(6)(30)	Senior A Preferred Stock	N/A		10.75%	N/A	—	100,000	157,693	154,490
ModMed Software Midco Holdings, Inc. (dba ModMed)(3)(4)(6)(30)	Series A Preferred Units	N/A		13.00%	N/A	—	32,375	36,710	37,425
Orange Blossom Parent, Inc.(3)(4)(29)(30)	Common Units	N/A			N/A	—	16,667	1,665	1,581
WP Irving Co-Invest, L.P.(3)(4)(29)(30)(31)	Partnership Units	N/A			N/A	—	2,500,000	1,618	5,005
								198,256	203,586	2.7	%
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	4,180
Polar Investors LP (dba Dentalcorp)(3)(4)(22)(29)(30)(31)	Common equity	N/A			N/A	1,670	—	1,670	1,670
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(3)(4)(6)(30)	Series A Preferred Stock	N/A		15.00%	N/A	—	13,257	12,409	10,026
								17,600	15,876	0.2	%



Insurance
Accelerate Topco Holdings, LLC(3)(4)(29)(30)	Common Units	N/A			N/A	—	12,822	612	580
								612	580	—	%
Internet & Direct Marketing Retail
Kajabi Holdings, LLC(4)(29)(30)	Senior Preferred Class D Units	N/A			N/A	—	4,126,175	50,025	36,136
Linked Store Cayman Ltd. (dba Nuvemshop)(3)(4)(29)(30)(31)	Series E Preferred Stock	N/A			N/A	—	19,499	42,496	31,577
								92,521	67,713	0.9	%
IT Services
JumpCloud, Inc.(4)(29)(30)	Series B Preferred Stock	N/A			N/A	—	756,590	4,531	402
JumpCloud, Inc.(4)(29)(30)	Series F Preferred Stock	N/A			N/A	—	6,679,245	40,017	25,897
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(3)(4)(10)(30)	Perpetual Preferred Stock	S+		10.75%	N/A	—	44,100	65,981	37,921
Nscale Limited(3)(4)(29)(30)(31)	Preferred equity	N/A			N/A	—	409,020	7,507	9,142
Nscale Limited(3)(4)(29)(30)(31)	Series B Preferred Shares	N/A			N/A	—	790,440	5,005	12,686

WMC Bidco, Inc. (dba West Monroe)(3)(4)(6)(30)	Senior Preferred Stock	N/A		11.25%	N/A	—	57,231	95,134	93,623
								218,175	179,671	2.4	%
Life Sciences Tools & Services
Baypine Commander Co-Invest, LP(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	1,807	—	1,818	1,894
								1,818	1,894	—	%

Table of Contents

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par	Shares/Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
Pharmaceuticals
XOMA Corporation(3)(4)(29)(30)	Warrants	N/A			N/A	—	24,000	174	462
								174	462	—	%
Professional Services
CloudPay, Inc.(3)(4)(6)(30)(31)	Series E Preferred Stock	N/A		13.50%	N/A	—	87,370	24,224	24,217
Perk Group Inc. (fka TravelPerk, Inc.)(3)(4)(29)(30)(31)	Warrants	N/A			N/A	—	61,314	—	749
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(3)(4)(6)(30)	Series A Preferred Stock	N/A		10.50%	N/A	—	28,000	44,993	21,770
Thunder Topco L.P. (dba Vector Solutions)(3)(4)(29)(30)	Common Units	N/A			N/A	—	7,857,410	7,857	8,258
TravelPerk, Inc.(3)(4)(29)(30)(31)	Warrants	N/A			N/A	—	259,807	4,447	3,187
Vestwell Holdings Inc.(3)(4)(29)(30)	Series D Preferred Stock	N/A			N/A	—	304,350	6,022	6,636
Vestwell Holdings Inc.(3)(4)(6)(30)	Series E Preferred Stock	N/A		13.25%	N/A	—	1,215,043	38,245	36,926
Vestwell Holdings Inc.(3)(4)(29)(30)	Warrants	N/A			N/A	—	95,629	—	1,718
								125,788	103,461	1.4	%
Road & Rail
Bolt Technology OÜ(4)(29)(30)(31)	Preferred Stock	N/A			N/A	—	43,478	11,318	9,475
								11,318	9,475	0.1	%
Systems Software
Algolia, Inc.(4)(29)(30)	Series C Preferred Stock	N/A			N/A	—	136,776	10,000	12,460
Algolia, Inc.(4)(29)(30)	Series D Preferred Stock	N/A			N/A	—	970,281	4,000	3,027
Arctic Wolf Networks, Inc.(4)(29)(30)	Preferred Stock	N/A			N/A	—	3,032,840	25,036	24,722
Axonius, Inc.(4)(29)(30)	Series E Preferred Stock	N/A			N/A	—	1,733,274	8,149	8,687
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(3)(4)(29)(30)	Common Units	N/A			N/A	—	12,692,160	12,692	19,662
Chrome Investors LP(3)(4)(22)(30)(31)	LP Interest	N/A			N/A	16,407	—	16,417	17,228
Circle Internet Services, Inc.(4)(29)(30)	Warrants	N/A			N/A	—	113,832	6	126
Circle Internet Services, Inc.(4)(29)(30)	Series D Preferred Stock	N/A			N/A	—	2,934,961	15,000	8,688
Circle Internet Services, Inc.(4)(29)(30)	Series E Preferred Stock	N/A			N/A	—	821,806	6,917	3,839
Circle Internet Services, Inc.(4)(29)(30)	Series F Preferred Stock	N/A			N/A	—	75,876	1,500	822
Elliott Alto Co-Investor Aggregator L.P.(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	14,627	—	21,934	33,460
Excalibur CombineCo, L.P.(3)(4)(29)(30)	Class A Units	N/A			N/A	—	97,502	99,452	11,257
Halo Purchaser, LLC(3)(4)(6)(28)(29)(30)	Class B PIK Preferred Equity	N/A		6.00%	N/A	—	45,000	53,095	16,985
Halo Purchaser, LLC(3)(4)(29)(30)	Class E Warrant Units	N/A			N/A	—	67,301	1,686	5
HARNESS INC.(4)(29)(30)	Series D Preferred Stock	N/A			N/A	—	1,020,545	9,169	10,469
Illumio, Inc.(4)(29)(30)	Common stock	N/A			N/A	—	358,365	2,432	1,470
Illumio, Inc.(4)(29)(30)	Series F Preferred Stock	N/A			N/A	—	2,483,618	16,684	14,757
Project Hotel California Co-Invest Fund, L.P.(3)(29)(30)(31)	LP Interest	N/A			N/A	10,739	—	14,721	11,521

Table of Contents

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par	Shares/Units	Amortized Cost(2)(27)		Fair Value		% of Net Assets
Veeam Software Group(3)(4)(29)(30)	Series C Preferred Shares	N/A			N/A	—	7,402,296	54,830		55,247
VEPF VIII Co-Invest 8-A, L.P.(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	5,401	—	5,401		5,401
								379,121		259,833		3.4	%
Thrifts & Mortgage Finance
Blend Labs, Inc.(3)(4)(29)(30)	Warrants	N/A			N/A	—	299,215	1,625		3
								1,625		3		—	%
Total non-controlled/non-affiliated portfolio company equity investments								$	1,334,911	$	1,288,859	17.1	%
Total non-controlled/non-affiliated portfolio company investments								$	13,997,430	$	13,643,875	181.0	%

Non-controlled/affiliated portfolio company investments(24)
Debt Investments(7)
Diversified Financial Services
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(3)(4)(6)(31)	Specialty finance debt investment	N/A		12.00%	7/2030	16,549	—	16,539		16,549
AAM Series 2.1 Aviation Feeder, LLC(3)(4)(6)(31)	Specialty finance debt investment	N/A		12.00%	11/2030	24,225	—	24,233		24,225
								40,772		40,774		0.5	%
Insurance
Coherent Group Inc.(3)(4)(6)(31)	Convertible notes	N/A		5.30%	3/2027	3,658	—	3,660		4,053
								3,660		4,053		0.1	%





IT Services
Pluralsight, LLC(3)(4)(8)	First lien senior secured loan	S+	3.00%	1.50%	8/2029	30,919	—	30,919		27,672
Pluralsight, LLC(3)(4)(8)(28)(29)(35)	First lien senior secured loan	S+		7.50%	8/2029	37,756	—	34,645		3,020

								65,564		30,692		0.4	%
Total non-controlled/affiliated debt investments								$	109,996	$	75,519	1.0	%
Total non-controlled/affiliated misc. debt commitments(22)(23)(Note 8)								—		(1,859)		—	%
Total non-controlled/affiliated portfolio company debt investments								$	109,996	$	73,660	1.0	%

Equity Investments
Asset Based Lending and Fund Finance
Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC)(3)(5)(26)(30)(31)(34)	Specialty finance equity investment	N/A			N/A	108,040	—	108,040		107,758
								108,040		107,758		1.4	%
Diversified Financial Services
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(3)(4)(22)(29)(30)(31)	Specialty finance equity investment	N/A			N/A	7,601	—	9,412		9,428
AAM Series 2.1 Aviation Feeder, LLC(3)(4)(29)(30)(31)	Specialty finance equity investment	N/A			N/A	8,583	—	11,137		13,185
								20,549		22,613		0.3	%
Insurance
Coherent Group Inc.(4)(29)(30)(31)	Series B Preferred Shares	N/A			N/A	—	456,035	12,210		10,031
Fifth Season Investments LLC(3)(4)(30)	Specialty finance equity investment	N/A			N/A	—	12	129,023		139,159
								141,233		149,190		2.0	%

Table of Contents

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par	Shares/Units	Amortized Cost(2)(27)		Fair Value		% of Net Assets
Internet & Direct Marketing Retail
Signifyd Inc.(4)(6)(30)	Preferred equity	N/A		11.00%	N/A	—	2,755,121	158,745		118,788

								158,745		118,788		1.6	%
IT Services
Paradigmatic Holdco LLC (dba Pluralsight)(3)(4)(29)(30)	Common stock	N/A			N/A	—	10,119,090	26,850		—
								26,850		—		—	%
Pharmaceuticals
LSI Financing 1 DAC(3)(4)(30)(31)	Specialty finance equity investment	N/A			N/A	5,261	—	5,556		5,447
LSI Financing LLC(3)(5)(22)(30)(31)	Specialty finance equity investment	N/A			N/A	225,430	—	224,482		238,579
								230,038		244,026		3.2	%
Systems Software
Help HP SCF Investor, LP(3)(4)(29)(30)	LP Interest	N/A			N/A	59,333	—	59,392		12,181

								59,392		12,181		0.2	%

Total non-controlled/affiliated portfolio company equity investments								$	744,847	$	654,556	8.7	%
Total non-controlled/affiliated portfolio company investments								$	854,843	$	728,216	9.7	%

Controlled/affiliated portfolio company investments(24)
Equity Investments
Diversified Financial Services
Stripe Blue Owl Holdings LLC(3)(5)(26)(29)(30)(31)	LLC Interest	N/A			N/A	34,745		34,749		37,931
Revolut Ribbit Holdings, LLC(4)(29)(30)(31)	LLC interest	N/A			N/A	—	122,996	75,305		233,636
								110,054		271,567		3.6	%
Joint ventures
Blue Owl Credit SLF LLC(3)(5)(26)(30)(31)	LLC interest	N/A			N/A	39,656	—	39,666		36,089
Blue Owl Leasing LLC(3)(5)(26)(29)(30)(31)	LLC Interest	N/A			N/A	800	—	800		791

								40,466		36,880		0.5	%
Total controlled/affiliated portfolio company equity investments								$	150,520	$	308,447	4.1	%
Total controlled/affiliated portfolio company investments								$	150,520	$	308,447	4.1	%
Total Investments								$	15,002,793	$	14,680,538	194.7	%


	Interest Rate Swaps as of June 30, 2026
	Company Receives	Company Pays	Counterparty(a)	Maturity Date	Notional Amount		Fair Value		Upfront Payments/Receipts		Unrealized Appreciation (Depreciation)(b)		Hedged Instrument	Footnote Reference

Interest rate swap	6.75%	S + 2.56%	Goldman Sachs Bank USA	3/4/2029	$	700,000	$	942	$	—	$	942	April 2029 Notes	Notes 5 and 7
Interest rate swap	6.10%	S + 1.77%	SMBC Capital Markets, Inc.	2/15/2028	650,000		1,799		—		1,799		March 2028 Notes	Notes 5 and 7
Interest rate swap	6.13%	S + 2.50%	Regions Bank	1/23/2031	400,000		(6,087)		—		(6,087)		January 2031 Notes	Notes 5 and 7
Interest rate swap	6.50%	S + 2.54%	Regions Bank	10/15/2029	500,000		549		—		549		October 2029 Notes	Notes 5 and 7
Total					$	2,250,000	$	(2,797)			$	(2,797)

Table of Contents

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)

_______________

(a) The Company maintains International Swaps and Derivatives Association (“ISDA”) contracts with its derivatives counterparties.

(b) Amounts are presented in accordance with Regulation S-X 17 CFR § 210.12-13C. Refer to “Note 7 — Derivative Instruments” for additional details on the Company’s interest rate swaps.


	Forward Contracts as of June 30, 2026
	Notional Amount to be Purchased		Notional Amount to be Sold		Counterparty(a)	Maturity Date	Unrealized Appreciation (Depreciation)(b)
Foreign currency forward contract	$	184,530	£	136,285	Goldman Sachs Bank USA	7/20/2026	$	3,789
Foreign currency forward contract	$	16,934	£	12,500	SMBC Capital Markets, Inc.	7/20/2026	356
Foreign currency forward contract	$	6,296	€	5,301	SMBC Capital Markets, Inc.	7/17/2026	237
Foreign currency forward contract	$	334,694	€	282,460	Goldman Sachs Bank USA	7/17/2026	11,827
Foreign currency forward contract	$	66,778	€	57,071	SMBC Capital Markets, Inc.	7/17/2026	1,545
Foreign currency forward contract	$	9,255	A$	12,910	Goldman Sachs Bank USA	7/20/2026	325
Foreign currency forward contract	$	1,071	C$	1,454	Goldman Sachs Bank USA	10/13/2026	42
Foreign currency forward contract	€	15,740	$	18,281	Goldman Sachs Bank USA	7/17/2026	(290)
Foreign currency forward contract	$	60,512	€	51,692	Royal Bank of Canada	3/22/2027	757
Foreign currency forward contract	$	39,802	C$	54,652	Goldman Sachs Bank USA	10/13/2026	1,112
Total							$	19,700

_______________

(a) The Company maintains ISDA contracts with its derivatives counterparties.

(b) Amounts are presented in accordance with Regulation S-X 17 CFR § 210.12-13B. Refer to “Note 7 — Derivative Instruments” for additional details on the Company’s foreign currency forward contracts.

_______________

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

(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 “B”, which can include one-, three-, or six-month BBSY), the Canadian Overnight Repo Rate Average (“CORRA” or “C”, which can include one-, three- or six-month CORRA) 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 June 30, 2026 was 3.65%.

(9)The interest rate on these loans is subject to 3 month SOFR, which as of June 30, 2026 was 3.73%.

(10)The interest rate on these loans is subject to 6 month SOFR, which as of June 30, 2026 was 3.85%.

(11)Reserved.

(12)The interest rate on these loans is subject to Prime, which as of June 30, 2026 was 6.75%.

(13)The interest rate on these loans is subject to 1 month EURIBOR, which as of June 30, 2026 was 2.20%.

(14)The interest rate on these loans is subject to 3 month EURIBOR, which as of June 30, 2026 was 2.32%.

(15)The interest rate on this loan is subject to 6 month EURIBOR, which as of June 30, 2026 was 2.57%.

(16)Reserved.

(17)The interest rate on this loan is subject to 3 month BBSY, which as of June 30, 2026 was 4.46%.

(18)Reserved.

(19)The interest rate on these loans is subject to SONIA, which as of June 30, 2026 was 3.73%.

(20)Reserved.

(21)The interest rate on these loans is subject to 3 month CORRA, which as of June 30, 2026 was 2.29%.

(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”.

Table of Contents

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


					Unfunded
Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment		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	$	—	$	18,852	$	—
AI Titan Parent, Inc. (dba Prometheus Group)	First lien senior secured delayed draw term loan	9/2026	2,258		7,779		—
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	2/2027	938		4,309		—
Aptean Acquiror, Inc. (dba Aptean)	First lien senior secured delayed draw term loan	2/2027	—		3,098		(77)
Artifact Bidco, Inc. (dba Avetta)	First lien senior secured delayed draw term loan	7/2027	—		8,463		—
Associations, Inc.	First lien senior secured delayed draw term loan	7/2028	4,299		5,419		—
BCTO BSI Buyer, Inc. (dba Buildertrend)	First lien senior secured delayed draw term loan	1/2028	—		11,043		(166)
Bracket Intermediate Holding Corp.	First lien senior secured delayed draw term loan	10/2027	—		4,483		—
BusinessSolver.com, Inc.	First lien senior secured delayed draw term loan	12/2027	—		12,649		(316)
Caris Life Sciences, Inc.	First lien senior secured delayed draw term loan	4/2027	—		21,696		(54)
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)	First lien senior secured delayed draw term loan	1/2027	56		4,422		—
CivicPlus, LLC	First lien senior secured delayed draw term loan	5/2027	12,828		8,804		—
CivicPlus, LLC	First lien senior secured delayed draw term loan	12/2027	—		20,398		(306)
Clearwater Analytics Holdings, Inc.	First lien senior secured delayed draw term loan	12/2028	—		27,650		(69)
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	11/2027	—		26,448		(396)
Courier Plus, Inc. (dba Dutchie)	First lien senior secured delayed draw term loan	2/2027	—		21,926		(219)
Courier Plus, Inc. (dba Dutchie)	First lien senior secured delayed draw term loan	5/2028	—		9,648		—
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured delayed draw term loan	7/2027	10,373		3,484		—
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured delayed draw term loan	8/2027	—		2,768		(14)
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured delayed draw term loan	7/2027	2,496		10,758		—
Databricks, Inc.	First lien senior secured delayed draw term loan	1/2028	—		53,026		—
dentalcorp Health Services Ltd. (fka Aryeh Bidco Investment Ltd.)	First lien senior secured delayed draw term loan	1/2028	1,025		6,147		—

Table of Contents

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


				Unfunded
Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
Eagan Parent, Inc. (dba Elite)	First lien senior secured delayed draw term loan	9/2027	—	5,919	(44)
EET Buyer, Inc. (dba e-Emphasys)	First lien senior secured delayed draw term loan	1/2027	7,598	1,909	—
Galway Borrower LLC	First lien senior secured delayed draw term loan	2/2028	—	1,535	—
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured delayed draw term loan	5/2027	—	5,225	(209)
Gusto, Inc.	First lien senior secured delayed draw term loan	11/2027	—	8,845	(22)
Himalaya Topco LLC (dba HealthEdge)	First lien senior secured delayed draw term loan	12/2027	—	12,896	(193)
Himalaya Topco LLC (dba HealthEdge)	First lien senior secured delayed draw term loan	6/2027	673	12,225	—
Integrity Marketing Acquisition, LLC	First lien senior secured delayed draw term loan	8/2026	—	5,781	—
Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages)	First lien senior secured delayed draw term loan	11/2028	49	500	—
Jawbreaker Parent, Inc.	First lien senior secured delayed draw term loan	1/2029	—	16,190	(162)
Lighthouse Buyer, Inc. (dba Harbor Compliance)	First lien senior secured delayed draw term loan	12/2028	—	13,698	(205)
Litera Bidco LLC	First lien senior secured delayed draw term loan	11/2026	38,195	3,385	—
Litera Bidco LLC	First lien senior secured delayed draw term loan	5/2027	—	17,577	(308)
ML Holdco, Inc. (dba Meridian Link)	First lien senior secured delayed draw term loan	10/2027	—	27,611	(552)
NSCALE SERVICES UK LTD	First lien senior secured delayed draw term loan	8/2027	6,984	191,722	—
OECONNECTION LLC	First lien senior secured delayed draw term loan	12/2028	—	21,988	(275)
One, Inc. Software Corporation	First lien senior secured delayed draw term loan	12/2027	—	27,746	(139)
Packaging Coordinators Midco, Inc.	First lien senior secured delayed draw term loan	10/2027	2,590	22,471	(55)
PerkinElmer U.S. LLC	First lien senior secured delayed draw term loan	10/2027	—	14,321	(18)
Perk International Holdings Ltd (fka TK Operations Ltd)	First lien senior secured delayed draw term loan	5/2028	—	18,750	(375)
Pike Corp.	First lien senior secured delayed draw term loan	12/2028	—	5,585	—
Onward Acquireco, Inc. (dba OneStream)	First lien senior secured delayed draw term loan	4/2028	—	67,238	(126)
RL Datix Holdings (USA), Inc.	First lien senior secured delayed draw term loan	4/2027	—	23,650	(177)
Salinger Bidco Inc. (dba Surgical Information Systems)	First lien senior secured delayed draw term loan	8/2026	—	9,141	—
Sentinel Buyer Corp. (dba SimpliSafe)	First lien senior secured delayed draw term loan	11/2027	—	1,987	(15)
Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured delayed draw term loan	10/2027	5,049	14,496	—
Simplicity Financial Marketing Group Holdings, Inc.	First lien senior secured delayed draw term loan	12/2026	3,536	249	—

Table of Contents

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


				Unfunded
Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
Smarsh Inc.	First lien senior secured delayed draw term loan	1/2027	1,945	14,384	(293)
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured delayed draw term loan	10/2027	—	25,836	(452)
Tamarack Intermediate, L.L.C. (dba Verisk 3E)	First lien senior secured delayed draw term loan	7/2027	927	2,242	—
Themis Solutions Inc. (dba Clio)	First lien senior secured delayed draw term loan	10/2027	—	34,320	(686)
Tricentis Operations Holdings, Inc.	First lien senior secured delayed draw term loan	2/2027	—	22,480	(450)
Lumen Bidco 1 Limited (dba Unit4)	First lien senior secured EUR delayed draw term loan	6/2030	—	5,541	(111)
Vestwell Holdings Inc.	First lien senior secured delayed draw term loan	1/2028	2,327	18,100	—
Accommodations Plus Technologies LLC	First lien senior secured revolving loan	5/2032	—	7,533	(188)
Activate Holdings (US) Corp. (dba Absolute Software)	First lien senior secured revolving loan	7/2029	—	3,363	(50)
Acquia Inc.*	First lien senior secured revolving loan	10/2026	11,789	—	—
Aerosmith Bidco 1 Limited (dba Audiotonix)	First lien senior secured revolving loan	7/2030	—	25,129	—
AI Titan Parent, Inc. (dba Prometheus Group)	First lien senior secured revolving loan	8/2031	—	6,274	(157)
AmeriLife Holdings LLC	First lien senior secured revolving loan	8/2028	1,224	3,673	—
Anaplan, Inc.	First lien senior secured revolving loan	6/2028	—	12,963	(227)
Appfire Technologies, LLC	First lien senior secured revolving loan	3/2028	—	816	(24)
Aptean Acquiror, Inc. (dba Aptean)	First lien senior secured revolving loan	1/2031	218	735	—
Arrow Borrower 2025, Inc. (dba AvidXchange)	First lien senior secured revolving loan	10/2032	—	5,040	(139)
Artifact Bidco, Inc. (dba Avetta)	First lien senior secured revolving loan	7/2030	—	6,046	(15)
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	(183)
Bamboo US BidCo LLC	First lien senior secured revolving loan	10/2029	1,795	3,333	—
Bayshore Intermediate #2, L.P. (dba Boomi)	First lien senior secured revolving loan	10/2027	6,408	6,723	—
BCPE Osprey Buyer, Inc. (dba PartsSource)	First lien senior secured revolving loan	8/2028	10,102	3,334	—
BCTO BSI Buyer, Inc. (dba Buildertrend)	First lien senior secured revolving loan	12/2028	—	9,939	(199)
Bracket Intermediate Holding Corp.	First lien senior secured revolving loan	10/2031	1,037	2,466	—
Bristol Hospice L.L.C.	First lien senior secured revolving loan	8/2032	—	1,742	—
BTRS Holdings Inc. (dba Billtrust)	First lien senior secured revolving loan	12/2028	17,320	4,724	—

Table of Contents

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


				Unfunded
Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
BusinessSolver.com, Inc.	First lien senior secured revolving loan	12/2032	—	5,634	(155)
Cambrex Corporation	First lien senior secured revolving loan	3/2032	1,458	3,644	—
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)	First lien senior secured revolving loan	8/2027	—	6,788	(305)
CCI BUYER, INC. (dba Consumer Cellular)	First lien senior secured revolving loan	5/2032	—	4,386	—
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	8/2031	—	18,385	(460)
CivicPlus, LLC	First lien senior secured revolving loan	8/2030	—	8,734	(175)
Clearwater Analytics Holdings, Inc.	First lien senior secured revolving loan	6/2033	—	17,972	(90)
Commander Buyer, Inc. (dba CenExel)	First lien senior secured revolving loan	6/2032	—	6,024	(30)
Conservice Midco, LLC	First lien senior secured revolving loan	2/2033	—	28,932	(72)
CoreTrust Purchasing Group LLC	First lien senior secured revolving loan	10/2029	—	3,789	(9)
Coupa Holdings, LLC	First lien senior secured revolving loan	2/2029	3,901	1,951	—
Creek Parent, Inc. (dba Catalent)	First lien senior secured revolving loan	12/2031	—	25,111	(188)
Crewline Buyer, Inc. (dba New Relic)	First lien senior secured revolving loan	11/2030	—	21,393	(481)
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	4,345	7,505	—
Delinea Buyer, Inc. (f/k/a Centrify)	First lien senior secured revolving loan	3/2030	—	17,207	(86)
Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet)	First lien senior secured revolving loan	8/2032	1,555	7,082	—
dentalcorp Health Services Ltd. (fka Aryeh Bidco Investment Ltd.)	First lien senior secured revolving loan	1/2033	615	4,508	—
Eagan Parent, Inc. (dba Elite)	First lien senior secured revolving loan	9/2032	—	3,157	(32)
EET Buyer, Inc. (dba e-Emphasys)	First lien senior secured revolving loan	11/2029	—	6,150	(92)
Einstein Parent, Inc. (dba Smartsheet)	First lien senior secured revolving loan	1/2031	—	10,881	(190)
Flexera Software LLC	First lien senior secured revolving loan	8/2032	—	1,348	(34)
Forescout Technologies, Inc.	First lien senior secured revolving loan	5/2031	—	11,930	(268)
Foundation Consumer Brands, LLC	First lien senior secured revolving loan	2/2029	—	575	—
Gainsight, Inc.	First lien senior secured revolving loan	7/2027	—	5,633	(70)

Table of Contents

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


				Unfunded
Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
Galway Borrower LLC	First lien senior secured revolving loan	9/2028	62	134	—
Gerson Lehrman Group, Inc.	First lien senior secured revolving loan	12/2028	—	1,913	(29)
GI Ranger Intermediate, LLC (dba Rectangle Health)	First lien senior secured revolving loan	10/2027	1,290	921	—
Granicus, Inc.	First lien senior secured revolving loan	1/2031	44	504	—
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured revolving loan	5/2028	4,796	3	—
H&F Opportunities LUX III S.À R.L (dba Checkmarx)	First lien senior secured revolving loan	4/2028	—	25,783	(387)
Himalaya Topco LLC (dba HealthEdge)	First lien senior secured revolving loan	6/2032	2,270	12,239	—
Hyland Software, Inc.	First lien senior secured revolving loan	9/2029	—	7,172	(215)
Icefall Parent, Inc. (dba EngageSmart)	First lien senior secured revolving loan	1/2030	—	2,957	(22)
Indikami Bidco, LLC (dba IntegriChain)	First lien senior secured revolving loan	6/2030	10,949	2,085	—
Integrity Marketing Acquisition, LLC	First lien senior secured revolving loan	8/2028	—	4,294	—
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured revolving loan	3/2028	—	9,027	(68)
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	(111)
Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages)	First lien senior secured revolving loan	11/2032	110	374	—
Jawbreaker Parent, Inc.	First lien senior secured revolving loan	1/2033	—	16,190	(243)
Jeppesen Holdings, LLC	First lien senior secured multi-currency revolving loan	11/2032	—	2,286	(34)
JS Parent, Inc. (dba Jama Software)	First lien senior secured revolving loan	4/2031	—	2,647	—
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)	First lien senior secured revolving loan	12/2029	—	15,521	(78)
Lighthouse Buyer, Inc. (dba Harbor Compliance)	First lien senior secured revolving loan	12/2031	548	2,192	—
Litera Bidco LLC	First lien senior secured revolving loan	5/2028	—	10,004	(175)
LogRhythm, Inc.	First lien senior secured revolving loan	7/2029	—	475	(107)
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	(166)
Matterhorn Finco, Inc. (dba Nexthink)	First lien senior secured revolving loan	3/2033	—	29,163	(146)
McQueen Bidco PTY LTD. (dba Infomedia)	First lien senior secured revolving loan	12/2032	2,313	10,726	—
Ministry Brands Holdings, LLC	First lien senior secured revolving loan	12/2027	—	737	(18)

Table of Contents

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


				Unfunded
Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
Minotaur Acquisition, Inc. (dba Inspira Financial)	First lien senior secured revolving loan	6/2030	—	12,863	(32)
Modernizing Medicine, Inc. (dba ModMed)	First lien senior secured revolving loan	4/2032	—	13,578	—
Monotype Imaging Holdings Inc.	First lien senior secured revolving loan	2/2030	—	15,982	(240)
Natural Partners, LLC	First lien senior secured revolving loan	11/2030	—	1,590	—
Neptune Holdings, Inc. (dba NexTech)	First lien senior secured revolving loan	8/2029	—	1,471	(33)
NMI Acquisitionco, Inc. (dba Network Merchants)	First lien senior secured revolving loan	9/2028	837	279	—
OECONNECTION LLC	First lien senior secured revolving loan	12/2032	—	5,791	(87)
One, Inc. Software Corporation	First lien senior secured revolving loan	12/2032	—	11,098	(111)
Onward Acquireco, Inc. (dba OneStream)	First lien senior secured revolving loan	4/2033	—	28,014	(105)
Packaging Coordinators Midco, Inc.	First lien senior secured revolving loan	10/2032	—	14,366	(144)
PDI TA Holdings, Inc.*	First lien senior secured revolving loan	2/2031	2,263	—	—
PetVet Care Centers, LLC	First lien senior secured revolving loan	11/2029	3,224	7,522	—
Pike Corp.	First lien senior secured revolving loan	12/2032	—	3,723	—
QAD, Inc.	First lien senior secured revolving loan	11/2027	—	11,429	(114)
RL Datix Holdings (USA), Inc.	First lien senior secured revolving loan	10/2030	—	20,708	(362)
Salinger Bidco Inc. (dba Surgical Information Systems)	First lien senior secured revolving loan	5/2031	—	9,141	—
Securonix, Inc.	First lien senior secured revolving loan	4/2028	2,373	4,746	—
Sensor Technology Topco, Inc. (dba Humanetics)	First lien senior secured revolving loan	5/2028	738	4,802	—
Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured revolving loan	10/2031	5,848	5,848	—
Simplicity Financial Marketing Group Holdings, Inc.	First lien senior secured revolving loan	12/2031	—	1,905	(24)
Smarsh Inc.	First lien senior secured revolving loan	2/2029	4,968	3,697	—
Spaceship Purchaser, Inc. (dba Squarespace)	First lien senior secured revolving loan	10/2031	—	21,530	(484)
Talon MidCo 2 Limited	First lien senior secured revolving loan	8/2028	—	2,976	(45)
Tamarack Intermediate, L.L.C. (dba Verisk 3E)	First lien senior secured revolving loan	3/2029	—	1,682	(34)
Themis Solutions Inc. (dba Clio)	First lien senior secured revolving loan	10/2032	—	28,600	(572)
Thunder Purchaser, Inc. (dba Vector Solutions)	First lien senior secured revolving loan	6/2027	—	11,250	(197)
Tricentis Operations Holdings, Inc.	First lien senior secured revolving loan	2/2032	—	14,050	(351)

Table of Contents

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


					Unfunded
Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Commitment		Fair Value(23)
Lumen Bidco 1 Limited (dba Unit4)	First lien senior secured EUR revolving loan	6/2033	—		5,541		(111)
Valeris, Inc. (fka Phantom Purchaser, Inc.)	First lien senior secured revolving loan	9/2031	—		2,990		(7)
Velocity HoldCo III Inc. (dba VelocityEHS)	First lien senior secured revolving loan	5/2029	—		4,485		(78)
Vestwell Holdings Inc.	First lien senior secured revolving loan	1/2031	—		5,696		(171)
Zendesk, Inc.	First lien senior secured revolving loan	11/2028	—		14,756		(480)










Total non-controlled/non-affiliated - debt commitments			$	208,546	$	1,841,061	$	(16,044)

Non-controlled/non-affiliated - equity commitments
Chrome Investors LP	LP Interest	N/A	$	16,407	$	4,102	$	—
Polar Investors LP (dba Dentalcorp)	Common equity	N/A	1,670		418		—
Valor CI Blocker Feeder LP	LP Interest	N/A	5,708		463		—
Total non-controlled/non-affiliated - equity commitments			$	23,785	$	4,983	$	—

Non-controlled/affiliated - debt commitments
Pluralsight, LLC	First lien senior secured delayed draw term loan	8/2029	$	—	$	12,649	$	(1,328)


Pluralsight, LLC	First lien senior secured revolving loan	8/2029	—		5,060		(531)

Total non-controlled/affiliated - debt commitments			$	—	$	17,709	$	(1,859)

Non-controlled/affiliated - equity commitments
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC	Specialty finance equity investment	N/A	$	7,601	$	7,301	$	—
LSI Financing LLC	Specialty finance equity investment	N/A	225,430		51,495		—

Total non-controlled/affiliated - equity commitments			$	233,031	$	58,796	$	—
Total Portfolio Company Commitments			$	465,362	$	1,922,549	$	(17,903)

*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 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 more than 5% of the portfolio company’s outstanding voting securities. Transactions related to the Company’s investments in non-controlled affiliates and controlled affiliates for the six months ended June 30, 2026, were as follows:

Table of Contents

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)


Company	Fair Value at December 31, 2025		Gross Additions (a)		Gross Reductions(b)		Net Change in Unrealized Gains (Losses)		Realized Gains (Losses)		Transfers		Fair Value at June 30, 2026		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)	$	25,968	$	604	$	(133)	$	(462)	$	—	$	—	$	25,977	$	994	$	—	$	—
AAM Series 2.1 Aviation Feeder, LLC(c)	34,086		3,569		(69)		(176)		—		—		37,410		1,334		—		—
Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC)	57,713		50,327		—		(282)		—		—		107,758		—		6,035		—
Coherent Group Inc.	16,535		631		—		(3,082)		—		—		14,084		96		—		—
Fifth Season Investments LLC	184,468		1,389		(46,236)		(462)		—		—		139,159		—		7,720		—
Help HP SCF Investor, LP	44,890		—		—		(32,709)		—		—		12,181		—		—		—
LSI Financing 1 DAC	6,657		—		(1,487)		277		—		—		5,447		—		243		—
LSI Financing LLC	102,235		153,888		(21,772)		4,228		—		—		238,579		—		10,702		—
Pluralsight, LLC	58,716		617		(153)		(30,347)		—		—		28,833		1,275		—		45

Signifyd Inc.	156,245		6,771		—		(44,228)		—		—		118,788		—		6,772		—
Walker Edison Furniture Company LLC	4,689		4,173		(8,519)		24,833		(25,176)		—		—		4		—		—
Total Non-Controlled Affiliates	$	692,202	$	221,969	$	(78,369)	$	(82,410)	$	(25,176)	$	—	$	728,216	$	3,703	$	31,472	$	45

Controlled Affiliates
Blue Owl Credit SLF LLC(d)	$	30,760	$	8,780	$	—	$	(3,451)	$	—	$	—	$	36,089	$	—	$	1,577	$	—
Blue Owl Leasing LLC(d)	5,102		—		(4,304)		(7)		—		—		791		—		13		—
Stripe Blue Owl Holdings LLC	17,493		17,256		—		3,182		—		—		37,931		—		—		—
Revolut Ribbit Holdings, LLC	177,405		—		—		56,231		—		—		233,636		—		—		—
Total Controlled Affiliates	$	230,760	$	26,036	$	(4,304)	$	55,955	$	—	$	—	$	308,447	$	—	$	1,590	$	—

(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”), and Blue Owl Leasing LLC (“Blue Owl Leasing”), 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 June 30, 2026, the net estimated unrealized loss for U.S. federal income tax purposes was $108.4 million based on a tax cost basis of $14.8 billion. As of June 30, 2026, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $807.0 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $698.6 million.

(28)Investment was on non-accrual status as of June 30, 2026.

(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 June 30, 2026, the aggregate fair value of these securities is $2.3 billion or 29.9% 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, 2022

Table of Contents

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company

Investment

Acquisition Date

AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC

Specialty finance equity investment

July, 2022

AAM Series 2.1 Aviation Feeder, LLC

Specialty finance equity investment

July, 2022

Accelerate Topco Holdings, LLC

Common Units

March, 2025

Acorns Grow Incorporated

Series F Preferred Stock

March, 2025

Algolia, Inc.

Series C Preferred Stock

August, 2019

Algolia, Inc.

Series D Preferred Stock

July, 2021

Alpha Partners Technology Merger Corp

Common stock

July, 2021

Alpha Partners Technology Merger Corp

Warrants

July, 2023

AlphaSense, LLC

Series E Preferred Shares

June, 2024

Amergin Asset Management, LLC

Specialty finance equity investment

July, 2022

Arctic Wolf Networks, Inc.

Preferred Stock

July, 2021

Axonius, Inc.

Series E Preferred Stock

March, 2025

Baypine Commander Co-Invest, LP

LP Interest

June, 2025

BEHP Co-Investor II, L.P.

LP Interest

May, 2022

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

Extended Series C Warrants

May, 2021

Blend Labs, Inc.

Warrants

July, 2021

Blue Owl Credit SLF LLC

LLC Interest

August, 2024

Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC)

Specialty finance equity investment

September, 2025

Blue Owl Leasing LLC

LLC Interest

October, 2025

Bolt Technology OÜ

Preferred Stock

December, 2021

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

Common Units

October, 2021

Capital One Financial Corp

Common Stock

April, 2026

Capital Integration Systems LLC (dba CAIS)

Class D Common Units

February, 2026

Chrome Investors LP

LP Interest

January, 2025

Circle Internet Services, Inc.

Warrants

May, 2019

Circle Internet Services, Inc.

Series D Preferred Stock

February, 2020

Circle Internet Services, Inc.

Series E Preferred Stock

May, 2021

Circle Internet Services, Inc.

Series F Preferred Stock

May, 2019

CloudPay, Inc.

Series E Preferred Stock

July, 2024

Coherent Group Inc.

Series B Preferred Shares

March, 2025

Diligent Preferred Issuer, Inc. (dba Diligent Corporation)

Preferred Stock

April, 2021

Elliott Alto Co-Investor Aggregator L.P.

LP Interest

September, 2022

EShares, Inc. (dba Carta)

Series E Preferred Stock

August, 2019

Excalibur CombineCo, L.P.

Class A Units

July, 2024

Fifth Season Investments LLC

Specialty finance equity investment

October, 2022

GT Silver Co-Invest SCSp

LP Interest

April, 2026

Halo Purchaser, LLC

Class B PIK Preferred Equity

November, 2025

Halo Purchaser, LLC

Class E Warrant Units

December, 2025

HARNESS INC.

Series D Preferred Stock

August, 2021

Harvey AI Corporation

Series F Preferred Stock

March, 2026

Help HP SCF Investor, LP

LP Interest

October, 2021

Illumio, Inc.

Common stock

June, 2021

Illumio, Inc.

Series F Preferred Stock

June, 2021

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

LP Interest

June, 2022

JumpCloud, Inc.

Series B Preferred Stock

September, 2021

Table of Contents

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company

Investment

Acquisition Date

JumpCloud, Inc.

Series F Preferred Stock

December, 2021

Juniper Square, Inc.

Warrants

March, 2021

Kajabi Holdings, LLC

Senior Preferred Class D Units

March, 2021

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

Perpetual Preferred Stock

June, 2022

KPCI Co-Invest 2, L.P.

Class A Units

October, 2025

KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)

Class A Interest

December, 2023

Linked Store Cayman Ltd. (dba Nuvemshop)

Series E Preferred Stock

August, 2021

LSI Financing 1 DAC

Specialty finance equity investment

December, 2022

LSI Financing LLC

Specialty finance equity investment

November, 2024

Minerva Holdco, Inc.

Senior A Preferred Stock

May, 2021

ModMed Software Midco Holdings, Inc. (dba ModMed)

Series A Preferred Units

April, 2025

Nscale Limited

Preferred equity

September, 2025

Nscale Limited

Series B Preferred Shares

September, 2025

Nylas, Inc.

Series C Preferred Stock

June, 2021

Orange Blossom Parent, Inc.

Common Units

March, 2025

Paradigmatic Holdco LLC (dba Pluralsight)

Common stock

August, 2024

Perk Group Inc. (fka TravelPerk, Inc.)

Warrants

May, 2026

Plaid Inc.

Class A Common Stock

March, 2026

Polar Investors LP (dba Dentalcorp)

Common Equity

January, 2026

Project Alpine Co-Invest Fund, LP

LP Interest

June, 2022

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

LP Interest

August, 2022

Replicated, Inc.

Series C Preferred Stock

June, 2021

Revolut Ribbit Holdings, LLC

LLC Interest

September, 2021

Rome Topco Holdings, LLC (dba SimpliSafe)

Class A Units

November, 2025

Rome Topco Holdings, LLC (dba SimpliSafe)

Class B Units

November, 2025

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

Series A Preferred Stock

December, 2021

Saturn Ultimate, Inc.

Common stock

December, 2021

Signifyd Inc.

