# EDGAR Filing Document

**Accession Number:** 0001869453
**File Stem:** 0001869453-26-000017
**Filing Date:** 2026-3
**Character Count:** 1377979
**Document Hash:** 615e421243fcf0c1fc8f8fb341ba4b88
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001869453-26-000017.hdr.sgml**: 20260303

**ACCESSION NUMBER**: 0001869453-26-000017

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 107

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260303

**DATE AS OF CHANGE**: 20260303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blue Owl Technology Income Corp.
- **CENTRAL INDEX KEY:** 0001869453

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01445
- **FILM NUMBER:** 26714022

**BUSINESS ADDRESS:**
- **STREET 1:** 399 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10002
- **BUSINESS PHONE:** 212.419.3000

**MAIL ADDRESS:**
- **STREET 1:** 399 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Owl Rock Technology Income Corp.
- **DATE OF NAME CHANGE:** 20210624

?xml version='1.0' encoding='ASCII'? ortic-20251231

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-K**

**(Mark One)**

**☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended December 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: 814-01445** 

**BLUE OWL TECHNOLOGY INCOME CORP.**

**(Exact Name of Registrant as Specified in its Charter)**

---

| | |
|:---|:---|
| **Maryland** | **87-1346173** |
| **(State or other jurisdiction of<br>incorporation or organization)** | **(I.R.S. Employer<br>Identification No.)** |
| **399 Park Avenue** | |
| **New York, New York** | **10022** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

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

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

<u>Title of each class</u> <u>Trading Symbol(s)</u> <u>Name of each exchange on which registered</u> <br> None None None

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

Class S Common Stock, par value $0.01 per share

Class D Common Stock, par value $0.01 per share

Class I Common Stock, par value $0.01 per share

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒

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

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

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 | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Small reporting company | ☐ |
| Emerging growth company | ☒ | | |

---

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. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management`s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of common stock held by non-affiliates as of June 30, 2025 has not been provided because there is no established market for the registrant's shares of common stock.

As of February 24, 2026, the registrant had 81,845,365, 1,096,771, and 219,211,511 shares of Class S, Class D and Class I common stock, $0.01, par value per share, outstanding, respectively.

------

**Table of Contents**

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| | | |
|:---|:---|:---|
| | | Page |
| **PART I.** |  |  |
| Item 1. | <u>[Business](#i48a1372c45a4433f8e6cd91b3044d7ae_406)</u> | <u>[4](#i48a1372c45a4433f8e6cd91b3044d7ae_406)</u> |
| Item 1A. | <u>[Risk Factors](#i48a1372c45a4433f8e6cd91b3044d7ae_424)</u> | <u>[32](#i48a1372c45a4433f8e6cd91b3044d7ae_424)</u> |
| Item 1B. | <u>[Unresolved Staff Comments](#i48a1372c45a4433f8e6cd91b3044d7ae_430)</u> | <u>[78](#i48a1372c45a4433f8e6cd91b3044d7ae_430)</u> |
| Item 1C. | <u>[Cybersecurity](#i48a1372c45a4433f8e6cd91b3044d7ae_433)</u> | <u>[78](#i48a1372c45a4433f8e6cd91b3044d7ae_433)</u> |
| Item 2. | <u>[Properties](#i48a1372c45a4433f8e6cd91b3044d7ae_436)</u> | <u>[80](#i48a1372c45a4433f8e6cd91b3044d7ae_436)</u> |
| Item 3. | <u>[Legal Proceedings](#i48a1372c45a4433f8e6cd91b3044d7ae_439)</u> | <u>[80](#i48a1372c45a4433f8e6cd91b3044d7ae_439)</u> |
| Item 4. | <u>[Mine Safety Disclosures](#i48a1372c45a4433f8e6cd91b3044d7ae_442)</u> | <u>[80](#i48a1372c45a4433f8e6cd91b3044d7ae_442)</u> |
| **PART II.** |  |  |
| Item 5. | <u>[Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#i48a1372c45a4433f8e6cd91b3044d7ae_370)</u> | <u>[81](#i48a1372c45a4433f8e6cd91b3044d7ae_370)</u> |
| Item 6. | <u>[Reserved](#i48a1372c45a4433f8e6cd91b3044d7ae_388)</u> | <u>[83](#i48a1372c45a4433f8e6cd91b3044d7ae_388)</u> |
| Item 7. | <u>[Management](#i48a1372c45a4433f8e6cd91b3044d7ae_187)</u>'<u>[s Discussion and Analysis of Financial Condition and Results of Operations](#i48a1372c45a4433f8e6cd91b3044d7ae_187)</u> | <u>[84](#i48a1372c45a4433f8e6cd91b3044d7ae_187)</u> |
| Item 7A. | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i48a1372c45a4433f8e6cd91b3044d7ae_334)</u> | <u>[118](#i48a1372c45a4433f8e6cd91b3044d7ae_334)</u> |
| Item 8. | <u>[Financial Statements and Supplementary Data](#i48a1372c45a4433f8e6cd91b3044d7ae_2117)</u> | <u>[F-1](#i48a1372c45a4433f8e6cd91b3044d7ae_25)</u> |
| Item 9. | <u>[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#i48a1372c45a4433f8e6cd91b3044d7ae_391)</u> | <u>[119](#i48a1372c45a4433f8e6cd91b3044d7ae_391)</u> |
| Item 9A. | <u>[Controls and Procedures](#i48a1372c45a4433f8e6cd91b3044d7ae_394)</u> | <u>[119](#i48a1372c45a4433f8e6cd91b3044d7ae_394)</u> |
| Item 9B. | <u>[Other Information](#i48a1372c45a4433f8e6cd91b3044d7ae_397)</u> | <u>[119](#i48a1372c45a4433f8e6cd91b3044d7ae_397)</u> |
| Item 9C. | <u>[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i48a1372c45a4433f8e6cd91b3044d7ae_400)</u> | <u>[119](#i48a1372c45a4433f8e6cd91b3044d7ae_400)</u> |
| **PART III.** |  |  |
| Item 10. | <u>[Directors, Executive Officers and Corporate Governance](#i48a1372c45a4433f8e6cd91b3044d7ae_451)</u> | <u>[121](#i48a1372c45a4433f8e6cd91b3044d7ae_451)</u> |
| Item 11. | <u>[Executive Compensation](#i48a1372c45a4433f8e6cd91b3044d7ae_454)</u> | <u>[133](#i48a1372c45a4433f8e6cd91b3044d7ae_454)</u> |
| Item 12. | <u>[Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters](#i48a1372c45a4433f8e6cd91b3044d7ae_457)</u> | <u>[133](#i48a1372c45a4433f8e6cd91b3044d7ae_457)</u> |
| Item 13. | <u>[Certain Relationships and Related Transactions, and Director Independence](#i48a1372c45a4433f8e6cd91b3044d7ae_460)</u> | <u>[135](#i48a1372c45a4433f8e6cd91b3044d7ae_460)</u> |
| Item 14. | <u>[Principal Accountant Fees and Services](#i48a1372c45a4433f8e6cd91b3044d7ae_463)</u> | <u>[137](#i48a1372c45a4433f8e6cd91b3044d7ae_463)</u> |
| <br>**PART IV.** |  |  |
| Item 15. | <u>[Exhibits, Financial Statement Schedules](#i48a1372c45a4433f8e6cd91b3044d7ae_469)</u> | <u>[138](#i48a1372c45a4433f8e6cd91b3044d7ae_469)</u> |
| Item 16. | <u>[Form 10-K Summary](#i48a1372c45a4433f8e6cd91b3044d7ae_472)</u> | <u>[141](#i48a1372c45a4433f8e6cd91b3044d7ae_472)</u> |
| <u>[Signatures](#i48a1372c45a4433f8e6cd91b3044d7ae_475)</u> |  | <u>[142](#i48a1372c45a4433f8e6cd91b3044d7ae_475)</u> |

---

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**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Blue Owl Technology Income 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our contractual arrangements and relationships with third parties;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adequacy of our financing sources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the loss of key personnel;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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");

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect of legal, tax and regulatory changes on our business and our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing war between Russia and Ukraine, continued political unrest in various countries such as Venezuela, as well as political and social unrest in the Middle East and North Africa regions, uncertainty with respect to immigration, and general uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China, on financial market volatility, global economic markets, and various markets for commodities globally such as oil and natural gas; and

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

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

------

**PART I**

**Item 1. Business**

**Our Company**

Blue Owl Technology Income Corp., was formed on June 22, 2021 as a corporation under the laws of the State of Maryland. We are an externally managed, closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act. We have elected to be treated, and intend to operate in a manner so as to continue to qualify annually, as a RIC for U.S. federal income tax purposes. As a BDC and a RIC, we are required to comply with certain regulatory requirements. As a BDC, at least 70% of our assets must be assets of the type listed in Section 55(a) of the 1940 Act, as described herein. We will not invest more than 30% of our total assets in companies whose principal place of business is outside the United States. See "— Regulation as a Business Development Company" and "— Certain U.S. Federal Income Tax Considerations."

We were formed primarily to originate and make debt and equity investments in, technology-related, specifically software, companies, that are based primarily in the United States. 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 intend to 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 technology 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 as an integral part of their delivery of goods and/or services) or (iii) seek to grow primarily through technological advancements and innovations. We invest in a broad range of established and high-growth, technology-related companies with a focus on large, established enterprise software companies across a variety of end-markets that are capitalizing on the large and growing demand for enterprise software products and services. Within enterprise software we currently focus on investing in application software, which represents the operating layer for core business functions; systems and infrastructure software, which is the defense layer that protects enterprise data and networks and of which cybersecurity is a large component; and fintech and payments software, which provide critical means for the global movement of capital. We believe that these categories of enterprise software play specific, functional roles that will be difficult to bypass even as technology shifts because the need for auditability, control and data integrity will remain constant and these categories of software will provide a stable layer through which new technology is governed and executed. As of December 31, 2025, these three categories together represented approximately 70% of the portfolio.

We are advised by the Adviser pursuant to an investment advisory agreement. The Adviser is 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 responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. We leverage Blue Owl's relationships and existing origination capabilities to focus our investments in companies with an enterprise value of at least $50 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 credit investments will typically have maturities between three and ten years and generally range in size between $20 million and $500 million. Our expected portfolio composition will be majority debt or income producing securities, with a lesser allocation to equity-related opportunities. 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 we anticipate that our average investment size will be 0.5-1.5% of our entire portfolio with no investment size greater than 5%; however, from time to time certain of our investments may comprise greater than 5%.

While our investment strategy focuses primarily on technology-related, specifically software companies in the United States, we also may invest up to 30% of our portfolio in investments of non-qualifying portfolio companies. Specifically, as part of this 30% basket, we may consider investments in investment funds that are operating pursuant to certain exceptions to the 1940 Act, as well as in debt and equity of companies located outside of the United States and debt and equity of public companies that do not meet the definition of eligible portfolio companies because their market capitalization of publicly traded equity securities exceeds the levels provided for in the 1940 Act.

As of December 31, 2025, based on fair value, our portfolio consisted of 88.4% first lien senior debt investments (of which 51.3% we consider to be unitranche debt investments (including "last out" portions of such loans)), 4.3% second lien senior secured debt investments, 1.1% unsecured debt investments, 2.8% preferred equity investments, 1.4% specialty finance equity investments, 1.6% common equity investments and 0.4% in joint ventures. Approximately, 98.2% of our debt investments based on fair value, as of December 31, 2025 are floating rate in nature, the majority of which are subject to an interest rate floor. As of December 31, 2025, we had investments in 190 portfolio companies with an aggregate fair value of $6.2 billion.

------

As of December 31, 2025, our portfolio was invested across 41 different industries. The largest industry in our portfolio as of December 31, 2025 was application software, which represented, as a percentage of our portfolio, 15.6%, based on fair value.

We rely on an exemptive order issued to an affiliate of the Adviser that permits us to offer multiple classes of shares of common stock and to impose asset-based servicing and distribution fees and early withdrawal fees. We are currently offering on a best efforts, continuous basis up to $5,000,000,000 in any combination of amount of shares of Class S, Class D, and Class I common stock. The share classes have different upfront selling commissions and ongoing servicing fees. Each class of common stock will be offered through Blue Owl Securities LLC (d/b/a Blue Owl Securities) (the "Dealer Manager"). No upfront selling commission, dealer manager fees, or other similar placement fees will be paid to the Company or Dealer Manager with respect to the Class S and Class D shares, however, if such Class S shares or Class D shares are purchased through certain financial intermediaries, those financial intermediaries may directly charge transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that the selling agents limit such charges to 3.50% of the net offering price per share for each Class S share and 1.50% of the net offering price per share for each Class D share. Class I shares are not subject to upfront selling commissions. Class S, Class D and Class I shares were offered at initial purchase prices per share of $10.00. Currently, the purchase price per share for each class of common stock varies, but will not be sold at a price below the Company's net asset value per share of such class, as determined in accordance with the Company's share pricing policy, plus applicable upfront selling commissions.

On September 30, 2021, an affiliate of the Adviser ("the Initial Shareholder") purchased 100 shares of our Class I common stock at $10.00 per share, which represents the initial public offering price of such shares. The Initial Shareholder will not tender these shares for repurchase as long as the Adviser remains our investment adviser. There is no current intention for the Adviser to discontinue its role.

On October 6, 2021, we received a subscription agreement, totaling $50.0 million for the purchase of Class I common shares of our common stock from entities affiliated with the Adviser. As of December 31, 2022, we had called all of the $50.0 million commitment and commenced our initial public offering.

Since meeting the minimum offering requirement and commencing our continuous public offering through December 31, 2025, we have issued 93,062,111 shares of Class S common stock, 3,413,138 shares of Class D common stock, and 41,616,430 shares of Class I common stock, exclusive of any tender offers and shares issued pursuant to our distribution reinvestment plan, for gross proceeds of $962.3 million, $34.9 million and $427.4 million, respectively, including $1,000 of seed capital contributed by the Initial Shareholder. We have issued 246,887,445 shares of our Class I common stock to feeder vehicles primarily created to hold our Class I common stock in a private offering (the "Private Offering") and raised gross proceeds of approximately $2.5 billion. The Private Offering was exempt from the registration provisions of the Securities Act of 1933, as amended (the "Securities Act"), pursuant to Section 4(a)(2) and/or Regulation S thereunder.

We generally intend to distribute, out of assets legally available for distribution, substantially all of our available earnings, on a monthly basis, as determined by our board of directors ("the Board" or "our Board") in its discretion.

We may borrow money from time to time if immediately after such borrowing, the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus preferred stock, if any, is at least 150%. This means that generally, we can borrow up to $2 for every $1 of investor equity. We currently have in place a senior secured revolving credit facility and have entered into special purpose vehicle asset credit facilities and a term debt securitization transaction, also known as collateralized loan obligation transaction, and in the future may enter into additional credit facilities and collateralized loan obligation transactions. Additionally, we have also issued unsecured notes which were issued in a private placement, and in the future may issue additional unsecured notes. We expect to use our credit facilities and other borrowings, along with proceeds from the rotation of our portfolio and proceeds from our continuous public offering and the Private Offering, to finance our investment objectives. See "— *Regulations as a Business Development Company*" for discussion of BDC regulation and other regulatory considerations. See "*ITEM 7. MANAGEMENT*'*S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — Debt*."

**The Adviser and Administrator – Blue Owl Technology Credit Advisors II LLC**

Blue Owl Technology Credit Advisors II LLC serves as our investment adviser pursuant to an investment advisory agreement between us and the Adviser (the "Investment Advisory Agreement"). See "*Investment Advisory Agreement*" below. The Adviser also serves as our Administrator pursuant to an administration agreement between us and the Adviser (the "Administration Agreement"). See "*Administration Agreement*" below.

The Adviser is a Delaware limited liability company that is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Adviser is an indirect affiliate of Blue Owl and part of Blue Owl's Credit platform. Blue Owl consists of three investment platforms: (1) Credit, which includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent investment strategies, (2) 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 and digital

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infrastructure, which focuses on acquiring, financing, developing and operating data centers and related digital infrastructure assets. The Adviser is part of the direct lending strategy of Blue Owl's Credit platform which focuses on lending to primarily upper-middle-market companies, both private equity-sponsored and non-sponsored and provides a range of customized financing solutions across debt and equity-related instruments. In addition to the Adviser, Blue Owl Credit's direct lending strategy is comprised of the Adviser, Blue Owl Capital Advisors LLC ("OCA"), Blue Owl Credit Diversified Advisors LLC ("ODCA"), Blue Owl Technology Advisors LLC ("OTCA"), and Blue Owl Credit Private Fund Advisors LLC ("OPFA" and together with the Adviser, OCA, ODCA, and OTCA the "Blue Owl Credit Advisers"), which are also registered investment advisers.

Blue Owl's Credit platform is led by its three co-founders, Douglas I. Ostrover, Marc S. Lipschultz and Craig W. Packer. The Adviser's investment team (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, 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 these 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 monitors our portfolio companies on an ongoing basis. The Adviser has limited operating history. Subject to the overall supervision of the Board, the Adviser manages our day-to-day operations and provides investment advisory and management services to us.

As of December 31, 2025, the Blue Owl Credit Advisers managed $157.8 billion in assets under management ("AUM"), of which $115.0 billion was attributable to the direct lending strategy, which includes the following strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Diversified Lending*** — The diversified lending strategy seeks to generate current income and, to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns across credit cycles with an emphasis on preserving capital primarily through originating and making loans to, and making debt and equity investments in, U.S. middle market companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Technology Lending*** — The technology lending strategy seeks 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 primarily through originating and making loans to, and making debt and equity investments in, technology-related companies based primarily in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***First Lien Lending*** — The first lien lending strategy seeks to realize current income with an emphasis on preservation of capital primarily through originating primary transactions in and, to a lesser extent, secondary transactions of first lien senior secured loans in or related to private equity sponsored, middle market businesses based primarily in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Opportunistic Lending*** — The opportunistic lending strategy seeks to generate attractive, risk-adjusted returns by taking advantage of credit opportunities in U.S. middle market companies with liquidity needs and market leaders seeking to improve their balance sheets.

We refer to the Blue Owl BDCs and the private funds, interval fund and separately managed accounts managed by the Blue Owl Credit Advisers in the direct lending strategy, as the "Blue Owl Credit Clients." In addition to the Blue Owl Credit Clients, Blue Owl's Credit platform includes (1) alternative credit, which targets credit-oriented investments in markets underserved by traditional lenders or the broader capital markets, with deep expertise investing across specialty finance, private corporate credit and equipment leasing; (2) investment grade credit, which focuses on generating capital-efficient investment income through asset-backed finance, private corporate credit, and structured products; and (3) liquid credit, which focuses on the management of collateralized loan obligation vehicles ("CLOs"). Blue Owl's Credit platform also includes other adjacent investment strategies (e.g., strategic equity assets and healthcare companies).

Blue Owl Credit Clients and other Blue Owl clients may have overlapping objectives with us. The Adviser and its affiliates may face conflicts in the allocation of investment opportunities to us and others. In addition, the Adviser and its affiliates are permitted to allocate an investment to a number of products across platforms that it views as appropriate for the particular investment objectives, strategies and characteristics of such products. In order to address these conflicts, the Blue Owl Credit Advisers have put in place investment allocation policies that address the allocation of investment opportunities as well as co-investment restrictions under the 1940 Act. See, *"ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE."*

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In addition, we rely on an order for exemptive relief (the "Order") to co-invest with other funds managed by the Adviser or certain affiliates, in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such Order, we are generally 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.

As a result of the Order, there could be significant overlap in our investment portfolio and the investment portfolio of the Blue Owl Credit Clients and other Blue Owl clients that avail themselves of the Order. In addition, the Adviser and its affiliates are permitted to allocate an investment to a number of products across platforms that it views as appropriate for the particular investment objectives, strategies and characteristics of such products. See "Item 1A. Risk Factors *—Risks Related to our Adviser and its Affiliates — Our Adviser and its affiliates may face conflicts of interest with respect to services performed for their respective other accounts and clients or issuers in which we may invest."*

The Adviser or its affiliates may engage in certain origination activities and receive attendant arrangement, structuring or similar fees from portfolio companies. See "Item 1A. Risk Factors —*Risks Related to our Adviser and its Affiliates* — *Our Adviser and its affiliates may face conflicts of interest with respect to services performed for their respective other accounts and clients or issuers in which we may invest.*"

The Adviser's address is 399 Park Avenue, 37<sup>th</sup> floor, New York, NY 10022.

**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 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.

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

***Secular Trends Supporting Growth for Private Credit*** — According to Gartner, a research and advisory company, global technology spend was $5.6 trillion in 2025 and is expected to grow to more than $6.2 trillion in 2026. We believe global demand for technology products and services will continue to grow rapidly, and that growth will stimulate demand for capital from technology companies which will continue to require access to capital to refinance existing debt, support growth and finance acquisitions. We believe that periods of market volatility, 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, larger higher quality credits that have traditionally been issuers in the syndicated and high yield markets are increasingly seeking private solutions independent of credit market conditions. In our view, this is supported by financial sponsors wanting to work with collaborative financing partners that have scale and breadth of capabilities. This has driven substantial growth in direct lending portfolio companies over time. Given the dynamics mentioned above, we believe this trend is poised to continue and the large amount of uninvested capital held by funds of private equity firms, estimated by Preqin Ltd., an alternative assets industry data and research company, to be $2.7 trillion as of December 31, 2025, will continue to serve as a tailwind to the space.

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

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

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

technology shifts because the need for auditability, control and data integrity will remain constant and these categories of software will provide a stable layer through which new technology is governed and executed.

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

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

**Potential Competitive Strengths** 

We believe that the Adviser's disciplined approach to origination, fundamental investment analysis, portfolio construction and risk management should allow us to achieve attractive risk-adjusted returns while preserving our capital. We believe that we represent an attractive investment opportunity for the following reasons:

***Dedicated Pool of Capital*** — From a deal sourcing perspective, having a pool of capital dedicated to technology investing should enable us to be a more relevant partner to sponsors and management teams who seek this type of financing for their deals.

Additionally, our dedicated industry focus is supported by a team with a track record of success investing in technology businesses. The Adviser's network of deep industry relationships creates a substantial information advantage that informs and augments its due diligence process. This unique positioning should further drive entrenchment with sponsors as the Adviser will typically be viewed as a value-added partner during the diligence and investment lifecycle of our businesses.

We believe that there is currently an opportunity for us to be a "first mover" as a specialized debt financing provider in the technology sector. We believe the technology sector to be underserved and, other than the Company and Blue Owl Technology Finance Corp. ("OTF"), we are not aware of other entities currently serving the sector that have large pools of capital dedicated to the space and that operate competing businesses.

***Experienced Team with Expertise Across all Levels of the Corporate Capital Structure*** — The members of the Technology Lending Investment Committee have over 25 years of experience in private lending and investing at all levels of a company's capital structure, including in high yield securities, leveraged loans, high yield credit derivatives, distressed securities, and equity securities, as well as experience in operations, corporate finance, mergers and acquisitions and workout restructuring. The members of the Technology Lending Investment Committee have diverse backgrounds with investing experience through multiple business and credit cycles. Moreover, certain members of the Technology Lending Investment Committee and other executives and employees of the Adviser and its affiliates have operating and/or investing experience on behalf of business development companies. In addition, through its West Coast office, our Adviser has a significant presence in Silicon Valley to better serve financial sponsors operating in the technology sector. We believe this experience provides the Adviser with an in-depth understanding of the strategic, financial and operational challenges and opportunities of technology companies and will afford it numerous tools to manage risk while preserving the opportunity for attractive risk-adjusted returns on our investments and offering a diverse product set to help meet borrowers' needs.

***Distinctive Origination Platform*** — We anticipate that a substantial majority of our investments will be sourced directly and that our origination platform provides us the ability to originate investments without the assistance of investment banks or other traditional Wall Street intermediaries.

The Investment Team includes approximately 130 investment professionals (over 40 of whom are dedicated to technology investing) and is responsible for originating, underwriting, executing and managing the assets of our direct lending transactions and for sourcing and executing opportunities directly. The Investment Team is fully dedicated to direct lending and has significant experience as transaction originators and building and maintaining strong relationships with private equity sponsors, venture capital firms, entrepreneurs and companies. In addition, we believe that the Investment Team has enhanced sourcing capabilities because of their ability to utilize Blue Owl's resources and its relationships with the financial sponsor community and service providers, which we believe may broaden our deal funnel and result in an increased pipeline of deal opportunities.

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The Investment Team also maintains direct contact with banks, corporate advisory firms, industry consultants, attorneys, investment banks, "club" investors and other potential sources of lending opportunities. We believe the Adviser's ability to source through multiple channels allows us to generate investment opportunities that have more attractive risk-adjusted return characteristics than by relying solely on origination flow from investment banks or other intermediaries and to be more selective investors.

Since OCA's inception in April 2016 through December 31, 2025, the Adviser and its affiliates have reviewed over 3,105 technology-related opportunities totaling approximately $1.195 billion of financing and have sourced potential investment opportunities from more than 840 private equity sponsors and venture capital firms. We believe that the Adviser receives "early looks" and "last looks" based on its and Blue Owl's relationships, allowing it to be highly selective in the transactions it pursues.

***Provide Customized Financing Complementary to Financial Sponsors' Capital*** — We offer a broad range of investment structures and possess expertise and experience to effectively structure and price investments in technology companies. We offer customized financing solutions ranging from senior debt to equity capital. Unlike many of our competitors that we believe are restricted to smaller investment sizes and only invest in companies that fit a specific set of investment parameters, we have the scale and flexibility to structure our investments to suit the particular needs of our portfolio companies. As a result, we believe that our capital will be viewed as an attractive and complimentary source of capital, both by the portfolio company and by the portfolio company's financial sponsor.

***Potential Long-Term Investment Horizon*** — We believe our potential long-term investment horizon gives us flexibility, allowing us to maximize returns on our investments in technology companies. We invest using a long-term focus, which we believe provides us with the opportunity to increase total returns on invested capital, as compared to other private company investment vehicles or investment vehicles with daily liquidity requirements (e.g., open-ended mutual funds and ETFs).

***Defensive Investment Philosophy*** — The Adviser employs an investment approach focused on rigorous due diligence and underwriting, a highly selective and multi-stage investment decision process, and ongoing portfolio monitoring. The investment approach will focus on quantitative and qualitative factors, with particular emphasis on early detection of potential deterioration. This strategy is designed to minimize potential losses and achieve attractive risk adjusted returns.

***Active Portfolio Monitoring*** — The Adviser closely monitors the investments in our portfolio and takes a proactive approach to identifying and addressing sector- or company-specific risks. The Adviser receives and reviews detailed financial information from portfolio companies no less than quarterly and seeks to maintain regular dialogue with portfolio company management teams regarding current and forecasted performance. We anticipate that many of our debt investments will have financial covenants that we believe will provide an early warning of potential problems facing our borrowers, allowing lenders, including us, to identify and carefully manage risk.

Further, we anticipate that many of our equity investments will provide us the opportunity to nominate a member or observer to the board of directors of the portfolio company or otherwise include provisions protecting our rights as a minority-interest holder, which we believe will allow us to closely monitor the performance of these portfolio companies. In addition, 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.

***Increasing Benefits of Scale*** — We believe the Adviser's robust, scaled infrastructure and focus on direct lending provides us

a competitive advantage which enables us to provide attractive solutions as a trusted partner and therefore continue to capture market

share. Blue Owl's differentiated approach and scaled platform allow us to capitalize on opportunities across the sizing spectrum—

from bespoke financing solutions to traditional upper-middle-market loans and, increasingly, loans of $2.0 billion or more. Blue Owl's

Credit platform's scale has demonstrated the ability to originate larger deals, while also providing diversification. We believe our scale

enables Blue Owl to broaden our deal funnel and provides us access to more investment opportunities than many other direct lenders.

**Investment Selection**

The Adviser applies rigorous and established investment selection and underwriting criteria. Although not exhaustive, our Adviser expects that our investments will typically have many of the following attributes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Mission critical solutions* — solutions that are essential to business operations and are tightly integrated into the workflows or operations of end users;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Market leadership positions* — a leadership position in its market (or the potential to establish a leadership position) with potential and/or defensible barriers to entry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Strong quality of revenue* — revenue streams with high degrees of visibility (contracted or reoccurring) and substantial gross margins diversified by a granular, long-tenured customer base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Strong customer retention* — highly embedded software with meaningful switching costs;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Highly capital efficient*: strong free cash flow conversion or the potential to generate strong free cash flow conversion due to operating margins and low capital intensity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Attractive Unit Economics* — strong payback periods in respect of lifetime value of a customer versus the cost to acquire the customer.

The Adviser has identified the following investment criteria and guidelines that it believes are important in evaluating prospective portfolio companies. However, not all of these criteria and guidelines will be met, or will be equally important, in connection with each of our investments.

***Established Companies with Positive Cash Flow*** — We seek to invest in companies with sound historical financial performance and a history of profitability which we believe tend to be well-positioned to maintain consistent, often contractual, cash flow to service and repay their obligations and maintain growth in their businesses or market share in all market conditions, including in the event of a recession. The Adviser primarily focuses on upper middle-market companies with a history of profitability on an operating cash flow basis, a high percentage of recurring revenue and with limited cyclicality in their end markets. The Adviser does not intend to invest in start-up companies that have not achieved sustainable profitability and cash flow generation or companies with speculative business plans.

***Strong Competitive Position in Industry*** — The Adviser analyzes the strengths and weaknesses of target companies relative to their competitors. The factors the Adviser considers include relative product pricing, product quality, customer loyalty, substitution risk, switching costs, patent protection, brand positioning and capitalization. We seek to invest in companies that have developed leading positions within their respective markets, are well positioned to capitalize on growth opportunities and operate businesses, exhibit the potential to maintain sufficient cash flows and profitability to service their obligations in a range of economic environments or are in industries with significant barriers to entry. We seek companies that demonstrate advantages in scale, scope, customer loyalty, product pricing or product quality versus their competitors that, when compared to their competitors, may help to protect their market position and profitability.

***Experienced Management Team*** — We seek to invest in companies that have experienced management teams. We also seek to invest in companies that have proper incentives in place, including management teams having significant equity interests to motivate management to act in concert with our interests as an investor.

***Diversified Customer and Supplier Base*** — We generally seek to invest in companies that have a diversified customer and supplier base. Companies with a diversified customer and supplier base are generally better able to endure economic downturns, industry consolidation, changing business preferences and other factors that may negatively impact their customers, suppliers and competitors.

***Exit Strategy*** — While certain debt investments may be repaid through operating cash flows of the borrower, we expect that the primary means by which we exit our debt investments will be through methods such as strategic acquisitions by other industry participants, an initial public offering of common stock, a recapitalization, a refinancing or another transaction in the capital markets.

Prior to making an equity investment in a prospective portfolio company, we analyze the potential for that company to increase the liquidity of its equity through a future event that would enable us to realize appreciation in the value of our equity interest. Liquidity events may include an initial public offering, a private sale of our equity interest to a third party, a merger or an acquisition of the company or a purchase of our equity position by the company or one of its stockholders.

In addition, in connection with our investing activities, we may make commitments with respect to an investment in a potential portfolio company substantially in excess of our final investment. In such situations, while we may initially agree to fund up to a certain dollar amount of an investment, we may sell a portion of such amount, such that we are left with a smaller investment than what was reflected in our original commitment.

***Financial Sponsorship*** — We seek to participate in transactions sponsored by what we believe to be high-quality private equity and venture capital firms. We believe that a financial sponsor's willingness to invest significant sums of equity capital into a company is an explicit endorsement of the quality of their investment. Further, financial sponsors of portfolio companies with significant investments at risk have the ability and a strong incentive to contribute additional capital in difficult economic times should operational issues arise.

***Investments in Different Portfolio Companies and Industries*** — We seek to invest broadly among portfolio companies and industries, thereby potentially reducing the risk of any one company or industry having a disproportionate impact on the value of our portfolio; however, there can be no assurances in this regard. We seek to structure larger transactions and invest in stable, recession-resistant, strategically valuable industries that we are familiar with. We seek to invest not more than 20% of our portfolio in any single industry classification and target portfolio companies that comprise 0.5-1.5% of our portfolio (with no individual portfolio company generally expected to comprise greater than 5% of our portfolio).

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**Investment Process Overview**

***Origination and Sourcing*** — The Investment Team has an extensive network from which to source deal flow and referrals. Specifically, the Adviser sources portfolio investments from a variety of different investment sources, including among others, private equity sponsors, management teams, financial intermediaries and advisers, investment bankers, family offices, accounting firms and law firms. The Adviser focuses on sponsor-led leveraged buyouts, refinancings, recapitalizations and acquisitions and sponsors who value the ability to provide sizable commitments; flexible and creative solutions; and certainty, speed and transparency. To a lesser extent, the Adviser may invest in broadly syndicated loans. The Adviser believes that its experience across different industries and transaction types makes the Adviser particularly qualified to source, analyze and execute investment opportunities with a focus on downside protection and a return of principal.

***Due Diligence Process*** — The process through which an investment decision is made involves extensive research into the company, its industry, its growth prospects and its ability to withstand adverse conditions. If one or more members of the Investment Team responsible for the transaction determines that an investment opportunity should be pursued, the Adviser will engage in an intensive due diligence process focused on fundamental credit analysis and downside protection. Though each transaction may involve a somewhat different approach, the Adviser's diligence of each opportunity could include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• understanding the purpose of the loan, the key personnel, the sources and uses of the proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meeting the company's management and key personnel, including top level executives, to get an insider's view of the business, and to probe for potential weaknesses in business prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• checking management's backgrounds and references;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• performing a detailed review of historical financial performance, including performance through various economic cycles, and the quality of earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• contacting customers and vendors to assess both business prospects and standard practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conducting a competitive analysis, and comparing the company to its main competitors on an operating, financial, market share and valuation basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• researching the industry for historic growth trends and future prospects as well as to identify future exit alternatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assessing asset value and the ability of physical infrastructure and information systems to handle anticipated growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• leveraging the Adviser's internal resources and network with institutional knowledge of the company's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assessing business valuation and corresponding recovery analysis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing downside financial projections and liquidation analysis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing responsible investing and environmental, social and governance ("ESG") considerations including consulting the Sustainability Accounting Standards Board's Engagement Guide for ESG considerations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investigating legal and regulatory risks and financial and accounting systems and practices.

***Selective Investment Process*** — After an investment has been identified and preliminary diligence has been completed, a Technology Lending Investment Committee memorandum is prepared. This report is reviewed by the members of the Investment Team in charge of the potential investment and generally includes information on downside protection, asset coverage and collateral. If these members of the Investment Team are in favor of the potential investment, then a more extensive due diligence process, which may include significant analysis and focus on strategy and potential to recover par in default scenarios, is employed. Additional due diligence with respect to any investment may be conducted on our behalf by attorneys, independent accountants, and other third-party consultants and research firms prior to the closing of the investment, as appropriate on a case-by-case basis.

***Structuring and Execution*** — Approval of an investment requires the approval of a majority of the Technology Lending Investment Committee. Once the Technology Lending Investment Committee has determined that a prospective portfolio company is suitable for investment, the Adviser works with the management team of that company and its other capital providers, including senior, junior and equity capital providers, if any, to finalize the structure and terms of the investment. Additionally, a majority of the Technology Lending Investment Committee may approve parameters or guidelines pursuant to which certain investment may be made or sold consistent with our investment objective.

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***Inclusion of Covenants*** — Covenants are contractual restrictions that lenders place on companies to limit the corporate actions a company may pursue. Generally, the loans in which we expect to invest will have financial maintenance covenants, which are used to proactively address materially adverse changes in a portfolio company's financial performance. However, to a lesser extent, we may invest in "covenant-lite" loans. We use the term "covenant-lite" to refer generally to loans that do not have a complete set of financial maintenance covenants. Generally, "covenant-lite" loans provide borrower companies 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.

***Portfolio Monitoring*** — The Adviser monitors our portfolio companies on an ongoing basis. The Adviser monitors the financial trends of each portfolio company to determine if it is meeting its business plans and to assess the appropriate course of action with respect to our investment in each portfolio company. The Adviser has a number of methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• comparisons to other companies in the portfolio company's industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• attendance at, and participation in, board meetings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review of periodic 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 Blue Owl agent. Once an investment is on the credit watch list, the Adviser works with the borrower prior to payment default to resolve 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.

**Structure of Investments**

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 expect that generally our portfolio composition will be majority debt or income producing securities, which may include "covenant-lite" loans, with a lesser allocation to equity or equity-linked opportunities. In addition, we may invest a portion of our portfolio in opportunistic investments, which will not be our primary focus, but will be intended to enhance returns to our shareholders and from time to time, we may evaluate and enter into strategic portfolio transactions which may result in additional portfolio companies which we are considered to control. These investments may include high-yield bonds and broadly-syndicated loans, which are typically originated and structured by banks on behalf of large corporate borrowers with employee counts, revenues, EBITDAs and enterprise values larger than the middle-market characteristics described herein, and equity investments in portfolio companies that make senior secured loans or invest in broadly syndicated loans or structured products, such as life settlements and royalty interests. Our portfolio composition may fluctuate from time to time based on market conditions and interest rates.

Covenants are contractual restrictions that lenders place on companies to limit the corporate actions a company may pursue. Generally, the loans in which we expect to invest will have financial maintenance covenants, which are used to proactively address materially adverse changes in a portfolio company's financial performance. However, to a lesser extent, we may invest in "covenant-lite" loans. See "*Investment Process Overview – Inclusion of Covenants*."

***Debt Investments*** — The terms of our debt investments are tailored to the facts and circumstances of each transaction. The Adviser negotiates the structure of each investment to protect our rights and manage our risk. We generally invest in the following types of debt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *First-lien debt.* First-lien debt typically is senior on a lien basis to other liabilities in the issuer's capital structure and has the benefit of a first priority security interest in assets of the issuer. The security interest ranks above the security interest of any second-lien lenders in those assets. Our first-lien debt may include stand alone first-lien loans, "unitranche" loans (including "last out" portions of such loans), and secured corporate bonds with similar features to these categories of first-lien loans. As of December 31, 2025, 51% of our first lien debt was comprised of unitranche loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Stand-alone first lien loans.* Stand-alone first-lien loans are traditional first-lien loans. All lenders in the facility have equal rights to the collateral that is subject to the first-priority security interest.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ *Unitranche loans.* Unitranche loans (including the "last out" portions of such loans) combine features of first-lien, second-lien and mezzanine debt, generally in a first-lien position. In many cases, we may provide the issuer most, if not all, of the capital structure above their equity. The primary advantages to the issuer are the ability to negotiate the entire debt financing with one lender and the elimination of intercreditor issues. "Last out" first-lien loans have a secondary priority behind super-senior "first out" first-lien loans in the collateral securing the loans in certain circumstances. The arrangements for a "last out" first-lien loan are typically set forth in an "agreement among lenders," which provides lenders with "first out" and "last out" payment streams based on a single lien on the collateral. Since the "first out" lenders generally have priority over the "last out" lenders for receiving payment under certain specified events of default, or upon the occurrence of other triggering events under intercreditor agreements or agreements among lenders, the "last out" lenders bear a greater risk and, in exchange, receive a higher effective interest rate, through arrangements among the lenders, than the "first out" lenders or lenders in stand-alone first-lien loans. Agreements among lenders also typically provide greater voting rights to the "last out" lenders than the intercreditor agreements to which second-lien lenders often are subject. Among the types of first-lien debt in which we may invest, "last out" first-lien loans generally have higher effective interest rates than other types of first-lien loans, since "last out" first-lien loans rank below standalone first-lien loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Second-lien debt.* Our second-lien debt may include secured loans, and, to a lesser extent, secured corporate bonds, with a secondary priority behind first-lien debt. Second-lien debt typically is senior on a lien basis to unsecured liabilities in the issuer's capital structure and has the benefit of a security interest over assets of the issuer, though ranking junior to first-lien debt secured by those assets. First-lien lenders and second-lien lenders typically have separate liens on the collateral, and an intercreditor agreement provides the first-lien lenders with priority over the second-lien lenders' liens on the collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Mezzanine debt (unsecured debt).* Structurally, mezzanine debt usually ranks subordinate in priority of payment to first-lien and second-lien debt, is often unsecured, and may not have the benefit of financial covenants common in first-lien and second-lien debt. However, mezzanine debt ranks senior to common and preferred equity in an issuer's capital structure. Mezzanine debt investments generally offer lenders fixed returns in the form of interest payments, which could be paid-in-kind, and may provide lenders an opportunity to participate in the capital appreciation, if any, of an issuer through an equity interest. This equity interest typically takes the form of an equity co-investment or warrants. Due to its higher risk profile and often less restrictive covenants compared to senior secured loans, mezzanine debt generally bears a higher stated interest rate than first-lien and second-lien debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Broadly syndicated loans*. Broadly syndicated loans (whose features are similar to those described under "First-lien debt" and "Second-lien debt" above) are typically originated and structured by banks on behalf of large corporate borrowers with employee counts, revenues, EBITDAs, and enterprise values larger than the middle-market characteristics described above. The proceeds of broadly syndicated loans are often used for leveraged buyout transactions, mergers and acquisitions, recapitalizations, refinancings, and financing capital expenditures. Broadly syndicated loans are typically distributed by the arranging bank to a diverse group of investors primarily consisting of: CLOs; senior secured loan and high yield bond mutual funds; closed-end funds, hedge funds, banks, and insurance companies; and finance companies. A borrower must comply with various covenants contained in a loan agreement or note purchase agreement between the borrower and the holders of the broadly syndicated loan. The broadly syndicated loans in which we invest may include loans that are considered "covenant-lite" loans, because of their lack of a full set of financial maintenance covenants.

Our debt investments are typically structured with the maximum seniority and collateral that we can reasonably obtain while seeking to achieve our total return target. The Adviser seeks to limit the downside potential of our investments by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring a total return on our investments (including both interest and potential equity appreciation) that compensates us for credit risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negotiating covenants in connection with our investments consistent with preservation of our capital. Such restrictions may include affirmative covenants (including reporting requirements), negative covenants (including financial maintenance covenants), lien protection, limitations on debt incurrence, restrictions on asset sales, downside and liquidation cases, restrictions on dividends and other payments, cash flow sweeps, collateral protection, required debt amortization, change of control provisions and board rights, including either observation rights or rights to a seat on the board under some circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• including debt amortization requirements, where appropriate, to require the timely repayment of principal of the loan, as well as appropriate maturity dates.

Within our portfolio, the Adviser aims to maintain the appropriate proportion among the various types of first-lien loans, as well as second-lien debt and mezzanine debt, to allow us to achieve our target returns while maintaining our targeted amount of credit risk.

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Our debt investments may be structured as annualized recurring revenue ("ARR") loans, which are loans made to a company that may not currently be EBITDA positive because they have strategically determined to postpone profitability in favor of acquiring customers that will generate a high lifetime value over time. Generally, our ARR loans are made to high growth technology companies with a stable base of existing customers, providing strong revenue visibility. We believe the recurring revenue market to be underserved and find that ARR loans often have attractive risk adjusted return profiles, in the form of pricing, credit documentation, and /or loan-to-values, relative to the broader market.

***Equity Investments*** — Our investment in a portfolio company could be or may include an equity interest, such as common stock or preferred stock, or equity linked interest, such as a warrant or profit participation right. We may make direct and indirect equity investments with or without a concurrent investment in a more senior part of the capital structure of the issuer. Our equity investments are typically not control-oriented investments and we may structure such equity investments to include provisions protecting our rights as a minority-interest holder.

**Specialty Financing Portfolio Companies and Joint Ventures**

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

***Specialty Financing Portfolio Companies*** — We may make equity investments in portfolio companies that make senior secured loans or invest in broadly syndicated loans or structured products, such as life settlements and royalty interests. Our specialty

financing companies include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• LSI Financing 1 DAC LLC ("LSI Financing DAC"), a portfolio company formed to acquire contractual rights to revenue pursuant to earnout agreements in the life sciences space;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• LSI Financing LLC ("LSI Financing LLC"), a separately managed portfolio company formed to indirectly own royalty purchase agreements and loans in the life sciences space.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blue Owl Cross-Strategy Opportunities LLC ("BOCSO"), a portfolio company formed to hold alternative credit assets, including asset-based finance ("ABF"). ABF is a subsector of private credit focused on generating income from pools of financial, physical or other assets.

***Joint Ventures*** — We may make equity investments in joint ventures. Our joint ventures include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blue Owl Credit SLF LLC ("Credit SLF") is a joint venture whose 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blue Owl Leasing LLC ("Blue Owl Leasing"), a cross-platform joint venture that invests in equipment leases and loans.

**Investments**

We were initially capitalized on September 30, 2021 and commenced operations and began investing activities in May 2022.

As of December 31, 2025 and 2024, we had made investments with an aggregate fair value of $6.21 billion and $5.20 billion in 190 and 171 portfolio companies, respectively. The table below presents our investments at amortized cost and fair value as of the following periods:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| ($ in thousands) | **Amortized Cost** | **Fair Value** | **Net Unrealized Gain (Loss)** | **Amortized Cost** | **Fair Value** | **Net Unrealized Gain (Loss)** |
| First-lien senior secured debt investments | $5488669 | $5484795 | $(3874) | $4707450 | $4727263 | $19813 |
| Second-lien senior secured debt investments | 283730 | 267441 | (16289) | 175078 | 165292 | (9786) |
| Unsecured debt investments | 66248 | 66531 | 283 | 62158 | 62455 | 297 |
| Preferred equity investments | 177173 | 173230 | (3943) | 175076 | 171478 | (3598) |
| Common equity investments | 80256 | 101617 | 21361 | 42558 | 52144 | 9586 |
| Specialty finance equity investments | 86202 | 89389 | 3187 | 23830 | 24212 | 382 |
| Joint Ventures | 24325 | 24133 | (192) | 949 | 954 | 5 |
| **Total Investments** | $6206603 | $6207136 | $533 | $5187099 | $5203798 | $16699 |

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As of December 31, 2025 and 2024, we had outstanding commitments to fund unfunded investments totaling $0.86 billion and $0.54 billion, respectively.

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For additional information about our investment portfolio refer to *"Note 4 — Investments"* to our consolidated financial statements included in this annual report on Form 10-K ("Annual Report").

**Blue Owl Credit SLF LLC**

On May 6, 2024, Credit SLF, a Delaware limited liability company was formed as a joint venture. We, Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Credit Income Corp., Blue Owl Technology Finance Corp. and State Teachers Retirement System of Ohio (each, a "Credit SLF Member" and collectively, the "Credit SLF Members") co-managed 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. We do not consolidate our non-controlling interest in Credit SLF.

Refer to <u>[Exhibit 99.2](blueowlcreditslfllc-123120.htm)</u> for Credit SLF's Supplemental Financial Information.

 **Blue Owl Leasing LLC**

On June 30, 2025, Blue Owl Leasing was formed as a joint venture. We co-manage Blue Owl Leasing with Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Credit Income Corp., Blue Owl Technology Finance Corp., a Blue Owl managed alternative credit fund ("Blue Owl Alternative Credit Fund"), and California State Teachers Retirement System (each a "Blue Owl Leasing Member" and collectively, the "Blue Owl Leasing Members"). Blue Owl Leasing's principal purpose is to make investments, either directly or indirectly through financing subsidiaries or other persons, primarily in leases and loans. Blue Owl Leasing is managed by the Blue Owl Leasing Members and investment decisions must be unanimous. Our investment in Blue Owl Leasing is a co-investment made with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC. We do not consolidate our non-controlling interest in Blue Owl Leasing.

Refer to <u>[Exhibit 99.3](blueowlleasingllc-12312025.htm)</u> for Blue Owl Leasing's Supplemental Financial Information.

**Capital Resources and Borrowings**

We anticipate generating cash in the future from the issuance of common stock and debt securities and cash flows from interest, dividends, and fees earned from our investments and principal repayments and proceeds from sales of our investments.

We may borrow money from time to time if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after such borrowing. Additionally, we are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of shares senior to our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance. Our current target leverage ratio is 0.90x-1.25x. As of December 31, 2025 and 2024, our asset coverage was 223.4% and 227.7%, respectively. See "*Regulation as a Business Development Company – Senior Securities; Coverage Ratio*" below.

Furthermore, while any indebtedness and senior securities remain outstanding, we must make provisions to prohibit any distribution to our shareholders on our capital stock (which may cause us to fail to distribute amounts necessary to avoid entity-level taxation under the Code), or the repurchase of such capital stock unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. In addition, we must also comply with positive and negative covenants customary for these types of indebtedness or senior securities.

For additional information about our debt obligations see "*Note 5 — Debt" t*o our consolidated financial statements included in this Annual Report and *"ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS —Financial Condition, Liquidity and Capital Resources — Debt."*

**Distribution Policy** 

Because we have elected to be treated and intend to maintain our tax treatment as a RIC, we intend to distribute (or be treated as distributing) in each taxable year dividends of an amount equal to at least the sum of 90% of our investment company taxable income (which includes, among other items, dividends, interest, the excess of any net short-term capital gains over net long-term capital losses, as well as other taxable income, excluding any net capital gains reduced by deductible expenses) and 90% of our net tax-exempt income for that taxable year. As a RIC, we generally will not be subject to U.S. federal income tax on our investment company taxable income and net capital gains that we distribute to shareholders. We may be subject to a nondeductible 4% U.S. federal excise tax if we do not distribute (or are treated as distributing) in each calendar year an amount at least equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 98% of our net ordinary income, excluding certain ordinary gains and losses, recognized during a calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 such calendar year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain undistributed amounts from previous years on which we paid no U.S. federal income tax.

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We have previously incurred, and can be expected to incur, such excise tax on a portion of our income and gains. While we intend to distribute income and capital gains to minimize exposure to the 4% excise tax, we may not be able to, or may not choose to, distribute amounts sufficient to avoid the imposition of the tax entirely. In that event, we will be liable for the tax only on the amount by which we do not meet the foregoing distribution requirement. *See "ITEM 1A. RISK FACTORS – Risks Related to U.S. Federal Income Tax – We will be subject to U.S federal income tax imposed at corporate rates if we are unable to qualify and maintain our tax treatment as a RIC under subchapter M of the Code or if we make investments through taxable subsidiaries."* 

We may fund our cash distributions to shareholders from any sources of funds available to us, including fee waivers or deferrals by our Adviser that may be subject to repayment, as well as cash otherwise available. We have not established limits on the amount of

funds we may use from any available sources to make distributions; however, we will not borrow funds for the purpose of making distributions if the amount of such distributions would exceed our accrued and received revenues ("Net Revenues"), which we define as accrued and received revenues, less paid and accrued operating expenses with respect to such revenues and costs, for the previous

four quarters. We may be obligated to repay our Adviser over several years, and these repayments, if any, will reduce the future distributions that you would otherwise be entitled to receive from us. You should understand that such distributions may not be based on our investment performance. There can be no assurance that we will achieve the performance necessary to sustain our distributions, or that we will be able to pay distributions at a specific rate, or at all. Our Adviser has no obligation to waive or defer its advisory fees or otherwise reimburse expenses in future periods.

**Continuous Public Offering** 

We commenced a continuous public offering of up to $5,000,000,000 of Class S, Class D, and Class I shares of common stock on September 30, 2021. On September 30, 2021, we sold 100 Class I common shares for $1,000 to OTCA. On October 6, 2021, we received subscription agreements totaling $50 million for the purchase of Class I shares of our common stock from entities affiliated with our Adviser. As of December 31, 2022, we had called all of the $50.0 million commitment and commenced our continuous public offering of up to $5,000,000,000 in any combination of Class S, Class D and Class I shares of common stock. On February 3, 2025, we commenced our follow-on offering pursuant to which we are currently offering on a continuous basis up to $5,000,000,000 in any combination of Class S, Class D and Class I common shares.

Since meeting the minimum offering requirement and commencing our continuous public offering through December 31, 2025, we have issued 93,062,111 shares of Class S common stock, 3,413,138 shares of Class D common stock, and 41,616,430 shares of Class I common stock, exclusive of any tender offers and shares issued pursuant to our distribution reinvestment plan, for gross proceeds of $962.3 million, $34.9 million and $427.4 million, respectively, including $1,000 of seed capital contributed by the Initial Shareholder. We have also issued 246,887,445 shares of our Class I common stock in a Private Offering and raised gross proceeds of approximately $2.5 billion.

**Distribution Reinvestment Plan**

We have adopted a distribution reinvestment plan which was amended and restated on May 6, 2024. The amended and restated distribution reinvestment plan provides for reinvestment of any cash distributions on behalf of shareholders who have enrolled in the distribution reinvestment plan. As a result, if the Board authorizes and declares a cash distribution, then the shareholders who have enrolled in the distribution reinvestment plan will have their cash distribution automatically reinvested in additional shares of our common stock, rather than receiving the cash distribution. We expect to use newly issued shares to implement the distribution reinvestment plan.

**Share Repurchase Program**

We have commenced a share repurchase program, pursuant to which we intend to conduct quarterly repurchase offers to allow our shareholders to tender their shares at a price equal to the net offering price per share for the applicable class of shares on each date of repurchase. Our share repurchase program includes numerous restrictions that limit an investors ability to sell shares. Our board of directors reserves the right, in its sole discretion, to determine whether we will engage in any share repurchase, and if so, the terms of such repurchase, including whether to limit the number of shares to be repurchased for each class by applying limitations on the number of shares to be repurchased on a per class basis. We intend to limit the number of shares to be repurchased in each period to no more than 5.00% of our outstanding shares of common stock. Repurchases of shares will be made at prices determined by our board of directors, and paid on the date of such repurchase.

Any quarterly repurchase offers will be subject in part to our available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act, the Code and Rule 13e-4 under the Exchange Act, which prevents us from discriminating against shareholders. While we intend to conduct quarterly repurchase offers as described above, we are not required to do so and may amend or suspend the share repurchase program at any time.

**Competition**

Our primary competitors in providing financing to middle-market technology-related companies include public and private funds, other BDCs, commercial and investment banks, commercial finance companies and, to the extent they provide an alternative form of

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financing, private equity and hedge funds and alternative asset managers. Many of our competitors are substantially larger and have considerably greater financial, technical, and marketing resources than we do. Many of these competitors have similar investment objectives to us, which may create additional competition for investment opportunities. Some of these competitors may have a lower cost of capital and access to funding sources that are not available to us, which may create competitive disadvantages for us with respect to our investment opportunities. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. Further, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC, or to the distribution and other requirements we must satisfy to qualify for RIC tax treatment. Lastly, institutional and individual investors are allocating increasing amounts of capital to alternative investment strategies. Several large institutional investors have announced a desire to consolidate their investments in a more limited number of managers. We expect that this will cause competition in our industry to intensify and could lead to a reduction in the size and duration of pricing inefficiencies that many of our products seek to exploit. See "*ITEM 1A. RISK FACTORS — Risks Related to Our Business — We may face increasing competition for investment opportunities, which could delay further deployment of our capital, reduce returns and result in losses*."

**Investment Advisory Agreement**

The description below of the Investment Advisory Agreement is only a summary and is not necessarily complete. The description set forth below is qualified in its entirety by reference to the Investment Advisory Agreement.

Under the terms of the Investment Advisory Agreement, the Adviser is responsible for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• managing our assets in accordance with our investment objective, policies and restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determining the composition of our portfolio, the nature and timing of the changes to our portfolio and the manner of implementing such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making investment decisions for us, including negotiating the terms of investments in, and dispositions of, portfolio securities and other instruments on our behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• performing due diligence on prospective portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercising voting rights in respect of portfolio securities and other investments for us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• serving on, and exercising observer rights for, boards of directors and similar committees of our portfolio companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing us with such other investment advisory and related services as we may, from time to time, reasonably require for the investment of capital.

The Adviser's services under the Investment Advisory Agreement are not exclusive, and accordingly, the Adviser may provide similar services to other entities.

***Term*** 

The Investment Advisory Agreement became effective on November 30, 2021. 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 from year-to-year thereafter 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, a majority of independent directors. On May 5, 2025, the Board approved the continuation of the Investment Advisory Agreement.

The Investment Advisory Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act, by the Adviser. In accordance with the 1940 Act, without payment of any penalty, we 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 of our common stock. "Majority of the Outstanding Shares" means the lesser of (1) 67% or more of the outstanding shares of common stock present at a meeting, if the holders of more than 50% of the outstanding shares of common stock are present or represented by proxy or (2) a majority of outstanding shares of common stock. In addition, without payment of any penalty, the Adviser may terminate the Investment Advisory Agreement upon 120 days' written notice.

**Compensation of the Adviser** 

Pursuant to the Investment Advisory Agreement with the Adviser, subject to the overall supervision of our Board and in accordance with the 1940 Act, the Adviser receives an investment advisory fee from us, consisting of two components — a base management fee and an incentive fee. The base management fee is payable monthly in arrears. The base management fee is calculated at an annual rate of 1.25% based on the average value of our net assets at the end of the two most recently completed calendar months.

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All or part of the base management fee not taken as to any month will be deferred without interest and may be taken in any such month prior to the occurrence of a liquidity event. Base management fees for any partial month are prorated based on the number of days in the month. Any portion of management fees waived shall not be subject to recoupment.

The incentive fee consists of two parts: (i) an incentive fee on income and (ii) an incentive fee on capital gains. Each part of the incentive fee is outlined below.

The incentive fee on income will be calculated and payable quarterly in arrears and will be based upon our pre-incentive fee net investment income for the immediately preceding calendar quarter. In the case of a liquidation of the Company or if the Investment Advisory Agreement is terminated, the fee will also become payable as of the effective date of the event.

The incentive fee on income for each calendar quarter will be calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No incentive fee on income will be payable in any calendar quarter in which the pre-incentive fee net investment income does not exceed a quarterly return to investors of 1.25% of our net asset value for that immediately preceding calendar quarter. We refer to this as the quarterly preferred return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All of our pre-incentive fee net investment income, if any, that exceeds the quarterly preferred return, but is less than or equal to 1.43%, which we refer to as the upper level breakpoint, of our net asset value for that immediately preceding calendar quarter, will be payable to our Adviser. The Company refers to this portion of the incentive fee on income as the "catch-up." It is intended to provide an incentive fee of 12.50% on all of our pre-incentive fee net investment income when the pre-incentive fee net investment income reaches 1.43% of our net asset value for that calendar quarter, measured as of the end of the immediately preceding calendar quarter. The quarterly preferred return of 1.25% and upper level breakpoint of 1.43% are also adjusted for the actual number of days each calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For any quarter in which our pre-incentive fee net investment income exceeds the upper level break point of 1.43% of our net asset value for that immediately preceding calendar quarter, the incentive fee on income will equal 12.50% of the amount of our pre-incentive fee net investment income, because the quarterly preferred return and catch up will have been achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-incentive fee net investment income is defined as investment income and any other income, accrued during the calendar quarter, minus operating expenses for the quarter, including the base management fee, expenses payable under the Investment Advisory Agreement and the Administration Agreement, any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee. Pre-incentive fee net investment income does not include any expense support payments or any reimbursement by us of expense support payments, or any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

The incentive fee on capital gains will be determined and payable in arrears as of the end of each calendar year during which the Investment Advisory Agreement is in effect. In the case of a liquidation, or if the Investment Advisory Agreement is terminated, the fee will also become payable as of the effective date of such event. The annual fee will equal (i) 12.50% of our realized capital gains on a cumulative basis from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less (ii) the aggregate amount of any previously paid incentive fees on capital gains as calculated in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). In no event will the incentive fee on capital gains payable pursuant hereto be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.

Under the terms of the Investment Advisory Agreement, upon satisfaction of the minimum offering requirement, the Adviser is entitled to receive up to 1.50% of gross proceeds raised in the Company's continuous public offering until all organization and offering costs funded by the Adviser or its affiliates have been recovered. Any reimbursements will not exceed actual expenses incurred by the Adviser and its affiliates.

The following is a graphical representation of the calculation of the quarterly incentive fee on income:

**Quarterly Incentive Fee on**

**Pre-Incentive Fee Net Investment Income**

**(expressed as a percentage of the value of net assets)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| 0% | 1.25% |  | 1.43% |  |
| &nbsp;&nbsp; <br>⭠ 0% ⭢ |  | <br>⭠ 100% ⭢ |  | <br>⭠ 12.5% ⭢ |

---

**Percentage of Pre-Incentive Fee Net Investment Income**

**Allocated to Quarterly Incentive Fee**

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The incentive fee on capital gains will be determined and payable in arrears as of the end of each calendar year during which the Investment Advisory Agreement is in effect. In the case of a liquidation, or if the Investment Advisory Agreement is terminated, the fee will also become payable as of the effective date of such event. The annual fee will equal (i) 12.50% of our realized capital gains on a cumulative basis from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less (ii) the aggregate amount of any previously paid incentive fees on capital gains as calculated in accordance with U.S. GAAP. In no event will the Capital Gains Incentive Fee payable pursuant hereto be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.

Because of the structure of the incentive fee on income and the incentive fee on capital gains, it is possible that we may pay such fees in a year where we incur a net loss. For example, if we receive pre-incentive fee net investment income in excess of the 1.25% of the Company's net asset value for that immediately preceding calendar quarter, we will pay the applicable incentive fee even if we incurred a net loss in the quarter due to a realized or unrealized capital loss. Our Adviser will not be under any obligation to reimburse us for any part of the incentive fee they receive that is based on prior period accrued income that we never received as a result of any borrower's default or a subsequent realized loss of our portfolio.

The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated. The fees are calculated using detailed policies and procedures approved by our Adviser and our Board, including a majority of the independent directors, and such policies and procedures are consistent with the description of the calculation of the fees set forth above.

Our Adviser may elect to defer or waive all or a portion of the fees that would otherwise be paid to it in its sole discretion. Any portion of a fee not taken as to any month, quarter or year will be deferred without interest and may be taken in any such other month prior to the occurrence of a liquidity event as our Adviser may determine in its sole discretion.

***Organization and Offering Costs***

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive up to 1.5% of gross offering proceeds raised in the continuous public offering until all organization and offering costs paid by the Adviser or its affiliates have been recovered. These expenses include those deemed to be "organization and offering expenses" of the Company for purposes of Conduct Rule 2310(a)(12) of the Financial Industry Regulatory Authority (exclusive of commissions, the dealer manager fee, any discounts and other similar expenses paid by investors at the time of sale of the Company's stock). The Adviser is responsible for the payment of our organization and offering expenses to the extent that these expenses exceed 1.5% of the aggregate gross offering proceeds, without recourse against or reimbursement by us.

***Indemnification of the Adviser***

The Adviser (and any of its affiliates, directors, officers, members, employees, agents, or representatives) will not be liable to us for any action taken or omitted to be taken by the Adviser in connection with the performance of any of its duties or obligations under the Investment Advisory Agreement or otherwise as our investment adviser, except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services, and we will indemnify, defend and protect the Adviser (and its affiliates, directors, officers, members, employees, agents, and representatives, each of whom will be deemed a third party beneficiary hereof) (collectively, the "Indemnified Parties") and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or our shareholders) arising out of or otherwise based upon the performance of any of the Adviser's duties or obligations under the Investment Advisory Agreement or otherwise as our investment adviser. Notwithstanding the preceding sentence, we will not provide for indemnification of an Indemnified Party for any liability or loss suffered by such Indemnified Party, nor will we provide that an Indemnified Party be held harmless for any loss or liability suffered by us, unless: (1) we have determined, in good faith, that the course of conduct that caused the loss or liability was in our best interest; (2) we have determined, in good faith, that the Indemnified Party was acting on our behalf or performing services for us; (3) we have determined, in good faith, that such liability or loss was not the result of (i) negligence or misconduct, in the case that the Indemnified Party is the Adviser, an affiliate of the Adviser or one of our officers, or (ii) gross negligence or willful misconduct, in the case that the Indemnified Party is a director who is also not one of our officers or the Adviser or an affiliate of the Adviser; and (4) the indemnification or agreement to hold harmless is recoverable only out of our net assets and not from our shareholders. Furthermore, in accordance with Section 17(i) of the 1940 Act, the Adviser (and any of its affiliates, directors, officers, members, employees, agents, or representatives) may not be protected against any liability to us or any of our investors to which he would otherwise be subject by reason of criminal conduct, willful malfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his office.

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***Board Approval of the Investment Advisory Agreement***

On May 5, 2025, the Board held a meeting to consider and approve the continuation of the Investment Advisory Agreement and related matters. The Board was provided with the information it required to consider the Investment Advisory Agreement, including: (a) the nature, quality and extent of the advisory and other services to be provided to us by the Adviser; (b) comparative data with respect to advisory fees or similar expenses paid by other BDCs; (c) our projected operating expenses and expense ratio compared to BDCs with similar investment objectives; (d) any existing and potential sources of indirect income to the Adviser from its relationship with us and the profitability of that relationship; (e) information about the services to be performed and the personnel performing such services under the Investment Advisory Agreement; (f) the organizational capability and financial condition of the Adviser and its affiliates; and (g) the possibility of obtaining similar services from other third-party service providers or through an internally managed structure.

Based on the information reviewed and the discussion thereof, the Board, including a majority of the non-interested directors, concluded that the investment advisory fee rates are reasonable in relation to the services provided and approved the continuation of the Investment Advisory Agreement as being in the best interests of our shareholders.

**Administration Agreement** 

The description below of the Administration Agreement is only a summary and is not necessarily complete. The description set forth below is qualified in its entirety by reference to the Administration Agreement.

Under the terms of the Administration Agreement, the Adviser performs, or oversees the performance of, administrative services for us, which includes, but is not limited to, providing office space, equipment and office services, maintaining financial records, preparing reports to shareholders and reports filed with the SEC, managing the payment of expenses and the performance of administrative and professional services rendered by others, which could include employees of the Adviser or its affiliates. We will reimburse the Adviser for services performed for us 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 we will reimburse the Adviser for any services performed for us by such affiliate or third party.

The Administration Agreement became effective on November 30, 2021 and the continuation of the Administration Agreement was approved by the Board on May 5, 2025. Unless earlier terminated as described below, the Administration Agreement will remain in effect for a period of two years from the date it first became effective and from year-to-year thereafter 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, a majority of the independent directors. We may terminate the Administration Agreement, without payment of any penalty, 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 of our common stock. In addition, the Adviser may terminate the Administration Agreement, without payment of any penalty, upon 60 days' written notice.

The Administration Agreement provides that the Adviser and its affiliates' respective officers, directors, members, managers, stockholders and employees are entitled to indemnification from us from and against any claims or liabilities, including reasonable legal fees and other expenses reasonably incurred, arising out of or in connection with our business and operations or any action taken or omitted on our behalf pursuant to authority granted by the Administration Agreement, except where attributable to willful misfeasance, bad faith or gross negligence in the performance of such person's duties or reckless disregard of such person's obligations and duties under the Administration Agreement as provided by Section 17(i) of the 1940 Act.

**Payment of Our Expenses under the Investment Advisory and Administration Agreements**

Except as specifically provided below, 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. We bear our allocable portion of the compensation paid by the Adviser (or its affiliates) to our Chief Compliance Officer and Chief Financial Officer and their respective staffs (based on a percentage of time such individuals devote, on an estimated basis, to our business affairs, and as otherwise set forth in the Administration Agreement). We also 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 the Administration Agreement, and (iii) all other costs and expenses of our operations and transactions including, without limitation, those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenses deemed to be "organization and offering expenses" for purposes of Conduct Rule 2310(a)(12) of FINRA (exclusive of commissions, any discounts and other similar expenses paid by investors at the time of sale of our stock);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of corporate and organizational expenses relating to offerings of shares of our Common Stock;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs of hedging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses associated with marketing efforts;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. federal, state and local taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• independent directors' fees and expenses, including certain travel expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commissions and other compensation payable to brokers or dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• research and market data;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs of winding up;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs associated with reporting and compliance obligations under the Advisers Act and applicable federal and state securities laws.

**Dealer Manager Agreement** 

On November 30, 2021, we entered into a Dealer Manager Agreement (the "Dealer Manager Agreement") with Blue Owl Securities, an affiliate of the Adviser, and we have entered into participating broker-dealer agreements with certain broker-dealers. Under the terms of the Dealer Manager Agreement and the participating broker-dealer agreements, Blue Owl Securities serves as the dealer manager, and certain participating broker-dealers solicit capital, for our public offering of shares of Class S, Class D and Class I common stock. No upfront selling commissions will be paid to the Company or Blue Owl Securities with respect to Class S shares and Class D shares, however, if subscribers purchase Class S shares or Class D shares through certain financial intermediaries, those financial intermediaries may directly charge transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that the selling agents limit such charges to 1.50% of the net offering price per share for each Class D share and 3.50% of the net offering price per share for each Class S share. No upfront selling commissions will be paid in connection with purchases of Class I shares.

Subject to FINRA limitations on underwriting compensation and pursuant to a distribution plan we adopted in compliance with Rules 12b-1 and 17d-3 under the 1940 Act, as if those rules applied to the Company, the Company will pay Blue Owl Securities selling commissions over time as servicing fees for ongoing services rendered to shareholders by participating broker-dealers or broker-dealers servicing investors' accounts, referred to as servicing broker-dealers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to the Company`s outstanding Class S shares equal to 0.85% per annum of the aggregate net asset value of the Company`s outstanding Class S shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to the Company`s outstanding Class D shares equal to 0.25% per annum of the aggregate net asset value of the Company`s outstanding Class D shares.

The Company will not pay any ongoing servicing fee with respect to the Company's outstanding Class I shares.

Upfront selling commissions for sales of Class S and Class D shares may be reduced or waived in connection with volume or other discounts, other fee arrangements or for sales to certain categories of purchases.

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Blue Owl Securities, an affiliate of Blue Owl, is registered as a broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority.

**Expense Deferral Agreement**

On March 23, 2022, we and the Adviser entered into the expense deferral agreement (the "Expense Deferral Agreement"), under which the Adviser has agreed to incur and pay all of our expenses, other than amounts used to pay interest expense and shareholder servicing and/or distribution fees, until we met certain conditions related to the amount of subscriptions it received. The expenses subject to deferral did not include expenses that (1) were previously classified as Expense Payments or Reimbursement Payments under the Expense Support Agreement and Conditional Reimbursement Agreement between us and the Adviser, or (2) Organization and Offering Expenses in excess of 1.50% of the gross offering proceeds from the sale of our securities.

On May 9, 2023, we and the Adviser amended the Expense Deferral Agreement to provide that the Adviser's obligation to incur and pay our expenses would cease as of April 30, 2023, and that we would repay the expenses previously incurred by the Adviser on our behalf in eighteen equal installments, upon meeting specified conditions. The first installment became an obligation of ours on December 1, 2023, when we reached $1.75 billion in Net Subscriptions received from the sale of our common shares, and each of the seventeen remaining installments will become an obligation of ours for each $75 million in Net Subscriptions received from the sale of our common shares thereafter.

The Expense Deferral Agreement may be terminated at any time, without the payment of any penalty, by us or the Adviser, with or without notice, and will automatically terminate (i) in the event of the termination of the Investment Advisory Agreement, or (ii) if the Board makes a determination to dissolve or liquidate us. However, our obligation to repay to the Adviser the expenses incurred by the Adviser on our behalf upon meeting the specified conditions will survive any termination of the agreement.

**Affiliated Transactions**

We may be prohibited under the 1940 Act from participating in certain transactions with our affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. We rely on the Order to co-invest with other funds managed by the Adviser or certain affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such Order, we are generally 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.

**License Agreement**

We have also entered into a license agreement (the "License Agreement") with an affiliate of Blue Owl, pursuant to which we were granted a non-exclusive license to use the name "Blue Owl." Under the License Agreement, we have a right to use the Blue Owl name for so long as the Adviser or one of its affiliates remains our investment adviser. Other than with respect to this limited license, we have no legal right to the "Blue Owl" name or logo.

**Term**

We do not intend to complete a liquidity event within any specific time period, if at all. A liquidity event could include a merger or another transaction approved by our board of directors in which shareholders will receive cash or shares of a publicly traded company, or a sale of all or substantially all of our assets either on a complete portfolio basis or individually followed by a liquidation and distribution of cash to our shareholders. A liquidity event also may include a sale, merger or rollover transaction with one or more affiliated investment companies managed by the Adviser. We do not intend to list our shares on a national securities exchange. Upon the occurrence of a liquidity event, if any, all Class S and Class D shares will automatically convert into Class I shares and the ongoing servicing fee will terminate.

**Emerging Growth Company** 

We are an emerging growth company as defined in the Jumpstart our Business Startups Act of 2012 (the "JOBS Act") and we are eligible to take advantage of certain specified reduced disclosure and other requirements that are otherwise generally applicable to public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"). We expect to remain an emerging growth company for up to five years following the completion of our initial public offering or until the earliest of (i) the last day of the first fiscal year in which our annual gross revenues exceed $1.07 billion, (ii) December 31 of the fiscal year that we become a "large accelerated filer" as defined in Rule 12b-2 under the 1934 Act which would occur if the market value of our common

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stock that is held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter and we have been publicly reporting for at least 12 months or (iii) the date on which we have issued more than $1.00 billion in non-convertible debt securities during the preceding three-year period. In addition, we will take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards.

**Employees**

We do not currently have any employees and do not expect to have any employees. Services necessary for our business are provided by individuals who are employees of the Adviser or its affiliates, pursuant to the terms of the Investment Advisory Agreement and the Administration Agreement. Each of our executive officers is employed by the Adviser or its affiliates. Our day-to-day investment operations are managed by the Adviser. The services necessary for the origination and administration of our investment portfolio are provided by investment professionals employed by the Adviser or its affiliates. The Investment Team is focused on origination and transaction development and the ongoing monitoring of our investments. In addition, we reimburse the Adviser for the allocable portion of the compensation paid by the Adviser (or its affiliates) to our chief compliance officer and chief financial officer and their respective staffs (based on the percentage of time such individuals devote, on an estimated basis, to our business and affairs and as otherwise set forth in the Administrative Agreement). See *"— Investment Advisory Agreement"* and *"— Administration Agreement."*

**Sustainability**

Our and the Adviser's sustainability efforts seek to enable positive outcomes for our investors and the communities in which we operate. We believe our Adviser's sustainability efforts reflect strong leadership and oversight by Blue Owl's senior management and Blue Owl's Board and Blue Owl's commitment to its priority areas.

Additionally, to integrate responsible investing practices firmwide, Blue Owl has a Responsible Investing Working Group (the

"RI WG"), a cross-functional group across investment platforms, strategies and relevant business units. The RI WG members are

senior representatives of their respective teams and are responsible for coordinating responsible investing-related efforts within their

business units, as well as providing insights as it relates to their professional roles. The RI WG is chaired by Blue Owl's Chief

Operating Officer and activities are managed by the Responsible Investing & ESG team.

***Investing Responsibly***

We and the Adviser recognize the importance of business relevant ESG issues and opportunities and are committed to the consideration of these factors in relation to our business operations and investment activities to manage risk and identify opportunities. Blue Owl adopted an ESG and responsible investing policy, which applies to all asset classes, industries and countries in which Blue Owl does business and the products it manages.

The Adviser believes that incorporating business relevant ESG factors into its corporate and investment activities has the potential to meaningfully contribute to our value. The Adviser strives to continuously strengthen its ability to mitigate, manage, and monitor relevant ESG risks and opportunities within our investment portfolios. When the Adviser considers potential investments on our behalf, it seeks to address the relevant ESG considerations, risks and potential rewards related to prospective investments. Further, the Adviser has processes designed to ensure compliance with applicable regulatory disclosure requirements, including ESG-related disclosure obligations.

The Adviser believes it is important to consider the multiple ways that climate risk may affect it as an asset manager. Blue Owl has designed an approach to identify, assess and prioritize potential climate-related risks across its operations and investment activity. The Adviser has considered recommendations from the Task Force on Climate-Related Financial Disclosures in the design and implementation of its climate risk management program, including topics related to governance, strategy, risk management and metrics.

***Belonging***

The Adviser seeks to foster a culture that fuels its ability to deliver results through private markets, attract and retain top talent and build strong partnerships. The Adviser's values—mutual respect, excellence, constructive dialogue and one team—form the foundation of a culture where its employees are empowered to reach their full potential.

The following initiatives help cultivate connection, opportunity and impact for the Adviser's employees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employee Resource Groups are open to all employees and aim to create an environment of belonging for all. These groups are employee-initiated and employee-led.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blue Owl Celebrates is a series that honors various heritage and affinity months throughout the year by highlighting dynamic guest speakers, small businesses and resources for learning and action.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blue Owl partners with industry organizations to offer its employees access to resources, memberships, events, networks and opportunities for professional development, as well as utilizing the organizations' job boards to recruit candidates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Finally, Blue Owl's suite of benefits includes primary and secondary parental leave, family planning benefits and stipend and flexible work schedules.

***Citizenship***

Blue Owl takes its role as a corporate citizen seriously and aims to contribute to meaningful causes to support the communities in which it operates and resides. Blue Owl is committed to building a robust citizenship program that is integrated, community-centered, and employee-enriched, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blue Owl Leads Together, its global employee volunteerism and giving program, allows employees to engage with one another and with the communities in which we live and work; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blue Owl Gives, which advances Blue Owl's philanthropic mission—unlocking opportunity by powering access to college, to careers, and to capital—through strategic nonprofit partnerships.

**Regulation as a Business Development Company**

We have elected to be regulated as a BDC under the 1940 Act. The 1940 Act contains prohibitions and restrictions relating to transactions between BDCs and their affiliates (including any investment advisers or sub-advisers), principal underwriters and affiliates of those affiliates or underwriters and requires that a majority of the directors be persons other than "interested persons," as that term is defined in the 1940 Act.

In addition, the 1940 Act provides that we may not change the nature of our business so as to cease to be, or to withdraw our election as, a BDC unless approved by a Majority of the Outstanding Shares of our common stock.

We are not generally able to issue and sell our common stock at a price below net asset value per share. We may, however, issue and sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current net asset value of our common stock if (1) our board of directors determines that such sale is in our best interests and the best interests of our shareholders, and (2) our shareholders have approved our policy and practice of making such sales within the preceding 12 months. In any such case, the price at which our securities are to be issued and sold may not be less than a price which, in the determination of our board of directors, closely approximates the market value of such securities.

A BDC generally is required to meet an asset coverage ratio of the value of total assets to senior securities, which include all of our borrowings and any preferred stock the BDC may issue in the future, or at least 200%. However, certain provisions of the 1940 Act allowed a BDC to increase the maximum amount of leverage it may incur from an asset coverage ratio of 200% to an asset coverage ratio of 150% if certain conditions are met. This means that generally, a BDC can borrow up to $1 for every $1 of investor equity or, if certain conditions are met and it reduces its asset coverage ratio, a BDC can borrow up to $2 for every $1 of investor equity. On September 30, 2021, our Initial Shareholder approved a proposal that allows us to reduce our asset coverage ratio to 150%. As a result, effective on October 1, 2021, our asset coverage requirement applicable to senior securities was reduced from 200% to 150%.

We may also be prohibited under the 1940 Act from knowingly participating in certain transactions with our affiliates without the prior approval of our board of directors who are not interested persons and, in some cases, prior approval by the SEC.

We may invest up to 100% of our assets in securities acquired directly from issuers in privately negotiated transactions. With respect to such securities, we may, for the purpose of public resale, be deemed an "underwriter" as that term is defined in the Securities Act.

Our intention is to not write (sell) or buy put or call options to manage risks associated with the publicly traded securities of our portfolio companies, except that we may enter into hedging transactions to manage the risks associated with interest rate or currency fluctuations. However, we may purchase or otherwise receive warrants to purchase the common stock of our portfolio companies in connection with acquisition financing or other investments. Similarly, in connection with an acquisition, we may acquire rights to require the issuers of acquired securities or their affiliates to repurchase them under certain circumstances.

We do not intend to acquire securities issued by any investment company that exceed the limits imposed by the 1940 Act and the rules and regulations thereunder. Under these limits, we generally cannot acquire more than 3% of the voting stock of any registered investment company, invest more than 5% of the value of our total assets in the securities of one investment company, or invest more than 10% of the value of our total assets in the securities of more than one investment company unless certain conditions are met. If we invest in securities issued by investment companies, if any, it should be noted that such investments might subject our shareholders to additional expenses as they will be indirectly responsible for the costs and expenses of such companies.

None of our investment policies are fundamental, and thus may be changed without shareholder approval.

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*Qualifying Assets.* Under the 1940 Act, a BDC may not acquire any asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company's total assets. The principal categories of qualifying assets relevant to our business are any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an eligible portfolio company, or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such rules as may be prescribed by the SEC. An eligible portfolio company is defined in the 1940 Act as any issuer which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)is organized under the laws of, and has its principal place of business in, the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)is not an investment company (other than a small business investment company wholly owned by the business development company) or a company that would be an investment company but for certain exclusions under the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)satisfies any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)does not have any class of securities that is traded on a national securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)has a class of securities listed on a national securities exchange, but has an aggregate market value of outstanding voting and non-voting common equity of less than $250 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)is controlled by a business development company or a group of companies including a business development company and the business development company has an affiliated person who is a director of the eligible portfolio company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)is a small and solvent company having total assets of not more than $4 million and capital and surplus of not less than $2 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Securities of any eligible portfolio company controlled by us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Securities of an eligible portfolio company purchased from any person in a private transaction if there is no ready market for such securities and we already own 60% of the outstanding equity of the eligible portfolio company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Securities received in exchange for or distributed on or with respect to securities described in (1) through (4) above, or pursuant to the exercise of warrants or rights relating to such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment.

In addition, a BDC must be operated for the purpose of making investments in the types of securities described in (1), (2) or (3) above.

Control, as defined by the 1940 Act, is presumed to exist where a BDC beneficially owns more than 25% of the outstanding voting securities of the portfolio company, but may exist in other circumstances based on the facts and circumstances.

The regulations defining qualifying assets may change over time. We may adjust our investment focus as needed to comply with and/or take advantage of any regulatory, legislative, administrative or judicial actions.

*Managerial Assistance to Portfolio Companies.* A BDC must have been organized and have its principal place of business in the United States and must be operated for the purpose of making investments in the types of securities described above. However, in order to count portfolio securities as qualifying assets for the purpose of the 70% test, the BDC must either control the issuer of the securities or must offer to make available to the issuer of the securities (other than small and solvent companies described above) significant managerial assistance; except that, where the BDC purchases such securities in conjunction with one or more other persons acting together, one of the other persons in the group may make available such managerial assistance. Where the BDC purchases such securities in conjunction with one or more other persons acting together, the BDC will satisfy this test if one of the other persons in the group makes available such managerial assistance, although this may not be the sole method by which the BDC satisfies the requirement to make available managerial assistance. Making available significant managerial assistance means, among other things, any arrangement whereby the BDC, through its directors, officers or employees, offers to provide and, if accepted, does so provide, significant guidance and counsel concerning the management, operations or business objectives and policies of a portfolio company through monitoring of portfolio company operations, selective participation in board and management meetings, consulting with and advising a portfolio company's officers or other organizational or financial guidance.

*Temporary Investments.* Pending investment in other types of qualifying assets, as described above, our investments can consist of cash, cash equivalents, U.S. government securities or high quality debt securities maturing in one year or less from the time of

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investment, which are referred to herein, collectively, as temporary investments, so that 70% of our assets would be qualifying assets. We may invest in highly rated commercial paper, U.S. government agency notes, U.S. Treasury bills or in repurchase agreements relating to such securities that are fully collateralized by cash or securities issued by the U.S. government or its agencies. A repurchase agreement involves the purchase by an investor, such as us, of a specified security and the simultaneous agreement by the seller to repurchase it at an agreed-upon future date and at a price that is greater than the purchase price by an amount that reflects an agreed-upon interest rate. Consequently, repurchase agreements are functionally similar to loans. There is no percentage restriction on the proportion of our assets that may be invested in such repurchase agreements. However, the 1940 Act and certain diversification tests in order to qualify as a RIC for federal income tax purposes typically require us to limit the amount we invest with any one counterparty. Accordingly, we do not intend to enter into repurchase agreements with a single counterparty in excess of this limit. The Adviser will monitor the creditworthiness of the counterparties with which we may enter into repurchase agreement transactions.

*Warrants and Options.* Under the 1940 Act, a BDC is subject to restrictions on the issuance, terms and amount of warrants, options or rights to purchase shares of capital stock that it may have outstanding at any time. Under the 1940 Act, we may generally only offer warrants provided that (i) the warrants expire by their terms within ten years, (ii) the exercise or conversion price is not less than the current market value at the date of issuance, (iii) shareholders authorize the proposal to issue such warrants, and the Board approves such issuance on the basis that the issuance is in our best interests and the shareholders best interests and (iv) if the warrants are accompanied by other securities, the warrants are not separately transferable unless no class of such warrants and the securities accompanying them has been publicly distributed. The 1940 Act also provides that the amount of our voting securities that would result from the exercise of all outstanding warrants, as well as options and rights, at the time of issuance may not exceed 25% of our outstanding voting securities. In particular, the amount of capital stock that would result from the conversion or exercise of all outstanding warrants, options or rights to purchase capital stock cannot exceed 25% of the BDC's total outstanding shares of capital stock.

*Senior Securities; Coverage Ratio.* We are generally permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to our common stock if immediately after such borrowing or issuance, the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus preferred stock, if any, is at least 200% (or 150%, if certain requirements are met). This means that generally, a BDC can borrow up to $1 for every $1 of investor equity or, if certain requirements are met and it reduces its asset coverage ratio, it can borrow up to $2 for every $1 of investor equity. On September 30, 2021, the Initial Shareholder approved a proposal that allows us to reduce our asset coverage ratio to 150%. As a result, effective on October 1, 2021, our asset coverage ratio applicable to senior securities was reduced from 200% to 150%.

In addition, while any senior securities remain outstanding, we will be required to make provisions to prohibit any dividend distribution to our shareholders on our capital stock or the repurchase of such capital stock unless we meet the applicable asset coverage ratios at the time of the dividend distribution or repurchase. We will also be permitted to borrow amounts up to 5% of the value of our total assets for temporary or emergency purposes, which borrowings would not be considered senior securities. For a discussion of the risks associated with leverage, see "*ITEM 1A. RISK FACTORS — Risks Related to Business Development Companies — Regulations governing our operation as a BDC and RIC affect our ability to raise capital and the way in which we raise additional capital or borrow for investment purposes, which may have a negative effect on our growth. As a BDC, the necessity of raising additional capital may expose us to risks, including risks associated with leverage*."

*Codes of Ethics.* We and the Adviser have each adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, respectively, that establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to the code are permitted to invest in securities for their personal investment accounts, including securities that may be purchased or held by us, so long as such investments are made in accordance with the code's requirements. Our code of ethics is available on the EDGAR Database on the SEC's website at http://www.sec.gov. You may also obtain copies of the code of ethics, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

*Affiliated Transactions.* We may be prohibited under the 1940 Act from conducting certain transactions with our affiliates without the prior approval of our directors who are not interested persons and, in some cases, the prior approval of the SEC. We rely on the Order to co-invest with other funds managed by the Adviser or certain affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to the Order, we are generally 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 makes certain findings (1) in most instances when we co-invest with our affiliates in an issuer where our affiliate as 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. The Blue Owl Credit Advisers' allocation policies incorporate the conditions of the Order and seek to ensure equitable allocation of investment opportunities between

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us and/or other funds managed by the Adviser or its affiliates. As a result of the Order, there could be significant overlap in our investment portfolio and the investment portfolio of other Blue Owl Credit Clients and other Blue Owl clients that avail themselves of the Order. In addition, the Adviser and its affiliates are permitted to allocate an investment to a number of products across platforms that it views as appropriate for the particular investment objectives, strategies and characteristics of such products.

*Cancellation of the Investment Advisory Agreement.* Under the 1940 Act, the Investment Advisory Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act, by the Adviser. See *"Investment Advisory Agreement - Term.*" The Investment Advisory Agreement may be terminated at any time, without penalty, by us upon not less than 60 days' written notice to the Adviser and may be terminated at any time, without penalty, by the Adviser upon 120 days' written notice to us. The holders of a Majority of our Outstanding Shares may also terminate the Investment Advisory Agreement without penalty upon not less than 60 days' written notice. Unless terminated earlier as described above, the Investment Advisory Agreement will remain in effect for a period of two years from the date it first became effective and will remain in effect from year-to-year thereafter if approved annually by our Board or by the affirmative vote of the holders of a Majority of our Outstanding Shares, and, in either case, if also approved by a majority of our directors who are not "interested persons" as defined in the 1940 Act.

*Other.* We have adopted an investment policy that complies with the requirements applicable to us as a BDC. We expect to be periodically examined by the SEC for compliance with the 1940 Act, and will be subject to the periodic reporting and related requirements of the Exchange Act.

We are also required to provide and maintain a bond issued by a reputable fidelity insurance company to protect against larceny and embezzlement. Furthermore, as a BDC, we are prohibited from protecting any director or officer against any liability to our shareholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

We are also required to designate a chief compliance officer and to adopt and implement written policies and procedures reasonably designed to prevent violation of the federal securities laws and to review these policies and procedures annually for their adequacy and the effectiveness of their implementation.

We are not permitted to change the nature of our business so as to cease to be, or to withdraw our election as, a BDC unless approved by a Majority of the Outstanding Shares of our common stock.

We intend to operate as a non-diversified management investment company; however, we are currently and may, from time to time, in the future, be considered a diversified management investment company pursuant to the definitions set forth in the 1940 Act.

Rule 18f-4 under the 1940 Act 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. We currently qualify as a "limited derivatives user" and expect to continue to do so. We have adopted a derivatives policy and comply with the recordkeeping requirements of Rule 18f-4.

**Certain U.S. Federal Income Tax Considerations** 

The following discussion is a general summary of certain U.S. federal income tax considerations applicable to us and to an investment in our common stock. This discussion does not purport to be a complete description of the income tax considerations applicable to such an investment. For example, this discussion does not describe tax consequences that we have assumed to be generally known by investors or certain considerations that may be relevant to certain types of holders subject to special treatment under U.S. federal income tax laws, including persons who hold our common stock as part of a straddle or a hedging, integrated or constructive sale transaction, persons subject to the alternative minimum tax, tax-exempt organizations, insurance companies, brokers or dealers in securities, pension plans and trusts, persons whose functional currency is not the U.S. dollar, certain former citizens or long-term residents of the United States, regulated investment companies, real estate investment trusts, personal holding companies, persons required to accelerate the recognition of gross income as a result of such income being recognized on an applicable financial statement, persons who acquire an interest in the Company in connection with the performance of services, and financial institutions. Such persons should consult with their own tax advisers as to the U.S. federal income tax consequences of an investment in our common stock, which may differ substantially from those described herein. This discussion assumes that shareholders hold our common stock as capital assets (within the meaning of the Code).

The discussion is based upon the Code, U.S. Department of Treasury ("Treasury") regulations, and administrative and judicial interpretations, each as of the date of this report and all of which are subject to change, at any time, possibly retroactively, which could affect the continuing validity of this discussion and could be applied in a manner that adversely impact shareholders. We have not sought and will not seek any ruling from the IRS regarding any matter discussed herein. Prospective investors should be aware that, although we intend to adopt positions we believe are in accord with current interpretations of the U.S. federal income tax laws, the IRS may not agree with the tax positions taken by us and that, if challenged by the IRS, our tax positions might not be sustained by the

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courts. This summary does not discuss any aspects of U.S. estate tax, U.S. state or local taxation or non U.S. taxation. It also does not discuss the special treatment under U.S. federal income tax laws that could result if we invested in tax-exempt securities or certain other investment assets.

For purposes of this discussion, a "U.S. Shareholder" is a beneficial owner of our common stock that is for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a citizen or individual resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or other entity treated as a corporation) organized in or under the laws of the United States or of any political subdivision thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust that is subject to the supervision of a court within the United States and the control of one or more U.S. persons or that has a valid election in effect under applicable U.S. Treasury Regulations to be treated as a U.S. person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate, the income of which is subject to U.S. federal income tax regardless of its source.

A "Non-U.S. Shareholder" is a beneficial owner of our common stock that is neither a U.S. Shareholder nor a partnership for U.S. tax purposes.

If a partnership (including an entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds our common stock, the U.S. federal income tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. Any partner of a partnership holding our common stock should consult his, her or its own tax adviser with respect to the U.S. federal income tax consequences of the purchase, ownership and disposition of such shares.

Tax matters are very complicated and the tax consequences to an investor of an investment in our common stock will depend on the facts of his, her or its particular situation. You should consult your own tax adviser regarding the specific tax consequences of the ownership and disposition of shares of our common stock to you, including tax reporting requirements, the applicability of U.S. federal, state and local tax laws and non-U.S. tax laws, eligibility for the benefits of any applicable income tax treaty and the effect of any possible changes in the tax laws.

