False2025Q1000174777712/31xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureiso4217:GBPiso4217:EURiso4217:AUDortf:platformortf:extensionortf:component00017477772025-01-012025-03-3100017477772025-05-120001747777us-gaap:InvestmentUnaffiliatedIssuerMember2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-03-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001747777us-gaap:InvestmentAffiliatedIssuerControlledMember2025-03-310001747777us-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-3100017477772025-03-3100017477772024-12-3100017477772024-01-012024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMember2024-01-012024-03-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-03-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-03-310001747777us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-03-310001747777us-gaap:InvestmentAffiliatedIssuerControlledMember2024-01-012024-03-3100017477772024-01-012024-03-310001747777ManTech International Corporation, First lien senior secured loan2025-03-310001747777Peraton Corp., Second lien senior secured loan2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:AerospaceSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001747777AI Titan Parent, Inc. 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(dba Smartsheet), First lien senior secured loan2025-03-310001747777Fullsteam Operations, LLC, First lien senior secured loan2025-03-310001747777Fullsteam Operations, LLC, First lien senior secured delayed draw term loan2025-03-310001747777Gainsight, Inc., First lien senior secured loan2025-03-310001747777Granicus, Inc., First lien senior secured loan2025-03-310001747777Granicus, Inc., First lien senior secured delayed draw term loan2025-03-310001747777GS Acquisitionco, Inc. (dba insightsoftware), First lien senior secured loan2025-03-310001747777JS Parent, Inc. (dba Jama Software), First lien senior secured loan2025-03-310001747777Magnet Forensics, LLC (f/k/a Grayshift, LLC), First lien senior secured loan2025-03-310001747777Ministry Brands Holdings, LLC, First lien senior secured loan2025-03-310001747777Simpler Postage, Inc. (dba Easypost), First lien senior secured loan2025-03-310001747777Tamarack Intermediate, L.L.C. 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(dba e-Emphasys), First lien senior secured loan2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:BuildingProductsMemberus-gaap:DebtSecuritiesMember2025-03-310001747777Associations, Inc., First lien senior secured revolving loan2025-03-310001747777Associations Finance, Inc., Unsecured notes2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:BuildingsRealEstateMemberus-gaap:DebtSecuritiesMember2025-03-310001747777CCM Midco, LLC (f/k/a Cresset Capital Management, LLC), First lien senior secured loan2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:CapitalMarketsMemberus-gaap:DebtSecuritiesMember2025-03-310001747777Pye-Barker Fire & Safety, LLC, First lien senior secured loan2025-03-310001747777Pye-Barker Fire & Safety, LLC, First lien senior secured revolving loan2025-03-310001747777SimpliSafe Holding Corporation, First lien senior secured loan2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:CommercialServicesSuppliesMemberus-gaap:DebtSecuritiesMember2025-03-310001747777Dodge Construction Network LLC, First lien senior secured loan 12025-03-310001747777Dodge Construction Network LLC, First lien senior secured loan 22025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConstructionSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001747777Klarna Holding AB, Subordinated Floating Rate Notes2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:ConsumerFinanceMemberus-gaap:DebtSecuritiesMember2025-03-310001747777Ellucian Holdings Inc. (f/k/a Sophia, L.P.), First lien senior secured loan2025-03-310001747777Icefall Parent, Inc. (dba EngageSmart), First lien senior secured loan2025-03-310001747777Juniper Square, Inc., First lien senior secured loan2025-03-310001747777Litera Bidco LLC, First lien senior secured loan2025-03-310001747777Relativity ODA LLC, First lien senior secured loan2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:DiversifiedConsumerServicesMemberus-gaap:DebtSecuritiesMember2025-03-310001747777Blackhawk Network Holdings, Inc., First lien senior secured loan2025-03-310001747777BTRS Holdings Inc. (dba Billtrust), First lien senior secured loan2025-03-310001747777Computer Services, Inc. (dba CSI), First lien senior secured loan 12025-03-310001747777Computer Services, Inc. (dba CSI), First lien senior secured loan 22025-03-310001747777Hg Genesis 8 Sumoco Limited, Unsecured facility2025-03-310001747777Hg Genesis 9 SumoCo Limited, Unsecured facility2025-03-310001747777Hg Saturn Luchaco Limited, Unsecured facility2025-03-310001747777Minotaur Acquisition, Inc. (dba Inspira Financial), First lien senior secured loan2025-03-310001747777NMI Acquisitionco, Inc. (dba Network Merchants), First lien senior secured loan2025-03-310001747777Smarsh Inc., First lien senior secured loan2025-03-310001747777Smarsh Inc., First lien senior secured revolving loan2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:DiversifiedFinancialServicesMemberus-gaap:DebtSecuritiesMember2025-03-310001747777CoreTrust Purchasing Group LLC, First lien senior secured loan2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:DiversifiedSupportServicesMemberus-gaap:DebtSecuritiesMember2025-03-310001747777Aerosmith Bidco 1 Limited (dba Audiotonix), First lien senior secured loan2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:ElectricalEquipmentMemberus-gaap:DebtSecuritiesMember2025-03-310001747777Storable, Inc., First lien senior secured loan2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:EquityRealEstateInvestmentTrustsREITsMemberus-gaap:DebtSecuritiesMember2025-03-310001747777IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)), First lien senior secured loan2025-03-310001747777IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)), First lien senior secured revolving loan2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:FoodStaplesRetailingMemberus-gaap:DebtSecuritiesMember2025-03-310001747777Cambrex Corporation, First lien senior secured loan2025-03-310001747777Packaging Coordinators Midco, Inc., First lien senior secured loan2025-03-310001747777PerkinElmer U.S. LLC, First lien senior secured loan2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:HealthCareEquipmentSuppliesMemberus-gaap:DebtSecuritiesMember2025-03-310001747777Covetrus, Inc., Second lien senior secured loan2025-03-310001747777Engage Debtco Limited, First lien senior secured loan2025-03-310001747777EresearchTechnology, Inc. (dba Clario), First lien senior secured loan2025-03-310001747777KWOL Acquisition, Inc. (dba Worldwide Clinical Trials), First lien senior secured loan2025-03-310001747777OneOncology, LLC, First lien senior secured loan2025-03-310001747777OneOncology, LLC, First lien senior secured delayed draw term loan2025-03-310001747777PetVet Care Centers, LLC, First lien senior secured loan2025-03-310001747777Phantom Purchaser, Inc., First lien senior secured loan2025-03-310001747777TC Holdings, LLC (dba TrialCard), First lien senior secured loan2025-03-310001747777Vermont Aus Pty Ltd, First lien senior secured AUD term loan2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:HealthCareProvidersServicesMemberus-gaap:DebtSecuritiesMember2025-03-310001747777Athenahealth Group Inc., First lien senior secured loan2025-03-310001747777BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured loan2025-03-310001747777BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured delayed draw term loan2025-03-310001747777BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured revolving loan2025-03-310001747777Color Intermediate, LLC (dba ClaimsXten), First lien senior secured loan2025-03-310001747777CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant), First lien senior secured loan2025-03-310001747777GI Ranger Intermediate, LLC (dba Rectangle Health), First lien senior secured loan2025-03-310001747777Greenway Health, LLC, First lien senior secured loan2025-03-310001747777Hyland Software, Inc., First lien senior secured loan2025-03-310001747777Indikami Bidco, LLC (dba IntegriChain), First lien senior secured loan2025-03-310001747777Indikami Bidco, LLC (dba IntegriChain), First lien senior secured delayed draw term loan2025-03-310001747777Indikami Bidco, LLC (dba IntegriChain), First lien senior secured revolving loan2025-03-310001747777Inovalon Holdings, Inc., First lien senior secured loan2025-03-310001747777Inovalon Holdings, Inc., Second lien senior secured loan2025-03-310001747777Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.), First lien senior secured loan2025-03-310001747777Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured loan2025-03-310001747777Natural Partners, LLC, First lien senior secured loan2025-03-310001747777Neptune Holdings, Inc. (dba NexTech), First lien senior secured loan2025-03-310001747777Project Ruby Ultimate Parent Corp. (dba Wellsky), First lien senior secured loan2025-03-310001747777RL Datix Holdings (USA), Inc., First lien senior secured loan2025-03-310001747777RL Datix Holdings (USA), Inc., First lien senior secured GBP term loan2025-03-310001747777Salinger Bidco Inc. (dba Surgical Information Systems), First lien senior secured loan2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:HealthcareTechnologyMemberus-gaap:DebtSecuritiesMember2025-03-310001747777MINDBODY, Inc., First lien senior secured loan2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:HotelsRestaurantsLeisureMemberus-gaap:DebtSecuritiesMember2025-03-310001747777BCTO BSI Buyer, Inc. (dba Buildertrend), First lien senior secured loan2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:HouseholdDurablesMemberus-gaap:DebtSecuritiesMember2025-03-310001747777Aptean Acquiror, Inc. (dba Aptean), First lien senior secured loan2025-03-310001747777QAD, Inc., First lien senior secured loan2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:IndustrialConglomeratesMemberus-gaap:DebtSecuritiesMember2025-03-310001747777AmeriLife Holdings LLC, First lien senior secured loan2025-03-310001747777Asurion, LLC, First lien senior secured loan2025-03-310001747777Asurion, LLC, Second lien senior secured loan2025-03-310001747777Diamond Insure Bidco (dba Acturis), First lien senior secured EUR term loan2025-03-310001747777Diamond Insure Bidco (dba Acturis), First lien senior secured GBP term loan2025-03-310001747777Disco Parent, Inc. (dba Duck Creek Technologies, Inc.), First lien senior secured loan2025-03-310001747777Galway Borrower LLC, First lien senior secured delayed draw term loan2025-03-310001747777Integrated Specialty Coverages, LLC, First lien senior secured loan2025-03-310001747777Integrity Marketing Acquisition, LLC, First lien senior secured loan2025-03-310001747777Simplicity Financial Marketing Group Holdings, Inc., First lien senior secured loan2025-03-310001747777Simplicity Financial Marketing Group Holdings, Inc., First lien senior secured delayed draw term loan2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001747777Aurelia Netherlands B.V., First lien senior secured EUR term loan2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:InternetDirectMarketingRetailMemberus-gaap:DebtSecuritiesMember2025-03-310001747777Kaseya Inc., First lien senior secured loan2025-03-310001747777Kaseya Inc., Second lien senior secured loan2025-03-310001747777Severin Acquisition, LLC (dba PowerSchool), First lien senior secured loan2025-03-310001747777Severin Acquisition, LLC (dba PowerSchool), First lien senior secured delayed draw term loan2025-03-310001747777Severin Acquisition, LLC (dba PowerSchool), First lien senior secured revolving loan2025-03-310001747777Spaceship Purchaser, Inc. (dba Squarespace), First lien senior secured loan2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:TechnologySectorMemberus-gaap:DebtSecuritiesMember2025-03-310001747777Bamboo US BidCo LLC, First lien senior secured EUR term loan2025-03-310001747777Bamboo US BidCo LLC, First lien senior secured loan2025-03-310001747777Bracket Intermediate Holding Corp., First lien senior secured loan2025-03-310001747777Creek Parent, Inc. (dba Catalent), First lien senior secured loan2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:LifeSciencesToolsServicesMemberus-gaap:DebtSecuritiesMember2025-03-310001747777Monotype Imaging Holdings Inc., First lien senior secured loan2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:MediaMemberus-gaap:DebtSecuritiesMember2025-03-310001747777PDI TA Holdings, Inc., First lien senior secured loan2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:MultilineRetailMemberus-gaap:DebtSecuritiesMember2025-03-310001747777Foundation Consumer Brands, LLC, First lien senior secured loan2025-03-310001747777Pacific BidCo Inc., First lien senior secured loan2025-03-310001747777Pacific BidCo Inc., First lien senior secured delayed draw term loan2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:PharmaceuticalsMemberus-gaap:DebtSecuritiesMember2025-03-310001747777Certinia Inc., First lien senior secured loan2025-03-310001747777CloudPay, Inc., First lien senior secured loan2025-03-310001747777Cornerstone OnDemand, Inc., Second lien senior secured loan2025-03-310001747777Gerson Lehrman Group, Inc., First lien senior secured loan2025-03-310001747777Proofpoint, Inc., First lien senior secured loan2025-03-310001747777Sensor Technology Topco, Inc. (dba Humanetics), First lien senior secured loan2025-03-310001747777Sensor Technology Topco, Inc. (dba Humanetics), First lien senior secured EUR term loan2025-03-310001747777Sensor Technology Topco, Inc. (dba Humanetics), First lien senior secured revolving loan2025-03-310001747777Sovos Compliance, LLC, First lien senior secured loan2025-03-310001747777Thunder Purchaser, Inc. (dba Vector Solutions), First lien senior secured loan2025-03-310001747777TK Operations Ltd (dba Travelperk, Inc.), First lien senior secured loan2025-03-310001747777When I Work, Inc., First lien senior secured loan2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:ProfessionalServicesMemberus-gaap:DebtSecuritiesMember2025-03-310001747777Entrata, Inc., First lien senior secured loan2025-03-310001747777RealPage, Inc., First lien senior secured loan2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:RealEstateManagementDevelopmentMemberus-gaap:DebtSecuritiesMember2025-03-310001747777Acquia Inc., First lien senior secured loan2025-03-310001747777Activate Holdings (US) Corp. (dba Absolute Software), First lien senior secured loan2025-03-310001747777Appfire Technologies, LLC, First lien senior secured loan2025-03-310001747777Arctic Wolf Networks, Inc., First lien senior secured loan2025-03-310001747777Arctic Wolf Networks, Inc., Senior convertible notes2025-03-310001747777Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.), First lien senior secured loan2025-03-310001747777Barracuda Networks, Inc., First lien senior secured loan2025-03-310001747777Barracuda Networks, Inc., Second lien senior secured loan2025-03-310001747777Barracuda Parent, LLC, First lien senior secured loan2025-03-310001747777Bayshore Intermediate #2, L.P. (dba Boomi), First lien senior secured loan2025-03-310001747777ConnectWise, LLC, First lien senior secured loan2025-03-310001747777Crewline Buyer, Inc. (dba New Relic), First lien senior secured loan2025-03-310001747777Databricks, Inc., First lien senior secured loan2025-03-310001747777Databricks, Inc., First lien senior secured delayed draw term loan2025-03-310001747777Delinea Buyer, Inc. (f/k/a Centrify), First lien senior secured loan2025-03-310001747777Delta TopCo, Inc. (dba Infoblox, Inc.), Second lien senior secured loan2025-03-310001747777Forescout Technologies, Inc., First lien senior secured loan2025-03-310001747777H&F Opportunities LUX III S.À R.L (dba Checkmarx), First lien senior secured loan2025-03-310001747777LogRhythm, Inc., First lien senior secured loan2025-03-310001747777Oranje Holdco, Inc. (dba KnowBe4), First lien senior secured loan 12025-03-310001747777Oranje Holdco, Inc. (dba KnowBe4), First lien senior secured loan 22025-03-310001747777Ping Identity Holding Corp., First lien senior secured loan2025-03-310001747777Rubrik, Inc., First lien senior secured loan2025-03-310001747777Securonix, Inc., First lien senior secured loan2025-03-310001747777Securonix, Inc., First lien senior secured revolving loan2025-03-310001747777Sitecore Holding III A/S, First lien senior secured loan2025-03-310001747777Sitecore Holding III A/S, First lien senior secured EUR term loan2025-03-310001747777Sitecore USA, Inc., First lien senior secured loan2025-03-310001747777Sophos Holdings, LLC, First lien senior secured loan2025-03-310001747777Talon MidCo 2 Limited, First lien senior secured loan2025-03-310001747777Tricentis Operations Holdings, Inc., First lien senior secured loan2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:SystemsSoftwareMemberus-gaap:DebtSecuritiesMember2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:TotalCompanyInvestmentsIncludingMiscellaneousDebtCommitmentsMember2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:MiscellaneousDebtCommitmentsNettingMember2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-03-310001747777Space Exploration Technologies Corp., Class A Common Stock2025-03-310001747777Space Exploration Technologies Corp., Class C Common Stock2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:AerospaceSectorMemberus-gaap:EquitySecuritiesMember2025-03-3100017477776Sense Insights, Inc., Series E-1 Preferred Stock2025-03-310001747777Alpha Partners Technology Merger Corp, Common stock2025-03-310001747777Alpha Partners Technology Merger Corp, Warrants2025-03-310001747777AlphaSense, LLC, Series E Preferred Shares2025-03-310001747777Bird Holding B.V. (fka MessageBird Holding B.V.), Extended Series C Warrants2025-03-310001747777Diligent Preferred Issuer, Inc. (dba Diligent Corporation), Preferred Stock2025-03-310001747777EShares, Inc. (dba Carta), Series E Preferred Stock2025-03-310001747777Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC), LP Interest2025-03-310001747777Nylas, Inc., Series C Preferred Stock2025-03-310001747777Project Alpine Co-Invest Fund, LP, LP Interest2025-03-310001747777Saturn Ultimate, Inc., Common stock2025-03-310001747777Simpler Postage, Inc. (dba Easypost), Warrants2025-03-310001747777Zoro TopCo, L.P., Class A Common Units2025-03-310001747777Zoro TopCo, Inc., Series A Preferred Equity2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:ApplicationSoftwareMemberus-gaap:EquitySecuritiesMember2025-03-310001747777Acorns Grow Incorporated, Series F Preferred Stock2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:CapitalMarketsMemberus-gaap:EquitySecuritiesMember2025-03-310001747777Dodge Construction Network Holdings, L.P., Class A-2 Common Units2025-03-310001747777Dodge Construction Network Holdings, L.P., Series A Preferred Units2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConstructionSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001747777SLA Eclipse Co-Invest, L.P., LP Interest2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:ConsumerProductsMemberus-gaap:EquitySecuritiesMember2025-03-310001747777Amergin Asset Management, LLC, Class A Units2025-03-310001747777Brex, Inc., Preferred Stock2025-03-310001747777Juniper Square, Inc., Warrants2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:DiversifiedFinancialServicesMemberus-gaap:EquitySecuritiesMember2025-03-310001747777BEHP Co-Investor II, L.P., LP Interest2025-03-310001747777Minerva Holdco, Inc., Senior A Preferred Stock2025-03-310001747777Orange Blossom Parent, Inc., Common Units2025-03-310001747777WP Irving Co-Invest, L.P., Partnership Units2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:HealthcareTechnologyMemberus-gaap:EquitySecuritiesMember2025-03-310001747777KWOL Acquisition, Inc. (dba Worldwide Clinical Trials), Class A Interest2025-03-310001747777Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers), Series A Preferred Stock2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:HealthCareProvidersServicesMemberus-gaap:EquitySecuritiesMember2025-03-310001747777VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.), Series A Preferred Stock2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:HotelsRestaurantsLeisureMemberus-gaap:EquitySecuritiesMember2025-03-310001747777Accelerate Topco Holdings, LLC, Common Units2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001747777Kajabi Holdings, LLC, Senior Preferred Class D Units2025-03-310001747777Linked Store Cayman Ltd. (dba Nuvemshop), Series E Preferred Stock2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:InternetDirectMarketingRetailMemberus-gaap:EquitySecuritiesMember2025-03-310001747777E2Open Parent Holdings, Inc., Class A Common Stock2025-03-310001747777JumpCloud, Inc., Series B Preferred Stock2025-03-310001747777JumpCloud, Inc., Series F Preferred Stock2025-03-310001747777Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.), Perpetual Preferred Stock2025-03-310001747777Replicated, Inc., Series C Preferred Stock2025-03-310001747777WMC Bidco, Inc. (dba West Monroe), Senior Preferred Stock2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:TechnologySectorMemberus-gaap:EquitySecuritiesMember2025-03-310001747777XOMA Corporation, Warrants2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:PharmaceuticalsMemberus-gaap:EquitySecuritiesMember2025-03-310001747777BCTO WIW Holdings, Inc. (dba When I Work), Class A Common Stock2025-03-310001747777CloudPay, Inc., Series E Preferred Stock2025-03-310001747777Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.), Series A Preferred Stock2025-03-310001747777Thunder Topco L.P. (dba Vector Solutions), Common Units2025-03-310001747777TravelPerk, Inc., Warrants2025-03-310001747777Vestwell Holdings, Inc., Series D Preferred Stock2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:ProfessionalServicesMemberus-gaap:EquitySecuritiesMember2025-03-310001747777Bolt Technology OÜ, Preferred Stock2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:RoadRailMemberus-gaap:EquitySecuritiesMember2025-03-310001747777Algolia, Inc., Series C Preferred Stock2025-03-310001747777Algolia, Inc., Series D Preferred Stock2025-03-310001747777Arctic Wolf Networks, Inc., Preferred Stock2025-03-310001747777Axonius, Inc., Series E Preferred Stock2025-03-310001747777Brooklyn Lender Co-Invest 2, L.P. (dba Boomi), Common Units2025-03-310001747777Chrome Investors LP, LP Interest2025-03-310001747777Circle Internet Services, Inc., Warrants2025-03-310001747777Circle Internet Services, Inc., Series D Preferred Stock2025-03-310001747777Circle Internet Services, Inc., Series E Preferred Stock2025-03-310001747777Circle Internet Services, Inc., Series F Preferred Stock2025-03-310001747777Circle Internet Services, Inc., Subordinated Convertible Security2025-03-310001747777Elliott Alto Co-Investor Aggregator L.P., LP Interest2025-03-310001747777Excalibur CombineCo, L.P., Class A Units2025-03-310001747777Halo Parent Newco, LLC, Class H PIK Preferred Equity2025-03-310001747777HARNESS INC., Series D Preferred Stock2025-03-310001747777Illumio, Inc., Common stock2025-03-310001747777Illumio, Inc., Series F Preferred Stock2025-03-310001747777Project Hotel California Co-Invest Fund, L.P., LP Interest2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:SystemsSoftwareMemberus-gaap:EquitySecuritiesMember2025-03-310001747777Blend Labs, Inc., Warrants2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:ThriftsMortgageFinanceMemberus-gaap:EquitySecuritiesMember2025-03-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-03-310001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC, First lien senior secured loan2025-03-310001747777AAM Series 2.1 Aviation Feeder, LLC, First lien senior secured loan2025-03-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberortf:DiversifiedFinancialServicesMemberus-gaap:DebtSecuritiesMember2025-03-310001747777Coherent Group Inc., Convertible notes2025-03-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:InsuranceSectorMemberus-gaap:DebtSecuritiesMember2025-03-310001747777Walker Edison Furniture Company LLC, First lien senior secured loan2025-03-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberortf:InternetDirectMarketingRetailMemberus-gaap:DebtSecuritiesMember2025-03-310001747777Pluralsight, LLC, First lien senior secured loan 12025-03-310001747777Pluralsight, LLC, First lien senior secured loan 22025-03-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:TechnologySectorMemberus-gaap:DebtSecuritiesMember2025-03-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:DebtSecuritiesMember2025-03-310001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC, LLC Interest2025-03-310001747777AAM Series 2.1 Aviation Feeder, LLC, LLC Interest2025-03-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberortf:DiversifiedFinancialServicesMemberus-gaap:EquitySecuritiesMember2025-03-310001747777Coherent Group Inc., Series B Preferred Shares2025-03-310001747777Fifth Season Investments LLC, Class A Units2025-03-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:InsuranceSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001747777Signifyd Inc., Preferred equity2025-03-310001747777Walker Edison Holdco LLC, Common Units2025-03-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberortf:InternetDirectMarketingRetailMemberus-gaap:EquitySecuritiesMember2025-03-310001747777Paradigmatic Holdco LLC (dba Pluralsight), Common stock2025-03-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:TechnologySectorMemberus-gaap:EquitySecuritiesMember2025-03-310001747777LSI Financing LLC, Common Equity2025-03-310001747777LSI Financing 1 DAC, Preferred equity2025-03-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberortf:PharmaceuticalsMemberus-gaap:EquitySecuritiesMember2025-03-310001747777Help HP SCF Investor, LP, LP Interest2025-03-310001747777Securiti, Inc., Series C Preferred Shares2025-03-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberortf:SystemsSoftwareMemberus-gaap:EquitySecuritiesMember2025-03-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2025-03-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberortf:TotalCompanyInvestmentsIncludingMiscellaneousDebtCommitmentsMember2025-03-310001747777Revolut Ribbit Holdings, LLC, LLC Interest2025-03-310001747777us-gaap:InvestmentAffiliatedIssuerControlledMemberortf:DiversifiedFinancialServicesMemberus-gaap:EquitySecuritiesMember2025-03-310001747777Blue Owl Credit SLF LLC, LLC Interest2025-03-310001747777us-gaap:InvestmentAffiliatedIssuerControlledMemberortf:JointVenturesMemberus-gaap:EquitySecuritiesMember2025-03-310001747777us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2025-03-310001747777us-gaap:InvestmentAffiliatedIssuerControlledMemberortf:TotalCompanyInvestmentsIncludingMiscellaneousDebtCommitmentsMember2025-03-310001747777ortf:April2029NotesMemberus-gaap:InterestRateSwapMemberus-gaap:UnsecuredDebtMember2025-03-310001747777ortf:March2028NotesMemberus-gaap:InterestRateSwapMemberus-gaap:UnsecuredDebtMember2025-03-310001747777us-gaap:InterestRateSwapMemberus-gaap:UnsecuredDebtMember2025-03-310001747777Aerosmith Bidco 1 Limited (dba Audiotonix), First lien senior secured delayed draw term loan2025-03-310001747777AI Titan Parent, Inc. (dba Prometheus Group), First lien senior secured delayed draw term loan2025-03-310001747777AlphaSense, Inc., First lien senior secured delayed draw term loan 12025-03-310001747777AlphaSense, Inc., First lien senior secured delayed draw term loan 22025-03-310001747777AmeriLife Holdings LLC, First lien senior secured delayed draw term loan 12025-03-310001747777AmeriLife Holdings LLC, First lien senior secured delayed draw term loan 22025-03-310001747777Appfire Technologies, LLC, First lien senior secured delayed draw term loan 12025-03-310001747777Appfire Technologies, LLC, First lien senior secured delayed draw term loan 22025-03-310001747777Aptean Acquiror, Inc. (dba Aptean), First lien senior secured delayed draw term loan 12025-03-310001747777Aptean Acquiror, Inc. (dba Aptean), First lien senior secured delayed draw term loan 22025-03-310001747777Aptean Acquiror, Inc. (dba Aptean), First lien senior secured delayed draw term loan 32025-03-310001747777Artifact Bidco, Inc. (dba Avetta), First lien senior secured delayed draw term loan2025-03-310001747777Associations, Inc., First lien senior secured delayed draw term loan2025-03-310001747777Bamboo US BidCo LLC, First lien senior secured delayed draw term loan2025-03-310001747777BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured delayed draw term loan, 10/20252025-03-310001747777Cambrex Corporation, First lien senior secured delayed draw term loan2025-03-310001747777CCM Midco, LLC (f/k/a Cresset Capital Management, LLC), First lien senior secured delayed draw term loan 12025-03-310001747777CCM Midco, LLC (f/k/a Cresset Capital Management, LLC), First lien senior secured delayed draw term loan 22025-03-310001747777Computer Services, Inc. (dba CSI), First lien senior secured delayed draw term loan2025-03-310001747777CoreTrust Purchasing Group LLC, First lien senior secured delayed draw term loan2025-03-310001747777Coupa Holdings, LLC, First lien senior secured delayed draw term loan2025-03-310001747777CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant), First lien senior secured delayed draw term loan2025-03-310001747777EET Buyer, Inc. (dba e-Emphasys), First lien senior secured delayed draw term loan2025-03-310001747777EresearchTechnology, Inc. (dba Clario), First lien senior secured delayed draw term loan 12025-03-310001747777EresearchTechnology, Inc. (dba Clario), First lien senior secured delayed draw term loan 22025-03-310001747777Fullsteam Operations, LLC, First lien senior secured delayed draw term loan 12025-03-310001747777Fullsteam Operations, LLC, First lien senior secured delayed draw term loan 22025-03-310001747777Galway Borrower LLC, First lien senior secured delayed draw term loan, 7/20262025-03-310001747777GS Acquisitionco, Inc. (dba insightsoftware), First lien senior secured delayed draw term loan, 12/20252025-03-310001747777Indikami Bidco, LLC (dba IntegriChain), First lien senior secured delayed draw term loan, 12/20252025-03-310001747777Integrated Specialty Coverages, LLC, First lien senior secured delayed draw term loan2025-03-310001747777Integrity Marketing Acquisition, LLC, First lien senior secured delayed draw term loan2025-03-310001747777Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured delayed draw term loan2025-03-310001747777Juniper Square, Inc., First lien senior secured delayed draw term loan2025-03-310001747777Litera Bidco LLC, First lien senior secured delayed draw term loan 12025-03-310001747777Litera Bidco LLC, First lien senior secured delayed draw term loan 22025-03-310001747777ManTech International Corporation, First lien senior secured delayed draw term loan2025-03-310001747777Minotaur Acquisition, Inc. (dba Inspira Financial), First lien senior secured delayed draw term loan2025-03-310001747777Monotype Imaging Holdings Inc., First lien senior secured delayed draw term loan2025-03-310001747777OneOncology, LLC, First lien senior secured delayed draw term loan 12025-03-310001747777OneOncology, LLC, First lien senior secured delayed draw term loan 22025-03-310001747777Packaging Coordinators Midco, Inc., First lien senior secured delayed draw term loan2025-03-310001747777PDI TA Holdings, Inc., First lien senior secured delayed draw term loan2025-03-310001747777PetVet Care Centers, LLC, First lien senior secured delayed draw term loan2025-03-310001747777Pye-Barker Fire & Safety, LLC, First lien senior secured delayed draw term loan 12025-03-310001747777Pye-Barker Fire & Safety, LLC, First lien senior secured delayed draw term loan 22025-03-310001747777RL Datix Holdings (USA), Inc., First lien senior secured delayed draw term loan2025-03-310001747777Rubrik, Inc., First lien senior secured delayed draw term loan2025-03-310001747777Salinger Bidco Inc. (dba Surgical Information Systems), First lien senior secured delayed draw term loan2025-03-310001747777Sensor Technology Topco, Inc. (dba Humanetics), First lien senior secured delayed draw term loan2025-03-310001747777Sensor Technology Topco, Inc. (dba Humanetics), First lien senior secured EUR delayed draw term loan2025-03-310001747777Severin Acquisition, LLC (dba PowerSchool), First lien senior secured delayed draw term loan, 10/20272025-03-310001747777Simpler Postage, Inc. (dba Easypost), First lien senior secured delayed draw term loan2025-03-310001747777Simplicity Financial Marketing Group Holdings, Inc., First lien senior secured delayed draw term loan, 12/20262025-03-310001747777Smarsh Inc., First lien senior secured delayed draw term loan2025-03-310001747777Spaceship Purchaser, Inc. (dba Squarespace), First lien senior secured delayed draw term loan 12025-03-310001747777Spaceship Purchaser, Inc. (dba Squarespace), First lien senior secured delayed draw term loan 22025-03-310001747777Tricentis Operations Holdings, Inc., First lien senior secured delayed draw term loan2025-03-310001747777Zendesk, Inc., First lien senior secured delayed draw term loan2025-03-310001747777Acquia Inc., First lien senior secured revolving loan2025-03-310001747777Activate Holdings (US) Corp. (dba Absolute Software), First lien senior secured revolving loan2025-03-310001747777Aerosmith Bidco 1 Limited (dba Audiotonix), First lien senior secured revolving loan2025-03-310001747777AI Titan Parent, Inc. (dba Prometheus Group), First lien senior secured revolving loan2025-03-310001747777AmeriLife Holdings LLC, First lien senior secured revolving loan2025-03-310001747777Anaplan, Inc., First lien senior secured revolving loan2025-03-310001747777Appfire Technologies, LLC, First lien senior secured revolving loan2025-03-310001747777Aptean Acquiror, Inc. (dba Aptean), First lien senior secured revolving loan2025-03-310001747777Artifact Bidco, Inc. (dba Avetta), First lien senior secured revolving loan2025-03-310001747777Associations, Inc., First lien senior secured revolving loan, 7/20282025-03-310001747777Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.), First lien senior secured revolving loan2025-03-310001747777Bamboo US BidCo LLC, First lien senior secured revolving loan2025-03-310001747777Bayshore Intermediate #2, L.P. (dba Boomi), First lien senior secured revolving loan2025-03-310001747777BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured revolving loan, 8/20262025-03-310001747777BCTO BSI Buyer, Inc. (dba Buildertrend), First lien senior secured revolving loan2025-03-310001747777BTRS Holdings Inc. (dba Billtrust), First lien senior secured revolving loan2025-03-310001747777Cambrex Corporation, First lien senior secured revolving loan2025-03-310001747777Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.), First lien senior secured revolving loan2025-03-310001747777CCM Midco, LLC (f/k/a Cresset Capital Management, LLC), First lien senior secured revolving loan2025-03-310001747777Certinia Inc., First lien senior secured revolving loan2025-03-310001747777CivicPlus, LLC, First lien senior secured revolving loan2025-03-310001747777CoreTrust Purchasing Group LLC, First lien senior secured revolving loan2025-03-310001747777Coupa Holdings, LLC, First lien senior secured revolving loan2025-03-310001747777Creek Parent, Inc. (dba Catalent), First lien senior secured revolving loan2025-03-310001747777Crewline Buyer, Inc. (dba New Relic), First lien senior secured revolving loan2025-03-310001747777CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant), First lien senior secured revolving loan2025-03-310001747777Delinea Buyer, Inc. (f/k/a Centrify), First lien senior secured revolving loan2025-03-310001747777Disco Parent, Inc. (dba Duck Creek Technologies, Inc.), First lien senior secured revolving loan2025-03-310001747777EET Buyer, Inc. (dba e-Emphasys), First lien senior secured revolving loan2025-03-310001747777Einstein Parent, Inc. (dba Smartsheet), First lien senior secured revolving loan2025-03-310001747777Entrata, Inc., First lien senior secured revolving loan2025-03-310001747777EresearchTechnology, Inc. (dba Clario), First lien senior secured revolving loan2025-03-310001747777Finastra USA, Inc., First lien senior secured revolving loan2025-03-310001747777Forescout Technologies, Inc., First lien senior secured revolving loan2025-03-310001747777Foundation Consumer Brands, LLC, First lien senior secured revolving loan2025-03-310001747777Fullsteam Operations, LLC, First lien senior secured revolving loan2025-03-310001747777Gainsight, Inc., First lien senior secured revolving loan2025-03-310001747777Galway Borrower LLC, First lien senior secured revolving loan2025-03-310001747777Gerson Lehrman Group, Inc., First lien senior secured revolving loan2025-03-310001747777GI Ranger Intermediate, LLC (dba Rectangle Health), First lien senior secured revolving loan2025-03-310001747777Granicus, Inc., First lien senior secured revolving loan2025-03-310001747777GS Acquisitionco, Inc. (dba insightsoftware), First lien senior secured revolving loan2025-03-310001747777H&F Opportunities LUX III S.À R.L (dba Checkmarx), First lien senior secured revolving loan2025-03-310001747777Hyland Software, Inc., First lien senior secured revolving loan2025-03-310001747777Icefall Parent, Inc. (dba EngageSmart), First lien senior secured revolving loan2025-03-310001747777Indikami Bidco, LLC (dba IntegriChain), First lien senior secured revolving loan, 6/20302025-03-310001747777Integrated Specialty Coverages, LLC, First lien senior secured revolving loan2025-03-310001747777Integrity Marketing Acquisition, LLC, First lien senior secured revolving loan2025-03-310001747777Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.), First lien senior secured revolving loan2025-03-310001747777Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured revolving loan2025-03-310001747777IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)), First lien senior secured revolving loan, 12/20272025-03-310001747777JS Parent, Inc. (dba Jama Software), First lien senior secured revolving loan2025-03-310001747777Juniper Square, Inc., First lien senior secured revolving loan2025-03-310001747777KWOL Acquisition, Inc. (dba Worldwide Clinical Trials), First lien senior secured revolving loan2025-03-310001747777Litera Bidco LLC, First lien senior secured revolving loan2025-03-310001747777LogRhythm, Inc., First lien senior secured revolving loan2025-03-310001747777Magnet Forensics, LLC (f/k/a Grayshift, LLC), First lien senior secured revolving loan2025-03-310001747777ManTech International Corporation, First lien senior secured revolving loan2025-03-310001747777MINDBODY, Inc., First lien senior secured revolving loan2025-03-310001747777Ministry Brands Holdings, LLC, First lien senior secured revolving loan2025-03-310001747777Minotaur Acquisition, Inc. (dba Inspira Financial), First lien senior secured revolving loan2025-03-310001747777Monotype Imaging Holdings Inc., First lien senior secured revolving loan2025-03-310001747777Natural Partners, LLC, First lien senior secured revolving loan2025-03-310001747777Neptune Holdings, Inc. (dba NexTech), First lien senior secured revolving loan2025-03-310001747777NMI Acquisitionco, Inc. (dba Network Merchants), First lien senior secured revolving loan2025-03-310001747777OneOncology, LLC, First lien senior secured revolving loan2025-03-310001747777Oranje Holdco, Inc. (dba KnowBe4), First lien senior secured revolving loan2025-03-310001747777Packaging Coordinators Midco, Inc., First lien senior secured revolving loan2025-03-310001747777PDI TA Holdings, Inc., First lien senior secured revolving loan2025-03-310001747777PetVet Care Centers, LLC, First lien senior secured revolving loan2025-03-310001747777Phantom Purchaser, Inc., First lien senior secured revolving loan2025-03-310001747777Ping Identity Holding Corp., First lien senior secured revolving loan2025-03-310001747777Pye-Barker Fire & Safety, LLC, First lien senior secured revolving loan, 5/20302025-03-310001747777QAD, Inc., First lien senior secured revolving loan2025-03-310001747777Relativity ODA LLC, First lien senior secured revolving loan2025-03-310001747777RL Datix Holdings (USA), Inc., First lien senior secured revolving loan2025-03-310001747777SailPoint Technologies Holdings, Inc., First lien senior secured revolving loan2025-03-310001747777Salinger Bidco Inc. (dba Surgical Information Systems), First lien senior secured revolving loan2025-03-310001747777Securonix, Inc., First lien senior secured revolving loan, 4/20282025-03-310001747777Sensor Technology Topco, Inc. (dba Humanetics), First lien senior secured revolving loan, 5/20282025-03-310001747777Severin Acquisition, LLC (dba PowerSchool), First lien senior secured revolving loan, 10/20312025-03-310001747777Simplicity Financial Marketing Group Holdings, Inc., First lien senior secured revolving loan2025-03-310001747777Smarsh Inc., First lien senior secured revolving loan, 2/20292025-03-310001747777Spaceship Purchaser, Inc. (dba Squarespace), First lien senior secured revolving loan2025-03-310001747777Talon MidCo 2 Limited, First lien senior secured revolving loan2025-03-310001747777Tamarack Intermediate, L.L.C. (dba Verisk 3E), First lien senior secured revolving loan2025-03-310001747777TC Holdings, LLC (dba TrialCard), First lien senior secured revolving loan2025-03-310001747777Thunder Purchaser, Inc. (dba Vector Solutions), First lien senior secured revolving loan2025-03-310001747777Tricentis Operations Holdings, Inc., First lien senior secured revolving loan2025-03-310001747777Velocity HoldCo III Inc. (dba VelocityEHS), First lien senior secured revolving loan2025-03-310001747777When I Work, Inc., First lien senior secured revolving loan2025-03-310001747777Zendesk, Inc., First lien senior secured revolving loan2025-03-310001747777Chrome Investors LP, LP Interest, N/A2025-03-310001747777Pluralsight, LLC, First lien senior secured delayed draw term loan2025-03-310001747777Walker Edison Furniture Company LLC, First lien senior secured delayed draw term loan2025-03-310001747777Non-controlled/affiliated - revolving debt commitments2025-03-310001747777Pluralsight, LLC, First lien senior secured revolving loan2025-03-310001747777Walker Edison Furniture Company LLC, First lien senior secured revolving loan2025-03-310001747777Non-controlled/affiliated - equity commitments2025-03-310001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC, LLC Interest, N/A2025-03-310001747777AAM Series 2.1 Aviation Feeder, LLC, LLC Interest, N/A2025-03-310001747777LSI Financing LLC, Common Equity, N/A2025-03-310001747777Total Portfolio Company Commitments2025-03-310001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC2024-12-310001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC2025-01-012025-03-310001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC2025-03-310001747777AAM Series 2.1 Aviation Feeder, LLC2024-12-310001747777AAM Series 2.1 Aviation Feeder, LLC2025-01-012025-03-310001747777AAM Series 2.1 Aviation Feeder, LLC2025-03-310001747777Coherent Group LTD2024-12-310001747777Coherent Group LTD2025-01-012025-03-310001747777Coherent Group LTD2025-03-310001747777Fifth Season Investments LLC2024-12-310001747777Fifth Season Investments LLC2025-01-012025-03-310001747777Fifth Season Investments LLC2025-03-310001747777Help HP SCF Investor, LP2024-12-310001747777Help HP SCF Investor, LP2025-01-012025-03-310001747777Help HP SCF Investor, LP2025-03-310001747777LSI Financing 1 DAC2024-12-310001747777LSI Financing 1 DAC2025-01-012025-03-310001747777LSI Financing 1 DAC2025-03-310001747777LSI Financing LLC2024-12-310001747777LSI Financing LLC2025-01-012025-03-310001747777LSI Financing LLC2025-03-310001747777Pluralsight, LLC2024-12-310001747777Pluralsight, LLC2025-01-012025-03-310001747777Pluralsight, LLC2025-03-310001747777Securiti, Inc.2024-12-310001747777Securiti, Inc.2025-01-012025-03-310001747777Securiti, Inc.2025-03-310001747777Signifyd Inc.2024-12-310001747777Signifyd Inc.2025-01-012025-03-310001747777Signifyd Inc.2025-03-310001747777Walker Edison Furniture Company LLC2024-12-310001747777Walker Edison Furniture Company LLC2025-01-012025-03-310001747777Walker Edison Furniture Company LLC2025-03-310001747777Blue Owl Credit SLF LLC(c)2024-12-310001747777Blue Owl Credit SLF LLC(c)2025-01-012025-03-310001747777Blue Owl Credit SLF LLC(c)2025-03-310001747777Revolut Ribbit Holdings, LLC2024-12-310001747777Revolut Ribbit Holdings, LLC2025-01-012025-03-310001747777Revolut Ribbit Holdings, LLC2025-03-310001747777ortf:HarnessInc.Memberus-gaap:RetainedInvestmentInBusinessMember2025-03-310001747777ManTech International Corporation, First lien senior secured loan2024-12-310001747777Peraton Corp., Second lien senior secured loan2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:AerospaceSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001747777AI Titan Parent, Inc. (dba Prometheus Group), First lien senior secured loan2024-12-310001747777AlphaSense, Inc., First lien senior secured loan2024-12-310001747777Anaplan, Inc., First lien senior secured loan2024-12-310001747777Armstrong Bidco Limited, First lien senior secured GBP term loan2024-12-310001747777Artifact Bidco, Inc. (dba Avetta), First lien senior secured loan2024-12-310001747777Avalara, Inc., First lien senior secured loan2024-12-310001747777Boxer Parent Company Inc. (f/k/a BMC), First lien senior secured loan2024-12-310001747777Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.), First lien senior secured loan2024-12-310001747777CivicPlus, LLC, First lien senior secured loan2024-12-310001747777Coupa Holdings, LLC, First lien senior secured loan2024-12-310001747777CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC), Unsecured notes2024-12-310001747777Diamondback Acquisition, Inc. (dba Sphera), First lien senior secured loan2024-12-310001747777Fullsteam Operations, LLC, First lien senior secured loan2024-12-310001747777Fullsteam Operations, LLC, First lien senior secured delayed draw term loan2024-12-310001747777Gainsight, Inc., First lien senior secured loan2024-12-310001747777Granicus, Inc., First lien senior secured loan2024-12-310001747777Granicus, Inc., First lien senior secured delayed draw term loan2024-12-310001747777GS Acquisitionco, Inc. (dba insightsoftware), First lien senior secured loan2024-12-310001747777JS Parent, Inc. (dba Jama Software), First lien senior secured loan2024-12-310001747777Magnet Forensics, LLC (f/k/a Grayshift, LLC), First lien senior secured loan2024-12-310001747777Ministry Brands Holdings, LLC, First lien senior secured loan2024-12-310001747777Simpler Postage, Inc. (dba Easypost), First lien senior secured loan2024-12-310001747777Tamarack Intermediate, L.L.C. (dba Verisk 3E), First lien senior secured loan2024-12-310001747777Velocity HoldCo III Inc. (dba VelocityEHS), First lien senior secured loan2024-12-310001747777XPLOR T1, LLC, First lien senior secured loan2024-12-310001747777Zendesk, Inc., First lien senior secured loan2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:ApplicationSoftwareMemberus-gaap:DebtSecuritiesMember2024-12-310001747777Finastra USA, Inc., First lien senior secured loan2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:BanksMemberus-gaap:DebtSecuritiesMember2024-12-310001747777EET Buyer, Inc. (dba e-Emphasys), First lien senior secured loan2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:BuildingProductsMemberus-gaap:DebtSecuritiesMember2024-12-310001747777Associations Finance, Inc., Unsecured notes2024-12-310001747777Associations, Inc., First lien senior secured loan2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:BuildingsRealEstateMemberus-gaap:DebtSecuritiesMember2024-12-310001747777SimpliSafe Holding Corporation, First lien senior secured loan2024-12-310001747777Pye-Barker Fire & Safety, LLC, First lien senior secured loan2024-12-310001747777Pye-Barker Fire & Safety, LLC, First lien senior secured revolving loan2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:CommercialServicesSuppliesMemberus-gaap:DebtSecuritiesMember2024-12-310001747777Klarna Holding AB, Subordinated Floating Rate Notes2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:ConsumerFinanceMemberus-gaap:DebtSecuritiesMember2024-12-310001747777Icefall Parent, Inc. (dba EngageSmart), First lien senior secured loan2024-12-310001747777Litera Bidco LLC, First lien senior secured loan2024-12-310001747777Relativity ODA LLC, First lien senior secured loan2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:DiversifiedConsumerServicesMemberus-gaap:DebtSecuritiesMember2024-12-310001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC, First lien senior secured loan2024-12-310001747777AAM Series 2.1 Aviation Feeder, LLC, First lien senior secured loan2024-12-310001747777Blackhawk Network Holdings, Inc., First lien senior secured loan2024-12-310001747777BTRS HOLDINGS INC. (dba Billtrust), First lien senior secured loan2024-12-310001747777Computer Services, Inc. (dba CSI), First lien senior secured loan 12024-12-310001747777Computer Services, Inc. (dba CSI), First lien senior secured loan 22024-12-310001747777Hg Genesis 8 Sumoco Limited, Unsecured facility2024-12-310001747777Hg Genesis 9 SumoCo Limited, Unsecured facility2024-12-310001747777Hg Saturn Luchaco Limited, Unsecured facility2024-12-310001747777Minotaur Acquisition, Inc. (dba Inspira Financial), First lien senior secured loan2024-12-310001747777NMI Acquisitionco, Inc. (dba Network Merchants), First lien senior secured loan2024-12-310001747777Smarsh Inc., First lien senior secured loan2024-12-310001747777Smarsh Inc., First lien senior secured revolving loan2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:DiversifiedFinancialServicesMemberus-gaap:DebtSecuritiesMember2024-12-310001747777Aerosmith Bidco 1 Limited (dba Audiotonix), First lien senior secured loan2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:ElectricalEquipmentMemberus-gaap:DebtSecuritiesMember2024-12-310001747777Storable, Inc., First lien senior secured loan2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:EquityRealEstateInvestmentTrustsREITsMemberus-gaap:DebtSecuritiesMember2024-12-310001747777IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)), First lien senior secured loan2024-12-310001747777IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)), First lien senior secured revolving loan2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:FoodStaplesRetailingMemberus-gaap:DebtSecuritiesMember2024-12-310001747777KWOL Acquisition Inc. (dba Worldwide Clinical Trials), First lien senior secured loan2024-12-310001747777PetVet Care Centers, LLC, First lien senior secured loan2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:HealthCareProvidersServicesMemberus-gaap:DebtSecuritiesMember2024-12-310001747777BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured loan2024-12-310001747777BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured delayed draw term loan2024-12-310001747777BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured revolving loan2024-12-310001747777CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant), First lien senior secured loan2024-12-310001747777GI Ranger Intermediate, LLC (dba Rectangle Health), First lien senior secured loan2024-12-310001747777GI Ranger Intermediate, LLC (dba Rectangle Health), First lien senior secured revolving loan2024-12-310001747777Greenway Health, LLC, First lien senior secured loan2024-12-310001747777Hyland Software, Inc., First lien senior secured loan2024-12-310001747777Indikami Bidco, LLC (dba IntegriChain), First lien senior secured loan2024-12-310001747777Indikami Bidco, LLC (dba IntegriChain), First lien senior secured delayed draw term loan2024-12-310001747777Indikami Bidco, LLC (dba IntegriChain), First lien senior secured revolving loan2024-12-310001747777Inovalon Holdings, Inc., First lien senior secured loan2024-12-310001747777Inovalon Holdings, Inc., Second lien senior secured loan2024-12-310001747777Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.), First lien senior secured loan2024-12-310001747777Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured loan2024-12-310001747777Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured revolving loan2024-12-310001747777Neptune Holdings, Inc. (dba NexTech), First lien senior secured loan2024-12-310001747777RL Datix Holdings (USA), Inc., First lien senior secured loan2024-12-310001747777RL Datix Holdings (USA), Inc., First lien senior secured revolving loan2024-12-310001747777RL Datix Holdings (USA), Inc., First lien senior secured GBP term loan2024-12-310001747777Salinger Bidco Inc. (dba Surgical Information Systems), First lien senior secured loan2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:HealthcareTechnologyMemberus-gaap:DebtSecuritiesMember2024-12-310001747777MINDBODY, Inc., First lien senior secured loan2024-12-310001747777Par Technology Corporation, First lien senior secured loan2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:HotelsRestaurantsLeisureMemberus-gaap:DebtSecuritiesMember2024-12-310001747777BCTO BSI Buyer, Inc. (dba Buildertrend), First lien senior secured loan2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:HouseholdDurablesMemberus-gaap:DebtSecuritiesMember2024-12-310001747777Aptean Acquiror, Inc. (dba Aptean), First lien senior secured loan2024-12-310001747777QAD, Inc., First lien senior secured loan2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:IndustrialConglomeratesMemberus-gaap:DebtSecuritiesMember2024-12-310001747777Asurion, LLC, Second lien senior secured loan2024-12-310001747777Diamond Insure Bidco (dba Acturis), First lien senior secured EUR term loan2024-12-310001747777Diamond Insure Bidco (dba Acturis), First lien senior secured GBP term loan2024-12-310001747777Disco Parent, Inc. (dba Duck Creek Technologies, Inc.), First lien senior secured loan2024-12-310001747777Integrity Marketing Acquisition, LLC, First lien senior secured loan2024-12-310001747777Simplicity Financial Marketing Group Holdings, Inc., First lien senior secured loan2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001747777Aurelia Netherlands B.V., First lien senior secured EUR term loan2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:InternetDirectMarketingRetailMemberus-gaap:DebtSecuritiesMember2024-12-310001747777Kaseya Inc., First lien senior secured loan2024-12-310001747777Kaseya Inc., First lien senior secured delayed draw term loan2024-12-310001747777Severin Acquisition, LLC (dba PowerSchool), First lien senior secured loan2024-12-310001747777Spaceship Purchaser, Inc. (dba Squarespace), First lien senior secured loan2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:TechnologySectorMemberus-gaap:DebtSecuritiesMember2024-12-310001747777Bamboo US BidCo LLC, First lien senior secured EUR term loan2024-12-310001747777Bamboo US BidCo LLC, First lien senior secured loan2024-12-310001747777Creek Parent, Inc. (dba Catalent), First lien senior secured loan2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:LifeSciencesToolsServicesMemberus-gaap:DebtSecuritiesMember2024-12-310001747777Monotype Imaging Holdings Inc., First lien senior secured loan2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:MediaMemberus-gaap:DebtSecuritiesMember2024-12-310001747777PDI TA Holdings, Inc., First lien senior secured loan2024-12-310001747777PDI TA Holdings, Inc., First lien senior secured delayed draw term loan2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:MultilineRetailMemberus-gaap:DebtSecuritiesMember2024-12-310001747777Certinia Inc., First lien senior secured loan2024-12-310001747777CloudPay, Inc., First lien senior secured loan2024-12-310001747777Cornerstone OnDemand, Inc., Second lien senior secured loan2024-12-310001747777Gerson Lehrman Group, Inc., First lien senior secured loan2024-12-310001747777Thunder Purchaser, Inc. (dba Vector Solutions), First lien senior secured loan2024-12-310001747777TK Operations Ltd (dba Travelperk, Inc.), First lien senior secured loan2024-12-310001747777When I Work, Inc., First lien senior secured loan2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:ProfessionalServicesMemberus-gaap:DebtSecuritiesMember2024-12-310001747777Entrata, Inc., First lien senior secured loan2024-12-310001747777RealPage, Inc., First lien senior secured loan2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:RealEstateManagementDevelopmentMemberus-gaap:DebtSecuritiesMember2024-12-310001747777Acquia Inc., First lien senior secured loan2024-12-310001747777Activate Holdings (US) Corp. (dba Absolute Software), First lien senior secured loan2024-12-310001747777Arctic Wolf Networks, Inc., Senior convertible notes2024-12-310001747777Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.), First lien senior secured loan2024-12-310001747777Bayshore Intermediate #2, L.P. (dba Boomi), First lien senior secured loan2024-12-310001747777Crewline Buyer, Inc. (dba New Relic), First lien senior secured loan2024-12-310001747777Databricks, Inc., First lien senior secured loan2024-12-310001747777Delinea Buyer, Inc. (f/k/a Centrify), First lien senior secured loan2024-12-310001747777Delta TopCo, Inc. (dba Infoblox, Inc.), Second lien senior secured loan2024-12-310001747777Forescout Technologies, Inc., First lien senior secured loan2024-12-310001747777H&F Opportunities LUX III S.À R.L (dba Checkmarx), First lien senior secured loan2024-12-310001747777Ivanti Software, Inc., Second lien senior secured loan2024-12-310001747777LogRhythm, Inc., First lien senior secured loan2024-12-310001747777Oranje Holdco, Inc. (dba KnowBe4), First lien senior secured loan 12024-12-310001747777Oranje Holdco, Inc. (dba KnowBe4), First lien senior secured loan 22024-12-310001747777Ping Identity Holding Corp., First lien senior secured loan2024-12-310001747777Rubrik, Inc., First lien senior secured loan2024-12-310001747777SailPoint Technologies Holdings, Inc., First lien senior secured loan2024-12-310001747777Securonix, Inc., First lien senior secured loan2024-12-310001747777Securonix, Inc., First lien senior secured revolving loan2024-12-310001747777Sitecore Holding III A/S, First lien senior secured EUR term loan2024-12-310001747777Sitecore USA, Inc., First lien senior secured loan2024-12-310001747777Sitecore Holding III A/S, First lien senior secured loan2024-12-310001747777Talon MidCo 2 Limited, First lien senior secured loan2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:SystemsSoftwareMemberus-gaap:DebtSecuritiesMember2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2024-12-310001747777Space Exploration Technologies Corp., Class A Common Stock2024-12-310001747777Space Exploration Technologies Corp., Class C Common Stock2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:AerospaceSectorMemberus-gaap:EquitySecuritiesMember2024-12-3100017477776Sense Insights, Inc., Series E-1 Preferred Stock2024-12-310001747777Alpha Partners Technology Merger Corp, Common stock2024-12-310001747777Alpha Partners Technology Merger Corp, Warrants2024-12-310001747777AlphaSense, LLC, Series E Preferred Shares2024-12-310001747777Diligent Preferred Issuer, Inc. (dba Diligent Corporation), Preferred Stock2024-12-310001747777EShares, Inc. (dba Carta), Series E Preferred Stock2024-12-310001747777Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC), LP Interest2024-12-310001747777Bird Holding B.V. (fka MessageBird Holding B.V.), Extended Series C Warrants2024-12-310001747777Nylas, Inc., Series C Preferred Stock2024-12-310001747777Project Alpine Co-Invest Fund, LP, LP Interest2024-12-310001747777Saturn Ultimate, Inc., Common stock2024-12-310001747777Simpler Postage, Inc. (dba Easypost), Warrants2024-12-310001747777Zoro TopCo, Inc., Series A Preferred Equity2024-12-310001747777Zoro TopCo, L.P., Class A Common Units2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:ApplicationSoftwareMemberus-gaap:EquitySecuritiesMember2024-12-310001747777Dodge Construction Network Holdings, L.P., Series A Preferred Units2024-12-310001747777Dodge Construction Network Holdings, L.P., Class A-2 Common Units2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConstructionSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001747777SLA Eclipse Co-Invest, L.P., LP Interest2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:DiversifiedConsumerServicesMemberus-gaap:EquitySecuritiesMember2024-12-310001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC, LLC Interest2024-12-310001747777AAM Series 2.1 Aviation Feeder, LLC, LLC Interest2024-12-310001747777Amergin Asset Management, LLC, Class A Units2024-12-310001747777Brex, Inc., Preferred Stock2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:DiversifiedFinancialServicesMemberus-gaap:EquitySecuritiesMember2024-12-310001747777KWOL Acquisition Inc. (dba Worldwide Clinical Trials), Class A Interest2024-12-310001747777Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers), Series A Preferred Stock2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:HealthCareProvidersServicesMemberus-gaap:EquitySecuritiesMember2024-12-310001747777BEHP Co-Investor II, L.P., LP Interest2024-12-310001747777Minerva Holdco, Inc., Senior A Preferred Stock2024-12-310001747777WP Irving Co-Invest, L.P., Partnership Units2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:HealthcareTechnologyMemberus-gaap:EquitySecuritiesMember2024-12-310001747777VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.), Series A Preferred Stock2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:HotelsRestaurantsLeisureMemberus-gaap:EquitySecuritiesMember2024-12-310001747777Kajabi Holdings, LLC, Senior Preferred Class D Units2024-12-310001747777Klaviyo, Inc., Series B Common Stock2024-12-310001747777Linked Store Cayman Ltd. (dba Nuvemshop), Series E Preferred Stock2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:InternetDirectMarketingRetailMemberus-gaap:EquitySecuritiesMember2024-12-310001747777E2Open Parent Holdings, Inc., Class A Common Stock2024-12-310001747777JumpCloud, Inc., Series B Preferred Stock2024-12-310001747777JumpCloud, Inc., Series F Preferred Stock2024-12-310001747777Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.), Perpetual Preferred Stock2024-12-310001747777Replicated, Inc., Series C Preferred Stock2024-12-310001747777WMC Bidco, Inc. (dba West Monroe), Senior Preferred Stock2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:TechnologySectorMemberus-gaap:EquitySecuritiesMember2024-12-310001747777XOMA Corporation, Warrants2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:PharmaceuticalsMemberus-gaap:EquitySecuritiesMember2024-12-310001747777BCTO WIW Holdings, Inc. (dba When I Work), Class A Common Stock2024-12-310001747777CloudPay, Inc., Series E Preferred Stock2024-12-310001747777Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.), Series A Preferred Stock2024-12-310001747777Thunder Topco L.P. (dba Vector Solutions), Common Units2024-12-310001747777TravelPerk, Inc., Warrants2024-12-310001747777Vestwell Holdings, Inc., Series D Preferred Stock2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:ProfessionalServicesMemberus-gaap:EquitySecuritiesMember2024-12-310001747777Bolt Technology OÜ, Preferred Stock2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:RoadRailMemberus-gaap:EquitySecuritiesMember2024-12-310001747777Algolia, Inc., Series D Preferred Stock2024-12-310001747777Algolia, Inc., Series C Preferred Stock2024-12-310001747777Arctic Wolf Networks, Inc., Preferred Stock2024-12-310001747777Brooklyn Lender Co-Invest 2, L.P. (dba Boomi), Common Units2024-12-310001747777Circle Internet Services, Inc., Warrants2024-12-310001747777Circle Internet Services, Inc., Series D Preferred Stock2024-12-310001747777Circle Internet Services, Inc., Series E Preferred Stock2024-12-310001747777Circle Internet Services, Inc., Series F Preferred Stock2024-12-310001747777Circle Internet Services, Inc., Subordinated Convertible Security2024-12-310001747777Elliott Alto Co-Investor Aggregator L.P., LP Interest2024-12-310001747777Excalibur CombineCo, L.P., Class A Units2024-12-310001747777Halo Parent Newco, LLC, Class H PIK Preferred Equity2024-12-310001747777HARNESS INC., Series D Preferred Stock2024-12-310001747777Illumio, Inc., Common stock2024-12-310001747777Illumio, Inc., Series F Preferred Stock2024-12-310001747777Project Hotel California Co-Invest Fund, L.P., LP Interest2024-12-310001747777Securiti, Inc., Series C Preferred Shares2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:SystemsSoftwareMemberus-gaap:EquitySecuritiesMember2024-12-310001747777Blend Labs, Inc., Warrants2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:ThriftsMortgageFinanceMemberus-gaap:EquitySecuritiesMember2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:TotalCompanyInvestmentsIncludingMiscellaneousDebtCommitmentsMember2024-12-310001747777Walker Edison Furniture Company LLC, First lien senior secured revolving loan2024-12-310001747777Walker Edison Furniture Company LLC, First lien senior secured delayed draw term loan2024-12-310001747777Walker Edison Furniture Company LLC, First lien senior secured loan2024-12-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberortf:InternetDirectMarketingRetailMemberus-gaap:DebtSecuritiesMember2024-12-310001747777Pluralsight, LLC, First lien senior secured loan 12024-12-310001747777Pluralsight, LLC, First lien senior secured loan 22024-12-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:TechnologySectorMemberus-gaap:DebtSecuritiesMember2024-12-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:DebtSecuritiesMember2024-12-310001747777Fifth Season Investments LLC, Class A Units2024-12-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:InsuranceSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001747777Signifyd Inc., Preferred equity2024-12-310001747777Walker Edison Holdco LLC, Common Units2024-12-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberortf:InternetDirectMarketingRetailMemberus-gaap:EquitySecuritiesMember2024-12-310001747777Paradigmatic Holdco LLC (dba Pluralsight), Common stock2024-12-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:TechnologySectorMemberus-gaap:EquitySecuritiesMember2024-12-310001747777LSI Financing 1 DAC, Preferred equity2024-12-310001747777LSI Financing LLC, Common Equity2024-12-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberortf:PharmaceuticalsMemberus-gaap:EquitySecuritiesMember2024-12-310001747777Help HP SCF Investor, LP, LP Interest2024-12-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberortf:SystemsSoftwareMemberus-gaap:EquitySecuritiesMember2024-12-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:EquitySecuritiesMember2024-12-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberortf:TotalCompanyInvestmentsIncludingMiscellaneousDebtCommitmentsMember2024-12-310001747777Revolut Ribbit Holdings, LLC, LLC Interest2024-12-310001747777us-gaap:InvestmentAffiliatedIssuerControlledMemberortf:DiversifiedFinancialServicesMemberus-gaap:EquitySecuritiesMember2024-12-310001747777Blue Owl Credit SLF LLC, LLC Interest2024-12-310001747777us-gaap:InvestmentAffiliatedIssuerControlledMemberortf:JointVenturesMemberus-gaap:EquitySecuritiesMember2024-12-310001747777us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2024-12-310001747777us-gaap:InvestmentAffiliatedIssuerControlledMemberortf:TotalCompanyInvestmentsIncludingMiscellaneousDebtCommitmentsMember2024-12-310001747777us-gaap:InvestmentUnaffiliatedIssuerMemberortf:MiscellaneousDebtCommitmentsNettingMember2024-12-310001747777Aerosmith Bidco 1 Limited (dba Audiotonix), First lien senior secured delayed draw term loan2024-12-310001747777AI Titan Parent, Inc. (dba Prometheus Group), First lien senior secured delayed draw term loan2024-12-310001747777AlphaSense, Inc., First lien senior secured delayed draw term loan 12024-12-310001747777AlphaSense, Inc., First lien senior secured delayed draw term loan 22024-12-310001747777Aptean Acquiror, Inc. (dba Aptean), First lien senior secured delayed draw term loan2024-12-310001747777Artifact Bidco, Inc. (dba Avetta), First lien senior secured delayed draw term loan2024-12-310001747777Associations, Inc., First lien senior secured delayed draw term loan2024-12-310001747777Bamboo US BidCo LLC, First lien senior secured delayed draw term loan 12024-12-310001747777Bamboo US BidCo LLC, First lien senior secured delayed draw term loan 22024-12-310001747777BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured delayed draw term loan, 10/20252024-12-310001747777Computer Services, Inc. (dba CSI), First lien senior secured delayed draw term loan2024-12-310001747777Coupa Holdings, LLC, First lien senior secured delayed draw term loan2024-12-310001747777CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant), First lien senior secured delayed draw term loan2024-12-310001747777Databricks, Inc., First lien senior secured delayed draw term loan2024-12-310001747777EET Buyer, Inc. (dba e-Emphasys), First lien senior secured delayed draw term loan2024-12-310001747777Fullsteam Operations, LLC, First lien senior secured delayed draw term loan 12024-12-310001747777Fullsteam Operations, LLC, First lien senior secured delayed draw term loan 22024-12-310001747777GS Acquisitionco, Inc. (dba insightsoftware), First lien senior secured delayed draw term loan2024-12-310001747777Indikami Bidco, LLC (dba IntegriChain), First lien senior secured delayed draw term loan, 12/20252024-12-310001747777Integrity Marketing Acquisition, LLC, First lien senior secured delayed draw term loan2024-12-310001747777Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured delayed draw term loan2024-12-310001747777Kaseya Inc., First lien senior secured delayed draw term loan, 6/20252024-12-310001747777Litera Bidco LLC, First lien senior secured delayed draw term loan 12024-12-310001747777Litera Bidco LLC, First lien senior secured delayed draw term loan 22024-12-310001747777ManTech International Corporation, First lien senior secured delayed draw term loan2024-12-310001747777Minotaur Acquisition, Inc. (dba Inspira Financial), First lien senior secured delayed draw term loan2024-12-310001747777Monotype Imaging Holdings Inc., First lien senior secured delayed draw term loan2024-12-310001747777PDI TA Holdings, Inc., First lien senior secured delayed draw term loan, 2/20262024-12-310001747777PetVet Care Centers, LLC, First lien senior secured delayed draw term loan2024-12-310001747777Pluralsight, LLC, First lien senior secured delayed draw term loan2024-12-310001747777Pye-Barker Fire & Safety, LLC, First lien senior secured delayed draw term loan2024-12-310001747777RL Datix Holdings (USA), Inc., First lien senior secured delayed draw term loan2024-12-310001747777Rubrik, Inc., First lien senior secured delayed draw term loan2024-12-310001747777Salinger Bidco Inc. (dba Surgical Information Systems), First lien senior secured delayed draw term loan2024-12-310001747777Severin Acquisition, LLC (dba PowerSchool), First lien senior secured delayed draw term loan2024-12-310001747777Simpler Postage, Inc. (dba Easypost), First lien senior secured delayed draw term loan2024-12-310001747777Simplicity Financial Marketing Group Holdings, Inc., First lien senior secured delayed draw term loan2024-12-310001747777Smarsh Inc., First lien senior secured delayed draw term loan2024-12-310001747777Spaceship Purchaser, Inc. (dba Squarespace), First lien senior secured delayed draw term loan 12024-12-310001747777Spaceship Purchaser, Inc. (dba Squarespace), First lien senior secured delayed draw term loan 22024-12-310001747777Zendesk, Inc., First lien senior secured delayed draw term loan2024-12-310001747777Acquia Inc., First lien senior secured revolving loan2024-12-310001747777Activate Holdings (US) Corp. (dba Absolute Software), First lien senior secured revolving loan2024-12-310001747777Aerosmith Bidco 1 Limited (dba Audiotonix), First lien senior secured revolving loan2024-12-310001747777AI Titan Parent, Inc. (dba Prometheus Group), First lien senior secured revolving loan2024-12-310001747777Anaplan, Inc., First lien senior secured revolving loan2024-12-310001747777Aptean Acquiror, Inc. (dba Aptean), First lien senior secured revolving loan2024-12-310001747777Artifact Bidco, Inc. (dba Avetta), First lien senior secured revolving loan2024-12-310001747777Associations, Inc., First lien senior secured revolving loan2024-12-310001747777Avalara, Inc., First lien senior secured revolving loan2024-12-310001747777Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.), First lien senior secured revolving loan2024-12-310001747777Bamboo US BidCo LLC, First lien senior secured revolving loan2024-12-310001747777Bayshore Intermediate #2, L.P. (dba Boomi), First lien senior secured revolving loan2024-12-310001747777BCPE Osprey Buyer, Inc. (dba PartsSource), First lien senior secured revolving loan, 8/20262024-12-310001747777BCTO BSI Buyer, Inc. (dba Buildertrend), First lien senior secured revolving loan2024-12-310001747777BTRS HOLDINGS INC. (dba Billtrust), First lien senior secured revolving loan2024-12-310001747777Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.), First lien senior secured revolving loan2024-12-310001747777Certinia Inc., First lien senior secured revolving loan2024-12-310001747777CivicPlus, LLC, First lien senior secured revolving loan2024-12-310001747777Coupa Holdings, LLC, First lien senior secured revolving loan2024-12-310001747777Creek Parent, Inc. (dba Catalent), First lien senior secured revolving loan2024-12-310001747777Crewline Buyer, Inc. (dba New Relic), First lien senior secured revolving loan2024-12-310001747777CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant), First lien senior secured revolving loan2024-12-310001747777Delinea Buyer, Inc. (f/k/a Centrify), First lien senior secured revolving loan2024-12-310001747777Disco Parent, Inc. (dba Duck Creek Technologies, Inc.), First lien senior secured revolving loan2024-12-310001747777EET Buyer, Inc. (dba e-Emphasys), First lien senior secured revolving loan2024-12-310001747777Entrata, Inc., First lien senior secured revolving loan2024-12-310001747777Finastra USA, Inc., First lien senior secured revolving loan2024-12-310001747777Forescout Technologies, Inc., First lien senior secured revolving loan2024-12-310001747777Fullsteam Operations, LLC, First lien senior secured revolving loan2024-12-310001747777Gainsight, Inc., First lien senior secured revolving loan2024-12-310001747777Gerson Lehrman Group, Inc., First lien senior secured revolving loan2024-12-310001747777GI Ranger Intermediate, LLC (dba Rectangle Health), First lien senior secured revolving loan, 10/20272024-12-310001747777Granicus, Inc., First lien senior secured revolving loan2024-12-310001747777GS Acquisitionco, Inc. (dba insightsoftware), First lien senior secured revolving loan2024-12-310001747777H&F Opportunities LUX III S.À R.L (dba Checkmarx), First lien senior secured revolving loan2024-12-310001747777Hyland Software, Inc., First lien senior secured revolving loan2024-12-310001747777Icefall Parent, Inc. (dba EngageSmart), First lien senior secured revolving loan2024-12-310001747777Indikami Bidco, LLC (dba IntegriChain), First lien senior secured revolving loan, 6/20302024-12-310001747777Integrity Marketing Acquisition, LLC, First lien senior secured revolving loan2024-12-310001747777Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.), First lien senior secured revolving loan2024-12-310001747777Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured revolving loan, 3/20282024-12-310001747777IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)), First lien senior secured revolving loan, 12/20272024-12-310001747777JS Parent, Inc. (dba Jama Software), First lien senior secured revolving loan2024-12-310001747777Kaseya Inc., First lien senior secured revolving loan2024-12-310001747777KWOL Acquisition Inc. (dba Worldwide Clinical Trials), First lien senior secured revolving loan2024-12-310001747777Litera Bidco LLC, First lien senior secured revolving loan2024-12-310001747777LogRhythm, Inc., First lien senior secured revolving loan2024-12-310001747777Magnet Forensics, LLC (f/k/a Grayshift, LLC), First lien senior secured revolving loan2024-12-310001747777ManTech International Corporation, First lien senior secured revolving loan2024-12-310001747777MINDBODY, Inc., First lien senior secured revolving loan2024-12-310001747777Ministry Brands Holdings, LLC, First lien senior secured revolving loan2024-12-310001747777Minotaur Acquisition, Inc. (dba Inspira Financial), First lien senior secured revolving loan2024-12-310001747777Monotype Imaging Holdings Inc., First lien senior secured revolving loan2024-12-310001747777Neptune Holdings, Inc. (dba NexTech), First lien senior secured revolving loan2024-12-310001747777NMI Acquisitionco, Inc. (dba Network Merchants), First lien senior secured revolving loan2024-12-310001747777Oranje Holdco, Inc. (dba KnowBe4), First lien senior secured revolving loan2024-12-310001747777PDI TA Holdings, Inc., First lien senior secured revolving loan2024-12-310001747777PetVet Care Centers, LLC, First lien senior secured revolving loan2024-12-310001747777Ping Identity Holding Corp., First lien senior secured revolving loan2024-12-310001747777Pluralsight, LLC, First lien senior secured revolving loan2024-12-310001747777Pye-Barker Fire & Safety, LLC, First lien senior secured revolving loan, 5/20302024-12-310001747777QAD, Inc., First lien senior secured revolving loan2024-12-310001747777Relativity ODA LLC, First lien senior secured revolving loan2024-12-310001747777RL Datix Holdings (USA), Inc., First lien senior secured revolving loan, 10/20302024-12-310001747777SailPoint Technologies Holdings, Inc., First lien senior secured revolving loan2024-12-310001747777Salinger Bidco Inc. (dba Surgical Information Systems), First lien senior secured revolving loan2024-12-310001747777Securonix, Inc., First lien senior secured revolving loan, 4/20282024-12-310001747777Severin Acquisition, LLC (dba PowerSchool), First lien senior secured revolving loan2024-12-310001747777Simplicity Financial Marketing Group Holdings, Inc., First lien senior secured revolving loan2024-12-310001747777Smarsh Inc., First lien senior secured revolving loan, 2/20292024-12-310001747777Spaceship Purchaser, Inc. (dba Squarespace), First lien senior secured revolving loan2024-12-310001747777Talon MidCo 2 Limited, First lien senior secured revolving loan2024-12-310001747777Tamarack Intermediate, L.L.C. (dba Verisk 3E), First lien senior secured revolving loan2024-12-310001747777Thunder Purchaser, Inc. (dba Vector Solutions), First lien senior secured revolving loan2024-12-310001747777Velocity HoldCo III Inc. (dba VelocityEHS), First lien senior secured revolving loan2024-12-310001747777When I Work, Inc., First lien senior secured revolving loan2024-12-310001747777Zendesk, Inc., First lien senior secured revolving loan2024-12-310001747777Walker Edison Furniture Company LLC, First lien senior secured delayed draw term loan, 3/20272024-12-310001747777Walker Edison Furniture Company LLC, First lien senior secured revolving loan, 3/20272024-12-310001747777AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC, LLC Interest, N/A2024-12-310001747777AAM Series 2.1 Aviation Feeder, LLC, LLC Interest, N/A2024-12-310001747777LSI Financing LLC, Common Equity, N/A2024-12-310001747777Total Portfolio Company Commitments2024-12-310001747777Fifth Season Investments LLC2023-12-310001747777Fifth Season Investments LLC2024-01-012024-12-310001747777Help HP SCF Investor, LP2023-12-310001747777Help HP SCF Investor, LP2024-01-012024-12-310001747777LSI Financing LLC2023-12-310001747777LSI Financing LLC2024-01-012024-12-310001747777LSI Financing 1 DAC2023-12-310001747777LSI Financing 1 DAC2024-01-012024-12-310001747777Pluralsight, LLC2023-12-310001747777Pluralsight, LLC2024-01-012024-12-310001747777Signifyd Inc.2023-12-310001747777Signifyd Inc.2024-01-012024-12-310001747777Split Software, Inc.2023-12-310001747777Split Software, Inc.2024-01-012024-12-310001747777Split Software, Inc.2024-12-310001747777Walker Edison Furniture Company LLC2023-12-310001747777Walker Edison Furniture Company LLC2024-01-012024-12-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001747777us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-12-310001747777Blue Owl Credit SLF LLC2023-12-310001747777Blue Owl Credit SLF LLC2024-01-012024-12-310001747777Blue Owl Credit SLF LLC2024-12-310001747777Revolut Ribbit Holdings, LLC2023-12-310001747777Revolut Ribbit Holdings, 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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 March 31, 2025
OR
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 classTrading Symbol(s)Name of each exchange on which registered
NoneNoneNone