Preferred equity

April, 2021

Simpler Postage, Inc. (dba Easypost)

Warrants

June, 2024

SLA Eclipse Co-Invest, L.P.

LP Interest

September, 2019

Space Exploration Technologies Corp.

Class A Common Stock

March, 2021

Stripe Blue Owl Holdings LLC

LLC Interest

December, 2025

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

Series A Preferred Stock

October, 2021

Thunder Topco L.P. (dba Vector Solutions)

Common Units

June, 2021

TravelPerk, Inc.

Warrants

May, 2024

Valor CI Blocker Feeder LP

LP Interest

October, 2025

VCI Intermediate TopCo 1 LLC

Class B Units

November, 2025

Veeam Software Group

Series C Preferred Shares

December, 2025

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

Series A Preferred Stock

October, 2021

VEPF VIII Co-Invest 8-A, L.P.

LP Interest

March, 2026

Vestwell Holdings Inc.

Series D Preferred Stock

December, 2023

Vestwell Holdings Inc.

Series E Preferred Stock

March, 2023

Vestwell Holdings Inc.

Warrants

January, 2026

WMC Bidco, Inc. (dba West Monroe)

Senior Preferred Stock

November, 2021

WP Irving Co-Invest, L.P.

Partnership Units

May, 2022

WP Silver Co-Invest, L.P.

LP Interest

April, 2026

Table of Contents

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of June 30, 2026

(Amounts in thousands, except share amounts)

(Unaudited)

Portfolio Company

Investment

Acquisition Date

XOMA Corporation

Warrants

December, 2023

Zoro TopCo, Inc.

Series A Preferred Equity

November, 2022

Zoro TopCo, L.P.

Class A Common Units

November, 2022

(a) Refer to “Note 4 — Investments – Blue Owl Credit SLF LLC” for further information.

(b) Refer to “Note 4 — Investments – Blue Owl Leasing 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 June 30, 2026, non-qualifying assets represented 16.7% of total assets as calculated in accordance with the regulatory requirements.

(32)Reserved.

(33)Reserved.

(34)Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC) (“BOCSO”) was formed to hold 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 June 30, 2026, the portfolio consists of five investments totaling $1.25 billion and $1.24 billion at cost and fair value, respectively, ranging in cost from $24.9 million to $454.4 million and with a fair value ranging from $24.9 million to $450.6 million. The largest investment is 36% of the total cost of BOCSO’s portfolio. As of June 30, 2026 the portfolio asset class composition was 72% ABF - Specialty finance, 26% ABF - Leasing, and 2% ABF - Commercial Real Estate.

(35)The Company may be entitled to receive additional interest as a result of an arrangement with other lenders in the syndication. In exchange for the higher interest rate, the “last-out” portion is at a greater risk of loss

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, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)		Fair Value		% of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments(7)
Aerospace & Defense
Jeppesen Holdings, LLC(3)(4)(9)	First lien senior secured loan	S+	4.75%		10/2032	$	44,089	$	43,758	$	43,758
ManTech International Corporation(3)(4)(9)	First lien senior secured loan	S+	4.50%		9/2029	75,738		75,786		75,738
Peraton Corp.(3)(9)	Second lien senior secured loan	S+	7.75%		2/2029	84,551		83,925		66,212
								203,469		185,708		2.3	%
Airlines
Accommodations Plus Technologies LLC(3)(4)(9)	First lien senior secured loan	S+	5.25%		5/2032	48,844		48,379		48,112
								48,379		48,112		0.6	%
Application Software
AI Titan Parent, Inc. (dba Prometheus Group)(3)(4)(8)(22)	First lien senior secured loan	S+	4.50%		8/2031	52,447		51,959		51,884
AlphaSense, Inc.(3)(4)(9)	First lien senior secured loan	S+	6.25%		6/2029	59,360		58,953		59,212
Anaplan, Inc.(3)(4)(9)	First lien senior secured loan	S+	4.50%		6/2029	123,741		123,741		123,741
Armstrong Bidco Limited(3)(4)(19)(31)	First lien senior secured GBP term loan	SA+	5.25%		6/2029	£	16,173	20,205		21,645
Arrow Borrower 2025, Inc. (dba AvidXchange)(3)(4)(9)	First lien senior secured loan	S+	4.25%		10/2032	36,960		36,779		36,775
Artifact Bidco, Inc. (dba Avetta)(3)(4)(9)	First lien senior secured loan	S+	4.15%		7/2031	34,579		34,437		34,579
Boxer Parent Company Inc. (f/k/a BMC)(3)(9)	First lien senior secured loan	S+	3.00%		7/2031	29,775		29,523		29,674
BusinessSolver.com, Inc.(3)(4)(9)	First lien senior secured loan	S+	4.50%		12/2032	84,467		84,048		84,045
CALABRIO, INC.(3)(4)(9)	First lien senior secured loan	S+	4.00%		11/2032	10,000		9,505		9,500
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(3)(4)(9)(22)	First lien senior secured loan	S+	5.50%		8/2027	76,468		75,836		74,819
CivicPlus, LLC(3)(4)(9)	First lien senior secured loan	S+	3.25%	2.75%	8/2030	92,655		92,235		92,655
CivicPlus, LLC(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	5.50%		8/2030	12,669		12,606		12,669
Coupa Holdings, LLC(3)(4)(9)	First lien senior secured loan	S+	5.25%		2/2030	84,313		84,371		84,313
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(3)(4)(10)	Unsecured notes	S+		11.75%	6/2034	28,682		28,441		28,682
Einstein Parent, Inc. (dba Smartsheet)(3)(4)(9)	First lien senior secured loan	S+	6.50%		1/2031	105,186		104,237		104,397
Gainsight, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.75%		7/2027	67,754		67,462		67,754
Granicus, Inc.(3)(4)(9)	First lien senior secured loan	S+	3.50%	2.00%	1/2031	3,972		3,958		3,972
Granicus, Inc.(3)(4)(9)	First lien senior secured delayed draw term loan	S+	3.00%	2.00%	1/2031	588		584		587
GS Acquisitionco, Inc. (dba insightsoftware)(3)(4)(9)(22)	First lien senior secured loan	S+	5.25%		5/2028	54,329		54,265		53,747
Gusto, Inc.(3)(4)(9)	First lien senior secured loan	S+	4.50%		11/2030	46,280		46,111		46,107
Infobip Inc.(3)(4)(9)(31)	First lien senior secured loan	S+	5.50%		6/2029	67,366		66,478		66,692

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
JS Parent, Inc. (dba Jama Software)(3)(4)(9)	First lien senior secured loan	S+	4.75%		4/2031	27,011	26,964	27,011
Lighthouse Buyer, Inc. (dba Harbor Compliance)(3)(4)(11)(22)	First lien senior secured loan	S+	4.50%		12/2031	16,986	16,795	16,794
Magnet Forensics, LLC (f/k/a Grayshift, LLC)(3)(4)(8)(31)	First lien senior secured loan	S+	4.50%		7/2028	175,008	175,081	175,008
Ministry Brands Holdings, LLC(3)(4)(8)	First lien senior secured loan	S+	5.50%		12/2028	8,140	8,059	8,079
Ministry Brands Holdings, LLC(3)(4)(12)(22)	First lien senior secured revolving loan	S+	4.50%		12/2027	61	57	56
Simpler Postage, Inc. (dba Easypost)(3)(4)(8)(22)	First lien senior secured loan	S+	8.00%		6/2029	65,114	62,838	61,381
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		3/2029	12,927	12,799	12,927
VCI Asset Holdings 1 LLC(3)(4)(6)(31)	First lien senior secured loan	N/A	10.00%		11/2030	123,409	122,198	122,175
Velocity HoldCo III Inc. (dba VelocityEHS)(3)(4)(9)	First lien senior secured loan	S+	5.50%		5/2029	71,497	71,490	71,497
XPLOR T1, LLC(3)(4)(9)	First lien senior secured loan	S+	3.50%		12/2032	18,354	18,262	18,354
Zendesk, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.00%		11/2028	168,713	167,768	168,713
							1,768,045	1,769,444	22.0	%
Banks
Finastra USA, Inc.(3)(4)(9)(31)	First lien senior secured loan	S+	7.25%		9/2029	42,236	42,153	42,553

							42,153	42,553	0.5	%
Beverages
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(3)(4)(8)	First lien senior secured loan	S+	6.25%		3/2027	1,909	1,891	1,904
							1,891	1,904	—	%
Building Products
EET Buyer, Inc. (dba e-Emphasys)(3)(4)(9)(22)	First lien senior secured loan	S+	5.25%		11/2027	74,848	74,584	74,848
							74,584	74,848	0.9	%
Buildings & Real Estate
Associations, Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	6.50%		7/2028	137,330	137,223	137,330
Associations Finance, Inc.(3)(4)(6)	Unsecured notes	N/A		14.25%	5/2030	45,790	45,689	45,790
							182,912	183,120	2.3	%
Capital Markets
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)(3)(4)(8)(22)	First lien senior secured loan	S+	4.75%		6/2030	19,829	19,652	19,829
Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet)(3)(4)(8)	First lien senior secured loan	S+	5.50%		8/2032	86,364	85,115	85,068
							104,767	104,897	1.3	%
Commercial Services & Supplies
Sentinel Buyer Corp. (dba SimpliSafe)(3)(4)(8)	First lien senior secured loan	S+	5.00%		11/2032	23,856	23,621	23,618


							23,621	23,618	0.3	%
Construction & Engineering
Dodge Construction Network LLC(3)(9)	First lien senior secured loan	S+	6.25%		1/2029	4,352	4,282	4,363
Dodge Construction Network LLC(3)(4)(9)	First lien senior secured loan	S+	4.75%		2/2029	6,035	5,018	4,797

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)	Fair Value	% of Net Assets
Pike Corp.(4)(9)	First lien senior secured loan	S+	4.50%		12/2032	25,691		25,564	25,563
								34,864	34,723	0.4	%
Consumer Finance
Klarna Holding AB(3)(4)(9)(31)	Subordinated Floating Rate Notes	S+	7.00%		4/2034	65,334		65,358	65,334
								65,358	65,334	0.8	%
Diversified Consumer Services
Eagan Parent, Inc. (dba Elite)(3)(4)(9)	First lien senior secured loan	S+	4.25%		9/2032	23,675		23,560	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	187,762		187,235	187,762
Relativity ODA LLC(3)(4)(8)	First lien senior secured loan	S+	4.50%		5/2029	137,241		136,886	137,241
Themis Solutions Inc. (dba Clio)(3)(4)(8)(31)	First lien senior secured loan	S+	1.75%	3.75%	10/2032	80,606		79,822	79,800
								457,571	458,427	5.7	%
Diversified Financial Services
Blackhawk Network Holdings, Inc.(3)(9)	First lien senior secured loan	S+	4.00%		3/2029	89,496		89,464	89,836
BTRS Holdings Inc. (dba Billtrust)(3)(4)(9)(22)	First lien senior secured loan	S+	5.50%		12/2028	150,601		150,344	150,601
Computer Services, Inc. (dba CSI)(3)(4)(9)	First lien senior secured loan	S+	4.50%		11/2031	229,153		228,937	229,153
Deerfield Dakota Holdings(3)(4)(9)	First lien senior secured loan	S+	3.00%	2.75%	9/2032	127,462		126,851	126,825
Hg Genesis 8 Sumoco Limited(3)(4)(19)(31)	Unsecured facility	SA+	7.50%		9/2027	£	13,504	17,026	18,164
Hg Genesis 9 SumoCo Limited(3)(4)(14)(31)	Unsecured facility	E+		6.25%	3/2029	€	58,971	64,063	69,258
Hg Saturn Luchaco Limited(3)(4)(19)(31)	Unsecured facility	SA+		8.25%	3/2027	£	43,398	55,360	58,373
Minotaur Acquisition, Inc. (dba Inspira Financial)(3)(4)(8)	First lien senior secured loan	S+	5.00%		6/2030	186,614		185,817	186,614
ML Holdco, Inc. (dba Meridian Link)(3)(4)(9)	First lien senior secured loan	S+	4.50%		10/2032	106,139		105,622	105,608
NMI Acquisitionco, Inc. (dba Network Merchants)(3)(4)(8)	First lien senior secured loan	S+	4.50%		9/2028	24,106		24,079	24,106
Smarsh Inc.(3)(4)(9)(22)	First lien senior secured revolving loan	S+	4.75%		2/2029	90,327		90,041	89,849


								1,137,604	1,148,387	14.3	%
Diversified Support Services
CoreTrust Purchasing Group LLC(3)(4)(8)	First lien senior secured loan	S+	5.00%		10/2029	34,488		34,508	34,488
								34,508	34,488	0.4	%
Entertainment
Aerosmith Bidco 1 Limited (dba Audiotonix)(3)(4)(9)(31)	First lien senior secured loan	S+	5.25%		7/2031	197,055		196,059	197,055
								196,059	197,055	2.5	%
Equity Real Estate Investment Trusts (REITs)
Storable, Inc.(3)(8)	First lien senior secured loan	S+	3.25%		4/2031	9,926		9,894	9,964
Storable Intermediate Holdings, LLC(3)(4)(8)	First lien senior secured loan	S+		6.00%	4/2032	109,040		108,562	109,040
								118,456	119,004	1.5	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(27)	Fair Value	% of Net Assets
Food & Staples Retailing
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(3)(4)(8)	First lien senior secured loan	S+	4.25%		12/2029	187,088	187,024	187,088
							187,024	187,088	2.3	%
Health Care Equipment & Supplies
Cambrex Corporation(3)(4)(8)(22)	First lien senior secured loan	S+	4.50%		3/2032	39,261	38,872	39,261
Packaging Coordinators Midco, Inc.(3)(4)(9)	First lien senior secured loan	S+	4.75%		10/2032	145,305	143,580	144,579
Packaging Coordinators Midco, Inc.(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	4.50%		1/2032	795	776	791
Packaging Coordinators Midco, Inc.(3)(4)(19)	First lien senior secured delayed draw term loan	S+	4.75%		10/2032	16,752	16,367	16,668

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)	Fair Value	% of Net Assets
PerkinElmer U.S. LLC(3)(4)(8)	First lien senior secured loan	S+	4.75%		3/2029	75,065		74,616	75,065
								274,211	276,364	3.4	%
Health Care Providers & Services
Bristol Hospice L.L.C.(3)(4)(9)	First lien senior secured loan	S+	5.00%		8/2032	18,258		18,168	18,258
Covetrus, Inc.(3)(4)(9)	Second lien senior secured loan	S+	9.25%		10/2030	75,000		73,534	72,563
Engage Debtco Limited(3)(4)(9)(31)	First lien senior secured loan	S+	3.18%	2.75%	7/2029	16,048		15,724	15,205
Engage Debtco Limited(3)(4)(9)(31)	First lien senior secured delayed draw term loan	S+	3.08%	2.75%	7/2029	5,210		5,109	4,937
EresearchTechnology, Inc. (dba Clario)(3)(4)(8)(22)	First lien senior secured loan	S+	4.75%		1/2032	79,855		79,095	79,855
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(3)(4)(8)(22)	First lien senior secured loan	S+	5.00%		12/2029	88,879		88,274	88,656
Natural Partners, LLC(3)(4)(9)(31)	First lien senior secured loan	S+	4.50%		11/2030	21,882		21,802	21,882
OneOncology, LLC(3)(4)(9)	First lien senior secured loan	S+	4.75%		6/2030	50,641		50,365	50,641
OneOncology, LLC(3)(4)(9)	First lien senior secured delayed draw term loan	S+	5.00%		6/2030	13,757		13,727	13,757
OneOncology, LLC(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	4.50%		6/2030	5,735		5,655	5,652
PetVet Care Centers, LLC(3)(4)(8)	First lien senior secured loan	S+	6.00%		11/2030	76,930		74,767	69,237
PetVet Care Centers, LLC(3)(4)(8)(22)	First lien senior secured revolving loan	S+	6.00%		11/2029	1,075		809	—
Valeris, Inc. (fka Phantom Purchaser, Inc.)(3)(4)(9)	First lien senior secured loan	S+	5.00%		9/2031	8,820		8,806	8,820
Valeris, Inc. (fka Phantom Purchaser, Inc.)(3)(4)(9)	First lien senior secured loan	S+	4.75%		9/2031	15,122		14,981	15,084
Vermont Aus Pty Ltd(3)(4)(17)(31)	First lien senior secured AUD term loan	B+	4.50%		3/2028	A$	12,841	8,480	8,563
								479,296	473,110	5.9	%
Health Care Technology
Athenahealth Group Inc.(3)(8)	First lien senior secured loan	S+	2.75%		2/2029	3,458		3,425	3,462
BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(9)	First lien senior secured loan	S+	5.75%		8/2028	112,966		112,138	111,836
BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	5.75%		8/2026	10,193		10,166	10,071
BCPE Osprey Buyer, Inc. (dba PartsSource)(3)(4)(8)	First lien senior secured delayed draw term loan	S+	5.75%		8/2028	24,701		24,464	24,455
Color Intermediate, LLC (dba ClaimsXten)(3)(4)(9)	First lien senior secured loan	S+	4.75%		10/2029	47,428		47,460	47,309
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(3)(4)(8)(22)	First lien senior secured loan	S+	5.00%		8/2031	157,173		156,961	157,173
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	41,781		41,551	41,572
GI Ranger Intermediate, LLC (dba Rectangle Health)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	6.00%		10/2027	295		281	229
GI Ranger Intermediate, LLC (dba Rectangle Health)(3)(4)(9)	First lien senior secured loan	S+	6.00%		10/2028	26,677		26,410	25,877
Greenway Health, LLC(3)(4)(9)	First lien senior secured loan	S+	6.75%		4/2029	18,718		18,496	18,437

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)	Fair Value	% of Net Assets
Himalaya Topco LLC (dba HealthEdge)(3)(4)(8)	First lien senior secured loan	S+	2.75%	2.25%	6/2032	94,390		93,487	93,446
Hyland Software, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.00%		9/2030	148,299		148,345	148,299
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)	First lien senior secured loan	S+	4.00%	2.50%	12/2030	136,382		134,721	133,655
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)	First lien senior secured delayed draw term loan	S+	6.00%		12/2030	2,085		2,084	2,044
Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	6.00%		6/2030	9,906		9,756	9,645
Inovalon Holdings, Inc.(3)(4)(9)	First lien senior secured loan	S+	2.75%	2.75%	11/2028	193,192		192,951	189,328
Inovalon Holdings, Inc.(3)(4)(9)	Second lien senior secured loan	S+		8.50%	11/2033	77,128		77,128	70,958
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(3)(4)(9)(31)	First lien senior secured loan	S+	6.50%		8/2026	163,146		162,864	163,146
Interoperability Bidco, Inc. (dba Lyniate)(3)(4)(9)(22)	First lien senior secured loan	S+	5.75%		3/2028	116,636		116,035	116,016
Modernizing Medicine, Inc. (dba ModMed)(3)(4)(9)	First lien senior secured loan	S+	2.50%	2.25%	4/2032	147,286		145,946	146,550
Neptune Holdings, Inc. (dba NexTech)(3)(4)(9)	First lien senior secured loan	S+	4.50%		8/2030	10,809		10,795	10,782
RL Datix Holdings (USA), Inc.(3)(4)(10)	First lien senior secured loan	S+	5.00%		4/2031	104,855		104,856	104,855
RL Datix Holdings (USA), Inc.(3)(4)(19)	First lien senior secured GBP term loan	SA+	5.00%		4/2031	£	48,557	65,531	65,312
Salinger Bidco Inc. (dba Surgical Information Systems)(3)(4)(9)	First lien senior secured loan	S+	5.75%		8/2031	94,453		94,319	94,453
Salinger Bidco Inc. (dba Surgical Information Systems)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.75%		5/2031	762		745	762
								1,800,915	1,789,672	22.3	%
Hotels, Restaurants & Leisure
MINDBODY, Inc.(3)(4)(9)	First lien senior secured loan	S+	6.00%		9/2027	72,962		72,816	72,962
								72,816	72,962	0.9	%
Household Durables
BCTO BSI Buyer, Inc. (dba Buildertrend)(3)(4)(9)	First lien senior secured loan	S+	6.50%		12/2028	83,345		83,166	83,345
								83,166	83,345	1.0	%
Industrial Conglomerates
Aptean Acquiror, Inc. (dba Aptean)(3)(4)(9)	First lien senior secured loan	S+	4.75%		1/2031	16,776		16,704	16,776
Aptean Acquiror, Inc. (dba Aptean)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	4.65%		1/2031	272		269	272
QAD, Inc.(3)(4)(8)	First lien senior secured loan	S+	4.75%		11/2027	87,260		87,260	87,260
								104,233	104,308	1.3	%
Insurance
AmeriLife Holdings LLC(3)(4)(9)(22)	First lien senior secured loan	S+	5.00%		8/2029	45,716		45,539	45,486
AmeriLife Holdings LLC(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.00%		8/2028	816		797	792
Asurion, LLC(3)(8)	First lien senior secured loan	S+	4.25%		8/2028	18,249		18,171	18,272
Asurion, LLC(3)(8)	Second lien senior secured loan	S+	5.25%		1/2028	10,833		10,741	10,781

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)	Fair Value	% of Net Assets
Diamond Insure Bidco (dba Acturis)(3)(4)(14)(31)	First lien senior secured EUR term loan	E+	3.75%		7/2031	€	8,121	8,678	9,538
Diamond Insure Bidco (dba Acturis)(3)(4)(19)(31)	First lien senior secured GBP term loan	SA+	4.00%		7/2031	£	23,926	30,530	32,181
Galway Borrower LLC(3)(4)(9)(22)	First lien senior secured delayed draw term loan	S+	4.50%		9/2028	351		350	351
Integrity Marketing Acquisition, LLC(3)(4)(9)	First lien senior secured loan	S+	5.00%		8/2028	90,977		90,778	90,977
Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages)(3)(4)(9)	First lien senior secured loan	S+	4.50%		11/2032	3,261		3,245	3,245
One, Inc. Software Corporation(3)(4)(9)	First lien senior secured loan	S+	4.50%		12/2032	144,280		143,565	143,559
Simplicity Financial Marketing Group Holdings, Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	4.75%		12/2031	15,992		15,842	15,992
Trucordia Insurance Holdings, LLC(3)(4)(8)	Second lien senior secured loan	S+	5.75%		6/2033	60,500		59,919	60,349


								428,155	431,523	5.4	%
Internet & Direct Marketing Retail
Aurelia Netherlands B.V.(3)(4)(14)(31)	First lien senior secured EUR term loan	E+	4.75%		5/2031	€	64,942	73,397	76,271
								73,397	76,271	0.9	%
IT Services
Flexera Software LLC(3)(4)(9)	First lien senior secured loan	S+	4.50%		8/2032	20,995		20,927	20,942
Flexera Software LLC(3)(4)(13)	First lien senior secured EUR term loan	E+	4.50%		8/2032	€	5,300	6,193	6,210
Kaseya Inc.(3)(8)	First lien senior secured loan	S+	3.00%		3/2032	69,475		69,196	69,482
Kaseya Inc.(3)(8)	Second lien senior secured loan	S+	5.00%		3/2033	19,884		19,813	19,417
Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8)	First lien senior secured loan	S+	2.50%	2.25%	10/2031	94,356		93,335	93,176
Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8)(22)	First lien senior secured delayed draw term loan	S+	4.75%		10/2031	4,117		3,987	3,950
Spaceship Purchaser, Inc. (dba Squarespace)(3)(4)(9)	First lien senior secured loan	S+	3.75%		10/2031	133,270		133,270	133,270
								346,721	346,447	4.3	%
Life Sciences Tools & Services
Bamboo US BidCo LLC(3)(4)(14)	First lien senior secured EUR term loan	E+	5.00%		9/2030	€	15,539	16,720	18,250
Bamboo US BidCo LLC(3)(4)(9)	First lien senior secured delayed draw term loan	S+	5.00%		9/2030	32,217		32,194	32,217
Bamboo US BidCo LLC(3)(4)(8)(22)	First lien senior secured delayed draw term loan	S+	5.06%		9/2030	2,852		2,835	2,852
Bracket Intermediate Holding Corp.(3)(4)(9)	First lien senior secured loan	S+	4.75%		10/2031	36,425		36,069	36,061
Commander Buyer, Inc. (dba CenExel)(3)(4)(9)	First lien senior secured loan	S+	4.75%		6/2032	33,050		32,876	33,050
Creek Parent, Inc. (dba Catalent)(3)(4)(8)	First lien senior secured loan	S+	5.00%		12/2031	173,577		171,927	172,709
								292,621	295,139	3.7	%
Media
Monotype Imaging Holdings Inc.(3)(4)(8)(22)	First lien senior secured loan	S+	5.25%		2/2031	128,668		128,347	128,668
								128,347	128,668	1.6	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)	Fair Value	% of Net Assets
Multiline Retail
PDI TA Holdings, Inc.(3)(4)(9)(22)	First lien senior secured loan	S+	5.50%		2/2031	28,693		28,396	28,326
								28,396	28,326	0.4	%
Pharmaceuticals
Foundation Consumer Brands, LLC(3)(4)(9)	First lien senior secured loan	S+	5.00%		2/2029	20,983		20,896	20,878
Pacific BidCo Inc.(3)(4)(10)(31)	First lien senior secured delayed draw term loan	S+	5.75%		8/2029	10,149		9,987	10,124

								30,883	31,002	0.4	%
Professional Services
BCTO WIW Holdings, Inc. (dba When I Work)(3)(4)(6)	Senior convertible notes	N/A		5.50%	8/2030	4,740		4,694	4,694
Certinia Inc.(3)(4)(9)	First lien senior secured loan	S+	4.50%		8/2031	231,597		231,242	231,018
CloudPay, Inc.(3)(4)(9)(31)	First lien senior secured loan	S+	7.50%		7/2029	24,500		24,263	23,582
Cornerstone OnDemand, Inc.(3)(4)(8)	Second lien senior secured loan	S+	6.50%		10/2029	71,667		71,056	64,500
Gerson Lehrman Group, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.00%		12/2028	37,696		37,567	37,696
Proofpoint, Inc.(3)(9)	First lien senior secured loan	S+	3.00%		8/2028	3,135		3,127	3,148
Proofpoint, Inc.(3)(4)(14)	Second lien senior secured loan	E+	5.75%		12/2033	€	57,750	65,250	67,824
Proofpoint, Inc.(3)(4)(9)	Second lien senior secured loan	S+	5.75%		12/2033	66,014		65,354	66,014
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(9)	First lien senior secured loan	S+	6.50%		5/2028	67,228		67,246	67,228
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(14)	First lien senior secured EUR term loan	E+	6.75%		5/2028	€	11,480	12,416	13,483
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(14)	First lien senior secured EUR delayed draw term loan	E+	7.25%		5/2028	€	261	283	307
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(9)	First lien senior secured delayed draw term loan	S+	6.94%		5/2028	1,287		1,287	1,287
Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(8)(22)	First lien senior secured revolving loan	S+	6.50%		5/2028	1,846		1,846	1,846
Sovos Compliance, LLC(3)(8)	First lien senior secured loan	S+	3.25%		8/2029	19,207		19,207	19,251
Thunder Purchaser, Inc. (dba Vector Solutions)(3)(4)(9)	First lien senior secured loan	S+	5.25%		6/2028	138,359		137,768	138,359
TK Operations Ltd (dba Travelperk, Inc.)(3)(4)(6)(31)	First lien senior secured loan	N/A		11.50%	5/2029	53,901		51,177	52,284

								793,783	792,521	9.9	%
Real Estate Management & Development
RealPage, Inc.(3)(9)	First lien senior secured loan	S+	3.75%		4/2028	34,738		34,594	34,814

								34,594	34,814	0.4	%
Specialty Retail
McQueen Bidco PTY LTD. (dba Infomedia)(3)(4)(9)(31)	First lien senior secured loan	S+	4.50%		12/2032	77,652		77,652	77,458
OECONNECTION LLC(3)(4)(8)	First lien senior secured loan	S+	4.50%		12/2032	37,471		37,284	37,285
								114,936	114,743	1.4	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)	Fair Value	% of Net Assets
Systems Software
Acquia Inc.(3)(4)(9)	First lien senior secured loan	S+	5.50%		10/2026	188,298		188,019	183,120
Activate Holdings (US) Corp. (dba Absolute Software)(3)(4)(9)(31)	First lien senior secured loan	S+	5.25%		7/2030	53,987		54,003	53,987
Appfire Technologies, LLC(3)(4)(9)(22)	First lien senior secured loan	S+	4.75%		3/2028	7,343		7,345	7,343
Arctic Wolf Networks, Inc.(3)(4)(9)	First lien senior secured loan	S+	5.75%		2/2030	88,384		87,605	87,942
Arctic Wolf Networks, Inc.(3)(4)(6)	Senior convertible notes	N/A		3.00%	11/2030	130,908		183,045	183,045
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(3)(4)(8)	First lien senior secured loan	S+	6.00%		3/2031	94,049		93,224	94,049
Barracuda Parent, LLC(3)(9)	First lien senior secured loan	S+	4.50%		8/2029	22,800		20,476	18,404
Barracuda Parent, LLC(3)(4)(9)	Second lien senior secured loan	S+	7.00%		8/2030	55,875		44,798	40,509
Barracuda Parent, LLC(3)(4)(9)	First lien senior secured loan	S+	6.50%		8/2029	20,442		19,931	17,989
Bayshore Intermediate #2, L.P. (dba Boomi)(3)(4)(9)	First lien senior secured loan	S+	2.50%	3.00%	10/2028	158,041		158,069	158,041
Bayshore Intermediate #2, L.P. (dba Boomi)(3)(4)(9)(22)	First lien senior secured revolving loan	S+	5.00%		10/2027	3,257		3,234	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	3,026		3,025	2,967
Crewline Buyer, Inc. (dba New Relic)(3)(4)(9)	First lien senior secured loan	S+	6.75%		11/2030	213,236		211,129	211,637
Databricks, Inc.(3)(4)(8)	First lien senior secured loan	S+	4.50%		1/2031	114,694		114,233	114,694
Delinea Buyer, Inc. (f/k/a Centrify)(3)(4)(9)	First lien senior secured loan	S+	5.75%		3/2028	104,640		103,571	104,640
Delta TopCo, Inc. (dba Infoblox, Inc.)(3)(8)	Second lien senior secured loan	S+	5.25%		11/2030	30,000		29,976	29,514
Forescout Technologies, Inc.(3)(4)(9)	First lien senior secured loan	S+	4.50%		5/2032	154,570		154,104	153,797
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	148,144		147,874	148,144
LogRhythm, Inc.(3)(4)(9)	First lien senior secured loan	S+	7.50%		7/2029	4,750		4,642	4,548
Securonix, Inc.(3)(4)(9)	First lien senior secured loan	S+	3.50%	3.75%	4/2029	41,073		38,729	37,069
Sitecore Holding III A/S(3)(4)(14)	First lien senior secured EUR term loan	E+	7.00%		3/2029	€	128,813	137,852	151,285
Sitecore Holding III A/S(3)(4)(9)	First lien senior secured loan	S+	7.00%		3/2029	22,333		22,294	22,333
Sitecore USA, Inc.(3)(4)(9)	First lien senior secured loan	S+	7.00%		3/2029	134,589		134,351	134,589
Sophos Holdings, LLC(3)(8)(31)	First lien senior secured loan	S+	3.50%		3/2027	14,464		14,481	14,462
Talon MidCo 2 Limited(3)(4)(8)(31)	First lien senior secured loan	S+	4.93%		8/2028	35,627		35,617	35,627
Tricentis Operations Holdings, Inc.(3)(4)(9)	First lien senior secured loan	S+	1.38%		2/2032	116,810		115,821	115,642



								2,128,207	2,129,393	26.5	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)		Fair Value		% of Net Assets
Wireless Telecommunication Services
CCI BUYER, INC. (dba Consumer Cellular)(3)(4)(9)	First lien senior secured loan	S+	5.00%		5/2032	74,926		74,221		74,926
								74,221		74,926		0.9	%

Total non-controlled/non-affiliated debt investments								$	11,970,163	$	11,962,244	148.8	%
Total non-controlled/non-affiliated misc. debt commitments(22)(23)(Note 8)								$	(5,543)	$	(3,839)	—	%
Total non-controlled/non-affiliated portfolio company debt investments								$	11,964,620	$	11,958,405	148.7	%

Equity Investments
Aerospace & Defense
Space Exploration Technologies Corp.(3)(4)(29)(30)	Class A Common Stock	N/A			N/A	419,311		23,013		162,425
Space Exploration Technologies Corp.(3)(4)(29)(30)	Class C Common Stock	N/A			N/A	84,250		4,011		32,635
								27,024		195,060		2.4	%
Application Software
6Sense Insights, Inc.(3)(4)(29)(30)	Series E-1 Preferred Stock	N/A			N/A	1,580,642		48,102		37,807
Alpha Partners Technology Merger Corp(29)(30)(31)	Common stock	N/A			N/A	30,000		1,000		347
Alpha Partners Technology Merger Corp(29)(30)(31)	Warrants	N/A			N/A	666,666		—		360
AlphaSense, LLC(3)(4)(29)(30)	Series E Preferred Shares	N/A			N/A	1,422,042		13,176		17,731
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		214
Diligent Preferred Issuer, Inc. (dba Diligent Corporation)(3)(4)(6)(30)	Preferred Stock	N/A		10.50%	N/A	15,000		23,489		22,488
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	$	2,292	2,292		3,023
Nylas, Inc.(4)(29)(30)	Series C Preferred Stock	N/A			N/A	2,088,467		15,009		1,826
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
Valor Compute Infrastructure L.P.(3)(4)(22)(29)(30)(31)	LP Interest	N/A			N/A	$	2,160	2,160		2,160
VCI Intermediate TopCo 1 LLC(3)(4)(29)(30)(31)	Class B Units	N/A			N/A	$	6,170	6,172		6,170
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	6,519		9,696		9,689
								186,041		174,923		2.2	%
Capital Markets
Acorns Grow Incorporated(3)(4)(6)(30)(31)	Series F Preferred Stock	N/A		5.00%	N/A	572,135		11,820		11,826
								11,820		11,826		0.1	%
Commercial Services & Supplies
Rome Topco Holdings, LLC (dba SimpliSafe)(3)(4)(29)(30)	Class A Units	N/A			N/A	1,157		1,157		1,157
Rome Topco Holdings, LLC (dba SimpliSafe)(3)(4)(29)(30)	Class B Units	N/A			N/A	1,156,728		—		—
								1,157		1,157		—	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)	Fair Value	% of Net Assets
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	400
Dodge Construction Network Holdings, L.P.(3)(4)(6)(30)	Series A Preferred Units	N/A		8.25%	N/A	—		69	46
								2,910	446	—	%
Diversified Consumer Services
SLA Eclipse Co-Invest, L.P.(29)(30)(31)	LP Interest	N/A			N/A	$	15,000	15,308	19,884
								15,308	19,884	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	2,137
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.(3)(4)(29)(30)	Warrants	N/A			N/A	40,984		2,128	1,471
								17,920	17,283	0.2	%
Health Care Equipment & Supplies
KPCI Co-Invest 2, L.P.(3)(4)(29)(30)(31)	Class A Units	N/A			N/A	587,621		5,876	5,876
								5,876	5,876	0.1	%

Health Care Technology
BEHP Co-Investor II, L.P.(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	$	2,540	1,901	3,668
Minerva Holdco, Inc.(3)(4)(6)(30)	Senior A Preferred Stock	N/A		10.75%	N/A	100,000		149,119	150,641
ModMed Software Midco Holdings, Inc. (dba ModMed)(3)(4)(6)(30)	Series A Preferred Units	N/A		13.00%	N/A	32,375		34,437	34,718
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		1,833	3,611
								188,955	194,358	2.4	%
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		11,439	9,844
								14,960	14,245	0.2	%
Hotels, Restaurants & Leisure
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)(3)(4)(6)(30)	Series A Preferred Stock	N/A		12.00%	N/A	25,000		32,661	36,988
								32,661	36,988	0.5	%
Insurance
Accelerate Topco Holdings, LLC(3)(4)(29)(30)	Common Units	N/A			N/A	12,822		612	566
								612	566	—	%
Internet & Direct Marketing Retail
Kajabi Holdings, LLC(4)(29)(30)	Senior Preferred Class D Units	N/A			N/A	4,126,175		50,025	39,573
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	78,956	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

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)	Fair Value	% of Net Assets
Nscale Global Holdings Limited(3)(4)(29)(30)(31)	Preferred equity	N/A			N/A	$	7,507	7,507	7,507
Nscale Global Holdings Limited(3)(4)(29)(30)(31)	Series B Preferred Shares	N/A			N/A	13,174		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		61,572	60,612
Replicated, Inc.(4)(29)(30)	Series C Preferred Stock	N/A			N/A	1,277,832		20,008	5,778
WMC Bidco, Inc. (dba West Monroe)(3)(4)(6)(30)	Senior Preferred Stock	N/A		11.25%	N/A	57,231		89,850	89,704
								228,490	197,731	2.5	%
Life Sciences Tools & Services
Baypine Commander Co-Invest, LP(3)(4)(29)(30)(31)	LP Interest	N/A			N/A	$	1,807	1,818	1,979
								1,818	1,979	—	%
Pharmaceuticals
XOMA Corporation(3)(4)(29)(30)	Warrants	N/A			N/A	24,000		174	230
								174	230	—	%
Professional Services
CloudPay, Inc.(3)(4)(6)(30)(31)	Series E Preferred Stock	N/A		13.50%	N/A	87,370		22,661	22,653
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(3)(4)(6)(30)	Series A Preferred Stock	N/A		10.50%	N/A	28,000		42,704	36,535
Thunder Topco L.P. (dba Vector Solutions)(3)(4)(29)(30)	Common Units	N/A			N/A	7,857,410		7,857	9,348
TravelPerk, Inc.(3)(4)(29)(30)(31)	Warrants	N/A			N/A	259,807		4,447	5,764
Vestwell Holdings Inc.(3)(4)(29)(30)	Series D Preferred Stock	N/A			N/A	304,350		6,022	6,646

								83,691	80,946	1.0	%
Road & Rail
Bolt Technology OÜ(4)(29)(30)(31)	Preferred Stock	N/A			N/A	43,478		11,318	12,476
								11,318	12,476	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)(22)(29)(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	244,580		6	538
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	33,569
Excalibur CombineCo, L.P.(3)(4)(29)(30)	Class A Units	N/A			N/A	97,502		99,452	61,132

Halo Purchaser, LLC(3)(4)(6)(30)	Class B PIK Preferred Equity	N/A		6.00%	N/A	45,000		51,884	41,809
Halo Purchaser, LLC(3)(4)(29)(30)	Class H Warrant Units	N/A			N/A	67,301		1,686	1,686
HARNESS INC.(4)(29)(30)(32)	Series D Preferred Stock	N/A			N/A	1,022,648		9,169	14,376
Illumio, Inc.(4)(29)(30)	Common stock	N/A			N/A	358,365		2,432	1,725
Illumio, Inc.(4)(29)(30)	Series F Preferred Stock	N/A			N/A	2,483,618		16,684	16,249
Project Hotel California Co-Invest Fund, L.P.(3)(29)(30)(31)	LP Interest	N/A			N/A	$	10,739	14,721	17,480

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units	Amortized Cost(2)(27)		Fair Value		% of Net Assets
Veeam Software Group(3)(4)(29)(30)	Series C Preferred Shares	N/A			N/A	7,402,296	54,830		54,830
							372,509		359,740		4.5	%
Thrifts & Mortgage Finance
Blend Labs, Inc.(3)(4)(29)(30)	Warrants	N/A			N/A	299,215	1,625		2
							1,625		2		—	%
Total non-controlled/non-affiliated portfolio company equity investments							$	1,297,390	$	1,404,672	17.5	%
Total non-controlled/non-affiliated portfolio company investments							$	13,262,010	$	13,363,077	166.2	%

Non-controlled/affiliated portfolio company investments
Debt Investments(7)
Diversified 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	16,312	16,303		16,312
AAM Series 2.1 Aviation Feeder, LLC(3)(4)(6)(24)(31)	Specialty finance debt investment	N/A		12.00%	11/2030	21,140	21,146		21,140
							37,449		37,452		0.5	%
Insurance
Coherent Group Inc.(3)(4)(6)(24)(31)	Convertible notes	N/A	5.30%		3/2027	3,029	3,029		3,029
							3,029		3,029		—	%
Internet & Direct Marketing Retail
Walker Edison Furniture Company LLC(3)(4)(9)(22)(24)(28)(29)	First lien senior secured loan	S+		6.75%	3/2027	15,903	11,139		154
Walker Edison Furniture Company LLC(3)(4)(6)(22)(24)(28)(29)	First lien senior secured loan	N/A	10.00%		2/2026	4,501	4,386		4,535
Walker Edison Furniture Company LLC(3)(4)(9)(22)(24)(28)(29)	First lien senior secured revolving loan	S+		6.25%	3/2027	4,495	4,496		—
							20,021		4,689		0.1	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)		Fair Value		% of Net Assets
IT Services
Pluralsight, LLC(3)(4)(9)(24)	First lien senior secured loan	S+	3.00%	1.50%	8/2029	30,795		30,795		30,180
Pluralsight, LLC(3)(4)(9)(24)(28)(29)	First lien senior secured loan	S+		7.50%	8/2029	35,340		34,303		28,890
								65,098		59,070		0.7	%
Total non-controlled/affiliated debt investments								$	125,597	$	104,240	1.3	%
Total non-controlled/affiliated misc. debt commitments(22)(23)(Note 8)								—		(354)		—	%
Total non-controlled/affiliated portfolio company debt investments								$	125,597	$	103,886	1.3	%

Equity Investments
Asset Based Lending and Fund Finance
Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC)(3)(5)(24)(26)(30)(31)(34)	Specialty finance equity investment	N/A			N/A	$	57,713	57,713		57,713
								57,713		57,713		0.7	%
Diversified Financial Services
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(3)(4)(22)(24)(29)(30)(31)	Specialty finance equity investment	N/A			N/A	7,365,950		9,178		9,656
AAM Series 2.1 Aviation Feeder, LLC(3)(4)(24)(29)(30)(31)	Specialty finance equity investment	N/A			N/A	8,168,669		10,722		12,946
								19,900		22,602		0.3	%
Insurance
Coherent Group Inc.(4)(24)(29)(30)(31)	Series B Preferred Shares	N/A			N/A	456,035		12,210		13,506
Fifth Season Investments LLC(3)(4)(24)(30)	Specialty finance equity investment	N/A			N/A	17		173,870		184,468
								186,080		197,974		2.5	%
Internet & Direct Marketing Retail
Signifyd Inc.(4)(6)(24)(30)	Preferred equity	N/A		9.00%	N/A	2,755,121		151,974		156,245
Walker Edison Holdco LLC(3)(4)(24)(29)(30)	Common Units	N/A			N/A	98,319		9,500		—
								161,474		156,245		1.9	%
IT Services
Paradigmatic Holdco LLC (dba Pluralsight)(3)(4)(24)(29)(30)	Common stock	N/A			N/A	10,119,090		26,850		—
								26,850		—		—	%
Pharmaceuticals
LSI Financing 1 DAC(3)(4)(24)(30)(31)	Specialty finance equity investment	N/A			N/A	6,748		7,043		6,657
LSI Financing LLC(3)(5)(22)(24)(29)(30)(31)	Specialty finance equity investment	N/A			N/A	93,314		92,366		102,235
								99,409		108,892		1.4	%
Systems Software
Help HP SCF Investor, LP(3)(4)(24)(29)(30)	LP Interest	N/A			N/A	59,333		59,392		44,890

								59,392		44,890		0.6	%

Total non-controlled/affiliated portfolio company equity investments								$	610,818	$	588,316	7.3	%
Total non-controlled/affiliated portfolio company investments								$	736,415	$	692,202	8.6	%

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


		Interest
Company(1)(25)	Investment	Ref. Rate	Cash	PIK	Maturity Date	Par / Units		Amortized Cost(2)(27)		Fair Value		% of Net Assets
Controlled/affiliated portfolio company investments
Equity Investments
Diversified Financial Services
Revolut Ribbit Holdings, LLC(4)(24)(29)(30)(31)	LLC Interest	N/A			N/A	57,026		75,305		177,405
								75,305		177,405		2.2	%
Joint ventures
Blue Owl Credit SLF LLC(3)(5)(24)(26)(30)(31)	LLC Interest	N/A			N/A	$	30,875	30,885		30,760
Blue Owl Leasing LLC(3)(5)(24)(26)(30)(31)	LLC Interest	N/A			N/A	$	5,105	5,105		5,102
Stripe Blue Owl Holdings LLC(3)(5)(24)(26)(29)(30)(31)	LLC Interest	N/A			N/A	$	17,493	17,493		17,493
								53,483		53,355		0.7	%
Total controlled/affiliated portfolio company equity investments								$	128,788	$	230,760	2.9	%
Total controlled/affiliated portfolio company investments								$	128,788	$	230,760	2.9	%
Total Investments								$	14,127,213	$	14,286,039	177.7	%


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

Interest rate swap(a)	6.75%	S + 2.5645%	3/4/2029	700,000		14,619		—	5,968		April 2029 Notes	Note 5
Interest rate swap(b)	6.10%	S + 1.7670%	2/15/2028	650,000		12,113		—	12,113		March 2028 Notes	Note 5
Total				$	1,350,000	$	26,732		$	18,081

(a) The Company has an ISDA agreement with Goldman Sachs Bank USA.