***Taxation as a Regulated Investment Company***

We have elected to be treated and intend to qualify each year as a RIC under the Code; however, no assurance can be given that we will be able to maintain our RIC tax treatment. As a RIC, we generally will not be subject to U.S. federal income tax at corporate rates on any ordinary income or capital gains that we timely distribute to our shareholders as dividends. To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements (as described below). In addition, in order to obtain RIC tax benefits, we generally must distribute to our shareholders, for each taxable year, at least 90% of our "investment company taxable income," which is generally our net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses (the "Annual Distribution Requirement").

If we qualify as a RIC, and satisfy the Annual Distribution Requirement, then we will not be subject to U.S. federal income tax on the portion of our investment company taxable income and net capital gain that we timely distribute (or are deemed to distribute) to our shareholders as dividends. We will be subject to U.S. federal income tax imposed at regular corporate rates on any income or capital gains not distributed (or deemed distributed) to our shareholders.

We will be subject to a nondeductible 4% U.S. federal excise tax on certain undistributed income unless we distribute in a timely manner an amount at least equal to the sum of (i) 98% of our net ordinary income for each calendar year, (ii) 98.2% of the amount by which our capital gain exceeds our capital loss (adjusted for certain ordinary losses) for the one-year period ending October 31 in that calendar year and (iii) certain undistributed amounts from previous years on which we paid no U.S. federal income tax (the "Excise Tax Distribution Requirement"). While we intend to distribute sufficient income and capital gains to our shareholders in each taxable year in order to avoid imposition of this 4% U.S. federal excise tax, there can be no assurance that we will be successful in avoiding entirely the imposition of this tax.

In order to qualify as a RIC for U.S. federal income tax purposes, we must, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continue to qualify as a BDC under the 1940 Act at all times during each taxable year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• derive in each taxable year at least 90% of our gross income from dividends, interest, payments with respect to loans of certain securities, gains from the sale or other taxable disposition of stock or other securities or foreign currencies, net income derived from an interest in certain "qualified publicly traded partnerships" (as defined in the Code), or other income derived with respect to our business of investing in such stock or securities (the "90% Income Test"); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diversify our holdings so that at the end of each quarter of the taxable year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least 50% of the value of our assets consists of cash, cash equivalents, U.S. government securities, securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no more than 25% of the value of our assets is invested in the (i) securities, other than U.S. government securities or securities of other RICs, of one issuer, (ii) securities, other than securities of other RICs, of two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses or (iii) securities of one or more "qualified publicly traded partnerships" (collectively, the "Diversification Tests").

For U.S. federal income tax purposes, we may be required to include in our taxable income certain amounts that we have not yet received in cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount (such as debt instruments with PIK interest or, in certain cases, increasing interest rates or issued with warrants), we must include in our taxable income in each taxable year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in our taxable income other amounts that we have not yet received in cash, such as PIK interest and deferred loan origination fees that are paid after origination of the loan. Because any original issue discount or other amounts accrued will be included in our investment company taxable income for the year of accrual, we may be required to make a distribution to our shareholders in order to satisfy the Annual Distribution Requirement, even though we will not have received the corresponding cash amount.

Although we do not presently expect to do so, we are authorized to borrow funds, to sell assets and to make taxable distributions of our stock and debt securities in order to satisfy the Annual Distribution Requirement. Our ability to dispose of assets to meet our distribution requirements may be limited by (i) the illiquid nature of our portfolio and/or (ii) other requirements relating to our status as a RIC, including the Diversification Tests. If we dispose of assets in order to meet the Annual Distribution Requirement or the Excise Tax Distribution Requirement, we may make such dispositions at times that, from an investment standpoint, are not advantageous. If we are unable to obtain cash from other sources to satisfy the Annual Distribution Requirement, we may fail to qualify for tax treatment as a RIC and become subject to U.S. federal income tax.

Under the 1940 Act, we are not permitted to make distributions to our shareholders while our debt obligations and other senior securities are outstanding unless certain "asset coverage" tests are met. If we are prohibited from making distributions, we may fail to qualify for tax treatment as a RIC and become subject to U.S. federal income tax.

Certain of our investment practices may be subject to special and complex U.S. federal income tax provisions that may, among other things: (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions; (ii) convert lower taxed long-term capital gain into higher taxed short-term capital gain or ordinary income; (iii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited); (iv) cause us to recognize income or gain without a corresponding receipt of cash; (v) adversely affect the time as to when a purchase or sale of securities is deemed to occur; (vi) adversely alter the characterization of certain complex financial transactions; and (vii) generate income that will not be qualifying income for purposes of the 90% Income Test described above. We will monitor our transactions and may make certain tax decisions in order to mitigate the potential adverse effect of these provisions.

A RIC is limited in its ability to deduct expenses in excess of its "investment company taxable income" (which is, generally, ordinary income plus the excess of net short-term capital gains over net long-term capital losses). If our expenses in a given year exceed our investment company taxable income, we would experience a net operating loss for that year. However, a RIC is not permitted to carry forward net operating losses to subsequent years. In addition, expenses can be used only to offset investment company taxable income, not net capital gain. A RIC may not use any net capital losses (that is, realized capital losses in excess of realized capital gains) to offset the RIC's investment company taxable income, but may carry forward such losses indefinitely, and use them to offset capital gains. Due to these limits on the deductibility of expenses, over the course of one or more taxable years we may have, for U.S. federal income tax purposes, aggregate taxable income that we are required to distribute and that is taxable to our shareholders even if such income is greater than the aggregate net income we actually earned during those years. Such required distributions may be made from our cash assets or by liquidation of investments, if necessary. We may realize gains or losses from such liquidations. In the event we realize net capital gains from such transactions, a shareholder may receive a larger capital gain distribution than it would have received in the absence of such transactions.

Investment income received from sources within foreign countries, or capital gains earned by investing in securities of foreign issuers, may be subject to foreign income taxes withheld at the source. In this regard, withholding tax rates in countries with which the United States does not have a tax treaty may be 35% or more. The United States has entered into tax treaties with many foreign countries that may entitle us to a reduced rate of or exemption from withholding tax on investment income and gains. The effective rate of foreign tax cannot be determined at this time since the amount of our assets to be invested within various countries is not now known. We do not anticipate being eligible for the special election that allows a RIC to treat foreign income taxes paid by such RIC as paid by its stockholders.

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If we purchase shares in a "passive foreign investment company," or PFIC, we may be subject to U.S. federal income tax on any "excess distribution" received on, or any gain from the disposition of such shares. Additional charges in the nature of interest generally will be imposed on us in respect of deferred taxes arising from any such excess distributions or gains. This additional tax and interest may apply even if we make a distribution as a taxable dividend by us to our shareholders in an amount equal to (1) any excess distribution, or (2) the gain from the dispositions of such shares. If we invest in a PFIC and elect to treat the PFIC as a "qualified electing fund", or QEF, in lieu of the foregoing requirements, we will be required to include in income each year our proportionate share of the ordinary earnings and net capital gain of the QEF, even if such income is not distributed by the QEF. Alternatively, we may be able to elect to mark-to-market at the end of each taxable year our shares in a PFIC; in this case, we will recognize as ordinary income any increase in the value of such shares and as ordinary loss any decrease in such value to the extent that any such decrease does not exceed prior increases included in our income. Under either election, we may be required to recognize income in excess of distributions from PFICs and our proceeds from dispositions of PFIC stock during that year, and such income will nevertheless be subject to the Annual Distribution Requirement and will be taken into account for purposes of the Excise Tax Distribution Requirement. We intend to limit and/or manage our holdings in PFICs to minimize our liability for any taxes and related interest charges.

If we hold more than 10% of the shares in a foreign corporation that is treated as a controlled foreign corporation, or "CFC," we may be treated as receiving a deemed distribution (taxable as ordinary income) each year from such foreign corporation in an amount equal to our pro rata share of certain of the corporation's income for the tax year (including both ordinary earnings and capital gains), whether or not the corporation makes an actual distribution during such year. In general, a foreign corporation will be classified as a CFC if more than 50% of the shares of the corporation, measured by reference to combined voting power or value, is owned (directly, indirectly or by attribution) by U.S. Shareholders. A "U.S. Shareholder," for this purpose, is any U.S. person that possesses (actually or constructively) 10% or more of the combined voting power of all classes of shares of a corporation or 10% or more of the total value of all classes of shares of a corporation. If we are treated as receiving a deemed distribution from a CFC, we will be required to include such distribution in our investment company taxable income regardless of whether we receive any actual distributions from such CFC, and such income will be subject to the Annual Distribution Requirement and will be taken into account for purposes of the Excise Tax Distribution Requirement.

Income inclusions from a QEF or a CFC will be "good income" for purposes of the 90% Income Test provided that they are derived in connection with our business of investing in stocks and securities or the QEF or the CFC distributes such income to us in the same taxable year to which the income is included in our income.

Foreign exchange gains and losses realized by us in connection with certain transactions involving non-dollar debt securities, certain foreign currency futures contracts, foreign currency option contracts, foreign currency forward contracts, foreign currencies, or payables or receivables denominated in a foreign currency are subject to Code provisions that generally treat such gains and losses as ordinary income and losses and may affect the amount, timing and character of distributions to our stockholders. Any such transactions that are not directly related to our investment in securities (possibly including speculative currency positions or currency derivatives not used for hedging purposes) could, under future Treasury regulations, produce income not among the types of "qualifying income" from which a RIC must derive at least 90% of its annual gross income.

In accordance with certain applicable Treasury regulations and guidance published by the IRS, a RIC that is publicly offered may treat a distribution of its own stock as fulfilling its RIC distribution requirements if each stockholder may elect to receive his or her entire distribution in either cash or stock of the RIC, subject to a limitation that the aggregate amount of cash to be distributed to all stockholders must be at least 20% of the aggregate declared distribution. If too many stockholders elect to receive cash, the cash available for distribution must be allocated among stockholders electing to receive cash (with the balance of the distribution paid in stock). In no event will any stockholder, electing to receive cash, receive less than the lesser of (a) the portion of the distribution such stockholder elected to receive in cash, or (b) an amount equal to his or her entire distribution times the percentage limitation on cash available for distribution. If these and certain other requirements are met, for U.S. federal income tax purposes, the amount of the dividend paid in stock will be equal to the amount of cash that could have been received instead of stock. We have no current intention of paying dividends in shares of our stock in accordance with these Treasury regulations or published guidance.

If we fail to qualify for treatment as a RIC, and certain relief provisions are not applicable, we will be subject to U.S. federal income tax on all of our taxable income (including our net capital gains) imposed at regular corporate rates. We would not be able to deduct distributions to our shareholders, nor would they be required to be made. Distributions, including distributions of net long-term capital gain, would generally be taxable to our shareholders as ordinary dividend income to the extent of our current and accumulated earnings and profits. Subject to certain holding period and other limitations under the Code, our corporate shareholders would be eligible to claim a dividend received deduction with respect to such dividend and our non-corporate shareholders would generally be able to treat such dividends as "qualified dividend income," which is subject to reduced rates of U.S. federal income tax. Distributions in excess of our current and accumulated earnings and profits would be treated first as a return of capital to the extent of the shareholder's adjusted tax basis, and any remaining distributions would be treated as a capital gain. In order to requalify as a RIC, in addition to the other requirements discussed above, we would be required to distribute all of our previously undistributed earnings attributable to the period we failed to qualify as a RIC by the end of the first year that we intend to requalify as a RIC. If we fail to

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requalify as a RIC for a period greater than two taxable years, we may be subject to U.S. federal income tax at regular corporate rates on any net built-in gains with respect to certain of our assets (i.e., the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized with respect to such assets if we had been liquidated) that we elect to recognize on requalification or when recognized over the next five years.

**Proxy Voting Policies and Procedures**

We have delegated our proxy voting responsibility to the Adviser. The Proxy Voting Policies and Procedures of the Adviser are described below. The guidelines are reviewed periodically by the Adviser and our non-interested directors, and, accordingly, are subject to change.

As an investment adviser registered under the Advisers Act, the Adviser has a fiduciary duty to act solely in the best interests of its clients. As part of this duty, the Adviser recognizes that it must vote client securities in a timely manner free of conflicts of interest and in the best interests of its clients. These policies and procedures for voting proxies for the Adviser's investment advisory clients are intended to comply with Section 206 of, and Rule 206(4)-6 under, the Advisers Act.

***Proxy Policies***

The Adviser will seek to vote all proxies relating to our portfolio securities in the best interest of our shareholders. The Adviser reviews on a case-by-case basis each proposal submitted to a shareholder vote to determine its impact on the portfolio securities held by the Company. Although the Adviser will generally vote against proposals that may have a negative impact on its clients' portfolio securities, the Adviser may vote for such a proposal if there exists compelling long-term reasons to do so.

The Adviser's proxy voting decisions are made by senior officers who are responsible for monitoring each of our investments. To ensure that the Adviser's vote is not the product of a conflict of interest, the Adviser requires that: (i) anyone involved in the decision making process disclose to the Adviser's chief compliance officer any potential conflict that he or she is aware of and any contact that he or she has had with any interested party regarding a proxy vote; and (ii) employees involved in the decision-making process or vote administration are prohibited from revealing how the Adviser intends to vote on a proposal in order to reduce any attempted influence from interested parties.

***Proxy Voting Records***

You may obtain information about how the Adviser voted proxies by making a written request for proxy voting information to: Blue Owl Technology Income Corp., Attention: Investor Relations, 399 Park Avenue, 37th Floor, New York, NY 10022 or by calling Blue Owl Technology Income Corp. at (212) 419-3000.

**Privacy Policy**

We are committed to maintaining the confidentiality, integrity and security of non-public personal information relating to investors. The following information is provided to help you understand what personal information we collect, how we protect that information and why, in certain cases, we may share information with select other parties.

Generally, we do not collect any non-public personal information other than certain biographical information which is used only so that we can service your account, send you annual reports, proxy statements, and other information required by law. With regard to this information, we maintain physical, electronic and procedural safeguards designed to protect the non-public personal information of our investors.

We may share information that we collect regarding an investor with certain of our service providers for legitimate business purposes, for example, in order to process trades or mail information to investors. In addition, we may disclose information that we collect regarding an investor as required by law or in connection with regulatory or law enforcement inquiries.

**Reporting Obligations**

We will furnish our shareholders with annual reports containing audited financial statements, quarterly reports, and such other periodic reports as we determine to be appropriate or as may be required by law.

We make available free of charge on our website (*www.blueowlproducts.com*) our annual reports on Form 10-K, quarterly reports on Form 10-Q and our current reports on Form 8-K, and amendments to these reports. The SEC also maintains a website (*www.sec.gov*) that contains such information. The reference to our website is an inactive textual reference only and the information contained on our website is not a part of this Form 10-K.

**Item 1A. Risk Factors** 

Investing in our securities involves a number of significant risks. You should consider carefully the following information before making an investment in our securities. The risks below are not the only risks we face. Additional risks and uncertainties not presently

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known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition and results of operations could be materially and adversely affected.

The following is a summary of the principal risks that you should carefully consider before investing in our securities.

***We are subject to risks related to macroeconomic factors.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Difficult market and geopolitical conditions could have a significant adverse effect on our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital markets disruption and economic uncertainty could have a material adverse effect on our business, financial condition or results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Future increases in inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fluctuations in interest rates could have a material adverse effect on our business and that of our portfolio companies.

***We are subject to risks related to our business and operations.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The lack of liquidity in our investments may adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We borrow money, which magnifies the potential for gain or loss and may increase the risk of investing in us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Defaults and provisions under our current borrowings or any future borrowing facility or notes may adversely affect our business, financial condition, results of operations and cash flows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we are unable to obtain additional debt financing, or if our borrowing capacity is materially reduced, our business could be materially adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to achieve our investment objective depends on our Adviser's ability to manage and support our investment process. If our Adviser were to lose a significant number of its key professionals, or terminate the Investment Advisory Agreement, our ability to achieve our investment objective could be significantly harmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to achieve our investment objective also depends to a significant extent upon Blue Owl's relationships with corporations, financial institutions and investment firms, the inability of Blue Owl to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may face increasing competition for investment opportunities, which could delay further deployment of our capital, reduce returns and result in losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our investment portfolio is recorded at fair value as determined in good faith by our Adviser in accordance with procedures approved by our Board and, as a result, there is and will be uncertainty as to the value of our portfolio investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Board may change our operating policies and strategies without prior notice or shareholder approval, the effects of which may be adverse to our shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cybersecurity risks and cyber data security incidents could adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential information and confidential information in our possession and damage to our business relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use of AI technologies by us could lead to the exposure of our data or other adverse effects and increase competitive, operational, legal, and regulatory risks in ways that we cannot predict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to risks in using custodians, counterparties, administrators and other agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have adopted a policy to invest, under normal circumstances, at least 80% of the value of our assets in technology-related companies.

***We are subject to risks related to our Adviser and its affiliates.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Adviser and its affiliates, including our officers and some of our directors, may face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in increased risk-taking or speculative investments, or cause our Adviser to use substantial leverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The time and resources that individuals associated with our Adviser devote to us may be diverted, and we may face additional competition due to, among other things, the fact that neither our Adviser nor its affiliates is prohibited from raising money for or managing another entity that makes the same types of investments that we target.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Adviser and its affiliates may face conflicts of interest with respect to services performed for their respective other accounts and clients or issuers in which we may invest.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be obligated to pay our Adviser incentive fees even if we incur a net loss due to a decline in the value of our portfolio and even if our earned interest income is not payable in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to enter into transactions with our affiliates is restricted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Class S and Class D shares are each subject to an ongoing service fee.

***We are subject to risks related to business development companies.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The requirement that we invest a sufficient portion of our assets in qualifying assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in qualifying assets could result in our failure to maintain our status as a BDC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulations governing our operation as a BDC and RIC affect our ability to raise capital and the way in which we raise additional capital or borrow for investment purposes, which may have a negative effect on our growth. As a BDC, the necessity of raising additional capital may expose us to risks, including risks associated with leverage.

***We are subject to risks related to our investments.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our investments in portfolio companies may be risky, and we could lose all or part of our investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have invested and may continue to invest through joint ventures, partnerships and other special purpose vehicles and our investments through these vehicles may entail greater risks, or risks that we otherwise would not incur, if we otherwise made such investments directly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Defaults by our portfolio companies could jeopardize a portfolio company's ability to meet its obligations under the debt or equity investments that we hold which could harm our operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subordinated liens on collateral securing debt investments that we may make to portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We generally will not control the business operations of our portfolio companies and, due to the illiquid nature of our holdings in our portfolio companies, we may not be able to dispose of our interests in our portfolio companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We and our portfolio companies are, and will continue to be, exposed to risks associated with changes in interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• International investments create additional risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our investment strategy focuses on technology-related companies, which are subject to many risks, including volatility, intense competition, shortened product life cycles, changes in regulatory and governmental programs and periodic downturns, and you could lose all or part of your investment.

***We are subject to risks related to an investment in our common stock.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The value of our common stock may fluctuate significantly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The amount of any distributions we may make on our common stock is uncertain. We may not be able to pay distributions to shareholders, or be able to sustain distributions at any particular level, and our distributions per share, if any, may not grow over time, and our distributions per share may be reduced. We have not established any limits on the extent to which we may use borrowings, if any, and we may use sources other than from cash flows from operations to fund distributions (which may reduce the amount of capital we ultimately invest in portfolio companies).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our shares are not listed, and we do not intend to list our shares, on an exchange, nor are our shares quoted through a quotation system. Therefore, our shareholders will have limited liquidity and may not receive a full return of invested capital (including front-end commissions, fees and expenses), upon selling their shares or upon liquidation of our Company.

***We are subject to risks related to U.S. federal income tax.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We cannot predict how new tax legislation will affect us, our investments, or our stockholders, and any such legislation could adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will be subject to U.S. federal income tax imposed at corporate rates if we are unable to maintain our tax treatment as a RIC under Subchapter M of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income.

***We are subject to general risks.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Heightened scrutiny of the financial services industry by regulators may materially and adversely affect our business.

**Macroeconomic Factors**

***Difficult market and geopolitical conditions could have a significant adverse effect on our business, financial condition and results of operations.***

Our business, financial conditions and results of operations may be affected by conditions and trends in the global financial markets and the global economic and political climate relating to, among other things, fluctuations in interest rates, the availability and cost of credit, future increases in inflation, economic uncertainty, changes in laws (including laws and regulations relating to our taxation, taxation of our clients and applicable to alternative asset managers), trade policies, commodity prices, tariffs (including retaliatory tariffs), currency exchange rates and controls, political elections and administration transitions, and national and international political events (including contract terminations or funding pauses, government agency closures, prolonged government shutdowns, wars and other forms of conflict, terrorist acts, and security operations), work stoppages, labor shortages and labor disputes, supply chain disruptions and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health pandemics.

Changes in trade policies, including the imposition of new tariffs or increases in existing tariffs between the United States, Mexico, Canada, China or other countries, or reactionary measures in response thereto including retaliatory tariffs, legal challenges, or currency manipulation, could adversely affect the market conditions in which we operate. Although the Supreme Court recently invalidated the tariffs imposed under the International Emergency Economic Powers Act ("IEEPA"), certain tariff rates and obligations established through trade agreements that were negotiated during active IEEPA tariffs remain in effect, and the current administration has announced widely applicable tariffs pursuant to the Trade Act of 1974, effective February 24, 2026. The administration has indicated that it will continue seeking to implement tariffs through other statutory authorities as well. The scope of the Supreme Court's decision may create market uncertainty as it relates to the availability of refunds for prior tariffs and the imposition of new tariffs to replace those imposed under IEEPA.

These factors are outside of our control and may negatively impact the businesses in which we invest directly or indirectly and, in turn, could have a material adverse impact on our business, operating results and financial condition. We monitor developments and seek to manage our investments in a manner consistent with achieving our investment objective, but there can be no assurance that we will be successful in doing so.

Global financial markets have experienced heightened volatility in recent periods, including as a result of economic and political events in or affecting the world's major economies, such as the ongoing wars and conflicts between Russia and Ukraine, as well as continued political and social unrest in Venezuela, the Middle East and regions of North Africa. Concerns over economic recession, future increases in inflation, interest rate volatility, fluctuations in oil and gas prices resulting from global production and demand levels and geopolitical tension, have exacerbated market volatility. Market volatility has been further exacerbated by social unrest, changes regarding immigration and work permit policies and other political and security concerns both in the United States and across various international regions. Due to interrelationships within the global financial markets, our business may be adversely affected by such issues both within and outside of the directly affected regions.

During periods of difficult market conditions or slowdowns, which may be across one or more industries, sectors or geographies, the companies in which we invest may experience decreased revenues, financial losses, credit rating downgrades, difficulty in obtaining access to financing and increased funding costs. During such periods, those companies may also have difficulty in pursuing growth strategies, expanding their businesses and operations and be unable to meet their debt service obligations or other expenses as they become due, including obligations and expenses payable us. Negative financial results in our portfolio companies could have a material adverse effect on our business, financial condition, cash flows and results of operations and could cause the market value of our common shares and/or debt securities to decline.

***Capital markets disruption and economic uncertainty could have a material adverse effect on our business, financial condition or results of operations.***

In recent years, the U.S. corporate debt markets have been impacted by inflation. Uncertain market conditions caused by increased inflation or other conditions may make it difficult to extend the maturity of or refinance our existing indebtedness or obtain new indebtedness with similar terms and any failure to do so could have a material adverse effect on our business. The debt capital that will be available to us in the future, if at all, may be at a higher cost and on less favorable terms and conditions than what we currently experience, including being in an elevated interest rate environment. If we are unable to raise or refinance debt, then our equity investors may not benefit from the potential for increased returns on equity resulting from leverage and we may be limited in our ability to make new commitments or to fund existing commitments to our portfolio companies. An inability to extend the maturity

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of, or refinance, our existing indebtedness or obtain new indebtedness could have a material adverse effect on our business, financial condition or results of operations.

Significant disruption or volatility in the capital markets may also have a negative effect on the valuations of our investments. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). Significant disruption or volatility in the capital markets may also affect the pace of our investment activity and the potential for liquidity events involving our investments. Thus, the illiquidity of our investments may make it difficult for us to sell such investments to access capital if required, and as a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. An inability to raise or access capital could have a material adverse effect on our business, financial condition or results of operations and cause our net asset value to decline. In addition, adverse or volatile market conditions may make equity capital difficult to raise because, subject to some limited exceptions, as a BDC, we are generally not able to issue additional shares of our common stock at a price less than net asset value without first obtaining approval for such issuance from our shareholders and independent directors. In addition, unfavorable economic conditions may require us to modify the payment terms of our investments, including changes in "payment in kind" or "PIK" interest provisions and/or cash interest rates, and also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us on terms we deem acceptable.

***Future increases in inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.***

Certain of our portfolio companies operate in industries that have been, or may be, impacted by inflation. Ongoing inflationary pressures have increased the costs of labor, energy and raw materials and have adversely affected consumer spending, economic growth and our portfolio companies' operations. If such portfolio companies are unable to pass any increases in the costs of their operations along to their customers, it could adversely affect their operating results. Such conditions would increase the risk of default on their obligations as a borrower. In addition, any projected future decreases in our portfolio companies' operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future unrealized losses and therefore reduce our net assets resulting from operations. Any decreases in the fair value of our investments could result in future realized or unrealized losses.

***Fluctuations in interest rates could have a material adverse effect on our business and that of our portfolio companies.***

Fluctuations in interest rates could have a dampening effect on overall economic activity, the financial condition of our portfolio companies and the financial condition of the end customers who ultimately create demand for the capital we supply, all of which could negatively affect our business, financial condition or results of operations. In addition, lower interest rates may increase prepayment risk for our portfolio company investments with higher interest rates. The Federal Reserve decreased the federal funds rate three times in 2025. Although the Federal Reserve has signaled the potential for additional federal funds rate cuts, there remains uncertainty around the rate and timing of decreases. Uncertainty surrounding future Federal Reserve actions may have a material effect on our business making it particularly difficult for us to obtain financing at attractive rates, impacting our ability to execute on our growth strategies or future acquisitions.

**Risks Related to Our Business**

***The lack of liquidity in our investments may adversely affect our business.***

We may acquire a significant percentage of our investments from privately held companies in directly negotiated transactions. Substantially all of these investments are subject to legal and other restrictions on resale or are otherwise less liquid than exchange-listed securities or other securities for which there is an active trading market. We typically would be unable to exit these investments unless and until the portfolio company has a liquidity event such as a sale, refinancing, or initial public offering.

The illiquidity of our investments may make it difficult or impossible for us to sell such investments if the need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments, which could have a material adverse effect on our business, financial condition and results of operations.

Moreover, investments purchased by us that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer, market events, economic conditions or investor perceptions.

***We borrow money, which magnifies the potential for gain or loss and may increase the risk of investing in us.***

The use of borrowings, also known as leverage, increases the volatility of investments by magnifying the potential for gain or loss on invested equity capital. We currently borrow under our credit facilities and have issued or assumed other senior securities, and in the future may borrow from, or issue additional senior securities to, banks, insurance companies, funds, institutional investors and other lenders and investors. Holders of these senior securities have fixed-dollar claims on our assets that are superior to the claims of

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our shareholders. If the value of our assets decreases, leverage would cause our net asset value to decline more sharply than it otherwise would have if we did not employ leverage. Similarly, any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to service our debt or make distributions to our shareholders. In addition, our shareholders will bear the burden of any increase in our expenses as a result of our use of leverage, including interest expenses and any increase in the base management or incentive fees payable to our Adviser attributable to the increase in assets purchased using leverage. There can be no assurance that a leveraging strategy will be successful.

Our ability to service any borrowings that we incur will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. The amount of leverage that we employ will depend on our Adviser's and our Board's assessment of market and other factors at the time of any proposed borrowing. We cannot assure you that we will be able to obtain credit at all or on terms acceptable to us, which could affect our return on capital. However, to the extent that we use leverage to finance our assets, our financing costs will reduce cash available for distributions to shareholders. Moreover, we may not be able to meet our financing obligations and, to the extent that we cannot, we risk the loss of some or all of our assets to liquidation or sale to satisfy the obligations. In such an event, we may be forced to sell assets at significantly depressed prices due to market conditions or otherwise, which may result in losses.

In addition to having fixed-dollar claims on our assets that are superior to the claims of our common shareholders, obligations to lenders may be secured by a first priority security interest in our portfolio of investments and cash.

As a BDC, generally, the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus any preferred stock, if any, must be at least 200%; however, the Small Business Credit Availability Act has modified the 1940 Act by allowing a BDC to increase the maximum amount of leverage it may incur from an asset coverage ratio of 200% to an asset coverage ratio of 150%, if certain requirements are met. On September 30, 2021, we received approval from OTCA for the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Small Business Credit Availability Act. As a result, effective October 1, 2021, our asset coverage ratio applicable to senior securities was reduced from 200% to 150% and the risks associated with an investment in us may increase. If this ratio declines below 150%, we cannot incur additional debt and could be required to sell a portion of our investments to repay some indebtedness when it may be disadvantageous to do so. This could have a material adverse effect on our operations, and we may not be able to service our debt or make distributions.

The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns on our portfolio, net of expenses. Leverage generally magnifies the return of shareholders when the portfolio return is positive and magnifies their losses when the portfolio return is negative. The calculations in the table below are hypothetical, and actual returns may be higher or lower than those appearing in the table below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Assumed Return on Our Portfolio (Net of Expenses)** | **Assumed Return on Our Portfolio (Net of Expenses)** | **Assumed Return on Our Portfolio (Net of Expenses)** | **Assumed Return on Our Portfolio (Net of Expenses)** | **Assumed Return on Our Portfolio (Net of Expenses)** |
| | **-10%** | **-5%** | **0%** | **5%** | **10%** |
| Corresponding return to common shareholder<sup>(1)</sup> | -23.5% | -14.5% | -5.4% | 3.7% | 12.8% |

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<sup>(1)</sup> Assumes, as of December 31, 2025: (i) $6.5 billion of total assets, (ii) $2.8 billion in outstanding indebtedness (iii) $3.6 billion in net assets and (iv) weighted average interest rate, excluding amortization of financing costs of 6.8%.

See "*ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION and RESULTS OF OPERATIONS - Financial Condition, Liquidity, and Capital Resources"* for more information regarding our borrowings.

***Defaults and provisions under our current borrowings or any future borrowing facility or notes may adversely affect our business, financial condition, results of operations and cash flows.***

Our borrowings may include 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 certain financial covenants related to asset coverage and liquidity and other maintenance covenants, as well as customary events of default. In the event we default under the terms of our current or future borrowings, our business could be adversely affected as we may be forced to sell a portion of our investments quickly and prematurely at what may be disadvantageous prices to us in order to meet our outstanding payment obligations and/or support working capital requirements under the terms of our current or future borrowings, any of which would have a material adverse effect on our business, financial condition, results of operations and cash flows. An event of default under the terms of our current or any future borrowings could result in an accelerated maturity date for all amounts outstanding thereunder, and in some instances, lead to a cross-default under other borrowings. This could reduce our liquidity and cash flow and impair our ability to grow our business. Collectively, substantially all of our assets are currently pledged as collateral under our credit facilities. If we were to default on our obligations under the terms of our credit facilities or any future secured debt instrument the agent for the applicable creditors would be able to assume control of the disposition of any or all of our

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assets securing such debt, including the selection of such assets to be disposed and the timing of such disposition, which would have a material adverse effect on our business, financial condition, results of operations and cash flows.

Any security interests and/or negative covenants required by a credit facility we enter into or notes we issue may limit our ability to create liens on assets to secure additional debt and may make it difficult for us to restructure or refinance indebtedness at or prior to maturity or obtain additional debt or equity financing.

A credit facility may be backed by all or a portion of our loans and securities on which the lenders will have a security interest. We may pledge up to 100% of our assets and may grant a security interest in all of our assets under the terms of any debt instrument we enter into with lenders. If we were to default under the terms of any debt instrument, the agent for the applicable lenders would be able to assume control of the timing of disposition of any or all of our assets securing such debt, which would have a material adverse effect on our business, financial condition, results of operations and cash flows.

In addition, if our borrowing base under a credit facility were to decrease, we may be required to secure additional assets in an amount sufficient to cure any borrowing base deficiency. In the event that all of our assets are secured at the time of such a borrowing base deficiency, we could be required to repay advances under a credit facility or make deposits to a collection account, either of which could have a material adverse impact on our ability to fund future investments and to make distributions.

In addition, we may be subject to limitations as to how borrowed funds may be used, which may include restrictions on geographic and industry concentrations, loan size, payment frequency and status, average life, collateral interests and investment ratings, as well as regulatory restrictions on leverage which may affect the amount of funding that may be obtained. There may also be certain requirements relating to portfolio performance, including required minimum portfolio yield and limitations on delinquencies and charge-offs, a violation of which could limit further advances and, in some cases, result in an event of default.

Under the terms of the Revolving Credit Facility, we have agreed not to incur any additional secured indebtedness other than in certain limited circumstances in which the incurrence is permitted under the Revolving Credit Facility. In addition, if our borrowing base under the Revolving Credit Facility were to decrease, we would be required to secure additional assets or repay advances under the Revolving Credit Facility which could have a material adverse impact on our ability to fund future investments and to make distributions.

In addition, under the terms of our credit facilities, we are subject to limitations as to how borrowed funds may be used, as well as regulatory restrictions on leverage which may affect the amount of funding that we may obtain. There may also be certain requirements relating to portfolio performance, a violation of which could limit further advances and, in some cases, result in an event of default. This could reduce our liquidity and cash flow and impair our ability to grow our business.

***If we are unable to obtain additional debt financing, or if our borrowing capacity is materially reduced, our business could be materially adversely affected.***

We may want to obtain additional debt financing, or need to do so upon maturity of our credit facilities, in order to obtain funds which may be made available for investments. Our credit facilities, notes and CLOs currently expire between July 2026 and April 2036. If we are unable to increase, renew or replace any such facilities and enter into new debt financing facilities or other debt financing on commercially reasonable terms, our liquidity may be reduced significantly. In addition, if we are unable to repay amounts outstanding under any such facilities and are declared in default or are unable to renew or refinance these facilities, we may not be able to make new investments or operate our business in the normal course. These situations may arise due to circumstances that we may be unable to control, such as lack of access to the credit markets, a severe decline in the value of the U.S. dollar, an economic downturn or an operational problem that affects us or third parties, and could materially damage our business operations, results of operations and financial condition. See "*Capital markets disruption and economic uncertainty could have a material adverse effect on our business, financial condition or results of operations."*

***Our ability to achieve our investment objective depends on our Adviser's ability to manage and support our investment process. If our Adviser were to lose a significant number of its key professionals, or terminate the Investment Advisory Agreement, our ability to achieve our investment objective could be significantly harmed.***

We do not have any employees. Additionally, we have no internal management capacity other than our appointed executive officers and will be dependent upon the investment expertise, skill and network of business contacts of our Adviser to achieve our investment objective. Our Adviser evaluates, negotiates, executes, monitors, and services our investments. Our success depends to a significant extent on the continued service and coordination of our Adviser, including its key professionals. The departure of a significant number of key professionals from our Adviser could have a material adverse effect on our ability to achieve our investment objective.

Our ability to achieve our investment objective also depends on the ability of our Adviser to identify, analyze, invest in, finance, and monitor companies that meet our investment criteria. Our Adviser's capabilities in structuring the investment process, and providing competent, attentive and efficient services to us depend on the involvement of investment professionals of adequate number

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and sophistication to match the corresponding flow of transactions. Any failure to find, hire, train, supervise and manage new investment professionals could have a material adverse effect on our business, financial condition and results of operations.

In addition, the Investment Advisory Agreement has a termination provision that allows the agreement to be terminated by us on 60 days' notice without penalty by the vote of a Majority of the Outstanding Shares of our common stock or by the vote of our independent directors and generally may be terminated at any time, without penalty, by our Adviser upon 120 days' notice to us. Furthermore, the Investment Advisory Agreement automatically terminates in the event of its assignment, as defined in the 1940 Act, by the Adviser. If the Adviser resigns or is terminated, or if we do not obtain the requisite approvals of shareholders and our Board to approve an agreement with the Adviser after an assignment, we may not be able to find a new investment adviser or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms prior to the termination of the Investment Advisory Agreement, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption and costs under any new agreements that we enter into could increase. Our financial condition, business and results of operations, as well as our ability to meet our payment obligations under our indebtedness and pay distributions, are likely to be adversely affected, and the value of our common stock may decline.

***Our ability to achieve our investment objective also depends to a significant extent upon Blue Owl's relationships with corporations, financial institutions and investment firms, the inability of Blue Owl to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.***

Blue Owl depends on its relationships with corporations, financial institutions and investment firms, and we rely to a significant extent upon these relationships to provide us with potential investment opportunities. The investment management business is intensely competitive, with competition based on a variety of factors, including investment performance, business relationships, quality of service provided to clients, fund investor liquidity, fund terms (including fees and economic sharing arrangements), brand recognition and business reputation. If Blue Owl fails to maintain its reputation it may not be able to maintain its existing relationships or develop new relationships or sources of investment opportunities, and we may not be able to grow our investment portfolio. In addition, there is no assurance that such relationships will generate investment opportunities for us.

***Our cash and cash equivalents could be adversely affected if the financial institutions in which we hold our cash and cash equivalents fail.***

We regularly maintain cash balances at third-party financial institutions in excess of the Federal Deposit Insurance Corporation insurance limits. If a depository institution fails to return these deposits or is otherwise subject to adverse conditions in the financial or credit markets, our access to invested cash or cash equivalents could be limited which adversely impact our results of operations or financial condition.

***We may face increasing competition for investment opportunities, which could delay further deployment of our capital, reduce returns and result in losses.***

We may compete for investments with other BDCs and investment funds (including registered investment companies, private equity funds and mezzanine funds), including the other Blue Owl Clients or other funds managed by our Adviser or its affiliates comprising Blue Owl's Credit platform (including Blue Owl's alternative credit products), the private funds managed by Blue Owl's GP Strategic Capital platform, the funds and accounts managed by Blue Owl's Real Assets platform, as well as traditional financial services companies such as commercial banks and other sources of funding. Moreover, alternative investment vehicles, such as hedge funds, continue to increase their investment focus in our target market of privately owned U.S. companies. We may experience increased competition from banks and investment vehicles who may continue to lend to the middle market. Additionally, the U.S. Federal Reserve and other bank regulators may periodically provide incentives to U.S. commercial banks to originate more loans to U.S. middle-market private companies. As a result of these market participants and regulatory incentives, competition for investment opportunities in privately owned U.S. companies is strong and may intensify. Many of our competitors are substantially larger and have considerably greater financial, technical, and marketing resources than we do. For example, some competitors may have a lower cost of capital and access to funding sources that are not available to us. In addition, some competitors may have higher risk tolerances or different risk assessments than us. These characteristics could allow our competitors to consider a wider variety of investments, establish more relationships and offer better pricing and more flexible structuring than we are able to do.

Numerous factors increase our competitive risks, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Some of our competitors may have or are perceived to have more expertise or financial, technical, marketing and other resources and more personnel than we do;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not perform as well as competitors' funds or other available investment products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Some of our competitors have raised significant amounts of capital, and many of them have similar investment objectives to ours, which may create additional competition for investment opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Some of our competitors may have lower fees or alternative fee arrangements;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Some of our competitors may have a lower cost of capital and access to funding sources that are not available to us, which may create competitive disadvantages for us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Some of our competitors may have higher risk tolerances, different risk assessments or lower return thresholds than us, which could allow them to consider a wider variety of investments and to bid more aggressively than us or to agree to less restrictive legal terms and protections for investments that we want to make; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Some of our competitors may be subject to less regulation or fewer conflicts of interest and, accordingly, may have more flexibility to undertake and execute certain businesses or investments than we do, bear less compliance expense than we do or be viewed differently in the marketplace.

We may lose investment opportunities if we do not match our competitors' pricing, terms, and investment structure criteria. If we are forced to match these competitors' investment terms criteria, we may not be able to achieve acceptable returns on our investments or may bear substantial risk of capital loss. A significant increase in the number and/or the size of our competitors in our target market could force us to accept less attractive investment terms. Furthermore, many competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or the source of income, asset diversification and distribution requirements we must satisfy to maintain our RIC tax treatment. The competitive pressures we face, and the manner in which we react or adjust to competitive pressures, may have a material adverse effect on our business, financial condition, results of operations, effective yield on investments, investment returns, leverage ratio, and cash flows. As a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time. Also, we may not be able to identify and make investments that are consistent with our investment objective.

***Our investment portfolio is recorded at fair value as determined in good faith by our Adviser in accordance with procedures approved by our Board and, as a result, there is and will be uncertainty as to the value of our portfolio investments.***

Under the 1940 Act, we are required to carry our portfolio investments at market value or, if there is no readily available market value, at fair value as determined in accordance with procedures established by our Adviser and approved by our Board. There is not a public market or active secondary market for many of the types of investments in privately held companies that we hold and intend to make. Our investments may not be publicly traded or actively traded on a secondary market but, instead, may be traded on a privately negotiated over-the-counter secondary market for institutional investors, if at all. As a result, we will value these investments quarterly at fair value as determined in good faith in accordance with valuation policy and procedures approved by our Board.

The determination of fair value, and thus the amount of unrealized appreciation or depreciation we may recognize in any reporting period, is to a degree subjective, and our Adviser has a conflict of interest in determining fair value. We will value our investments quarterly at fair value as determined in good faith by our Adviser, based on, among other things, input of our Audit Committee and independent third-party valuation firm(s) engaged at the direction of our Adviser. The types of factors that may be considered in determining the fair values of our investments include the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flow, current market interest rates and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, the valuations may fluctuate significantly over short periods of time due to changes in current market conditions. The determinations of fair value in accordance with procedures approved by our Board may differ materially from the values that would have been used if an active market and market quotations existed for such investments. Our net asset value could be adversely affected if the determinations regarding the fair value of the investments were materially higher than the values that we ultimately realize upon the disposal of such investments.

***We have adopted a policy to invest, under normal circumstances, at least 80% of the value of our assets in technology-related companies.***

We have adopted a policy to invest, under normal circumstances, at least 80% of the value of our assets in technology-related companies. Other than with respect to this policy, which may only be changed with 60 days' prior notice to our shareholders, the Board has the authority to modify or waive current operating policies, investment criteria and strategies without prior notice and without shareholder approval. We cannot predict the effect any changes to current operating policies, investment criteria and strategies would have on our business, net asset value, operating results and the value of our securities. However, the effects might be adverse, which could negatively impact our ability to pay you distributions and cause you to lose all or part of your investment.

***We are not limited with respect to the portion of our assets that may be invested in a single issuer.***

Beyond the asset diversification requirements associated with our qualification as a RIC for U.S. federal income tax purposes, we do not have fixed guidelines for diversification. We have adopted a policy to invest, under normal circumstances, at least 80% of the value of our assets in technology-related companies. To the extent that we hold large positions in a small number of issuers, or within a particular industry, our net asset value may fluctuate as a result of changes in the issuer's financial condition or the market's assessment of the issuer. We may also be more susceptible to any single economic or regulatory occurrence or a downturn in particular industry in which we may invest significantly than a diversified investment company otherwise would be.

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***Any unrealized depreciation we experience on our portfolio may be an indication of future realized losses, which could reduce our income available for distribution.***

As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at the fair value as determined in good faith in accordance with procedures approved by our Board. Decreases in the market values or fair values of our investments relative to amortized cost will be recorded as unrealized depreciation. Any unrealized losses in our portfolio could be an indication of a portfolio company's inability to meet its repayment obligations to us with respect to the affected loans. This could result in realized losses in the future and ultimately in reductions of our income available for distribution in future periods. In addition, decreases in the market value or fair value of our investments will reduce our net asset value. See "*ITEM 7* — *MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS* — *Critical Accounting Policies* — *Investments at Fair Value*."

***We are an "emerging growth company" under the JOBS Act, and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our securities less attractive to investors.***

We are and we will remain an "emerging growth company" as defined in the JOBS Act until the earlier of (a) the last day of the fiscal year (i) following the fifth anniversary of the completion of our initial offering, (ii) in which we have total annual gross revenue of at least $1.07 billion, or (iii) in which we are deemed to be a large accelerated filer, which means the market value of our Common Stock that is held by non-affiliates exceeds $700 million as of the prior June 30th, and (b) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period. For so long as we remain an "emerging growth company" we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. We cannot predict if investors will find our securities less attractive because we will rely on some or all of these exemptions.

In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the 1933 Act for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We intend to take advantage of such extended transition periods.

***Our status as an "emerging growth company" under the JOBS Act may make it more difficult to raise capital as and when we need it.***

Because of the exemptions from various reporting requirements provided to us as an "emerging growth company" and because we will have an extended transition period for complying with new or revised financial accounting standards, we may be less attractive to investors and it may be difficult for us to raise additional capital as and when we need it. Investors may be unable to compare our business with other companies in our industry if they believe that our financial accounting is not as transparent as other companies in our industry. If we are unable to raise additional capital as and when we need it, our financial condition and results of operations may be materially and adversely affected.

***Cybersecurity risks and cyber data security incidents could adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential information and confidential information in our possession and damage to our business relationships.***

There has been an increase in the frequency and sophistication of the cyber and security threats we face, with attacks ranging from those common to businesses generally to those that are more advanced and persistent, which may target us because, as an alternative asset management firm, we hold confidential and other price sensitive information about existing and potential investments. Malicious cyber activity involving ransomware, extortion, business email compromise, social engineering and other security threats could originate from a wide variety of sources, including cyber criminals, nation state hackers, hacktivists and other outside parties. Additionally, cyber-attacks and other security threats have become increasingly complex as a result of the emergence of new AI technologies, which are able to identify and target new vulnerabilities in information technology systems. As a result, we may face a heightened risk of a security breach or disruption with respect to confidential information resulting from an attack by computer hackers, foreign governments or cyber terrorists.

The efficient operation of our business is dependent on computer hardware and software systems, as well as data processing systems and the secure processing, storage and transmission of information, which, despite implementation of a variety of security measures, are vulnerable to security breaches and cyber-attacks. A cyber-attack is considered to be an intentional attack or an unintentional event or series of events and involves gaining unauthorized access to our information systems for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption or otherwise compromising the confidentiality, integrity or availability of our systems or infrastructure. Some factors that could create a heightened risk of a cyber incident include the use of remote work tools and/or third-party service providers, including cloud-based service providers. In addition, we may be the target of social engineering, fraudulent emails or other targeted attempts to gain unauthorized access to proprietary or sensitive information. In addition to cyber-related threats, our and our affiliates' information systems and those

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of our third-party service providers may be subject to failures or interruptions arising from other causes beyond our control, including sudden electrical or telecommunications outages, natural disasters such as earthquakes, tornadoes or hurricanes, disease pandemics, social unrest and geopolitical events including wars and acts of terrorism. Any such events could materially disrupt our operations and adversely affect our business and financial results. The result of any cyber-attack may include disrupted operations, including in our, our affiliates', our investors', our counterparties', or third parties' operations, misstated or unreliable financial data, fraudulent transfers or requests for transfers of money, liability for stolen or improperly accessed assets or information (including personal information), increased cybersecurity protection and insurance costs, litigation or damage to our business relationships and reputation, in each case causing our business and results of operations to suffer.

The rapid evolution and increased availability of artificial intelligence and machine learning technologies (collectively, "AI technologies") may also intensify cybersecurity risks by making such attacks and other cybersecurity incidents more difficult to detect, contain, and mitigate. For example, threat actors could impersonate Blue Owl or its employees, including through the use of AI technologies. Such technologies make such impersonation more likely to occur or appear more credible.

As our reliance on technology has increased, so have the risks posed to our information systems, both internal and those provided by third-party service providers, including increased risks resulting from remote work. We cannot guarantee that third parties and infrastructure in our networks or our partners' networks have not been compromised or that they do not contain exploitable defects or bugs that could result in a breach of or disruption to our information technology systems or the third-party information technology systems that support our services. Our ability to monitor these third parties' information security practices is limited, and they may not have adequate information security measures in place. Outages of and interruptions to third-party software vendors' services, including as a result of the termination of an agreement with a third-party service provider, have previously resulted in and could in the future result in temporary disruptions to our and our affiliates' normal operations. We have implemented processes, procedures and internal controls designed to mitigate cybersecurity risks and cyber intrusions and rely on industry accepted security measures and technology to securely maintain confidential and proprietary information maintained on our information systems. However, these measures, as well as our increased awareness of the nature and extent of a risk of a cyber-attack, do not guarantee that a cyber-attack will not occur or that our financial results, operations or confidential information will not be negatively impacted by such an incident, especially because the cyber-attack techniques change frequently or are not recognized until launched and because cyber-attacks can originate from a wide variety of sources.

Cybersecurity risks are exacerbated by the rapidly increasing volume of highly sensitive data, including our proprietary business information and intellectual property, personally identifiable information of our clients and others and other sensitive information that we collect and store in our data centers, on our cloud environments and on our networks. Our products may also invest in strategic assets having a national or regional profile or in infrastructure assets, the nature of which could expose them to a greater risk of being subject to a terrorist attack or security breach than other assets or businesses. The secure processing, maintenance and transmission of this information are critical to our operations. A significant actual or potential theft, loss, corruption, exposure, fraudulent use or misuse of personally identifiable, proprietary business data or other sensitive information, by third parties, as a result of the negligence or malfeasance of third party service providers that have access to such confidential information or otherwise, non-compliance with our contractual or other legal obligations regarding such data or intellectual property or a violation of our privacy and security policies with respect to such data could result in significant remediation and other costs, fines, litigation or regulatory actions against us and significant reputational harm, any of which could harm our business and results of operations.

***Use of AI technologies by us could lead to the exposure of our data or other adverse effects and increase competitive, operational, legal, and regulatory risks in ways that we cannot predict.***

Recent technological advances in AI technologies, as well as the rapid growth and widespread use thereof, present risks to our business, products, portfolio companies and investments. AI technologies may result in significant and disruptive changes in companies, sectors or industries, including those in which we invest, and any such changes could render our Adviser's underwriting models obsolete or create new and unpredictable operational, legal and/or regulatory risks. To the extent our competitors make more efficient or extensive use of AI technologies, there is a possibility that such competitors will gain a competitive advantage. Many jurisdictions have passed or are considering laws and regulations concerning AI technologies, which could adversely affect our business, products, portfolio companies and investments. Additionally, we and the companies in which we invest could be further exposed to the risks of AI technologies if third-party service providers or any counterparties, whether or not known to us, use AI technologies in their business activities. We will not be able to control the use of AI technologies in third-party products or services, including those provided by our and our affiliates' service providers. Additionally, the Adviser expects to use AI technologies in connection with its business activities, including to support our due diligence and investment activities. AI technologies are generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to review all data upon which AI technologies are trained or which are otherwise utilized. AI technologies are also highly reliant on the accuracy, adequacy, completeness and objectivity of their underlying data, and any inaccuracies, deficiencies, errors or biases in this data could lead to errors affecting our decision-making and investment processes, which could have adverse impacts on us and our portfolio companies.

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***We are subject to risks in using custodians, counterparties, administrators and other agents.***

Our business is dependent on our and third parties' communications and information systems. Any failure or interruption of those systems, including as a result of the termination of an agreement with any third-party service providers, could cause delays or other problems in our activities. Our financial, accounting, data processing, portfolio monitoring, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control. There could be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sudden electrical or telecommunications outages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• natural disasters such as earthquakes, tornadoes and hurricanes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disease pandemics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• events arising from local or larger scale political or social matters, including terrorist acts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• outages due to idiosyncratic issues at specific service providers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cyber-attacks.

These events, in turn, could have a material adverse effect on our operating results and negatively affect the net asset value of our common stock and our ability to pay distributions to our shareholders.

***Increased data protection regulation may result in increased complexities and risk in connection with the operation of our business.***

Our business is highly dependent on information systems and technology. The costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means. Cybersecurity has become a priority for regulators in the U.S. and around the world. The SEC has also particularly focused on cybersecurity, and we expect increased scrutiny of our policies and systems designed to manage our cybersecurity risks and our related disclosures as a result. In May 2024, the SEC adopted amendments to Regulation S-P that require covered institutions, such as investment companies, to develop, implement, and maintain written policies and procedures for an incident response program that is reasonably designed to detect, respond to, and recover from unauthorized access to or use of customer information. The amendments also require that the response program include procedures for, with certain limited exceptions, covered institutions to provide notice to individuals whose sensitive customer information was or is reasonably likely to have been accessed or used without authorization. The amendments took effect on August 2, 2024, and had a compliance deadline of December 3, 2025 for large entities. We also face and expect to continue to face increased costs to comply with the new SEC rules, including increased costs for cybersecurity training and management.

Many jurisdictions in which we operate have laws and regulations relating to data privacy, cybersecurity and/or information security to which we may be subject (collectively, "Privacy Laws"). Compliance with applicable Privacy Laws may require adhering to stringent legal and operational requirements, which could increase compliance costs for us and require the dedication of additional time and resources to compliance. A failure to comply with applicable Data Protection Legislation could result in fines, sanctions, enforcement actions or other penalties or reputational damage. In addition, the SEC has indicated in recent periods that one of its examination priorities for the Division of Examinations is to continue to examine cybersecurity procedures and controls, including testing the implementation of these procedures and controls.

There may be substantial financial penalties or fines for a failure to comply with applicable Privacy Laws (which may include insufficient security for our personal or other sensitive information). For example, failure to comply with Regulation (EU) 2016/679 (the "GDPR").

Our operations will be impacted by a growing movement to adopt comprehensive privacy and data protection laws where such laws focus on privacy as an individual right in general. Further, the Company's portfolio companies and/or each of their affiliates are subject to regulations related to privacy, data protection and information security in the jurisdictions in which they do business. Such laws and regulations vary from jurisdiction to jurisdiction, thus increasing costs, operational and legal burdens and the potential for significant liability on regulated entities.

Non-compliance with any applicable Privacy Laws represents a serious risk to our business. Some jurisdictions have also enacted laws requiring companies to notify individuals of data security breaches involving certain types of personal information. For example, the SEC's most recent amendments to Regulation S-P require notification of affected customers no later than 30 days after becoming aware of a security incident that compromises their sensitive customer information. Breaches in security could potentially jeopardize our, our employees' or our product investors' or counterparties' confidential or other information processed and stored in, or transmitted through, our computer systems and networks (or those of our third party vendors), or otherwise cause interruptions or malfunctions in our, our employees', our product investors', our counterparties' or third parties' operations, which could result in significant losses, increased costs, disruption of our business, liability to our product investors and other counterparties, fines or penalties, litigation, regulatory intervention or reputational damage, which could also lead to loss of product investors or clients.

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***We and our portfolio companies are subject to increasing scrutiny from certain investors, third party assessors, regulators and our shareholders with respect to ESG-related topics.***

We and our portfolio companies face increasing scrutiny from certain investors, third party assessors that measure companies' ESG performance, regulators and our shareholders related to ESG-related topics, including in relation to diversity and inclusion, human rights, environmental stewardship, support for local communities, corporate governance and transparency. For example, we and the companies in which we invest risk damage to our brands and reputations if we or they do not act (or are perceived to not act) responsibly either with respect to responsible investing processes or ESG-related practices. Adverse incidents related to ESG practices could impact the value of our brand or the companies in which we invest, or the cost of our or their operations and relationships with investors, all of which could adversely affect our business and results of operations. Further, there can be no assurance that any of our Adviser's ESG initiatives or commitments will meet the standards or expectations of our shareholders or other stakeholders. There can be no assurance that our Adviser will be able to accomplish any goals related to responsible investing or ESG practices, as statements regarding its ESG and responsible investing commitments and priorities reflect its current estimates, plans and/or aspirations and are not guarantees that it will be able to achieve them within the timelines announced or at all. Additionally, the Adviser may determine in its discretion that it is not feasible or practical to implement or complete certain aspects of its responsible investing program or ESG initiatives based on cost, timing or other considerations.

In recent years, certain investors have placed increasing importance on policies and practices related to responsible investing and ESG for the products to which they commit capital, and investors may decide not to commit capital to future fundraises based on their assessment of the Adviser's approach to and consideration of ESG-related issues or risks. Similarly, a variety of organizations measure the performance of companies on ESG topics, and the results of these assessments are widely publicized. If the Adviser's responsible investing or ESG-related practices or ratings do not meet the standards set by such investors or organizations, or if the Adviser receives a negative rating or assessment from any such organization, or if the Adviser fails, or is perceived to fail, to demonstrate progress toward its ESG priorities and initiatives, they may choose not to invest in us, and we may face reputational damage. Similarly, it is expected that investor and/or shareholder demands will require the Adviser to spend additional resources on and place continued importance on business relevant ESG factors in its review of prospective investments and management of existing ones. Devoting additional resources to our responsible investing or ESG-related practices could increase the amount of expenses we or our investments are required to bear. For example, collecting, measuring, and reporting ESG information and metrics can be costly, difficult and time consuming, is subject to evolving reporting standards, and can present numerous operational, reputational, financial, legal and other risks. To the extent our access to capital from investors focused on ESG ratings or ESG-related matters is impaired, we may not be able to maintain or increase the size of our existing products or raise sufficient capital for new products, which may adversely affect our revenues. Further, interest on the part of investors and regulators in ESG-related topics and themes and increased demand for, and scrutiny of, ESG-related disclosure by asset managers, has also increased the risk that asset managers could be perceived as, or accused of, making inaccurate or misleading statements regarding the ESG-related investment strategies of their and their funds' responsible investing or ESG-related efforts or initiatives, or "greenwashing." This risk may also materialize where ESG-related statements and/or disclosures made by our portfolio companies are materially inconsistent with our ESG-related statements or disclosures, including those made on a voluntary basis or pursuant to any applicable regulation, such as Regulation EU 2019/2088 on sustainability-related disclosures in the financial services sector (the "SFDR"). Such perception or accusation could damage our reputation, result in litigation or regulatory actions and adversely impact our ability to raise capital.

At the same time, various stakeholders may have differing approaches to responsible investing activities or divergent views on the consideration of ESG topics, including in the countries in which our Adviser operates and invests, as well as in the states and localities where our Adviser serves public sector clients. These differing views increase the risk that any action or lack thereof with respect to our Adviser's consideration of responsible investing or ESG-related practices will be perceived negatively. Several states, the executive branch, federal agencies and Congress have enacted, proposed or indicated an intent to pursue "anti-ESG" policies, legislation or initiatives, issued related legal opinions and engaged in related investigations and litigation. For example: (i) boycott bills target financial institutions that "boycott" or "discriminate against" companies in certain industries (e.g., energy and mining) and prohibit state entities from doing business with such institutions and/or investing the state's assets (including pension plan assets) through such institutions and (ii) ESG investment prohibitions require that state entities or managers/administrators of state investments make investments based solely on pecuniary factors without consideration of ESG factors. If investors subject to such legislation view our responsible investing or ESG practices as being in contradiction of such "anti-ESG" policies, legislation or legal opinions, such investors may not invest in us and it could negatively affect the results of operations or cash flows. Further, asset managers have been subject to scrutiny related to ESG-focused industry working groups, initiatives and associations, including organizations advancing action to address climate change or climate-related risk. In addition, state attorneys general, among others, have asserted that the Supreme Court's decision striking down race-based affirmative action in higher education in June 2023 should be analogized to private employment matters and private contract matters. Cases alleging discrimination based on similar arguments have been filed since that decision, with scrutiny of certain corporate DEI practices increasing throughout 2025. Additionally, in January 2025, the current U.S. Presidential administration signed a number of executive orders focused on DEI (the "Executive Orders"), which include a broad mandate to eliminate federal DEI programs and a caution to the private sector to end what may be viewed as illegal DEI discrimination and preferences. The Executive Orders have resulted in compliance investigations of private

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entities, including publicly traded companies, and changes to federal contracting regulations. If the Adviser does not successfully manage expectations across these varied stakeholder interests, it could erode stakeholder trust, impact our reputation and/or constrain our investment and fundraising opportunities. Such scrutiny of both ESG and DEI related practices could expose the Adviser to additional compliance obligations, the risk of litigation, investigations or challenges by federal or state authorities, result in reputational harm and/or discourage certain investors from investing in us.

***We are subject to increasing scrutiny from regulators with respect to ESG-related issues and the regulatory disclosure landscape surrounding related topics continues to evolve.***

Responsible investing, ESG practices and ESG-related disclosures have been the subject of increased focus by certain regulators, and regulatory initiatives related to ESG-specific topics that are applicable to us, our products and our products' portfolio companies could adversely affect our business. There has been a growing regulatory interest across jurisdictions in improving transparency regarding the definition, measurement and disclosure of ESG factors in order to allow investors to validate and better understand sustainability claims, including in the United States, the European Union and the United Kingdom.

For example, the SEC sometimes reviews compliance with ESG commitments in examinations, and it has taken enforcement actions against registered investment advisers for not establishing adequate or consistently implementing ESG policies and procedures to meet ESG commitments to investors.

In addition, in October 2023, California enacted legislation that will ultimately require certain companies that (i) do business in California to publicly disclose their Scopes 1, 2 and 3 greenhouse gas emissions, with third party assurance of such data, (Climate Corporate Data Accountability Act, or "SB 253"), and issue public reports on their climate-related financial risk and related mitigation measures (Climate-Related Financial Risk Act, or "SB 261") and (ii) operate in California and make certain climate-related claims to provide enhanced disclosures around the achievement of climate-related claims, including the use of voluntary carbon credits to achieve such claims. Pending litigation against SB 253 and SB 261 creates ongoing uncertainty around the enforceability of related disclosure obligations and may result in additional compliance burdens, increased legal and compliance costs, and enhanced disclosure obligations. From a European perspective, the European Union has in place regulation aimed at increasing transparency for investors of sustainability-related policies, processes, performance and commitments which apply to certain of our products, including, without limitation: (a) the SFDR, for which most rules took effect beginning on March 10, 2021 and (b) Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment and amending the SFDR. In November 2025, the European Commission published a draft legislative proposal to revise SFDR to introduce, among others, new categories for sustainability-related financial products with related criteria that are required to be met for each category. Relatedly, the European Securities and Markets Authority ("ESMA") has identified promoting transparency through effective sustainability disclosures and addressing greenwashing as one of its key priorities per ESMA's sustainable finance roadmap and strategy. ESMA has also introduced guidelines on funds with ESG, impact, transition or sustainability-related terms in their names.

There are still some uncertainties regarding the operation of some of these requirements and how they might evolve, and an established market practice is still being developed in certain cases, which can lead to diverging implementation and/or operationalization, data gaps or methodological challenges which may affect our ability to collect relevant data. These regimes continue to evolve and there is still a lack of clarity and established practice around the approach to their supervision and enforcement, which may vary across national competent authorities. There is a risk that a development or reorientation in the regulatory requirements or market practice in this respect could be adverse to our investments if they are perceived to be less valuable as a consequence of, among other things, their carbon footprint or perceived "greenwashing." Compliance with requirements of this nature may also increase risks relating to financial supervision and enforcement action. There is also a risk that market expectations in relation to the SFDR categorization of financial products, could adversely affect our ability to raise capital, especially from EEA investors.

In November 2023, the Sustainability Labelling and Disclosure of Sustainability-Related Financial Information Instrument 2023 ("SDR") introduced sustainability disclosure requirements, voluntary investment product labels and an 'anti-greenwashing' rule. The anti-greenwashing rule applies to all UK-authorized firms in relation to sustainability-related claims made in their communications, and/or communications of financial promotions with, clients in the UK. The balance of the new regime is currently directed at UK investment funds and UK-regulated asset management firms as well as distributors of such funds.

In Asia, examples of ESG-related regulations including those by regulators in Singapore and Hong Kong, have released guidelines for asset managers to integrate climate risk considerations in investment and risk management processes, together with enhanced disclosure and reporting and have also issued enhanced rules for certain ESG funds on general ESG risk management and disclosure.

As a result of these and other legislative and regulatory initiatives, we or the Adviser may be required to provide additional disclosure to our investors with respect to ESG matters. This exposes us to increased disclosure risks, for example due to a lack of available or credible data, and the potential for conflicting disclosures may also expose us to an increased risk of misstatement litigation or miss-selling allegations. Failure to manage these risks could result in a material adverse effect on our business in a number

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of ways. Compliance with frameworks of this nature may create an additional compliance burden and increased legal, compliance, governance, reporting and other costs to funds and/or fund managers because of the need to collect certain information to meet the disclosure requirements. In addition, where there are uncertainties regarding the operation of the framework, a lack of official, conflicting or inconsistent regulatory guidance, a lack of established market practice and/or data gaps or methodological challenges affecting the ability to collect relevant data, funds and/or fund managers may be required to engage third party advisers and/or service providers to fulfil the requirements, thereby exacerbating any increase in compliance burden and costs. To the extent that any applicable jurisdictions enact similar laws and/or frameworks, there is a risk that we may not be able to maintain alignment of a particular investment with such frameworks, and/or may be subject to additional compliance burdens and costs, which might adversely affect us.

***We may be the target of litigation or similar proceedings in the future and we are subject to public perception risks.***

We could generally be subject to litigation or similar proceedings in the future, including securities litigation and derivative actions by our stockholders. Any litigation or similar proceedings could result in substantial costs, divert management's attention and resources from our business or otherwise have a material adverse effect on our business, financial condition and results of operations. In addition, in recent periods, there has been increased negative publicity with respect to the private credit industry, which could in the future harm our reputation.

**Risks Related to Our Adviser and Its Affiliates**

***Our Adviser and its affiliates, including our officers and some of our directors, may face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in increased risk-taking or speculative investments, or cause our Adviser to use substantial leverage.***

Our Adviser and its affiliates receive fees from us in return for their services. These fees may include certain incentive fees based on the amount of appreciation of our investments and arrangement, structuring or similar fees from portfolio companies in which we invest. These fees could influence the advice provided to us or create an incentive for our Adviser to make investments on our behalf that are risky or more speculative than would be the case in the absence of such incentive fees. Generally, the more equity we sell in public offerings and the greater the risk assumed by us with respect to our investments, including through the use of leverage, the greater the potential for growth in our assets and profits, and, correlatively, the fees payable by us to our Adviser. The way in which the incentive fee is determined may encourage our Adviser to use leverage to increase the leveraged return on our investment portfolio.

Under certain circumstances, the use of substantial leverage (up to the limits prescribed by the 1940 Act) may increase the likelihood of our defaulting on our borrowings, which would be detrimental to holders of our securities.

These compensation arrangements could affect our Adviser's or its affiliates' judgment with respect to public offerings of equity, incurrence of debt, and investments made by us, which allow our Adviser to earn increased asset management fees.

***The time and resources that individuals associated with our Adviser devote to us may be diverted, and we may face additional competition due to, among other things, the fact that neither our Adviser nor its affiliates is prohibited from raising money for or managing another entity that makes the same types of investments that we target.***

Blue Owl is not prohibited from raising money for and managing future investment entities, in addition to the Blue Owl Clients, that make the same or similar types of investments as those we target. As a result, the time and resources that our Adviser devotes to us may be diverted, and during times of intense activity in other investment programs they may devote less time and resources to our business than is necessary or appropriate. In addition, we may compete with any such investment entity also managed by our Adviser or its affiliates for the same investors and investment opportunities. Furthermore, certain members of the Technology Lending Investment Committee or our affiliates are officers of Blue Owl and will devote a portion of their time to the operations of Blue Owl, including with respect to public company compliance.

***Our Adviser and its affiliates may face conflicts of interest with respect to services performed for their respective other accounts and clients or issuers in which we may invest.***

Our Adviser and its affiliates may provide a broad range of financial services to companies in which we may invest, including providing arrangement, syndication, origination structuring and other services to portfolio companies, and will generally be paid fees for such services, in compliance with applicable law, by the portfolio company. Any compensation received by our Adviser or its affiliates for providing these services will not be shared with us and may be received before we realize a return on our investment. In addition, we may invest in companies managed by entities in which funds managed by GP Strategic Capital have acquired a minority interest. Our Adviser and its affiliates may face conflicts of interest with respect to services performed for these companies, on the one hand, and investments recommended to us, on the other hand and could, in certain instances, have an incentive not to pursue actions against a portfolio company that would be in our best interest

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Additionally, because our Adviser and its affiliates manage assets for, or may in the future manage assets for, other investment companies, pooled investment vehicles and/or other accounts (including institutional clients, pension plans, insurance companies, co-invest vehicles and certain high net worth individuals), including the Blue Owl Clients, and we may compete for capital and investment opportunities with these entities, certain of which may have investment objectives that overlap with ours. As a result, conflicts may arise with respect to the allocation of investment opportunities among those products. For example, the Adviser is permitted to allocate an investment to a number of products across its platforms that it views as appropriate for the particular investment objectives, strategies and characteristics of such products. These conflicts include conflicts of interest relating to the allocation of investment opportunities by our Adviser and its affiliates; compensation to our Adviser; services that may be provided by our Adviser and its affiliates to issuers in which we may invest; investments by us and other clients of our Adviser, subject to the limitations of the 1940 Act; the formation of additional investment funds managed by our Adviser; differing recommendations given by our Adviser to us versus other clients; our Adviser's use of information gained from issuers in our portfolio for investments by other clients, subject to applicable law; restrictions on our Adviser's use of "inside information" with respect to potential investments by us; the allocation of certain expenses; and cross transactions.

For instance, our Adviser and its affiliates may receive asset management performance-based, or other fees from certain accounts that are higher than the fees received by our Adviser from us. In addition, certain members of Blue Owl's Credit platform's investment committees and other executives and employees of our Adviser or its affiliates will hold and receive interest in Blue Owl and its affiliates, in addition to cash and carried interest compensation. In these instances, a portfolio manager for our Adviser may have an incentive to favor the higher fee and/or performance-based fee accounts over us and/or to favor Blue Owl. In addition, a conflict of interest exists to the extent our Adviser, its affiliates, or any of their respective executives, portfolio managers or employees have proprietary or personal investments in other investment companies or accounts or when certain other investment companies or accounts are investment options in our Adviser's or its affiliates' employee benefit plans or employee offerings. In these circumstances, personnel of our Adviser may have incentive to favor these other investment companies or accounts over us. In addition, investments by more than one Blue Owl product in a portfolio company also have the potential to raise the risk of using assets of one Blue Owl product to support positions taken by another.

To mitigate these conflicts, the Blue Owl Credit Advisers will seek to execute such transactions for all of the participating investment accounts, including us, on a fair and equitable basis and in accordance with the Blue Owl Credit Advisers' investment allocation policies, taking into account such factors as differences with respect to available capital; the current or anticipated size of a product; minimum investment amounts; the remaining life of a product; differences in investment objectives, guidelines or strategies; diversification; portfolio construction considerations; liquidity needs; legal, tax and regulatory requirements and other considerations deemed relevant to the Adviser and in accordance with its policies and procedures. We may be prohibited under 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, our Adviser and certain affiliates have been granted exemptive relief by the SEC to permit us to co-invest with other funds managed by our Adviser or certain of its affiliates in a manner consistent with our positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. See "*—Our ability to enter into transactions with our affiliates is restricted.*"

Actions taken by our Adviser and its affiliates on behalf of the Blue Owl Clients as a result of any conflict of interest may be adverse to us, which could harm our performance. For example, we may invest in the same credit obligations as other Blue Owl Clients, although, to the extent permitted under the 1940 Act, our investments may include different obligations or levels of the capital structure of the same issuer. The interests of Blue Owl Clients invested in different levels of the capital structure of a portfolio company may not always be aligned and actions taken for one Blue Owl Client may be adverse to one or more other products, which may give rise to conflicts of interest. The interests of these different Blue Owl Clients may diverge significantly particularly in the case of financial distress of the portfolio company. For example, in a bankruptcy proceeding or out-of-court restructuring, the interests of a Blue Owl Client owning equity or subordinated debt securities may be subordinated or otherwise adversely affected by virtue of a different Blue Owl Client's actions in respect of its own interests as a senior debt holder. While the Blue Owl Credit Advisers and their affiliates have developed general guidelines regarding when two or more funds can invest in different parts of the same company's capital structure and created a process that they employ to handle those conflicts when they arise, their decision to permit the investments to occur in the first instance or their judgment on how to mitigate the conflict could be challenged or deemed insufficient. If the Blue Owl Credit Advisers and their affiliates fail to appropriately address those conflicts, it could negatively impact their reputation and ability to raise additional funds and the willingness of counterparties to do business with them or result in potential litigation against them.

From time to time, fees and expenses generated in connection with potential portfolio investments that are not consummated and other investment related expenses may be allocable to us and one or more Blue Owl Clients. These expenses will be allocated in a manner that is fair and equitable over time and in accordance with policies adopted by the Blue Owl Credit Advisers and the Investment Advisory Agreement; however, the method for allocation expenses may vary depending on the nature of the expense and such determinations involve inherent discretion.

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Our Adviser and its affiliates may give advice and recommend securities to other clients which may differ from advice given to, or securities recommended or bought for, us even though such other clients' investment objectives may be similar to ours, which could have an adverse effect on our business, financial condition and results of operations.

In addition, from time to time, our Adviser could cause us to purchase a security or other investment from, or sell a security or other investment to, another Blue Owl Client. Such cross transaction would be in accordance with applicable regulations and our and our Adviser's valuation and cross-trades policies; however, such cross transactions could give rise to additional conflicts of interest.

Our Board will seek to monitor these conflicts but there can be no assurances that such monitoring will fully mitigate any such conflicts.

***Our Class S and Class D shares are each subject to an ongoing servicing fee.***

The ongoing servicing fees will be payable by the investors to compensate our affiliated dealer manager and its affiliates, participating broker-dealers and financial representatives for services rendered to shareholders, including, among other things, responding to customer inquiries of a general nature regarding the Company; crediting distributions from us to customer accounts; arranging for bank wire transfer of funds to or from a customer's account; responding to customer inquiries and requests regarding shareholder reports, notices, proxies and proxy statements, and other Company documents; forwarding prospectuses, tax notices and annual and quarterly reports to beneficial owners of our shares; assisting us in establishing and maintaining shareholder accounts and records; assisting customers in changing account options, account designations and account addresses, and providing such other similar services as we may reasonably request to the extent an authorized service provider is permitted to do so under applicable statutes, rules, or regulations.

***Our Adviser may have an incentive to delay a liquidity event, which may result in actions that are not in the best interest of our shareholders.***

The ongoing servicing fee is payable by us to compensate our affiliated Dealer Manager and its affiliates for services rendered to shareholders, including, among other things, responding to customer inquiries of a general nature regarding the Company; crediting distributions from us to customer accounts; arranging for bank wire transfer of funds to or from a customer's account; responding to customer inquiries and requests regarding shareholder reports, notices, proxies and proxy statements, and other Company documents; forwarding prospectuses, tax notices and annual and quarterly reports to beneficial owners of our shares; assisting us in establishing and maintaining shareholder accounts and records; assisting customers in changing account options, account designations and account addresses, and providing such other similar services as we may reasonably request to the extent the an authorized service provider is permitted to do so under applicable statutes, rules, or regulations. The ongoing servicing fee will terminate for all Class S and Class D shareholders upon a liquidity event. Although we do not intend to complete a liquidity event within any specific time period, if at all, our Adviser, an affiliate of our Dealer Manager, may have an incentive to delay a liquidity event if such amounts receivable by our Dealer Manager have not been fully paid. A delay in a liquidity event may not be in the best interests of our shareholders.

***Reductions, waivers or absorptions of fees and costs can temporarily result in higher returns to shareholders than they would otherwise receive if full fees and costs were charged.***

The Adviser and its affiliates are permitted to reduce, waive or absorb some of the fees or costs otherwise due by us. While this activity can be seen as friendly to shareholders, reductions, waivers and absorptions of fees and costs result in higher returns to shareholders than such shareholders would receive if full fees and costs were charged. There is no guarantee that any reductions, waivers or absorptions will occur in the future, and any reductions, waivers and absorptions are entirely at the discretion of the Adviser.

***Products within Blue Owl's Real Assets platform may enter into sale lease-back transactions with our portfolio companies or with borrowers under our credit facilities.***

From time to time, companies in which we have invested or may invest, may enter into sale-leaseback transactions with products within Blue Owl's Real Assets platform. As a result of these arrangements we could be a creditor to, or equity owners of, a company at the same time that company is a tenant of a product within Blue Owl's Real Assets platform. If such a company were to encounter financial difficulty or default on its obligations as a borrower, our Adviser could be required to take actions that may be adverse to those of Blue Owl's Real Assets platform in enforcing our rights under the relevant facilities or agreements, or vice versa. This could lead to actual or perceived conflicts of interest.

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***Our access to confidential information may restrict our ability to take action with respect to some investments, which, in turn, may negatively affect our results of operations.***

We, directly or through our Adviser, may obtain confidential information about the companies in which we have invested or may invest or be deemed to have such confidential information. Our Adviser may come into possession of material, non-public information through its members, officers, directors, employees, principals or affiliates. In addition, funds managed by GP Strategic Capital may invest in entities that manage our portfolio companies and, as a result, may obtain additional confidential information about our portfolio companies. The possession of such information may, to our detriment, limit the ability of us and our Adviser to buy or sell a security or otherwise to participate in an investment opportunity. In certain circumstances, employees of our Adviser may serve as board members or in other capacities for portfolio or potential portfolio companies, which could restrict our ability to trade in the securities of such companies. For example, if personnel of our Adviser come into possession of material non-public information with respect to our investments, such personnel will be restricted by our Adviser's information-sharing policies and procedures or by law or contract from sharing such information with our management team, even where the disclosure of such information would be in our best interests or would otherwise influence decisions taken by the members of the management team with respect to that investment. This conflict and these procedures and practices may limit the freedom of our Adviser to enter into or exit from potentially profitable investments for us, which could have an adverse effect on our results of operations. Accordingly, there can be no assurance that we will be able to fully leverage the resources and industry expertise of our Adviser in the course of its duties. Additionally, there may be circumstances in which one or more individuals associated with our Adviser will be precluded from providing services to us because of certain confidential information available to those individuals or to other parts of our Adviser.

***We may be obligated to pay our Adviser incentive fees even if we incur a net loss due to a decline in the value of our portfolio and even if our earned interest income is not payable in cash.***

The Investment Advisory Agreement entitles our Adviser to receive an incentive fee based on our pre-incentive fee net investment income regardless of any capital losses. In such case, we may be required to pay our Adviser an incentive fee for a fiscal quarter even if there is a decline in the value of our portfolio or if we incur a net loss for that quarter.

Any incentive fee payable by us that relates to the pre-incentive fee net investment income may be computed and paid on income that may include interest that has been accrued but not yet received or interest in the form of securities received rather than cash ("payment-in-kind" or "PIK" income"). PIK income will be included in the pre-incentive fee net investment income used to calculate the incentive fee to our Adviser even though we do not receive the income in the form of cash. If a portfolio company defaults on a loan that is structured to provide accrued interest income, it is possible that accrued interest income previously included in the calculation of the incentive fee will become uncollectible. Our Adviser is not obligated to reimburse us for any part of the incentive fee it received that was based on accrued interest income that we never receive as a result of a subsequent default.

The quarterly incentive fee on income is recognized and paid without regard to: (i) the trend of pre-incentive fee net investment income as a percent of adjusted capital over multiple quarters in arrears which may in fact be consistently less than the quarterly preferred return, or (ii) the net income or net loss in the current calendar quarter, the current year or any combination of prior periods.

For U.S. federal income tax purposes, we may be required to recognize taxable income in some circumstances in which we do not receive a corresponding payment in cash and to make distributions with respect to such income to maintain our tax treatment as a RIC and/or minimize U.S. federal income or excise tax. Under such circumstances, we may have difficulty meeting the Annual Distribution Requirement necessary to maintain RIC tax treatment under the Code. This difficulty in making the required distribution may be amplified to the extent that we are required to pay the incentive fee on income with respect to such accrued income. As a result, we may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital, or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may fail to qualify for RIC tax treatment and thus become subject to U.S. federal income tax imposed at corporate rates.

***Our ability to enter into transactions with our affiliates is restricted.***

We are prohibited under the 1940 Act from participating in certain transactions with certain of our affiliates without the prior approval of a majority of our independent directors and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of our outstanding voting securities will be our affiliate for purposes of the 1940 Act, and we will generally be prohibited from buying or selling any securities from or to such affiliate on a principal basis, absent the prior approval of our Board and, in some cases, the SEC. The 1940 Act also prohibits certain "joint" transactions with certain of our affiliates, including other funds or clients advised by our Adviser or its affiliates, which in certain circumstances could include investments in the same portfolio company (whether at the same or different times to the extent the transaction involves a joint investment), without prior approval of our Board and, in some cases, the SEC. If a person acquires more than 25% of our voting securities, we will be prohibited from buying or selling any security from or to such person or certain of that person's affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC. Similar restrictions limit our ability to transact business with our officers or directors or their affiliates or anyone who is under common control with us. The SEC has interpreted the BDC regulations governing transactions with affiliates to prohibit certain joint transactions involving entities that share a common investment adviser. As a result of these restrictions, we may

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be prohibited from buying or selling any security from or to any portfolio company that is controlled by a fund managed by either of our Adviser or its affiliates without the prior approval of the SEC, which may limit the scope of investment or disposition opportunities that would otherwise be available to us.

We rely on an order for exemptive relief (as amended, the "Order") from the SEC, to co-invest with other funds managed by our Adviser or its affiliates in a manner consistent with our positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. 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.

***We may make investments that could give rise to a conflict of interest.***

We do not expect to invest in, or hold securities of, companies that are controlled by an affiliate's other clients. However, our Adviser or an affiliate's other clients may invest in, and gain control over, one of our portfolio companies. If our Adviser or an affiliate's other client, or clients, gains control over one of our portfolio companies, it may create conflicts of interest and may subject us to certain restrictions under the 1940 Act. As a result of these conflicts and restrictions our Adviser may be unable to implement our investment strategies as effectively as they could have in the absence of such conflicts or restrictions. For example, as a result of a conflict or restriction, our Adviser may be unable to engage in certain transactions that it would otherwise pursue. In order to avoid these conflicts and restrictions, our Adviser may choose to exit such investments prematurely and, as a result, we may forego any positive returns associated with such investments. In addition, to the extent that an affiliate's other client holds a different class of securities than us as a result of such transactions, our interests may not be aligned.

***Our Adviser's liability is limited under the Investment Advisory Agreement, and we are required to indemnify our Adviser against certain liabilities, which may lead our Adviser to act in a riskier manner on our behalf than it would when acting for its own account.***

Our Adviser has not assumed any responsibility to us other than to render the services described in the Investment Advisory Agreement (and, separately, under the Administration Agreement), and it will not be responsible for any action of our Board in declining to follow our Adviser's advice or recommendations. Pursuant to the Investment Advisory Agreement, our Adviser and its directors, officers, shareholders, members, agents, employees, controlling persons, and any other person or entity affiliated with, or acting on behalf of our Adviser will not be liable to us for their acts under the Investment Advisory Agreement, absent criminal conduct, willful misfeasance, bad faith or gross negligence in the performance of their duties. We have also agreed to indemnify, defend and protect our Adviser and its directors, officers, shareholders, members, agents, employees, controlling persons and any other person or entity affiliated with, or acting on behalf of our Adviser with respect to all damages, liabilities, costs and expenses resulting from acts of our Adviser not arising out of criminal conduct, willful misfeasance, bad faith or gross negligence in the performance of their duties. However, in accordance with Section 17(i) of the 1940 Act, neither our Adviser nor any of its affiliates, directors, officers, members, employees, agents, or representatives may be protected against any liability to us or our investors to which it would otherwise be subject by reason of criminal conduct, willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of its office. These protections may lead our Adviser to act in a riskier manner when acting on our behalf than it would when acting for its own account.

***There are risks associated with any potential merger with or purchase of assets of another fund.***

Our Adviser may in the future recommend to our Board that we merge with or acquire all or substantially all of the assets of one or more funds including a fund that could be managed by our Adviser or its affiliates (including another BDC). We do not expect that our Adviser would recommend any such merger or asset purchase unless it determines that it would be in our best interests, with such determination dependent on factors it deems relevant, which may include our historical and projected financial performance and that of any proposed merger partner, portfolio composition, potential synergies from the merger or asset sale, available alternative options and market conditions. In addition, no such merger or asset purchase would be consummated absent the meeting of various conditions required by applicable law or contract, at such time, which may include approval of the board of directors and common equity holders of both funds. If our Adviser is the investment adviser of both funds, various conflicts of interest would exist with respect to any such transaction. Such conflicts of interest may potentially arise from, among other things, differences between the compensation payable to our Adviser by us and by the entity resulting from such a merger or asset purchase or efficiencies or other benefits to our Adviser as a result of managing a single, larger fund instead of two separate funds.

***Our Adviser's failure to comply with pay-to-play laws, regulations and policies could have an adverse effect on our Adviser, and thus, us.***

A number of U.S. states and municipal pension plans have adopted so-called "pay-to-play" laws, regulations or policies which prohibit, restrict or require disclosure of payments to (and/or certain contacts with) state officials by individuals and entities seeking to

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do business with state entities, including those seeking investments by public retirement funds. The SEC has adopted a rule that, among other things, prohibits an investment adviser from providing advisory services for compensation to a government client for two years after the adviser or certain of its executives or employees makes a contribution to certain elected officials or candidates. If our Adviser, any of its employees or affiliates or any service provider acting on its behalf, fails to comply with such laws, regulations or policies, such non-compliance could have an adverse effect on our Adviser, and thus, us.

***Our Adviser's net worth is not available to satisfy our liabilities and other obligations.***

The North American Securities Administrators Association ("NASAA"), in its Omnibus Guidelines Statement of Policy adopted on March 29, 1992 and as amended on May 7, 2007 and from time to time, requires that our affiliates and Adviser, or our Sponsor under the Omnibus Guidelines, have an aggregate financial net worth, exclusive of home, automobiles and home furnishings, of 5.0% of the first $20 million of both the gross amount of securities currently being offered in our offering and the gross amount of any originally issued direct participation program securities sold by our affiliates and sponsors within the past 12 months, plus 1.0% of all amounts in excess of the first $20 million. Based on these requirements, our Adviser and its affiliates have an aggregate financial net worth in excess of those amounts required by the Omnibus Guidelines. However, no portion of such net worth will be available to us to satisfy any of our liabilities or other obligations. The use of our own funds to satisfy such liabilities or other obligations could have a material adverse effect on our business, financial condition and results of operations.

**Risks Related to Business Development Companies**

***The requirement that we invest a sufficient portion of our assets in qualifying assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in qualifying assets could result in our failure to maintain our status as a BDC.***

As a BDC, the 1940 Act prohibits us from acquiring any assets other than certain qualifying assets unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are qualifying assets. Therefore, we may be precluded from investing in what we believe are attractive investments if such investments are not qualifying assets. Conversely, if we fail to invest a sufficient portion of our assets in qualifying assets, we could lose our status as a BDC, which would have a material adverse effect on our business, financial condition and results of operations. Similarly, these rules could prevent us from making additional investments in existing portfolio companies, which could result in the dilution of our position, or could require us to dispose of investments at an inopportune time to comply with the 1940 Act. If we were forced to sell non-qualifying investments in the portfolio for compliance purposes, the proceeds from such sale could be significantly less than the current value of such investments.

***Failure to maintain our status as a BDC would reduce our operating flexibility.***

If we do not remain a BDC, we might be regulated as a closed-end investment company under the 1940 Act, which would subject us to substantially more regulatory restrictions, including a greater required asset coverage ratio and additional restrictions on transactions with affiliates, and correspondingly decrease our operating flexibility.

***Regulations governing our operation as a BDC and RIC affect our ability to raise capital and the way in which we raise additional capital or borrow for investment purposes, which may have a negative effect on our growth. As a BDC, the necessity of raising additional capital may expose us to risks, including risks associated with leverage.***

As a result of the Annual Distribution Requirement to qualify for tax treatment as a RIC, we may need to access the capital markets periodically to raise cash to fund new investments in portfolio companies. Currently, we may issue "senior securities," including borrowing money from banks or other financial institutions only in amounts such that the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus preferred stock, if any, equals at least 150% after such incurrence or issuance. If we issue senior securities, we will be exposed to risks associated with leverage, including an increased risk of loss. Our ability to issue different types of securities is also limited. Compliance with RIC distribution requirements may unfavorably limit our investment opportunities and reduce our ability in comparison to other companies to profit from favorable spreads between the rates at which we can borrow and the rates at which we can lend. Therefore, we intend to seek to continuously issue equity securities, which may lead to shareholder dilution.

If the value of our assets declines, we may be unable to satisfy the asset coverage test under the 1940 Act, which would prohibit us from paying distributions and could prevent us from qualifying for tax treatment as a RIC, which would generally result in U.S. federal income tax imposed at corporate rates on any income and net gains. If we cannot satisfy the asset coverage test, we may be required to sell a portion of our investments and, depending on the nature of our debt financing, repay a portion of our indebtedness at a time when such sales may be disadvantageous. Also, any amounts that we use to service our indebtedness would not be available for distribution to our shareholders.

In addition, as market conditions permit, we have and may continue to securitize our loans to generate cash for funding new investments. To securitize loans, we have and may continue to create a wholly owned subsidiary, contribute a pool of loans to the subsidiary and have the subsidiary issue primarily investment grade debt securities to purchasers who would be expected to be willing to accept a substantially lower interest rate than the loans earn. We have and may continue to retain all or a portion of the equity in the

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securitized pool of loans. Our retained equity would be exposed to any losses on the portfolio of loans before any of the debt securities would be exposed to such losses. See *"— We are subject to certain risks as a result of our interests in the CLO Preferred Shares"; "The subordination of the CLO Preferred Shares will affect our right to payment"; and "The CLO Indenture requires mandatory redemption of the respective CLO Debt for failure to satisfy coverage tests, which would reduce the amounts available for distribution to us."* 

**Risks Related to Our Investments**

***Our investments in portfolio companies may be risky, and we could lose all or part of our investments.***

Our strategy focuses primarily on originating and making loans to, and making debt and equity investments in, U.S. middle market companies in a broad range of technology-related industries, with a focus on originated transactions sourced through the networks of our Adviser. Short transaction closing timeframes associated with originated transactions coupled with added tax or accounting structuring complexity and international transactions may result in higher risk in comparison to non-originated transactions.

Most debt securities in which we intend to invest will not be rated by any rating agency and, if they were rated, they would be rated as below investment grade quality and are commonly referred to as "high yield" or "junk." Debt securities rated below investment grade quality are generally regarded as having predominantly speculative characteristics and may carry a greater risk with respect to a borrower's capacity to pay interest and repay principal. In addition, some of the loans in which we may invest may be "covenant-lite" loans. We use the term "covenant-lite" loans to refer generally to loans that do not have a complete set of financial maintenance covenants. Generally, "covenant-lite" loans provide borrower companies 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.

*First-Lien Debt.* When we make a first-lien loan, we generally take a security interest in the available assets of the portfolio company, including the equity interests of its subsidiaries, which we expect to help mitigate the risk that we will not be repaid. However, there is a risk that the collateral securing our loans may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise, and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the portfolio company to raise additional capital. In some circumstances, our lien is, or could become, subordinated to claims of other creditors. Consequently, the fact that a loan is secured does not guarantee that we will receive principal and interest payments according to the loan's terms, or at all, or that we will be able to collect on the loan should we need to enforce our remedies.

*Unitranche Loans.* In addition, in connection with any unitranche loans (including "last out" portions of such loans) in which we may invest, we would enter into agreements among lenders. Under these agreements, our interest in the collateral of the first-lien loans may rank junior to those of other lenders in the loan under certain circumstances. This may result in greater risk and loss of principal on these loans.

*Second-Lien and Mezzanine Debt.* Our investments in second-lien and mezzanine debt generally are subordinated to senior loans and will either have junior security interests or be unsecured. As such, other creditors may rank senior to us in the event of insolvency. This may result in greater risk and loss of principal.

*Equity Investments.* When we invest in first-lien debt, second-lien debt or mezzanine debt, we may acquire equity securities, such as warrants, options and convertible instruments, as well. In addition, we may invest directly in the equity securities of portfolio companies. We may structure such equity investments to include provisions protecting our rights as a minority-interest holder, as well as a "put," or right to sell such securities back to the issuer, upon the occurrence of specified events. In many cases, we may also seek to obtain registration rights in connection with these equity interests, which may include demand and "piggyback" registration rights, which grants us the right to register our equity interest when either the portfolio company or another investor in the portfolio company files a registration statement with the SEC to issue securities. We seek to dispose of these equity interests and realize gains upon our disposition of these interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience.

***We have invested and may continue to invest through joint ventures, partnerships and other special purpose vehicles and our investments through these vehicles may entail greater risks, or risks that we otherwise would not incur, if we otherwise made such investments directly.***

We may make indirect investments in portfolio companies through joint ventures, partnerships or other special purpose vehicles ("Investment Vehicles"). In general, the risks associated with indirect investments in portfolio companies through a joint venture, partnership or other special purpose vehicle are similar to those associated with a direct investment in a portfolio company; however,

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if we are not the sole investor in such Investment Vehicle, the investment may involve risks not present in investments where a third party is not involved.