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the Registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes x No o
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer o
Emerging growth company
Smaller reporting company
Non-accelerated filer x
Accelerated filer o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES o NO x
As of May 12, 2025, the registrant had 465,122,953 shares of common stock, $0.01 par value per share, outstanding.
i


Table of Contents
Page
FINANCIAL INFORMATION
OTHER INFORMATION
ii


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Blue Owl Technology Finance Corp. (the “Company,” “we” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:
an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;
an economic downturn could disproportionately impact the companies that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;
the impact of elevated inflation rates, fluctuating interest rates, ongoing supply chain and labor market disruptions, including those as a result of strikes, work stoppages or accidents, instability in the U.S. and international banking systems, uncertainties related to the new Presidential administration, including the impact of tariff enactment and tax reductions, trade disputes with other countries, and the risk of recession or a shutdown of government services could impact our business prospects and the prospects of our portfolio companies;
an economic downturn could also impact availability and pricing of our financing and our ability to access the debt and equity capital markets;
a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;
changes in base interest rates and significant market volatility on our business and our portfolio companies (including our business prospects and the prospects of our portfolio companies including the ability to achieve our and their business objectives), our industry and the global economy including as a result of ongoing supply chain disruptions;
interest rate volatility could adversely affect our results, particularly because we use leverage as part of our investment strategy;
currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;
our future operating results;
our contractual arrangements and relationships with third parties;
the ability of our portfolio companies to achieve their objectives;
competition with other entities and our affiliates for investment opportunities;
risks related to the uncertainty of the value of our portfolio investments, particularly those having no liquid trading market;
the use of borrowed money to finance a portion of our investments as well as any estimates regarding potential use of leverage;
the adequacy of our financing sources and working capital;
the loss of key personnel;
the timing of cash flows, if any, from the operations of our portfolio companies;
the ability of Blue Owl Technology Credit Advisors LLC (“the Adviser” or “our Adviser”) to locate suitable investments for us and to monitor and administer our investments;
the ability of the Adviser to attract and retain highly talented professionals;
our ability to qualify for and maintain our tax treatment as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”);
the impact that environmental, social and governance matters could have on our brand and reputation and our portfolio companies;
the effect of legal, tax and regulatory changes;
the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks, and the increasing use of artificial intelligence and machine learning technology;
the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing war between Russia and Ukraine, as well as political and social unrest in the Middle East and North Africa regions and general uncertainty surrounding the financial and political stability of the United States, the
1


United Kingdom, the European Union and China, on financial market volatility, global economic markets, and various markets for commodities globally such as oil and natural gas;
the ability to realize the anticipated benefits of the merger of Blue Owl Technology Finance Corp. II (“OTF II”) with and into us (the “Mergers”) on March 24, 2025 pursuant to an Agreement and Plan of Merger (the “Merger Agreement”), dated November 12, 2024, among us, OTF II, Oriole Merger Sub, Inc., a Maryland corporation and our wholly owned subsidiary (“Merger Sub”) and, solely for the limited purposes set forth therein, the Adviser and, solely for the limited purposes set forth therein, Blue Owl Technology Credit Advisers II LLC, a Delaware limited liability company and investment advisor to OTF II (“OTCA II”);
the effects of disruption on our business from the Mergers;
the combined company’s plans, expectations, objectives and intentions as a result of the Mergers; and
other risks, uncertainties and other factors previously identified in the reports and other documents we have filed with the Securities and Exchange Commission (“SEC”).
Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).
2


PART I: FINANCIAL INFORMATION
Item 1. Financial Statements

Blue Owl Technology Finance Corp.
Consolidated Statements of Assets and Liabilities
(Amounts in thousands, except share and per share amounts)
March 31, 2025
(Unaudited)
December 31, 2024
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost of $11,377,479 and $5,921,172, respectively)
$11,336,974 $5,892,773 
Non-controlled, affiliated investments (amortized cost of $653,615 and $435,706, respectively)
624,989 407,303 
Controlled, affiliated investments (amortized cost of $77,746 and $76,243, respectively)
108,895 107,390 
Total investments at fair value (amortized cost of $12,108,840 and $6,433,121, respectively)
12,070,858 6,407,466 
Cash (restricted cash of $10,073 and $, respectively)
997,270 252,964 
Foreign cash (cost of $3,762 and $4,040, respectively)
3,745 4,036 
Interest receivable86,220 45,838 
Dividend income receivable13,174 1,929 
Prepaid expenses and other assets47,743 10,388 
Total Assets$13,219,010 $6,722,621 
Liabilities
Debt (net of unamortized debt issuance costs of $93,708 and $37,495, respectively)
$5,127,899 $2,914,509 
Management fee payable27,664 14,687 
Distribution payable 70,998 
Incentive fee payable21,399 11,133 
Payables to affiliates2,287 1,903 
Payable for investments purchased10,721 52,796 
Accrued expenses and other liabilities82,317 31,445 
Total Liabilities$5,272,287 $3,097,471 
Commitments and contingencies (Note 7)
Net Assets
Common shares $0.01 par value, 1,000,000,000 shares authorized; 465,122,953 and 212,155,118 shares issued and outstanding, respectively
$4,651 $2,122 
Additional paid-in-capital7,665,630 3,352,211 
Total accumulated undistributed earnings276,442 270,817 
Total Net Assets7,946,723 3,625,150 
Total Liabilities and Net Assets$13,219,010 $6,722,621 
Net Asset Value Per Share$17.09 $17.09 
    

The accompanying notes are an integral part of these consolidated financial statements.
3

Blue Owl Technology Finance Corp.
Consolidated Statements of Operations
(Amounts in thousands, except share and per share amounts)
(Unaudited)
For the Three Months Ended March 31,
20252024
Investment Income
Investment income from non-controlled, non-affiliated investments:
Interest income$143,358 $131,552 
Payment-in-kind interest income15,281 27,923 
Dividend income 506 
Payment-in-kind dividend income8,400 6,541 
Other income4,639 2,094 
Total investment income from non-controlled, non-affiliated investments171,678 168,616 
Investment income from non-controlled, affiliated investments:
Interest income621  
Payment-in-kind interest income1,176  
Dividend income6,153 795 
Payment-in-kind dividend income3,083 2,847 
Other income51 3 
Total investment income from non-controlled, affiliated investments11,084 3,645 
Investment income from controlled, affiliated investments:
Dividend income55  
Total investment income from controlled, affiliated investments55  
Total Investment Income182,817 172,261 
Expenses
Interest expense$51,686 $49,255 
Management fees, net(1)
15,876 13,991 
Incentive fees9,441 10,097 
Professional fees3,368 1,548 
Directors' fees259 258 
Other general and administrative1,503 1,190 
Total Expenses82,133 76,339 
Net Investment Income (Loss) Before Taxes100,684 95,922 
Income tax expense (benefit), including excise tax expense (benefit)3,352 3,284 
Net Investment Income (Loss) After Taxes97,332 92,638 
Net Change in Unrealized Gain (Loss)
Non-controlled, non-affiliated investments$(19,985)$24,911 
Non-controlled, affiliated investments(759)2,103 
Controlled, affiliated investments2 (4,455)
Translation of assets and liabilities in foreign currencies1,074 (598)
Income tax (provision) benefit(795) 
Total Net Change in Unrealized Gain (Loss) (20,463)21,961 
Net Realized Gain (Loss):
Non-controlled, non-affiliated investments$1,847 $(22,797)
Foreign currency transactions(584)(928)
Total Net Realized Gain (Loss)1,263 (23,725)
Total Net Realized and Change in Unrealized Gain (Loss)$(19,200)$(1,764)
Net Increase (Decrease) in Net Assets Resulting from Operations$78,132 $90,874 
Earnings (Loss) Per Share - Basic and Diluted$0.33 $0.44 
Weighted Average Shares Outstanding - Basic and Diluted235,351,119 208,065,044 
4