(b) The Company has an ISDA agreement with SMBC Capital Markets, Inc.


	Forward Contracts as of December 31, 2025
	Notional Amount to be Purchased		Notional Amount to be Sold		Counterparty	Settlement Date	Unrealized Appreciation / (Depreciation)
Foreign currency forward contract	$	197,770	£	147,230	Goldman Sachs Bank USA	1/20/2026	$	(611)
Foreign currency forward contract	$	16,539	£	12,500	SMBC Capital Markets, Inc.	1/20/2026	(304)
Foreign currency forward contract	$	6,296	€	5,301	SMBC Capital Markets, Inc.	7/17/2026	15
Foreign currency forward contract	$	334,694	€	282,462	Goldman Sachs Bank USA	7/17/2026	—
Foreign currency forward contract	$	66,778	€	57,070	SMBC Capital Markets, Inc.	7/17/2026	(830)
Foreign currency forward contract	$	8,405	A$	12,910	Goldman Sachs Bank USA	1/20/2026	(211)
Total							$	(1,941)

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

(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.

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

(5)Investment measured at 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.

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)

(8)The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2025 was 3.69%.

(9)The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2025 was 3.65%.

(10)The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2025 was 3.57%.

(11)The interest rate on these loans is subject to 12 month SOFR, which as of December 31, 2025 was 3.42%.

(12)The interest rate on these loans is subject to Prime, which as of December 31, 2025 was 6.75%.

(13)The interest rate on these loans is subject to 1 month EURIBOR, which as of December 31, 2025 was 1.94%.

(14)The interest rate on these loans is subject to 3 month EURIBOR, which as of December 31, 2025 was 2.03%.

(15)Reserved.

(16)Reserved.

(17)The interest rate on this loan is subject to 3 month BBSY, which as of December 31, 2025 was 3.74%.

(18)Reserved.

(19)The interest rate on these loans is subject to SONIA, which as of December 31, 2025 was 3.73%.

(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”.


						Unfunded
Portfolio Company		Commitment Type	Commitment Expiration Date	Funded Commitment		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	2,258		7,779		—
AlphaSense, Inc.		First lien senior secured delayed draw term loan	6/2029	—		12,030		(30)
AmeriLife Holdings LLC		First lien senior secured delayed draw term loan	6/2026	4,308		197		—
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	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	7/2028	3,266		6,472		—
Associations, Inc.		First lien senior secured delayed draw term loan	2/2027	14,012		11,190		—
Bamboo US BidCo LLC		First lien senior secured delayed draw term loan	11/2026	2,852		576		—
Bracket Intermediate Holding Corp.		First lien senior secured delayed draw term loan	10/2027	—		8,406		(42)
BusinessSolver.com, Inc.		First lien senior secured delayed draw term loan	12/2027	—		12,649		(32)
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	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	1,005		1,231		—
CivicPlus, LLC		First lien senior secured delayed draw term loan	5/2027	12,669		8,804		—
CivicPlus, LLC		First lien senior secured delayed draw term loan	12/2027	—		20,398		—

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


				Unfunded
Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
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	11/2027	—	26,448	—
CoreTrust Purchasing Group LLC	First lien senior secured delayed draw term loan	5/2026	—	1,602	—
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	7/2027	12,935	14,242	—
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)	First lien senior secured delayed draw term loan	8/2027	—	2,768	(14)
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)
Databricks, Inc.	First lien senior secured delayed draw term loan	7/2026	—	53,026	—
EET Buyer, Inc. (dba e-Emphasys)	First lien senior secured delayed draw term loan	1/2027	7,636	1,909	—
EresearchTechnology, Inc. (dba Clario)	First lien senior secured delayed draw term loan	1/2027	1,769	10,866	—
Galway Borrower LLC	First lien senior secured delayed draw term loan	7/2026	317	1,236	—
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured delayed draw term loan	5/2027	—	5,225	(39)
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured delayed draw term loan	3/2026	711	1,203	—
Gusto, Inc.	First lien senior secured delayed draw term loan	11/2027	—	8,845	—
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)
Integrity Marketing Acquisition, LLC	First lien senior secured delayed draw term loan	8/2026	—	5,781	—
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured delayed draw term loan	6/2026	—	7,619	(38)
Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages)	First lien senior secured delayed draw term loan	11/2028	—	550	(1)
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)	First lien senior secured delayed draw term loan	8/2027	43,644	983	—
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)	First lien senior secured delayed draw term loan	8/2027	—	58,231	—
Lighthouse Buyer, Inc. (dba Harbor Compliance)	First lien senior secured delayed draw term loan	12/2028	—	13,698	(68)
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	38,401	3,385	—
ManTech International Corporation	First lien senior secured delayed draw term loan	2/2026	—	2,112	—
ML Holdco, Inc. (dba Meridian Link)	First lien senior secured delayed draw term loan	10/2027	—	27,611	(69)

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


				Unfunded
Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
Monotype Imaging Holdings Inc.	First lien senior secured delayed draw term loan	2/2026	2,727	7,895	—
OECONNECTION LLC	First lien senior secured delayed draw term loan	12/2032	—	21,988	(55)
One, Inc. Software Corporation	First lien senior secured delayed draw term loan	12/2027	—	27,746	(69)
OneOncology, LLC	First lien senior secured delayed draw term loan	10/2027	5,735	15,732	—
Packaging Coordinators Midco, Inc.	First lien senior secured delayed draw term loan	4/2026	795	2,363	—
Packaging Coordinators Midco, Inc.	First lien senior secured delayed draw term loan	4/2026	—	21,913	—
PerkinElmer U.S. LLC	First lien senior secured delayed draw term loan	10/2027	—	14,321	—
Pike Corp.	First lien senior secured delayed draw term loan	12/2028	—	5,585	(14)
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	—
Sentinel Buyer Corp. (dba SimpliSafe)	First lien senior secured delayed draw term loan	11/2027	—	1,987	(10)
Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured delayed draw term loan	10/2027	4,117	15,378	—
Simpler Postage, Inc. (dba Easypost)	First lien senior secured delayed draw term loan	6/2026	9,376	48,333	—
Simplicity Financial Marketing Group Holdings, Inc.	First lien senior secured delayed draw term loan	12/2026	1,813	1,988	—
Smarsh Inc.	First lien senior secured delayed draw term loan	1/2027	—	16,329	(20)
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	—
Themis Solutions Inc. (dba Clio)	First lien senior secured delayed draw term loan	10/2027	—	34,320	(343)
Tricentis Operations Holdings, Inc.	First lien senior secured delayed draw term loan	2/2027	—	22,480	(112)
Unit4 Group Holding B.V.	First lien senior secured EUR delayed draw term loan	1/2030	—	5,692	—
Unit4 Group Holding B.V.	First lien senior secured EUR term loan	1/2033	—	60,710	—
Zendesk, Inc.	First lien senior secured delayed draw term loan	5/2026	—	12,295	—
Accommodations Plus Technologies LLC	First lien senior secured revolving loan	5/2032	—	7,533	(113)
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)

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


				Unfunded
Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
AmeriLife Holdings LLC	First lien senior secured revolving loan	8/2028	816	4,081	—
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	272	680	—
Arrow Borrower 2025, Inc. (dba AvidXchange)	First lien senior secured revolving loan	10/2032	—	5,040	(25)
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	12/2028	—	11,250	—
Bracket Intermediate Holding Corp.	First lien senior secured revolving loan	10/2031	—	3,502	(35)
Bristol Hospice L.L.C.	First lien senior secured revolving loan	8/2032	—	1,742	—
BTRS Holdings Inc. (dba Billtrust)	First lien senior secured revolving loan	12/2028	12,596	9,447	—
BusinessSolver.com, Inc.	First lien senior secured revolving loan	12/2032	—	5,634	(28)
Cambrex Corporation	First lien senior secured revolving loan	3/2032	292	4,810	—
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)	First lien senior secured revolving loan	8/2027	830	5,959	—
CCI BUYER, INC. (dba Consumer Cellular)	First lien senior secured revolving loan	5/2032	—	4,386	—
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	8/2031	—	18,385	(46)
CivicPlus, LLC	First lien senior secured revolving loan	8/2030	—	8,734	—
Commander Buyer, Inc. (dba CenExel)	First lien senior secured revolving loan	6/2032	—	6,024	—
CoreTrust Purchasing Group LLC	First lien senior secured revolving loan	10/2029	—	3,789	—
Coupa Holdings, LLC	First lien senior secured revolving loan	2/2029	—	5,852	—
Creek Parent, Inc. (dba Catalent)	First lien senior secured revolving loan	12/2031	—	25,111	(126)
Crewline Buyer, Inc. (dba New Relic)	First lien senior secured revolving loan	11/2030	—	21,393	(160)

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


				Unfunded
Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
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	—
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	(82)
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	5/2031	—	11,930	(60)
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	34	162	—
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	295	1,916	—
Granicus, Inc.	First lien senior secured revolving loan	1/2031	—	548	—
GS Acquisitionco, Inc. (dba insightsoftware)	First lien senior secured revolving loan	5/2028	1,777	3,022	—
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	—
Integrity Marketing Acquisition, LLC	First lien senior secured revolving loan	8/2028	—	4,294	—
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)*	First lien senior secured revolving loan	8/2026	10,847	—	—
Interoperability Bidco, Inc. (dba Lyniate)	First lien senior secured revolving loan	3/2028	1,805	7,222	—
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	—
Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages)	First lien senior secured revolving loan	11/2032	—	484	(2)

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


				Unfunded
Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment	Commitment	Fair Value(23)
Jeppesen Holdings, LLC	First lien senior secured multi-currency revolving loan	10/2032	—	2,286	(17)
JS Parent, Inc. (dba Jama Software)	First lien senior secured revolving loan	4/2031	—	2,647	—
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)	First lien senior secured revolving loan	12/2029	—	16,594	(41)
Lighthouse Buyer, Inc. (dba Harbor Compliance)	First lien senior secured revolving loan	12/2031	548	2,192	—
Litera Bidco LLC	First lien senior secured revolving loan	5/2028	—	10,004	—
LogRhythm, Inc.	First lien senior secured revolving loan	7/2029	—	475	(20)
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	—
McQueen Bidco PTY LTD. (dba Infomedia)	First lien senior secured revolving loan	12/2032	—	13,040	(33)
MINDBODY, Inc.	First lien senior secured revolving loan	9/2027	—	7,143	—
Ministry Brands Holdings, LLC	First lien senior secured revolving loan	12/2027	61	676	—
Minotaur Acquisition, Inc. (dba Inspira Financial)	First lien senior secured revolving loan	6/2030	—	12,863	—
Modernizing Medicine, Inc. (dba ModMed)	First lien senior secured revolving loan	4/2032	—	13,578	(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	—
Neptune Holdings, Inc. (dba NexTech)	First lien senior secured revolving loan	8/2029	—	1,471	(4)
NMI Acquisitionco, Inc. (dba Network Merchants)	First lien senior secured revolving loan	9/2028	—	1,115	—
OECONNECTION LLC	First lien senior secured revolving loan	12/2032	—	5,791	(29)
OneOncology, LLC	First lien senior secured revolving loan	6/2029	—	9,300	—
One, Inc. Software Corporation	First lien senior secured revolving loan	12/2032	—	11,098	(55)
Packaging Coordinators Midco, Inc.	First lien senior secured revolving loan	10/2032	—	14,366	(72)
PDI TA Holdings, Inc.	First lien senior secured revolving loan	2/2031	1,660	604	—
PetVet Care Centers, LLC	First lien senior secured revolving loan	11/2029	1,075	9,671	—
Pike Corp.	First lien senior secured revolving loan	12/2032	—	3,723	(19)
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	—

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


					Unfunded
Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Commitment		Fair Value(23)
Salinger Bidco Inc. (dba Surgical Information Systems)	First lien senior secured revolving loan	5/2031	762		8,379		—
Securonix, Inc.	First lien senior secured revolving loan	4/2028	—		7,119		(694)
Sensor Technology Topco, Inc. (dba Humanetics)	First lien senior secured revolving loan	5/2028	1,846		3,694		—
Severin Acquisition, LLC (dba PowerSchool)	First lien senior secured revolving loan	10/2031	—		11,696		(146)
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	3,350		5,314		—
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		—
Themis Solutions Inc. (dba Clio)	First lien senior secured revolving loan	10/2032	—		28,600		(286)
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)
Unit4 Group Holding B.V.	First lien senior secured EUR revolving loan	1/2033	—		7,589		—
Valeris, Inc. (fka Phantom Purchaser, Inc.)	First lien senior secured revolving loan	9/2031	—		2,990		(7)
Velocity HoldCo III Inc. (dba VelocityEHS)	First lien senior secured revolving loan	5/2029	—		4,485		—
Zendesk, Inc.	First lien senior secured revolving loan	11/2028	—		14,756		—


Total non-controlled/non-affiliated - debt commitments			$	245,522	$	1,725,732	$	(3,839)

Non-controlled/non-affiliated - equity commitments
Chrome Investors LP	LP Interest	N/A	$	16,407	$	4,102	$	—
Valor Compute Infrastructure L.P.	LP Interest	N/A	2,160		4,011		—
Total non-controlled/non-affiliated - equity commitments			$	18,567	$	8,113	$	—

Non-controlled/affiliated - debt commitments
Pluralsight, LLC	First lien senior secured delayed draw term loan	8/2029	$	—	$	12,649	$	(253)
Walker Edison Furniture Company LLC	First lien senior secured delayed draw term loan	3/2027	1,027		440		—
Walker Edison Furniture Company LLC	First lien senior secured delayed draw term loan	2/2026	474		677		—
Pluralsight, LLC	First lien senior secured revolving loan	8/2029	—		5,060		(101)
Walker Edison Furniture Company LLC*	First lien senior secured revolving loan	3/2027	4,495		—		—
Total non-controlled/affiliated - debt commitments			$	5,996	$	18,826	$	(354)

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)


					Unfunded
Portfolio Company	Commitment Type	Commitment Expiration Date	Funded Commitment		Commitment		Fair Value(23)
Non-controlled/affiliated - equity commitments
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC	Specialty finance equity investment	N/A	$	7,366	$	10,780	$	—
LSI Financing LLC	Specialty finance equity investment	N/A	93,314		31,120		—

Total non-controlled/affiliated - equity commitments			$	100,680	$	41,900	$	—
Total Portfolio Company Commitments			$	370,765	$	1,794,571	$	(4,193)

*Fully funded

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


Company	Fair Value at December 31, 2024		Gross Additions (a)		Gross Reductions(b)		Net Change in Unrealized Gain/(Loss)		Realized Gain/(Loss)		Transfers		Fair Value at December 31, 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)	$	—	$	21,528	$	(25)	$	489	$	—	$	3,976	$	25,968	$	1,426	$	—	$	19
AAM Series 2.1 Aviation Feeder, LLC(c)	—		28,799		(890)		2,217		—		3,960		34,086		1,776		—		—
Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC)	—		57,713		—		—		—		—		57,713		—		377		—
Coherent Group Inc.	—		15,241		(2)		1,296		—		—		16,535		124		—		—
Fifth Season Investments LLC	62,517		117,209		—		4,742		—		—		184,468		—		16,685		—
Help HP SCF Investor, LP	60,350		8		—		(15,468)		—		—		44,890		—		—		—
LSI Financing 1 DAC	3,093		4,928		(1,001)		(363)		—		—		6,657		—		555		—
LSI Financing LLC	61,677		94,196		(63,695)		10,057		—		—		102,235		—		6,147		—
Pluralsight, LLC	88,660		3,441		(152)		(33,233)		—		—		58,716		5,276		—		109
Securiti, Inc.	—		20,015		(106,865)		—		66,834		20,016		—		—		—		—
Signifyd Inc.	126,065		12,784		—		17,396		—		—		156,245		—		12,788		—
Walker Edison Furniture Company LLC	4,941		7,095		(4,404)		(2,943)		—		—		4,689		(7)		—		(34)
Total Non-Controlled Affiliates	$	407,303	$	382,957	$	(177,034)	$	(15,810)	$	66,834	$	27,952	$	692,202	$	8,595	$	36,552	$	94

Controlled Affiliates
Blue Owl Credit SLF LLC(d)	$	947	$	29,937	$	—	$	(124)	$	—	$	—	$	30,760	$	—	$	1,345	$	—
Blue Owl Leasing LLC (d)	—		5,105		—		(3)		—		—		5,102		—		—		—
Stripe Blue Owl Holdings LLC	—		17,493		—		—		—		—		17,493		—		—		—
Revolut Ribbit Holdings, LLC	106,443		11		—		70,951		—		—		177,405		—		—		—
Total Controlled Affiliates	$	107,390	$	52,546	$	—	$	70,824	$	—	$	—	$	230,760	$	—	$	1,345	$	—

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

(c)In connection with its investment in 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 Credit SLF, and Blue Owl Leasing, see “Note 4 — Investments.”

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)

(27)As of December 31, 2025, the net estimated unrealized gain for U.S. federal income tax purposes was $335.5 million based on a tax cost basis of $14.0 billion. As of December 31, 2025, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $101.7 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $437.2 million.

(28)Investment was on non-accrual status as of December 31, 2025.

(29)Non-income producing investment.

(30)Security acquired in transaction exempt from registration under the Securities Act, and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2025, the aggregate fair value of these securities is $2.2 billion or 27.7% 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

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(a)

LLC Interest

August 01, 2024

Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC)

Specialty finance equity investment

September 19, 2025

Blue Owl Leasing LLC(b)

Joint Venture

October 14, 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

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)

Portfolio Company

Investment

Acquisition Date

Excalibur CombineCo, L.P.

Class A Units

July 02, 2024

Fifth Season Investments LLC

Specialty finance equity investment

October 17, 2022

Fifth Season Investments LLC

Specialty finance equity investment

November 03, 2025

Halo Purchaser, LLC

Class H Warrant Units

October 15, 2021

Halo Purchaser, LLC

Class B 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

KPCI Co-Invest 2, L.P.

Class A Units

October 15, 2025

KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)

Class A Interest

December 12, 2023

Linked Store Cayman Ltd. (dba Nuvemshop)

Series E Preferred Stock

August 09, 2021

LSI Financing 1 DAC

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

Rome Topco Holdings, LLC (dba SimpliSafe)

Class A Units

November 06, 2025

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

Series A Preferred Stock

November 15, 2023

Saturn Ultimate, Inc.

Common stock

December 29, 2021

Stripe Blue Owl Holdings LLC

Joint Venture

December 09, 2025

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

Valor Compute Infrastructure L.P.

LP Interest

October 03, 2025

VCI Intermediate TopCo 1 LLC

Class B Units

November 17, 2025

Blue Owl Technology Finance Corp.

Consolidated Schedule of Investments

As of December 31, 2025

(Amounts in thousands, except share amounts)

Portfolio Company

Investment

Acquisition Date

Veeam Software Group

Series C Preferred Shares

December 08, 2025

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

(a) Refer to “Note 4 — Investments – Blue Owl Credit SLF LLC” for further information.

(b) Refer to “Note 4 — Investments – Blue Owl Leasing 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 December 31, 2025, non-qualifying assets represented 16.1% 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 hold alternative credit assets, including ABF. ABF is a subsector of private credit focused on generating income from pools of financial, physical or other assets. As of December 31, 2025, the portfolio consists of three investments totaling $0.5 billion at cost and fair value, respectively, ranging in cost from $24.8 million to $304.4 million and with a fair value ranging from $24.8 million to $303.9 million. The largest investment is 62% of the total cost of BOCSO's portfolio. As of December 31, 2025 the portfolio asset class composition was 62% ABF - Specialty finance, 33% ABF - Leasing, and 5% ABF - Commercial Real Estate.

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

Table of Contents

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited)

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Note 1. Organization

Blue Owl Technology Finance Corp. (the “Company”) is a Maryland corporation formed on July 12, 2018. The Company was formed primarily to originate and make loans to, and make debt and equity investments in, technology-related companies, specifically software companies, based primarily in the United States. The Company originates and invests in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. The Company’s investment objective is to maximize total return by generating current income from its debt investments and other income producing securities, and capital appreciation from its equity and equity-linked investments.

The Company intends to invest at least 80% of the value of its total assets in “technology-related” companies. The Company defines technology-related companies as those that (i) operate directly in the technology industry, which includes, but is not limited to, application software, systems software, healthcare technology, information technology, technology services and infrastructure, financial technology and internet and digital media, (ii) operate indirectly through their reliance on technology (i.e., utilizing scientific knowledge or technology-enabled techniques, skills, methods, devices or processes to deliver goods and/or services) or (iii) seek to grow through technological advancements and innovations. The Company invests in a broad range of companies with a focus on established enterprise software companies that are capitalizing on the large and growing demand for software products and services.

The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, the Company is treated as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Because the Company has elected to be regulated as a BDC and qualifies as a RIC under the Code, the Company’s portfolio is subject to diversification and other requirements.

On September 24, 2018, the Company formed a wholly-owned subsidiary, OR Tech Lending LLC, a Delaware limited liability company, which holds a California finance lenders license. OR Tech Lending LLC originates loans to borrowers headquartered in California. From time to time the Company may form wholly-owned subsidiaries to facilitate the normal course of business.

Blue Owl Technology Credit Advisors LLC (the “Adviser”) serves as the Company’s investment adviser. The Adviser is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), is an indirect affiliate of Blue Owl Capital, Inc. (“Blue Owl”) (NYSE: OWL) and is part of Blue Owl’s Credit platform. Blue Owl consists of three investment platforms: (1) Credit, which includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent investment strategies, (2) Real Assets, which focuses on three primary investment strategies: net lease, real estate credit and digital infrastructure, and (3) GP Strategic Capital, which primarily focuses on acquiring equity stakes in, or providing debt financing to, large, multi-product private equity and private credit firms. Subject to the overall supervision of the Company’s board of directors (the “Board”), the Adviser manages the day-to-day operations of, and provides investment advisory and management services to, the Company.

On March 24, 2025, the Company consummated the transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement”) with Blue Owl Technology Finance Corp. II, a Maryland corporation (“OTF II”), Oriole Merger Sub Inc., a Maryland corporation and wholly-owned subsidiary of the Company (“Merger Sub”), and, solely for the limited purposes set forth therein, the Adviser, and Blue Owl Technology Credit Advisors II LLC (“OTCA II”), a Delaware limited liability company and investment adviser to OTF II. In connection therewith, Merger Sub merged with and into OTF II, with OTF II continuing as the surviving company and as a wholly-owned subsidiary of the Company and, immediately thereafter, OTF II merged with and into the Company, with the Company continuing as the surviving company (together, the “Mergers”). Refer to “Note 13 — Merger with Blue Owl Technology Finance Corp. II” for further discussion of the Mergers.

On June 12, 2025, the Company’s common stock was listed and began trading on the New York Stock Exchange (“NYSE”) under the symbol “OTF” (the “Exchange Listing”).

Table of Contents

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Note 2. Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements have been included. The Company was initially capitalized on August 7, 2018, and commenced operations on August 10, 2018. The Company’s fiscal year ends on December 31.

Reclassifications

As a result of changes in presentations, certain prior year amounts have been reclassified to conform to the current presentation. These reclassifications had no effect on the reported results of operations.

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual amounts could differ from those estimates and such differences could be material.

Consolidation

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

The Company does not consolidate its equity interests in joint ventures or specialty finance companies, see “Note 3 — Agreements and Related Party Transactions — Controlled and Affiliated/Non-Controlled and Affiliated Portfolio Companies” and “Note 4 — Investments — Joint Ventures” for additional details.

Cash and Restricted Cash

Cash consists of deposits held at a custodian bank and restricted cash pledged as collateral. Cash is carried at cost, which approximates fair value. The Company deposits its cash with highly-rated banking corporations and, at times, may exceed the insured limits under applicable law.

Investments at Fair Value

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Pursuant to Rule 2a-5, the Board designated the Adviser as the Company’s valuation designee to perform fair value determinations relating to the value of assets held by the Company for which market quotations are not readily available.

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

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

Table of Contents

Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

purchase or sale transaction, public offering or subsequent equity sale occurs, the Adviser, as the valuation designee, considers whether the pricing indicated by the external event corroborates its valuation.

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

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

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

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

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

•Each quarter, the Adviser, as the valuation designee, will provide the Audit Committee a summary or description of material fair value matters that occurred in the prior quarter and on an annual basis, the Adviser, as the valuation designee, will provide the Audit Committee with a written assessment of the adequacy and effectiveness of its fair value process; and

•The Audit Committee oversees the valuation designee and will report to the Board on any valuation matters requiring the Board’s attention.

The Company conducts this valuation process on a quarterly basis.

The Company applies Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the Company considers its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:

•Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

•Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs. In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC 820. Consistent with the valuation policy, the Adviser, as the valuation designee, evaluates the source of the inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (such as broker quotes), the Adviser, as the valuation designee, subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Adviser, as the valuation designee, or the independent valuation firm(s), reviews pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs.

The Company applies the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

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

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

Financial and Derivative Instruments

The Company follows the guidance in ASC 815 Derivatives and Hedging, when accounting for all derivative instruments. The Company designated certain interest rate swaps as hedging instruments, and as a result, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Consolidated Statements of Operations as the hedged item. The Company’s interest rate swaps are used to hedge the Company’s fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Consolidated Statements of Operations. Fair value is estimated by discounting remaining payments using applicable current market rates, or market quotes, if available. For all other derivatives, the Company does not utilize hedge accounting and values such derivatives at fair value with the unrealized gains or losses recorded in “net change in unrealized gains (losses) from translation of assets and liabilities in foreign currencies and other transactions” in the Company’s consolidated statement of operations. The Company nets all of its derivatives by counterparty across all derivative instruments, not taking into account collateral posted, which is recorded separately, if applicable.

Foreign Currency Forward Contracts

The Company uses foreign currency forward contracts to reduce the Company's exposure to fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate. Unrealized gains (losses) on foreign currency forward contracts are recorded within other assets or other liabilities on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis. The Company does not utilize hedge accounting and values forward contracts at fair value with the unrealized gains or losses recorded in net change in unrealized gains (losses) from translation of assets and liabilities in foreign currency and other transactions in the Company’s Consolidated Statements of Operations.

Interest Rate Swaps

The Company uses interest rate swaps to hedge the Company’s fixed rate debt. The Company has designated each interest rate swap held as the hedging instrument in an effective hedge accounting relationship, and therefore the periodic payments and receipts are recognized as components of interest expense in the Consolidated Statements of Operations. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a prepaid expenses and other assets or accrued expenses and other liabilities on the Company's Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by a change in the net carrying value of the fixed rate debt. Any amounts paid to the counterparty to cover collateral obligations under the terms of the interest rate swap agreement are included in other assets or other liabilities and expenses on the Company's Consolidated Statements of Assets and Liabilities. Please see “Note 5 — Debt” for additional details.

Foreign Currency

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

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

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

The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations with the change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Fluctuations arising from the translation of foreign currency borrowings are included with the net change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations.

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

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Interest and Dividend Income Recognition

PIK interest and PIK dividend income consisted of the following for the periods:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
PIK Interest Income	$	25,224		$	23,603		$	50,059		$	40,060
PIK Interest Income as a % of Investment Income	7.5		%	7.4		%	7.5		%	8.0		%
PIK Dividend Income	$	17,062		$	18,574		$	34,773		$	30,057
PIK Dividend Income as a % of Investment Income	5.0		%	5.8		%	5.2		%	6.0		%
Total PIK Income	$	42,286		$	42,177		$	84,832		$	70,117
Total PIK Income as a % of Investment Income	12.5		%	13.2		%	12.8		%	14.0		%

Discounts and premiums to par value on securities purchased are amortized into interest income over the contractual life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the amortization and accretion of discounts or premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

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

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

Other Income

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

Offering Expenses

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

Debt Issuance Costs

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

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Reimbursement of Transaction-Related Expenses

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

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

Income Taxes

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

To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company generally must distribute to its shareholders on a timely basis, at least the sum of (i) 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income.

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

The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain tax positions through December 31, 2025. As applicable, the Company’s prior three tax years remain subject to examination by U.S. federal, state and local tax authorities.

Distributions to Common Shareholders

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

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

Segment Reporting

In accordance with ASC Topic 280 – “Segment Reporting (ASC 280),” the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.

The Company operates through a single operating and reporting segment with an investment objective to generate both current income, and to a lesser extent, capital appreciation through debt and equity investments. The chief operating decision maker (“CODM”) is comprised of the Company’s chief executive officer, president, and chief financial officer and chief operating officer

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

and assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase in shareholder’s equity resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company’s stockholders. As the Company’s operations comprise a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

New Accounting Pronouncements

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

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Note 3. Agreements and Related Party Transactions

Administration Agreement

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

The Administration Agreement also provides that the Company reimburses the Adviser for certain offering costs.

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

Unless earlier terminated as described below, the Administration Agreement will remain in effect from year to year if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the independent directors. On May 4, 2026, the Board approved the continuation of the Administration Agreement. The Administration Agreement may be terminated at any time, without the payment of any penalty, on 60 days’ written notice, by the vote of a majority of the outstanding voting securities of the Company (as defined in the 1940 Act), or by the vote of a majority of the Board or by the Adviser.

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

The table below presents the costs and expenses reimbursable to the Adviser under the terms of the Administration Agreement for the following periods:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Costs and expenses reimbursable to the Adviser	$	2,872	$	2,225	$	5,474	$	3,821

Investment Advisory Agreement

The Investment Advisory Agreement became effective on May 18, 2021. Under the terms of the Investment Advisory Agreement, the Adviser is responsible for managing the Company’s business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring its investments, and monitoring its portfolio companies on an ongoing basis through a team of investment professionals. On May 4, 2026, the Board approved the continuation of the Investment Advisory Agreement.

The Adviser’s services under the Investment Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities so long as its services to the Company are not impaired.

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

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

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

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

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

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

The table below presents the management fees for the following periods:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Management fees	$	54,055	$	32,630	$	108,041	$	48,538
Management fee waivers	(107)		(90)		(180)		(122)
Management fees, net of management fee waivers	$	53,948	$	32,540	$	107,861	$	48,416

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

The portion of the Incentive Fee based on income is determined and paid quarterly in arrears commencing with the first calendar quarter following the initial closing date, and equals (i) prior to the Exchange Listing, 100% of the pre-Incentive Fee net investment income in excess of a 1.5% quarterly “hurdle rate”, until the Adviser has received 10% of the total pre-Incentive Fee net investment income for that calendar quarter and, for pre-Incentive Fee net investment income in excess of 1.67% quarterly, 10% of all remaining pre-Incentive Fee net investment income for that calendar quarter, and (ii) subsequent to the Exchange Listing, 100% of the pre-Incentive Fee net investment income in excess of a 1.5% quarterly “hurdle rate,” until the Adviser has received 17.5% of the total pre-Incentive Fee net investment income for that calendar quarter and, for pre-Incentive Fee net investment income in excess of 1.82% quarterly, 17.5% of all remaining pre-Incentive Fee net investment income for that calendar quarter. The 100% “catch-up” provision for pre-Incentive Fee net investment income in excess of the 1.5% “hurdle rate” is intended to provide the Adviser with an Incentive Fee of (i) prior to the Exchange Listing, 10% on all pre- Incentive Fee net investment income when that amount equals 1.67% in a calendar quarter (6.67% annualized), and (ii) subsequent to the Exchange Listing, 17.5% on all pre-Incentive Fee net investment income when that amount equals 1.82% in a calendar quarter (7.27% annualized), which, in each case, is the rate at which catch-up is achieved. Once the “hurdle rate” is reached and catch-up is achieved, (i) prior to the Exchange Listing, 10% of any pre-Incentive Fee net investment income in excess of 1.67% in any calendar quarter is payable to the Adviser, and (ii) subsequent to the Exchange Listing, 17.5% of any pre-Incentive Fee net investment income in excess of 1.82% in any calendar quarter is payable to the Adviser.

The second component of the Incentive Fee, the “Capital Gains Incentive Fee,” payable at the end of each calendar year in arrears, equals, (i) prior to the Exchange Listing, 10% of cumulative realized capital gains from the initial closing date to the end of each calendar year, less cumulative realized capital losses and unrealized capital depreciation from the initial closing date to the end of each calendar year, and (ii) subsequent to the Exchange Listing, 17.5% of cumulative realized capital gains from the Listing Date to the end of each calendar year, less cumulative realized capital losses and unrealized capital depreciation from the Listing Date to the end of each calendar year. Each year, the fee paid for the Capital Gains Incentive Fee is net of the aggregate amount of any previously

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

paid Capital Gains Incentive Fee for prior periods. While the Investment Advisory Agreement neither includes nor contemplates the inclusion of unrealized gains in the calculation of the capital gains incentive fee, as required by U.S. GAAP, the Company accrues capital gains incentive fees on unrealized gains. This accrual reflects the incentive fees that would be payable to the Adviser if the Company’s entire investment portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized. The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated. In no event will the Capital Gains Fee payable pursuant to the Investment Advisory Agreement be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.

The table below presents the incurred performance based incentive fees based on net investment income and accrued capital gains based incentive fees for the following periods:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Performance based incentive fees based on net investment income	$	29,316	$	21,841	$	57,435	$	32,557
Performance based incentive fees based on capital gains(1)	—		6,211		(38,804)		4,936

_____________

(1)In the first quarter of 2026, the Company recorded a reversal of previously accrued performance based incentive fees based on capital gains of $38.8 million, driven by unrealized depreciation in the Company’s portfolio.

Affiliated Transactions

The Company may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. The Company, the Adviser and certain of their affiliates were granted an order for exemptive relief that permitted co-investing with affiliates of the Company subject to various approvals of the Board and other conditions. On May 6, 2025, the Company, the Adviser and certain of their affiliates were granted a new order for exemptive relief that superseded the prior order for exemptive relief (the “Order”) by the SEC for the Company to co-invest with other funds managed by the Adviser or certain affiliates, in a manner consistent with the Company’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such Order, the Company generally is permitted to co-invest with certain of its affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Order. The Order requires that a “required majority” (as defined in Section 57(o) of the 1940 Act) of directors who are not “interested persons” of the Company, the Adviser, or any of their respective affiliates, as defined in the 1940 Act (“Independent Directors”) make certain conclusions in connection with certain co-investment transactions, including (1) when the Company co-invests with an affiliated entity (as defined in the co-investment application) in an issuer where an affiliated entity of the Company has an existing investment in the issuer unless the transaction is completed on a pro rata basis, and (2) if the Company disposes of an asset acquired in a co-investment transaction unless the disposition is done on a pro rata basis or the disposition is of a tradable security. Pursuant to the Order, the Board oversees the Company’s participation in the co-investment program. As required by the Order, the Company has adopted, and the Board, including a required majority of the Independent Directors, has approved, policies and procedures reasonably designed to ensure compliance with the conditions of the Order. The Board, including a required majority of the Independent Directors, also reviewed the Co-Investment Policies of the Adviser to ensure that they are reasonably designed to prevent the Company from being disadvantaged by participation in the co-investment program. The Adviser and the Company’s Chief Compliance Officer will also provide reporting to the Board.

The Adviser is affiliated with Blue Owl Credit Advisors LLC (“OCA”), OTCA II, Blue Owl Credit Private Fund Advisors LLC (“OPFA”), and Blue Owl Diversified Credit Advisors LLC (“ODCA” together with OTCA II, OPFA, OCA, and the Adviser, the “Blue Owl Credit Advisers”), which are also investment advisers. The Blue Owl Credit Advisers are indirect affiliates of Blue Owl and comprise part of Blue Owl’s Credit platform, which includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent investment strategies. The Blue Owl Credit Advisers’ allocation policies seek to ensure equitable allocation of investment opportunities and address the co-investment restrictions set forth under the 1940 Act. As a result of the Order, there could be significant overlap in the Company’s investment portfolio and the investment portfolio of the business development companies, private funds, interval fund and separately managed accounts managed by the Blue Owl Credit Advisers (collectively, the “Blue Owl Credit Clients”) and/or other funds managed by the Adviser or its affiliates that avail themselves of the Order. In addition, the Adviser and its affiliates are permitted to allocate an investment to a number of products across platforms that it views as appropriate for the particular investment objectives, strategies and characteristics of such products.

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

License Agreement

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

Controlled and Affiliated/Non-Controlled and Affiliated Portfolio Companies

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in these consolidated financial statements, including the consolidated schedule of investments.

The Company has made investments in controlled, affiliated companies including Credit SLF and Blue Owl Leasing. For further descriptions of Credit SLF and Blue Owl Leasing, see “Note 4 — Investments.” The Company also invests in Amergin AssetCo, BOCSO, Fifth Season, LSI Financing DAC, and LSI Financing LLC, which are non-controlled, affiliated investments, as defined in the 1940 Act.

Amergin was created to invest in a leasing platform focused on railcar, aviation and other long-lived transportation assets. Amergin acquires existing on-lease portfolios of new and end-of-life railcars and related equipment and selectively purchases off-lease assets and is building a commercial aircraft portfolio through aircraft financing and engine acquisition on a sale and lease back basis. Amergin consists of Amergin AssetCo and Amergin Asset Management LLC, which has entered into a Servicing Agreement with Amergin AssetCo. The Company made an initial equity commitment to Amergin AssetCo on July 1, 2022. As of June 30, 2026, its commitment to Amergin AssetCo is $64.3 million, of which $23.5 million is equity and $40.8 million is debt. The Company does not consolidate its equity interest in Amergin.

BOCSO is a portfolio company formed to hold alternative credit assets, including ABF. ABF is a subsector of private credit focused on generating income from pools of financial, physical or other assets. On September 18, 2025, we made an initial equity contribution to BOCSO. As of June 30, 2026, the Company’s investment at fair value in BOCSO was $107.8 million and the Company’s total commitment was $108.0 million. The Company does not consolidate its equity interest in BOCSO.

Fifth Season is a portfolio company created to invest in life insurance based assets, including secondary and tertiary life settlement and other life insurance exposures using detailed analytics, internal life expectancy review and sophisticated portfolio management techniques. On July 18, 2022, the Company made an initial equity investment in Fifth Season. As of June 30, 2026, its investment in Fifth Season was $139.2 million at fair value. The Company does not consolidate its interest in Fifth Season.

LSI Financing DAC is a portfolio company formed to acquire contractual rights to revenue pursuant to earnout agreements generally in the life sciences space. On December 14, 2022, the Company made an initial investment in LSI Financing DAC. As of June 30, 2026, the Company’s investment in LSI Financing DAC was $5.4 million at fair value and its total commitment was $5.6 million. The Company does not consolidate its equity interest in LSI Financing DAC.