For any such investments, the optimization of the joint venture may be a complex, costly and time-consuming process and if we experience difficulties in this process, the anticipated benefits may not be realized fully or at all, or may take longer to realize than expected, which could have an adverse effect on us for an undetermined period after any such acquisition. There can be no assurances that we will realize any potential operating efficiencies, synergies and other benefits anticipated in connection with such joint ventures.

While we intend to analyze the credit and business of a potential portfolio company in determining whether to make an investment in an Investment Vehicle, we will nonetheless be exposed to the creditworthiness of the Investment Vehicle and any third party. In the event of a bankruptcy proceeding against the portfolio company, the assets of the portfolio company may be used to satisfy its obligations prior to the satisfaction of our investment in the Investment Vehicle (i.e., our investment in the Investment Vehicle could be structurally subordinated to the other obligations of the portfolio company). If a third party is involved, we are subject to the risk that such third-party could have financial difficulties resulting in a negative impact on the Investment Vehicle, could have economic or business interests or goals which are inconsistent with ours, or could be in a position to take (or block) action in a manner contrary to our investment objective or the increased possibility of default by, diminished liquidity or insolvency of, the third party, due to a sustained or general economic downturn. In addition, if we are not the sole investor in an Investment Vehicle, we may be required to rely on our partners in the Investment Vehicle when making decisions regarding such Investment Vehicle's investments, accordingly, the value of the investment could be adversely affected if our interests diverge from those of our partners in the Investment Vehicle.

***Any strategic investments that we pursue are subject to risks and uncertainties.***

We have pursued and may continue to pursue growth through strategic investments in new businesses, including through investments in our specialty finance vehicles. Completion and timing of any such strategic investments may be subject to a number of contingencies, including the uncertainty in reaching a commercial agreement with our counterparty, our ability to obtain required board, shareholder and regulatory approvals, as well as any required financing (or the risk that these are obtained subject to terms and conditions that are not anticipated). We may not be required to announce an acquisition or strategic transaction until a definitive agreement is reached and the announcement or consummation of any such transaction may adversely impact our business relationships or engender competitive responses.

In addition, the proposal and negotiation of strategic investments, whether or not completed, as well as the integration of those businesses into our existing portfolio, could result in substantial expenses and the diversion of our Adviser's time, attention and resources from our day-to-day operations.

Our ability to manage our growth through strategic investments will depend, in part, on our success in addressing these risks. Any failure to effectively implement our acquisition or strategic investment strategies could have a material adverse effect on our business, financial condition or results of operations.

***Broadly syndicated loans, including "covenant-lite" loans, may expose us to different risks, including with respect to liquidity, price volatility, ability to restructure loans, credit risks and less protective loan documentation, than is the case with loans that contain financial maintenance covenants.***

Our investments may consist of broadly syndicated loans that were not originated by us. Under the documentation for such loans, a financial institution or other entity typically is designated as the administrative agent and/or collateral agent. This agent is granted a lien on any collateral on behalf of the other lenders and distributes payments on the indebtedness as they are received. The agent is the party responsible for administering and enforcing the loan and generally may take actions only in accordance with the instructions of a majority or two-thirds in commitments and/or principal amount of the associated indebtedness. Accordingly, we may be precluded from directing such actions unless we or our investment adviser is the designated administrative agent or collateral agent or we act together with other holders of the indebtedness. If we are unable to direct such actions, we cannot assure shareholders that the actions taken will be in our best interests.

There is also a risk that a loan agent may become bankrupt or insolvent. Such an event would delay, and possibly impair, any enforcement actions undertaken by holders of the associated indebtedness, including attempts to realize upon the collateral securing the associated indebtedness and/or direct the agent to take actions against the related obligor or the collateral securing the associated indebtedness and actions to realize on proceeds of payments made by obligors that are in the possession or control of any other financial institution. In addition, we may be unable to remove the agent in circumstances in which removal would be in our best interests. Moreover, agented loans typically allow for the agent to resign with certain advance notice.

In addition, a significant number of high yield loans in the market, in particular the broadly syndicated loan market, may consist of "covenant-lite" loans. Generally, "covenant-lite" loans provide borrower companies 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. Ownership of "covenant-lite" loans may

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expose us to different risks, including with respect to liquidity, price volatility, ability to restructure loans, credit risks and less protective loan documentation, than is the case with loans that contain financial maintenance covenants.

***Our investments are concentrated in technology-related industries, some of which are subject to extensive government regulation, which exposes us to the risk of significant loss if any of these industry sectors experiences a downturn.***

A consequence of our investment strategy is that our investment returns will be materially and adversely affected if the companies or the industries we target perform poorly. Beyond the asset diversification requirements to which we will be subject as a RIC and the policy we expect to adopt to invest, under normal circumstances, at least 80% of the value of our assets in technology-related companies, we do not have fixed guidelines for diversification or limitations on the size of our investments in any one company and our investments could be concentrated in relatively few industries.

Our investments may be subject to extensive regulation by U.S. and foreign federal, state and/or local agencies. Changes in existing laws, rules or regulations, or judicial or administrative interpretations thereof, or new laws, rules or regulations could have an adverse impact on the business and industries of our portfolio companies. In addition, changes in government priorities or limitations on government resources could also adversely impact our portfolio companies. We are unable to predict whether any such changes in laws, rules or regulations will occur and, if they do occur, the impact of these changes on our portfolio companies and our investment returns.

Furthermore, if any of our portfolio companies were to fail to comply with applicable regulations, they could be subject to significant penalties and claims that could materially and adversely affect their operations. Our portfolio companies may be subject to the expense, delay and uncertainty of the regulatory approval process for their products and, even if approved, these products may not be accepted in the marketplace.

As of December 31, 2025, our investments in systems software and application software represented 12.6% and 15.6% of our portfolio at fair value, respectively. Our investments in these industries are subject to substantial risks, including, but not limited to, the risk that the laws and regulations governing these industries and, and interpretations thereof, may change frequently, the risk of defending against litigation claims based on allegations of infringement or other violations of intellectual property, the risk that portfolio companies may be unable to attract and retain qualified skilled IT personnel and software developers, the risk that rapid technological change, evolving industry standards and practices, and changing customer needs may negatively affect our portfolio companies and sensitivity to general economic conditions and cyclical demand.

As of December 31, 2025, our investments in health care technology represented 12.4% of our portfolio at fair value. Our investments in health care technology are subject to substantial risks, including, but not limited to, the risk that the laws and regulations governing the business of health care companies, and interpretations thereof, may change frequently. Current or future laws and regulations could force our portfolio companies engaged in health care to change their policies related to how they operate, restrict revenue, change costs, change reserve levels and change business practices.

***Our investments may be in portfolio companies that have limited operating histories and resources.***

Our portfolio may include investments in companies that may have relatively limited operating histories. These companies may be particularly vulnerable to U.S. and foreign economic downturns may have more limited access to capital and higher funding costs, may have a weaker financial position and may need more capital to expand or compete. These businesses also may experience substantial variations in operating results. They may face intense competition, including from larger, more established companies with greater financial, technical and marketing resources. Furthermore, some of these companies do business in regulated industries and could be affected by changes in government regulation applicable to their given industry. Accordingly, these factors could impair their cash flow or result in other events, such as bankruptcy, which could limit their ability to repay their obligations to us, and may adversely affect the return on, or the recovery of, our investment in these companies. We cannot assure you that any of our investments in our portfolio companies will be successful. We may lose our entire investment in any or all of our portfolio companies.

***A lack of IPO or merger and acquisition opportunities may cause companies to stay in our portfolio longer, leading to lower returns, unrealized depreciation, or realized losses.***

A lack of IPO or merger and acquisition ("M&A") opportunities for venture capital-backed companies could lead to companies staying longer in our portfolio as private entities still requiring funding. This situation may adversely affect the amount of available funding for early-stage companies in particular as, in general, venture-capital firms are being forced to provide additional financing to late-stage companies that cannot complete an IPO or M&A transaction. In the best case, such stagnation would dampen returns, and in the worst case, could lead to unrealized depreciation and realized losses as some companies run short of cash and have to accept lower valuations in private fundings or are not able to access additional capital at all. A lack of IPO or M&A opportunities for venture capital-backed companies can also cause some venture capital firms to change their strategies, leading some of them to reduce funding of their portfolio companies and making it more difficult for such companies to access capital and to fulfill their potential, which can result in unrealized depreciation and realized losses in such companies by other companies such as ourselves who are co-investors in such companies.

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***The inability of our portfolio companies to commercialize their technologies or create or develop commercially viable products or businesses would have a negative impact on our investment returns.***

The possibility that our portfolio companies will not be able to commercialize their technology, products or business concepts presents significant risks to the value of our investments. Additionally, although some of our portfolio companies may already have a commercially successful product or product line when we invest, technology-related products and services often have a more limited market- or life-span than products in other industries. Thus, the ultimate success of these companies often depends on their ability to continually innovate, or raise additional capital, in increasingly competitive markets. Their inability to do so could affect our investment return. In addition, the intellectual property held by our portfolio companies often represents a substantial portion of the collateral, if any, securing our investments. We cannot assure you that any of our portfolio companies will successfully acquire or develop any new technologies, or that the intellectual property the companies currently hold will remain viable. Even if our portfolio companies are able to develop commercially viable products, the market for new products and services is highly competitive and rapidly changing. Neither our portfolio companies nor we have any control over the pace of technology development. Commercial success is difficult to predict, and the marketing efforts of our portfolio companies may not be successful.

***If our portfolio companies are unable to protect their intellectual property rights, or are required to devote significant resources to protecting their intellectual property rights, then our investments could be harmed.***

Our success and competitive position depend in part upon the ability of our portfolio companies to obtain and maintain proprietary technology used in their products and services, which will often represent a significant portion of the collateral, if any, securing our investment. The portfolio companies will rely, in part, on patent, trade secret and trademark law to protect that technology, but competitors may misappropriate their intellectual property, and disputes as to ownership of intellectual property may arise. Portfolio companies may, from time to time, be required to institute litigation in order to enforce their patents, copyrights or other intellectual property rights, to protect their trade secrets, to determine the validity and scope of the proprietary rights of others or to defend against claims of infringement. Such litigation could result in substantial costs and diversion of resources.

Similarly, if a portfolio company is found to infringe upon or misappropriate a third party's patent or other proprietary rights, that portfolio company could be required to pay damages to such third party, alter its own products or processes, obtain a license from the third party and/or cease activities utilizing such proprietary rights, including making or selling products utilizing such proprietary rights. Any of the foregoing events could negatively affect both the portfolio company's ability to service our debt investment and the value of any related debt and equity securities that we own, as well as any collateral securing our investment.

***Our relationship with certain portfolio companies may expose us to our portfolio companies' trade secrets and confidential information which may require us to be parties to non-disclosure agreements and restrict us from engaging in certain transactions.***

Our relationship with some of our portfolio companies may expose us to our portfolio companies' trade secrets and confidential information (including transactional data and personal data about their employees and clients) that may require us to be parties to nondisclosure agreements and restrict us from engaging in certain transactions. Unauthorized access or disclosure of such information may occur, resulting in theft, loss or other misappropriation. Any theft, loss, improper use, such as insider trading or other misappropriation of confidential information could have a material adverse impact on our competitive positions, our relationship with our portfolio companies and our reputation and could subject us to regulatory inquiries, enforcement and fines, civil litigation and possible financial liability or costs.

***We may be subject to risks associated with our investments in bank loans.***

We may invest in bank loans and participations. These obligations are subject to unique risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the possible invalidation of an investment transaction as a fraudulent conveyance under relevant creditors' rights laws,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• so-called lender-liability claims by the issuer of the obligations,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• environmental liabilities that may arise with respect to collateral securing the obligations, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limitations on our ability to directly enforce its rights with respect to participations.

In addition, the illiquidity of bank loans may make it difficult for us to sell such investments to access capital if required. As a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. Compared to securities and to certain other types of financial assets, purchases and sales of loans take relatively longer to settle. This extended settlement process can (i) increase the counterparty credit risk borne by us; (ii) leave us unable to timely vote, or otherwise act with respect to, loans it has agreed to purchase; (iii) delay us from realizing the proceeds of a sale of a loan; (iv) inhibit our ability to re-sell a loan that it has agreed to purchase if conditions change (leaving us more exposed to price fluctuations); (v) prevent us from timely collecting principal and interest payments; and (vi) expose us to adverse tax or regulatory consequences. To the extent the extended loan settlement process gives rise to short-term liquidity needs, we may hold cash, sell investments or temporarily borrow from banks or other lenders.

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In purchasing participations, we generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of set-off against the borrower, and we may not directly benefit from the collateral supporting the debt obligation in which we have purchased the participation. As a result, we will assume the credit risk of both the borrower and the institution selling the participation.

In analyzing each bank loan or participation, our Adviser compares the relative significance of the risks against the expected benefits of the investment. Successful claims by third parties arising from these and other risks will be borne by us.

***If the assets securing the loans that we make decrease in value, then we may lack sufficient collateral to cover losses.***

To attempt to mitigate credit risks, we intend to take a security interest in the available assets of our portfolio companies. There is no assurance that we will obtain sufficient collateral to cover losses or properly perfect our liens.

There is a risk that the collateral securing our loans may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of a portfolio company to raise additional capital. In some circumstances, our lien could be subordinated to claims of other creditors. Consequently, the fact that a loan is secured does not guarantee that we will receive principal and interest payments according to the loan's terms, or that we will be able to collect on the loan should we be forced to enforce our remedies.

In addition, because we invest in technology-related companies, a substantial portion of the assets securing our investment may be in the form of intellectual property, if any, inventory and equipment and, to a lesser extent, cash and accounts receivable. Intellectual property, if any, that is securing our loan could lose value if, among other things, the company's rights to the intellectual property are challenged or if the company's license to the intellectual property is revoked or expires, the technology fails to achieve its intended results or a new technology makes the intellectual property functionally obsolete. Inventory may not be adequate to secure our loan if our valuation of the inventory at the time that we made the loan was not accurate or if there is a reduction in the demand for the inventory.

Similarly, any equipment securing our loan may not provide us with the anticipated security if there are changes in technology or advances in new equipment that render the particular equipment obsolete or of limited value, or if the company fails to adequately maintain or repair the equipment. Any one or more of the preceding factors could materially impair our ability to recover earned interest and principal in a foreclosure.

***We may suffer a loss if a portfolio company defaults on a loan and the underlying collateral is not sufficient.***

In the event of a default by a portfolio company on a secured loan, we will only have recourse to the assets collateralizing the loan. If the underlying collateral value is less than the loan amount, we will suffer a loss. In addition, we may make loans that are unsecured, which are subject to the risk that other lenders may be directly secured by the assets of the portfolio company. In the event of a default, those collateralized lenders would have priority over us with respect to the proceeds of a sale of the underlying assets. In cases described above, we may lack control over the underlying asset collateralizing our loan or the underlying assets of the portfolio company prior to a default, and as a result the value of the collateral may be reduced by acts or omissions by owners or managers of the assets.

In the event of bankruptcy of a portfolio company, we may not have full recourse to its assets in order to satisfy our loan, or our loan may be subject to "equitable subordination." This means that depending on the facts and circumstances, including the extent to which we actually provided significant "managerial assistance," if any, to that portfolio company, a bankruptcy court might re-characterize our debt holding and subordinate all or a portion of our claim to that of other creditors. In addition, certain of our loans are subordinate to other debt of the portfolio company. If a portfolio company defaults on our loan or on debt senior to our loan, or in the event of a portfolio company bankruptcy, our loan will be satisfied only after the senior debt receives payment. Where debt senior to our loan exists, the presence of intercreditor arrangements may limit our ability to amend our loan documents, assign our loans, accept prepayments, exercise our remedies (through "standstill" periods) and control decisions made in bankruptcy proceedings relating to the portfolio company. Bankruptcy and portfolio company litigation can significantly increase collection losses and the time needed for us to acquire the underlying collateral in the event of a default, during which time the collateral may decline in value, causing us to suffer losses.

Borrowers of broadly syndicated loans may be permitted to designate unrestricted subsidiaries under the terms of their financing agreements, which would exclude such unrestricted subsidiaries from restrictive covenants under the financing agreement with the borrower. Without restriction under the financing agreement, the borrower could take various actions with respect to the unrestricted subsidiary including, among other things, incur debt, grant security on its assets, sell assets, pay dividends or distribute shares of the unrestricted subsidiary to the borrower's shareholders. Any of these actions could increase the amount of leverage that the borrower is able to incur and increase the risk involved in our investments in broadly syndicated loans accordingly.

If the value of collateral underlying our loan declines or interest rates increase during the term of our loan, a portfolio company may not be able to obtain the necessary funds to repay our loan at maturity through refinancing.

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Decreasing collateral value and/or increasing interest rates may hinder a portfolio company's ability to refinance our loan because the underlying collateral cannot satisfy the debt service coverage requirements necessary to obtain new financing. In some instances a borrower may engage in liability management exercises with certain of its investors who agree to provide additional capital or capital on modified terms in exchange for a superior position in the portfolio company's capital structure. In such instances, the collateral securing our investment may be reduced or our lien may be further subordinated. If a borrower is unable to repay our loan at maturity, we could suffer a loss which may adversely impact our financial performance.

***We may not realize any income or gains from our equity investments.***

We have invested in and may continue to invest in equity-related securities, including common equity, warrants, preferred stock and convertible preferred securities. These equity interests we acquire may not appreciate in value and, in fact, may decline in value if the company fails to perform financially or achieve its growth objectives. We will generally have little, if any, control over the timing of any gains we may realize from our equity investments since these securities may have restrictions on their transfer or may not have an active trading market. Equity investments also have experienced significantly more volatility in their returns and may under-perform relative to fixed income securities during certain periods. An adverse event, such as an unfavorable earnings report, may depress the value. Also, prices of equity investments are sensitive to general movements in the stock market and a drop in the stock market may depress the price of common stock investments to which we have exposure. Equity prices fluctuate for several reasons including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or when political or economic events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase.

Although we expect to receive current income in the form of dividend payments on any convertible preferred equity investments, a substantial portion of the gains we expect to receive from our investments in such securities will likely be from the capital gains generated from the sale of our equity investments upon conversion of our convertible securities, the timing of which we cannot predict and we cannot guarantee that such sale will happen at all. We do not expect to generate capital gains from the sale of our portfolio investments on a level or uniform basis from quarter to quarter. In addition, any convertible preferred stock instruments will generally provide for conversion upon the portfolio companies' achievement of certain milestone events, including a qualified public offering and/or a senior exchange listing for their common stock. However, there can be no assurance that our portfolio companies will obtain either a junior or senior exchange listing or, even if a listing is obtained, that an active trading market will ever develop in the common stock of our publicly traded portfolio companies. In addition, even if our portfolio companies obtain an exchange listing, we may be subject to lock-up provisions that prohibit us from selling our investments into the public market for specified periods of time after such listing. As a result, the market price of securities that we hold may decline substantially before we are able to sell these securities following an exchange listing.

Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience. Furthermore, due to the expected growth of our portfolio companies, we do not generally expect to receive dividend income from our common stock investments. In the case of cumulative preferred stock, there is no assurance that any dividends will ever be paid by a portfolio company. Dividends to any equity holders may be suspended or cancelled at any time. Investments in equity securities can carry additional risks and may have other characteristics that require investments to be made indirectly through blocker entities or otherwise. In addition, if an issuer of equity securities in which we have invested sells additional shares of its equity securities, our interest in the issuer may be diluted and the value of our investment could decrease.

We may invest, to the extent permitted by law, in the equity securities of investment funds that are operating pursuant to certain exceptions to the 1940 Act and in advisers to similar investment funds and, to the extent we so invest, will bear our ratable share of any such company's expenses, including management and performance fees. We will also remain obligated to pay the base management fee, income based fee and capital gains incentive fee to our investment adviser with respect to the assets invested in the securities and instruments of such companies. With respect to each of these investments, each of our common stockholders will bear his or her share of the base management fee, income based fee and capital gains incentive fee due to our investment adviser as well as indirectly bearing the management and performance fees and other expenses of any such investment funds or advisers.

For the foregoing reasons, investments in equity securities can be highly speculative and carry a substantial risk of loss of investment.

***An investment strategy focused primarily on privately held companies presents certain challenges, including the lack of available information about these companies.***

We invest primarily in privately held companies. Investments in private companies pose certain incremental risks as compared to investments in public companies including that they generally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have reduced access to the capital markets, resulting in diminished capital resources and ability to withstand financial distress;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may have limited financial resources and may be unable to meet their obligations under their debt obligations that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees we may have obtained in connection with our investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors' actions and changing market conditions, as well as general economic downturns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are more likely to depend on the management talents and efforts of a small group of persons and, therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on the company and, in turn, on us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position.

In addition, investments in private companies tend to be less liquid. The securities of private companies are not publicly traded or actively traded on the secondary market and are, instead, traded on a privately negotiated over-the-counter secondary market for institutional investors. These over-the-counter secondary markets may be inactive during an economic downturn or a credit crisis and in any event often have lower volumes than publicly traded securities even in normal market conditions. In addition, the securities in these companies will be subject to legal and other restrictions on resale or will otherwise be less liquid than publicly traded securities.

If there is no readily available market for these investments, we are required to carry these investments at fair value as determined by our Board. As a result, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we had previously recorded these investments. We may also face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we, our Adviser or any of its affiliates have material nonpublic information regarding such portfolio company or where the sale would be an impermissible joint transaction under the 1940 Act. The reduced liquidity of our investments may make it difficult for us to dispose of them at a favorable price, and, as a result, we may suffer losses.

Finally, little public information generally exists about private companies and these companies may not have third-party credit ratings or audited financial statements. We must therefore rely on the ability of our Adviser to obtain adequate information through due diligence to evaluate the creditworthiness and potential returns from investing in these companies, and to monitor the activities and performance of these investments. To the extent that we (or other clients of our Adviser) may hold a larger number of investments, greater demands will be placed on our Adviser's time, resources and personnel in monitoring such investments, which may result in less attention being paid to any individual investment and greater risk that our investment decisions may not be fully informed. Additionally, these companies and their financial information will not generally be subject to the Sarbanes-Oxley Act of 2002 and other rules that govern public companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments.

***Investing in publicly traded companies can involve a high degree of risk and can be speculative.***

We may invest a portion of our portfolio in publicly traded companies or companies that are in the process of completing their initial public offering ("IPO"). If we invest in instruments issued by publicly-held companies, we may be subject to risks that differ in type or degree from those involved with investments in privately-held companies. Such risks include, without limitation, greater volatility in the valuation of such companies, increased obligations to disclose information regarding such companies, limitations on our ability to dispose of such instruments at certain times, increased likelihood of shareholder litigation against such companies' board members and increased costs associated with each of the aforementioned risks. In addition, to the extent we invest in publicly traded debt instruments, we may not be able to obtain financial covenants or other contractual rights that we might otherwise be able to obtain when making privately-negotiated investments. We may not have the same access to information in connection with investments in public debt instruments that we would expect to have in connection with privately-negotiated investments.

As publicly traded companies, the securities of these companies may not trade at high volumes, and prices can be volatile, particularly during times of general market volatility, which may restrict our ability to sell our positions and may have a material adverse impact on us. If we or our Adviser were deemed to have material, nonpublic information regarding the issuer of a publicly traded instrument in which we have invested, we may be limited in our ability to make new investments or sell existing investments in such issuer. All of these factors may restrict our ability to sell our positions and may have a material adverse impact on us.

***To the extent we invest in publicly traded companies, we may be unable to obtain financial covenants and other contractual rights, which subjects us to additional risks.***

If we invest in instruments issued by publicly-held companies, we may be subject to risks that differ in type or degree from those involved with investments in privately-held companies. Such risks include, without limitation, greater volatility in the valuation of such companies, increased obligations to disclose information regarding such companies, limitations on our ability to dispose of such instruments at certain times, increased likelihood of shareholder litigation against such companies' board members and increased costs

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associated with each of the aforementioned risks. In addition, to the extent we invest in publicly traded debt instruments, we may not be able to obtain financial covenants or other contractual rights that we might otherwise be able to obtain when making privately-negotiated investments. We may not have the same access to information in connection with investments in public debt instruments that we would expect to have in connection with privately-negotiated investments. If we or our Adviser were deemed to have material, nonpublic information regarding the issuer of a publicly traded instrument in which we have invested, we may be limited in our ability to make new investments or sell existing investments in such issue.

***Our ability to invest in public companies may be limited in certain circumstances.***

To maintain our status as a business development company, we are not permitted to acquire any assets other than "qualifying assets" specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions).

Subject to certain exceptions for follow-on investments and distressed companies, an investment in an issuer that has outstanding securities listed on a national securities exchange may be treated as a qualifying asset only if such issuer has a market capitalization that is less than $250 million at the time of such investment and meets the other specified requirements.

***The credit ratings of certain of our investments may not be indicative of the actual credit risk of such rated instruments.***

Rating agencies rate debt securities based upon their assessment of the likelihood of the receipt of principal and interest payments. Rating agencies do not consider the risks of fluctuations in market value or other factors that may influence the value of debt securities. Therefore, the credit rating assigned to a particular instrument may not fully reflect the true risks of an investment in such instrument. Credit rating agencies may change their methods of evaluating credit risk and determining ratings. These changes may occur quickly and often. While we may give some consideration to ratings, ratings may not be indicative of the actual credit risk of our investments in rated instruments.

***Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.***

We are subject to the risk that the investments we make in our portfolio companies may be repaid prior to maturity. When this occurs, we will generally reinvest these proceeds in temporary investments, pending their future investment in new portfolio companies. These temporary investments will typically have substantially lower yields than the debt being prepaid and we could experience significant delays in reinvesting these amounts. Any future investment in a new portfolio company may also be at lower yields than the debt that was repaid. As a result, our results of operations could be materially adversely affected if one or more of our portfolio companies elect to prepay amounts owed to us. Additionally, prepayments, net of prepayment fees, could negatively impact our return on equity. This risk will be more acute when interest rates decrease, as we may be unable to reinvest at rates as favorable as when we made our initial investment.

***A redemption of convertible securities held by us could have an adverse effect on our ability to achieve our investment objective.***

A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security held by us is called for redemption, we will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on our ability to achieve our investment objective.

***To the extent original issue discount ("OID") and payment-in-kind ("PIK") interest income constitute a portion of our income, we will be exposed to risks associated with the deferred receipt of cash representing such income.***

Our investments may include OID and PIK instruments. To the extent OID and PIK constitute a portion of our income, we will be exposed to risks associated with such income being required to be included in income for financial reporting purposes in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and taxable income prior to receipt of cash, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Original issue discount instruments may have unreliable valuations because the accruals require judgments about collectability or deferred payments and the value of any associated collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Original issue discount instruments may create heightened credit risks because the inducement to the borrower to accept higher interest rates in exchange for the deferral of cash payments typically represents, to some extent, speculation on the part of the borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For U.S. GAAP purposes, cash distributions to shareholders that include a component of OID income do not come from paid-in capital, although they may be paid from the offering proceeds. Thus, although a distribution of OID income may come from the cash invested by the shareholders, the 1940 Act does not require that shareholders be given notice of this fact;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The presence of OID and PIK creates the risk of non-refundable cash payments to our Adviser in the form of incentive fees on income based on non-cash OID and PIK accruals that may never be realized; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the case of PIK, "toggle" debt, which gives the issuer the option to defer an interest payment in exchange for an increased interest rate in the future, the PIK election has the simultaneous effect of increasing the investment income, thus increasing the potential for realizing incentive fees.

***Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.***

Our strategy focuses on investing primarily in the debt of privately owned U.S. companies in a broad range of technology-related industries with a focus on originated transactions sourced through the networks of our Adviser. Our portfolio companies may have, or may be permitted to incur, other debt that ranks equally with, or senior to, the debt in which we invest. By their terms, such debt instruments may entitle the holders to receive payment of interest or principal on or before the dates on which we are entitled to receive payments with respect to the debt instruments in which we invest. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, any holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution. After repaying such senior creditors, such portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of debt ranking equally with debt instruments in which we invest, we would have to share on an equal basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company and our portfolio company may not have sufficient assets to pay all equally ranking credit even if we hold senior, first-lien debt.

***Our portfolio companies may be highly leveraged.***

Some of our portfolio companies may be highly leveraged, which may have adverse consequences to these companies and to us as an investor. These companies may be subject to restrictive financial and operating covenants and the leverage may impair these companies' ability to finance their future operations and capital needs. As a result, these companies' flexibility to respond to changing business and economic conditions and to take advantage of business opportunities may be limited. Further, a leveraged company's income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used.

***If we cannot obtain debt financing or equity capital on acceptable terms, our ability to acquire investments and to expand our operations will be adversely affected.***

The net proceeds from the sale of our shares will be used for our investment opportunities, and, if necessary, the payment of operating expenses and the payment of various fees and expenses such as base management fees, incentive fees, other fees and distributions. Any working capital reserves we maintain may not be sufficient for investment purposes, and we may require additional debt financing or equity capital to operate. We generally are required to distribute at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to our shareholders to maintain our tax treatment as a RIC. Accordingly, in the event that we need additional capital in the future for investments or for any other reason we may need to access the capital markets periodically to issue debt or equity securities or borrow from financial institutions in order to obtain such additional capital. These sources of funding may not be available to us due to unfavorable economic conditions, which could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. Consequently, if we cannot obtain further debt or equity financing on acceptable terms, our ability to acquire additional investments and to expand our operations will be adversely affected. As a result, we would be less able to diversify our portfolio and achieve our investment objective, which may negatively impact our results of operations and reduce our ability to make distributions to our shareholders. See "—*If we are unable to obtain additional debt financing, or if our borrowing capacity is materially reduced, our business could be materially adversely affected*."

***Defaults by our portfolio companies could jeopardize a portfolio company's ability to meet its obligations under the debt or equity investments that we hold which could harm our operating results.***

A portfolio company's failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its debt financing and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize a portfolio company's ability to meet its obligations under the debt or equity investments that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting portfolio company. In addition, some of the loans in which we may invest may be "covenant-lite" loans. We use the term "covenant-lite" loans to refer generally to loans that do not have a complete set of financial maintenance covenants. Generally, "covenant-lite" loans provide borrower companies 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.

As part of our lending activities, we may in certain opportunistic circumstances originate loans to companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Any such investment would involve a substantial degree of risk. In any reorganization or liquidation proceeding relating

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to a company that we fund, we may lose all or part of the amounts advanced to the borrower or may be required to accept collateral with a value less than the amount of the loan advanced by us to the borrower.

***Subordinated liens on collateral securing debt investments that we may make to portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.***

Certain debt investments that we will make in portfolio companies will be secured on a second priority lien basis by the same collateral securing senior debt of such companies. We also make debt investments in portfolio companies secured on a first priority basis. The first priority liens on the collateral will secure the portfolio company's obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the portfolio company under the agreements governing the debt. In the event of a default, the holders of obligations secured by the first priority liens on the collateral will generally control the liquidation of and be entitled to receive proceeds from any realization of the collateral to repay their obligations in full before us.

In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from the sale or sales of all of the collateral would be sufficient to satisfy the debt obligations secured by the first priority or second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds are not sufficient to repay amounts outstanding under the debt obligations secured by the first priority or second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the portfolio company's remaining assets, if any.

We may also make unsecured debt investments in portfolio companies, meaning that such investments will not benefit from any interest in collateral of such companies. Liens on any such portfolio company's collateral, if any, will secure the portfolio company's obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the portfolio company under its secured debt agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before us. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy our unsecured debt obligations after payment in full of all secured debt obligations. If such proceeds were not sufficient to repay the outstanding secured debt obligations, then our unsecured claims would rank equally with the unpaid portion of such secured creditors' claims against the portfolio company's remaining assets, if any.

The rights we may have with respect to the collateral securing the debt investments we make in our portfolio companies with senior debt outstanding may also be limited pursuant to the terms of one or more inter-creditor agreements that we enter into with the holders of senior debt. Under such an inter-creditor agreement, at any time obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens: the ability to cause the commencement of enforcement proceedings against the collateral; the ability to control the conduct of such proceedings; the approval of amendments to collateral documents; releases of liens on the collateral; and waivers of past defaults under collateral documents. We may not have the ability to control or direct such actions, even if our rights are adversely affected.

***Certain of our investments may be adversely affected by laws relating to fraudulent conveyance or voidable preferences.***

Certain of our investments could be subject to federal bankruptcy law and state fraudulent transfer laws, which vary from state to state, if the debt obligations relating to certain investments were issued with the intent of hindering, delaying or defrauding creditors or, in certain circumstances, if the issuer receives less than reasonably equivalent value or fair consideration in return for issuing such debt obligations. If the debt proceeds are used for a buyout of shareholders, this risk is greater than if the debt proceeds are used for day-to-day operations or organic growth. If a court were to find that the issuance of the debt obligations was a fraudulent transfer or conveyance, the court could void or otherwise refuse to recognize the payment obligations under the debt obligations or the collateral supporting such obligations, further subordinate the debt obligations or the liens supporting such obligations to other existing and future indebtedness of the issuer or require us to repay any amounts received by us with respect to the debt obligations or collateral. In the event of a finding that a fraudulent transfer or conveyance occurred, we may not receive any repayment on such debt obligations.

Under certain circumstances, payments to us and distributions by us to our shareholders may be reclaimed if any such payment or distribution is later determined to have been a fraudulent conveyance, preferential payment or similar transaction under applicable bankruptcy and insolvency laws. Furthermore, investments in restructurings may be adversely affected by statutes relating to, among other things, fraudulent conveyances, voidable preferences, lender liability and the court's discretionary power to disallow, subordinate or disenfranchise particular claims or re-characterize investments made in the form of debt as equity contributions.

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***There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.***

Although we intend to structure certain of our investments as senior debt, if one of our portfolio companies were to go bankrupt, depending on the facts and circumstances, including the extent to which we provided managerial assistance to that portfolio company or a representative of us or our Adviser sat on the board of directors of such portfolio company, a bankruptcy court might re-characterize our debt investment and subordinate all or a portion of our claim to that of other creditors. In situations where a bankruptcy carries a high degree of political significance, our legal rights may be subordinated to other creditors.

In addition, a number of U.S. judicial decisions have upheld judgments obtained by borrowers against lending institutions on the basis of various evolving legal theories, collectively termed "lender liability." Generally, lender liability is founded on the premise that a lender has violated a duty (whether implied or contractual) of good faith, commercial reasonableness and fair dealing, or a similar duty owed to the borrower or has assumed an excessive degree of control over the borrower resulting in the creation of a fiduciary duty owed to the borrower or its other creditors or shareholders. Because of the nature of our investments in portfolio companies (including that, as a BDC, we may be required to provide managerial assistance to those portfolio companies if they so request upon our offer), we may be subject to allegations of lender liability.

***We generally will not control the business operations of our portfolio companies and, due to the illiquid nature of our holdings in our portfolio companies, we may not be able to dispose of our interests in our portfolio companies.***

We do not currently, and do not expect in the future to control most of our portfolio companies, although we may have board representation or board observation rights, and our debt agreements may impose certain restrictive covenants on our borrowers. As a result, we are subject to the risk that a portfolio company in which we invest may make business decisions with which we disagree and the management of such company, as representatives of the holders of their common equity, may take risks or otherwise act in ways that do not serve our interests as a debt investor. Due to the lack of liquidity for our investments in private companies, we may not be able to dispose of our interests in our portfolio companies as readily as we would like or at a favorable value. As a result, a portfolio company may make decisions that could decrease the value of our portfolio holdings.

***We and our portfolio companies are, and will continue to be, exposed to risks associated with changes in interest rates.***

General interest rate fluctuations and changes in credit spreads on floating rate loans may have a substantial negative impact on our portfolio company investments and our investment opportunities and, accordingly, may have a material adverse effect on our rate of return on invested capital, our net investment income and our net asset value. The majority of our debt investments have, and are expected to have, variable interest rates that reset periodically based on benchmarks such as the SOFR, the SONIA, the Euro Interbank Offered Rate, the Federal Funds rate or Prime rate. The Federal Reserve decreased the federal funds rate three times in 2025. A reduction in the interest rates on new investments relative to interest rates on current investments could have an adverse impact on our net investment income. On the other hand, increases in interest rates have made and may continue to make it more difficult for our portfolio companies to service their obligations under the debt investments that we will hold and may increase defaults even where our investment income increases. Elevated interest rates could also cause borrowers to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. Additionally, higher interest rate loans may be less liquid as fewer investors may be willing to purchase such loans in the secondary market in light of the increased risk of a default by the borrower and the heightened risk of a loss of an investment in such loans. All of these risks may be exacerbated when interest rates rise rapidly and/or significantly. Decreases in credit spreads on debt that pays a floating rate of return would have an impact on the income generation of our floating rate assets. Trading prices for debt that pays a fixed rate of return tend to fall as interest rates rise. Trading prices tend to fluctuate more for fixed rate securities that have longer maturities.

Conversely, when interest rates decline, borrowers may refinance their loans at lower interest rates, which could shorten the average life of the loans and reduce the associated returns on the investment, as well as require our Adviser and the Adviser's personnel to incur management time and expense to re-deploy such proceeds, including on terms that may not be as favorable as our existing loans.

In addition, because we borrow money to make investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. In periods of declining interest rates, we may earn less interest income from investments and our cost of funds will also decrease, to a lesser extent, given certain of our currently outstanding indebtedness bears interest at fixed rates, resulting in lower net investment income. Conversely, in periods of rising interest rates, our interest income will increase as the majority of our portfolio bears interest at variable rates while our cost of funds will also increase, to a lesser extent, resulting in an increase to our net investment income. In addition, in periods of elevated interest rates, our cost of funds increases, which tends to reduce our net investment income. We can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

We may hedge against interest rate fluctuations by using standard hedging instruments such as interest rate swap agreements, futures, options and forward contracts, subject to applicable legal requirements, including all necessary registrations (or exemptions

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from registration) with the Commodity Futures Trading Commission. In addition, our interest expense may not decrease at the same rate as overall interest rates because of our fixed rate borrowings, which could lead to greater declines in our net investment income. These activities may limit our ability to participate in the benefits of lower interest rates with respect to the hedged borrowings. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations.

We do not have a policy governing the maturities of our investments. This means that we are subject to greater risk (other things being equal) than a fund invested solely in shorter-term securities. A decline in the prices of the debt we own could adversely affect our net asset value. Also, an increase in interest rates available to investors could make an investment in our common stock less attractive if we are not able to increase our dividend rate.

***International investments create additional risks.***

We may make investments in portfolio companies that are domiciled outside of the United States. Our investments in foreign portfolio companies are deemed "non-qualifying assets," which means that, as required by the 1940 Act, such investments, along with other investments in non-qualifying assets, may not constitute more than 30% of our total assets at the time of our acquisition of any such asset, after giving effect to the acquisition. Notwithstanding the limitation on our ownership of foreign portfolio companies, such investments subject us to many of the same risks as our domestic investments, as well as certain additional risks, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• foreign governmental laws, rules and policies, including those relating to taxation and bankruptcy and restricting the ownership of assets in the foreign country or the repatriation of profits from the foreign country to the United States and any adverse changes in these laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• foreign currency devaluations that reduce the value of and returns on our foreign investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse changes in the availability, cost and terms of investments due to the varying economic policies of a foreign country in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse changes in tax rates, the tax treatment of transaction structures and other changes in operating expenses of a particular foreign country in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the assessment of foreign-country taxes (including withholding taxes, transfer taxes and value added taxes, any or all of which could be significant) on income or gains from our investments in the foreign country;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes that adversely affect the social, political and/or economic stability of a foreign country in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• high inflation in the foreign countries in which we invest, which could increase the costs to us of investing in those countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deflationary periods in the foreign countries in which we invest, which could reduce demand for our assets in those countries and diminish the value of such investments and the related investment returns to us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal and logistical barriers in the foreign countries in which we invest that materially and adversely limit our ability to enforce our contractual rights with respect to those investments.

In addition, we may make investments in countries whose governments or economies may prove unstable. Certain of the countries in which we may invest may have political, economic and legal systems that are unpredictable, unreliable or otherwise inadequate with respect to the implementation, interpretation and enforcement of laws protecting asset ownership and economic interests. In some of the countries in which we may invest, there may be a risk of nationalization, expropriation or confiscatory taxation, which may have an adverse effect on our portfolio companies in those countries and the rates of return that we are able to achieve on such investments. We may also lose the total value of any investment which is nationalized, expropriated or confiscated. The financial results and investment opportunities available to us, particularly in developing countries and emerging markets, may be materially and adversely affected by any or all of these political, economic and legal risks.

***We may expose ourselves to risks if we engage in risk management activities.***

We have entered, and may in the future enter, into hedging transactions, which may expose us to risks associated with such transactions. We may seek to utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates and market interest rates and the relative value of certain debt securities from changes in market interest rates. Use of these hedging instruments may include counter-party credit risk. The scope of risk management activities we undertake varies based on the level of interest rates, prevailing foreign currency exchange rates, the types of investments that are made and other changing market conditions. To the extent we have non-U.S. investments, particularly investments denominated in non-U.S. currencies, our hedging costs will increase.

Hedging against a decline in the values of our portfolio positions would not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions were to decline. However, such hedging can establish other positions

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designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions were to increase. It also may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price.

The success of our hedging strategy will depend on our ability to correctly identify appropriate exposures for hedging. Unanticipated changes in currency exchange rates or other exposures that we might hedge may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary, as may the time period in which the hedge is effective relative to the time period of the related exposure.

For a variety of reasons, we may not seek to (or be able to) establish a perfect correlation between such hedging instruments and the positions being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities is likely to fluctuate as a result of factors not related to currency fluctuations. Income derived from hedging transactions also is not eligible to be distributed to non-U.S. stockholders free from withholding taxes. Changes to the regulations applicable to the financial instruments we use to accomplish our hedging strategy could affect the effectiveness of that strategy. See "—*The market structure applicable to derivatives imposed by the Dodd-Frank Act, the U.S. Commodity Futures Trading Commission ("CFTC") and the SEC may affect our ability to use over-the-counter ("OTC") derivatives for hedging purposes*" and "*We and our portfolio companies are, and will continue to be, exposed to risks associated with changes in interest rates.*"

***The market structure applicable to derivatives imposed by the Dodd-Frank Act, the U.S. Commodity Futures Trading Commission ("CFTC") and the SEC may affect our ability to use over-the-counter ("OTC") derivatives for hedging purposes.***

The CFTC and the SEC have issued final rules establishing that certain swap transactions are subject to CFTC regulation. Engaging in such swap or other commodity interest transactions such as futures contracts or options on futures contracts may cause us to fall within the definition of "commodity pool" under the Commodity Exchange Act and related CFTC regulations. Our Adviser has claimed relief from CFTC registration and regulation as a commodity pool operator with respect to our operations, with the result that we are limited in our ability to use futures contracts or options on futures contracts or engage in swap transactions. Specifically, we are subject to strict limitations on using such derivatives other than for hedging purposes, whereby the use of derivatives not used solely for hedging purposes is generally limited to situations where (i) the aggregate initial margin and premiums required to establish such positions does not exceed five percent of the liquidation value of our portfolio, after taking into account unrealized profits and unrealized losses on any such contracts we have entered into; or (ii) the aggregate net notional value of such derivatives does not exceed 100% of the liquidation value of our portfolio. The Dodd-Frank Act also imposed requirements relating to real-time public and regulatory reporting of OTC derivative transactions, enhanced documentation requirements, position limits on an expanded array of derivatives, and recordkeeping requirements. Taken as a whole, these changes could significantly increase the cost of using uncleared OTC derivatives to hedge risks, including interest rate and foreign exchange risk; reduce the level of exposure we are able to obtain for risk management purposes through OTC derivatives (including as the result of the CFTC imposing position limits on additional products); reduce the amounts available to us to make non-derivatives investments; impair liquidity in certain OTC derivatives; and adversely affect the quality of execution pricing obtained by us, all of which could adversely impact our investment returns.

In addition, as a result of rules adopted by U.S. and foreign regulators concerning certain financial contracts, including OTC derivatives, entered into with counterparties that have been designated as global systemically important banking organizations, we may be restricted in our ability to terminate such contracts following the occurrence of certain insolvency-related default events. Transactions with these counterparties, therefore, carry heightened risk in the event that the counterparty defaults on its obligations to us.

***Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.***

Rule 18f-4 requires a BDC (or a registered investment company) that uses 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 requirements. 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. Under Rule 18f-4, 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. Collectively, these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts.

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***We may enter into total return swaps that would expose us to certain risks, including market risk, liquidity risk and other risks similar to those associated with the use of leverage.***

A total return swap is a contract in which one party agrees to make periodic payments to another party based on the change in the market value of the assets underlying the total return swap, which may include a specified security or loan, basket of securities or loans or securities or loan indices during the specified period, in return for periodic payments based on a fixed or variable interest rate. A total return swap is typically used to obtain exposure to a security, loan or market without owning or taking physical custody of such security or loan or investing directly in such market. A total return swap may effectively add leverage to our portfolio because, in addition to our total net assets, we would be subject to investment exposure on the amount of securities or loans subject to the total return swap. A total return swap is also subject to the risk that a counterparty will default on its payment obligations thereunder or that we will not be able to meet our obligations to the counterparty. In addition, because a total return swap is a form of synthetic leverage, such arrangements are subject to risks similar to those associated with the use of leverage.

***Our investment strategy focuses on technology-related companies, which are subject to many risks, including volatility, intense competition, shortened product life cycles, changes in regulatory and governmental programs and periodic downturns, and you could lose all or part of your investment.***

We have adopted a policy to invest, under normal circumstances, at least 80% of the value of our assets in technology-related companies, many of which may have narrow product lines and small market shares, which tend to render them more vulnerable to competitors' actions and market conditions, as well as to general economic downturns. The revenues, income (or losses), and valuations of technology-related companies can and often do fluctuate suddenly and dramatically. In addition, technology-related industries are generally characterized by abrupt business cycles and intense competition. Overcapacity in technology-related industries, together with cyclical economic downturns, may result in substantial decreases in the market capitalization of many technology-related companies. Such decreases in market capitalization may occur again, and any future decreases in technology-related company valuations may be substantial and may not be temporary in nature. Therefore, our portfolio companies may face considerably more risk of loss than do companies in other industry sectors.

Because of rapid technological change, the average selling prices of products and some services provided by technology-related companies have historically decreased over their productive lives. As a result, the average selling prices of products and services offered by technology-related companies may decrease over time, which could adversely affect their operating results, their ability to meet obligations under their debt securities and the value of their equity securities. This could, in turn, materially adversely affect our business, financial condition and results of operations.

We may invest in technology -related companies that are reliant on U.S. and foreign regulatory and governmental program. Any material changes or discontinuation, due to change in administration or U.S. Congress or otherwise could have a material adverse effect on the operations of a portfolio company in these industries and, in turn, impair our ability to timely collect principal and interest payments owed to us to the extent applicable.

***Our investments in life sciences-related companies may be subject to extensive government regulation, litigation risk and certain other risks particular to that industry.***

We may invest in life sciences-related that may be subject to extensive regulation by federal, state and other foreign agencies. If any of these portfolio companies fail to comply with applicable regulations, they could be subject to significant penalties and claims that could materially and adversely affect their operations. Portfolio companies that produce medical devices or drugs are subject to the expense, delay and uncertainty of the regulatory approval process for their products and, even if approved, these products may not be accepted in the marketplace. In addition, governmental budgetary constraints effecting the regulatory approval process, new laws, regulations or judicial interpretations of existing laws and regulations might adversely affect a portfolio company in this industry.

Life sciences-related portfolio companies may also have a limited number of suppliers of necessary components or a limited number of manufacturers for their products, and therefore face a risk of disruption to their manufacturing process if they are unable to find alternative suppliers when needed. Any of these factors could materially and adversely affect the operations of a life sciences-related portfolio company and, in turn, impair our ability to timely collect principal and interest payments owed to us.

***We may be subject to risks associated with our investments in the software industry.***

Portfolio companies in the software industry are subject to a number of risks. The revenue, income (or losses) and valuations of software and other technology-related companies can and often do fluctuate suddenly and dramatically. In addition, because of rapid technological change, the average selling prices of software products have historically decreased over their productive lives. As a result, the average selling prices of software offered by our portfolio companies may decrease over time, which could adversely affect their operating results and, correspondingly, the value of any securities that we may hold. Additionally, companies operating in the software industry are subject to vigorous competition, changing technology, changing client and end-consumer needs, evolving industry standards and frequent introductions of new products and services. Our portfolio companies in the software industry may compete with other companies that operate in the global, regional and local software industries, and those competitors may be engaged

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in a greater range of businesses, have a larger installed base of customers for their existing products and services or have greater financial, technical, sales or other resources than our portfolio companies do. Our portfolio companies may lose market share if their competitors introduce or acquire new products that compete with their software and related services or add new features to their products. Any of this could, in turn, materially adversely affect our business, financial condition and results of operations.

***We cannot guarantee that we will be able to obtain various required licenses in U.S. states or in any other jurisdiction where they may be required in the future.***

We are required to have and may be required in the future to obtain various state licenses to, among other things, originate commercial loans, and may be required to obtain similar licenses from other authorities, including outside of the United States, in the future in connection with one or more investments. Applying for and obtaining required licenses can be costly and take several months. We cannot assure you that we will maintain or obtain all of the licenses that we need on a timely basis. We also are and will be subject to various information and other requirements to maintain and obtain these licenses, and we cannot assure you that we will satisfy those requirements. Our failure to maintain or obtain licenses that we require, now or in the future, might restrict investment options and have other adverse consequences.

***Certain investment analyses and decisions by our Adviser may be required to be undertaken on an expedited basis.***

Investment analyses and decisions by our Adviser may be required to be undertaken on an expedited basis to take advantage of certain investment opportunities. While we generally will not seek to make an investment until our Adviser has conducted sufficient due diligence to make a determination as to the acceptability of the credit quality of the investment and the underlying issuer, in such cases, the information available to our Adviser at the time of making an investment decision may be limited. Therefore, no assurance can be given that our Adviser will have knowledge of all circumstances that may adversely affect an investment. In addition, our Adviser may rely upon independent consultants and others in connection with its evaluation of proposed investments. No assurance can be given as to the accuracy or completeness of the information provided by such independent consultants and we may incur liability as a result of such consultants' actions, many of whom we will have limited recourse against in the event of any such inaccuracies.

***We may not have the funds or ability to make additional investments in our portfolio companies.***

After our initial investment in a portfolio company, we may be called upon from time to time to provide additional funds to such company or have the opportunity to increase our investment through the exercise of a warrant or other right to purchase common stock. There is no assurance that we will make, or will have sufficient funds to make, follow-on investments. Even if we do have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our level of risk, we prefer other opportunities, we are limited in our ability to do so by compliance with BDC requirements, or in order to maintain our RIC status. Our ability to make follow-on investments may also be limited by our Adviser's allocation policies. Any decision not to make a follow-on investment or any inability on our part to make such an investment may have a negative impact on a portfolio company in need of such an investment, may result in a missed opportunity for us to increase our participation in a successful investment or may reduce the expected return to us on the investment.

***We are subject to certain risks as a result of our interests in the CLO Preferred Shares.***

Under the terms of the loan sale agreements entered into in connection with our debt securitization transactions with respect to the CLO (the "CLO Transaction"), we and certain financing subsidiaries sold and/or contributed to the issuer in connection with the CLO Transaction (the "CLO Issuer"), all of the ownership interest in the portfolio loans and participations held by the CLO Issuer on the closing date for the CLO Transaction for the purchase price and other consideration set forth in such loan sale agreements. As a result of the CLO Transaction, we hold all of the preferred shares issued by the CLO Issuer (the "CLO Preferred Shares"), which comprise 100% of the equity interests. As a result, we expect to consolidate the financial statements of the CLO Issuer in our consolidated financial statements. However, once sold or contributed to a CLO, the underlying loans and participation interests have been securitized and are no longer our direct investment, and the risk return profile has been altered. In general, rather than holding interests in the underlying loans and participation interests, the CLO Transaction resulted in us holding equity interests in the CLO Issuer, with the CLO Issuer holding the underlying loans. As a result, we are subject both to the risks and benefits associated with the Preferred Shares and, indirectly, the risks and benefits associated with the underlying loans and participation interests held by the CLO Issuer. In addition, our ability to sell, amend or otherwise modify an underlying loan held by a CLO Issuer is subject to certain conditions and restrictions under the applicable CLO Transaction, which may prevent us from taking actions that we would take if we held such underlying loan directly.

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***The subordination of the CLO Preferred Shares will affect our right to payment.***

The CLO Preferred Shares are subordinated to the notes issued and amounts borrowed by the CLO Issuer and CLO Co-Issuer, as applicable (collectively, the "CLO Debt"), respectively, and certain fees and expenses. If an overcollateralization test or an interest coverage test is not satisfied as of a determination date, the proceeds from the underlying loans otherwise payable to a CLO Issuer (which such CLO Issuer could have distributed with respect to the CLO Preferred Shares of such CLO Issuer) will be diverted to the payment of principal on the CLO Debt of such CLO Issuer. See "—*The CLO Indentures require mandatory redemption of the respective CLO Debt for failure to satisfy coverage tests, which would reduce the amounts available for distribution to us*."

On the scheduled maturity of the CLO Debt of a CLO Issuer or if such CLO Debt is accelerated after an event of default, proceeds available after the payment of certain administrative expenses will be applied to pay both principal of and interest on the such CLO Debt until such CLO Debt is paid in full before any further payment will be made on the CLO Preferred Shares of such CLO Issuer. As a result, such CLO Preferred Shares would not receive any payments until such CLO Debt is paid in full and under certain circumstances may not receive payments at any time.

In addition, if an event of default occurs and is continuing with respect to the CLO Debt of a CLO Issuer, the holders of such CLO Debt will be entitled to determine the remedies to be exercised under the indenture pursuant to which such CLO Debt was issued (the "CLO Indenture"). Remedies pursued by the holders of CLO Debt could be adverse to our interests as the holder of CLO Preferred Shares, and the holders of CLO Debt will have no obligation to consider any possible adverse effect on such our interest or the interest of any other person. See " —*The holders of certain CLO Debt will control many rights under the CLO Indenture and therefore, we will have limited rights in connection with an event of default or distributions thereunder*."

The CLO Preferred Shares represent leveraged investments in the underlying loan portfolio of the applicable CLO Issuer, which is a speculative investment technique that increases the risk to us as the owner of the CLO Preferred Shares. As the junior interest in a leveraged capital structure, the CLO Preferred Shares will bear the primary risk of deterioration in the performance of the applicable CLO Issuer and its portfolio of underlying loans.

***The holders of certain CLO Debt will control many rights under the CLO Indenture and therefore, we will have limited rights in connection with an event of default or distributions thereunder.***

Under the CLO Indenture, as long as any CLO Debt of the CLO Issuer is outstanding, the holders of the senior-most outstanding class of such CLO Debt will have the right to direct the trustee or the CLO Issuer to take certain actions under the CLO Indenture or any related credit agreement. For example, these holders will have the right, following an event of default, to direct certain actions and control certain decisions, including the right to accelerate the maturity of applicable CLO Debt and, under certain circumstances, the liquidation of the collateral. Remedies pursued by such holders upon an event of default could be adverse to our interests.

Although we, as the holder of the CLO Preferred Shares, will have the right, subject to the conditions set forth in the CLO Indenture, to purchase assets in any liquidation of assets by the collateral trustee, if an event of default has occurred and is continuing, we will not have any creditors' rights against the applicable CLO Issuer and will not have the right to determine the remedies to be exercised under the CLO Indenture. There is no guarantee that any funds will remain to make distributions to us as the holder of the CLO Preferred Shares following any liquidation of assets and the application of the proceeds from such assets to pay the applicable CLO Debt and the fees, expenses, and other liabilities payable by the CLO Issuer.

***The CLO Indenture requires mandatory redemption of the CLO Debt for failure to satisfy coverage tests, which would reduce the amounts available for distribution to us.***

Under the CLO Indenture governing the CLO Transaction, there are two coverage tests applicable to CLO Debt. The first such test, the interest coverage test, compares the amount of interest proceeds received and, other than in the case of defaulted loans, scheduled to be received on the underlying loans held by the CLO Issuer to the amount of interest due and payable on the CLO Debt of the CLO Issuer and the amount of fees and expenses senior to the payment of such interest in the priority of distribution of interest proceeds. To satisfy this test interest received on the portfolio loans held by the CLO Issuer must meet a minimum percentage under the CLO Indenture for the respective class or classes of the amount equal to the interest payable on the CLO Debt of the CLO Issuer for such class or classes, plus the senior fees and expenses.

The second such test, the overcollateralization test, compares the adjusted collateral principal amount of the portfolio of underlying loans of the CLO Issuer to the aggregate outstanding principal amount of the CLO Debt of the CLO Issuer. To satisfy this second test at any time, this adjusted collateral principal amount must meet a minimum percentage under the applicable CLO Indenture for the respective class or classes. In this test, certain reductions are applied to the principal balance of underlying loans in connection with certain events, such as defaults or ratings downgrades to "CCC" levels or below with respect to the loans held by the CLO Issuer. These adjustments increase the likelihood that this test is not satisfied.

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These tests apply to each CLO Transaction separately. If either coverage test with respect to a CLO Transaction is not satisfied on any determination date on which such test is applicable, the CLO Issuer must apply available amounts to redeem its CLO Debt in an amount necessary to cause such test to be satisfied. This would reduce or eliminate the amounts otherwise available to make distributions to us as the holder of the CLO Preferred Shares of the CLO Issuer.

***Climate change and climate-related effects may expose us to systemic, global, macroeconomic risks and could adversely affect our business and the businesses of our products' portfolio companies.***

Global climate change is widely considered to be a significant threat to the global economy. We and the companies in which we invest may face risks associated with climate change, including physical risks such as an increased frequency or severity of extreme weather events and rising sea levels and temperatures. In addition, climate change may also impact our profitability and costs, as well as pose systemic risks for our businesses and those of the companies in which we invest. For example, to the extent weather conditions are affected by climate change, energy use by us or the companies in which we invest could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of us or the companies in which we invest. On the other hand, a decrease in energy use due to weather changes may affect the financial condition of some of the companies in which we invest through decreased revenues. Additionally, extreme weather conditions in general require more system backup, adding to costs, including costs of insurance (particularly for real estate in certain regions), and can contribute to increased system stresses, including service interruptions.

While the United States has withdrawn from the Paris Agreement, various other regulatory and voluntary initiatives launched by international, federal, state, and regional policymakers and regulatory authorities as well as private actors seeking to reduce greenhouse gas emissions may expose our business operations, products and products' portfolio companies to other types of transition risks, such as: (i) political and policy risks, (including changing regulatory incentives, and legal requirements including with respect to greenhouse gas emissions that could result in increased costs or changes in business operations), (ii) regulatory and litigation risks (including changing legal requirements that could result in increased permitting, tax and compliance costs, enhanced disclosure obligations, changes in business operations, or the discontinuance of certain operations, and litigation seeking monetary or injunctive relief related to impacts related to climate change), (iii) technology and market risks (including declining market for investments in industries seen as greenhouse gas intensive or less effective than alternatives in reducing greenhouse gas emissions), (iv) business trend risks (including requirements for certain portfolio companies related to capital expenditures, product or service redesigns, and changes to operations and supply chains to meet changing customer expectations, and the increased attention to ESG considerations by our investors including in connection with their determination of whether to invest), and (v) potential harm to our reputation if our shareholders believe that we are not adequately or appropriately responding to climate change and/or climate risk management, including through the way in which we operate our business, the composition of portfolio, our new investments or the decisions we make to continue to conduct or change our activities in response to climate change considerations.

**Risks Related to an Investment in Our Common Stock**

***Investors will not know the purchase price per share at the time they submit their subscription agreements and could receive fewer shares of our common stock than anticipated if our Board determines to increase the offering price to a price that we believe reflects the net asset value per share of the Class S, Class D and Class I shares in accordance with our share pricing policy.***

The Class S, Class D and Class I shares may, to the extent permitted or required under the rules and regulations of the SEC, be sold at prices necessary to ensure that shares are not sold at prices per share, after deducting the applicable Upfront Sales Load, that are below our net asset value per share for such class, if our net asset value per share: (i) declines more than 10% from the net asset value per share as of the effective date of the applicable registration statement or (ii) increases to an amount that is greater than the net proceeds per share as stated herein.

In accordance with the Company's share pricing policy, we will modify our public offering price to the extent necessary to comply with the requirements of the 1940 Act, including the requirement that we not sell our shares at a net offering price below our net asset value per share unless we obtain the requisite approval from our shareholders.

As a result, your purchase price may be higher than the prior subscription closing price per share, and therefore you may receive a smaller number of shares than if you had subscribed at the prior subscription closing price.

***If we are unable to raise substantial funds in our ongoing, continuous "best efforts" offering, we may be limited in the number and type of investments we may make, and the value of your investment in us may be reduced in the event our assets under- perform.***

Our continuous offering is being made on a best efforts basis, whereby our Dealer Manager and participating broker-dealers are only required to use their best efforts to sell our shares and have no firm commitment or obligation to purchase any of our shares. To the extent that less than the maximum number of shares is subscribed for, the opportunity for diversification of our investments may be decreased and the returns achieved on those investments may be reduced as a result of allocating all of our expenses among a smaller capital base.

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***Our shares are not listed, and we do not intend to list our shares, on an exchange, nor are our shares quoted through a quotation system. Therefore, our shareholders will have limited liquidity and may not receive a full return of invested capital (including front-end commissions, fees and expenses), upon selling their shares or upon liquidation of our Company.***

Our shares are illiquid investments for which there is not a secondary market nor is it expected that any such secondary market will develop in the future. We do not intend to complete a liquidity event within any specific time period, if at all. A liquidity event could include a merger or another transaction approved by our Board in which our shareholders will receive cash or shares of a listed company, or a sale of all or substantially all of our assets either on a complete portfolio basis or individually followed by a liquidation. We do not intend to list our shares on a national securities exchange. Upon the occurrence of a liquidity event, if any, all Class S and Class D shares will automatically convert into Class I shares and the ongoing servicing fee will terminate.

***Our Dealer Manager in our continuous offering may be unable to sell a sufficient number of shares of common stock for us to achieve our investment objective. Our ability to conduct our continuous offering successfully is dependent, in part, on the ability of our Dealer Manager to successfully establish, operate and maintain relationships with a network of broker-dealers.***

The success of our continuous public offering, and correspondingly our ability to implement our business strategy, is dependent upon the ability of our Dealer Manager to establish and maintain relationships with a network of licensed securities broker-dealers and other agents to sell our shares. If our Dealer Manager fails to perform, we may not be able to raise adequate proceeds through our public offering to implement our investment strategy. If we are unsuccessful in implementing our investment strategy, you could lose all or a part of your investment.

***We may be unable to invest a significant portion of the net proceeds of our offering on acceptable terms in an acceptable timeframe.***

Delays in investing the net proceeds of our offering may impair our performance. We cannot assure you that we will be able to continue to identify investments that meet our investment objective or that any investment that we make will produce a positive return. We may be unable to invest the net proceeds of our offering on acceptable terms within the time period that we anticipate or at all, which could harm our financial condition and operating results.

Before making investments, we will invest the net proceeds of our continuous public offering primarily in cash, cash-equivalents, U.S. government securities, repurchase agreements, and/or other high-quality debt instruments maturing in one year or less from the time of investment. This will produce returns that are significantly lower than the returns which we expect to achieve when our portfolio is fully invested in securities and loans meeting our investment objective. As a result, any distributions that we pay while our portfolio is not fully invested may be lower than the distributions that we may be able to pay when our portfolio is fully invested in securities meeting our investment objective.

***A shareholder's interest in us will be diluted if we issue additional shares, which could reduce the overall value of an investment in us.***

Our shareholders do not have preemptive rights to purchase any shares we issue in the future. Our charter authorizes us to issue up to 3 billion shares of common stock. Pursuant to our charter, a majority of our entire Board may amend our charter to increase the number of shares of common stock we may issue without shareholder approval. Our Board may elect to sell additional shares in the future or issue equity interests in private offerings. To the extent we issue additional equity interests at or below net asset value, your percentage ownership interest in us may be diluted. In addition, depending upon the terms and pricing of any additional offerings and the value of our investments, you may also experience dilution in the book value and fair value of your shares.

Under the 1940 Act, we generally are prohibited from issuing or selling our common stock at a price below net asset value per share, which may be a disadvantage as compared with certain public companies. We may, however, sell our common stock, or warrants, options, or rights to acquire our common stock, at a price below the current net asset value of our common stock if our Board and independent directors determine that such sale is in our best interests and the best interests of our shareholders, and our shareholders, including a majority of those shareholders that are not affiliated with us, approve such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our Board, closely approximates the fair value of such securities (less any distributing commission or discount). If we raise additional funds by issuing common stock or senior securities convertible into, or exchangeable for, our common stock, then the percentage ownership of our shareholders at that time will decrease and you will experience dilution.

***Certain provisions of our charter and actions of our Board could deter takeover attempts and have an adverse impact on the value of shares of our common stock.***

Our charter, as well as certain statutory and regulatory requirements, contain certain provisions that may have the effect of discouraging a third party from attempting to acquire us. Our Board is divided into three classes of directors serving staggered three-year terms, which could prevent shareholders from removing a majority of directors in any given election. Our Board may, without shareholder action, authorize the issuance of shares in one or more classes or series, including shares of preferred stock; and our Board may, without shareholder action, amend our charter to increase the number of shares of our common stock, of any class or series, that

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we will have authority to issue. These anti-takeover provisions may inhibit a change of control in circumstances that could give the holders of shares of our common stock the opportunity to realize a premium over the value of shares of our common stock.

***Investing in our securities involves a high degree of risk.***

The investments we make in accordance with our investment objective may result in a higher amount of risk than alternative investment options, including volatility or loss of principal. Our investments in portfolio companies may be highly speculative and aggressive and, therefore, an investment in our common stock may not be suitable for someone with lower risk tolerance.

***The value of our common stock may fluctuate significantly.***

The value and liquidity, if any, of the market for shares of our common stock may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the value of our portfolio of investments and derivative instruments as a result of changes in market factors, such as interest rate shifts, and also portfolio specific performance, such as portfolio company defaults, among other reasons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in regulatory policies or tax guidelines, particularly with respect to RICs or BDCs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of RIC tax treatment or BDC status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distributions that exceed our net investment income and net income as reported according to U.S. GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in earnings or variations in operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting guidelines governing valuation of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse publicity about the investment management industry generally or individual scandals specifically;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a breach of our computer systems, software or networks, or misappropriation of our proprietary information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any shortfall in revenue or net income or any increase in losses from levels expected by investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• departure of our Adviser or certain of its key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic trends and other external factors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of a major funding source.

***We may experience fluctuations in our quarterly results.***

We could experience fluctuations in our quarterly operating results due to a number of factors, including our ability or inability to make investments in companies that meet our investment criteria, the interest rate payable on the loans or other debt securities we originate or acquire, the level of our expenses (including our borrowing costs), variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods or the full fiscal year.

***The amount of any distributions we may make on our common stock is uncertain. We may not be able to pay distributions to shareholders, or be able to sustain distributions at any particular level, and our distributions per share, if any, may not grow over time, and our distributions per share may be reduced. We have not established any limits on the extent to which we may use borrowings, if any, and we may use sources other than cash flows from operations to fund distributions (which may reduce the amount of capital we ultimately invest in portfolio companies).***

Subject to our Board's discretion and applicable legal restrictions, we intend to authorize and declare cash distributions on a monthly or quarterly basis and pay such distributions on a monthly or quarterly basis. We expect to pay distributions out of assets legally available for distribution. However, we cannot assure you that we will achieve investment results that will allow us to make a consistent targeted level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions might be adversely affected by the impact of the risks described herein. Further, the per share amount of distributions on Class S, Class D and Class I shares may differ because of different allocations of class-specific expenses. For example, distributions on Class S and Class D shares will be lower than on Class I shares because Class S and Class D shares are subject to different ongoing servicing fees. In addition, the inability to satisfy the asset coverage test applicable to us as a BDC under the 1940 Act can limit our ability to pay distributions. Distributions from sources other than cash flows from operations also could reduce the amount of capital we ultimately invest in debt or equity securities of portfolio companies. We cannot assure you that we will pay distributions to our shareholders in the future.

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***Distributions on our common stock may exceed our taxable earnings and profits. Therefore, portions of the distributions that we pay may represent a return of capital to you. A return of capital is a return of a portion of your original investment in shares of our common stock. As a result, a return of capital will (i) lower your adjusted tax basis in your shares and thereby increase the amount of capital gain (or decrease the amount of capital loss) realized upon a subsequent sale or redemption of such shares, and (ii) reduce the amount of funds we have for investment in portfolio companies. We have not established any limit on the extent to which we may use offering proceeds to fund distributions.***

We may pay our distributions from offering proceeds in anticipation of future cash flow, which may constitute a return of your capital and will lower your adjusted tax basis in your shares, thereby increasing the amount of capital gain (or decreasing the amount of capital loss) realized upon a subsequent sale or redemption of such shares, even if such shares have not increased in value or have, in fact, lost value. Distributions from offering proceeds also could reduce the amount of capital we ultimately have available to invest in portfolio companies.

***Our stockholders could receive shares of our common stock as dividends, which could result in adverse tax consequences to them.***

Although we currently do not intend to do so, we are permitted to declare a large portion of a dividend in shares of common stock instead of cash at the election of each stockholder. Revenue procedures issued by the IRS allow a publicly offered RIC to distribute its own stock as a dividend for the purpose of fulfilling its distribution requirements, if certain conditions are satisfied. Among other things, the aggregate amount of cash available to be distributed to all stockholders is required to be at least 20% of the aggregate declared distribution. The Internal Revenue Service has also issued private letter rulings on cash/stock dividends paid by RICs and real estate investment trusts where the cash component is limited to 20% of the total distribution if certain requirements are satisfied. Stockholders receiving such dividends will be required to include the full amount of the dividend (including the portion payable in stock) as ordinary income (or, in certain circumstances, long-term capital gain) to the extent of our current and accumulated earnings and profits for U.S. federal income tax purposes. As a result, stockholders could be required to pay income taxes with respect to such dividends in excess of the cash dividends received. It is unclear to what extent we will be able to pay taxable dividends in cash and common stock (whether pursuant to IRS Revenue Procedures, a private letter ruling or otherwise).

***Shareholders will experience dilution in their ownership percentage if they do not participate in our distribution reinvestment plan.***

We have a adopted a distribution reinvestment plan, pursuant to which we will reinvest all cash distributions declared by the Board on behalf of our shareholders who elect to participate, or "opt-in," in shares of our common stock. As a result, shareholders that do not elect to participate in our distribution reinvestment plan will experience dilution over time.

***Preferred stock could be issued with rights and preferences that would adversely affect holders of our common stock.***

Under the terms of our charter, our Board is authorized to issue shares of preferred stock in one or more series without shareholder approval, which could potentially adversely affect the interests of existing shareholders. In particular, holders of preferred stock are required to have certain voting rights when there are unpaid dividends and priority over other classes of securities as to distribution of assets or payment of dividends.

***If we issue preferred stock or convertible debt securities, the net asset value of our common stock may become more volatile.***

We cannot assure you that the issuance of preferred stock and/or convertible debt securities would result in a higher yield or return to the holders of our common stock. The issuance of preferred stock or convertible debt would likely cause the net asset value of our common stock to become more volatile. If the dividend rate on the preferred stock, or the interest rate on the convertible debt securities, were to approach the net rate of return on our investment portfolio, the benefit of such leverage to the holders of our common stock would be reduced. If the dividend rate on the preferred stock, or the interest rate on the debt securities, were to exceed the net rate of return on our portfolio, the use of leverage would result in a lower rate of return to the holders of common stock than if we had not issued the preferred stock or convertible debt securities. Any decline in the net asset value of our investment would be borne entirely by the holders of our common stock. Therefore, if the market value of our portfolio were to decline, the leverage would result in a greater decrease in net asset value to the holders of our common stock than if we were not leveraged through the issuance of preferred stock or debt securities. This decline in net asset value would also tend to cause a greater decline in the market price, if any, for our common stock.

There is also a risk that, in the event of a sharp decline in the value of our net assets, we would be in danger of failing to maintain required asset coverage ratios, which may be required by the preferred stock or convertible debt, or our current investment income might not be sufficient to meet the dividend requirements on the preferred stock or the interest payments on the debt securities. In order to counteract such an event, we might need to liquidate investments in order to fund the redemption of some or all of the preferred stock or convertible debt. In addition, we would pay (and the holders of our common stock would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred stock, convertible debt, or any combination of these securities. Holders of preferred stock or convertible debt may have different interests than holders of common stock and may at times have disproportionate influence over our affairs.

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***Holders of any preferred stock that we may issue will have the right to elect certain members of the Board and have class voting rights on certain matters.***

The 1940 Act requires that holders of shares of preferred stock must be entitled as a class to elect two directors at all times and to elect a majority of the directors if dividends on such preferred stock are in arrears by two years or more, until such arrearage is eliminated. In addition, certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred stock, including changes in fundamental investment restrictions and conversion to open end status and, accordingly, preferred shareholders could veto any such changes. Restrictions imposed on the declarations and payment of dividends or other distributions to the holders of our common stock and preferred stock, both by the 1940 Act and by requirements imposed by rating agencies, might impair our ability to maintain our tax treatment as a RIC for U.S. federal income tax purposes. Our board of directors has passed a resolution that no preferred stock will be issued that has voting rights that will limit or subordinate voting rights of the holders of our common stock afforded by the Omnibus Guidelines issued by NASAA. However, there can be no assurance that our Board will not issue preferred stock in the future.

***Compliance with the SEC's Regulation Best Interest by participating broker-dealers may negatively impact our ability to raise capital in our offering, which would harm our ability to achieve our investment objectives.***

Commencing June 30, 2020, broker-dealers must comply with Regulation Best Interest, which, among other requirements, establishes a new standard of conduct for broker-dealers and their associated persons when making a recommendation of any securities transaction or investment strategy involving securities to a retail customer. Under Regulation Best Interest, high cost, high risk and complex products may be subject to greater scrutiny by broker-dealers and their salespersons. Regulation Best Interest imposes a duty of care for broker-dealers to evaluate reasonable alternatives in the best interests of their clients. Reasonable alternatives to us, such as listed entities, exist and may have lower expenses, less complexity and/or lower investment risk than us. Certain investments in listed entities may involve lower or no commissions at the time of initial purchase. Under Regulation Best Interest, broker-dealers participating in the offering must consider such alternatives in the best interests of their clients. The impact of Regulation Best Interest on participating dealers cannot be determined at this time, and it may negatively impact whether participating dealers and their associated persons recommend our offering to certain retail customers. If Regulation Best Interest reduces our ability to raise capital in our offering, it would harm our ability to create a diversified portfolio of investments and ability to achieve our investment objectives.

***We intend, but are not required, to offer to repurchase your shares on a quarterly basis. As a result you will have limited opportunities to sell your shares.***

We intend to repurchase a portion of the shares of our common stock, and if we do, we expect that only a limited number of shares will be eligible for repurchase. In addition, any such repurchases will be at a price equal to the net offering price per share on each Repurchase Date. As a result, the price at which we repurchase shares may be at a discount to the price at which you purchased shares of common stock in our offering. The share repurchase program, will include numerous restrictions that limit your ability to sell your shares, and share repurchases may not be available each month. For example, to the extent we choose to repurchase shares in any particular period, we intend to limit the number of shares to be repurchased in each period to no more than 5.00% of our outstanding shares of common stock. Our board of directors reserves the right, in its sole discretion, to limit the number of shares to be repurchased for each class by applying the limitations on the number of shares to be repurchased on a per class basis. Economic events affecting the U.S. economy, such as volatility in the financial markets, inflation, higher interest rates or global or national events that are beyond our control, could cause an increased number of shares to be put to us for repurchase. To the extent that the number of shares put to us for repurchase exceeds the number of shares that we are able to purchase, we will repurchase shares on a pro rata basis, not on a first-come, first-serve basis. Further, we will have no obligation to repurchase shares if the repurchase would violate the restrictions on distributions under federal law or Maryland law. These limits may prevent us from accommodating all repurchase requests made in any period.

We will notify our shareholders of such developments: (i) in our quarterly reports or (ii) by means of a separate mailing to our shareholders, accompanied by disclosure in a current or periodic report under the Exchange Act. In addition, under the quarterly share repurchase program, we will have discretion to not repurchase shares, to suspend the program, and to cease repurchases. Further, the program may have many limitations and should not be relied upon as a method to sell shares promptly and at a desired price.

***The timing of our repurchase offers pursuant to our share repurchase program may be at a time that is disadvantageous to our shareholders, and, to the extent you are able to sell your shares under the program, you may not be able to recover the amount of your investment in our shares.***

When we make repurchase offers pursuant to the share repurchase program, we may offer to repurchase shares at a price that is lower than the price that you paid for our shares. As a result, to the extent you paid a price that includes the related Upfront Sales Load imposed by a financial intermediary, and to the extent you have the ability to sell your shares pursuant to our share repurchase program, the price at which you may sell shares, which will be at prices determined by our board of directors and paid on each date of repurchase, may be lower than the amount you paid in connection with the purchase of shares in our offering.

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**Risks Related to an Investment in our Unsecured Notes**

***Our unsecured notes are effectively subordinated to any secured indebtedness we have currently incurred or may incur in the future.***

We have issued notes that are unsecured by any of our assets or any of the assets of our subsidiaries. As a result, these notes are effectively subordinated, or junior, to any secured indebtedness or other obligations we or our subsidiaries have currently incurred and may incur in the future (or any indebtedness that is initially unsecured that we later secure) to the extent of the value of the assets securing such indebtedness. Substantially all of our subsidiaries' assets are currently pledged as collateral under our credit facilities or in connection with our CLO. In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our existing or future secured indebtedness and the secured indebtedness of our subsidiaries may assert rights against the assets pledged to secure that indebtedness in order to receive full payment of their indebtedness before the assets may be used to pay other creditors, including the holders of the unsecured notes. Secured indebtedness is effectively senior to the unsecured notes to the extent of the value of the assets securing such indebtedness.

***Our unsecured notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries.***

The unsecured notes are exclusively our obligations and not of any of our subsidiaries. None of our subsidiaries are a guarantor of the unsecured notes and the unsecured notes are not required to be guaranteed by any subsidiaries we may acquire or create in the future. Except to the extent we are a creditor with recognized claims against our subsidiaries, all claims of creditors (including trade creditors) and holders of preferred stock, if any, of our subsidiaries will have priority over our equity interests in such subsidiaries (and therefore the claims of our creditors, including holders of the unsecured notes) with respect to the assets of such subsidiaries. Even if we are recognized as a creditor of one or more of our subsidiaries, our claims would still be effectively subordinated to any security interests in the assets of any such subsidiary and to any indebtedness or other liabilities of any such subsidiary senior to our claims. Consequently, the unsecured notes will be structurally subordinated, or junior, to our SPV Asset Facilities and CLO and all existing and future indebtedness and other obligations (including trade payables) incurred by any of our subsidiaries, financing vehicles or similar facilities and any subsidiaries, financing vehicles or similar facilities that we may in the future acquire or establish. Our subsidiaries may incur indebtedness in the future, all of which would be structurally senior to the unsecured notes.

***A downgrade, suspension or withdrawal of the credit rating assigned by a rating agency to us or our notes, if any, or change in the debt markets, could cause the liquidity or market value of our notes to decline significantly.***

Our credit ratings are an assessment by rating agencies of our ability to pay our debts when due. Consequently, real or anticipated changes in our credit ratings will generally affect the market value of our notes. These credit ratings may not reflect the potential impact of risks relating to the structure or marketing of our notes. Credit ratings are not a recommendation to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion.

***An increase in market interest rates could result in a decrease in the market value of our unsecured notes.***

The condition of the financial markets and prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future, which could have an adverse effect on the market prices of our unsecured notes. In general, as market interest rates rise, debt securities bearing interest at fixed rates of interest decline in value. We cannot predict the future level of market interest rates.

***The indenture under which the unsecured notes were issued contains limited protection for holders of our unsecured notes.***

The indenture offers limited protection to holders of our unsecured notes. The terms of the indenture and the unsecured notes do not restrict our or any of our subsidiaries' ability to engage in, or otherwise be a party to, a variety of corporate transactions, circumstances or events that could have an adverse impact on an investment in the unsecured notes. In particular, the terms of the indenture and the unsecured notes will not place any restrictions on our or our subsidiaries' ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issue securities or otherwise incur additional indebtedness or other obligations other than an incurrence of indebtedness or other obligations that would cause a violation of Section 18(a)(1)(A) as modified by Section 61(a) of the 1940 Act or any successor provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to us by the SEC. Currently, these provisions generally prohibit us from incurring additional borrowings, including through the issuance of additional debt securities, unless our asset coverage, as defined in the 1940 Act, equals at least 150% after such borrowings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other securities ranking junior in right of payment to the unsecured notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or substantially all of our assets);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into transactions with affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make investments; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• create restrictions on the payment of dividends or other amounts to us from our subsidiaries.

Furthermore, the terms of the indenture and the unsecured notes do not protect holders of the unsecured notes in the event that we experience changes (including significant adverse changes) in our financial condition, results of operations or credit ratings, as they do not require that we or our subsidiaries adhere to any financial tests or ratios or specified levels of net worth, revenues, income, cash flow or liquidity.

Our ability to recapitalize, incur additional debt and take a number of other actions that are not limited by the terms of the unsecured notes may have important consequences for you as a holder of the unsecured notes, including making it more difficult for us to satisfy our obligations with respect to the unsecured notes or negatively affecting the trading value of the unsecured notes.

Certain of our current debt instruments include more protections for their holders than the indenture and the unsecured notes. In addition, other debt we issue or incur in the future could contain more protections for its holders than the indenture and the unsecured notes, including additional covenants and events of default. The issuance or incurrence of any such debt with incremental protections could affect the market for and trading levels and prices of the unsecured notes.

***The optional redemption provision may materially adversely affect a noteholder's return on the unsecured notes.***

The unsecured notes are redeemable in whole or in part at any time or from time to time at our option. We may choose to redeem the unsecured notes at times when prevailing interest rates are lower than the interest rate paid on the unsecured notes. In this circumstance, a noteholder may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as that of the unsecured notes being redeemed.

**Risks Related to U.S. Federal Income Tax**

***We cannot predict how new tax legislation will affect us, our investments, or our stockholders, and any such legislation could adversely affect our business.***

Legislative or other actions relating to taxes could have a negative effect on us. The laws pertaining to U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. The likelihood of any such legislation being enacted is uncertain. New legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could have adverse tax consequences, such as significantly and negatively affecting our ability to qualify for tax treatment as a RIC or negatively affecting the U.S. federal income tax consequences applicable to us and our investors as a result of such qualification. For example, on July 4, 2025, the United States enacted "An Act to Provide for reconciliation Pursuant to Title II of H. Con. Res. 14" (the "Act"), also known as the "One Big Beautiful Bill," which includes significant amendments to the Code. The Act did not have a material impact on our consolidated financial statements. Shareholders are urged to consult with their tax advisor regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in our common stock.

***We will be subject to U.S. federal income tax imposed at corporate rates if we are unable to maintain our tax treatment as a RIC under subchapter M of the Code.***

To maintain RIC tax treatment under the Code, we must meet the following minimum annual distribution, income source and asset diversification requirements. See "*ITEM 1. BUSINESS* — *Certain U.S. Federal Income Tax Considerations*."

The Annual Distribution Requirement for a RIC generally will be satisfied if we distribute to our shareholders on an annual basis at least 90% of our "investment company taxable income," which is generally our net ordinary income plus the excess, if any, of realized net short term capital gains over realized net long term capital losses. In addition, a RIC may, in certain cases, satisfy the Annual 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. We would be subject to U.S. federal income tax imposed at regular corporate rates, on retained income and/or gains, including any short term capital gains or long term capital gains. We also must make distributions to satisfy the Excise Tax Avoidance Requirement and avoid a 4% excise tax on certain undistributed income. Because we may use debt financing, we are subject to (i) an asset coverage ratio requirement under the 1940 Act and may, in the future, be subject to (ii) certain financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to satisfy the distribution requirements. If we are unable to obtain cash from other sources, or choose or are required to retain a portion of our taxable income or gains, we could (1) be required to pay excise taxes and (2) fail to qualify for RIC tax treatment.

The income source requirement will be satisfied if we obtain at least 90% of our annual income from dividends, interest, payments with respect to loans of certain securities, gains from the sale of stock or other securities or foreign currencies, net income from certain "qualified publicly traded partnerships," (as that term is defined in the Code) or other income derived from the business of investing in stock or securities.

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In addition, we are required to satisfy certain asset diversification requirements at the end of each quarter of our taxable year. Specifically, to satisfy these requirements (1) at least 50% of the value of our assets must consist of cash, cash items (including receivables), U.S. government securities, securities of other RICs, and other securities, if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer; and(2) no more than 25% of the value of our assets may be invested in (i) the securities, other than U.S. government securities or securities of other RICs, of one issuer, (ii) the securities, other than the securities of other RICs, of two or more issuers that are controlled by us and which are determined under applicable Treasury regulations, to be engaged in the same or similar or related trades or businesses, or (iii) the securities of certain "qualified publicly traded partnerships (as that term is defined in the Code)." Failure to meet these requirements may result in our having to dispose of certain investments quickly in order to prevent the loss of RIC status. Because most of our investments will be in private companies, and therefore will be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses.

If we fail to qualify for or maintain RIC tax treatment for any reason, and certain cure provisions are not applicable, we would be subject to U.S. federal income tax imposed at corporate rates on all of our taxable income (including our net capital gains). We would not be able to deduct distributions to our shareholders, nor would they be required to be made. The resulting taxes could substantially reduce our net assets, the amount of income available for distribution, and the amount of our distributions.

We may invest in certain debt and equity investments through subsidiaries that are classified as corporations for U.S. federal income tax purposes, and the net taxable income of these subsidiaries will be subject to U.S. federal income and state and local taxes imposed at corporate rates. We may invest in certain foreign debt and equity investments, which could be subject to foreign taxes (such as income tax, withholding, and value added taxes).

***We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income.***

For U.S. federal income tax purposes, we may be required to recognize taxable income in circumstances in which we do not receive a corresponding payment in cash. For example, since we will likely hold debt obligations that are treated under applicable tax rules as having OID (such as debt instruments with PIK, secondary market purchases of debt securities at a discount to par, interest or, in certain cases, increasing interest rates or debt instruments that were issued with warrants), we must include in income each year a portion of the OID that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in income other amounts that we have not yet received in cash, such as unrealized appreciation for foreign currency forward contracts and deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. Furthermore, we may invest in non-U.S. corporations (or other non-U.S. entities treated as corporations for U.S. federal income tax purposes) that could be treated under the Code and U.S. Treasury regulations as "passive foreign investment companies" and/or "controlled foreign corporations." The rules relating to investment in these types of non-U.S. entities are designed to limit deferral and generally require the current inclusion of income derived by the entity. In certain circumstances, this could require us to recognize income where we do not receive a corresponding payment in cash.

Unrealized appreciation on derivatives, such as foreign currency forward contracts, may be included in taxable income while the receipt of cash may occur in a subsequent period when the related contract expires. Any unrealized depreciation on investments that the foreign currency forward contracts are designed to hedge are not currently deductible for tax purposes. This can result in increased taxable income whereby we may not have sufficient cash to pay distributions or we may opt to retain such taxable income and pay U.S. federal income or excise tax. In such cases we could still rely upon the "spillover provisions" to maintain RIC tax treatment.

We anticipate that a portion of our income may constitute OID or other income required to be included in taxable income prior to receipt of cash. Further, we may elect to amortize market discounts with respect to debt securities acquired in the secondary market and include such amounts in our taxable income in the current year, instead of upon disposition, as an election not to do so would limit our ability to deduct interest expenses for tax purposes. Because any OID or other amounts accrued will be included in our investment company taxable income for the year of the accrual, we may be required to make a distribution to our shareholders in order to satisfy the Annual Distribution Requirement, even if we will not have received any corresponding cash amount. As a result, we may have difficulty meeting the Annual Distribution Requirement necessary to maintain RIC tax treatment under the Code. We may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital, make a partial share distribution, or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, and choose not to make a qualifying share distribution, we may fail to qualify for RIC tax treatment and thus become subject to U.S. federal income tax imposed at corporate rates.

**General Risk Factors**

***Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.***

We and our portfolio companies are subject to regulation by laws at the local, state, and federal levels. These laws and regulations, as well as their interpretation, could change from time to time, including as the result of interpretive guidance or other

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directives from the current U.S. Presidential administration, and new laws, regulations and interpretations could also come into effect. Any new or changed laws or regulations could have a material adverse effect on our business, and political uncertainty could increase regulatory uncertainty in the near term.

A single political party currently controls both the executive and legislative branches of government, which increases the likelihood that legislation may be adopted that could significantly affect the regulation of U.S. financial markets. Regulatory changes could result in greater competition from banks and other lenders with which we compete for lending and other investment opportunities. The United States may also potentially withdraw from or renegotiate various trade agreements and take other actions that would change current trade policies of the United States. In addition, in June 2024, the U.S. Supreme Court reversed its longstanding approach under the Chevron doctrine, which provided for judicial deference to regulatory agencies. As a result of this decision, there may be increased challenges to existing agency regulations and it is unclear how lower courts will apply the decision in the context of other regulatory schemes without more specific guidance from the U.S. Supreme Court. For example, the decision could significantly impact consumer protection, advertising, privacy, AI technologies, anti-corruption and anti-money laundering practices and other regulatory regimes with which we are required to comply. Any such regulatory developments could result in uncertainty about and changes in the ways such regulations apply to us and our portfolio companies, and may require additional resources to ensure our continued compliance. We cannot predict which, if any, of these actions will be taken or, if taken, their effect on the financial stability of the United States. Such actions could have a significant adverse effect on our business, financial condition and results of operations.

Changes to the laws and regulations governing our permitted investments may require a change to our investment strategy. Such changes could differ materially from our strategies and plans as set forth in this report and may shift our investment focus from the areas of expertise of our Adviser. Thus, any such changes, if they occur, could have a material adverse effect on our results of operations and the value of your investment in us.

***Economic sanction laws in the U.S. and other jurisdictions may prohibit us and our affiliates from transacting with certain countries, individuals and companies.***

Economic sanction laws in the U.S. and other jurisdictions may restrict or prohibit us or our affiliates from transacting with certain countries, territories, individuals and entities. In the U.S., the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") administers and enforces laws, executive orders and regulations establishing U.S. economic and trade sanctions, which restrict or prohibit, among other things, direct and indirect transactions with, and the provision of services to, certain countries, territories, industry sectors, individuals and entities. These types of sanctions may significantly restrict or completely prohibit lending activities in certain jurisdictions, and violation of any such laws or regulations, may result in significant legal and monetary penalties, as well as reputational damage. OFAC sanctions programs change frequently, which may make it more difficult for us or our affiliates to ensure compliance. Moreover, OFAC enforcement is increasing, which may increase the risk that we become the subject of such actual or threatened enforcement. Sanctions laws and regulations enforced by other countries may conflict with U.S. law such that compliance with both becomes difficult or even impossible.

Additionally, Section 2019 of the Iran Threat Reduction and Syria Human Rights Act of 2012 (the "ITRA") amended the Exchange Act to require companies subject to SEC reporting obligations under Section 13 of the Exchange Act to disclose in their periodic reports specified dealings or transactions involving Iran or other individuals and entities targeted by OFAC during the period covered by the relevant periodic report. In some cases, the ITRA requires companies to disclose these types of transactions even if they were permissible under U.S. law. Companies that currently may be or may have been at the time considered our affiliates, may have from time to time publicly filed and/or provided to us such disclosures. We do not independently verify or participate in the preparation of these disclosures. We are required, either periodically or annually to separately file with the SEC a notice when such activities have been disclosed, and the SEC is required to post such notice of disclosure on its website and send the report to the President and certain U.S. Congressional committees. Disclosure of such activity, even if such activity is not subject to sanctions under applicable law, and any sanctions actually imposed on us or our affiliates as a result of these activities, could harm our reputation and have a negative impact on our business, financial condition and results of operations, and any failure to disclose any such activities as required could additionally result in fines or penalties.

***Failure to comply with anti-corruption laws or with regulations regarding the prevention of money laundering or terrorism or national security could adversely affect our business.***

We and the Adviser are committed to complying with all applicable anti-corruption and anti-bribery laws. As a result, the Adviser may forgo investment opportunities because of our unwillingness to participate in transactions that may expose us to risks under applicable anti-corruption and anti-bribery laws. Law enforcement agencies in the European Union, the United Kingdom, the United States and elsewhere devote significant resources to enforcement of anti-corruption and anti-bribery laws and regulations. Any failure to comply with anti-corruption and anti-bribery laws and regulations could have serious legal, financial and reputational consequences, including operational disruptions and significant financial penalties.