Blue Owl Technology Finance Corp.
Consolidated Statements of Operations
(Amounts in thousands, except share and per share amounts)
(Unaudited)
(1)Refer to Note 3 “Agreements and Related Party Transactions” for additional details on management fee waiver.
The accompanying notes are an integral part of these consolidated financial statements.
5

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2025
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(7)(18)(20)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(4)(5)Fair Value% of Net Assets
Ref. RateCashPIK
Non-controlled/non-affiliated portfolio company investments
Debt Investments(6)
Aerospace & defense
ManTech International Corporation(9)(15)First lien senior secured loanS+5.00%9/2029$76,669 $76,726 $76,669 
Peraton Corp.(3)(9)(15)Second lien senior secured loanS+7.75%2/202984,551 83,802 62,939 
160,528 139,608 1.8 %
Application Software
AI Titan Parent, Inc. (dba Prometheus Group)(8)(15)First lien senior secured loanS+4.75%8/203150,189 49,724 49,687 
AlphaSense, Inc.(9)(15)First lien senior secured loanS+6.25%6/202959,360 58,905 58,915 
Anaplan, Inc.(9)(15)First lien senior secured loanS+5.00%6/2029185,049 185,062 185,049 
Armstrong Bidco Limited(11)(15)(23)First lien senior secured GBP term loanSA+5.25%6/2029£16,173 20,169 20,772 
Artifact Bidco, Inc. (dba Avetta)(9)(15)First lien senior secured loanS+4.50%7/203134,579 34,429 34,406 
Boxer Parent Company Inc. (f/k/a BMC)(3)(9)(15)First lien senior secured loanS+3.00%7/203130,000 29,719 29,442 
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(9)(15)(16)First lien senior secured loanS+5.50%8/202778,569 77,654 76,492 
CivicPlus, LLC(9)(15)First lien senior secured loanS+5.75%8/202768,151 67,842 68,151 
Coupa Holdings, LLC(9)(15)First lien senior secured loanS+5.25%2/203084,955 85,022 84,955 
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(10)(15)Unsecured notesS+12.00%6/203446,503 45,778 46,503 
Diamondback Acquisition, Inc. (dba Sphera)(8)(15)First lien senior secured loanS+5.50%9/202875,668 74,807 75,479 
Einstein Parent, Inc. (dba Smartsheet)(9)(15)First lien senior secured loanS+6.50%1/2031105,186 104,155 104,135 
Fullsteam Operations, LLC(9)(15)First lien senior secured loanS+8.25%11/202930,815 30,437 30,815 
Fullsteam Operations, LLC(9)(15)(16)First lien senior secured delayed draw term loanS+7.00%11/20298,329 8,247 8,307 
Gainsight, Inc.(9)(15)(16)First lien senior secured loanS+6.00%7/202770,687 70,233 70,687 
Granicus, Inc.(9)(15)First lien senior secured loanS+3.50%2.25%1/20313,933 3,918 3,933 
Granicus, Inc.(9)(15)First lien senior secured delayed draw term loanS+3.00%2.25%1/2031583 578 578 
GS Acquisitionco, Inc. (dba insightsoftware)(9)(15)(16)First lien senior secured loanS+5.25%5/202852,679 52,542 52,140 
JS Parent, Inc. (dba Jama Software)(9)(15)First lien senior secured loanS+5.00%4/203127,216 27,166 27,216 
Magnet Forensics, LLC (f/k/a Grayshift, LLC)(8)(15)(23)First lien senior secured loanS+5.00%7/2028176,356 176,448 176,356 
Ministry Brands Holdings, LLC(8)(15)First lien senior secured loanS+5.50%12/20288,203 8,105 8,142 
Simpler Postage, Inc. (dba Easypost)(8)(15)(16)First lien senior secured loanS+8.00%6/202966,554 63,601 63,515 
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(9)(15)First lien senior secured loanS+5.75%3/202812,086 11,943 12,025 
Velocity HoldCo III Inc. (dba VelocityEHS)(9)(15)First lien senior secured loanS+5.50%4/202740,104 39,739 40,104 
XPLOR T1, LLC(9)(15)First lien senior secured loanS+3.50%6/20319,950 9,954 9,950 
Zendesk, Inc.(9)(15)First lien senior secured loanS+4.99%11/2028146,363 145,745 146,363 
1,481,922 1,484,117 18.7 %
6

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2025
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(7)(18)(20)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(4)(5)Fair Value% of Net Assets
Ref. RateCashPIK
Banks
Finastra USA, Inc.(10)(15)(16)(23)First lien senior secured loanS+7.25%9/2029156,950 156,244 156,950 
156,244 156,950 2.0 %
Beverages
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(8)(15)First lien senior secured loanS+6.25%3/20277,204 7,101 7,095 
7,101 7,095 0.1 %
Building products
EET Buyer, Inc. (dba e-Emphasys)(9)(15)First lien senior secured loanS+4.75%11/202767,733 67,396 67,733 
67,396 67,733 0.9 %
Buildings & Real Estate
Associations, Inc.(9)(15)(16)First lien senior secured revolving loanS+6.50%7/2028104,663 104,658 104,663 
Associations Finance, Inc.(15)(26)Unsecured notesN/A14.25%5/203041,145 41,034 41,145 
145,692 145,808 1.8 %
Capital Markets
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)First lien senior secured loanN/A5.00%6/20307,777 7,783 7,777 
7,783 7,777 0.1 %
Commercial Services & Supplies
Pye-Barker Fire & Safety, LLC(9)(15)(16)First lien senior secured loanS+4.50%5/203138,685 38,551 38,588 
Pye-Barker Fire & Safety, LLC(9)(15)(16)First lien senior secured revolving loanS+4.50%5/2030682 664 668 
SimpliSafe Holding Corporation(8)(15)First lien senior secured loanS+6.25%5/202823,459 23,466 23,459 
62,681 62,715 0.8 %
Construction & Engineering
Dodge Construction Network LLC(9)(15)First lien senior secured loanS+6.25%1/20294,396 4,312 4,308 
Dodge Construction Network LLC(9)(15)First lien senior secured loanS+4.75%2/20296,080 4,873 4,864 
9,185 9,172 0.1 %
Consumer Finance
Klarna Holding AB(9)(15)(23)Subordinated Floating Rate NotesS+7.00%4/203465,334 65,360 65,334 
65,360 65,334 0.8 %
Diversified Consumer Services
Ellucian Holdings Inc. (f/k/a Sophia, L.P.)(3)(8)(15)First lien senior secured loanS+3.00%10/20297,978 7,955 7,957 
Icefall Parent, Inc. (dba EngageSmart)(9)(15)First lien senior secured loanS+6.50%1/203031,043 30,841 31,043 
Juniper Square, Inc.(9)(15)(16)First lien senior secured loanS+8.50%12/202656,584 56,629 56,584 
Litera Bidco LLC(8)(15)(16)First lien senior secured loanS+5.00%5/2028189,191 188,519 188,718 
Relativity ODA LLC(8)(15)First lien senior secured loanS+4.49%5/2029137,241 136,834 136,898 
420,778 421,200 5.3 %
Diversified Financial Services
Blackhawk Network Holdings, Inc.(3)(8)(15)First lien senior secured loanS+4.00%3/202990,174 90,135 89,705 
BTRS Holdings Inc. (dba Billtrust)(9)(15)(16)First lien senior secured loanS+5.50%12/2028149,027 148,730 148,626 
Computer Services, Inc. (dba CSI)(9)(15)First lien senior secured loanS+5.25%11/2029156,854 156,932 156,854 
7

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2025
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(7)(18)(20)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(4)(5)Fair Value% of Net Assets
Ref. RateCashPIK
Computer Services, Inc. (dba CSI)(9)(15)First lien senior secured loanS+4.75%11/202926,526 26,401 26,459 
Hg Genesis 8 Sumoco Limited(11)(15)(23)Unsecured facilitySA+6.00%9/2027£14,319 18,069 18,482 
Hg Genesis 9 SumoCo Limited(12)(15)(23)Unsecured facilityE+6.25%3/202962,688 67,564 67,716 
Hg Saturn Luchaco Limited(11)(15)(23)Unsecured facilitySA+7.50%3/2026£40,822 51,876 52,691 
Minotaur Acquisition, Inc. (dba Inspira Financial)(8)(15)First lien senior secured loanS+5.00%6/2030145,523 145,004 145,523 
NMI Acquisitionco, Inc. (dba Network Merchants)(8)(15)First lien senior secured loanS+5.00%9/202824,294 24,238 24,294 
Smarsh Inc.(9)(15)First lien senior secured loanS+4.75%2/202986,977 86,653 86,977 
Smarsh Inc.(8)(15)(16)First lien senior secured revolving loanS+4.75%2/20291,155 1,135 1,155 
816,737 818,482 10.3 %
Diversified Support Services
CoreTrust Purchasing Group LLC(8)(15)First lien senior secured loanS+5.25%10/202930,013 30,037 30,013 
30,037 30,013 0.4 %
Entertainment
Aerosmith Bidco 1 Limited (dba Audiotonix)(9)(15)(23)First lien senior secured loanS+5.25%7/2031197,055 195,973 197,055 
195,973 197,055 2.5 %
Equity Real Estate Investment Trusts (REITs)
Storable, Inc.(3)(8)(15)First lien senior secured loanS+3.25%4/20319,923 9,891 9,858 
9,891 9,858 0.1 %
Food & Staples Retailing
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(9)(15)First lien senior secured loanS+5.00%12/2028169,577 169,694 169,577 
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(8)(15)(16)First lien senior secured revolving loanS+5.00%12/20271,214 1,215 1,214 
170,909 170,791 2.1 %
Health Care Equipment & Supplies
Cambrex Corporation(8)(15)First lien senior secured loanS+4.75%3/203239,067 38,695 38,676 
Packaging Coordinators Midco, Inc.(9)(15)First lien senior secured loanS+4.75%1/2032122,559 120,941 120,874 
PerkinElmer U.S. LLC(8)(15)First lien senior secured loanS+5.00%3/202967,532 67,081 67,025 
226,717 226,575 2.9 %
Health Care Providers & Services
Covetrus, Inc.(9)(15)Second lien senior secured loanS+9.25%10/203075,000 73,378 72,938  
Engage Debtco Limited(9)(15)(23)First lien senior secured loanS+3.18%2.50%7/202920,821 20,319 20,300  
EresearchTechnology, Inc. (dba Clario)(8)(15)(16)First lien senior secured loanS+4.75%1/203267,599 66,900 66,862  
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(9)(15)First lien senior secured loanS+4.75%12/202945,575 45,241 45,575  
OneOncology, LLC(9)(15)First lien senior secured loanS+4.75%6/203013,069 13,038 13,003  
OneOncology, LLC(9)(15)(16)First lien senior secured delayed draw term loanS+5.00%6/203010,893 10,872 10,893  
PetVet Care Centers, LLC(8)(15)First lien senior secured loanS+6.00%11/203077,519 75,093 73,255  
Phantom Purchaser, Inc.(9)(15)First lien senior secured loanS+5.00%9/20318,887 8,872 8,865  
8

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2025
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(7)(18)(20)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(4)(5)Fair Value% of Net Assets
Ref. RateCashPIK
TC Holdings, LLC (dba TrialCard)(9)(15)First lien senior secured loanS+5.00%4/202738,415 38,445 38,415  
Vermont Aus Pty Ltd(14)(15)(23)First lien senior secured AUD term loanBBSY+5.75%3/2028A$12,942 8,074 8,024  
360,232 358,130 4.5 %
Health Care Technology
Athenahealth Group Inc.(3)(8)(15)First lien senior secured loanS+3.00%2/20293,484 3,444 3,435 
BCPE Osprey Buyer, Inc. (dba PartsSource)(9)(15)First lien senior secured loanS+5.75%8/2028113,848 112,813 112,425 
BCPE Osprey Buyer, Inc. (dba PartsSource)(8)(15)(16)First lien senior secured delayed draw term loanS+5.75%8/202810,441 10,159 10,256 
BCPE Osprey Buyer, Inc. (dba PartsSource)(8)(15)(16)First lien senior secured revolving loanS+5.75%8/202611,280 11,222 11,128 
Color Intermediate, LLC (dba ClaimsXten)(9)(15)First lien senior secured loanS+4.75%10/202947,789 47,827 47,789 
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(8)(15)First lien senior secured loanS+5.00%8/2031155,835 155,604 155,835 
GI Ranger Intermediate, LLC (dba Rectangle Health)(9)(15)First lien senior secured loanS+5.75%10/202826,886 26,553 26,347 
Greenway Health, LLC(9)(15)First lien senior secured loanS+6.75%4/202918,860 18,582 18,625 
Hyland Software, Inc.(8)(15)First lien senior secured loanS+5.00%9/2030149,434 149,486 149,434 
Indikami Bidco, LLC (dba IntegriChain)(8)(15)First lien senior secured loanS+4.00%2.50%12/2030133,805 131,964 132,467 
Indikami Bidco, LLC (dba IntegriChain)(8)(15)(16)First lien senior secured delayed draw term loanS+6.00%12/20302,085 2,004 2,065 
Indikami Bidco, LLC (dba IntegriChain)(8)(15)(16)First lien senior secured revolving loanS+6.00%6/20307,299 7,124 7,169 
Inovalon Holdings, Inc.(9)(15)First lien senior secured loanS+5.75%11/2028151,454 149,387 151,454 
Inovalon Holdings, Inc.(9)(15)Second lien senior secured loanS+10.76%11/203398,162 97,096 98,162 
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(9)(15)(23)First lien senior secured loanS+6.50%8/2026164,336 163,732 160,227 
Interoperability Bidco, Inc. (dba Lyniate)(9)(15)(16)First lien senior secured loanS+5.75%3/2028117,712 116,857 115,215 
Natural Partners, LLC(9)(15)(23)First lien senior secured loanS+4.50%11/202712,289 12,298 12,289 
Neptune Holdings, Inc. (dba NexTech)(9)(15)First lien senior secured loanS+4.50%8/203010,892 10,876 10,892 
Project Ruby Ultimate Parent Corp. (dba Wellsky)(3)(8)(15)First lien senior secured loanS+3.00%3/202811,628 11,594 11,581 
RL Datix Holdings (USA), Inc.(10)(15)First lien senior secured loanS+5.25%4/2031104,855 104,042 104,069 
RL Datix Holdings (USA), Inc.(11)(15)First lien senior secured GBP term loanSA+5.25%4/2031£48,558 61,227 62,206 
Salinger Bidco Inc. (dba Surgical Information Systems)(9)(15)First lien senior secured loanS+5.75%8/203194,453 94,314 94,453 
1,498,205 1,497,523 18.8 %
Hotels, Restaurants & Leisure
MINDBODY, Inc.(9)(15)First lien senior secured loanS+7.00%9/202572,962 72,887 72,962 
72,887 72,962 0.9 %
9

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2025
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(7)(18)(20)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(4)(5)Fair Value% of Net Assets
Ref. RateCashPIK
Household Durables
BCTO BSI Buyer, Inc. (dba Buildertrend)(9)(15)First lien senior secured loanS+6.50%12/202683,870 83,589 83,870 
83,589 83,870 1.1 %
Industrial Conglomerates
Aptean Acquiror, Inc. (dba Aptean)(9)(15)(16)First lien senior secured loanS+5.25%1/20316,708 6,682 6,708 
QAD, Inc.(8)(15)First lien senior secured loanS+4.75%11/202787,940 87,940 87,720 
94,622 94,428 1.2 %
Insurance
AmeriLife Holdings LLC(10)(15)(16)First lien senior secured loanS+5.00%8/202943,920 43,733 43,695 
Asurion, LLC(3)(8)(15)First lien senior secured loanS+4.25%8/202818,389 18,309 18,202 
Asurion, LLC(3)(8)(15)Second lien senior secured loanS+5.25%1/202810,833 10,711 10,230 
Diamond Insure Bidco (dba Acturis)(13)(15)First lien senior secured EUR term loanE+4.25%7/20318,121 8,666 8,662 
Diamond Insure Bidco (dba Acturis)(11)(15)First lien senior secured GBP term loanSA+4.50%7/2031£26,545 33,765 33,835 
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(9)(15)First lien senior secured loanS+7.50%3/202944,738 44,426 44,403 
Galway Borrower LLC(9)(15)(16)First lien senior secured delayed draw term loanS+4.50%9/2028152 152 152 
Integrated Specialty Coverages, LLC(9)(15)First lien senior secured loanS+4.75%7/20307,773 7,779 7,773 
Integrity Marketing Acquisition, LLC(9)(15)First lien senior secured loanS+5.00%8/202884,612 84,425 84,612 
Simplicity Financial Marketing Group Holdings, Inc.(9)(15)First lien senior secured loanS+5.00%12/203114,286 14,153 14,143 
Simplicity Financial Marketing Group Holdings, Inc.(10)(15)(16)First lien senior secured delayed draw term loanS+5.00%12/2031610 588 587 
266,707 266,294 3.4 %
Internet & Direct Marketing Retail
Aurelia Netherlands B.V.(12)(15)(23)First lien senior secured EUR term loanE+5.50%5/203164,942 69,428 70,150 
69,428 70,150 0.9 %
IT Services
Kaseya Inc.(8)(15)First lien senior secured loanS+3.25%3/203270,000 69,698 69,650 
Kaseya Inc.(8)(15)Second lien senior secured loanS+5.00%3/203317,500 17,424 17,413 
Severin Acquisition, LLC (dba PowerSchool)(8)(15)First lien senior secured loanS+2.75%2.25%10/203193,322 92,309 92,156 
Severin Acquisition, LLC (dba PowerSchool)(8)(15)(16)First lien senior secured delayed draw term loanS+5.00%10/20311,317 1,184 1,164 
Severin Acquisition, LLC (dba PowerSchool)(9)(15)(16)First lien senior secured revolving loanS+4.75%10/20311,754 1,621 1,608 
Spaceship Purchaser, Inc. (dba Squarespace)(9)(15)First lien senior secured loanS+5.00%10/2031180,849 180,528 180,849 
362,764 362,840 4.6 %
Life Sciences Tools & Services
Bamboo US BidCo LLC(12)(15)First lien senior secured EUR term loanE+5.25%9/203015,655 16,842 16,910 
Bamboo US BidCo LLC(9)(15)First lien senior secured loanS+5.25%9/203028,995 29,003 28,995 
Bracket Intermediate Holding Corp.(3)(9)(15)(23)First lien senior secured loanS+4.25%5/202834,390 34,496 34,476 
10

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2025
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(7)(18)(20)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(4)(5)Fair Value% of Net Assets
Ref. RateCashPIK
Creek Parent, Inc. (dba Catalent)(8)(15)First lien senior secured loanS+5.25%12/2031174,889 173,077 174,014 
253,418 254,395 3.2 %
Media
Monotype Imaging Holdings Inc.(8)(15)(16)First lien senior secured loanS+5.50%2/2031129,370 129,015 129,370 
129,015 129,370 1.6 %
Multiline Retail
PDI TA Holdings, Inc.(9)(15)(16)First lien senior secured loanS+5.50%2/203125,263 24,973 24,991 
24,973 24,991 0.3 %
Pharmaceuticals
Foundation Consumer Brands, LLC(9)(15)First lien senior secured loanS+5.00%2/202921,394 21,304 21,287 
Pacific BidCo Inc.(10)(15)(23)First lien senior secured loanS+6.00%8/20299,049 8,876 8,868 
Pacific BidCo Inc.(10)(15)(23)First lien senior secured delayed draw term loanS+5.75%8/2029954 936 935 
31,116 31,090 0.4 %
Professional Services
Certinia Inc.(9)(15)First lien senior secured loanS+5.25%8/203088,235 87,895 88,235 
CloudPay, Inc.(9)(15)First lien senior secured loanS+7.50%7/202921,000 20,815 20,790 
Cornerstone OnDemand, Inc.(8)(15)Second lien senior secured loanS+6.50%10/202971,667 70,959 60,379 
Gerson Lehrman Group, Inc.(9)(15)First lien senior secured loanS+5.00%12/202737,790 37,586 37,790 
Proofpoint, Inc.(3)(8)(15)First lien senior secured loanS+3.00%8/20283,159 3,151 3,146 
Sensor Technology Topco, Inc. (dba Humanetics)(9)(15)(16)First lien senior secured loanS+7.00%5/202864,416 64,468 64,416 
Sensor Technology Topco, Inc. (dba Humanetics)(12)(15)(16)First lien senior secured EUR term loanE+7.25%5/202811,648 12,612 12,594 
Sensor Technology Topco, Inc. (dba Humanetics)(8)(15)(16)First lien senior secured revolving loanS+6.50%5/20282,528 2,530 2,528 
Sovos Compliance, LLC(3)(8)(15)First lien senior secured loanS+4.00%8/202919,303 19,209 19,201 
Thunder Purchaser, Inc. (dba Vector Solutions)(9)(15)First lien senior secured loanS+5.25%6/2028139,408 138,659 139,408 
TK Operations Ltd (dba Travelperk, Inc.)(15)(26)First lien senior secured loanN/A11.50%5/202949,430 46,244 46,465 
When I Work, Inc.(9)(15)First lien senior secured loanS+5.50%11/202736,203 36,054 34,935 
540,182 529,887 6.7 %
Real Estate Management & Development
Entrata, Inc.(8)(15)First lien senior secured loanS+5.75%7/203045,197 45,222 45,197 
RealPage, Inc.(3)(9)(15)First lien senior secured loanS+3.75%4/202835,000 34,825 34,962 
80,047 80,159 1.0 %
Systems Software
Acquia Inc.(9)First lien senior secured loanS+7.00%11/2026188,298 188,004 184,533 
Activate Holdings (US) Corp. (dba Absolute Software)(9)(15)(23)First lien senior secured loanS+5.50%7/203054,401 54,420 54,401 
Appfire Technologies, LLC(9)(15)First lien senior secured loanS+5.00%3/20286,978 6,983 6,978 
Arctic Wolf Networks, Inc.(9)(15)First lien senior secured loanS+5.75%2/203088,384 87,519 87,500 
Arctic Wolf Networks, Inc.(15)(26)Senior convertible notesN/A3.00%11/2030129,334 165,316 165,316 
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(8)(15)First lien senior secured loanS+6.50%3/203194,049 93,133 93,345 
Barracuda Networks, Inc.(3)(9)(15)First lien senior secured loanS+4.50%8/202922,976 20,253 19,817 
Barracuda Networks, Inc.(9)(15)Second lien senior secured loanS+7.00%8/203055,875 43,661 42,325 
Barracuda Parent, LLC(9)(15)First lien senior secured loanS+6.50%8/202920,442 19,848 19,369 
11

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2025
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(7)(18)(20)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(4)(5)Fair Value% of Net Assets
Ref. RateCashPIK
Bayshore Intermediate #2, L.P. (dba Boomi)(9)(15)First lien senior secured loanS+2.88%3.38%10/2028153,679 153,699 153,679 
ConnectWise, LLC(3)(9)(15)First lien senior secured loanS+3.50%9/20283,050 3,048 3,044 
Crewline Buyer, Inc. (dba New Relic)(8)(15)First lien senior secured loanS+6.75%11/2030213,236 210,927 211,104 
Databricks, Inc.(8)(15)First lien senior secured loanS+4.50%1/2031114,694 114,179 114,120 
Databricks, Inc.(15)First lien senior secured delayed draw term loanS+4.50%1/2031 2  
Delinea Buyer, Inc. (f/k/a Centrify)(9)(15)(16)First lien senior secured loanS+5.75%3/2028105,455 104,052 105,455 
Delta TopCo, Inc. (dba Infoblox, Inc.)(3)(9)(15)Second lien senior secured loanS+5.25%11/203030,000 29,974 29,934 
Forescout Technologies, Inc.(9)(15)First lien senior secured loanS+5.00%5/203167,644 67,335 67,305 
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(8)(15)(23)First lien senior secured loanS+7.50%4/2026148,889 147,924 148,889 
LogRhythm, Inc.(9)(15)First lien senior secured loanS+7.50%7/20294,750 4,624 4,619 
Oranje Holdco, Inc. (dba KnowBe4)(9)(15)First lien senior secured loanS+7.75%2/2029119,636 119,584 119,636 
Oranje Holdco, Inc. (dba KnowBe4)(9)(15)First lien senior secured loanS+7.25%2/202926,646 26,459 26,446 
Ping Identity Holding Corp.(9)(15)First lien senior secured loanS+4.75%10/2029102,343 102,411 102,343 
Rubrik, Inc.(9)(15)(16)First lien senior secured loanS+7.00%8/202864,734 64,667 64,734 
Securonix, Inc.(9)(15)First lien senior secured loanS+4.00%3.75%4/202839,927 37,199 34,637 
Securonix, Inc.(9)(15)(16)(28)First lien senior secured revolving loanS+7.00%4/2028160 (326)(783)
Sitecore Holding III A/S(9)(15)First lien senior secured loanS+3.50%4.253/202921,288 21,242 21,288 
Sitecore Holding III A/S(12)(15)First lien senior secured EUR term loanE+3.50%4.25%3/2029123,803 132,044 133,732 
Sitecore USA, Inc.(9)(15)First lien senior secured loanS+3.50%4.25%3/2029128,341 128,068 128,341 
Sophos Holdings, LLC(3)(8)(15)(23)First lien senior secured loanS+3.50%3/202714,579 14,607 14,569 
Talon MidCo 2 Limited(8)(15)(23)First lien senior secured loanS+5.20%8/202835,903 35,894 35,903 
Tricentis Operations Holdings, Inc.(9)(15)First lien senior secured loanS+1.38%4.88%2/2032112,398 111,323 111,274 
2,308,073 2,303,853 29.0 %
Total non-controlled/non-affiliated debt investments$10,210,192 $10,180,225 128.1 %
Total non-controlled/non-affiliated misc. debt commitments(15)(28)(Note 7)$(4,880)$(4,047)(0.1)%
Total non-controlled/non-affiliated portfolio company debt investments$10,205,312 $10,176,178 128.1 %
Equity Investments
Aerospace & defense
Space Exploration Technologies Corp.(15)(17)(24)Class A Common StockN/AN/A419,311 23,013 78,957 
Space Exploration Technologies Corp.(15)(17)(24)Class C Common StockN/AN/A84,250 4,011 15,864 
27,024 94,821 1.2 %
Application Software
6Sense Insights, Inc.(15)(17)(24)Series E-1 Preferred StockN/AN/A1,580,642 48,102 40,145 
Alpha Partners Technology Merger Corp(2)(17)(23)(24)Common stockN/AN/A30,000 1,000 336 
Alpha Partners Technology Merger Corp(2)(17)(23)(24)WarrantsN/AN/A666,666  113 
AlphaSense, LLC(15)(17)(24)Series E Preferred SharesN/AN/A284,408 13,176 13,441 
Bird Holding B.V. (fka MessageBird Holding B.V.)(15)(17)(23)(24)Extended Series C WarrantsN/AN/A191,530 1,174 278 
12

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2025
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(7)(18)(20)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(4)(5)Fair Value% of Net Assets
Ref. RateCashPIK
Diligent Preferred Issuer, Inc. (dba Diligent Corporation)(15)(17)(26)Preferred StockN/A10.50%N/A15,000 22,279 21,648 
EShares, Inc. (dba Carta)(17)(24)Series E Preferred StockN/AN/A186,904 2,008 4,378 
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(15)(17)(23)(24)LP InterestN/AN/A$2,285 2,285 2,867 
Nylas, Inc.(17)(24)Series C Preferred StockN/AN/A2,088,467 15,009 2,535 
Project Alpine Co-Invest Fund, LP(15)(17)(23)(24)LP InterestN/AN/A$13,333 16,381 17,509 
Saturn Ultimate, Inc.(15)(17)(24)Common stockN/AN/A5,580,593 25,008 45,535 
Simpler Postage, Inc. (dba Easypost)(15)(17)(24)WarrantsN/AN/A216,891 2,635 2,591 
Zoro TopCo, L.P.(15)(17)(24)Class A Common UnitsN/AN/A19,731 17,739 18,455 
Zoro TopCo, Inc.(9)(15)(17)Series A Preferred EquityS+9.50%N/A1,644,254 26,289 26,491 
193,085 196,322 2.5 %
Capital Markets
Acorns Grow Incorporated(15)(17)(23)(26)Series F Preferred StockN/A5.00%N/A572,135 11,376 11,225 
11,376 11,225 0.1 %
Construction & Engineering
Dodge Construction Network Holdings, L.P.(15)(17)(24)Class A-2 Common UnitsN/AN/A3,333,333 2,841 474 
Dodge Construction Network Holdings, L.P.(9)(15)(17)Series A Preferred UnitsS+8.25%N/A 69 41 
2,910 515  
Consumer products
SLA Eclipse Co-Invest, L.P.(3)(17)(23)(24)LP InterestN/AN/A$15,000 15,256 16,551 
15,256 16,551 0.2 %
Diversified Financial Services
Amergin Asset Management, LLC(15)(17)(23)(24)Class A UnitsN/AN/A50,000,000 783 1,816 
Brex, Inc.(17)(24)Preferred StockN/AN/A143,943 5,012 2,885 
Juniper Square, Inc.(17)(24)WarrantsN/AN/A40,984 2,128 2,126 
7,923 6,827 0.1 %
Health Care Technology
BEHP Co-Investor II, L.P.(15)(17)(23)(24)LP InterestN/AN/A$2,540 2,341 2,593 
Minerva Holdco, Inc.(15)(17)(26)Senior A Preferred StockN/A10.75%N/A100,000 136,940 135,419 
Orange Blossom Parent, Inc.(15)(17)(24)Common UnitsN/AN/A16,667 1,665 1,664 
WP Irving Co-Invest, L.P.(15)(17)(23)(24)Partnership UnitsN/AN/A2,500,000 2,241 2,553 
143,187 142,229 1.8 %
Health Care Providers & Services
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(15)(17)(24)Class A InterestN/AN/A317 3,521 3,868 
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(15)(17)(26)Series A Preferred StockN/A15.00%N/A8,838 10,118 9,744 
13,639 13,612 0.2 %
13

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2025
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(7)(18)(20)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(4)(5)Fair Value% of Net Assets
Ref. RateCashPIK
Hotels, Restaurants & Leisure
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)(15)(17)(26)Series A Preferred StockN/A10.00%N/A25,000 30,187 32,149 
30,187 32,149 0.4 %
Insurance
Accelerate Topco Holdings, LLC(17)(24)Common UnitsN/AN/A12,822 612 612 
612 612  %
Internet & Direct Marketing Retail
Kajabi Holdings, LLC(17)(24)Senior Preferred Class D UnitsN/AN/A4,126,175 50,025 39,463 
Linked Store Cayman Ltd. (dba Nuvemshop)(15)(17)(23)(24)Series E Preferred StockN/AN/A19,499 42,496 37,998 
92,521 77,461 1.0 %
IT Services
E2Open Parent Holdings, Inc.(2)(23)(24)Class A Common StockN/AN/A1,650,943 17,505 3,302 
JumpCloud, Inc.(17)(24)Series B Preferred StockN/AN/A756,590 4,531 639 
JumpCloud, Inc.(17)(24)Series F Preferred StockN/AN/A6,679,245 40,017 28,343 
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(10)(15)(17)Perpetual Preferred StockS+11.00%N/A44,100 61,130 61,157 
Replicated, Inc.(17)(24)Series C Preferred StockN/AN/A1,277,832 20,008 6,496 
WMC Bidco, Inc. (dba West Monroe)(15)(17)(26)Senior Preferred StockN/A11.25%N/A57,231 82,884 82,340 
226,075 182,277 2.3 %
Pharmaceuticals
XOMA Corporation(15)(17)(24)WarrantsN/AN/A24,000 174 169 
174 169  %
Professional Services
BCTO WIW Holdings, Inc. (dba When I Work)(15)(17)(24)Class A Common StockN/AN/A70,000 7,000 3,621 
CloudPay, Inc.(15)(17)(23)(26)Series E Preferred StockN/A13.50%N/A84,830 19,956 19,947 
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(15)(17)(26)Series A Preferred StockN/A10.50%N/A28,000 38,448 30,841 
Thunder Topco L.P. (dba Vector Solutions)(15)(17)(24)Common UnitsN/AN/A7,857,410 7,857 9,348 
TravelPerk, Inc.(15)(17)(24)WarrantsN/AN/A156,041 4,447 5,400 
Vestwell Holdings, Inc.(15)(17)(24)Series D Preferred StockN/AN/A304,350 6,022 6,000 
83,730 75,157 0.9 %
Road & Rail
Bolt Technology OÜ(17)(23)(24)Preferred StockN/AN/A43,478 11,318 10,431 
11,318 10,431 0.1 %
Systems Software
Algolia, Inc.(17)(24)Series C Preferred StockN/AN/A970,281 10,000 17,523 
Algolia, Inc.(17)(24)Series D Preferred StockN/AN/A136,776 4,000 3,027 
Arctic Wolf Networks, Inc.(17)(24)Preferred StockN/AN/A3,032,840 25,036 26,901 
Axonius, Inc.(17)(24)Series E Preferred StockN/AN/A1,733,274 8,149 8,142 
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(15)(17)(24)Common UnitsN/AN/A12,692,160 12,692 19,053 
Chrome Investors LP(15)(16)(23)(26)LP InterestN/AN/A$16,407 16,417 16,407 
Circle Internet Services, Inc.(17)(24)WarrantsN/AN/A358,412 6 567 
14

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2025
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(7)(18)(20)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(4)(5)Fair Value% of Net Assets
Ref. RateCashPIK
Circle Internet Services, Inc.(17)(24)Series D Preferred StockN/AN/A2,934,961 15,000 14,175 
Circle Internet Services, Inc.(17)(24)Series E Preferred StockN/AN/A821,806 6,917 4,978 
Circle Internet Services, Inc.(17)(24)Series F Preferred StockN/AN/A75,876 1,500 788 
Circle Internet Services, Inc.(17)(24)Subordinated Convertible SecurityN/AN/A758,882 759 759 
Elliott Alto Co-Investor Aggregator L.P.(15)(17)(23)(24)LP InterestN/AN/A14,627 21,934 24,085 
Excalibur CombineCo, L.P.(15)(17)(24)Class A UnitsN/AN/A3,340,668 99,452 78,278 
Halo Parent Newco, LLC(15)(17)(26)Class H PIK Preferred EquityN/A11.00%N/A45,000 46,659 44,734 
HARNESS INC.(17)(24)(27)Series D Preferred StockN/AN/A1,022,648 9,169 9,169 
Illumio, Inc.(17)(24)Common stockN/AN/A358,365 2,432 1,486 
Illumio, Inc.(17)(24)Series F Preferred StockN/AN/A2,483,618 16,684 15,502 
Project Hotel California Co-Invest Fund, L.P.(3)(15)(17)(23)(24)LP InterestN/AN/A$10,739 14,719 14,860 
311,525 300,434 3.8 %
Thrifts & Mortgage Finance
Blend Labs, Inc.(15)(17)(24)WarrantsN/AN/A299,216 1,625 4 
1,625 4  
Total non-controlled/non-affiliated portfolio company equity investments$1,172,167 $1,160,796 14.6 %
Total non-controlled/non-affiliated portfolio company investments$11,377,479 $11,336,974 142.7 %
Non-controlled/affiliated portfolio company investments(21)
Debt Investments(6)
Diversified Financial Services
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(15)(23)(26)First lien senior secured loanN/A12.00%7/203013,154 13,144 13,154 
AAM Series 2.1 Aviation Feeder, LLC(15)(23)(26)First lien senior secured loanN/A12.00%11/203015,806 15,816 15,806 
28,960 28,960 0.4 %
Insurance
Coherent Group Inc.(15)(21)(26)Convertible notesN/A5.30%12/20253,029 3,032 3,029 
3,032 3,029  %
Internet & Direct Marketing Retail
Walker Edison Furniture Company LLC(9)(15)(16)(21)(25)First lien senior secured loanN/A6.75%3/202722,197 19,199 3,766 
19,199 3,766  %
IT Services
Pluralsight, LLC(9)(15)(21)First lien senior secured loanS+3.00%1.50%8/202930,593 30,593 30,593 
Pluralsight, LLC(9)(15)(21)First lien senior secured loanS+7.50%8/202932,319 32,319 32,319 
62,912 62,912 0.8 %
Total non-controlled/affiliated portfolio company debt investments$114,103 $98,667 1.2 %
Equity Investments
Diversified Financial Services
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(15)(16)(17)(23)(24)LLC InterestN/AN/A7,365,950 9,178 9,750 
AAM Series 2.1 Aviation Feeder, LLC(15)(16)(17)(23)(24)(26)LLC InterestN/AN/A6,850,888 9,404 9,687 
18,582 19,437 0.2 %
15

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2025
(Amounts in thousands, except share amounts)
(Unaudited)
Company(1)(7)(18)(20)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(4)(5)Fair Value% of Net Assets
Ref. RateCashPIK
Insurance
Coherent Group Inc.(17)(21)(24)Series B Preferred SharesN/AN/A456,035 12,210 12,199 
Fifth Season Investments LLC(15)(17)(19)(21)Class A UnitsN/AN/A16 133,467 137,359 
145,677 149,558 1.9 %
Internet & Direct Marketing Retail
Signifyd Inc.(17)(21)(26)Preferred equityN/A9.00%N/A2,755,121 139,190 126,940 
Walker Edison Holdco LLC(15)(17)(21)(24)Common UnitsN/AN/A98,319 9,500  
148,690 126,940 1.6 %
IT Services
Paradigmatic Holdco LLC (dba Pluralsight)(15)(17)(21)(24)Common stockN/AN/A10,119,090 26,850 26,850 
26,850 26,850 0.3 %
Pharmaceuticals
LSI Financing LLC(15)(16)(17)(21)(23)(24)(26)Common EquityN/AN/A$92,364 92,252 95,876 
LSI Financing 1 DAC(15)(17)(21)(23)(26)Preferred equityN/AN/A$7,749 8,044 7,738 
100,296 103,614 1.3 %
Systems Software
Help HP SCF Investor, LP(15)(17)(21)(24)LP InterestN/AN/A$59,333 59,385 59,923 
Securiti, Inc.(15)(17)(24)Series C Preferred SharesN/AN/A5,051,142 40,032 40,000 
99,417 99,923 1.3 %
Total non-controlled/affiliated portfolio company equity investments$539,512 $526,322 6.6 %
Total non-controlled/affiliated portfolio company investments$653,615 $624,989 7.9 %
Controlled/affiliated portfolio company investments(22)
Equity Investments
Diversified Financial Services
Revolut Ribbit Holdings, LLC(17)(22)(23)(24)LLC InterestN/AN/A122,996 75,294 106,443 
75,294 106,443 1.3 %
Joint Ventures
Blue Owl Credit SLF LLC(15)(17)(19)(22)(23)(24)LLC InterestN/AN/A$2,442 2,452 2,452 
2,452 2,452  %
Total controlled/affiliated portfolio company equity investments$77,746 $108,895 1.4 %
Total controlled/affiliated portfolio company investments$77,746 $108,895 1.4 %
Total Investments$12,108,840 $12,070,858 151.9 %


16

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2025
(Amounts in thousands, except share amounts)
(Unaudited)
Interest Rate Swaps as of March 31, 2025
Company ReceivesCompany PaysMaturity DateNotional AmountFair ValueUpfront Payments/ReceiptsChange in Unrealized Appreciation / (Depreciation)Hedged InstrumentFootnote Reference
Interest rate swap(a)
6.75%
 S + 2.5645%
3/4/2029700,000 10,665  (57)April 2029 NotesNote 5
Interest rate swap(b)
6.10%
 S + 1.7670%
2/15/2028650,000 10,208  (410) March 2028 Notes Note 5
Total$1,350,000 $20,873 $(467)
(a) The Company has an International Swaps and Derivatives Association (“ISDA”) agreement with Goldman Sachs Bank USA.
(b) The Company has an International Swaps and Derivatives Association (“ISDA”) agreement with SMBC Capital Markets, Inc.
(1)Unless otherwise indicated, all investments are considered Level 3 investments.
(2)Level 1 investment.
(3)Level 2 investment.
(4)The amortized cost represents the original cost adjusted for the amortization or accretion of premium or discount, as applicable, on debt investments using the effective interest method.
(5)As of March 31, 2025, the net estimated unrealized gain for U.S. federal income tax purposes was $49.7 million based on a tax cost basis of $12.0 billion. As of March 31, 2025, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $135.9 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $185.6 million.
(6)Unless otherwise indicated, loan contains a variable rate structure and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate (SOFR or S, which can include one-, three- or six-month SOFR), Euro Interbank Offered Rate (EURIBOR or E, which can include three- or six-month EURIBOR), or Sterling Overnight Interbank Average Rate (SONIA or SA), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.
(7)Certain portfolio company investments are subject to contractual restrictions on sales. Refer to footnote 16 for additional information on our restricted securities.
(8)The interest rate on these loans is subject to 1 month SOFR, which as of March 31, 2025 was 4.32%.
(9)The interest rate on these loans is subject to 3 month SOFR, which as of March 31, 2025 was 4.29%.
(10)The interest rate on these loans is subject to 6 month SOFR, which as of March 31, 2025 was 4.19%.
(11)The interest rate on these loans is subject to SONIA, which as of March 31, 2025 was 4.46%.
(12)The interest rate on these loans is subject to 3 month EURIBOR, which as of March 31, 2025 was 2.34%.
(13)The interest rate on these loans is subject to 6 month EURIBOR, which as of March 31, 2025 was 2.34%.
(14)The interest rate on these loans is subject to 3 month BBSY, which as of March 31, 2025 was 4.13%.
(15)Represents co-investment made with the Company’s affiliates in accordance with the terms of an order for exemptive relief that an affiliate of the Company’s investment adviser received from the U.S. Securities and Exchange Commission. See Note 3 “Agreements and Related Party Transactions”.
(16)Position or portion thereof is a partially unfunded debt or equity commitment. See below for more information on the Company’s commitments. See Note 7 “Commitments and Contingencies”.
Portfolio CompanyCommitment TypeCommitment Expiration DateFunded CommitmentUnfunded
Commitment
Fair Value(28)
Non-controlled/non-affiliated - delayed draw debt commitments
Aerosmith Bidco 1 Limited (dba Audiotonix)First lien senior secured delayed draw term loan7/2027$ $67,184 $ 
AI Titan Parent, Inc. (dba Prometheus Group)First lien senior secured delayed draw term loan9/2026 10,038 (50)
AlphaSense, Inc.First lien senior secured delayed draw term loan6/2029 12,030 (90)
AlphaSense, Inc.First lien senior secured delayed draw term loan12/2025 11,872 (89)
AmeriLife Holdings LLCFirst lien senior secured delayed draw term loan6/20262,197 2,339  
AmeriLife Holdings LLCFirst lien senior secured delayed draw term loan2/2027 5,250 (13)
Appfire Technologies, LLCFirst lien senior secured delayed draw term loan12/2025 2,108  
Appfire Technologies, LLCFirst lien senior secured delayed draw term loan6/2026 1,344  
17