LSI Financing LLC is a separately managed portfolio company formed to indirectly own royalty purchase agreements and loans in the life sciences space. An affiliate of the Adviser provides consulting services to a subsidiary of LSI Financing LLC in exchange for a fee. The Adviser has agreed to waive a portion of the management fee payable by the Company pursuant to the Investment Advisory Agreement equal to the pro rata amount of such consulting fee. On November 25, 2024, the Company redeemed a portion of its interest in LSI Financing DAC in exchange for common shares of LSI Financing LLC. As of June 30, 2026, the fair value of the Company’s investment in LSI Financing LLC was $238.6 million and its total commitment was $276.9 million. The Company does not consolidate its equity interest in LSI Financing LLC.

Note 4. Investments

The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled non-affiliated, non-controlled affiliated or controlled affiliated investments.

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

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


	June 30, 2026				December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First-lien senior secured debt investments	$	11,674,158	$	11,444,661	$	10,983,810	$	10,979,070
Second-lien senior secured debt investments	597,545		478,763		601,494		568,641
Unsecured debt investments	460,040		464,478		467,464		477,128
Specialty finance debt investments	40,772		40,774		37,449		37,452
Preferred equity investments	1,155,595		951,696		1,127,105		1,072,481
Common equity investments	545,784		747,669		504,733		722,100
Specialty finance equity investments	488,433		515,617		351,675		375,812
Joint ventures	40,466		36,880		53,483		53,355
Total Investments	$	15,002,793	$	14,680,538	$	14,127,213	$	14,286,039

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


	June 30, 2026		December 31, 2025
Aerospace & Defense	2.6	%	2.7	%
Airlines	0.3		0.3
Air Freight & Logistics	0.6		—
Application Software	15.3		13.6
Asset Based Lending and Fund Finance (6)	0.7		0.4
Banks	0.1		0.3
Beverages (1)	0.0		0.0
Building Products	0.3		0.5
Buildings & Real Estate	1.3		1.3
Capital Markets	1.9		0.8
Commercial Services & Supplies	0.2		0.2
Construction & Engineering	0.2		0.2
Consumer Finance	0.4		0.5
Diversified Consumer Services	2.3		3.3
Diversified Financial Services (2)	9.9		9.8
Diversified Support Services	0.2		0.2
Entertainment	1.5		1.4
Equity Real Estate Investment Trusts (REITs)	0.7		0.8
Food & Staples Retailing	1.3		1.3
Health Care Equipment & Supplies	2.0		2.0
Health Care Providers & Services	2.9		3.4
Health Care Technology	12.4		13.9
Hotels, Restaurants & Leisure	—		0.8
Household Durables	0.5		0.6
Industrial Conglomerates	0.7		0.7
Insurance (3)	3.7		4.4
Internet & Direct Marketing Retail	1.8		2.2
IT Services	3.6		4.2
Joint Ventures(4)	0.3		0.4
Life Sciences Tools & Services	2.3		2.1
Media	0.9		0.9
Multiline Retail	0.2		0.2

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)


	June 30, 2026		December 31, 2025
Pharmaceuticals (5)	1.8		1.0
Professional Services	6.4		6.1
Real Estate Management & Development	1.7		0.2
Road & Rail	0.1		0.1
Specialty Retail	0.9		0.8
Systems Software	17.5		17.9
Thrifts & Mortgage Finance (1)	0.0		0.0
Wireless Telecommunication Services	0.5		0.5
Total	100.0	%	100.0	%

_______________

(1)As of June 30, 2026 or December 31, 2025, the Company’s investment rounds to less than 0.1% of the fair value of the portfolio.

(2)Includes debt and equity investment in Amergin.

(3)Includes equity investment in Fifth Season.

(4)Includes equity investments in Credit SLF, Blue Owl Leasing, and as of December 31, 2025, in Stripe Blue Owl Holdings LLC (“Stripe Blue Owl”). See below, within Note 4, for more information about Credit SLF and Blue Owl Leasing.

(5)Includes equity investments in LSI Financing DAC and LSI Financing LLC.

(6)Includes equity investment in BOCSO.

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


	June 30, 2026		December 31, 2025
United States:
Midwest	16.2	%	16.3	%
Northeast	21.2		21.8
South	25.5		24.2
West	26.5		27.8
United Kingdom	5.4		5.5
Canada	2.5		2.3
Other international	2.7		2.1

Total	100.0	%	100.0	%

Joint Ventures

Blue Owl Credit SLF LLC

Credit SLF, a Delaware limited liability company, is a joint venture among the Company, Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Credit Income Corp., Blue Owl Technology Income Corp. and State Teachers Retirement System of Ohio (each, a “Credit SLF Member” and collectively, the “Credit SLF Members”). Credit SLF’s principal purpose is to make investments primarily in senior secured loans to middle market companies, broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. Credit SLF is managed by a board of directors comprised of an equal number of directors appointed by each Credit SLF Member and which acts unanimously. Investment decisions must be approved by Credit SLF’s board. The Credit SLF Members coinvest through Credit SLF, or its wholly owned subsidiaries. Credit SLF’s date of inception was May 6, 2024 and Credit SLF made its first portfolio company investment on July 23, 2024.

Credit SLF’s investments at fair value are determined in accordance with FASB ASC 820, as amended; however, determination of such fair value is not included in the Company’s valuation process.

Other than for purposes of the 1940 Act, the Company does not believe it has control over this portfolio company. Accordingly, the Company does not consolidate its non-controlling interest in Credit SLF.

The Company’s initial capital commitment to and economic ownership in Credit SLF was $2.5 million and 4.4%, respectively. On November 1, 2024 the Company’s capital commitment in Credit SLF remained at $2.5 million and economic ownership decreased to 0.3%. On March 24, 2025, in connection with the Mergers, the Company assumed OTF II’s capital commitment to and economic ownership in Credit SLF of approximately $2.5 million and 0.3% respectively. On May 15, 2025, the Credit SLF Members modified their capital commitments to Credit SLF and the Company’s capital commitment was increased to $18.7 million. On September 4, 2025, certain Credit SLF Members increased their capital commitments to Credit SLF and the Company’s capital commitment was

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

increased to $34.9 million. In the first quarter of 2026, certain Credit SLF Members further increased their capital commitments to Credit SLF and the Company’s capital commitment was increased to $53.8 million of which $14.2 million was unfunded as of June 30, 2026.

As of June 30, 2026, the capital commitment and economic ownership of each Credit SLF Member is as follows:


Members	Capital Commitment		Net Contributed Capital		Economic Ownership Interest(1)
Blue Owl Capital Corporation	$	446,460	$	431,928	64.4	%
Blue Owl Capital Corporation II(2)	244		244		0.0	%
Blue Owl Credit Income Corp.	136,419		99,482		14.8	%
Blue Owl Technology Finance Corp.	53,812		39,656		5.9	%
Blue Owl Technology Income Corp.	16,161		16,161		2.4	%
State Teachers Retirement System of Ohio	93,299		83,924		12.5	%
Total	$	746,395	$	671,395	100.0	%

_______________

(1) This represents each equity holder’s ownership percentage at June 30, 2026 based on net contributed capital.

(2) Economic ownership interest for Blue Owl Capital Corporation II is 0.04%.

The table below sets forth Credit SLF’s consolidated financial data as of and for the following periods:


	As of June 30, 2026		As of December 31, 2025
Consolidated Balance Sheet Data
Cash	$	258,490	$	124,718
Investments at fair value	2,624,338		2,343,367
Total Assets	2,903,962		2,477,523
Total Debt (net of unamortized debt issuance costs)	2,069,196		1,728,363
Total Liabilities	2,296,807		1,863,454
Total Credit SLF Members’ Equity	$	607,155	$	614,069


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Consolidated Statement of Operations Data
Income
Investment income	$	42,053	$	31,420	$	83,057	$	55,117
Expenses
Net operating expenses	26,186		18,482		51,216		32,139
Net investment income (loss)	$	15,867	$	12,938	$	31,841	$	22,978


Total net realized and unrealized gain (loss)	(7,626)		9,319		(59,616)		(6,785)
Net Increase (Decrease) in Credit SLF Members’ Equity Resulting from Operations	$	8,241	$	22,257	$	(27,775)	$	16,193

The Company’s proportional share of Credit SLF’s distributions for the following periods:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Dividend income	$	884	$	138	$	1,577	$	193

Blue Owl Leasing LLC

Blue Owl Leasing, a Delaware limited liability company, is a joint venture among the Company, Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Credit Income Corp., Blue Owl Technology Income Corp. Blue Owl Alternative Credit Fund and California State Teachers Retirement System (each, a “Blue Owl Leasing Member” and collectively, the “Blue Owl Leasing Members”). Blue Owl Leasing’s principal purpose is to make investments, either directly or indirectly through financing subsidiaries or other persons, primarily in leases and loans. Investment decisions must be approved by Blue Owl Leasing. The Blue Owl Leasing

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Members coinvest through Blue Owl Leasing, or its wholly owned subsidiaries. Blue Owl Leasing’s date of inception was June 30, 2025 and Blue Owl Leasing made its first portfolio company investment on October 23, 2025.

Blue Owl Leasing’s investments at fair value are determined in accordance with FASB ASC 820, as amended; however, such fair value is not included in the Company’s valuation process.

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

As of June 30, 2026, the capital commitment, called capital and economic ownership of each Blue Owl Leasing Member is as follows:


Members	Capital Commitment		Net Contributed Capital		Economic Ownership Interest(1)

Blue Owl Capital Corporation	$	860	$	860	2.2	%
Blue Owl Capital Corporation II	90		90		0.2	%
Blue Owl Credit Income Corp.	30,952		1,900		4.7	%
Blue Owl Technology Finance Corp.	8,955		800		2.0	%
Blue Owl Technology Income Corp.	3,918		350		0.9	%
Blue Owl Alternative Credit Fund	31,000		31,000		77.5	%
California State Teachers Retirement System	10,825		5,000		12.5	%
Total	$	86,600	$	40,000	100.0	%

_______________

(1) This represents each equity holder’s ownership percentage at June 30, 2026, based on net contributed capital.

The table below sets forth Blue Owl Leasing’s consolidated financial data as of and for the following periods:


	As of June 30, 2026		As of December 31, 2025(1)
Consolidated Balance Sheet Data
Cash	$	3,344	$	34,555
Investments at fair value	39,680		39,628
Total Assets	43,407		74,531
Total Debt (net of unamortized debt issuance costs)	2,512		9,754
Total Liabilities	3,486		10,076
Total Blue Owl Leasing Members’ Equity	$	39,921	$	64,455

_______________

(1) Blue Owl Leasing’s date of inception was June 30, 2025.


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025(1)		2026		20251)
Consolidated Statement of Operations Data
Income
Investment income	$	1,044	$	—	$	2,087	$	—
Expenses
Net operating expenses	785		—		1,656		—
Net investment income (loss)	$	259	$	—	$	431	$	—


Total net realized and unrealized gain (loss)	132		—		(107)		—
Net Increase (Decrease) in Blue Owl Leasing Members’ Equity Resulting From Operations	$	391	$	—	$	324	$	—

_______________

(1) Blue Owl Leasing’s date of inception was June 30, 2025.

The Company’s proportional shares of Blue Owl Leasing’s distributions for the following periods:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Dividend income	$	13	$	—	$	13	$	—

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Note 5. Debt

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of June 30, 2026 and December 31, 2025, the Company’s asset coverage was 203% and 226%, respectively.

The tables below present debt obligations as of the following periods:


	June 30, 2026
	Aggregate Principal Committed		Outstanding Principal		Unused Portion(5)		Amount Available(1)		Unamortized Debt Issuance Costs		Net Carrying Value
Revolving Credit Facility(2)(4)	$	2,675,000	$	1,620,000	$	1,051,983	$	1,051,983	$	(28,554)	$	1,591,446
SPV Asset Facility I	700,000		700,000		—		—		(7,975)		692,025
SPV Asset Facility II	400,000		325,000		75,000		38,832		(3,755)		321,245
SPV Asset Facility III	1,100,000		624,500		475,500		119,093		(8,554)		615,946
SPV Asset Facility IV	500,000		370,000		130,000		92,999		(4,664)		365,336
SPV Asset Facility V	150,000		75,000		75,000		75,000		(685)		74,315
Athena CLO II	375,000		375,000		—		—		(3,799)		371,201
Athena CLO IV	240,000		240,000		—		—		(2,247)		237,753
Athena CLO V	300,000		300,000		—		—		(2,026)		297,974

January 2027 Notes	300,000		300,000		—		—		(847)		299,153
March 2028 Notes(3)	650,000		650,000		—		—		(6,109)		646,097
September 2028 Notes	75,000		75,000		—		—		(405)		74,595
April 2029 Notes(3)	700,000		700,000		—		—		(9,880)		691,569
October 2029 Notes(3)	500,000		500,000		—		—		(7,396)		493,124
January 2031 Notes(3)	400,000		400,000		—		—		(8,171)		385,749
Total Debt	$	9,065,000	$	7,254,500	$	1,807,483	$	1,377,907	$	(95,067)	$	7,157,528

______________

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

(2)The amount available and unused portion are reduced by $3.0 million of outstanding letters of credit.

(3)Net carrying value is inclusive of change in fair market value of effective hedge.

(4)As of June 30, 2026, the Company's Revolving Credit Facility borrowing base value was $5.50 billion excluding cash.

(5)The unused portion is the amount upon which commitment fees, if any, are based.

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)


	December 31, 2025
	Aggregate Principal Committed		Outstanding Principal		Unused Portion(5)		Amount Available(1)		Unamortized Debt Issuance Costs		Net Carrying Value
Revolving Credit Facility(4)(2)	$	2,675,000	$	1,480,000	$	1,191,983	$	1,191,983	$	(23,718)	$	1,456,282
SPV Asset Facility I	700,000		700,000		—		—		(8,398)		691,602
SPV Asset Facility II	400,000		325,000		75,000		75,000		(4,536)		320,464
SPV Asset Facility III	1,100,000		624,500		475,500		64,924		(11,413)		613,087
SPV Asset Facility IV	500,000		200,000		300,000		116,062		(5,654)		194,346
Athena CLO II	375,000		375,000		—		—		(3,932)		371,068
Athena CLO IV	240,000		240,000		—		—		(2,346)		237,654
Athena CLO V	300,000		300,000		—		—		(1,928)		298,072
June 2026 Notes	375,000		375,000		—		—		(713)		374,287
January 2027 Notes	300,000		300,000		—		—		(1,621)		298,379
March 2028 Notes(3)	650,000		650,000		—		—		(7,811)		654,890
September 2028 Notes	75,000		75,000		—		—		(495)		74,505
April 2029 Notes(3)	700,000		700,000		—		—		(11,558)		703,564
Total Debt	$	8,390,000	$	6,344,500	$	2,042,483	$	1,447,969	$	(84,123)	$	6,288,200

______________

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

(2)The amount available and unused portion are reduced by $3.0 million of outstanding letters of credit.

(3)Net carrying value is inclusive of change in fair market value of effective hedge.

(4)As of December 31, 2025, the Company's Revolving Credit Facility borrowing base value was $5.57 billion excluding cash.

(5)The unused portion is the amount upon which commitment fees, if any, are based.

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


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2026			2025			2026			2025
Interest expense	$	101,356		$	79,430		$	197,044		$	127,134
Amortization of debt issuance costs, net	7,766			7,544			15,771			11,058
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items included in interest expense(1)	(331)			353			(199)			821
Total Interest Expense	$	108,791		$	87,327		$	212,616		$	139,013
Average interest rate	5.7		%	6.1		%	5.7		%	6.0		%
Average daily borrowings	$	7,088,401		$	5,173,588		$	6,925,329		$	4,276,854

______________

(1)Refer to the March 2028, April 2029, October 2029 and January 2031 Notes below and to “Note 7 — Derivative Instruments” for details on the associated interest rate swaps.

Credit Facilities

Revolving Credit Facility

On November 15, 2022, the Company entered into an Amended and Restated Senior Secured Revolving Credit Agreement (as amended from time to time, the “Revolving Credit Facility”), which amended and restated in its entirety that certain Senior Secured Revolving Credit Agreement, dated as of March 15, 2019 (as amended, restated, supplemented or otherwise modified prior to November 15, 2022). The parties to the Revolving Credit Facility include the Company, as Borrower, the lenders from time to time parties thereto (each a “Lender” and collectively, the “Lenders”), Truist Bank as Administrative Agent, Truist Securities, Inc., ING Capital LLC, MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation and JPMorgan Chase Bank, N.A., as Joint Lead Arrangers and Truist Securities, Inc. and ING Capital LLC, as Joint Bookrunners. On June 16, 2026, (the “Revolving Credit Facility Fourth Amendment Date”), the parties to the Revolving Credit Facility entered into an amendment to, among other things, extend the availability period and maturity date and make various other changes. The following describes the terms of the Revolving Credit Facility as modified through the Revolving Credit Facility Fourth Amendment Date.

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

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

The Revolving Credit Facility provides for, on an aggregated basis, a total of outstanding term loans and revolving credit facility commitments in the principal amount of $2.68 billion, which is comprised of (a) a term loan in a principal amount of $100.0 million and (b) subject to availability under the borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness, a revolving credit facility in a principal amount of up to $2.58 billion. The amount available for borrowing under the revolving credit facility commitments of the Revolving Credit Facility is reduced by any standby letters of credit issued through the Revolving Credit Facility. Maximum capacity under the Revolving Credit Facility may be increased to $4.01 billion through the Company's exercise of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Revolving Credit Facility includes a swingline loan limit of $300.0 million, and is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions.

The availability period under the Revolving Credit Facility will terminate on June 14, 2030 (the “Revolving Credit Facility Commitment Termination Date”) and the Revolving Credit Facility will mature on June 16, 2031 (the “Revolving Credit Facility Maturity Date”). During the period from the Revolving Credit Facility Commitment Termination Date to the Revolving Credit Facility Maturity Date, the Company will be obligated to make mandatory prepayments under the Revolving Credit Facility out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Revolving Credit Facility with respect to the commitments in U.S. dollars bear interest at either (i) term SOFR plus any applicable credit adjustment spread plus margin of either 1.875% per annum or, if the gross borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, 1.75% per annum, or (ii) the alternative base rate plus a margin of either 0.875% per annum or, if the gross borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, 0.75% per annum. With respect to loans denominated in U.S. dollars, the Company may elect either term SOFR or the alternative base rate at the time of drawdown, and such loans may be converted from one rate to another at any time at the Company’s option, subject to certain conditions. Amounts drawn under the Revolving Credit Facility with respect to the commitments in other permitted currencies will bear interest at the relevant rate specified therein (including any applicable credit adjustment spread plus margin of either 1.875% per annum or, if the gross borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, 1.75% per annum. On and after the Revolving Credit Facility Fourth Amendment Date, the Company also pays a fee of 0.350% on daily undrawn amounts under the Revolving Credit Facility.

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

SPV Asset Facilities

Certain of the Company's wholly owned subsidiaries are parties to credit facilities (the “SPV Asset Facilities”). Pursuant to the SPV Asset Facilities, the Company sells and contributes certain investments to these wholly owned subsidiaries pursuant to sale and contribution agreements by and between the Company and the wholly owned subsidiaries. No gain or loss is recognized as a result of these contributions. Proceeds from the SPV Asset Facilities are used to finance the origination and acquisition of eligible assets by the wholly owned subsidiary, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired to the wholly owned subsidiary through the Company’s ownership of the wholly owned subsidiary. The SPV Asset Facilities are secured by a perfected first priority security interest in the assets of these wholly owned subsidiaries and on any payments received by such wholly owned subsidiaries in respect of those assets. Assets pledged to lenders under the SPV Asset Facilities will not be available to pay the Company's debts. The SPV Asset Facilities contain customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company’s ability to make distributions to their shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events, and customary events of default

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

(with customary cure and notice provisions). Borrowings of the wholly owned subsidiaries under the SPV Asset Facilities are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

SPV Asset Facility I

On December 22, 2022 (the “SPV Asset Facility I Closing Date”), OR Tech Financing I LLC (“OR Tech Financing I”), a Delaware limited liability company and wholly-owned subsidiary of the Company entered into an Amended and Restated Credit Agreement (the “SPV Asset Facility I”), which amended and restated in its entirety that certain Credit Agreement, dated as of August 11, 2020, by and among OR Tech Financing I, as Borrower, Alter Domus (US) LLC, as Administrative Agent and Document Custodian, State Street Bank and Trust Company, as Collateral Agent, Collateral Administrator and Custodian and the lenders from time to time party thereto (the “SPV Asset Facility I Lenders”). On October 30, 2024, the parties to the SPV Asset Facility I entered into the Second Amendment to Amended and Restated Credit Agreement, in order to, among other changes, replace Alter Domus (US) LLC as document custodian with State Street Bank and Trust Company. The following describes the terms of SPV Asset Facility I as amended through October 30, 2024 (the “SPV Asset Facility I Second Amendment Date”).

The total term loan commitment of the SPV Asset Facility I is $700.0 million. The availability of the commitments are subject to a ramp up period and subject to an overcollateralization ratio test, which is based on the value of OR Tech Financing I assets from time to time, and satisfaction of certain other tests and conditions, including an advance rate test, interest coverage ratio test, certain concentration limits and collateral quality tests.

The SPV Asset Facility I provides for the ability to draw term loans for a period of up to three years after the SPV Asset Facility I Second Amendment Date unless the commitments are terminated as provided in the SPV Asset Facility I. Unless otherwise terminated, the SPV Asset Facility I will mature on October 30, 2035 (the “SPV Asset Facility I Stated Maturity”). Prior to the SPV Asset Facility I Stated Maturity, proceeds received by OR Tech Financing I from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility I Stated Maturity, OR Tech Financing I must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company.

Amounts drawn bear interest at term SOFR plus a spread of 2.25%.

SPV Asset Facility II

On November 16, 2021 (the “SPV Asset Facility II Closing Date”), ORTF Funding I LLC (“ORTF Funding I”), a Delaware limited liability company and the Company’s wholly-owned subsidiary entered into a Credit Agreement (the “SPV Asset Facility II”), with ORTF Funding I LLC, as Borrower, the lenders from time to time parties thereto, Goldman Sachs Bank USA as Sole Lead Arranger, Syndication Agent and Administrative Agent, State Street Bank and Trust company as Collateral Administrator and Collateral Agent and Alter Domus (US) LLC as Collateral Custodian. On the SPV Asset Facility II Closing Date, ORTF Funding I and Goldman Sachs Bank USA, as Administrative Agent, also entered into a Margining Agreement relating to the Secured Credit Facility (the “Margining Agreement”). On October 30, 2024, the parties to the SPV Asset Facility II entered into Amendment No. 2 to Credit Agreement, in order to, among other changes, replace Alter Domus (US) LLC as collateral custodian with State Street Bank and Trust Company. The following describes the terms of the SPV Asset Facility II as amended on December 17, 2025.

The maximum principal amount which may be borrowed under the SPV Asset Facility II is $400 million (increased from $300.0 million on October 30, 2024); the availability of this amount is subject to a borrowing base test, which is based on the value of ORTF Funding I’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits.

The SPV Asset Facility II provides for the ability to draw and redraw revolving loans for a period after the SPV Asset Facility II Closing Date until November 16, 2028. Unless otherwise terminated, the SPV Asset Facility II will mature on November 16, 2030 (the “SPV Asset Facility II Stated Maturity”). Prior to the SPV Asset Facility II Stated Maturity, proceeds received by ORTF Funding I from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility II Stated Maturity, ORTF Funding I must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company. The SPV Asset Facility II may be permanently reduced, in whole or in part, at the option of ORTF Funding I subject to payment of a premium for a period of time.

Amounts drawn bear interest at Term SOFR plus a spread of 2.00% and the spread is payable on the amount by which the undrawn amount exceeds a minimum threshold, with such threshold being a range of 65% to 75% of the commitment amount. The undrawn amount of the commitment not subject to such spread payment is subject to an undrawn fee of 0.50% per annum. Certain additional fees are payable on each payment date to Goldman Sachs Bank USA as Administrative Agent. In addition, under the Margining Agreement and Credit Agreement, ORTF Funding I is required to post cash margin (or in certain cases, additional eligible assets) to the Administrative Agent if a borrowing base deficiency occurs or if the weighted average price gap (as defined in the

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Margining Agreement), which is a measure of the excess of the aggregate value assigned to ORTF Funding I’s assets for purposes of the borrowing base test over the total amount drawn under the SPV Asset Facility II, falls below 20%.

SPV Asset Facility V

On May 21, 2026 (the “SPV Asset Facility V Closing Date”), Athena Funding III LLC (“Athena Funding III”), a Delaware limited liability company entered into a Loan Financing and Servicing Agreement (the “SPV Asset Facility V”), with Athena Funding III, as borrower, Deutsche Bank AG, New York Branch, as facility agent, State Street Bank and Trust Company, as collateral agent and as collateral custodian, the Company, as equityholder and as services provider, and the lenders party thereto.

The initial maximum principal amount which may be borrowed under the SPV Asset Facility V is $150.0 million, subject to increase up to $250.0 million; the availability of this amount is subject to a borrowing base test, which is based on the value of Athena Funding III’s assets from time to time, and satisfaction of certain conditions, including interest spread and weighted average coupon tests, certain concentration limits, collateral quality tests and a minimum equity condition.

The SPV Asset Facility V provides for the ability to draw and redraw revolving loans under the SPV Asset Facility V for a period of up to three years after the SPV Asset Facility V Closing Date (the “SPV Asset Facility V Revolving Period”). Unless otherwise terminated, the SPV Asset Facility V will mature on May 21, 2031 (the “SPV Asset Facility V Facility Termination Date”). Prior to the SPV Asset Facility V Facility Termination Date, proceeds received by Athena Funding III from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company or reinvested to purchase new assets, subject to certain conditions. On the SPV Asset Facility V Facility Termination Date, Athena Funding III must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company. The credit facility may be permanently reduced, in whole or in part, at the option of Athena Funding III subject to payment of a premium for a period of time.

Amounts drawn bear interest at a reference rate (initially SOFR) plus a spread of 2.10% per annum during the SPV Asset Facility V Revolving Period (with an additional 0.15% per annum after the end of the SPV Asset Facility V Revolving Period). The undrawn amount of the revolving commitment not subject to such spread payment is subject to an undrawn fee of 0.25% per annum. In addition, a make-whole fee is payable during the SPV Asset Facility V Revolving Period based on the excess of a specified percentage of the aggregate commitments over the daily average advances outstanding. Certain additional fees are payable to Deutsche Bank AG, New York Branch as facility agent.

SPV Asset Facilities Assumed in the Mergers

On March 24, 2025, the Company became party to and assumed all of OTF II’s obligations under OTF II’s SPV asset facilities (the “OTF II SPV Asset Facility Assumption Date”).

SPV Asset Facility III

On July 15, 2022 (the “SPV Asset Facility III Closing Date”), Athena Funding I LLC (“Athena Funding I”), a Delaware limited liability company and a wholly-owned subsidiary of the Company entered into a Credit Agreement (the “SPV Asset Facility III”), with Athena Funding I, as borrower, Société Générale, as administrative agent, State Street Bank and Trust Company, as collateral agent, collateral administrator and custodian, Alter Domus (US) LLC, as document custodian, and the lenders party thereto (the “SPV Asset Facility III Lenders”). The parties to the SPV Asset Facility III have entered into various amendments, including those relating to the calculation of principal collateralization amounts and to permit a conversion of a revolving loan into a term loan. The following describes the terms of SPV Asset Facility III as amended through December 11, 2025.

The maximum principal amount which may be borrowed under the SPV Asset Facility III is $1.10 billion which, subject to the satisfaction of certain conditions, may be increased to up to $1.50 billion. The availability of this amount is subject to a borrowing base test, which is based on the value of Athena Funding I’s assets from time to time, and satisfaction of certain conditions, including coverage tests, collateral quality tests, a lender advance rate test and certain concentration limits.

The SPV Asset Facility III provides for the ability to draw term loans and to draw and redraw revolving loans under the SPV Asset Facility III until December 10, 2027. Unless otherwise terminated, the SPV Asset Facility III will mature on December 11, 2035, (the “SPV Asset Facility III Stated Maturity”). Prior to the SPV Asset Facility III Stated Maturity, proceeds received by Athena Funding I from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility III Stated Maturity, Athena Funding I must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company. The credit facility may be permanently reduced, in whole or in part, at the option of Athena Funding I subject to payment of a premium for a period of time.

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Amounts drawn bear interest at a reference rate (initially SOFR) plus a spread of 2.05%, and term loans and revolving loans are subject to a minimum utilization amount, after one year, subject to certain terms and conditions. The undrawn amount of the commitment not subject to such spread payment is subject to an undrawn fee of 0.25% to 1.00% per annum on the undrawn amount, if any, of the commitments. Certain additional fees are payable to Société Générale as administrative agent.

SPV Asset Facility IV

On November 8, 2022 (the “SPV Asset Facility IV Closing Date”), Athena Funding II LLC (“Athena Funding II”), a Delaware limited liability company entered into a Loan and Management Agreement (the “SPV Asset Facility IV”), with Athena Funding II LLC, as borrower, the Company, as collateral manager and transferor, MUFG Bank, Ltd. (“MUFG”), as administrative agent, State Street Bank and Trust Company, as collateral agent collateral administrator and as custodian, the lenders from time to time parties thereto (the “SPV Asset Facility IV Lender”) and the group agents from time to time parties thereto. The parties to the SPV Asset Facility IV have entered into various amendments, including to replace the Loan and Management Agreement with an Amended and Restated Credit Agreement, extend the availability period and maturity date, increase the maximum commitment, change the interest rate, and make various other changes. The following describes the terms of SPV Asset Facility IV as amended through October 30, 2025.

The maximum principal amount of the SPV Asset Facility IV is $500.0 million; the availability of this amount is subject to a borrowing base test, which is based on the value of Athena Funding II’s assets from time to time, an advance rate and concentration limitations, and satisfaction of certain conditions, including collateral quality tests.

The SPV Asset Facility IV provides for the ability to draw and redraw revolving loans under the SPV Asset Facility IV until October 30, 2028 (the “SPV Asset Facility IV Reinvestment Period”) unless the SPV Asset Facility IV Reinvestment Period is terminated sooner as provided in the SPV Asset Facility IV. Unless otherwise terminated, the SPV Asset Facility IV will mature two years after the last day of the SPV Asset Facility IV Reinvestment Period, on October 30, 2030 (the “SPV Asset Facility IV Stated Maturity”). Prior to the SPV Asset Facility IV Stated Maturity, proceeds received by Athena Funding II from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility IV Stated Maturity, Athena Funding II must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company. The credit facility may be permanently reduced, in whole or in part, at the option of Athena Funding II.

Amounts drawn bear interest at a rate based on Term SOFR plus an applicable margin of 2.00% during the SPV Asset Facility IV Reinvestment Period and 2.35% after the end of the SPV Asset Facility IV Reinvestment Period. During the SPV Asset Facility IV Reinvestment Period, there is an unused fee in a range of 0.25% to 0.50% on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility IV.

Debt Securitization Transactions

The Company incurs secured financing through debt securitization transactions which are also known as collateralized loan obligation transactions (the “CLO Transactions”) issued by the Company’s consolidated subsidiaries (the “CLO Issuers”), which are backed by a portfolio of collateral obligations consisting of middle-market loans and participation interests in middle-market loans as well as by other assets of the CLO Issuers. The CLO Issuers issue preferred shares which are not secured by the collateral securing the CLO Transactions which the Company purchases. The Company acts as retention holder in connection with the CLO Transactions for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of a CLO Issuer’s preferred shares. Notes issued by CLO Issuers have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities (e.g., “blue sky”) laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration. The Adviser serves as collateral manager for the CLO Issuers under a collateral management agreement. The Adviser is entitled to receive fees for providing these services. The Adviser routinely waives its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to Adviser pursuant to the Investment Advisory Agreement will be offset by the amount of the collateral management fee attributable to a CLO Issuer’s equity or notes owned by the Company. Assets pledged to debt holders of the CLO Transactions and the other secured parties under each CLO Transaction’s documentation will not be available to pay the debts of the Company. The Company consolidates the financial statements of the CLO Issuers in its consolidated financial statements.

CLO 2020-1

On December 16, 2020 (the “CLO 2020-1 Closing Date”), the Company completed a $333.5 million term debt securitization transaction (the “CLO 2020-1 Transaction”). The secured notes and preferred shares issued in the CLO 2020-1 Transaction were issued by the Company’s consolidated subsidiaries Owl Rock Technology Financing 2020-1, an exempted company incorporated in

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

the Cayman Islands with limited liability (the “CLO 2020-1 Issuer”), and Owl Rock Technology Financing 2020-1 LLC, a Delaware limited liability company (the “CLO 2020-1 Co-Issuer” and together with the CLO 2020-1 Issuer, the “CLO 2020-1 Issuers”).

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

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

Concurrently with the issuance of the CLO 2020-1 Secured Notes, the CLO 2020-1 Issuer issued approximately $133.5 million of subordinated securities in the form of 133,500 preferred shares at an issue price of U.S. Dollar one thousand per share (the “CLO 2020-1 Preferred Shares”).

CLO 2020-1 Refinancing

On August 23, 2023 (the “CLO 2020-1 Refinancing Date”), the Company completed a $337.5 million term debt securitization refinancing (the “CLO 2020-1 Refinancing”). The secured notes issued in the CLO 2020-1 Refinancing were issued by the Company’s consolidated subsidiary Owl Rock Technology Financing 2020-1 LLC, a Delaware limited liability company (the “CLO 2020-1 Refinancing Issuer”).

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

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

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

The CLO 2020-1 Refinancing Secured Notes were the secured obligation of the CLO 2020-1 Refinancing Issuer, and the CLO 2020-1 Refinancing Indenture includes customary covenants and events of default.

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

On October 15, 2025, we redeemed in full all $204.0 million in aggregate principal amount of CLO 2020-1 at 100.0% of their principal amount, plus the accrued interest thereon through, but excluding, October 15, 2025.

Athena CLO V

On October 8, 2025 (the “Athena CLO V Closing Date”), the Company completed a $501.3 million term debt securitization transaction (the “Athena CLO V Transaction”). The secured notes and preferred shares issued in the Athena CLO V Transaction were issued by the Company’s consolidated subsidiary Athena CLO V, LLC, a limited liability company organized under the laws of the State of Delaware (the “Athena CLO V Issuer”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the Issuer.

The Athena CLO V Transaction was executed by the issuance of the following classes of notes and preferred shares pursuant to an indenture dated as of the Closing Date (the “Athena CLO V Indenture”), by and among the Athena CLO V Issuer and State Street Bank and Trust Company: (i) $260 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 1.73%, (ii) $25 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 2.25% and (iii) $15 million of A(sf) Class C Notes, which bear interest at three-month term SOFR plus 2.70% (together, the “Athena CLO V Secured Notes”). The Athena CLO V Notes are secured by middle market loans, participation interests in middle market loans and other assets of the Issuer. The Notes are scheduled to mature on October 15, 2038. The Secured Notes were privately placed by MUFG Securities Americas Inc. as Initial Purchaser and NatWest Markets Securities Inc. as Co-Placement Agent with respect to the Class A Notes. Concurrently with the issuance of the Athena CLO V Secured Notes, the Athena CLO V Issuer issued approximately $201.3 million of subordinated securities in the form of 201,320 preferred shares at an issue price of U.S. Dollar one thousand per share (the “Athena CLO V Preferred Shares”).

As part of the Athena CLO V CLO Transaction, the Company entered into a loan sale agreement with the Athena CLO V Issuer dated as of the Athena CLO V Closing Date (the “Athena CLO V OTF Loan Sale Agreement”), which provided for the contribution of approximately $447.7 million funded par amount of middle market loans from the Company to the Athena CLO V Issuer on the Closing Date and for future sales from the Company to the Athena CLO V Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the Athena CLO V Notes. No gain or loss was recognized as a result of these sales and contributions. The Company made customary representations, warranties, and covenants to the Issuer under the loan sale agreement.

Through October 15, 2030, a portion of the proceeds received by the Athena CLO V Issuer from the loans securing the Athena CLO V Secured Notes may be used by the Athena CLO V Issuer to purchase additional middle market loans under the direction of the Adviser, the Company’s investment advisor, in its capacity as collateral manager for the Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle market loans.

Debt Securitization Transactions Assumed in the Mergers

Athena CLO II

On December 13, 2023 (the “Athena CLO II Closing Date”), OTF II completed a $475.3 million term debt securitization transaction (the “Athena CLO II Transaction”). The secured notes and preferred shares issued in the Athena CLO II Transaction and the secured loan borrowed in the Athena CLO II Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiary Athena CLO II, LLC, a limited liability company organized under the laws of the State of Delaware (the “Athena CLO II Issuer”). On March 24, 2025, as a result of the consummation of the Mergers, the Company became party to the relevant agreements with respect to and assumed all of OTF II’s obligations under the Athena CLO II Transaction.

The Athena CLO II Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the Athena CLO II Closing Date (the “Athena CLO II Indenture”), by and among the Athena CLO II Issuer and State Street Bank and Trust Company: (i) $40.0 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 2.85%, (ii) $16.5 million of AA(sf) Class B-1 Notes, which bore interest at three-month term SOFR plus 3.95%, (iii) $7.5 million of AA(sf) Class B-2 Notes, which bore interest at 7.25% and (iv) $24.0 million of A(sf) Class C Notes, which bore interest at three-month term SOFR plus 4.95% (together, the “Athena CLO II Secured Notes”) and (B) the borrowing by the Athena CLO II Issuer of $200.0 million under floating rate Class A-L loans (the “Athena CLO II Class A-L Loans” and together with the Athena CLO II Secured Notes, the “Athena CLO II Debt”). The Athena CLO II Class A-L Loans bore interest at three-month term SOFR plus 2.85%. The Athena CLO II Class A-L Loans were borrowed under a credit agreement (the “Athena CLO II Class A-L Credit Agreement”), dated as of the Athena CLO II Closing Date, by and among the Athena CLO II Issuer, as borrower, a financial institution, as lender, and State Street Bank and Trust Company, as collateral trustee and loan agent. The Athena CLO II Debt is secured by middle-market loans, participation interests in middle-market loans and other assets of the Athena CLO II Issuer. The Athena CLO II Debt is scheduled to mature on the Payment Date (as defined in the Athena CLO II Indenture) in January 2036. The Athena CLO II Secured Notes were privately placed by SG Americas Securities, LLC as Initial Purchaser.

The Athena CLO II Secured Notes were redeemed in the Athena CLO II Refinancing, described below.

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(Amounts in thousands, except share and per share amounts and as otherwise noted)

Athena CLO II Refinancing

On December 16, 2025 (the “Athena CLO II Refinancing Date”), the Company completed a $615.1 million term debt securitization refinancing (the “Athena CLO II Refinancing”). The secured notes and preferred shares issued in the Athena CLO II Refinancing and the secured loan borrowed in the Athena CLO II Refinancing were issued and incurred, as applicable, by Athena CLO II, LLC.

The Athena CLO II Refinancing was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of December 13, 2023 (the “Athena CLO II Original Closing Date”), as amended and supplemented by the first supplemental indenture dated as of the Athena CLO II Refinancing Date (the “Athena CLO II Refinancing Indenture”), by and among the Athena CLO II Issuer and State Street Bank and Trust Company: (i) $75 million of AAA(sf) Class A-R Notes, which bear interest at Benchmark plus 1.70%, (ii) $31.25 million of AA(sf) Class B-R Notes, which bear interest at Benchmark plus 2.00% and (iii) $18.75 million of A(sf) Class C-R Notes, which bear interest at Benchmark plus 2.40% (together, the “Athena CLO II Refinancing Secured Notes”) and (B) the borrowing by the Athena CLO II Issuer of $250 million under floating rate Class A-LR loans (the “Athena CLO II Refinancing Class A-LR Loans” and together with the Athena CLO II Refinancing Secured Notes, the “Athena CLO II Refinancing Debt”). The Athena CLO II Refinancing Class A-LR Loans bear interest at Benchmark plus 1.70%. The Athena CLO II Refinancing Class A-LR Loans were borrowed under a credit agreement (the “Athena CLO II Refinancing Class A-LR Credit Agreement”), dated as of the Athena CLO II Refinancing Date, by and among the Athena CLO II Issuer, as borrower, a financial institution, as lender, and State Street Bank and Trust Company, as collateral trustee and loan agent. The Athena CLO II Refinancing Debt is secured by middle market loans, participation interests in middle market loans and other assets of the Issuer. The Debt is scheduled to mature on January 18, 2039. The Athena CLO II Refinancing Secured Notes were privately placed by SG Americas Securities, LLC as Initial Purchaser.

Concurrently with the issuance of the Athena CLO II Refinancing Secured Notes and the borrowing under the Athena CLO II Refinancing Class A-LR Loans, the Athena CLO II Issuer issued approximately $52.8 million of additional subordinated securities in the form of 52,800 preferred shares at an issue price of U.S. Dollar one thousand per share (the “Athena CLO II Refinancing Additional Preferred Shares”). The total amount of outstanding preferred shares as of the Athena CLO II Refinancing Date is 240,100.

On the Athena CLO II Original Closing Date, the Company entered into a loan sale agreement with the Athena CLO II Issuer dated as of the Athena CLO II Original Closing Date, which provided for the contribution of approximately $83.945 million funded par amount of middle market loans from the Company to the Athena CLO II Issuer on the Athena CLO II Original Closing Date and for future sales from the Company to the Athena CLO II Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the Debt. As part of the Athena CLO II Refinancing, the Company and the Athena CLO II Issuer entered into an amended and restated loan sale agreement dated as of the Athena CLO II Refinancing Date (the “OTF Loan Sale Agreement”), which provides for the sale and contribution of approximately $217.963 million funded par amount of middle market loans from the Company to the Athena CLO II Issuer on the Athena CLO II Refinancing Date and for future sales from the Company to the Athena CLO II Issuer on an ongoing basis. Such loans constituted part of the portfolio of assets securing the Athena CLO II Refinancing Debt. The Company made customary representations, warranties, and covenants to the Athena CLO II Refinancing Issuer under the applicable loan sale agreement.