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As part of our responsibility for the prevention of money laundering under applicable laws, we may require detailed verification of a prospective investor's identity and the source of such prospective investor's funds. We may from time to time request additional information as may be required for us to satisfy our obligations under these and other laws that may be adopted in the future. Additionally, we may from time to time be obligated to file reports with regulatory authorities in various jurisdictions with regard to, among other things, the identity of our investors and suspicious activities involving investments in us. In the event it is determined that any investor, or any direct or indirect owner of any investor, is a person identified in any of these laws as a prohibited person, or is otherwise engaged in activities of the type prohibited under these laws, we may be obligated, among other actions to be taken, to withhold distributions of any funds otherwise owing to such investor or to cause such investor's interests to be cancelled or otherwise redeemed (without the payment of any consideration in respect of those interests).

The Bank Secrecy Act of 1970 and the USA PATRIOT Act require that financial institutions (a term that includes banks, broker-dealers and investment companies) establish and maintain compliance programs to guard against money laundering activities. These implementing regulations were amended to include registered investment advisers within scope of financial institutions that will be obliged to adopt stand-alone anti-money laundering programs, though the U.S. Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN") has postponed the effective date of the amendment to January 1, 2028 and announced its intention to revisit the scope and applicability of the amendment to certain asset managers at a future date. Laws or regulations may presently or in the future require us, any of our affiliates or other service providers to establish additional anti-money laundering procedures, to collect information with respect to our products' investors, to share information with governmental authorities with respect to our products' investors or to implement additional restrictions on the transfer of the interests. These requirements can lead to increased expenses and exposure to enforcement actions.

***Heightened scrutiny of the financial services industry by regulators may materially and adversely affect our business.***

The financial services industry has been the subject of heightened scrutiny by regulators around the globe. In particular, the SEC and its staff have focused more narrowly on issues relevant to alternative asset management firms, including by forming specialized units devoted to examining such firms and, in certain cases, bringing enforcement actions against the firms, their principals and employees. In recent periods there have been a number of enforcement actions within the industry, and it is expected that the SEC will continue to pursue enforcement actions against asset managers. The current administration and the current leadership of the SEC have indicated that they intend to not adopt certain proposals or modify or repeal certain regulations perceived as burdensome to private fund advisers, particularly those related to sustainability investing and cybersecurity. This enforcement activity and the evolving regulatory landscape have caused, and could further cause us to reevaluate certain practices and adjust our compliance control function as necessary and appropriate.

The SEC's recent lists of examination priorities include such items as assessments of investment advisers' adherence to fiduciary standards of conduct and effectiveness of advisers' compliance programs, as well as specific priority areas for advisers to private funds, including disclosure of conflicts of interests and risks, and adequacy of policies and procedures; and advisory of alternative investment strategies or complex investment products. The SEC also highlighted its focus on investment advisers that are dually registered as broker-dealers and compliance with newly adopted SEC rules, including Regulations S-ID and S-P. Many firms have received inquiries during examinations or directly from the SEC's Division of Enforcement regarding various transparency-related topics, including the acceleration of monitoring fees, the allocation of broken-deal expenses, outside business activities of firm principals and employees, group purchasing arrangements, and general conflicts of interest disclosures. While we believe we have made appropriate and timely disclosures regarding the foregoing, the SEC staff may disagree.

Further, the SEC has previously highlighted BDC board oversight and valuation practices as one of its areas of focus in investment adviser examinations and has instituted enforcement actions against advisers for misleading investors about valuation.

If the SEC were to investigate our Adviser and find errors in its methodologies or procedures, our Adviser could be subject to penalties and fines, which could in turn harm our reputation and our business, financial condition and results of operations could be materially and adversely affected. Similarly, from time to time we or our Adviser could become the subject of litigation or other similar claims. Any investigations, litigation or similar claims could continue without resolution for long periods of time and could consume substantial amounts of our management's time and attention, and that time and attention and the devotion of associated resources could, at times, be disproportionate to the amounts at stake. Investigations, litigations and other claims are subject to inherent uncertainties, and a material adverse impact on our financial statements could occur for the period in which the effect of an unfavorable final outcome in an investigation, litigation or other similar claims becomes probable and reasonably estimable. In addition, we could incur expenses associated with defending ourselves against investigations, litigation and other similar claims, and these expenses could be material to our earnings in future periods.

Credit funds have been the subject of increasing regulatory focus at international and regional levels. To the extent that we are engaged in lending activity, we may be subject to restrictions on our activities and be obliged to comply with regulatory reporting and disclosure requirements. The International Organization of Securities Commissions ("IOSCO") and the Financial Stability Board ("FSB") have called on regulators to consider issues arising from the rapid growth in private finance, including in relation to systemic

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risk, transparency, leverage, liquidity, and conflicts of interest. It is likely that regulators will continue to focus on the credit funds sector and may introduce further regulatory requirements in the future.

***Provisions of the Maryland General Corporation Law and of our charter and bylaws could deter takeover attempts and have an adverse effect on the price of our common stock.***

The Maryland General Corporation Law (the "MGCL"), our charter and our bylaws contain provisions that may discourage, delay or make more difficult a change in control of the Company or the removal of our directors. We are subject to the Maryland Business Combination Act (the "Business Combination Act"), subject to any applicable requirements of the 1940 Act. Our board of directors has adopted a resolution exempting from the Business Combination Act any business combination between us and any other person, subject to prior approval of such business combination by our board, including approval by a majority of our disinterested directors. If the resolution exempting business combinations is repealed or our board or disinterested directors do not approve a business combination, the Business Combination Act may discourage third parties from trying to acquire control of us and may increase the difficulty of consummating such an offer. Our bylaws exempt from the Maryland Control Share Acquisition Act (the "Control Share Acquisition Act") acquisitions of our stock by any person. If we amend our bylaws to repeal the exemption from the Control Share Acquisition Act, subject to any applicable requirements of the 1940 Act, the Control Share Acquisition Act also may make it more difficult for a third party to obtain control of us and may increase the difficulty of consummating such an offer.

***Our Bylaws include an exclusive forum selection provision, which could limit our shareholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or other agents.***

Our Bylaws require that, unless we consent in writing to the selection of an alternative forum, the Circuit Court for Baltimore City (or, if that court does not have jurisdiction, the United States District Court for the District of Maryland, Northern Division) shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on our behalf (ii) any action asserting a claim of breach of any standard of conduct or legal duty owed by any of our directors, officers or other agents to us or to our shareholders, (iii) any action asserting a claim arising pursuant to any provision of the MGCL or the Charter or the Bylaws (as either may be amended from time to time), or (iv) any action asserting a claim governed by the internal affairs doctrine. This exclusive forum selection provision in our Bylaws will not apply to claims arising under the federal securities laws, including the Securities Act and the Exchange Act. There is uncertainty as to whether a court would enforce such a provision, and investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. In addition, this provision may increase costs for shareholders in bringing a claim against us or our directors, officers or other agents. Any investor purchasing or otherwise acquiring our shares is deemed to have notice of and consented to the foregoing provision. The exclusive forum selection provision in our Bylaws may limit our shareholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other agents, which may discourage lawsuits against us and such persons. It is also possible that, notwithstanding such exclusive forum selection provision, a court could rule that such provision is inapplicable or unenforceable. If this occurred, we may incur additional costs associated with resolving such action in another forum, which could materially adversely affect our business, financial condition and results of operations.

***We expend significant financial and other resources to comply with the requirements of being a public entity.***

As a public entity, we are subject to the reporting requirements of the Exchange Act and requirements of the Sarbanes-Oxley Act. The Exchange Act requires that we file annual, quarterly and current reports with respect to our business and financial condition. The Sarbanes-Oxley Act requires that we maintain effective disclosure controls and procedures and internal controls over financial reporting, which are discussed below. In order to maintain and improve the effectiveness of our disclosure controls and procedures and internal controls, significant resources and management oversight are required. We have implemented procedures, processes, policies and practices for the purpose of addressing the standards and requirements applicable to public companies. These activities may divert management's attention from other business concerns, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

**Item 1B. Unresolved Staff Comments**

None.

**Item 1C. Cybersecurity**

**Cybersecurity Processes and Risk Assessment**

We rely on the cybersecurity program implemented by Blue Owl, the indirect affiliate of our Adviser. Blue Owl has implemented a cybersecurity program, which is focused on (i) protecting confidential business, client, investor and employee information; (ii) maintaining the security and availability of its systems and data; (iii) supporting compliance with applicable laws and regulations; (iv) documenting cybersecurity incidents and its responses; and (v) notification of cybersecurity incidents to, and communications with, appropriate internal and external parties.

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Blue Owl has implemented an information security governance policy (the "ISG Policy") governing cybersecurity risk, which is designed to facilitate the protection of sensitive or confidential business, client, investor and any employee information that it stores or processes and the maintenance of critical services and systems. Blue Owl's cybersecurity program is managed by Blue Owl's Chief Technology Officer and Head of Technology Infrastructure (together, "Blue Owl IT Management"), who report to Blue Owl's Chief Operating Officer. Blue Owl IT Management and its team are responsible for implementing proactive and reactive measures, including Blue Owl's monitoring and alert response processes, vulnerability management, changes made to its critical systems, including software and network changes, and various other technological and administrative safeguards. Blue Owl's cybersecurity processes and systems are designed to protect against unauthorized access of information through its systems and infrastructure, including by cyber-attacks and Blue Owl's policy and processes include, as appropriate, encryption, data loss prevention technology, authentication technology, entitlement management, access control, anti-virus and anti-malware software, and transmission of data over private networks. Blue Owl's processes and systems aim to prevent or mitigate two main types of cybersecurity risk: first, cybersecurity risks associated with its physical and digital devices and infrastructure, and second, cybersecurity risks associated with third parties, such as people and organizations who have access to its devices, infrastructure or confidential or sensitive information. The cybersecurity-control principles that form the basis of Blue Owl's cybersecurity program are informed by the National Institute of Standards and Technology Cybersecurity Framework ("NIST").

Blue Owl's cybersecurity program is periodically reviewed by third parties, including benchmarking to best practices and industry frameworks to help Blue Owl identify areas for continued focus and improvement. Annual penetration testing of its network, including critical systems and systems that store confidential or sensitive information, is conducted with third party consultants and vulnerabilities are reviewed and addressed by Blue Owl IT Management. When Blue Owl engages vendors and other third party partners who will have access to sensitive data or client systems and facilities, its infrastructure technology team assesses their cybersecurity programs and processes.

Blue Owl also provides its employees with cybersecurity awareness training at onboarding and annually. Blue Owl conducts regular phishing tests and provides additional training as appropriate. This assessment is conducted on the basis of, among other factors, the types of services provided and the extent and type of data accessed or processed by a third-party vendor.

**Governance and Oversight of Cybersecurity Risks**

Blue Owl has developed an incident response framework to identify, assess, manage and report cybersecurity events, which is managed and implemented by Blue Owl's Cyber Risk Operating Committee (the "C-ROC"), a cross-functional management committee that includes its General Counsel, Chief Operating Officer, Global Chief Compliance Officer and Blue Owl IT Management. The incident response framework determines when the C-ROC should provide notifications regarding certain cybersecurity incidents, with different severity thresholds triggering notifications to different recipient groups, including senior members of Blue Owl's management, Blue Owl's Audit Committee or Blue Owl's Board of Directors. The C-ROC is responsible for gathering information with respect to a cybersecurity incident, assessing its severity and potential responses, as well as communicating with business heads and senior management, as appropriate.

Blue Owl's cybersecurity program, which is overseen by the C-ROC, is managed by IT Management as part of its responsibility for enterprise-wide cybersecurity strategy, policies, implementing Blue Owl's monitoring and alert response processes, vulnerability management, changes made to our critical systems, including software and network changes and various other technological and administrative safeguards. The team is led by Blue Owl's Chief Technology Officer, who has over 25 years of experience advising on technology strategy, including digital transformation, cybersecurity, business analytics and infrastructure, and Blue Owl's Head of Technology Infrastructure, who has over 20 years of experience in the information technology field with a focus on IT risk governance and management, information security, incident response capabilities and assessing effectiveness of controls. The C-ROC meets regularly and forms cross-enterprise teams, as needed, to manage and implement key policies and initiatives of Blue Owl's cybersecurity program.

Blue Owl's Global Chief Compliance Officer updates the Board quarterly on actions taken by the C-ROC and Blue Owl's Chief Technology Officer periodically reports to the Audit Committee as well as the full Board, as appropriate, on cybersecurity matters. Such reporting includes updates on Blue Owl's cybersecurity program, the external threat environment and Blue Owl's programs to address and mitigate the risks associated with the evolving cybersecurity threat environment. These reports also include as appropriate updates on Blue Owl's preparedness, prevention, detection, responsiveness and recovery with respect to cyber incidents.

**Impact of Cybersecurity Risks**

In 2025, we did not experience a material cybersecurity incident, and we are not aware of any cybersecurity risks that are reasonably likely to materially affect our business. While we do not believe that our business strategy, results of operations or financial condition have been materially adversely affected by any cybersecurity incidents, we describe whether and how future incidents could have a material impact on our business strategy, results of operations or financial condition in *"ITEM 1A. Risk Factors - Cybersecurity risks and cyber data security incidents could adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential information and confidential information in our possession and damage to our business relationships"* 

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*and "Increased data protection regulation may result in increased complexities and risk in connection with the operation of our business."*

**Item 2. Properties**

Our corporate headquarters are located at 399 Park Avenue, 37th Floor, New York, New York 10022 and are provided by the Adviser in accordance with the terms of our Administration Agreement. We believe that our office facilities are suitable and adequate for our business as it is contemplated to be conducted.

**Item 3. 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 4. Mine Safety Disclosures**

Not applicable.

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**PART II**

**Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities**

*Share Issuances*

We have the authority to issue 3,000,000,000 common shares, $0.01 per share par value, 1,000,000,000 of which are classified as Class S common shares, 1,000,000,000 of which are classified as Class D common shares, and 1,000,000,000 of which are classified as Class I common shares. We previously offered, on a continuous basis, up to $5,000,000,000 and are currently offering, on a continuous basis, up to $5,000,000,000 in any combination of amount of shares of Class S, Class D, and Class I common stock.

In certain cases, and subject to the Dealer Manager's approval, the shares of holders of Class S or Class D shares may be converted or exchanged into an equivalent net asset value amount of Class I shares, including in situations where a shareholder exits a relationship with a participating broker-dealer for this offering and does not enter into a new relationship with a participating broker-dealer for this offering.

We also sell shares of our Class I common stock to feeder vehicles primarily created to hold our Class I shares. The offer and sale of these shares is exempt from the registration provisions of the Securities Act of 1933 pursuant to Section 4(a)(2) and/or Regulation S.

Shares of our common stock are not listed for trading on a stock exchange or other securities market and there is no established public trading market for our common stock. Currently, the purchase price per share for each class of common stock varies, but will not be sold at a price below our net asset value per share of such class, as determined in accordance with our share pricing policy, plus applicable upfront selling commissions.

Refer to "*Note 9* — *Net Assets*" to the Company's consolidated financial statements included in this Annual Report for more information on the Company's common stock activity.

The following table details the selling commissions, Dealer Manager fees, shareholder servicing fees, for each applicable share class as of December 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| | **Class S Shares** | **Class D Shares** | **Class I Shares** |
| Selling commissions and dealer manager fees (% of transaction price) | up to 3.5% | up to 1.5% |  |
| Stockholder servicing fee (% of NAV) | 0.85% | 0.25% |  |

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Neither the Company nor the Dealer Manager will charge an upfront selling commission on the Company's sales of Class S shares, however, if Class S shares are purchased through certain financial intermediaries, those financial intermediaries may directly charge transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that the selling agents limit such charge to 3.5% of the net offering price per share for each Class S share. The Company's Class S shares are subject to annual ongoing services fees of 0.85% of the current net asset value of such shares, as determined in accordance with FINRA rules.

Neither the Company nor the Dealer Manager will charge an upfront selling commission on the Company's sales of Class D shares, however, if Class D shares are purchased through certain financial intermediaries, those financial intermediaries may directly charge transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that the selling agents limit such charge to 1.5% of the net offering price per share of each Class D share. The Company's Class D shares are subject to annual ongoing services fees of 0.25% of the current net asset value of such shares, as determined in accordance with FINRA rules.

The Company`s Class I shares are not subject to upfront selling commissions or annual ongoing service fees.

In accordance with our share pricing policy, we will modify our public offering prices to the extent necessary to comply with the requirements of the 1940 Act, including the requirement that we will not sell shares at a net offering price below the net asset value per share unless we obtain the requisite approval from our shareholders.

*Distribution Policy*

To qualify for tax treatment as a RIC, we must distribute (or be treated as distributing) in each taxable year dividends of an amount equal to at least 90% of our investment company taxable income (which includes, among other items, dividends, interest, the excess of any net short-term capital gains over net long-term capital losses, as well as other taxable income, excluding any net capital gains reduced by deductible expenses) and 90% of our net tax-exempt income for that taxable year. As a RIC, we generally will not be subject to U.S. federal income tax at corporate rates on our investment company taxable income and net capital gains that we distribute to shareholders. We may be subject to a nondeductible 4% U.S. federal excise tax if we do not distribute (or are treated as distributing) in each calendar year an amount at least equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 98% of our net ordinary income, excluding certain ordinary gains and losses, recognized during a calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 such calendar year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of any income or gains recognized, but not distributed, in preceding years.

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We have incurred, and can be expected to incur in the future, such excise tax on a portion of our income and gains. While we intend to distribute income and capital gains to minimize exposure to the 4% excise tax, we may not be able to, or may not choose to, distribute amounts sufficient to avoid the imposition of the tax entirely. In that event, we will be liable for the tax only on the amount by which we do not meet the foregoing distribution requirement. See *"Item 1A. RISK FACTORS* —*Risks Related to U.S. Federal Income Tax* —*We will be subject to U.S. federal income tax at corporate rates if we are unable to maintain our tax treatment as a RIC under Subchapter M of the Code."*

*Distributions*

We have adopted a distribution reinvestment plan which was amended and restated on May 6, 2024. The amended and restated distribution reinvestment plan provides for reinvestment of any cash distributions on behalf of shareholders who have enrolled in the distribution reinvestment plan. As a result, if the Board authorizes and declares a cash distribution, then the shareholders who have enrolled in the distribution reinvestment plan will have their cash distribution automatically reinvested in additional shares of our common stock, rather than receiving the cash distribution. We expect to use newly issued shares to implement the distribution reinvestment plan.

We may fund our cash distributions to shareholders from any source of funds available to us, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to us on account of preferred and common equity investments in portfolio companies and expense support from the Adviser, which is subject to recoupment. In no event, however, will funds be advanced or borrowed for the purpose of distributions, if the amount of such distributions would exceed our accrued and received revenues for the previous four quarters, less paid and accrued operating expenses with respect to such revenues and costs.

*Holders*

As of February 24, 2026, there were 4,113, 109, and 1,329 holders of record of our Class S, Class D, and Class I common stock, respectively.

*Share Repurchases*

The Board has complete discretion to determine whether we will engage in any share repurchase, and if so, the terms of such repurchase. At the discretion of our Board, we may use cash on hand, cash available from borrowings, and cash from the sale of our investments as of the end of the applicable period to repurchase shares.

We have commenced a share repurchase program pursuant to which we intend to conduct quarterly repurchase offers to allow our shareholders to tender their shares at a price equal to the net offering price per share for the applicable class of shares on each date of repurchase. All shares purchased by us pursuant to the terms of each offer to repurchase will be retired and thereafter will be authorized and unissued shares. We intend to limit the number of shares to be repurchased in each quarter to no more than 5.00% of its outstanding shares of common stock.

Any periodic repurchase offers are subject in part to our available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act and the Code, respectively. While we intend to continue to conduct periodic repurchase offers as described above, we are not required to do so and may suspend or terminate the share repurchase program at any time.

We made no repurchases of shares in the quarter ended December 31, 2025. Pursuant to an offer to purchase shares dated November 26, 2025, as amended on December 23, 2025, and which expired on January 8, 2026, we repurchased approximately 10,327,702 shares of Class S common stock, 988,298 shares of Class D common stock and 40,025,443 shares of Class I common stock. See *" — Recent Developments — Shares Repurchases"* for additional information about our share repurchases.

*Senior Securities*

The table below presents information about our senior securities as of the end of the following periods:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Period** | **Total Amount Outstanding Exclusive of Treasury Securities**<sup>(1)</sup><br>**($ in millions)** | **Asset Coverage per Unit**<sup>(2)</sup> | **Involuntary Liquidating Preference per Unit**<sup>(3)</sup> | **Average Market Value per Unit**<sup>(4)</sup> |
| **Revolving Credit Facility** | **Revolving Credit Facility** | | | |
| December 31, 2025 | $294.6 | $2234.4 |  | N/A |
| December 31, 2024 | 500.0 | 2277.1 |  | N/A |
| December 31, 2023 | 541.4 | 2353.7 |  | N/A |
| December 31, 2022 | 415.2 | 1958.8 |  | N/A |
| December 31, 2021 |  |  |  | N/A |
| **SPV Asset Facility I** |  |  |  |  |

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------

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Period** | **Total Amount Outstanding Exclusive of Treasury Securities**<sup>(1)</sup><br>**($ in millions)** | **Asset Coverage per Unit**<sup>(2)</sup> | **Involuntary Liquidating Preference per Unit**<sup>(3)</sup> | **Average Market Value per Unit**<sup>(4)</sup> |
| December 31, 2025 | $497.0 | $2234.4 |  | N/A |
| December 31, 2024 | 445.0 | 2277.1 |  | N/A |
| December 31, 2023 | 550.0 | 2353.7 |  | N/A |
| December 31, 2022 | 614.0 | 1958.8 |  | N/A |
| December 31, 2021 |  |  |  | N/A |
| **SPV Asset Facility II** |  |  |  |  |
| December 31, 2025 | $320.3 | $2234.4 |  | N/A |
| December 31, 2024 | 475.0 | 2277.1 |  | N/A |
| December 31, 2023 |  | 2353.7 |  | N/A |
| **SPV Asset Facility III** |  |  |  |  |
| December 31, 2025 | $550.0 | $2234.4 |  | N/A |
| December 31, 2024 | 315.0 | 2277.1 |  | N/A |
| **SPV Asset Facility IV** |  |  |  |  |
| December 31, 2025 | $629.5 | $2234.4 |  | N/A |
| **Athena CLO III** |  |  |  |  |
| December 31, 2025 | $270.0 | $2234.4 |  | N/A |
| December 31, 2024 | 270.0 | 2277.1 |  | N/A |
| **Series 2023A Notes** |  |  |  |  |
| December 31, 2025 | $100.0 | $2234.4 |  | N/A |
| December 31, 2024 | 100.0 | 2277.1 |  | N/A |
| December 31, 2023 | 100.0 | 2353.7 |  | N/A |
| **Series 2023B-A Notes** |  |  |  |  |
| December 31, 2025 | $100.0 | $2234.4 |  | N/A |
| December 31, 2024 | 100.0 | 2277.1 |  | N/A |
| December 31, 2023 | 100.0 | 2353.7 |  | N/A |
| **Series 2023B-B Notes** |  |  |  |  |
| December 31, 2025 | $75.0 | $2234.4 |  | N/A |
| December 31, 2024 | 75.0 | 2277.1 |  | N/A |
| December 31, 2023 | 75.0 | 2353.7 |  | N/A |
| **Promissory Note**<sup>(5)</sup> |  |  |  |  |
| December 31, 2021 |  |  |  | N/A |

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_______________

<sup>(1)</sup> Total amount of each class of senior securities outstanding at the end of the period presented.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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.

<sup>(4)</sup> Not applicable as the senior securities are not registered for public trading.

<sup>(5)</sup> The promissory note was terminated in June 2022.

**Item 6. Reserved**

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**Item 7. 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 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA*." This discussion contains forward-looking statements, which relate to future events or the future performance or financial condition of Blue Owl Technology Income Corp. and involves numerous risks and uncertainties, including, but not limited to, those described in "ITEM 1A. RISK FACTORS." This discussion also should be read in conjunction with the "Cautionary Statement Regarding Forward Looking Statements" set forth on page [3](#i48a1372c45a4433f8e6cd91b3044d7ae_19) of this Annual Report. Actual results could differ materially from those implied or expressed in any forward-looking statements.

**Overview**

Blue Owl Technology Income Corp. (the "Company", "we", "us", or "our") is an externally managed, non-diversified closed-end management investment company that has elected to be treated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). Formed as a Maryland corporation on June 22, 2021, we were advised by Blue Owl Technology Credit Advisors LLC ("OTCA") from October 1, 2021 to November 30, 2021. As of November 30, 2021, we are advised by Blue Owl Technology Credit Advisors II LLC (our "Adviser" or "OTCA II"). The Adviser is registered as an investment adviser with the Securities and Exchange Commission ("SEC"). We have elected to be treated as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. On December 9, 2021, we formed a wholly-owned subsidiary, OR Tech Lending IC LLC, a Delaware limited liability company, which holds a California finance lenders license. OR Tech Lending IC LLC makes loans to borrowers headquartered in California. From time to time we may form wholly-owned subsidiaries to facilitate the normal course of business.

We are managed by our Adviser. Our Adviser is 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. Our Adviser is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Subject to the overall supervision of our Board, our Adviser manages the day-to-day operations of, 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. Our 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.

We rely on an exemptive order issued to an affiliate of the Adviser that permits us to offer multiple classes of shares of common stock and to impose asset-based servicing and distribution fees and early withdrawal fees. We are currently offering on a continuous basis up to $5,000,000,000 in any combination of amount of shares of Class S, Class D, and Class I common stock. The share classes have different upfront selling commissions and ongoing servicing fees. Each class of common stock will be offered through Blue Owl Securities LLC (d/b/a Blue Owl Securities) (the "Dealer Manager"). No upfront selling commission, dealer manager fees, or other similar placement fees will be paid to us or the Dealer Manager with respect to the Class S and Class D shares, however, if such Class S shares or Class D shares are purchased through certain financial intermediaries, those financial intermediaries may directly charge transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that the selling agents limit such charges to 3.50% of the net offering price per share for each Class S share and 1.50% of the net offering price per share for each Class D share. Class I shares are not subject to upfront selling commissions. Class S, Class D and Class I shares were offered at initial purchase prices per share of $10.00. Thereafter, the purchase price per share for each class of common stock will vary and will not be sold at a price below our net asset value per share of such class, as determined in accordance with our share pricing policy, plus applicable upfront selling commissions.

We were initially funded on September 30, 2021, when an affiliate of the Adviser ("the Initial Shareholder") purchased 100 shares of our Class I common stock at $10.00 per share, which represents the initial public offering price. On May 2, 2022, we met the minimum offering requirement, commenced operations and commenced our initial public offering of up to $5,000,000,000 in any combination of amount of shares of Class S, Class D and Class I common stock. On February 3, 2025, we commenced our follow-on offering pursuant to which we are currently offering on a continuous basis up to $5,000,000,000 in any combination of Class S, Class D and Class I common shares.

Since meeting the minimum offering requirement and commencing our continuous public offering through December 31, 2025, we have issued 93,062,111 shares of Class S common stock, 3,413,138 shares of Class D common stock, and 41,616,430 shares of Class I common stock, exclusive of any tender offers and shares issued pursuant to our distribution reinvestment plan, for gross proceeds of $962.3 million,$34.9 million and $427.4 million, respectively, including $1,000 of seed capital contributed by the Initial Shareholder. We have issued 246,887,445 shares of our Class I common stock to feeder vehicles primarily created to hold our Class I shares in a Private Offering and raised gross proceeds of approximately $2.53 billion.

Blue Owl consists of three investment platforms: (1) Credit, which includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent investment strategies, (2) GP Strategic Capital, which primarily

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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, real estate credit and digital infrastructure, which focuses on acquiring, financing, developing and operating data centers and related digital infrastructure assets. The direct lending strategy of Blue Owl's Credit platform is comprised of the Adviser, OTCA, Blue Owl Credit Advisors LLC ("OCA"), Blue Owl Diversified Credit Advisors LLC ("ODCA"), and Blue Owl Credit Private Fund Advisors LLC ("OPFA" and together with the Adviser, OCA, ODCA and OTCA, the "Blue Owl Credit Advisers"), which are also investment advisers. As of December 31, 2025, the Adviser and its affiliates had $157.76 billion in 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. 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 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 certain investments may be made or sold consistent with our investment objective), structures financings and monitors the performance of the investment portfolio. Each investment opportunity requires the approval of a majority of the Technology Lending Investment Committee. Follow-on investments in existing portfolio companies may require the Technology Lending Investment Committee's approval beyond that obtained when the initial investment in the portfolio company was made. In addition, temporary investments, such as those in cash equivalents, U.S. government securities and other high quality debt investments that mature in one year or less, may require approval by the Technology Lending Investment Committee. The compensation packages of the Technology Lending Investment Committee members from the Adviser include various combinations of discretionary bonuses and variable incentive compensation based primarily on performance for services provided and may include shares of Blue Owl.

In addition, we and the Adviser have entered into a dealer manager agreement with Blue Owl Securities and certain participating broker-dealers to solicit capital (the "Dealer Manager Agreement").

We may be prohibited under the Investment Company Act of 1940, as amended (the "1940 Act") from participating in certain transactions with our affiliates without the prior approval of our directors who are not interested persons and, in some cases, the prior approval of the SEC. We rely on an order for exemptive relief (the "Order") to co-invest with other funds managed by the Adviser or certain affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to the Order, we generally are permitted to co-invest with certain of our affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Order. The Order requires that a "required majority" (as defined in Section 57(o) of the 1940 Act) of the 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.

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 BDCs, interval fund, private funds and separately managed accounts managed by the Blue Owl Credit Advisers (collectively, the "Blue Owl Credit Clients") and/or other funds managed by the Adviser or its affiliates that avail themselves of the Order. In addition, the Adviser and its affiliates are permitted to allocate an investment to a number of products across platforms that it views as appropriate for the particular investment objectives, strategies and characteristics of such products.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• source of income limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• asset diversification requirements; and

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

**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 investments directly or through special purpose vehicles. Since our Adviser's affiliates began investment activities in April 2016 through December 31, 2025, the Blue Owl Credit Advisers have originated $187.04 billion aggregate principal amount of investments across multiple industries, of which $182.92 billion of aggregate principal amount of investments prior to any subsequent exits or repayments was retained by either us or a corporation or fund advised by our Adviser or its affiliates.

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

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

We leverage Blue Owl's relationships and existing origination capabilities to focus our investments in companies with an enterprise value of at least $250 million and that are typically backed by institutional investors that are active investors in and have an expertise in technology companies and technology-related industries. We expect that our target investments will typically have maturities between three and ten years and generally range in size between $50 million and $500 million. Our expected portfolio composition will be majority debt or income producing securities, in particular directly originated debt investments, with a lesser allocation to equity related opportunities. On these investments, we typically invest at a low loan-to-value ratio, which we consider to be 50% or below. We anticipate that generally any equity related securities we hold will be minority positions. We expect that our investment size will vary with the size of our capital base and that our average investment size will be 0.5-1.5% of our entire portfolio with no investment size greater than 5%; however, from time to time, certain of our investments may comprise greater than 5%. As of December 31, 2025, our average investment size in each of our portfolio companies was approximately $32.7 million based on fair value.

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

We may also invest a portion of our portfolio in opportunistic investments and publicly traded debt investments and we may evaluate and enter into strategic portfolio transactions that may result in additional portfolio companies that we are considered to control. These types of investments are intended to supplement our core strategy and further enhance returns to our shareholders. These investments may include high-yield bonds and broadly syndicated loans, including "covenant lite" loans (as defined below), and other publicly traded debt instruments, typically originated and structured by banks on behalf of large corporate borrowers with employee counts, revenues, EBITDAs and enterprise values larger than those of middle-market companies, and equity investments in portfolio companies that make senior secured loans or invest in broadly syndicated loans, structured products, asset-based solutions or

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other forms of specialty finance, which may include, but is not limited to, investments such as life settlements, royalty interests and equipment finance.

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

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 December 31, 2025, 98.2% 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 may also reflect the proceeds from sales of investments. We 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, performance based incentive fee, expenses reimbursable under the Administration Agreement and Investment Advisory Agreement, legal and professional fees and other operating expenses. The management fee and performance based incentive fee compensate our Adviser for work in identifying, evaluating, negotiating, closing, monitoring and realizing our investments.

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Except as specifically provided below, 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, are provided and paid for by the Adviser. We bear our allocable portion of the compensation paid by the Adviser (or its affiliates) to our Chief Compliance Officer and Chief Financial Officer and their respective staffs (based on a percentage of time such individuals devote, on an estimated basis, to our business affairs). We 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 Administration Agreement; and (iii) all other expenses of our operations and transactions including, without limitation, those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenses deemed to be "organization and offering expenses" for purposes of Conduct Rule 2310(a)(12) of Financial Industry Regulatory Authority (exclusive of commissions, the dealer manager fee, any discounts and other similar expenses paid by investors at the time of sale of our stock);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of corporate and organizational expenses relating to offerings of shares of our common stock;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs of hedging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses associated with marketing efforts;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. federal, state and local taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• independent directors' fees and expenses, including certain travel expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commissions and other compensation payable to brokers or dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• research and market data;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs of winding up;

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

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

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

We expect, but cannot assure, 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.

***Expense Deferral Agreement***

On March 23, 2022, we entered into the expense deferral agreement (the "Expense Deferral Agreement") with the Adviser, under which the Adviser has agreed to incur and pay all of our expenses, other than amounts used to pay interest expense and shareholder servicing and/or distribution fees, until we met certain conditions related to amount of subscriptions it received. The expenses subject to deferral did not include expenses that (1) were previously classified as Expense Payments or Reimbursement Payments under the Expense Support Agreement and Conditional Reimbursement Agreement between us and the Adviser, or (2) Organization and Offering Expenses in excess of 1.50% of the gross offering proceeds from the sale of our securities.

------

On May 9, 2023, the Company and the Adviser amended the Expense Deferral Agreement to provide that the Adviser's obligation to incur and pay the Company's expenses would cease as of April 30, 2023, and that the Company would repay the expenses previously incurred by the Adviser on the Company's behalf in eighteen equal installments, upon meeting specified conditions. The first installment became an obligation of the Company on December 1, 2023, when the Company reached $1.75 billion in Net Subscriptions received from the sale of the Company's common shares, and each of the seventeen remaining installments will become an obligation of the Company for each $75.0 million in Net Subscriptions received from the sale of the Company's common shares thereafter. The Company recorded $2.0 million of expenses, of which $0.6 million related to organization and offering costs, for the year ended December 31, 2025. The Company recorded $9.3 million of expenses, of which $2.7 million related to organization costs, for the year ended December 31, 2024.

The Expense Deferral Agreement may be terminated at any time, without the payment of any penalty, by us or the Adviser, with or without notice, and will automatically terminate (i) in the event of the termination of the Investment Advisory Agreement, or (ii) if the Board makes a determination to dissolve or liquidate us. However, our obligation to repay the Adviser the expenses incurred by the Adviser on our behalf upon meeting the specified conditions will survive any termination of the agreement.

***Reimbursement of Administrative Services***

We will reimburse our Adviser for the administrative expenses necessary for its performance of services to us. However, such reimbursement will be made at an amount equal to the lower of our Adviser's actual costs or the amount that we would be required to pay for comparable administrative services in the same geographic location. Also, such costs will be reasonably allocated to us on the basis of assets, revenues, time records or other reasonable methods. We will not reimburse our Adviser for any services for which it receives a separate fee, for example rent, depreciation, utilities, capital equipment or other administrative items allocated to a controlling person of our Adviser.

***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 September 30, 2021, we received shareholder approval that allowed us to reduce our asset coverage ratio from 200% to 150%, effective as of October 1, 2021. As a result, we generally 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 structural factors, industry consolidation and general risk aversion. In recent years, many commercial and investment banks have focused their efforts and resources on lending to large corporate clients and managing capital markets transactions rather than lending to technology-related companies. In addition, these lenders may be constrained in their ability to underwrite and hold loans and high yield securities, as well as their ability to provide equity financing, as they seek to meet existing and future regulatory capital requirements. We also believe that there is a lack of scaled market participants that are willing to provide and hold meaningful amounts of a customized financing solution for technology companies. As a result, we believe our focus on technology-related companies and our ability to invest across the capital structure, coupled with a limited supply of capital providers, presents an attractive opportunity to invest in technology companies.

------

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

***Secular Trends Supporting Growth for Private Credit*** — According to Gartner, a research and advisory company, global technology spend was $5.6 trillion in 2025 and is expected to grow to more than $6.2 trillion in 2026. We believe global demand for technology products and services will continue to grow rapidly, and that growth will stimulate demand for capital from technology companies which will continue to require access to capital to refinance existing debt, support growth and finance acquisitions. We believe that periods of market volatility, 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, larger higher quality credits that have traditionally been issuers in the syndicated and high yield markets are increasingly seeking private solutions independent of credit market conditions. In our view, this is supported by financial sponsors wanting to work with collaborative financing partners that have scale and breadth of capabilities. This has driven substantial growth in direct lending portfolio companies over time. Given the dynamics mentioned above, we believe this trend is poised to continue and the large amount of uninvested capital held by funds of private equity firms, estimated by Preqin Ltd., an alternative assets industry data and research company, to be $2.7 trillion as of December 31, 2025, will continue to serve as a tailwind to the space.

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

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

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

technology shifts because the need for auditability, control and data integrity will remain constant and these categories of software will provide a stable layer through which new technology is governed and executed.

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

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

 **Portfolio and Investment Activity**

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

During the fourth quarter of 2025, global equity and debt markets saw appreciation despite some elevated volatility in the third quarter, with U.S. equity indices reaching new all-time high while credit spreads remained relatively tight. The 10-year Treasury yield ended the quarter approximately flat quarter over quarter and down approximately 40 basis points from the beginning of the year, and the Federal Reserve cut the federal funds rate by an additional 50 basis points during the fourth quarter following a 25 basis point cut in September 2025.

During the fourth quarter of 2025 we saw a meaningful increase in origination activity and deployed $1.2 billion in new investment commitments, including $1.0 billion of new investment fundings, while repayments remained steady at $1.0 billion. We continue to focus on investing in upper middle-market enterprise software businesses that we view to be recession resistant given their mission-critical nature and highly contracted cash flows.

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 December 31, 2025, 92.2% of our portfolio at fair value is comprised of first or second lien loans. These positions have a weighted average annual revenue of $1.13 billion, weighted average annual EBITDA of $377.3 million, and a weighted average enterprise value of $6.97 billion. As of December 31, 2025, 5.5% of our portfolio at fair value is comprised of unsecured debt and equity investments. These positions have a weighted average annual revenue of $1.87 billion and enterprise value of $11.86 billion. These statistics exclude strategic portfolio transactions, which comprise 1.4% of the book at fair value. In addition, Blue Owl's direct lending strategy continues to invest in, and is often the lead lender or administrative agent on, transactions in excess of $1 billion in size, which gives us the ability to structure the terms of such deals to maximize deal economics and credit protection and provide customized flexible solutions. The average hold size of Blue Owl's direct lending strategy's new investments is approximately $350 million (up from approximately $200 million in 2021) and average total new deal size is approximately $1.5 billion (up from approximately $600 million in 2021).

We believe that the construction of our current portfolio coupled with our experienced investment team and strong underwriting standards leave us well-positioned for the current economic environment. Many of the companies in which we invest are continuing to see modest growth in both revenues and EBITDA and our ARR loans continue to experience strong credit performance. However, in the event of 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.

We also believe that our portfolio companies are well positioned to evolve as a result of developments in artificial intelligence ("AI"). We remain focused on scaled companies that offer mission-critical solutions to established customer bases across diverse industries and sectors, with strong customer retention rates and high switching costs. We seek to invest in companies that offer a depth of broad, integrated solutions and product offerings across a geographic diversity and we emphasize agile, adaptable technology that enables fast integration of AI and other emerging technologies to maintain a competitive edge.

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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 signs of an overall, broad deterioration in our results or those of our 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. Virtually all of our payment-in-kind ("PIK") was structured as PIK from inception and not implemented as a result of credit underperformance.

We intend to leverage the expanding role that private lenders are being asked to play in the broader credit markets to evaluate cross-platform opportunities including strategic equity and accretive joint venture investments that have cash flow and credit profiles that provide consistent income. We also continue to invest in Credit SLF and specialty financing portfolio companies, including LSI Financing 1 DAC ("LSI Financing DAC"), LSI Financing LLC ("LSI Financing LLC") and Blue Owl Cross-Strategy Opportunities LLC ("BOCSO"). We formed Blue Owl Leasing LLC ("Blue Owl Leasing"), a cross-platform joint venture that invests in equipment leases and loans and in the future we may invest through other cross-platform investment vehicles. These companies may use our capital to support acquisitions which could continue to lead to increased dividend income across well-diversified underlying portfolios. In the future we may invest through additional specialty finance portfolio companies, joint ventures, partnerships or other special purpose vehicles. We formed Blue Owl Leasing, a cross-platform joint venture that invests in equipment leases and in the future we may invest through other cross-platform investment vehicles. See "*Specialty Financing Portfolio Companies*" and "*Joint Ventures."* We also intend to identify ways to participate in growth of various industries as a result of AI. In the future, we may evaluate cross-platform opportunities to invest in data center assets and AI related equipment such as graphic processing units.

Subsequent to year-end, we entered into six separate loan sale agreements to sell a portion of our portfolio company investments having an aggregate fair value of $400.0 million. See "*Recent Developments – Asset Sale*."

As of December 31, 2025, based on fair value, our portfolio consisted of 88.4% first lien senior debt investments (of which 51.3% we consider to be unitranche debt investments (including "last out" portions of such loans)), 4.3% second lien senior secured debt investments, 1.1% unsecured debt investments, 2.8% preferred equity investments, 1.4% specialty finance equity investments, 1.6% common equity investments and 0.4% in joint ventures.

As of December 31, 2025, our weighted average total yield of the portfolio at fair value and amortized cost was 8.7% and 8.7%, respectively, and our weighted average yield of accruing debt and income producing securities at fair value and amortized cost was 9.0% and 8.9%, respectively. As of December 31, 2025, the weighted average spread of total debt investments was 5.1%.

As of December 31, 2025, we had investments in 190 portfolio companies with an aggregate fair value of $6.21 billion. Our current target leverage ratio is 0.90x-1.25x. As of December 31, 2025, we had net leverage of 0.75x debt-to-equity.

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

---

| | | |
|:---|:---|:---|
| | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| ($ in thousands) | **2025** | **2024** |
| ***New investment commitments:*** |  |  |
| Gross originations | $4375015 | $4582859 |
| Less: Sell downs | (13410) | (14281) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total new investment commitments | $4361605 | $4568578 |
| ***Principal amount of new investments funded:*** |  |  |
| First-lien senior secured debt investments | $3338129 | $3922408 |
| Second-lien senior secured debt investments | 124465 | 14750 |
| Unsecured debt investments |  | 59936 |
| Preferred equity investments | 29870 | 10953 |
| Common equity investments | 37889 | 46 |
| Specialty finance equity investments | 90177 | 30263 |
| Joint ventures | 23377 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total principal amount of new investments funded | $3643907 | $4039304 |
| **Drawdowns (repayments) on revolvers and delayed draw term loans, net** | $266091 | $— |
| ***Principal amount of investments sold or repaid:*** |  |  |
| First-lien senior secured debt investments<sup>(1)</sup> | $(2831166) | $(1987455) |
| Second-lien senior secured debt investments | (61359) | (101776) |
| Specialty finance debt investments |  |  |
| Unsecured debt investments |  |  |
| Preferred equity investments | (49580) | (50076) |
| Common equity investments | (429) |  |
| Specialty finance equity investments | (30208) | (7981) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total principal amount of investments sold or repaid | $(2972742) | $(2147288) |
| **Number of new investment commitments in new portfolio companies**<sup>(2)</sup> | 111 | 146 |
| **Average new investment commitment amount in new portfolio companies**<sup>(2)</sup> | $31682 | $25432 |
| **Weighted average term for new debt investment commitments<br> (in years)** | 6.1 | 5.8 |
| **Percentage of new debt investment commitments at floating rates** | 98.2% | 98.6% |
| **Percentage of new debt investment commitments at fixed rates** | 1.8% | 1.4% |
| **Weighted average interest rate of new debt investment commitments**<sup>(3)</sup> | 8.3% | 9.2% |
| **Weighted average spread over applicable base rate of new debt investment commitments at floating rates** | 4.7% | 4.7% |

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<sup>(1)</sup> Includes scheduled paydowns.

<sup>(2)</sup> Number of new investment commitments represents commitments to a particular portfolio company.

<sup>(3)</sup> Assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 3.65% and 4.31% as of December 31, 2025 and 2024, respectively.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| ($ in thousands) | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| First-lien senior secured debt investments<sup>(1)</sup> | $5488669 | $5484795 | $4707450 | $4727263 |
| Second-lien senior secured debt investments | 283730 | 267441 | 175078 | 165292 |
| Unsecured debt investments | 66248 | 66531 | 62158 | 62455 |
| Preferred equity investments | 177173 | 173230 | 175076 | 171478 |
| Common equity investments | 80256 | 101617 | 42558 | 52144 |
| Specialty finance equity investments | 86202 | 89389 | 23830 | 24212 |
| Joint Ventures | 24325 | 24133 | 949 | 954 |
| **Total Investments** | $6206603 | $6207136 | $5187099 | $5203798 |

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<sup>(1)</sup> We consider 51% and 43% of first-lien senior secured debt investments to be unitranche loans as of December 31, 2025 and 2024, respectively.

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

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| | | |
|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2024** |
| Aerospace & Defense | 1.3% | 0.9% |
| Airlines | 0.3% | —% |
| Application Software | 15.6% | 12.4% |
| Asset Based Lending and Fund Finance<sup>(1)(2)</sup> | 0.4% | —% |
| Banks | 0.7% | 1.2% |
| Beverages | 0.2% | 0.7% |
| Buildings & Real Estate | 1.9% | 1.8% |
| Building Products | 0.1% | 0.1% |
| Capital Markets | 1.0% | 0.1% |
| Commercial Services & Supplies | 1.4% | 3.1% |
| Construction & Engineering | 0.2% | 0.5% |
| Consumer Finance | 0.5% | 0.6% |
| Containers & Packaging | 0.4% | 1.0% |
| Diversified Consumer Services | 2.9% | 2.7% |
| Diversified Financial Services | 7.8% | 5.7% |
| Diversified Telecommunication Services<sup>(1)</sup> | —% | 0.3% |
| Entertainment | 1.1% | 1.3% |
| Equity Real Estate Investment Trusts (REITs) | 1.6% | 1.0% |
| Food & Staples Retailing | 2.3% | 3.0% |
| Food Products | 0.3% | 0.4% |
| Health Care Equipment & Supplies | 3.0% | 1.6% |
| Health Care Providers & Services | 6.1% | 4.2% |
| Health Care Technology | 12.4% | 13.0% |
| Hotels, Restaurants & Leisure | 0.7% | 1.0% |
| Household Products | 0.3% | —% |
| Industrial Conglomerates | 0.8% | 0.7% |
| Insurance | 5.4% | 7.2% |
| Internet & Direct Marketing Retail | 0.5% | 0.5% |
| IT Services | 5.0% | 6.0% |
| Joint Ventures<sup>(1)(4)</sup> | 0.4% | —% |
| Life Sciences Tools & Services | 2.1% | 2.3% |
| Machinery | 0.6% | 0.7% |
| Media | 0.6% | 0.7% |
| Multiline Retail | 0.3% | 0.3% |
| Pharmaceuticals<sup>(3)</sup> | 1.2% | 0.7% |
| Professional Services | 5.7% | 6.5% |
| Real Estate Management & Development | 0.8% | 1.4% |
| Specialty Retail | 0.8% | 0.1% |
| Systems Software | 12.6% | 16.1% |
| Water Utilities | 0.2% | 0.2% |
| Wireless Telecommunication Services | 0.5% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | 100.0% | 100.0% |

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<sup>(1)</sup> As of December 31, 2025 and 2024, our investment balance is insignificant (if applicable).

<sup>(2)</sup> Includes investment in BOCSO. See "*Note 3 — Agreements and Related Party Transactions"* to our consolidated financial statements included in this Annual Report for more information regarding BOCSO.

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<sup>(3)</sup> Includes investments in LSI Financing DAC and LSI Financing LLC. See "*Note 3 — Agreements and Related Party Transactions"* to our consolidated financial statements included in this Annual Report for more information regarding LSI Financing DAC and LSI Financing LLC.

<sup>(4)</sup> Includes equity investments in Credit SLF and Blue Owl Leasing. See "*Note 4 — Investments"* to our consolidated financial statements included in this Annual Report for more information regarding Credit SLF and Blue Owl Leasing.

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

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

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| | | |
|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2024** |
| *United States:* |  |  |
| &nbsp;&nbsp;Midwest | 13.7% | 16.1% |
| &nbsp;&nbsp;Northeast | 21.0% | 19.3% |
| &nbsp;&nbsp;South | 31.4% | 29.9% |
| &nbsp;&nbsp;West | 24.2% | 23.0% |
| Canada | 3.0% | 3.4% |
| United Kingdom | 4.1% | 5.3% |
| Other international | 2.6% | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | 100.0% | 100.0% |

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

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| | | |
|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2024** |
| Weighted average total yield of portfolio<sup>(1)</sup> | 8.7% | 9.9% |
| Weighted average total yield of debt and income producing securities<sup>(1)</sup> | 9.0% | 10.0% |
| Weighted average interest rate of debt securities | 8.7% | 9.7% |
| Weighted average spread over base rate of all floating rate investments | 5.1% | 5.3% |

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_______________

<sup>(1)</sup> 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 accruing debt and income producing securities is not the same as a return on investment for our shareholders but, rather, relates to 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:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• comparisons to other companies in the portfolio company's industry; and

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

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

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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:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Investment Rating | &nbsp;&nbsp;&nbsp;Description |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;Investments rated 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; |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;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 rating of 2; |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;Investments rated 3 involve a borrower performing below expectations and indicates that the loan's risk has increased somewhat since origination or acquisition; |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;Investments rated 5 involve a borrower performing substantially below expectations and indicates that the loan's risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 5 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered. |

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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 December 31, 2025, one of our portfolio companies is on non-accrual. Our average annual gain/(loss) ratio is 0.03%.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|<br>**Investment Rating&nbsp;&nbsp;&nbsp;&nbsp;** | **Fair Value** | **Percentage** | **Fair Value**  | **Percentage**  |
| ($ in thousands) |  |  |  |  |
| 1 | $699497 | 11.3% | $438629 | 8.4% |
| 2 | 5137529 | 82.8% | 4605178 | 88.5% |
| 3 | 354593 | 5.7% | 159991 | 3.1% |
| 4 | 15517 | 0.2% |  | —% |
| 5 |  | —% |  | —% |
| **Total** | $6207136 | 100.0% | $5203798 | 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:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| ($ in thousands) | **Amortized Cost** | **Percentage** | **Amortized Cost** | **Percentage** |
| Performing | $5819811 | 99.7% | $4944686 | 100.0% |
| Non-accrual | 18836 | 0.3% |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $5838647 | 100.0% | $4944686 | 100.0% |

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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. 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 and Joint Ventures**

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

*Specialty Financing Portfolio Companies*

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 investment in LSI Financing DAC. As of December 31, 2025, the fair value of our investment in LSI Financing DAC was $2.6 million and our total commitment was $2.7 million. We do not consolidate our equity interest in LSI Financing DAC.

LSI Financing LLC is a separately managed portfolio company formed to indirectly own royalty purchase agreements and loans in the life sciences space. On November 25, 2024, we redeemed a portion of our interest in LSI Financing DAC in exchange for common shares of LSI Financing LLC. As of December 31, 2025, the fair value of our investment in LSI Financing LLC was $61.6 million and our total commitment was $89.3 million. We do not consolidate our equity interest in LSI Financing LLC.

BOCSO was formed to invest in alternative credit assets, including ABF. ABF is a subsector of private credit focused on generating income from pools of financial, physical or other assets. As of December 31, 2025, the portfolio consists of three investments totaling $0.5 billion at cost and fair value, respectively, and ranging in cost from $24.8 million to $304.4 million and with a fair value ranging from $24.8 million to $303.9 million. The largest investment is 62% of the total cost of BOCSO's portfolio. As of December 31, 2025, the portfolio asset class composition was 62% ABF – Specialty Finance, 33% ABF – Leasing, and 5% ABF – Commercial Real Estate. We do not consolidate our equity interest in BOCSO.

*Joint Ventures*

&nbsp;&nbsp;&nbsp;&nbsp;On May 6, 2024, Credit SLF, a Delaware limited liability company, was formed as a joint venture between the Credit SLF Members. The Credit SLF Members co-manage Credit SLF. Credit SLF's principal purpose is to make investments in senior secured loans to middle-market companies, broadly syndicated loans and senior and subordinated notes issued by collateralized loan obligations. Credit SLF is managed by a board consisting of an equal number of representatives appointed by each Credit SLF Member and which acts unanimously. Investment decisions must be approved by Credit SLF's board. Our investment in Credit SLF is a co-investment made with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC. We do not consolidate our non-controlling interest in Credit SLF.

Refer to <u>[Exhibit 99.](blueowlcreditslfllc-123120.htm)[2](blueowlcreditslfllc-123120.htm)</u> for the Credit SLF Supplemental Financial Information.

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

Refer to <u>[Exhibit 99.](blueowlleasingllc-12312025.htm)[3](blueowlleasingllc-12312025.htm)</u> for the Blue Owl Leasing Supplemental Financial Information.

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**Results of Operations**

For a discussion of our results for the year ended December 31, 2024, compared to the year ended December 31, 2023, please refer to "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our <u>[a](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001869453/000186945325000011/ortic-20241231.htm)[nnual](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001869453/000186945325000011/ortic-20241231.htm)[r](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001869453/000186945325000011/ortic-20241231.htm)[eport](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001869453/000186945325000011/ortic-20241231.htm)</u> on Form 10-K, filed with the SEC on March 5, 2025.

The table below presents our operating results for the following periods:

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| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended December 31,** | **For the Year Ended December 31,** | |
| ($ in thousands) | **2025** | **2024** | **$ Change** |
| **Total Investment Income** | $585017 | $511449 | $73568 |
| &nbsp;&nbsp;Less: Net operating expenses | 287695 | 249176 | 38519 |
| **Net Investment Income (Loss) Before Taxes** | $297322 | $262273 | $35049 |
| Less: Excise taxes | 400 |  | 400 |
| &nbsp;&nbsp;**Net Investment Income (Loss) After Taxes** | $296922 | $262273 | $34649 |
| Net change in unrealized gain (loss) | (31312) | (384) | (30928) |
| Net realized gain (loss) | 18487 | (7271) | 25758 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $284097 | $254618 | $29479 |

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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 investment originations and exit activity, expenses, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. For the year ended December 31, 2025, our net asset value per share decreased from $10.42 to $10.38, primarily driven by a decrease in the fair value of certain debt and equity investments due to current market conditions.

***Investment Income***

The table below presents investment income for the following periods:

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| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended December 31,** | **For the Year Ended December 31,** | |
| ($ in thousands) | **2025** | **2024** | **$ Change** |
| Interest income | $524084 | $453875 | $70209 |
| PIK interest income | 29693 | 22289 | 7404 |
| PIK dividend income | 18113 | 19176 | (1063) |
| Dividend income | 4600 | 7660 | (3060) |
| Other income | 8527 | 8449 | 78 |
| &nbsp;&nbsp;**Total Investment Income** | $585017 | $511449 | $73568 |

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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 interest obtained in connection with originated loans, such as options, warrants, or conversion rights.

*Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024*

Investment income increased by $73.6 million for year ended December 31, 2025, primarily due to an increase in interest income, as a result of an increase in our debt investment portfolio of $863.8 million, partially offset by a decrease in the weighted average interest rate of debt securities from 9.7% to 8.7% from December 31, 2024 to December 31, 2025. Included in interest income are other fees such as prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns. Fees and accelerated amortization received from unscheduled paydowns decreased by $2.5 million period-over-period driven by a decrease in repayment activity. PIK interest represented approximately 5.1% and 4.4% of investment income for the years ended December 31, 2025 and 2024, respectively. PIK dividend income represented approximately 3.1% and 3.7% of investment income for the years ended December 31, 2025 and 2024, respectively. Dividend income decreased by $3.1 million period-over-period, driven by a decrease in our portfolio of non-controlled, non-affiliated equity investments that pay dividends, partially offset by an increase in dividend income from non-controlled, affiliated and controlled, affiliated equity investments. We expect that investment income will vary based on a variety of factors including the pace of our originations and repayments.

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***Expenses***

The table below presents expenses for the following periods:

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| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended December 31,** | **For the Year Ended December 31,** | |
| ($ in thousands) | **2025** | **2024** | **$ Change**  |
| Offering costs | $1799 | $4441 | $(2642) |
| Interest expense | 182809 | 155410 | 27399 |
| Management fees | 41098 | 30720 | 10378 |
| Capital gains incentive fees | (1337) | (957) | (380) |
| Performance based incentive fees | 42219 | 37332 | 4887 |
| Professional fees | 6326 | 7448 | (1122) |
| Directors' fees | 1364 | 1592 | (228) |
| Shareholder servicing fees | 7459 | 5126 | 2333 |
| Other general and administrative | 5958 | 8064 | (2106) |
| &nbsp;&nbsp;**Total Operating Expenses** | $287695 | $249176 | $38519 |

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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.

*Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024*

Total operating expenses, increased by $38.5 million for the year ended December 31, 2025, due to increases in interest expense, management fees, and performance based incentive fees of $27.4 million, $10.4 million, and $4.9 million, respectively. The increase in total operating expenses was partially offset by decreases in offering costs, other general and administrative expenses and professional fees. These decreases in part related to a $7.3 million decrease in reimbursements made under the Expense Deferral Agreement. The increase in interest expenses was driven by an increase in average daily borrowings to $2.58 billion from $1.83 billion, partially offset by a decrease in the average interest rate to 6.8% from 8.2% period-over-period. The increase in management fees was driven by growth in the net asset value of the portfolio period-over-period. The increase in incentive fees was due to higher pre-incentive fee net investment income driven by portfolio growth.

***Income Taxes, Including Excise Taxes***

We have elected to be treated as a RIC under subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, we must, among other things, distribute to our shareholders in each taxable year generally at least the sum of (i) 90% of our investment company taxable income, as defined by the Code, and (ii) 90% of our net tax-exempt income for that taxable year. In addition, a RIC may, in certain cases, satisfy this distribution requirement by distributing dividends relating to a taxable year after the close of such taxable year under the "spillover dividend" provisions of Subchapter M. 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 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 year ended December 31, 2025, we recorded $0.4 million of U.S. federal excise tax. For the year ended December 31, 2024, we recorded no U.S. federal excise tax expense.

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***Net Change in Unrealized Gains (Loss) on Investments***

We fair value our portfolio investments quarterly and any changes in fair value are recorded as unrealized gains or losses. The table below presents the composition of the net change in unrealized gains (losses) for the following periods:

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| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended December 31,** | **For the Year Ended December 31,** | |
| ($ in thousands) | **2025** | **2024** | **$ Change** |
| Net change in unrealized gain (loss) on investments | $(29442) | $106 | $(29548) |
| Net change in translation of assets and liabilities in foreign currencies | (1870) | (490) | (1380) |
| &nbsp;&nbsp;**Net Change in Unrealized Gain (Loss)** | $(31312) | $(384) | $(30928) |

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 *Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024*

The net change in unrealized gain (loss) was primarily driven by a decrease in the fair value of our debt investments due to current market conditions, partially offset by an increase in the fair value of equity investments.

The table below presents the ten largest contributors to the change in net unrealized gain (loss) on investments for the following periods:

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company** | **For the Year Ended December 31, 2025** | **Portfolio Company** | **For the Year Ended December 31, 2024** |
| ($ in thousands) |  | ($ in thousands) |  |
| Elliott Alto Co-Investor Aggregator L.P. | $5707 | Remaining Portfolio Companies | $9603 |
| Ivanti Software, Inc. | 3386 | Blackhawk Network Holdings, Inc. | 2664 |
| LSI Financing LLC | 2937 | Dodge Construction Network LLC | 2647 |
| Kaseya Inc. | (2264) | Fortra, LLC (f/k/a Help/Systems Holdings, Inc.) | 1491 |
| Blackhawk Network Holdings, Inc. | (2337) | KWOL Acquisition Inc. (dba Worldwide Clinical Trials) | 1262 |
| PetVet Care Centers, LLC | (3072) | Salinger Bidco Inc. (dba Surgical Information Systems) | 1088 |
| Plasma Buyer LLC (dba PathGroup) | (3346) | Securonix, Inc. | (1670) |
| Inovalon Holdings, Inc. | (4496) | Picard Holdco, Inc. | (1797) |
| Central Parent Inc. (dba CDK Global Inc.) | (5506) | PetVet Care Centers, LLC | (1931) |
| Barracuda Parent, LLC | (9957) | Ivanti Software, Inc. | (3553) |
| Remaining Portfolio Companies | (10494) | Barracuda Networks, Inc. | (9698) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $(29442) | &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $106 |

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***Net Realized Gains (Losses) on Investments***

The table below presents the change to the realized gains and losses on fully exited portfolio companies, partially exited portfolio companies and foreign currency transactions during the following periods:

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| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended December 31,** | **For the Year Ended December 31,** | |
| ($ in thousands) | **2025** | **2024** | **$ Change** |
| Net realized gain (loss) on investments | $15257 | $(6795) | $22052 |
| Net realized gain (loss) on foreign currency transactions | 3230 | (476) | 3706 |
| &nbsp;&nbsp;**Net Realized Gain (Loss)** | $18487 | $(7271) | $25758 |

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For the year ended December 31, 2025, we recognized net realized gains on investments of $15.3 million, as compared to losses of $6.8 million in the prior year period, primarily driven by the full or partial sales of investments. We realized additional gains of $3.2 million for the year ended December 31, 2025, on foreign currency transactions, primarily as a result of fluctuations in the EUR and GBP exchange rates vs. USD.

**Financial Condition, Liquidity and Capital Resources**

Our liquidity and capital resources are generated primarily from the net proceeds of any offering of our common stock and from cash flows from interest, dividends and fees earned from our investments and principal repayments and proceeds from sales of our

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investments. The primary uses of our cash are for (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), (iii) debt service, repayment and other financing costs of any borrowings and (iv) 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%.

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 December 31, 2025 and 2024, our asset coverage ratio was 223% and 228%, 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 commitment we are required to fund. Our current target ratio is 0.90x-1.25x. For the year ended December 31, 2025, our weighted average cost of debt was 7.1%.

As of December 31, 2025, cash, taken together with our available debt capacity 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 need will come from unused net proceeds from financing activities. 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 December 31, 2025, we had $955.0 million available under our credit facilities.

As of December 31, 2025, we had $153.2 million in cash, including foreign cash. For year ended December 31, 2025, $762.4 million in cash was used for operating activities, primarily as a result of funding portfolio investments of $2.88 billion offset by sell downs and repayments of $1.95 billion and other operating activity of $163.8 million. Lastly, cash provided by financing activities was $716.6 million during the period, which was the result of proceeds from gross borrowings on our credit facilities of $3.27 billion, offset by repayments on our credit facilities of $2.73 billion and $784.8 million of proceeds from issuance of common shares partially offset by $431.9 million of share repurchases and $165.7 million of distributions to shareholders.

***Net Assets***

*Share Issuances*

In connection with our formation, we have the authority to issue 3,000,000,000 common shares, $0.01 per share par value, 1,000,000,000 of which are classified as Class S common shares, 1,000,000,000 of which are classified as Class D common shares, and 1,000,000,000 of which are classified as Class I common shares. We are currently offering on a continuous basis up to $5,000,000,000 in any combination of amount of shares of Class S, Class D, and Class I common stock. We previously offered on a continuous basis up to $5,000,000,000 in any combination of Class S, Class D and Class I common shares.

The tables below present transactions with respect to shares of our common stock for the following periods:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| | **S** | **S** | **D** | **D** | **I** | **I** | **Total** | **Total** |
| ($ in thousands, except share amounts) | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares/gross proceeds from the continuous public offering | 22606707 | $235900 | 595472 | $6177 | 11201554 | $116224 | 34403733 | $358301 |
| Shares/gross proceeds from the private placements |  |  |  |  | 41167356 | 427759 | 41167356 | 427759 |
| Share transfer between classes<sup>(1)</sup> | (1173699) | (12196) |  |  | 1173699 | 12196 |  |  |
| Reinvestment of distributions | 3911732 | 40609 | 44798 | 465 | 9044524 | 93893 | 13001054 | 134967 |
| Repurchased shares | (4268504) | (44274) | (79185) | (825) | (28011047) | (290602) | (32358736) | (335701) |
| Total shares/gross proceeds | 21076236 | 220039 | 561085 | 5817 | 34576086 | 359470 | 56213407 | 585326 |
| Sales load |  | (1263) |  |  |  |  |  | (1263) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Shares/Net Proceeds** | 21076236 | $218776 | 561085 | $5817 | 34576086 | $359470 | 56213407 | $584063 |

---

_______________

<sup>(1)</sup> In certain cases, and subject to Blue Owl Securities LLC's (d/b/a Blue Owl Securities) (the "Dealer Manager") approval, including in situations where a holder of Class S or Class D shares exits a relationship with a participating broker-dealer for this offering and does not enter into a new relationship with a participating broker-dealer for this offering, such holder's shares may be exchanged into an equivalent net asset value amount of Class I shares.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
| | **S** | **S** | **D** | **D** | **I** | **I** | **Total** | **Total** |
| ($ in thousands, except share amounts) | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares/gross proceeds from the continuous public offering | 30800629 | $322990 | 276187 | $2882 | 13500557 | $140880 | 44577373 | $466752 |
| Shares/gross proceeds from the private placements |  |  |  |  | 74134380 | 773453 | 74134380 | 773453 |
| Share transfer between classes<sup>(1)</sup> | (1167663) | (12157) | (1310646) | (13605) | 2478309 | 25762 |  |  |
| Reinvestment of distributions | 2621198 | 27338 | 43345 | 451 | 7317157 | 76314 | 9981700 | 104103 |
| Repurchased shares | (2871479) | (29934) | (82373) | (858) | (18260842) | (190363) | (21214694) | (221155) |
| Total shares/gross proceeds | 29382685 | 308237 | (1073487) | (11130) | 79169561 | 826046 | 107478759 | 1123153 |
| Sales load |  | (1717) |  |  |  |  |  | (1717) |
| &nbsp;&nbsp;**Total Shares/Net Proceeds** | 29382685 | $306520 | (1073487) | $(11130) | 79169561 | $826046 | 107478759 | $1121436 |

---

_______________

<sup>(1)</sup> In certain cases, and subject to Blue Owl Securities LLC's (d/b/a Blue Owl Securities) (the "Dealer Manager") approval, including in situations where a holder of Class S or Class D shares exits a relationship with a participating broker-dealer for this offering and does not enter into a new relationship with a participating broker-dealer for this offering, such holder's shares may be exchanged into an equivalent net asset value amount of Class I shares.

In accordance with our share pricing policy, we will modify our public offering prices to the extent necessary to comply with the requirements of the 1940 Act, including the requirement that we will not sell shares at a net offering price below the net asset value per share unless we obtain the requisite approval from our shareholders.

------

The changes to our offering price per share since the commencement of our continuous public offering and associated effective dates of such changes were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| | **S** | **S** | **S** | **D** | **D** | **D** | **I** | **I** | **I** |
|<br>**Effective Date** | **Net Offering Price (per share)** | **Maximum Upfront Sales Load (per share)**<sup>(1)</sup> | **Maximum Offering Price (per share)** | **Net Offering Price (per share)** | **Maximum Upfront Sales Load (per share)**<sup>(2)</sup> | **Maximum Offering Price (per share)** | **Net Offering Price (per share)** | **Maximum Upfront Sales Load (per share)** | **Maximum Offering Price (per share)** |
| January 2, 2025 | $10.42 | $— | $10.42 | $10.42 | $— | $10.42 | $10.42 | $— | $10.42 |
| February 3, 2025 | $10.43 | $— | $10.43 | $10.43 | $— | $10.43 | $10.43 | $— | $10.43 |
| March 3, 2025 | $10.39 | $— | $10.39 | $10.39 | $— | $10.39 | $10.39 | $— | $10.39 |
| April 1, 2025 | $10.34 | $— | $10.34 | $10.34 | $— | $10.34 | $10.34 | $— | $10.34 |
| May 1, 2025 | $10.31 | $— | $10.31 | $10.31 | $— | $10.31 | $10.31 | $— | $10.31 |
| June 2, 2025 | $10.35 | $— | $10.35 | $10.35 | $— | $10.35 | $10.35 | $— | $10.35 |
| July 1, 2025 | $10.37 | $— | $10.37 | $10.37 | $— | $10.37 | $10.37 | $— | $10.37 |
| August 1, 2025 | $10.37 | $— | $10.37 | $10.37 | $— | $10.37 | $10.37 | $— | $10.37 |
| September 2, 2025 | $10.37 | $— | $10.37 | $10.37 | $— | $10.37 | $10.37 | $— | $10.37 |
| October 1, 2025 | $10.42 | $— | $10.42 | $10.42 | $— | $10.42 | $10.42 | $— | $10.42 |
| November 3, 2025 | $10.40 | $— | $10.40 | $10.40 | $— | $10.40 | $10.40 | $— | $10.40 |
| December 1, 2025 | $10.40 | $— | $10.40 | $10.40 | $— | $10.40 | $10.40 | $— | $10.40 |

---

_______________

<sup>(1)</sup> Maximum potential upfront sales load per share on Class S shares that can be charged by financial intermediaries is 3.5% of the net offering price.

<sup>(2)</sup> Maximum potential upfront sales load per share on Class D shares that can be charged by financial intermediaries is 1.5% of the net offering price.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
| | **S** | **S** | **S** | **D** | **D** | **D** | **I** | **I** | **I** |
|<br>**Effective Date** | **Net Offering Price (per share)** | **Maximum Upfront Sales Load (per share)**<sup>(1)</sup> | **Maximum Offering Price (per share)** | **Net Offering Price (per share)** | **Maximum Upfront Sales Load (per share)**<sup>(2)</sup> | **Maximum Offering Price (per share)** | **Net Offering Price (per share)** | **Maximum Upfront Sales Load (per share)** | **Maximum Offering Price (per share)** |
| January 2, 2024 | $10.38 | $— | $10.38 | $10.38 | $— | $10.38 | $10.38 | $— | $10.38 |
| February 1, 2024 | $10.39 | $— | $10.39 | $10.39 | $— | $10.39 | $10.39 | $— | $10.39 |
| March 1, 2024 | $10.40 | $— | $10.40 | $10.40 | $— | $10.40 | $10.40 | $— | $10.40 |
| April 1, 2024 | $10.44 | $— | $10.44 | $10.44 | $— | $10.44 | $10.44 | $— | $10.44 |
| May 1, 2024 | $10.45 | $— | $10.45 | $10.45 | $— | $10.45 | $10.45 | $— | $10.45 |
| June 3, 2024 | $10.47 | $— | $10.47 | $10.47 | $— | $10.47 | $10.47 | $— | $10.47 |
| July 1, 2024 | $10.42 | $— | $10.42 | $10.42 | $— | $10.42 | $10.42 | $— | $10.42 |
| August 1, 2024 | $10.43 | $— | $10.43 | $10.43 | $— | $10.43 | $10.43 | $— | $10.43 |
| September 3, 2024 | $10.44 | $— | $10.44 | $10.44 | $— | $10.44 | $10.44 | $— | $10.44 |
| October 1, 2024 | $10.43 | $— | $10.43 | $10.43 | $— | $10.43 | $10.43 | $— | $10.43 |
| November 1, 2024 | $10.44 | $— | $10.44 | $10.44 | $— | $10.44 | $10.44 | $— | $10.44 |
| December 2, 2024 | $10.45 | $— | $10.45 | $10.45 | $— | $10.45 | $10.45 | $— | $10.45 |

---

_______________

<sup>(1)</sup> Maximum potential upfront sales load per share on Class S shares that can be charged by financial intermediaries is 3.5% of the net offering price.

<sup>(2)</sup> Maximum potential upfront sales load per share on Class D shares that can be charged by financial intermediaries is 1.5% of the net offering price.

------

*Distributions*

Subject to our Board's discretion, we intend to authorize and declare monthly distribution amounts per share of common stock, payable monthly in arrears.

The tables below present cash distributions per share that were declared for the following periods:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| **Declaration Date**<sup>(1)</sup> | **Record Date** | **Payment Date** | **Distribution Per Share**<sup>(2)</sup> | **Distribution Amount**<sup>(3)</sup> | **Distribution Amount**<sup>(3)</sup> | **Distribution Amount**<sup>(3)</sup> |
| ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) |  |  | **S** | **D** | **I** |
| November 5, 2024 | January 31, 2025 | February 25, 2025 | $0.074775 | $4907 | $116 | $16780 |
| February 18, 2025 | February 28, 2025 | March 25, 2025 | 0.074775 | 5136 | 117 | 17249 |
| February 18, 2025 | March 31, 2025 | April 24, 2025 | 0.074775 | 5219 | 120 | 17539 |
| February 18, 2025 | March 31, 2025 | April 24, 2025 | 0.020000 | 1555 | 33 | 4691 |
| February 18, 2025 | April 30, 2025 | May 23, 2025 | 0.074775 | 5440 | 122 | 17769 |
| May 6, 2025 | May 31, 2025 | June 25, 2025 | 0.074775 | 5592 | 131 | 18086 |
| May 6, 2025 | June 30, 2025 | July 24, 2025 | 0.074775 | 5609 | 132 | 17469 |
| May 6, 2025 | June 30, 2025 | July 24, 2025 | 0.010000 | 832 | 18 | 2337 |
| May 6, 2025 | July 31, 2025 | August 25, 2025 | 0.074775 | 5693 | 148 | 17621 |
| August 5, 2025 | August 29, 2025 | September 26, 2025 | 0.074775 | 5834 | 149 | 17993 |
| August 5, 2025 | September 30, 2025 | October 24, 2025 | 0.074775 | 5928 | 144 | 17864 |
| August 5, 2025 | September 30, 2025 | October 24, 2025 | 0.010000 | 879 | 20 | 2389 |
| August 5, 2025 | October 31, 2025 | November 26, 2025 | 0.074775 | 6004 | 145 | 18305 |
| November 4, 2025 | November 28, 2025 | December 23, 2025 | 0.074775 | 6099 | 148 | 18624 |
| November 4, 2025 | December 31, 2025 | January 28, 2026 | 0.074775 | 6120 | 149 | 18837 |
|  |  | **Total** | $0.937300 | $70847 | $1692 | $223553 |

---

_______________

<sup>(1)</sup> On November 4, 2025, the Company's board of directors declared a distribution of $0.074775 per share, payable on or before February 28, 2026, to shareholders of record as of January 30, 2026.

<sup>(2)</sup> Distributions per share are gross of shareholder servicing fees.

<sup>(3)</sup> Distribution amounts are presented net of shareholder servicing fees.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
| **Declaration Date** | **Record Date** | **Payment Date** | **Distribution Per Share**<sup>(1)</sup> | **Distribution Amount**<sup>(2)</sup> | **Distribution Amount**<sup>(2)</sup> | **Distribution Amount**<sup>(2)</sup> |
| ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) |  |  | **S** | **D** | **I** |
| November 20, 2023 | January 31, 2024 | February 23, 2024 | $0.074775 | $2870 | $92 | $10742 |
| February 21, 2024 | February 29, 2024 | March 22, 2024 | 0.074775 | 3035 | 95 | 11459 |
| February 21, 2024 | March 29, 2024 | April 23, 2024 | 0.074775 | 3126 | 95 | 11897 |
| February 21, 2024 | March 29, 2024 | April 23, 2024 | 0.030000 | 1394 | 39 | 4773 |
| February 21, 2024 | April 30, 2024 | May 22, 2024 | 0.074775 | 3379 | 97 | 13017 |
| May 7, 2024 | May 31, 2024 | June 26, 2024 | 0.074775 | 3579 | 97 | 13714 |
| May 7, 2024 | June 28, 2024 | July 24, 2024 | 0.074775 | 3752 | 98 | 14677 |
| May 7, 2024 | June 28, 2024 | July 24, 2024 | 0.030000 | 1671 | 40 | 5889 |
| May 7, 2024 | July 31, 2024 | August 22, 2024 | 0.074775 | 4006 | 98 | 15253 |
| August 6, 2024 | August 30, 2024 | September 25, 2024 | 0.074775 | 4245 | 103 | 15741 |
| August 6, 2024 | September 30, 2024 | October 24, 2024 | 0.074775 | 4376 | 103 | 15857 |
| August 6, 2024 | September 30, 2024 | October 24, 2024 | 0.030000 | 1948 | 43 | 6362 |
| August 6, 2024 | October 31, 2024 | November 26, 2024 | 0.074775 | 4469 | 109 | 16211 |
| November 5, 2024 | November 29, 2024 | December 23, 2024 | 0.074775 | 4643 | 112 | 16554 |
| November 5, 2024 | December 31, 2024 | January 27, 2025 | 0.074775 | 4696 | 109 | 16250 |
| November 5, 2024 | December 31, 2024 | January 27, 2025 | 0.030000 | 2097 | 45 | 6520 |
|  |  | **Total** | $1.017300 | $53286 | $1375 | $194916 |

---

_______________

<sup>(1)</sup> Distributions per share are gross of shareholder servicing fees.

<sup>(2)</sup> Distribution amounts are net of shareholder servicing fees.

During certain periods, our distributions may exceed our earnings. As a result, it is possible that a portion of the distributions we make may represent a return of capital. A return of capital generally is a return of a shareholder's investment rather than a return of earnings or gains derived from our investment activities. Each year, a statement on Form 1099-DIV identifying the tax character of the distributions will be mailed to our shareholders. The tax character of the distributions are not determined until our taxable year end.

We have adopted a distribution reinvestment plan which was amended and restated on May 6, 2024. The amended and restated distribution reinvestment plan provides for reinvestment of any cash distributions on behalf of shareholders who have enrolled in the distribution reinvestment plan. As a result, if the Board authorizes and declares a cash distribution, then the shareholders who have enrolled in the distribution reinvestment plan will have their cash distribution automatically reinvested in additional shares of our common stock, rather than receiving the cash distribution. We expect to use newly issued shares to implement the distribution reinvestment plan.

We may fund our cash distributions to shareholders from any source of funds available to us, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to us on account of preferred and common equity investments in portfolio companies and expense support from the Adviser, which is subject to recoupment. In no event, however, will funds be advanced or borrowed for the purpose of distributions, if the amount of such distributions would exceed our accrued and received revenues for the previous four quarters, less paid and accrued operating expenses with respect to such revenues and costs.

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions.

The tables below presents the source of cash distributions on a U.S. GAAP basis that the Company has declared on its shares of common stock for the following periods:

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| | **S** | **S** | **D** | **D** | **I** | **I** | **Total** | **Total** |
|<br>**Source of Distribution** | **Per Share**<sup>(1)</sup> | **Amount** | **Per Share**<sup>(1)</sup> | **Amount** | **Per Share**<sup>(1)</sup> | **Amount** | **Per Share**<sup>(1)</sup> | **Amount** |
| ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) | ($ in thousands, except per share amounts) |  |  |  |  |  |  |
| Net investment income<sup>(2)(3)</sup> | $0.936222 | $71030 | $0.936861 | $1697 | $0.934328 | $224195 | $0.935460 | $296922 |
| Net realized gain on investments<sup>(3)</sup> | 0.054010 | 4911 | 0.054448 | 112 | 0.054083 | 13464 | 0.054064 | 18487 |
| Excess (undistributed) | (0.052932) | (5094) | (0.054009) | (117) | (0.051111) | (14106) | (0.052224) | (19317) |
| **Total** | $0.937300 | $70847 | $0.937300 | $1692 | $0.937300 | $223553 | $0.937300 | $296092 |

---

_______________

<sup>(1)</sup> Distributions per share are gross of shareholder servicing fees.

<sup>(2)</sup> Net investment income per share is gross of shareholder servicing fees.

<sup>(3)</sup> The per share data was derived using actual shares outstanding at the date of the relevant transaction.

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
|<br>**Source of Distribution**<sup>(2)</sup> | **Per Share**<sup>(1)</sup> | **Amount** | **Percentage** |
| ($ in thousands, except per share amounts) |  |  |  |
| Net investment income | $1.046878 | $262273 | 105.1% |
| Net realized gain (loss) on investments | (0.023535) | (6795) | (2.7)% |
| Excess (undistributed) | (0.006043) | (5901) | (2.4)% |
| **Total** | $1.017300 | $249577 | 100.0% |

---

_______________

<sup>(1)</sup> Distributions per share are gross of shareholder servicing fees.

<sup>(2)</sup> Data in this table is presented on a consolidated basis. Refer to "*Note 12 — Financial Highlights"* in our consolidated financial statements included in this Annual Report for amounts by share class.

*Share Repurchases*

The Board has complete discretion to determine whether we will engage in any share repurchase, and if so, the terms of such repurchase. At the discretion of our Board, we may use cash on hand, cash available from borrowings, and cash from the sale of our investments as of the end of the applicable period to repurchase shares.

We have commenced a share repurchase program pursuant to which we intend to conduct quarterly repurchase offers to allow its shareholders to tender their shares at a price equal to the net offering price per share for the applicable class of shares on each date of repurchase. All shares purchased by us pursuant to the terms of each offer to repurchase will be retired and thereafter will be authorized and unissued shares. We intend to limit the number of shares to be repurchased in each quarter to no more than 5.00% of its outstanding shares of common stock.

Any periodic repurchase offers are subject in part to our available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act and the Code, respectively. While we intend to continue to conduct periodic repurchase offers as described above, we are not required to do so and may suspend or terminate the share repurchase program at any time.

------

The tables below present our share repurchase activity as of the following periods:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| **Offer Date** | **Class** | **Tender Offer Expiration** | **Tender Offer** | **Purchase Price per Share** | **Shares Repurchased** |
| ($ in thousands, except per share and share amounts) | ($ in thousands, except per share and share amounts) | ($ in thousands, except per share and share amounts) |  |  |  |
| February 26, 2025 | I | March 31, 2025 | $82728 | $10.34 | 8000727 |
| February 26, 2025 | S | March 31, 2025 | 15662 | $10.34 | 1514802 |
| February 26, 2025 | D | March 31, 2025 | 147 | $10.34 | 14197 |
| May 23, 2025 | I | June 30, 2025 | 130914 | $10.37 | 12624263 |
| May 23, 2025 | S | June 30, 2025 | 16306 | $10.37 | 1572626 |
| August 26, 2025 | I | September 30, 2025 | 76960 | $10.42 | 7386057 |
| August 26, 2025 | S | September 30, 2025 | 12306 | $10.42 | 1181076 |
| August 26, 2025 | D | September 30, 2025 | 678 | $10.42 | 64988 |
| **Total** | **Total** | **Total** | $335701 |  | 32358736 |

---

Pursuant to an offer to purchase dated November 26, 2025, as amended on December 23, 2025, which expired on January 8, 2026, we repurchased approximately 10,327,702 shares of Class S shares common stock, 988,298 shares of Class D common stock and 40,025,443 shares of Class I common stock. *See "— Recent Developments — Shares Repurchases."* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
| **Offer Date** | **Class** | **Tender Offer Expiration** | **Tender Offer** | **Purchase Price per Share** | **Shares Repurchased** |
| ($ in thousands, except per share and share amounts) | ($ in thousands, except per share and share amounts) | ($ in thousands, except per share and share amounts) |  |  |  |
| February 27, 2024 | I | March 29, 2024 | $13250 | $10.44 | 1269118 |
| February 27, 2024 | S | March 29, 2024 | 1958 | $10.44 | 187558 |
| May 23, 2024 | I | June 28, 2024 | 26086 | $10.42 | 2503435 |
| May 23, 2024 | S | June 28, 2024 | 11239 | $10.42 | 1078644 |
| May 23, 2024 | D | June 28, 2024 | 169 | $10.42 | 16239 |
| August 26, 2024 | I | September 30, 2024 | 62456 | $10.43 | 5988126 |
| August 26, 2024 | S | September 30, 2024 | 9797 | $10.43 | 939242 |
| August 26, 2024 | D | September 30, 2024 | 28 | $10.43 | 2726 |
| November 26, 2024 | I | December 31, 2024 | 88571 | $10.42 | 8500163 |
| November 26, 2024 | S | December 31, 2024 | 6940 | $10.42 | 666035 |
| November 26, 2024 | D | December 31, 2024 | 661 | $10.42 | 63408 |
| **Total** | **Total** | **Total** | $221155 |  | 21214694 |

---

------

***Debt***

*Aggregate Borrowings*

The tables below present our debt obligations as of the following periods<sup>(2)</sup>:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| ($ in thousands) | **Aggregate Principal Committed** | **Outstanding Principal** | **Amount Available**<sup>(1)</sup> | **Unamortized Debt Issuance Costs** | **Net Carrying Value** |
| Revolving Credit Facility | $1050000 | $294565 | $755435 | $(7735) | $286830 |
| SPV Asset Facility I | 750000 | 497000 | 66742 | (5626) | 491374 |
| SPV Asset Facility II | 500000 | 320250 | 78842 | (3589) | 316661 |
| SPV Asset Facility III | 550000 | 550000 |  | (6929) | 543071 |
| SPV Asset Facility IV | 750000 | 629500 | 53978 | (5840) | 623660 |
| Athena CLO III | 270000 | 270000 |  | (2188) | 267812 |
| Series 2023A Notes | 100000 | 100000 |  | (207) | 99793 |
| Series 2023B-A Notes | 100000 | 100000 |  | (552) | 99448 |
| Series 2023B-B Notes | 75000 | 75000 |  | (293) | 74707 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Debt** | $4145000 | $2836315 | $954997 | $(32959) | $2803356 |

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_______________

<sup>(1)</sup> The amount available reflects any limitations related to each credit facility's borrowing base.

<sup>(2)</sup> Refer to "*Note 5* — *Debt*" to our consolidated financial statements included in this Annual Report for more information on our present debt obligations.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| ($ in thousands) | **Aggregate Principal Committed** | **Outstanding Principal** | **Amount Available**<sup>(1)</sup> | **Unamortized Debt Issuance Costs** | **Net Carrying Value** |
| Revolving Credit Facility | $1000000 | $499989 | $500011 | $(9507) | $490482 |
| SPV Asset Facility I | 750000 | 445000 | 33009 | (7303) | 437697 |
| SPV Asset Facility II | 500000 | 475000 | 25000 | (4528) | 470472 |
| SPV Asset Facility III | 550000 | 315000 | 82551 | (4743) | 310257 |
| Athena CLO III | 270000 | 270000 |  | (2366) | 267634 |
| Series 2023A Notes | 100000 | 100000 |  | (612) | 99388 |
| Series 2023B-A Notes | 100000 | 100000 |  | (733) | 99267 |
| Series 2023B-B Notes | 75000 | 75000 |  | (575) | 74425 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Debt** | $3345000 | $2279989 | $640571 | $(30367) | $2249622 |

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_______________

<sup>(1)</sup> The amount available reflects any collateral related limitations at the Company level related to each credit facility's borrowing base.

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

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| | | |
|:---|:---|:---|
| | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| ($ in thousands) | **2025** | **2024** |
| Interest expense | $175480 | $149918 |
| Amortization of debt issuance costs | 7329 | 5492 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Interest Expense** | $182809 | $155410 |
| Average interest rate <sup>(1)</sup> | 6.8% | 8.2% |
| Average daily borrowings <sup>(1)</sup> | $2583282 | $1833469 |

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______________

<sup>(1)</sup> Averages are calculated based on annualized amounts.

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The table below presents information about our senior securities as of the following periods:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class and Period** | **Total Amount Outstanding Exclusive of Treasury Securities**<sup>(1)</sup><br>**($ in millions)** | **Asset Coverage per Unit**<sup>(2)</sup> | **Involuntary Liquidating Preference per Unit**<sup>(3)</sup> | **Average Market Value per Unit**<sup>(4)</sup> |
| **Revolving Credit Facility** | **Revolving Credit Facility** | | | |
| December 31, 2025 | $294.6 | $2234.4 |  | N/A |
| December 31, 2024 | 500.0 | 2277.1 |  | N/A |
| December 31, 2023 | 541.4 | 2353.7 |  | N/A |
| December 31, 2022 | 415.2 | 1958.8 |  | N/A |
| December 31, 2021 |  |  |  | N/A |
| **SPV Asset Facility I** |  |  |  |  |
| December 31, 2025 | $497.0 | $2234.4 |  | N/A |
| December 31, 2024 | 445.0 | 2277.1 |  | N/A |
| December 31, 2023 | 550.0 | 2353.7 |  | N/A |
| December 31, 2022 | 614.0 | 1958.8 |  | N/A |
| December 31, 2021 |  |  |  | N/A |
| **SPV Asset Facility II** |  |  |  |  |
| December 31, 2025 | $320.3 | $2234.4 |  | N/A |
| December 31, 2024 | 475.0 | 2277.1 |  | N/A |
| December 31, 2023 |  | 2353.7 |  | N/A |
| **SPV Asset Facility III** |  |  |  |  |
| December 31, 2025 | $550.0 | $2234.4 |  | N/A |
| December 31, 2024 | 315.0 | 2277.1 |  | N/A |
| **SPV Asset Facility IV** |  |  |  |  |
| December 31, 2025 | $629.5 | $2234.4 |  | N/A |
| **Athena CLO III** |  |  |  |  |
| December 31, 2025 | $270.0 | $2234.4 |  | N/A |
| December 31, 2024 | 270.0 | 2277.1 |  | N/A |
| **Series 2023A Notes** |  |  |  |  |
| December 31, 2025 | $100.0 | $2234.4 |  | N/A |
| December 31, 2024 | 100.0 | 2277.1 |  | N/A |
| December 31, 2023 | 100.0 | 2353.7 |  | N/A |
| **Series 2023B-A Notes** |  |  |  |  |
| December 31, 2025 | $100.0 | $2234.4 |  | N/A |
| December 31, 2024 | 100.0 | 2277.1 |  | N/A |
| December 31, 2023 | 100.0 | 2353.7 |  | N/A |
| **Series 2023B-B Notes** |  |  |  |  |
| December 31, 2025 | $75.0 | $2234.4 |  | N/A |
| December 31, 2024 | 75.0 | 2277.1 |  | N/A |
| December 31, 2023 | 75.0 | 2353.7 |  | N/A |
| **Promissory Note**<sup>(5)</sup> |  |  |  |  |
| December 31, 2021 | $— | $— |  | N/A |

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_______________

<sup>(1)</sup> Total amount of each class of senior securities outstanding at the end of the period presented.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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.

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<sup>(4)</sup> Not applicable because the senior securities are not registered for public trading.

<sup>(5)</sup> The promissory note was terminated in June 2022.

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**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:

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| | | |
|:---|:---|:---|
| ($ in thousands) | **As of December 31, 2025** | **As of December 31, 2024** |
| Total unfunded revolving loan commitments | $364759 | $249744 |
| Total unfunded delayed draw loan commitments | 459339 | 294241 |
| **Total unfunded debt commitments** | $824098 | $543985 |
| Total unfunded specialty finance equity commitments | $31038 | $446 |
| Total unfunded other equity commitments | 3977 |  |
| **Total unfunded equity commitments** | $35015 | $446 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Unfunded Commitments** | $859113 | $544431 |

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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 December 31, 2025, we believed we had adequate financial resources to satisfy the unfunded portfolio company commitments.

*Organizational and Offering Costs*

The table below presents the total amount of organization and offering costs, inclusive of organization and offering costs deferred under the expense deferral agreement, incurred by the Adviser and its affiliates since inception and charged to us as of the following dates:

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| | | |
|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2024** |
| ($ in thousands) |  |  |
| Organizational and offering costs incurred by the Adviser | $4936 | $4769 |
| Organizational and offering costs charged to the Company<sup>(1)</sup> | 4936 | 3039 |

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_______________

<sup>(1)</sup> As of December 31, 2025, $3.8 million relates to offering costs and $1.1 million relates to organizational costs. The organizational costs were incurred by the Adviser prior to the Company meeting the first installment of the Expense Deferral Agreement. The organizational costs were subsequently incurred in the Consolidated Statements of Operations as professional fees and other general and administrative as the Company met the expense deferral installments applicable for those periods.

Under the Investment Advisory Agreement, there will be no liability on the Company's part for the offering or organization costs funded by the Adviser or its affiliates until the Company has satisfied the minimum offering requirement. At such time, the Adviser will be entitled to receive up to 1.5% of gross offering proceeds raised in the Company's continuous public offering until all organization and offering costs funded by the Adviser or its affiliates have been recovered.

*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. As of December 31, 2025, management was not aware of any material pending or threatened litigation.