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2025
(Amounts in thousands, except share amounts)
(Unaudited)
Portfolio CompanyCommitment TypeCommitment Expiration DateFunded CommitmentUnfunded
Commitment
Fair Value(28)
Aptean Acquiror, Inc. (dba Aptean)First lien senior secured delayed draw term loan1/2026129 169  
Aptean Acquiror, Inc. (dba Aptean)First lien senior secured delayed draw term loan7/2025 7,119  
Aptean Acquiror, Inc. (dba Aptean)First lien senior secured delayed draw term loan2/2027 6,329  
Artifact Bidco, Inc. (dba Avetta)First lien senior secured delayed draw term loan7/2027 8,463  
Associations, Inc.First lien senior secured delayed draw term loan7/20281,898 5,745  
Bamboo US BidCo LLCFirst lien senior secured delayed draw term loan11/2026 6,856  
BCPE Osprey Buyer, Inc. (dba PartsSource)First lien senior secured delayed draw term loan10/20254,519 21,744  
Cambrex CorporationFirst lien senior secured delayed draw term loan3/2027 5,831 (29)
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)First lien senior secured delayed draw term loan9/2025 3,806  
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)First lien senior secured delayed draw term loan6/2026 2,239  
Computer Services, Inc. (dba CSI)First lien senior secured delayed draw term loan2/2026 18,393  
CoreTrust Purchasing Group LLCFirst lien senior secured delayed draw term loan5/2026 6,316  
Coupa Holdings, LLCFirst lien senior secured delayed draw term loan8/2025 7,643  
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)First lien senior secured delayed draw term loan8/2026 5,364  
Databricks, Inc.First lien senior secured delayed draw term loan7/2026 25,806  
EET Buyer, Inc. (dba e-Emphasys)First lien senior secured delayed draw term loan4/2026 9,545  
EresearchTechnology, Inc. (dba Clario)First lien senior secured delayed draw term loan1/2027632 12,003  
EresearchTechnology, Inc. (dba Clario)First lien senior secured delayed draw term loan3/2026 11,119 (56)
Fullsteam Operations, LLCFirst lien senior secured delayed draw term loan8/20256,338 5,514  
Fullsteam Operations, LLCFirst lien senior secured delayed draw term loan2/20261,991 972  
Galway Borrower LLCFirst lien senior secured delayed draw term loan7/202688 1,466  
GS Acquisitionco, Inc. (dba insightsoftware)First lien senior secured delayed draw term loan3/2026425 1,494  
Indikami Bidco, LLC (dba IntegriChain)First lien senior secured delayed draw term loan12/20252,085 16,162  
Integrated Specialty Coverages, LLCFirst lien senior secured delayed draw term loan2/2027 514  
Integrity Marketing Acquisition, LLCFirst lien senior secured delayed draw term loan8/2026 12,831  
Interoperability Bidco, Inc. (dba Lyniate)First lien senior secured delayed draw term loan6/2026 7,619 (152)
Juniper Square, Inc.First lien senior secured delayed draw term loan6/20263,545 7,705  
18

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2025
(Amounts in thousands, except share amounts)
(Unaudited)
Portfolio CompanyCommitment TypeCommitment Expiration DateFunded CommitmentUnfunded
Commitment
Fair Value(28)
Litera Bidco LLCFirst lien senior secured delayed draw term loan11/202638,693 3,385  
Litera Bidco LLCFirst lien senior secured delayed draw term loan5/2027 17,577 (44)
ManTech International CorporationFirst lien senior secured delayed draw term loan6/2025 11,334  
Minotaur Acquisition, Inc. (dba Inspira Financial)First lien senior secured delayed draw term loan5/2026 20,908  
Monotype Imaging Holdings Inc.First lien senior secured delayed draw term loan2/20262,470 8,172  
OneOncology, LLCFirst lien senior secured delayed draw term loan3/2027 34,699 (87)
OneOncology, LLCFirst lien senior secured delayed draw term loan10/20264,970 2,956  
Packaging Coordinators Midco, Inc.First lien senior secured delayed draw term loan4/2026 65,095 (489)
PDI TA Holdings, Inc.First lien senior secured delayed draw term loan2/2026 2,271 (11)
PetVet Care Centers, LLCFirst lien senior secured delayed draw term loan11/2025 10,239 (461)
Pye-Barker Fire & Safety, LLCFirst lien senior secured delayed draw term loan5/2026 13,777  
Pye-Barker Fire & Safety, LLCFirst lien senior secured delayed draw term loan5/202610,409 1,645  
RL Datix Holdings (USA), Inc.First lien senior secured delayed draw term loan4/2027 23,650  
Rubrik, Inc.First lien senior secured delayed draw term loan6/20287,570 419  
Salinger Bidco Inc. (dba Surgical Information Systems)First lien senior secured delayed draw term loan8/2026 9,141  
Sensor Technology Topco, Inc. (dba Humanetics)First lien senior secured delayed draw term loan9/2025551 736  
Sensor Technology Topco, Inc. (dba Humanetics)First lien senior secured EUR delayed draw term loan9/2025121 162  
Severin Acquisition, LLC (dba PowerSchool)First lien senior secured delayed draw term loan10/20271,317 18,175  
Simpler Postage, Inc. (dba Easypost)First lien senior secured delayed draw term loan6/20264,478 53,946  
Simplicity Financial Marketing Group Holdings, Inc.First lien senior secured delayed draw term loan12/2026610 3,200  
Smarsh Inc.First lien senior secured delayed draw term loan1/2027 16,329  
Spaceship Purchaser, Inc. (dba Squarespace)First lien senior secured delayed draw term loan10/2026 10,765  
Spaceship Purchaser, Inc. (dba Squarespace)First lien senior secured delayed draw term loan10/2027 25,836  
Tricentis Operations Holdings, Inc.First lien senior secured delayed draw term loan2/2027 22,480 (112)
Zendesk, Inc.First lien senior secured delayed draw term loan11/2025 35,836  
Non-controlled/non-affiliated - revolving debt commitments
Acquia Inc.*First lien senior secured revolving loan11/202611,789   
Activate Holdings (US) Corp. (dba Absolute Software)First lien senior secured revolving loan7/2029 3,363  
19

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2025
(Amounts in thousands, except share amounts)
(Unaudited)
Portfolio CompanyCommitment TypeCommitment Expiration DateFunded CommitmentUnfunded
Commitment
Fair Value(28)
Aerosmith Bidco 1 Limited (dba Audiotonix)First lien senior secured revolving loan7/2030 28,149  
AI Titan Parent, Inc. (dba Prometheus Group)First lien senior secured revolving loan8/2031 6,274 (63)
AmeriLife Holdings LLCFirst lien senior secured revolving loan8/2028 4,898 (24)
Anaplan, Inc.First lien senior secured revolving loan6/2028 12,963  
Appfire Technologies, LLCFirst lien senior secured revolving loan3/2028 816  
Aptean Acquiror, Inc. (dba Aptean)First lien senior secured revolving loan1/2031 952  
Artifact Bidco, Inc. (dba Avetta)First lien senior secured revolving loan7/2030 6,046 (30)
Associations, Inc.First lien senior secured revolving loan7/20284,537 1,594  
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)First lien senior secured revolving loan3/2031 10,450 (78)
Bamboo US BidCo LLCFirst lien senior secured revolving loan10/2029 5,128  
Bayshore Intermediate #2, L.P. (dba Boomi)First lien senior secured revolving loan10/2027 13,131  
BCPE Osprey Buyer, Inc. (dba PartsSource)First lien senior secured revolving loan8/202611,280 951  
BCTO BSI Buyer, Inc. (dba Buildertrend)First lien senior secured revolving loan12/2026 11,250  
BTRS Holdings Inc. (dba Billtrust)First lien senior secured revolving loan12/202811,022 11,022  
Cambrex CorporationFirst lien senior secured revolving loan3/2032 5,102 (51)
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)First lien senior secured revolving loan8/20272,338 4,450  
CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)First lien senior secured revolving loan6/2029 1,119  
Certinia Inc.First lien senior secured revolving loan8/2030 8,824  
CivicPlus, LLCFirst lien senior secured revolving loan8/2027 4,664  
CoreTrust Purchasing Group LLCFirst lien senior secured revolving loan10/2029 3,789  
Coupa Holdings, LLCFirst lien senior secured revolving loan2/2029 5,852  
Creek Parent, Inc. (dba Catalent)First lien senior secured revolving loan12/2031 25,111 (126)
Crewline Buyer, Inc. (dba New Relic)First lien senior secured revolving loan11/2030 21,393 (214)
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)First lien senior secured revolving loan8/2031 13,410  
Delinea Buyer, Inc. (f/k/a Centrify)First lien senior secured revolving loan3/2027 8,163  
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)First lien senior secured revolving loan3/2029 3,823 (29)
EET Buyer, Inc. (dba e-Emphasys)First lien senior secured revolving loan11/2027 6,150  
Einstein Parent, Inc. (dba Smartsheet)First lien senior secured revolving loan1/2031 10,881 (109)
Entrata, Inc.First lien senior secured revolving loan7/2028 5,231  
EresearchTechnology, Inc. (dba Clario)First lien senior secured revolving loan10/2031 6,318 (63)
Finastra USA, Inc.First lien senior secured revolving loan9/20294,029 11,994  
Forescout Technologies, Inc.First lien senior secured revolving loan5/2030 9,693 (48)
Foundation Consumer Brands, LLCFirst lien senior secured revolving loan2/2029 575 (6)
Fullsteam Operations, LLCFirst lien senior secured revolving loan11/2029 1,185  
Gainsight, Inc.First lien senior secured revolving loan7/20272,933 2,700  
20

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2025
(Amounts in thousands, except share amounts)
(Unaudited)
Portfolio CompanyCommitment TypeCommitment Expiration DateFunded CommitmentUnfunded
Commitment
Fair Value(28)
Galway Borrower LLCFirst lien senior secured revolving loan9/202864 132  
Gerson Lehrman Group, Inc.First lien senior secured revolving loan12/2027 1,913  
GI Ranger Intermediate, LLC (dba Rectangle Health)First lien senior secured revolving loan10/2027 2,211 (44)
Granicus, Inc.First lien senior secured revolving loan1/2031 548  
GS Acquisitionco, Inc. (dba insightsoftware)First lien senior secured revolving loan5/2028 4,799 (48)
H&F Opportunities LUX III S.À R.L (dba Checkmarx)First lien senior secured revolving loan4/2026 25,000  
Hyland Software, Inc.First lien senior secured revolving loan9/2029 7,172  
Icefall Parent, Inc. (dba EngageSmart)First lien senior secured revolving loan1/2030 2,957  
Indikami Bidco, LLC (dba IntegriChain)First lien senior secured revolving loan6/20307,299 5,735  
Integrated Specialty Coverages, LLCFirst lien senior secured revolving loan7/2029 603  
Integrity Marketing Acquisition, LLCFirst lien senior secured revolving loan8/2028 4,294  
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)*First lien senior secured revolving loan8/202610,847   
Interoperability Bidco, Inc. (dba Lyniate)First lien senior secured revolving loan3/20281,986 7,041  
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))First lien senior secured revolving loan12/20271,214 9,024  
JS Parent, Inc. (dba Jama Software)First lien senior secured revolving loan4/2031 2,647  
Juniper Square, Inc.First lien senior secured revolving loan12/2026 2,250  
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)First lien senior secured revolving loan12/2029 6,251  
Litera Bidco LLCFirst lien senior secured revolving loan5/2028 10,004 (25)
LogRhythm, Inc.First lien senior secured revolving loan7/2029 475 (13)
Magnet Forensics, LLC (f/k/a Grayshift, LLC)First lien senior secured revolving loan7/2028 6,774  
ManTech International CorporationFirst lien senior secured revolving loan9/2028 9,460  
MINDBODY, Inc.First lien senior secured revolving loan9/2025 7,143  
Ministry Brands Holdings, LLCFirst lien senior secured revolving loan12/2027 737 (6)
Minotaur Acquisition, Inc. (dba Inspira Financial)First lien senior secured revolving loan6/2030 12,863  
Monotype Imaging Holdings Inc.First lien senior secured revolving loan2/2030 15,982  
Natural Partners, LLCFirst lien senior secured revolving loan11/2027 1,590  
Neptune Holdings, Inc. (dba NexTech)First lien senior secured revolving loan8/2029 1,471  
NMI Acquisitionco, Inc. (dba Network Merchants)First lien senior secured revolving loan9/2028 1,115  
OneOncology, LLCFirst lien senior secured revolving loan6/2029 9,300 (47)
Oranje Holdco, Inc. (dba KnowBe4)First lien senior secured revolving loan2/2029 14,955  
Packaging Coordinators Midco, Inc.First lien senior secured revolving loan1/2032 12,346 (170)
PDI TA Holdings, Inc.First lien senior secured revolving loan2/2031302 1,961  
PetVet Care Centers, LLCFirst lien senior secured revolving loan11/2029 10,745 (591)
21

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2025
(Amounts in thousands, except share amounts)
(Unaudited)
Portfolio CompanyCommitment TypeCommitment Expiration DateFunded CommitmentUnfunded
Commitment
Fair Value(28)
Phantom Purchaser, Inc.First lien senior secured revolving loan9/2031 1,140 (3)
Ping Identity Holding Corp.First lien senior secured revolving loan10/2028 10,286  
Pye-Barker Fire & Safety, LLCFirst lien senior secured revolving loan5/2030682 4,773  
QAD, Inc.First lien senior secured revolving loan11/2027 11,429 (29)
Relativity ODA LLCFirst lien senior secured revolving loan5/2029 11,725 (29)
RL Datix Holdings (USA), Inc.First lien senior secured revolving loan10/2030 20,708 (155)
SailPoint Technologies Holdings, Inc.First lien senior secured revolving loan8/2028 17,433  
Salinger Bidco Inc. (dba Surgical Information Systems)First lien senior secured revolving loan5/2031 9,141  
Securonix, Inc.First lien senior secured revolving loan4/2028160 6,958  
Sensor Technology Topco, Inc. (dba Humanetics)First lien senior secured revolving loan5/20282,528 3,011  
Severin Acquisition, LLC (dba PowerSchool)First lien senior secured revolving loan10/20311,754 9,941  
Simplicity Financial Marketing Group Holdings, Inc.First lien senior secured revolving loan12/2031 1,905 (19)
Smarsh Inc.First lien senior secured revolving loan2/20291,155 7,509  
Spaceship Purchaser, Inc. (dba Squarespace)First lien senior secured revolving loan10/2031 21,530  
Talon MidCo 2 LimitedFirst lien senior secured revolving loan8/2028 2,976  
Tamarack Intermediate, L.L.C. (dba Verisk 3E)First lien senior secured revolving loan3/2028 1,682 (8)
TC Holdings, LLC (dba TrialCard)First lien senior secured revolving loan4/2027 2,842  
Thunder Purchaser, Inc. (dba Vector Solutions)First lien senior secured revolving loan6/2027 11,250  
Tricentis Operations Holdings, Inc.First lien senior secured revolving loan2/2032 14,050 (140)
Velocity HoldCo III Inc. (dba VelocityEHS)First lien senior secured revolving loan4/2027 2,500  
When I Work, Inc.First lien senior secured revolving loan11/2027 5,605 (196)
Zendesk, Inc.First lien senior secured revolving loan11/2028 14,756  
Non-controlled/non-affiliated - equity commitments
Chrome Investors LPLP InterestN/A16,407 4,102  
Non-controlled/affiliated - delayed draw debt commitments
Pluralsight, LLCFirst lien senior secured delayed draw term loan8/2029 12,649  
Walker Edison Furniture Company LLCFirst lien senior secured delayed draw term loan3/2027587 822  
Non-controlled/affiliated - revolving debt commitments
Pluralsight, LLCFirst lien senior secured revolving loan8/2029 5,060  
Walker Edison Furniture Company LLC*First lien senior secured revolving loan3/20274,495   
Non-controlled/affiliated - equity commitments
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLCLLC InterestN/A7,366 15,723  
AAM Series 2.1 Aviation Feeder, LLCLLC InterestN/A6,851 4,491  
LSI Financing LLCCommon EquityN/A92,364 1,000  
Total Portfolio Company Commitments$299,025 $1,457,574 $(4,047)
22

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2025
(Amounts in thousands, except share amounts)
(Unaudited)
*Fully funded
(17)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of March 31, 2025, the aggregate fair value of these securities is $1.8 billion or 22.6% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:
Portfolio CompanyInvestmentAcquisition Date
6Sense Insights, Inc.Series E-1 Preferred StockJanuary 20, 2022
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLCLLC InterestJuly 01, 2022
AAM Series 2.1 Aviation Feeder, LLCLLC interestJuly 01, 2022
Accelerate Topco Holdings, LLCCommon UnitsMarch 24, 2025
Acorns Grow IncorporatedSeries F Preferred StockMarch 24, 2025
Algolia, Inc.Series D Preferred StockJuly 19, 2021
Algolia, Inc.Series C Preferred StockAugust 30, 2019
Alpha Partners Technology Merger CorpCommon stockJuly 23, 2021
Alpha Partners Technology Merger CorpWarrantsJuly 21, 2023
AlphaSense, LLCSeries E Preferred SharesJune 27, 2024
Amergin Asset Management, LLCClass A UnitsJuly 01, 2022
Arctic Wolf Networks, Inc.Preferred StockJuly 07, 2021
Axonius, Inc.Series E Preferred StockMarch 24, 2025
BCTO WIW Holdings, Inc. (dba When I Work)Class A Common StockNovember 02, 2021
BEHP Co-Investor II, L.P.LP InterestMay 06, 2022
Blend Labs, Inc.WarrantsJuly 02, 2021
Blue Owl Credit SLF LLC*LLC InterestAugust 01, 2024
Bolt Technology OÜPreferred StockDecember 10, 2021
Brex, Inc.Preferred StockNovember 30, 2021
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)Common UnitsOctober 01, 2021
Chrome Investors LPLP InterestJanuary 25, 2025
Circle Internet Services, Inc.Series D Preferred StockMay 20, 2019
Circle Internet Services, Inc.Series E Preferred StockFebruary 28, 2020
Circle Internet Services, Inc.Series F Preferred StockMay 04, 2021
Circle Internet Services, Inc.WarrantsMay 20, 2019
Circle Internet Services, Inc.Subordinated Convertible SecurityApril 12, 2024
CloudPay, Inc.Series E Preferred StockJuly 31, 2024
Coherent Group Inc.Series B Preferred SharesMarch 24, 2025
Diligent Preferred Issuer, Inc. (dba Diligent Corporation)Preferred StockApril 06, 2021
Dodge Construction Network Holdings, L.P.Series A Preferred UnitsMarch 16, 2022
Dodge Construction Network Holdings, L.P.Class A-2 Common UnitsMarch 16, 2022
E2Open Parent Holdings, Inc.Class A Common StockAugust 27, 2021
Elliott Alto Co-Investor Aggregator L.P.LP InterestSeptember 28, 2022
EShares, Inc. (dba Carta)Series E Preferred StockAugust 01, 2019
Excalibur CombineCo, L.P.Class A UnitsJuly 02, 2024
Fifth Season Investments LLCClass A UnitsOctober 17, 2022
Halo Parent Newco, LLCClass H PIK Preferred EquityOctober 15, 2021
HARNESS INC.Series D Preferred StockJune 11, 2024
Help HP SCF Investor, LPLP InterestApril 28, 2021
Illumio, Inc.Common stockAugust 27, 2021
Illumio, Inc.Series F Preferred StockJune 23, 2021
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)LP InterestJune 08, 2022
23

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2025
(Amounts in thousands, except share amounts)
(Unaudited)
Portfolio CompanyInvestmentAcquisition Date
JumpCloud, Inc.Series F Preferred StockSeptember 03, 2021
JumpCloud, Inc.Series B Preferred StockDecember 30, 2021
Juniper Square, Inc.WarrantsMarch 24, 2025
Kajabi Holdings, LLCSenior Preferred Class D UnitsMarch 24, 2021
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)Perpetual Preferred StockJune 22, 2022
KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)Class A InterestDecember 12, 2023
Linked Store Cayman Ltd. (dba Nuvemshop)Series E Preferred StockAugust 09, 2021
LSI Financing 1 DACPreferred equityDecember 14, 2022
LSI Financing LLCCommon EquityNovember 25, 2024
Bird Holding B.V. (fka MessageBird Holding B.V.)Extended Series C WarrantsMay 05, 2021
Minerva Holdco, Inc.Senior A Preferred StockFebruary 14, 2022
Nylas, Inc.Series C Preferred StockJune 03, 2021
Orange Blossom Parent, Inc.Common UnitsMarch 24, 2025
Paradigmatic Holdco LLC (dba Pluralsight)Common stockAugust 22, 2024
Project Alpine Co-Invest Fund, LPLP InterestJune 13, 2022
Project Hotel California Co-Invest Fund, L.P.LP InterestAugust 09, 2022
Replicated, Inc.Series C Preferred StockJune 30, 2021
Revolut Ribbit Holdings, LLCLLC InterestSeptember 30, 2021
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)Series A Preferred StockNovember 15, 2023
Saturn Ultimate, Inc.Common stockDecember 29, 2021
Securiti, Inc.Series C Preferred SharesJuly 29, 2022
Signifyd Inc.Preferred equityApril 08, 2021
Simpler Postage, Inc. (dba Easypost)WarrantsJune 11, 2024
SLA Eclipse Co-Invest, L.P.LP InterestSeptember 30, 2019
Space Exploration Technologies Corp.Class A Common StockMarch 23, 2021
Space Exploration Technologies Corp.Class C Common StockMarch 23, 2021
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)Series A Preferred StockOctober 14, 2021
Thunder Topco L.P. (dba Vector Solutions)Common UnitsJune 30, 2021
TravelPerk, Inc.WarrantsMay 02, 2024
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)Series A Preferred StockOctober 15, 2021
Vestwell Holdings, Inc.Series D Preferred StockDecember 20, 2023
Walker Edison Holdco LLCCommon UnitsMarch 01, 2023
WMC Bidco, Inc. (dba West Monroe)Senior Preferred StockNovember 09, 2021
WP Irving Co-Invest, L.P.Partnership UnitsMay 18, 2022
XOMA CorporationWarrantsDecember 15, 2023
Zoro TopCo, Inc.Series A Preferred EquityNovember 22, 2022
Zoro TopCo, L.P.Class A Common UnitsNovember 22, 2022
(18)Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, Athena CLO II, Athena CLO IV and CLO 2020-1. See Note 5 “Debt”.
(19)This portfolio company is not pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, Athena CLO II, Athena CLO IV and CLO 2020-1. See Note 5 “Debt”.
(20)Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.
(21)Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Company is deemed to be an “Affiliated Person” of, as defined in the 1940 Act, this portfolio company, as the Company owns more than 5% but less than 25% of the portfolio companys outstanding voting securities. Transactions during the period ended March 31, 2025 in which the Company was an Affiliated Person of the portfolio company are as follows:
24

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2025
(Amounts in thousands, except share amounts)
(Unaudited)
CompanyFair Value at December 31, 2024Gross Additions (a)Gross Reductions (b)Net Change in Unrealized Gain/(Loss)Realized Gains/(Loss)TransfersFair Value at March 31, 2025Interest IncomeDividend IncomeOther Income
Non-Controlled Affiliates
 AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC $ $18,371 $(24)$384 $ $4,173 $22,904 $47 $ $19 
 AAM Series 2.1 Aviation Feeder, LLC  21,311 (52)(82) 4,316 25,493 122   
 Coherent Group LTD  15,241  (13)  15,228 5   
 Fifth Season Investments LLC 62,517 76,807  (1,965)  137,359  4,514  
 Help HP SCF Investor, LP 60,350   (427)  59,923    
 LSI Financing 1 DAC 3,093 4,929  (284)  7,738    
 LSI Financing LLC 61,677 47,605 (17,218)3,812   95,876  1,639  
 Pluralsight, LLC 88,660 1,102     89,762 1,628  32 
 Securiti, Inc.  20,016  (16) 20,000 40,000    
 Signifyd Inc. 126,065   875   126,940  3,083  
 Walker Edison Furniture Company LLC 4,941 1,875 (7)(3,043)  3,766 (5)  
Total Non-Controlled Affiliates$407,303 $207,257 $(17,301)$(759)$ $28,489 $624,989 $1,797 $9,236 $51 

(a)Gross additions include increases in the cost basis of investments resulting from new investments, payment-in-kind interest (“PIK”) or dividends, and the amortization of any unearned income or discounts on equity investments, as applicable.
(b)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, and the amortization of any premiums on equity investments, as applicable.
(c)In connection with its investment in AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin AssetCo”) the Company made a minority investment in Amergin Asset Management, LLC, which has entered into a Servicing Agreement with Amergin AssetCo.
(22)As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement (“controlled affiliate”). The Company’s investments in controlled affiliates for the period ended March 31, 2025, were as follows:
CompanyFair Value at December 31, 2024Gross Additions (a)Gross Reductions (b)Net Change in Unrealized Gain/(Loss)Realized Gains/(Loss)TransfersFair Value at March 31, 2025Interest IncomeDividend IncomeOther Income
Controlled Affiliates
Blue Owl Credit SLF LLC(c)
$947 $1,503 $ $2 $ $ $2,452 $ $55 $ 
 Revolut Ribbit Holdings, LLC 106,443      106,443    
Total Controlled Affiliates$107,390 $1,503 $ $2 $ $ $108,895 $ $55 $ 
(a)Gross additions include increases in the cost basis of investments resulting from new investments, PIK or dividends, and the amortization of any unearned income or discounts on equity investments, as applicable.
(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)For further description of the Company's investment in Blue Owl Credit SLF LLC (“Credit SLF”), see Note 4 “Investments.”
(23)This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of March 31, 2025, non-qualifying assets represented 13.7% of total assets as calculated in accordance with the regulatory requirements.
(24)Non-income producing investment.
(25)Loan was on non-accrual status as of March 31, 2025.
(26)Contains a fixed-rate structure.
(27)Harness Inc. has retained 304,990 shares until June 11, 2026 as a security for indemnity obligations detailed in the Merger Agreement with Split Software, Inc.
(28)The negative cost and fair value results from unamortized fees, which are capitalized to the investment cost of unfunded commitments.
25

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of March 31, 2025
(Amounts in thousands, except share amounts)
(Unaudited)
The accompanying notes are an integral part of these consolidated financial statements.

26

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(7)(17)(19)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(2)(3)Fair ValuePercentage of Net Assets
Non-controlled/non-affiliated portfolio company investments
Debt Investments
Aerospace & defense
ManTech International Corporation(6)(9)(13)First lien senior secured loanS+5.00%9/2029$6,988 $6,988 $6,988 0.2 %
Peraton Corp.(3)(6)(9)(13)Second lien senior secured loanS+7.75%2/202984,551 83,762 68,148 1.9 %
90,750 75,136 2.1 %
Application Software
AI Titan Parent, Inc. (dba Prometheus Group)(6)(8)(13)First lien senior secured loanS+4.75%8/203122,642 22,423 22,415 0.6 %
AlphaSense, Inc.(6)(9)(13)First lien senior secured loanS+6.25%6/202927,383 27,132 27,110 0.7 %
Anaplan, Inc.(6)(9)(13)First lien senior secured loanS+5.25%6/202950,696 50,596 50,696 1.4 %
Armstrong Bidco Limited(6)(11)(13)(14)(22)First lien senior secured GBP term loanSA+5.25%6/2029£8,086 9,775 10,077 0.3 %
Artifact Bidco, Inc. (dba Avetta)(6)(9)(13)First lien senior secured loanS+4.50%7/203115,982 15,907 15,902 0.4 %
Avalara, Inc.(6)(9)(13)First lien senior secured loanS+6.25%10/20289,091 8,994 9,091 0.3 %
Boxer Parent Company Inc. (f/k/a BMC)(3)(6)(9)(13)First lien senior secured loanS+3.75%7/203110,000 9,977 10,074 0.3 %
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(6)(9)(13)(14)First lien senior secured loanS+5.50%8/202778,766 77,760 76,477 2.1 %
CivicPlus, LLC(6)(9)(13)(14)First lien senior secured loanS+5.75%8/202768,151 67,813 68,151 1.9 %
Coupa Holdings, LLC(6)(9)(13)First lien senior secured loanS+5.25%2/2030781 781 781  %
CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)(6)(10)(13)Unsecured notesS+
11.75% PIK
6/203446,503 45,760 46,503 1.3 %
Diamondback Acquisition, Inc. (dba Sphera)(6)(8)(13)First lien senior secured loanS+5.50%9/202875,864 74,948 75,485 2.1 %
Fullsteam Operations, LLC(6)(9)(13)(14)First lien senior secured loanS+8.25%11/202915,407 15,003 15,407 0.4 %
Fullsteam Operations, LLC(6)(9)(13)(14)First lien senior secured delayed draw term loanS+7.00%11/2029969 915 961  %
Gainsight, Inc.(6)(9)(13)(14)First lien senior secured loanS+6.00%7/202770,687 70,190 70,687 1.9 %
Granicus, Inc.(6)(9)(13)First lien senior secured loanS+
5.75% (2.25% PIK)
1/20311,960 1,943 1,960 0.1 %
Granicus, Inc.(6)(9)(13)First lien senior secured delayed draw term loanS+
5.25% (2.25% PIK)
1/2031290 288 287  %
GS Acquisitionco, Inc. (dba insightsoftware)(6)(9)(13)(14)First lien senior secured loanS+5.25%5/202852,817 52,654 52,413 1.4 %
JS Parent, Inc. (dba Jama Software)(6)(9)(13)First lien senior secured loanS+5.00%4/203113,642 13,579 13,642 0.4 %
Magnet Forensics, LLC (f/k/a Grayshift, LLC)(6)(8)(13)(22)First lien senior secured loanS+5.00%7/202827,761 27,731 27,761 0.8 %
Ministry Brands Holdings, LLC(6)(8)(13)(14)First lien senior secured loanS+5.50%12/20288,224 8,120 8,163 0.2 %
Simpler Postage, Inc. (dba Easypost)(6)(8)(13)(14)First lien senior secured loanS+8.00%6/202919,215 18,328 18,322 0.5 %
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(6)(9)(13)(14)First lien senior secured loanS+5.75%3/202812,117 11,964 12,056 0.3 %
Velocity HoldCo III Inc. (dba VelocityEHS)(6)(9)(13)First lien senior secured loanS+5.50%4/202740,208 39,802 40,208 1.1 %
XPLOR T1, LLC(6)(9)(13)First lien senior secured loanS+3.50%6/20314,988 4,988 5,025 0.1 %
Zendesk, Inc.(6)(9)(13)First lien senior secured loanS+5.00%11/202852,903 52,170 52,903 1.5 %
27

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(7)(17)(19)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(2)(3)Fair ValuePercentage of Net Assets
729,541 732,557 20.1 %
Banks
Finastra USA, Inc.(6)(9)(13)(14)(22)First lien senior secured loanS+7.25%9/202976,194 75,417 76,194 2.1 %
75,417 76,194 2.1 %
Building products
EET Buyer, Inc. (dba e-Emphasys)(6)(9)(13)(14)First lien senior secured loanS+4.75%11/202756,056 55,678 56,056 1.5 %
55,678 56,056 1.5 %
Buildings & Real Estate
Associations Finance, Inc.(13)(25)Unsecured notes
14.25% PIK
5/203019,978 19,845 19,978 0.6 %
Associations, Inc.(6)(9)(13)(14)First lien senior secured loanS+6.50%7/202851,699 51,649 51,699 1.4 %
71,494 71,677 2.0 %
Commercial Services & Supplies
SimpliSafe Holding Corporation(6)(8)(13)(14)First lien senior secured loanS+6.25%5/2028904 893 904  %
Pye-Barker Fire & Safety, LLC(6)(9)(13)(14)First lien senior secured loanS+4.50%5/203118,740 18,638 18,693 0.5 %
Pye-Barker Fire & Safety, LLC(6)(9)(13)(14)First lien senior secured revolving loanS+4.50%5/2030341 329 334  %
19,860 19,931 0.5 %
Consumer Finance
Klarna Holding AB(6)(9)(13)Subordinated Floating Rate Notes7.00%4/203432,667 32,667 32,667 0.9 %
32,667 32,667 0.9 %
Diversified Consumer Services
Icefall Parent, Inc. (dba EngageSmart)(6)(8)(13)First lien senior secured loanS+6.50%1/203012,783 12,557 12,783 0.4 %
Litera Bidco LLC(6)(8)(13)(14)First lien senior secured loanS+5.00%5/2028130,589 129,990 130,263 3.6 %
Relativity ODA LLC(6)(8)(13)First lien senior secured loanS+4.50%5/202992,129 91,781 91,899 2.5 %
234,328 234,945 6.5 %
Diversified Financial Services
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(13)(14)(25)First lien senior secured loan
12.00% PIK
7/20302,507 2,490 2,507 0.1 %
AAM Series 2.1 Aviation Feeder, LLC(13)(14)(25)First lien senior secured loan
12.00% PIK
11/20302,534 2,534 2,534 0.1 %
Blackhawk Network Holdings, Inc.(3)(6)(8)(13)First lien senior secured loanS+5.00%3/202959,700 58,613 60,363 1.7 %
BTRS HOLDINGS INC. (dba Billtrust)(6)(9)(13)(14)First lien senior secured loanS+7.25%12/2028944 924 941  %
Computer Services, Inc. (dba CSI)(6)(9)(13)(14)First lien senior secured loanS+5.25%11/20297,443 7,398 7,443 0.2 %
Computer Services, Inc. (dba CSI)(6)(9)(13)First lien senior secured loanS+4.75%11/202926,592 26,463 26,459 0.7 %
Hg Genesis 8 Sumoco Limited(6)(11)(13)(22)Unsecured facilitySA+
7.00% PIK
9/2027£16,420 20,996 20,565 0.6 %
Hg Genesis 9 SumoCo Limited(6)(12)(13)(22)Unsecured facilityE+
6.25% PIK
3/20299,187 10,055 9,513 0.3 %
Hg Saturn Luchaco Limited(6)(11)(13)(22)Unsecured facilitySA+
7.50% PIK
3/2026£38,430 48,784 48,130 1.3 %
28

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(7)(17)(19)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(2)(3)Fair ValuePercentage of Net Assets
Minotaur Acquisition, Inc. (dba Inspira Financial)(6)(8)(13)(14)First lien senior secured loanS+5.00%6/203061,704 61,090 61,396 1.7 %
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(8)(13)(14)First lien senior secured loanS+5.00%9/202824,357 24,283 24,357 0.7 %
Smarsh Inc.(6)(9)(13)(14)First lien senior secured loanS+5.75%2/202949,714 49,350 49,714 1.4 %
Smarsh Inc.(6)(8)(13)(14)First lien senior secured revolving loanS+5.75%2/2029177 174 177  %
313,154 314,099 8.8 %
Entertainment
Aerosmith Bidco 1 Limited (dba Audiotonix)(6)(8)(13)(22)First lien senior secured loanS+5.25%7/2031120,979 119,493 120,676 3.3 %
119,493 120,676 3.3 %
Equity Real Estate Investment Trusts (REITs)
Storable, Inc.(3)(6)(8)(13)First lien senior secured loanS+3.50%4/20284,974 4,944 5,004 0.1 %
4,944 5,004 0.1 %
Food & Staples Retailing
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(6)(8)(13)First lien senior secured loanS+5.00%12/202824,292 24,292 24,292 0.7 %
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(6)(9)(13)(14)First lien senior secured revolving loanS+5.00%12/2027302 302 302  %
24,594 24,594 0.7 %
Health Care Providers & Services
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)(6)(9)(13)First lien senior secured loanS+4.75%12/202922,668 22,300 22,668 0.6 %
PetVet Care Centers, LLC(6)(8)(13)First lien senior secured loanS+6.00%11/203038,858 38,514 37,206 1.0 %
60,814 59,874 1.6 %
Health Care Technology
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(9)(13)First lien senior secured loanS+5.75%8/2028114,142 113,042 112,715 3.1 %
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(8)(13)(14)First lien senior secured delayed draw term loanS+5.75%8/202810,467 10,165 10,282 0.3 %
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(8)(13)(14)First lien senior secured revolving loanS+5.75%8/20268,155 8,085 8,002 0.2 %
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(6)(8)(13)First lien senior secured loanS+5.00%8/203158,027 57,705 57,882 1.6 %
GI Ranger Intermediate, LLC (dba Rectangle Health)(6)(9)(13)(14)First lien senior secured loanS+6.00%10/202826,955 26,602 26,483 0.7 %
GI Ranger Intermediate, LLC (dba Rectangle Health)(6)(9)(13)(14)First lien senior secured revolving loanS+6.00%10/2027258 237 219  %
Greenway Health, LLC(6)(9)(13)First lien senior secured loanS+6.75%4/20298,685 8,514 8,577 0.2 %
Hyland Software, Inc.(6)(8)(13)First lien senior secured loanS+6.00%9/203085,028 83,923 85,028 2.3 %
Indikami Bidco, LLC (dba IntegriChain)(6)(8)(13)First lien senior secured loanS+
6.50% (2.50% PIK)
12/203061,081 59,862 60,776 1.7 %
29

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(7)(17)(19)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(2)(3)Fair ValuePercentage of Net Assets
Indikami Bidco, LLC (dba IntegriChain)(6)(8)(13)(14)First lien senior secured delayed draw term loanS+6.00%12/2030479 413 476  %
Indikami Bidco, LLC (dba IntegriChain)(6)(8)(13)(14)First lien senior secured revolving loanS+6.00%6/20302,155 2,042 2,125 0.1 %
Inovalon Holdings, Inc.(6)(9)(13)(14)First lien senior secured loanS+5.75%11/2028151,132 148,946 149,243 4.1 %
Inovalon Holdings, Inc.(6)(9)(13)Second lien senior secured loanS+
10.50% PIK
11/203394,457 93,376 93,513 2.6 %
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(6)(9)(13)(14)(22)First lien senior secured loanS+6.50%8/2026164,732 164,030 160,614 4.4 %
Interoperability Bidco, Inc. (dba Lyniate)(6)(9)(13)(14)First lien senior secured loanS+6.25%3/202887,018 86,769 84,841 2.3 %
Interoperability Bidco, Inc. (dba Lyniate)(6)(8)(13)(14)First lien senior secured revolving loanS+6.25%3/2028352 312 183  %
Neptune Holdings, Inc. (dba NexTech)(6)(9)(13)First lien senior secured loanS+4.75%8/20304,368 4,346 4,368 0.1 %
RL Datix Holdings (USA), Inc.(6)(10)(13)First lien senior secured loanS+5.50%4/203148,700 48,249 48,457 1.3 %
RL Datix Holdings (USA), Inc.(6)(9)(13)(14)First lien senior secured revolving loanS+5.50%10/20301,266 1,180 1,218  %
RL Datix Holdings (USA), Inc.(6)(11)(13)First lien senior secured GBP term loanSA+5.50%4/2031£22,553 27,908 28,104 0.8 %
Salinger Bidco Inc. (dba Surgical Information Systems)(6)(8)(13)First lien senior secured loanS+5.75%8/203114,531 14,321 14,495 0.4 %
960,027 957,601 26.2 %
Hotels, Restaurants & Leisure
MINDBODY, Inc.(6)(9)(13)(14)First lien senior secured loanS+7.00%9/202572,962 72,929 72,962 2.0 %
Par Technology Corporation(6)(8)(13)First lien senior secured loanS+5.00%7/202919,286 19,008 19,093 0.5 %
91,937 92,055 2.5 %
Household Durables
BCTO BSI Buyer, Inc. (dba Buildertrend)(6)(9)(13)First lien senior secured loanS+6.50%12/202684,045 83,727 84,045 2.3 %
83,727 84,045 2.3 %
Industrial Conglomerates
Aptean Acquiror, Inc. (dba Aptean)(6)(9)(13)(14)First lien senior secured loanS+5.00%1/20313,314 3,283 3,305 0.1 %
QAD, Inc.(6)(8)(13)First lien senior secured loanS+4.75%11/202788,166 88,167 87,946 2.4 %
91,450 91,251 2.5 %
Insurance
Asurion, LLC(3)(6)(8)(13)Second lien senior secured loanS+5.25%1/202810,833 10,702 10,555 0.3 %
Diamond Insure Bidco (dba Acturis)(6)(13)First lien senior secured EUR term loanE+4.25%7/2031625 658 636  %
Diamond Insure Bidco (dba Acturis)(6)(11)(13)First lien senior secured GBP term loanSA+4.50%7/2031£2,042 2,533 2,513 0.1 %
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(6)(9)(13)First lien senior secured loanS+7.50%3/20291,064 1,043 1,056  %
Integrity Marketing Acquisition, LLC(6)(9)(13)First lien senior secured loanS+5.00%8/202847,836 47,606 47,836 1.3 %
Simplicity Financial Marketing Group Holdings, Inc.(6)(9)(13)First lien senior secured loanS+5.00%12/20313,571 3,536 3,536 0.1 %
66,078 66,132 1.8 %
30