Through January 18, 2039, a portion of the proceeds received by the Issuer from the loans securing the Athena CLO II Refinancing Debt may be used by the Athena CLO II Issuer to purchase additional middle market loans under the direction of the Adviser, in its capacity as collateral manager for the Athena CLO II Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle market loans.

The Athena CLO II Refinancing Debt is the secured obligation of the Athena CLO II Issuer, and the Athena CLO II Refinancing Indenture and Athena CLO II Refinancing Class A-LR Credit Agreement each include customary covenants and events of default.

Athena CLO IV

On August 15, 2024 (the “Athena CLO IV Closing Date”), OTF II completed a $399.7 million term debt securitization transaction (the “Athena CLO IV Transaction”). The secured notes and preferred shares issued in the Athena CLO IV Transaction were issued by the Company’s consolidated subsidiary Athena CLO IV, LLC, a limited liability organized under the laws of the State of Delaware (the “Athena CLO IV Issuer”). On March 24, 2025, as a result of the consummation of the Mergers, the Company became party to the relevant agreements with respect to and assumed all of OTF II’s obligations under the Athena CLO IV Transaction.

The Athena CLO IV Transaction was executed by the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the Athena CLO IV Closing Date (the “Athena CLO IV Indenture”), by and among the Athena CLO IV Issuer and State Street Bank and Trust Company: (i) $208 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 2.00%, (ii) $7.0 million of AA(sf) Class B-1 Notes, which bear interest at three-month term SOFR plus 2.50%, (iii) $13.0 million of AA(sf) Class B-2 Notes, which bear interest at 6.254% and (iv) $12 million of A(sf) Class C Notes, which bear interest at three-month term SOFR plus 2.64% (together, the “Athena CLO IV Secured Notes”). The Athena CLO IV

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Secured Notes are secured by middle-market loans, participation interests in middle-market loans and other assets of the Athena CLO IV Issuer. The Athena CLO IV Secured Notes are scheduled to mature on the Payment Date (as defined in the Athena CLO IV Indenture) in July 2037. The Athena CLO IV Secured Notes were privately placed by MUFG Securities Americas Inc. as Initial Purchaser with respect to the Athena CLO IV Secured Notes and NatWest Markets Securities Inc. as Co-Placement Agent solely with respect to the Athena CLO IV Class A Secured Notes.

Concurrently with the issuance of the Athena CLO IV Secured Notes, the Athena CLO IV Issuer issued approximately $159.7 million of subordinated securities in the form of 159,700 preferred shares at an issue price of U.S. Dollar one thousand per share (the “Athena CLO IV Preferred Shares”).

As part of the Athena CLO IV Transaction, OTF II entered into a loan sale agreement with the Athena CLO IV Issuer dated as of the Athena CLO IV Closing Date, which provided for the contribution of approximately $215.5 million funded par amount of middle-market loans from OTF II to the Athena CLO IV Issuer on the Athena CLO IV Closing Date and for future sales from OTF II to the Athena CLO IV Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the Athena CLO IV Secured Notes. The remainder of the initial portfolio assets securing the Athena CLO IV Secured Notes consisted of approximately $182.4 million funded par amount of middle-market loans purchased by the Athena CLO IV Issuer from Athena Funding II LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the Athena CLO IV Closing Date between the Athena CLO IV Issuer and Athena Funding II LLC. No gain or loss was recognized as a result of these sales and contributions. OTF II and Athena Funding II each made customary representations, warranties, and covenants to the Issuer under the applicable loan sale agreement.

Through the Payment Date in July 2029, a portion of the proceeds received by the Athena CLO IV Issuer from the loans securing the Athena CLO IV Secured Notes may be used by the Athena CLO IV Issuer to purchase additional middle-market loans under the direction of the Adviser, the Company’s investment advisor, in its capacity as collateral manager for the Athena CLO IV Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.

The Athena CLO IV Secured Notes are the secured obligation of the Athena CLO IV Issuer, and the Athena CLO IV Indenture includes customary covenants and events of default.

Unsecured Notes

Tripartite Agreement

On August 11, 2025, the Company entered into an agreement of removal, appointment and acceptance (the “Tripartite Agreement”), with Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association (the “Retiring Trustee”) and Deutsche Bank Trust Company Americas (the “Successor Trustee”), with respect to the Indenture, dated June 12, 2020 between the Company and the Retiring Trustee (the “Base Indenture”), the second supplemental indenture, dated September 23, 2020 (the “Second Supplemental Indenture”) between the Company and the Retiring Trustee, the third supplemental indenture, dated December 17, 2020 (the “Third Supplemental Indenture”) between the Company and the Retiring Trustee, the Fourth Supplemental Indenture, dated June 14, 2021 (the “Fourth Supplemental Indenture”) between the Company and the Retiring Trustee, and the Fifth Supplemental Indenture, dated January 21, 2025 (the “Fifth Supplemental Indenture” and together with the Base Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, and the Fourth Supplemental Indenture, the “Indenture”) between the Company and the Retiring Trustee.

The Tripartite Agreement provides that, effective as of the date thereof, (1) the Retiring Trustee assigns, transfers, delivers and confirms to the Successor Trustee all of its rights, title and interest under the Indenture and all of the rights, power, trusts and duties as trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture; and (2) the Successor Trustee accepts its appointment as successor trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture, and accepts the rights, indemnities, protections, powers, trust and duties of or afforded to Retiring Trustee as trustee, security registrar, paying agent, authenticating agent and depositary custodian under the Indenture. The Successor Trustee’s appointment became effective on August 25, 2025.

June 2025 Notes

On June 12, 2020, the Company issued $210 million aggregate principal amount of 6.75% notes that were due on June 30, 2025 (the “June 2025 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act.

On April 28, 2025, the Company caused notice to be issued to the Trustee of the June 2025 Notes regarding the Company’s exercise of the option to redeem in full all $210.0 million in aggregate principal amount of the June 2025 Notes at 100.0% of their principal amount, plus the accrued interest thereon through, but excluding, the redemption date, May 30, 2025. On May 30, 2025, the Company redeemed in full all $210.0 million in aggregate principal amount of the June 2025 Notes at 100.0% of their principal amount, plus the accrued interest thereon through, but excluding, May 30, 2025.

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(Amounts in thousands, except share and per share amounts and as otherwise noted)

The June 2025 Notes bore interest at a rate of 6.75% per year payable semi-annually on June 30 and December 30 of each year, commencing on December 30, 2020. The June 2025 Notes were the Company’s direct, general unsecured obligations and ranked senior in right of payment to all of the Company’s future indebtedness or other obligations that were expressly subordinated, or junior, in right of payment to the June 2025 Notes.

December 2025 Notes

On September 23, 2020, the Company issued $400 million aggregate principal amount of its 4.75% notes due 2025 (the “December 2025 Notes”) and on November 23, 2021, the Company issued an additional $250 million aggregate principal amount of the December 2025 Notes in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act.

On October 15, 2025, the Company caused notice to be issued to the Trustee of the December 2025 Notes regarding the Company’s exercise of the option to redeem in full all $650 million in aggregate principal amount of the December 2025 Notes at 100.0% of their principal amount, plus the accrued interest thereon through, but excluding, the redemption date, November 15, 2025. On November 15, 2025, the Company redeemed in full all $650 million in aggregate principal amount of the December 2025 Notes at 100.0% of their principal amount, plus the accrued interest thereon through, but excluding, November 15, 2025.

The December 2025 Notes bore interest at a rate of 4.75% per year payable semi-annually on June 15 and December 15 of each year, commencing on December 15, 2020. The December 2025 Notes were the Company’s direct, general unsecured obligations and ranked senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the December 2025 Notes.

June 2026 Notes

On December 17, 2020, the Company issued $375 million aggregate principal amount of 3.75% notes due 2026 (the “June 2026 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act.

The June 2026 Notes matured on June 17, 2026 and the Company repaid all $375 million of the June 2026 Notes at 100.0% of their principal amount, plus the accrued interest through, but excluding June 17, 2026. The June 2026 Notes bore interest at a rate of 3.75% per year payable semi-annually on June 17 and December 17 of each year, commencing on June 17, 2021.

January 2027 Notes

On June 14, 2021, the Company issued $300 million aggregate principal amount of 2.50% notes due 2027 (the “January 2027 Notes”). The January 2027 Notes were issued pursuant to the Base Indenture and the Fourth Supplemental Indenture (together, the “January 2027 Indenture”). The January 2027 Notes will mature on January 15, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the January 2027 Indenture. The January 2027 Notes bear interest at a rate of 2.50% per year, payable semi-annually on January 15 and July 15 of each year, commencing on January 15, 2022. The January 2027 Notes are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the January 2027 Notes. The January 2027 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior to the January 2027 Notes. The January 2027 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The January 2027 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

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

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

March 2028 Notes

On January 21, 2025, the Company issued $650.0 million aggregate principal amount of its 6.100% notes due 2028 (the “March 2028 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional

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(Amounts in thousands, except share and per share amounts and as otherwise noted)

buyers pursuant to Rule 144A under the Securities Act and non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act. When initially issued, the March 2028 Notes were not registered under the Securities Act and could not be offered or sold in the United States absent registration or an applicable exemption from registration.

The March 2028 Notes were issued pursuant to the Base Indenture and the Fifth Supplemental Indenture (together, the “March 2028 Indenture”). The March 2028 Notes will mature on March 15, 2028 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the March 2028 Indenture. The March 2028 Notes bear interest at a rate of 6.100% per year payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2025. Concurrent with the issuance of the March 2028 Notes, the Company entered into a Registration Rights Agreement (the “March 2028 Registration Rights Agreement”) for the benefit of the purchasers of the March 2028 Notes. Pursuant to the terms of the March 2028 Registration Rights Agreement, the Company filed a registration statement with the SEC and, on December 9, 2025, commenced an offer to exchange the notes initially issued on January 21, 2025 for newly issued registered notes with substantially similar terms, which expired on January 9, 2026 and was completed promptly thereafter.

The March 2028 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the March 2028 Notes and the Successor Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the March 2028 Indenture.

In addition, if a change of control repurchase event, as defined in the March 2028 Indenture, occurs prior to maturity, holders of the March 2028 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the Notes at a repurchase price equal to 100% of the aggregate principal amount of the March 2028 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.

In connection with the issuance of the March 2028 Notes, on January 21, 2025, the Company entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $650.0 million. The Company will receive fixed rate interest at 6.100% and pay variable rate interest based on SOFR plus 1.767%. The interest rate swap matures on February 15, 2028. The interest expense related to the March 2028 Notes is equally offset by the proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in net carrying value of the March 2028 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.

October 2029 Notes

On June 5, 2026, the Company issued $500 million aggregate principal amount of its 6.500% notes due 2029 (the “October 2029 Notes”).

The October 2029 Notes were issued pursuant to the Base Indenture and the Seventh Supplemental Indenture (together, the “October 2029 Indenture”). The October 2029 Notes will mature on October 15, 2029 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the October 2029 Indenture. The October 2029 Notes bear interest at a rate of 6.500% per year payable semi-annually on April 15 and October 15 of each year, commencing on October 15, 2026.

The October 2029 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the October 2029 Notes and the Successor Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the October 2029 Indenture.

In addition, if a change of control repurchase event, as defined in the October 2029 Indenture, occurs prior to maturity, holders of the October 2029 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the Notes at a repurchase price equal to 100% of the aggregate principal amount of the October 2029 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.

In connection with the issuance of the October 2029 Notes, on June 11, 2026, the Company entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $500 million. The Company will receive fixed rate interest at 6.500% and pay variable rate interest based on SOFR plus 2.538% . The interest rate swap matures on October 15, 2029. The interest expense related to the October 2029 Notes is equally offset by the proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities

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or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in net carrying value of the October 2029 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.

January 2031 Notes

On January 23, 2026, the Company issued $400.0 million aggregate principal amount of its 6.125% notes due 2031 (the “January 2031 Notes”).

The January 2031 Notes were issued pursuant to the Base Indenture and the Sixth Supplemental Indenture (together, the “January 2031 Indenture”). The January 2031 Notes will mature on January 23, 2031 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the January 2031 Indenture. The January 2031 Notes bear interest at a rate of 6.125% per year payable semi-annually on January 23 and July 23 of each year, commencing on July 23, 2026.

The January 2031 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the January 2031 Notes and the Successor Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the January 2031 Indenture.

In addition, if a change of control repurchase event, as defined in the January 2031 Indenture, occurs prior to maturity, holders of the January 2031 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the Notes at a repurchase price equal to 100% of the aggregate principal amount of the January 2031 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.

In connection with the issuance of the January 2031 Notes, on January 20, 2026, the Company entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $400.0 million. The Company will receive fixed rate interest at 6.125% and pay variable rate interest based on SOFR plus 2.495%. The interest rate swap matures on January 23, 2031. The interest expense related to the January 2031 Notes is equally offset by the proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in net carrying value of the January 2031 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.

Notes Assumed in the Mergers

On March 24, 2025, in connection with the Mergers, the Company entered into a Second Supplemental Indenture (the “OTF II Supplemental Indenture”) relating to the Company’s assumption of the April 2029 Notes (as defined below). Also on March 24, 2025, in connection with the Mergers, the Company entered into an assumption agreement (the “OTF II Note Assumption Agreement”) relating to the Company’s assumption of the September 2028 Notes (as defined below).

September 2028 Notes

On September 27, 2023, OTF II entered into a Note Purchase Agreement (the “September 2028 Notes Note Purchase Agreement”) governing the issuance of $75.0 million in aggregate principal amount of September 2028 Notes, due September 27, 2028, with a fixed interest rate of 8.50% per year (the “ September 2028 Notes”), to qualified institutional investors in a private placement. As of September 27, 2023, the September 2028 Notes were guaranteed by OR Tech Lending II LLC, ORTF II FSI LLC and ORTF II BC 2 LLC, subsidiaries of the Company. On March 24, 2025, the Company entered into the OTF II Note Assumption Agreement for the benefit of the Noteholders (as defined in the September 2028 Notes Note Purchase Agreement) pursuant to which the Company unconditionally and expressly assumed, confirmed and agreed to perform and observe each and every one of the covenants, rights, promises, agreements, terms, conditions, obligations, duties and liabilities of OTF II under the September 2028 Notes Note Purchase Agreement, under the September 2028 Notes and under any documents, instruments or agreements executed and delivered or furnished by OTF II in connection therewith, and to be bound by all waivers made by OTF II with respect to any matter set forth therein.

Interest on the September 2028 Notes will be due semiannually on March 27 and September 27 each year. The September 2028 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the September 2028 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The September 2028 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

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Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

The September 2028 Notes Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, a minimum net worth test, and a minimum asset coverage ratio of 1.50 to 1.00.

In addition, in the event that a Below Investment Grade Event (as defined in the September 2028 Notes Note Purchase Agreement) occurs, the September 2028 Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the September 2028 Notes from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that a Secured Debt Ratio Event (as defined in the September 2028 Notes Note Purchase Agreement) occurs, the September 2028 Notes will bear interest at a fixed rate per annum which is 1.50% above the stated rate of the September 2028 Notes from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Secured Debt Ratio Event is no longer continuing. In the event that both a Below Investment Grade Event and a Secured Debt Ratio Event have occurred and are continuing, the September 2028 Notes will bear interest at a fixed rate per annum which is 2.00% above the stated rate of the September 2028 Notes from the date of the occurrence of the later to occur of the Below Investment Grade Event and the Secured Debt Ratio Event to and until the date on which one of such events is no longer continuing.

The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under other indebtedness of the Company, certain judgments and orders and certain events of bankruptcy.

April 2029 Notes

On April 4, 2024, OTF II issued $700.0 million aggregate principal amount of its 6.750% notes due 2029 (the “April 2029 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The April 2029 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration. On March 24, 2025, the Company entered into the OTF II Second Supplemental Indenture by and between the Successor Trustee, effective as of the closing of the Mergers. Pursuant to the OTF II Second Supplemental Indenture, the Company expressly assumed the obligations of OTF II for the due and punctual payment of the principal of, and premium, if any, and interest on all the April 2029 Notes outstanding, and the due and punctual performance and observance of all of the covenants and conditions of the April 2029 Indenture (as defined below).

The April 2029 Notes were issued pursuant to an Indenture (the “OTF II Base Indenture”) and a First Supplemental Indenture, dated as of April 4, 2024 (the “April 2029 First Supplemental Indenture” and together with the OTF II Base Indenture, the “April 2029 Indenture”), between OTF II and the Trustee. The April 2029 Notes will mature on April 4, 2029, unless repurchased or redeemed in accordance with their terms prior to such date. The April 2029 Notes bear interest at a rate of 6.750% per year payable semi-annually on April 4 and October 4 of each year, commencing on October 4, 2024. Concurrent with the issuance of the April 2029 Notes, OTF II entered into a Registration Rights Agreement (the “April 2029 Notes Registration Rights Agreement”) for the benefit of the purchasers of the April 2029 Notes. Pursuant to the April 2029 Notes Registration Rights Agreement, OTF II filed a registration statement with the SEC and, on December 23, 2024, commenced an offer to exchange the notes initially issued on April 4, 2024 for newly issued registered notes with substantially similar terms, which expired on January 24, 2025 and was completed promptly thereafter.

The April 2029 Notes are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the April 2029 Notes. The April 2029 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior to the April 2029 Notes. The April 2029 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The April 2029 Notes are structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The April 2029 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with Section 18(a)(1)(A) of the 1940 Act, as modified by Section 61(a) of the 1940 Act, for the period of time during which the April 2029 Notes are outstanding, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the April 2029 Notes and the Successor Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the April 2029 Indenture.

In addition, if a change of control repurchase event, as defined in the April 2029 Indenture, occurs prior to maturity, holders of the April 2029 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the April 2029 Notes at a repurchase price equal to 100% of the aggregate principal amount of the April 2029 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

In connection with the issuance of the April 2029 Notes, on April 4, 2024 OTF II entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $700.0 million. The Company will receive fixed rate interest at 6.750% and pay variable rate interest based on SOFR plus 2.565%. The interest rate swap matures on March 4, 2029. The interest expense related to the April 2029 Notes is equally offset by the proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in net carrying value of the April 2029 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Maturity of Debt Obligations

The table below presents a summary of the Company’s contractual payment obligations under credit facilities and notes as of June 30, 2026:


	Payments Due by Period
	Total		Less than 1 year		1-3 years		3-5 years		After 5 years
Revolving Credit Facility	$	1,620,000	$	—	$	—	$	1,620,000	$	—
SPV Asset Facility I	700,000		—		—		—		700,000
SPV Asset Facility II	325,000		—		—		325,000		—
SPV Asset Facility III	624,500		—		—		—		624,500
SPV Asset Facility IV	370,000		—		—		370,000		—
SPV Asset Facility V	75,000		—		—		75,000		—
Athena CLO II	375,000		—		—		—		375,000
Athena CLO IV	240,000		—		—		—		240,000
Athena CLO V	300,000		—		—		—		300,000

January 2027 Notes	300,000		300,000		—		—		—
March 2028 Notes	650,000		—		650,000		—		—
September 2028 Notes	75,000		—		75,000		—		—
April 2029 Notes	700,000		—		700,000		—		—
October 2029 Notes	500,000		—		—		500,000		—
January 2031 Notes	400,000		—		—		400,000		—
Total Contractual Obligations	$	7,254,500	$	300,000	$	1,425,000	$	3,290,000	$	2,239,500

Note 6. Fair Value of Financial Instruments

Investments

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


	Fair Value Hierarchy as of June 30, 2026
	Level 1		Level 2		Level 3		Total
Cash (including restricted and foreign cash)	$	213,506	$	—	$	—	$	213,506
Investments:
First-lien senior secured debt investments	$	—	$	276,990	$	11,167,671	$	11,444,661
Second-lien senior secured debt investments	—		45,619		433,144		478,763
Unsecured debt investments	—		—		464,478		464,478
Specialty finance debt investments	—		—		40,774		40,774
Preferred equity investments	—		—		951,696		951,696
Common equity investments	226,657		28,039		455,042		709,738
Specialty finance equity investments	—		—		169,280		169,280
Subtotal	$	226,657	$	350,648	$	13,682,085	$	14,259,390
Investments measured at NAV(1)	—		—		—		421,148
Total Investments at fair value	$	226,657	$	350,648	$	13,682,085	$	14,680,538
Derivatives:
Derivative assets	$	—	$	22,441	$	—	$	22,441
Derivative liabilities	—		5,538		—		5,538

_______________

(1)Includes equity investments in Credit SLF, LSI Financing LLC, BOCSO, Blue Owl Leasing, and Stripe Blue Owl which are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)


	Fair Value Hierarchy as of December 31, 2025
	Level 1		Level 2		Level 3		Total
Cash (including restricted and foreign cash)	$	282,924	$	—	$	—	$	282,924
Investments:
First-lien senior secured debt investments	$	—	$	318,098	$	10,660,972	$	10,979,070
Second-lien senior secured debt investments	—		125,924		442,717		568,641
Unsecured debt investments	—		—		477,128		477,128
Specialty finance debt investments	—		—		37,452		37,452
Preferred equity investments	—		—		1,072,481		1,072,481
Common equity investments	706		37,364		684,030		722,100
Specialty finance equity investments	—		—		215,864		215,864
Subtotal	$	706	$	481,386	$	13,590,644	$	14,072,736
Investments measured at NAV(1)	—		—		—		213,303
Total Investments at fair value	$	706	$	481,386	$	13,590,644	$	14,286,039
Derivatives:
Derivative assets	$	—	$	26,732	$	—	$	26,732
Derivative liabilities	—		1,941		—		1,941

_______________

(1)Includes equity investments in Credit SLF and LSI Financing LLC, BOCSO, Blue Owl Leasing and Stripe Blue Owl, which are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

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


	As of and for the Three Months Ended June 30, 2026
	Debt Investments								Equity Investments
	First-Lien Senior Secured		Second-Lien Senior Secured		Unsecured		Specialty Finance		Preferred		Common		Specialty Finance		Total
Fair value, beginning of period	$	10,616,855	$	377,601	$	456,403	$	38,000	$	982,150	$	564,590	$	169,497	$	13,205,096
Purchases of investments, net	717,942		660		—		2,830		—		11,052		1,389		733,873
Payment-in-kind	14,156		2,473		4,713		78		25,442		—		—		46,862
Proceeds from investments, net	(167,076)		—		(2,387)		(134)		(7,205)		(28,853)		(1,487)		(207,142)
Net change in unrealized gain (loss)	(15,164)		(23,955)		171		1		(31,065)		(96,056)		(119)		(166,187)
Net realized gain (loss)	(1,785)		—		203		—		(17,877)		4,309		—		(15,150)
Net amortization/accretion of discount/premium on investments	6,703		187		5,375		(1)		251		—		—		12,515

Transfers into (out of) Level 3(1)	(3,960)		76,178		—		—		—		—		—		72,218
Fair Value, End of Period	$	11,167,671	$	433,144	$	464,478	$	40,774	$	951,696	$	455,042	$	169,280	$	13,682,085

_______________

(1)Transfers between levels, if any, are recognized at the beginning of the period noted. For the three months ended June 30, 2026, transfers between Level 2 and Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)


	As of and for the Three Months Ended June 30, 2025
	Debt Investments								Equity Investments
	First-Lien Senior Secured		Second-Lien Senior Secured		Unsecured		Specialty Finance		Preferred		Common		Specialty Finance		Total
Fair value, beginning of period	$	9,091,954	$	291,217	$	460,216	$	28,961	$	948,590	$	547,583	$	166,350	$	11,534,871
Purchases of investments, net	681,794		61,324		(2)		2,337		31,565		1,811		8,832		787,661
Payment-in-kind	12,955		5,360		6,210		172		23,295		—		—		47,992
Proceeds from investments, net	(231,957)		(32,717)		(30,661)		—		(7,693)		(833)		13,387		(290,474)
Net change in unrealized gain (loss)	27,299		1,012		8,932		—		19,138		8,007		4,876		69,264
Net realized gains (losses)	3,495		—		710		—		76		—		—		4,281
Net amortization of discount on investments	6,271		1,505		5,914		—		971		—		—		14,661

Transfers into (out of) Level 3(1)	(74,514)		(17,413)		—		—		—		—		—		(91,927)

Fair Value, End of Period	$	9,517,297	$	310,288	$	451,319	$	31,470	$	1,015,942	$	556,568	$	193,445	$	12,076,329

_______________

(1)Transfers between levels, if any, are recognized at the beginning of the period noted. For the three months ended June 30, 2025, transfers between Level 2 and Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

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


	As of and for the Six Months Ended June 30, 2026
	Debt Investments								Equity Investments
	First-Lien Senior Secured		Second-Lien Senior Secured		Unsecured		Specialty Finance		Preferred		Common		Specialty Finance		Total
Fair value, beginning of period	$	10,660,972	$	442,717	$	477,128	$	37,452	$	1,072,481	$	684,030	$	215,864	$	13,590,644
Purchases of investments, net	1,636,383		660		630		2,830		58,989		32,228		2,038		1,733,758
Payment-in-kind	27,896		4,930		11,858		694		37,661		—		—		83,039
Proceeds from investments, net	(946,013)		—		(32,980)		(202)		(58,350)		(163,121)		(47,722)		(1,248,388)
Net change in unrealized gain (loss)	(195,219)		(60,628)		(5,227)		1		(149,277)		(210,172)		(900)		(621,422)
Net realized gain (loss)	(15,445)		—		2,335		—		(10,549)		112,077		—		88,418
Net amortization/accretion of discount/premium on investments	13,394		346		10,734		(1)		741		—		—		25,214


Transfers into (out of) Level 3(1)	(14,297)		45,119		—		—		—		—		—		30,822
Fair Value, End of Period	$	11,167,671	$	433,144	$	464,478	$	40,774	$	951,696	$	455,042	$	169,280	$	13,682,085

_______________

(1)Transfers between levels, if any, are recognized at the beginning of the period noted. For the six months ended June 30, 2026, transfers between Level 2 and Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.


	As of and for the Six Months Ended June 30, 2025
	Debt Investments								Equity Investments
	First-Lien Senior Secured		Second-Lien Senior Secured		Unsecured		Specialty Finance		Preferred		Common		Specialty Finance		Total
Fair value, beginning of period	$	4,341,268	$	166,159	$	336,635	$	5,041	$	686,858	$	468,725	$	69,836	$	6,074,522
Purchases of investments, net	1,056,719		61,323		(1)		5,603		31,565		11,324		15,713		1,182,246
Payment-in-kind	20,176		9,065		13,713		172		33,158		—		—		76,284
Proceeds from investments, net	(469,084)		(41,117)		(33,358)		—		(11,580)		(833)		13,311		(542,661)
Net change in unrealized gain (loss)	22,321		8,501		11,872		(16)		12,986		14,916		3,203		73,783
Net realized gains (losses)	3,528		(12,198)		85		—		115		—		—		(8,470)
Net amortization of discount on investments	10,753		1,565		10,516		—		1,210		—		—		24,044

Transfers into (out of) Level 3(1)	—		—		—		—		—		(3,092)		—		(3,092)
Transfers in from the Mergers	4,531,616		116,990		111,857		20,670		261,630		65,528		91,382		5,199,673
Fair Value, End of Period	$	9,517,297	$	310,288	$	451,319	$	31,470	$	1,015,942	$	556,568	$	193,445	$	12,076,329

_______________

(1)Transfers between levels, if any, are recognized at the beginning of the period noted. For the six months ended June 30, 2025, transfers into (out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
First-lien senior secured debt investments	$	(12,992)	$	30,350	$	(200,454)	$	25,128
Second-lien senior secured debt investments	(23,955)		2,078		(60,628)		(446)
Unsecured debt investments	171		8,932		(5,227)		11,330
Specialty finance debt investments	1		—		1		(16)
Preferred equity investments	(46,998)		19,138		(160,536)		12,986
Common equity investments	21,562		8,021		(53,798)		15,029
Specialty finance equity investments	(119)		4,876		(900)		3,203
Total Investments	$	(62,330)	$	73,395	$	(481,542)	$	67,214

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

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

June 30, 2026

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input

First-lien senior secured debt investments

10,661,841

Yield Analysis

Market Yield

7.1% - 28.2% (10.6%)

Decrease

502,810

Transaction

Transaction Price

98.0% - 99.6% (99.2%)

Increase

3,020

Recovery Analysis

Recovery Rate

8.0% - 8.0% (8.0%)

Increase

Second-lien senior secured debt investments

433,144

Yield Analysis

Market Yield

13.6% - 47.0% (21.6%)

Decrease

Unsecured debt investments

459,666

Yield Analysis

Market Yield

5.4% - 17.6% (12.6%)

Decrease

4,812

Market Approach

Revenue Multiple

3.0x - 3.5x (3.4x)

Increase

Specialty finance debt investments

40,774

Yield Analysis

Market Yield

12.3% - 12.3% (12.3%)

Decrease

Preferred equity investments

527,511

Market Approach

Revenue Multiple

0.6x - 41.3x (7.4x)

Increase

385,373

Yield Analysis

Market Yield

12.9% - 53.5% (18.4%)

Decrease

21,827

Market Approach

EBITDA Multiple

9.5x - 9.5x (9.5x)

Increase

16,985

Recovery Analysis

Recovery Rate

24.8% - 24.8% (24.8%)

Increase

Common equity investments

252,920

Transaction

Transaction Price

100.0% - 311.5% (299.40%)

Increase

103,133

Market Approach

Revenue Multiple

2.5x - 47.5x (8.6x)

Increase

74,799

Market Approach

EBITDA Multiple

5.5x - 27.8x (12.7x)

Increase

12,251

Market Approach

Market Adjustment Factor

(13.1)% - 26.3% (6.0%)

Increase

11,257

Recovery Analysis

Recovery Rate

11.3% - 11.3% (11.3%)

Increase

465

Option Pricing Model

Volatility

60.0% - 70.0% 69.9%

Increase

217

Market Approach

Gross Profit Multiple

9.3x - 9.3x (9.3x)

Increase

Specialty finance equity investments

139,159

Market Approach

AUM Multiple

1.0x - 1.0x (1.0x)

Increase

22,613

Market Approach

Recovery Rate

120.0% - 150.0% (140.0%)

Increase

5,447

Yield Analysis

Market Yield

11.8% - 11.8% (11.8%)

Decrease

2,061

Discounted Cash Flow Analysis

Market Yield

20.0% - 20.0% (20.0%)

Decrease

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

December 31, 2025

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input

First-lien senior secured debt investments

9,346,910

Yield Analysis

Market Yield

6.0% - 23.6% (9.4%)

Decrease

1,280,482

Recent Transaction

Transaction Price

95.0% - 100.0% (99.4%)

Increase

33,580

Collateral Analysis

Recovery Rate

0.0% - 107.2% (84.0%)

Increase

Second-lien senior secured debt investments

442,717

Yield Analysis

Market Yield

8.4% - 32.5% (14.4%)

Decrease

Unsecured debt investments

473,340

Yield Analysis

Market Yield

5.5% - 14.9% (11.9%)

Decrease

3,788

Market Approach

Revenue Multiple

4.3x - 5.0x (4.8x)

Increase

Specialty finance debt investments

37,452

Yield Analysis

Market Yield

11.6% - 11.6% (11.6%)

Decrease

Preferred equity investments

451,265

Yield Analysis

Market Yield

11.6% - 35.3% (14.0%)

Decrease

498,387

Market Approach

Revenue Multiple

2.0x - 25.2x (7.3x)

Increase

122,829

Recent Transaction

Transaction Price

62.8% - 100.0% (86.5%)

Increase

Common equity investments

421,309

Recent Transaction

Transaction Price

54.2% - 813.7% (444.3%)

Increase

110,029

Market Approach

EBITDA Multiple

0.0x - 25.5x (11.9x)

Increase

82,784

Market Approach

Revenue Multiple

4.3x - 13.0x (10.1x)

Increase

61,131

Yield Analysis

Market Yield

27.5% - 27.5% (27.5%)

Decrease

8,330

Market Approach

Market Adjustment Factor

0.0% - 0.0% (0.0%)

Decrease

233

Option Pricing Model

Volatility

60.0% - 70.0% (69.9%)

Increase

214

Market Approach

Gross Profit Multiple

9.0x - 9.0x (9.0x)

Increase

Specialty finance equity investments

184,468

Market Approach

AUM Multiple

1.1x - 1.1x (1.1x)

Increase

22,602

Market Approach

N/A(1)

N/A

6,657

Yield Analysis

Market Yield

11.5% - 11.5% (11.5%)

Decrease

2,137

Discounted Cash Flow Analysis

Discounted Factor

20.0% - 20.0% (20.0%)

Decrease

_______________

(1)Fair value based on a weighting of the appraised value of the portfolio company’s underlying assets and their cost.

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

When the debtor is not performing or when there is insufficient value to cover the investment, the Company may utilize a net recovery approach to determine the fair value of debt investments in subject companies. A net recovery analysis typically consists of two steps. First, the total enterprise value for the subject company is estimated using standard valuation approaches, most commonly

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

the market approach. Second, the fair value for each investment in the subject company is then estimated by allocating the subject company’s total enterprise value to the outstanding securities in the capital structure based upon various factors, including seniority, preferences, and other features if deemed relevant to each security in the capital structure.

Significant unobservable quantitative inputs typically used in the fair value measurement of the Company’s Level 3 debt investments primarily include current market yields, including relevant market indices, but may also include quotes from brokers, dealers, and pricing services as indicated by comparable investments. For the Company’s Level 3 equity investments, a market approach, based on comparable financial performance multiples such as publicly-traded company and comparable market transaction multiples of revenues, earnings before interest, taxes, depreciation and amortization (“EBITDA”) or some combination thereof and comparable market transactions are typically used.

Debt Not Carried at Fair Value

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


	June 30, 2026						December 31, 2025
	Net Carrying Value		Debt Issuance Costs		Fair Value		Net Carrying Value		Debt Issuance Costs		Fair Value
Revolving Credit Facility	$	1,591,446	$	(28,554)	$	1,591,446	$	1,456,282	$	(23,718)	$	1,456,282
SPV Asset Facility I	692,025		(7,975)		692,025		691,602		(8,398)		691,602
SPV Asset Facility II	321,245		(3,755)		321,245		320,464		(4,536)		320,464
SPV Asset Facility III	615,946		(8,554)		615,946		613,087		(11,413)		613,087
SPV Asset Facility IV	365,336		(4,664)		365,336		194,346		(5,654)		194,346
SPV Asset Facility V	74,315		(685)		74,315		—		—		—
Athena CLO II	371,201		(3,799)		371,201		371,068		(3,932)		371,068
Athena CLO IV	237,753		(2,247)		237,753		237,654		(2,346)		237,654
Athena CLO V	297,974		(2,026)		297,974		298,072		(1,928)		298,072
June 2026 Notes	—		—		—		374,287		(713)		373,125
January 2027 Notes	299,153		(847)		295,500		298,379		(1,621)		291,750
March 2028 Notes	646,097		(6,109)		646,750		654,890		(7,811)		653,250
September 2028 Notes	74,595		(405)		75,000		74,505		(495)		75,000
April 2029 Notes	691,569		(9,880)		703,500		703,564		(11,558)		715,750
October 2029 Notes	493,124		(7,396)		496,250		—		—		—
January 2031 Notes	385,749		(8,171)		387,000		—		—		—
Total Debt	$	7,157,528	$	(95,067)	$	7,171,241	$	6,288,200	$	(84,123)	$	6,291,450

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


	June 30, 2026		December 31, 2025
Level 1	$	—	$	—
Level 2	2,604,000		2,108,875
Level 3	4,567,241		4,182,575
Total Debt	$	7,171,241	$	6,291,450

Financial Instruments Not Carried at Fair Value

As of June 30, 2026 and December 31, 2025, the carrying amounts of the Company’s other assets and liabilities approximate fair value due to their short maturities. These financial instruments would be categorized as Level 3 within the hierarchy.

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Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Note 7. Derivative Instruments

The Company enters into derivative instruments from time to time to help mitigate its foreign currency and interest rate risk exposures. See “Note 6 — Fair Value of Financial Instruments” for additional disclosures related to the fair value hierarchy for derivative instruments.

The table below presents the fair value and notional value of the derivative assets and liabilities for the following periods:


		As of June 30, 2026						As of December 31, 2025
	Counterparty	Notional Amount		Assets		Liabilities		Notional Amount		Assets		Liabilities
Derivatives designated as hedges:
Interest rate swaps April 2029 Notes	Goldman Sachs Bank USA	$	700,000	$	942	$	—	$	700,000	$	14,619	$	—
Interest rate swaps March 2028 Notes	SMBC Capital Markets, Inc.	$	650,000	1,799		—		650,000		12,113		—
Interest rate swaps January 2031 Notes	Regions Bank	$	400,000	—		(6,087)		—		—		—
Interest rate swaps October 2029 Notes	Regions Bank	$	500,000	549		—		—		—		—
Total Derivatives Designated as Hedges(1)(2)				$	3,290	$	(6,087)			$	26,732	$	—

Derivatives not designated as hedges:
Foreign currency forward contract AUD	Goldman Sachs Bank USA	A$	12,910	$	9,255	$	(8,930)	A$	12,910	$	8,405	$	(8,616)
Foreign currency forward contract CAD	Goldman Sachs Bank USA	C$	1,454	1,071		(1,029)		C$	—	—		—
Foreign currency forward contract CAD	Goldman Sachs Bank USA	C$	54,652	39,802		(38,690)		C$	—	—		—
Foreign currency forward contract EUR	Goldman Sachs Bank USA	€	282,460	334,694		(322,867)		€	282,460	334,694		(334,694)
Foreign currency forward contract USD	Goldman Sachs Bank USA	$	18,281	18,281		(18,571)		$	—	—		—
Foreign currency forward contract GBP	Goldman Sachs Bank USA	£	136,285	184,530		(180,741)		£	147,230	197,770		(198,381)
				587,633		(570,828)				540,869		(541,691)
Foreign currency forward contract EUR	SMBC Capital Markets, Inc.	€	5,301	6,296		(6,059)		€	5,301	6,296		(6,281)
Foreign currency forward contract EUR	SMBC Capital Markets, Inc.	€	57,071	66,778		(65,233)		€	57,071	66,778		(67,608)
Foreign currency forward contract GBP	SMBC Capital Markets, Inc.	£	12,500	16,934		(16,578)		£	12,500	16,539		(16,843)
				90,008		(87,870)				89,613		(90,732)
Foreign currency forward contract EUR	Royal Bank of Canada	€	51,692	60,512		(59,755)		€	—	—		—
				60,512		(59,755)				—		—
Total Derivatives not Designated as Hedges				$	738,153	$	(718,453)			$	630,482	$	(632,423)

_______________

(1)The net fair value of the derivatives designated as hedges is recorded in prepaid expenses and other assets or accrued expenses and other liabilities in the Consolidated Statements of Assets and Liabilities.

(2)The Company’s unsecured notes, that are designated in a qualifying hedging relationship, had carrying value of $2.2 billion and $1.4 billion, net of the related cumulative hedging adjustments that represented an increase (decrease) to the carrying value of the notes of $(1.9) million and $27.8 million, as of June 30, 2026 and December 31, 2025, respectively.

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Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

The tables below present net change in unrealized gains and losses on effective interest rate swaps and hedged items included in interest expense for the following periods:


	For the Three Months Ended June 30, 2026								For the Six Months Ended June 30, 2026
	Interest Rate Swaps		Hedged Items				Net		Interest Rate Swaps		Hedged Items				Net
Investment related gains/(losses)
Derivatives designated as hedges:
Interest rate swaps April 2029 Notes	$	(7,906)	$	8,023			$	117	$	(13,677)	$	13,673			$	(4)
Interest rate swaps March 2028 Notes	(5,097)		5,286				189		(10,314)		10,495				181
Interest rate swaps January 2031 Notes	(5,149)		5,145				(4)		(6,087)		6,080				(7)
Interest rate swaps October 2029 Notes	549		(520)				29		549		(520)				29
Net Change in Unrealized Gain (Loss) on Interest Rate Swaps and Hedged Items(1)					$	331							$	199

_______________

(1)Recorded and recognized as components of interest expense in the Consolidated Statements of Operations.


	For the Three Months Ended June 30, 2025								For the Six Months Ended June 30, 2025
	Interest Rate Swaps		Hedged Items				Net		Interest Rate Swaps		Hedged Items				Net
Derivatives designated as hedges:
Interest rate swaps April 2029 Notes	$	5,071	$	(5,245)			$	(174)	$	7,084	$	(7,316)			$	(232)
Interest rate swaps March 2028 Notes	2,879		(3,058)				(179)		13,087		(13,676)				(589)
Net Change in Unrealized Gain (Loss) on Interest Rate Swaps and Hedged Items(1)					$	(353)							$	(821)

_______________

(1) Recorded and recognized as components of interest expense in the Consolidated Statements of Operations.

The table below presents net change in unrealized gains and losses on derivative instruments not designated as a qualifying hedge accounting relationship recognized by the Company for the following periods:


	For the Three Months Ended June 30, 2026		For the Six Months Ended June 30, 2026
Derivatives not designated as hedges:
Foreign currency forward contract AUD	$	574	$	536
Foreign currency forward contract CAD	924		1,154
Foreign currency forward contract GBP	1,631		5,060
Foreign currency forward contract EUR	6,682		14,891
Total Net Change in Unrealized Gain (Loss)(1)	$	9,811	$	21,641

_______________

(1)Recorded and recognized as components of translation of assets and liabilities in foreign currencies and other transactions in the Consolidated Statements of Operations.