*Expense Deferral Agreement*

Our Adviser has agreed to incur and pay certain expenses pursuant to the Expense Deferral Agreement prior to April 30, 2023. We will be obligated to reimburse the aggregate amount of expenses previously paid by the Adviser in eighteen equal installments, upon meeting specified conditions.

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The table below presents the total amount of expenses incurred by the Adviser on our behalf and as of the following periods:

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| | | |
|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2024** |
| ($ in thousands) |  |  |
| Expenses incurred by the Adviser | $7679 | $7679 |
| Organizational and offering costs incurred by the Adviser | 4299 | 4299 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses Incurred by the Adviser** | $11978 | $11978 |

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The first installment became an obligation of ours on December 1, 2023, when we reached $1.75 billion in Net Subscriptions received from the sale of our common shares, and each of the seventeen remaining installments will become an obligation of ours for each $75.0 million in Net Subscriptions received from the sale of our common shares thereafter.

The table below presents the amounts, the number of installments and the amount we became obligated to reimburse the Adviser for the following periods:

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| | | |
|:---|:---|:---|
| | **For the Year Ended**  | **For the Year Ended**  |
| | **December 31, 2025** | **December 31, 2024** |
| ($ in thousands) |  |  |
| Number of installments met by the Company | 3 | 14 |
| Expenses reimbursed to the Adviser | $1428 | $6666 |
| Organizational and offering costs reimbursed to the Adviser | 568 | 2651 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Expense Reimbursed to the Adviser** | $1996 | $9317 |

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As of March 31, 2025, we met the final installment under the expense deferral agreement and as of December 31, 2025 there were no expenses remaining. As of December 31, 2024, the total remaining expenses under the expense deferral agreement were $2.0 million, which represents the equivalent of three remaining installments. As of December 31, 2025, Net Subscriptions received from the sale of our common shares were $3.2 billion. See "*Note 3* —*Agreements and Related Party Transactions.*"

**Contractual Obligations**

The table below presents a summary of our contractual payment obligations under our credit facilities and notes as of December 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
| ($ in thousands) | **Total** | **Less than 1 year** | **1-3 years** | **3-5 years** | **After 5 years** |
| Revolving Credit Facility | $294565 | $— | $— | $294565 | $— |
| SPV Asset Facility I | 497000 |  |  | 497000 |  |
| SPV Asset Facility II | 320250 |  |  | 320250 |  |
| SPV Asset Facility III | 550000 |  |  |  | 550000 |
| SPV Asset Facility IV | 629500 |  |  |  | 629500 |
| Athena CLO III | 270000 |  |  |  | 270000 |
| Series 2023A Notes | 100000 | 100000 |  |  |  |
| Series 2023B-A Notes | 100000 |  |  | 100000 |  |
| Series 2023B-B Notes | 75000 |  | 75000 |  |  |
| &nbsp;&nbsp;**Total Contractual Obligations** | $2836315 | $100000 | $75000 | $1211815 | $1449500 |

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**Related Party Transactions**

We have entered into a number of business relationships with affiliated or related parties, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Investment Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Expense Deferral Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Dealer Manager Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the License Agreement.

In addition to the aforementioned agreements, we, our Adviser and certain of its affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by the Adviser or certain affiliates, in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.

Additionally, we invest in Credit SLF and Blue Owl Leasing, which are controlled affiliated investments, as defined in the 1940 Act and we invest in LSI Financing DAC and LSI Financing LLC, and BOCSO which are non-controlled affiliated investments, as defined in the 1940 Act. Refer to "*Note 3 — Agreements and Related Party Transactions"* and *"Note 4 — Investments"* to our consolidated financial statements included in this Annual Report for further details.

**Critical Accounting Policies**

The preparation of the consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies should be read in connection with our risk factors in "*ITEM 1A. - RISK FACTORS.*"

***Investments at Fair Value***

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Pursuant to Rule 2a-5, the Board designated the Adviser as our valuation designee to perform fair value determinations relating to the value of assets held by us for which market quotations are not readily available.

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

As part of the valuation process, the 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preliminary valuation conclusions are documented and discussed with the Adviser's valuation committee;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

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

We conduct this valuation process on a quarterly basis.

We apply ASC 820, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 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, the Adviser, as the valuation designee, evaluates the source of the inputs, including any markets in which our investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), 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, our Adviser, as the valuation designee, or the independent valuation firm(s), review pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs.

We apply the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate 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, we 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. We do not currently use derivatives. 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

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the amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. We currently qualify as a "limited derivatives user" and expect to continue to do so. We adopted a derivatives policy and comply with Rule 18f-4's recordkeeping requirements.

***Interest and Dividend Income Recognition***

Interest income is recorded on the accrual basis and includes amortization and accretion of discounts or premiums. Certain investments may have contractual payment-in-kind ("PIK") interest or dividends, the majority of which is structured at initial underwriting. PIK interest or dividends represent accrued interest or dividends that are added to the principal 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 certain liquidation event. Discounts to par value on securities purchased are amortized into interest income over the contractual life of the respective security using the effective yield method. Premiums to par value on securities purchased are amortized to first call date. The amortized cost of investments represents the original cost adjusted for the amortization or 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.

***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 obtain and maintain our tax treatment as a RIC, we must timely distribute (or be deemed to distribute) in each taxable year to our shareholders at least the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 98% of our net ordinary income excluding certain ordinary gains or losses for that calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain undistributed amounts from previous years in which we paid no U.S. federal income tax.

While we intend to distribute any income and capital gains in the manner necessary to minimize imposition of the 4% U.S. federal excise tax, sufficient amounts of our taxable income and capital gains may not be distributed and as a result, in such cases, the excise tax will be imposed. In such an event, we will be liable for this tax only on the amount by which we do not meet the foregoing distribution requirement.

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We intend to pay monthly 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.

With respect to distributions we have adopted a distribution reinvestment plan which was amended and restated on May 6, 2024. The amended and restated distribution reinvestment plan provides for reinvestment of any cash distributions on behalf of shareholders who have enrolled in the distribution reinvestment plan. As a result, if the Board authorizes and declares a cash distribution, then the shareholders who have enrolled in the distribution reinvestment plan will have their cash distribution automatically reinvested in additional shares of our common stock, rather than receiving the cash distribution. We expect to use newly issued shares to implement the distribution reinvestment plan.

***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, 2021, and continue to qualify for tax treatment as a RIC. So long as we maintain our tax treatment as a RIC, we generally will not pay U.S. federal income taxes on any ordinary income or capital gains that we distribute at least annually to our shareholders as distributions. Rather, any tax liability related to income earned and distributed by us represents obligations of our investors and will not be reflected in our consolidated financial statements. However, we will be subject to U.S. federal income tax imposed at corporate rates on any income, including capital gains, not distributed (or deemed distributed) to our stockholders.

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

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

***Recent Developments***

***Distribution***

On February 18, 2026, our Board approved a distribution of $0.074775 per share, payable on or before March 31, 2026, to the shareholders of record as of February 27, 2026, a distribution of $0.074775 per share, payable on or before April 30, 2026, to the shareholders of record as of March 31, 2026, and a distribution of $0.074775 per share, payable on or before May 31, 2026, to the shareholders of record as of April 30, 2026.

***Raise Proceeds***

Subsequent to December 31, 2025 and through March 3, 2026, we have issued approximately 823,418 shares of our Class S common stock, approximately 5,731,059 shares of our Class I common stock and 16,885 shares of our Class D common stock and have raised total gross proceeds of approximately $8.6 million, $59.0 million, and $0.2 million, respectively.

------

***Asset Sale*** 

On February 18, 2026, we entered into six separately negotiated loan sale agreements with certain purchasers ("Purchasers") totaling $400.0 million in debt investment commitments, each relating to the disposition of a portion of our portfolio company investments (each, a "Subject Portfolio" and collectively, the "Subject Portfolios"). Excluding unfunded commitments, the aggregate fair value of the Subject Portfolios as of February 12, 2026 was $344.0 million, equivalent to 99.6% of par value. The Subject Portfolios consist of 98.6% first-lien investments and 1.4% unsecured investments and include investments in 60 portfolio companies across 26 industries. 98.6% of investments in the Subject Portfolios are floating rate and 100% of investments in the Subject Portfolios are 1- or 2-rated on our 5-point internal investment ratings scale. The Subject Portfolios have an average investment size of $5.7 million and a weighted average spread of 5.0% and consist of partial sales representing approximately 13% of our investments in each underlying portfolio company as of December 31, 2025. The settlement of the sales of such portfolio company investments is expected to be completed in the first quarter of 2026. We intend to use the proceeds from the loan sale agreements to repay indebtedness. Pro forma for the transaction, we are expected to have cash, undrawn debt capacity and liquid loans in excess of $1.6 billion as of January 31, 2026.

Each Purchaser is a financing vehicle or fund owned by a leading public pension or insurance investor (each, an "Institutional Investor"). Some of the Institutional Investors are investors in funds managed by affiliates of the Adviser; however, each Institutional Investor made its own independent investment decision in connection with its purchase of a Subject Portfolio. Additionally, certain affiliates of the Adviser have agreed to provide the Purchasers or their parent entities with non-discretionary advisory services in connection with the Subject Portfolios.

***Share Repurchases***

Pursuant to an offer to purchase (the "Offer") dated November 26, 2025, as amended on December 23, 2025, we offered to purchase up to 65,771,325 shares of our issued and outstanding Class S common stock, Class D common stock and Class I common stock at a price equal to the net offering price per share, as of December 31, 2025, of each share tendered pursuant to the Offer.

The Offer expired at 11:59 P.M., Eastern Time, on January 8, 2026, and approximately 10,327,702 shares of Class S common stock, 988,298 shares of Class D common stock and 40,025,443 shares of Class I common stock were validly tendered and not withdrawn pursuant to the Offer as of such date.

On January 26, 2026, we determined that, as of December 31, 2025, the net offering prices per share of our Class S common stock, Class D common stock and Class I common stock were $10.38 per share, $10.38 per share and $10.38 per share, respectively and we purchased all validly tendered and not withdrawn shares for approximately $107.2 million, $10.3 million and $415.5 million respectively. The aggregate purchase price for all shares repurchased pursuant to the Offer was approximately $533.0 million, which represented the value of 15.6% of the aggregate number of the Company's shares outstanding as of September 30, 2025.

**Item 7A. 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, a prolonged government shutdown, the ongoing war between Russia and Ukraine, continued political unrest in various countries such as Venezuela, the conflicts in the Middle East and North Africa regions 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 primarily invest in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and we 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 independent third-party valuation firm(s) engaged at the direction of the Adviser, as the valuation designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material. The independent third-party valuation firm(s) engaged at the discretion of the Adviser and its affiliates are full service financial institutions engaged in a variety of activities and from time to time we may receive or provide additional services to or from such independent third-party valuation firm(s).

***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 December 31, 2025 and 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.

------

***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 prolonged 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 December 31, 2025, 98.2% of our debt investments based on fair value were floating rates and the majority of our debt investments have a floor of 0.8%. Additionally, the weighted average reference rate floor, based on fair value, of our debt investments was 0.7%. The Revolving Credit Facility, the SPV Asset Facility I, the 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 0.00%. The Series 2023B Notes bears interest at variable rates with a floor of 1.00%. Athena CLO III bears interest at fixed and variable rates. The Series 2023A Notes bear interest at a fixed rate.

Based on our Consolidated Statements of Assets and Liabilities as of December 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 election and there are no changes in our investment and borrowing structure:

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| | | | |
|:---|:---|:---|:---|
| ($ in thousands) | **Interest Income** | **Interest Expense** | **Net Income**<sup>(1)</sup> |
| Up 300 basis points | $173683 | $81939 | $91744 |
| Up 200 basis points | $115789 | $54626 | $61163 |
| Up 100 basis points | $57894 | $27313 | $30581 |
| Down 100 basis points | $(57894) | $(27313) | $(30581) |
| Down 200 basis points | $(115327) | $(54626) | $(60701) |
| Down 300 basis points | $(164999) | $(81330) | $(83669) |

---

_______________

<sup>(1)</sup> Excludes the impact of income based fees

We may hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options, and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions, such as interest rate swap agreements, may also limit our ability to participate in the benefits of lower interest rates.

***Currency Risk***

From time to time, we may make investments that are denominated in a foreign currency, borrow in certain foreign currencies under our credit facilities or issue notes in certain foreign currencies. These investments, borrowings and issuances are translated into U.S. dollars at each balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may 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, issuance 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.

***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 tighten in response. Persistent inflationary pressures could affect our portfolio companies' profit margins.

------

**Item 8. Financial Statements and Supplementary Data**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| <u>[Report of Independent Registered Public Accounting Firm](#i48a1372c45a4433f8e6cd91b3044d7ae_478)</u> (KPMG, New York, New York, PCAOB ID 185) | <u>[F-2](#i48a1372c45a4433f8e6cd91b3044d7ae_478)</u> |
| <u>[Consolidated Statements of Assets and Liabilities as of December 31, 202](#i48a1372c45a4433f8e6cd91b3044d7ae_28)[5](#i48a1372c45a4433f8e6cd91b3044d7ae_28)[and 202](#i48a1372c45a4433f8e6cd91b3044d7ae_28)[4](#i48a1372c45a4433f8e6cd91b3044d7ae_28)</u> | <u>[F-3](#i48a1372c45a4433f8e6cd91b3044d7ae_28)</u> |
| <u>[Consolidated Statements of Operations for the Years Ended December 31, 202](#i48a1372c45a4433f8e6cd91b3044d7ae_31)[5](#i48a1372c45a4433f8e6cd91b3044d7ae_31)[, 202](#i48a1372c45a4433f8e6cd91b3044d7ae_31)[4](#i48a1372c45a4433f8e6cd91b3044d7ae_31)[and 202](#i48a1372c45a4433f8e6cd91b3044d7ae_31)[3](#i48a1372c45a4433f8e6cd91b3044d7ae_31)</u> | <u>[F-4](#i48a1372c45a4433f8e6cd91b3044d7ae_31)</u> |
| <u>[Consolidated Schedules of Investments as of December 31, 202](#i48a1372c45a4433f8e6cd91b3044d7ae_34)[5](#i48a1372c45a4433f8e6cd91b3044d7ae_34)[and 202](#i48a1372c45a4433f8e6cd91b3044d7ae_34)[4](#i48a1372c45a4433f8e6cd91b3044d7ae_34)</u> | <u>[F-5](#i48a1372c45a4433f8e6cd91b3044d7ae_34)</u> |
| <u>[Consolidated Statements of Changes in Net Assets for the Years Ended December 31, 202](#i48a1372c45a4433f8e6cd91b3044d7ae_40)[5](#i48a1372c45a4433f8e6cd91b3044d7ae_40)[, 202](#i48a1372c45a4433f8e6cd91b3044d7ae_40)[4](#i48a1372c45a4433f8e6cd91b3044d7ae_40)[and 202](#i48a1372c45a4433f8e6cd91b3044d7ae_40)[3](#i48a1372c45a4433f8e6cd91b3044d7ae_40)</u> | <u>[F-46](#i48a1372c45a4433f8e6cd91b3044d7ae_40)</u> |
| <u>[Consolidated Statements of Cash Flows for the Years Ended December 31, 202](#i48a1372c45a4433f8e6cd91b3044d7ae_43)[5](#i48a1372c45a4433f8e6cd91b3044d7ae_43)[, 202](#i48a1372c45a4433f8e6cd91b3044d7ae_43)[4](#i48a1372c45a4433f8e6cd91b3044d7ae_43)[and 202](#i48a1372c45a4433f8e6cd91b3044d7ae_43)[3](#i48a1372c45a4433f8e6cd91b3044d7ae_43)</u> | <u>[F-47](#i48a1372c45a4433f8e6cd91b3044d7ae_43)</u> |

---

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Directors

Blue Owl Technology Income Corp.:

*Opinion on the Consolidated Financial Statements*

We have audited the accompanying consolidated statements of assets and liabilities of Blue Owl Technology Income Corp. and subsidiaries (the Company), including the consolidated schedules of investments, as of December 31, 2025 and 2024, the related consolidated statements of operations, changes in net assets, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Such procedures also included confirmation of securities owned as of December 31, 2025 and 2024, by correspondence with the custodians, agent banks, or portfolio companies; when replies were not received, we performed other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the Company's auditor since 2021.

New York, New York

March 3, 2026

------

**Blue Owl Technology Income Corp.**

**Consolidated Statements of Assets and Liabilities**

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

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| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **December 31, 2025** | **December 31, 2024** |
| **Assets** | | |
| &nbsp;&nbsp;&nbsp;*Investments at fair value:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non affiliated investments (amortized cost of $6,096,076 and $5,162,319, respectively) | $6093614 | $5178632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, affiliated investments (amortized cost of $86,202 and $23,831, respectively) | 89389 | 24212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Controlled, affiliated investments (amortized cost of $24,325 and $949, respectively) | 24133 | 954 |
| &nbsp;&nbsp;Total investments at fair value (amortized cost of $6,206,603 and $5,187,099, respectively) | 6207136 | 5203798 |
| &nbsp;&nbsp;&nbsp;Cash | 143140 | 195488 |
| &nbsp;&nbsp;&nbsp;Foreign cash (cost of $9,933 and $3,613, respectively) | 10085 | 3526 |
| &nbsp;&nbsp;&nbsp;Interest and dividend receivable | 36096 | 40767 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 98932 | 34345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $6495389 | $5477924 |
| **Liabilities** |  |  |
| &nbsp;&nbsp; Debt (net of unamortized debt issuance costs of $32,959 and $30,367, respectively) | $2803356 | $2249622 |
| &nbsp;&nbsp;&nbsp;Distribution payable | 25104 | 29717 |
| &nbsp;&nbsp;&nbsp;Tender offer payable |  | 96172 |
| &nbsp;&nbsp;&nbsp;Management fee payable | 3624 | 3135 |
| &nbsp;&nbsp;&nbsp;Incentive fee payable | 10485 | 11785 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 40297 | 54508 |
| &nbsp;&nbsp;&nbsp;Payables to affiliates | 3283 | 204 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 29092 | 24701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 2915241 | 2469844 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies (Note 8) |  |  |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S Common shares $0.01 par value, 1,000,000,000 shares authorized; 90,973,724 and 69,897,488 issued and outstanding, respectively | 910 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class D Common shares $0.01 par value, 1,000,000,000 shares authorized; 2,059,316 and 1,498,231 issued and outstanding, respectively | 21 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I Common shares $0.01 par value, 1,000,000,000 shares authorized; 251,904,595 and 217,328,509 shares issued and outstanding, respectively | 2519 | 2173 |
| &nbsp;&nbsp;&nbsp;Additional paid-in-capital | 3527098 | 2944001 |
| &nbsp;&nbsp;&nbsp;Accumulated undistributed (overdistributed) earnings | 49600 | 61192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Net Assets** | 3580148 | 3008080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Net Assets** | $6495389 | $5477924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Asset Value Per Class S Share** | $10.38 | $10.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Asset Value Per Class D Share** | $10.38 | $10.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Asset Value Per Class I Share** | $10.38 | $10.42 |

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

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**Blue Owl Technology Income Corp.**

**Consolidated Statements of Operations**

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

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| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Investment Income** |  |  |  |
| *Investment income from non-controlled, non-affiliated investments:* |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | $524084 | $453875 | $252162 |
| &nbsp;&nbsp;&nbsp;&nbsp;PIK interest income | 29693 | 22289 | 17313 |
| &nbsp;&nbsp;&nbsp;&nbsp;PIK dividend income | 18113 | 19176 | 18535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 870 | 7471 | 7934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 8527 | 8449 | 3855 |
| Total investment income from non-controlled, non-affiliated investments | 581287 | 511260 | 299799 |
| &nbsp;&nbsp;*Investment income from non-controlled, affiliated investments:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 3102 | 162 | 164 |
| Total investment income from non-controlled, affiliated investments | 3102 | 162 | 164 |
| *Investment income from controlled, affiliated investments:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 628 | 27 |  |
| Total investment income from controlled, affiliated investments | 628 | 27 |  |
| **Total Investment Income** | 585017 | 511449 | 299963 |
| **Operating Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs | 1799 | 4441 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 182809 | 155410 | 91130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fee, net<sup>(1)</sup> | 41098 | 30720 | 16514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains incentive fees | (1337) | (957) | 2294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance based incentive fees | 42219 | 37332 | 22855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 6326 | 7448 | 2925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors' fees | 1364 | 1592 | 623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees | 7459 | 5126 | 2345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative | 5958 | 8064 | 2994 |
| **Total Operating Expenses** | 287695 | 249176 | 142054 |
| **Net Investment Income (Loss) Before Taxes** | 297322 | 262273 | 157909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit), including excise tax expense (benefit) | 400 |  | 126 |
| **Net Investment Income (Loss) After Taxes** | $296922 | $262273 | $157783 |
| **Net Realized and Change in Unrealized Gain (Loss)** |  |  |  |
| *Net change in unrealized gain (loss):* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | $(32050) | $363 | $29398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, affiliated investments | 2805 | (262) | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Controlled, affiliated investments | (197) | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities in foreign currencies and other transactions | (1870) | (490) | 1812 |
| **Total Net Change in Unrealized Gain (Loss)** | (31312) | (384) | 31885 |
| *Net realized gain (loss):* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | 15257 | (7967) | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, affiliated investments |  | 1172 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 3230 | (476) | (1006) |
| **Total Net Realized Gain (Loss)** | 18487 | (7271) | (421) |
| **Total Net Realized and Change in Unrealized Gain (Loss)** | (12825) | (7655) | 31464 |
| **Total Net Increase (Decrease) in Net Assets Resulting from Operations** | $284097 | $254618 | $189247 |
| **Total Net Increase (Decrease) in Net Assets Resulting from Operations - Class S Common Stock** | $68062 | $54458 | $33852 |
| **Total Net Increase (Decrease) in Net Assets Resulting from Operations - Class D Common Stock** | $1639 | $1419 | $1876 |
| **Total Net Increase (Decrease) in Net Assets Resulting from Operations - Class I Common Stock** | $214396 | $198741 | $153519 |
| **Earnings Per Share - Basic and Diluted of Class S Common Stock** | $0.81 | $0.95 | $1.28 |
| **Weighted Average Shares of Class S Common Stock Outstanding - Basic and Diluted** | 83658968 | 57196633 | 26514031 |
| **Earnings Per Share - Basic and Diluted of Class D Common Stock** | $0.88 | $1.01 | $1.36 |
| **Weighted Average Shares of Class D Common Stock Outstanding - Basic and Diluted** | 1865052 | 1398074 | 1383519 |
| **Earnings Per Share - Basic and Diluted of Class I Common Stock** | $0.89 | $1.04 | $1.36 |
| **Weighted Average Shares of Class I Common Stock Outstanding - Basic and Diluted** | 240204590 | 191934071 | 112905282 |

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______________

<sup>(1)</sup> Refer to "*Note 3 — Agreements and Related Party Transactions"* for additional details on management fee waiver.

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

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**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2025**

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

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(25)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)(27)** |<br>**Fair Value** |<br>**% of Net Assets** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | | | | |
| **Debt Investments(7)** | | | | | | | | | |
| **Aerospace & Defense** | | | | | | | | | |
| By Light Professional IT Services LLC(3)(4)(8) | First lien senior secured loan | S+ | 5.50% |  | 7/2031 | 13944 | $13747 | $13735 |  |
| Jeppesen Holdings, LLC(3)(4)(9) | First lien senior secured loan | S+ | 4.75% |  | 10/2032 | 19466 | 19320 | 19320 |  |
| ManTech International Corporation(3)(4)(9) | First lien senior secured loan | S+ | 4.50% |  | 9/2029 | 44755 | 44755 | 44755 |  |
|  |  |  |  |  |  |  | 77822 | 77810 | 2.2% |
| **Airlines** |  |  |  |  |  |  |  |  |  |
| Accommodations Plus Technologies LLC(3)(4)(9) | First lien senior secured loan | S+ | 5.25% |  | 5/2032 | 20748 | 20554 | 20437 |  |
|  |  |  |  |  |  |  | 20554 | 20437 | 0.6% |
| **Application Software** |  |  |  |  |  |  |  |  |  |
| AI Titan Parent, Inc. (dba Prometheus Group)(3)(4)(8)(22) | First lien senior secured loan | S+ | 4.50% |  | 8/2031 | 28787 | 28525 | 28478 |  |
| AlphaSense, Inc.(3)(4)(9) | First lien senior secured loan | S+ | 6.25% |  | 6/2029 | 20052 | 19902 | 20002 |  |
| Anaplan, Inc.(3)(4)(9) | First lien senior secured loan | S+ | 4.50% |  | 6/2029 | 105118 | 105118 | 105118 |  |
| Armstrong Bidco Limited(3)(4)(19)(31) | First lien senior secured GBP delayed draw term loan | SA+ | 5.25% |  | 6/2029 | £40433 | 49063 | 54113 |  |
| Artifact Bidco, Inc. (dba Avetta)(3)(4)(9) | First lien senior secured loan | S+ | 4.15% |  | 7/2031 | 11042 | 10997 | 11042 |  |
| Arrow Borrower 2025, Inc. (dba AvidXchange)(3)(4)(9) | First lien senior secured loan | S+ | 4.25% |  | 10/2032 | 14080 | 14011 | 14010 |  |
| Boxer Parent Company Inc. (f/k/a BMC)(3)(9) | First lien senior secured loan | S+ | 3.00% |  | 7/2031 | 44133 | 44133 | 43983 |  |
| BusinessSolver.com, Inc.(3)(4)(9) | First lien senior secured loan | S+ | 4.50% |  | 12/2032 | 16441 | 16360 | 16359 |  |
| CALABRIO, INC.(3)(4)(9) | First lien senior secured loan | S+ | 4.00% |  | 11/2032 | 15000 | 14258 | 14250 |  |
| Central Parent Inc. (dba CDK Global Inc.)(3)(9) | First lien senior secured loan | S+ | 3.25% |  | 7/2029 | 39204 | 39207 | 33111 |  |
| Coupa Holdings, LLC(3)(4)(9) | First lien senior secured loan | S+ | 5.25% |  | 2/2030 | 774 | 774 | 774 |  |
| Dawn Bidco, LLC (dba Dayforce)(3)(8) | First lien senior secured loan | S+ | 3.00% |  | 10/2032 | 37500 | 37406 | 37365 |  |
| Einstein Parent, Inc. (dba Smartsheet)(3)(4)(9) | First lien senior secured loan | S+ | 6.50% |  | 1/2031 | 43135 | 42756 | 42812 |  |
| Granicus, Inc.(3)(4)(9) | First lien senior secured loan | S+ | 3.50% | 2.00% | 1/2031 | 11915 | 11826 | 11915 |  |
| Granicus, Inc.(3)(4)(9) | First lien senior secured delayed draw term loan | S+ | 3.00% | 2.00% | 1/2031 | 1765 | 1752 | 1761 |  |
| Gusto, Inc.(3)(4)(9) | First lien senior secured loan | S+ | 4.50% |  | 11/2030 | 103580 | 103202 | 103191 |  |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(25)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)(27)** |<br>**Fair Value** |<br>**% of Net Assets** |
| Infobip Inc.(3)(4)(9)(31) | First lien senior secured loan | S+ | 5.50% |  | 6/2029 | 29279 | 28893 | 28986 |  |
| JS Parent, Inc. (dba Jama Software)(3)(4)(9) | First lien senior secured loan | S+ | 4.75% |  | 4/2031 | 13506 | 13451 | 13506 |  |
| Lighthouse Buyer, Inc. (dba Harbor Compliance)(3)(4)(11)(22) | First lien senior secured loan | S+ | 4.50% |  | 12/2031 | 7621 | 7536 | 7535 |  |
| Magnet Forensics, LLC (f/k/a Grayshift, LLC)(3)(4)(8)(31) | First lien senior secured loan | S+ | 4.50% |  | 7/2028 | 99231 | 99147 | 99231 |  |
| Ministry Brands Holdings, LLC(3)(4)(8) | First lien senior secured loan | S+ | 5.50% |  | 12/2028 | 18712 | 18523 | 18572 |  |
| Ministry Brands Holdings, LLC(3)(4)(12)(22) | First lien senior secured revolving loan | P+ | 4.50% |  | 12/2027 | 141 | 130 | 129 |  |
| Perforce Software, Inc.(3)(8) | First lien senior secured loan | S+ | 4.75% |  | 3/2031 | 4925 | 4909 | 4127 |  |
| Perforce Software, Inc.(3)(8) | First lien senior secured loan | S+ | 4.75% |  | 6/2029 | 14516 | 14340 | 12992 |  |
| Simpler Postage, Inc. (dba Easypost)(3)(4)(8)(22) | First lien senior secured loan | S+ | 8.00% |  | 6/2029 | 20534 | 19829 | 19356 |  |
| VCI Asset Holdings 1 LLC(3)(4)(6)(31) | First lien senior secured loan | N/A | 10.00% |  | 11/2030 | 55000 | 54460 | 54450 |  |
| XPLOR T1, LLC(3)(4)(9) | First lien senior secured loan | S+ | 3.50% |  | 12/2032 | 73416 | 73049 | 73416 |  |
| Zendesk, Inc.(3)(4)(9) | First lien senior secured loan | S+ | 5.00% |  | 11/2028 | 68893 | 68000 | 68893 |  |
|  |  |  |  |  |  |  | 941557 | 939477 | 26.2% |
| **Banks** |  |  |  |  |  |  |  |  |  |
| Finastra USA, Inc.(3)(9)(31) | First lien senior secured loan | S+ | 4.00% |  | 9/2032 | 25000 | 24758 | 24438 |  |
| Finastra USA, Inc.(3)(4)(9)(31) | First lien senior secured loan | S+ | 7.25% |  | 9/2029 | 16519 | 16409 | 16643 |  |
|  |  |  |  |  |  |  | 41167 | 41081 | 1.1% |
| **Beverages** |  |  |  |  |  |  |  |  |  |
| Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(3)(4)(8) | First lien senior secured loan | S+ | 6.25% |  | 3/2027 | 9545 | 9497 | 9520 |  |
|  |  |  |  |  |  |  | 9497 | 9520 | 0.3% |
| **Building Products** |  |  |  |  |  |  |  |  |  |
| EET Buyer, Inc. (dba e-Emphasys)(3)(4)(9)(22) | First lien senior secured loan | S+ | 5.25% |  | 11/2027 | 8330 | 8273 | 8330 |  |
|  |  |  |  |  |  |  | 8273 | 8330 | 0.2% |
| **Buildings & Real Estate** |  |  |  |  |  |  |  |  |  |
| Associations, Inc.(3)(4)(9)(22) | First lien senior secured loan | S+ | 6.50% |  | 7/2028 | 85916 | 85813 | 85916 |  |
| Associations Finance, Inc.(3)(4)(6) | Unsecured notes | N/A |  | 14.25% | 5/2030 | 30734 | 30582 | 30734 |  |
|  |  |  |  |  |  |  | 116395 | 116650 | 3.3% |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(25)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)(27)** |<br>**Fair Value** |<br>**% of Net Assets** |
| **Capital Markets** | | | | | | | | | |
| CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)(3)(4)(8)(22) | First lien senior secured loan | S+ | 4.75% |  | 6/2030 | 19829 | 19586 | 19829 |  |
| Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet)(3)(4)(8) | First lien senior secured loan | S+ | 5.50% |  | 8/2032 | 40909 | 40320 | 40295 |  |
|  |  |  |  |  |  |  | 59906 | 60124 | 1.7% |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |
| Access CIG, LLC(3)(8) | First lien senior secured loan | S+ | 4.00% |  | 8/2030 | 14676 | 14676 | 14126 |  |
| Sentinel Buyer Corp. (dba SimpliSafe)(3)(4)(8) | First lien senior secured loan | S+ | 5.00% |  | 11/2032 | 64500 | 63866 | 63855 |  |
| W.A. Kendall and Company, LLC(3)(4)(10)(22) | First lien senior secured loan | S+ | 5.75% |  | 4/2030 | 7410 | 7284 | 7199 |  |
| W.A. Kendall and Company, LLC(3)(4)(10)(22) | First lien senior secured revolving loan | S+ | 5.88% |  | 4/2030 | 636 | 625 | 619 |  |
|  |  |  |  |  |  |  | 86451 | 85799 | 2.4% |
| **Construction & Engineering** | **Construction & Engineering** |  |  |  |  |  |  |  |  |
| Dodge Construction Network LLC(3)(9) | First lien senior secured loan | S+ | 6.25% |  | 1/2029 | 5440 | 5356 | 5453 |  |
| Dodge Construction Network LLC(3)(4)(9) | First lien senior secured loan | S+ | 4.75% |  | 2/2029 | 7543 | 6350 | 5997 |  |
|  |  |  |  |  |  |  | 11706 | 11450 | 0.3% |
| **Consumer Finance** |  |  |  |  |  |  |  |  |  |
| Klarna Holding AB(3)(4)(9)(31) | Subordinated Floating Rate Notes | S+ | 7.00% |  | 4/2034 | 32666 | 32666 | 32666 |  |
|  |  |  |  |  |  |  | 32666 | 32666 | 0.9% |
| **Containers & Packaging** |  |  |  |  |  |  |  |  |  |
| BCPE Empire Holdings, Inc. (dba Imperial-Dade)(3)(8) | First lien senior secured loan | S+ | 3.25% |  | 12/2030 | 7388 | 7388 | 7298 |  |
| Five Star Lower Holding LLC(3)(9) | First lien senior secured loan | S+ | 4.25% |  | 5/2029 | 13880 | 13766 | 13797 |  |
| Tricorbraun Holdings, Inc.(3)(8) | First lien senior secured loan | S+ | 3.25% |  | 3/2028 | 6320 | 6292 | 6102 |  |
|  |  |  |  |  |  |  | 27446 | 27197 | 0.8% |
| **Diversified Consumer Services** | **Diversified Consumer Services** |  |  |  |  |  |  |  |  |
| Eagan Parent, Inc. (dba Elite)(3)(4)(9) | First lien senior secured loan | S+ | 4.25% |  | 9/2032 | 10663 | 10614 | 10609 |  |
| Eternal Buyer, LLC (dba Wedgewood Weddings)(3)(4)(8) | First lien senior secured loan | S+ | 4.50% |  | 6/2032 | 14339 | 14271 | 14267 |  |
| Icefall Parent, Inc. (dba EngageSmart)(3)(4)(9) | First lien senior secured loan | S+ | 4.50% |  | 1/2030 | 19898 | 19898 | 19898 |  |
| Learning Care Group (US) No. 2 Inc.(3)(9) | First lien senior secured loan | S+ | 4.00% |  | 8/2028 | 7332 | 7332 | 6067 |  |
| Litera Bidco LLC(3)(4)(8)(22) | First lien senior secured loan | S+ | 5.00% |  | 5/2028 | 50304 | 50145 | 50304 |  |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(25)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)(27)** |<br>**Fair Value** |<br>**% of Net Assets** |
| Relativity ODA LLC(3)(4)(8) | First lien senior secured loan | S+ | 4.50% |  | 5/2029 | 45112 | 44976 | 45112 |  |
| Themis Solutions Inc. (dba Clio)(3)(4)(8)(31) | First lien senior secured loan | S+ | 1.75% | 3.75% | 10/2032 | 36639 | 36283 | 36273 |  |
|  |  |  |  |  |  |  | 183519 | 182530 | 5.1% |
| **Diversified Financial Services** | **Diversified Financial Services** |  |  |  |  |  |  |  |  |
| BCPE Pequod Buyer, Inc. (dba Envestnet)(3)(8) | First lien senior secured loan | S+ | 3.00% |  | 11/2031 | 2136 | 2137 | 2139 |  |
| BTRS Holdings Inc. (dba Billtrust)(3)(4)(9)(22) | First lien senior secured loan | S+ | 5.50% |  | 12/2028 | 46224 | 46086 | 46224 |  |
| Blackhawk Network Holdings, Inc.(3)(9) | First lien senior secured loan | S+ | 4.00% |  | 3/2029 | 88704 | 88704 | 89041 |  |
| Computer Services, Inc. (dba CSI)(3)(4)(9) | First lien senior secured loan | S+ | 4.50% |  | 11/2031 | 117924 | 117243 | 117924 |  |
| Deerfield Dakota Holdings(3)(4)(9) | First lien senior secured loan | S+ | 3.00% | 2.75% | 9/2032 | 56932 | 56659 | 56647 |  |
| Minotaur Acquisition, Inc. (dba Inspira Financial)(3)(4)(8) | First lien senior secured loan | S+ | 5.00% |  | 6/2030 | 70831 | 70193 | 70831 |  |
| ML Holdco, Inc. (dba Meridian Link)(3)(4)(9) | First lien senior secured loan | S+ | 4.50% |  | 10/2032 | 47316 | 47085 | 47079 |  |
| Pushpay USA Inc(3)(4)(10)(31) | First lien senior secured loan | S+ | 3.75% |  | 8/2031 | 3011 | 3011 | 2996 |  |
| Smarsh Inc.(3)(4)(9)(22) | First lien senior secured loan | S+ | 4.75% |  | 2/2029 | 34357 | 34172 | 34176 |  |
|  |  |  |  |  |  |  | 465290 | 467057 | 13.0% |
| **Diversified Telecommunication Services** | **Diversified Telecommunication Services** |  |  |  |  |  |  |  |  |
| Level 3 Financing, Inc.(3)(8)(31) | First lien senior secured loan | S+ | 3.25% |  | 3/2032 | 833 | 833 | 835 |  |
|  |  |  |  |  |  |  | 833 | 835 | —% |
| **Entertainment** |  |  |  |  |  |  |  |  |  |
| Aerosmith Bidco 1 Limited (dba Audiotonix)(3)(4)(9)(31) | First lien senior secured loan | S+ | 5.25% |  | 7/2031 | 70064 | 69304 | 70064 |  |
|  |  |  |  |  |  |  | 69304 | 70064 | 2.0% |
| **Equity Real Estate Investment Trusts (REITs)** | **Equity Real Estate Investment Trusts (REITs)** |  |  |  |  |  |  |  |  |
| Storable, Inc.(3)(8) | First lien senior secured loan | S+ | 3.25% |  | 4/2031 | 48331 | 48277 | 48515 |  |
| Storable Intermediate Holdings, LLC(3)(4)(8) | First lien senior secured loan | S+ |  | 6.00% | 4/2032 | 48242 | 48030 | 48242 |  |
|  |  |  |  |  |  |  | 96307 | 96757 | 2.7% |
| **Food & Staples Retailing** |  |  |  |  |  |  |  |  |  |
| IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(3)(4)(8) | First lien senior secured loan | S+ | 4.25% |  | 12/2029 | 145387 | 145387 | 145387 |  |
| Fiesta Purchaser, Inc. (dba Shearer's Foods)(3)(4)(9)(22) | First lien senior secured revolving loan | S+ | 2.75% |  | 2/2029 | 258 | 227 | 255 |  |
|  |  |  |  |  |  |  | 145614 | 145642 | 4.1% |
| **Food Products** |  |  |  |  |  |  |  |  |  |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(25)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)(27)** |<br>**Fair Value** |<br>**% of Net Assets** |
| Vital Bidco AB (dba Vitamin Well)(3)(4)(8)(31) | First lien senior secured loan | S+ | 4.25% |  | 10/2031 | 18946 | 18677 | 18946 |  |
|  |  |  |  |  |  |  | 18677 | 18946 | 0.5% |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |
| Cambrex Corporation(3)(4)(8)(22) | First lien senior secured loan | S+ | 4.50% |  | 3/2032 | 13741 | 13601 | 13741 |  |
| PerkinElmer U.S. LLC(3)(4)(8) | First lien senior secured loan | S+ | 4.75% |  | 3/2029 | 64600 | 64488 | 64600 |  |
| Packaging Coordinators Midco, Inc.(3)(4)(19) | First lien senior secured delayed draw term loan | SA+ | 4.75% |  | 10/2032 | £7810 | 10276 | 10452 |  |
| Packaging Coordinators Midco, Inc.(3)(4)(9)(22) | First lien senior secured delayed draw term loan | S+ | 4.50% |  | 1/2032 | 499 | 487 | 497 |  |
| Packaging Coordinators Midco, Inc.(3)(4)(9) | First lien senior secured loan | S+ | 4.75% |  | 10/2032 | 91160 | 90011 | 90705 |  |
| Resonetics, LLC(3)(9) | First lien senior secured loan | S+ | 2.75% |  | 6/2031 | 4888 | 4888 | 4893 |  |
|  |  |  |  |  |  |  | 183751 | 184888 | 5.2% |
| **Health Care Providers & Services** | **Health Care Providers & Services** |  |  |  |  |  |  |  |  |
| Atlas Borrower, LLC (dba Anovo)(3)(4)(9) | First lien senior secured loan | S+ | 4.50% |  | 9/2032 | 21368 | 21161 | 21154 |  |
| Bristol Hospice L.L.C.(3)(4)(9) | First lien senior secured loan | S+ | 5.00% |  | 8/2032 | 18258 | 18170 | 18258 |  |
| Covetrus, Inc.(3)(4)(9) | Second lien senior secured loan | S+ | 9.25% |  | 10/2030 | 25000 | 24633 | 24188 |  |
| Engage Debtco Limited(3)(4)(9)(31) | First lien senior secured loan | S+ | 3.18% | 2.75% | 7/2029 | 10030 | 9892 | 9503 |  |
| Engage Debtco Limited(3)(4)(9)(31) | First lien senior secured delayed draw term loan | S+ | 3.08% | 2.75% | 7/2029 | 3257 | 3218 | 3086 |  |
| EresearchTechnology, Inc. (dba Clario)(3)(4)(8)(22) | First lien senior secured loan | S+ | 4.75% |  | 1/2032 | 59891 | 59322 | 59891 |  |
| KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(3)(4)(8)(22) | First lien senior secured loan | S+ | 5.00% |  | 12/2029 | 52892 | 52231 | 52759 |  |
| OneOncology, LLC(3)(4)(9) | First lien senior secured loan | S+ | 4.75% |  | 6/2030 | 45349 | 45131 | 45349 |  |
| OneOncology, LLC(3)(4)(9)(22) | First lien senior secured delayed draw term loan | S+ | 4.50% |  | 6/2030 | 6055 | 5971 | 5968 |  |
| OneOncology, LLC(3)(4)(9) | First lien senior secured delayed draw term loan | S+ | 5.00% |  | 6/2030 | 24764 | 24615 | 24764 |  |
| PetVet Care Centers, LLC(3)(4)(8) | First lien senior secured loan | S+ | 6.00% |  | 11/2030 | 38465 | 38171 | 34619 |  |
| PetVet Care Centers, LLC(3)(4)(8)(22) | First lien senior secured revolving loan | S+ | 6.00% |  | 11/2029 | 537 | 504 | 0 |  |
| Plasma Buyer LLC (dba PathGroup)(3)(4)(9)(28) | First lien senior secured loan | S+ | 5.75% |  | 5/2029 | 17386 | 16354 | 13474 |  |
| Plasma Buyer LLC (dba PathGroup)(3)(4)(9)(28) | First lien senior secured delayed draw term loan | S+ | 6.25% |  | 5/2029 | 658 | 616 | 510 |  |
| Plasma Buyer LLC (dba PathGroup)(3)(4)(9)(28) | First lien senior secured revolving loan | S+ | 5.75% |  | 5/2028 | 1978 | 1866 | 1533 |  |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(25)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)(27)** |<br>**Fair Value** |<br>**% of Net Assets** |
| Puma Buyer, LLC (dba PANTHERx)(3)(4)(9) | First lien senior secured loan | S+ | 4.25% |  | 3/2032 | 29096 | 28913 | 29096 |  |
| Valeris, Inc. (fka Phantom Purchaser, Inc.)(3)(4)(9) | First lien senior secured loan | S+ | 5.00% |  | 9/2031 | 8820 | 8744 | 8820 |  |
| Valeris, Inc. (fka Phantom Purchaser, Inc.)(3)(4)(9) | First lien senior secured loan | S+ | 4.75% |  | 9/2031 | 15122 | 14982 | 15084 |  |
|  |  |  |  |  |  |  | 374494 | 368056 | 10.3% |
| **Health Care Technology** | **Health Care Technology** |  |  |  |  |  |  |  |  |
| Color Intermediate, LLC (dba ClaimsXten)(3)(4)(9) | First lien senior secured loan | S+ | 4.75% |  | 10/2029 | 38445 | 38445 | 38349 |  |
| Cotiviti, Inc.(3)(8) | First lien senior secured loan | S+ | 2.75% |  | 5/2031 | 4970 | 4852 | 4767 |  |
| CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(3)(4)(8)(22) | First lien senior secured loan | S+ | 5.00% |  | 8/2031 | 85165 | 84755 | 85165 |  |
| CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(3)(4)(8)(22) | First lien senior secured loan | S+ | 4.75% |  | 8/2031 | 18463 | 18362 | 18370 |  |
| Dragonfly Health, Inc. (f/k/a StateServ Acquisition, Inc.)(3)(4)(9) | First lien senior secured loan | S+ | 5.75% |  | 11/2030 | 13740 | 13633 | 13740 |  |
| GI Ranger Intermediate, LLC (dba Rectangle Health)(3)(4)(9) | First lien senior secured loan | S+ | 6.00% |  | 10/2028 | 4142 | 4102 | 4018 |  |
| Greenway Health, LLC(3)(4)(9) | First lien senior secured loan | S+ | 6.75% |  | 4/2029 | 4618 | 4525 | 4549 |  |
| Himalaya Topco LLC (dba HealthEdge)(3)(4)(8) | First lien senior secured loan | S+ | 2.75% | 2.25% | 6/2032 | 42188 | 41786 | 41766 |  |
| Hyland Software, Inc.(3)(4)(9) | First lien senior secured loan | S+ | 5.00% |  | 9/2030 | 39680 | 39680 | 39680 |  |
| Imprivata, Inc.(3)(9) | First lien senior secured loan | S+ | 3.00% |  | 12/2027 | 2802 | 2802 | 2810 |  |
| Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8) | First lien senior secured loan | S+ | 4.00% | 2.50% | 12/2030 | 33520 | 32957 | 32849 |  |
| Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8) | First lien senior secured delayed draw term loan | S+ | 6.00% |  | 12/2030 | 513 | 503 | 502 |  |
| Indikami Bidco, LLC (dba IntegriChain)(3)(4)(8)(22) | First lien senior secured revolving loan | S+ | 6.00% |  | 6/2030 | 2435 | 2385 | 2371 |  |
| Inovalon Holdings, Inc.(3)(4)(9) | First lien senior secured loan | S+ | 2.75% | 2.75% | 11/2028 | 89165 | 89012 | 87382 |  |
| Inovalon Holdings, Inc.(3)(4)(9) | Second lien senior secured loan | S+ |  | 8.50% | 11/2033 | 35833 | 35833 | 32966 |  |
| Interoperability Bidco, Inc. (dba Lyniate)(3)(4)(9)(22) | First lien senior secured loan | S+ | 5.75% |  | 3/2028 | 27880 | 27835 | 27735 |  |
| Modernizing Medicine, Inc. (dba ModMed)(3)(4)(9) | First lien senior secured loan | S+ | 2.50% | 2.25% | 4/2032 | 62479 | 61913 | 62167 |  |
| Neptune Holdings, Inc. (dba NexTech)(3)(4)(9) | First lien senior secured loan | S+ | 4.50% |  | 8/2030 | 30265 | 30136 | 30189 |  |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(25)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)(27)** |<br>**Fair Value** |<br>**% of Net Assets** |
| RL Datix Holdings (USA), Inc.(3)(4)(10) | First lien senior secured loan | S+ | 5.00% |  | 4/2031 | 29817 | 29817 | 29817 |  |
| RL Datix Holdings (USA), Inc.(3)(4)(19) | First lien senior secured GBP term loan | SA+ | 5.00% |  | 4/2031 | £13808 | 18634 | 18572 |  |
| Salinger Bidco Inc. (dba Surgical Information Systems)(3)(4)(9) | First lien senior secured loan | S+ | 5.75% |  | 8/2031 | 79922 | 78901 | 79922 |  |
| Salinger Bidco Inc. (dba Surgical Information Systems)(3)(4)(9)(22) | First lien senior secured revolving loan | S+ | 5.75% |  | 5/2031 | 645 | 553 | 645 |  |
| Zelis Cost Management Buyer, Inc.(3)(8) | First lien senior secured loan | S+ | 2.75% |  | 9/2029 | 9825 | 9791 | 9719 |  |
| Zelis Cost Management Buyer, Inc.(3)(8) | First lien senior secured loan | S+ | 3.25% |  | 11/2031 | 15693 | 15621 | 15557 |  |
|  |  |  |  |  |  |  | 686833 | 683607 | 19.1% |
| **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |  |
| Birdie Bidco, Inc. (dba Concert Golf Partners)(3)(4)(9) | First lien senior secured loan | S+ | 4.50% |  | 11/2032 | 24111 | 23992 | 23991 |  |
| Birdie Bidco, Inc. (dba Concert Golf Partners)(3)(4)(9)(22) | First lien senior secured revolving loan | S+ | 4.14% |  | 11/2032 | 436 | 416 | 416 |  |
| Troon Golf, L.L.C.(3)(4)(9)(22) | First lien senior secured loan | S+ | 4.50% |  | 8/2028 | 21555 | 21545 | 21555 |  |
|  |  |  |  |  |  |  | 45953 | 45962 | 1.3% |
| **Household Products** |  |  |  |  |  |  |  |  |  |
| WU Holdco, Inc. (dba PurposeBuilt Brands)(3)(4)(9)(22) | First lien senior secured loan | S+ | 4.75% |  | 4/2032 | 19031 | 18984 | 19031 |  |
|  |  |  |  |  |  |  | 18984 | 19031 | 0.5% |
| **Industrial Conglomerates** |  |  |  |  |  |  |  |  |  |
| Aptean Acquiror, Inc. (dba Aptean)(3)(4)(9) | First lien senior secured loan | S+ | 4.75% |  | 1/2031 | 48485 | 48145 | 48485 |  |
| Aptean Acquiror, Inc. (dba Aptean)(3)(4)(8)(22) | First lien senior secured revolving loan | S+ | 4.65% |  | 1/2031 | 971 | 948 | 971 |  |
|  |  |  |  |  |  |  | 49093 | 49456 | 1.4% |
| **Insurance** |  |  |  |  |  |  |  |  |  |
| Acrisure, LLC(3)(4)(6)(31) | Unsecured notes | N/A | 8.50% |  | 6/2029 | 3000 | 3000 | 3131 |  |
| Acrisure, LLC(3)(8)(31) | First lien senior secured loan | S+ | 3.00% |  | 11/2030 | 10406 | 10406 | 10386 |  |
| Alera Group, Inc.(3)(8) | Second lien senior secured loan | S+ | 5.50% |  | 5/2033 | 12469 | 12410 | 12691 |  |
| AmeriLife Holdings LLC(3)(4)(9)(22) | First lien senior secured loan | S+ | 5.00% |  | 8/2029 | 41591 | 41208 | 41382 |  |
| AmeriLife Holdings LLC(3)(4)(9)(22) | First lien senior secured revolving loan | S+ | 5.00% |  | 8/2028 | 701 | 673 | 680 |  |
| Asurion, LLC(3)(8) | First lien senior secured loan | S+ | 4.25% |  | 8/2028 | 2940 | 2926 | 2943 |  |
| Asurion, LLC(3)(8) | Second lien senior secured loan | S+ | 5.25% |  | 1/2029 | 29332 | 28208 | 28745 |  |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(25)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)(27)** |<br>**Fair Value** |<br>**% of Net Assets** |
| Atlas US Finco, Inc. (dba Nearmap)(3)(4)(8)(31) | First lien senior secured loan | S+ | 4.75% |  | 12/2029 | 9006 | 8966 | 8961 |  |
| Diamond Insure Bidco (dba Acturis)(3)(4)(14)(31) | First lien senior secured EUR term loan | E+ | 3.75% |  | 7/2031 | 625 | 659 | 734 |  |
| Diamond Insure Bidco (dba Acturis)(3)(4)(19)(31) | First lien senior secured GBP term loan | SA+ | 4.00% |  | 7/2031 | £2042 | 2539 | 2746 |  |
| Galway Borrower LLC(3)(4)(9)(22) | First lien senior secured delayed draw term loan | S+ | 4.50% |  | 9/2028 | 1405 | 1395 | 1405 |  |
| Integrity Marketing Acquisition, LLC(3)(4)(9) | First lien senior secured loan | S+ | 5.00% |  | 8/2028 | 66788 | 66533 | 66788 |  |
| Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages)(3)(4)(9) | First lien senior secured loan | S+ | 4.50% |  | 11/2032 | 32928 | 32765 | 32763 |  |
| Mitchell International, Inc.(3)(8) | Second lien senior secured loan | S+ | 5.25% |  | 6/2032 | 7300 | 7269 | 7220 |  |
| One, Inc. Software Corporation(3)(4)(9) | First lien senior secured loan | S+ | 4.50% |  | 12/2032 | 37720 | 37533 | 37531 |  |
| Simplicity Financial Marketing Group Holdings, Inc.(3)(4)(9)(22) | First lien senior secured loan | S+ | 4.75% |  | 12/2031 | 23988 | 23762 | 23988 |  |
| Trucordia Insurance Holdings, LLC(3)(4)(8) | First lien senior secured loan | S+ | 3.25% |  | 6/2032 | 19950 | 19903 | 19800 |  |
| Trucordia Insurance Holdings, LLC(3)(4)(8) | Second lien senior secured loan | S+ | 5.75% |  | 6/2033 | 25000 | 24762 | 24938 |  |
|  |  |  |  |  |  |  | 324917 | 326832 | 9.1% |
| **Internet & Direct Marketing Retail** | **Internet & Direct Marketing Retail** |  |  |  |  |  |  |  |  |
| Aurelia Netherlands B.V.(3)(4)(14)(31) | First lien senior secured EUR term loan | E+ | 4.75% |  | 5/2031 | 25282 | 28575 | 29693 |  |
|  |  |  |  |  |  |  | 28575 | 29693 | 0.8% |
| **IT Services** |  |  |  |  |  |  |  |  |  |
| Flexera Software LLC(3)(4)(9) | First lien senior secured loan | S+ | 4.50% |  | 8/2032 | 41991 | 41856 | 41886 |  |
| Flexera Software LLC(3)(4)(13) | First lien senior secured EUR term loan | E+ | 4.50% |  | 8/2032 | 10601 | 12386 | 12419 |  |
| Kaseya Inc.(3)(8) | First lien senior secured loan | S+ | 3.00% |  | 3/2032 | 49625 | 49399 | 49630 |  |
| Kaseya Inc.(3)(8) | Second lien senior secured loan | S+ | 5.00% |  | 3/2033 | 15732 | 15648 | 15363 |  |
| Marcel Bidco LLC (dba SUSE)(3)(4)(8)(31) | First lien senior secured loan | S+ | 3.00% |  | 11/2030 | 2573 | 2573 | 2580 |  |
| Renaissance Learning, Inc.(3)(8) | First lien senior secured loan | S+ | 4.00% |  | 4/2030 |  |  |  |  |
| Saphilux S.a.r.L. (dba IQ-EQ)(3)(10)(31) | First lien senior secured loan | S+ | 3.00% |  | 7/2028 | 18778 | 18778 | 18883 |  |
| Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8) | First lien senior secured loan | S+ | 2.50% | 2.25% | 10/2031 | 65921 | 65367 | 65097 |  |
| Severin Acquisition, LLC (dba PowerSchool)(3)(4)(8)(22) | First lien senior secured delayed draw term loan | S+ | 4.75% |  | 10/2031 | 2868 | 2799 | 2751 |  |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(25)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)(27)** |<br>**Fair Value** |<br>**% of Net Assets** |
| Spaceship Purchaser, Inc. (dba Squarespace)(3)(4)(9) | First lien senior secured loan | S+ | 3.75% |  | 10/2031 | 49989 | 49989 | 49989 |  |
|  |  |  |  |  |  |  | 258795 | 258598 | 7.2% |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |
| Bamboo US BidCo LLC(3)(4)(9) | First lien senior secured loan | S+ | 5.00% |  | 9/2030 | 25774 | 25721 | 25774 |  |
| Bamboo US BidCo LLC(3)(4)(14) | First lien senior secured EUR term loan | E+ | 5.00% |  | 9/2030 | 12431 | 13079 | 14600 |  |
| Bamboo US BidCo LLC(3)(4)(8)(22) | First lien senior secured delayed draw term loan | S+ | 5.06% |  | 9/2030 | 2282 | 2259 | 2282 |  |
| Bracket Intermediate Holding Corp.(3)(4)(9) | First lien senior secured loan | S+ | 4.75% |  | 10/2031 | 20814 | 20610 | 20606 |  |
| Commander Buyer, Inc. (dba CenExel)(3)(4)(9) | First lien senior secured loan | S+ | 4.75% |  | 6/2032 | 16525 | 16440 | 16525 |  |
| Creek Parent, Inc. (dba Catalent)(3)(4)(8) | First lien senior secured loan | S+ | 5.00% |  | 12/2031 | 50988 | 50196 | 50733 |  |
|  |  |  |  |  |  |  | 128305 | 130520 | 3.6% |
| **Machinery** |  |  |  |  |  |  |  |  |  |
| Faraday Buyer, LLC (dba MacLean Power Systems)(3)(4)(9) | First lien senior secured loan | S+ | 6.00% |  | 10/2028 | 17697 | 17477 | 17697 |  |
| FR Flow Control CB LLC (dba Trillium Flow Technologies)(3)(4)(9)(31) | First lien senior secured loan | S+ | 5.00% |  | 12/2029 | 18150 | 18038 | 18150 |  |
|  |  |  |  |  |  |  | 35515 | 35847 | 1.0% |
| **Media** |  |  |  |  |  |  |  |  |  |
| Monotype Imaging Holdings Inc.(3)(4)(8)(22) | First lien senior secured loan | S+ | 5.25% |  | 2/2031 | 34362 | 34149 | 34362 |  |
|  |  |  |  |  |  |  | 34149 | 34362 | 1.0% |
| **Multiline Retail** |  |  |  |  |  |  |  |  |  |
| PDI TA Holdings, Inc.(3)(4)(9)(22) | First lien senior secured loan | S+ | 5.50% |  | 2/2031 | 17049 | 16846 | 16831 |  |
|  |  |  |  |  |  |  | 16846 | 16831 | 0.5% |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
| Pacific BidCo Inc.(3)(4)(10)(31) | First lien senior secured loan | S+ | 5.75% |  | 8/2029 | 10149 | 10006 | 10124 |  |
|  |  |  |  |  |  |  | 10006 | 10124 | 0.3% |
| **Professional Services** |  |  |  |  |  |  |  |  |  |
| AQ Carver Buyer, Inc. (dba CoAdvantage)(3)(9) | First lien senior secured loan | S+ | 5.50% |  | 8/2029 | 9775 | 9645 | 9275 |  |
| Certinia Inc.(3)(4)(9) | First lien senior secured loan | S+ | 4.50% |  | 8/2031 | 91899 | 91816 | 91669 |  |
| CloudPay, Inc.(3)(4)(9)(31) | First lien senior secured loan | S+ | 7.50% |  | 7/2029 | 8909 | 8830 | 8575 |  |
| DCCM, LLC(3)(4)(8) | First lien senior secured loan | S+ | 4.75% |  | 6/2032 | 14781 | 14642 | 14633 |  |
| EP Purchaser, LLC (dba Entertainment Partners)(3)(9) | First lien senior secured loan | S+ | 4.50% |  | 11/2028 | 4221 | 4122 | 3005 |  |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(25)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)(27)** |<br>**Fair Value** |<br>**% of Net Assets** |
| Gerson Lehrman Group, Inc.(3)(4)(9) | First lien senior secured loan | S+ | 5.00% |  | 12/2028 | 47120 | 46883 | 47120 |  |
| Horizon Avionics Buyer, LLC (dba Acron Aviation)(3)(4)(9) | First lien senior secured loan | S+ | 4.75% |  | 3/2032 | 15385 | 15309 | 15308 |  |
| Horizon Avionics Buyer, LLC (dba Acron Aviation)(3)(4)(9)(22) | First lien senior secured revolving loan | S+ | 4.39% |  | 3/2032 | 564 | 548 | 548 |  |
| Motus Group, LLC(3)(9) | First lien senior secured loan | S+ | 3.75% |  | 12/2028 | 12280 | 12280 | 12209 |  |
| OneDigital Borrower LLC(3)(8) | Second lien senior secured loan | S+ | 5.25% |  | 7/2032 | 3700 | 3684 | 3726 |  |
| Proofpoint, Inc.(3)(9) | First lien senior secured loan | S+ | 3.00% |  | 8/2028 | 4438 | 4434 | 4457 |  |
| Proofpoint, Inc.(3)(4)(9) | Second lien senior secured loan | S+ | 5.75% |  | 12/2033 | 19065 | 18875 | 19065 |  |
| Proofpoint, Inc.(3)(4)(14) | Second lien senior secured loan | E+ | 5.75% |  | 12/2033 | 16678 | 18858 | 19588 |  |
| Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(9) | First lien senior secured loan | S+ | 6.50% |  | 5/2028 | 25211 | 25177 | 25211 |  |
| Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(14) | First lien senior secured EUR delayed draw term loan | E+ | 7.25% |  | 5/2028 | 98 | 105 | 115 |  |
| Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(8)(22) | First lien senior secured revolving loan | S+ | 6.50% |  | 5/2028 | 692 | 690 | 692 |  |
| Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(9) | First lien senior secured delayed draw term loan | S+ | 6.94% |  | 5/2028 | 483 | 483 | 483 |  |
| Sensor Technology Topco, Inc. (dba Humanetics)(3)(4)(14) | First lien senior secured EUR term loan | E+ | 6.75% |  | 5/2028 | 4305 | 4673 | 5056 |  |
| Sovos Compliance, LLC(3)(8) | First lien senior secured loan | S+ | 3.25% |  | 8/2029 | 8323 | 8323 | 8343 |  |
| TK Operations Ltd (dba Travelperk, Inc.)(3)(4)(6)(31) | First lien senior secured loan | N/A |  | 11.50% | 5/2029 | 15950 | 15037 | 15471 |  |
| Vensure Employer Services, Inc.(3)(4)(9) | First lien senior secured loan | S+ | 5.00% |  | 9/2031 | 39008 | 38673 | 38618 |  |
|  |  |  |  |  |  |  | 343087 | 343167 | 9.6% |
| **Real Estate Management & Development** | **Real Estate Management & Development** |  |  |  |  |  |  |  |  |
| Entrata, Inc.(3)(4)(8) | First lien senior secured loan | S+ | 3.00% |  | 9/2032 | 32500 | 32421 | 32663 |  |
| RealPage, Inc.(3)(9) | First lien senior secured loan | S+ | 3.00% |  | 4/2028 | 7885 | 7812 | 7874 |  |
| RealPage, Inc.(3)(9) | First lien senior secured loan | S+ | 3.75% |  | 4/2028 | 9039 | 8994 | 9059 |  |
|  |  |  |  |  |  |  | 49227 | 49596 | 1.4% |
| **Specialty Retail** | **Specialty Retail** |  |  |  |  |  |  |  |  |
| McQueen Bidco PTY LTD. (dba Infomedia)(3)(4)(9)(31) | First lien senior secured loan | S+ | 4.50% |  | 12/2032 | 34002 | 34002 | 33917 |  |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(25)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)(27)** |<br>**Fair Value** |<br>**% of Net Assets** |
| OECONNECTION LLC(3)(4)(8) | First lien senior secured loan | S+ | 4.50% |  | 12/2032 | 17228 | 17142 | 17142 |  |
|  |  |  |  |  |  |  | 51144 | 51059 | 1.4% |
| **Systems Software** |  |  |  |  |  |  |  |  |  |
| Activate Holdings (US) Corp. (dba Absolute Software)(3)(4)(9)(31) | First lien senior secured loan | S+ | 5.25% |  | 7/2030 | 48333 | 48178 | 48333 |  |
| Appfire Technologies, LLC(3)(4)(9)(22) | First lien senior secured loan | S+ | 4.75% |  | 3/2028 | 14686 | 14656 | 14686 |  |
| Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(3)(4)(8) | First lien senior secured loan | S+ | 6.00% |  | 3/2031 | 25651 | 25344 | 25651 |  |
| Barracuda Parent, LLC(3)(9) | First lien senior secured loan | S+ | 4.50% |  | 8/2029 | 30673 | 30139 | 24759 |  |
| Barracuda Parent, LLC(3)(4)(9) | First lien senior secured loan | S+ | 6.50% |  | 8/2029 | 20442 | 19919 | 17989 |  |
| Barracuda Parent, LLC(3)(4)(9) | Second lien senior secured loan | S+ | 7.00% |  | 8/2030 | 55875 | 54726 | 40509 |  |
| Bayshore Intermediate #2, L.P. (dba Boomi)(3)(4)(9) | First lien senior secured loan | S+ | 2.50% | 3.00% | 10/2028 | 49403 | 49396 | 49403 |  |
| Bayshore Intermediate #2, L.P. (dba Boomi)(3)(4)(9)(22) | First lien senior secured revolving loan | S+ | 5.00% |  | 10/2027 | 1018 | 1008 | 1018 |  |
| Cloud Software Group, Inc.(3)(9) | First lien senior secured loan | S+ | 3.25% |  | 3/2031 | 27398 | 27398 | 27420 |  |
| Cloud Software Group, Inc.(3)(9) | First lien senior secured loan | S+ | 3.25% |  | 8/2032 | 21673 | 21673 | 21686 |  |
| Clover Holdings 2, LLC (dba Cohesity)(3)(8) | First lien senior secured loan | S+ | 3.96% |  | 12/2031 | 13379 | 13244 | 13367 |  |
| ConnectWise, LLC(3)(9) | First lien senior secured loan | S+ | 3.50% |  | 9/2028 | 5749 | 5711 | 5638 |  |
| Crewline Buyer, Inc. (dba New Relic)(3)(4)(9) | First lien senior secured loan | S+ | 6.75% |  | 11/2030 | 94034 | 92946 | 93329 |  |
| Databricks, Inc.(3)(4)(8) | First lien senior secured loan | S+ | 4.50% |  | 1/2031 | 48571 | 48349 | 48571 |  |
| Delta TopCo, Inc. (dba Infoblox, Inc.)(3)(8) | First lien senior secured loan | S+ | 2.75% |  | 11/2029 | 7692 | 7692 | 7646 |  |
| Delta TopCo, Inc. (dba Infoblox, Inc.)(3)(8) | Second lien senior secured loan | S+ | 5.25% |  | 11/2030 | 39075 | 38824 | 38442 |  |
| Forescout Technologies, Inc.(3)(4)(9) | First lien senior secured loan | S+ | 4.50% |  | 5/2032 | 2785 | 2777 | 2771 |  |
| KnowBe4, Inc.(3)(9) | First lien senior secured loan | S+ | 3.75% |  | 7/2032 | 16000 | 15962 | 15990 |  |
| Ping Identity Holding Corp.(3)(9) | First lien senior secured loan | S+ | 2.75% |  | 11/2032 | 20000 | 19951 | 20026 |  |
| Project Alpha Intermediate Holding, Inc. (dba Qlik)(3)(9) | First lien senior secured loan | S+ | 3.25% |  | 10/2030 | 19490 | 19449 | 19447 |  |
| Securonix, Inc.(3)(4)(9) | First lien senior secured loan | S+ | 3.50% | 3.75% | 4/2029 | 20537 | 20432 | 18534 |  |
| Sitecore Holding III A/S(3)(4)(9) | First lien senior secured loan | S+ | 7.00% |  | 3/2029 | 5126 | 5103 | 5126 |  |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(25)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)(27)** |<br>**Fair Value** |<br>**% of Net Assets** |
| Sitecore Holding III A/S(3)(4)(14) | First lien senior secured EUR term loan | E+ | 7.00% |  | 3/2029 | 29564 | 31156 | 34721 |  |
| Sitecore USA, Inc.(3)(4)(9) | First lien senior secured loan | S+ | 7.00% |  | 3/2029 | 30902 | 30767 | 30902 |  |
| Sophos Holdings, LLC(3)(8)(31) | First lien senior secured loan | S+ | 3.50% |  | 3/2027 | 2717 | 2699 | 2716 |  |
| Talon MidCo 2 Limited(3)(4)(8)(31) | First lien senior secured loan | S+ | 4.93% |  | 8/2028 | 32777 | 32453 | 32777 |  |
| Tricentis Operations Holdings, Inc.(3)(4)(9) | First lien senior secured loan | S+ | 1.38% | 4.88% | 2/2032 | 62252 | 61713 | 61629 |  |
|  |  |  |  |  |  |  | 741665 | 723086 | 20.2% |
| **Water Utilities** |  |  |  |  |  |  |  |  |  |
| Vessco Midco Holdings, LLC(3)(4)(8) | First lien senior secured loan | S+ | 4.50% |  | 7/2031 | 9346 | 9268 | 9346 |  |
| Vessco Midco Holdings, LLC(3)(4)(10) | First lien senior secured loan | S+ | 4.50% |  | 7/2031 | 3190 | 3174 | 3190 |  |
| Vessco Midco Holdings, LLC(3)(4)(9)(22) | First lien senior secured delayed draw term loan | S+ | 4.50% |  | 7/2031 | 2575 | 2551 | 2575 |  |
|  |  |  |  |  |  |  | 14993 | 15111 | 0.4% |
| **Wireless Telecommunication Services** | **Wireless Telecommunication Services** |  |  |  |  |  |  |  |  |
| CCI BUYER, INC. (dba Consumer Cellular)(3)(4)(9) | First lien senior secured loan | S+ | 5.00% |  | 5/2032 | 32515 | 32212 | 32515 |  |
|  |  |  |  |  |  |  | 32212 | 32515 | 0.9% |
| **Total non-controlled/non-affiliated debt investments** | **Total non-controlled/non-affiliated debt investments** | **Total non-controlled/non-affiliated debt investments** | **Total non-controlled/non-affiliated debt investments** | **Total non-controlled/non-affiliated debt investments** |  |  | $5841528 | $5820713 | 162.6% |
| **Total non-controlled/non-affiliated misc. debt commitments(22)(23)(Note 8)** | **Total non-controlled/non-affiliated misc. debt commitments(22)(23)(Note 8)** | **Total non-controlled/non-affiliated misc. debt commitments(22)(23)(Note 8)** | **Total non-controlled/non-affiliated misc. debt commitments(22)(23)(Note 8)** | **Total non-controlled/non-affiliated misc. debt commitments(22)(23)(Note 8)** |  |  | $(2881) | $(1946) | (0.1)% |
| **Total non-controlled/non-affiliated portfolio company debt investments** | **Total non-controlled/non-affiliated portfolio company debt investments** | **Total non-controlled/non-affiliated portfolio company debt investments** | **Total non-controlled/non-affiliated portfolio company debt investments** | **Total non-controlled/non-affiliated portfolio company debt investments** | **Total non-controlled/non-affiliated portfolio company debt investments** |  | $5838647 | $5818767 | 162.5% |
| **Equity Investments** |  |  |  |  |  |  |  |  |  |
| **Application Software** |  |  |  |  |  |  |  |  |  |
| AlphaSense, LLC(3)(4)(29)(30) | Series E Preferred Shares | N/A |  |  | N/A | 480362 | 4342 | 5989 |  |
| Project Alpine Co-Invest Fund, LP(3)(4)(29)(30)(31) | LP Interest | N/A |  |  | N/A | $6667 | 6671 | 8755 |  |
| Simpler Postage, Inc. (dba Easypost)(3)(4)(29)(30) | Warrants | N/A |  |  | N/A | 68396 | 861 | 743 |  |
| Valor Compute Infrastructure L.P.(3)(4)(22)(29)(30)(31) | LP Interest | N/A |  |  | N/A | $963 | 963 | 962 |  |
| VCI Intermediate TopCo 1 LLC(3)(4)(29)(30)(31) | Class B Units | N/A |  |  | N/A | $2750 | 2751 | 2750 |  |
| Zoro TopCo, Inc.(3)(4)(9)(30) | Series A Preferred Equity | S+ |  | 9.50% | N/A | 2662 | 3847 | 3956 |  |
| Zoro TopCo, L.P.(3)(4)(29)(30) | Class A Common Units | N/A |  |  | N/A | 671414 | 6714 | 7536 |  |
|  |  |  |  |  |  |  | 26149 | 30691 | 0.9% |
| **Capital Markets** |  |  |  |  |  |  |  |  |  |
| Snowbird Manager LP(3)(5)(29)(30)(31) | Limited Partner Interest | N/A |  |  | N/A | 393246 | 2113 | 2106 |  |
|  |  |  |  |  |  |  | 2113 | 2106 | 0.1% |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(25)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)(27)** |<br>**Fair Value** |<br>**% of Net Assets** |
| **Commercial Services & Supplies** | | | | | | | | | |
| Rome Topco Holdings, LLC (dba SimpliSafe)(3)(4)(29)(30) | Class A Units | N/A |  |  | N/A | 3127 | 3127 | 3127 |  |
| Rome Topco Holdings, LLC (dba SimpliSafe)(3)(4)(29)(30) | Class B Units | N/A |  |  | N/A | 3127449 |  |  |  |
|  |  |  |  |  |  |  | 3127 | 3127 | 0.1% |
| **Diversified Financial Services** | **Diversified Financial Services** |  |  |  |  |  |  |  |  |
| Brex, Inc.(3)(4)(29)(30) | Class A Units | N/A |  |  | N/A | 2037504 | 15004 | 14996 |  |
|  |  |  |  |  |  |  | 15004 | 14996 | 0.4% |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |
| KPCI Co-Invest 2, L.P.(3)(4)(29)(30)(31) | Class A Units | N/A |  |  | N/A | 368732 | 3687 | 3687 |  |
|  |  |  |  |  |  |  | 3687 | 3687 | 0.1% |
| **Health Care Providers & Services** | **Health Care Providers & Services** |  |  |  |  |  |  |  |  |
| KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)(3)(4)(29)(30) | Class A Interest | N/A |  |  | N/A | 317 | 3171 | 4401 |  |
| Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(3)(4)(6)(30) | Series A Preferred Stock | N/A |  | 15.00% | N/A | 4419 | 5871 | 4922 |  |
|  |  |  |  |  |  |  | 9042 | 9323 | 0.3% |
| **Health Care Technology** |  |  |  |  |  |  |  |  |  |
| Minerva Holdco, Inc.(3)(4)(6)(30) | Senior A Preferred Stock | N/A |  | 10.75% | N/A | 40000 | 60230 | 60256 |  |
| ModMed Software Midco Holdings, Inc. (dba ModMed)(3)(4)(6)(30) | Series A Preferred Units | N/A |  | 13.00% | N/A | 13733 | 14608 | 14727 |  |
| Orange Blossom Parent, Inc.(3)(4)(29)(30) | Common Units | N/A |  |  | N/A | 16667 | 1667 | 1720 |  |
|  |  |  |  |  |  |  | 76505 | 76703 | 2.1% |
| **Insurance** |  |  |  |  |  |  |  |  |  |
| Accelerate Topco Holdings, LLC(3)(4)(29)(30) | Common Units | N/A |  |  | N/A | 12822 | 354 | 566 |  |
| Hockey Parent Holdings, L.P.(3)(4)(29)(30) | Class A Common Units | N/A |  |  | N/A | 7500 | 7500 | 9448 |  |
|  |  |  |  |  |  |  | 7854 | 10014 | 0.3% |
| **IT Services** |  |  |  |  |  |  |  |  |  |
| Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(3)(4)(10)(30) | Perpetual Preferred Stock | S+ |  | 10.75% | N/A | 31500 | 43546 | 43294 |  |
| Nscale Global Holdings Limited(3)(4)(29)(30)(31) | Preferred equity | N/A |  |  | N/A | $3346 | 3346 | 3346 |  |
| Nscale Global Holdings Limited(3)(4)(29)(30)(31) | Series B Preferred Shares | N/A |  |  | N/A | 5871 | 2230 | 2230 |  |
|  |  |  |  |  |  |  | 49122 | 48870 | 1.4% |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(25)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)(27)** |<br>**Fair Value** |<br>**% of Net Assets** |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | | | | | | | | |
| Baypine Commander Co-Invest, LP(3)(4)(29)(30)(31) | LP Interest | N/A |  |  | N/A | 904 | 909 | 990 |  |
|  |  |  |  |  |  |  | 909 | 990 | —% |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
| XOMA Corporation(3)(4)(29)(30) | Warrants | N/A |  |  | N/A | 4200 | 29 | 40 |  |
|  |  |  |  |  |  |  | 29 | 40 | —% |
| **Professional Services** |  |  |  |  |  |  |  |  |  |
| CloudPay, Inc.(3)(4)(6)(30)(31) | Series E Preferred Stock | N/A |  | 13.50% | N/A | 31770 | 8237 | 8237 |  |
| TravelPerk, Inc.(3)(4)(29)(30)(31) | Warrants | N/A |  |  | N/A | 76878 | 985 | 1706 |  |
| Vestwell Holdings Inc.(3)(4)(29)(30) | Series D Preferred Stock | N/A |  |  | N/A | 152175 | 3020 | 3323 |  |
|  |  |  |  |  |  |  | 12242 | 13266 | 0.4% |
| **Systems Software** |  |  |  |  |  |  |  |  |  |
| Chrome Investors LP(3)(4)(22)(29)(30)(31) | LP Interest | N/A |  |  | N/A | $8754 | 8757 | 8754 |  |
| Elliott Alto Co-Investor Aggregator L.P.(3)(4)(29)(30)(31) | LP Interest | N/A |  |  | N/A | 7836 | 7887 | 17983 |  |
| Halo Purchaser, LLC(3)(4)(6)(30) | Class B PIK Preferred Equity | N/A |  | 6.00% | N/A | 10000 | 14188 | 9242 |  |
| Halo Purchaser, LLC(3)(4)(29)(30) | Class H Warrant Units | N/A |  |  | N/A | 16825 | 422 | 422 |  |
| Project Hotel California Co-Invest Fund, L.P.(3)(29)(30)(31) | LP Interest | N/A |  |  | N/A | $6712 | 6684 | 10925 |  |
| Veeam Software Group(3)(4)(29)(30) | Series C Preferred Shares | N/A |  |  | N/A | 1850573 | 13708 | 13708 |  |
|  |  |  |  |  |  |  | 51646 | 61034 | 1.7% |
| **Total non-controlled/non-affiliated portfolio company equity investments** | **Total non-controlled/non-affiliated portfolio company equity investments** | **Total non-controlled/non-affiliated portfolio company equity investments** | **Total non-controlled/non-affiliated portfolio company equity investments** | **Total non-controlled/non-affiliated portfolio company equity investments** | **Total non-controlled/non-affiliated portfolio company equity investments** |  | $257429 | $274847 | 7.7% |
| **Total non-controlled/non-affiliated portfolio company investments** | **Total non-controlled/non-affiliated portfolio company investments** | **Total non-controlled/non-affiliated portfolio company investments** | **Total non-controlled/non-affiliated portfolio company investments** | **Total non-controlled/non-affiliated portfolio company investments** | **Total non-controlled/non-affiliated portfolio company investments** |  | $6096076 | $6093614 | 170.2% |
| **Non-controlled/affiliated portfolio company equity investments** | **Non-controlled/affiliated portfolio company equity investments** | **Non-controlled/affiliated portfolio company equity investments** | **Non-controlled/affiliated portfolio company equity investments** | **Non-controlled/affiliated portfolio company equity investments** | **Non-controlled/affiliated portfolio company equity investments** |  |  |  |  |
| **Equity Investments** |  |  |  |  |  |  |  |  |  |
| **Asset Based Lending and Fund Finance** | **Asset Based Lending and Fund Finance** | **Asset Based Lending and Fund Finance** | **Asset Based Lending and Fund Finance** |  |  |  |  |  |  |
| Blue Owl Cross-Strategy Opportunities LLC(3)(5)(24)(26)(30)(31)(34) | Specialty finance equity investment | N/A |  |  | N/A | 25250 | 25250 | 25203 |  |
|  |  |  |  |  |  |  | 25250 | 25203 | 0.7% |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2025**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(25)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)(27)** |<br>**Fair Value** |<br>**% of Net Assets** |
| **Pharmaceuticals** | | | | | | | | | |
| LSI Financing 1 DAC(3)(4)(24)(30)(31) | Specialty finance equity investment | N/A |  |  | N/A | 2658 | 2690 | 2623 |  |
| LSI Financing LLC(3)(5)(22)(24)(26)(30)(31) | Specialty finance equity investment | N/A |  |  | N/A | 58262 | 58262 | 61563 |  |
|  |  |  |  |  |  |  | 60952 | 64186 | 1.8% |
| **Total non-controlled/affiliated portfolio company equity investments** | **Total non-controlled/affiliated portfolio company equity investments** | **Total non-controlled/affiliated portfolio company equity investments** | **Total non-controlled/affiliated portfolio company equity investments** | **Total non-controlled/affiliated portfolio company equity investments** | **Total non-controlled/affiliated portfolio company equity investments** |  | $86202 | $89389 | 2.5% |
| **Controlled/affiliated portfolio company investments** | **Controlled/affiliated portfolio company investments** | **Controlled/affiliated portfolio company investments** | **Controlled/affiliated portfolio company investments** |  |  |  |  |  |  |
| **Equity Investments** |  |  |  |  |  |  |  |  |  |
| **Joint Ventures** | **Joint Ventures** | **Joint Ventures** | **Joint Ventures** | **Joint Ventures** |  |  |  |  |  |
| Blue Owl Credit SLF LLC(3)(5)(24)(26)(30)(31) | LLC Interest | N/A |  |  | N/A | 14293 | 14295 | 14104 |  |
| Blue Owl Leasing LLC(3)(5)(24)(26)(30)(31) | LLC Interest | N/A |  |  | N/A | 2233 | 2233 | 2232 |  |
| Stripe Blue Owl Holdings LLC(3)(5)(24)(26)(29)(30)(31) | LLC Interest | N/A |  |  | N/A | 7797 | 7797 | 7797 |  |
|  |  |  |  |  |  |  | 24325 | 24133 | 0.7% |
| **Total controlled/affiliated portfolio company equity investments** | **Total controlled/affiliated portfolio company equity investments** | **Total controlled/affiliated portfolio company equity investments** | **Total controlled/affiliated portfolio company equity investments** | **Total controlled/affiliated portfolio company equity investments** | **Total controlled/affiliated portfolio company equity investments** |  | $24325 | $24133 | 0.7% |
| **Total Investments** |  |  |  |  |  |  | $6206603 | $6207136 | 173.4% |

---

_______________

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

<sup>(2)</sup> 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.

<sup>(3)</sup> Represent a co-investment made with the Company's affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See "*Note 3 — Agreements and Related Party Transactions."*

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

<sup>(5)</sup> Investment measured at net asset value ("NAV").

<sup>(6)</sup> Investment contains a fixed-rate structure.

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

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

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

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

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

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

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

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

<sup>(15)</sup> Reserved.

<sup>(16)</sup> Reserved.

<sup>(17)</sup> Reserved.

<sup>(18)</sup> Reserved.

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

<sup>(20)</sup> Reserved.

<sup>(21)</sup> Reserved.