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(7)(17)(19)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(2)(3)Fair ValuePercentage of Net Assets
Internet & Direct Marketing Retail
Aurelia Netherlands B.V.(6)(12)(13)(22)First lien senior secured EUR term loanE+5.75%5/203125,282 26,511 26,049 0.7 %
26,511 26,049 0.7 %
IT Services
Kaseya Inc.(6)(8)(13)First lien senior secured loanS+5.50%6/202915,865 15,644 15,865 0.4 %
Kaseya Inc.(6)(9)(13)(14)First lien senior secured delayed draw term loanS+5.50%6/2029482 462 482  %
Severin Acquisition, LLC (dba PowerSchool)(6)(8)(13)First lien senior secured loanS+
5.00% (2.25% PIK)
10/203131,972 31,663 31,653 0.9 %
Spaceship Purchaser, Inc. (dba Squarespace)(6)(9)(13)First lien senior secured loanS+5.00%10/203183,848 83,438 83,429 2.3 %
131,207 131,429 3.6 %
Life Sciences Tools & Services
Bamboo US BidCo LLC(6)(12)(13)First lien senior secured EUR term loanE+5.25%9/20303,139 3,302 3,250 0.1 %
Bamboo US BidCo LLC(6)(9)(13)(14)First lien senior secured loanS+5.25%9/20305,498 5,498 5,498 0.2 %
Creek Parent, Inc. (dba Catalent)(6)(8)(13)First lien senior secured loanS+5.25%12/203184,384 82,913 82,907 2.3 %
91,713 91,655 2.6 %
Media
Monotype Imaging Holdings Inc.(6)(9)(13)(14)First lien senior secured loanS+5.50%2/203159,806 59,379 59,656 1.6 %
59,379 59,656 1.6 %
Multiline Retail
PDI TA Holdings, Inc.(6)(9)(13)First lien senior secured loanS+5.00%2/20318,989 8,867 8,899 0.2 %
PDI TA Holdings, Inc.(6)(9)(13)(14)First lien senior secured delayed draw term loanS+5.50%2/20311,166 1,142 1,150  %
10,009 10,049 0.2 %
Professional Services
Certinia Inc.(6)(9)(13)First lien senior secured loanS+5.25%8/203029,412 29,010 29,412 0.8 %
CloudPay, Inc.(6)(9)(13)First lien senior secured loanS+7.50%7/20299,682 9,597 9,585 0.3 %
Cornerstone OnDemand, Inc.(6)(8)(13)Second lien senior secured loanS+6.50%10/202971,667 70,928 61,096 1.7 %
Gerson Lehrman Group, Inc.(6)(9)(13)First lien senior secured loanS+5.25%12/202718,895 18,763 18,848 0.5 %
Thunder Purchaser, Inc. (dba Vector Solutions)(6)(9)(13)First lien senior secured loanS+5.50%6/2028139,757 138,958 139,757 3.9 %
TK Operations Ltd (dba Travelperk, Inc.)(13)(25)First lien senior secured loan
11.50% PIK
5/202922,152 20,418 20,546 0.6 %
When I Work, Inc.(6)(9)(13)First lien senior secured loanS+5.50%11/202736,277 36,116 35,008 1.0 %
323,790 314,252 8.8 %
Real Estate Management & Development
Entrata, Inc.(6)(8)(13)First lien senior secured loanS+5.75%7/2030888 877 888  %
RealPage, Inc.(3)(6)(9)(13)First lien senior secured loanS+3.75%4/202835,000 34,825 35,088 1.0 %
35,702 35,976 1.0 %
Systems Software
Acquia Inc.(6)(9)(14)First lien senior secured loanS+7.00%10/2025183,111 182,696 183,111 5.1 %
Activate Holdings (US) Corp. (dba Absolute Software)(6)(9)(13)(14)(22)First lien senior secured loanS+5.25%7/20305,711 5,689 5,711 0.2 %
31

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(7)(17)(19)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(2)(3)Fair ValuePercentage of Net Assets
Arctic Wolf Networks, Inc.(13)(25)Senior convertible notes
3.00% PIK
9/2027127,843 159,282 159,279 4.4 %
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(6)(8)(13)(14)First lien senior secured loanS+6.50%3/203142,751 42,154 42,430 1.2 %
Bayshore Intermediate #2, L.P. (dba Boomi)(6)(9)(13)First lien senior secured loanS+
6.25% (3.38% PIK)
10/2028104,763 104,745 104,763 2.9 %
Crewline Buyer, Inc. (dba New Relic)(6)(8)(13)First lien senior secured loanS+6.75%11/203094,034 92,781 92,859 2.6 %
Databricks, Inc.(6)(8)(13)First lien senior secured loanS+4.50%1/203153,061 52,796 52,796 1.5 %
Delinea Buyer, Inc. (f/k/a Centrify)(6)(9)(13)(14)First lien senior secured loanS+5.75%3/2028105,727 104,218 105,727 2.9 %
Delta TopCo, Inc. (dba Infoblox, Inc.)(3)(6)(10)Second lien senior secured loanS+5.25%11/203013,500 13,434 13,676 0.4 %
Forescout Technologies, Inc.(6)(9)(13)First lien senior secured loanS+5.00%5/203166,583 66,317 66,295 1.8 %
H&F Opportunities LUX III S.À R.L (dba Checkmarx)(6)(8)(13)(22)First lien senior secured loanS+7.50%4/2026148,889 147,706 148,517 4.1 %
Ivanti Software, Inc.(6)(9)(13)Second lien senior secured loanS+7.25%12/202821,000 20,633 11,550 0.3 %
LogRhythm, Inc.(6)(8)(13)First lien senior secured loanS+7.50%7/20294,750 4,618 4,619 0.1 %
Oranje Holdco, Inc. (dba KnowBe4)(6)(9)(13)First lien senior secured loanS+7.75%2/202912,818 12,673 12,818 0.4 %
Oranje Holdco, Inc. (dba KnowBe4)(6)(9)(13)First lien senior secured loanS+7.25%2/20295,371 5,324 5,331 0.1 %
Ping Identity Holding Corp.(6)(9)(13)First lien senior secured loanS+4.75%10/20296,413 6,403 6,413 0.2 %
Rubrik, Inc.(6)(9)(13)(14)First lien senior secured loanS+7.00%8/202811,770 11,654 11,770 0.3 %
SailPoint Technologies Holdings, Inc.(6)(9)(13)First lien senior secured loanS+6.00%8/202929,853 29,387 29,853 0.8 %
Securonix, Inc.(6)(9)(13)First lien senior secured loanS+
7.75% (3.75% PIK)
4/202819,774 19,652 17,154 0.5 %
Securonix, Inc.(6)(9)(13)(14)First lien senior secured revolving loanS+7.00%4/202880 61 (391) %
Sitecore Holding III A/S(6)(12)(13)First lien senior secured EUR term loanE+
7.75% (4.25% PIK)
3/202956,504 59,255 58,510 1.6 %
Sitecore USA, Inc.(6)(9)(13)First lien senior secured loanS+
7.75% (4.25% PIK)
3/202958,456 58,111 58,456 1.6 %
Sitecore Holding III A/S(6)(9)(13)First lien senior secured loanS+
7.75% (4.25% PIK)
3/20299,696 9,639 9,696 0.3 %
Talon MidCo 2 Limited(6)(8)(13)(14)(22)First lien senior secured loanS+6.95%8/20282,700 2,664 2,700 0.1 %
1,211,892 1,203,643 33.4 %
Total non-controlled/non-affiliated portfolio company debt investments$5,016,156 $4,987,203 137.4 %
Equity Investments
Aerospace & Defense
Space Exploration Technologies Corp.(13)(16)(23)Class A Common StockN/AN/A419,311 23,013 75,009 2.1 %
Space Exploration Technologies Corp.(13)(16)(23)Class C Common StockN/AN/A84,250 4,011 15,071 0.4 %
32

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(7)(17)(19)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(2)(3)Fair ValuePercentage of Net Assets
27,024 90,080 2.5 %
Application Software
6Sense Insights, Inc.(13)(16)(23)Series E-1 Preferred StockN/AN/A1,264,514 40,066 32,116 0.9 %
Alpha Partners Technology Merger Corp(2)(22)(23)Common stockN/AN/A30,000 1,000 334  %
Alpha Partners Technology Merger Corp(2)(16)(22)(23)WarrantsN/AN/A666,666  120  %
AlphaSense, LLC(13)(16)(23)Series E Preferred SharesN/AN/A131,200 5,929 5,890 0.2 %
Diligent Preferred Issuer, Inc. (dba Diligent Corporation)(13)(16)(25)Preferred Stock
10.50% PIK
N/A15,000 21,147 20,622 0.6 %
EShares, Inc. (dba Carta)(16)(23)Series E Preferred StockN/AN/A186,904 2,008 4,225 0.1 %
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(13)(16)(22)(23)LP InterestN/AN/A$2,281 2,285 2,862 0.1 %
Bird Holding B.V. (fka MessageBird Holding B.V.)(13)(16)(22)(23)Extended Series C WarrantsN/AN/A191,530 1,174 281  %
Nylas, Inc.(16)(23)Series C Preferred StockN/AN/A2,088,467 15,009 3,427 0.1 %
Project Alpine Co-Invest Fund, LP(13)(16)(22)(23)LP InterestN/AN/A$3,644 3,646 4,785 0.1 %
Saturn Ultimate, Inc.(13)(16)(23)Common stockN/AN/A5,580,593 25,008 47,930 1.3 %
Simpler Postage, Inc. (dba Easypost)(13)(16)(23)WarrantsN/AN/A65,694 827 827  %
Zoro TopCo, Inc.(9)(13)(16)Series A Preferred EquityS+
9.50% PIK
N/A7,114 9,017 9,236 0.3 %
Zoro TopCo, L.P.(13)(16)(23)Class A Common UnitsN/AN/A592,872 5,929 6,455 0.2 %
133,045 139,110 3.9 %
Construction & Engineering
Dodge Construction Network Holdings, L.P.(6)(9)(13)(16)Series A Preferred UnitsS+8.25%N/A 69 40  %
Dodge Construction Network Holdings, L.P.(13)(16)(23)Class A-2 Common UnitsN/AN/A3,333,333 2,841 474  %
2,910 514  %
Diversified Consumer Services
SLA Eclipse Co-Invest, L.P.(3)(16)(22)(23)LP InterestN/AN/A$15,000 15,256 18,078 0.5 %
15,256 18,078 0.5 %
Diversified Financial Services
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(13)(14)(16)(22)(23)LLC InterestN/AN/A$1,487 1,487 1,667  %
AAM Series 2.1 Aviation Feeder, LLC(13)(14)(16)(22)(23)LLC InterestN/AN/A$1,422 1,425 1,781  %
Amergin Asset Management, LLC(13)(16)(22)(23)Class A UnitsN/AN/A25,000,000  778  %
Brex, Inc.(16)(23)Preferred StockN/AN/A143,943 5,012 2,885 0.1 %
7,924 7,111 0.1 %
Health Care Providers & Services
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)(13)(16)(23)Class A InterestN/AN/A159 1,585 1,797  %
33

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(7)(17)(19)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(2)(3)Fair ValuePercentage of Net Assets
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(13)(16)(25)Series A Preferred Stock
15.00% PIK
N/A4,419 5,046 4,749 0.1 %
6,631 6,546 0.1 %
Health Care Technology
BEHP Co-Investor II, L.P.(13)(16)(22)(23)LP InterestN/AN/A$1,270 1,043 1,297  %
Minerva Holdco, Inc.(13)(16)(25)Senior A Preferred Stock
10.75% PIK
N/A50,000 67,422 65,937 1.8 %
WP Irving Co-Invest, L.P.(13)(16)(22)(23)Partnership UnitsN/AN/A1,250,000 976 1,276  %
69,441 68,510 1.8 %
Hotels, Restaurants & Leisure
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)(13)(16)(25)Series A Preferred Stock
10.00% PIK
N/A25,000 29,446 30,919 0.9 %
29,446 30,919 0.9 %
Internet & Direct Marketing Retail
Kajabi Holdings, LLC(16)(23)Senior Preferred Class D UnitsN/AN/A4,126,175 50,025 39,463 1.1 %
Klaviyo, Inc.(2)(16)(23)Series B Common StockN/AN/A1,078,770 36,027 44,488 1.2 %
Linked Store Cayman Ltd. (dba Nuvemshop)(13)(16)(22)(23)Series E Preferred StockN/AN/A19,499 42,496 37,998 1.0 %
128,548 121,949 3.3 %
IT Services
E2Open Parent Holdings, Inc.(2)(22)(23)Class A Common StockN/AN/A1,650,943 17,504 4,392 0.1 %
JumpCloud, Inc.(16)(23)Series B Preferred StockN/AN/A756,590 4,531 639  %
JumpCloud, Inc.(16)(23)Series F Preferred StockN/AN/A6,679,245 40,017 28,343 0.8 %
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(6)(10)(13)(16)Perpetual Preferred StockS+
10.75% PIK
N/A7,500 10,266 10,405 0.3 %
Replicated, Inc.(16)(23)Series C Preferred StockN/AN/A1,277,832 10,502 0.3 %
WMC Bidco, Inc. (dba West Monroe)(13)(16)(25)Senior Preferred Stock
11.25% PIK
N/A57,231 80,541 79,680 2.2 %
172,867 133,961 3.7 %
Pharmaceuticals
XOMA Corporation(13)(16)(23)WarrantsN/AN/A12,000 82 139  %
82 139  %
Professional Services
BCTO WIW Holdings, Inc. (dba When I Work)(13)(16)(23)Class A Common Stock
13.50% PIK
N/A70,000 7,000 3,827 0.1 %
CloudPay, Inc.(13)(16)(22)(25)Series E Preferred Stock
13.50% PIK
N/A39,109 8,896 8,896 0.2 %
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)(13)(16)(25)Series A Preferred Stock
10.50% PIK
N/A28,000 38,428 30,743 0.8 %
Thunder Topco L.P. (dba Vector Solutions)(13)(16)(23)Common UnitsN/AN/A7,857,410 7,857 9,348 0.3 %
TravelPerk, Inc.(13)(16)(23)WarrantsN/AN/A71,940 1,534 1,534  %
Vestwell Holdings, Inc.(13)(16)(23)Series D Preferred StockN/AN/A152,175 3,020 3,000 0.1 %
66,735 57,348 1.5 %
34

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(7)(17)(19)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(2)(3)Fair ValuePercentage of Net Assets
Road & Rail
Bolt Technology OÜ(16)(22)(23)Preferred StockN/AN/A43,478 11,318 9,999 0.3 %
11,318 9,999 0.3 %
Systems Software
Algolia, Inc.(16)(23)Series D Preferred StockN/AN/A136,776 4,000 3,027 0.1 %
Algolia, Inc.(16)(23)Series C Preferred StockN/AN/A970,281 10,000 17,523 0.5 %
Arctic Wolf Networks, Inc.(16)(23)Preferred StockN/AN/A3,032,840 25,036 26,901 0.7 %
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(13)(16)(23)Common UnitsN/AN/A12,692,160 12,692 19,053 0.5 %
Circle Internet Services, Inc.(16)(23)WarrantsN/AN/A358,412  786  %
Circle Internet Services, Inc.(16)(23)Series D Preferred StockN/AN/A2,934,961 15,000 16,478 0.5 %
Circle Internet Services, Inc.(16)(23)Series E Preferred StockN/AN/A821,806 6,917 5,675 0.2 %
Circle Internet Services, Inc.(16)(23)Series F Preferred StockN/AN/A75,876 1,500 879  %
Circle Internet Services, Inc.(16)(23)Subordinated Convertible SecurityN/AN/A758,882 759 759  %
Elliott Alto Co-Investor Aggregator L.P.(13)(16)(22)(23)LP InterestN/AN/A1,567 1,577 2,441 0.1 %
Excalibur CombineCo, L.P.(13)(16)(23)Class A UnitsN/AN/A3,340,668 99,452 75,296 2.1 %
Halo Parent Newco, LLC(13)(16)(25)Class H PIK Preferred Equity
11.00% PIK
N/A5,000 6,826 5,138 0.1 %
HARNESS INC.(16)(23)(26)Series D Preferred StockN/AN/A1,022,648 9,169 9,198 0.3 %
Illumio, Inc.(16)(23)Common stockN/AN/A358,365 2,432 1,487  %
Illumio, Inc.(16)(23)Series F Preferred StockN/AN/A2,483,618 16,684 15,502 0.4 %
Project Hotel California Co-Invest Fund, L.P.(13)(16)(22)(23)LP InterestN/AN/A$2,685 2,687 3,092 0.1 %
Securiti, Inc.(13)(16)(23)Series C Preferred SharesN/AN/A2,525,571 20,016 20,000 0.6 %
234,747 223,235 6.2 %
Thrifts & Mortgage Finance
Blend Labs, Inc.(13)(16)(23)WarrantsN/AN/A299,216 1,625 14  %
1,625 14  %
Total non-controlled/non-affiliated portfolio company equity investments$907,599 $907,513 24.8 %
Total non-controlled/non-affiliated portfolio company investments$5,923,755 $5,894,716 162.2 %
Non-controlled/affiliated portfolio company investments(21)
Debt Investments
Internet & Direct Marketing Retail
Walker Edison Furniture Company LLC(6)(9)(13)(20)(24)First lien senior secured revolving loanS+6.25%3/2027$4,495 4,495 2,888 0.1 %
Walker Edison Furniture Company LLC(6)(9)(13)(14)(20)(24)First lien senior secured delayed draw term loanS+
6.75% PIK
3/20274,527 4,214 556  %
Walker Edison Furniture Company LLC(6)(9)(13)(20)(24)First lien senior secured loanS+
6.75% PIK
3/202711,090 8,621 1,497  %
17,330 4,941 0.1 %
IT Services
35

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2024
(Amounts in thousands, except share amounts)
Company(1)(7)(17)(19)InvestmentInterestMaturity DatePar / UnitsAmortized Cost(2)(3)Fair ValuePercentage of Net Assets
Pluralsight, LLC(6)(9)(13)(20)First lien senior secured loanS+
4.50% (1.50% PIK)
8/202930,474 30,474 30,474 0.8 %
Pluralsight, LLC(6)(9)(13)(20)First lien senior secured loanS+
7.50% PIK
8/202931,336 31,336 31,336 0.9 %
61,810 61,810 1.7 %
Total non-controlled/affiliated portfolio company debt investments$79,140 $66,751 1.8 %
Equity Investments
Insurance
Fifth Season Investments LLC(13)(16)(18)(20)Class A UnitsN/AN/A8 56,660 62,517 1.7 %
56,660 62,517 1.7 %
Internet & Direct Marketing Retail
Signifyd Inc.(16)(20)(25)Preferred equity
9.00% PIK
N/A2,755,121 139,190 126,065 3.5 %
Walker Edison Holdco LLC(13)(16)(20)(23)Common UnitsN/AN/A98,319 9,500   %
148,690 126,065 3.5 %
IT Services
Paradigmatic Holdco LLC (dba Pluralsight)(13)(16)(20)(23)Common stockN/AN/A10,119,090 26,850 26,850 0.7 %
26,850 26,850 0.7 %
Pharmaceuticals
LSI Financing 1 DAC(13)(14)(16)(20)(22)Preferred equityN/AN/A$3,053 3,116 3,093 0.1 %
LSI Financing LLC(13)(14)(16)(20)(22)(23)Common EquityN/AN/A$61,865 61,865 61,677 1.7 %
64,981 64,770 1.8 %
Systems Software
Help HP SCF Investor, LP(13)(16)(20)(23)LP InterestN/AN/A$59,333 59,385 60,350 1.7 %
59,385 60,350 1.7 %
Total non-controlled/affiliated portfolio company equity investments$356,566 $340,552 9.5 %
Total non-controlled/affiliated portfolio company investments$435,706 $407,303 11.3 %
Controlled/affiliated portfolio company investments(22)
Equity Investments
Diversified Financial Services
Revolut Ribbit Holdings, LLC(14)(16)(21)(22)(23)LLC InterestN/AN/A122,996 75,294 106,443 2.9 %
75,294 106,443 2.9 %
Joint Ventures
Blue Owl Credit SLF LLC(13)(16)(18)(21)(22)(23)LLC InterestN/AN/A$947 949 947  %
949 947  %
Total controlled/affiliated portfolio company equity investments$76,243 $107,390 2.9 %
Total controlled/affiliated portfolio company investments$76,243 $107,390 2.9 %
Total non-controlled/non-affiliated misc. debt commitments(16)(27)(Note 7)$(2,583)$(1,943)(0.1)%
Total Investments$6,433,121 $6,407,466 176.3 %
(1)Unless otherwise indicated, all investments are considered Level 3 investments.
(2)Level 1 investment.
36

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2024
(Amounts in thousands, except share amounts)
(3)Level 2 investment.
(4)The amortized cost represents the original cost adjusted for the amortization or accretion of premium or discount, as applicable, on debt investments using the effective interest method.
(5)As of December 31, 2024, the net estimated unrealized loss on investments for U.S. federal income tax purposes was $15.8 million based on a tax cost basis of $6.42 billion. As of December 31, 2024, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $203.8 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $188.0 million.
(6)Unless otherwise indicated, loan contains a variable rate structure and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate (SOFR or S, which can include one-, three- or six-month SOFR), Euro Interbank Offered Rate (EURIBOR or E, which can include three- or six-month EURIBOR), or Sterling Overnight Interbank Average Rate (SONIA or SA), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.
(7)Certain portfolio company investments are subject to contractual restrictions on sales. Refer to footnote 16 for additional information on our restricted securities.
(8)The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2024 was 4.33%.
(9)The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2024 was 4.31%.
(10)The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2024 was 4.25%.
(11)The interest rate on these loans is subject to SONIA, which as of December 31, 2024 was 4.70%.
(12)The interest rate on these loans is subject to 3 month EURIBOR, which as of December 31, 2024 was 2.71%.
(13)Represents co-investment made with the Company’s affiliates in accordance with the terms of an order for exemptive relief that an affiliate of the Company’s investment adviser received from the U.S. Securities and Exchange Commission. See Note 3 “Agreements and Related Party Transactions”.
(14)Position or portion thereof is a partially unfunded debt or equity commitment. See below for more information on the Company’s commitments. See Note 7 “Commitments and Contingencies”.
Portfolio CompanyCommitment TypeCommitment Expiration Date
Funded Commitment
Unfunded
Commitment
Fair Value(27)
Non-controlled/non-affiliated - delayed draw debt commitments
Aerosmith Bidco 1 Limited (dba Audiotonix)First lien senior secured delayed draw term loan7/2027$ $38,460 $(30)
AI Titan Parent, Inc. (dba Prometheus Group)First lien senior secured delayed draw term loan9/2026 4,528 (23)
AlphaSense, Inc.First lien senior secured delayed draw term loan6/2029 5,549 (55)
AlphaSense, Inc.First lien senior secured delayed draw term loan12/2025 5,477 (55)
Aptean Acquiror, Inc. (dba Aptean)First lien senior secured delayed draw term loan1/202653 149  
Artifact Bidco, Inc. (dba Avetta)First lien senior secured delayed draw term loan7/2027 3,912  
Associations, Inc.First lien senior secured delayed draw term loan7/2028642 3,205  
Bamboo US BidCo LLCFirst lien senior secured delayed draw term loan11/2026 1,372  
Bamboo US BidCo LLCFirst lien senior secured delayed draw term loan3/2025454 315  
BCPE Osprey Buyer, Inc. (dba PartsSource)First lien senior secured delayed draw term loan10/20254,530 21,744  
Computer Services, Inc. (dba CSI)First lien senior secured delayed draw term loan2/2026 9,196  
Coupa Holdings, LLCFirst lien senior secured delayed draw term loan8/2025 70  
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)First lien senior secured delayed draw term loan8/2026 1,992 (5)
Databricks, Inc.First lien senior secured delayed draw term loan7/2026 11,939  
EET Buyer, Inc. (dba e-Emphasys)First lien senior secured delayed draw term loan4/2026 4,773  
Fullsteam Operations, LLCFirst lien senior secured delayed draw term loan8/2025550 5,376  
Fullsteam Operations, LLCFirst lien senior secured delayed draw term loan2/2026419 1,062  
GS Acquisitionco, Inc. (dba insightsoftware)First lien senior secured delayed draw term loan3/2026426 1,494  
Indikami Bidco, LLC (dba IntegriChain)First lien senior secured delayed draw term loan12/2025479 7,903  
Integrity Marketing Acquisition, LLCFirst lien senior secured delayed draw term loan8/2026 7,236  
37

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2024
(Amounts in thousands, except share amounts)
Portfolio CompanyCommitment TypeCommitment Expiration Date
Funded Commitment
Unfunded
Commitment
Fair Value(27)
Interoperability Bidco, Inc. (dba Lyniate)First lien senior secured delayed draw term loan6/2026 5,714 (143)
Kaseya Inc.First lien senior secured delayed draw term loan6/2025184 703  
Litera Bidco LLCFirst lien senior secured delayed draw term loan11/202615,152 17,117  
Litera Bidco LLCFirst lien senior secured delayed draw term loan5/2027 13,448 (34)
ManTech International CorporationFirst lien senior secured delayed draw term loan6/2025 1,030  
Minotaur Acquisition, Inc. (dba Inspira Financial)First lien senior secured delayed draw term loan5/2026 8,834  
Monotype Imaging Holdings Inc.First lien senior secured delayed draw term loan2/20261,145 3,768  
PDI TA Holdings, Inc.First lien senior secured delayed draw term loan2/20261,166 922  
PetVet Care Centers, LLCFirst lien senior secured delayed draw term loan11/2025 5,120 (166)
Pluralsight, LLCFirst lien senior secured delayed draw term loan8/2029 12,649  
Pye-Barker Fire & Safety, LLCFirst lien senior secured delayed draw term loan5/20264,602 8,313  
RL Datix Holdings (USA), Inc.First lien senior secured delayed draw term loan4/2027 10,985  
Rubrik, Inc.First lien senior secured delayed draw term loan6/20281,376 76  
Salinger Bidco Inc. (dba Surgical Information Systems)First lien senior secured delayed draw term loan8/2026 1,406  
Severin Acquisition, LLC (dba PowerSchool)First lien senior secured delayed draw term loan10/2027 6,693 (33)
Simpler Postage, Inc. (dba Easypost)First lien senior secured delayed draw term loan6/2026412 17,285 (25)
Simplicity Financial Marketing Group Holdings, Inc.First lien senior secured delayed draw term loan12/2026 952 (5)
Smarsh Inc.First lien senior secured delayed draw term loan2/20255,524 5,524  
Spaceship Purchaser, Inc. (dba Squarespace)First lien senior secured delayed draw term loan10/2026 4,991  
Spaceship Purchaser, Inc. (dba Squarespace)First lien senior secured delayed draw term loan10/2027 11,978 (30)
Zendesk, Inc.First lien senior secured delayed draw term loan11/2025 12,922  
Non-controlled/non-affiliated - revolving debt commitments
Acquia Inc.First lien senior secured revolving loan10/20256,602 5,187  
Activate Holdings (US) Corp. (dba Absolute Software)First lien senior secured revolving loan7/2029 352  
Aerosmith Bidco 1 Limited (dba Audiotonix)First lien senior secured revolving loan7/2030 16,028 (40)
AI Titan Parent, Inc. (dba Prometheus Group)First lien senior secured revolving loan8/2031 2,830 (28)
Anaplan, Inc.First lien senior secured revolving loan6/2028 3,542  
Aptean Acquiror, Inc. (dba Aptean)First lien senior secured revolving loan1/2031 273 (1)
Artifact Bidco, Inc. (dba Avetta)First lien senior secured revolving loan7/2030 2,794 (14)
Associations, Inc.First lien senior secured revolving loan7/20281,541 1,541  
Avalara, Inc.First lien senior secured revolving loan10/2028 909  
Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)First lien senior secured revolving loan3/2031 4,750 (36)
Bamboo US BidCo LLCFirst lien senior secured revolving loan10/2029 1,026  
Bayshore Intermediate #2, L.P. (dba Boomi)First lien senior secured revolving loan10/2027 9,028  
BCPE Osprey Buyer, Inc. (dba PartsSource)First lien senior secured revolving loan8/20268,155 4,077  
BCTO BSI Buyer, Inc. (dba Buildertrend)First lien senior secured revolving loan12/2026 11,250  
38

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2024
(Amounts in thousands, except share amounts)
Portfolio CompanyCommitment TypeCommitment Expiration Date
Funded Commitment
Unfunded
Commitment
Fair Value(27)
BTRS HOLDINGS INC. (dba Billtrust)First lien senior secured revolving loan12/202834 56  
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)First lien senior secured revolving loan8/20272,338 4,450  
Certinia Inc.First lien senior secured revolving loan8/2029 2,941  
CivicPlus, LLCFirst lien senior secured revolving loan8/2027 4,664  
Coupa Holdings, LLCFirst lien senior secured revolving loan2/2029 54  
Creek Parent, Inc. (dba Catalent)First lien senior secured revolving loan12/2031 12,116 (212)
Crewline Buyer, Inc. (dba New Relic)First lien senior secured revolving loan11/2030 9,434 (118)
CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)First lien senior secured revolving loan8/2031 4,981 (12)
Delinea Buyer, Inc. (f/k/a Centrify)First lien senior secured revolving loan3/2027 8,163  
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)First lien senior secured revolving loan3/2029 91 (1)
EET Buyer, Inc. (dba e-Emphasys)First lien senior secured revolving loan11/2027 5,348  
Entrata, Inc.First lien senior secured revolving loan7/2028 103  
Finastra USA, Inc.First lien senior secured revolving loan9/20294,651 2,827  
Forescout Technologies, Inc.First lien senior secured revolving loan5/2030 9,517 (44)
Fullsteam Operations, LLCFirst lien senior secured revolving loan11/2029 593  
Gainsight, Inc.First lien senior secured revolving loan7/20272,933 2,700  
Gerson Lehrman Group, Inc.First lien senior secured revolving loan12/2027 956 (2)
GI Ranger Intermediate, LLC (dba Rectangle Health)First lien senior secured revolving loan10/2027258 1,953  
Granicus, Inc.First lien senior secured revolving loan1/2031 274  
GS Acquisitionco, Inc. (dba insightsoftware)First lien senior secured revolving loan5/2028 4,799 (36)
H&F Opportunities LUX III S.À R.L (dba Checkmarx)First lien senior secured revolving loan4/2026 25,000 (63)
Hyland Software, Inc.First lien senior secured revolving loan9/2029 4,070  
Icefall Parent, Inc. (dba EngageSmart)First lien senior secured revolving loan1/2030 1,217  
Indikami Bidco, LLC (dba IntegriChain)First lien senior secured revolving loan6/20302,155 3,832  
Integrity Marketing Acquisition, LLCFirst lien senior secured revolving loan8/2028 2,422  
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)*First lien senior secured revolving loan8/202610,847   
Interoperability Bidco, Inc. (dba Lyniate)First lien senior secured revolving loan3/2028352 6,418  
IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))First lien senior secured revolving loan12/2027302 1,208  
JS Parent, Inc. (dba Jama Software)First lien senior secured revolving loan4/2031 1,324  
Kaseya Inc.First lien senior secured revolving loan6/2029239 709  
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)First lien senior secured revolving loan12/2029 3,101  
Litera Bidco LLCFirst lien senior secured revolving loan5/2028 7,654 (19)
LogRhythm, Inc.First lien senior secured revolving loan7/2029 475 (13)
Magnet Forensics, LLC (f/k/a Grayshift, LLC)First lien senior secured revolving loan7/2028 968  
39

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2024
(Amounts in thousands, except share amounts)
Portfolio CompanyCommitment TypeCommitment Expiration Date
Funded Commitment
Unfunded
Commitment
Fair Value(27)
ManTech International CorporationFirst lien senior secured revolving loan9/2028 860  
MINDBODY, Inc.First lien senior secured revolving loan9/2025 7,143  
Ministry Brands Holdings, LLCFirst lien senior secured revolving loan12/2027 737 (6)
Minotaur Acquisition, Inc. (dba Inspira Financial)First lien senior secured revolving loan6/2030 5,435 (27)
Monotype Imaging Holdings Inc.First lien senior secured revolving loan2/2030 7,369 (18)
Neptune Holdings, Inc. (dba NexTech)First lien senior secured revolving loan8/2029 588  
NMI Acquisitionco, Inc. (dba Network Merchants)First lien senior secured revolving loan9/2028 1,115  
Oranje Holdco, Inc. (dba KnowBe4)First lien senior secured revolving loan2/2029 1,602  
PDI TA Holdings, Inc.First lien senior secured revolving loan2/2031 918 (9)
PetVet Care Centers, LLCFirst lien senior secured revolving loan11/2029 5,373 (228)
Ping Identity Holding Corp.First lien senior secured revolving loan10/2028 643  
Pluralsight, LLCFirst lien senior secured revolving loan8/2029 5,060  
Pye-Barker Fire & Safety, LLCFirst lien senior secured revolving loan5/2030341 2,386  
QAD, Inc.First lien senior secured revolving loan11/2027 11,429 (29)
Relativity ODA LLCFirst lien senior secured revolving loan5/2029 7,871 (20)
RL Datix Holdings (USA), Inc.First lien senior secured revolving loan10/20301,266 8,352  
SailPoint Technologies Holdings, Inc.First lien senior secured revolving loan8/2028 4,358  
Salinger Bidco Inc. (dba Surgical Information Systems)First lien senior secured revolving loan5/2031 1,406 (4)
Securonix, Inc.First lien senior secured revolving loan4/202880 3,479  
Severin Acquisition, LLC (dba PowerSchool)First lien senior secured revolving loan10/2031 4,016 (40)
Simplicity Financial Marketing Group Holdings, Inc.First lien senior secured revolving loan12/2031 476 (5)
Smarsh Inc.First lien senior secured revolving loan2/2029177 265  
Spaceship Purchaser, Inc. (dba Squarespace)First lien senior secured revolving loan10/2031 9,982 (50)
Talon MidCo 2 LimitedFirst lien senior secured revolving loan8/2028 119  
Tamarack Intermediate, L.L.C. (dba Verisk 3E)First lien senior secured revolving loan3/2028 1,682 (8)
Thunder Purchaser, Inc. (dba Vector Solutions)First lien senior secured revolving loan6/2027 11,250 (60)
Velocity HoldCo III Inc. (dba VelocityEHS)First lien senior secured revolving loan4/2026 2,500  
When I Work, Inc.First lien senior secured revolving loan11/2027 5,605 (196)
Zendesk, Inc.First lien senior secured revolving loan11/2028 5,321  
Non-controlled/affiliated - delayed draw debt commitments
Walker Edison Furniture Company LLCFirst lien senior secured delayed draw term loan3/20273,256 730  
Non-controlled/affiliated revolving debt commitments
Walker Edison Furniture Company LLC*First lien senior secured revolving loan3/20274,495   
Non-controlled/non-affiliated equity
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLCLLC InterestN/A1,487 3,280  
40

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2024
(Amounts in thousands, except share amounts)
Portfolio CompanyCommitment TypeCommitment Expiration Date
Funded Commitment
Unfunded
Commitment
Fair Value(27)
AAM Series 2.1 Aviation Feeder, LLCLLC InterestN/A1,422 1,525  
Non-controlled/affiliated - equity commitments
LSI Financing LLCCommon EquityN/A61,865 1,275  
Total Portfolio Company Commitments$151,910 $608,337 $(1,943)
*Fully funded
(15)The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date.
(16)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2024, the aggregate fair value of these securities is $1.35 billion or 37.3% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:
Portfolio CompanyInvestmentAcquisition Date
6Sense Insights, Inc.Series E-1 Preferred StockJanuary 20, 2022
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLCLLC InterestJuly 1, 2022
AAM Series 2.1 Aviation Feeder, LLCLLC interestJuly 1, 2022
Algolia, Inc.Series C Preferred StockAugust 30, 2019
Algolia, Inc.Series D Preferred StockJuly 19, 2021
Project Alpine Co-Invest Fund, LPLP InterestJune 13, 2022
AlphaSense, LLCSeries E Preferred SharesJune 27, 2024
Alpha Partners Technology Merger CorpWarrantsJuly 28, 2021
Amergin Asset Management, LLCClass A UnitsJuly 1, 2022
Arctic Wolf Networks, Inc.Preferred StockJuly 7, 2021
BCTO WIW Holdings, Inc. (dba When I Work)Class A Common StockNovember 2, 2021
BEHP Co-Investor II, L.P.LP InterestMay 11, 2022
Blend Labs, Inc.WarrantsJuly 2, 2021
Blue Owl Credit SLF LLCLLC InterestAugust 1, 2024
Bolt Technology OÜPreferred StockDecember 10, 2021
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)Common UnitsOctober 1, 2021
Brex, Inc.Preferred StockNovember 30, 2021
Circle Internet Services, Inc.Series D Preferred StockMay 20, 2019
Circle Internet Services, Inc.Series E Preferred StockFebruary 28, 2020
Circle Internet Services, Inc.Series F Preferred StockMay 4, 2021
Circle Internet Services, Inc.Subordinated Convertible SecurityApril 12, 2024
Circle Internet Services, Inc.WarrantsMay 20, 2019
CloudPay, Inc.Series E Preferred StockJuly 31, 2024
Diligent Preferred Issuer, Inc. (dba Diligent Corporation)Preferred StockApril 6, 2021
Dodge Construction Network Holdings, L.P.Class A-2 Common UnitsFebruary 23, 2022
Dodge Construction Network Holdings, L.P.Series A Preferred UnitsFebruary 23, 2022
Elliott Alto Co-Investor Aggregator L.P.LP InterestSeptember 27, 2022
EShares, Inc. (dba Carta)Series E Preferred StockAugust 1, 2019
Excalibur CombineCo, L.P.Class A UnitsJuly 2, 2024
Fifth Season Investments LLCClass A UnitsJuly 18, 2022
Halo Parent Newco, LLCClass H PIK Preferred EquityOctober 15, 2021
Harness, Inc.Junior Preferred StockMay 24, 2024
Help HP SCF Investor, LPLP InterestApril 28, 2021
Project Hotel California Co-Invest Fund, L.P.LP InterestAugust 9, 2022
Illumio, Inc.Common stockJune 23, 2021
Illumio, Inc.Series F Preferred StockAugust 27, 2021
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)LP InterestJune 8, 2022
JumpCloud, Inc.Series B Preferred StockDecember 30, 2021
JumpCloud, Inc.Series F Preferred StockSeptember 3, 2021
41

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2024
(Amounts in thousands, except share amounts)
Kajabi Holdings, LLCSenior Preferred Class D UnitsMarch 24, 2021
Klaviyo, Inc.Series B Common StockMay 4, 2021
KWOL Acquisition Inc. (dba Worldwide Clinical Trials)Class A InterestDecember 12, 2023
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)Perpetual Preferred StockJune 22, 2022
Linked Store Cayman Ltd. (dba Nuvemshop)Series E Preferred StockAugust 9, 2021
LSI Financing 1 DACSeries 1 NotesDecember 14, 2022
LSI Financing LLCCommon EquityNovember 25, 2024
MessageBird Holding B.V.Extended Series C WarrantsMay 5, 2021
Minerva Holdco, Inc.Senior A Preferred StockFebruary 15, 2022
Nylas, Inc.Series C Preferred StockJune 3, 2021
Paradigmatic Holdco LLC (dba Pluralsight)Common stockAugust 22, 2024
Replicated, Inc.Series C Preferred StockJune 30, 2021
Revolut Ribbit Holdings, LLCOrdinary SharesSeptember 30, 2021
Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)Series A Preferred StockNovember 15, 2023
Saturn Ultimate, Inc.Common stockDecember 29, 2021
Securiti, Inc.Series C Preferred SharesJuly 28, 2022
Signifyd Inc.Preferred equityApril 8, 2021
Simpler Postage, Inc. (dba Easypost)WarrantsJune 11, 2024
SLA Eclipse Co-Invest, L.P.LP InterestSeptember 30, 2019
Space Exploration Technologies Corp.Class A Common StockMarch 25, 2021
Space Exploration Technologies Corp.Class C Common StockMarch 25, 2021
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)Series A Preferred StockOctober 15, 2021
Thunder Topco L.P. (dba Vector Solutions)Common UnitsJune 30, 2021
TravelPerk, Inc.WarrantsMay 1, 2024
VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)Series A Preferred StockOctober 15, 2021
Vestwell Holdings, Inc.Series D Preferred StockDecember 20, 2023
Walker Edison Holdco LLCCommon UnitsMarch 1, 2023
WMC Bidco, Inc. (dba West Monroe)Senior Preferred StockNovember 9, 2021
WP Irving Co-Invest, L.P.Partnership UnitsMay 18, 2022
XOMA CorporationWarrantsDecember 15, 2023
Zoro TopCo, Inc.Series A Preferred EquityNovember 22, 2022
Zoro TopCo, L.P.Class A Common UnitsNovember 22, 2022
(17)Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II and CLO 2020-1. See Note 5 “Debt”.
(18)This portfolio company is not pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II and CLO 2020-1. See Note 5 “Debt”.
(19)Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.
(20)Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Company is deemed to be an “Affiliated Person” of, as defined in the 1940 Act, this portfolio company, as the Company owns more than 5% but less than 25% of the portfolio companys
42