	For the Three Months Ended June 30, 2025		For the Six Months Ended June 30, 2025
Derivatives not designated as hedges:
Foreign currency forward contract AUD	$	(76)	$	(76)
Foreign currency forward contract GBP	(3,832)		(3,832)
Foreign currency forward contract EUR	(7,492)		(7,492)
Total Net Change in Unrealized Gain (Loss)(1)	$	(11,400)	$	(11,400)

_______________

(1)Recorded and recognized as components of translation of assets and liabilities in foreign currencies and other transactions in the Consolidated Statements of Operations.

For the three and six months ended June 30, 2026, the Company recognized a realized loss of $3.3 million and $3.2 million, respectively, primarily related to the foreign currency forward contracts held with Goldman Sachs Bank USA.

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Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

In connection with the unsecured notes, the Company has made the following periodic payments on the interest rate swaps for the following periods:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
March 2028 Notes	$	8,902	$	10,000	$	17,882	$	16,000
April 2029 Notes	22,792		1,600		22,792		1,600
January 2031 Notes	—		—		—		—
October 2029 Notes	—		—		—		—

Note 8. Commitments and Contingencies

Portfolio Company Commitments

From time to time, the Company may enter into commitments to fund investments in the form of revolving credit, delayed draw, or equity commitments, which require the Company to provide funding when requested by portfolio companies in accordance with underlying loan agreements. The Company had the following outstanding unfunded commitments as of the following periods:


	As of June 30, 2026		As of December 31, 2025
Revolving loan commitments	$	856,242	$	797,118
Delayed draw loan commitments	1,002,528		947,440
Debt commitments	$	1,858,770	$	1,744,558

Specialty finance equity commitments	$	58,796	$	41,900
Common equity commitments	4,983		8,113
Equity commitments	$	63,779	$	50,013

Total Unfunded Commitments	$	1,922,549	$	1,794,571

As of June 30, 2026, the Company believed it had adequate financial resources to cover outstanding unfunded portfolio company commitments.

Other Commitments and Contingencies

Refer to “Note 9 — Net Assets” for details on the Company’s stock repurchase programs.

In the ordinary course of business, the Company may guarantee certain obligations in connection with its portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable. The Company evaluates the probability of a loss under these guarantee arrangements, if any, periodically. The Company historically has not recorded a related liability as it considers the probability of a loss from the guarantees to be remote.

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of June 30, 2026, the Company was not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

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Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Note 9. Net Assets

Equity Issuances

The Company has the authority to issue 1,000,000,000 common shares at $0.01 per share par value.

There were no sales of the Company’s common stock during the three and six months ended June 30, 2026 and 2025. See “Note 13 — Merger with Blue Owl Technology Finance Corp. II” for information related to the issuance of shares of the Company’s common stock in connection with the Mergers.

Distributions

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

For the Six Months Ended June 30, 2026(1)

Date Declared

Record Date

Payment Date

Distribution per Share

February 18, 2026(2)

March 31, 2026

April 15, 2026

0.35

May 5, 2026

June 30, 2026

July 15, 2026

0.35

_______________

(1)Additionally, refer to the table below for distributions declared in 2025 but paid in the six months ended June 30, 2026.

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

For the Six Months Ended June 30, 2025

Date Declared

Record Date

Payment Date

Distribution per Share

March 14, 2025

March 17, 2025

March 18, 2025

0.34

June 2, 2025

June 30, 2025

July 15, 2025

0.35

June 2, 2025 (supplemental dividend)

September 22, 2025

October 7, 2025

0.05

June 2, 2025 (supplemental dividend)

December 23, 2025

January 7, 2026

0.05

June 2, 2025 (supplemental dividend)

March 23, 2026

April 7, 2026

0.05

June 2, 2025 (supplemental dividend)

June 22, 2026

July 7, 2026

0.05

June 2, 2025 (supplemental dividend)

September 21, 2026

October 6, 2026

0.05

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Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Dividend Reinvestment

With respect to distributions, the Company has adopted an “opt out” dividend reinvestment plan for common shareholders. As a result, in the event of a declared distribution, each shareholder that has not “opted out” of the dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional shares of the Company’s common stock rather than receiving cash distributions. The Company has entered into an amended and restated dividend reinvestment plan, pursuant to which, if newly issued shares are used to implement the dividend reinvestment plan, the number of shares to be issued to a shareholder will be determined by dividing the total dollar amount of the cash dividend or distribution payable to a shareholder by the market price per share of the Company’s common stock at the close of regular trading on the NYSE on the payment date of a distribution, or if no sale is reported for such day, the average of the reported bid and ask prices. However, if the market price per share on the payment date of a cash dividend or distribution exceeds the most recently computed net asset value per share, the Company will issue shares at the greater of (i) the most recently computed net asset value per share and (ii) 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeded the most recently computed net asset value per share). If shares are purchased in the open market to implement the dividend reinvestment plan, the number of shares to be issued to a shareholder shall be determined by dividing the dollar amount of the cash dividend payable to such shareholder by the weighted average price per share for all shares purchased by the plan administrator in the open market in connection with the dividend. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

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

For the Six Months Ended June 30, 2026

Date Declared

Record Date

Payment Date

June 2, 2025

December 23, 2025

January 7, 2026

167,569

November 5, 2025

December 31, 2025

January 15, 2026

1,114,799

June 2, 2025

March 23, 2026

April 7, 2026

205,845

February 18, 2026

March 31, 2026

April 15, 2026

1,312,666

For the Six Months Ended June 30, 2025

Date Declared

Record Date

Payment Date

October 1, 2024

December 31, 2024

January 31, 2025

1,098,294

March 14, 2025

March 17, 2025

March 18, 2025

1,131,018

2025 Stock Repurchase Program

On May 27, 2025, the Board approved a repurchase program (the “2025 Stock Repurchase Program”) under which the Company could repurchase up to $200 million of its outstanding common stock. Under the 2025 Stock Repurchase Program, purchases were made at management's discretion from time to time in open-market transactions, in accordance with applicable securities laws and regulations. The 2025 Stock Repurchase Program terminated in connection with the entry into the 2026 Stock Repurchase Program, as defined below. As of the program termination date, 5,192,408 shares of the Company’s common stock have been repurchased pursuant to the 2025 Stock Repurchase Program for approximately $73.4 million since the 2025 Stock Repurchase Program’s inception. No shares were repurchased in 2026 under the 2025 Stock Repurchase Program.

2026 Stock Repurchase Program

On February 17, 2026, the Board approved a repurchase program (the “2026 Stock Repurchase Program”) under which the Company may repurchase up to $300 million of its common stock. Under the 2026 Stock Repurchase Program, purchases may be made at management’s discretion from time to time in open-market transactions, including pursuant to trading plans with investment banks pursuant to Rule 10b5-1 of the Exchange Act, in accordance with all applicable rules and regulations. Unless extended by the Board, the 2026 Stock Repurchase Program will terminate 18-months from the date it was approved.

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Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

For the six months ended June 30, 2026, repurchases under the 2026 Stock Repurchase Program were as follows:


Period	Total Number of Shares Repurchased	Average Price Paid per Share		Approximate Dollar Value of Shares that have been Purchased Under the Plans		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan




January 1, 2026 to January 31, 2026	—	$	—	$	—	$	—
February 1, 2026 to February 28, 2026	651,123	11.32		7,373		292,627
March 1, 2026 to March 31, 2026	3,555,175	12.04		42,811		249,816
April 1, 2026 to April 30, 2026	—	—		—		249,816
May 1, 2026 to May 31, 2026	2,159,748	10.93		23,599		226,217
June 1, 2026 to June 30, 2026	2,869,919	10.99		31,538		194,679

	9,235,965			$	105,321

There were no repurchases made in the six months ended June 30, 2025.

Note 10. Earnings Per Share

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Increase (decrease) in net assets resulting from operations	$	154,222	$	201,487	$	(65,669)	$	279,619
Weighted average shares of common stock outstanding—basic and diluted	460,878,695		465,124,070		462,563,216		350,872,326
Earnings (loss) per common share-basic and diluted	$	0.33	$	0.43	$	(0.14)	$	0.80

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Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Note 11. Income Taxes

Taxable income generally differs from increase in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized.

The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital, or total distributable earnings (losses), as appropriate.

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

For the three months ended June 30, 2026 and 2025, the Company recorded U.S. federal and state corporate-level income tax expense/(benefit) of $0.4 million, and $0.1 million, including U.S. federal excise tax expense of $0.4 million and $0.1 million, respectively.

For the six months ended June 30, 2026 and 2025, the Company recorded U.S. federal and state corporate-level income tax expense/(benefit) of $1.7 million, and $3.5 million, including U.S. federal excise tax expense of $1.7 million and $3.5 million, respectively.

Taxable Subsidiaries

Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the three months ended June 30, 2026 , the Company did not record U.S. federal and state income tax expense/(benefit) and for the six months ended June 30, 2026, the Company recorded U.S. federal and state income tax expense/(benefit) $(3.0) thousand, respectively. For the three and six months ended June 30, 2025, the Company recorded U.S. federal and state income tax expense/(benefit) of $(78.0) thousand and $(18.0) thousand, respectively.

The Company recorded a net deferred tax liability of $0.8 million as of June 30, 2026, for taxable subsidiaries, which is significantly related to GAAP to tax outside basis differences in the taxable subsidiaries’ investment in certain partnership interests. The Company recorded a net deferred tax liability of $0.8 million for taxable subsidiaries as of December 31, 2025.

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Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Note 12. Financial Highlights

The table below presents the financial highlights for a common share outstanding during the following periods:


	Six Months Ended June 30,
Capital share transactions:	2026			2025
Per share data:
Net asset value, beginning of period	$	17.33		$	17.09
Results of operations:
Net investment income(1)	0.67			0.74
Net realized and unrealized gain (loss)(1)	(0.81)			0.06
Net increase (decrease) in net assets resulting from operations	(0.14)			0.80

Distributions:
Distributions declared from earnings(7)(9)	(0.80)			(0.69)
Capital share transactions:
Repurchase of common shares(7)	0.10			—
Issuance of common shares in connection with the Mergers(2)	—			(0.03)
Total increase (decrease) in net assets	(0.84)			0.08
Net Asset Value, End of Period(8)	$	16.48		$	17.17

Shares outstanding, end of period	457,612,537			465,126,583
Per share market value at end of period	$	10.35		$	15.25
Total return, based on market value(3)	(23.6)		%	(9.1)		%
Total return, based on net asset value(4)	2.0		%	4.8		%
Ratios / Supplemental Data:
Ratio of total expenses to average net assets(5)(6)	9.2		%	7.6		%
Ratio of net investment income to average net assets(5)	8.0		%	8.0		%
Net assets, end of period	$	7,539,865		$	7,985,418
Weighted-average shares outstanding	462,563,216			350,872,326


Portfolio turnover rate	9.8		%	10.8		%
Year of formation	2018			2018

_______________

(1)The per share data was derived using the weighted average shares outstanding during the period.

(2)The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the issuance of common stock because of the timing of sales of the Company’s shares.

(3)Total return based on market value is calculated as the change in market value per share during the respective periods, taking into account dividends and distributions, if any, reinvested in accordance with the Company’s dividend reinvestment plan. Total return is not annualized.

(4)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions, if any, are reinvested in accordance with the Company’s dividend reinvestment plan), if any, divided by the beginning NAV per share. Total return is not annualized.

(5)The ratio reflects an annualized amount, except in the case of non-recurring expenses (e.g. initial organization expenses).

(6)Prior to any management fee waivers, the annualized total expenses to average net assets for the six months ended June 30, 2026 and 2025, was 9.2% and 7.6%, respectively.

(7)The per share data was derived using actual shares outstanding at the date of the relevant transaction.

(8)Totals presented may not sum due to rounding.

(9)Includes supplemental dividends of $0.10 in total, or $0.05 per share each, declared on June 2, 2025, and paid on January 7, 2026 and on April 7, 2026, see “Note 9 — Net Assets” for additional details.

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Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Note 13. Merger with Blue Owl Technology Finance Corp. II

On March 24, 2025, the Company completed its previously announced acquisition of OTF II. In accordance with the Merger Agreement, at the effective time of the Mergers, each outstanding share of OTF II common stock was converted into the right to receive 0.9113 shares of common stock, par value $0.01 per share of the Company (with OTF II stockholders receiving cash in lieu of fractional shares of the Company’s common stock). As a result of the Mergers, the Company issued an aggregate of approximately 250,738,523 shares of its common stock to former OTF II stockholders prior to any adjustment for OTF II stockholders receiving cash in lieu of fractional shares.

The Mergers were accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations — Related Issues. The consideration paid to OTF II’s shareholders was more than the aggregate fair values of the assets acquired and liabilities assumed, which resulted in a purchase premium (the “purchase premium”). The purchase premium was allocated to the cost of OTF II investments acquired by the Company on a pro-rata basis based on their relative fair values as of the closing date. Immediately following the Mergers, the investments were marked to their respective fair values and, as a result, the purchase premium allocated to the cost basis of the investments acquired was immediately recognized as unrealized depreciation on the Consolidated Statement of Operations. The purchase premium allocated to the loan investments acquired will amortize over the life of each respective loan through interest expense with a corresponding adjustment recorded as unrealized appreciation on such loans acquired through their ultimate disposition. The purchase premium allocated to equity investments acquired will not amortize over the life of such investments through interest expense and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, the Company will recognize a realized loss with a corresponding reversal of the unrealized depreciation on disposition of such equity investments acquired.

The Mergers were considered a tax-free reorganization and the Company has elected to carry forward the historical cost basis of the OTF II investments for tax purposes.

Pursuant to the Merger Agreement, the Adviser agreed to reimburse each of the Company and OTF II 50% of all fees and expenses incurred and payable by OTF II or on its behalf, on the one hand, or the Company or on its behalf, on the other hand, in connection with or related to the Mergers or the Merger Agreement up to an aggregate amount equal to $4.75 million. Net of merger transaction costs borne by the Adviser, the Company capitalized $4.5 million of merger transaction costs as part of the total consideration paid to acquire the assets and liabilities of OTF II.

The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the Mergers:



Common stock issued by the Company(1)	$	4,278,003
Transaction costs, net(2)	4,500
Total purchase price	$	4,282,503
Assets acquired:
Investments, at fair value (amortized cost of $5,541,254)	$	5,564,571
Cash and cash equivalents	647,248
Interest receivable	74,478
Other assets	52,695
Total assets acquired	$	6,338,992
Liabilities assumed:
Debt (net of deferred financing costs of $47,082)	$	1,882,354
Other liabilities(3)	178,635
Total liabilities assumed	2,060,989
Net assets acquired	4,278,003
Total purchase premium/(discount)	$	4,500

_______________

(1)Based on the NAV per share at closing of $17.06 and the 250,738,523 common shares issued by the Company in conjunction with the Mergers.

(2)Pursuant to the Merger Agreement, the Adviser agreed to reimburse each of the Company and OTF II 50% of all fees and expenses incurred and payable in connection with or related to the Mergers or the Merger Agreement up to an aggregate amount equal to $4.75 million. Net of merger transaction costs borne by the Adviser, the Company capitalized $4.5 million of merger transaction costs as part of the total consideration paid to acquire the assets and liabilities of OTF II.

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

(3)Includes $11.8 million of management fees and $10.7 million of incentive fees accrued by OTF II through the closing date of the Mergers pursuant to an investment advisory agreement between OTF II and its investment adviser, which was terminated upon the closing of the Mergers. The payable for these fees was assumed by the Company.

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Blue Owl Technology Finance Corp.

Notes to Consolidated Financial Statements (Unaudited) — Continued

(Amounts in thousands, except share and per share amounts and as otherwise noted)

Note 14. Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of these consolidated financial statements and determined there are no subsequent events to disclose except for the following:

Dividend

On August 4, 2026, the Board approved a third quarter dividend of $0.35 per share for stockholders of record as of September 30, 2026, payable on or before October 15, 2026.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The information contained in this section should be read in conjunction with “ITEM 1. FINANCIAL STATEMENTS.” This discussion contains forward-looking statements, which relate to future events or the future performance or financial condition of Blue Owl Technology Finance Corp. and involves numerous risks and uncertainties, including, but not limited to, those described in our Form 10-K for the fiscal year ended December 31, 2025 in “ITEM 1A. RISK FACTORS”. This discussion also should be read in conjunction with the “Cautionary Statement Regarding Forward Looking Statements” on page 3 in this quarterly report on Form 10-Q (“Quarterly Report”). Actual results could differ materially from those implied or expressed in any forward-looking statements.

Overview

Blue Owl Technology Finance Corp. (the “Company”, “we”, “us” or “our”) is a Maryland corporation formed on July 12, 2018. We were formed primarily to originate and make debt and equity investments in technology-related, specifically software, companies based primarily in the United States. We originate and invest in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. Our investment objective is to maximize total return by generating current income from our debt investments and other income producing securities, and capital appreciation from our equity and equity-linked investments. We may hold our investments directly or through special purpose vehicles.

We are externally managed by Blue Owl Technology Credit Advisors LLC (“the Adviser” or “our Adviser”). The Adviser is registered with the U.S. Securities and Exchange Commission (the “SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), is an indirect affiliate of Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL) and is part of Blue Owl’s Credit platform. Subject to the overall supervision of our board of directors (the “Board”), the Adviser manages our day-to-day operations, and provides investment advisory and management services to us. The Adviser or its affiliates may engage in certain origination activities and receive attendant arrangement, structuring or similar fees. The Adviser is responsible for managing our business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring our investments, and monitoring our portfolio companies on an ongoing basis through a team of investment professionals.

On June 12, 2025, our common stock was listed and began trading on the New York Stock Exchange (“NYSE”) under the symbol “OTF” (the “Exchange Listing”).

Blue Owl consists of three investment platforms: (1) Credit, which includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent investment strategies, (2) Real Assets, which focuses on three primary investment strategies: net lease, real estate credit and digital infrastructure, and (3) GP Strategic Capital, which primarily focuses on acquiring equity stakes in, or providing debt financing to, large, multi-product private equity and private credit firms. The direct lending strategy of Blue Owl’s Credit platform is comprised of the Adviser, Blue Owl Credit Advisors LLC (“OCA”), Blue Owl Technology Credit Advisors II LLC (“OTCA II”), Blue Owl Credit Private Fund Advisors LLC (“OPFA”), and Blue Owl Diversified Credit Advisors LLC (“ODCA” and together with the Adviser, OCA, OTCA II, and OPFA, the “Blue Owl Credit Advisers”), which also are investment advisers. As of June 30, 2026, the Adviser and its affiliates had $158.1 billion of assets under management across Blue Owl’s Credit platform.

The management of our investment portfolio is the responsibility of the Adviser and the Technology Lending Investment Committee. We consider these individuals to be our portfolio managers. The Investment Team is also led by Douglas I. Ostrover, Marc S. Lipschultz and Craig W. Packer and is supported by certain members of the Adviser’s senior executive team and Blue Owl’s Credit platform’s direct lending investment committees. Blue Owl’s four direct lending investment committees each focus on a specific investment strategy (Diversified Lending, Technology Lending, First Lien Lending and Opportunistic Lending). Douglas I. Ostrover, Marc S. Lipschultz, Craig W. Packer and Alexis Maged sit on each of Blue Owl’s Credit platform’s investment committees. In addition to Messrs. Ostrover, Lipschultz, Packer and Maged, the Technology Lending Investment Committee is comprised of Erik Bissonnette, Pravin Vazirani, Jon ten Oever, Arthur Martini and as of August 3, 2026, Matthias Ederer. See “Item 5. — Other Information”. We consider the individuals on the Technology Lending Investment Committee to be our portfolio managers. The Investment Team, under the Technology Lending Investment Committee’s supervision, sources investment opportunities, conducts research, performs due diligence on potential investments, structures our investments and will monitor our portfolio companies on an ongoing basis.

The Technology Lending Investment Committee meets regularly to consider our investments, direct our strategic initiatives and supervise the actions taken by the Adviser on our behalf. In addition, the Technology Lending Investment Committee reviews and determines whether to make prospective investments (including approving parameters or guidelines pursuant to which certain investments may be made or sold consistent with our investment objective), structures financings and monitors the performance of the investment portfolio. Each investment opportunity requires the approval of a majority of the Technology Lending Investment Committee. Follow-on investments in existing portfolio companies may require the Technology Lending Investment Committee’s approval beyond that obtained when the initial investment in the portfolio company was made. In addition, temporary investments, such as those in cash equivalents, U.S. government securities and other high quality debt investments that mature in one year or less,

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may require approval by the Technology Lending Investment Committee. The compensation packages of Technology Lending Investment Committee members from the Adviser include various combinations of discretionary bonuses and variable incentive compensation based primarily on performance for services provided and may include shares of Blue Owl.

We may be prohibited under the Investment Company Act of 1940, as amended (the “1940 Act”) from participating in certain transactions with our affiliates without the prior approval of our directors who are not interested persons and, in some cases, the prior approval of the SEC. We rely on an order for exemptive relief (the “Order”) to co-invest with other funds managed by the Adviser or certain affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to the Order, we generally are permitted to co-invest with certain of our affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Order. The Order requires that a “required majority” (as defined in Section 57(o) of the 1940 Act) of the directors who are not “interested persons” of us, the Adviser, or any of their respective affiliates, as defined in the 1940 Act (“Independent Directors”) make certain conclusions in connection with certain co-investment transactions, including (1) when we co-invest with an affiliated entity (as defined in the co-investment application) in an issuer where an affiliated entity has an existing investment in the issuer unless the transaction is completed on a pro rata basis, and (2) if we dispose of an asset acquired in a co-investment transaction unless the disposition is done on a pro rata basis or the disposition is of a tradable security. Pursuant to the Order, the Board oversees our participation in the co-investment program. As required by the Order, we have adopted, and the Board, including a required majority of the Independent Directors, has approved, policies and procedures reasonably designed to ensure compliance with the conditions of the Order. The Board, including a required majority of the Independent Directors, also reviewed the Co-Investment Policies of the Adviser to ensure that they are reasonably designed to prevent us from being disadvantaged by participation in the co-investment program. The Adviser and our Chief Compliance Officer will also provide reporting to the Board.

The Blue Owl Credit Advisers’ investment allocation policies seek to ensure equitable allocation of investment opportunities and address the co-investment restrictions set forth under the 1940 Act. As a result of the Order, there could be significant overlap in our investment portfolio and the investment portfolio of the business development companies (“BDCs”), interval fund, private funds and separately managed accounts managed by the Blue Owl Credit Advisers (collectively, the “Blue Owl Credit Clients”) and/or other funds managed by the Adviser or its affiliates that avail themselves of the Order. In addition, the Adviser and its affiliates are permitted to allocate an investment to a number of products across platforms that it views as appropriate for the particular investment objectives, strategies and characteristics of such products.

On September 24, 2018, we formed a wholly-owned subsidiary, OR Tech Lending LLC, a Delaware limited liability company, which holds a California finance lenders license. OR Tech Lending LLC originates loans to borrowers headquartered in California. From time to time we may form wholly-owned subsidiaries to facilitate the normal course of business.

We have elected to be regulated as a BDC under the 1940 Act and have elected to be treated as a regulated investment company (“RIC”) for U.S. federal income tax purposes. As a result, we are required to comply with various statutory and regulatory requirements, such as:

•the requirement to invest at least 70% of our assets in “qualifying assets”, as such term is defined in the 1940 Act;

•source of income limitations;

•asset diversification requirements; and

•the requirement to distribute (or be treated as distributing) in each taxable year the sum of at least (i) 90% of our investment company taxable income and (ii) 90% of our tax-exempt interest for that taxable year.

In addition, we will not invest more than 20% of our total assets in companies whose principal place of business is outside the United States, although we do not generally intend to invest in companies whose principal place of business is in an emerging market and we have adopted a policy to invest, under normal circumstances at least 80% of the value of our total assets in “technology-related” businesses (as defined below).

On March 24, 2025, we consummated the transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement”), dated November 12, 2024, with Blue Owl Technology Finance Corp. II, a Maryland corporation (“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 OTCA II, investment adviser to OTF II. In connection therewith, Merger Sub merged with and into OTF II, with OTF II continuing as the surviving company and our wholly-owned subsidiary and, immediately thereafter, OTF II merged with and into us, and we continued as the surviving company (together, the “Mergers”).

Our Investment Framework

We are a Maryland corporation formed primarily to originate and make loans to and make debt and equity investments in, technology-related companies based primarily in the United States, with an emphasis on enterprise software investments. We originate and invest in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. Our investment objective is to maximize total return by generating current income from debt investments and other income producing securities, and capital appreciation from our equity and equity-linked investments. We may hold our

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investments directly or through special purpose vehicles. Since our Adviser’s affiliates began investment activities in April 2016 through June 30, 2026, the Blue Owl Credit Advisers have originated $197.54 billion aggregate principal amount of investments across multiple industries, of which $193.23 billion of aggregate principal amount of investments prior to any subsequent exits or repayments was retained by either us or a corporation or fund advised by our Adviser or its affiliates.

We invest at least 80% of the value of our total assets in “technology-related” companies. We define technology-related companies as those that (i) operate directly in the technology industry, which includes, but is not limited to, application software, systems software, healthcare technology, information technology, technology services and infrastructure, financial technology and internet and digital media, (ii) operate indirectly through their reliance on technology (i.e., utilizing scientific knowledge or technology-enabled techniques, skills, methods, devices or processes to deliver goods and/or services) or (iii) seek to grow through technological advancements and innovations. We invest in a broad range of established and high growth technology-related companies with a focus on large, established enterprise software companies across a variety of end-markets that are capitalizing on the large and growing demand for software products and services. Within enterprise software we currently focus on investing in application software, which represents the operating layer for core business functions; systems and infrastructure software, which is the defense layer that protects enterprise data and networks and of which cybersecurity is a large component; and fintech and payments software, which provide critical means for the global movement of capital.

The companies in which we invest use our capital primarily to support their growth, acquisitions, market or product expansion, refinancings and/or recapitalizations. The debt in which we invest is generally not rated by any rating agency, but if these instruments were rated, they would likely receive a rating of below investment grade (that is, below BBB- or Baa3), which is often referred to as “high yield” or “junk”.

We leverage Blue Owl’s relationships and existing origination capabilities to focus our investments in companies with an enterprise value of at least $250 million and that are typically backed by institutional investors that are active investors in and have an expertise in technology companies and technology-related industries. We expect that our target investments typically will have maturities between three and ten years and generally range in size between $20 million and $500 million. Our expected portfolio composition will be majority debt or income producing securities, in particular directly originated debt investments, with a lesser allocation to equity related opportunities. On these investments, we typically invest at a low loan-to-value ratio, which we consider to be 50% or below. As of June 30, 2026, the loan-to-value ratio in our portfolio was 40.3%. We anticipate that generally any equity related securities we hold will be minority positions. We expect that our investment size will vary with the size of our capital base and that our average investment size will be 0.5-1.5% of our entire portfolio with no investment size greater than 5%; however, from time to time certain of our investments may comprise greater than 5%.

As of June 30, 2026, our average investment size in each of our portfolio companies was approximately $71.6 million based on fair value. In addition, we generally do not intend to invest more than 20% of our total assets in companies whose principal place of business is outside the United States, although we do not generally intend to invest in companies whose principal place of business is in an emerging market. Our portfolio composition may fluctuate from time to time based on market conditions and interest rates.

We expect that our portfolio composition will be comprised predominantly of directly originated debt and income producing securities, with a lesser allocation to equity or equity-linked opportunities. Our debt investments may be structured as annualized recurring revenue (“ARR”) loans, which are loans made to a company that may not currently be EBITDA positive because it has strategically determined to postpone profitability in favor of acquiring customers that will generate a high lifetime value over time. Generally, our ARR loans are made to high growth technology companies with a stable base of existing customers, providing strong revenue visibility. We believe the recurring revenue market to be underserved and find that ARR loans often have attractive risk adjusted return profiles, in the form of pricing, credit documentation, and /or loan-to-values, relative to the broader market. Our ARR loans, as a percentage of our portfolio, have decreased from its peak, and as we seek to originate additional loans we expect to increase our exposure to ARR loans.

We may also invest a portion of our portfolio in opportunistic investments and publicly traded debt investments and we may evaluate and enter into strategic portfolio transactions that may result in additional portfolio companies that we are considered to control. These types of investments are intended to supplement our core strategy and further enhance returns to our shareholders. These investments may include high-yield bonds and broadly syndicated loans, including “covenant lite” loans (as defined below), and other publicly traded debt instruments, typically originated and structured by banks on behalf of large corporate borrowers with employee counts, revenues, EBITDAs and enterprise values larger than those of middle-market companies, where we focus, and equity investments in portfolio companies that make senior secured loans or invest in broadly syndicated loans, structured products, asset-based solutions or other forms of specialty finance, which may include, but is not limited to, investments such as life settlements, royalty interests and equipment finance.

Covenants are contractual restrictions that lenders place on companies to limit the corporate actions a company may pursue. The loans in which we expect to invest may have financial maintenance covenants, which are used to proactively address materially adverse changes in a portfolio company’s financial performance, or may take the form of “covenant-lite” loans, which generally refers to loans that do not have a complete set of financial maintenance covenants. Generally, “covenant-lite” loans provide borrowers more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be

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breached following an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Accordingly, to the extent we invest in “covenant-lite” loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.

As of June 30, 2026, excluding certain investments that fall outside of our typical borrower profile, debt investments, at fair value comprised 74.47% of our portfolio company investments; these portfolio companies had weighted average annual revenue of $953 million, weighted average annual EBITDA of $291 million, an average interest coverage of 2.03x and an average net loan-to value of 40.3%.

Key Components of Our Results of Operations

Investments

We focus primarily on originating and making debt and equity investments in technology-related (specifically software) companies based primarily in the United States.

Our level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make.

In addition, as part of our risk strategy on investments, we may reduce the levels of certain investments through partial sales or syndication to additional lenders.

Revenues

We generate revenues primarily in the form of interest income from the investments we hold. In addition, we may generate income from dividends on either direct equity investments or equity interests obtained in connection with originating loans, such as options, warrants or conversion rights. Our debt investments typically have a term of three to ten years. As of June 30, 2026, 96.7% of our debt investments based on fair value bear interest at a floating rate, subject to interest rate floors, in certain cases. Interest on our debt investments is generally payable either monthly or quarterly.

Our investment portfolio consists primarily of floating rate loans. Macro trends in base interest rates like the Secured Overnight Financing Rate (“SOFR”), and any other alternative reference rates may affect our net investment income over the long term. However, because we generally intend to originate loans to a small number of portfolio companies each quarter, and those investments may vary in size, our results in any given period, including the interest rate on investments that may be sold or repaid in a period compared to the interest rate of new investments made during that period, may be idiosyncratic, and reflect the characteristics of the particular portfolio companies that we invested in or exited during the period and not necessarily any trends in our business or macro trends. Generally, because our portfolio consists primarily of floating rate loans, we expect our earnings to benefit from a prolonged higher rate environment.

Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts under U.S. generally accepted accounting principles (“U.S. GAAP”) as interest income using the effective yield method for term instruments and the straight-line method for revolving or delayed draw instruments. Repayments of our debt investments can reduce interest income from period to period. The frequency or volume of these repayments may fluctuate significantly. We record prepayment premiums on loans as interest income. We may also generate revenue in the form of commitment, loan origination, structuring, or due diligence fees, fees for providing managerial assistance to our portfolio companies and possibly consulting fees.

Dividend income on equity investments is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded companies.

Our portfolio activity will also reflect the proceeds from sales of investments. We will recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized gains (losses) on investments in the Consolidated Statements of Operations.

Expenses

Our primary operating expenses include the payment of the management fee, the incentive fee, expenses reimbursable under the Administration Agreement and Investment Advisory Agreement, legal and professional fees, interest and other debt expenses, and other operating expenses. The management fee and incentive fee compensate our Adviser for work in identifying, evaluating, negotiating, closing, monitoring and realizing our investments.

Except as specifically provided below, we anticipate that all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory and management services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. In addition,

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the Adviser shall be solely responsible for any placement or “finder’s” fees payable to placement agents engaged by us or our affiliates in connection with the offering of securities by us. We will bear our allocable portion of the costs of the compensation, benefits and related administrative expenses (including travel expenses) of our officers who provide operational and administrative services hereunder, their respective staffs and other professionals who provide services to us (including, in each case, employees of the Adviser or an affiliate) who assist with the preparation, coordination, and administration of the foregoing or provide other “back office” or “middle office” financial or operational services to us. We shall reimburse the Adviser (or its affiliates) for an allocable portion of the compensation paid by the Adviser (or its affiliates) to such individuals (based on a percentage of time such individuals devote, on an estimated basis, to our business affairs and in acting on our behalf). We also will bear all other costs and expenses of our operations, administration and transactions, including, but not limited to (i) investment advisory fees, including Management Fees and Incentive Fees, to the Adviser, pursuant to the Investment Advisory Agreement; (ii) our allocable portion of overhead and other expenses incurred by the Adviser in performing its administrative obligations under the Investment Advisory Agreement and (iii) all other costs and expenses of our operations and transactions including, without limitation, those relating to:

•the cost of our organization and any offerings;

•the cost of calculating our net asset value, including the cost of any third-party valuation services;

•the cost of effecting any sales and repurchases of the common stock and other securities;

•fees and expenses payable under any dealer manager agreements, if any;

•debt service and other costs of borrowings or other financing arrangements;

•costs of hedging;

•expenses, including travel expense, incurred by the Adviser, or members of the investment team, or payable to third parties, performing due diligence on prospective portfolio companies and, if necessary, enforcing our rights;

•escrow agent, transfer agent and custodial fees and expenses;

•fees and expenses associated with marketing efforts;

•federal and state registration fees, any stock exchange listing fees and fees payable to rating agencies;

•U.S. federal, state and local taxes;

•independent directors’ fees and expenses, including certain travel expenses;

•costs of preparing financial statements and maintaining books and records and filing reports or other documents with the SEC (or other regulatory bodies) and other reporting and compliance costs, including registration fees, listing fees and licenses, and the compensation of professionals responsible for the preparation of the foregoing;

•costs of any reports, proxy statements or other notices to our shareholders (including printing and mailing costs);

•costs of any shareholder or director meetings and the compensation of personnel responsible for the preparation of the foregoing and related matters;

•commissions and other compensation payable to brokers or dealers;

•research and market data;

•fidelity bond, directors and officers errors and omissions liability insurance and other insurance premiums;

•direct costs and expenses of administration, including printing, mailing, long distance telephone and staff;

•fees and expenses associated with independent audits, outside legal and consulting costs;

•costs of winding up;

•costs incurred in connection with the formation or maintenance of entities or vehicles to hold our assets for tax or other purposes;

•extraordinary expenses (such as litigation or indemnification); and

•costs associated with reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws.

We expect, but cannot ensure, that our general and administrative expenses will increase in dollar terms during periods of asset growth, but will decline as a percentage of total assets during such periods.

Leverage

The amount of leverage we use in any period depends on a variety of factors, including cash available for investing, the cost of financing and general economic and market conditions. On August 7, 2018, we received shareholder approval that allowed us to reduce our asset coverage ratio from 200% to 150%, effective as of August 8, 2018. As a result, we are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to the common stock if our asset coverage, as defined in the 1940 Act, would at least be equal to 150% immediately after each such issuance. This reduced asset coverage ratio permits us to double the amount of leverage we can incur. For example, under a 150% asset coverage ratio we may borrow $2 for

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investment purposes of every $1 of investor equity whereas under a 200% asset coverage ratio we may only borrow $1 for investment purposes for every $1 of investor equity. Our current target leverage ratio is 0.90x-1.25x.

In any period, our interest expense will depend largely on the extent of our borrowing and we expect interest expense will increase as we increase our leverage over time subject to the limits of the 1940 Act. In addition, we may dedicate assets to financing facilities.

Market Trends

Broader geopolitical developments, including the conflict involving Iran, have contributed to elevated market volatility, even if they have not altered the fundamental operating environment for the U.S. companies in which we invest. We actively monitor these dynamics alongside other sources of risk. As part of our standard valuation and risk management processes, we conduct reviews of every investment in our portfolio on a quarterly basis and take additional, proactive steps to reassess risk across our portfolio through thematic stress tests. Year-to-date, our regular course portfolio monitoring and risk-specific stress tests, including those related to tariffs and artificial intelligence, suggest that our portfolio is well positioned, supported by borrowers with strong business fundamentals and defensive characteristics.

We believe the technology investment lending environment provides opportunities for us to meet our goal of making investments that generate an attractive total return based on a combination of the following factors.

Limited Availability of Capital for Technology, Specifically Enterprise Software, Companies — We believe that technology companies have limited access to capital, driven by a lack of dedicated pools of capital focused on technology companies. Traditional lenders, such as commercial and investment banks, generally do not have flexible product offerings that meet the needs of technology-related companies and there has been a reduction in activity from commercial and investment banks as a result of regulatory and structural factors, industry consolidation and general risk aversion. In recent years, many commercial and investment banks have focused their efforts and resources on lending to large corporate clients and managing capital markets transactions rather than lending to technology-related companies. In addition, these lenders may be constrained in their ability to underwrite and hold loans and high yield securities, as well as their ability to provide equity financing, as they seek to meet existing and future regulatory capital requirements. We also believe that there is a lack of scaled market participants that are willing to provide and hold meaningful amounts of a customized financing solution for technology companies. As a result, we believe our focus on technology-related companies and our ability to invest across the capital structure, coupled with a limited supply of capital providers, presents an attractive opportunity to invest in technology companies.

Capital Markets Have Been Unable to Fill the Void Left by Banks — Access to the underwritten bond and syndicated loan markets is challenging for many technology companies due to loan size and liquidity. For example, high yield bonds are generally purchased by institutional investors such as mutual funds and exchange traded funds (“ETFs”) who, among other things, are highly focused on the liquidity characteristics of the bond being issued in order to fund investor redemptions and/or comply with regulatory requirements. Accordingly, the existence of an active secondary market for bonds is an important consideration in these entities’ initial investment decision. Syndicated loans arranged through a bank are done either on a “best efforts” basis or are underwritten with terms plus provisions that permit the underwriters to change certain terms, including pricing, structure, yield and tenor, otherwise known as “flex”, to successfully syndicate the loan, in the event the terms initially marketed are insufficiently attractive to investors. Loans provided by companies such as ours provide certainty to issuers in that we can commit to a given amount of debt on specific terms, at stated coupons and with agreed upon fees. As we are the ultimate holder of the loans, we do not require market “flex” or other arrangements that banks may require when acting on an agency basis. In addition, our Adviser has teams focused on both liquid credit and private credit and these teams are able to collaborate with respect to syndicated loans.

Secular Trends Supporting Growth for Private Credit — According to Gartner, a research and advisory company, global technology spend was $5.6 trillion in 2025 and is expected to grow to more than $6.2 trillion in 2026. We believe global demand for technology products and services will continue to grow rapidly, and that growth will stimulate demand for capital from technology companies which will continue to require access to capital to refinance existing debt, support growth and finance acquisitions. We believe that periods of market volatility, including volatility experienced in recent years driven by uncertainty regarding inflation, interest rates and monetary policy, geopolitical conditions, technological change, and exogenous shocks such as those to public health, have accentuated the advantages of private credit. The availability of capital in the liquid credit market is highly sensitive to market conditions whereas we believe private lending has proven to be a stable and reliable source of capital through periods of volatility. The availability of capital in the liquid credit market is highly sensitive to market conditions whereas we believe private lending has proven to be a stable and reliable source of capital through periods of volatility. We believe the opportunity set for private credit will continue to expand even as the public markets remain open. Financial sponsors and companies today are familiar with direct lending and have seen firsthand the strong value proposition that a private solution can offer. Scale, certainty of execution and flexibility all provide borrowers with a compelling alternative to the syndicated and high yield markets. Based on our experience, larger, higher quality credits that have traditionally been issuers in the syndicated and high yield markets are increasingly seeking private solutions independent of credit market conditions. In our view, this is supported by financial sponsors wanting to work with collaborative financing partners that have scale and breadth of capabilities. This has driven substantial growth in direct lending portfolio companies over time. Given the dynamics mentioned above, we believe this trend is poised to continue and the large amount of uninvested capital

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held by funds of private equity firms, estimated by Preqin Ltd., an alternative assets industry data and research company, to be $2.7 trillion as of December 31, 2025, will continue to serve as a tailwind to the space.

Attractive Investment Dynamics — With respect to the debt investments in technology companies, we believe the directly negotiated nature of such financings generally provides more favorable terms to the lender, including stronger covenant and reporting packages, better call protection, and lender protective change of control provisions. Further, we believe that historical default rates for technology and software companies have been lower, and recovery rates have been higher, as compared to the broader leveraged finance market, leading to lower cumulative losses. With respect to equity and equity-linked investments, we will seek to structure these investments with meaningful shareholder protections, including, but not limited to, anti-dilution, anti-layering, and liquidation preferences, which we believe will create the potential for meaningful risk-adjusted long-term capital gains in connection with the future liquidity events of these technology companies. Lastly, we believe that in the current environment, lenders with available capital may be able to take advantage of attractive investment opportunities and may be able to achieve improved economic spreads and documentation terms as financing activity rebounds from modest levels.

Compelling Business Models — We believe that the products and services that technology companies, and more specifically enterprise software businesses, provide often have high switching costs and are fundamental to the operations and success of their customers across diverse industries. We generally invest in scaled or growing players in niche markets that are selling mission critical products to established customer bases. As a result, technology companies with a focus on enterprise software have attributes that make them compelling investments, including strong customer retention rates, high switching costs and highly contracted cash flows which leads to recurring and predictable revenue. Further, technology companies with a focus on enterprise software are typically highly capital efficient, with limited capital expenditures and high free cash flow conversion. In addition, the replicable nature of technology products, specifically enterprise software, creates substantial operating leverage which typically results in strong profitability, lower loan to value ratios, high revenue retention, high gross margins and stable sale efficiency.