<sup>(22)</sup> Position or portion thereof is a partially unfunded debt or equity commitment. See "*Note 8 — Commitments and Contingencies."*

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2025**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Unfunded** | **Unfunded** |
|<br>**Portfolio Company** |<br>**Commitment Type** |<br>**Commitment Expiration Date** |<br>**Funded Commitment** | **Commitment** | **Fair Value**<sup>(23)</sup> |
| **Non-controlled/non-affiliated - debt commitments** | **Non-controlled/non-affiliated - debt commitments** | | | | |
| Aerosmith Bidco 1 Limited (dba Audiotonix) | First lien senior secured delayed draw term loan | 7/2027 | $— | $22237 | $— |
| AI Titan Parent, Inc. (dba Prometheus Group) | First lien senior secured delayed draw term loan | 9/2026 | 1240 | 4270 |  |
| AlphaSense, Inc. | First lien senior secured delayed draw term loan | 6/2029 |  | 4064 | (10) |
| AmeriLife Holdings LLC | First lien senior secured delayed draw term loan | 6/2026 | 4308 | 197 |  |
| AmeriLife Holdings LLC | First lien senior secured delayed draw term loan | 2/2027 |  | 3861 | (10) |
| Aptean Acquiror, Inc. (dba Aptean) | First lien senior secured delayed draw term loan | 2/2027 |  | 4164 |  |
| Appfire Technologies, LLC | First lien senior secured delayed draw term loan | 6/2026 |  | 2688 |  |
| Artifact Bidco, Inc. (dba Avetta) | First lien senior secured delayed draw term loan | 7/2027 |  | 2703 |  |
| Associations, Inc. | First lien senior secured delayed draw term loan | 7/2028 | 2192 | 3981 |  |
| Associations, Inc. | First lien senior secured delayed draw term loan | 2/2027 | 7006 | 5595 |  |
| Bamboo US BidCo LLC | First lien senior secured delayed draw term loan | 11/2026 | 2282 | 461 |  |
| Birdie Bidco, Inc. (dba Concert Golf Partners) | First lien senior secured delayed draw term loan | 11/2027 |  | 7000 | (18) |
| Bracket Intermediate Holding Corp. | First lien senior secured delayed draw term loan | 10/2027 |  | 4803 | (24) |
| BusinessSolver.com, Inc. | First lien senior secured delayed draw term loan | 12/2027 |  | 2462 | (6) |
| Cambrex Corporation | First lien senior secured delayed draw term loan | 3/2027 |  | 2041 |  |
| Cambrex Corporation | First lien senior secured delayed draw term loan | 9/2026 |  | 3827 |  |
| Commander Buyer, Inc. (dba CenExel) | First lien senior secured delayed draw term loan | 6/2027 |  | 4518 |  |
| Computer Services, Inc. (dba CSI) | First lien senior secured delayed draw term loan | 11/2027 |  | 8004 |  |
| Computer Services, Inc. (dba CSI) | First lien senior secured delayed draw term loan | 11/2027 |  | 9072 |  |
| Coupa Holdings, LLC | First lien senior secured delayed draw term loan | 6/2027 |  | 70 |  |
| CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) | First lien senior secured delayed draw term loan | 6/2026 | 1005 | 1231 |  |
| CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) | First lien senior secured delayed draw term loan | 1/2027 | 56 | 4422 |  |
| CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured delayed draw term loan | 7/2027 | 5741 | 6661 |  |
| CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured delayed draw term loan | 8/2027 |  | 1223 | (6) |
| Databricks, Inc. | First lien senior secured delayed draw term loan | 7/2026 |  | 10929 |  |
| Databricks, Inc. | First lien senior secured delayed draw term loan | 7/2026 |  | 12252 |  |
| DCCM, LLC | First lien senior secured delayed draw term loan | 6/2027 |  | 7246 | (36) |
| Eagan Parent, Inc. (dba Elite) | First lien senior secured delayed draw term loan | 9/2027 |  | 2666 | (7) |
| EET Buyer, Inc. (dba e-Emphasys) | First lien senior secured delayed draw term loan | 1/2027 | 2045 | 511 |  |
| EresearchTechnology, Inc. (dba Clario) | First lien senior secured delayed draw term loan | 1/2027 | 1327 | 8150 |  |
| Eternal Buyer, LLC (dba Wedgewood Weddings) | First lien senior secured delayed draw term loan | 6/2027 |  | 2875 |  |
| FR Flow Control CB LLC (dba Trillium Flow Technologies) | First lien senior secured delayed draw term loan | 6/2026 |  | 3667 |  |
| Galway Borrower LLC | First lien senior secured delayed draw term loan | 7/2026 | 1268 | 4942 |  |
| Gusto, Inc. | First lien senior secured delayed draw term loan | 11/2027 |  | 19795 |  |
| Himalaya Topco LLC (dba HealthEdge) | First lien senior secured delayed draw term loan | 12/2027 |  | 5762 | (29) |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2025**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Unfunded** | **Unfunded** |
|<br>**Portfolio Company** |<br>**Commitment Type** |<br>**Commitment Expiration Date** |<br>**Funded Commitment** | **Commitment** | **Fair Value**<sup>(23)</sup> |
| Himalaya Topco LLC (dba HealthEdge) | First lien senior secured delayed draw term loan | 6/2027 |  | 5762 | (29) |
| Horizon Avionics Buyer, LLC (dba Acron Aviation) | First lien senior secured delayed draw term loan | 11/2027 |  | 6410 | (16) |
| Integrity Marketing Acquisition, LLC | First lien senior secured delayed draw term loan | 8/2026 |  | 4244 |  |
| Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) | First lien senior secured delayed draw term loan | 11/2028 |  | 5550 | (14) |
| Jellyfish Bidco Limited (dba JTC) | First lien senior secured GBP delayed draw term loan | 11/2028 |  | 2071 |  |
| Jellyfish Bidco Limited (dba JTC) | First lien senior secured EUR term loan | 11/2032 |  | 1658 |  |
| Jellyfish Bidco Limited (dba JTC) | First lien senior secured GBP term loan | 11/2032 |  | 1899 |  |
| Jellyfish US Finco, Inc. (dba JTC) | First lien senior secured loan | 11/2032 |  | 11371 |  |
| KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) | First lien senior secured delayed draw term loan | 8/2027 | 7657 | 173 |  |
| Lighthouse Buyer, Inc. (dba Harbor Compliance) | First lien senior secured delayed draw term loan | 12/2028 |  | 6146 | (31) |
| Litera Bidco LLC | First lien senior secured delayed draw term loan | 11/2026 | 10288 | 907 |  |
| Litera Bidco LLC | First lien senior secured delayed draw term loan | 5/2027 |  | 4709 |  |
| ManTech International Corporation | First lien senior secured delayed draw term loan | 2/2026 |  | 1247 |  |
| ML Holdco, Inc. (dba Meridian Link) | First lien senior secured delayed draw term loan | 10/2027 |  | 12309 | (31) |
| Monotype Imaging Holdings Inc. | First lien senior secured delayed draw term loan | 2/2026 | 728 | 2109 |  |
| OECONNECTION LLC | First lien senior secured delayed draw term loan | 12/2028 |  | 10109 | (25) |
| OneOncology, LLC | First lien senior secured delayed draw term loan | 10/2027 | 6055 | 16610 |  |
| One, Inc. Software Corporation | First lien senior secured delayed draw term loan | 12/2027 |  | 7254 | (18) |
| Packaging Coordinators Midco, Inc. | First lien senior secured delayed draw term loan | 4/2026 |  | 14411 |  |
| Packaging Coordinators Midco, Inc. | First lien senior secured delayed draw term loan | 4/2026 | 499 | 822 |  |
| PerkinElmer U.S. LLC | First lien senior secured delayed draw term loan | 10/2027 |  | 12324 |  |
| RL Datix Holdings (USA), Inc. | First lien senior secured delayed draw term loan | 4/2027 |  | 6725 |  |
| Salinger Bidco Inc. (dba Surgical Information Systems) | First lien senior secured delayed draw term loan | 8/2026 |  | 7734 |  |
| Sentinel Buyer Corp. (dba SimpliSafe) | First lien senior secured delayed draw term loan | 11/2027 |  | 5372 | (27) |
| Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured delayed draw term loan | 10/2027 | 2868 | 10756 |  |
| Simpler Postage, Inc. (dba Easypost) | First lien senior secured delayed draw term loan | 6/2026 | 2957 | 15242 |  |
| Simplicity Financial Marketing Group Holdings, Inc. | First lien senior secured delayed draw term loan | 12/2026 | 2720 | 2981 |  |
| Smarsh Inc. | First lien senior secured delayed draw term loan | 1/2027 |  | 6211 | (8) |
| Spaceship Purchaser, Inc. (dba Squarespace) | First lien senior secured delayed draw term loan | 10/2027 |  | 9691 |  |
| Themis Solutions Inc. (dba Clio) | First lien senior secured delayed draw term loan | 10/2027 |  | 15600 | (156) |
| Tricentis Operations Holdings, Inc. | First lien senior secured delayed draw term loan | 2/2027 |  | 11994 | (60) |
| Troon Golf, L.L.C. | First lien senior secured delayed draw term loan | 9/2026 | 1546 | 1562 |  |
| Unit4 Group Holding B.V. | First lien senior secured EUR delayed draw term loan | 1/2030 |  | 2439 |  |
| Unit4 Group Holding B.V. | First lien senior secured EUR term loan | 1/2033 |  | 26019 |  |
| Vessco Midco Holdings, LLC | First lien senior secured delayed draw term loan | 5/2028 |  | 3101 |  |
| Vessco Midco Holdings, LLC | First lien senior secured delayed draw term loan | 7/2026 | 2575 | 540 |  |
| Vensure Employer Services, Inc. | First lien senior secured delayed draw term loan | 9/2026 |  | 625 | (3) |
| W.A. Kendall and Company, LLC | First lien senior secured delayed draw term loan | 12/2026 | 1591 | 6670 |  |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2025**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Unfunded** | **Unfunded** |
|<br>**Portfolio Company** |<br>**Commitment Type** |<br>**Commitment Expiration Date** |<br>**Funded Commitment** | **Commitment** | **Fair Value**<sup>(23)</sup> |
| WU Holdco, Inc. (dba PurposeBuilt Brands) | First lien senior secured delayed draw term loan | 4/2027 |  | 4611 |  |
| Zendesk, Inc. | First lien senior secured delayed draw term loan | 5/2026 |  | 5021 |  |
| Accommodations Plus Technologies LLC | First lien senior secured revolving loan | 5/2032 |  | 3200 | (48) |
| Activate Holdings (US) Corp. (dba Absolute Software) | First lien senior secured revolving loan | 7/2029 |  | 3011 |  |
| Aerosmith Bidco 1 Limited (dba Audiotonix) | First lien senior secured revolving loan | 7/2030 |  | 9220 |  |
| AI Titan Parent, Inc. (dba Prometheus Group) | First lien senior secured revolving loan | 8/2031 |  | 3443 | (34) |
| Alera Group, Inc. | First lien senior secured revolving loan | 5/2030 |  | 1250 |  |
| AmeriLife Holdings LLC | First lien senior secured revolving loan | 8/2028 | 701 | 3503 |  |
| Anaplan, Inc. | First lien senior secured revolving loan | 6/2028 |  | 6481 |  |
| Aptean Acquiror, Inc. (dba Aptean) | First lien senior secured revolving loan | 1/2031 | 971 | 2428 |  |
| Appfire Technologies, LLC | First lien senior secured revolving loan | 3/2028 | 350 | 1283 |  |
| Artifact Bidco, Inc. (dba Avetta) | First lien senior secured revolving loan | 7/2030 |  | 1930 |  |
| Associations, Inc. | First lien senior secured revolving loan | 7/2028 |  | 4115 |  |
| Arrow Borrower 2025, Inc. (dba AvidXchange) | First lien senior secured revolving loan | 10/2032 |  | 1920 | (10) |
| Atlas Borrower, LLC (dba Anovo) | First lien senior secured revolving loan | 9/2032 |  | 3632 | (36) |
| Atlas US Finco, Inc. (dba Nearmap) | First lien senior secured revolving loan | 12/2028 |  | 948 | (5) |
| Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.) | First lien senior secured revolving loan | 3/2031 |  | 2850 |  |
| Bamboo US BidCo LLC | First lien senior secured revolving loan | 10/2029 |  | 4103 |  |
| Bayshore Intermediate #2, L.P. (dba Boomi) | First lien senior secured revolving loan | 10/2027 | 1018 | 3086 |  |
| BCPE Pequod Buyer, Inc. (dba Envestnet) | First lien senior secured revolving loan | 11/2029 |  | 3616 |  |
| Birdie Bidco, Inc. (dba Concert Golf Partners) | First lien senior secured revolving loan | 11/2032 | 436 | 3453 |  |
| BTRS Holdings Inc. (dba Billtrust) | First lien senior secured revolving loan | 12/2028 | 5034 | 3776 |  |
| BusinessSolver.com, Inc. | First lien senior secured revolving loan | 12/2032 |  | 1097 | (5) |
| Bracket Intermediate Holding Corp. | First lien senior secured revolving loan | 10/2031 |  | 2001 | (20) |
| Bristol Hospice L.L.C. | First lien senior secured revolving loan | 8/2032 |  | 1742 |  |
| By Light Professional IT Services LLC | First lien senior secured revolving loan | 7/2031 |  | 1056 | (16) |
| Cambrex Corporation | First lien senior secured revolving loan | 3/2032 | 102 | 1684 |  |
| CCI BUYER, INC. (dba Consumer Cellular) | First lien senior secured revolving loan | 5/2032 |  | 1903 |  |
| Certinia Inc. | First lien senior secured revolving loan | 8/2031 |  | 8101 | (20) |
| Commander Buyer, Inc. (dba CenExel) | First lien senior secured revolving loan | 6/2032 |  | 3012 |  |
| Coupa Holdings, LLC | First lien senior secured revolving loan | 2/2029 |  | 54 |  |
| Creek Parent, Inc. (dba Catalent) | First lien senior secured revolving loan | 12/2031 |  | 7376 | (37) |
| CCM Midco, LLC (f/k/a Cresset Capital Management, LLC) | First lien senior secured revolving loan | 6/2029 |  | 1119 |  |
| Crewline Buyer, Inc. (dba New Relic) | First lien senior secured revolving loan | 11/2030 |  | 9434 | (71) |
| CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured revolving loan | 8/2031 |  | 10311 |  |
| DCCM, LLC | First lien senior secured revolving loan | 6/2032 |  | 2899 | (29) |
| Deerfield Dakota Holdings | First lien senior secured revolving loan | 9/2032 |  | 5293 | (26) |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2025**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Unfunded** | **Unfunded** |
|<br>**Portfolio Company** |<br>**Commitment Type** |<br>**Commitment Expiration Date** |<br>**Funded Commitment** | **Commitment** | **Fair Value**<sup>(23)</sup> |
| Denali Intermediate Holdings, Inc. (dba Dun & Bradstreet) | First lien senior secured revolving loan | 8/2032 |  | 4091 | (61) |
| Dragonfly Health, Inc. (f/k/a StateServ Acquisition, Inc.) | First lien senior secured revolving loan | 11/2030 |  | 1187 |  |
| Eagan Parent, Inc. (dba Elite) | First lien senior secured revolving loan | 9/2032 |  | 1422 | (7) |
| EET Buyer, Inc. (dba e-Emphasys) | First lien senior secured revolving loan | 11/2027 |  | 430 |  |
| Einstein Parent, Inc. (dba Smartsheet) | First lien senior secured revolving loan | 1/2031 |  | 4462 | (33) |
| EresearchTechnology, Inc. (dba Clario) | First lien senior secured revolving loan | 10/2031 |  | 4738 |  |
| Eternal Buyer, LLC (dba Wedgewood Weddings) | First lien senior secured revolving loan | 6/2032 |  | 2875 | (14) |
| Fiesta Purchaser, Inc. (dba Shearer's Foods) | First lien senior secured revolving loan | 2/2029 | 258 | 1957 |  |
| Flexera Software LLC | First lien senior secured revolving loan | 8/2032 |  | 2695 | (7) |
| Forescout Technologies, Inc. | First lien senior secured revolving loan | 5/2031 |  | 215 | (1) |
| FR Flow Control CB LLC (dba Trillium Flow Technologies) | First lien senior secured revolving loan | 12/2029 |  | 3000 |  |
| Galway Borrower LLC | First lien senior secured revolving loan | 9/2028 | 137 | 646 |  |
| Gerson Lehrman Group, Inc. | First lien senior secured revolving loan | 12/2028 |  | 2391 |  |
| Granicus, Inc. | First lien senior secured revolving loan | 1/2031 |  | 1645 |  |
| Himalaya Topco LLC (dba HealthEdge) | First lien senior secured revolving loan | 6/2032 |  | 6483 | (65) |
| Horizon Avionics Buyer, LLC (dba Acron Aviation) | First lien senior secured revolving loan | 3/2032 | 564 | 2641 |  |
| Hyland Software, Inc. | First lien senior secured revolving loan | 9/2029 |  | 1919 |  |
| Icefall Parent, Inc. (dba EngageSmart) | First lien senior secured revolving loan | 1/2030 |  | 1957 |  |
| Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured revolving loan | 6/2030 | 2435 | 769 |  |
| Integrity Marketing Acquisition, LLC | First lien senior secured revolving loan | 8/2028 |  | 3152 |  |
| Interoperability Bidco, Inc. (dba Lyniate) | First lien senior secured revolving loan | 3/2028 | 261 | 1043 |  |
| IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)) | First lien senior secured revolving loan | 12/2028 |  | 9060 |  |
| Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) | First lien senior secured revolving loan | 11/2032 |  | 4884 | (24) |
| Jellyfish Bidco Limited (dba JTC) | First lien senior secured multi-currency revolving loan | 11/2032 |  | 3452 |  |
| Jeppesen Holdings, LLC | First lien senior secured multi-currency revolving loan | 10/2032 |  | 1009 | (8) |
| JS Parent, Inc. (dba Jama Software) | First lien senior secured revolving loan | 4/2031 |  | 1324 |  |
| KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) | First lien senior secured revolving loan | 12/2029 |  | 7172 | (18) |
| Lighthouse Buyer, Inc. (dba Harbor Compliance) | First lien senior secured revolving loan | 12/2031 | 246 | 983 |  |
| Litera Bidco LLC | First lien senior secured revolving loan | 5/2028 |  | 2680 |  |
| Magnet Forensics, LLC (f/k/a Grayshift, LLC) | First lien senior secured revolving loan | 7/2028 |  | 5806 |  |
| ManTech International Corporation | First lien senior secured revolving loan | 9/2028 |  | 5590 |  |
| McQueen Bidco PTY LTD. (dba Infomedia) | First lien senior secured revolving loan | 12/2032 |  | 5710 | (14) |
| Ministry Brands Holdings, LLC | First lien senior secured revolving loan | 12/2027 | 141 | 1554 |  |
| Minotaur Acquisition, Inc. (dba Inspira Financial) | First lien senior secured revolving loan | 6/2030 |  | 5540 |  |
| Modernizing Medicine, Inc. (dba ModMed) | First lien senior secured revolving loan | 4/2032 |  | 5759 | (29) |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2025**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Unfunded** | **Unfunded** |
|<br>**Portfolio Company** |<br>**Commitment Type** |<br>**Commitment Expiration Date** |<br>**Funded Commitment** | **Commitment** | **Fair Value**<sup>(23)</sup> |
| Monotype Imaging Holdings Inc. | First lien senior secured revolving loan | 2/2030 |  | 4268 |  |
| Neptune Holdings, Inc. (dba NexTech) | First lien senior secured revolving loan | 8/2029 |  | 4118 | (10) |
| OECONNECTION LLC | First lien senior secured revolving loan | 12/2032 |  | 2662 | (13) |
| OneOncology, LLC | First lien senior secured revolving loan | 6/2029 |  | 7640 |  |
| One, Inc. Software Corporation | First lien senior secured revolving loan | 12/2032 |  | 2902 | (15) |
| Packaging Coordinators Midco, Inc. | First lien senior secured revolving loan | 10/2032 |  | 9015 | (45) |
| PDI TA Holdings, Inc. | First lien senior secured revolving loan | 2/2031 | 986 | 359 |  |
| PetVet Care Centers, LLC | First lien senior secured revolving loan | 11/2029 | 537 | 4835 |  |
| Valeris, Inc. (fka Phantom Purchaser, Inc.) | First lien senior secured revolving loan | 9/2031 |  | 2990 | (7) |
| Plasma Buyer LLC (dba PathGroup)\* | First lien senior secured revolving loan | 5/2028 | 1978 |  |  |
| Puma Buyer, LLC (dba PANTHERx) | First lien senior secured revolving loan | 3/2032 |  | 5000 |  |
| Relativity ODA LLC | First lien senior secured revolving loan | 5/2029 |  | 3854 |  |
| RL Datix Holdings (USA), Inc. | First lien senior secured revolving loan | 10/2030 |  | 5888 |  |
| Salinger Bidco Inc. (dba Surgical Information Systems) | First lien senior secured revolving loan | 5/2031 | 645 | 7090 |  |
| Securonix, Inc. | First lien senior secured revolving loan | 4/2028 |  | 3559 | (347) |
| Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured revolving loan | 5/2028 | 692 | 1385 |  |
| Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured revolving loan | 10/2031 |  | 8173 | (102) |
| Simplicity Financial Marketing Group Holdings, Inc. | First lien senior secured revolving loan | 12/2031 |  | 2857 |  |
| Smarsh Inc. | First lien senior secured revolving loan | 2/2029 | 1274 | 2021 |  |
| Spaceship Purchaser, Inc. (dba Squarespace) | First lien senior secured revolving loan | 10/2031 |  | 8076 |  |
| Talon MidCo 2 Limited | First lien senior secured revolving loan | 8/2028 |  | 2738 |  |
| Themis Solutions Inc. (dba Clio) | First lien senior secured revolving loan | 10/2032 |  | 13000 | (130) |
| Tricentis Operations Holdings, Inc. | First lien senior secured revolving loan | 2/2032 |  | 7496 | (75) |
| Troon Golf, L.L.C. | First lien senior secured revolving loan | 8/2028 |  | 1562 |  |
| Truist Insurance Holdings, LLC | First lien senior secured revolving loan | 5/2029 |  | 2106 |  |
| Unit4 Group Holding B.V. | First lien senior secured EUR revolving loan | 1/2033 |  | 3252 |  |
| Vessco Midco Holdings, LLC | First lien senior secured revolving loan | 7/2031 |  | 1038 |  |
| Vital Bidco AB (dba Vitamin Well) | First lien senior secured revolving loan | 10/2030 |  | 4468 |  |
| W.A. Kendall and Company, LLC | First lien senior secured revolving loan | 4/2030 | 636 | 499 |  |
| WU Holdco, Inc. (dba PurposeBuilt Brands) | First lien senior secured revolving loan | 4/2032 | 123 | 1311 |  |
| Zendesk, Inc. | First lien senior secured revolving loan | 11/2028 |  | 6026 |  |
| **Total non-controlled/non-affiliated - debt commitments** | **Total non-controlled/non-affiliated - debt commitments** |  | $87479 | $824098 | $(1946) |
| **Non-controlled/non-affiliated - equity commitments** | **Non-controlled/non-affiliated - equity commitments** |  |  |  |  |
| Chrome Investors LP | LP Interest | N/A | $8754 | $2189 | $— |
| Valor Compute Infrastructure L.P. | LP Interest | N/A | 963 | 1788 |  |
| **Total non-controlled/non-affiliated - equity commitments** | **Total non-controlled/non-affiliated - equity commitments** |  | $9717 | $3977 | $— |
| **Non-controlled/affiliated - equity commitments** | **Non-controlled/affiliated - equity commitments** |  |  |  |  |
| LSI Financing LLC | Specialty finance equity investment | N/A | $58262 | $31038 | $— |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2025**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Unfunded** | **Unfunded** |
|<br>**Portfolio Company** |<br>**Commitment Type** |<br>**Commitment Expiration Date** |<br>**Funded Commitment** | **Commitment** | **Fair Value**<sup>(23)</sup> |
| **Total non-controlled/affiliated - equity commitments** | **Total non-controlled/affiliated - equity commitments** |  | $58262 | $31038 | $— |
| **Total Portfolio Company Commitments** | **Total Portfolio Company Commitments** |  | $155458 | $859113 | $(1946) |

---

\*Fully funded

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

<sup>(24)</sup> As defined in the Investment Company Act of 1940, as amended (the "1940 Act"), the Company is deemed to "control" a portfolio company if the Company owns more than 25% of the portfolio company's voting securities or has the power to exercise control over management or policies, including through a management agreement. As defined in the 1940 Act, the Company is an "affiliated person" of this portfolio company if the Company owns more than 5% but less than 25% of the portfolio company's outstanding voting securities. Transactions related to the Company's investments in non-controlled affiliates and controlled affiliates for the year ended December 31, 2025, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Fair Value at December 31, 2024** | **Gross Additions (a)** | **Gross Reductions (b)** | **Net Change in Unrealized Gain/(Loss)** | **Fair Value at December 31, 2025** | **Interest Income** | **Dividend Income** | **Other Income** |
| **Non-controlled Affiliates** | | | | | | | | |
| LSI Financing 1 DAC | $3102 | $— | $(395) | $(84) | $2623 | $— | $219 | $— |
| LSI Financing LLC | 21110 | 67932 | (30415) | 2936 | 61563 |  | 2718 |  |
| Blue Owl Cross-Strategy Opportunities LLC |  | 25254 | (4) | (47) | 25203 |  | 165 |  |
| **Total Non-controlled Affiliates** | $24212 | $93186 | $(30814) | $2805 | $89389 | $— | $3102 | $— |
| **Company** | **Fair Value at December 31, 2024** | **Gross Additions (a)** | **Gross Reductions (b)** | **Net Change in Unrealized Gain/(Loss)** | **Fair Value at December 31, 2025** | **Interest Income** | **Dividend Income** | **Other Income** |
| **Controlled Affiliates** |  |  |  |  |  |  |  |  |
| Blue Owl Credit SLF<sup>(c)</sup> | $954 | $13346 | $— | $(196) | $14104 | $— | $628 | $— |
| Blue Owl Leasing LLC<sup>(c)</sup> |  | 2233 |  | (1) | 2232 |  |  |  |
| Stripe Blue Owl Holdings LLC |  | 7797 |  |  | 7797 |  |  |  |
| **Total Controlled Affiliates** | $954 | $23376 | $— | $(197) | $24133 | $— | $628 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Gross additions include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind ("PIK") interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)For further description of the Company's investment in Blue Owl Credit SLF LLC ("Credit SLF") and Blue Owl Leasing LLC ("Blue Owl Leasing"), see "*Note 4 — Investments."*

<sup>(25)</sup> Unless otherwise indicated, the Company's portfolio companies are pledged as collateral supporting the amounts outstanding under the Company's Amended and Restated Senior Secured Revolving Credit Agreement (the "Revolving Credit Facility") and credit facilities to which certain of the Company's subsidiaries are parties (the "SPV Asset Facilities" and the "CLOs"). See "*Note 5 — Debt."*

<sup>(26)</sup> Investment is not pledged as collateral for the credit facilities.

<sup>(27)</sup> As of December 31, 2025, the net estimated unrealized gain for U.S. federal income tax purposes was $52.3 million based on a tax cost basis of $6.2 billion. As of December 31, 2025, the aggregate gross unrealized losses for U.S federal income tax purposes was $7.3 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $59.6 million.

<sup>(28)</sup> Loan was on non-accrual status as of December 31, 2025.

<sup>(29)</sup> Investment is non-income producing.

<sup>(30)</sup> 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, 2025, the aggregate fair value of these securities is $388.4 million or 10.8% of the Company's net assets. The acquisition dates of the restricted securities are as follows:

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2025**

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

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **Investment** | **Acquisition Date** |
| Accelerate Topco Holdings, LLC | Common Units | September 01, 2022 |
| AlphaSense, LLC | Series E Preferred Shares | June 27, 2024 |
| Baypine Commander Co-Invest, LP | LP Interest | June 24, 2025 |
| Blue Owl Credit SLF LLC\*\* | LLC Interest | August 01, 2024 |
| Blue Owl Cross-Strategy Opportunities LLC\* | Specialty finance equity investment | August 20, 2025 |
| Blue Owl Leasing LLC\*\* | LLC Interest | June 30, 2025 |
| Brex, Inc. | Class A Units | August 15, 2025 |
| Chrome Investors LP | LP Interest | January 25, 2025 |
| CloudPay, Inc. | Series E Preferred Stock | July 31, 2024 |
| Elliott Alto Co-Investor Aggregator L.P. | LP Interest | September 28, 2022 |
| Halo Purchaser, LLC | Class B PIK Preferred Equity | December 19, 2025 |
| Halo Purchaser, LLC | Class H Warrant Units | December 19, 2025 |
| Hockey Parent Holdings, L.P. | Class A Common Units | September 14, 2023 |
| Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.) | Perpetual Preferred Stock | June 23, 2022 |
| KPCI Co-Invest 2, L.P. | Class A Units | October 15, 2025 |
| KWOL Acquisition, Inc. (dba Worldwide Clinical Trials) | Class A Interest | December 12, 2023 |
| LSI Financing 1 DAC\* | Specialty finance equity investment | December 14, 2022 |
| LSI Financing LLC\* | Specialty finance equity investment | November 25, 2024 |
| Minerva Holdco, Inc. | Senior A Preferred Stock | May 02, 2022 |
| ModMed Software Midco Holdings, Inc. (dba ModMed) | Series A Preferred Units | April 30, 2025 |
| Nscale Global Holdings Limited | Preferred equity | September 29, 2025 |
| Nscale Global Holdings Limited | Series B Preferred Shares | September 29, 2025 |
| Orange Blossom Parent, Inc. | Common Units | July 29, 2022 |
| Project Alpine Co-Invest Fund, LP | LP Interest | June 10, 2022 |
| Project Hotel California Co-Invest Fund, L.P. | LP Interest | August 09, 2022 |
| Rome Topco Holdings, LLC (dba SimpliSafe) | Class A Units | November 06, 2025 |
| Rome Topco Holdings, LLC (dba SimpliSafe) | Class B Units | November 06, 2025 |
| Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers) | Series A Preferred Stock | November 15, 2023 |
| Simpler Postage, Inc. (dba Easypost) | Warrants | June 11, 2024 |
| Snowbird Manager LP | Limited Partner Interest | December 18, 2025 |
| Stripe Blue Owl Holdings LLC\* | LLC Interest | December 09, 2025 |
| TravelPerk, Inc. | Warrants | May 02, 2024 |
| Valor Compute Infrastructure L.P. | LP Interest | October 03, 2025 |
| VCI Intermediate TopCo 1 LLC | Class B Units | November 17, 2025 |
| Veeam Software Group | Series C Preferred Shares | December 08, 2025 |
| Vestwell Holdings Inc. | Series D Preferred Stock | December 20, 2023 |
| XOMA Corporation | Warrants | December 15, 2023 |
| Zoro TopCo, Inc. | Series A Preferred Equity | November 22, 2022 |
| Zoro TopCo, L.P. | Class A Common Units | November 22, 2022 |

---

\* Refer to "*Note 3 — Agreements and Related Party Transactions – Controlled/Affiliated Portfolio Companies*."

\*\* Refer to "*Note 4 — Investments – Credit SLF LLC and Blue Owl Leasing"* for further information.

<sup>(31)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of December 31, 2025, non-qualifying assets represented 13.6% of total assets as calculated in accordance with the regulatory requirements.

<sup>(32)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Reserved.

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2025**

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

<sup>(33)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Reserved.

<sup>(34)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Cross-Strategy Opportunities LLC ("BOCSO") was formed to hold alternative credit assets, including asset-based finance ("ABF"). ABF is a subsector of private credit focused on generating income from pools of financial, physical or other assets. As of December 31, 2025, the portfolio consists of three investments totaling $0.5 billion at cost and fair value, respectively, ranging in cost from $24.8 million to $304.4 million and with a fair value ranging from $24.8 million to $303.9 million. The largest investment is 62% of the total cost of BOCSO's portfolio. As of December 31, 2025 the portfolio asset class composition was 62% ABF - Specialty finance, 33% ABF - Leasing, and 5% ABF - Commercial Real Estate.

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

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2024**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)(19)(23)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(3)(4)** | **Fair Value** | **Percentage of Net Assets(5)** |
| **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | **Non-controlled/non-affiliated portfolio company investments** | | | | | | |
| **Debt Investments(6)** | | | | | | | | |
| **Aerospace & Defense** | | | | | | | | |
| ManTech International Corporation(8) | First lien senior secured loan | S+ | 5.00% | 09/2029 | $45419 | $45419 | $45419 | 1.5% |
| Peraton Corp.(7)(14) | First lien senior secured loan | S+ | 3.75% | 02/2028 | 3029 | 3018 | 2812 | 0.1% |
|  |  |  |  |  |  | 48437 | 48231 | 1.6% |
| **Application Software** |  |  |  |  |  |  |  |  |
| AI Titan Parent, Inc. (dba Prometheus Group)(7) | First lien senior secured loan | S+ | 4.75% | 08/2031 | 27547 | 27281 | 27272 | 0.9% |
| AlphaSense, Inc.(8) | First lien senior secured loan | S+ | 6.25% | 06/2029 | 20052 | 19867 | 19851 | 0.7% |
| Anaplan, Inc.(8)(16) | First lien senior secured loan | S+ | 5.25% | 06/2029 | 92757 | 92732 | 92757 | 3.1% |
| Armstrong Bidco Limited(11)(16)(20) | First lien senior secured GBP delayed draw term loan | SA+ | 5.25% | 06/2029 | £40434 | 48875 | 50385 | 1.7% |
| Artifact Bidco, Inc. (dba Avetta)(8) | First lien senior secured loan | S+ | 4.50% | 07/2031 | 11042 | 10990 | 10987 | 0.4% |
| Avalara, Inc.(8) | First lien senior secured loan | S+ | 6.25% | 10/2028 | 22727 | 22486 | 22727 | 0.8% |
| Boxer Parent Company Inc. (f/k/a BMC)(8)(14) | First lien senior secured loan | S+ | 3.75% | 07/2031 | 63905 | 63753 | 64378 | 2.1% |
| Central Parent Inc. (dba CDK Global Inc.)(8)(14) | First lien senior secured loan | S+ | 3.25% | 07/2029 | 39601 | 39601 | 39011 | 1.3% |
| Coupa Holdings, LLC(8) | First lien senior secured loan | S+ | 5.25% | 02/2030 | 781 | 781 | 781 | —% |
| Fullsteam Operations, LLC(8)(16) | First lien senior secured loan | S+ | 8.25% | 11/2029 | 963 | 938 | 963 | —% |
| Fullsteam Operations, LLC(8)(16) | First lien senior secured delayed draw term loan | S+ | 7.00% | 11/2029 | 60 | 57 | 60 | —% |
| Granicus, Inc.(8) | First lien senior secured loan | S+ | 5.75% (2.25% PIK) | 01/2031 | 11761 | 11658 | 11761 | 0.4% |
| Granicus, Inc.(8) | First lien senior secured delayed draw term loan | S+ | 5.25% (2.25% PIK) | 01/2031 | 1742 | 1727 | 1725 | 0.1% |
| JS Parent, Inc. (dba Jama Software)(8) | First lien senior secured loan | S+ | 5.00% | 04/2031 | 13642 | 13579 | 13642 | 0.5% |
| Magnet Forensics, LLC (f/k/a Grayshift, LLC)(7)(20) | First lien senior secured loan | S+ | 5.00% | 07/2028 | 100249 | 100136 | 100249 | 3.3% |
| Ministry Brands Holdings, LLC(7)(16) | First lien senior secured loan | S+ | 5.50% | 12/2028 | 18906 | 18660 | 18764 | 0.6% |
| Perforce Software, Inc.(7)(14) | First lien senior secured loan | S+ | 4.75% | 03/2031 | 4975 | 4952 | 4903 | 0.2% |
| Perforce Software, Inc.(7) | First lien senior secured loan | S+ | 4.75% | 06/2029 | 14663 | 14443 | 14443 | 0.5% |
| Simpler Postage, Inc. (dba Easypost)(7)(16) | First lien senior secured loan | S+ | 8.00% | 06/2029 | 20005 | 19081 | 19075 | 0.6% |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2024**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)(19)(23)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(3)(4)** | **Fair Value** | **Percentage of Net Assets(5)** |
| XPLOR T1, LLC(8) | First lien senior secured loan | S+ | 3.50% | 06/2031 | 39900 | 39900 | 40199 | 1.3% |
| Zendesk, Inc.(8) | First lien senior secured loan | S+ | 5.00% | 11/2028 | 59912 | 59083 | 59912 | 2.0% |
|  |  |  |  |  |  | 610580 | 613845 | 20.4% |
| **Banks** |  |  |  |  |  |  |  |  |
| Finastra USA, Inc.(8)(16)(20) | First lien senior secured loan | S+ | 7.25% | 09/2029 | 63858 | 63199 | 63858 | 2.1% |
| **Beverages** |  |  |  |  |  |  |  |  |
| Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(7)(16) | First lien senior secured loan | S+ | 6.25% | 03/2027 | 36016 | 35693 | 35476 | 1.2% |
| **Building Products** |  |  |  |  |  |  |  |  |
| EET Buyer, Inc. (dba e-Emphasys)(8) | First lien senior secured loan | S+ | 4.75% | 11/2027 | 6349 | 6274 | 6349 | 0.2% |
| **Buildings & Real Estate** |  |  |  |  |  |  |  |  |
| Associations, Inc.(8)(16) | First lien senior secured loan | S+ | 6.50% | 07/2028 | 69015 | 68947 | 69015 | 2.3% |
| Associations Finance, Inc.(15) | Unsecured notes |  | 14.25% PIK | 05/2030 | 26667 | 26492 | 26667 | 0.9% |
|  |  |  |  |  |  | 95439 | 95682 | 3.2% |
| **Capital Markets** |  |  |  |  |  |  |  |  |
| Cresset Capital Management, LLC(7) | First lien senior secured loan | S+ | 5.00% | 06/2030 | 7797 | 7724 | 7797 | 0.3% |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** |  |  |  |  |  |  |  |
| Access CIG, LLC(8)(14) | First lien senior secured loan | S+ | 5.00% | 08/2028 | 14825 | 14604 | 14955 | 0.5% |
| Charter NEX US, Inc.(7)(14) | First lien senior secured loan | S+ | 3.00% | 11/2030 | 5169 | 5169 | 5192 | 0.2% |
| Denali BuyerCo, LLC (dba Summit Companies)(8) | First lien senior secured loan | S+ | 5.75% | 09/2028 | 41394 | 40770 | 41394 | 1.4% |
| Pye-Barker Fire & Safety, LLC(8)(16) | First lien senior secured loan | S+ | 4.50% | 05/2031 | 29448 | 29288 | 29374 | 1.0% |
| Pye-Barker Fire & Safety, LLC(8)(16) | First lien senior secured revolving loan | S+ | 4.50% | 05/2030 | 536 | 516 | 525 | —% |
| SimpliSafe Holding Corporation(7)(16) | First lien senior secured loan | S+ | 6.25% | 05/2028 | 67842 | 67068 | 67842 | 2.3% |
|  |  |  |  |  |  | 157415 | 159282 | 5.3% |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |
| Dodge Construction Network LLC(8) | First lien senior secured loan | S+ | 4.75% | 02/2029 | 7620 | 6130 | 6096 | 0.2% |
| Dodge Construction Network LLC(8) | First lien senior secured loan | S+ | 6.25% | 01/2029 | 5495 | 5387 | 5385 | 0.2% |
| Engineered Machinery Holdings, Inc. (dba Duravant)(8)(14) | First lien senior secured loan | S+ | 3.75% | 05/2028 | 16796 | 16718 | 16890 | 0.6% |
|  |  |  |  |  |  | 28235 | 28371 | 0.9% |
| **Consumer Finance** |  |  |  |  |  |  |  |  |
| Klarna Holding AB(8)(20) | Subordinated Floating Rate Notes | S+ | 7.00% | 04/2034 | 32666 | 32666 | 32666 | 1.1% |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2024**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)(19)(23)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(3)(4)** | **Fair Value** | **Percentage of Net Assets(5)** |
| **Containers & Packaging** | | | | | | | | |
| BCPE Empire Holdings, Inc. (dba Imperial-Dade)(7)(14) | First lien senior secured loan | S+ | 3.50% | 12/2028 | 7463 | 7463 | 7494 | 0.2% |
| Five Star Lower Holding LLC(8)(14) | First lien senior secured loan | S+ | 4.25% | 05/2029 | 21383 | 21164 | 21190 | 0.7% |
| Pro Mach Group, Inc.(7)(14) | First lien senior secured loan | S+ | 3.50% | 08/2028 | 4975 | 4975 | 5011 | 0.2% |
| Tricorbraun Holdings, Inc.(7)(14) | First lien senior secured loan | S+ | 3.25% | 03/2028 | 16148 | 16088 | 16122 | 0.5% |
|  |  |  |  |  |  | 49690 | 49817 | 1.7% |
| **Diversified Consumer Services** | **Diversified Consumer Services** |  |  |  |  |  |  |  |
| Ellucian Holdings Inc. (f/k/a Sophia, L.P.)(7)(14) | First lien senior secured loan | S+ | 3.00% | 10/2029 | 20128 | 20128 | 20243 | 0.7% |
| Icefall Parent, Inc. (dba EngageSmart)(7) | First lien senior secured loan | S+ | 6.50% | 01/2030 | 20543 | 20181 | 20543 | 0.7% |
| Learning Care Group (US) No. 2 Inc.(8)(14) | First lien senior secured loan | S+ | 4.00% | 08/2028 | 7407 | 7407 | 7469 | 0.2% |
| Litera Bidco LLC(7)(16) | First lien senior secured loan | S+ | 5.00% | 05/2028 | 45728 | 45517 | 45613 | 1.5% |
| Relativity ODA LLC(7) | First lien senior secured loan | S+ | 4.50% | 05/2029 | 45112 | 44941 | 44999 | 1.5% |
|  |  |  |  |  |  | 138174 | 138867 | 4.6% |
| **Diversified Financial Services** |  |  |  |  |  |  |  |  |
| BCPE Pequod Buyer, Inc. (dba Envestnet)(7)(14) | First lien senior secured loan | S+ | 3.50% | 11/2031 | 25000 | 24425 | 25183 | 0.8% |
| Blackhawk Network Holdings, Inc.(7)(14) | First lien senior secured loan | S+ | 5.00% | 03/2029 | 89550 | 87870 | 90544 | 3.0% |
| BTRS HOLDINGS INC. (dba Billtrust)(8)(16) | First lien senior secured loan | S+ | 7.25% | 12/2028 | 2595 | 2538 | 2589 | 0.1% |
| Computer Services, Inc. (dba CSI)(8)(16) | First lien senior secured loan | S+ | 5.25% | 11/2029 | 38699 | 38298 | 38699 | 1.3% |
| Computer Services, Inc. (dba CSI)(8) | First lien senior secured loan | S+ | 4.75% | 11/2029 | 33328 | 33167 | 33161 | 1.1% |
| Deerfield Dakota Holdings(8)(14) | First lien senior secured loan | S+ | 3.75% | 04/2027 | 10079 | 9965 | 9839 | 0.3% |
| Minotaur Acquisition, Inc. (dba Inspira Financial)(7)(16) | First lien senior secured loan | S+ | 5.00% | 06/2030 | 62906 | 62281 | 62591 | 2.1% |
| PUSHPAY USA INC(8) | First lien senior secured loan | S+ | 4.50% | 08/2031 | 5000 | 4952 | 5025 | 0.2% |
| Smarsh Inc.(8)(16) | First lien senior secured loan | S+ | 5.75% | 02/2029 | 30000 | 29780 | 30000 | 1.0% |
| Smarsh Inc.(7)(16) | First lien senior secured revolving loan | S+ | 5.75% | 02/2029 | 107 | 105 | 107 | —% |
|  |  |  |  |  |  | 293381 | 297738 | 9.9% |
| **Diversified Telecommunication Services** | **Diversified Telecommunication Services** |  |  |  |  |  |  |  |
| Level 3 Financing, Inc.(7)(14)(20) | First lien senior secured loan | S+ | 6.56% | 04/2029 | 8116 | 8035 | 8264 | 0.3% |
| Level 3 Financing, Inc.(7)(14)(20) | First lien senior secured loan | S+ | 6.56% | 04/2030 | 8116 | 8021 | 8262 | 0.3% |
|  |  |  |  |  |  | 16056 | 16526 | 0.5% |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2024**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)(19)(23)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(3)(4)** | **Fair Value** | **Percentage of Net Assets(5)** |
| **Entertainment** | | | | | | | | |
| Aerosmith Bidco 1 Limited (dba Audiotonix)(7)(16)(20) | First lien senior secured loan | S+ | 5.25% | 07/2031 | 70064 | 69204 | 69889 | 2.3% |
| **Equity Real Estate Investment Trusts (REITs)** | **Equity Real Estate Investment Trusts (REITs)** |  |  |  |  |  |  |  |
| Storable, Inc.(7)(14) | First lien senior secured loan | S+ | 3.50% | 04/2028 | 49616 | 49310 | 49909 | 1.7% |
| **Food & Staples Retailing** |  |  |  |  |  |  |  |  |
| Fiesta Purchaser, Inc. (dba Shearer's Foods)(7)(14) | First lien senior secured loan | S+ | 3.25% | 02/2031 | 9950 | 9950 | 9948 | 0.3% |
| IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(7)(16) | First lien senior secured loan | S+ | 5.00% | 12/2028 | 145752 | 145752 | 145750 | 4.8% |
| IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))(8)(16) | First lien senior secured revolving loan | S+ | 5.00% | 12/2027 | 1805 | 1805 | 1805 | 0.1% |
|  |  |  |  |  |  | 157507 | 157503 | 5.2% |
| **Food Products** |  |  |  |  |  |  |  |  |
| Vital Bidco AB (dba Vitamin Well)(7)(16)(20) | First lien senior secured revolving loan | S+ | 4.50% | 10/2030 | 1090 | 1034 | 1032 | —% |
| Vital Bidco AB (dba Vitamin Well)(8)(20) | First lien senior secured loan | S+ | 4.50% | 10/2031 | 19137 | 18829 | 18869 | 0.6% |
|  |  |  |  |  |  | 19863 | 19901 | 0.7% |
| **Health Care Technology** |  |  |  |  |  |  |  |  |
| Athenahealth Group Inc.(7)(14) | First lien senior secured loan | S+ | 3.25% | 02/2029 | 20514 | 19767 | 20537 | 0.7% |
| Color Intermediate, LLC (dba ClaimsXten)(8) | First lien senior secured loan | S+ | 4.75% | 10/2029 | 38836 | 38836 | 38836 | 1.3% |
| CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)(7) | First lien senior secured loan | S+ | 5.00% | 08/2031 | 84808 | 84338 | 84596 | 2.8% |
| Ensemble RCM, LLC(8)(14) | First lien senior secured loan | S+ | 3.00% | 08/2029 | 12419 | 12341 | 12498 | 0.4% |
| GI Ranger Intermediate, LLC (dba Rectangle Health)(8) | First lien senior secured loan | S+ | 6.00% | 10/2028 | 4184 | 4130 | 4111 | 0.1% |
| Greenway Health, LLC(8) | First lien senior secured loan | S+ | 6.75% | 04/2029 | 4665 | 4548 | 4607 | 0.2% |
| Hyland Software, Inc.(7) | First lien senior secured loan | S+ | 6.00% | 09/2030 | 40085 | 39564 | 40085 | 1.3% |
| Imprivata, Inc.(8)(14) | First lien senior secured loan | S+ | 3.50% | 12/2027 | 20514 | 20514 | 20616 | 0.7% |
| Indikami Bidco, LLC (dba IntegriChain)(7) | First lien senior secured loan | S+ | 6.50% (2.50% PIK) | 12/2030 | 32682 | 32030 | 32518 | 1.1% |
| Indikami Bidco, LLC (dba IntegriChain)(7)(16) | First lien senior secured delayed draw term loan | S+ | 6.00% | 12/2030 | 256 | 221 | 255 | —% |
| Indikami Bidco, LLC (dba IntegriChain)(7)(16) | First lien senior secured revolving loan | S+ | 6.00% | 06/2030 | 1153 | 1093 | 1137 | —% |
| Inovalon Holdings, Inc.(8)(16) | First lien senior secured loan | S+ | 5.75% | 11/2028 | 14744 | 14531 | 14560 | 0.5% |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2024**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)(19)(23)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(3)(4)** | **Fair Value** | **Percentage of Net Assets(5)** |
| Inovalon Holdings, Inc.(8) | Second lien senior secured loan | S+ | 10.50%PIK | 11/2033 | 53873 | 53366 | 53334 | 1.8% |
| Interoperability Bidco, Inc. (dba Lyniate)(8)(16) | First lien senior secured loan | S+ | 6.25% | 03/2028 | 27906 | 27824 | 27209 | 0.9% |
| Interoperability Bidco, Inc. (dba Lyniate)(7)(16) | First lien senior secured revolving loan | S+ | 6.25% | 03/2028 | 68 | 64 | 35 | —% |
| Neptune Holdings, Inc. (dba NexTech)(8) | First lien senior secured loan | S+ | 4.75% | 08/2030 | 30574 | 30422 | 30574 | 1.0% |
| PointClickCare Technologies, Inc.(8)(14)(20) | First lien senior secured loan | S+ | 3.25% | 11/2031 | 30000 | 29925 | 30150 | 1.0% |
| Project Ruby Ultimate Parent Corp. (dba Wellsky)(7)(14) | First lien senior secured loan | S+ | 3.00% | 03/2028 | 24875 | 24875 | 24962 | 0.8% |
| Raven Acquisition Holdings, LLC (dba R1 RCM)(7)(14) | First lien senior secured loan | S+ | 3.25% | 11/2031 | 23333 | 23217 | 23371 | 0.8% |
| RL Datix Holdings (USA), Inc.(9) | First lien senior secured loan | S+ | 5.50% | 04/2031 | 29817 | 29540 | 29668 | 1.0% |
| RL Datix Holdings (USA), Inc.(8)(16) | First lien senior secured revolving loan | S+ | 5.50% | 10/2030 | 744 | 691 | 715 | —% |
| RL Datix Holdings (USA), Inc.(11) | First lien senior secured GBP term loan | SA+ | 5.50% | 04/2031 | £13808 | 17087 | 17206 | 0.6% |
| Salinger Bidco Inc. (dba Surgical Information Systems)(7) | First lien senior secured loan | S+ | 5.75% | 08/2031 | 79922 | 78768 | 79722 | 2.7% |
| Zelis Cost Management Buyer, Inc.(7)(14) | First lien senior secured loan | S+ | 2.75% | 09/2029 | 9925 | 9882 | 9931 | 0.3% |
| Zelis Cost Management Buyer, Inc.(7)(14) | First lien senior secured loan | S+ | 3.25% | 11/2031 | 20000 | 19900 | 20050 | 0.7% |
|  |  |  |  |  |  | 617474 | 621283 | 20.7% |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |
| Confluent Medical Technologies, Inc.(8)(14) | First lien senior secured loan | S+ | 3.25% | 02/2029 | 14848 | 14848 | 14903 | 0.5% |
| Packaging Coordinators Midco, Inc.(8)(14) | First lien senior secured loan | S+ | 3.25% | 11/2027 | 4975 | 4975 | 4992 | 0.2% |
| PerkinElmer U.S. LLC(7)(16) | First lien senior secured loan | S+ | 5.00% | 03/2029 | 55785 | 55680 | 55646 | 1.8% |
| Resonetics, LLC(8)(14) | First lien senior secured loan | S+ | 3.25% | 06/2031 | 9975 | 9975 | 10028 | 0.3% |
|  |  |  |  |  |  | 85478 | 85569 | 2.8% |
| **Health Care Providers & Services** | **Health Care Providers & Services** |  |  |  |  |  |  |  |
| Azalea TopCo, Inc. (dba Press Ganey)(7)(14) | First lien senior secured loan | S+ | 3.25% | 04/2031 | 4988 | 4988 | 4997 | 0.2% |
| Covetrus, Inc.(8) | Second lien senior secured loan | S+ | 9.25% | 10/2030 | 25000 | 24581 | 24313 | 0.8% |
| Engage Debtco Limited(8)(16)(20) | First lien senior secured loan | S+ | 5.93% (2.75% PIK) | 07/2029 | 12922 | 12702 | 12599 | 0.4% |
| KWOL Acquisition Inc. (dba Worldwide Clinical Trials)(8) | First lien senior secured loan | S+ | 4.75% | 12/2029 | 45336 | 44600 | 45336 | 1.5% |
| MED ParentCo, LP(7)(14) | First lien senior secured loan | S+ | 3.50% | 04/2031 | 14963 | 14963 | 15066 | 0.5% |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2024**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)(19)(23)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(3)(4)** | **Fair Value** | **Percentage of Net Assets(5)** |
| OneOncology, LLC(8)(16) | First lien senior secured loan | S+ | 6.25% | 06/2030 | 19437 | 19176 | 19437 | 0.6% |
| OneOncology, LLC(8)(16) | First lien senior secured delayed draw term loan | S+ | 5.00% | 06/2030 | 17866 | 17722 | 17714 | 0.6% |
| PetVet Care Centers, LLC(7) | First lien senior secured loan | S+ | 6.00% | 11/2030 | 38858 | 38514 | 37206 | 1.2% |
| Phantom Purchaser, Inc.(8) | First lien senior secured loan | S+ | 5.00% | 09/2031 | 8909 | 8823 | 8842 | 0.3% |
| Plasma Buyer LLC (dba PathGroup)(8) | First lien senior secured loan | S+ | 5.75% | 05/2029 | 16634 | 16401 | 16426 | 0.5% |
| Plasma Buyer LLC (dba PathGroup)(8)(16) | First lien senior secured delayed draw term loan | S+ | 6.25% | 05/2029 | 502 | 493 | 495 | —% |
| Plasma Buyer LLC (dba PathGroup)(8)(16) | First lien senior secured revolving loan | S+ | 5.75% | 05/2028 | 1059 | 1038 | 1035 | —% |
| TC Holdings, LLC (dba TrialCard)(8) | First lien senior secured loan | S+ | 5.00% | 04/2027 | 8705 | 8661 | 8705 | 0.3% |
|  |  |  |  |  |  | 212662 | 212171 | 7.1% |
| **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |
| Par Technology Corporation(7)(20) | First lien senior secured loan | S+ | 5.00% | 07/2029 | 30857 | 30413 | 30549 | 1.0% |
| Troon Golf, L.L.C.(8)(16) | First lien senior secured loan | S+ | 4.50% | 08/2028 | 21775 | 21760 | 21775 | 0.7% |
|  |  |  |  |  |  | 52173 | 52324 | 1.7% |
| **Industrial Conglomerates** |  |  |  |  |  |  |  |  |
| Aptean Acquiror, Inc. (dba Aptean)(8) | First lien senior secured loan | S+ | 5.00% | 01/2031 | 35339 | 35022 | 35251 | 1.2% |
| **Insurance** |  |  |  |  |  |  |  |  |
| Acrisure, LLC(14)(15)(20) | Unsecured notes |  | 8.50% | 06/2029 | 3000 | 3000 | 3122 | 0.1% |
| Acrisure, LLC(7)(14)(20) | First lien senior secured loan | S+ | 3.00% | 11/2030 | 10511 | 10511 | 10508 | 0.3% |
| AmeriLife Holdings LLC(8)(16) | First lien senior secured loan | S+ | 5.00% | 08/2029 | 28281 | 27873 | 28133 | 0.9% |
| Applied Systems, Inc.(8)(14)(24) | First lien senior secured loan | S+ | 3.00% | 02/2031 | 6965 | 6957 | 7028 | 0.2% |
| Ardonagh Midco 3 PLC(8)(20) | First lien senior secured loan | S+ | 3.75% | 02/2031 | 15000 | 14930 | 15075 | 0.5% |
| AssuredPartners, Inc.(7)(14) | First lien senior secured loan | S+ | 3.50% | 02/2031 | 9925 | 9914 | 9938 | 0.3% |
| Asurion, LLC(7)(14) | First lien senior secured loan | S+ | 4.25% | 08/2028 | 2970 | 2951 | 2970 | 0.1% |
| Asurion, LLC(7)(14) | First lien senior secured loan | S+ | 3.25% | 12/2026 | 12672 | 12260 | 12659 | 0.4% |
| Asurion, LLC(7)(14) | Second lien senior secured loan | S+ | 5.25% | 01/2029 | 29332 | 27908 | 28241 | 0.9% |
| Diamond Insure Bidco (dba Acturis)(13)(20) | First lien senior secured EUR term loan | E+ | 4.25% | 07/2031 | 625 | 658 | 636 | —% |
| Diamond Insure Bidco (dba Acturis)(11)(20) | First lien senior secured GBP term loan | SA+ | 4.50% | 07/2031 | £2042 | 2533 | 2513 | 0.1% |
| Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(8) | First lien senior secured loan | S+ | 7.50% | 03/2029 | 1064 | 1043 | 1056 | —% |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2024**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)(19)(23)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(3)(4)** | **Fair Value** | **Percentage of Net Assets(5)** |
| Galway Borrower LLC(8)(16) | First lien senior secured delayed draw term loan | S+ | 4.50% | 09/2028 | 178 | 171 | 178 | —% |
| Hub International(7)(14) | First lien senior secured loan | S+ | 2.75% | 06/2030 | 12382 | 12382 | 12444 | 0.4% |
| Hyperion Refinance S.à r.l (dba Howden Group)(7)(14)(20) | First lien senior secured loan | S+ | 3.00% | 02/2031 | 29775 | 29775 | 29945 | 1.0% |
| Integrated Specialty Coverages, LLC(7) | First lien senior secured loan | S+ | 4.75% | 07/2030 | 65430 | 65271 | 65430 | 2.2% |
| Integrity Marketing Acquisition, LLC(8) | First lien senior secured loan | S+ | 5.00% | 08/2028 | 62272 | 61972 | 62272 | 2.1% |
| Mitchell International, Inc.(7)(14) | First lien senior secured loan | S+ | 3.25% | 06/2031 | 22643 | 22537 | 22625 | 0.8% |
| Mitchell International, Inc.(7)(14) | Second lien senior secured loan | S+ | 5.25% | 06/2032 | 7300 | 7265 | 7204 | 0.2% |
| Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(8) | First lien senior secured loan | S+ | 5.50% | 11/2028 | 24326 | 24326 | 24326 | 0.8% |
| Simplicity Financial Marketing Group Holdings, Inc.(8) | First lien senior secured loan | S+ | 5.00% | 12/2031 | 21429 | 21214 | 21214 | 0.7% |
|  |  |  |  |  |  | 365451 | 367517 | 12.2% |
| **Internet & Direct Marketing Retail** | **Internet & Direct Marketing Retail** |  |  |  |  |  |  |  |
| Aurelia Netherlands B.V.(12)(20) | First lien senior secured EUR term loan | E+ | 5.75% | 05/2031 | 25282 | 26511 | 26049 | 0.9% |
| **IT Services** |  |  |  |  |  |  |  |  |
| Kaseya Inc.(7) | First lien senior secured loan | S+ | 5.50% | 06/2029 | 67993 | 67046 | 67993 | 2.3% |
| Kaseya Inc.(8)(16) | First lien senior secured delayed draw term loan | S+ | 5.50% | 06/2029 | 2064 | 1978 | 2064 | 0.1% |
| Marcel Bidco LLC (dba SUSE)(7)(20)(24) | First lien senior secured loan | S+ | 3.50% | 11/2030 | 17661 | 17661 | 17882 | 0.6% |
| Renaissance Learning, Inc.(7)(14) | First lien senior secured loan | S+ | 4.00% | 04/2030 | 905 | 905 | 902 | —% |
| Saphilux S.a.r.L. (dba IQ-EQ)(9)(14)(20) | First lien senior secured loan | S+ | 3.50% | 07/2028 | 24378 | 24378 | 24531 | 0.8% |
| Severin Acquisition, LLC (dba PowerSchool)(7) | First lien senior secured loan | S+ | 5.00% (2.25% PIK) | 10/2031 | 65073 | 64444 | 64423 | 2.1% |
| Spaceship Purchaser, Inc. (dba Squarespace)(8) | First lien senior secured loan | S+ | 5.00% | 10/2031 | 67836 | 67504 | 67496 | 2.2% |
|  |  |  |  |  |  | 243916 | 245291 | 8.2% |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |  |  |  |  |  |  |  |
| Bamboo US BidCo LLC(8)(16) | First lien senior secured loan | S+ | 5.25% | 09/2030 | 21994 | 21994 | 21994 | 0.7% |
| Bamboo US BidCo LLC(12) | First lien senior secured EUR term loan | E+ | 5.25% | 09/2030 | 12554 | 13208 | 13000 | 0.4% |
| Bracket Intermediate Holding Corp.(8)(14) | First lien senior secured loan | S+ | 4.25% | 05/2028 | 19701 | 19701 | 19848 | 0.7% |
| Creek Parent, Inc. (dba Catalent)(7) | First lien senior secured loan | S+ | 5.25% | 12/2031 | 51374 | 50478 | 50475 | 1.7% |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2024**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)(19)(23)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(3)(4)** | **Fair Value** | **Percentage of Net Assets(5)** |
| Phoenix Newco, Inc. (dba Parexel)(7)(14) | First lien senior secured loan | S+ | 3.00% | 11/2028 | 13321 | 13321 | 13398 | 0.4% |
|  |  |  |  |  |  | 118702 | 118715 | 3.9% |
| **Machinery** |  |  |  |  |  |  |  |  |
| Faraday Buyer, LLC (dba MacLean Power Systems)(8) | First lien senior secured loan | S+ | 6.00% | 10/2028 | 17878 | 17588 | 17699 | 0.6% |
| FR Flow Control CB LLC (dba Trillium Flow Technologies)(8)(20) | First lien senior secured loan | S+ | 5.25% | 12/2029 | 18333 | 18197 | 18196 | 0.6% |
|  |  |  |  |  |  | 35785 | 35895 | 1.2% |
| **Media** |  |  |  |  |  |  |  |  |
| Monotype Imaging Holdings Inc.(8)(16) | First lien senior secured loan | S+ | 5.50% | 02/2031 | 34639 | 34392 | 34552 | 1.1% |
| **Multiline Retail** |  |  |  |  |  |  |  |  |
| PDI TA Holdings, Inc.(8) | First lien senior secured loan | S+ | 5.00% | 02/2031 | 13162 | 12991 | 13031 | 0.4% |
| PDI TA Holdings, Inc.(8)(16) | First lien senior secured delayed draw term loan | S+ | 5.50% | 02/2031 | 1707 | 1666 | 1683 | 0.1% |
|  |  |  |  |  |  | 14657 | 14714 | 0.5% |
| **Professional Services** |  |  |  |  |  |  |  |  |
| AQ Carver Buyer, Inc. (dba CoAdvantage)(8)(14) | First lien senior secured loan | S+ | 5.50% | 08/2029 | 9875 | 9714 | 9850 | 0.3% |
| Certinia Inc.(8) | First lien senior secured loan | S+ | 5.25% | 08/2030 | 58824 | 58020 | 58824 | 2.0% |
| CloudPay, Inc.(8)(20) | First lien senior secured loan | S+ | 7.50% | 07/2029 | 7636 | 7569 | 7560 | 0.3% |
| EP Purchaser, LLC (dba Entertainment Partners)(8)(14) | First lien senior secured loan | S+ | 4.50% | 11/2028 | 4920 | 4771 | 4932 | 0.2% |
| Gerson Lehrman Group, Inc.(8) | First lien senior secured loan | S+ | 5.25% | 12/2027 | 47238 | 46907 | 47120 | 1.6% |
| iSolved, Inc.(7)(14) | First lien senior secured loan | S+ | 3.25% | 10/2030 | 9950 | 9950 | 10062 | 0.3% |
| Motus Group, LLC(8)(14) | First lien senior secured loan | S+ | 4.00% | 12/2028 | 12404 | 12404 | 12497 | 0.4% |
| OneDigital Borrower LLC(7)(14) | First lien senior secured loan | S+ | 3.25% | 07/2031 | 6269 | 6239 | 6277 | 0.2% |
| OneDigital Borrower LLC(7)(14) | Second lien senior secured loan | S+ | 5.25% | 07/2032 | 3700 | 3682 | 3679 | 0.1% |
| Project Boost Purchaser, LLC (dba J.D. Power)(7)(14) | First lien senior secured loan | S+ | 3.50% | 07/2031 | 11250 | 11250 | 11316 | 0.4% |
| Project Boost Purchaser, LLC (dba J.D. Power)(8)(14) | Second lien senior secured loan | S+ | 5.25% | 07/2032 | 3750 | 3732 | 3821 | 0.1% |
| Proofpoint, Inc.(7)(14) | First lien senior secured loan | S+ | 3.00% | 08/2028 | 29674 | 29674 | 29796 | 1.0% |
| Sensor Technology Topco, Inc. (dba Humanetics)(8)(16) | First lien senior secured loan | S+ | 7.00% | 05/2028 | 24029 | 23943 | 24149 | 0.8% |
| Sensor Technology Topco, Inc. (dba Humanetics)(7)(16) | First lien senior secured revolving loan | S+ | 6.50% | 05/2028 | 1345 | 1338 | 1350 | —% |
| Sensor Technology Topco, Inc. (dba Humanetics)(12)(16) | First lien senior secured EUR term loan | E+ | 7.25% | 05/2028 | 4342 | 4700 | 4516 | 0.2% |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2024**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)(19)(23)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(3)(4)** | **Fair Value** | **Percentage of Net Assets(5)** |
| Sovos Compliance, LLC(7)(14) | First lien senior secured loan | S+ | 4.50% | 08/2028 | 23367 | 22793 | 23507 | 0.8% |
| TK Operations Ltd (dba Travelperk, Inc.)(15)(20) | First lien senior secured loan |  | 11.50%PIK | 05/2029 | 14218 | 13105 | 13187 | 0.4% |
| UKG Inc. (dba Ultimate Software)(7)(14) | First lien senior secured loan | S+ | 3.00% | 02/2031 | 19926 | 19926 | 20052 | 0.7% |
| Vensure Employer Services, Inc.(8)(16) | First lien senior secured loan | S+ | 5.00% | 09/2031 | 33122 | 32767 | 32753 | 1.1% |
|  |  |  |  |  |  | 322484 | 325248 | 10.8% |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |
| Pacific BidCo Inc.(9)(16)(20) | First lien senior secured loan | S+ | 6.00% (2.05% PIK) | 08/2029 | 10003 | 9827 | 9754 | 0.3% |
| **Real Estate Management & Development** | **Real Estate Management & Development** |  |  |  |  |  |  |  |
| Entrata, Inc.(7) | First lien senior secured loan | S+ | 5.75% | 07/2030 | 34142 | 33709 | 34142 | 1.1% |
| RealPage, Inc.(8)(14) | First lien senior secured loan | S+ | 3.00% | 04/2028 | 20166 | 19862 | 20108 | 0.7% |
| RealPage, Inc.(8)(14) | First lien senior secured loan | S+ | 3.75% | 04/2028 | 16750 | 16666 | 16792 | 0.6% |
|  |  |  |  |  |  | 70237 | 71042 | 2.4% |
| **Specialty Retail** |  |  |  |  |  |  |  |  |
| Wand Newco 3, Inc. (dba Caliber)(7)(14) | First lien senior secured loan | S+ | 3.25% | 01/2031 | 7325 | 7325 | 7348 | 0.2% |
| **Systems Software** |  |  |  |  |  |  |  |  |
| Activate Holdings (US) Corp. (dba Absolute Software)(8)(16)(20) | First lien senior secured loan | S+ | 5.25% | 07/2030 | 48828 | 48643 | 48828 | 1.6% |
| Appfire Technologies, LLC(8)(16) | First lien senior secured loan | S+ | 5.00% | 03/2028 | 12761 | 12727 | 12761 | 0.4% |
| Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)(7)(16) | First lien senior secured loan | S+ | 6.50% | 03/2031 | 25651 | 25292 | 25458 | 0.8% |
| Barracuda Networks, Inc.(8)(14) | First lien senior secured loan | S+ | 4.50% | 08/2029 | 30989 | 30312 | 28591 | 1.0% |
| Barracuda Networks, Inc.(8) | Second lien senior secured loan | S+ | 7.00% | 08/2030 | 55875 | 54544 | 44700 | 1.5% |
| Bayshore Intermediate #2, L.P. (dba Boomi)(8) | First lien senior secured loan | S+ | 6.25% (3.38% PIK) | 10/2028 | 47620 | 47611 | 47620 | 1.6% |
| Cloud Software Group, Inc.(8)(14) | First lien senior secured loan | S+ | 3.75% | 03/2031 | 27605 | 27605 | 27663 | 0.9% |
| Cloud Software Group, Inc.(8)(14) | First lien senior secured loan | S+ | 3.50% | 03/2029 | 22118 | 22118 | 22167 | 0.7% |
| Clover Holdings 2, LLC (dba Cohesity)(8) | First lien senior secured loan | S+ | 4.00% | 12/2031 | 12321 | 12198 | 12198 | 0.4% |
| Crewline Buyer, Inc. (dba New Relic)(7) | First lien senior secured loan | S+ | 6.75% | 11/2030 | 94034 | 92781 | 92859 | 3.1% |
| Databricks, Inc.(7) | First lien senior secured loan | S+ | 4.50% | 01/2031 | 48571 | 48329 | 48329 | 1.6% |
| Delta TopCo, Inc. (dba Infoblox, Inc.)(8)(14) | First lien senior secured loan | S+ | 3.50% | 11/2029 | 29158 | 29087 | 29371 | 1.0% |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2024**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)(19)(23)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(3)(4)** | **Fair Value** | **Percentage of Net Assets(5)** |
| Forescout Technologies, Inc.(8) | First lien senior secured loan | S+ | 5.00% | 05/2031 | 1232 | 1226 | 1225 | —% |
| Ivanti Software, Inc.(7)(14) | First lien senior secured loan | S+ | 4.25% | 12/2027 | 12835 | 12178 | 8792 | 0.3% |
| Oranje Holdco, Inc. (dba KnowBe4)(8) | First lien senior secured loan | S+ | 7.75% | 02/2029 | 4273 | 4224 | 4273 | 0.1% |
| Oranje Holdco, Inc. (dba KnowBe4)(8) | First lien senior secured loan | S+ | 7.25% | 02/2029 | 25275 | 25051 | 25085 | 0.8% |
| Ping Identity Holding Corp.(8) | First lien senior secured loan | S+ | 4.75% | 10/2029 | 43786 | 43704 | 43786 | 1.5% |
| Project Alpha Intermediate Holding, Inc. (dba Qlik)(8)(14) | First lien senior secured loan | S+ | 3.25% | 10/2030 | 29775 | 29702 | 29948 | 1.0% |
| Rubrik, Inc.(8)(16) | First lien senior secured loan | S+ | 7.00% | 08/2028 | 52965 | 52416 | 52965 | 1.8% |
| SailPoint Technologies Holdings, Inc.(8) | First lien senior secured loan | S+ | 6.00% | 08/2029 | 74632 | 73467 | 74632 | 2.5% |
| Securonix, Inc.(8) | First lien senior secured loan | S+ | 7.75% (3.75% PIK) | 04/2028 | 19774 | 19652 | 17154 | 0.6% |
| Securonix, Inc.(8)(16) | First lien senior secured revolving loan | S+ | 7.00% | 04/2028 | 80 | 60 | (391) | —% |
| Sitecore Holding III A/S(8) | First lien senior secured loan | S+ | 7.75% (4.25% PIK) | 03/2029 | 4805 | 4777 | 4805 | 0.2% |
| Sitecore USA, Inc.(8) | First lien senior secured loan | S+ | 7.75% (4.25% PIK) | 03/2029 | 28969 | 28798 | 28969 | 1.0% |
| Sitecore Holding III A/S(12) | First lien senior secured EUR term loan | E+ | 7.75% (4.25% PIK) | 03/2029 | 28002 | 29365 | 28996 | 1.0% |
| Talon MidCo 2 Limited(7)(16)(20) | First lien senior secured loan | S+ | 6.95% | 08/2028 | 31055 | 30643 | 31055 | 1.0% |
|  |  |  |  |  |  | 806510 | 791839 | 26.3% |
| **Water Utilities** |  |  |  |  |  |  |  |  |
| Vessco Midco Holdings, LLC(9)(16) | First lien senior secured delayed draw term loan | S+ | 4.75% | 07/2031 | 820 | 802 | 816 | —% |
| Vessco Midco Holdings, LLC(7) | First lien senior secured loan | S+ | 4.75% | 07/2031 | 9346 | 9257 | 9299 | 0.3% |
|  |  |  |  |  |  | 10059 | 10115 | 0.3% |
| **Total non-controlled/non-affiliated portfolio company debt investments** | **Total non-controlled/non-affiliated portfolio company debt investments** | **Total non-controlled/non-affiliated portfolio company debt investments** | **Total non-controlled/non-affiliated portfolio company debt investments** |  |  | $4947512 | $4956384 | 164.8% |
| **Equity Investments** |  |  |  |  |  |  |  |  |
| **Application Software** |  |  |  |  |  |  |  |  |
| AlphaSense, LLC(18)(22) | Series E Preferred Shares |  | N/A | N/A | 96072 | 4342 | 4313 | 0.1% |
| Project Alpine Co-Invest Fund, LP(18)(20)(22) | LP Interest |  | N/A | N/A | 6667 | 6671 | 8755 | 0.3% |
| Simpler Postage, Inc. (dba Easypost)(18)(22) | Warrants |  | N/A | N/A | 68396 | 861 | 861 | —% |
| Zoro TopCo, Inc.(8)(22) | Series A Preferred Equity | S+ | 9.50% PIK | N/A | 8057 | 10212 | 10461 | 0.3% |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2024**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)(19)(23)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(3)(4)** | **Fair Value** | **Percentage of Net Assets(5)** |
| Zoro TopCo, L.P.(18)(22) | Class A Common Units |  | N/A | N/A | 671414 | 6715 | 7310 | 0.2% |
|  |  |  |  |  |  | 28801 | 31700 | 1.1% |
| **Health Care Providers & Services** | **Health Care Providers & Services** |  |  |  |  |  |  |  |
| KWOL Acquisition Inc. (dba Worldwide Clinical Trials)(18)(22) | Class A Interest |  | N/A | N/A | 317 | 3171 | 3594 | 0.1% |
| Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)(15)(22) | Series A Preferred Stock |  | 15.00%PIK | N/A | 4419 | 5046 | 4749 | 0.2% |
|  |  |  |  |  |  | 8217 | 8343 | 0.3% |
| **Health Care Technology** |  |  |  |  |  |  |  |  |
| Minerva Holdco, Inc.(15)(22) | Senior A Preferred Stock |  | 10.75% PIK | N/A | 40000 | 53952 | 52750 | 1.8% |
| Orange Blossom Parent, Inc.(18)(22) | Common Units |  | N/A | N/A | 16667 | 1667 | 1664 | 0.1% |
|  |  |  |  |  |  | 55619 | 54414 | 1.8% |
| **Insurance** |  |  |  |  |  |  |  |  |
| Accelerate Topco Holdings, LLC(18)(22) | Common Units |  | N/A | N/A | 12822 | 354 | 612 | —% |
| Hockey Parent Holdings, L.P.(18)(22) | Class A Common Units |  | N/A | N/A | 7500 | 7500 | 8380 | 0.3% |
|  |  |  |  |  |  | 7854 | 8992 | 0.3% |
| **IT Services** |  |  |  |  |  |  |  |  |
| Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(9)(22) | Perpetual Preferred Stock | S+ | 10.75% PIK | N/A | 50000 | 68446 | 69367 | 2.3% |
| **Professional Services** |  |  |  |  |  |  |  |  |
| CloudPay, Inc.(15)(20)(22) | Series E Preferred Stock |  | 13.50% PIK | N/A | 30846 | 7016 | 7017 | 0.2% |
| TravelPerk, Inc.(18)(20)(22) | Warrants |  | N/A | N/A | 46173 | 985 | 985 | —% |
| Vestwell Holdings, Inc.(18)(22) | Series D Preferred Stock |  | N/A | N/A | 152175 | 3020 | 3000 | 0.1% |
|  |  |  |  |  |  | 11021 | 11002 | 0.4% |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |
| XOMA Corporation(16)(18)(22) | Warrants |  | N/A | N/A | 4200 | 29 | 49 | —% |
| **Systems Software** |  |  |  |  |  |  |  |  |
| Elliott Alto Co-Investor Aggregator L.P.(18)(20)(22) | LP Interest |  | N/A | N/A | 7836 | 7887 | 12205 | 0.4% |
| Halo Parent Newco, LLC(15)(22) | Class H PIK Preferred Equity |  | 11.00%PIK | N/A | 10000 | 13040 | 9821 | 0.3% |
| Project Hotel California Co-Invest Fund, L.P.(18)(20)(22) | LP Interest |  | N/A | N/A | 6711769 | 6717 | 7729 | 0.3% |
| Securiti, Inc.(18)(22) | Series C Preferred Shares |  | N/A | N/A | 1262785 | 10002 | 10000 | 0.3% |
|  |  |  |  |  |  | 37646 | 39755 | 1.3% |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2024**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(2)(19)(23)** | **Investment** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(3)(4)** | **Fair Value** | **Percentage of Net Assets(5)** |
| **Total non-controlled/non-affiliated portfolio company equity investments** | **Total non-controlled/non-affiliated portfolio company equity investments** | **Total non-controlled/non-affiliated portfolio company equity investments** | **Total non-controlled/non-affiliated portfolio company equity investments** |  | $217633 | $223622 | 7.4% |
| **Total non-controlled/non-affiliated portfolio company investments** | **Total non-controlled/non-affiliated portfolio company investments** | **Total non-controlled/non-affiliated portfolio company investments** |  |  | $5165145 | $5180006 | 172.2% |
| **Non-controlled/affiliated portfolio company investments(21)** | **Non-controlled/affiliated portfolio company investments(21)** | **Non-controlled/affiliated portfolio company investments(21)** |  |  |  |  |  |
| **Equity Investments** |  |  |  |  |  |  |  |
| **Pharmaceuticals** |  |  |  |  |  |  |  |
| LSI Financing 1 DAC(16)(20)(21)(22) | Preferred equity | N/A | N/A | 3052 | 3084 | 3102 | 0.1% |
| LSI Financing LLC(16)(20)(21)(22)(26)(27) | Common Equity | N/A | N/A | 20746 | 20747 | 21110 | 0.7% |
|  |  |  |  |  | 23831 | 24212 | 0.8% |
| **Total non-controlled/affiliated portfolio company investments** | **Total non-controlled/affiliated portfolio company investments** | **Total non-controlled/affiliated portfolio company investments** |  |  | $23831 | $24212 | 0.8% |
| **Controlled/affiliated portfolio company investments(25)** | **Controlled/affiliated portfolio company investments(25)** | **Controlled/affiliated portfolio company investments(25)** |  |  |  |  |  |
| **Equity Investments** |  |  |  |  |  |  |  |
| **Joint Ventures** |  |  |  |  |  |  |  |
| Blue Owl Credit SLF LLC(20)(22)(25)(26)(27) | LLC Interest | N/A | N/A | 900 | 949 | 954 | —% |
| **Total controlled/affiliated portfolio company investments** | **Total controlled/affiliated portfolio company investments** | **Total controlled/affiliated portfolio company investments** |  |  | $949 | $954 | —% |
| **Total non-controlled/non-affiliated misc. debt commitments(16)(28)(Note 8)** | **Total non-controlled/non-affiliated misc. debt commitments(16)(28)(Note 8)** | **Total non-controlled/non-affiliated misc. debt commitments(16)(28)(Note 8)** | **Total non-controlled/non-affiliated misc. debt commitments(16)(28)(Note 8)** |  | $(2826) | $(1374) | —% |
| **Total Investments** |  |  |  |  | $5187099 | $5203798 | 173.0% |

---

_______________

<sup>(1)</sup> Certain portfolio company investments are subject to contractual restrictions on sales.

<sup>(2)</sup> Unless otherwise indicated, all investments are considered Level 3 investments. See *Note 6 — Fair Value of Investments.*

<sup>(3)</sup> 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.

<sup>(4)</sup> As of December 31, 2024, the net estimated unrealized gain for U.S. federal income tax purposes was $61.6 million based on a tax cost basis of $5.1 billion. As of December 31, 2024, there were no estimated aggregate gross unrealized losses for U.S federal income tax purposes and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $61.6 million.

<sup>(5)</sup> Totals presented may differ than actuals due to rounding.

<sup>(6)</sup> 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 Secured Overnight Financing Rate ("SOFR" or "S") (which can include one-, three-, or six- SOFR), an Sterling Overnight Interbank Average Rate ("SONIA" or "SA"), Euro Interbank Offered Rate ("EURIBOR" or "E", which can include one-, two-, three- or six-month EURIBOR), or an alternate base rate (which can include the Prime Rate ("PRIME" or "P") at the borrower's option, and which reset periodically based on the terms of the loan agreement.

<sup>(7)</sup> The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2024 was 4.33%.

<sup>(8)</sup> The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2024 was 4.31%.

<sup>(9)</sup> The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2024 was 4.25%.

<sup>(10)</sup> The interest rate on these loans is subject to 12 month SOFR, which as of December 31, 2024 was 4.18%.

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

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

<sup>(13)</sup> The interest rate on these loans is subject to 6 month EURIBOR, which as of December 31, 2024 was 2.57%.

<sup>(14)</sup> Level 2 investment.

<sup>(15)</sup> Contains a fixed rate structure.

<sup>(16)</sup> Position or portion thereof is a partially unfunded debt or equity commitment. See "*Note 8 — Commitments and Contingencies."*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Unfunded** | **Unfunded** |
|<br>**Portfolio Company** |<br>**Commitment Type** |<br>**Commitment Expiration Date** |<br>**Funded Commitment** | **Commitment** | **Fair Value**<sup>(28)</sup> |
| **Non-controlled/non-affiliated - delayed draw debt commitments** | **Non-controlled/non-affiliated - delayed draw debt commitments** | | | | |
| Aerosmith Bidco 1 Limited (dba Audiotonix) | First lien senior secured delayed draw term loan | 7/2027 |  | $22237 | $(18) |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2024**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Unfunded** | **Unfunded** |
|<br>**Portfolio Company** |<br>**Commitment Type** |<br>**Commitment Expiration Date** |<br>**Funded Commitment** | **Commitment** | **Fair Value**<sup>(28)</sup> |
| AI Titan Parent, Inc. (dba Prometheus Group) | First lien senior secured delayed draw term loan | 9/2026 |  | 5509 | (28) |
| AlphaSense, Inc. | First lien senior secured delayed draw term loan | 6/2029 |  | 4064 | (41) |
| AlphaSense, Inc. | First lien senior secured delayed draw term loan | 12/2025 |  | 4010 | (40) |
| AmeriLife Holdings LLC | First lien senior secured delayed draw term loan | 6/2026 | 2202 | 2339 |  |
| Appfire Technologies, LLC | First lien senior secured delayed draw term loan | 3/2025 |  | 5562 |  |
| Appfire Technologies, LLC | First lien senior secured delayed draw term loan | 6/2026 |  | 2688 |  |
| Aptean Acquiror, Inc. (dba Aptean) | First lien senior secured delayed draw term loan | 1/2026 |  | 1589 | (1) |
| Artifact Bidco, Inc. (dba Avetta) | First lien senior secured delayed draw term loan | 7/2027 |  | 2703 |  |
| Associations, Inc. | First lien senior secured delayed draw term loan | 7/2028 | 857 | 4279 |  |
| Bamboo US BidCo LLC | First lien senior secured delayed draw term loan | 11/2026 |  | 5486 |  |
| Bamboo US BidCo LLC | First lien senior secured delayed draw term loan | 3/2025 | 1818 | 1258 |  |
| BTRS HOLDINGS INC. (dba Billtrust) | First lien senior secured delayed draw term loan | 12/2028 | 194 | 1 |  |
| Computer Services, Inc. (dba CSI) | First lien senior secured delayed draw term loan | 2/2026 |  | 22991 |  |
| Coupa Holdings, LLC | First lien senior secured delayed draw term loan | 8/2025 |  | 70 |  |
| Cresset Capital Management, LLC | First lien senior secured delayed draw term loan | 9/2025 |  | 3806 |  |
| Cresset Capital Management, LLC | First lien senior secured delayed draw term loan | 6/2026 |  | 2239 |  |
| CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured delayed draw term loan | 8/2026 |  | 2912 | (7) |
| Databricks, Inc. | First lien senior secured delayed draw term loan | 7/2026 |  | 10929 |  |
| EET Buyer, Inc. (dba e-Emphasys) | First lien senior secured delayed draw term loan | 4/2026 |  | 2557 |  |
| Faraday Buyer, LLC (dba MacLean Power Systems) | First lien senior secured delayed draw term loan | 11/2025 |  | 1896 |  |
| FR Flow Control CB LLC (dba Trillium Flow Technologies) | First lien senior secured delayed draw term loan | 6/2026 |  | 3667 |  |
| Fullsteam Operations, LLC | First lien senior secured delayed draw term loan | 8/2025 | 34 | 336 |  |
| Fullsteam Operations, LLC | First lien senior secured delayed draw term loan | 2/2026 | 26 | 66 |  |
| Galway Borrower LLC | First lien senior secured delayed draw term loan | 7/2026 | 112 | 6105 |  |
| Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured delayed draw term loan | 12/2025 | 256 | 4229 |  |
| Integrated Specialty Coverages, LLC | First lien senior secured delayed draw term loan | 1/2025 |  | 1780 |  |
| Integrated Specialty Coverages, LLC | First lien senior secured delayed draw term loan | 4/2026 |  | 1954 |  |
| Integrity Marketing Acquisition, LLC | First lien senior secured delayed draw term loan | 8/2026 |  | 9420 |  |
| Kaseya Inc. | First lien senior secured delayed draw term loan | 6/2025 | 790 | 3013 |  |
| Litera Bidco LLC | First lien senior secured delayed draw term loan | 11/2026 | 5306 | 5994 |  |
| Litera Bidco LLC | First lien senior secured delayed draw term loan | 5/2027 |  | 4709 | (12) |
| ManTech International Corporation | First lien senior secured delayed draw term loan | 6/2025 |  | 6698 |  |
| Minotaur Acquisition, Inc. (dba Inspira Financial) | First lien senior secured delayed draw term loan | 5/2026 |  | 9006 |  |
| Monotype Imaging Holdings Inc. | First lien senior secured delayed draw term loan | 2/2026 | 663 | 2183 |  |
| OneOncology, LLC | First lien senior secured delayed draw term loan | 10/2026 | 7179 | 7107 |  |
| PDI TA Holdings, Inc. | First lien senior secured delayed draw term loan | 2/2026 | 1707 | 1350 |  |
| PerkinElmer U.S. LLC | First lien senior secured delayed draw term loan | 5/2026 | 7395 | 2471 |  |
| PetVet Care Centers, LLC | First lien senior secured delayed draw term loan | 11/2025 |  | 5120 | (166) |
| Plasma Buyer LLC (dba PathGroup) | First lien senior secured delayed draw term loan | 9/2025 | 502 | 126 |  |
| Pye-Barker Fire & Safety, LLC | First lien senior secured delayed draw term loan | 5/2026 | 7231 | 13064 |  |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2024**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Unfunded** | **Unfunded** |
|<br>**Portfolio Company** |<br>**Commitment Type** |<br>**Commitment Expiration Date** |<br>**Funded Commitment** | **Commitment** | **Fair Value**<sup>(28)</sup> |
| Raven Acquisition Holdings, LLC (dba R1 RCM) | First lien senior secured delayed draw term loan | 10/2026 |  | 1667 |  |
| RL Datix Holdings (USA), Inc. | First lien senior secured delayed draw term loan | 4/2027 |  | 6725 |  |
| Rubrik, Inc. | First lien senior secured delayed draw term loan | 6/2028 | 6194 | 343 |  |
| Salinger Bidco Inc. (dba Surgical Information Systems) | First lien senior secured delayed draw term loan | 8/2026 |  | 7734 |  |
| Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured delayed draw term loan | 9/2025 | 80 | 403 |  |
| Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured EUR delayed draw term loan | 9/2025 | 17 | 84 |  |
| Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured delayed draw term loan | 10/2027 |  | 13622 | (68) |
| Simpler Postage, Inc. (dba Easypost) | First lien senior secured delayed draw term loan | 6/2026 | 429 | 17996 | (26) |
| Simplicity Financial Marketing Group Holdings, Inc. | First lien senior secured delayed draw term loan | 12/2026 |  | 5714 | (29) |
| Smarsh Inc. | First lien senior secured delayed draw term loan | 2/2025 | 3333 | 3333 |  |
| Spaceship Purchaser, Inc. (dba Squarespace) | First lien senior secured delayed draw term loan | 10/2026 |  | 4038 |  |
| Spaceship Purchaser, Inc. (dba Squarespace) | First lien senior secured delayed draw term loan | 10/2027 |  | 9691 | (24) |
| Troon Golf, L.L.C. | First lien senior secured delayed draw term loan | 9/2026 | 1562 | 1562 |  |
| Vessco Midco Holdings, LLC | First lien senior secured delayed draw term loan | 7/2026 | 820 | 2295 |  |
| Vensure Employer Services, Inc. | First lien senior secured delayed draw term loan | 9/2026 | 45 | 6878 |  |
| Zendesk, Inc. | First lien senior secured delayed draw term loan | 11/2025 |  | 14633 |  |
| **Non-controlled/non-affiliated-debt (Revolvers)** | **Non-controlled/non-affiliated-debt (Revolvers)** |  |  |  |  |
| Activate Holdings (US) Corp. (dba Absolute Software) | First lien senior secured revolving loan | 7/2029 |  | 3011 |  |
| Aerosmith Bidco 1 Limited (dba Audiotonix) | First lien senior secured revolving loan | 7/2030 |  | 9220 | (23) |
| AI Titan Parent, Inc. (dba Prometheus Group) | First lien senior secured revolving loan | 8/2031 |  | 3443 | (34) |
| AmeriLife Holdings LLC | First lien senior secured revolving loan | 8/2028 |  | 2273 | (11) |
| Anaplan, Inc. | First lien senior secured revolving loan | 6/2028 |  | 6481 |  |
| Appfire Technologies, LLC | First lien senior secured revolving loan | 3/2028 | 117 | 1516 |  |
| Aptean Acquiror, Inc. (dba Aptean) | First lien senior secured revolving loan | 1/2031 |  | 2913 | (7) |
| Artifact Bidco, Inc. (dba Avetta) | First lien senior secured revolving loan | 7/2030 |  | 1930 | (10) |
| Associations, Inc. | First lien senior secured revolving loan | 7/2028 | 2058 | 2058 |  |
| Avalara, Inc. | First lien senior secured revolving loan | 10/2028 |  | 2273 |  |
| Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.) | First lien senior secured revolving loan | 3/2031 |  | 2850 | (21) |
| Bamboo US BidCo LLC | First lien senior secured revolving loan | 10/2029 |  | 4103 |  |
| Bayshore Intermediate #2, L.P. (dba Boomi) | First lien senior secured revolving loan | 10/2027 |  | 4104 |  |
| BCPE Pequod Buyer, Inc. (dba Envestnet) | First lien senior secured revolving loan | 11/2029 |  | 3616 | (18) |
| BTRS HOLDINGS INC. (dba Billtrust) | First lien senior secured revolving loan | 12/2028 | 92 | 154 |  |
| Certinia Inc. | First lien senior secured revolving loan | 8/2029 |  | 5882 |  |
| Coupa Holdings, LLC | First lien senior secured revolving loan | 2/2029 |  | 54 |  |
| Creek Parent, Inc. (dba Catalent) | First lien senior secured revolving loan | 12/2031 |  | 7376 | (129) |
| Cresset Capital Management, LLC | First lien senior secured revolving loan | 6/2029 |  | 1119 |  |
| Crewline Buyer, Inc. (dba New Relic) | First lien senior secured revolving loan | 11/2030 |  | 9434 | (118) |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2024**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Unfunded** | **Unfunded** |
|<br>**Portfolio Company** |<br>**Commitment Type** |<br>**Commitment Expiration Date** |<br>**Funded Commitment** | **Commitment** | **Fair Value**<sup>(28)</sup> |
| CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant) | First lien senior secured revolving loan | 8/2031 |  | 7280 | (18) |
| Disco Parent, Inc. (dba Duck Creek Technologies, Inc.) | First lien senior secured revolving loan | 3/2029 |  | 91 | (1) |
| EET Buyer, Inc. (dba e-Emphasys) | First lien senior secured revolving loan | 11/2027 |  | 430 |  |
| Entrata, Inc. | First lien senior secured revolving loan | 7/2028 |  | 3941 |  |
| Fiesta Purchaser, Inc. (dba Shearer's Foods) | First lien senior secured revolving loan | 2/2029 |  | 2215 |  |
| Finastra USA, Inc. | First lien senior secured revolving loan | 9/2029 | 3898 | 2369 |  |
| Forescout Technologies, Inc. | First lien senior secured revolving loan | 5/2030 |  | 176 | (1) |
| FR Flow Control CB LLC (dba Trillium Flow Technologies) | First lien senior secured revolving loan | 12/2029 |  | 3000 | (23) |
| Fullsteam Operations, LLC | First lien senior secured revolving loan | 11/2029 |  | 37 |  |
| Galway Borrower LLC | First lien senior secured revolving loan | 9/2028 | 66 | 718 |  |
| Gerson Lehrman Group, Inc. | First lien senior secured revolving loan | 12/2027 |  | 2391 | (6) |
| Granicus, Inc. | First lien senior secured revolving loan | 1/2031 |  | 1645 |  |
| Hyland Software, Inc. | First lien senior secured revolving loan | 9/2029 |  | 1919 |  |
| Icefall Parent, Inc. (dba EngageSmart) | First lien senior secured revolving loan | 1/2030 |  | 1957 |  |
| Indikami Bidco, LLC (dba IntegriChain) | First lien senior secured revolving loan | 6/2030 | 1153 | 2050 |  |
| Integrated Specialty Coverages, LLC | First lien senior secured revolving loan | 7/2029 |  | 5934 |  |
| Integrity Marketing Acquisition, LLC | First lien senior secured revolving loan | 8/2028 |  | 3152 |  |
| Interoperability Bidco, Inc. (dba Lyniate) | First lien senior secured revolving loan | 3/2028 | 68 | 1237 |  |
| IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.)) | First lien senior secured revolving loan | 12/2027 | 1805 | 7255 |  |
| JS Parent, Inc. (dba Jama Software) | First lien senior secured revolving loan | 4/2031 |  | 1324 |  |
| Kaseya Inc. | First lien senior secured revolving loan | 6/2029 | 1023 | 3038 |  |
| KWOL Acquisition Inc. (dba Worldwide Clinical Trials) | First lien senior secured revolving loan | 12/2029 |  | 6202 |  |
| Litera Bidco LLC | First lien senior secured revolving loan | 5/2028 |  | 2680 | (7) |
| Magnet Forensics, LLC (f/k/a Grayshift, LLC) | First lien senior secured revolving loan | 7/2028 |  | 5806 |  |
| ManTech International Corporation | First lien senior secured revolving loan | 9/2028 |  | 5590 |  |
| Ministry Brands Holdings, LLC | First lien senior secured revolving loan | 12/2027 |  | 1695 | (13) |
| Minotaur Acquisition, Inc. (dba Inspira Financial) | First lien senior secured revolving loan | 6/2030 |  | 5540 | (28) |
| Monotype Imaging Holdings Inc. | First lien senior secured revolving loan | 2/2030 |  | 4268 | (11) |
| Neptune Holdings, Inc. (dba NexTech) | First lien senior secured revolving loan | 8/2029 |  | 4118 |  |
| OneOncology, LLC | First lien senior secured revolving loan | 6/2029 |  | 2857 |  |
| Oranje Holdco, Inc. (dba KnowBe4) | First lien senior secured revolving loan | 2/2029 |  | 534 |  |
| PDI TA Holdings, Inc. | First lien senior secured revolving loan | 2/2031 |  | 1345 | (13) |
| PetVet Care Centers, LLC | First lien senior secured revolving loan | 11/2029 |  | 5373 | (228) |
| Phantom Purchaser, Inc. | First lien senior secured revolving loan | 9/2031 |  | 1140 | (9) |
| Ping Identity Holding Corp. | First lien senior secured revolving loan | 10/2028 |  | 4390 |  |
| Plasma Buyer LLC (dba PathGroup) | First lien senior secured revolving loan | 5/2028 | 1059 | 832 |  |
| Pye-Barker Fire & Safety, LLC | First lien senior secured revolving loan | 5/2030 | 536 | 3750 |  |
| Relativity ODA LLC | First lien senior secured revolving loan | 5/2029 |  | 3854 | (10) |
| RL Datix Holdings (USA), Inc. | First lien senior secured revolving loan | 10/2030 | 744 | 5144 |  |

---

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2024**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Unfunded** | **Unfunded** |
|<br>**Portfolio Company** |<br>**Commitment Type** |<br>**Commitment Expiration Date** |<br>**Funded Commitment** | **Commitment** | **Fair Value**<sup>(28)</sup> |
| SailPoint Technologies Holdings, Inc. | First lien senior secured revolving loan | 8/2028 |  | 10896 |  |
| Salinger Bidco Inc. (dba Surgical Information Systems) | First lien senior secured revolving loan | 5/2031 |  | 7734 | (19) |
| Securonix, Inc. | First lien senior secured revolving loan | 4/2028 | 80 | 3479 |  |
| Sensor Technology Topco, Inc. (dba Humanetics) | First lien senior secured revolving loan | 5/2028 | 1345 | 732 |  |
| Severin Acquisition, LLC (dba PowerSchool) | First lien senior secured revolving loan | 10/2031 |  | 8173 | (82) |
| Simplicity Financial Marketing Group Holdings, Inc. | First lien senior secured revolving loan | 12/2031 |  | 2857 | (29) |
| Smarsh Inc. | First lien senior secured revolving loan | 2/2029 | 107 | 160 |  |
| Spaceship Purchaser, Inc. (dba Squarespace) | First lien senior secured revolving loan | 10/2031 |  | 8076 | (40) |
| Talon MidCo 2 Limited | First lien senior secured revolving loan | 8/2028 |  | 1369 |  |
| TC Holdings, LLC (dba TrialCard) | First lien senior secured revolving loan | 4/2027 |  | 1071 |  |
| Troon Golf, L.L.C. | First lien senior secured revolving loan | 8/2028 |  | 1562 |  |
| Truist Insurance Holdings, LLC | First lien senior secured revolving loan | 5/2029 |  | 2106 |  |
| Vessco Midco Holdings, LLC | First lien senior secured revolving loan | 7/2031 |  | 1038 | (5) |
| Vital Bidco AB (dba Vitamin Well) | First lien senior secured revolving loan | 10/2030 | 1090 | 3378 |  |
| Zendesk, Inc. | First lien senior secured revolving loan | 11/2028 |  | 6026 |  |
| **Non-controlled/affiliated - equity commitments** | **Non-controlled/affiliated - equity commitments** |  |  |  |  |
| LSI Financing LLC | Common Equity | N/A | 20746 | 446 |  |
| **Total Portfolio Company Commitments** | **Total Portfolio Company Commitments** |  | $84739 | $544431 | $(1374) |

---

<sup>(17)</sup> 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.

<sup>(18)</sup> Investment is non-income producing.

<sup>(19)</sup> Unless otherwise indicated, the Company's portfolio companies are pledged as collateral supporting the amounts outstanding under the Company's Amended and Restated Senior Secured Revolving Credit Agreement (the "Revolving Credit Facility") and credit facilities to which certain of the Company's subsidiaries are parties (the "SPV Asset Facilities" and the "CLOs"). See *"Note 5 — Debt."*

<sup>(20)</sup> This portfolio company is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (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 13.6% of total assets as calculated in accordance with the regulatory requirements.

<sup>(21)</sup> Under the 1940 Act, the Company is deemed to be an "Affiliated Person" of, as defined in the 1940 Act, this portfolio company, as the Company owns more than 5% but less than 25% of the portfolio company's outstanding voting securities ("non-controlled affiliate"). Transactions during the year ended December 31, 2024 in which the Company was an Affiliated Person of the portfolio company are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Fair Value at December 31, 2023** | **Gross Additions (a)** | **Gross Reductions (b)** | **Net Change in Unrealized Gain/(Loss)** | **Fair Value at December 31, 2024** | **Interest Income** | **Dividend Income** | **Other Income** |
| **Non-controlled Affiliates** | | | | | | | | |
| LSI Financing 1 DAC | $13001 | $1733 | $(11006) | $(626) | $3102 | $— | $53 | $— |
| LSI Financing LLC |  | 30263 | (9517) | 364 | 21110 |  | 109 |  |
| **Total Non-controlled Affiliates** | $13001 | $31996 | $(20523) | $(262) | $24212 | $— | $162 | $— |

---

_______________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>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.

<sup>(22)</sup> 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 $248.8 million or 8.2% of the Company's net assets. The acquisition dates of the restricted securities are as follows:

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2024**

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

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **Investment** | **Acquisition Date** |
| Project Hotel California Co-Invest Fund, L.P. | LP Interest | August 09, 2022 |
| Halo Parent Newco, LLC | Class H PIK Preferred Equity | May 4, 2022 |
| Elliott Alto Co-Investor Aggregator L.P. | LP Interest | September 28, 2022 |
| Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.) | Perpetual Preferred Stock | June 23, 2022 |
| Minerva Holdco, Inc. | Senior A Preferred Stock | May 2, 2022 |
| Project Alpine Co-Invest Fund, LP | LP Interest | June 10, 2022 |
| Securiti, Inc. | Series C Preferred Shares | July 28, 2022 |
| Accelerate Topco Holdings, LLC | Common Units | September 01, 2022 |
| Orange Blossom Parent, Inc. | Common Units | July 29, 2022 |
| Zoro TopCo, Inc. | Series A Preferred Equity | November 22, 2022 |
| Zoro TopCo, L.P. | Class A Common Units | November 22, 2022 |
| LSI Financing 1 DAC\* | Preferred Equity | December 14, 2022 |
| Hockey Parent Holdings, L.P. | Class A Common Units | September 14, 2023 |
| Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers) | Series A Preferred Stock | November 15, 2023 |
| KWOL Acquisition Inc. (dba Worldwide Clinical Trials) | Class A Interest | December 12, 2023 |
| Xoma Corporation | Warrants | December 15, 2023 |
| Vestwell Holdings, Inc. | Series D Preferred Stock | December 20, 2023 |
| TravelPerk, Inc. | Warrants | May 02, 2024 |
| Simpler Postage, Inc. (dba Easypost) | Warrants | June 11, 2024 |
| AlphaSense, LLC | Series E Preferred Shares | June 27, 2024 |
| CloudPay, Inc. | Series E Preferred Stock | July 31, 2024 |
| Blue Owl Credit SLF LLC\*\* | LLC Interest | August 01, 2024 |
| LSI Financing LLC\* | Common Equity | November 24, 2024 |

---

\* Refer to *Note 3 — Agreements and Related Party Transactions – Controlled/Affiliated Portfolio Companies.*

\*\* Refer to *Note 4 — Investments - Credit SLF LLC* for further information.