Blue Owl Technology Finance Corp.
Consolidated Schedule of Investments
As of December 31, 2024
(Amounts in thousands, except share amounts)
outstanding voting securities. Transactions during the period ended December 31, 2024 in which the Company was an Affiliated Person of the portfolio company are as follows:
CompanyFair Value at December 31, 2023Gross Additions
(a)
Gross Reductions(b)Net Change in Unrealized Gain/(Loss)Realized Gain/(Loss)TransfersFair Value at December 31, 2024Interest and PIK Interest IncomeDividend and PIK Dividend IncomeOther Income
Fifth Season Investments LLC$43,904 $32,382 $(19,626)$5,857 $ $ $62,517 $ $6,673 $ 
Help HP SCF Investor, LP67,221 6  (6,877)  60,350    
LSI Financing LLC 83,915 (22,050)(188)  61,677  324  
LSI Financing 1 DAC12,992 4,953 (15,403)(618)1,169  3,093  64  
Pluralsight, LLC 88,660     88,660 2,449  32 
Signifyd Inc.110,500 11,707 (40)3,898   126,065  11,702  
Split Software, Inc.22,484  (13,139)7,520 (16,865)     
Walker Edison Furniture Company LLC14,992 3,446  (13,497)  4,941   10 
Total$272,093 $225,069 $(70,258)$(3,905)$(15,696)$ $407,303 $2,449 $18,763 $42 
_______________
(a)Gross additions include increases in the cost basis of investments resulting from new investments, payment-in-kind interest or dividends, and the amortization of any unearned income or discounts on equity investments, as applicable.
(b)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, and the amortization of any premiums on equity investments, as applicable.
(21)As defined in the 1940 act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio companys outstanding voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement (“controlled affiliate”). The Company’s investments in controlled affiliates for the period ended December 31, 2024 were as follows:
CompanyFair Value at December 31, 2023
Gross Additions
(a)
Gross Reductions(b)Net Change in Unrealized Gain/(Loss)Realized Gain/(Loss)TransfersFair Value at December 31, 2024Interest and PIK Interest IncomeDividend and PIK Dividend IncomeOther Income
Blue Owl Credit SLF LLC$ $2,618 $(1,669)$(2)$ $ $947 $ $27 $ 
Revolut Ribbit Holdings, LLC66,509 32  39,902   106,443    
Total$66,509 $2,650 $(1,669)$39,900 $ $ $107,390 $ $27 $ 
(a)Gross additions include increases in the cost basis of investments resulting from new investments, payment-in-kind interest or dividends, and the amortization of any unearned income or discounts on equity investments, as applicable.
(b)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, and the amortization of any premiums on equity investments, as applicable.
(22)This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of December 31, 2024, non-qualifying assets represented 14.2% of total assets as calculated in accordance with the regulatory requirements.
(23)Non-income producing investment.
(24)Loan was on non-accrual status as of December 31, 2024.
(25)Contains a fixed-rate structure.
(26)Harness Inc. has retained 304,990 shares until June 11, 2026 as a security for indemnity obligations detailed in the Merger Agreement with Split Software, Inc.
(27)The negative cost and fair value results from unamortized fees, which are capitalized to the investment cost of unfunded commitments.
The accompanying notes are an integral part of these consolidated financial statements.
43

Blue Owl Technology Finance Corp.
Consolidated Statements of Changes in Net Assets
(Amounts in thousands)
(Unaudited)
For the Three Months Ended March 31,
20252024
Increase (Decrease) in Net Assets Resulting from Operations
Net investment income (loss)$97,332 $92,638 
Net change in unrealized gain (loss)(20,463)21,961 
Net realized gain (loss)1,263 (23,725)
Net Increase (Decrease) in Net Assets Resulting from Operations78,132 90,874 
Distributions
Distributions declared from earnings(72,507)(76,360)
Net Decrease in Net Assets Resulting from Shareholders' Distributions(72,507)(76,360)
Capital Share Transactions
Issuance of common shares in connection with the Mergers(1)
4,278,003  
Reinvestment of distributions37,945 20,505 
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions4,315,948 20,505 
Total Increase (Decrease) in Net Assets4,321,573 35,019 
Net Assets, at beginning of period3,625,150 3,529,994 
Net Assets, at end of period$7,946,723 $3,565,013 
(1)Refer to Note 12. Merger with Blue Owl Technology Finance Corp. II (“OTF II”) for additional information on the merger between the Company and OTF II (the “Mergers”).
The accompanying notes are an integral part of these consolidated financial statements.
44

Blue Owl Technology Finance Corp.
Consolidated Statements of Cash Flows
(Amounts in thousands)
(Unaudited)
For the Three Months Ended March 31,
2025
2024
Cash Flows from Operating Activities
Net Increase (Decrease) in Net Assets Resulting from Operations$78,132 $90,874 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments, net(454,124)(253,108)
Proceeds from investments and investment repayments, net387,592 340,454 
Net amortization of discount on investments(10,598)(8,419)
Net change in unrealized (gain) loss on investments20,742 (22,559)
Net change in unrealized gain (loss) on interest rate swap attributed to unsecured notes12,689  
Net change in unrealized (gains) losses on translation of assets and liabilities in foreign currencies(1,074)605 
Net realized (gain) loss on investments(1,847)22,797 
Net realized (gain) loss on foreign currency transactions relating to investments624 1,645 
Paid-in-kind interest(18,573)(22,346)
Paid-in-kind dividends(9,722)(7,154)
Amortization of debt issuance costs3,514 2,294 
Cash acquired in the Mergers647,248  
Changes in operating assets and liabilities:
(Increase) decrease in interest receivable34,096 (11,055)
(Increase) decrease in dividend income receivable(11,245)(2,288)
(Increase) decrease in prepaid expenses and other assets10,978 (27,695)
Increase (decrease) in management fee payable1,189 (261)
Increase (decrease) in incentive fee payable(417)(1,055)
Increase (decrease) in payables to affiliates384 976 
Increase (decrease) in payable for investments purchased(42,075)(24,163)
Increase (decrease) in accrued expenses and other liabilities(105,292)(547)
Net cash provided by (used in) operating activities
542,221 78,995 
Cash Flows from Financing Activities
Borrowings on debt675,000 25,000 
Payments on debt(355,000)(16,419)
Debt issuance costs(12,646)(377)
Distributions paid(105,560)(56,378)
Net cash provided by (used in) financing activities
201,794 (48,174)
Net increase (decrease) in cash and restricted cash, including foreign cash (restricted cash of $10,073 and $, respectively)
744,015 30,821 
Cash and restricted cash, including foreign cash, beginning of period (restricted cash of $ and $, respectively)
257,000 469,017 
Cash and restricted cash, including foreign cash, end of period (restricted cash of $10,073 and $, respectively)
$1,001,015 $499,838 

45

Blue Owl Technology Finance Corp.
Consolidated Statements of Cash Flows
(Amounts in thousands)
(Unaudited)
For the Three Months Ended March 31,
2025
2024
Supplemental and Non-Cash Information
Interest paid during the period$32,780 $40,647 
Distributions declared during the period$72,507 $76,360 
Reinvestment of distributions during the period$37,945 $20,505 
Distributions Payable$ $76,360 
Issuance of shares in connection with the Mergers(1)
$4,278,003 $ 
Taxes, including excise tax, paid during the period$11,550 $10,155 
(1)Refer to Note 12. Merger with Blue Owl Technology Finance Corp. II (“OTF II”) for additional information on the merger between the Company and OTF II (the “Mergers”).
The accompanying notes are an integral part of these consolidated financial statements.
46

Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited)

Note 1. Organization
Blue Owl Technology Finance Corp. (the “Company”) is a Maryland corporation formed on July 12, 2018. The Company was formed primarily to originate and make 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, for tax purposes, the Company is treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Because the Company has elected to be regulated as a BDC and qualifies as a RIC under the Code, the Company’s portfolio is subject to diversification and other requirements.
On September 24, 2018, the Company formed a wholly-owned subsidiary, OR Tech Lending LLC, a Delaware limited liability company, 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, an indirect affiliate of Blue Owl Capital, Inc. (“Blue Owl”) (NYSE: OWL) and 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 Adviser is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Blue Owl consists of three product platforms: (1) Credit, (2) 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 and (3) Real Assets, which primarily focuses on the strategies of net lease real estate and real estate credit. 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.
If the Company has not consummated listing its common stock on a national securities exchange (an “Exchange Listing”) by August 10, 2025, subject to extension of two additional one-year periods, in the sole discretion of the Board, the Board (subject to any necessary shareholder approvals and applicable requirements of the 1940 Act) will use its commercially reasonable efforts to wind down and/or liquidate and dissolve the Company in an orderly manner.
On August 10, 2018, the Company commenced its loan origination and investment activities contemporaneously with the initial drawdown from investors in the Private Offering. In September 2018, the Company made its first portfolio company investment.
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 (the “Initial Merger”) and, immediately thereafter, OTF II merged with and into the Company, with the Company continuing as the surviving company (together with the Initial Merger, the “Mergers”). Refer to Note 12. Merger with Blue Owl Technology Finance Corp. II for further discussion of the Mergers.
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
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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.
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.
Consolidation
As provided under Regulation S-X and ASC Topic 946 - Financial Services - Investment Companies, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company or controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company's wholly-owned subsidiaries in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation.
Investments at Fair Value
Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Pursuant to Rule 2a-5, the Board designated the Adviser as the Company’s valuation designee to perform fair value determinations relating to the value of assets held by the Company for which market quotations are not readily available.
Investments for which market quotations are readily available are typically valued at the average bid price of those market quotations. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available, as is the case for substantially all of the Company’s investments, are valued at fair value as determined in good faith by the Adviser, as the valuation designee, based on, among other things, the input of the independent third-party valuation firm(s) engaged at the direction of the Adviser.
As part of the valuation process, the Adviser, as the valuation designee, takes into account relevant factors in determining the fair value of the Company’s investments, including: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company’s debt and equity), the nature and realizable value of any collateral, the portfolio company’s ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase or sale transaction, public offering or subsequent equity sale occurs, the Adviser, as the valuation designee, considers whether the pricing indicated by the external event corroborates its valuation.
The Adviser, as the valuation designee, undertakes a multi-step valuation process, which includes, among other procedures, the following:
With respect to investments for which market quotations are readily available, those investments will typically be valued at the average bid price of those market quotations;
With respect to investments for which market quotations are not readily available, the valuation process begins with the independent valuation firm(s) providing a preliminary valuation of each investment to the Adviser’s valuation committee;
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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 materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.
In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.
Financial and Derivative Instruments
Pursuant to ASC 815 Derivatives and Hedging, all derivative instruments entered into by the Company are designated as hedging instruments. For all derivative instruments designated as a hedge, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Consolidated Statements of Operations as the hedged item. The Company’s derivative
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instruments are used to hedge the Company’s fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Consolidated Statements of Operations. Fair value is estimated by discounting remaining payments using applicable current market rates, or market quotes, if available.
Rule 18f-4 requires BDCs that use derivatives to, among other things, comply with a value-at-risk leverage limit, adopt a derivatives risk management program, and implement certain testing and board reporting procedures. Rule 18f-4 exempts BDCs that qualify as “limited derivatives users” from the aforementioned requirements, provided that these BDCs adopt written policies and procedures that are reasonably designed to manage the BDC’s derivatives risks and comply with certain recordkeeping requirements. Rule 18f-4 provides that a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Pursuant to Rule 18f-4, when the Company trades reverse repurchase agreements or similar financing transactions, including certain tender option bonds, the Company needs to aggregate the amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. The Company currently qualifies as a “limited derivatives user” and expects to continue to do so. The Company adopted a derivatives policy and complies with Rule 18f-4’s recordkeeping requirements.
Foreign Currency
Foreign currency amounts are translated into U.S. dollars on the following basis:
cash, fair value of investments, outstanding debt, other assets and liabilities: at the spot exchange rate on the last business day of the period; and
purchases and sales of investments, borrowings and repayments of such borrowings, income and expenses: at the rates of exchange prevailing on the respective dates of such transactions.
The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations with the change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. The Company’s current approach to hedging the foreign currency exposure in its non-U.S. dollar denominated investments is primarily to borrow the par amount in local currency under the Company’s multi-currency Revolving Credit Facility to fund these investments. Fluctuations arising from the translation of foreign currency borrowings are included with the net change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations.
Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar.
Interest and Dividend Income Recognition
Interest income is recorded on the accrual basis and includes amortization and accretion of discounts or premiums. Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends, 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 becomes due at maturity or at the occurrence of a liquidation event.
PIK interest and PIK dividend income consisted of the following for the periods:
For the Three Months Ended March 31,
($ in thousands)20252024
PIK Interest Income$16,457 $27,923 
PIK Interest Income as a % of Investment Income9.0 %16.2 %
PIK Dividend Income$11,483 $9,388 
PIK Dividend Income as a % of Investment Income6.3 %5.5 %
Total PIK Income$27,940 $37,311 
Total PIK Income as a % of Investment Income15.3 %21.7 %
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.
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Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. If at any point the Company believes PIK interest is not expected to be realized, the investment generating PIK interest will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest income. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.
Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.
Other Income 
From time to time, the Company may receive fees for services provided to portfolio companies. These fees are generally only available to the Company as a result of closing investments, are generally paid at the closing of the investments, are generally non-recurring and are recognized as revenue when earned upon closing of the investment. The services that the Adviser provides vary by investment, but can include closing, work, diligence or other similar fees and fees for providing managerial assistance to the Company’s portfolio companies.
Organization Expenses
Costs associated with the organization of the Company are expensed as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company.
Offering Expenses
Costs associated with the offering of common shares of the Company are capitalized as deferred offering expenses and are included in prepaid expenses and other assets in the Consolidated Statements of Assets and Liabilities and are amortized over a twelve-month period from incurrence. Expenses for any additional offerings are deferred and amortized as incurred. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s share offerings, the preparation of the Company’s registration statement, and registration fees.
Debt Issuance Costs
The Company records origination and other expenses related to its debt obligations as debt issuance costs. These expenses are deferred and amortized utilizing the effective yield method, over the life of the related debt instrument. Debt issuance costs are presented on the Consolidated Statements of Assets and Liabilities as a direct deduction from the debt liability. In circumstances in which there is not an associated debt liability amount recorded in the consolidated financial statements when the debt issuance costs are incurred, such debt issuance costs will be reported on the Consolidated Statements of Assets and Liabilities as an asset until the debt liability is recorded.
Reimbursement of Transaction-Related Expenses
The Company may receive reimbursement for certain transaction-related expenses in pursuing investments. Transaction-related expenses, which are generally expected to be reimbursed by the Company’s portfolio companies, are typically deferred until the transaction is consummated and are recorded in prepaid expenses and other assets on the date incurred. The costs of successfully completed investments not otherwise reimbursed are borne by the Company and are included as a component of the investment’s cost basis.
Cash advances received in respect of transaction-related expenses are recorded as cash with an offset to accrued expenses and other liabilities. Accrued expenses and other liabilities are relieved as reimbursable expenses are incurred.
Income Taxes
The Company has elected to be treated as a BDC under the 1940 Act. The Company has elected to be treated as a RIC under the Code beginning with its taxable year ending December 31, 2018 and intends to continue to qualify 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 at corporate rates on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Instead, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company.
To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company generally must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess of
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its realized net short-term capital gains over its realized net long-term capital losses. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income.
Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes.
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, 2024. 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 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 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 of 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 statement of operations.
New Accounting Pronouncements
In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740),” which updates annual income tax disclosure requirements related to rate reconciliation, income taxes paid and other disclosures. ASU 2023-09 is effective for public business entities for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact of adopting ASU No. 2023-09 on the consolidated annual financial statements.
In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 2200-40),” which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, in each relevant expense caption. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.
Other than the aforementioned guidance, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements.
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Note 3. Agreements and Related Party Transactions
Administration Agreement
The Company has entered into an amended and restated Administration Agreement (the “Administration Agreement”) with the Adviser. Under the terms of the Administration Agreement, the Adviser performs, or oversees the performance of, required administrative services, which include providing office space, equipment and office services, maintaining financial records, preparing reports to shareholders and reports filed with the SEC, and managing the payment of expenses and the performance of administrative and professional services rendered by others. On May 5, 2025, the Board approved the continuation of the Administration Agreement.
The Administration Agreement also provides that the Company reimburses the Adviser for certain organization costs incurred prior to the commencement of the Company’s operations, and for certain offering costs.
The Company reimburses the Adviser for services performed for it pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Adviser may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Adviser for any services performed for it by such affiliate or third party.
Unless earlier terminated as described below, the Administration Agreement will remain in effect for two years from the date it first became effective, and will remain in effect from year to year if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the independent directors. The Administration Agreement may be terminated at any time, without the payment of any penalty, on 60 days’ written notice, by the vote of a majority of the outstanding voting securities of the Company (as defined in the 1940 Act), or by the vote of a majority of the Board or by the Adviser.
No person who is an officer, director, or employee of the Adviser or its affiliates and who serves as a director of the Company receives any compensation from the Company for his or her services as a director. However, the Company reimburses the Adviser (or its affiliates) for an allocable portion of the compensation paid by the Adviser or its affiliates to the Company’s officers who provide operational and administrative services, as well as their respective staffs and other professionals who provide services to the Company, who assist with the preparation, coordination and administration of the foregoing or provide other “back office” or “middle office”, financial or operational services to the Company (based on the percentage of time those individuals devote, on an estimated basis, to the business and affairs of the Company). Directors who are not affiliated with the Adviser receive compensation for their services and reimbursement of expenses incurred to attend meetings.
For the three months ended March 31, 2025 and 2024, the Company incurred expenses of approximately $1.6 million and $0.8 million, respectively, for costs and expenses reimbursable to the Adviser under the terms of the Administration Agreement.
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 5, 2025, 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 for two years from the date it first became effective, and will remain in effect from year-to-year if approved annually by a majority of the Board or by the holders of a majority of our outstanding voting securities and, in each case, by a majority of independent directors.
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 shares (as defined in the 1940 Act) of the Company’s common stock. In addition, without payment of any penalty, the Adviser may generally terminate the Investment Advisory Agreement upon 60 days’ written notice.
From time to time, the Adviser may pay amounts owed by the Company to third-party providers of goods or services, including the Board, and the Company will subsequently reimburse the Adviser for such amounts paid on its behalf. Amounts payable to the Adviser are settled in the normal course of business without formal payment terms.
Under the terms of the Investment Advisory Agreement, the Company will pay the Adviser a base management fee and may also pay to it certain incentive fees. The cost of both the management fee and the incentive fee will ultimately be borne by the Company’s shareholders.
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Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
The management fee (“Management Fee”) is payable quarterly in arrears. Prior to the future quotation or listing of the Company’s securities on a national securities exchange (an “Exchange Listing”) or the future quotation or listing of its securities on any other public trading market, the Management Fee is payable at an annual rate of 0.90% of the Company’s (i) average gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) at the end of the two most recently completed calendar quarters; provided, however, that no Management Fee will be charged on the value of gross assets (excluding cash and cash-equivalents but including assets purchased with borrowed amounts) that is below an asset coverage ratio of 200% calculated in accordance with Sections 18 and 61 of the 1940 Act; plus (ii) the average of any remaining unfunded Capital Commitments at the end of the two most recently completed calendar quarters. Following an Exchange Listing, the Management Fee is payable at an annual rate of (x) 1.50% of the Company’s average gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) that is above an asset coverage ratio of 200% calculated in accordance with Sections 18 and 61 of the 1940 Act and (y) 1.00% of the Company’s average gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) that is below an asset coverage ratio of 200% calculated in accordance with Sections 18 and 61 of the 1940 Act, in each case, at the end of the two most recently completed calendar quarters payable quarterly in arrears. The Management Fee will be appropriately prorated and adjusted (based on the actual number of days elapsed relative to the total number of days in such calendar quarter) for any share issuances or repurchases during the relevant calendar quarters. The Management Fee for any partial month or quarter, as the case may be, will be appropriately prorated and adjusted (based on the actual number of days elapsed relative to the total number of days in such calendar quarter). For purposes of the Investment Advisory Agreement, gross assets means the Company’s total assets determined on a consolidated basis in accordance with generally accepted accounting principles in the United States, excluding cash and cash equivalents, but including assets purchased with borrowed amounts.
For the three months ended March 31, 2025 and 2024, management fees were $15.9 million, net of $32.1 thousand in management fee waivers, and $14.0 million, respectively.
Pursuant to the Investment Advisory Agreement, the Adviser is entitled to an incentive fee (“Incentive Fee”), which consists of two components that are independent of each other, with the result that one component may be payable even if the other is not.
The portion of the Incentive Fee based on income is determined and paid quarterly in arrears commencing with the first calendar quarter following the initial closing date, and equals (i) prior to an Exchange Listing, 100% of the pre- Incentive Fee net investment income in excess of a 1.5% quarterly “hurdle rate”, until the Adviser has received 10% of the total pre-Incentive Fee net investment income for that calendar quarter and, for pre-Incentive Fee net investment income in excess of 1.67% quarterly, 10% of all remaining pre-Incentive Fee net investment income for that calendar quarter, and (ii) subsequent to an Exchange Listing, 100% of the pre-Incentive Fee net investment income in excess of a 1.5% quarterly “hurdle rate,” until the Adviser has received 17.5% of the total pre-Incentive Fee net investment income for that calendar quarter and, for pre-Incentive Fee net investment income in excess of 1.82% quarterly, 17.5% of all remaining pre-Incentive Fee net investment income for that calendar quarter. The 100% “catch-up” provision for pre-Incentive Fee net investment income in excess of the 1.5% “hurdle rate” is intended to provide the Adviser with an Incentive Fee of (i) prior to an Exchange Listing, 10% on all pre- Incentive Fee net investment income when that amount equals 1.67% in a calendar quarter (6.67% annualized), and (ii) subsequent to an Exchange Listing, 17.5% on all pre-Incentive Fee net investment income when that amount equals 1.82% in a calendar quarter (7.27% annualized), which, in each case, is the rate at which catch-up is achieved. Once the “hurdle rate” is reached and catch-up is achieved, (i) prior to an Exchange Listing, 10% of any pre-Incentive Fee net investment income in excess of 1.67% in any calendar quarter is payable to the Adviser, and (ii) subsequent to an Exchange Listing, 17.5% of any pre-Incentive Fee net investment income in excess of 1.82% in any calendar quarter is payable to the Adviser.
For the three months ended March 31, 2025 and 2024, performance based incentive fees based on net investment income were $10.7 million and $10.3 million, respectively.
The second component of the Incentive Fee, the “Capital Gains Incentive Fee,” payable at the end of each calendar year in arrears, equals, (i) prior to an Exchange Listing, 10% of cumulative realized capital gains from the initial closing date to the end of each calendar year, less cumulative realized capital losses and unrealized capital depreciation from the initial closing date to the end of each calendar year, and (ii) subsequent to an Exchange Listing, 17.5% of cumulative realized capital gains from the Listing Date to the end of each calendar year, less cumulative realized capital losses and unrealized capital depreciation from the Listing Date to the end of each calendar year. Each year, the fee paid for the Capital Gains Incentive Fee is net of the aggregate amount of any previously paid Capital Gains Incentive Fee for prior periods. While the Investment Advisory Agreement neither includes nor contemplates the inclusion of unrealized gains in the calculation of the capital gains incentive fee, as required by U.S. GAAP, the Company accrues capital gains incentive fees on unrealized gains. This accrual reflects the incentive fees that would be payable to the Adviser if the Company’s entire investment portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized. The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated. In no event will the Capital Gains Fee payable pursuant to the Investment Advisory Agreement be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.
54

Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
For the three months ended March 31, 2025, the Company reversed previously accrued performance based incentive fees based on capital gains of $1.3 million. For the three months ended March 31, 2024 the Company reversed previously accrued performance based incentive fees based on capital gains of $0.2 million.
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 the Board make certain findings (1) in most instances when the Company co-invests with its affiliates in an issuer where an affiliate of the Company has an existing investment in the issuer, and (2) if the Company disposes of an asset acquired in a transaction under the Order unless the disposition is done on a pro rata basis. Pursuant to the Order, the Board will oversee the Company’s participation in the co-investment program. As required by the Order, the Company has adopted, and the Board has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Order, and the Adviser and the Company’s Chief Compliance Officer will 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 policy seeks to ensure equitable allocation of investment opportunities over time between the Company, and other funds managed by the Adviser or its affiliates. As a result of the Order, there could be significant overlap in the Company’s investment portfolio and the investment portfolio of the business development companies, 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.
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/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 non-controlled, affiliated companies, including Amergin AssetCo (“Amergin”), Fifth Season Investments LLC (“Fifth Season”), LSI Financing 1 DAC (“LSI Financing DAC”), and LSI Financing LLC (“LSI Financing LLC”), and in a controlled, affiliated company, Blue Owl Credit SLF LLC (“Credit SLF”). For further description of Credit SLF, see “Note 4. Investments.”
Amergin
Amergin AssetCo 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 March 31, 2025, its commitment to Amergin AssetCo is $63.4 million, of which $34.4 million is equity and $29.0 million is debt. The Company’s investment in Amergin is a co-investment made with its affiliates in accordance with the terms of the exemptive relief that the Company received from the SEC. The Company does not consolidate its equity interest in Amergin AssetCo.
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Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
Fifth Season
Fifth Season is a portfolio company created to invest in life insurance based assets, including secondary and tertiary life settlement and other life insurance exposures using detailed analytics, internal life expectancy review and sophisticated portfolio management techniques. On July 18, 2022, the Company made an initial equity investment in Fifth Season. As of March 31, 2025, its investment in Fifth Season was $137.4 million at fair value. The Company’s investment in Fifth Season is a co-investment with its affiliates in accordance with the terms of the exemptive relief that the Company received from the SEC. The Company does not consolidate its interest in Fifth Season.
LSI Financing 1 DAC and LSI Financing LLC
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 March 31, 2025, the Company’s investment in LSI Financing DAC was $7.7 million at fair value and its total commitment was $7.7 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. An affiliate of 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 Company’s 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 March 31, 2025, the fair value of the Company’s investment in LSI Financing LLC was $95.9 million and its total commitment was $93.4 million. The Company does not consolidate its equity interest in LSI Financing LLC.
Note 4. Investments
The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled non-affiliated, non-controlled affiliated or controlled affiliated investments.
The table below presents the composition of investments at fair value and amortized cost as of the following periods:
March 31, 2025December 31, 2024
($ in thousands)Amortized CostFair ValueAmortized CostFair Value
First-lien senior secured debt investments(1)
$9,434,381 $9,420,309 $4,462,489 $4,456,838 
Second-lien senior secured debt investments427,005 394,320 292,835 258,538 
Unsecured debt investments458,029 460,216 337,386 336,635 
Preferred equity investments(2)
1,040,749 956,331 767,932 689,952 
Common equity investments(3)
746,224 837,230 571,530 664,556 
Joint ventures(4)
2,452 2,452 949 947 
Total Investments$12,108,840 $12,070,858 $6,433,121 $6,407,466 
(1)Includes investment in Amergin AssetCo.
(2)Includes equity investment in LSI Financing DAC.
(3)Includes equity investments in Amergin AssetCo, Fifth Season, and LSI Financing LLC.
(4)Includes equity investment in Credit SLF.
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:
March 31, 2025December 31, 2024
Aerospace & Defense1.9 %2.6 %
Application Software13.9 13.6 
Banks1.3 1.2 
Beverages0.1  
Building Products0.6 0.9 
Buildings & Real Estate1.2 1.1 
Capital Markets0.2  
Commercial Services & Supplies0.5 0.3 
Construction & Engineering0.1  
Consumer Finance0.5 0.5 
Diversified Consumer Services3.2 3.9 
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Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
Diversified Financial Services(1)
8.6 6.7 
Diversified Support Services0.2  
Entertainment1.6 1.9 
Equity Real Estate Investment Trusts (REITs)0.1 0.1 
Food & Staples Retailing1.4 0.4 
Health Care Equipment & Supplies1.9  
Health Care Technology13.5 16.0 
Health Care Providers & Services3.2 1.0 
Hotels, Restaurants & Leisure0.9 1.9 
Household Durables0.7 1.3 
Industrial Conglomerates0.8 1.4 
Insurance(2)
3.5 2.0 
Internet & Direct Marketing Retail2.3 4.4 
IT Services5.3 5.5 
Joint Ventures(3)(5)
  
Life Sciences Tools & Services2.1 1.4 
Media1.1 0.9 
Multiline Retail0.2 0.2 
Pharmaceuticals(4)
1.1 1.0 
Professional Services5.0 5.8 
Real Estate Management & Development0.7 0.6 
Road & Rail0.1 0.2 
Systems Software22.2 23.2 
Thrifts & Mortgage Finance(5)
  
Total100.0 %100.0 %
(1)Includes investments in Amergin AssetCo.
(2)Includes investment in Fifth Season.
(3)Includes equity investment in Credit SLF.
(4)Includes equity investment in LSI Financing DAC and LSI Financing LLC.
(5)As of March 31, 2025 and December 31, 2024 our investment rounds to less than 0.1% of the fair value of the portfolio.
57

Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
The table below presents the geographic composition of investments based on fair value as of the following periods:
March 31, 2025December 31, 2024
United States:
Midwest17.5 %20.9 %
Northeast20.1 15.9 
South24.0 19.8 
West26.9 28.7 
Australia0.1  
Brazil0.3 0.6 
Canada2.0 3.0 
Estonia0.1 0.2 
Germany0.1  
Guernsey 1.2 
Ireland0.1 1.0 
Israel1.2 2.3 
Netherlands0.6  
Norway 0.4 
Spain0.4 0.3 
Sweden0.5 0.5 
United Kingdom6.1 5.2 
Total100.0 %100.0 %
Blue Owl Credit SLF LLC
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 (“OSTRS”) (each, a “Credit Member” and collectively, the “Credit Members”). Credit SLF has no Class B Members as of March 31, 2025. 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 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.
Prior to March 24, 2025, OTF II was a Class A Member. On March 24, 2025, pursuant to the Mergers, the Company assumed OTF II’s commitment and contribution to Credit SLF of approximately $2.5 million and $1.2 million respectively.
The Company’s investment in Credit SLF is a co-investment made with its affiliates in accordance with the terms of the exemptive relief that it received from the SEC. Credit SLF’s investments at fair value are determined in accordance with FASB ASC 820, as amended; however, such fair value is not included in the Company's valuation process.
Other than for purposes of the 1940 Act, the Company does not believe it has control over this portfolio company. Accordingly, the Company does not consolidate its non-controlling interest in Credit SLF.
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Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
As of March 31, 2025, the capital commitment and economic ownership of each Credit SLF Member is as follows:
MembersCapital CommitmentEconomic Ownership Interest
($ in thousands)
Blue Owl Capital Corporation$780,468 85.4 %
Blue Owl Capital Corporation II500 0.1 %
Blue Owl Credit Income Corp.11,250 1.2 %
Blue Owl Technology Finance Corp.5,000 0.5 %
Blue Owl Technology Income Corp.2,500 0.3 %
State Teachers Retirement System of Ohio114,245 12.5 %
Total$913,963 100.0 %

The table below sets forth Credit SLF's consolidated financial data as of and for the following periods:
As of
($ in thousands)March 31, 2025December 31, 2024
Consolidated Balance Sheet Data
Cash$231,574 $17,354 
Investments at fair value$1,542,540 $1,164,473 
Total Assets$1,793,067 $1,196,367 
Total Debt (net of unamortized debt issuance costs)$1,123,081 $750,610 
Total Liabilities$1,360,268 $847,556 
Total Credit SLF Members' Equity$432,799 $348,811 
For the Three Months Ended March 31,
($ in thousands)
2025
Consolidated Statement of Operations Data
Investment income$23,696 
Net operating expenses13,659 
Net investment income (loss)$10,037 
Total net realized and unrealized gain (loss)(16,103)
Net increase (decrease) in Credit SLF Members' Equity resulting from operations$(6,066)

The Company's proportional share of Credit SLF's generated distributions for the following period:
For the Three Months Ended March 31,
($ in thousands)
2025
Dividend Income
$55 