We believe that enterprise software businesses make compelling investments because they are inherently diversified into a variety of sectors due to end market applications and have been one of the more defensive sectors throughout economic cycles. Within enterprise software we currently focus on investing in application software, which represents the operating layer for core business functions; systems and infrastructure software, which is the defense layer that protects enterprise data and networks and of which cybersecurity is a large component; and fintech and payments software, which provide critical means for the global movement of capital. We believe that these categories of enterprise software play specific, functional roles that will be difficult to bypass even as technology shifts because the need for auditability, control and data integrity will remain constant and these categories of software will provide a stable layer through which new technology is governed and executed.

Attractive Opportunities in Investments in Technology Companies — We invest in the debt and equity of technology companies. We believe that opportunities in the debt of technology companies are significant because of the floating rate structure of most senior secured debt issuances and because of the strong defensive characteristics of these types of investments. We believe that debt issued with floating interest rates offer a superior return profile as compared with fixed-rate investments, since floating rate structures are generally less susceptible to declines in value experienced by fixed-rate securities in a rising interest rate environment.

Senior secured debt provides strong defensive characteristics because it has priority in payment among an issuer’s security holders whereby holders are due to receive payment before junior creditors and equity holders. Further, these investments are generally secured by the issuer’s assets, which may provide protection in the event of a default. We also make recurring revenue loans to companies that have made a strategic decision to postpone profitability in favor of acquiring customers that will generate a high lifetime value over time. We believe that recurring revenue loans provide attractive credit characteristics including covenant protections, lower loan-to-values and/or premium pricing.

We believe that opportunities in the equity of technology companies are significant because of the potential to generate meaningful capital appreciation by participating in the growth in the portfolio company and the demand for its products and services. We find many of these opportunities are in the form of preferred equities, where there is the opportunity to invest in large, established companies through structures that protect invested capital and also offer upside opportunities. Moreover, we believe that the high-growth profile of a technology company will generally make it a more attractive candidate for a liquidity event than a company in a non-high growth industry. We believe the technology investment lending environment provides opportunities for us to meet our goal of making investments that generate an attractive total return based on a combination of the foregoing factors.

Portfolio and Investment Activity

Our business is impacted by conditions in the financial markets and economic conditions in the United States, and to a lesser extent, globally.

During the second quarter of 2026, global equity and debt markets adapted to shifts in expectations around major themes such as inflation and the trajectory of interest rates as well as ongoing geopolitical relations and the impact to energy prices. Stronger than previously indicated jobs growth and sticky inflation drove expectations of rate hikes, a reversal away from the forward rate cuts anticipated at the beginning of the second quarter. Deescalation in the Middle East, directional but not linear throughout the quarter,

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drove energy prices lower. Equity market dispersion continued, with single stock volatility outpacing index volatility by a wide margin as artificial intelligence (“AI”) hardware and other perceived beneficiaries of AI spend continued to drive thematic investment.

The 10-year Treasury yield ended the second quarter of 2026 approximately 15 basis points higher than March 31, 2026 and experienced a peak to trough range of more than 40 basis points during the quarter. The CBOE Volatility Index peaked above 25 during the second quarter of 2026, but mostly sat below 20 as tensions in the Middle East eased throughout the quarter.

We continue to approach this environment conservatively. Credit performance remains strong, market spreads have widened compared to year end and leverage remains low. As a result, although we anticipate that software deal activity will remain tempered, we have ample available capital to deploy into attractive risk-adjusted opportunities that meet our return and credit standards, some of which may include incumbent transactions where we often achieve enhanced economics or lender protections, and continue to invest in adjacent technology areas, including digital infrastructure and life sciences, where we believe we can generate attractive, less correlated returns over time. We have also continued to invest in our specialty finance vehicles and joint ventures where we continue to see opportunities for higher returns that are less correlated with our core direct lending strategy.

Specifically, we invest in Credit SLF and Blue Owl Leasing and specialty financing portfolio companies, including Fifth Season Investments LLC (“Fifth Season”), LSI Financing 1 DAC (“LSI Financing DAC”), LSI Financing LLC (“LSI Financing LLC”), AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin AssetCo”) and Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC) (“BOCSO”). See “Specialty Financing Portfolio Companies” and “Joint Ventures.” These companies may use our capital to support acquisitions which could lead to increased dividend income across well-diversified underlying portfolios. We also intend to identify ways to participate in growth of various industries as a result of AI. In the future, we may evaluate cross-platform opportunities to invest in data center assets and AI related equipment such as graphic processing units.

Blue Owl serves as the lead, co-lead or administrative agent on many of our investments and the majority of our investments are supported by sophisticated financial sponsors who provide operational and financial resources. As of June 30, 2026, 74.5% of our portfolio at fair value is primarily comprised of first or second lien loans. These positions have a weighted average annual revenue of $953.2 million, weighted average annual EBITDA of $290.8 million, and a weighted average enterprise value of $5.7 billion. 12.6% of our portfolio at fair value is primarily comprised of unsecured debt and equity investments. These positions have a weighted average annual revenue of $1.7 billion and enterprise value of $15.4 billion. These statistics exclude certain strategic portfolio transactions and investments that fall outside of our typical borrower profile, which comprise 12.9% of the book at fair value. In addition, Blue Owl’s direct lending strategy continues to invest in, and is often the lead lender or administrative agent on, transactions in excess of $1 billion in size, which gives us the ability to structure the terms of such deals to maximize deal economics and credit protection and provide customized flexible solutions. The average hold size of Blue Owl’s direct lending strategy’s new investments is approximately $350 million (up from approximately $200 million in 2021) and average total new deal size is approximately $1.5 billion (up from approximately $600 million in 2021).

We believe the construction of our current portfolio coupled with our experienced investment team and strong underwriting standards leave us well-positioned for the current economic environment. Many of the companies in which we invest are continuing to see modest growth in both revenues and EBITDA and our ARR loans continue to experience strong credit performance. However, in the event of future geopolitical, economic or financial market instability, in the U.S. and elsewhere, it is possible that the results of some of the middle-market companies similar to those in which we invest could be challenged.

Overall the value of our portfolio remained stable from last quarter, which we believe is a result of the strength and resiliency of our borrowers’ underlying fundamentals. Generally we are not seeing a meaningful increase in amendment activity, requests for increased revolver borrowings, missed payments, or other signs of an overall, broad deterioration in our results or those of our portfolio companies at this time although there can be no assurance that the performance of certain of our portfolio companies will not be negatively impacted by economic conditions, which could have a negative impact on our future results. Substantially all of our payment-in-kind (“PIK”) was structured as PIK from inception and not implemented as a result of credit underperformance.

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Our technology portfolio is managed by 40 dedicated investment professionals who assess the risks and opportunities of our prospective and existing investments, which has included those related to AI, for many years. We believe that our portfolio companies are well positioned to evolve as a result of developments in AI. We remain focused on scaled companies that offer mission-critical solutions to established customer bases, with strong customer retention rates and high switching costs. We seek to invest in companies that offer a depth of broad, integrated solutions and product offerings across a geographic diversity and we emphasize agile, adaptable technology that enables fast integration of AI and other emerging technologies to maintain a competitive edge. Within enterprise software we currently focus on investing in application software, which represents the operating layer for core business functions; systems and infrastructure software, which is the defense layer that protects enterprise data and networks and of which cybersecurity is a large component; and fintech and payments software, which provide critical means for the global movement of capital. We believe that these categories of enterprise software play specific, functional roles that will be difficult to bypass even as technology shifts because the need for auditability, control and data integrity will remain constant and these categories of software will provide a stable layer through which new technology is governed and executed. We also intend to identify ways to participate in growth of various industries as a result of AI. In the future, we may evaluate cross-platform opportunities to invest in data center assets and AI related equipment such as graphic processing units.

As of June 30, 2026, based on fair value, our portfolio consisted of 77.8% first lien senior secured debt investments (of which 56% we consider to be unitranche debt investments (including “last out” portions of such loans)), 3.3% second lien senior secured debt investments, 3.2% unsecured debt investments, 0.3% specialty finance debt investments, 6.5% preferred equity investments, 5.1% common equity investments, 3.5% specialty finance equity investments, and 0.3% joint ventures.

As of June 30, 2026, our weighted average total yield of the portfolio at fair value and amortized cost was 8.9% and 8.7%, respectively, and our weighted average yield of debt and income producing securities at fair value and amortized cost was 9.6% and 9.3%, respectively. Refer to our weighted average yields and interest rates table for more information on our calculation of weighted average yields. As of June 30, 2026, the weighted average spread of floating rate debt investments was 5.3%.

As of June 30, 2026, we had investments in 205 portfolio companies with an aggregate fair value of $14.7 billion. Our current target leverage ratio is 0.90x to 1.25x. As of June 30, 2026, we had net leverage of 0.93x debt-to-equity

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Our investment activity for the following periods is presented below (information presented herein is at par value unless otherwise indicated):


	For the Three Months Ended June 30,
($ in thousands)	2026			2025
New investment commitments:
Gross originations	$	864,056		$	1,473,048
Less: Sell downs	(12,500)			—
Total new investment commitments	$	851,556		$	1,473,048
Principal amount of new investments funded:
First-lien senior secured debt investments	$	510,968		$	976,328
Second-lien senior secured debt investments	—			130,219
Unsecured debt investments	—			—
Specialty finance debt investments	—			2,336
Preferred equity investments	—			32,375
Common equity investments	30,667			1,807
Specialty finance equity investments	4,989			43,387
Joint venture investments	4,719			8,124
Total principal amount of new investments funded	$	551,343		$	1,194,576

Drawdowns (repayments) on revolvers and delayed draw term loans, net	$	148,515		$	84,243

Principal amount of investments sold or repaid:
First-lien senior secured debt investments(1)	$	(164,447)		$	(604,750)
Second-lien senior secured debt investments	—			(101,007)
Unsecured debt investments	(2,389)			(30,661)
Specialty finance debt investments	—			—
Preferred equity investments	(25,020)			(7,616)
Common equity investments	(9,997)			(7,148)
Specialty finance equity investments	(20,494)			(5,089)
Joint venture investments	—			—
Total principal amount of investments sold or repaid	$	(222,347)		$	(756,271)

Number of new investment commitments in new portfolio companies(2)	6			9
Average new investment commitment amount in new portfolio companies	$	111,258		$	84,276
Weighted average term for new investment commitments (in years)	6.5			6.0
Percentage of new debt investment commitments at floating rates	100.0		%	99.9		%
Percentage of new debt investment commitments at fixed rates	—		%	0.1		%
Weighted average interest rate of new investment commitments(3)	9.0		%	9.8		%
Weighted average spread over applicable base rate of new debt investment commitments at floating rates	5.3		%	5.5		%

_______________

(1)Includes scheduled paydowns.

(2)Number of new investment commitments represents commitments to a particular portfolio company.

(3)Assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 3.73% and 4.29% as of June 30, 2026 and 2025, respectively.

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The table below presents our investments as of the following periods:


	June 30, 2026				December 31, 2025
($ in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First-lien senior secured debt investments(1)	$	11,674,158	$	11,444,661	$	10,983,810	$	10,979,070
Second-lien senior secured debt investments	597,545		478,763		601,494		568,641
Unsecured debt investments	460,040		464,478		467,464		477,128
Specialty finance debt investments	40,772		40,774		37,449		37,452
Preferred equity investments	1,155,595		951,696		1,127,105		1,072,481
Common equity investments	545,784		747,669		504,733		722,100
Specialty finance equity investments	488,433		515,617		351,675		375,812
Joint ventures	40,466		36,880		53,483		53,355
Total Investments	$	15,002,793	$	14,680,538	$	14,127,213	$	14,286,039

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(1)We consider 56% and 61% of first-lien senior secured debt investments to be unitranche loans as of June 30, 2026 and December 31, 2025, respectively.

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We use GICS for classifying the industry groupings of our portfolio companies. The table below presents the industry composition of investments based on fair value as of the following periods:


	June 30, 2026		December 31, 2025
Aerospace & Defense	2.6	%	2.7	%
Airlines	0.3		0.3
Air Freight & Logistics	0.6		—
Application Software	15.3		13.6
Asset Based Lending and Fund Finance (6)	0.7		0.4
Banks	0.1		0.3
Beverages (1)	0.0		0.0
Building Products	0.3		0.5
Buildings & Real Estate	1.3		1.3
Capital Markets	1.9		0.8
Commercial Services & Supplies	0.2		0.2
Construction & Engineering	0.2		0.2
Consumer Finance	0.4		0.5
Diversified Consumer Services	2.3		3.3
Diversified Financial Services (2)	9.9		9.8
Diversified Support Services	0.2		0.2
Entertainment	1.5		1.4
Equity Real Estate Investment Trusts (REITs)	0.7		0.8
Food & Staples Retailing	1.3		1.3
Health Care Equipment & Supplies	2.0		2.0
Health Care Providers & Services	2.9		3.4
Health Care Technology	12.4		13.9
Hotels, Restaurants & Leisure	—		0.8
Household Durables	0.5		0.6
Industrial Conglomerates	0.7		0.7
Insurance (3)	3.7		4.4
Internet & Direct Marketing Retail	1.8		2.2
IT Services	3.6		4.2
Joint Ventures(4)	0.3		0.4
Life Sciences Tools & Services	2.3		2.1
Media	0.9		0.9
Multiline Retail	0.2		0.2
Pharmaceuticals (5)	1.8		1.0
Professional Services	6.4		6.1
Real Estate Management & Development	1.7		0.2
Road & Rail	0.1		0.1
Specialty Retail	0.9		0.8
Systems Software	17.5		17.9
Thrifts & Mortgage Finance (1)	0.0		0.0
Wireless Telecommunication Services	0.5		0.5
Total	100.0	%	100.0	%

_______________

(1)As of June 30, 2026 or December 31, 2025, our investment rounds to less than 0.1% of the fair value of the portfolio.

(2)Includes debt and equity investment in Amergin AssetCo.

(3)Includes equity investment in Fifth Season.

(4)Includes equity investment in Credit SLF, Blue Owl Leasing, and as of December 31, 2025, Stripe Blue Owl Holdings LLC (“Stripe Blue Owl”).

(5)Includes equity investment in LSI Financing DAC and LSI Financing LLC.

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(6)Includes equity investment in BOCSO.

We classify the industries of our portfolio companies by end-market (such as health care technology) and not by the product or services (such as software) directed to those end-markets.

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


	June 30, 2026		December 31, 2025
United States:
Midwest	16.2	%	16.3	%
Northeast	21.2		21.8
South	25.5		24.2
West	26.5		27.8
United Kingdom	5.4		5.5
Canada	2.5		2.3
Other international	2.7		2.1

Total	100.0	%	100.0	%

The table below presents the weighted average yields and interest rates of our investments at fair value as of the following periods:


	June 30, 2026		December 31, 2025
Weighted average total yield of portfolio(1)	8.9	%	8.8	%
Weighted average total yield of debt and income producing securities(1)	9.6	%	9.6	%
Weighted average interest rate of debt securities	8.9	%	9.0	%
Weighted average spread over base rate of floating rate debt investments	5.3	%	5.4	%

_______________

(1)For non-stated rate income producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending fair value. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annualized.

The weighted average yield of our debt and income producing securities is not the same as a return on investment for our shareholders but, rather, relates to a portion of our investment portfolio and is calculated before the payment of all of our and our subsidiaries’ fees and expenses. The weighted average yield was computed using the effective interest rates as of each respective date, including accretion of original issue discount and loan origination fees, but excluding investments on non-accrual status, if any. There can be no assurance that the weighted average yield will remain at its current level.

Our Adviser monitors our portfolio companies on an ongoing basis. It monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action with respect to each portfolio company. Our Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

•assessment of success of the portfolio company in adhering to its business plan and compliance with covenants;

•periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments;

•comparisons to other companies in the portfolio company’s industry; and

•review of monthly or quarterly financial statements and financial projections for portfolio companies.

An investment will be placed on the Adviser's credit watch list when select events occur and will only be removed from the watch list with oversight of the Technology Lending Investment Committee and/or other agents of Blue Owl’s credit platform. Once an investment is on the credit watch list, the Adviser works with the borrower to resolve any financial stress through amendments, waivers or other alternatives. If a borrower defaults on its payment obligations, the Adviser's focus shifts to capital recovery. If an investment needs to be restructured, the Adviser’s workout team partners with the investment team and all material amendments, waivers and restructurings require the approval of a majority of the Technology Lending Investment Committee.

As part of the monitoring process, our Adviser employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Adviser rates the credit risk of all investments on a scale of 1 to 5. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors.

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The rating system is as follows:


Investment Rating						Description
1						Investments with a rating of 1 involve the least amount of risk to our initial cost basis. The borrower is performing above expectations, and the trends and risk factors for this investment since origination or acquisition are generally favorable;
2						Investments rated 2 involve an acceptable level of risk that is similar to the risk at the time of origination or acquisition. The borrower is generally performing as expected and the risk factors are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a rate of 2;
3						Investments rated 3 involve a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination or acquisition;
4						Investments rated 4 involve a borrower performing materially below expectations and indicates that the loan’s risk has increased materially since origination or acquisition. In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due (but generally not more than 120 days past due); and
5						Investments rated 5 involve a borrower performing substantially below expectations and indicates that the loan’s risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 5 are not anticipated to be repaid in full and we will reduce the fair value of the loan to the amount we anticipate will be recovered.

Our Adviser rates the investments in our portfolio at least quarterly and it is possible that the rating of a portfolio investment may be reduced or increased over time. For investments rated 3, 4 or 5, our Adviser enhances its level of scrutiny over the monitoring of such portfolio company.

The Adviser has built out its portfolio management team to include workout experts who closely monitor our portfolio companies and who, on at least a quarterly basis, assess each portfolio company’s operational and liquidity exposure and outlook to understand and mitigate risks; and, on at least a monthly basis, evaluates existing and newly identified situations where operating results are deviating from expectations. As part of its monitoring process, the Adviser focuses on projected liquidity needs and where warranted, re-underwriting credits and evaluating downside and liquidation scenarios. The Adviser focuses on downside protection by leveraging existing rights available under our credit documents; however, for investments that are significantly underperforming or which may need to be restructured, the Adviser’s workout team partners with the investment team and all material amendments, waivers and restructurings require the approval of a majority of the Technology Lending Investment Committee. As of June 30, 2026, two of our portfolio companies are on non-accrual. In the second quarter of 2026, we had one new portfolio company on non-accrual. Our average annual net gain (loss) ratio is 0.27%.

The table below presents the composition of our portfolio on the 1 to 5 rating scale as of the following periods:


	June 30, 2026				December 31, 2025
Investment Rating	Investments at Fair Value		Percentage of Total Portfolio		Investments at Fair Value		Percentage of Total Portfolio
($ in thousands)
1	$	1,559,241	10.6	%	$	1,653,599	11.6	%
2	12,011,601		81.8		11,366,623		79.6
3	1,036,830		7.1		1,185,876		8.3
4	72,866		0.5		75,251		0.5
5(1)	—		—		4,690		—
Total	$	14,680,538	100.0	%	$	14,286,039	100.0	%

_______________

(1)The investments as of December 31, 2025 round to less than 0.1% of the fair value of the portfolio.

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The table below presents the amortized cost of our performing and non-accrual investments as of the following periods:


	As of June 30, 2026								As of December 31, 2025
($ in thousands)	Amortized Cost		Percentage		Fair Value		Percentage		Amortized Cost		Percentage		Fair Value		Percentage
Performing	$	14,915,053	99.4	%	$	14,660,533	99.9	%	$	14,072,889	99.6	%	$	14,252,460	99.8	%
Non-accrual	87,740		0.6		20,005		0.1		54,324		0.4		33,579		0.2
Total	$	15,002,793	100.0	%	$	14,680,538	100.0	%	$	14,127,213	100.0	%	$	14,286,039	100.0	%

Investments are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when an investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual investments are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Specialty Financing Portfolio Companies and Joint Ventures

We leverage the expanding role that private lenders are being asked to play in the broader credit markets to evaluate cross-platform opportunities including strategic equity and accretive joint venture investments that have cash flow and credit profiles that provide consistent income.

Specialty Financing Portfolio Companies

Amergin was created to invest in a leasing platform focused on railcar, aviation and other long-lived transportation assets. Amergin acquires existing on-lease portfolios of new and end-of-life railcars and related equipment and selectively purchases off-lease assets and is building a commercial aircraft portfolio through aircraft financing and engine acquisition on a sale and lease back basis. Amergin consists of Amergin AssetCo and Amergin Asset Management LLC, which has entered into a Servicing Agreement with Amergin AssetCo. We made an initial equity commitment to Amergin AssetCo on July 1, 2022. As of June 30, 2026, our commitment to Amergin AssetCo is $64.3 million, of which $23.5 million is equity and $40.8 million is debt. We do not consolidate our equity interest in Amergin AssetCo.

BOCSO was formed to hold alternative credit assets, including ABF. ABF is a subsector of private credit focused on generating income from pools of financial, physical or other assets. We believe exposure to alternative credit presents an attractive opportunity as alternative credit is a growing subsector of private credit. On September 18, 2025, we made an initial equity contribution to BOCSO. As of June 30, 2026, our investment at fair value in BOCSO was $107.8 million and our total commitment was $108.0 million. As of June 30, 2026, the portfolio consists of five investments totaling $1.25 billion and $1.24 billion at cost and fair value, respectively, ranging in cost from $24.9 million to $454.4 million and with a fair value ranging from $24.9 million to $450.6 million. The largest investment is 36% of the total cost of BOCSO’s portfolio. As of June 30, 2026, the portfolio asset class composition was 72% ABF - Specialty finance, 26% ABF - Leasing, and 2% ABF - Commercial Real Estate. We do not consolidate our equity interest in BOCSO.

Fifth Season is a portfolio company created to invest in life insurance based assets, including secondary and tertiary life settlement and other life insurance exposures using detailed analytics, internal life expectancy review and sophisticated portfolio management techniques. On July 18, 2022, we made an initial equity investment in Fifth Season. As of June 30, 2026, our investment in Fifth Season was $139.2 million based on fair value. We do not consolidate our interest in Fifth Season.

LSI Financing DAC is a portfolio company formed to acquire contractual rights to revenue pursuant to earnout agreements generally in the life sciences space. On December 14, 2022, we made an initial equity commitment to LSI Financing DAC. As of June 30, 2026, our investment in LSI Financing DAC was $5.4 million based on fair value and our total commitment was $5.6 million. We do not consolidate our equity interest in LSI Financing DAC.

LSI Financing LLC is a separately managed portfolio company formed to indirectly own royalty purchase agreements and loans in the life sciences space. An affiliate of the Adviser provides consulting services to a subsidiary of LSI Financing LLC in exchange for a fee. The Adviser has agreed to waive a portion of the management fee payable by us pursuant to the Investment Advisory Agreement equal to the pro rata amount of such consulting fee. On November 25, 2024, we redeemed a portion of its interest in LSI Financing DAC in exchange for common shares of LSI Financing LLC. As of June 30, 2026, the fair value of our investment in LSI Financing LLC was $238.6 million and our total commitment was $276.9 million. We do not consolidate our equity interest in LSI Financing LLC.

Joint Ventures

On May 6, 2024, Credit SLF, a Delaware limited liability company, was formed as a joint venture between the Credit SLF Members. The Credit SLF Members co-manage Credit SLF. Credit SLF’s principal purpose is to make investments in senior secured loans to middle-market companies, broadly syndicated loans and senior and subordinated notes issued by collateralized loan

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obligations. Credit SLF is managed by a board consisting of an equal number of representatives appointed by each Credit SLF Member and which acts unanimously. Investment decisions must be approved by Credit SLF’s board. Our investment in Credit SLF is a co-investment made with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC. We do not consolidate our non-controlling interest in Credit SLF.

Refer to Exhibit 99.1 for the Credit SLF Supplemental Financial Information.

On June 30, 2025, Blue Owl Leasing, a Delaware limited liability company, was formed as a joint venture between the Blue Owl Leasing Members. The Blue Owl Leasing Members co-manage Blue Owl Leasing. Blue Owl Leasing’s principal purpose is to make investments in leases and loans. Investment decisions must be approved by Blue Owl Leasing. Our investment in Blue Owl Leasing is a co-investment made with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC. We do not consolidate our non-controlling interest in Blue Owl Leasing.

Refer to Exhibit 99.2 for the Blue Owl Leasing Supplemental Financial Information.

Results of Operations

The table below represents the operating results for the following periods:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
($ in thousands)	2026		2025		$ Change		2026		2025		$ Change
Total investment income	$	338,032	$	319,467	$	18,565	$	663,972	$	502,284	$	161,688
Less: total operating expenses	198,966		158,950		40,016		352,320		241,083		111,237
Net Investment Income (Loss) Before Taxes	$	139,066	$	160,517	$	(21,451)	$	311,652	$	261,201	$	50,451
Less: Income tax expense (benefit), including excise tax expense (benefit)	422		146		276		1,697		3,498		(1,801)
Net Investment Income (Loss) After Taxes	$	138,644	$	160,371	$	(21,727)	$	309,955	$	257,703	$	52,252
Net change in unrealized gain (loss)	34,720		78,054		(43,334)		(459,563)		57,591		(517,154)
Net realized gain (loss)	(19,142)		(36,938)		17,796		83,939		(35,675)		119,614
Net Increase (Decrease) in Net Assets Resulting from Operations	$	154,222	$	201,487	$	(47,265)	$	(65,669)	$	279,619	$	(345,288)

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including the level of new investment commitments, expenses, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. For the six months ended June 30, 2026, our net asset value per share decreased, primarily driven by unrealized depreciation in our portfolio and distributions in excess of our net investment income, partially offset by realized gains and accretive share repurchases.

Investment Income

The table below presents the investment income for the following periods:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
($ in thousands)	2026		2025		$ Change		2026		2025		$ Change
Interest income from investments	$	275,133	$	266,610	$	8,523	$	544,484	$	410,589	$	133,895
PIK interest income from investments	25,224		23,603		1,621		50,059		40,060		9,999
Dividend income from investments	16,423		6,543		9,880		27,268		12,751		14,517
PIK dividend income	17,062		18,574		(1,512)		34,773		30,057		4,716
Other income	4,190		4,137		53		7,388		8,827		(1,439)
Total Investment Income	$	338,032	$	319,467	$	18,565	$	663,972	$	502,284	$	161,688

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We expect that investment income will vary based on a variety of factors including the pace of our originations and repayments.

Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025

Investment income increased by $18.6 million for the three months ended June 30, 2026, compared to the same period in the prior year, primarily due to an increase in dividend and interest income, as well as PIK interest income, partially offset by lower PIK dividend income. The increase in dividend income of $9.9 million was driven by higher dividend income from our equity investments portfolio, as a result of growth in our strategic equity investments. The increase in interest income of $8.5 million was driven by our debt portfolio growth, which at par increased from $10.9 billion as of June 30, 2025 to $12.8 billion as of June 30, 2026, driven by steady origination activity. The increases in investment income were partially offset by a decrease in the weighted average yield of our portfolio from 9.6% to 8.9% period-over-period. Included in interest income are other fees such as prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns which are non-recurring in nature. Fees received and amortization of fees from unscheduled paydowns decreased to $2.9 million for the three months ended June 30, 2026 from $6.0 million for the same period in the prior year, due to a decrease in repayment activity for the period. While PIK interest income increased period-over-period by $1.6 million, this increase was largely offset by a decrease in PIK dividend income of $1.5 million. Despite increases in PIK interest income year-over-year, PIK income as a percentage of total investment income decreased to 12.5% for the three months ended June 30, 2026 from 13.2% in the prior year period, primarily driven by an increase in total investment income relative to PIK interest income. Other income remained relatively flat period-over-period. Other income includes incremental fee income, which are fees that are generally available to us as a result of closing investments and generally paid at the time of closing.

Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025

Investment income increased by $161.7 million for the six months ended June 30, 2026, as compared to the same period in the prior year, primarily due to an increase in interest income, dividend income and our PIK income, partially offset by a decrease in other income. Investment income increased by $133.9 million as a result of our debt portfolio growth following the Mergers, which were completed in March of 2025, as well as steady origination activity. Our debt portfolio at par increased from $10.9 billion as of June 30, 2025 to $12.8 billion as of June 30, 2026. Included in interest income are other fees such as prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns which are non-recurring in nature. Fees received from unscheduled paydowns decreased to $8.3 million for the six months ended June 30, 2026 from $17.6 million for the same period in prior year due to a decrease in repayment activity for the period. Dividend income and PIK dividend income increased by $14.5 million and $4.7 million, year-over-year, respectively, primarily due to an increase in our equity investments, as a result of growth in our strategic equity investments. The increases in investment income were partially offset by a decrease in the weighted average yield of our portfolio from 9.6% to 8.9% period-over-period. PIK dividend income as a percentage of total investment income decreased to 5.2% for the six months ended June 30, 2026 from 6.0% for the six months ended June 30, 2025. PIK interest income increased by $10.0 million period-over-period, however as a percentage of total income it decreased to 7.5% for the six months ended June 30, 2026 from 8.0% for the six months ended June 30, 2025, primarily due to an increase in total investment income relative to PIK interest income. Other income decreased period-over-period due to a decrease in incremental fee income, which are fees that are generally available to us as a result of closing investments and normally paid at the time of closing.

Expenses

The table below presents our expenses for the following periods:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
($ in thousands)	2026		2025		$ Change		2026		2025		$ Change
Interest expense	$	108,791	$	87,327	$	21,464	$	212,616	$	139,013	$	73,603
Management fees, net(1)	53,948		32,540		21,408		107,861		48,416		59,445
Incentive fees	29,316		28,052		1,264		18,631		37,493		(18,862)
Professional fees	3,090		2,841		249		5,831		6,209		(378)
Listing advisory fees	—		4,821		(4,821)		—		4,821		(4,821)
Directors' fees	420		314		106		694		573		121
Other general and administrative	3,401		3,055		346		6,687		4,558		2,129
Total Expenses	$	198,966	$	158,950	$	40,016	$	352,320	$	241,083	$	111,237

_______________

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

Under the terms of the Administration Agreement, we reimburse the Adviser for services performed for us. In addition, pursuant to the terms of the Administration Agreement, the Adviser may delegate its obligations under the Administration Agreement to an affiliate or to a third party and we reimburse the Adviser for any services performed for us by such affiliate or third party.

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Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025

Total expenses increased by $40.0 million for the three months ended June 30, 2026, as compared to the prior year period, primarily due to increases in interest expense and management fees. The $21.5 million increase in interest expense was driven by an increase in average daily borrowings to $7.1 billion from $5.2 billion, primarily due to new borrowings, this was partially offset by our average interest rate decreasing to 5.7% from 6.1% period-over-period. Management fees increased by $21.4 million, due to an increase in average adjusted gross assets as our portfolio grew due to originations and an increase in the management fee rate as a result of our public listing on June 12, 2025. These increases were partially offset by non-recurring fees of $4.8 million in our listing advisory fees, that we incurred in the prior year period as a result of our public listing in 2025. As a percentage of total assets, professional fees, directors’ fees and other general and administrative expenses remained relatively consistent period-over-period.

Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025

Total expenses increased by $111.2 million for the six months ended June 30, 2026, as compared to the prior year period, primarily due to increases in interest expense and management fees, partially offset by non-recurring incentive fees and listing advisory fees year-over-year. The increase in interest expense was driven by an increase in average daily borrowings to $6.9 billion from $4.3 billion, primarily due to the assumption of OTF II’s debt facilities and new borrowings, partially offset by a decrease in the average interest rate to 5.7% from 6.0%, period-over-period. Management fees increased due to an increase in average adjusted gross assets as a result of our acquisition of OTF II and an increase in the management fee rate as a result of the listing. These increases in expenses were partially offset by a decrease in performance based incentive fees of $18.9 million primarily due to unrealized depreciation in our investment portfolio. As a percentage of total assets, offering expenses, professional fees, directors’ fees and other general and administrative expenses remained relatively consistent.

Income Taxes, Including Excise Taxes

We have elected to be treated as a RIC under subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, we must, among other things, distribute to our shareholders in each taxable year generally at least the sum of (i) 90% of our investment company taxable income, as defined by the Code, and (ii) 90% of our net tax-exempt income for that taxable year. In addition, a RIC may, in certain cases, satisfy this distribution requirement by distributing dividends relating to a taxable year after the close of such taxable year under the “spillover dividend” provisions of Subchapter M. As of June 30, 2026, we have generated undistributed taxable earnings “spillover” of $0.32 per share. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our shareholders, which generally relieves us from U.S. federal income taxes at corporate tax rates.

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

For the three months ended June 30, 2026 and 2025, we recorded U.S. federal and state corporate-level income tax expense/(benefit) of $0.4 million and $0.1 million, including U.S. federal excise tax expense of $0.4 million and $0.1 million, respectively.

For the six months ended June 30, 2026 and 2025, we recorded U.S. federal and state corporate-level income tax expense/(benefit) of $1.7 million and $3.5 million, including U.S. federal excise tax expense of $1.7 million and $3.5 million, respectively.

Taxable Subsidiaries

Certain of our consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the three months ended June 30, 2026, we did not record U.S. federal and state income tax expense/(benefit) and for the six months ended June 30, 2026, we recorded U.S. federal and state income tax expense/(benefit) of $(3.0) thousand. For the three and six months ended June 30, 2025, we recorded U.S. federal and state income tax expense/(benefit) of $(78.0) thousand and $(18.0) thousand, respectively.

We recorded a net deferred tax liability of $0.8 million as of June 30, 2026, for taxable subsidiaries, which is significantly related to GAAP to tax outside basis differences in the taxable subsidiaries’ investment in certain partnership interests. We recorded a net deferred tax liability of $0.8 million for taxable subsidiaries as of December 31, 2025.

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Net Change in Unrealized Gains (Losses)

We fair value our portfolio investments quarterly and any changes in fair value are recorded as unrealized gains or losses. During the following periods, net unrealized gains (losses) were:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
($ in thousands)	2026		2025		$ Change		2026		2025		$ Change
Net change in unrealized gain (loss) on investments	$	27,618	$	53,208	$	(25,590)	$	(463,085)	$	32,466	$	(495,551)
Net change in translation of assets and liabilities in foreign currencies and other transactions	7,102		24,894		(17,792)		3,443		25,968		(22,525)
Income tax (provision) benefit	—		(48)		48		79		(843)		922
Net Change in Unrealized Gain (Loss)	$	34,720	$	78,054	$	(43,334)	$	(459,563)	$	57,591	$	(517,154)

Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025

For the three months ended June 30, 2026, the net unrealized gain was primarily driven by increases in the fair values of certain of our equity investments, offset by decreases in the fair values of certain of our debt and equity investments. As of June 30, 2026, the fair value of our debt investments as a percentage of principal was 97.0%, as compared to 99.2% as of June 30, 2025. For the three months ended June 30, 2025, the net unrealized gain was primarily driven by an increase in the fair value of certain of our equity investments coupled with reversals of prior period unrealized losses that were realized during the period related to exited investments, partially offset by a decrease in the fair value of certain of our debt and equity investments.

The ten largest contributors to the change in net unrealized gain (loss) on investments during the period consisted of the following:


Portfolio Company	For the Three Months Ended June 30, 2026		Portfolio Company	For the Three Months Ended June 30, 2025
($ in millions)			($ in millions)
Space Exploration Technologies Corp.	$	82.5	Revolut Ribbit Holdings, LLC(1)	$	14.8
Revolut Ribbit Holdings, LLC(1)	56.2		E2Open Parent Holdings, Inc.	14.2
Replicated, Inc.	15.4		Signifyd Inc.(2)	9.2
6Sense Insights, Inc.	(7.4)		Cornerstone OnDemand, Inc.	8.2
Storable Intermediate Holdings, LLC	(9.1)		Project Hotel California Co-Invest Fund, L.P.	4.8
Cornerstone OnDemand, Inc.	(12.7)		Securiti, Inc.	3.5
Pluralsight, LLC(2)	(13.5)		Barracuda Networks, Inc	(3.2)
Excalibur CombineCo, L.P.	(19.5)		Peraton Corp.	(4.2)
Kaseya Inc.	(29.6)		Exabeam, Inc.	(4.7)
Halo Purchaser, LLC	(49.2)		SalesLoft, Inc.	(7.5)
Remaining portfolio companies	14.5		Remaining portfolio companies	18.1
Total	$	27.6	Total	$	53.2

_______________

1.Portfolio company is a controlled, affiliated investment.

2.Portfolio company is a non-controlled, affiliated investment.

Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025

For the six months ended June 30, 2026, the net unrealized loss was primarily driven by a decrease in the fair value of certain of our equity and debt investments, partially offset by increases in the fair values of certain of our equity investments. As of June 30, 2026, the fair value of our debt investments as a percentage of principal was 97.0%, as compared to 99.2% as of June 30, 2025. For the six months ended June 30, 2025, the net unrealized gain was primarily driven by an increase in the fair value of certain of our debt and equity investments coupled with reversals of prior period unrealized losses that were realized during the period related to exited investments, partially offset by decreases in the fair value of certain of our debt and equity investments.

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The ten largest contributors to the change in net unrealized gain (loss) on investments during the period consisted of the following:


Portfolio Company	For the Six Months Ended June 30, 2026		Portfolio Company	For the Six Months Ended June 30, 2025
($ in millions)			($ in millions)
Help HP SCF Investor, LP	$	(60.4)	Revolut Ribbit Holdings, LLC(1)	$	14.8
Excalibur CombineCo, L.P.	(50.9)		E2Open Parent Holdings, Inc.	13.1
Kaseya Inc.	(50.5)		Signifyd Inc.(2)	10.0
Signifyd Inc.(2)	(44.2)		Ivanti Software, Inc.	9.1
Cornerstone OnDemand, Inc.	(40.4)		Cornerstone OnDemand, Inc.	7.5
Pluralsight, LLC(2)	(30.3)		LSI Financing LLC(2)	6.1
Barracuda Parent, LLC	(28.9)		Barracuda Networks, Inc	(5.4)
Walker Edison Furniture Company LLC(2)	24.8		Klaviyo, Inc.	(8.5)
Space Exploration Technologies Corp.	35.4		Peraton Corp.	(9.5)
Revolut Ribbit Holdings, LLC(1)	56.2		SalesLoft, Inc.	(9.9)
Remaining portfolio companies	(273.9)		Remaining portfolio companies	5.2
Total	$	(463.1)	Total	$	32.5

_______________

1.Portfolio company is a controlled, affiliated investment.

2.Portfolio company is a non-controlled, affiliated investment.

Net Realized Gains (Losses)

The realized gains and losses on fully exited portfolio companies, partially exited portfolio companies and foreign currency transactions during the following periods were:


	Three Months Ended June 30,						Six Months Ended June 30,
($ in thousands)	2026		2025		$ Change		2026		2025		$ Change
Net realized gain (loss) on investments	$	(16,369)	$	(12,106)	$	(4,263)	$	84,298	$	(10,259)	$	94,557
Net realized gain (loss) on foreign currency transactions	(2,773)		(24,832)		22,059		(359)		(25,416)		25,057
Net Realized Gain (Loss)	$	(19,142)	$	(36,938)	$	17,796	$	83,939	$	(35,675)	$	119,614

Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025

For the three months ended June 30, 2026 and 2025, we recognized net realized losses on investments of $16.4 million and $12.1 million respectively, primarily driven by sales of certain of our equity investments. We incurred losses of $2.8 million and $24.8 million on foreign currency transactions for the three months ended June 30, 2026, primarily as a result of fluctuations in the GBP exchange rates versus USD.

The tables below present the largest contributors to the realized gain (loss) on investments for the following periods:


Portfolio Company	For the Three Months Ended June 30, 2026
($ in millions)
Replicated, Inc.	$	(17.9)
Dodge Construction Network Holdings, L.P.	(2.9)
Walker Edison Furniture Company LLC(1)	(2.0)
Boxer Parent Company Inc. (f/k/a BMC)	(0.9)





Brex, Inc.	7.1
Remaining Portfolio Companies	0.2
Total	$	(16.4)

_______________

1.Portfolio company is a non-controlled, affiliated investment.

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Portfolio Company	For the Three Months Ended June 30, 2025
($ in millions)
E2Open Parent Holdings, Inc.	$	(12.2)









Remaining portfolio companies	0.1
Total	$	(12.1)

Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025

For the six months ended June 30, 2026 and 2025, we recognized net realized gains on investments of $84.3 million and losses of $10.3 million, respectively, primarily driven by sales of certain of our equity investments. We incurred losses of $0.4 million and $25.4 million on foreign currency transactions for the six months ended June 30, 2026 and 2025, primarily as a result of fluctuations in the GBP and EUR exchange rates versus USD.

The tables below present the largest contributors to the realized gain (loss) on investments for the following periods:


Portfolio Company	For the Six Months Ended June 30, 2026
($ in millions)
Space Exploration Technologies Corp.	$	117.3
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)	7.3
Brex, Inc.	7.1



Boxer Parent Company Inc. (f/k/a BMC)	(1.7)
Dodge Construction Network Holdings, L.P.	(2.9)
Replicated, Inc.	(17.8)
Walker Edison Furniture Company LLC	(25.2)
Remaining portfolio companies	0.2
Total	$	84.3


Portfolio Company	For the Six Months Ended June 30, 2025
($ in millions)
Ivanti Software, Inc.	$	(12.2)
E2Open Parent Holdings, Inc.	(12.2)





Klaviyo, Inc.	14.0


Remaining portfolio companies	0.2
Total	$	(10.3)

Realized Gross Internal Rate of Return

Since we began investing in 2018 through June 30, 2026, our exited investments have resulted in an aggregate cash flow realized gross internal rate of return to us of over 10.3% based on total capital invested of $8.7 billion and total proceeds from these exited investments of $10.5 billion.

IRR, is a measure of our discounted cash flows (inflows and outflows). Specifically, IRR is the discount rate at which the net present value of all cash flows is equal to zero. That is, IRR is the discount rate at which the present value of total capital invested in each of our investments is equal to the present value of all realized returns from that investment. Our IRR calculations are unaudited.

Capital invested, with respect to an investment, represents the aggregate cost basis allocable to the realized or unrealized portion of the investment, net of any upfront fees paid at closing for the term loan portion of the investment.