<sup>(</sup><sup>23</sup><sup>)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated, all investments represent a co-investment made with the Company's affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See *Note 3 — Agreements and Related Party Transactions.*

<sup>(24)</sup> &nbsp;&nbsp;&nbsp;&nbsp;This portfolio company was not a co-investment made with the Company's affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission.

<sup>(25)</sup> &nbsp;&nbsp;&nbsp;&nbsp;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 investment in controlled affiliates for the period ended December 31, 2024, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Fair Value at December 31, 2023** | **Gross Additions (a)** | **Gross Reductions (b)** | **Net Change in Unrealized Gain/(Loss)** | **Fair Value at December 31, 2024** | **Interest Income** | **Dividend Income** | **Other Income** |
| **Controlled Affiliates** | | | | | | | | |
| Blue Owl Credit SLF<sup>(c)</sup> | $— | $2189 | $(1240) | $5 | $954 | $— | $27 | $— |
| **Total Controlled Affiliates** | $— | $2189 | $(1240) | $5 | $954 | $— | $27 | $— |

---

_______________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(c)</sup>For further description of the Company's investment in Blue Owl Credit SLF LLC ("Credit SLF"), see "*Note 4 — Investments."*

<sup>(26)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Investment measured at net asset value ("NAV").

<sup>(27)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Investment is not pledged as collateral for the credit facilities.

------

**Blue Owl Technology Income Corp.**

**Consolidated Schedule of Investments** 

**As of December 31, 2024**

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

<sup>(28)</sup> &nbsp;&nbsp;&nbsp;&nbsp;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.

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<u>[**Table of Contents**](#i48a1372c45a4433f8e6cd91b3044d7ae_13)</u>

**Blue Owl Technology Income Corp.**

**Consolidated Statements of Changes in Net Assets**

**(Amounts in thousands)**

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $296922 | $262273 | $157783 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized gain (loss) | (31312) | (384) | 31885 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 18487 | (7271) | (421) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | 284097 | 254618 | 189247 |
| **Distributions** |  |  |  |
| Class S | (70847) | (53286) | (24054) |
| Class D | (1692) | (1375) | (1323) |
| Class I | (223553) | (194916) | (112688) |
| Net Decrease in Net Assets Resulting from Shareholders' Distributions | (296092) | (249577) | (138065) |
| **Capital Share Transactions** |  |  |  |
| **Class S:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares | 234637 | 321273 | 294629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share transfers between classes<sup>(1)</sup> | (12196) | (12157) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common shares | (44274) | (29934) | (3535) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of shareholders' distributions | 40609 | 27338 | 11569 |
| Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class S | 218776 | 306520 | 302663 |
| **Class D:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of shares of common stock | 6177 | 2882 | 24759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share transfers between classes<sup>(1)</sup> |  | (13605) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common shares | (825) | (858) | (102) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of shareholders' distributions | 465 | 451 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class D | 5817 | (11130) | 25068 |
| **Class I:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of shares of common stock | 543983 | 914333 | 603307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share transfers between classes<sup>(1)</sup> | 12196 | 25762 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common shares | (290602) | (190363) | (134795) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of shareholders' distributions | 93893 | 76314 | 44681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class I | 359470 | 826046 | 513193 |
| **Total Increase (Decrease) in Net Assets** | 572068 | 1126477 | 892106 |
| **Net Assets, at beginning of period** | $3008080 | $1881603 | $989497 |
| **Net Assets, at end of period** | $3580148 | $3008080 | $1881603 |

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_______________

<sup>(1)</sup> In certain cases, and subject to Blue Owl Securities LLC's (d/b/a Blue Owl Securities) (the "Dealer Manager") approval, including in situations where a holder of Class S or Class D shares exits a relationship with a participating broker-dealer for this offering and does not enter into a new relationship with a participating broker-dealer for this offering, such holder's shares may be exchanged into an equivalent net asset value amount of Class I shares.

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

------

**Blue Owl Technology Income Corp.** 

**Consolidated Statements of Cash Flows** 

**(Amounts in thousands)**

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Cash Flows from Operating Activities** |  |  |  |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $284097 | $254618 | $189247 |
| *Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:* |  |  |  |
| Purchases of investments, net | (2878994) | (2791545) | (1363660) |
| Proceeds from investments and investment repayments, net | 1952800 | 899447 | 195594 |
| Net accretion/amortization of discount/premium on investments | (25754) | (31597) | (9704) |
| Payment-in-kind interest | (31262) | (21672) | (17880) |
| Payment-in-kind dividends | (18116) | (23989) | (17903) |
| Net change in unrealized (gain) loss on investments | 29442 | (106) | (30073) |
| Net change in unrealized (gain) loss on foreign currency forward contracts | 429 |  |  |
| Net change in unrealized (gain) loss on translation of assets and liabilities in foreign currencies | 1441 | 385 | (1797) |
| Net realized (gain) loss on investments | (15257) | 6795 | (585) |
| Net realized (gain) loss on foreign currency transactions relating to investments | (2921) | 90 |  |
| Amortization of debt issuance costs | 7329 | 5492 | 3437 |
| Amortization of offering costs | 1231 | 1790 |  |
| *Changes in operating assets and liabilities:* |  |  |  |
| (Increase) decrease in interest and dividend receivable | 4671 | (9242) | (12984) |
| (Increase) decrease in prepaid expenses and other assets | (64307) | (33757) | (1202) |
| Increase (decrease) in management fee payable | 489 | 1299 | 871 |
| (Increase) decrease in due from Adviser |  | 37 | 447 |
| Increase (decrease) in incentive fee payable | (1300) | 2168 | 7036 |
| Increase (decrease) in payable for investments purchased | (14211) | 39634 | 14874 |
| Increase (decrease) in due to Adviser | 3836 | 2081 | 963 |
| Increase (decrease) in accrued expenses and other liabilities | 3962 | 12984 | 8466 |
| **Net cash provided by (used in) operating activities** | (762395) | (1685088) | (1034853) |
| **Cash Flows from Financing Activities** |  |  |  |
| Borrowings on debt | 3267858 | 3177995 | 1687318 |
| Payments on debt | (2726469) | (2259281) | (1354000) |
| Debt issuance costs | (9921) | (19099) | (8883) |
| Proceeds from issuance of common shares | 784797 | 1238488 | 922695 |
| Offering costs paid | (2048) | (3961) |  |
| Cash distributions paid to shareholders | (165738) | (132627) | (72277) |
| Repurchase of common shares | (431873) | (165274) | (120200) |
| **Net cash provided by (used in) financing activities** | 716606 | 1836241 | 1054653 |
| **Net increase (decrease) in cash** | (45789) | 151153 | 19800 |
| **Cash, including foreign cash, beginning of period** | 199014 | 47861 | 28061 |
| **Cash, including foreign cash, end of period** <sup>(1)</sup> | $153225 | $199014 | $47861 |
| **Supplemental and Non-Cash Information** |  |  |  |
| Interest paid during the period | $172675 | $137777 | $81796 |
| Distributions declared during the period | 296092 | 249577 | 138065 |
| Reinvestment of distributions during the period | 134967 | 104103 | 56661 |
| Distributions Payable | 25104 | 29717 | 16870 |
| Tender offer payable |  | 96172 | 40291 |
| Taxes, including excise tax, paid during the period | 178 | 149 | 300 |

---

______________

<sup>(1)</sup> The Company held no restricted cash in the periods presented.

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

------

**Blue Owl Technology Income Corp.** 

**Notes to the Consolidated Financial Statements** 

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

**Note 1. Organization and Principal Business**

Blue Owl Technology Income Corp. ("OTIC" or the "Company") is a Maryland corporation formed on June 22, 2021. The Company was formed primarily to originate and make debt and equity investments in, technology-related companies, specifically software companies, based primarily in the United States. 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 may hold its investments directly or through special purpose vehicles. 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, or BDC, under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, the Company is treated as a regulated investment company (a "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 December 9, 2021, the Company formed a wholly-owned subsidiary, OR Tech Lending IC LLC, a Delaware limited liability company, which holds a California finance lenders license. OR Tech Lending IC 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 II LLC ("the Adviser" or "OTCA II") serves as the Company's investment adviser. The Adviser is an indirect affiliate of Blue Owl Capital Inc. ("Blue Owl") (NYSE: OWL) and part of Blue Owl's Credit platform. 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"). Blue Owl consists of three investment platforms: (1) Credit, which includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent investment strategies, (2) 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, real estate credit and digital infrastructure which focuses on acquiring, financing, developing and operating data centers and related digital infrastructure assets. 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.

The Company relies on an exemptive order issued to an affiliate of the Adviser that permits it to offer multiple classes of shares of common stock and to impose asset-based servicing and distribution fees and early withdrawal fees. The Company is currently offering on a continuous basis up to $5.0 billion in any combination of amount of shares of Class S, Class D, and Class I common stock. The share classes have different upfront selling commissions and ongoing servicing fees. Each class of common stock will be offered through Blue Owl Securities LLC (d/b/a Blue Owl Securities) (the "Dealer Manager" or "Blue Owl Securities"). No upfront selling commission, dealer manager fees, or other similar placement fees will be paid to the Company or the Dealer Manager with respect to the Class S and Class D shares, however, if Class S shares or Class D shares are purchased through certain financial intermediaries, those financial intermediaries may directly charge transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that the selling agents limit such charge to 3.5% of the net offering price per share for each Class S share and 1.5% of the net offering price per share of each Class D share. Class I shares are not subject to upfront selling commissions. In addition, the Class S and Class D share classes have different ongoing servicing fees. Class I shares are not subject to ongoing servicing fees. Class S, Class D and Class I shares were offered at initial purchase prices per shares of $10.00. Thereafter, the purchase price per share for each class of common stock will vary and will not be sold at a price below the Company`s net asset value per share of such class, as determined in accordance with the Company`s share pricing policy, plus applicable upfront selling commissions. The Company also engages in private placement offerings of its common stock.

The Company was initially funded on September 30, 2021, when an affiliate of the Adviser (the "Initial Shareholder"), purchased 100 shares of the Company`s Class I common stock at $10.00 per share, which represents the initial public offering price. On May 2, 2022, the Company met the minimum offering requirement, commenced operations and commenced its initial public offering of up to $5.0 billion in any combination of amount of shares of Class S, Class D and Class I common stock. On February 3, 2025, the Company commenced its follow-on offering pursuant to which it is currently offering on a continuous basis up to $5.0 billion in any combination of Class S, Class D and Class I common shares.

Since meeting the minimum offering requirement and commencing its continuous public offering through December 31, 2025, the Company has issued 93,062,111 shares of Class S common stock, 3,413,138 shares of Class D common stock, and 41,616,430 shares of Class I common stock, exclusive of any tender offers and shares issued pursuant to the Company's distribution reinvestment

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

plan, for gross proceeds of $962.3 million, $34.9 million and $427.4 million, respectively, including one thousand of seed capital contributed by its Initial Shareholder. The Company has issued 246,887,445 shares of its Class I common stock to feeder vehicles primarily created to hold the Company's Class I shares in a Private Offering and raised gross proceeds of approximately $2.5 billion. The offer and sale of these Class I shares was exempt from the registration provisions of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) and/or Regulation S thereunder (the "Private Offering").

**Note 2. Significant Accounting Policies**

*Basis of Presentation*

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification ("ASC") Topic 946, *Financial Services – Investment Companies*. In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements, have been included.

*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 (when applicable). Cash is carried at cost, which approximates fair value. The Company deposits its cash with highly-rated banking corporations and, at times, may exceed the insured limits under applicable law.

*Investments at Fair Value*

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Pursuant to Rule 2a-5, the Board designated the Adviser as the Company's valuation designee to perform fair value determinations relating to the value of assets held by the Company for which market quotations are not readily available.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preliminary valuation conclusions are documented and discussed with the Adviser's valuation committee;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 ("FASB") 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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

*Foreign Currency Forward Contracts*

The Company follows the guidance in ASC 815 Derivatives and Hedging, when accounting for all derivative instruments. The Company uses foreign currency forward contracts to reduce the Company's exposure to fluctuations in the value of foreign currencies.

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**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

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

*Foreign Currency* 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

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

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

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

*Interest and Dividend Income Recognition*

Interest income is recorded on the accrual basis and includes accretion or amortization 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:

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| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| PIK Interest Income | $29693 | $22289 | $17313 |
| PIK Interest Income as a % of Investment Income | 5.1% | 4.4% | 5.8% |
| PIK Dividend Income | $18113 | $19176 | $18535 |
| PIK Dividend Income as a % of Investment Income | 3.1% | 3.7% | 6.2% |
| Total PIK Income | $47806 | $41465 | $35848 |
| &nbsp;&nbsp;**Total PIK Income as a % of Investment Income** | 8.2% | 8.1% | 12.0% |

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Discounts to par value on securities purchased are accreted into interest income over the contractual life of the respective security using the effective yield method. Premiums to par value on securities purchased are amortized to first call date. The amortized cost of investments represents the original cost adjusted for the accretion or amortization 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 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.

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**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

*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 normally paid at the closing of the investments, are generally non-recurring, and are recognized as revenue when earned upon closing of the investment. The services that the Adviser provides vary by investment, but can include closing, work, diligence or other similar fees and fees for providing managerial assistance to the Company's portfolio companies.

*Offering Expenses*

Costs associated with the offering of common shares of the Company are capitalized as deferred offering expenses and are included in prepaid expenses and other assets in the Consolidated Statement of Assets and Liabilities and are amortized over a twelve-month period from incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company's share offerings of its common shares, 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 deferred financing 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 Statement 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 Statement 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 RIC under the Code beginning with the taxable year ended December 31, 2021 and intends to continue to qualify as a RIC. So long as the Company maintains its tax treatment as a RIC, it generally will not pay U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company represents obligations of the Company's investors and will not be reflected in the consolidated financial statements of the Company. However, the Company will be subject to U.S. federal income tax imposed at corporate rates on any income, including capital gains not distributed (or deemed distributed) to its stockholders.

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

The Company evaluates tax positions taken or expected to be taken in the course of preparing its 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 income tax positions through December 31, 2025. As applicable, the Company's prior three tax years remain subject to examination by U.S federal, state and local tax authorities.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

*Income and Expense Allocations* 

Income and realized and unrealized capital gains and losses are allocated to each class of shares of the Company on the basis of the aggregate net asset value of that class in relation to the aggregate net asset value of the Company.

Expenses that are common to all share classes are borne by each class of shares based on the net assets of the Company attributable to each class. Expenses that are specific to a class of shares are allocated to such class either directly or through the servicing fees paid pursuant to the Company's distribution plan. See "*Note 3 — Agreements and Related Party Transactions – Dealer Manager Agreement."*

*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. Net realized 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.

Subject to the Company's board of directors' discretion and applicable legal restrictions, the Company intends to authorize and declare cash distributions to the Company's shareholders on a monthly or quarterly basis and pay such distributions on a monthly basis. The per share amount of distributions for Class S, Class D, and Class I shares will differ because of different allocations of class-specific expenses. Specifically, because the ongoing servicing fees are calculated based on the Company's net asset value for the Company's Class S and Class D shares, the ongoing service fees will reduce the net asset value or, alternatively, the distributions payable, with respect to the shares of each such class, including shares issued under the Company's distribution reinvestment plan. As a result, the distributions on Class S shares and Class D shares may be lower than the distributions on Class I shares.

The Company has adopted a distribution reinvestment plan, which was amended and restated on May 6, 2024. The amended and restated distribution reinvestment plan provides for reinvestment of any cash distributions on behalf of shareholders who have enrolled in the distribution reinvestment plan. As a result, if the Board authorizes and declares a cash distribution, then the shareholders who have enrolled in the distribution reinvestment plan will have their cash distribution automatically reinvested in additional shares of the Company's common stock, rather than receiving the cash distribution.

*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.

The Company does not consolidate its equity interests in Blue Owl Credit SLF LLC and Blue Owl Leasing. For further description of the Company's investment in Credit SLF and Blue Owl Leasing, see "*Note 4 — Investments."*

*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. The Company adopted ASU 2023-09 effective December 31, 2025, and concluded the adoption of the standard had no material impact on the consolidated annual financial statements of the Company.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

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.

**Note 3. Agreements and Related Party Transactions**

As of December 31, 2025 and 2024, the Company had payables to affiliates of $17.4 million and $15.1 million, primarily comprised of $10.5 million and $11.8 million of accrued capital gains and performance based incentive fees, respectively, and $3.6 million and $3.1 million of management fees, respectively. The payable to affiliates also includes $3.3 million and $0.2 million of operating expenses as of December 31, 2025 and 2024, respectively.

*Administration Agreement*

The Company has entered into an 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.

From October 1, 2021 to November 30, 2021, the Company was advised by Blue Owl Technology Credit Advisors LLC ("OTCA"), an affiliate of the Adviser, which also served as the Company's administrator. On November 30, 2021, the Company entered into the Investment Advisory Agreement and the Administration Agreement, under which the Adviser serves as the Company's Adviser and administrator, respectively.

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 and from year to year thereafter if approved annually by (1) the vote of the Board, or by the vote of a majority of its outstanding voting securities and (2) the vote of a majority of the Company's directors who are not "interested persons" of the Company, of the Adviser or of any of their respective affiliates, as defined in the 1940 Act. The Administration Agreement may be terminated at any time, without the payment of any penalty, upon 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 years ended December 31, 2025, 2024 and 2023, the Company incurred expenses of $4.2 million, $3.9 million and $2.2 million for costs and expenses reimbursable to the Adviser under the terms of the Administration Agreement.

*Investment Advisory Agreement*

The Company entered into an Investment Advisory Agreement on November 30, 2021 (the "Investment Advisory Agreement") with the Adviser. 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 becomes effective and from year-to-year thereafter 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, by a majority of independent directors.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

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 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 of Directors or the shareholders holding a majority (as defined under the 1940 Act) of the outstanding shares of the Company's common stock or the Adviser. In addition, without payment of penalty, the Adviser may generally terminate the Investment Advisory Agreement upon 120 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 an incentive fee. The cost of both the management fee and the incentive fee will ultimately be borne by the Company's shareholders.

The base management fee is payable monthly in arrears. The base management fee is calculated at an annual rate of 1.25% based on the average value of the Company`s net assets at the end of the two most recently completed calendar months. All or part of the base management fee not taken as to any month will be deferred without interest and may be taken in any such month prior to the occurrence of a liquidity event. Base management fees for any partial month are prorated based on the number of days in the month.

For year ended December 31, 2025, management fees were $41.1 million, net of $83 thousand in management fee waivers. For years ended December 31, 2024 and 2023, management fees were $30.7 million and $16.5 million, respectively.

The incentive fee consists of two parts: (i) an incentive fee on income and (ii) an incentive fee on capital gains. Each part of the incentive fee is outlined below.

The incentive fee on income will be calculated and payable quarterly in arrears and will be based upon the Company's pre-incentive fee net investment income for the immediately preceding calendar quarter. In the case of a liquidation of the Company or if the Investment Advisory Agreement is terminated, the fee will also become payable as of the effective date of the event.

The incentive fee on income for each calendar quarter will be calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No incentive fee on income will be payable in any calendar quarter in which the pre-incentive fee net investment income does not exceed a quarterly return to investors of 1.25% of the Company's net asset value at the beginning of the quarter. The Company refers to this as the quarterly preferred return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All of the Company's pre-incentive fee net investment income, if any, that exceeds the quarterly preferred return, but is less than or equal to 1.43%, which the Company refers to as the upper level breakpoint, of the Company's net asset value at the beginning of the quarter, will be payable to the Company's Adviser. The Company refers to this portion of the incentive fee on income as the "catch-up." It is intended to provide an incentive fee of 12.50% on all of the Company's pre-incentive fee net investment income when the pre-incentive fee net investment income reaches 1.43% of the Company's net asset value at the beginning of the quarter, measured as of the end of the immediately preceding calendar quarter. The quarterly preferred return of 1.25% and upper level breakpoint of 1.43% are also adjusted for the actual number of days each calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For any quarter in which the Company's pre-incentive fee net investment income exceeds the upper level break point of 1.43% of the Company's net asset value at the beginning of the quarter, the incentive fee on income will equal 12.50% of the amount of the Company's pre-incentive fee net investment income, because the quarterly preferred return and catch up will have been achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-incentive fee net investment income is defined as investment income and any other income, accrued during the calendar quarter, minus operating expenses for the quarter, including the base management fee, expenses payable under the Investment Advisory Agreement and the Administration Agreement, any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee. Pre-incentive fee net investment income does not include any expense support payments or any reimbursement by the Company of expense support payments, or any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

The incentive fee on capital gains will be determined and payable in arrears as of the end of each calendar year during which the Investment Advisory Agreement is in effect. In the case of a liquidation, or if the Investment Advisory Agreement is terminated, the fee will also become payable as of the effective date of such event. The annual fee will equal (i) 12.50% of the Company's realized capital gains on a cumulative basis from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less (ii) the aggregate amount of any previously paid incentive fees on capital gains as calculated in accordance with U.S. GAAP. The Company will accrue but will not pay a Capital Gains Incentive Fee with respect to unrealized appreciation because a Capital Gains Incentive Fee would be owed to the Adviser if the Company was to sell the relevant investment and realize a capital gain. In no event will the incentive fee on capital gains payable pursuant hereto be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.

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**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

For years ended December 31, 2025, 2024 and 2023, performance-based incentive fees were $42.2 million, $37.3 million, and $22.9 million, respectively.

For years ended December 31, 2025 and 2024, the Company recorded a reversal of previously recorded capital gains-based incentive fees of $(1.3) million and $(1.0) million, respectively, related to unrealized losses. For year ended December 31, 2023, capital gains-based incentive fees were $2.3 million, which is related to unrealized gains.

Under the terms of the Investment Advisory Agreement, upon satisfaction of the minimum offering requirement, the Adviser is entitled to receive up to 1.50% of gross proceeds raised in the Company`s continuous public offering until all organization and offering costs funded by the Adviser or its affiliates have been recovered. Any reimbursements will not exceed actual expenses incurred by the Adviser and its affiliates.

The Company bears all other expenses of its operations and transactions including, without limitation, those relating to: expenses deemed to be "organization and offering expenses" for purposes of Financial Industry Regulatory Authority Conduct Rule 2310(a)(12) (exclusive of commissions, the dealer manager fee, any discounts and other similar expenses paid by investors at the time of sale of the Company's stock); the cost of corporate and organizational expenses relating to offerings of shares of common stock, subject to limitations included in the Investment Advisory Agreement; the cost of calculating the Company's net asset value, including the cost of any third-party valuation services; the cost of effecting any sales and repurchases of the common stock and other securities; fees and expenses payable under any dealer manager agreements, if any; debt service and other costs of borrowings or other financing arrangements; costs of hedging; expenses, including travel expense, incurred by the Adviser, or members of the Investment Team, or payable to third parties, performing due diligence on prospective portfolio companies and, if necessary, enforcing the Company's 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; the costs of any reports, proxy statements or other notices to shareholders (including printing and mailing costs); the 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 the Company's assets for tax or other purposes; extraordinary expenses (such as litigation or indemnification); and costs associated with reporting and compliance obligations under the Advisers Act and applicable federal and state securities laws. Notwithstanding anything to the contrary contained herein, the Company shall reimburse the Adviser (or its affiliates) for an allocable portion of the compensation paid by the Adviser (or its affiliates) to the Company's Chief Compliance Officer and Chief Financial Officer and their respective staffs (based on a percentage of time such individuals devote, on an estimated basis, to the business affairs of the Company). Any such reimbursements will not exceed actual expenses incurred by the Adviser and its affiliates. The Adviser is responsible for the payment of the Company's organization and offering expenses to the extent that these expenses exceed 1.5% of the aggregate gross offering proceeds, without recourse against or reimbursement by the Company.

For years ended December 31, 2025, 2024, and 2023, organization and offering costs that are reimbursable to the Adviser that were incurred by the Company were $0.7 million, $2.8 million, and $0.2 million, respectively.

*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.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

The Adviser is affiliated with Blue Owl Credit Advisors LLC ("OCA"), OTCA, Blue Owl Credit Private Fund Advisors LLC ("OPFA") and Blue Owl Diversified Credit Advisors LLC ("ODCA" and together with OCA, OTCA, OPFA 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 could avail themselves of the Order and that have a similar investment objective to the Company's.

*Controlled, Affiliated/Non-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 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 the accompanying consolidated financial statements, including the consolidated schedule of investments.

The Company has made investments in controlled, affiliated companies, including Credit SLF and Blue Owl Leasing. For further description of Credit SLF and Blue Owl Leasing, see "*Note 4 — Investments."*

The Company has made investments in non-controlled, affiliated companies, including LSI Financing 1 DAC, LSI Financing LLC (collectively, "LSI Financing") and Blue Owl Cross-Strategy Opportunities LLC ("BOCSO").

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, the Company made an initial investment in LSI Financing DAC. As of December 31, 2025, the fair value of the Company's investment in LSI Financing DAC was $2.6 million and the Company's total commitment was $2.7 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. 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 December 31, 2025, the fair value of the Company's investment in LSI Financing LLC was $61.6 million and the Company's total commitment was $89.3 million. The Company does not consolidate its equity interest in LSI Financing LLC.

BOCSO is a portfolio company formed to invest in alternative credit assets, including asset-based finance (ABF). ABF is a subsector of private credit focused on generating income from pools of financial, physical or other assets. On September 18, 2025, we made an initial equity contribution to BOCSO. As of December 31, 2025, the Company's investment at fair value in BOCSO was $25.2 million and the Company's total commitment was $25.3 million. The Company does not consolidate its equity interest in BOCSO.

*Dealer Manager Agreement*

The Company has entered into a dealer manager agreement (the "Dealer Manager Agreement") with Blue Owl Securities, an affiliate of the Adviser, and participating broker-dealer agreements with certain broker-dealers. Under the terms of the Dealer Manager Agreement and the participating broker-dealer agreements, Blue Owl Securities serves as the dealer manager, and certain participating broker- dealers solicit capital, for the Company's public offering of shares of Class S, Class D, and Class I common stock. Blue Owl Securities will not receive upfront selling commissions with respect to purchases of Class S, Class D and Class I shares or shares of any class of shares issued pursuant to the Company's distribution reinvestment plan.

Subject to FINRA limitations on underwriting compensation and pursuant to a distribution plan adopted by the Company in compliance with Rules 12b-1 and 17d-3 under the 1940 Act, as if those rules applied to the Company, the Company will pay Blue Owl Securities servicing fees for ongoing services rendered to shareholders by participating broker-dealers or broker-dealers servicing investors' accounts, referred to as servicing broker-dealers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to the Company's outstanding Class S shares equal to 0.85% per annum of the aggregate net asset value of the Company`s outstanding Class S shares; and

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**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to the Company's outstanding Class D shares equal to 0.25% per annum of the aggregate net asset value of the Company`s outstanding Class D shares.

The Company will not pay an ongoing servicing fee with respect to the Company`s outstanding Class I shares.

For year ended December 31, 2025, the Company incurred servicing fees with respect to Class S shares of $7.5 million. For year ended December 31, 2024, the Company incurred servicing fees with respect to Class S shares of $5.1 million. For year ended December 31, 2023, the Company incurred servicing fees with respect to Class S shares of $2.3 million. The Company deemed servicing fees with respect to the Class D shares insignificant to disclose for year ended December 31, 2025, 2024 and 2023.

The servicing fees will be paid monthly in arrears. Blue Owl Securities will reallow (pay) all or a portion of the ongoing servicing fees to participating broker-dealers and servicing broker-dealers for ongoing services performed by such broker-dealers, and will waive ongoing servicing fees to the extent a broker-dealer is not eligible to receive it for failure to provide such services. Because the ongoing servicing fees are calculated based on the Company`s net asset values for the Company`s Class S and Class D shares, they will reduce the net asset values or, alternatively, the distributions payable, with respect to the shares of each such class, including shares issued under it's distribution reinvestment plan. The Company will cease paying ongoing servicing fees at the date at which total underwriting compensation from any source in connection with this offering equals 10% of the gross proceeds from it's offering (excluding proceeds from issuances pursuant to it`s distribution reinvestment plan). This limitation is intended to ensure that the Company satisfies the requirements of FINRA Rule 2310, which provides that the maximum aggregate underwriting compensation from any source, including compensation paid from offering proceeds and in the form of "trail commissions," payable to underwriters, broker-dealers, or affiliates thereof participating in an offering may not exceed 10% of gross offering proceeds, excluding proceeds received in connection with the issuance of shares through a distribution reinvestment plan.

Upfront selling commissions for sales of Class S and Class D shares may be reduced or waived in connection with volume or other discounts, other fee arrangements or for sales to certain categories of purchasers.

*Expense Support and Conditional Reimbursement Agreement*

On November 30, 2021, the Company entered into an Expense Support Agreement and Conditional Reimbursement Agreement, or the "Expense Support Agreement", with the Adviser, the purpose of which was to ensure that no portion of the Company's distributions to shareholders represented a return of capital for U.S. federal income tax purposes. The Expense Support Agreement became effective as of the date that the Company met the minimum offering requirement and was terminated by the Adviser on March 7, 2023. On a quarterly basis, the Adviser reimbursed the Company for "Operating Expenses" (as defined below) in an amount equal to the excess of the Company's cumulative distributions paid to the Company's shareholders in each quarter over "Available Operating Funds" (as defined below) received by the Company on account of the Company's investment portfolio during such quarter. Any payments that the Adviser was required to make pursuant to the preceding sentence are referred to herein as an "Expense Payment."

Under the Expense Support Agreement, "Operating Expenses" was defined as all of the Company's operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies. "Available Operating Funds" was defined as the sum of (i) the Company's estimated investment company taxable income (including realized net short-term capital gains reduced by realized net long-term capital losses), (ii) the Company's realized net capital gains (including the excess of realized net long-term capital gains over realized net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of preferred and common equity investments in portfolio companies, if any (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The Adviser's obligation to make Expense Payments automatically became a liability of the Adviser and the right to such Expense Payment was an asset of the Company's on the last business day of the applicable quarter. The Expense Payment for any quarter was be paid by the Adviser to the Company in any combination of cash or other immediately available funds, and/or offset against amounts due from the Company to the Adviser no later than the earlier of (i) the date on which the Company closes it's books for such quarter, or (ii) forty-five days after the end of such quarter.

Following any quarter in which Available Operating Funds exceed the cumulative distributions paid by the Company in respect of such quarter (the amount of such excess being hereinafter referred to as "Excess Operating Funds"), the Company is required to pay such Excess Operating Funds, or a portion thereof, in accordance with the stipulations below, as applicable, to the Adviser, until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such quarter have been reimbursed. Any payments required to be made by the Company are referred to as a "Reimbursement Payment."

The amount of the Reimbursement Payment for any quarter shall equal the lesser of (i) the Excess Operating Funds in respect of such quarter and (ii) the aggregate amount of all Expense Payments made by the Adviser to us within three years prior to the last business day of such quarter that have not been previously reimbursed by the Company to the Adviser. The payment will be reduced to the extent that such Reimbursement Payments, together with all other Reimbursement Payments paid during the fiscal year, would cause Other Operating Expenses defined as the Company's total Operating Expenses, excluding base management fees, incentive fees, organization and offering expenses, distribution and shareholder servicing fees, financing fees and costs, interest expense, brokerage

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

commissions and extraordinary expenses on an annualized basis and net of any Expense Payments received by the Company during the fiscal year to exceed the lesser of: (i) 1.75% of the Company's average net assets attributable to the shares of the Company's common stock for the fiscal year-to-date period after taking such Expense Payments into account; and (ii) the percentage of the Company's average net assets attributable to shares of its common stock represented by Other Operating Expenses during the fiscal year in which such Expense Payment was made (provided, however, that this clause (ii) shall not apply to any Reimbursement Payment which relates to an Expense Payment made during the same fiscal year).

No Reimbursement Payment for any quarter will be made if: (1) the "Effective Rate of Distributions Per Share" (as defined below) declared by the Company at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the Company's "Operating Expense Ratio" (as defined below) at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates. Pursuant to the Expense Support Agreement, "Effective Rate of Distributions Per Share" means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder fees, and declared special dividends or special distributions, if any. The "Operating Expense Ratio" is calculated by dividing Operating Expenses, less organizational and offering expenses, base management and incentive fees owed to Adviser, and interest expense, by the Company's net assets.

The specific amount of expenses reimbursed by our Adviser, if any, will be determined at the end of each quarter.

On March 7, 2023, our Adviser terminated the Expense Support Agreement. However, the Company's obligation to make Reimbursement Payments, subject to the conditions above, survives the termination of the Expense Support Agreement. There are no Reimbursement Payments conditionally due from the Company to the Adviser.

*Expense Deferral Agreement*

On March 23, 2022, the Company and the Adviser entered into the expense deferral agreement (the "Expense Deferral Agreement"), under which the Adviser has agreed to incur and pay all of the Company's expenses, other than amounts used to pay interest expense and shareholder servicing and/or distribution fees, until the Company met certain conditions related to amount of subscriptions it received. The expenses subject to deferral did not include expenses that (1) were previously classified as Expense Payments or Reimbursement Payments under the Expense Support Agreement, or (2) Organization and Offering Expenses in excess of 1.50% of the gross offering proceeds from the sale of the Company's securities.

On May 9, 2023, the Company and the Adviser amended the Expense Deferral Agreement to provide that the Adviser's obligation to incur and pay the Company's expenses would cease as of April 30, 2023, and that the Company would repay the expenses previously incurred by the Adviser on the Company's behalf in eighteen equal installments, upon meeting specified conditions. The first installment became an obligation of the Company on December 1, 2023, when the Company reached $1.75 billion in "Net Subscriptions" received from the sale of the Company's common shares, and each of the seventeen remaining installments will become an obligation of the Company for each $75 million in Net Subscriptions received from the sale of the Company's common shares thereafter. For purposes of the Expense Deferral Agreement, "Net Subscriptions" means gross subscriptions from the sale of the Company's common stock minus gross repurchases made by the Company pursuant to the Company's tender offer program.

The Expense Deferral Agreement may be terminated at any time, without the payment of any penalty, by the Company or the Adviser, with or without notice, and will automatically terminate (i) in the event of the termination of the Investment Advisory Agreement, or (ii) if the Board makes a determination to dissolve or liquidate the Company. However, the Company's obligation to pay the Adviser the expenses incurred by the Adviser on the Company's behalf upon meeting the specified conditions will survive any termination of the agreement.

*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 has no legal right to the "Blue Owl" name or logo.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

**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 our investments at amortized cost and fair value as of the following periods:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| First-lien senior secured debt investments | $5488669 | $5484795 | $4707450 | $4727263 |
| Second-lien senior secured debt investments | 283730 | 267441 | 175078 | 165292 |
| Unsecured debt investments | 66248 | 66531 | 62158 | 62455 |
| Preferred equity investments | 177173 | 173230 | 175076 | 171478 |
| Common equity investments | 80256 | 101617 | 42558 | 52144 |
| Specialty finance equity investments | 86202 | 89389 | 23830 | 24212 |
| Joint Ventures | 24325 | 24133 | 949 | 954 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | $6206603 | $6207136 | $5187099 | $5203798 |

---

The Company uses 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:

---

| | | |
|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2024** |
| Aerospace & Defense | 1.3% | 0.9% |
| Airlines | 0.3% | —% |
| Application Software | 15.6% | 12.4% |
| Asset Based Lending and Fund Finance<sup>(1)(2)</sup> | 0.4% | —% |
| Banks | 0.7% | 1.2% |
| Beverages | 0.2% | 0.7% |
| Buildings & Real Estate | 1.9% | 1.8% |
| Building Products | 0.1% | 0.1% |
| Capital Markets | 1.0% | 0.1% |
| Commercial Services & Supplies | 1.4% | 3.1% |
| Construction & Engineering | 0.2% | 0.5% |
| Consumer Finance | 0.5% | 0.6% |
| Containers & Packaging | 0.4% | 1.0% |
| Diversified Consumer Services | 2.9% | 2.7% |
| Diversified Financial Services | 7.8% | 5.7% |
| Diversified Telecommunication Services<sup>(1)</sup> | —% | 0.3% |
| Entertainment | 1.1% | 1.3% |
| Equity Real Estate Investment Trusts (REITs) | 1.6% | 1.0% |
| Food & Staples Retailing | 2.3% | 3.0% |
| Food Products | 0.3% | 0.4% |
| Health Care Equipment & Supplies | 3.0% | 1.6% |
| Health Care Providers & Services | 6.1% | 4.2% |
| Health Care Technology | 12.4% | 13.0% |
| Hotels, Restaurants & Leisure | 0.7% | 1.0% |
| Household Products | 0.3% | —% |
| Industrial Conglomerates | 0.8% | 0.7% |
| Insurance | 5.4% | 7.2% |
| Internet & Direct Marketing Retail | 0.5% | 0.5% |
| IT Services | 5.0% | 6.0% |

---

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

---

| | | |
|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2024** |
| Joint Ventures<sup>(1)(4)</sup> | 0.4% | —% |
| Life Sciences Tools & Services | 2.1% | 2.3% |
| Machinery | 0.6% | 0.7% |
| Media | 0.6% | 0.7% |
| Multiline Retail | 0.3% | 0.3% |
| Pharmaceuticals<sup>(3)</sup> | 1.2% | 0.7% |
| Professional Services | 5.7% | 6.5% |
| Real Estate Management & Development | 0.8% | 1.4% |
| Specialty Retail | 0.8% | 0.1% |
| Systems Software | 12.6% | 16.1% |
| Water Utilities | 0.2% | 0.2% |
| Wireless Telecommunication Services | 0.5% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | 100.0% | 100.0% |

---

_______________

<sup>(1)</sup> As of December 31, 2025 and 2024, our investment balance is insignificant (if applicable).

<sup>(2)</sup> Includes investment in BOCSO.

<sup>(3)</sup> Includes investments in LSI Financing DAC and LSI Financing LLC.

<sup>(4)</sup> Includes investments in Credit SLF and Blue Owl Leasing. See below, within Note 4, for more information.

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

---

| | | |
|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2024** |
| *United States:* |  |  |
| &nbsp;&nbsp;Midwest | 13.7% | 16.1% |
| &nbsp;&nbsp;Northeast | 21.0% | 19.3% |
| &nbsp;&nbsp;South | 31.4% | 29.9% |
| &nbsp;&nbsp;West | 24.2% | 23.0% |
| Canada | 3.0% | 3.4% |
| United Kingdom | 4.1% | 5.3% |
| Other international | 2.6% | 3.0% |
| &nbsp;&nbsp;**Total** | 100.0% | 100.0% |

---

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

*Blue Owl Credit SLF LLC*

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

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

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

The Company's initial capital commitment to and economic ownership in Credit SLF was $2.5 million and 4.4%, respectively. On May 15, 2025, the Credit SLF Members modified their capital commitments to Credit SLF and the Company's capital commitment was increased to $8.7 million of which $7.5 million was unfunded and which since then has been funded. On September 4, 2025, certain Credit SLF Members increased their capital commitments to Credit SLF and the Company's capital commitment was increased to $16.2 million of which $7.5 million was unfunded.

As of December 31, 2025, the capital commitment and economic ownership of each Credit SLF Member is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Members** | **Capital Commitment** | **Net Contributed Capital** | **Economic Ownership Interest**<sup>(1)</sup> |
| Blue Owl Capital Corporation | $427085 | $421348 | 67.8% |
| Blue Owl Capital Corporation II | 244 | 244 | 0.0% |
| Blue Owl Credit Income Corp. | 87169 | 76960 | 12.4% |
| Blue Owl Technology Finance Corp. | 34937 | 30875 | 5.0% |
| Blue Owl Technology Income Corp. | 16161 | 14293 | 2.3% |
| State Teachers Retirement System of Ohio | 80799 | 77674 | 12.5% |
| **Total** | $646395 | $621394 | 100.0% |

---

_______________

<sup>(1) &nbsp;&nbsp;&nbsp;&nbsp;</sup>This represents each equity holder's ownership percentage at December 31, 2025 based on net contributed capital.

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

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| **Consolidated Balance Sheet Data** | | |
| Cash | $124718 | $17354 |
| Investments at fair value | 2343367 | 1164473 |
| Total Assets | 2477523 | 1196367 |
| Total Debt (net of unamortized debt issuance costs) | 1728363 | 750610 |
| Total Liabilities | 1863454 | 847556 |
| **Total Credit SLF Members' Equity** | 614069 | 348811 |

---

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

---

| | | |
|:---|:---|:---|
| | **For the Year Ended December 31,** | **For the Period Ended December 31,** |
| | **2025** | **2024**<sup>(1)</sup> |
| **Consolidated Statement of Operations Data** |  |  |
| Investment income | $133213 | $14573 |
| Net operating expenses | 79074 | 8606 |
| Net investment income (loss) | $54139 | $5967 |
| Total net realized and unrealized gain (loss) | (10641) | 2904 |
| Net increase (decrease) in Credit SLF Members' Equity resulting from operations | $43498 | $8871 |

---

_______________

 <sup>(1) &nbsp;&nbsp;&nbsp;&nbsp;</sup>Credit SLF's date of inception was May 6, 2024.

The Company's proportional share of Credit SLF's net income generated distributions for the following periods:

---

| | | |
|:---|:---|:---|
| | **For the Year Ended December 31,** | **For the Period Ended December 31,** |
| | **2025** | **2024** |
| Dividend income | $628 | $27 |

---

*Blue Owl Leasing LLC*

Blue Owl Leasing, a Delaware limited liability company, is a joint venture among the Company, OBDC, OBDC II, OCIC, OTF, Blue Owl Alternative Credit Fund and California State Teachers Retirement System (each, a "Blue Owl Leasing Member" and collectively, the "Blue Owl Leasing Members"). Blue Owl Leasing's principal purpose is to make investments, either directly or indirectly through financing subsidiaries or other persons, primarily in leases and loans. Investment decisions must be approved by Blue Owl Leasing. The Blue Owl Leasing Members coinvest through Blue Owl Leasing, or its wholly owned subsidiaries. Blue Owl Leasing's date of inception was June 30, 2025 and Blue Owl Leasing made its first portfolio company investment on October 23, 2025.

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

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 Blue Owl Leasing.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

As of December 31, 2025, the capital commitment, called capital and economic ownership of each Blue Owl Leasing Member is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Members** | **Capital Commitment** | **Net Contributed Capital** | **Economic Ownership Interest**<sup>(1)</sup> |
| Blue Owl Capital Corporation | $860 | $860 | 1.3% |
| Blue Owl Capital Corporation II | 90 | 90 | 0.1% |
| Blue Owl Credit Income Corp. | 30952 | 17237 | 26.7% |
| Blue Owl Technology Finance Corp. | 8955 | 5105 | 7.9% |
| Blue Owl Technology Income Corp. | 3918 | 2233 | 3.5% |
| Blue Owl Alternative Credit Fund | 31000 | 31000 | 48.0% |
| California State Teachers Retirement System | 10825 | 8075 | 12.5% |
| &nbsp;&nbsp;**Total** | $86600 | $64600 | 100.0% |

---

_______________

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;This represents each equity holder's ownership percentage at December 31, 2025, based on net contributed capital.

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

---

| | |
|:---|:---|
| | **As of** <br>**December 31, 2025**<sup>(1)</sup> |
| **Consolidated Balance Sheet Data** | |
| Cash | $34555 |
| Investments at fair value | 39628 |
| Total Assets | 74531 |
| Total Debt (net of unamortized debt issuance costs) | 9754 |
| Total Liabilities | 10076 |
| **Total Blue Owl Leasing Members' Equity** | 64455 |

---

_______________

 <sup>(1) &nbsp;&nbsp;&nbsp;&nbsp;</sup>The Company's date of inception was June 30, 2025.

---

| | |
|:---|:---|
| | **For the Year Ended** <br>**December 31,** |
| | **2025**<sup>(1)</sup> |
| **Consolidated Statement of Operations Data** |  |
| **Income** |  |
| Investment income | $511 |
| **Expenses** |  |
| Net operating expenses | 684 |
| Net investment income (loss) | $(173) |
| Total net realized and unrealized gain (loss) | 28 |
| &nbsp;&nbsp;**Net Increase (Decrease) in Blue Owl Leasing Members' Equity Resulting From Operations** | $(145) |

---

_______________

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Company's date of inception was June 30, 2025

Blue Owl Leasing did not distribute any dividends to the Company for the period ended December 31, 2025.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

**Note 5. Debt**

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of December 31, 2025 and 2024, the Company's asset coverage was 223% and 228%, respectively.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Aggregate Principal Committed** | **Outstanding Principal** | **Amount Available**<sup>(1)</sup> | **Unamortized Debt Issuance Costs** | **Net Carrying Value** |
| Revolving Credit Facility | $1050000 | $294565 | $755435 | $(7735) | $286830 |
| SPV Asset Facility I | 750000 | 497000 | 66742 | (5626) | 491374 |
| SPV Asset Facility II | 500000 | 320250 | 78842 | (3589) | 316661 |
| SPV Asset Facility III | 550000 | 550000 |  | (6929) | 543071 |
| SPV Asset Facility IV | 750000 | 629500 | 53978 | (5840) | 623660 |
| Athena CLO III | 270000 | 270000 |  | (2188) | 267812 |
| Series 2023A Notes | 100000 | 100000 |  | (207) | 99793 |
| Series 2023B-A Notes | 100000 | 100000 |  | (552) | 99448 |
| Series 2023B-B Notes | 75000 | 75000 |  | (293) | 74707 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Debt** | $4145000 | $2836315 | $954997 | $(32959) | $2803356 |

---

_______________

<sup>(1)</sup> The amount available reflects any limitations related to each credit facility's borrowing base.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Aggregate Principal Committed** | **Outstanding Principal** | **Amount Available**<sup>(1)</sup> | **Unamortized Debt Issuance Costs** | **Net Carrying Value** |
| Revolving Credit Facility | $1000000 | $499989 | $500011 | $(9507) | $490482 |
| SPV Asset Facility I | 750000 | 445000 | 33009 | (7303) | 437697 |
| SPV Asset Facility II | 500000 | 475000 | 25000 | (4528) | 470472 |
| SPV Asset Facility III | 550000 | 315000 | 82551 | (4743) | 310257 |
| Athena CLO III | 270000 | 270000 |  | (2366) | 267634 |
| Series 2023A Notes | 100000 | 100000 |  | (612) | 99388 |
| Series 2023B-A Notes | 100000 | 100000 |  | (733) | 99267 |
| Series 2023B-B Notes | 75000 | 75000 |  | (575) | 74425 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Debt** | $3345000 | $2279989 | $640571 | $(30367) | $2249622 |

---

_______________

<sup>(1)</sup> The amount available reflects any limitations related to each credit facility's borrowing base.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

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

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| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Interest expense | $175480 | $149918 | $87693 |
| Amortization of debt issuance costs | 7329 | 5492 | 3437 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Interest Expense** | $182809 | $155410 | $91130 |
| Average interest rate | 6.8% | 8.2% | 8.0% |
| Average daily borrowings | $2583282 | $1833469 | $1079312 |

---

*Revolving Credit Facility*

On May 2, 2022, the Company entered into a Senior Secured Credit Agreement (as amended from time to time, the "Revolving Credit Facility"). The parties to the Revolving Credit Facility include the Company, as Borrower, the lenders from time to time parties thereto and Sumitomo Mitsui Banking Corporation as Administrative Agent. On October 21, 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 June 27, 2025.

The Revolving Credit Facility is guaranteed by certain subsidiaries of the Company in existence as of 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 thereafter (each a "Guarantor" and collectively, the "Guarantors"). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including the funding of portfolio investments.

The Revolving Credit Facility provides for, on an aggregated basis, a total of outstanding term loans and revolving credit facility commitments in the principal amount of $1.05 billion, which is comprised of (a) a term loan in an initial amount of $125.0 million, and (b) subject to availability under the borrowing base, which is based on the Company's portfolio investments and other outstanding indebtedness, a revolving credit facility in an amount of up to is $925.0 million (the Revolving Credit Facility increased from $875.0 million to $925.0 million on June 27, 2025). The amount available for borrowing under the revolving credit facility commitments of the Revolving Credit Facility is reduced by any standby letters of credit issued through the Revolving Credit Facility. Maximum capacity under the Revolving Credit Facility may be increased to $1.75 billion through the exercise by the Company of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Revolving Credit Facility includes a $200.0 million limit for swingline loans, and is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions.

The availability period with respect to the revolving credit facility commitments under the Revolving Credit Facility will terminate on October 20, 2028 (the "Revolving Credit Facility Commitment Termination Date") and the Revolving Credit Facility will mature on October 19, 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. As of the Revolving Credit Facility Third Amendment Date, amounts drawn under the Revolving Credit Facility with respect to the commitments in U.S. dollars bear interest at either (i) term SOFR plus any applicable credit adjustment spread plus a margin of 1.875% per annum or (ii) the alternative base rate plus a margin of 0.875% 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 bear interest at the relevant rate specified therein (including any applicable credit adjustment spread) plus margin of 1.875% per annum. The Company also pays a fee of 0.350% on daily undrawn amounts under the Revolving Credit Facility.

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

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

**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, from time to time 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 its 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 April 27, 2022, Tech Income Funding I LLC ("Tech Income Funding I"), a Delaware limited liability company and a newly formed subsidiary of the Company entered into a Credit Agreement (the "SPV Asset Facility I") among Tech Income Funding I, as Borrower, the lenders from time to time parties thereto (the "SPV Asset Facility I Lenders"), 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 May 6, 2022 (the "SPV Asset Facility I Closing Date"), in connection with SPV Asset Facility I, Tech Income Funding I entered into a Margining Agreement (the "SPV Asset Facility I Margining Agreement"), with Goldman Sachs Bank USA, as Administrative Agent. On October 24, 2024 (the "SPV Asset Facility I Second Amendment Date"), the parties to the SPV Asset Facility I entered into an amendment 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 I as amended through the SPV Asset Facility I Second Amendment Date.

The maximum principal amount which may be borrowed under the SPV Asset Facility I is $750.0 million; the availability of this amount is subject to a borrowing base test, which is based on the value of Tech Income Funding I's assets from time to time, and satisfaction of certain conditions, including certain concentration limits and other portfolio tests.

The SPV Asset Facility I provides for the ability to draw and redraw revolving loans under the SPV Asset Facility I for a period after the SPV Asset Facility I Closing Date until May 6, 2027. Unless otherwise terminated, the SPV Asset Facility I will mature on May 7, 2029 (the "SPV Asset Facility I Stated Maturity"). Prior to the SPV Asset Facility I Stated Maturity, proceeds received by Tech Income Funding I from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, applied to reinvest in additional eligible assets (for a period after the SPV Asset Facility I Closing Date until May 6, 2027, subject to certain conditions) and the excess interest may be returned to the Company, subject to certain conditions. On the SPV Asset Facility I Stated Maturity, Tech Income 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 I may be permanently reduced, in whole or in part, at the option of Tech Income Funding I subject to payment of a premium for a period of time.

Amounts drawn bear interest at a reference rate (initially 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, initially zero and ramping to 70% 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 as Administrative Agent. In addition, under the SPV Asset Facility I Margining Agreement and the SPV Asset Facility I, Tech Income 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 SPV Asset Facility I Margining Agreement), which is a measure of the excess of the aggregate market value assigned by the Administrative Agent to Tech Income Funding I's assets over the total amount drawn under the SPV Asset Facility I, falls below a threshold level.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

*SPV Asset Facility II*

On May 31, 2023 (the "SPV Asset Facility II Closing Date"), Tech Income Funding II LLC ("Tech Income Funding II"), a Delaware limited liability company and newly formed subsidiary of the Company, entered into a Credit and Security Agreement (the "SPV Asset Facility II"), with Tech Income Funding II LLC, as Borrower, the Company, as Collateral Manager and Equityholder, Citibank, N.A., 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 II Lenders") and the group agents from time to time parties thereto. On October 10, 2024 (the "SPV Asset Facility II Second Amendment Date"), the parties to the SPV Asset Facility II entered into an amendment 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 amended through the SPV Asset Facility II Second Amendment Date.

The maximum principal amount of the SPV Asset Facility II is $500.0 million (increased from $250.0 million to $500.0 million on the SPV Asset Facility II Second Amendment Date), which can be drawn in multiple currencies subject to certain conditions; the availability of this amount is subject to a borrowing base test (which is based on the value of Tech Income 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 II provides for the ability to draw and redraw revolving loans under the SPV Asset Facility II for a period of up to three years after the SPV Asset Facility II Second Amendment Date (the "SPV Asset Facility II Reinvestment Period") unless the SPV Asset Facility II Reinvestment Period is terminated sooner as provided in the SPV Asset Facility II. Unless otherwise terminated, the SPV Asset Facility II will mature two years after the last day of the SPV Asset Facility II Reinvestment Period, on October 10, 2029 (the "SPV Asset Facility II Stated Maturity"). To the extent the commitments are terminated or permanently reduced during the first two years following the SPV Asset Facility II Closing Date, Tech Income Funding II may owe a prepayment penalty. Prior to the SPV Asset Facility II Stated Maturity, proceeds received by Tech Income 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 II Stated Maturity, Tech Income 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 Tech Income Funding II.

Amounts drawn in U.S. dollars are benchmarked to Term SOFR, amounts drawn in British pounds are benchmarked to SONIA, amounts drawn in Canadian dollars are benchmarked to daily compounded Canadian Overnight Repo Rate Average, and amounts drawn in Euros are benchmarked to EURIBOR, and in each case plus a spread equal to the SPV Asset Facility II Applicable Margin. The "SPV Asset Facility II Applicable Margin" ranges from 1.60% to 2.35% depending on a ratio of broadly syndicated loans to other collateral assets in the Borrowing Base (as defined in the SPV Asset Facility II). From the SPV Asset Facility II Closing Date to the SPV Asset Facility II Commitment Termination Date, Tech Income Funding II will pay certain unused fees subject to average utilization rates.

*SPV Asset Facility III*

On January 9, 2024 (the "SPV Asset Facility III Closing Date"), Tech Income Funding III LLC ("Tech Income Funding III"), a Delaware limited liability company and a newly formed subsidiary of the Company entered into a Credit Agreement (the "SPV Asset Facility III"), with Tech Income Funding III, 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. On February 18, 2025 (the "SPV Facility III First Amendment Date"), the parties to the SPV Asset Facility III entered into an amendment 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 the SPV Asset Facility III amended through the SPV Asset Facility III First Amendment Date.

The maximum principal amount which may be borrowed under the SPV Asset Facility III is $550.0 million; the availability of this amount is subject to a borrowing base test, which is based on the value of Tech Income Funding III'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 for a period of up to three years after the SPV Asset Facility III First Amendment Date (the "SPV Asset Facility III Reinvestment Period"). Unless otherwise terminated, the SPV Asset Facility III will mature on February 16, 2035 (the "SPV Asset Facility III Stated Maturity"). Prior to the SPV Asset Facility III Stated Maturity, proceeds received by Tech Income Funding III from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility III Stated Maturity, Tech Income Funding III must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company. The SPV Asset Facility III may be permanently reduced, in whole or in part, at the option of Tech Income Funding III subject to payment of a premium for a period of one year from the SPV Asset Facility III First Amendment Date.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

Amounts drawn bear interest at a reference rate (initially SOFR) plus a spread of 2.05%, and the aggregate term commitment and revolving commitment are subject to a minimum utilization amount. The undrawn amount of the aggregate term commitment and revolving commitment not subject to such spread payment is subject to an undrawn fee of 0.25% per annum for the first three months after the SPV Asset Facility III First Amendment Date, and 0.50% per annum thereafter; provided that after twelve months after the SPV Asset Facility III First Amendment Date, if the drawn amount is less than or equal to 65.0% of the aggregate term commitment and revolving commitment, then the portion of the undrawn amount constituting the positive difference between the drawn amount and 65.0% of the aggregate term commitment and revolving commitment is subject to an undrawn fee of 1.50% per annum. Certain additional fees are payable to Société Générale as administrative agent.

*SPV Asset Facility IV*

On June 12, 2025 (the "SPV Asset Facility IV Closing Date"), Tech Income Funding IV LLC ("Tech Income Funding IV"), a Delaware limited liability company and a newly formed subsidiary of the Company entered into a Credit Agreement (the "SPV Asset Facility IV"), with Tech Income Funding IV, as borrower, The Bank of Nova Scotia, as administrative agent, State Street Bank and Trust Company, as collateral agent, collateral administrator, custodian and document custodian, and the lenders party thereto. On December 1, 2025 (the "SPV Asset Facility IV First Amendment Closing Date") the parties to the SPV Asset Facility IV entered into the First Amendment to Credit Agreement. On December 19, 2025, the parties to the SPV Asset Facility IV entered into the Second Amendment to Credit Agreement. The following describes the terms of the SPV Asset Facility IV as amended on December 19, 2025.

The maximum principal amount which may be borrowed under the SPV Asset Facility IV is $750.0 million; the availability of this amount is subject to a borrowing base test, which is based on the value of Tech Income Funding IV'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 IV provides for the ability to draw and redraw revolving loans under the SPV Asset Facility IV for a period of up to 2.5 years after the SPV Asset Facility IV First Amendment Closing Date. Unless otherwise terminated, the SPV Asset Facility IV will mature on December 1, 2034 (the "SPV Asset Facility IV Stated Maturity"). Prior to the SPV Asset Facility IV Stated Maturity, proceeds received by Tech Income Funding IV from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company or reinvested to purchase new assets, subject to certain conditions. On the SPV Asset Facility IV Stated Maturity, Tech Income Funding IV 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 a reference rate (initially SOFR) plus an applicable margin that ranges from 1.48% to 2.15% depending on the ratio of broadly syndicated loans in the collateral. The undrawn amount of the aggregate revolving commitment not subject to such spread payment is subject to an undrawn fee of 0.233% per annum for the first three months after the SPV Asset Facility IV First Amendment Closing Date, and 0.50% per annum thereafter. Tech Income Funding IV also pays The Bank of Nova Scotia certain fees in connection with its role as administrative agent.

**Debt Securitization Transactions**

The Company incurs secured financing through a debt securitization transaction (the "CLO Transaction") issued by the Company's consolidated subsidiary (the "CLO Issuer"), which is 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 Issuer. The CLO Issuer issues preferred shares which are not secured by the collateral securing the CLO Transaction which the Company purchases. The Company acts as retention holder in connection with the CLO Transaction 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 the CLO Issuer 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 Issuer 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 Transaction 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 Issuer in its consolidated financial statements.

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**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

*Athena CLO III*

On May 22, 2024 (the "Athena CLO III Closing Date"), the Company completed a $450.0 million term debt securitization transaction (the "Athena CLO III Transaction"). The secured notes and preferred shares issued in the Athena CLO III Transaction were issued by the Company's consolidated subsidiary Athena CLO III, LLC, a limited liability company organized under the laws of the State of Delaware (the "Athena CLO III Issuer").

The Athena CLO III 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 III Closing Date (the "Athena CLO III Indenture"), by and among the Athena CLO III Issuer and State Street Bank and Trust Company: (i) $220.0 million of AAA(sf) Class A-1 Notes, which bear interest at three-month term SOFR plus 2.15%, (ii) $5.0 million of AAA(sf) Class A-2 Notes, which bear interest at 6.619%, (iii) $22.5 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 2.75% and (iv) $22.5 million of A(sf) Class C Notes, which bear interest at three-month term SOFR plus 3.50% (together, the "Athena CLO III Secured Notes"). The Athena CLO III Secured Notes are secured by middle-market loans, participation interests in middle-market loans and other assets of the Athena CLO III Issuer. The Athena CLO III Secured Notes are scheduled to mature on April 20, 2036. The Athena CLO III Secured Notes were privately placed by Goldman Sachs & Co. LLC as Placement Agent.

Concurrently with the issuance of the Athena CLO III Secured Notes, the Athena CLO III Issuer issued approximately $180.0 million of subordinated securities in the form of 179,950 preferred shares at an issue price of $1,000 per share (the "Athena CLO III Preferred Shares").

As part of the Athena CLO III Transaction, the Company entered into a loan sale agreement with the Athena CLO III Issuer dated as of the Athena CLO III Closing Date (the "Athena CLO III OTIC Loan Sale Agreement"), which provided for the contribution of approximately $223.7 million funded par amount of middle-market loans from the Company to the Athena CLO III Issuer on the Athena CLO III Closing Date and for future sales from the Company to the Athena CLO III Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the Athena CLO III Secured Notes. The remainder of the initial portfolio assets securing the Athena CLO III Secured Notes consisted of approximately $197.9 million funded par amount of middle-market loans purchased by the Athena CLO III Issuer from Tech Income Funding I LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the Athena CLO III Closing Date between the Athena CLO III Issuer and Tech Income Funding I LLC (the "Athena CLO III Tech Income Funding I Loan Sale Agreement"). No gain or loss was recognized as a result of these sales and contributions. The Company and Tech Income Funding I each made customary representations, warranties, and covenants to the Issuer under the applicable loan sale agreement.

Through April 20, 2028, a portion of the proceeds received by the Athena CLO III Issuer from the loans securing the Athena CLO III Secured Notes may be used by the Athena CLO III Issuer to purchase additional middle-market loans under the direction of the Adviser, the Company's investment advisor, in its capacity as collateral manager for the Athena CLO III Issuer and in accordance with the Company's investing strategy and ability to originate eligible middle-market loans.

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

**Unsecured Notes**

*Series 2023A Notes*

On July 6, 2023, the Company entered into a Master Note Purchase Agreement (the "Series 2023A Note Purchase Agreement") governing the issuance of $100.0 million in aggregate principal amount of Series 2023A Notes, due July 6, 2026, with a fixed interest rate of 8.25% per year (the "Series 2023A Notes"), to qualified institutional investors in a private placement. The Series 2023A Notes are guaranteed by OR Tech Lending IC LLC, ORTIC BC 1 LLC and ORTIC BC 2 LLC, subsidiaries of the Company.

Interest on the Series 2023A Notes will be due semiannually on January 6 and July 6 each year, beginning on January 6, 2024. The Series 2023A 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 Series 2023A Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The Series 2023A 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 Series 2023A 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 of $347.1 million and a minimum asset coverage ratio of 1.50 to 1.00.

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**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

In addition, in the event that a Below Investment Grade Event (as defined in the Series 2023A Note Purchase Agreement) occurs, the Series 2023A Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the Series 2023A 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 Series 2023A Note Purchase Agreement) occurs, the Series 2023A Notes will bear interest at a fixed rate per annum which is 1.50% above the stated rate of the Series 2023A Notes from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Below Investment Grade 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 Series 2023A Notes will bear interest at a fixed rate per annum which is 2.00% above the stated rate of the Series 2023A 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 Series 2023A 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.

*Series 2023B-A Notes*

On December 6, 2023, the Company entered into a Master Note Purchase Agreement (the "Series 2023B-A Note Purchase Agreement") governing the issuance of $100.0 million in aggregate principal amount of Series 2023B Senior Notes, Tranche A, due January 15, 2029, with a floating interest rate per annum equal to the Benchmark (which is based on the CME TSFR3M Index Screen Rate and more fully defined in the Series 2023B-A Note Purchase Agreement) plus 4.75% (475 basis points) (the "Series 2023B-A Notes"), to qualified institutional investors in a private placement. The Series 2023B-A Notes are guaranteed by OR Tech Lending IC LLC, ORTIC BC 1 LLC and ORTIC BC 2 LLC, subsidiaries of the Company.

Interest on the Series 2023B-A Notes will be due quarterly on the 15th day of January, April, July and October each year, beginning on April 15, 2024. The Series 2023B-A 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 Series 2023B-A Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The Series 2023B-A 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 Series 2023B-A 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 of $1.06 billion, 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 Series 2023B-A Note Purchase Agreement) occurs, the Series 2023B-A Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the Series 2023B-A 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 Series 2023B-A Note Purchase Agreement) occurs, the Series 2023B-A Notes will bear interest at a fixed rate per annum which is 1.50% above the stated rate of the Series 2023B-A Notes from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Below Investment Grade 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 Series 2023B-A Notes will bear interest at a fixed rate per annum which is 2.00% above the stated rate of the Series 2023B-A 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 Series 2023B-A 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.

*Series 2023B-B Notes*

On December 20, 2023, the "Company entered into a Note Purchase Agreement (the "Series 2023B-B Note Purchase Agreement") governing the issuance of $75.0 million in aggregate principal amount of Series 2023B Senior Notes, Tranche B, due January 15, 2027, with a floating interest rate per annum equal to the Benchmark (which is based on the CME TSFR3M Index Screen Rate and more fully defined in the Series 2023B-B Note Purchase Agreement) plus 4.45% (445 basis points) (the "Series 2023B-B Notes"), to qualified institutional investors in a private placement. The Series 2023B-B Notes are guaranteed by OR Tech Lending IC LLC, ORTIC BC 1 LLC and ORTIC BC 2 LLC, subsidiaries of the Company.

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**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

Interest on the Series 2023B-B Notes will be due quarterly on the 15th day of January, April, July and October each year, beginning on April 15, 2024. The Series 2023B-B 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 Series 2023B-B Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The Series 2023B-B 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 Series 2023B-B 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 of $1.06 billion, 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 Series 2023B-B Note Purchase Agreement) occurs, the Series 2023B-B Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the Series 2023B-B 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 Series 2023B-B Note Purchase Agreement) occurs, the Series 2023B-B Notes will bear interest at a fixed rate per annum which is 1.50% above the stated rate of the Series 2023B-B Notes from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Below Investment Grade 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 Series 2023B-B Notes will bear interest at a fixed rate per annum which is 2.00% above the stated rate of the Series 2023B-B 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 Series 2023B-B 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.

**Maturity of Debt Obligations** 

The table below presents a summary of the Company's contractual payment obligations under credit facilities and notes as of December 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
| | **Total** | **Less than 1 year** | **1-3 years** | **3-5 years** | **After 5 years** |
| Revolving Credit Facility | $294565 | $— | $— | $294565 | $— |
| SPV Asset Facility I | 497000 |  |  | 497000 |  |
| SPV Asset Facility II | 320250 |  |  | 320250 |  |
| SPV Asset Facility III | 550000 |  |  |  | 550000 |
| SPV Asset Facility IV | 629500 |  |  |  | 629500 |
| Athena CLO III | 270000 |  |  |  | 270000 |
| Series 2023A Notes | 100000 | 100000 |  |  |  |
| Series 2023B-A Notes | 100000 |  |  | 100000 |  |
| Series 2023B-B Notes | 75000 |  | 75000 |  |  |
| &nbsp;&nbsp;**Total Contractual Obligations** | $2836315 | $100000 | $75000 | $1211815 | $1449500 |

---

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

**Note 6. Fair Value of Investments**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Cash | $153225 | $— | $— | $153225 |
| ***Investments:*** |  |  |  |  |
| First-lien senior secured debt investments |  | 681894 | 4802901 | 5484795 |
| Second-lien senior secured debt investments |  | 106187 | 161254 | 267441 |
| Unsecured debt investments |  |  | 66531 | 66531 |
| Preferred equity investments |  |  | 173230 | 173230 |
| Common equity investments |  | 10925 | 88586 | 99511 |
| Specialty finance equity investments |  |  | 2623 | 2623 |
| &nbsp;&nbsp;**Subtotal** |  | 799006 | 5295125 | 6094131 |
| Investments measured at Net Asset Value ("NAV")<sup>(1)</sup> |  |  |  | 113005 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments at Fair Value** | $— | $799006 | $5295125 | $6207136 |
| ***Derivatives:*** |  |  |  |  |
| Foreign currency forward contracts | $— | $(429) | $— | $(429) |

---

_______________

<sup>(1)</sup> Includes investments in BOCSO, Credit SLF, LSI Financing LLC, Blue Owl Stripe and Blue Owl Leasing, 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Cash | $199014 | $— | $— | $199014 |
| ***Investments:*** |  |  |  |  |
| First-lien senior secured debt investments |  | 1125586 | 3601677 | 4727263 |
| Second-lien senior secured debt investments |  | 42945 | 122347 | 165292 |
| Unsecured debt investments |  | 3122 | 59333 | 62455 |
| Preferred equity investments |  |  | 171478 | 171478 |
| Common equity investments |  |  | 52144 | 52144 |
| Specialty finance equity investments |  |  | 3102 | 3102 |
| &nbsp;&nbsp;**Subtotal** |  | 1171653 | 4010081 | 5181734 |
| Investments measured at Net Asset Value ("NAV")<sup>(1)</sup> |  |  |  | 22064 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments at Fair Value** | $— | $1171653 | $4010081 | $5203798 |

---

_______________

<sup>(1)</sup> Includes investments in Credit SLF and LSI Financing LLC, which is 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.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of and for the Year Ended December 31, 2025** | **As of and for the Year Ended December 31, 2025** | **As of and for the Year Ended December 31, 2025** | **As of and for the Year Ended December 31, 2025** | **As of and for the Year Ended December 31, 2025** | **As of and for the Year Ended December 31, 2025** | **As of and for the Year Ended December 31, 2025** |
| | **Debt Investments** | **Debt Investments** | **Debt Investments** | **Equity Investments** | **Equity Investments** | **Equity Investments** | |
| | **First-lien senior secured** | **Second-lien senior secured** | **Unsecured** | **Preferred** | **Common** | **Specialty finance** | **Total** |
| Fair value, beginning of period | $3601677 | $122347 | $59333 | $171478 | $52144 | $3102 | $4010081 |
| Purchases of investments, net | 2029667 | 94644 |  | 19164 | 35193 |  | 2178668 |
| Payment-in-kind | 19804 | 7390 | 4067 | 18117 |  |  | 49378 |
| Proceeds from investments, net | (834663) | (57609) |  | (52650) |  | (394) | (945316) |
| Net change in unrealized gain (loss) | (1348) | (6288) | (16) | (347) | 8556 | (85) | 472 |
| Net realized gains (losses) | 2997 |  |  | 17107 |  |  | 20104 |
| Net accretion/amortization of discount/premium on investments | 16964 | 770 | 25 | 783 |  |  | 18542 |
| Transfers between investment types |  |  |  | (422) | 422 |  |  |
| Transfers into (out of) Level 3<sup>(1)</sup> | (32197) |  | 3122 |  | (7729) |  | (36804) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value, End of Period** | $4802901 | $161254 | $66531 | $173230 | $88586 | $2623 | $5295125 |

---

______________

<sup>(1)</sup> Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the period ended December 31, 2025, transfers into/(out of) Level 3 were a result of changes in the observability of significant inputs for certain portfolio companies.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of and for the Year Ended December 31, 2024** | **As of and for the Year Ended December 31, 2024** | **As of and for the Year Ended December 31, 2024** | **As of and for the Year Ended December 31, 2024** | **As of and for the Year Ended December 31, 2024** | **As of and for the Year Ended December 31, 2024** | **As of and for the Year Ended December 31, 2024** |
| | **Debt investments** | **Debt investments** | **Debt investments** | **Equity investments** | **Equity investments** | **Equity investments** | |
| | **First-lien senior secured** | **Second-lien senior secured** | **Unsecured** | **Preferred** | **Common** | **Specialty finance** | **Total** |
| Fair value, beginning of period | $2136466 | $180480 | $— | $198796 | $43444 | $13001 | $2572187 |
| Purchases of investments, net | 1885460 |  | 56746 | 11802 | 1853 | 1733 | 1957594 |
| Payment-in-kind | 12501 | 6772 | 2398 | 23990 |  |  | 45661 |
| Proceeds from investments, net | (534336) | (51280) |  | (60897) |  | (12179) | (658692) |
| Net change in unrealized gain (loss) | 27909 | (6516) | 176 | (6714) | 6847 | (627) | 21075 |
| Net realized gains (losses) | (1845) | (7729) |  | 2859 |  | 1174 | (5541) |
| Net accretion/amortization of discount/premium on investments | 20030 | 620 | 13 | 1642 |  |  | 22305 |
| Transfers into (out of) Level 3<sup>(1)</sup> | 55492 |  |  |  |  |  | 55492 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value, End of Period** | $3601677 | $122347 | $59333 | $171478 | $52144 | $3102 | $4010081 |

---

______________

<sup>(1)</sup> Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occur. For the period ended December 31, 2024, transfers into Level 3 out of Level 2 were a result of changes in the observability of significant inputs for certain portfolio companies.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of and for the Year Ended December 31, 2023** | **As of and for the Year Ended December 31, 2023** | **As of and for the Year Ended December 31, 2023** | **As of and for the Year Ended December 31, 2023** | **As of and for the Year Ended December 31, 2023** | **As of and for the Year Ended December 31, 2023** |
| | **Debt investments** | **Debt investments** | **Equity investments** | **Equity investments** | **Equity investments** | |
| | **First-lien senior secured** | **Second-lien senior secured** | **Preferred** | **Common** | **Specialty finance** | **Total** |
| Fair value, beginning of period | $1429881 | $204015 | $177657 | $29935 | $4013 | $1845501 |
| Purchases of investments, net | 872252 |  | 7113 | 10737 | 9776 | 899878 |
| Payment-in-kind | 10478 | 7401 | 17904 |  |  | 35783 |
| Proceeds from investments, net | (150365) |  | (12086) |  | (1463) | (163914) |
| Net change in unrealized gain (loss) | 10032 | (435) | 6937 | 2772 | 675 | 19981 |
| Net realized gains (losses) | (2) |  | 587 |  |  | 585 |
| Net accretion/amortization of discount/premium on investments | 5962 | 228 | 684 |  |  | 6874 |
| Transfers into (out of) Level 3<sup>(1)</sup> | (41772) | (30729) |  |  |  | (72501) |
| &nbsp;&nbsp;**Fair Value, End of Period** | $2136466 | $180480 | $198796 | $43444 | $13001 | $2572187 |

---

______________

<sup>(1) &nbsp;&nbsp;&nbsp;&nbsp;</sup>Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the period ended December 31, 2023, transfers out of Level 3 into Level 2 were a result of changes in the observability of significant inputs for certain portfolio companies.

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

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| First-lien senior secured debt investments | $7582 | $6774 | $10604 |
| Second-lien senior secured debt investments | (6319) | (8741) | (435) |
| Unsecured debt investments | (15) | 176 |  |
| Preferred equity investments | (347) | (1046) | 6937 |
| Common equity investments | 8556 | 6847 | 2772 |
| Specialty finance equity investments | (85) | 48 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $9372 | $4058 | $20553 |

---

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.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |  |
| | **Fair Value** | | **Valuation Technique** | | **Unobservable Input** | | **Range (Weighted Average)** | | **Impact to Valuation from an Increase in Input** |  |
| First-lien senior secured debt investments | $4114791 |  | Yield Analysis |  | Market Yield |  | 6.0% - 23.6% (9.0%) |  | Decrease |  |
| First-lien senior secured debt investments | 672593 |  | Recent Transaction |  | Transaction Price |  | 95.0% - 99.8% (99.4%) |  | Increase |  |
| First-lien senior secured debt investments | 15517 |  | Collateral Analysis |  | Recovery Rate |  | 77.5% |  | Increase |  |
| Second-lien senior secured debt investments | $161254 |  | Yield Analysis |  | Market Yield |  | 8.4% - 32.5% (17.4%) |  | Decrease |  |
| Second-lien senior secured debt investments | Unsecured debt investments | $63400 |  | Yield Analysis |  | Market Yield |  | 10.8% - 14.2% (12.4%) |  | Decrease |
| 3131 | Unsecured debt investments |  | Quote |  | Quote |  | 104.4% |  | Increase |  |
| Preferred equity investments | $127154 |  | Yield Analysis |  | Market Yield |  | 11.6% - 22.5% (13.6%) |  | Decrease |  |
| Preferred equity investments | 22950 |  | Recent Transaction |  | Transaction Price |  | 62.8% - 100.0% (85.0%) |  | Increase |  |
| Preferred equity investments | 17550 |  | Market Approach |  | Revenue |  | 4.8x - 14.8x (8.9x) |  | Increase |  |
| Preferred equity investments | 5576 |  | Market Approach |  | EBITDA Multiple |  | 128.9x |  | Increase |  |
| Preferred equity investments | Common equity investments | $37806 |  | Market Approach |  | EBITDA Multiple |  | 8.75x - 25.50x (13.12x) |  | Increase |
| 26777 | Common equity investments |  | Market Approach |  | Revenue |  | 5.3x - 13.0x (9.9x) |  | Increase |  |
| 20251 | Common equity investments |  | Recent Transaction |  | Transaction Price |  | 100.0% - 173.2% (106.2%) |  | Increase |  |
| 3712 | Common equity investments |  | Market Approach |  | Market Adjustment Factor |  | —% |  | Increase |  |
| 40 | Common equity investments |  | Option Pricing Model |  | Volatility |  | 70.0% |  | Increase |  |
| Specialty finance equity investments | Common equity investments | $2623 |  | Yield Analysis |  | Market Yield |  | 11.5% |  | Decrease |

---

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |  |
| | **Fair Value** | | **Valuation Technique** | | **Unobservable Input** | | **Range (Weighted Average)** | | **Impact to Valuation from an Increase in Input** |  |
| First-lien senior secured debt investments | $3276769 |  | Yield Analysis |  | Market Yield |  | 6.8% - 18.5% (10.3%) |  | Decrease |  |
| First-lien senior secured debt investments | 324908 |  | Recent Transaction |  | Transaction Price |  | 98.0% - 100.0% (99.2%) |  | Increase |  |
| Second-lien senior secured debt investments | $122347 |  | Yield Analysis |  | Market Yield |  | 11.4% - 21.9% (16.1%) |  | Decrease |  |
| Second-lien senior secured debt investments | Unsecured debt investments | $59333 |  | Yield Analysis |  | Market Yield |  | 11.5% - 14.7% (13.0%) |  | Decrease |
| Preferred equity investments | $147148 |  | Yield Analysis |  | Market Yield |  | 13.2% - 25.5% (15.3%) |  | Decrease |  |
| Preferred equity investments | 24330 |  | Market Approach |  | Revenue |  | 6.00x - 18.00x (12.20x) |  | Increase |  |
| Preferred equity investments | Common equity investments | $25642 |  | Market Approach |  | Revenue |  | 6.3x - 14.5x (10.7x) |  | Increase |
| 26453 | Common equity investments |  | Market Approach |  | EBITDA Multiple |  | 8.0x - 28.5x (13.3x) |  | Increase |  |
| 49 | Common equity investments |  | Option Pricing Model |  | Volatility |  | 70% |  | Increase |  |
| Specialty finance equity investments | $3102 |  | Yield Analysis |  | Market Yield |  | 12.3% |  | Decrease |  |
| Specialty finance equity investments |  |  |  |  |  |  |  |  |  |  |

---

The Adviser, as valuation designee, typically determines the fair value of the Company's 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, EBITDA, or some combination thereof and comparable market transactions typically would be used.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

*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 tables below present the carrying and fair values of the Company's debt obligations as of the following periods:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Net Carrying Value**<sup>(1)</sup> | **Debt Issuance Costs** | **Fair Value** | **Net Carrying Value**<sup>(1)</sup> | **Debt Issuance Costs** | **Fair Value** |
| Revolving Credit Facility | $286830 | $(7735) | $286830 | $490482 | $(9507) | $490482 |
| SPV Asset Facility I | 491374 | (5626) | 491374 | 437697 | (7303) | 437697 |
| SPV Asset Facility II | 316661 | (3589) | 316661 | 470472 | (4528) | 470472 |
| SPV Asset Facility III | 543071 | (6929) | 543071 | 310257 | (4743) | 310257 |
| SPV Asset Facility IV | 623660 | (5840) | 623660 |  |  |  |
| Athena CLO III | 267812 | (2188) | 267812 | 267634 | (2366) | 267634 |
| Series 2023A Notes | 99793 | (207) | 100000 | 99388 | (612) | 100000 |
| Series 2023B-A Notes | 99448 | (552) | 100000 | 99267 | (733) | 100000 |
| Series 2023B-B Notes | 74707 | (293) | 75000 | 74425 | (575) | 75000 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Debt** | $2803356 | $(32959) | $2804408 | $2249622 | $(30367) | $2251542 |

---

______________

<sup>(1)</sup> Carrying values are presented net of debt issuance costs.

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

---

| | | |
|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2024** |
| Level 1 | $— | $— |
| Level 2 |  |  |
| Level 3 | 2804408 | 2251542 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Debt** | $2804408 | $2251542 |

---

*Financial Instruments Not Carried at Fair Value*

As of December 31, 2025 and 2024, the carrying amounts of the Company's other assets and liabilities approximate fair value due to their short term maturities. These financial instruments would be categorized as Level 3 within the fair value hierarchy.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

**Note 7. Derivative Instruments**

The Company enters into derivative instruments from time to time to help mitigate its foreign currency risk exposures. See "*Note* 6 *– Fair Value of Investments"* for additional disclosures related to the fair value hierarchy for derivative instruments.

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

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Notional Amount** | **Assets** | **Liabilities** |
| ***Derivatives not designated as hedges:*** | | | |
| Foreign currency forward contract GBP | £7800 | $10320 | $(10509) |
| Foreign currency forward contract EUR | 16482 | 19286 | (19526) |
| &nbsp;&nbsp;**Total Derivatives not Designated as Hedges** |  | $29606 | $(30035) |

---

The Company did not hold any foreign currency forward contracts as of December 31, 2024.

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

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| | **Net Change in Unrealized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net** |
| ***Derivatives not designated as hedges:*** | | | |
| Foreign currency forward contract GBP | $(189) | $— | $(189) |
| Foreign currency forward contract EUR | (240) |  | (240) |
| &nbsp;&nbsp;**Total Net Unrealized and Realized Gain (Loss)**<sup>(1)</sup> |  |  | $(429) |

---

_______________

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Recorded and recognized as components of translation of assets and liabilities in foreign currencies and other transactions in the Consolidated Statements of Operations.

The Company did not hold any foreign currency forward contracts for the years ended December 31, 2024 and 2023.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

**Note 8. Commitments and Contingencies**

*Portfolio Company Commitments*

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

---

| | | |
|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2024** |
| Total unfunded revolving loan commitments | $364759 | $249744 |
| Total unfunded delayed draw loan commitments | 459339 | 294241 |
| **Total unfunded debt commitments** | $824098 | $543985 |
| Total unfunded specialty finance equity commitments | $31038 | $446 |
| Total unfunded other equity commitments | 3977 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Unfunded Commitments** | $859113 | $544431 |

---

As of December 31, 2025, the Company believed it had adequate financial resources to satisfy the unfunded portfolio company commitments that the Company may be required to fund.

*Organizational and Offering Costs*

The table below presents the total amount of organization and offering costs, inclusive of organization and offering costs deferred under the expense deferral agreement, incurred by the Adviser and its affiliates since inception and charged to the Company as of the following dates:

---

| | | |
|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2024** |
| Organizational and offering costs incurred by the Adviser | $4936 | $4769 |
| Organizational and offering costs charged to the Company<sup>(1)</sup> | 4936 | 3039 |

---

_____________

<sup>(1)</sup> As of December 31, 2025, $3.8 million relates to offering costs and $1.1 million relates to organizational costs. The organizational costs were incurred by the Adviser prior to the Company meeting the first installment of the Expense Deferral Agreement. The organizational costs were subsequently incurred in the Consolidated Statements of Operations as professional fees and other general and administrative as the Company met the expense deferral installments applicable for those periods.

Under the Investment Advisory Agreement, there will be no liability on the Company's part for the offering or organization costs funded by the Adviser or its affiliates until the Company has satisfied the minimum offering requirement. At such time, the Adviser will be entitled to receive up to 1.5% of gross offering proceeds raised in the Company's continuous public offering until all organization and offering costs funded by the Adviser or its affiliates have been recovered.

The table below presents the total amount of organization and offering costs incurred by the Adviser and its affiliates and charged to the Company for the following periods:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended** | **For the Year Ended** | **For the period from June 22, 2021 (Inception) to December 31, 2023** |
| | **December 31, 2025** | **December 31, 2024** | **For the period from June 22, 2021 (Inception) to December 31, 2023** |
| Organizational and offering costs incurred by the Adviser | $167 | $183 | $4586 |
| Organizational and offering costs charged to the Company | 735 | 2834 | 205 |

---

*Expense Deferral Agreement*

The Adviser has agreed to incur and pay certain expenses pursuant to the Expense Deferral Agreement prior to April 30, 2023. The Company will be obligated to reimburse the aggregate amount of expenses previously paid by the Adviser in eighteen equal installments, upon meeting specified conditions.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

The table below presents the total amount of expenses incurred by the Adviser under the Expense Deferral Agreement as of the following periods:

---

| | | |
|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2024** |
| Expenses incurred by the Adviser | $7679 | $7679 |
| Organizational and offering costs incurred by the Adviser | 4299 | 4299 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses Incurred by the Adviser** | $11978 | $11978 |

---

The first installment became an obligation of the Company on December 1, 2023, when the Company reached $1.75 billion in Net Subscriptions received from the sale of the Company's common shares, and each of the seventeen remaining installments will become an obligation of the Company for each $75.0 million in Net Subscriptions received from the sale of the Company's common shares thereafter.

The table below presents the number of installments and the amount the Company became obligated to reimburse the Adviser for the following periods:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended**  | **For the Year Ended**  | **For the Year Ended**  |
| | **December 31, 2025** | **December 31, 2024** | **December 31, 2023** |
| Number of installments met by the Company | 3 | 14 | 1 |
| Expenses reimbursed to the Adviser | $1428 | $6666 | $476 |
| Organizational and offering costs reimbursed to the Adviser | 568 | 2651 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses Reimbursed to the Adviser** | $1996 | $9317 | $665 |

---

As of March 31, 2025, the Company met the final installment under the expense deferral agreement and there were no expenses remaining as of December 31, 2025. As of December 31, 2024, the total remaining expenses under the expense deferral agreement were $2.0 million, which represents the equivalent of three remaining installments. As of December 31, 2025, Net Subscriptions received from the sale of the Company's common shares were $3.2 billion. See "*Note 3 — Agreements and Related Party Transactions."*

*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 December 31, 2025, management was not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

**Note 9. Net Assets**

*Authorized Capital and Share Class Description*

In connection with its formation, the Company has the authority to issue the following shares:

---

| | | |
|:---|:---|:---|
| **Classification** | **Number of Shares** | **Par Value** |
| Class S Shares | 1000000000 | $0.01 |
| Class D Shares | 1000000000 | $0.01 |
| Class I Shares | 1000000000 | $0.01 |
| **Total** | 3000000000 |  |

---

The Company's Class S shares are not subject to upfront selling commissions; however, if Class S shares are purchased through certain financial intermediaries, those financial intermediaries may directly charge transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that the selling agents limit such charge to 3.5% of the net offering price per share for each Class S share. Pursuant to a distribution plan adopted by the Company in compliance with Rules 12b-1 and 17d-3 under the 1940 Act, as if those rules applied to the Company, the Company`s Class S shares are subject to annual ongoing services fees of 0.85% of the current net asset value of such shares, as determined in accordance with FINRA rules.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

The Company's Class D shares are not subject to upfront selling commissions; however, if Class D shares are purchased through certain financial intermediaries, those financial intermediaries may directly charge transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that the selling agents limit such charge to 1.5% of the net offering price per share of each Class D share. Pursuant to a distribution plan adopted by the Company in compliance with Rules 12b-1 and 17d-3 under the 1940 Act, as if those rules applied to the Company, the Company's Class D shares are subject to annual ongoing services fees of 0.25% of the current net asset value of such shares, as determined in accordance with FINRA rules.

The Company's Class I shares are not subject to upfront selling commissions or annual ongoing service fees.

*Common Stock Activity*

The tables below present transactions with respect to shares of the Company's common stock for the following periods:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| | **S** | **S** | **D** | **D** | **I** | **I** | **Total** | **Total** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares/gross proceeds from the continuous public offering | 22606707 | $235900 | 595472 | $6177 | 11201554 | $116224 | 34403733 | $358301 |
| Shares/gross proceeds from the private placements |  |  |  |  | 41167356 | 427759 | 41167356 | 427759 |
| Share transfer between classes<sup>(1)</sup> | (1173699) | (12196) |  |  | 1173699 | 12196 |  |  |
| Reinvestment of distributions | 3911732 | 40609 | 44798 | 465 | 9044524 | 93893 | 13001054 | 134967 |
| Repurchased shares | (4268504) | (44274) | (79185) | (825) | (28011047) | (290602) | (32358736) | (335701) |
| Total shares/gross proceeds | 21076236 | 220039 | 561085 | 5817 | 34576086 | 359470 | 56213407 | 585326 |
| Sales load |  | (1263) |  |  |  |  |  | (1263) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Shares/Net Proceeds** | 21076236 | $218776 | 561085 | $5817 | 34576086 | $359470 | 56213407 | $584063 |

---

_______________

<sup>(1)</sup> In certain cases, and subject to Blue Owl Securities LLC's (d/b/a Blue Owl Securities) (the "Dealer Manager") approval, including in situations where a holder of Class S or Class D shares exits a relationship with a participating broker-dealer for this offering and does not enter into a new relationship with a participating broker-dealer for this offering, such holder's shares may be exchanged into an equivalent net asset value amount of Class I shares.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
| | **S** | **S** | **D** | **D** | **I** | **I** | **Total** | **Total** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares/gross proceeds from the continuous public offering | 30800629 | $322990 | 276187 | $2882 | 13500557 | $140880 | 44577373 | $466752 |
| Shares/gross proceeds from the private placements |  |  |  |  | 74134380 | 773453 | 74134380 | 773453 |
| Share transfer between classes<sup>(1)</sup> | (1167663) | (12157) | (1310646) | (13605) | 2478309 | 25762 |  |  |
| Reinvestment of distributions | 2621198 | 27338 | 43345 | 451 | 7317157 | 76314 | 9981700 | 104103 |
| Repurchased shares | (2871479) | (29934) | (82373) | (858) | (18260842) | (190363) | (21214694) | (221155) |
| Total shares/gross proceeds | 29382685 | 308237 | (1073487) | (11130) | 79169561 | 826046 | 107478759 | 1123153 |
| Sales load |  | (1717) |  |  |  |  |  | (1717) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Shares/Net Proceeds** | 29382685 | $306520 | (1073487) | $(11130) | 79169561 | $826046 | 107478759 | $1121436 |

---

______________

<sup>(1)</sup> In certain cases, and subject to Blue Owl Securities LLC's (d/b/a Blue Owl Securities) (the "Dealer Manager") approval, including in situations where a holder of Class S or Class D shares exits a relationship with a participating broker-dealer for this offering and does not enter into a new relationship with a participating broker-dealer for this offering, such holder's shares may be exchanged into an equivalent net asset value amount of Class I shares.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
| | **S** | **S** | **D** | **D** | **I** | **I** | **Total** | **Total** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares/gross proceeds from the continuous public offering | 28953479 | $296119 | 2434747 | $24759 | 8677527 | $88135 | 40065753 | $409013 |
| Shares/gross proceeds from the private placements |  |  |  |  | 50470749 | 515172 | 50470749 | 515172 |
| Reinvestment of distributions | 1127663 | 11569 | 39968 | 411 | 4349616 | 44681 | 5517247 | 56661 |
| Repurchased shares | (346654) | (3535) | (10016) | (102) | (13157294) | (134795) | (13513964) | (138432) |
| Total shares/gross proceeds | 29734488 | 304153 | 2464699 | 25068 | 50340598 | 513193 | 82539785 | 842414 |
| Sales load |  | (1490) |  |  |  |  |  | (1490) |
| &nbsp;&nbsp;**Total Shares/Net Proceeds** | 29734488 | $302663 | 2464699 | $25068 | 50340598 | $513193 | 82539785 | $840924 |

---

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

In accordance with the Company's share pricing policy, the Company will modify its public offering prices to the extent necessary to comply with the requirements of the 1940 Act, including the requirement that it not sell shares at a net offering price below the net asset value per share unless the Company obtains the requisite approval from its shareholders.