59

Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
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 March 31, 2025 and December 31, 2024, the Company’s asset coverage was 250% and 220%, respectively.
The tables below present debt obligations as of the following periods:
March 31, 2025
($ in thousands)Aggregate Principal CommittedOutstanding Principal
Amount Available(1)
Unamortized Debt Issuance Costs (Premium)Net Carrying Value
Revolving Credit Facility(2)
$2,575,000 $595,539 $1,979,461 $28,253 $567,286 
SPV Asset Facility I700,000 600,000 100,000 9,252 590,748 
SPV Asset Facility II400,000  400,000 4,513 (4,513)
SPV Asset Facility III925,000 312,500 222,006 11,480 301,020 
SPV Asset Facility IV300,000  292,745 3,255 (3,255)
CLO 2020-1204,000 204,000 — 3,927 200,073 
Athena CLO II288,000 288,000 — 2,212 285,788 
Athena CLO IV240,000 240,000 — 2,498 237,502 
June 2025 Notes210,000 210,000 — 312 209,688 
December 2025 Notes650,000 650,000 — (1,105)651,105 
June 2026 Notes375,000 375,000 — 1,857 373,143 
January 2027 Notes300,000 300,000 — 2,770 297,230 
March 2028 Notes(3)
650,000 650,000 — 9,800 650,818 
September 2028 Notes75,000 75,000 — 630 74,370 
April 2029 Notes(3)
700,000 700,000 — 14,054 696,896 
Total Debt$8,592,000 $5,200,039 $2,994,212 $93,708 $5,127,899 
(1)The amount available reflects any limitations related to each credit facility’s borrowing base.
(2)Includes the unrealized translation gain (loss) on borrowings denominated in foreign currencies.
(3)Net carrying value is inclusive of change in fair market value of effective hedge.
December 31, 2024
($ in thousands)Aggregate Principal CommittedOutstanding Principal
Amount Available(1)
Unamortized Debt Issuance Costs (Premium)Net Carrying Value
Revolving Credit Facility(2)
$1,065,000 $313,004 $751,996 $14,675 $298,329 
SPV Asset Facility I700,000 600,000 100,000 9,552 590,448 
SPV Asset Facility II400,000 300,000 100,000 4,753 295,247 
June 2025 Notes210,000 210,000 — 623 209,377 
December 2025 Notes650,000 650,000 — (1,495)651,495 
June 2026 Notes375,000 375,000 — 2,227 372,773 
January 2027 Notes300,000 300,000 — 3,145 296,855 
CLO 2020-1204,000 204,000 — 4,015 199,985 
Total Debt$3,904,000 $2,952,004 $951,996 $37,495 $2,914,509 
(1)The amount available reflects any limitations related to each credit facility’s borrowing base.
(2)Includes the unrealized translation gain (loss) on borrowings denominated in foreign currencies.
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Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
The table below presents the components of interest expense for the following periods:
For the Three Months Ended March 31,
($ in thousands)20252024
Interest expense$47,704 $46,961 
Amortization of debt issuance costs, net3,514 2,294 
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items(1)
468  
Total Interest Expense$51,686 $49,255 
Average interest rate5.7 %6.3 %
Average daily borrowings$3,370,156 $2,986,183 
(1)Refer to the March 2028 Notes and April 2029 Notes for details on the facilities’ 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 December 20, 2024 (the "Revolving Credit Facility Third 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 March 24, 2025.
The Revolving Credit Facility is guaranteed by certain of the Company's subsidiaries in existence on the Revolving Credit Facility Third 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.
As of March 24, 2025, 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 $2.57 billion, which is comprised of (a) a term loan in a principal amount of $100.0 million (increased from $75.0 million to $100.0 million on March 24, 2025) 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 $2.47 billion (the revolving credit facility increased from $990.0 million to $1.27 billion on January 16, 2025 and increased from $1.27 billion to $2.47 billion on March 24, 2025 following the consummation of the Mergers). 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. On and after March 24, 2025, maximum capacity under the Revolving Credit Facility may be increased to $3.83 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. On and after March 24, 2025, the Revolving Credit Facility includes a swingline loan limit of $400.0 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.
As of the Revolving Credit Facility Third Amendment Date, the availability period under the Revolving Credit Facility will terminate on December 20, 2028 (the “Revolving Credit Facility Commitment Termination Date”) and the Revolving Credit Facility will mature on December 20, 2029 (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 will 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
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Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
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. Beginning on and after the Revolving Credit Facility Third Amendment Date, the Company will also pay 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 (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 (increased from $600.0 million on the SPV Asset Facility I Second Amendment Date). 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
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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 October 30, 2024 (the “SPV Asset Facility II Second Amendment Date”).
The maximum principal amount which may be borrowed under the SPV Asset Facility II is $400 million (increased from $300.0 million on the SPV Asset Facility II Second Amendment Date); 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, 2027. Unless otherwise terminated, the SPV Asset Facility II will mature on November 16, 2029 (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 2.40% 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 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 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. The following describes the terms of SPV Asset Facility III as amended through the OTF II SPV Asset Facility Assumption Date.
The maximum principal amount which may be borrowed under the SPV Asset Facility III is $925.0 million (increased from $625.0 million to $925.0 million on June 28, 2024) 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 July 15, 2026. Unless otherwise terminated, the SPV Asset Facility III will mature on July 15, 2034 (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.
Amounts drawn bear interest at a reference rate (initially SOFR) plus a spread of 2.50%, 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 0.50% to 1.50% per annum on the undrawn amount, if any, of the commitments. Certain additional fees are payable to Société Générale as administrative agent.
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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 and collateral administrator, Alter Domus (US) LLC 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. On August 20, 2024, the parties to the SPV Asset Facility IV entered into an amendment, including to extend the availability period and maturity date, change the interest rate, replace Alter Domus as custodian with State Street Bank and Trust Company and make various other changes. The following describes the terms of SPV Asset Facility IV as amended through the OTF II SPV Asset Facility Assumption Date.
The maximum principal amount of the SPV Asset Facility IV is $300.0 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 27, 2026 (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 three years after the last day of the SPV Asset Facility IV Reinvestment Period, on October 27, 2029 (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 cost of funds rate as determined by MUFG periodically (or Term SOFR under certain circumstances) plus an applicable margin of 2.63% during the SPV Asset Facility IV Reinvestment Period and 3.03% after the end of the SPV Asset Facility IV Reinvestment Period. During the SPV Asset Facility IV Reinvestment Period, there is an unused fee of 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 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 are scheduled to mature on the Payment Date (as defined in the CLO 2020-1 Indenture) in January 2031.
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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 $1,000 per share (the “CLO 2020-1 Preferred Shares”).
As part of the CLO 2020-1 Transaction, the Company entered into a loan sale agreement with the CLO 2020-1 Issuer dated as of the Closing Date, which provided for the sale and contribution of approximately $243.4 million par amount of middle-market loans and recurring revenue loans from the Company to the CLO 2020-1 Issuer on the Closing Date and for future sales from the Company to the CLO 2020-1 Issuer on an ongoing basis. No gain or loss was recognized as a result of these sales and contributions. Such loans constituted part of the initial portfolio of assets securing the CLO 2020-1 Secured Notes. The Company made customary representations, warranties, and covenants to the CLO 2020-1 Issuer under the loan sale agreement.
Through January 15, 2022, the net proceeds of the issuing of the CLO 2020-1 Secured Notes not used to purchase the initial portfolio of loans securing the CLO 2020-1 Secured Notes and a portion of the proceeds received by the CLO 2020-1 Issuer from the loans securing the CLO 2020-1 Secured Notes were able to be used by the CLO 2020-1 Issuer to purchase additional middle-market loans and recurring revenue loans under the direction of the Adviser, in its capacity as collateral manager for the CLO 2020-1 Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans and recurring revenue loans.
The CLO 2020-1 Secured Notes were the secured obligation of the CLO 2020-1 Issuers, and the CLO 2020-1 Indenture included customary covenants and events of default.
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 an indenture and security agreement dated as of the CLO 2020-1 Closing Date by and among the CLO 2020-1 Issuer, the CLO 2020-1 Refinancing Issuer, as co-issuer and State Street Bank and Trust Company as trustee, as supplemented by the First Supplemental Indenture dated as of July 18, 2023 by and among the CLO 2020-1 Issuer, as issuer, the CLO 2020-1 Refinancing Issuer, as co-issuer and the Trustee and the Second Supplemental Indenture dated as of the CLO 2020-1 Refinancing Date (the “CLO 2020-1 Refinancing Indenture”), by and among the CLO 2020-1 Refinancing Issuer and the Trustee: (i) $112.5 million of AAA(sf) Class A-1R Notes, which bear interest at the Benchmark plus 3.05%, (ii) $23.5 million of AAA(sf) Class A-2R Notes, which bear interest at 6.937%, (iii) $53 million of A(sf) Class B-1R Notes, which bear interest at the Benchmark plus 4.64% and (iv) $15 million of A(sf) Class B-2R Notes, which bear interest at 8.497%, (together, the “CLO 2020-1 Refinancing Secured Notes”). The CLO 2020-1 Refinancing Secured Notes are secured by the middle-market loans and other assets of the CLO 2020-1 Refinancing Issuer. The CLO 2020-1 Refinancing Secured Notes are scheduled to mature on the Payment Date (as defined in the CLO 2020-1 Refinancing Indenture) in October 2035. The CLO 2020-1 Refinancing Secured Notes were privately placed by MUFG Securities Americas Inc. and Scotia Capital (USA) Inc. The proceeds from the CLO 2020-1 Refinancing were used to redeem in full the classes of notes issued on the CLO 2020-1 Closing Date and to pay expenses incurred in connection with the CLO 2020-1 Refinancing. On the CLO 2020-1 Refinancing Date, the CLO 2020-1 Issuer was merged with and into the CLO 2020-1 Refinancing Issuer, with the CLO 2020-1 Refinancing Issuer surviving the merger. The CLO 2020-1 Refinancing Issuer assumed by all operation of law all of the rights and obligations of the CLO 2020-1 Issuer, including the subordinated securities issued by the CLO 2020-1 Issuer on the CLO 2020-1 Closing Date.
On the CLO 2020-1 Closing Date, the CLO 2020-1 Issuer entered into a loan sale agreement with Company, which provided for the sale and contribution of approximately $243.4 million par amount of middle-market loans from the Company to the CLO 2020-1 Issuer on the CLO 2020-1 Refinancing Date and for future sales from the Company to the CLO 2020-1 Issuer on an ongoing basis. No gain or loss was recognized as a result of these sales and contributions. As part of the CLO 2020-1 Refinancing, the CLO 2020-1 Refinancing Issuer, as the successor to the CLO 2020-1 Issuer, entered into an amended and restated loan sale agreement with the Company dated as of the CLO 2020-1 Refinancing Date, pursuant to which the CLO 2020-1 Refinancing Issuer assumed all ongoing obligations of the CLO 2020-1 Issuer under the original agreement and the Company sold and contributed approximately $83.93 million par amount middle-market loans to the CLO 2020-1 Refinancing Issuer on the CLO 2020-1 Refinancing Date and provides for future sales from the Company to the CLO 2020-1 Refinancing Issuer on an ongoing basis. Such loans constituted part of the portfolio of assets securing the CLO 2020-1 Refinancing Secured Notes. The Company made customary representations, warranties, and covenants to the CLO 2020-1 Refinancing Issuer under the loan sale agreement.
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Through October 15, 2027, a portion of the proceeds received by the CLO 2020-1 Refinancing Issuer from the loans securing the CLO 2020-1 Refinancing Secured Notes may be used by the CLO 2020-1 Refinancing Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO 2020-1 Refinancing Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle-market loans.
The CLO 2020-1 Refinancing Secured Notes are the secured obligation of the CLO 2020-1 Refinancing Issuer, and the CLO 2020-1 Refinancing Indenture includes customary covenants and events of default.
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 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 bear interest at three-month term SOFR plus 3.95%, (iii) $7.5 million of AA(sf) Class B-2 Notes, which bear interest at 7.25% and (iv) $24.0 million of A(sf) Class C Notes, which bear 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 bear 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.
Concurrently with the issuance of the Athena CLO II Secured Notes and the borrowing under the Athena CLO II Class A-L Loans, the Athena CLO II Issuer issued approximately $187.3 million of subordinated securities in the form of 187,300 preferred shares at an issue price of $1,000 per share (the “Athena CLO II Preferred Shares”).
As part of the Athena CLO II Transaction, OTF II entered into a loan sale agreement with the Athena CLO II Issuer dated as of the Athena CLO II Closing Date, which provided for the contribution of approximately $83.9 million funded par amount of middle-market loans from OTF II to the Athena CLO II Issuer on the Athena CLO II Closing Date and for future sales from OTF II to the Athena CLO II Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the Athena CLO II Debt. The remainder of the initial portfolio assets securing the Athena CLO II Debt consisted of approximately $380.6 million funded par amount of middle-market loans purchased by the Athena CLO II Issuer from Athena Funding I LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the Athena CLO II Closing Date between the Athena CLO II Issuer and Athena Funding I LLC. No gain or loss was recognized as a result of these sales and contributions. OTF II and Athena Funding I each made customary representations, warranties, and covenants to the Athena CLO II Issuer under the applicable loan sale agreement.
Through January 20, 2028, a portion of the proceeds received by the Athena CLO II Issuer from the loans securing the Athena CLO II Secured Notes 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 Debt is the secured obligation of the Athena CLO II Issuer, and the Athena CLO II Indenture and Athena CLO II Class A-L Credit Agreement each includes 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, we became party to the relevant agreements with respect to and assumed all of OTF II’s obligations under the Athena CLO IV Transaction.
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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 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 $1,000 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 $215.530 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 $182.379 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 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
June 2025 Notes
On June 12, 2020, the Company issued $210 million aggregate principal amount of 6.75% notes due 2025 (the “June 2025 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The June 2025 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
The June 2025 Notes were issued pursuant to an Indenture dated as of June 12, 2020 (the “Base Indenture”), between the Company and Computershare Trust Company, N.A. as successor to Wells Fargo Bank, National Association, as trustee (the “Trustee”), and a First Supplemental Indenture, dated as of June 12, 2020 (the “First Supplemental Indenture” and together with the Base Indenture, the “June 2025 Indenture”), between the Company and the Trustee. The June 2025 Notes will mature on June 30, 2025 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the June 2025 Indenture. The June 2025 Notes initially bear interest at a rate of 6.75% per year payable semi-annually on June 30 and December 30 of each year, commencing on December 30, 2020. As described in the First Supplemental Indenture, if the June 2025 Notes cease to have an investment grade rating from Kroll Bond Rating Agency (or if Kroll Bond Rating Agency ceases to rate the June 2025 Notes or fails to make a rating of the June 2025 Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization,” as defined in Section 3(a)(62) of the Exchange Act, selected by the Company as a replacement agency for Kroll Bond Rating Agency) (an “Interest Rate Adjustment Event”), the interest rate on the June 2025 Notes will increase to 7.50% from the date of the Interest Rate Adjustment Event until the date on which the June 2025 Notes next again receive an investment grade rating. The June 2025 Notes are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the June 2025 Notes. The June 2025 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior. The June 2025 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The June 2025 Notes will rank
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structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
The June 2025 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with the asset coverage requirements of the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the June 2025 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the June 2025 Indenture.
In addition, if a change of control repurchase event, as defined in the June 2025 Indenture, occurs prior to maturity, holders of the June 2025 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the June 2025 Notes at a repurchase price equal to 100% of the aggregate principal amount of the June 2025 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.
December 2025 Notes
On September 23, 2020, the Company issued $400 million aggregate principal amount of its 4.75% notes due 2025 (the “December 2025 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. On November 23, 2021, we issued an additional $250 million aggregate principal amount of the December 2025 Notes in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The December 2025 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
The December 2025 Notes were issued pursuant to the Base Indenture and a Second Supplemental Indenture, dated as of September 23, 2020 (the “Second Supplemental Indenture” and together with the Base Indenture, the “December 2025 Indenture”), between the Company and the Trustee. The December 2025 Notes will mature on December 15, 2025 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the December 2025 Indenture. The December 2025 Notes bear interest at a rate of 4.75% per year payable semi-annually on June 15 and December 15 of each year, commencing on December 15, 2020. The December 2025 Notes are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the December 2025 Notes. The December 2025 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior. The December 2025 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The December 2025 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
The Indenture contains certain covenants, including covenants requiring the Company to (i) comply with the asset coverage requirements of the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the December 2025 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the Indenture.
In addition, if a change of control repurchase event, as defined in the December 2025 Indenture, occurs prior to maturity, holders of the December 2025 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the December 2025 Notes at a repurchase price equal to 100% of the aggregate principal amount of the December 2025 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.
June 2026 Notes
On December 17, 2020, the Company issued $375 million aggregate principal amount of 3.75% notes due 2026 (the “June 2026 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The June 2026 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
The June 2026 Notes were issued pursuant to the Base Indenture and a Third Supplemental Indenture, dated as of December 17, 2020 (the “Third Supplemental Indenture” and together with the Base Indenture, the “June 2026 Indenture”), between the Company and the Trustee. The June 2026 Notes will mature on June 17, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the June 2026 Indenture. The June 2026 Notes bear interest at a rate of 3.75% per year payable semi-annually on June 17 and December 17 of each year, commencing on June 17, 2021. The June 2026 Notes are the Company’s direct, general unsecured obligations and will rank senior in right of payment to all of the Company's future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the June 2026 Notes. The June 2026 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other
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obligations that are not so subordinated, or junior to the June 2026 Notes. The June 2026 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The June 2026 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
The June 2026 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with the asset coverage requirements of the Investment Company Act of 1940, as amended 1940, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the June 2026 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the Indenture.
In addition, if a change of control repurchase event, as defined in the June 2026 Indenture, occurs prior to maturity, holders of the June 2026 Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the June 2026 Notes at a repurchase price equal to 100% of the aggregate principal amount of the June 2026 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.
January 2027 Notes
On June 14, 2021, the Company issued $300 million aggregate principal amount of 2.50% notes due 2027 (the “January 2027 Notes”). The January 2027 Notes were issued pursuant to the Base Indenture and a Fourth Supplemental Indenture, dated as of December 17, 2020 (the “Fourth Supplemental Indenture” and together with the Base Indenture, the “January 2027 Indenture”), between the Company and the Trustee. The January 2027 Notes will mature on January 15, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the January 2027 Indenture. The January 2027 Notes bear interest at a rate of 2.50% per year, payable semi-annually on January 15 and July 15 of each year, commencing on January 15, 2022. The January 2027 Notes are the Company’s direct, general unsecured obligations and rank senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the January 2027 Notes. The January 2027 Notes rank pari passu, or equal, in right of payment with all of the Company’s existing and future indebtedness or other obligations that are not so subordinated, or junior to the January 2027 Notes. The January 2027 Notes rank effectively subordinated, or junior, to any of the Company’s future secured indebtedness or other obligations (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness. The January 2027 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
The January 2027 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with the asset coverage requirements of the Investment Company Act of 1940, as amended 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the January 2027 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the Indenture.
In addition, if a change of control repurchase event, as defined in the January 2027 Indenture, occurs prior to maturity, holders of the January 2027 Notes will have the right, at their option, to require 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 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. The March 2028 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
The March 2028 Notes were issued pursuant to the Base Indenture and a Fifth Supplemental Indenture, dated as of January 21, 2025 (the “Fifth Supplemental Indenture” and together with the Base Indenture, the “March 2028 Indenture”), between the Company and the Trustee. 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. The March 2028 Notes will be the Company’s direct, general unsecured obligations and will 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 Notes. The Notes will 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 Notes. The Notes will 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
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the extent of the value of the assets securing such indebtedness. The Notes will rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
The March 2028 Indenture contains certain covenants, including covenants requiring the Company to (i) comply with Section 18(a)(1)(A) of the Investment Company Act of 1940, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the March 2028 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the 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. For the three months ended March 31, 2025, the Company did not make a periodic payment. 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. As of March 31, 2025, the interest rate swap had a fair value of $10.2 million. 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 fair value of the March 2028 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.
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
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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 Trustee, effective as of the closing of the Mergers. Pursuant to the 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 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 OTF II Indenture.
In addition, if a change of control repurchase event, as defined in the OTF II 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.
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. For the three months ended March 31, 2025, the Company did not make a periodic payment. 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. As of March 31, 2025, the interest rate swap had a fair value of $10.7 million. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the April 2029 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.
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Note 6. Fair Value of Financial Instruments
Investments
The tables below present the fair value hierarchy of investments as of the following periods:
Fair Value Hierarchy as of March 31, 2025
($ in thousands)Level 1 Level 2 Level 3 Total
Cash (including restricted and foreign cash)$1,001,015 $— $— $1,001,015 
Investments:
First-lien senior secured debt investments(1)
$ $299,394 $9,120,915 $9,420,309 
Second-lien senior secured debt investments 103,103 291,217 394,320 
Unsecured debt investments  460,216 460,216 
Preferred equity investments(2)
  956,331 956,331 
Common equity investments(3)
3,751 31,411 706,192 741,354 
Subtotal$3,751 $433,908 $11,534,871 $11,972,530 
Investments measured at Net Asset Value(4)
$— $— $— $98,328 
Total Investments at fair value$3,751 $433,908 $11,534,871 $12,070,858 
Derivatives:
Interest rate swaps$ $20,873 $ $20,873 
(1)Includes investment in Amergin AssetCo.
(2)Includes equity investment in LSI Financing DAC.
(3)Includes equity investments in Amergin AssetCo and Fifth Season
(4)Includes equity investments in Credit SLF and LSI Financing LLC, which are measured at fair value using the net asset value per share (or its equivalent) practical expedient and has not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.
Fair Value Hierarchy as of December 31, 2024
($ in thousands)Level 1Level 2Level 3Total
Cash (including restricted and foreign cash)$257,000 $— $— $257,000 
Investments:
First-lien senior secured debt investments$ $110,529 $4,346,309 $4,456,838 
Second-lien senior secured debt investments 92,379 166,159 258,538 
Unsecured debt investments  336,635 336,635 
Preferred equity investments(1)
  689,952 689,952 
Common equity investments(2)
49,334 18,078 535,467 602,879 
Subtotal$49,334 $220,986 $6,074,522 $6,344,842 
Investments measured at net asset value (“NAV”)(3)
— — — 62,624 
Total Investments at fair value$49,334 $220,986 $6,074,522 $6,407,466 
(1)Includes equity investment in LSI Financing DAC.
(2)Includes equity investment in Fifth Season.
(3)Includes equity investments in Credit SLF and LSI Financing LLC, which are measured at fair value using the net asset value per share (or its equivalent) practical expedient and has not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.
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Notes to Consolidated Financial Statements (Unaudited) - Continued
The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the following periods:
As of and for the Three Months Ended March 31, 2025
($ in thousands)First-lien senior secured debt investmentsSecond-lien senior secured debt investmentsUnsecured debt investmentsPreferred equity investmentsCommon equity investmentsTotal
Fair value, beginning of period$4,346,309 $166,159 $336,635 $689,952 $535,467 $6,074,522 
Purchases of investments, net392,705 2,884   16,399 411,988 
Payment-in-kind7,221 3,705 7,505 9,865  28,296 
Proceeds from investments, net(240,157)(8,400)(2,697)(3,887)(80)(255,221)
Net change in unrealized gain (loss)(5,011)7,477 2,941 (6,435)5,518 4,490 
Net realized gains (losses)33 (12,198)(625)38  (12,752)
Net amortization/accretion of premium/discount on investments4,493 61 4,600 238  9,392 
Transfers into (out of) Level 3(1)
    (3,092)(3,092)
Transfers in from the Mergers
4,615,322 131,529 111,857 266,560 151,980 5,277,248 
Fair value, end of period$9,120,915 $291,217 $460,216 $956,331 $706,192 $11,534,871 
(1)Transfers between levels, if any, are recognized at the beginning of the period noted. For the three months ended March 31, 2025, transfers between Level 2 and Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.
As of and for the Three Months Ended March 31, 2024
($ in thousands)First-lien senior secured debt investmentsSecond-lien senior secured debt investmentsUnsecured debt investmentsPreferred equity investmentsCommon equity investmentsTotal
Fair value, beginning of period$3,975,147 $235,292 $407,407 $861,779 $310,585 $5,790,210 
Purchases of investments, net174,887   1 19,426 194,314 
Payment-in-kind10,570 1,209 10,567 7,153  29,499 
Proceeds from investments, net(206,082) (17,979)(242)(23)(224,326)
Net change in unrealized gain (loss)(11,043)2,333 (586)(31,564)28,503 (12,357)
Net realized gains (losses)  (1,658)  (1,658)
Net amortization/accretion of premium/discount on investments3,853 90 3,695 114  7,752 
Transfers into (out of) Level 3(1)
 16,800    16,800 
Fair value, end of period$3,947,332 $255,724 $401,446 $837,241 $358,491 $5,800,234 
(1)Transfers between levels, if any, are recognized at the beginning of the period noted. For the three months ended March 31, 2024, transfers between Level 2 and Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.
The following tables present information with respect to net change in unrealized gains (losses) on investments for which Level 3 inputs were used in determining the fair value that are still held by the Company for the following periods:
($ in thousands)
Net change in unrealized gain (loss) for the Three Months Ended March 31, 2025 on Investments Held at March 31, 2025
Net change in unrealized gain (loss) for the Three Months Ended March 31, 2024 on Investments Held at March 31, 2024
First-lien senior secured debt investments$(2,639)$(10,248)
Second-lien senior secured debt investments(1,606)2,333 
Unsecured debt investments2,398 (586)
Preferred equity investments(6,435)(31,564)
Common equity investments5,618 28,503 
Total Investments$(2,664)$(11,562)
73

Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
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.
March 31, 2025
($ in thousands)Fair ValueValuation TechniqueUnobservable InputRange (Weighted Average)Impact to Valuation from an Increase in Input
First-lien senior secured debt investments
$597,746 Recent TransactionTransaction Price
98.5% - 99.5% (99.0%)
Increase
8,522,767 Yield AnalysisMarket Yield
6.8% - 44.9% (10.3%)
Decrease
402 Collateral AnalysisRecovery Rate
2.5% - 2.5% (2.5%)
Increase
Second-lien senior secured debt investments$17,413 Recent TransactionTransaction Price
99.5% - 99.5% (99.5%)
Increase
273,804 Yield AnalysisMarket Yield
15.1% - 25.0% (18.0%)
Decrease
Unsecured debt investments$291,871 Yield AnalysisMarket Yield
8.6% - 16.7% (12.0%)
Decrease
168,345 Market ApproachRevenue Multiple
5.8x - 10.0x (9.9x)
Increase
Preferred equity investments$40,000 Recent TransactionTransaction Price
100.0% - 100.0% (100.0%)
Increase
452,301 Yield AnalysisMarket Yield
12.1% - 36.7% (16.1%)
Decrease
2,885 Market ApproachGross Profit Multiple
8.0x - 8.0x (8.0x)
Increase
461,145 Market ApproachRevenue Multiple
2.0x - 17.0x (7.4x)
Increase
Common equity investments$111,228 Recent TransactionTransaction Price
100.0% - 395.6% (315.0%)
Increase
78,278 Yield AnalysisMarket Yield
18.2% - 18.2% (18.2%)
Decrease
131,969 Market ApproachEBITDA Multiple
3.0x - 28.5x (12.5x)
Increase
137,359 Market ApproachAUM Multiple
1.1x - 1.1x (1.1x)
Increase
19,437 Market ApproachN/AN/AN/A
278 Market ApproachGross Profit Multiple
10.0x - 10.0x (10.0x)
Increase
1,816 Discounted Cash Flow AnalysisDiscounted Factor
20.0% - 20.0% (20.0%)
Decrease
173 Option Pricing ModelVolatility
60.0% - 70.0% (69.8%)
Increase
225,654 Market ApproachRevenue Multiple
5.0x - 14.5x (10.9x)
Increase

74

Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
December 31, 2024
($ in thousands)Fair ValueValuation TechniqueUnobservable InputRange (Weighted Average)Impact to Valuation from an Increase in Input
First-lien senior secured debt investments$4,090,310 Yield AnalysisMarket Yield
6.8% - 35.2% (11.0%)
Decrease
253,946 Recent TransactionTransaction Price
98.3% - 100.0% (99.0%)
Increase
2,053 Collateral AnalysisRecovery Rate
11.2% - 13.5% (13.1%)
Increase
Second-lien senior secured debt investments$166,159 Yield AnalysisMarket Yield
16.5% - 43.6% (19.6%)
Decrease
Unsecured debt investments$177,356 Yield AnalysisMarket Yield
8.6% - 16.7% (13.1%)
Decrease
159,279 Market ApproachRevenue Multiple
10.3x - 10.3x (10.3x)
Increase
Preferred equity investments$260,562 Yield AnalysisMarket Yield
12.3% - 37.1% (20.2%)
Decrease
393,291 Market ApproachRevenue Multiple
2.5x - 18.0x (7.8x)
Increase
36,099 Recent TransactionTransaction Price
100.3% - 107.5% (105.6%)
Increase
Common equity investments$151,151 Market ApproachRevenue Multiple
5.3x - 14.5x (11.3x)
Increase
103,833 Market ApproachEBITDA Multiple
3.3x - 20.0x (13.1x)
Increase
153 Option Pricing ModelVolatility
60.0% - 70.0% (69.1%)
Increase
281 Market ApproachGross Profit Multiple
10.0x - 10.0x (10.0x)
Increase
62,517 Market ApproachAUM Multiple
1.1x - 1.1x (1.1x)
Increase
138,010 Recent TransactionTransaction Price
96.8% - 100.0% (97.9%)
Increase
75,296 Yield AnalysisMarket Yield
18.3% - 18.3% (18.3%)
Decrease
3,448 Market ApproachN/AN/AN/A
778 Discounted Cash Flow AnalysisDiscounted Factor
12.5% - 12.5% (12.5%)
Decrease
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 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.
75

Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
Debt Not Carried at Fair Value
Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available. The table below presents the carrying and fair values of the Company’s debt obligations as of the following periods:
March 31, 2025December 31, 2024
($ in thousands)Net Carrying ValueUnamortized Debt Issuance Costs (Premium)Fair ValueNet Carrying ValueUnamortized Debt Issuance Costs (Premium)Fair Value
Revolving Credit Facility$567,286 $28,253 $567,286 $298,329 $14,675 $298,329 
SPV Asset Facility I590,748 9,252 590,748 590,448 9,552 590,448 
SPV Asset Facility II(4,513)4,513 (4,513)295,247 4,753 295,247 
SPV Asset Facility III301,020 11,480 301,020    
SPV Asset Facility IV(3,255)3,255 (3,255)   
CLO 2020-1200,073 3,927 200,073 199,985 4,015 199,985 
Athena CLO II285,788 2,212 285,788    
Athena CLO IV237,502 2,498 237,502    
June 2025 Notes209,688 312 210,525 209,377 623 208,425 
December 2025 Notes651,105 (1,105)646,750 651,495 (1,495)643,500 
June 2026 Notes373,143 1,857 366,563 372,773 2,227 362,813 
January 2027 Notes297,230 2,770 284,250 296,855 3,145 281,250 
March 2028 Notes650,818 9,800 648,375    
September 2028 Notes74,370 630 75,000    
April 2029 Notes696,896 14,054 710,500    
Total Debt$5,127,899 $93,708 $5,116,612 $2,914,509 $37,495 $2,879,997 

The table below presents fair value measurements of the Company’s debt obligations as of the following periods:
($ in thousands)March 31, 2025December 31, 2024
Level 1$ $ 
Level 22,941,963 1,495,988 
Level 32,174,649 1,384,009 
Total Debt$5,116,612 $2,879,997 
Financial Instruments Not Carried at Fair Value
As of March 31, 2025 and December 31, 2024, 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.
76

Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
Note 7. Commitments and Contingencies
Portfolio Company Commitments
From time to time, the Company may enter into commitments to fund investments 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 commitments as of the following periods:
As of
($ in thousands)March 31, 2025December 31, 2024
Total unfunded revolving loan commitments$675,122 $315,345 
Total unfunded delayed draw loan commitments$757,136 $286,912 
Total unfunded revolving and delayed draw loan commitments$1,432,258 $602,257 
Total unfunded equity commitments$25,316 $6,080 
Total unfunded commitments$1,457,574 $608,337 
The Company maintains sufficient borrowing capacity to cover outstanding unfunded portfolio company commitments that the Company may be required to fund.
Other Commitments and Contingencies
From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2025, management was not aware of any pending or threatened litigation.
Note 8. 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 months ended March 31, 2025 and 2024. See “Note 12. 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 Three Months Ended March 31, 2025
Date DeclaredRecord DatePayment DateDistribution per Share
March 14, 2025March 17, 2025March 18, 2025$0.34 
For the Three Months Ended March 31, 2024
Date DeclaredRecord DatePayment DateDistribution per Share
February 21, 2024(1)
March 29, 2024May 15, 2024$0.37 
________________
(1)Expected to be paid or was partially paid from sources other than ordinary income, including long-term capital gains.
Dividend Reinvestment
With respect to distributions, the Company has adopted an “opt out” dividend reinvestment plan for common shareholders. As a result, in the event of a declared distribution, each shareholder that has not “opted out” of the dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional shares of the Company’s common stock rather than receiving
77

Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
cash distributions. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.
The table below reflects the common stock issued pursuant to the dividend reinvestment plan during the following period:
For the Three Months Ended March 31, 2025
Date DeclaredRecord DatePayment DateShares
March 14, 2025March 17, 2025March 18, 20251,131,018 
October 1, 2024December 31, 2024January 31, 20251,098,294 
For the Three Months Ended March 31, 2024
Date DeclaredRecord DatePayment DateShares
November 7, 2023December 29, 2023January 31, 20241,212,560 
Note 9. 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 March 31,
($ in thousands, except per share amounts)20252024
Increase (decrease) in net assets resulting from operations$78,132 $90,874 
Weighted average shares of common stock outstanding—basic and diluted235,351,119 208,065,044 
Earnings (loss) per common share-basic and diluted$0.33 $0.44 
Note 10. 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 March 31, 2025 and 2024, the Company recorded U.S. federal and state corporate-level income tax expense/(benefit) of $3.4 million, and $3.3 million, including U.S. federal excise tax expense of $3.4 million and $3.3 million, respectively.
Taxable Subsidiaries
Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the three months ended March 31, 2025 and 2024 the Company recorded U.S. federal and state income tax expense/(benefit) of $(60) thousand and $1 thousand, respectively. The income tax expense for the Company’s taxable consolidated subsidiaries will vary depending on the level of investment income earnings and realized gains from the exits of investments held by such taxable subsidiaries during the respective periods.
The Company recorded a net deferred tax liability of $680 thousand as of March 31, 2025, 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 $36 thousand for taxable subsidiaries as of December 31, 2024.
78

Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
Note 11. Financial Highlights
The table below presents the financial highlights for a common share outstanding during the following periods:
For the Three Months Ended March 31,
($ in thousands, except share and per share amounts)20252024
Per share data:
Net asset value, beginning of period$17.09 $17.03 
Net investment income (loss)(1)
0.41 0.45 
Net realized and unrealized gain (loss)(1)
(0.08)(0.01)
Total from operations0.33 0.44 
Issuance of common shares in connection with the Mergers(2)
0.01  
Distributions declared from net investment income(0.34)(0.37)
Total increase (decrease) in net assets 0.07 
Net asset value, end of period$17.09 $17.10 
Shares outstanding, end of period465,122,953 208,464,789 
Total Return(3)
1.9 %2.6 %
Ratios / Supplemental Data
Ratio of total expenses to average net assets(4)(5)
6.0 %9.0 %
Ratio of net investment income to average net assets(4)
6.8 %10.4 %
Net assets, end of period$7,946,723 $3,565,013 
Weighted-average shares outstanding235,351,119 208,065,044 
Total capital commitments, end of period$3,134,815 $3,134,815 
Ratio of total contributed capital to total committed capital, end of period100.0 %100.0 %
Portfolio turnover rate4.9 %4.4 %
Year of formation20182018
(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 is calculated as the change in net asset value (“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.
(4)The ratio reflects an annualized amount, except in the case of non-recurring expenses (e.g. initial organization expenses).
(5)Prior to any management fee waivers, the annualized total expenses to average net assets for the period ended March 31, 2025 was 6.0%.
Note 12. 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.
79

Blue Owl Technology Finance Corp.
Notes to Consolidated Financial Statements (Unaudited) - Continued
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 $4.5 million of merger transaction costs as part of the total consideration paid to acquire the assets and liabilities of OTF II.
The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the Mergers:
($ in thousands)
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 equivalents647,248 
Interest receivable74,478 
Other assets52,695 
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 assumed2,060,989 
Net assets acquired4,278,003 
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 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.
(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.
Note 13. 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.
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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, 2024 in “ITEM 1A. RISK FACTORS”. This discussion also should be read in conjunction with the “Cautionary Statement Regarding Forward Looking Statements” in this Quarterly Report on Form 10-Q. 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”), an indirect affiliate of Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL) and 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. 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.
If we have not listed our common stock on a national securities exchange (an "Exchange Listing") by August 10, 2025, subject to extension for two additional one-year periods, in the sole discretion of the Board, the Board (subject to any necessary shareholder approvals and applicable requirements of the Investment Company Act of 1940 (the “1940 Act”)) will use its commercially reasonable efforts to wind down and/or liquidate and dissolve the Company in an orderly manner.
Blue Owl consists of three product platforms: (1) Credit, (2) 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 and (3) Real Assets, which primarily focuses on the strategies of net lease real estate and real estate credit. 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, OPFA, and ODCA, the “Blue Owl Credit Advisers”), which also are investment advisers. As of March 31, 2025, the Adviser and its affiliates had $139.2 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 and Arthur Martini. 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 investments in broadly syndicated loans may be bought and sold), 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, may require approval by the Technology Lending Investment Committee. The compensation packages of Technology Lending Investment Committee
81


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, the Adviser and certain of our affiliates were granted an order for exemptive relief that permitted co-investing with our affiliates subject to various approvals of the Board and other conditions. On May 6, 2025, we, the Adviser and certain of our affiliates were granted a new order for exemptive relief that superseded the prior order for exemptive relief (the “Order”) by the SEC for us 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 Board make certain findings (1) in most instances when we co-invest with our affiliates in an issuer where our affiliate has an existing investment in the issuer, and (2) if we dispose of an asset acquired in a transaction under the Order unless the disposition is done on a pro rata basis. Pursuant to the Order, the Board will oversee our participation in the co-investment program. As required by the Order, we have adopted, and the Board has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Order, and the Adviser and our Chief Compliance Officer will provide reporting to the Board.
In addition, the Order permits us to participate in follow-on investments in our existing portfolio companies with certain affiliates that are private funds, when such private funds did not have an investment in such existing portfolio company.
The Blue Owl Credit Advisers’ investment allocation policy seeks to ensure equitable allocation of investment opportunities over time between us and other funds managed by our Adviser or its affiliates. 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”), 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.
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 tax purposes under the Internal Revenue Code of 1986, as amended (the “Code”). 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 90% of our investment company taxable income and 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 (the “Initial Merger”) and, immediately thereafter, OTF II merged with and into us, and we continued as the surviving company (together with the Initial Merger, 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 March 31, 2025, the Blue Owl Credit Advisers have originated $154.08 billion aggregate principal amount of investments across multiple industries, of which $150.10 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 companies with a focus on established enterprise software companies that are capitalizing on the large and growing demand for software products and services.
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 range in size between $50 million and $350 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. 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%. As of March 31, 2025, our average investment size in each of our portfolio companies was approximately $66.7 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. In addition, we may 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, 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, investment 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 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.
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.
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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 March 31, 2025, 97.2% 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 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, 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;
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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;
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 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
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
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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 $5.3 trillion in 2024 and is expected to grow to more than $5.7 trillion in 2025. 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, such as the current period of market volatility caused, in part, by uncertainty regarding inflation and interest rates, and current geopolitical conditions, 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. 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, there is an emerging trend where 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. We believe the large amount of uninvested capital held by funds of private equity firms, estimated by Preqin Ltd., an alternative assets industry data and research company, to be $2.6 trillion as of March 31, 2025, coupled with a growing focus on technology investing by private equity sponsors, will continue to drive deal activity. We expect that technology companies, private equity sponsors, venture capital firms, and entrepreneurs will continue to seek partners to provide flexible financing for their businesses with debt and equity investments provided by companies such as us.
Attractive Investment Dynamics. An imbalance between the supply of, and demand for, capital creates attractive pricing 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.
Compelling Business Models. We believe that the products and services that technology companies with a focus on enterprise software provide often have high switching costs and are fundamental to the operations and success of their customers. We generally invest in dominant or growing players in niche markets that are selling 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, and highly 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.
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.
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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 also provides strong defensive characteristics. Senior secured debt 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 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. 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
As of March 31, 2025, based on fair value, our portfolio consisted of 78.1% first lien senior secured debt investments (of which 61% we consider to be unitranche debt investments (including “last out” portions of such loans)), 3.3% second lien senior secured debt investments, 3.8% unsecured debt investments, 7.9% preferred equity investments, 6.9% common equity investments, and less than 0.1% joint ventures.
As of March 31, 2025, our weighted average total yield of the portfolio at fair value and amortized cost was 9.8% and 9.9%, respectively, and our weighted average yield of debt and income producing securities at fair value and amortized cost was 10.6% and 10.6%, respectively. Refer to our weighted average yields and interest rates table for more information on our calculation of weighted average yields. As of March 31, 2025, the weighted average spread of total debt investments was 5.8%.
As of March 31, 2025, we had investments in 181 portfolio companies with an aggregate fair value of $12.1 billion. Our current target ratio is 0.90x to 1.25x. As of March 31, 2025, we had net leverage of 0.53x debt-to-equity.
The current lending environment is challenging as the potential impact from recent trade and economic policies has resulted in increased uncertainty, merger and acquisition activity remains below historical levels and refinance activity has slowed. However, our platform continues to find attractive investment opportunities for deployment, predominantly in first lien originations to large borrowers. In addition, a large portion of our originations across the platform this quarter were deployed into existing borrowers as part of incumbent transactions.
Currently, the economic outlook is uncertain and stocks and public fixed income markets have been volatile; however, the credit quality of our portfolio has been consistent. We continue to focus on investing in non-cyclical industries we view as recession resistant and that we are familiar with, including defensive service-oriented sectors that provide intangible products such as healthcare, business services, financial services or software. These companies have a reduced reliance on manufactured goods or commodities which minimizes direct tariff impacts.
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 March 31, 2025, 82.1% of our portfolio at fair value is comprised of first or second lien loans. These positions have a weighted average annual revenue of $880.0 million, weighted average annual EBITDA of $250.9 million, and a weighted average enterprise value of $5.3 billion. 16.7% of our portfolio at fair value is comprised of unsecured debt and equity investments. These positions have a weighted average annual revenue of $910.5 million and enterprise value of $24.3 billion. These statistics exclude strategic portfolio transactions, which comprise 1.1% 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. 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 $1.0 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. However, in the event of further geopolitical, economic and 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.
While we are not seeing a meaningful increase in amendment activity, requests for increased revolver borrowings, missed payments, downward movement in our watch list or other or signs of an overall, broad deterioration in our results or those of our
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portfolio companies at this time, 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.
We also continue to invest in Credit SLF 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”) and AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin AssetCo”) and in the future may invest through additional specialty finance portfolio companies, joint ventures, partnerships or other special purpose vehicles. 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.
Our investment activity for the following periods is presented below (information presented herein is at par value unless otherwise indicated).
Three Months Ended March 31,
($ in thousands)
2025(4)
2024
New investment commitments
Gross originations$823,820 $358,055 
Less: Sell downs(4,217)(15,000)
Total new investment commitments$819,603 $343,055 
Principal amount of new investments funded:
First-lien senior secured debt investments$503,454 $212,949 
Second-lien senior secured debt investments2,900 — 
Unsecured debt investments138,285 — 
Preferred equity investments— — 
Common equity investments19,568 19,332 
Joint ventures
274 — 
Total principal amount of new investments funded$664,481 $232,281 
Drawdowns (Repayments) on revolvers and delayed draw term loans, net$31,903 
Principal amount of investments sold or repaid:
First-lien senior secured debt investments(1)
$(406,251)$(177,305)
Second-lien senior secured debt investments(21,000)(55,000)
Unsecured debt investments(141,472)(42,979)
Preferred equity investments(3,887)(242)
Common equity investments(68,397)(62,500)
Joint ventures
— — 
Total principal amount of investments sold or repaid$(641,007)$(338,026)
Number of new investment commitments in new portfolio companies(2)
12 
Average new investment commitment amount$26,674 $30,653 
Weighted average term for new debt investment commitments (in years)6.5 6.0 
Percentage of new debt investment commitments at floating rates83.4 %100.0 %
Percentage of new debt investment commitments at fixed rates16.6 %— %
Weighted average interest rate of new debt investment commitments(3)
8.4 %11.1 %
Weighted average spread over applicable base rate of new debt investment commitments at floating rates5.2 %5.8 %
    
(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 4.29% and 5.30% as of March 31, 2025 and 2024, respectively.
(4)On March 24, 2025, in connection with the Mergers, we acquired investments of $5.56 billion from OTF II and assumed unfunded loan commitments totaling $754.9 million which are excluded from the table above. The investments acquired consisted of 129 portfolio companies, 32 of which were not previously held by us. For additional information see “Note 12. Merger with Blue Owl Technology Finance Corp. II”.
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The table below presents our investments as of the following periods:
March 31, 2025December 31, 2024
($ in thousands)Amortized CostFair ValueAmortized CostFair Value
First-lien senior secured debt investments(1)(2)
$9,434,381 $9,420,309 $4,462,489 $4,456,838 
Second-lien senior secured debt investments427,005 394,320 292,835 258,538 
Unsecured debt investments458,029 460,216 337,386 336,635 
Preferred equity investments(3)
1,040,749 956,331 767,932 689,952 
Common equity investments(4)
746,224 837,230 571,530 664,556 
Joint ventures(5)
2,452 2,452 949 947 
Total Investments$12,108,840 $12,070,858 $6,433,121 $6,407,466 
(1)61% and 69% of which we consider unitranche loans as of March 31, 2025 and December 31, 2024, respectively.
(2)Includes investment in Amergin AssetCo.
(3)Includes equity investment in LSI Financing DAC.
(4)Includes equity investments in Amergin AssetCo, Fifth Season, and LSI Financing LLC.
(5)Includes equity investment in Credit SLF.
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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:
March 31, 2025December 31, 2024
Aerospace & Defense1.9 %2.6 %
Application Software13.9 13.6 
Banks1.3 1.2 
Beverages0.1 — 
Building Products0.6 0.9 
Buildings & Real Estate1.2 1.1 
Capital Markets0.2 — 
Commercial Services & Supplies0.5 0.3 
Construction & Engineering0.1 — 
Consumer Finance0.5 0.5 
Diversified Consumer Services3.2 3.9 
Diversified Financial Services(1)
8.6 6.7 
Diversified Support Services0.2 — 
Entertainment1.6 1.9 
Equity Real Estate Investment Trusts (REITs)0.1 0.1 
Food & Staples Retailing1.4 0.4 
Health Care Equipment & Supplies1.9 — 
Health Care Technology13.5 16.0 
Health Care Providers & Services3.2 1.0 
Hotels, Restaurants & Leisure0.9 1.9 
Household Durables0.7 1.3 
Industrial Conglomerates0.8 1.4 
Insurance(2)
3.5 2.0 
Internet & Direct Marketing Retail2.3 4.4 
IT Services5.3 5.5 
Joint Ventures(3)(5)
— — 
Life Sciences Tools & Services2.1 1.4 
Media1.1 0.9 
Multiline Retail0.2 0.2 
Pharmaceuticals(4)
1.1 1.0 
Professional Services5.0 5.8 
Real Estate Management & Development0.7 0.6 
Road & Rail0.1 0.2 
Systems Software22.2 23.2 
Thrifts & Mortgage Finance(5)
— — 
Total100.0 %100.0 %
(1)Includes investments in Amergin AssetCo.
(2)Includes equity investment in Fifth Season.
(3)Includes equity investment in Credit SLF.
(4)Includes equity investment in LSI Financing DAC and LSI Financing LLC.
(5)As of March 31, 2025 and December 31, 2024, our investment rounds to less than 0.1% of the fair value of the portfolio.
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.
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The table below describes investments by geographic composition based on fair value as of the following periods:
March 31, 2025December 31, 2024
United States:
Midwest17.5 %20.9 %
Northeast20.1 15.9 
South24.0 19.8 
West26.9 28.7 
Australia0.1 — 
Brazil0.3 0.6 
Canada2.0 3.0 
Estonia0.1 0.2 
Germany0.1 — 
Guernsey— 1.2 
Ireland0.1 1.0 
Israel1.2 2.3 
Netherlands0.6 — 
Norway— 0.4 
Spain0.4 0.3 
Sweden0.5 0.5 
United Kingdom6.1 5.2 
Total100.0 %100.0 %
The table below presents the weighted average yields and interest rates of our investments at fair value as of the following periods:
March 31, 2025December 31, 2024
Weighted average total yield of portfolio(1)
9.8 %9.4 %
Weighted average total yield of debt and income producing securities10.6 %10.9 %
Weighted average interest rate of debt securities10.0 %10.3 %
Weighted average spread over base rate of all floating rate investments5.8 %6.1 %
(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
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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.
The rating system is as follows:
Investment RatingDescription
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
5Investments 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 March 31, 2025, 1 of our portfolio companies is on non-accrual. Our average annual gain/(loss) ratio is 0.18%.
The table below presents the composition of our portfolio on the 1 to 5 rating scale as of the following periods:
March 31, 2025December 31, 2024
Investment RatingInvestments
at Fair Value
 Percentage of
Total Portfolio
 Investments
at Fair Value
 Percentage of
Total Portfolio
($ in thousands)
1$953,611 7.9 %$497,938 7.8 %
210,180,648 84.4 5,264,285 82.1 
3917,603 7.6 640,302 10.0 
415,229 0.1 — — 
53,767 — 4,941 0.1 
Total$12,070,858 100.0 %$6,407,466 100.0 %
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The table below presents the amortized cost of our performing and non-accrual debt investments as of the following periods:
March 31, 2025December 31, 2024
($ in thousands)Amortized CostPercentageAmortized CostPercentage
Performing$10,300,216 99.8 %$5,075,380 99.7 %
Non-accrual19,199 0.2 17,330 0.3 
Total$10,319,415 100.0 %$5,092,710 100.0 %
Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.
Specialty Financing Portfolio Companies
Amergin
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 March 31, 2025, our commitment to Amergin AssetCo is $63.4 million, of which $34.4 million is equity and $29.0 million is debt. We do not consolidate our equity interest in Amergin AssetCo.
Fifth Season Investments LLC
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 March 31, 2025, our investment in Fifth Season was $137.4 million based on fair value. We do not consolidate our interest in Fifth Season.
LSI Financing 1 DAC
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 March 31, 2025, our investment in LSI Financing DAC was $7.7 million based on fair value and our total commitment was was $7.7 million. We do not consolidate our equity interest in LSI Financing DAC.
LSI Financing LLC
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. An affiliate of 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 Company’s 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 March 31, 2025, the fair value of our investment in LSI Financing LLC was $95.9 million and our total commitment was $93.4 million. We do not consolidate our equity interest in LSI Financing LLC.
Joint Venture
Blue Owl Credit SLF LLC
On May 6, 2024, Blue Owl Credit SLF LLC (“Credit SLF”), a Delaware limited liability company, was formed as a joint venture. We, along with, 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 (“OSTRS”) (each, a “Credit SLF Member” and collectively, 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 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.