Realized returns, with respect to an investment, represents the total cash received with respect to each investment, including all amortization payments, interest, dividends, prepayment fees, upfront fees (except upfront fees paid at closing for the term loan portion of an investment), administrative fees, agent fees, amendment fees, accrued interest, and other fees and proceeds.

Gross IRR, with respect to an investment, is calculated based on the dates that we invested capital and dates we received distributions, regardless of when we made distributions to our shareholders. Initial investments are assumed to occur at time zero.

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Gross IRR reflects historical results relating to our past performance and is not necessarily indicative of our future results. In addition, gross IRR does not reflect the effect of management fees, expenses, incentive fees or taxes borne, or to be borne, by us or our shareholders, and would be lower if it did.

Aggregate cash flow realized gross IRR on our exited investments reflects only invested and realized cash amounts as described above, and does not reflect any unrealized gains or losses in our portfolio.

Financial Condition, Liquidity and Capital Resources

Our liquidity and capital resources are generated primarily from cash flows from interest, dividends and fees earned from our investments and principal repayments, our credit facilities, and other secured and unsecured debt. The primary uses of our cash are (i) investments in portfolio companies and other investments and to comply with certain portfolio diversification requirements, (ii) the cost of operations (including paying or reimbursing our Adviser) and (iii) cash distributions to the holders of our shares.

We may from time to time enter into additional credit facilities, increase the size of our existing credit facilities, enter into additional debt securitization transactions or issue additional debt securities. Additional financings could include SPV drop down facilities and unsecured notes. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of June 30, 2026 and December 31, 2025, our asset coverage was 203% and 226%, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation to cover any outstanding unfunded commitments we are required to fund. Our current target ratio is 0.90x-1.25x. For the six months ended June 30, 2026, our weighted average cost of debt was 6.1%. In addition, from time to time, we may seek to retire, repurchase, or exchange debt securities in open market purchases or by other means, including privately negotiated transactions, in each case dependent on market conditions, liquidity, contractual obligations, and other matters. The amounts involved in any such transactions, individually or in the aggregate, may be material.

As of June 30, 2026, cash, taken together with our available debt capacity of $1.38 billion is expected to be sufficient for our investing activities and to conduct our operations in the near term. Our long-term cash needs will include principal payments on outstanding indebtedness and funding of additional portfolio investments. Funding for long-term cash needs will come from unused net proceeds from financing activities and our capital commitments. We believe that our liquidity and sources of capital are adequate to satisfy our short and long-term cash requirements. We cannot, however, be certain that these sources of funds will be available at a time and upon terms acceptable to us in sufficient amounts in the future.

As of June 30, 2026, we had $0.21 billion in cash and restricted cash. During the six months ended June 30, 2026, $0.51 billion in cash was used in operating activities, primarily as a result of funding portfolio investments of $2.02 billion offset by sell downs and repayments of $1.34 billion and other operating activity of $0.17 billion. Lastly, cash provided by financing activities was $0.44 billion during the period, primarily from net borrowings on debt, partly offset by distributions of $0.33 billion paid to our shareholders, as well as share repurchases of $0.11 billion.

Equity

We have the authority to issue 1,000,000,000 common shares at $0.01 per share par value.

On March 24, 2025, as a result of the Mergers, we issued an aggregate of approximately 250,738,523 shares of our common stock.

On June 12, 2025, our common stock was listed and began trading on the New York Stock Exchange (“NYSE”) under the symbol “OTF” (the “Exchange Listing”).

In connection with the Exchange Listing, the Board has determined to eliminate any outstanding fractional shares of our common stock (the “Fractional Shares”), as permitted by the Maryland General Corporation Law by rounding up the number of Fractional Shares held by each shareholder to the nearest whole share.

Our amended and restated articles of incorporation (the “Charter”) provides for three separate restricted periods during which shares of our common stock may not be transferred as follows:

•One period is 180 days after the Exchange Listing and applies to all of the shares of our common stock outstanding prior to the Listing (the “First Lock-Up Period”);

•One period is 270 days after the Exchange Listing and applies to two-thirds of the shares of our common stock outstanding prior to the Listing (the “Second Lock-Up Period”); and

•One period is 365 days after the Exchange Listing and applies to one-third of the shares of our common stock outstanding prior to the Listing (the “Third Lock-Up Period”).

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In connection with the Exchange Listing, the Board waived the transfer restrictions with respect to 23,256,814 shares of our common stock and a pro rata portion of each shareholder’s shares of our common stock were released from each of the First, Second and Third Lock-Up Periods. Effective as of September 9, 2025, the Board waived the transfer restrictions with respect to 46,513,271 shares of our common stock and a pro rata portion of each shareholder’s shares of our common stock were released from the First Lock-Up Period. On November 4, 2025, the Board waived the transfer restrictions with respect to shares of the Company’s common stock as follows:



Approximate Number of Shares Being Released from Transfer Restrictions						Effective Date
50.4 million(1)						November 13, 2025
49.1 million(2)						January 20, 2026
49.1 million(2)						February 20, 2026
49.1 million(3)						April 20, 2026
49.1 million(3)						May 20, 2026

_______________

(1)A pro rata portion of each shareholder’s shares of the Company’s common stock was released from the First Lock-Up Period.

(2)A pro rata portion of each shareholder’s shares of the Company’s common stock was released from the Second Lock-Up Period.

(3)A pro rata portion of each shareholder’s shares of the Company’s common stock was released from the Third Lock-Up Period.

Generally, all of the Company’s common stock that has been outstanding for more than six months is eligible for public sale pursuant to Rule 144 under the Securities Act; however, certain affiliates will have to comply with the additional requirements relating to the manner of sale, volume limitation and notice provisions in order to rely on Rule 144.

Distributions

The table below reflects the distributions declared on shares of our common stock during the following periods:

For the Six Months Ended June 30, 2026(1)

Date Declared

Record Date

Payment Date

Distribution per Share

February 18, 2026(2)

March 31, 2026

April 15, 2026

0.35

May 5, 2026

June 30, 2026

July 15, 2026

0.35

_______________

(1)Additionally, refer to the table below for distributions declared in 2025 but paid in the six months ended June 30, 2026.

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

For the Six Months Ended June 30, 2025

Date Declared

Record Date

Payment Date

Distribution per Share

March 14, 2025

March 17, 2025

March 18, 2025

0.34

June 2, 2025

June 30, 2025

July 15, 2025

0.35

June 2, 2025 (supplemental dividend)

September 22, 2025

October 7, 2025

0.05

June 2, 2025 (supplemental dividend)

December 23, 2025

January 7, 2026

0.05

June 2, 2025 (supplemental dividend)

March 23, 2026

April 7, 2026

0.05

June 2, 2025 (supplemental dividend)

June 22, 2026

July 7, 2026

0.05

June 2, 2025 (supplemental dividend)

September 21, 2026

October 6, 2026

0.05

During certain periods, our distributions may exceed our earnings. As a result, it is possible that a portion of the distributions we make may represent a return of capital. A return of capital generally is a return of a shareholder’s investment rather than a return of earnings or gains derived from our investment activities. Each year, a statement on Form 1099-DIV identifying the tax character of the distributions will be mailed to our shareholders. The tax character of the distributions are not determined until our taxable year end.

Dividend Reinvestment

We have adopted a dividend reinvestment plan, pursuant to which, we will reinvest all cash distributions declared by the Board on behalf of our shareholders who do not elect to receive their distribution in cash as provided below. As a result, if the Board authorizes, and we declare, a cash dividend or other distribution, then our shareholders who have not opted out of our dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of our common stock rather than receiving the cash dividend or other distribution. As described below, we may purchase shares in the open market or use newly issued shares to implement the dividend reinvestment plan. Any fractional share otherwise issuable to a participant in the dividend reinvestment plan will instead be paid in cash.

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We have entered into our second amended and restated dividend reinvestment plan, pursuant to which, if newly issued shares are used to implement the dividend reinvestment plan, the number of shares to be issued to a shareholder will be determined by dividing the total dollar amount of the cash dividend or distribution payable to a shareholder by the market price per share of our common stock at the close of regular trading on the NYSE on the payment date of a distribution, or if no sale is reported for such day, the average of the reported bid and ask prices. However, if the market price per share on the payment date of a cash dividend or distribution exceeds the most recently computed net asset value per share, we will issue shares at the greater of (i) the most recently computed net asset value per share and (ii) 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeded the most recently computed net asset value per share). Pursuant to our second amended and restated dividend reinvestment plan, if shares are purchased in the open market to implement the dividend reinvestment plan, the number of shares to be issued to a shareholder shall be determined by dividing the dollar amount of the cash dividend payable to such shareholder by the weighted average price per share for all shares purchased by the plan administrator in the open market in connection with the dividend. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

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

For the Six Months Ended June 30, 2026

Date Declared

Record Date

Payment Date

June 2, 2025

December 23, 2025

January 7, 2026

167,569

November 5, 2025

December 31, 2025

January 15, 2026

1,114,799

June 2, 2025

March 23, 2026

April 7, 2026

205,845

February 18, 2026

March 31, 2026

April 15, 2026

1,312,666

For the Six Months Ended June 30, 2025

Date Declared

Record Date

Payment Date

October 1, 2024

December 31, 2024

January 31, 2025

1,098,294

March 14, 2025

March 17, 2025

March 18, 2025

1,131,018

2025 Stock Repurchase Program

On May 27, 2025, the Board approved a repurchase program (the “2025 Stock Repurchase Program”) under which the Company could repurchase up to $200 million of its outstanding common stock. Under the 2025 Stock Repurchase Program, purchases were made at management’s discretion from time to time in open-market transactions, in accordance with applicable securities laws and regulations. The 2025 Stock Repurchase Program terminated in connection with the entry into the 2026 Stock Repurchase Program, as defined below. As of the program termination date, 5,192,408 shares of our common stock have been repurchased pursuant to the 2025 Stock Repurchase Program for approximately $73.4 million since the 2025 Stock Repurchase Program’s inception. No shares were repurchased in 2026 under the 2025 Stock Repurchase Program.

2026 Stock Repurchase Program

On February 17, 2026, the Board approved a repurchase program (the “2026 Stock Repurchase Program”) under which we may repurchase up to $300 million of our common stock. Under the 2026 Stock Repurchase Program, purchases may be made at management’s discretion from time to time in open-market transactions, including pursuant to trading plans with investment banks pursuant to Rule 10b5-1 of the Exchange Act, in accordance with all applicable rules and regulations. Unless extended by the Board, the 2026 Stock Repurchase Program will terminate 18-months from the date it was approved. All shares purchased by us pursuant to 2026 Stock Repurchase Program have been retired and are authorized and unissued shares.

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In the six months ended June 30, 2026, we had the following repurchase activity:


Period ($ in thousands, except share and per share amounts)	Total Number of Shares Repurchased	Average Price Paid per Share		Approximate Dollar Value of Shares that have been Purchased Under the Plans		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan
January 1, 2026 to January 31, 2026	—	$	—	$	—	$	—
February 1, 2026 to February 28, 2026	651,123	11.32		7,373		292,627
March 1, 2026 to March 31, 2026	3,555,175	12.04		42,811		249,816
April 1, 2026 to April 30, 2026	—	—		—		249,816
May 1, 2026 to May 31, 2026	2,159,748	10.93		23,599		226,217
June 1, 2026 to June 30, 2026	2,869,919	10.99		31,538		194,679

	9,235,965			$	105,321

There were no repurchases made in the six months ended June 30, 2025.

Debt

As of June 30, 2026, we had in place an Amended and Restated Senior Secured Revolving Credit Agreement (as amended from time to time, the “Revolving Credit Facility”), as well as special purpose vehicle asset credit facilities, CLOs, and unsecured notes and in the future we may enter into additional borrowing arrangements of these types. See “Note 5 — Debt” to our consolidated financial statements included in this Quarterly Report.

Aggregate Borrowings

The tables below present debt obligations as of the following periods:


		June 30, 2026
($ in thousands)	Maturity Date	Aggregate Principal Committed		Outstanding Principal		Unused Portion(5)		Amount Available(1)		Unamortized Debt Issuance Costs		Net Carrying Value
Revolving Credit Facility(2)(4)	June 16, 2031	$	2,675,000	$	1,620,000	$	1,051,983	$	1,051,983	$	(28,554)	$	1,591,446
SPV Asset Facility I	October 30, 2035	700,000		700,000		—		—		(7,975)		692,025
SPV Asset Facility II	November 16, 2030	400,000		325,000		75,000		38,832		(3,755)		321,245
SPV Asset Facility III	December 11, 2035	1,100,000		624,500		475,500		119,093		(8,554)		615,946
SPV Asset Facility IV	October 30, 2030	500,000		370,000		130,000		92,999		(4,664)		365,336
SPV Asset Facility V	May 21, 2031	150,000		75,000		75,000		75,000		(685)		74,315
Athena CLO II	January 18, 2039	375,000		375,000		—		—		(3,799)		371,201
Athena CLO IV	July 20, 2037	240,000		240,000		—		—		(2,247)		237,753
Athena CLO V	October 15, 2038	300,000		300,000		—		—		(2,026)		297,974

January 2027 Notes	January 15, 2027	300,000		300,000		—		—		(847)		299,153
March 2028 Notes(3)	March 15, 2028	650,000		650,000		—		—		(6,109)		646,097
September 2028 Notes	September 27, 2028	75,000		75,000		—		—		(405)		74,595
April 2029 Notes(3)	April 4, 2029	700,000		700,000		—		—		(9,880)		691,569
October 2029 Notes(3)	October 15, 2029	500,000		500,000		—		—		(7,396)		493,124
January 2031 Notes(3)	January 23, 2031	400,000		400,000		—		—		(8,171)		385,749
Total Debt		$	9,065,000	$	7,254,500	$	1,807,483	$	1,377,907	$	(95,067)	$	7,157,528

_______________

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

(2)The amount available and unused portion are reduced by $3.0 million of outstanding letters of credit.

(3)Net carrying value is inclusive of change in fair market value of effective hedge.

(4)As of June 30, 2026, the Company's Revolving Credit Facility borrowing base value was $5.50 billion excluding cash.

(5)The unused portion is the amount upon which commitment fees, if any, are based.

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		December 31, 2025
($ in thousands)	Maturity Date	Aggregate Principal Committed		Outstanding Principal		Unused Portion(5)		Amount Available(1)		Unamortized Debt Issuance Costs		Net Carrying Value
Revolving Credit Facility(4)	December 20, 2029	$	2,675,000	$	1,480,000	$	1,191,983	$	1,191,983	$	(23,718)	$	1,456,282
SPV Asset Facility I	October 30, 2035	700,000		700,000		—		—		(8,398)		691,602
SPV Asset Facility II	November 16, 2030	400,000		325,000		75,000		75,000		(4,536)		320,464
SPV Asset Facility III	December 11, 2035	1,100,000		624,500		475,500		64,924		(11,413)		613,087
SPV Asset Facility IV	October 30, 2030	500,000		200,000		300,000		116,062		(5,654)		194,346
Athena CLO II	January 18, 2039	375,000		375,000		—		—		(3,932)		371,068
Athena CLO IV	July 20, 2037	240,000		240,000		—		—		(2,346)		237,654
Athena CLO V	October 15, 2038	300,000		300,000		—		—		(1,928)		298,072
June 2026 Notes	June 17, 2026	375,000		375,000		—		—		(713)		374,287
January 2027 Notes	January 15, 2027	300,000		300,000		—		—		(1,621)		298,379
March 2028 Notes	March 15, 2028	650,000		650,000		—		—		(7,811)		654,890
September 2028 Notes	September 27, 2028	75,000		75,000		—		—		(495)		74,505
April 2029 Notes	April 4, 2029	700,000		700,000		—		—		(11,558)		703,564
Total Debt		$	8,390,000	$	6,344,500	$	2,042,483	$	1,447,969	$	(84,123)	$	6,288,200

_______________

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

(2)The amount available and unused portion are reduced by $3.0 million of outstanding letters of credit.

(3)Net carrying value is inclusive of change in fair market value of effective hedge.

(4)As of December 31, 2025, the Company's Revolving Credit Facility borrowing base value was $5.57 billion excluding cash.

(5)The unused portion is the amount upon which commitment fees, if any, are based.

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


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
($ in thousands)	2026			2025			2026			2025
Interest expense	$	101,356		$	79,430		$	197,044		$	127,134
Amortization of debt issuance costs, net	7,766			7,544			15,771			11,058
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items included in interest expense(1)	(331)			353			(199)			821
Total Interest Expense	$	108,791		$	87,327		$	212,616		$	139,013
Average interest rate	5.7		%	6.1		%	5.7		%	6.0		%
Average daily borrowings	$	7,088,401		$	5,173,588		$	6,925,329		$	4,276,854

_______________

(1)Refer to “Note 5 — Debt — March 2028, April 2029, October 2029 and January 2031 Notes” and to “Note 7 — Derivative Instruments” to our consolidated financial statements included in this Quarterly Report for details on each facility’s interest rate swaps.

Senior Securities

The table below presents information about our senior securities as of the following periods:


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities(1) ($ in millions)		Asset Coverage per Unit(2)		Involuntary Liquidating Preference per Unit(3)	Average Market Value per Unit(4)
Revolving Credit Facility
June 30, 2026 (Unaudited)	$	1,620.0	$	2,032.3	—	N/A
December 31, 2025	1,480.0		2,259.2		—	N/A
December 31, 2024	313.0		2,200.6		—	N/A
December 31, 2023	343.4		2,165.0		—	N/A
December 31, 2022	705.9		2,057.3		—	N/A

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Class and Period	Total Amount Outstanding Exclusive of Treasury Securities(1) ($ in millions)		Asset Coverage per Unit(2)		Involuntary Liquidating Preference per Unit(3)	Average Market Value per Unit(4)
December 31, 2021	650.8		2,309.9		—	N/A
December 31, 2020	68.3		1,905.6		—	N/A
December 31, 2019	185.0		1,934.6		—	N/A
Subscription Credit Facility(5)
December 31, 2021	$	—	$	2,309.9	—	N/A
December 31, 2020	105.8		1,905.6		—	N/A
December 31, 2019	645.7		1,934.6		—	N/A
December 31, 2018	300.0		1,954.6		—	N/A
SPV Asset Facility I
June 30, 2026 (Unaudited)	$	700.0	$	2,032.3	—	N/A
December 31, 2025	700.0		2,259.2		—	N/A
December 31, 2024	600.0		2,200.6		—	N/A
December 31, 2023	600.0		2,165.0		—	N/A
December 31, 2022	450.0		2,057.3		—	N/A
December 31, 2021	290.0		2,309.9		—	N/A
December 31, 2020	290.0		1,905.6		—	N/A
SPV Asset Facility II
June 30, 2026 (Unaudited)	$	325.0	$	2,032.3	—	N/A
December 31, 2025	325.0		2,259.2		—	N/A
December 31, 2024	300.0		2,200.6		—	N/A
December 31, 2023	300.0		2,165.0		—	N/A
December 31, 2022	300.0		2,057.3		—	N/A
December 31, 2021	—		2,309.9		—	N/A
SPV Asset Facility III
June 30, 2026 (Unaudited)	$	624.5	$	2,032.3	—	N/A
December 31, 2025	624.5		2,259.2		—	N/A
SPV Asset Facility IV
June 30, 2026 (Unaudited)	$	370.0	$	2,032.3	—	N/A
December 31, 2025	200.0		2,259.2		—	N/A
SPV Asset Facility V
June 30, 2026	$	75.0	$	2,032.3	—	N/A
CLO 2020-1(6)
December 31, 2025	$	—	$	2,259.2	—	N/A
December 31, 2024	204.0		2,200.6		—	N/A
December 31, 2023	204.0		2,165.0		—	N/A
December 31, 2022	200.0		2,057.3		—	N/A
December 31, 2021	200.0		2,309.9		—	N/A
December 31, 2020	200.0		1,905.6		—	N/A
Athena CLO II
June 30, 2026 (Unaudited)	$	375.0	$	2,032.3	—	N/A
December 31, 2025	375.0		2,259.2		—	N/A
Athena CLO IV
June 30, 2026 (Unaudited)	$	240.0	$	2,032.3	—	N/A
December 31, 2025	240.0		2,259.2		—	N/A
Athena CLO V
June 30, 2026 (Unaudited)	$	300.0	$	2,032.3	—	N/A
December 31, 2025	300.0		2,259.2		—	N/A
June 2025 Notes(7)

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Class and Period	Total Amount Outstanding Exclusive of Treasury Securities(1) ($ in millions)		Asset Coverage per Unit(2)		Involuntary Liquidating Preference per Unit(3)	Average Market Value per Unit(4)
December 31, 2025	$	—	$	2,259.2	—	N/A
December 31, 2024	210.0		2,200.6		—	N/A
December 31, 2023	210.0		2,165.0		—	N/A
December 31, 2022	210.0		2,057.3		—	N/A
December 31, 2021	210.0		2,309.9		—	N/A
December 31, 2020	210.0		1,905.6		—	N/A
December 2025 Notes(8)

December 31, 2025	—		2,259.2		—	N/A
December 31, 2024	650.0		2,200.6		—	N/A
December 31, 2023	650.0		2,165.0		—	N/A
December 31, 2022	650.0		2,057.3		—	N/A
December 31, 2021	650.0		2,309.9		—	N/A
December 31, 2020	400.0		1,905.6		—	N/A
June 2026 Notes(9)
June 30, 2026 (Unaudited)	$	—	$	2,032.3	—	N/A
December 31, 2025	375.0		2,259.2		—	N/A
December 31, 2024	375.0		2,200.6		—	N/A
December 31, 2023	375.0		2,165.0		—	N/A
December 31, 2022	375.0		2,057.3		—	N/A
December 31, 2021	375.0		2,309.9		—	N/A
December 31, 2020	375.0		1,905.6		—	N/A
January 2027 Notes
June 30, 2026 (Unaudited)	$	300.0	$	2,032.3	—	N/A
December 31, 2025	300.0		2,259.2		—	N/A
December 31, 2024	300.0		2,200.6		—	N/A
December 31, 2023	300.0		2,165.0		—	N/A
December 31, 2022	300.0		2,057.3		—	N/A
December 31, 2021	300.0		2,309.9		—	N/A
March 2028 Notes
June 30, 2026 (Unaudited)	$	650.0	$	2,032.3	—	N/A
December 31, 2025	650.0		2,259.2		—	N/A
September 2028 Notes
June 30, 2026 (Unaudited)	$	75.0	$	2,032.3	—	N/A
December 31, 2025	75.0		2,259.2		—	N/A
April 2029 Notes
June 30, 2026 (Unaudited)	$	700.0	$	2,032.3	—	N/A
December 31, 2025	700.0		2,259.2		—	N/A
October 2029 Notes
June 30, 2026 (Unaudited)	$	500.0	$	2,032.3	—	N/A
January 2031 Notes

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Class and Period	Total Amount Outstanding Exclusive of Treasury Securities(1) ($ in millions)		Asset Coverage per Unit(2)		Involuntary Liquidating Preference per Unit(3)	Average Market Value per Unit(4)
June 30, 2026 (Unaudited)	$	400.0	$	2,032.3	—	N/A

_______________

(1)Total amount of each class of senior securities outstanding at the end of the period presented.

(2)Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(3)The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “—” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

(4)Not applicable because the senior securities are not registered for public trading.

(5)Facility was terminated in 2021.

(6)On October 15, 2025, we redeemed in full all $204,000,000 in aggregate principal amount of CLO 2020-1 at 100% of its principal amount, plus the accrued interest thereon through, but excluding, October 15, 2025.

(7)On May 30, 2025, we redeemed in full all $210,000,000 in aggregate principal amount of the June 2025 Notes at 100% of their principal amount, plus the accrued interest thereon through, but excluding, May 30, 2025.

(8)On November 15, 2025, we redeemed in full all $650,000,000 in aggregate principal amount of the December 2025 Notes at 100% of their principal amount, plus the accrued interest thereon through, but excluding, November 15, 2025.

(9)On June 17, 2026, we redeemed in full all $375,000,000 in aggregate principal amount of the June 2026 Notes at 100% of their principal amount, plus the accrued interest thereon through, but excluding, June 17, 2026.

Off-Balance Sheet Arrangements

Portfolio Company Commitments

From time to time, we may enter into commitments to fund investments in the form of revolving credit, delayed draw, or equity commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. We had the following outstanding commitments as of the following periods:



($ in thousands)	As of June 30, 2026		As of December 31, 2025
Revolving loan commitments	$	856,242	$	797,118
Delayed draw loan commitments	1,002,528		947,440
Debt commitments	$	1,858,770	$	1,744,558

Specialty finance equity commitments	$	58,796	$	41,900
Common equity commitments	4,983		8,113
Equity commitments	63,779		50,013

Total Unfunded Commitments	$	1,922,549	$	1,794,571

We seek to carefully consider our unfunded portfolio company commitments for the purpose of planning our ongoing financial leverage. Further, we consider any outstanding unfunded portfolio company commitments we are required to fund within the 150% asset coverage limitation. As of June 30, 2026, we believed we had adequate financial resources to satisfy the unfunded portfolio company commitments.

Other Commitments and Contingencies

Refer to “Note 9 — Net Assets” to our consolidated financial statements included in this Quarterly Report for details on the Company’s stock repurchase programs.

In the ordinary course of business, we may guarantee certain obligations in connection with our portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable.

From time to time, we may become a party to certain legal proceedings incidental to the normal course of our business. At June 30, 2026, management were not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

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Related-Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the following:

•the Investment Advisory Agreement;

•the Administration Agreement; and

•the License Agreement.

In addition to the aforementioned agreements, we, our Adviser and certain of our Adviser’s affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by the Adviser or certain affiliates, in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.

Additionally, we invest in Credit SLF and Blue Owl Leasing, controlled affiliated investments, and Amergin AssetCo, BOCSO, Fifth Season, LSI Financing DAC, and LSI Financing LLC, which are non-controlled affiliated investments, as defined in the 1940 Act.

See “Note 3 —Agreements and Related Party Transactions” to our consolidated financial statements included in this Quarterly Report for further details.

Critical Accounting Policies

The preparation of the consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies should be read in connection with our risk factors as described in our Form 10-K for the fiscal year ended December 31, 2025, in “ITEM 1A. RISK FACTORS.”

Investments at Fair Value

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Pursuant to Rule 2a-5, the Board designated the Adviser as our valuation designee to perform fair value determinations relating to the value of assets held by us for which market quotations are not readily available.

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

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

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

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

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

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

•Each quarter, our Adviser, as the valuation designee, provides the Audit Committee a summary or description of material fair value matters that occurred in the prior quarter and on an annual basis, our Adviser, as the valuation designee, will provide the Audit Committee with a written assessment of the adequacy and effectiveness of its fair value process; and

•The Audit Committee oversees the valuation designee and will report to the Board on any valuation matters requiring the Board’s attention.

We conduct this valuation process on a quarterly basis.

We apply Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, we consider its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:

•Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access.

•Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfer occurred. In addition to using the above inputs in investment valuations, we apply the valuation policy approved by our Board that is consistent with ASC 820. Consistent with the valuation policy, our Adviser, as the valuation designee, evaluates the source of the inputs, including any markets in which our investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), our Adviser, as the valuation designee, subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, our Adviser, as the valuation designee, or the independent valuation firm(s), review pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs.

We apply the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate net asset value (“NAV”) per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If we were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.

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Financial and Derivative Instruments

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

Interest and Dividend Income Recognition

Interest income is recorded on the accrual basis and includes amortization and accretion of discounts or premiums. Certain investments may have contractual PIK interest or dividends, the majority of which is structured at initial underwriting. PIK interest and dividends represent accrued interest or dividends that are added to the principal amount or liquidation amount of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally become due at maturity or at the occurrence of a liquidation event. Discounts and premiums to par value on securities purchased are amortized into interest income over the contractual life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the amortization and accretion of discounts or premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

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

Distributions

We have elected to be treated for U.S. federal income tax purposes, and qualify annually thereafter, as a RIC under subchapter M of the Code. To maintain our tax treatment as a RIC, we must timely distribute (or be deemed to distribute) in each taxable year to our shareholders at least the sum of:

•90% of our investment company taxable income (which is generally our ordinary income plus the excess of realized short-term capital gains over realized net long-term capital losses), determined without regard to the deduction for dividends paid, for such taxable year; and

•90% of our net tax-exempt interest income (which is the excess of our gross tax-exempt interest income over certain disallowed deductions) for such taxable year.

As a RIC, we (but not our shareholders) generally will not be subject to U.S. federal tax on investment company taxable income and net capital gains that we distribute to our shareholders.

We intend to distribute annually all or substantially all of such income. To the extent that we retain our net capital gains or any investment company taxable income, we generally will be subject to U.S. federal income tax at corporate rates. We can be expected to carry forward our net capital gains or any investment company taxable income in excess of current year dividend distributions, and pay the U.S. federal excise tax as described below.

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Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% U.S. federal excise tax payable by us. We may be subject to a nondeductible 4% U.S. federal excise tax if we do not distribute (or are treated as distributing) during each calendar year an amount at least equal to the sum of:

•98% of our net ordinary income excluding certain ordinary gains or losses for that calendar year;

•98.2% of our capital gain net income, adjusted for certain ordinary gains and losses, recognized for the twelve-month period ending on October 31 of that calendar year; and

•certain undistributed amounts from previous years in which we paid no U.S. federal income tax.

While we intend to distribute any income and capital gains in the manner necessary to minimize imposition of the 4% U.S. federal excise tax, sufficient amounts of our taxable income and capital gains may not be distributed and as a result, in such cases, the excise tax will be imposed. In such an event, we will be liable for this tax only on the amount by which we do not meet the foregoing distribution requirement.

We intend to pay quarterly distributions to our shareholders out of assets legally available for distribution. All distributions will be paid at the discretion of our Board and will depend on our earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as our Board may deem relevant from time to time.

To the extent our current taxable earnings for a year fall below the total amount of our distributions for that year, a portion of those distributions may be deemed a return of capital to our shareholders for U.S. federal income tax purposes. Thus, the source of a distribution to our shareholders may be the original capital invested by the shareholder rather than our income or gains. Shareholders should read written disclosure carefully and should not assume that the source of any distribution is our ordinary income or gains.

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

Income Taxes

We have elected to be treated as a BDC under the 1940 Act. We have also elected to be treated as a RIC under the Code beginning with the taxable year ending December 31, 2018 and intend to continue to qualify as a RIC. So long as we maintain our tax treatment as a RIC, we generally will not pay U.S. federal income taxes on any ordinary income or capital gains that we distribute at least annually to our shareholders as dividends. Instead, any tax liability related to income earned and distributed by us represents obligations of our investors and will not be reflected in our consolidated financial statements. However, we will be subject to U.S. federal income tax imposed at corporate rates on any income, including capital gains, not distributed (or deemed distributed) to our stockholders.

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, we generally must distribute to our shareholders, for each taxable year, at least (i) 90% of our “investment company taxable income” for that year, which is generally our net ordinary income plus the excess, if any, of our realized net short-term capital gains over our realized net long-term capital losses and (ii) our net tax-exempt income. In order for us not to be subject to U.S. federal excise taxes, we must distribute annually an amount at least equal to the sum of (i) 98% of our net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of our capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) certain undistributed amounts from previous years on which we paid no U.S. federal income tax. We, at our discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income.

Certain of our consolidated subsidiaries are subject to U.S. federal and state income taxes imposed at corporate rates.

We evaluate tax positions taken or expected to be taken in the course of preparing our consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain tax positions through December 31, 2025. As applicable, our prior three tax years remain subject to examination by U.S. federal, state and local tax authorities.

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Recent Developments

We have evaluated subsequent events through the date of issuance of these consolidated financial statements and determined there are no subsequent events to disclose except for the following:

Dividend

On August 4, 2026, the Board approved a third quarter dividend of $0.35 per share for stockholders of record as of September 30, 2026, payable on or before October 15, 2026.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to financial market risks, including valuation risk, interest rate risk, currency risk, credit risk and inflation risk. Uncertainty with respect to the imposition of tariffs on and trade disputes with certain countries, the fluctuations in global interest rates, the ongoing war between Russia and Ukraine, continued political unrest in various countries such as Venezuela, the conflicts in the Middle East and North Africa regions, a prolonged government shutdown and concerns over future increases in inflation or adverse investor sentiment generally, introduced significant volatility in the financial markets, and the effects of this volatility have materially impacted and could continue to materially impact our market risks, including those listed below.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and therefore, we will value these investments at fair value as determined in good faith by the Adviser, as our valuation designee, based on, among other things, the input of the independent third-party valuation firm(s) engaged at the direction of the Adviser, as our valuation designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material. The independent third-party valuation firm(s) engaged at the discretion of the Adviser and its affiliates are full service financial institutions engaged in a variety of activities and from time to time we may receive or provide additional services to or from such independent third-party valuation firm(s).

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We intend to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure you that a significant change in market interest rates will not have a material adverse effect on our net investment income.

In a low interest rate environment, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net income and potentially adversely affecting our operating results. Conversely, in a rising interest rate environment, such difference could potentially increase thereby increasing our net income as indicated per the table below.

As of June 30, 2026, 96.7% of our debt investments based on fair value were floating rates. Additionally, the weighted average floating rate floor, based on fair value, of our debt investments was 0.8%. The Revolving Credit Facility and our special purpose vehicle asset credit facilities bear interest at variable interest rates with a floor of 0%. Our unsecured notes bear interest at fixed rates. The March 2028, April 2029, October 2029 and January 2031 Notes are hedged against interest rate swap instruments. All of our CLOs bear interest at variable rates with a floor of 0%, except for Athena CLO IV, which bears interest at fixed and variable rates with a floor of 0%.

Based on our Consolidated Statements of Assets and Liabilities as of June 30, 2026, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates on our debt investments (considering interest rate floors for floating rate instruments) assuming each floating rate investment is subject to 3-month reference rate and there are no changes in our investment and borrowing structure:

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($ in thousands)	Interest Income		Interest Expense(1)		Net Income (2)
Up 300 basis points	$	375,059	$	206,385	$	168,674
Up 200 basis points	250,039		137,590		112,449
Up 100 basis points	125,020		68,795		56,225
Down 100 basis points	(125,020)		(68,795)		(56,225)
Down 200 basis points	(248,728)		(137,590)		(111,138)
Down 300 basis points	(361,028)		(206,385)		(154,643)

_______________

(1)Includes the impact of our interest rate swaps as a result of interest rate changes.

(2)Excludes the impact of income based fees. See “Note 3 — Agreements and Related Party Transactions” to our consolidated financial statements included in this Quarterly Report for more information on the income based fees.

We may hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options, and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions, such as interest rate swap agreements, may also limit our ability to participate in the benefits of lower interest rates.

Currency Risk

From time to time, we may make investments that are denominated in a foreign currency, borrow in certain foreign currencies under our credit facilities or issue notes in certain foreign currencies. These investments, borrowings and issuances are translated into U.S. dollars at each balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may seek to utilize instruments such as, but not limited to, forward contracts or cross currency swaps to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates. Instead of entering into a foreign currency forward contract in connection with loans or other investments denominated in a foreign currency, we may borrow in that currency to establish a natural hedge against our loan, or investment. To the extent the loan, issuance or investment is based on a floating rate other than a rate under which we can borrow under our credit facilities, we may utilize interest rate derivatives to hedge our exposure to changes in the associated rate.

Credit Risk

We generally endeavor to minimize our risk of exposure by limiting to reputable financial institutions the counterparties with which we enter into financial transactions. As of June 30, 2026 and December 31, 2025, we held the majority of our cash balances with a single highly rated money center bank and such balances are in excess of Federal Deposit Insurance Corporation insured limits. We seek to mitigate this exposure by monitoring the credit standing of these financial institutions.

Inflation Risk

Inflation is likely to continue in the near to medium-term, particularly in the United States, with the possibility that monetary policy may continue to tighten in response. Persistent inflationary pressures could affect our portfolio companies’ profit margins.

Item 4. Controls and Procedures.

(a)Evaluation of Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

(b) Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

From time to time, we and the Adviser may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us or the Adviser. Given the inherent unpredictability of these types of legal and regulatory proceedings and the potentially large and/or indeterminate amounts that could be sought, an adverse outcome in certain matters could have a material effect on our or the Adviser’s financial condition or results of operations in any particular period.

In June and July of 2026, three derivative actions were brought in the United States District Courts for the Southern District of New York and the District of Maryland on behalf of the Company by purported shareholders of the Company, each of which allege that the Adviser received excessive advisory fees in violation of its statutory fiduciary duty under Section 36(b) of the Investment Company Act of 1940. One of the actions also names certain directors and officers of Blue Owl as additional defendants. Each of these Section 36(b) actions seeks recovery of the allegedly excessive fees, injunctive relief, costs and rescission of the Investment Advisory Agreements. These actions are in their preliminary stages. The Adviser believes each of the claims asserted in the aforementioned complaints are without merit and intends to vigorously defend against each of them. The outcome of each matter is inherently uncertain, and the Adviser is unable to predict the ultimate outcome or estimate the amount or range of loss, if any, that may result from each matter.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, “ITEM 1A. RISK FACTORS” in our annual report on Form 10-K for the fiscal year ended December 31, 2025, which could materially affect our business, financial condition and/or operating results. The risks described in our annual report on Form 10-K for the fiscal year ended December 31, 2025, are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

For the quarter ended June 30, 2026, other than the share issues pursuant to our dividend reinvestment plan, we did not sell any unregistered equity securities, except as previously disclosed in certain Current Reports on Form 8-K filed with the SEC.

For the quarter ended June 30, 2026, pursuant to our dividend reinvestment plan, we issued 1,518,511 shares of our common stock in the open market, at a weighted average price of $12.11 per share, for distribution to stockholders of record as of March 31, 2026 and March 23, 2026, for the first quarter dividend, that did not opt out of our dividend reinvestment plan in order to satisfy the reinvestment portion of our dividends.

Refer to “Note 9 — Net Assets” to our consolidated financial statements included in this Quarterly Report for details on the Company’s stock repurchase programs.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Technology Lending Investment Committee

The Adviser’s investment team (the “Investment Team”) is led by Douglas I. Ostrover, Marc S. Lipschultz and Craig W. Packer and is supported by certain members of the Adviser’s senior executive team and the Technology Lending Investment Committee. The Adviser’s Technology Lending Investment Committee is comprised of Douglas I. Ostrover, Marc S. Lipschultz, Craig W. Packer, Erik Bissonnette, Pravin Vazirani, Jon ten Oever, Arthur Martini, and, effective August 3, 2026, Matthias Ederer.

Mr. Ederer is Head of Risk, Direct Lending at Blue Owl, a member of the Adviser’s Investment Team and a member of the Adviser’s Diversified Lending Investment Committee and Technology Lending Investment Committee. Mr. Ederer is also a Senior Managing Director of Blue Owl. Before joining Blue Owl, Mr. Ederer was a Partner at BC Partners, where he co-founded the credit business and served on the investment committee. Prior to that, Mr. Ederer was a Partner at Wingspan Investment Management. Mr. Ederer began his career at Goldman Sachs & Co., working in the Special Situations Group and the Bank Loan Distressed Investing Group in London and New York. Mr. Ederer received an M.Phil. in Economics from the University of Oxford, Nuffield College and a B.Sc. in Economics from the University of Warwick.

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Rule 10b5-1 Trading Plans

During the fiscal quarter ended June 30, 2026, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

Item 6. Exhibits.

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:


Exhibit Number						Description of Exhibits
3.1						Articles of Amendment and Restatement, dated August 9, 2018 , as amended through June 22, 2023 (incorporated by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q, filed on August 9, 2023)
3.2						Amended and Restated Bylaws, dated July 6, 2023 (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K, filed on June 22, 2023)



4.1						Seventh Supplemental Indenture, dated as of June 5, 2026, between Blue Owl Technology Finance Corp. and Deutsche Bank Trust Company Americas, as Trustee (incorporated by reference to Exhibit 4 .2 to the Company’s Current Report on Form 8-K, filed June 5 , 2026)
10.1						Loan Financing and Servicing Agreement, dated as of May 21, 2026, among Athena Funding III LLC, as Borrower, Blue Owl Technology Finance Corp., as Equityholder and Services Provider, the Lenders from time to time parties thereto, Deutsche Bank, AG, New York Branch, as Facility Agent, the other Agents parties thereto and State Street Bank and Trust Company, as Collateral Agent and Custodian (incor porated by reference to Exhibit 10.1 t o the Company ’s Current Report on Form 8-K, filed May 2 8 , 2026)
10.2						Sale and Contribution Agreement, dated as of May 21, 2026, between Blue Owl Technology Finance Corp., as Seller and Athena Funding III, LLC, as Purchaser (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, filed May 2 8 , 2026)
10.3						Fourth Amendment to Amended and Restated Senior Secured Credit Agreement, dated as of June 16, 2026, between Blue Owl Technology Finance Corp., the Lenders party thereto and Truist Bank, as Administrative Agent (incorporated by reference to Exhibit 10 .1 to the Company’s Current Report on Form 8-K, filed June 22 , 2026)
21.1*						List of Subsidiaries
31.1*						Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*						Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**						Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**						Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
99.1*						Supplemental Financial Information of Blue Owl Credit SLF LLC (Unaudited) as of and for the period ended June 30, 2026
99.2*						Supplemental Financial Information of Blue Owl Leasing LLC (Unaudited) as of and for the period ended June 30, 2026
101.INS						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document
101.SCH						Inline XBRL Taxonomy Extension Schema Document
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

____________________

*Filed herein

**Furnished herein.

148

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.


	Blue Owl Technology Finance Corp.

Date: August 5, 2026	By:	/s/ Craig W. Packer
		Craig W. Packer
		Chief Executive Officer

	Blue Owl Technology Finance Corp.

Date: August 5, 2026	By:	/s/ Jonathan Lamm
		Jonathan Lamm
		Chief Operating Officer and Chief Financial Officer

149

Form: 10-Q

Documents