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Refer to Exhibit 99.1 for the Credit SLF's Supplemental Financial Information.
Results of Operations
The table below represents the operating results for the following periods:
For the Three Months Ended March 31,
($ in thousands)20252024
Total Investment Income$182,817 $172,261 
Less: Expenses82,133 76,339 
Net Investment Income (Loss) Before Taxes$100,684 $95,922 
Less: Income taxes, including excise taxes3,352 3,284 
Net Investment Income (Loss) After Taxes$97,332 $92,638 
Net change in unrealized gain (loss)(20,463)21,961 
Net realized gain (loss)1,263 (23,725)
Net Increase (Decrease) in Net Assets Resulting from Operations$78,132 $90,874 
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 three months ended March 31, 2025, our net asset value per share remained flat, primarily driven by an increase in accumulated undistributed earnings from net investment income offset by unrealized deprecation on the portfolio. For the three months ended March 31, 2024, our net asset value per share increased, primarily driven by market spreads tightening and an increase in accumulated undistributed earnings from net investment income.
On March 24, 2025, we completed the transactions contemplated by the Merger Agreement and OBDE was merged with and into us. 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 us 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 our 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, we will recognize a realized loss with a corresponding reversal of the unrealized depreciation on disposition of such equity investments acquired.
Investment Income
The table below presents the investment income for the following periods:
For the Three Months Ended March 31,
($ in thousands)20252024
Interest income$143,979 $131,552 
Payment-in-kind interest income16,457 27,923 
Dividend income6,208 1,301 
Payment-in-kind dividend income11,483 9,388 
Other income4,690 2,097 
Total investment income$182,817 $172,261 
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.
For the Three Months Ended March 31, 2025 and 2024
Investment income increased to $182.8 million for the three months ended March 31, 2025 from $172.3 million for the same period in prior year primarily due to an increase in interest income as a result of an increase in our debt portfolio from our acquisition of OTF II, which at par increased from $4.9 billion as of March 31, 2024 to $10.4 billion as of March 31, 2025. Included in investment income is dividend income, which includes income earned from our non-controlled, affiliated equity investments. Payment-in-kind
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interest income as a percentage of total investment income decreased to 9.0% for the three months ended March 31, 2025 from 16.2% for the three months ended March 31, 2024 primarily driven by a decrease in PIK interest earning investments in our portfolio. Payment-in-kind dividend income as a percentage of total investment income increased to 6.3% for the three months ended March 31, 2025 from 5.4% for the three months ended March 31, 2024. Other income increased period-over-period due to an increase in incremental fee income, which are fees that are generally available to us as a result of closing investments and generally paid at the time of closing. We expect that investment income will vary based on a variety of factors including the pace of our originations and repayments.
Expenses
The table below presents our expenses for the following periods:
 For the Three Months Ended March 31,
($ in thousands)20252024
Interest expense$51,686 $49,255 
Management fees, net(1)
15,876 13,991 
Incentive fees9,441 10,097 
Professional fees3,368 1,548 
Directors' fees259 258 
Other general and administrative1,503 1,190 
Total expenses$82,133 $76,339 
(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.
For the Three Months Ended March 31, 2025 and 2024
Total expenses increased to $82.1 million for the three months ended March 31, 2025 from $76.3 million for the same period in the prior year primarily due to an increase in interest expense and management fees driven by an increase in the size of our portfolio. The increase in interest expense was driven by an increase in average daily borrowings to $3.4 billion from $3.0 billion primarily due to the assumption of OTF II’s debt facilities, offset by a decrease in the average interest rate to 5.7% from 6.3%, period over period. As a percentage of total assets, offering expenses, professional fees, directors’ fees and other general and administrative expenses remained relatively consistent period over period.
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 90% of our investment company taxable income, as defined by the Code, and 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 March 31, 2025 we have generated undistributed taxable earnings “spillover” of $0.66 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 March 31, 2025 and 2024, we accrued U.S. federal excise tax of $3.4 million and $3.3 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 March 31, 2025 and 2024, we recorded U.S. federal and state income tax expense/(benefit) of $(60) thousand and $1 thousand, respectively.
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We recorded a net deferred tax liability of $680 thousand as of March 31, 2025, 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 $36 thousand for taxable subsidiaries as of December 31, 2024.
Net Change in Unrealized Gains (Losses)
We fair value our portfolio investments quarterly and any changes in fair value are recorded as unrealized gains or losses. During the following periods, net unrealized gains (losses) were:
For the Three Months Ended March 31,
($ in thousands)20252024
Net change in unrealized gain (loss) on investments$(20,742)$22,559 
Net change in unrealized gain (loss) on translation of assets and liabilities in foreign currencies1,074 (598)
Income tax (provision) benefit(795)— 
Net change in unrealized gain (loss)$(20,463)$21,961 
For the Three Months Ended March 31, 2025 and 2024
For the three months ended March 31, 2025, the net unrealized loss was primarily driven by a decrease in the fair value of certain of our debt investments, reversals of prior period unrealized gains that were realized during the period, and partially offset by an increase in the fair value of certain of our debt and equity investments. As of March 31, 2025, the fair value of our debt investments as a percentage of principal was 99.1%, as compared to 99.0% as of December 31, 2024.
The ten largest contributors to the change in net unrealized gain (loss) on investments during the three months ended March 31, 2025 consisted of the following:

For the Three Months Ended March 31, 2025
Portfolio CompanyNet Change in Unrealized Gain (Loss)
($ in millions)
Ivanti Software, Inc.$9.1 
Klaviyo, Inc.(8.5)
Peraton Corp.(5.2)
Space Exploration Technologies Corp.4.7 
Replicated, Inc.(4.0)
Acquia Inc.(3.9)
LSI Financing LLC3.8 
Circle Internet Services, Inc.(3.3)
Walker Edison Furniture Company LLC(3.0)
Exabeam, Inc.3.0 
Remaining portfolio companies(13.4)
Total$(20.7)
For the three months ended March 31, 2024, the net unrealized gain was primarily driven by an increase in the fair value of our investments as compared to December 31, 2023. As of March 31, 2024, the fair value of our debt investments as a percentage of principal was 99.0%, as compared to 99.0% as of December 31, 2023. The primary drivers of our portfolio’s unrealized gains were increases in the fair value of certain equity investments as compared to December 31, 2023 and reversals of prior period unrealized losses that were realized during the period.
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For the Three Months Ended March 31, 2024
Portfolio CompanyNet Change in Unrealized Gain (Loss)
($ in millions)
Robinhood Markets, Inc.$33.6 
Toast, Inc.29.7 
Pluralsight, LLC(22.5)
Exabeam, Inc.(9.2)
Circle Internet Services, Inc.(8.7)
Revolut Ribbit Holdings, LLC(4.5)
JumpCloud, Inc.(3.8)
SLA Eclipse Co-Invest, L.P.(2.6)
Space Exploration Technologies Corp.2.4 
Fifth Season Investments LLC2.1 
Remaining portfolio companies6.1 
Total$22.6 
Net Realized Gains (Losses)
The realized gains and losses on fully exited portfolio companies, partially exited portfolio companies and foreign currency transactions during the following period were:
For the Three Months Ended March 31,
($ in thousands)20252024
Net realized gain (loss) on investments$1,847 $(22,797)
Net realized gain (loss) on foreign currency transactions(584)(928)
Net realized gain (loss)$1,263 $(23,725)

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 March 31, 2025 and December 31, 2024, the Company’s asset coverage was 250% and 220%, 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 three months ended March 31, 2025, 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 March 31, 2025, cash, taken together with our available debt capacity of $2.99 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 March 31, 2025, we had $1.0 billion in cash and restricted cash. During the three months ended March 31, 2025, $0.54 billion in cash was provided by operating activities, primarily as a result of funding portfolio investments of $0.45 billion offset by sell
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downs and repayments of $0.39 billion and other operating activity of $0.60 billion. Lastly, cash provided by financing activities was $0.20 billion during the period, primarily from net borrowings on debt and partially offset by distributions paid.
Equity
Subscriptions and Drawdowns
We have the authority to issue 1,000,000,000 common shares at $0.01 per share par value.
Distributions
The table below reflects the distributions declared on shares of our common stock during the following periods:
For the Three Months Ended March 31, 2025
Date DeclaredRecord DatePayment DateDistribution per Share
March 14, 2025March 17, 2025March 18, 2025$0.34 
For the Three Months Ended March 31, 2024
Date DeclaredRecord DatePayment DateDistribution per Share
February 21, 2024March 29, 2024May 15, 2024$0.37 
Dividend Reinvestment
With respect to distributions, we adopted an “opt out” dividend reinvestment plan for common shareholders. As a result, in the event of a declared distribution, each shareholder that has not “opted out” of the dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional shares of our common stock rather than receiving cash distributions.
Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.
The table below reflects the common stock issued pursuant to the dividend reinvestment plan during the following periods:
For the Three Months Ended March 31, 2025
Date DeclaredRecord DatePayment DateShares
March 14, 2025March 17, 2025March 18, 20251,131,018 
October 1, 2024December 31, 2024January 31, 20251,098,294 
For the Three Months Ended March 31, 2024
Date DeclaredRecord DatePayment DateShares
November 7, 2023December 29, 2023January 31, 20241,212,560 
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Debt
Aggregate Borrowings
The tables below present debt obligations as of the following periods:
March 31, 2025
($ in thousands)Aggregate Principal CommittedOutstanding Principal
Amount Available(1)
Unamortized Debt Issuance Costs (Premium)Net Carrying Value
Revolving Credit Facility(2)
$2,575,000 $595,539 $1,979,461 $28,253 $567,286 
SPV Asset Facility I700,000 600,000 100,000 9,252 590,748 
SPV Asset Facility II400,000 — 400,000 4,513 (4,513)
SPV Asset Facility III925,000 312,500 222,006 11,480 301,020 
SPV Asset Facility IV300,000 — 292,745 3,255 (3,255)
CLO 2020-1204,000 204,000 — 3,927 200,073 
Athena CLO II288,000 288,000 — 2,212 285,788 
Athena CLO IV240,000 240,000 — 2,498 237,502 
June 2025 Notes210,000 210,000 — 312 209,688 
December 2025 Notes650,000 650,000 — (1,105)651,105 
June 2026 Notes375,000 375,000 — 1,857 373,143 
January 2027 Notes300,000 300,000 — 2,770 297,230 
March 2028 Notes(3)
650,000 650,000 — 9,800 650,818 
September 2028 Notes75,000 75,000 — 630 74,370 
April 2029 Notes(3)
700,000 700,000 — 14,054 696,896 
Total Debt$8,592,000 $5,200,039 $2,994,212 $93,708 $5,127,899 
(1)The amount available reflects any limitations related to each credit facility’s borrowing base.
(2)Includes the unrealized translation gain (loss) on borrowings denominated in foreign currencies.
(3)Net carrying value is inclusive of change in fair market value of effective hedge.

December 31, 2024
($ in thousands)Aggregate Principal CommittedOutstanding Principal
Amount Available(1)
Unamortized Debt Issuance Costs (Premium)Net Carrying Value
Revolving Credit Facility$1,065,000 $313,004 $751,996 $14,675 $298,329 
SPV Asset Facility I700,000 600,000 100,000 9,552 590,448 
SPV Asset Facility II400,000 300,000 100,000 4,753 295,247 
June 2025 Notes210,000 210,000 — 623 209,377 
December 2025 Notes650,000 650,000 — (1,495)651,495 
June 2026 Notes375,000 375,000 — 2,227 372,773 
January 2027 Notes300,000 300,000 — 3,145 296,855 
CLO 2020-1204,000 204,000 — 4,015 199,985 
Total Debt$3,904,000 $2,952,004 $951,996 $37,495 $2,914,509 
(1)The amount available reflects any limitations related to each credit facility’s borrowing base.
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The table below presents the components of interest expense for the following periods:
For the Three Months Ended March 31,
($ in thousands)20252024
Interest expense$47,704 $46,961 
Amortization of debt issuance costs, net3,514 2,294 
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items(1)
468 — 
Total Interest Expense$51,686 $49,255 
Average interest rate5.7 %6.3 %
Average daily borrowings$3,370,156 $2,986,183 
(1)Refer to “ITEM 1. – FINANCIAL STATEMENTS – Notes to Consolidated Financial Statements – Note 5. Debt – March 2028 Notes and April 2029 Notes” for details on the facility’s interest rate swap.
Senior Securities
The table below presents information about our senior securities as of the following periods:
Class and Period
Total Amount Outstanding Exclusive of
Treasury Securities(1)
($ in millions)
Asset Coverage per Unit(2)
Involuntary Liquidating Preference per Unit(3)
Average Market Value per Unit(4)
Revolving Credit Facility
March 31, 2025 (Unaudited)$595.5 $2,502.1 — 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
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
March 31, 2025 (Unaudited)$600.0 $2,502.1 — 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 $1,905.6 — N/A
SPV Asset Facility II
March 31, 2025 (Unaudited)$ $2,502.1 — 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
March 31, 2025 (Unaudited)$312.5 $2,502.1 — N/A
SPV Asset Facility IV
March 31, 2025 (Unaudited)$ $2,502.1 — N/A
CLO 2020-1
March 31, 2025 (Unaudited)$204.0 $2,502.1 — N/A
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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
March 31, 2025 (Unaudited)$288.0 $2,502.1 — N/A
Athena CLO IV
March 31, 2025 (Unaudited)$240.0 $2,502.1 — N/A
June 2025 Notes
March 31, 2025 (Unaudited)$210.0 $2,502.1 — 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
March 31, 2025 (Unaudited)$650.0 $2,502.1 — 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
March 31, 2025 (Unaudited)$375.0 $2,502.1 — 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
March 31, 2025 (Unaudited)$300.0 $2,502.1 — 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
March 31, 2025 (Unaudited)$650.0 $2,502.1 — N/A
September 2028 Notes
March 31, 2025 (Unaudited)$75.0 $2,502.1 — N/A
April 2029 Notes
March 31, 2025 (Unaudited)$700.0 $2,502.1 — 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.
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Credit Facilities
Revolving Credit Facility
On November 15, 2022, we 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 us, 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 December 20, 2024 (the "Revolving Credit Facility Third 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 March 24, 2025.
The Revolving Credit Facility is guaranteed by certain of our subsidiaries in existence on the Revolving Credit Facility Third Amendment Date, and will be guaranteed by certain subsidiaries of ours that are formed or acquired by us 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.
As of March 24, 2025, 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 $2.57 billion, which is comprised of (a) a term loan in a principal amount of $100.0 million (increased from $75.0 million to $100.0 million on March 24, 2025) and (b) subject to availability under the borrowing base, which is based on our portfolio investments and other outstanding indebtedness, a revolving credit facility in a principal amount of up to $2.47 billion (the revolving credit facility increased from $990.0 million to $1.27 billion on January 16, 2025 and increased from $1.27 billion to $2.47 billion on March 24, 2025 following the consummation of the Mergers). 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. On and after March 24, 2025, maximum capacity under the Revolving Credit Facility may be increased to $3.83 billion through our exercise of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. On and after March 24, 2025, the Revolving Credit Facility includes a swingline loan limit of $400.0 million, and is secured by a perfected first-priority interest in substantially all of the portfolio investments held by us and each Guarantor, subject to certain exceptions.
As of the Revolving Credit Facility Third Amendment Date, the availability period under the Revolving Credit Facility will terminate on December 20, 2028 (the “Revolving Credit Facility Commitment Termination Date”) and the Revolving Credit Facility will mature on December 20, 2029 (the “Revolving Credit Facility Maturity Date”). During the period from the Revolving Credit Facility Commitment Termination Date to the Revolving Credit Facility Maturity Date, we 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.
We 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 will 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, we 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 our 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. Beginning on and after the Revolving Credit Facility Third Amendment Date, we will also pay 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 us of additional indebtedness and on our 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 ours and our subsidiaries to senior securities that constitute indebtedness of no less than 1.50 to 1.00 at any time.
SPV Asset Facilities
Certain of our wholly owned subsidiaries are parties to credit facilities (the “SPV Asset Facilities”). Pursuant to the SPV Asset Facilities, we sell and contribute certain investments to these wholly owned subsidiaries pursuant to sale and contribution agreements by and between us 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,
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including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired to the wholly owned subsidiary through our ownership of the wholly owned subsidiary. The SPV Asset Facilities are secured by a perfected first priority security interest in the assets of these wholly owned subsidiaries and on any payments received by such wholly owned subsidiaries in respect of those assets. Assets pledged to lenders under the SPV Asset Facilities will not be available to pay our debts. The SPV Asset Facilities contain customary covenants, including certain limitations on our incurrence of additional indebtedness and on our ability to make distributions to our shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events, and customary events of default (with customary cure and notice provisions). Borrowings of the wholly owned subsidiaries under the SPV Asset Facilities are considered our 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 ours 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 (increased from $600.0 million on the SPV Asset Facility I Second Amendment Date). 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 us, 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 us. 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 our 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 October 30, 2024 (the “SPV Asset Facility II Second Amendment Date”).
The maximum principal amount which may be borrowed under the SPV Asset Facility II is $400.0 million (increased from $300.0 million on the SPV Asset Facility II Second Amendment Date); 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, 2027. Unless otherwise terminated, the SPV Asset Facility II will mature on November 16, 2029 (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 us, 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 us. 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.
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Amounts drawn bear interest at Term SOFR plus a spread of 2.40% 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 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 Facilities Assumed in the Mergers
On March 24, 2025, we 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 our wholly-owned subsidiary 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. The following describes the terms of SPV Asset Facility III as amended through the OTF II SPV Asset Facility Assumption Date.
The maximum principal amount which may be borrowed under the SPV Asset Facility III is $925.0 million (increased from $625.0 million to $925.0 million on June 28, 2024) 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 July 15, 2026. Unless otherwise terminated, the SPV Asset Facility III will mature on July 15, 2034 (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 us, 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 us. 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.
Amounts drawn bear interest at a reference rate (initially SOFR) plus a spread of 2.50%, 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 0.50% to 1.50% 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, us, as collateral manager and transferor, MUFG Bank, Ltd. (“MUFG”), as administrative agent, State Street Bank and Trust Company, as collateral agent and collateral administrator, Alter Domus (US) LLC 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. On August 20, 2024, the parties to the SPV Asset Facility IV entered into an amendment, including to extend the availability period and maturity date, change the interest rate, replace Alter Domus as custodian with State Street Bank and Trust Company and make various other changes. The following describes the terms of SPV Asset Facility IV as amended through the OTF II SPV Asset Facility Assumption Date.
The maximum principal amount of the SPV Asset Facility IV is $300.0 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 27, 2026 (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 P3Y after the last day of the SPV Asset Facility IV Reinvestment Period, on October 27, 2029 (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
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to us, 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 us. 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 cost of funds rate as determined by MUFG periodically (or Term SOFR under certain circumstances) plus an applicable margin of 2.625% during the SPV Asset Facility IV Reinvestment Period and 3.025% after the end of the SPV Asset Facility IV Reinvestment Period. During the SPV Asset Facility IV Reinvestment Period, there is an unused fee of 0.50% on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility IV.
Debt Securitization Transactions
We incur secured financing through debt securitization transactions which are also known as collateralized loan obligation transactions (the “CLO Transactions”) issued by our 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 we purchase. We act 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 us. 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 our debts. We consolidate the financial statements of the CLO Issuers in our consolidated financial statements.
CLO 2020-1
On December 16, 2020 (the “CLO 2020-1 Closing Date”), we 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 our consolidated subsidiaries Owl Rock Technology Financing 2020-1, an exempted company incorporated in the Cayman Islands with limited liability (the “CLO 2020-1 Issuer”), and Owl Rock Technology Financing 2020-1 LLC, a Delaware limited liability company (the “CLO 2020-1 Co-Issuer” and together with the CLO 2020-1 Issuer, the “CLO 2020-1 Issuers”).
The CLO 2020-1 Transaction was executed by the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the Closing Date (the “CLO 2020-1 Indenture”), by and among the CLO 2020-1 Issuers and State Street Bank and Trust Company: $200 million of A (sf) Class A Notes, which bore interest at term SOFR (plus a spread adjustment) plus 2.95% (the “CLO 2020-1 Secured Notes”). The CLO 2020-1 Secured Notes are secured by the middle-market loans, recurring revenue loans, participation interests in middle-market loans and recurring revenue loans and other assets of the Issuer. The CLO 2020-1 Secured Notes are scheduled to mature on the Payment Date (as defined in the CLO 2020-1 Indenture) in January 2031. The CLO 2020-1 Secured Notes were offered by MUFG Securities Americas Inc., as initial purchaser, from time to time in individually negotiated transactions.
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 $1,000 per share (the “CLO 2020-1 Preferred Shares”).
As part of the CLO 2020-1 Transaction, we entered into a loan sale agreement with the CLO 2020-1 Issuer dated as of the Closing Date, which provided for the sale and contribution of approximately $243.4 million par amount of middle-market loans and recurring revenue loans from us to the CLO 2020-1 Issuer on the Closing Date and for future sales from us to the CLO 2020-1 Issuer on an ongoing basis. No gain or loss was recognized as a result of these sales and contributions. Such loans constituted part of the initial portfolio of assets securing the CLO 2020-1 Secured Notes. We made customary representations, warranties, and covenants to the CLO 2020-1 Issuer under the loan sale agreement.
Through January 15, 2022, the net proceeds of the issuing of the CLO 2020-1 Secured Notes not used to purchase the initial portfolio of loans securing the CLO 2020-1 Secured Notes and a portion of the proceeds received by the CLO 2020-1 Issuer from the loans securing the CLO 2020-1 Secured Notes were able to be used by the CLO 2020-1 Issuer to purchase additional middle-market loans and recurring revenue loans under the direction of the Adviser, in its capacity as collateral manager for the CLO 2020-1 Issuer and in accordance with our investing strategy and ability to originate eligible middle-market loans and recurring revenue loans.
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The CLO 2020-1 Secured Notes were the secured obligation of the CLO 2020-1 Issuers, and the CLO 2020-1 Indenture included customary covenants and events of default.
CLO 2020-1 Refinancing
On August 23, 2023 (the “CLO 2020-1 Refinancing Date”), we 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 our 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 an indenture and security agreement dated as of the CLO 2020-1 Closing Date by and among the CLO 2020-1 Issuer, the CLO 2020-1 Refinancing Issuer, as co-issuer and State Street Bank and Trust Company as trustee, as supplemented by the First Supplemental Indenture dated as of July 18, 2023 by and among the CLO 2020-1 Issuer, as issuer, the CLO 2020-1 Refinancing Issuer, as co-issuer and the Trustee and the Second Supplemental Indenture dated as of the CLO 2020-1 Refinancing Date (the “CLO 2020-1 Refinancing Indenture”), by and among the CLO 2020-1 Refinancing Issuer and the Trustee: (i) $112.5 million of AAA(sf) Class A-1R Notes, which bear interest at the Benchmark plus 3.05%, (ii) $23.5 million of AAA(sf) Class A-2R Notes, which bear interest at 6.937%, (iii) $53 million of A(sf) Class B-1R Notes, which bear interest at the Benchmark plus 4.64% and (iv) $15 million of A(sf) Class B-2R Notes, which bear interest at 8.497%, (together, the “CLO 2020-1 Refinancing Secured Notes”). The CLO 2020-1 Refinancing Secured Notes are secured by the middle-market loans and other assets of the CLO 2020-1 Refinancing Issuer. The CLO 2020-1 Refinancing Secured Notes are scheduled to mature on the Payment Date (as defined in the CLO 2020-1 Refinancing Indenture) in October 2035. The CLO 2020-1 Refinancing Secured Notes were privately placed by MUFG Securities Americas Inc. and Scotia Capital (USA) Inc. The proceeds from the CLO 2020-1 Refinancing were used to redeem in full the classes of notes issued on the CLO 2020-1 Closing Date and to pay expenses incurred in connection with the CLO 2020-1 Refinancing. On the CLO 2020-1 Refinancing Date, the CLO 2020-1 Issuer was merged with and into the CLO 2020-1 Refinancing Issuer, with the CLO 2020-1 Refinancing Issuer surviving the merger. The CLO 2020-1 Refinancing Issuer assumed by all operation of law all of the rights and obligations of the CLO 2020-1 Issuer, including the subordinated securities issued by the CLO 2020-1 Issuer on the CLO 2020-1 Closing Date.
On the CLO 2020-1 Closing Date, the CLO 2020-1 Issuer entered into a loan sale agreement with us, which provided for the sale and contribution of approximately $243.4 million par amount of middle-market loans from us to the CLO 2020-1 Issuer on the CLO 2020-1 Refinancing Date and for future sales from us 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 us 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 we 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 us 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. We made customary representations, warranties, and covenants to the CLO 2020-1 Refinancing Issuer under the loan sale agreement.
Through October 15, 2027, a portion of the proceeds received by the CLO 2020-1 Refinancing Issuer from the loans securing the CLO 2020-1 Refinancing Secured Notes may be used by the CLO 2020-1 Refinancing Issuer to purchase additional middle-market loans under the direction of the Adviser, in its capacity as collateral manager for the CLO 2020-1 Refinancing Issuer and in accordance with out investing strategy and ability to originate eligible middle-market loans.
The CLO 2020-1 Refinancing Secured Notes are the secured obligation of the CLO 2020-1 Refinancing Issuer, and the CLO 2020-1 Refinancing Indenture includes customary covenants and events of default.
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 our consolidated subsidiary Athena CLO II, LLC, a limited liability 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, we 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 bear interest at three-month term SOFR plus 3.95%, (iii) $7.5 million of AA(sf) Class B-2 Notes, which bear interest at 7.25% and (iv) $24.0 million of A(sf) Class C Notes, which bear interest at three-month term SOFR plus 4.95% (together, the “Athena CLO II Secured Notes”) and (B) the
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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 bear 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.
Concurrently with the issuance of the Athena CLO II Secured Notes and the borrowing under the Athena CLO II Class A-L Loans, the Athena CLO II Issuer issued approximately $187.3 of subordinated securities in the form of 187,300 preferred shares at an issue price of $1,000 per share (the “Athena CLO II Preferred Shares”).
As part of the Athena CLO II Transaction, OTF II entered into a loan sale agreement with the Athena CLO II Issuer dated as of the Athena CLO II Closing Date, which provided for the contribution of approximately $83.9 million funded par amount of middle-market loans from OTF II to the Athena CLO II Issuer on the Athena CLO II Closing Date and for future sales from OTF II to the Athena CLO II Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the Athena CLO II Debt. The remainder of the initial portfolio assets securing the Athena CLO II Debt consisted of approximately $380.6 million funded par amount of middle-market loans purchased by the Athena CLO II Issuer from Athena Funding I LLC, a wholly-owned subsidiary of ours, under an additional loan sale agreement executed on the Athena CLO II Closing Date between the Athena CLO II Issuer and Athena Funding I LLC. No gain or loss was recognized as a result of these sales and contributions. OTF II and Athena Funding I each made customary representations, warranties, and covenants to the Athena CLO II Issuer under the applicable loan sale agreement.
Through January 20, 2028, a portion of the proceeds received by the Athena CLO II Issuer from the loans securing the Athena CLO II Secured Notes 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 our investing strategy and ability to originate eligible middle-market loans.
The Athena CLO II Debt is the secured obligation of the Athena CLO II Issuer, and the Athena CLO II Indenture and Athena CLO II Class A-L Credit Agreement each includes 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 our 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, we 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) $208.0 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 2.5%, (iii) $13.0 million of AA(sf) Class B-2 Notes, which bear interest at 6.254% and (iv) $12.0 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 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 $1,000 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 ours, 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
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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 the Adviser, our investment advisor, in its capacity as collateral manager for the Athena CLO IV Issuer and in accordance with our 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
June 2025 Notes
On June 12, 2020, we issued $210.0 million aggregate principal amount of 6.75% notes due 2025 (the “June 2025 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The June 2025 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
The June 2025 Notes were issued pursuant to an Indenture dated as of June 12, 2020 (the “Base Indenture”), between us and Computershare Trust Company, N.A. as successor to Wells Fargo Bank, National Association, as trustee (the “Trustee”), and a First Supplemental Indenture, dated as of June 12, 2020 (the “First Supplemental Indenture” and together with the Base Indenture, the “June 2025 Indenture”), between us and the Trustee. The June 2025 Notes will mature on June 30, 2025 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the June 2025 Indenture. The June 2025 Notes initially bear interest at a rate of 6.75% per year payable semi-annually on June 30 and December 30 of each year, commencing on December 30, 2020. As described in the First Supplemental Indenture, if the June 2025 Notes cease to have an investment grade rating from Kroll Bond Rating Agency (or if Kroll Bond Rating Agency ceases to rate the June 2025 Notes or fails to make a rating of the June 2025 Notes publicly available for reasons outside of our control, a “nationally recognized statistical rating organization,” as defined in Section 3(a)(62) of the Exchange Act, selected by us as a replacement agency for Kroll Bond Rating Agency) (an “Interest Rate Adjustment Event”), the interest rate on the June 2025 Notes will increase to 7.50% from the date of the Interest Rate Adjustment Event until the date on which the June 2025 Notes next again receive an investment grade rating. The June 2025 Notes are our direct, general unsecured obligations and rank senior in right of payment to all of our future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the June 2025 Notes. The June 2025 Notes rank pari passu, or equal, in right of payment with all of our existing and future indebtedness or other obligations that are not so subordinated, or junior. The June 2025 Notes rank effectively subordinated, or junior, to any of our future secured indebtedness or other obligations (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness. The June 2025 Notes will rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.
The June 2025 Indenture contains certain covenants, including covenants requiring us to (i) comply with the asset coverage requirements of the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the June 2025 Notes and the Trustee if we are no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the June 2025 Indenture.
In addition, if a change of control repurchase event, as defined in the June 2025 Indenture, occurs prior to maturity, holders of the June 2025 Notes will have the right, at their option, to require us to repurchase for cash some or all of the June 2025 Notes at a repurchase price equal to 100% of the aggregate principal amount of the June 2025 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.
December 2025 Notes
On September 23, 2020, we issued $400.0 million aggregate principal amount of its 4.75% notes due 2025 (the “December 2025 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. On November 23, 2021, we issued an additional $250 million aggregate principal amount of the December 2025 Notes in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial resale to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The December 2025 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
The December 2025 Notes were issued pursuant to the Base Indenture and a Second Supplemental Indenture, dated as of September 23, 2020 (the “Second Supplemental Indenture” and together with the Base Indenture, the “December 2025 Indenture”), between us and the Trustee. The December 2025 Notes will mature on December 15, 2025 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the December 2025 Indenture. The December 2025
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Notes bear interest at a rate of 4.75% per year payable semi-annually on June 15 and December 15 of each year, commencing on December 15, 2020. The December 2025 Notes are our direct, general unsecured obligations and rank senior in right of payment to all of our future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the December 2025 Notes. The December 2025 Notes rank pari passu, or equal, in right of payment with all of our existing and future indebtedness or other obligations that are not so subordinated, or junior. The December 2025 Notes rank effectively subordinated, or junior, to any of our future secured indebtedness or other obligations (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness. The December 2025 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.
The Indenture contains certain covenants, including covenants requiring us to (i) comply with the asset coverage requirements of the 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the December 2025 Notes and the Trustee if we are no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the Indenture.
In addition, if a change of control repurchase event, as defined in the December 2025 Indenture, occurs prior to maturity, holders of the December 2025 Notes will have the right, at their option, to require us to repurchase for cash some or all of the December 2025 Notes at a repurchase price equal to 100% of the aggregate principal amount of the December 2025 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.
June 2026 Notes
On December 17, 2020, we issued $375.0 million aggregate principal amount of 3.75% notes due 2026 (the “June 2026 Notes”) in a private placement in reliance on Section 4(a)(2) of the Securities Act, and for initial to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A promulgated under the Securities Act. The June 2026 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
The June 2026 Notes were issued pursuant to the Base Indenture and a Third Supplemental Indenture, dated as of December 17, 2020 (the “Third Supplemental Indenture” and together with the Base Indenture, the “June 2026 Indenture”), between us and the Trustee. The June 2026 Notes will mature on June 17, 2026 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the June 2026 Indenture. The June 2026 Notes bear interest at a rate of 3.75% per year payable semi-annually on June 17 and December 17 of each year, commencing on June 17, 2021. The June 2026 Notes are our direct, general unsecured obligations and will rank senior in right of payment to all of our future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the June 2026 Notes. The June 2026 Notes rank pari passu, or equal, in right of payment with all of our existing and future indebtedness or other obligations that are not so subordinated, or junior to the June 2026 Notes. The June 2026 Notes rank effectively subordinated, or junior, to any of our future secured indebtedness or other obligations (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness. The June 2026 Notes rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.
The June 2026 Indenture contains certain covenants, including covenants requiring us to (i) comply with the asset coverage requirements of the Investment Company Act of 1940, as amended 1940, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the June 2026 Notes and the Trustee if we are no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the Indenture.
In addition, if a change of control repurchase event, as defined in the June 2026 Indenture, occurs prior to maturity, holders of the June 2026 Notes will have the right, at their option, to require us to repurchase for cash some or all of the June 2026 Notes at a repurchase price equal to 100% of the aggregate principal amount of the June 2026 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.
January 2027 Notes
On June 14, 2021, we issued $300.0 million aggregate principal amount of 2.50% notes due 2027 (the “January 2027 Notes”). The January 2027 Notes were issued pursuant to the Base Indenture and a Fourth Supplemental Indenture, dated as of December 17, 2020 (the “Fourth Supplemental Indenture” and together with the Base Indenture, the “January 2027 Indenture”), between us and the Trustee. The January 2027 Notes will mature on January 15, 2027 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the 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 our direct, general unsecured obligations and rank senior in right of payment to all of our future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the January 2027 Notes. The January 2027 Notes rank pari passu, or equal, in right of payment with all of our 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 our future secured indebtedness or other obligations (including unsecured indebtedness that we later secure) to the extent of the value of
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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 our subsidiaries, financing vehicles or similar facilities.
The January 2027 Indenture contains certain covenants, including covenants requiring us to (i) comply with the asset coverage requirements of the Investment Company Act of 1940, as amended 1940 Act, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the January 2027 Notes and the Trustee if we are no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the Indenture.
In addition, if a change of control repurchase event, as defined in the January 2027 Indenture, occurs prior to maturity, holders of the January 2027 Notes will have the right, at their option, to require us to repurchase for cash some or all of the January 2027 Notes at a repurchase price equal to 100% of the aggregate principal amount of the January 2027 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.
March 2028 Notes
On January 21, 2025, we issued $650.0 million aggregate principal amount of its 6.10% 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 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. The March 2028 Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
The March 2028 Notes were issued pursuant to the Base Indenture and a Fifth Supplemental Indenture, dated as of January 21, 2025 (the “Fifth Supplemental Indenture” and together with the Base Indenture, the “March 2028 Indenture”), between us and the Trustee. The March 2028 Notes will mature on March 15, 2028 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the March 2028 Indenture. The March 2028 Notes bear interest at a rate of 6.10% per year payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2025. The March 2028 Notes will be our direct, general unsecured obligations and will rank senior in right of payment to all of our future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the Notes. The Notes will rank pari passu, or equal, in right of payment with all of our existing and future indebtedness or other obligations that are not so subordinated, or junior to the Notes. The Notes will rank effectively subordinated, or junior, to any of our future secured indebtedness or other obligations (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness. The Notes will rank structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.
The March 2028 Indenture contains certain covenants, including covenants requiring us to (i) comply with Section 18(a)(1)(A) of the Investment Company Act of 1940, whether or not it is subject to those requirements, and (ii) provide financial information to the holders of the March 2028 Notes and the Trustee if we are 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 us 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, 2025 we entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $650.0 million. We will receive fixed rate interest at 6.10% and pay variable rate interest based on SOFR plus 1.767%. The interest rate swap matures on February 15, 2028. For the three months ended March 31, 2025, we did not make a periodic payment. 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 our Consolidated Statements of Operations. As of March 31, 2025, the interest rate swap had a fair value of $10.2 million. 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 our Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the March 2028 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, we entered into a Second Supplemental Indenture (the “OTF II Supplemental Indenture”) relating to our assumption of the April 2029 Notes (as defined below). Also on March 24, 2025, in connection with the Mergers, we entered into an assumption agreement (the “OTF II Note Assumption Agreement”) relating to our assumption of the September 2028 Notes (as defined below).
September 2028 Notes
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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 ours. On March 24, 2025, we 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 we 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 our option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, we are 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 ours that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.
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 our status as a BDC within the meaning of the 1940 Act, a minimum net worth test, and a minimum asset coverage ratio of 1.5 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 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 Ration 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 0.02 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 September 2028 Notes 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 ours, 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 6.75% 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 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, we entered into the OTF II Second Supplemental Indenture by and between the Trustee, effective as of the closing of the Mergers. Pursuant to the Second Supplemental Indenture, we 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 OTF II 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 6.75% 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 our direct, general unsecured obligations and rank senior in right of payment to all of our future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the April 2029 Notes. The April 2029 Notes rank pari passu, or equal, in right of payment with all of our 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 our
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future secured indebtedness or other obligations (including unsecured indebtedness that we later secure) 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 our subsidiaries, financing vehicles or similar facilities.
The April 2029 Indenture contains certain covenants, including covenants requiring us 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 Trustee if we are 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 us to repurchase for cash some or all of the April 2029 Notes at a repurchase price equal to 1 of the aggregate principal amount of the April 2029 Notes being repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.
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. We will receive fixed rate interest at 6.75% and pay variable rate interest based on SOFR plus 2.565%. The interest rate swap matures on March 4, 2029. For the quarter ended March 31,2025, we did not make a periodic payment. 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 our Consolidated Statements of Operations. As of March 31, 2025, the interest rate swap had a fair value of $10.7 million. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on our Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by the change in fair value of the April 2029 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations.
Off-Balance Sheet Arrangements
Portfolio Company Commitments
From time to time, we may enter into commitments to fund investments in the form of revolving credit, delayed draw, or equity commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. We had the following outstanding commitments as of the following periods:
As of
($ in thousands)March 31, 2025December 31, 2024
Total unfunded revolving loan commitments$675,122 $315,345 
Total unfunded delayed draw loan commitments$757,136 $286,912 
Total unfunded revolving and delayed draw loan commitments$1,432,258 $602,257 
Total unfunded equity commitments$25,316 $6,080 
Total unfunded commitments$1,457,574 $608,337 

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 March 31, 2025, we believed we had adequate financial resources to satisfy the unfunded portfolio company commitments.
Other Commitments and Contingencies
From time to time, we may become a party to certain legal proceedings incidental to the normal course of our business. At March 31, 2025, management was not aware of any pending or threatened litigation.
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Contractual Obligations
A summary of our contractual payment obligations under our credit facilities as of March 31, 2025, is as follows:
Payments Due by Period
($ in thousands)TotalLess than 1 year1-3 years3-5 yearsAfter 5 years
Revolving Credit Facility$595,539 $— $— $595,539 $— 
SPV Asset Facility I600,000 — — — 600,000 
SPV Asset Facility II— — — — — 
SPV Asset Facility III312,500 — — — 312,500 
SPV Asset Facility IV— — — — — 
CLO 2020-1204,000 — — — 204,000 
Athena CLO II288,000 — — — 288,000 
Athena CLO IV240,000 — — — 240,000 
June 2025 Notes210,000 210,000 — — — 
December 2025 Notes650,000 650,000 — — — 
June 2026 Notes375,000 — 375,000 — — 
January 2027 Notes300,000 — 300,000 — — 
March 2028 Notes650,000 — 650,000 — — 
September 2028 Notes75,000 — — 75,000 — 
April 2029 Notes700,000 — — 700,000 — 
Total Contractual Obligations$5,200,039 $860,000 $1,325,000 $1,370,539 $1,644,500 
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 rely on exemptive relief that has been granted to OCA and certain of its affiliates to permit us 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. See “ITEM 1. – Notes to Consolidated Financial Statements – Note 3. Agreements and Related Party Transactions” for further details.
We invest in Credit SLF, a controlled affiliated investment, and Amergin, Fifth Season, LSI Financing DAC, and LSI Financing LLC, which are non-controlled affiliated investments, as defined in the 1940 Act. See “ITEM 1. – Notes to Consolidated Financial Statements – Note 3. Agreements and Related Party Transactions” 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, 2024 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.
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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;
With respect to investment 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;
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 oversee 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.
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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.
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 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.
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
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 expects to continue to do so. We adopted a derivatives policy and complies 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 payment-in-kind (“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 becomes 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.
Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. If, at any point, 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 loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.
Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.
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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 distribute (or be deemed to distribute) in each taxable year distribution for tax purposes equal to 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.
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
100% of any income or gains recognized, but not distributed, in preceding years.
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 at corporate rates 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.
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 90% of our “investment company taxable income” for that year, which is generally our ordinary income plus the excess of our realized net short-term capital gains over our realized net long-term capital losses. 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
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of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. 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 corporate-level income taxes.
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, 2024. As applicable, our prior three tax years remain subject to examination by U.S. federal, state and local tax authorities.
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.

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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, the conflicts in the Middle East 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 has 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.
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 March 31, 2025, 97.2% 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, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III and SPV Asset Facility IV bear interest at variable interest rates with an interest rate floor of 0.0%. The June 2025 Notes, December 2025 Notes, June 2026 Notes, January 2027 Notes, March 2028 Notes, September 2028 Notes and April 2029 Notes bear interest at fixed rates. The April 2029 Notes and March 2028 Notes are hedged against interest rate swap instruments. CLO 2020-1, Athena CLO II and Athena CLO IV bear interest at fixed and variable rates.
Based on our Consolidated Statements of Assets and Liabilities as of March 31, 2025, 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:

($ in thousands)Interest Income
Interest Expense(1)
Net Income (2)
Up 300 basis points$307,299 $67,201 $240,098 
Up 200 basis points$204,866 $44,801 $160,065 
Up 100 basis points$102,433 $22,400 $80,033 
Down 100 basis points$(102,433)$(22,400)$(80,033)
Down 200 basis points$(204,866)$(44,801)$(160,065)
Down 300 basis points$(306,098)$(67,201)$(238,897)
(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 “ITEM 1. – Notes to Consolidated Financial Statements – Note 3. Agreements and Related Party Transactions” 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.
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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 March 31, 2025 and December 31, 2024, 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.
































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Item 4. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
There are not and have not been any disagreements between the Company and its accountant on any matter of accounting principles, practices, or financial statement disclosure.
Item 4A. 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 our most recently completed fiscal quarter 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
Neither we nor the Adviser are currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceeding threatened against us. From time to time, we 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. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.
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, 2024, 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, 2024 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
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. On January 31, 2025 and March 18, 2025, pursuant to our dividend reinvestment plan, we issued 1,098,294 and 1,131,018 shares of our common stock, priced at $16.95 and $17.09 per share, to stockholders of record as of December 31, 2024 and March 18, 2025, respectively, that did not opt out of our dividend reinvestment plan in order to satisfy the reinvestment portion of our dividends. This issuance was not subject to the registration requirements of the Securities Act of 1933, as amended.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Rule 10b5-1 Trading Plans
During the fiscal quarter ended March 31, 2025, 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
2.1
3.1
3.2
4.1
122


4.2
4.3
4.4
4.5
10.1
10.2
10.3
10.4
10.5
10.6
10.7
10.8
10.9
10.10
123


10.11
10.12
10.13
10.14
10.15
10.16
10.17
10.18
10.19
10.20
21.1*
31.1*
31.2*
32.1**
32.2**
99.1*
99.2*
101.INSInline 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.SCHInline XBRL Taxonomy Extension Schema Document
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
101.LABInline XBRL Taxonomy Extension Label Linkbase Document
124


101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
____________________
*Filed herein
**Furnished herein.
125


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: May 12, 2025
By:/s/ Craig W. Packer
Craig W. Packer
Chief Executive Officer
Blue Owl Technology Finance Corp.
Date: May 12, 2025
By:/s/ Jonathan Lamm
Jonathan Lamm
Chief Operating Officer and Chief Financial Officer

126