The changes to the Company's offering price per share since the commencement of the Company's initial continuous public offering and associated effective dates of such changes were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| | **S** | **S** | **S** | **D** | **D** | **D** | **I** | **I** | **I** |
|<br>**Effective Date** | **Net Offering Price (per share)** | **Maximum Upfront Sales Load (per share)**<sup>(1)</sup> | **Maximum Offering Price (per share)** | **Net Offering Price (per share)** | **Maximum Upfront Sales Load (per share)**<sup>(2)</sup> | **Maximum Offering Price (per share)** | **Net Offering Price (per share)** | **Maximum Upfront Sales Load (per share)** | **Maximum Offering Price (per share)** |
| January 2, 2025 | $10.42 | $— | $10.42 | $10.42 | $— | $10.42 | $10.42 | $— | $10.42 |
| February 3, 2025 | $10.43 | $— | $10.43 | $10.43 | $— | $10.43 | $10.43 | $— | $10.43 |
| March 3, 2025 | $10.39 | $— | $10.39 | $10.39 | $— | $10.39 | $10.39 | $— | $10.39 |
| April 1, 2025 | $10.34 | $— | $10.34 | $10.34 | $— | $10.34 | $10.34 | $— | $10.34 |
| May 1, 2025 | $10.31 | $— | $10.31 | $10.31 | $— | $10.31 | $10.31 | $— | $10.31 |
| June 2, 2025 | $10.35 | $— | $10.35 | $10.35 | $— | $10.35 | $10.35 | $— | $10.35 |
| July 1, 2025 | $10.37 | $— | $10.37 | $10.37 | $— | $10.37 | $10.37 | $— | $10.37 |
| August 1, 2025 | $10.37 | $— | $10.37 | $10.37 | $— | $10.37 | $10.37 | $— | $10.37 |
| September 2, 2025 | $10.37 | $— | $10.37 | $10.37 | $— | $10.37 | $10.37 | $— | $10.37 |
| October 1, 2025 | $10.42 | $— | $10.42 | $10.42 | $— | $10.42 | $10.42 | $— | $10.42 |
| November 3, 2025 | $10.40 | $— | $10.40 | $10.40 | $— | $10.40 | $10.40 | $— | $10.40 |
| December 1, 2025 | $10.40 | $— | $10.40 | $10.40 | $— | $10.40 | $10.40 | $— | $10.40 |

---

_______________

<sup>(1)</sup> Maximum potential upfront sales load per share on Class S shares that can be charged by financial intermediaries is 3.5% of the net offering price.

<sup>(2)</sup> Maximum potential upfront sales load per share on Class D shares that can be charged by financial intermediaries is 1.5% of the net offering price.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
| | **S** | **S** | **S** | **D** | **D** | **D** | **I** | **I** | **I** |
|<br>**Effective Date** | **Net Offering Price (per share)** | **Maximum Upfront Sales Load (per share)**<sup>(1)</sup> | **Maximum Offering Price (per share)** | **Net Offering Price (per share)** | **Maximum Upfront Sales Load (per share)**<sup>(2)</sup> | **Maximum Offering Price (per share)** | **Net Offering Price (per share)** | **Maximum Upfront Sales Load (per share)** | **Maximum Offering Price (per share)** |
| January 2, 2024 | $10.38 | $— | $10.38 | $10.38 | $— | $10.38 | $10.38 | $— | $10.38 |
| February 1, 2024 | $10.39 | $— | $10.39 | $10.39 | $— | $10.39 | $10.39 | $— | $10.39 |
| March 1, 2024 | $10.40 | $— | $10.40 | $10.40 | $— | $10.40 | $10.40 | $— | $10.40 |
| April 1, 2024 | $10.44 | $— | $10.44 | $10.44 | $— | $10.44 | $10.44 | $— | $10.44 |
| May 1, 2024 | $10.45 | $— | $10.45 | $10.45 | $— | $10.45 | $10.45 | $— | $10.45 |
| June 3, 2024 | $10.47 | $— | $10.47 | $10.47 | $— | $10.47 | $10.47 | $— | $10.47 |
| July 1, 2024 | $10.42 | $— | $10.42 | $10.42 | $— | $10.42 | $10.42 | $— | $10.42 |
| August 1, 2024 | $10.43 | $— | $10.43 | $10.43 | $— | $10.43 | $10.43 | $— | $10.43 |
| September 3, 2024 | $10.44 | $— | $10.44 | $10.44 | $— | $10.44 | $10.44 | $— | $10.44 |
| October 1, 2024 | $10.43 | $— | $10.43 | $10.43 | $— | $10.43 | $10.43 | $— | $10.43 |
| November 1, 2024 | $10.44 | $— | $10.44 | $10.44 | $— | $10.44 | $10.44 | $— | $10.44 |
| December 2, 2024 | $10.45 | $— | $10.45 | $10.45 | $— | $10.45 | $10.45 | $— | $10.45 |

---

_______________

<sup>(1)</sup> Maximum potential upfront sales load per share on Class S shares that can be charged by financial intermediaries is 3.5% of the net offering price.

<sup>(2)</sup> Maximum potential upfront sales load per share on Class D shares that can be charged by financial intermediaries is 1.5% of the net offering price.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
| | **S** | **S** | **S** | **D** | **D** | **D** | **I** | **I** | **I** |
|<br>**Effective Date** | **Net Offering Price (per share)** | **Maximum Upfront Sales Load (per share)**<sup>(1)</sup> | **Maximum Offering Price (per share)** | **Net Offering Price (per share)** | **Maximum Upfront Sales Load (per share)**<sup>(2)</sup> | **Maximum Offering Price (per share)** | **Net Offering Price (per share)** | **Maximum Upfront Sales Load (per share)** | **Maximum Offering Price (per share)** |
| January 2, 2023 | $10.02 | $— | $10.02 | $10.02 | $— | $10.02 | $10.02 | $— | $10.02 |
| February 1, 2023 | $10.17 | $— | $10.17 | $10.17 | $— | $10.17 | $10.17 | $— | $10.17 |
| March 1, 2023 | $10.15 | $— | $10.15 | $10.15 | $— | $10.15 | $10.15 | $— | $10.15 |
| April 3, 2023 | $10.12 | $— | $10.12 | $10.12 | $— | $10.12 | $10.12 | $— | $10.12 |
| May 1, 2023 | $10.15 | $— | $10.15 | $10.15 | $— | $10.15 | $10.15 | $— | $10.15 |
| June 1, 2023 | $10.11 | $— | $10.11 | $10.11 | $— | $10.11 | $10.11 | $— | $10.11 |
| July 3, 2023 | $10.14 | $— | $10.14 | $10.14 | $— | $10.14 | $10.14 | $— | $10.14 |
| August 1, 2023 | $10.21 | $— | $10.21 | $10.21 | $— | $10.21 | $10.21 | $— | $10.21 |
| September 1, 2023 | $10.26 | $— | $10.26 | $10.26 | $— | $10.26 | $10.26 | $— | $10.26 |
| October 2, 2023 | $10.28 | $— | $10.28 | $10.28 | $— | $10.28 | $10.28 | $— | $10.28 |
| November 1, 2023 | $10.21 | $— | $10.21 | $10.21 | $— | $10.21 | $10.21 | $— | $10.21 |
| December 1, 2023 | $10.32 | $— | $10.32 | $10.32 | $— | $10.32 | $10.32 | $— | $10.32 |

---

_______________

<sup>(1)</sup> Maximum potential upfront sales load per share on Class S shares that can be charged by financial intermediaries is 3.5% of the net offering price.

<sup>(2)</sup> Maximum potential upfront sales load per share on Class D shares that can be charged by financial intermediaries is 1.5% of the net offering price.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

*Distributions*

The Board intends to authorize and declare monthly distribution amounts per share of common stock, payable monthly in arrears.

The tables below present cash distributions per share that were recorded for the following periods:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| **Declaration Date**<sup>(1)</sup> | **Record Date** | **Payment Date** | **Distribution Per Share**<sup>(2)</sup> | **Distribution Amount**<sup>(3)</sup> | **Distribution Amount**<sup>(3)</sup> | **Distribution Amount**<sup>(3)</sup> |
| | | | | **S** | **D** | **I** |
| November 5, 2024 | January 31, 2025 | February 25, 2025 | $0.074775 | $4907 | $116 | $16780 |
| February 18, 2025 | February 28, 2025 | March 25, 2025 | 0.074775 | 5136 | 117 | 17249 |
| February 18, 2025 | March 31, 2025 | April 24, 2025 | 0.074775 | 5219 | 120 | 17539 |
| February 18, 2025 | March 31, 2025 | April 24, 2025 | 0.020000 | 1555 | 33 | 4691 |
| February 18, 2025 | April 30, 2025 | May 23, 2025 | 0.074775 | 5440 | 122 | 17769 |
| May 6, 2025 | May 31, 2025 | June 25, 2025 | 0.074775 | 5592 | 131 | 18086 |
| May 6, 2025 | June 30, 2025 | July 24, 2025 | 0.074775 | 5609 | 132 | 17469 |
| May 6, 2025 | June 30, 2025 | July 24, 2025 | 0.010000 | 832 | 18 | 2337 |
| May 6, 2025 | July 31, 2025 | August 25, 2025 | 0.074775 | 5693 | 148 | 17621 |
| August 5, 2025 | August 29, 2025 | September 26, 2025 | 0.074775 | 5834 | 149 | 17993 |
| August 5, 2025 | September 30, 2025 | October 24, 2025 | 0.074775 | 5928 | 144 | 17864 |
| August 5, 2025 | September 30, 2025 | October 24, 2025 | 0.010000 | 879 | 20 | 2389 |
| August 5, 2025 | October 31, 2025 | November 26, 2025 | 0.074775 | 6004 | 145 | 18305 |
| November 4, 2025 | November 28, 2025 | December 23, 2025 | 0.074775 | 6099 | 148 | 18624 |
| November 4, 2025 | December 31, 2025 | January 28, 2026 | 0.074775 | 6120 | 149 | 18837 |
|  |  | **Total** | 0.937300 | $70847 | $1692 | $223553 |

---

_______________

<sup>(1)</sup> On November 4, 2025, the Company's board of directors declared a distribution of $0.074775 per share, payable on or before February 28, 2026 to shareholders of record as of January 30, 2026.

<sup>(2)</sup> Distributions per share are gross of shareholder servicing fees.

<sup>(3)</sup> Distribution amounts are net of shareholder servicing fees.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
| **Declaration Date** | **Record Date** | **Payment Date** | **Distribution Per Share**<sup>(1)</sup> | **Distribution Amount**<sup>(2)</sup> | **Distribution Amount**<sup>(2)</sup> | **Distribution Amount**<sup>(2)</sup> |
| | | | | **S** | **D** | **I** |
| November 20, 2023 | January 31, 2024 | February 23, 2024 | $0.074775 | $2870 | $92 | $10742 |
| February 21, 2024 | February 29, 2024 | March 22, 2024 | 0.074775 | 3035 | 95 | 11459 |
| February 21, 2024 | March 29, 2024 | April 23, 2024 | 0.074775 | 3126 | 95 | 11897 |
| February 21, 2024 | March 29, 2024 | April 23, 2024 | 0.030000 | 1394 | 39 | 4773 |
| February 21, 2024 | April 30, 2024 | May 22, 2024 | 0.074775 | 3379 | 97 | 13017 |
| May 7, 2024 | May 31, 2024 | June 26, 2024 | 0.074775 | 3579 | 97 | 13714 |
| May 7, 2024 | June 28, 2024 | July 24, 2024 | 0.074775 | 3752 | 98 | 14677 |
| May 7, 2024 | June 28, 2024 | July 24, 2024 | 0.030000 | 1671 | 40 | 5889 |
| May 7, 2024 | July 31, 2024 | August 22, 2024 | 0.074775 | 4006 | 98 | 15253 |
| August 6, 2024 | August 30, 2024 | September 25, 2024 | 0.074775 | 4245 | 103 | 15741 |
| August 6, 2024 | September 30, 2024 | October 24, 2024 | 0.074775 | 4376 | 103 | 15857 |
| August 6, 2024 | September 30, 2024 | October 24, 2024 | 0.030000 | 1948 | 43 | 6362 |
| August 6, 2024 | October 31, 2024 | November 26, 2024 | 0.074775 | 4469 | 109 | 16211 |
| November 5, 2024 | November 29, 2024 | December 23, 2024 | 0.074775 | 4643 | 112 | 16554 |
| November 5, 2024 | December 31, 2024 | January 27, 2025 | 0.074775 | 4696 | 109 | 16250 |
| November 5, 2024 | December 31, 2024 | January 27, 2025 | 0.030000 | 2097 | 45 | 6520 |
|  |  | **Total** | 1.017300 | $53286 | $1375 | $194916 |

---

_______________

<sup>(1)</sup> Distributions per share are gross of shareholder servicing fees.

<sup>(2)</sup> Distribution amounts are net of shareholder servicing fees.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
| **Declaration Date** | **Record Date** | **Payment Date** | **Distribution Per Share**<sup>(1)</sup> | **Distribution Amount**<sup>(2)</sup> | **Distribution Amount**<sup>(2)</sup> | **Distribution Amount**<sup>(2)</sup> |
| | | | | **Class S** | **Class D** | **Class I** |
| November 22, 2022 | January 31, 2023 | February 24, 2023 | $0.075000 | $1010 | $19 | $6766 |
| January 25, 2023 | January 31, 2023 | February 24, 2023 | 0.074775 | 909 | 19 | 6746 |
| February 21, 2023 | February 28, 2023 | March 23, 2023 | 0.074775 | 1019 | 27 | 7110 |
| March 22, 2023 | March 31, 2023 | April 26, 2023 | 0.074775 | 1137 | 38 | 7193 |
| April 25, 2023 | April 30, 2023 | May 23, 2023 | 0.074775 | 1296 | 45 | 7464 |
| May 22, 2023 | May 31, 2023 | June 26, 2023 | 0.074775 | 1441 | 53 | 7737 |
| June 23, 2023 | June 30, 2023 | July 26, 2023 | 0.074775 | 1702 | 83 | 7916 |
| June 23, 2023 | July 31, 2023 | August 22, 2023 | 0.074775 | 1878 | 119 | 8364 |
| August 8, 2023 | August 31, 2023 | September 26, 2023 | 0.074775 | 1999 | 138 | 8893 |
| August 8, 2023 | September 29, 2023 | October 26, 2023 | 0.074775 | 2333 | 151 | 9116 |
| June 23, 2023 | October 31, 2023 | November 24, 2023 | 0.020000 | 730 | 46 | 2578 |
| August 8, 2023 | October 31, 2023 | November 24, 2023 | 0.074775 | 2460 | 166 | 9640 |
| November 20, 2023 | November 30, 2023 | December 22, 2023 | 0.074775 | 2603 | 181 | 10069 |
| November 20, 2023 | December 29, 2023 | January 25, 2024 | 0.074775 | 2727 | 187 | 10333 |
| November 20, 2023 | December 29, 2023 | January 25, 2024 | 0.020000 | 810 | 51 | 2763 |
|  |  | **Total** | $1.012300 | $24054 | $1323 | $112688 |

---

_______________

<sup>(1)</sup> Distributions per share are gross of shareholder servicing fees.

<sup>(2)</sup> Distribution amounts are net of shareholder servicing fees.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

The Company has adopted a distribution reinvestment plan which was amended and restated on May 6, 2024. The amended and restated distribution reinvestment plan provides for reinvestment of any cash distributions on behalf of shareholders who have enrolled in the distribution reinvestment plan. As a result, if the Board authorizes and declares a cash distribution, then the shareholders who have enrolled in the distribution 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 distribution reinvestment plan.

The Company may fund its cash distributions to shareholders from any source of funds available to it, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Adviser, which is subject to recoupment. In no event, however, will funds be advanced or borrowed for the purpose of distributions, if the amount of such distributions would exceed the Company's accrued and received revenues for the previous four quarters, less paid and accrued operating expenses with respect to such revenues and costs. Prior to the termination of the Expense Support Agreement on March 7, 2023, a portion of the Company's distributions resulted from expense support from the Adviser. The purpose of this arrangement was to avoid distributions being characterized as a return of capital for U.S. federal income tax purposes.

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions.

The tables below presents the source of cash distributions on a U.S. GAAP basis that the Company has declared on its shares of common stock for the following periods:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| | **S** | **S** | **D** | **D** | **I** | **I** | **Total** | **Total** |
|<br>**Source of Distribution** | **Per Share**<sup>(1)</sup> | **Amount** | **Per Share**<sup>(1)</sup> | **Amount** | **Per Share**<sup>(1)</sup> | **Amount** | **Per Share**<sup>(1)</sup> | **Amount** |
| Net investment income<sup>(2)(3)</sup> | $0.936222 | $71030 | $0.936861 | $1697 | $0.934328 | $224195 | $0.935460 | $296922 |
| Net realized gain on investments<sup>(3)</sup> | 0.054010 | 4911 | 0.054448 | 112 | 0.054083 | 13464 | 0.054064 | 18487 |
| Excess (undistributed) | (0.052932) | (5094) | (0.054009) | (117) | (0.051111) | (14106) | (0.052224) | (19317) |
| **Total** | $0.937300 | $70847 | $0.937300 | $1692 | $0.937300 | $223553 | $0.937300 | $296092 |

---

______________

<sup>(1)</sup> Distributions per share are gross of shareholder servicing fees.

<sup>(2)</sup> Net investment income per share is gross of shareholder servicing fees.

<sup>(3)</sup> The per share data was derived using actual shares outstanding at the date of the relevant transaction.

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
|<br>**Source of Distribution**<sup>(2)</sup> | **Per Share**<sup>(1)</sup> | **Amount** | **Percentage** |
| Net investment income | $1.046878 | $262273 | 105.1% |
| Net realized gain (loss) on investments | (0.023535) | (6795) | (2.7)% |
| Excess (undistributed) | (0.006043) | (5901) | (2.4)% |
| **Total** | $1.017300 | $249577 | 100.0% |

---

___________

<sup>(1)</sup> Distributions per share are gross of shareholder servicing fees.

<sup>(2)</sup> Data in this table is presented on a consolidated basis. Refer to "*Note 12 — Financial Highlights"* for amounts by share class.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
| **Source of Distribution**<sup>(3)</sup> | **Per Share**<sup>(1)</sup> | **Amount** | **Percentage** |
| Net investment income | $1.120595 | $157783 | 114.3% |
| Net realized gain (loss) on investments | 0.003228 | 585 | 0.4% |
| Distributions in excess of net investment income/(undistributed net investment income) | (0.111523) | (20303) | (14.7)% |
| **Total** | $1.012300 | $138065 | 100.0% |

---

__________

<sup>(1)</sup> Distributions per share are gross of shareholder servicing fees.

<sup>(2)</sup> Data in this table is presented on a consolidated basis. Refer to *"Note 12— Financial Highlights*" for amounts by share class.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

*Share Repurchases*

The Board has complete discretion to determine whether the Company will engage in any share repurchase, and if so, the terms of such repurchase. At the discretion of our Board, the Company may use cash on hand, cash available from borrowings, and cash from the sale of our investments as of the end of the applicable period to repurchase shares. The Company has commenced a share repurchase program pursuant to which the Company intends to conduct quarterly repurchase offers to allow its shareholders to tender their shares at a price equal to the net offering price per share for the applicable class of shares on each date of repurchase. All shares purchased by the Company pursuant to the terms of each offer to repurchase will be retired and thereafter will be authorized and unissued shares.

The Company intends to limit the number of shares to be repurchased in each quarter to no more than 5.00% of its outstanding shares of common stock. Any periodic repurchase offers are subject in part to the Company's available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act and the Code, respectively. While the Company intends to continue to conduct quarterly tender offers as described above, the Company is not required to do so and may suspend or terminate the share repurchase program at any time.

The tables below present the share repurchase activity of the Company:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| **Offer Date** | **Class** | **Tender Offer Expiration** | **Tender Offer** | | **Purchase Price per Share** | **Shares Repurchased** |
| February 26, 2025 | I | March 31, 2025 | $82728 |  | $10.34 | 8000727 |
| February 26, 2025 | S | March 31, 2025 | 15662 |  | $10.34 | 1514802 |
| February 26, 2025 | D | March 31, 2025 | 147 |  | $10.34 | 14197 |
| May 23, 2025 | I | June 30, 2025 | 130914 |  | $10.37 | 12624263 |
| May 23, 2025 | S | June 30, 2025 | 16306 |  | $10.37 | 1572626 |
| August 26, 2025 | I | September 30, 2025 | 76960 |  | $10.42 | 7386057 |
| August 26, 2025 | S | September 30, 2025 | 12306 | <sup>(1)</sup> | $10.42 | 1181076 |
| August 26, 2025 | D | September 30, 2025 | 678 |  | $10.42 | 64988 |
| **Total** | **Total** | **Total** | $335701 |  |  | 32358736 |

---

_______________

<sup>(1)</sup> Amount reflects a $513 thousand reduction from the originally estimated tender offer amount.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
| **Offer Date** | **Class** | **Tender Offer Expiration** | **Tender Offer** | **Purchase Price per Share** | **Shares Repurchased** |
| February 27, 2024 | I | March 29, 2024 | $13250 | $10.44 | 1269118 |
| February 27, 2024 | S | March 29, 2024 | 1958 | $10.44 | 187558 |
| May 23, 2024 | I | June 28, 2024 | 26086 | $10.42 | 2503435 |
| May 23, 2024 | S | June 28, 2024 | 11239 | $10.42 | 1078644 |
| May 23, 2024 | D | June 28, 2024 | 169 | $10.42 | 16239 |
| August 26, 2024 | I | September 30, 2024 | 62456 | $10.43 | 5988126 |
| August 26, 2024 | S | September 30, 2024 | 9797 | $10.43 | 939242 |
| August 26, 2024 | D | September 30, 2024 | 28 | $10.43 | 2726 |
| November 26, 2024 | I | December 31, 2024 | 88571 | $10.42 | 8500163 |
| November 26, 2024 | S | December 31, 2024 | 6940 | $10.42 | 666035 |
| November 26, 2024 | D | December 31, 2024 | 661 | $10.42 | 63408 |
| **Total** | **Total** | **Total** | $221155 |  | 21214694 |

---

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
| **Offer Date** | **Class** | **Tender Offer Expiration** | **Tender Offer** | **Purchase Price per Share** | **Shares Repurchased** |
| February 28, 2023 | I | March 31, 2023 | $35173 | $10.12 | 3475640 |
| February 28, 2023 | S | March 31, 2023 | 965 | $10.12 | 95317 |
| May 25, 2023 | I | June 30, 2023 | 20802 | $10.14 | 2051539 |
| May 25, 2023 | S | June 30, 2023 | 1425 | $10.14 | 140508 |
| May 25, 2023 | D | June 30, 2023 | 50 | $10.14 | 4926 |
| August 24, 2023 | I | September 29, 2023 | 39093 | $10.28 | 3802783 |
| August 24, 2023 | S | September 29, 2023 | 581 | $10.28 | 56519 |
| August 24, 2023 | D | September 29, 2023 | 52 | $10.28 | 5090 |
| November 27, 2023 | I | December 29, 2023 | 39727 | $10.38 | 3827332 |
| November 27, 2023 | S | December 29, 2023 | 564 | $10.38 | 54310 |
| **Total** | **Total** | **Total** | $138432 |  | 13513964 |

---

**Note 10. Earnings Per Share**

The tables below present the computation of basic and diluted earnings per common share for the following periods:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** |
| | **S** | **D** | **I** | **S** | **D** | **I** | **S** | **D** | **I** |
| Increase (decrease) in net assets resulting from operations | $68062 | $1639 | $214396 | $54458 | $1419 | $198741 | $33852 | $1876 | $153519 |
| Weighted average shares of common stock outstanding—basic and diluted | 83658968 | 1865052 | 240204590 | 57196633 | 1398074 | 191934071 | 26514031 | 1383519 | 112905282 |
| Earnings (loss) per common share—basic and diluted | $0.81 | $0.88 | $0.89 | $0.95 | $1.01 | $1.04 | $1.28 | $1.36 | $1.36 |

---

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

**Note 11. Income Taxes** 

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

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

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

For the year ended December 31, 2025, the Company recorded $0.4 million U.S. federal excise tax. For the years ended December 31, 2024 and 2023, the Company recorded none and $0.1 million for U.S. federal excise tax, respectively.

The following table reconciles the increase in net assets resulting from operations to taxable income for the following periods:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2025**<sup>(1)</sup> | **2024** | **2023** |
| Increase (decrease) in net assets resulting from operations | $284097 | $254618 | $189247 |
| *Adjustments:* |  |  |  |
| Net unrealized (gain) loss on investments | 31312 | 384 | (31885) |
| Excise tax | 400 |  | 126 |
| Other book-tax differences | (8213) | (12346) | (21181) |
| &nbsp;&nbsp;**Taxable Income** | $307596 | $242656 | $136307 |

---

______________

<sup>(1)</sup> Tax information for the fiscal year ended December 31, 2025, is estimated and is not considered final until the Company files its tax return.

*For the Year Ended December 31, 2025*

Total distributions declared during the year ended December 31, 2025 of $296.1 million consisted of $279.0 million of ordinary income and $17.1 million of net long-term capital gains, determined on a tax basis. For the calendar year ended December 31, 2025, the Company had no undistributed ordinary income, $10.3 million of undistributed capital gains, as well as $39.3 million of net unrealized gains (losses) on investments and no other temporary differences. For the year ended December 31, 2025, 91.4% of distributed ordinary income qualified as interest related dividend which is exempt from U.S. withholding tax applicable to non-U.S. shareholders.

During the year ended December 31, 2025, the Company increased the total distributable earnings (losses) and decreased additional paid-in-capital. These permanent differences of $0.4 million were principally related to U.S, federal income tax including excise taxes.

As of December 31, 2025, the net estimated unrealized gain for U.S. federal income tax purposes was $52.3 million based on a tax cost basis of $6.2 billion. As of December 31, 2025, the estimated aggregate gross unrealized losses for U.S federal income tax purposes was $7.3 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $59.6 million.

*For the Year Ended December 31, 2024*

Total distributions declared during the year ended December 31, 2024, of $249.6 million consisted of $245.3 million of ordinary income and $4.3 million of net long-term capital gains, determined on a tax basis. For the calendar year ended December 31, 2024, the Company had no undistributed ordinary income, as well as $63.7 million of net unrealized gains (losses) on investments and other temporary differences of $(2.5) million. For the year ended December 31, 2024, 92.2% of distributed ordinary income qualified as interest related dividend which is exempt from U.S. withholding tax applicable to non-U.S. shareholders.

During the year ended December 31, 2024, the Company decreased the total distributable earnings (losses) and increased additional paid-in-capital. These permanent differences were principally related to $0.4 million attributable to U.S. federal income tax, including excise taxes and non-deductible expenses.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

As of December 31, 2024, the net estimated unrealized gain for U.S. federal income tax purposes was $61.6 million based on a tax cost basis of $5.1 billion. As of December 31, 2024, there were no estimated aggregate gross unrealized losses for U.S. federal income tax purposes and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $61.6 million.

*For the Year Ended December 31, 2023*

Total distributions declared during the year ended December 31, 2023, of $138.1 million were derived from ordinary income, determined on a tax basis. For the calendar year ended December 31, 2023, the Company had $5.7 million of undistributed ordinary income, $0.6 million of undistributed capital gains, as well as $52.5 million of net unrealized gains (losses) on investments and other temporary differences of $2.3 million. For the year ended December 31, 2023, 92.9% of distributed ordinary income qualified as interest related dividend which is exempt from U.S. withholding tax applicable to non-U.S. shareholders.

During the year ended December 31, 2023, the Company increased the total distributable earnings (losses) and decreased additional paid-in-capital. These permanent differences were principally related to $0.5 million attributable to U.S. federal income tax, including excise taxes and non-deductible expenses.

As of December 31, 2023, the net estimated unrealized gain for U.S. federal income tax purposes was $50.6 million based on a tax cost basis of $3.2 billion. As of December 31, 2023, there were no estimated aggregate gross unrealized losses for U.S. federal income tax purposes and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $50.6 million.

------

**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

**Note 12. Financial Highlights**

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** | **2022**<sup>(8)</sup> | **2022**<sup>(8)</sup> | **2022**<sup>(8)</sup> |
| | **S** | **D** | **I** | **S** | **D** | **I** | **S** | **D** | **I** | **S**<sup>(9)</sup> | **D**<sup>(10)</sup> | **I** |
| ***Per share data:*** |  |  |  |  |  |  |  |  |  |  |  |  |
| Net asset value, at beginning of period | $10.42 | $10.42 | $10.42 | $10.38 | $10.38 | $10.38 | $10.02 | $10.02 | $10.02 | $9.96 | $9.93 | $10.00 |
| ***Results of operations:*** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(1)</sup> | 0.85 | 0.91 | 0.93 | 0.98 | 1.04 | 1.07 | 1.05 | 1.11 | 1.14 | 0.64 | 0.28 | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>(2)</sup> | (0.04) | (0.03) | (0.04) | (0.01) | (0.01) | (0.01) | 0.24 | 0.24 | 0.23 | (0.10) | 0.03 | (0.22) |
| **Net increase (decrease) in net assets resulting from operations** | 0.81 | 0.88 | 0.89 | 0.97 | 1.03 | 1.06 | 1.29 | 1.35 | 1.37 | 0.54 | 0.31 | 0.54 |
| ***Distributions:*** |  |  |  |  |  |  |  |  |  |  |  |  |
| Net increase (decrease) in net assets from shareholders' distributions<sup>(3)</sup> | (0.85) | (0.91) | (0.94) | (0.93) | (0.99) | (1.02) | (0.93) | (0.99) | (1.01) | (0.48) | (0.22) | (0.52) |
| **Total increase (decrease) in net assets** | (0.04) | (0.03) | (0.05) | 0.04 | 0.04 | 0.04 | 0.36 | 0.36 | 0.36 | 0.06 | 0.09 | 0.02 |
| **Net Asset Value, at End of Period**<sup>(4)</sup> | $10.38 | $10.38 | $10.38 | $10.42 | $10.42 | $10.42 | $10.38 | $10.38 | $10.38 | $10.02 | $10.02 | $10.02 |
| **Total Return**<sup>(5)</sup> | 8.1% | 8.7% | 9.0% | 9.7% | 10.3% | 10.6% | 13.4% | 14.1% | 14.3% | 5.0% | 5.4% | 5.6% |
| ***Ratios:*** |  |  |  |  |  |  |  |  |  |  |  |  |
| Ratio of net expenses to average net assets<sup>(6)(7)</sup> | 9.3% | 8.7% | 8.5% | 10.5% | 10.3% | 9.7% | 10.7% | 10.7% | 10.0% | N.M. | N.M. | N.M. |
| Ratio of net investment income to average net assets<sup>(6)(7)</sup> | 8.3% | 9.1% | 9.2% | 9.7% | 10.1% | 10.6% | 10.7% | 11.6% | 11.4% | 10.8% | 6.8% | 11.3% |
| Portfolio turnover rate | 49.1% | 49.1% | 49.1% | 52.2% | 52.2% | 52.2% | 8.5% | 8.5% | 8.5% | N.M. | N.M. | N.M. |
| ***Supplemental Data:*** |  |  |  |  |  |  |  |  |  |  |  |  |
| Weighted-average shares outstanding | 83658968 | 1865052 | 240204590 | 57196633 | 1398074 | 191934071 | 26514031 | 1383519 | 112905282 | 5219284 | 64617 | 72916367 |
| Shares outstanding, end of period | 90973724 | 2059316 | 251904595 | 69897488 | 1498231 | 217328509 | 40514803 | 2571718 | 138158948 | 10780315 | 107019 | 87818350 |
| Net assets, end of period | $944216 | $21371 | $2614561 | $728225 | $15607 | $2264248 | $420533 | $26693 | $1434377 | $108073 | $1073 | $880351 |

---

_______________

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

<sup>(2)</sup> 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 change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales of the Company's shares in relation to fluctuating market values for the portfolio.

<sup>(3)</sup> Distributions per share are net of shareholder servicing fees. The per share data was derived using actual shares outstanding during the period.

<sup>(4)</sup> Totals presented may not sum due to rounding.

<sup>(5)</sup> Total return is not annualized. An investment in the Company is subject to maximum upfront sales load of 3.5% and 1.5% for Class S and Class D common stock, respectively, of the offering price, which will reduce the amount of capital available for investment. Class I common stock is not subject to upfront sales load. Total return displayed is net of all fees, including all operating expenses such as management fees, incentive fees, general and administrative expenses, organization and amortized offering expenses, and interest expenses. Total return is calculated as the change in net asset value ("NAV") 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 (which for the purposes of this calculation is equal to the net offering price in effect at that time).

<sup>(6)</sup> Operating expenses may vary in the future based on the amount of capital raised, the Adviser's election to continue expense support, and other unpredictable variables. For the year ended December 31, 2025, the total operating expenses to average net assets were 9.3%, 8.7%, 8.5% for Class S, Class D and Class I common stock, respectively, prior to management fee waivers, if any. For year ended December 31, 2024, the total operating expenses to average net assets were 10.5%, 10.3%, 9.7% for Class S, Class D and Class I common stock, respectively, prior to management fee waivers, if any. For the year ended December 31, 2023, the total operating expenses to average net assets were 10.7%, 10.7%, 10.0% for Class S, Class D and Class I common stock, respectively. From May 2, 2022 (commencement of operations) through December 31, 2022, the total operating expenses to average net assets were not meaningful for Class S, Class D, and Class I common stock, respectively.

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**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

<sup>(7)</sup> The ratio reflects an annualized amount for the years ended December 31, 2025, 2024, 2023 and 2022, except in the case of non-recurring expenses (e.g. initial organization expenses) and offering expenses, where applicable.

<sup>(8)</sup> The Company commenced operations on May 2, 2022.

<sup>(9)</sup> Class S common stock shares were first issued on June 1, 2022.

<sup>(10)</sup> Class D common stock shares were first issued on October 3, 2022.

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**Blue Owl Technology Income Corp.**

**Notes to Consolidated Financial Statements — Continued**

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

**Note 13. Subsequent Events**

The Company's management evaluated subsequent events through the date of these financial statements. There have been no subsequent events to disclose except for the following:

***Distribution***

On February 18, 2026, the Company's Board approved a distribution of $0.074775 per share, payable on or before March 31, 2026, to the shareholders of record as of February 27, 2026, a distribution of $0.074775 per share, payable on or before April 30, 2026, to the shareholders of record as of March 31, 2026, and a distribution of $0.074775 per share, payable on or before May 31, 2026, to the shareholders of record as of April 30, 2026.

***Raise Proceeds***

Subsequent to December 31, 2025 and through March 3, 2026, the Company has issued approximately 823,418 shares of its Class S common stock, approximately 5,731,059 shares of its Class I common stock and 16,885 shares of its Class D common stock and has raised total gross proceeds of approximately $8.6 million, $59.0 million, and $0.2 million, respectively.

***Asset Sale*** 

On February 18, 2026, the Company entered into six separately negotiated loan sale agreements with certain purchasers ("Purchasers") totaling $400.0 million in debt investment commitments, each relating to the disposition of a portion of our portfolio company investments (each, a "Subject Portfolio" and collectively, the "Subject Portfolios"). Excluding unfunded commitments, the aggregate fair value of the Subject Portfolios as of February 12, 2026 was $344.0 million, equivalent to 99.6% of par value. The Subject Portfolios consist of 98.6% first-lien investments and 1.4% unsecured investments and include investments in 60 portfolio companies across 26 industries. 98.6% of investments in the Subject Portfolios are floating rate. The Subject Portfolios have an average investment size of $5.7 million and a weighted average spread of 5.0% and consist of partial sales representing approximately 13% of our investments in each underlying portfolio company as of December 31, 2025.

Each Purchaser is a financing vehicle or fund owned by a leading public pension or insurance investor (each, an "Institutional Investor"). Some of the Institutional Investors are investors in funds managed by affiliates of the Adviser; however, each Institutional Investor made its own independent investment decision in connection with its purchase of a Subject Portfolio. Additionally, certain affiliates of the Adviser have agreed to provide the Purchasers or their parent entities with non-discretionary advisory services in connection with the Subject Portfolios.

***Share Repurchases***

Pursuant to an offer to purchase (the "Offer") dated November 26, 2025, as amended on December 23, 2025, the Company offered to purchase up to 65,771,325 shares of its issued and outstanding Class S common stock, Class D common stock and Class I common stock at a price equal to the net offering price per share, as of December 31, 2025, of each share tendered pursuant to the Offer.

The Offer expired at 11:59 P.M., Eastern Time, on January 8, 2026, and approximately 10,327,702 shares of Class S common stock, 988,298 shares of Class D common stock and 40,025,443 shares of Class I common stock were validly tendered and not withdrawn pursuant to the Offer as of such date.

On January 26, 2026, the Company determined that, as of December 31, 2025, the net offering prices per share of its Class S common stock, Class D common stock and Class I common stock were $10.38 per share, $10.38 per share and $10.38 per share, respectively and the Company purchased all validly tendered and not withdrawn shares for approximately $107.2 million, $10.3 million and $415.5 million respectively. The aggregate purchase price for all shares repurchased pursuant to the Offer was approximately $533.0 million, which represented the value of 15.6% of the aggregate number of the Company's shares outstanding as of September 30, 2025.

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**Item 9. 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 9A. Controls and Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(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 Annual Report and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Annual Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)Management's Report on Internal Controls Over Financial Reporting***

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act). Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 COSO Framework). Based on our evaluation under the framework in Internal Control — Integrated Framework (2013), management concluded that our internal control over financial reporting was effective as of December 31, 2025.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

This annual report does not include an attestation report of the Company's independent registered public accounting firm pursuant to the rules of the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c) Changes in Internal Controls Over Financial Reporting***

There have been no changes in our internal controls over financial reporting that occurred during the quarter ended December 31, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**Item 9B. Other Information**

***Rule 10b5-1 Trading Plans***

During the fiscal quarter ended December 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 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**

None.

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**PART III**

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**Item 10. Directors, Executive Officers and Corporate Governance**

**Our Board of Directors**

As of December 31, 2025, our Board consisted of six members. The Board is divided into three classes, with the members of each class serving staggered, three-year terms. The terms of our Class I directors will expire at the 2028 annual meeting of shareholders; the terms of our Class II directors will expire at the 2026 annual meeting of shareholders; and the terms of our Class III directors will expire at the 2027 annual meeting of shareholders.

***Biographical Information***

Brief biographies of the members of the Board are set forth below. Also included below following each biography is a brief discussion of the specific experience, qualifications, attributes or skills that led our Board to conclude that the applicable director should serve on our Board at this time. In addition, set forth further below is a biography of each of our executive officers who is not a director.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address, and Age**<sup>(1)</sup> | **Position(s) Held with the Company** | **Principal<br>Occupation(s)<br>During the Past<br>5 Years** | **Term of Office**<br>**and Length of**<br>**Time Served**<sup>(2)</sup> | **Number of**<br>**Companies in**<br>**Fund**<br>**Complex**<sup>(3)</sup><br>**Overseen by**<br>**Director** | **Other Directorships<br>Held by Director or<br>Nominee for Director** |
| *Independent Directors:* | *Independent Directors:* |  |  |  |  |
| **Eric Kaye, 62** | Director | Founder and Chief Executive Officer of Kayezen, LLC (formerly ARQ^EX Fitness Systems) | Class II Director since 2021; Term expires in 2026 | 5 | Blue Owl Capital Corporation("OBDC")<br>Blue Owl Capital Corporation II ("OBDC II")<br>Blue Owl Credit Income Corp. ("OCIC")<br>Blue Owl Technology Finance Corp. ("OTF") |
| **Victor Woolridge, 69** | Director | Managing Director of Barings Real Estate Advisers LLC | Class II Director since 2021; Term expires in 2026 | 5 | OBDC<br>OBDC II<br>OCIC<br>OTF |
| **Christopher M. Temple, 58** | Director | President of DelTex Capital LLC | Class III Director since 2021; Term expires in 2027 | 5 | OBDC<br>OBDC II<br>OCIC<br>OTF |
| **Melissa Weiler, 61** | Director | Private Investor | Class III Director since 2021, Term expires in 2027 | 5 | OBDC<br>OBDC II<br>OCIC<br>OTF <br>Jefferies Financial Group, Inc. |
| **Edward D'Alelio, 73** | Chairman of the Board and Director | Retired | Class I Director since 2021; Term expires in 2028 | 5 | OBDC<br>OBDC II<br>OCIC<br>OTF |
| *Interested Directors:*<sup>(4)</sup> | *Interested Directors:*<sup>(4)</sup> |  |  |  |  |
| **Craig W. Packer, 59** | Chief Executive Officer and Director | Co-Founder of Owl Rock Capital Partners<br>Co-President of Blue Owl<br>Co-Chief Investment Officer of each of the Blue Owl Credit Advisers<br>Chief Executive Officer of the Blue Owl BDCs  | Class I Director since 2021; Term expires in 2028 | 5 | OBDC<br>OBDC II<br>OCIC<br>OTF<br>Blue Owl Capital Inc. ("Blue Owl") |

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_______________

<sup>(1)</sup> The address for each director is c/o Blue Owl Technology Income Corp., 399 Park Avenue, 37th Floor, New York, New York 10022.

<sup>(2)</sup> Directors serve for three-year terms until the next annual meeting of shareholders and until their successors are duly elected and qualified.

<sup>(3)</sup> The term "Fund Complex" refers to the Blue Owl BDCs. Directors and officers who oversee the funds in the Fund Complex are noted.

<sup>(4)</sup> "Interested person" of the Company as defined in Section 2(a)(19) of the Investment Company Act of 1940 (the "1940 Act"). Mr. Packer is an "interested person" because of his affiliation with the Adviser.

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**Independent Directors**

**Mr. Kaye** is the Chief Executive Officer and founder of Kayezen, LLC, a physical therapy and fitness equipment design company. Prior to founding Kayezen, LLC, Mr. Kaye served as a Vice Chairman and Managing Director of UBS Investment Bank, and a member of the division's Global Operating and U.S. Executive Committees, from June 2001 to May 2012. For the majority of Mr. Kaye's tenure with UBS, he was a Managing Director and led the firm's Exclusive Sales and Divestitures Group, where he focused on advising middle-market companies. Prior to joining UBS, Mr. Kaye had served as Global Co-Head of Mergers & Acquisitions for Robertson Stephens, an investment banking firm, from February 1998 to June 2001. Mr. Kaye joined Robertson Stephens from PaineWebber where he served as Executive Director and head of the firm's Technology Mergers & Acquisitions team. Since March 2016 and November 2016 he has served on the boards of directors of OBDC and OBDC II, respectively, since August 2018 he has served on the board of directors of OTF, since September 2020 he has served on the board of directors of OCIC and since August 2021 he has served on the board of directors of the Company. Mr. Kaye previously served on the board of directors of Blue Owl Capital Corporation III ("OBDE") from February 2020 until January 2025 and on the board of directors of Blue Owl Technology Finance Corp. II ("OTF II") from November 2021 until March 2025. Mr. Kaye holds a B.A. from Union College and an M.B.A. from Columbia Business School.

We believe Mr. Kaye's management positions and experiences in the middle-market provide the Board with valuable insight.

**Mr. Woolridge** was formerly a Managing Director of Barings Real Estate Advisers, LLC ("Barings"), the real estate investment unit of Barings LLC, a global asset management firm. Mr. Woolridge most recently served as Head of the U.S. Capital Markets for Equity Real Estate Funds at Barings. Mr. Woolridge previously served as Vice President and Managing Director and Head of Debt Capital Markets – Equities of Cornerstone Real Estate Advisers LLC (prior to its rebranding under the Barings name) ("Cornerstone") from January 2013 to September 2016 and as Vice President Special Servicing from January 2010 to January 2013. Prior to joining Cornerstone, Mr. Woolridge served as a Managing Director of Babson Capital Management LLC ("Babson") from January 2000 to January 2010. Prior to joining Babson, Mr. Woolridge served as Director of Loan Originations and Assistant Regional Director of MassMutual Financial Group from September 1982 to January 2000. Since 2009, Mr. Woolridge has served on the University of Massachusetts (UMass) Board of Trustees and has previously served as Chairman of the Board and as Chairman of the Board's Committee on Administration and Finance. Mr. Woolridge has served as trustee for University of Massachusetts Global. Since 2022, Mr. Woolridge has served as a director of Trumbull Property Income Fund and Fallon Health. Mr. Woolridge has also served on the UMass Foundation's investment committee since 2021. Mr. Woolridge serves as Board Committee Chair and President of Springfield Riverfront Development Corporation – Basketball Hall of Fame. Mr. Woolridge previously served on the Board of Trustees of Baystate Health from 2005 to 2016, which included service as Chairman of the Board and on the Board's compensation, finance, governance and strategy committees. Mr. Woolridge joined the boards of directors of the Company OBDC, OBDC II, OCIC and OTF in November 2021. Mr. Woolridge previously served on the board of directors of OBDE from February 2021 until January 2025 and on the board of directors of OTF II from November 2021 until March 2025. Mr. Woolridge holds a B.S. from the University of Massachusetts at Amherst and is a Certified Commercial Investment Member.

We believe Mr. Woolridge's numerous management positions and broad experiences in the asset management and financial services sectors provide him with skills and valuable insight in handling complex financial transactions and issues, all of which makes him well qualified to serve on the Board.

**Mr. Temple** has served as President of DelTex Capital LLC (a private investment firm) since its founding in 2010. Prior to forming DelTex Capital, Mr. Temple served as President of Vulcan Capital, the investment arm of Vulcan Inc., from May 2009 until December 2009 and as Vice President of Vulcan Capital from September 2008 to May 2009. Prior to joining Vulcan in September 2008, Mr. Temple served as a managing director at Tailwind Capital, LLC from May to August 2008. Prior to joining Tailwind, Mr. Temple was a managing director at Friend Skoler & Co., Inc. from May 2005 to May 2008. From April 1996 to December 2004, Mr. Temple was a managing director at Thayer Capital Partners. Mr. Temple started his career in the audit and tax departments of KPMG's Houston office and was a licensed CPA from 1989 to 1993. Mr. Temple served on the board of directors of Plains GP Holdings, L.P., the general partner of Plains All American Pipeline Company from November 2016 through May 2024 and served as a member of the Plains GP Holdings, L.P. compensation committee from November 2020 through May 2024. Mr. Temple also served as a director of Plains All American Pipeline, L.P.'s ("PAA") general partner from May 2009 to November 2016. He was a member of the PAA Audit Committee from 2009 to 2016. Prior public board service includes board and audit committee service for Clear Channel Outdoor Holdings from April 2011 to May 2016 and on the board and audit committee of Charter Communications Inc. from November 2009 through January 2011. In addition to public boards, Mr. Temple has served on private boards including Brawler Industries, National HME, Loenbro, Inc. and HMT, LLC and as Operating Executive/Senior Advisor for Tailwind Capital, LLC, a New York-based middle-market private equity firm. Since March 2016 and November 2016 he has served on the boards of directors of OBDC and OBDC II, respectively, since August 2018 he has served on the board of directors of OTF, since September 2020 he has served on the board of directors of OCIC and since August 2021 he has served on the board of directors of the Company. Mr. Temple previously served on the board of directors of OBDE from February 2020 until January 2025 and on the board of directors of OTF II from November 2021 until March 2025. Mr. Temple holds a B.B.A., magna cum laude, from the University of Texas and an M.B.A. from Harvard.

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We believe Mr. Temple's broad investment management background, together with his financial and accounting knowledge, brings important and valuable skills to the Board.

**Ms. Weiler** was formerly a Managing Director and a member of the Management Committee of Crescent Capital Group, a Los Angeles-based asset management firm ("Crescent"), where she served from January 2011 until she retired in December 2020. During that time, Ms. Weiler was responsible for the oversight of Crescent's CLO management business from July 2017 through December 2020, and managed several multi-strategy credit funds from January 2011 through June 2017. During her tenure at Crescent, she also served on the Risk Management and Diversity & Inclusion committees. From October 1995 to December 2010, Ms. Weiler was a Managing Director at Trust Company of the West, a Los Angeles-based asset management firm ("TCW"). At TCW, she managed several multi-strategy credit funds from July 2006 to December 2010, and served as lead portfolio manager for TCW's high-yield bond strategy from October 1995 to June 2006. Ms. Weiler has served on the board of directors of Jefferies Financial Group Inc. since July 2021. She is a member of the Cedars-Sinai Board of Governors and is actively involved in 100 Women in Finance. Ms. Weiler joined the boards of directors of OBDC, OBDC II, OTF and OCIC in February 2021, the Company in August 2021. Ms. Weiler previously served on the board of directors of OBDE from February 2021 until January 2025 and on the board of directors of OTF II from November 2021 until March 2025. Ms. Weiler holds a B.S. in Economics from the Wharton School at the University of Pennsylvania.

We believe Ms. Weiler's broad investment management background, together with her financial and accounting knowledge, brings important and valuable skills to the Board.

**Mr. D'Alelio** was formerly a Managing Director and CIO for Fixed Income at Putnam Investments, Boston, where he served from 1989 until he retired in 2002. While at Putnam, he served on the Investment Policy Committee, which was responsible for oversight of all investments. He also sat on various Committees including attribution and portfolio performance. Prior to joining Putnam, he was a portfolio manager at Keystone Investments and prior to that, he was an Investment Analyst at The Hartford Ins. Co. Since 2002, Mr. D'Alelio has served as an Executive in Residence at the University of Mass., Boston—School of Management. He is also President of the UMass Foundation. He serves on the Advisory Committees of Ceres Farms. Since September 2009, Mr. D'Alelio has served as director of Vermont Farmstead Cheese. Mr. D'Alelio served on the board of Blackstone Senior Floating Rate 2027 Term Fund from April 2010 until February 2025, Blackstone Long Short Credit Income Fund from November 2010 until February 2025 and Blackstone Strategic Credit 2027 Term Fund from May 2021 until February 2025. Since March 2016 and November 2016 he has served on the boards of directors of OBDC and OBDC II, respectively, since August 2018 he has served on the board of directors of OTF, since September 2020 he has served on the board of directors of OCIC and since August 2021 he has served on the board of directors of the Company. Mr. D'Alelio previously served on the board of directors of OBDE from February 2020 until January 2025 and on the board of directors of OTF II from November 2021 until March 2025. Mr. D'Alelio's previous corporate board assignments include Archibald Candy, Doane Pet Care, Trump Entertainment Resorts and UMass Memorial Hospital. Mr. D'Alelio is a graduate of the Univ. of Mass Boston and has an M.B.A. from Boston University.

We believe Mr. D'Alelio's numerous management positions and broad experiences in the financial services sector provide him with skills and valuable insight in handling complex financial transactions and issues, all of which makes him well qualified to serve on the board of directors.

**Interested Directors**

**Mr. Packer** is the Chief Executive Officer of each of the Blue Owl BDCs and is a member of the Diversified Lending Investment Committee and the Technology Lending Investment Committee of the Blue Owl Credit Advisers. Additionally, Mr. Packer is a Co-President and a director of Blue Owl. Mr. Packer is also the Head of the Credit platform and serves as a Co-Chief Investment Officer for each of the Blue Owl Credit Advisers. Previously, Mr. Packer co-founded Owl Rock Capital Partners ("Owl Rock"), the predecessor firm to Blue Owl's Credit platform. In addition, since March 2016 and November 2016 Mr. Packer has served on the boards of directors of OBDC and OBDC II, respectively, since August 2018 he has served on the board of directors of OTF, since September 2020 he has served on the board of directors of OCIC and since August 2021 he has served on the board of directors of the Company. Mr. Packer previously served on the board of directors of OBDE from February 2020 until January 2025 and on the board of directors of OTF II from November 2021 until March 2025. Mr. Packer also served as President of OBDE since its inception until January 2024 and as President of the Company, OBDC, OBDC II, OTF, OTF II and OCIC since each of their inceptions until August 2024. Prior to co-founding Owl Rock, Mr. Packer was a Partner and Co-Head of Leveraged Finance in the Americas at Goldman, Sachs & Co. Mr. Packer joined Goldman, Sachs & Co. as a Managing Director and Head of High Yield Capital Markets in 2006 and was named partner in 2008. Prior to joining Goldman Sachs & Co., Mr. Packer was the Global Head of High Yield Capital Markets at Credit Suisse First Boston, and before that he worked at Donaldson, Lufkin & Jenrette. Mr. Packer serves as Treasurer of the Board of Trustees of Greenwich Academy, and Co-Chair of the Honorary Board of Kids in Crisis, a nonprofit organization that serves children in Connecticut. Mr. Packer is also on the Advisory Board for the Mount Sinai Department of Rehabilitation and Human Performance and serves as a director of Wingspire Capital LLC. In addition, Mr. Packer is on the Foundation Board of Trustees for the McIntire School of Commerce, University of Virginia and is a member of the Board of Trustees of the University of Virginia Athletics Foundation. Mr. Packer earned an M.B.A. from Harvard Business School and a B.S. from the University of Virginia.

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We believe Mr. Packer's depth of experience in corporate finance, capital markets and financial services gives the Board valuable industry-specific knowledge and expertise on these and other matters, and his history with us and the Adviser, provide an important skill set and knowledge base to the Board.

***Meetings and Attendance***

The Board met sixteen times during 2025 and acted on various occasions by written consent. All directors then in office attended at least 75% of the aggregate number of meetings of the Board held during the period for which they were a director and of the respective committees on which they served during 2025.

***Board Attendance at the Annual Meeting***

Our policy is to encourage our directors to attend each annual meeting; however, such attendance is not required at this time. Three members of the Board attended our 2025 annual meeting of shareholders.

***Board Leadership Structure and Role in Risk Oversight***

Overall responsibility for our oversight rests with the Board. We have entered into the Investment Advisory Agreement pursuant to which the Adviser will manage the Company on a day-to-day basis. The Board is responsible for overseeing the Adviser and our other service providers in accordance with the provisions of the 1940 Act, applicable provisions of state and other laws and our charter. The Board is composed of six members, five of whom are directors who are not "interested persons" of the Company or the Adviser as defined in the 1940 Act. The Board meets in person at regularly scheduled quarterly meetings each year. In addition, the Board may hold special in-person or telephonic meetings or informal conference calls to discuss specific matters that may arise or require action between regular meetings. As described below, the Board has established a Nominating and Corporate Governance Committee, an Audit Committee and a Co-Investment Committee, and may establish ad hoc committees or working groups from time to time, to assist the Board in fulfilling its oversight responsibilities. The Board has appointed Edward D'Alelio, an independent director, to serve in the role of Chairman of the Board. The Chairman's role is to preside at all meetings of the Board and to act as a liaison with the Adviser, counsel and other directors generally between meetings. The Chairman serves as a key point person for dealings between management and the directors. The Chairman also may perform such other functions as may be delegated by the Board from time to time. The Board reviews matters related to its leadership structure annually. The Board has determined that the Board's leadership structure is appropriate because it allows the Board to exercise informed and independent judgment over the matters under its purview and it allocates areas of responsibility among committees of directors and the full Board in a manner that enhances effective oversight.

We are subject to a number of risks, including investment, compliance, operational and valuation risks, among others. Risk oversight forms part of the Board's general oversight of the Company and is addressed as part of various Board and committee activities. Day-to-day risk management functions are subsumed within the responsibilities of the Adviser and other service providers (depending on the nature of the risk), which carry out our investment management and business affairs. The Adviser and other service providers employ a variety of processes, procedures and controls to identify various events or circumstances that give rise to risks, to lessen the probability of their occurrence and to mitigate the effects of such events or circumstances if they do occur. Each of the Adviser and other service providers has their own independent interest in risk management, and their policies and methods of risk management will depend on their functions and business models. The Board recognizes that it is not possible to identify all of the risks that may affect the Company or to develop processes and controls to eliminate or mitigate their occurrence or effects. As part of its regular oversight of the Company, the Board interacts with and reviews reports from, among others, the Adviser, our chief compliance officer, our independent registered public accounting firm and counsel, as appropriate, regarding risks faced by the Company and applicable risk controls. The Board may, at any time and in its discretion, change the manner in which it conducts risk oversight.

***Communications with Directors***

Shareholders and other interested parties may contact any member (or all members) of the Board by mail. To communicate with the Board, any individual directors or any group or committee of directors, correspondence should be addressed to the Board or any such individual directors or group or committee of directors by either name or title. All such correspondence should be sent to Blue Owl Technology Income Corp., 399 Park Avenue, 37th Floor, New York, New York 10022, Attention: Secretary.

***Committees of the Board***

The Board has an Audit Committee, a Nominating and Corporate Governance Committee and a Co-Investment Committee, and may form additional committees in the future. A brief description of each committee is included in this Form 10-K and the charters of the Audit and Nominating and Corporate Governance Committees can be accessed on the Company's website at *www.blueowlproducts.com*.

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As of December 31, 2025, the members of each of the Board's committees were as follows (the names of the respective committee chairperson are bolded):

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| | | |
|:---|:---|:---|
| **Audit Committee** | **Nominating and Corporate Governance Committee** | **Co-Investment Committee** |
| Edward D'Alelio | Edward D'Alelio | Edward D'Alelio |
| **Christopher M. Temple** | Christopher M. Temple | Christopher M. Temple |
| Eric Kaye | **Eric Kaye** | Eric Kaye |
| Melissa Weiler | Melissa Weiler | Melissa Weiler |
| Victor Woolridge | Victor Woolridge | Victor Woolridge |

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***Audit Committee Governance, Responsibilities and Meetings***

In accordance with its written charter adopted by the Board, the Audit Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)assists the Board's oversight of the integrity of our financial statements, the independent registered public accounting firm's qualifications and independence, our compliance with legal and regulatory requirements and the performance of our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)prepares an Audit Committee report, if required by the SEC, to be included in our annual proxy statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)oversees the scope of the annual audit of our financial statements, the quality and objectivity of our financial statements, accounting and financial reporting policies and internal controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)determines the selection, appointment, retention and termination of our independent registered public accounting firm, as well as approving the compensation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)pre-approves all audit and non-audit services provided to us and certain other persons by such independent registered public accounting firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)acts as a liaison between our independent registered public accounting firm and the Board.

The Audit Committee had nine formal meetings in 2025.

Our Board has determined that Christopher M. Temple, an independent director, qualifies as an "audit committee financial expert" as defined in Item 407 of Regulation S-K under the Exchange Act.

Each member of the Audit Committee simultaneously serves on the audit committees of three or more public companies, and the Board has determined that each member's simultaneous service on the audit committees of other public companies does not impair such member's ability to effectively serve on the Audit Committee.

***Nominating and Corporate Governance Committee Governance, Responsibilities and Meetings***

In accordance with its written charter adopted by the Board, the Nominating and Corporate Governance Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)recommends to the Board persons to be nominated by the Board for election at the Company's meetings of our shareholders, special or annual, if any, or to fill any vacancy on the Board that may arise between shareholder meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)makes recommendations with regard to the tenure of the directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)is responsible for overseeing an annual evaluation of the Board and its committee structure to determine whether the structure is operating effectively; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)recommends to the Board the compensation to be paid to the independent directors of the Board.

The Nominating and Corporate Governance Committee will consider for nomination to the Board candidates submitted by our shareholders or from other sources it deems appropriate.

The Nominating and Corporate Governance Committee had two formal meetings in 2025.

*Director Nominations*

Nomination for election as a director may be made by, or at the direction of, the Nominating and Corporate Governance Committee or by shareholders in compliance with the procedures set forth in our bylaws.

Shareholder proposals or director nominations to be presented at the annual meeting of shareholders, other than shareholder proposals submitted pursuant to the SEC's Rule 14a-8, must be submitted in accordance with the advance notice procedures and other requirements set forth in our bylaws. These requirements are separate from the requirements discussed above to have the shareholder nomination or other proposal included in our proxy statement and form of proxy/voting instruction card pursuant to the SEC's rules.

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Our bylaws require that the proposal or recommendation for nomination must be delivered to, or mailed and received at, the principal executive offices of the Company not earlier than the 150th day prior to the one year anniversary of the date the Company's proxy statement for the preceding year's annual meeting, or later than the 120th day prior to the first anniversary of the date of the proxy statement for the preceding year's annual meeting. If the date of the annual meeting has changed by more than 30 days from the first anniversary of the date of the preceding year's annual meeting, shareholder proposals or director nominations must be so received not earlier than the 150th day prior to the date of such annual meeting and not later than the 120th day prior to the date of such annual meeting or the tenth day following the day on which public announcement of the date of such meeting is first made.

In evaluating director nominees, the Nominating and Corporate Governance Committee considers, among others, the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the individual possesses high standards of character and integrity, relevant experience, a willingness to ask hard questions and the ability to work well with others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the individual is free of conflicts of interest that would violate applicable law or regulation or interfere with the proper performance of the responsibilities of a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the individual is willing and able to devote sufficient time to the affairs of the Company and be diligent in fulfilling the responsibilities of a director and Board Committee member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the individual has the capacity and desire to represent the balanced, best interests of the shareholder as a whole and not a special interest group or constituency; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the individual possesses the skills, experiences (such as current business experience or other such current involvement in public service, academia or scientific communities), particular areas of expertise, particular backgrounds, and other characteristics that will help ensure the effectiveness of the Board and Board committees.

The Nominating and Corporate Governance Committee's goal is to assemble a board that brings to the Company a variety of perspectives and skills derived from high-quality business and professional experience.

Other than the foregoing, there are no stated minimum criteria for director nominees, although the Nominating and Corporate Governance Committee may also consider other factors as they may deem are in the best interests of the Company and its shareholders. The Board also believes it appropriate for certain key members of our management to participate as members of the Board.

The Nominating and Corporate Governance Committee identifies nominees by first evaluating the current members of the Board willing to continue in service. Current members of the Board with skills and experience that are relevant to our business and who are willing to continue in service are considered for re-nomination. If any member of the Board does not wish to continue in service or if the Nominating and Corporate Governance Committee decides not to re-nominate a member for re-election, the Nominating and Corporate Governance Committee identify the desired skills and experience of a new nominee in light of the criteria above. The members of the Board are polled for suggestions as to individuals meeting the aforementioned criteria. Research may also be performed to identify qualified individuals. To date, we have not engaged third parties to identify or evaluate or assist in identifying potential nominees, although we reserve the right in the future to retain a third-party search firm, if necessary.

The Board has not adopted a formal policy with regard to the consideration of diversity in identifying director nominees. In determining whether to recommend a director nominee, the Nominating and Corporate Governance Committee considers and discusses diversity, among other factors, with a view toward the needs of the Board as a whole. The Board generally conceptualizes diversity expansively to include, without limitation, concepts such as race, gender, national origin, differences of viewpoint, professional experience, education, skill and other qualities that contribute to the Board, when identifying and recommending director nominees. The Board believes that the inclusion of diversity as one of many factors considered in selecting director nominees is consistent with the Board's goal of creating a Board that best serves the needs of the Company and the interests of its shareholders.

***Co-Investment Committee Governance, Responsibilities and Meetings***

The Co-Investment committee is responsible for reviewing and making certain findings in respect of co-investment transactions pursuant to the exemptive relief that has been granted by the SEC to the Adviser and its affiliates to co-invest with other funds managed by the Adviser or its affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. The Co-Investment Committee was formed on February 18, 2025, and had three formal meetings in 2025.

**Section 16(a) Beneficial Ownership Reporting Compliance**

Pursuant to Section 16(a) of the Exchange Act, the Company's directors and executive officers, and any persons holding more than 10% of its shares, are required to report their beneficial ownership and any changes therein to the SEC and the Company. Specific due dates for those reports have been established, and the Company is required to report herein any failure to file such reports by those due dates. Based on the Company's review of Forms 3, 4, and 5 filed by such persons and information provided by the Company's directors and officers, the Company believes that during the fiscal year ended December 31, 2025, all Section 16(a) filing requirements applicable to such persons were timely filed.

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**Code of Business Conduct**

We have adopted a Code of Business Conduct which applies to our executive officers, including our principal executive officer and principal financial officer, as well as every officer, director and employee of the Company. Our Code of Business Conduct can be accessed on our website at *www.blueowlproducts.com*.

There have been no material changes to our corporate code of ethics or material waivers of the code that apply to our Chief Executive Officer or Chief Financial Officer. If we make any substantive amendment to, or grant a waiver from, a provision of our Code of Business Conduct, we will promptly disclose the nature of the amendment or waiver on our website at *www.blueowlproducts.com* or file a Form 8-K with the Securities and Exchange Commission.

We have also adopted an insider trading policy which applies to our executive officers, including our principal executive officer and principal financial officer, as well as every officer, director and employee of the Company. This policy is filed as Exhibit 19.1 to this Annual Report.

**Information about Executive Officers Who Are Not Directors**

The following sets forth certain information regarding the executive officers of the Company who are not directors of the Company:

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Age** | **Position** | **Officer Since** |
| Erik Bissonnette | 46 | President | 2024 |
| Karen Hager | 53 | Chief Compliance Officer | 2021 |
| Jonathan Lamm | 51 | Chief Financial Officer and Chief Operating Officer | 2021 |
| Matthew Swatt | 37 | Co-Chief Accounting Officer, Co-Treasurer and Co-Controller | 2021 |
| Shari Withem | 43 | Co-Chief Accounting Officer, Co-Treasurer and Co-Controller | 2021 |
| Neena Reddy | 48 | Vice President and Secretary | 2021 |

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The address for each of our executive officers is c/o Blue Owl Technology Income Corp., 399 Park Avenue, 37th Floor, New York, New York 10022.

**Mr. Bissonnette** is a Senior Managing Director of Blue Owl, a member of the Direct Lending Investment Team, Co-Head of Technology Investing for Blue Owl, and a member of the Adviser's Technology Lending Investment Committee. Mr. Bissonnette is also President of the Company and OTF, and Portfolio Manager for certain funds in Blue Owl's Technology Lending strategy, including the Company. Prior to joining Owl Rock, the predecessor firm to Blue Owl's Credit platform, in 2018, Mr. Bissonnette was a Managing Director and Head of Technology Leveraged Finance at Capital Source from 2009 to 2017. Preceding Capital Source, Mr. Bissonnette was an Associate at ABS Capital Partners from 2007 to 2009. Prior to that, Mr. Bissonnette was an Associate at Wachovia Securities for four years and an Analyst at Bank of America Securities from 2001 to 2003. Mr. Bissonnette received a B.A. in Economics with a double major in English from Wake Forest University.

**Ms. Hager** is the Global Chief Compliance Officer and a Senior Managing Director of Blue Owl, a member of Blue Owl's Management and Operating Committee and also serves as the Chief Compliance Officer of Blue Owl and each of the Blue Owl Credit Advisers and the Blue Owl BDCs. Prior to joining Owl Rock, the predecessor firm to Blue Owl's Credit platform, in March 2018, Ms. Hager was Chief Compliance Officer at Abbott Capital Management. Previous to Abbott, Ms. Hager worked as SVP, Director of Global Compliance and Chief Compliance Officer at The Permal Group, and as Director of Compliance at Dominick & Dominick Advisors LLC. Prior to joining Dominick & Dominick Advisors LLC, Ms. Hager was a Senior Securities Compliance Examiner/Staff Accountant at the US Securities and Exchange Commission. Ms. Hager received a B.S. in Accounting from Brooklyn College of the City University of New York.

**Mr. Lamm** is Chief Financial Officer and Chief Operating Officer of each of the Blue Owl BDCs. Mr. Lamm is also a Senior Managing Director of Blue Owl. Prior to joining Owl Rock, the predecessor firm to Blue Owl's Credit platform, in April 2021, Mr. Lamm served as the Chief Financial Officer and Treasurer of Goldman Sachs BDC, Inc. ("GSBD"), a business development company traded on the New York Stock Exchange. Mr. Lamm was responsible for building and overseeing GSBD's finance, treasury, accounting and operations functions from April 2013 through March 2021, including during its initial public offering in March 2015. During his time at Goldman Sachs, Mr. Lamm also served as Chief Financial Officer and Treasurer of Goldman Sachs Private Middle Market Credit LLC, Goldman Sachs Private Middle Market Credit II LLC and Goldman Sachs Middle Market Lending Corp. prior to the completion of its merger with GSBD in October 2020. Throughout his twenty-two years at Goldman Sachs, Mr. Lamm held various positions. From 2013 to 2021, Mr. Lamm served as Managing Director, Chief Operating Officer and Chief Financial Officer at GSAM Credit Alternatives. From 2007 to 2013, Mr. Lamm served as Vice President, Chief Operating Officer and Chief Financial Officer at GSAM Credit Alternatives. From 2005 to 2007, Mr. Lamm served as Vice President in the Financial Reporting group and, from 1999 to 2005, he served as a Product Controller. Prior to joining Goldman Sachs, Mr. Lamm worked in public accounting at Deloitte & Touche.

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**Mr. Swatt** is the Co-Chief Accounting Officer, Co-Treasurer and Co-Controller of each of the Blue Owl BDCs. Mr. Swatt is also a Managing Director of Blue Owl. Prior to joining Owl Rock, the predecessor firm to Blue Owl's Credit platform, in May 2016, Mr. Swatt was an Assistant Controller at Guggenheim Partners in their Private Credit group, where he was responsible for the finance, accounting, and financial reporting functions. Preceding that role, Mr. Swatt worked within the Financial Services—Alternative Investments practice of PwC where he specialized in financial reporting, fair valuation of illiquid investments and structured products, internal controls and other technical accounting matters pertaining to alternative investment advisors, hedge funds, business development companies and private equity funds. Mr. Swatt received a B.S. in Accounting from the University of Maryland and is a licensed Certified Public Accountant in New York.

**Ms. Withem** is the Co-Chief Accounting Officer, Co-Treasurer and Co-Controller of each of the Blue Owl BDCs. Ms. Withem is also a Managing Director of Blue Owl. Prior to joining Owl Rock, the predecessor firm to Blue Owl's Credit platform, in March 2018, Ms. Withem was Vice President of Sixth Street Specialty Lending, Inc. , a business development company traded on the NYSE , where she was responsible for accounting, financial reporting, treasury and internal controls functions. Preceding that role, Ms. Withem worked for MCG Capital Corporation, a business development company formerly traded on the Nasdaq and Deloitte in the Audit and Assurance Practice. Ms. Withem received a B.S. in Accounting from James Madison University and is a licensed Certified Public Accountant in Virginia.

**Ms. Reddy** is a Vice President and Secretary of each of the Blue Owl BDCs and Chief Legal Officer of each of the Blue Owl Credit Advisers. Ms. Reddy also serves as the General Counsel, Chief Legal Officer and Secretary of Blue Owl, and as a member of Blue Owl's Operating Committee. Prior to joining Owl Rock, the predecessor firm to Blue Owl's Credit platform, Ms. Reddy was associate general counsel at Goldman, Sachs & Co LLC, from June 2010 to April 2019 and was dedicated to Goldman Sachs Asset Management L.P. ("GSAM"), where she was responsible for GSAM managed direct alternative products, including private credit. Prior to GSAM, Ms. Reddy practiced as a corporate attorney at Boies Schiller & Flexner LLP and at Debevoise & Plimpton LLP. Ms. Reddy joined the Board of Directors for Partnership for New York City, representing Blue Owl, in 2024. Prior to becoming an attorney, Ms. Reddy was a financial analyst in the private wealth division at Goldman, Sachs & Co. Ms. Reddy received a J.D. from New York University School of Law and a B.A. in English, magna cum laude, from Georgetown University.

**Portfolio Managers**

The management of our investment portfolio is the responsibility of the Adviser and the Technology Lending Investment Committee. The Investment Team is led by Douglas I. Ostrover, Marc S. Lipschultz and Craig W. Packer and is supported by certain members of the Adviser's senior executive team and Blue Owl's direct lending investment committees. Blue Owl's four direct lending investment committees 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 direct lending 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 these 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 monitors our portfolio companies on an ongoing basis. The Technology Lending Investment Committee meets regularly to consider our investments, direct our strategic initiatives and supervise the actions taken by the Adviser on our behalf. In addition, the Technology Lending Investment Committee reviews and determines whether to make prospective investments (including approving parameters or guidelines pursuant to which certain investments may be made or sold consistent with our investment objective) 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 the Technology Lending Investment Committee members from the Adviser include various combinations of discretionary bonuses and variable incentive compensation based primarily on performance for services provided and may include shares of Blue Owl.

None of the Adviser's investment professionals receive any direct compensation from us in connection with the management of our portfolio. Certain members of the Technology Lending Investment Committee, through their financial interests in the Adviser, are entitled to a portion of the profits earned by the Adviser, which includes any fees payable to the Adviser under the terms of the Investment Advisory Agreement, less expenses incurred by the Adviser in performing its services under the Investment Advisory Agreement.

The members of the Technology Lending Investment Committee perform a similar role for OTF and certain members of the Technology Lending Investment Committee also perform a similar role for OBDC, OBDC II and OCIC, from which the Adviser and its affiliates may receive incentive fees. See "*ITEM 1. BUSINESS – Affiliated Transactions"* for a description of the Blue Owl Credit Advisers' allocation policy governing allocations of investments among us and other investment vehicles with similar or overlapping strategies, as well as a description of certain other relationships between us and the Adviser. See "*ITEM 1A. RISK FACTORS – Risks Related to Our Adviser and Its Affiliates – Our Adviser and its affiliates may face conflicts of interest with respect to services* 

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*performed for their respective other accounts and clients or issuers in which we may invest."* for a discussion of potential conflicts of interests.

The members of the Technology Lending Investment Committee function as portfolio managers with the most significant responsibility for the day-to-day management of our portfolio. Information regarding the Technology Lending Investment Committee, is as follows:

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| | |
|:---|:---|
| **Name** | **Year of Birth** |
| Douglas I. Ostrover | 1962 |
| Marc S. Lipschultz | 1969 |
| Craig W. Packer | 1966 |
| Alexis Maged | 1965 |
| Erik Bissonnette | 1979 |
| Pravin Vazirani | 1973 |
| Jon ten Oever | 1972 |
| Arthur Martini | 1973 |

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In addition to managing our investments, our portfolio managers also manage other registered investment companies and BDCs, other pooled investment vehicles and other accounts, as indicated below. The following table identifies, as of December 31, 2025: (i) the number of registered investment companies and BDCs (including us), other pooled investment vehicles and other accounts managed by each portfolio manager; (ii) the total assets of such companies, vehicles and accounts; and (iii) the number and total assets of such companies, vehicles and accounts that are subject to an advisory fee based on performance.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Number of Accounts** | **Assets of Accounts**<br>*(in millions)* | **Number of Accounts Subject to a Performance Fee** | **Assets Subject to a Performance Fee** <br>*(in millions)* |
| **Douglas I. Ostrover** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Registered investment companies/Business development companies | 5 | $77056 | 5 | $77056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other pooled investment vehicles | 40 | 15115 | 12 | 9823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accounts |  |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Number of Accounts** | **Assets of Accounts**<br>*(in millions)* | **Number of Accounts Subject to a Performance Fee** | **Assets Subject to a Performance Fee** <br>*(in millions)* |
| **Marc Lipschultz** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Registered investment companies/Business development companies | 5 | $77056 | 5 | $77056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other pooled investment vehicles | 44 | 25889 | 16 | 20597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accounts |  |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Number of Accounts** | **Assets of Accounts**<br>*(in millions)* | **Number of Accounts Subject to a Performance Fee** | **Assets Subject to a Performance Fee** <br>*(in millions)* |
| **Craig W. Packer** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Registered investment companies/Business development companies | 5 | $77056 | 5 | $77056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other pooled investment vehicles | 37 | 13750 | 11 | 9261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accounts |  |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Number of Accounts** | **Assets of Accounts**<br>*(in millions)* | **Number of Accounts Subject to a Performance Fee** | **Assets Subject to a Performance Fee** <br>*(in millions)* |
| **Alexis Maged** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Registered investment companies/Business development companies | 5 | $77056 | 5 | $77056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other pooled investment vehicles | 37 | 13750 | 11 | 9261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accounts |  |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Number of Accounts** | **Assets of Accounts**<br>*(in millions)* | **Number of Accounts Subject to a Performance Fee** | **Assets Subject to a Performance Fee** <br>*(in millions)* |
| **Erik Bissonnette** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Registered investment companies/Business development companies | 2 | $21210 | 2 | $21210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other pooled investment vehicles | 3 | 754 | 1 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accounts |  |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Number of Accounts** | **Assets of Accounts**<br>*(in millions)* | **Number of Accounts Subject to a Performance Fee** | **Assets Subject to a Performance Fee** <br>*(in millions)* |
| **Pravin Vazirani** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Registered investment companies/Business development companies | 2 | $21210 | 2 | $21210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other pooled investment vehicles | 3 | 754 | 1 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accounts |  |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Number of Accounts** | **Assets of Accounts**<br>*(in millions)* | **Number of Accounts Subject to a Performance Fee** | **Assets Subject to a Performance Fee** <br>*(in millions)* |
| **Jon ten Oever** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Registered investment companies/Business development companies | 2 | $21210 | 2 | $21210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other pooled investment vehicles | 3 | 754 | 1 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accounts |  |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Number of Accounts** | **Assets of Accounts**<br>*(in millions)* | **Number of Accounts Subject to a Performance Fee** | **Assets Subject to a Performance Fee** <br>*(in millions)* |
| **Arthur Martini** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Registered investment companies/Business development companies | 2 | $21210 | 2 | $21210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other pooled investment vehicles | 3 | 754 | 1 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accounts |  |  |  |  |

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The management and incentive fees payable by the Blue Owl Credit Clients are based on the gross assets or net assets and performance, respectively, of each Blue Owl Client.

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Biographical information regarding the members of the Technology Lending Investment Committee who are not directors or executive officers of the Company is as follows:

**Mr. Ostrove**r is Co-Chief Executive Officer of Blue Owl and the chairman of Blue Owl's board of directors. Mr. Ostrover is also the Co-Chief Executive Officer and serves as a Co-Chief Investment Officer of each of the Blue Owl Credit Advisers. Mr. Ostrover is also a member of the Diversified Lending Investment Committee and the Technology Lending Investment Committee of the Blue Owl Credit Advisers. Previously, Mr. Ostrover co-founded Owl Rock, the predecessor firm to Blue Owl's Credit platform. Mr. Ostrover served on the boards of directors of OBDC and OBDC II from 2016 through 2021, on the board of directors of OTF from 2018 through 2021, and on the boards of directors of OBDE and OCIC from 2020 through 2021. Prior to co-founding Owl Rock, Mr. Ostrover was one of the founders of GSO Capital Partners (GSO), Blackstone's alternative credit platform, and a Senior Managing Director at Blackstone until June 2015. Prior to co-founding GSO in 2005, Mr. Ostrover was a Managing Director and Chairman of the Leveraged Finance Group of Credit Suisse First Boston ("CSFB"). Prior to his role as Chairman, Mr. Ostrover was Global Co-Head of CSFB's Leveraged Finance Group, during which time he was responsible for all of CSFB's origination, distribution and trading activities relating to high yield securities, leveraged loans, high yield credit derivatives and distressed securities. Mr. Ostrover joined CSFB in November 2000 when CSFB acquired Donaldson, Lufkin & Jenrette ("DLJ"), where he was a Managing Director in charge of High Yield and Distressed Sales, Trading and Research. Mr. Ostrover had been a member of DLJ's high yield team since he joined the firm in 1992. Mr. Ostrover is actively involved in non-profit organizations including serving on the Board of Directors of the Michael J. Fox Foundation, the Mount Sinai Health System, and the Leadership Council for Memorial Sloan Kettering. Mr. Ostrover also serves on the investment committee of the Brunswick School. Mr. Ostrover received an M.B.A. from New York University Stern School of Business and a B.A. in Economics from the University of Pennsylvania.

**Mr. Lipschultz** is Co-Chief Executive Officer of Blue Owl and a member of Blue Owl's board of directors. Mr. Lipschultz also serves as Co-Chief Investment Officer for each of the Blue Owl Credit Advisers. Previously, Mr. Lipschultz co-founded Owl Rock, the predecessor firm to Blue Owl's Credit platform. Prior to co-founding Owl Rock, Mr. Lipschultz spent more than two decades at KKR, serving on the firm's Management Committee and as the Global Head of Energy and Infrastructure. Mr. Lipschultz has a wide range of experience in alternative investments, including leadership roles in private equity, private credit and real assets. Prior to joining KKR, Mr. Lipschultz was with Goldman, Sachs & Co., where he focused on mergers and acquisitions and principal investment activities. Mr. Lipschultz served on the board of the Hess Corporation until 2025 and is actively involved in a variety of nonprofit organizations, serving as a trustee or board member of the 92nd Street Y, American Enterprise Institute for Public Policy Research, Michael J. Fox Foundation, Mount Sinai Health System, Riverdale Country School and the Stanford University Board of Trustees. Mr. Lipschultz received an M.B.A. with high distinction, Baker Scholar, from Harvard Business School and an A.B. with honors and distinction, Phi Beta Kappa, from Stanford University.

**Mr. Maged** is Chief Credit Officer of Blue Owl, a member of the Diversified Lending Investment Committee and the Technology Lending Investment Committee of each of the Blue Owl Credit Advisers, and Vice President of each of the Blue Owl BDCs. Mr. Maged is also a Senior Managing Director of Blue Owl. Prior to joining Owl Rock, the predecessor firm to Blue Owl's Credit platform, in January 2016, Mr. Maged was Chief Financial Officer of Barkbox, Inc., a New York-based provider of pet-themed products and technology from September 2014 to November 2015. Prior to that, Mr. Maged was a Managing Director with Goldman Sachs & Co. from 2007 until 2014. At Goldman Sachs & Co., Mr. Maged held several leadership positions, including Chief Operating Officer of the investment bank's Global Credit Finance businesses, Co-Chair of the Credit Markets Capital Committee and a member of the Firmwide Capital Committee. Prior to assuming that role in 2011, Mr. Maged served as Chief Underwriting Officer for the Americas and oversaw the U.S. Bank Debt Portfolio Group and US Loan Negotiation Group. From mid-2007 to the end of 2008, Mr. Maged was Head of Bridge Finance Capital Markets in the Americas Financing Group's Leveraged Finance Group, where he coordinated the firm's High Yield Bridge Lending and Syndication business. Prior to joining Goldman, Sachs & Co, Mr. Maged was Head of the Bridge Finance Group at Credit Suisse and also worked in the Loan Capital Markets Group at Donaldson, Lufkin and Jenrette ("DLJ"). Upon DLJ's merger with Credit Suisse in 2000, Mr. Maged joined Credit Suisse's Syndicated Loan Group and, in 2003, founded its Bridge Finance Group. Earlier in his career, Mr. Maged was a member of the West Coast Sponsor Coverage Group at Citigroup and the Derivatives Group at Republic National Bank, as well as a founding member of the Loan Syndication Group at Swiss Bank Corporation. Mr. Maged received an M.B.A. from New York University Stern School of Business and a B.A. from Vassar College.

**Mr. Vazirani** is a Managing Director of Blue Owl and is a member of the Adviser's Technology Lending Investment Committee. Prior to joining Owl Rock, the predecessor firm to Blue Owl's Credit platform, in 2018, Mr. Vazirani was a partner with Menlo Ventures. While at Menlo Ventures Mr. Vazirani focused on investments in the SaaS, cloud and e-commerce sectors. Mr. Vazirani's prior investments include Carbonite (IPO: CARB); Centrality Communications (acquired by SiR F Holdings); EdgeCast Networks (acquired by Verizon); Credant Technologies (acquired by Dell); Like.com (acquired by Google); and newScale (acquired by Cisco Systems). Mr. Vazirani started his career as an engineer working at the Jet Propulsion Laboratory. Later, Mr. Vazirani worked for Pacific Communication Sciences and ADC Telecommunications as a product manager. Mr. Vazirani received an M.B.A. from the Harvard University Graduate School of Business and B.S. and M.S. degrees in electrical engineering from MIT.

**Mr. ten Oever** is a Senior Managing Director of Blue Owl, serves as the Head of Technology Credit for each of the Blue Owl Credit Advisers and serves as a member of the Adviser's Technology Lending Investment Committee. Prior to joining Owl Rock, the

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predecessor firm to Blue Owl's Credit platform, in 2019, Mr. ten Oever was a Managing Director at Goldman Sachs & Co. from 2008 until 2019. At Goldman Sachs & Co., Mr. ten Oever held several positions in the Americas Financing Group's Leveraged Finance Group, including leadership of the TMT and Healthcare verticals. Prior to working at Goldman Sachs, Mr. ten Oever was a Vice President at Credit Suisse Securities (USA) LLC, in the Media & Telecom Group from 2000 until 2008 and an attorney at Sullivan & Cromwell LLP from 1997 until 2000. Mr. ten Oever received a J.D. from Yale Law School and a B.A. from Huron College at the University of Western Ontario.

**Mr. Martini** is a Senior Managing Director at Blue Owl, a member of the Direct Lending Investment Team and serves as a member of the Adviser's Technology Lending Investment Committee. In his role, he focuses on originating, structuring, and overseeing execution and portfolio management. Prior to Blue Owl, Mr. Martini was a Managing Director and U.S. Head of Financial Sponsors in the Opportunistic Credit group at Apollo Global Management ("Apollo"). Prior to joining Apollo in 2013, Mr. Martini was a Director with Barclays Private Credit Partners ("BPCP"). Before joining BPCP in 2008, Mr. Martini was an Associate Director with Barclays Capital in the US Leveraged Finance Group. Prior to joining Barclays Capital in 2007, Mr. Martini was a Vice President at Cerberus Capital Management LP (Ableco Finance LLC). Before joining Cerberus in 2002, Mr. Martini spent three years in the Investment Banking Division at JP Morgan Chase & Co. covering the TMT sector. Prior to that, Mr. Martini spent two years as an Analyst in the Special Loan Group at Chase Manhattan Bank. Mr. Martini received his BS in Finance and International Business from New York University Stern School of Business.

**Ownership of Securities** 

The table below shows the dollar range of shares of our common stock to be beneficially owned by the members of the Technology Lending Investment Committee as of February 24, 2026, stated as one of the following dollar ranges: None; $1 – $10,000; $10,001 – $50,000; $50,001 – $100,000; $100,001–$500,000; $500,001–$1,000,000; or over $1,000,000.

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| | |
|:---|:---|
| **Name** | **Dollar Range of Equity Securities in Blue Owl Technology Income Corp.**<sup>(1)(2)</sup> |
| Douglas I. Ostrover |  |
| Marc S. Lipschultz |  |
| Craig W. Packer |  |
| Alexis Maged |  |
| Erik Bissonnette |  |
| Pravin Vazirani |  |
| Jon ten Oever |  |
| Arthur Martini |  |

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________________

<sup>(1)</sup> Beneficial ownership determined in accordance with Rule 16a-1(a)(2) promulgated under the 1934 Act.

<sup>(2)</sup> The dollar range of equity securities of the Company beneficially owned by members of the Technology Lending Investment Committee, if applicable, is calculated by multiplying the current net offering price per share as of December 31, 2025, times the number of shares beneficially owned.

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**Item 11. Executive Compensation**

We do not currently have any employees and do not expect to have any employees. Services necessary for our business are provided by individuals who are employees of the Adviser or its affiliates, pursuant to the terms of the Investment Advisory Agreement and the Administration Agreement, as applicable. Our day-to-day investment and administrative operations are managed by the Adviser. Most of the services necessary for the origination and administration of our investment portfolio will be provided by investment professionals employed by the Adviser or its affiliates.

None of our executive officers will receive direct compensation from us. We will reimburse the Adviser the allocable portion of the compensation paid by the Adviser (or its affiliates) to our chief compliance officer and chief financial officer and their respective staffs (based on the percentage of time such individuals devote, on an estimated basis, to our business and affairs). The members of the Technology Lending Investment Committee, through their financial interests in the Adviser, are entitled to a portion of the profits earned by the Adviser, which includes any fees payable to the Adviser under the terms of the Investment Advisory Agreement, less expenses incurred by the Adviser in performing its services under the Investment Advisory Agreement.

***Director Compensation***

No compensation is expected to be paid to our director who is an "interested person," as such term is defined in Section 2(a)(19) of the 1940 Act. Our directors who do not also serve in an executive officer capacity for us or the Adviser are entitled to receive annual cash retainer fees, fees for participating in in-person board and committee meetings and annual fees for serving as a committee chairperson, determined based on our net assets as of the end of each fiscal quarter. As of December 31, 2025, these directors were Edward D'Alelio, Christopher M. Temple, Eric Kaye, Melissa Weiler, and Victor Woolridge. We pay each independent director the following amounts for serving as a director:

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Annual Committee Chair Cash Retainer** | **Annual Committee Chair Cash Retainer** | **Annual Committee Chair Cash Retainer** |
|<br>**Assets Under Management** |<br>**Annual Cash Retainer** | **Chair of the Board** | **Audit** | **Committee Chair** |
| $0 < $2.5 Billion | $150000 | $15000 | $10000 | $5000 |
| $2.5 Billion < $5 Billion | $200000 | $15000 | $10000 | $5000 |
| $5 Billion < $10 Billion | $250000 | $15000 | $10000 | $5000 |
| $10 Billion < $15 Billion | $300000 | $15000 | $10000 | $5000 |
| ≥ $15 Billion | $350000 | $15000 | $10000 | $5000 |

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We also reimburse each of the directors for all reasonable and authorized business expenses in accordance with our policies as in effect from time to time, including reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each board meeting and each committee meeting not held concurrently with a board meeting.

The table below sets forth the compensation received by each director from the Company and the Fund Complex for service during the fiscal year ended December 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Fees Earned and Paid in Cash by <br>the Company** | **Total Compensation from the Company** | **Total Compensation from the Fund<br> Complex** |
| Edward D'Alelio | $252500 | $252500 | $1442506 |
| Christopher M. Temple | $247500 | $247500 | $1416500 |
| Eric Kaye | $242500 | $242500 | $1390194 |
| Melissa Weiler | $237500 | $237500 | $1363889 |
| Victor Woolridge | $237500 | $237500 | $1363889 |

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**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters.**

Beneficial ownership is determined in accordance with the rules and regulations of the SEC. These rules generally provide that a person is the beneficial owner of securities if such person has or shares the power to vote or direct the voting thereof, or to dispose or direct the disposition thereof or has the right to acquire such powers within 60 days. The following table sets forth, as of February 24, 2026, the beneficial ownership according to information furnished to us by such persons or publicly available filings. Ownership information for those persons who beneficially own 5% or more of the outstanding shares of our common stock is based upon filings by such persons with the SEC and other information obtained from such persons of each current director, the nominees for director, the Company's executive officers, the executive officers and directors as a group, and each person known to us to beneficially own 5% or more of the outstanding shares of our common stock.

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The percentage ownership is based on 302,153,647 shares of our common stock outstanding as of February 24, 2026. To our knowledge, except as indicated in the footnotes to the table, each of the shareholders listed below has sole voting and/or investment power with respect to shares of our common stock beneficially owned by such shareholder.

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| | | | |
|:---|:---|:---|:---|
| **Name and Address** | **Title of Class** | **Number of Shares Owned** | **Percentage of Class Outstanding** |
| **Interested Directors** | | | |
| Craig W. Packer | N/A |  |  |
| **Independent Directors** |  |  |  |
| Edward D'Alelio | N/A |  |  |
| Eric Kaye | N/A |  |  |
| Christopher M. Temple | N/A |  |  |
| Melissa Weiler | N/A |  |  |
| Victor Woolridge | N/A |  |  |
| **Executive Officers** |  |  |  |
| Erik Bissonnette | N/A |  |  |
| Karen Hager | N/A |  |  |
| Jonathan Lamm | N/A |  |  |
| Neena Reddy | N/A |  |  |
| Matthew Swatt | N/A |  |  |
| Shari Withem | N/A |  |  |
| All officers and directors as a group (12 persons)<sup>(1)</sup> | N/A |  |  |

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________________

<sup>(1)</sup> The address for all of the Company's officers and directors is c/o Blue Owl Technology Income Corp., 399 Park Avenue, 37th Floor, New York, New York 10022.

**Dollar Range of Equity Securities Beneficially Owned by Directors**

The table below shows the dollar range of equity securities of the Company and the aggregate dollar range of equity securities of the Fund Complex that were beneficially owned by each director as of February 24, 2026, stated as one of the following dollar ranges: None; $1-$10,000; $10,001- $50,000; $50,001-$100,000; or Over $100,000. For purposes of this Form 10-K, the term "Fund Complex" is defined to include the Company, OBDC, OBDC II, OCIC and OTF.

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| | | |
|:---|:---|:---|
| **Name of Director** | **Dollar Range of Equity Securities in Blue Owl Technology Income Corp.(1)(2)(3)** | **Aggregate Dollar Range of Equity Securities in the Fund Complex(1)(3)(4)** |
| ***Interested Directors*** | | |
| Craig W. Packer |  | Over $100,000 |
| ***Independent Directors*** |  |  |
| Edward D'Alelio |  | Over $100,000 |
| Eric Kaye |  | Over $100,000 |
| Christopher M. Temple |  | Over $100,000 |
| Melissa Weiler |  | Over $100,000 |
| Victor Woolridge |  | Over $100,000 |

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_______________

<sup>(1)</sup> Beneficial ownership has been determined in accordance with Rule 16a-1(a)(2) of the 1934 Act.

<sup>(2)</sup> The dollar range of equity securities of the Company beneficially owned by directors of the Company, if applicable, is calculated by multiplying the current net offering price per share times the number of shares beneficially owned.

<sup>(3)</sup> The dollar range of equity securities beneficially owned are: none, $1 – $10,000, $10,001 – $50,000, $50,001 – $100,000, or over $100,000.

<sup>(4)</sup> The dollar range of equity securities in the Fund Complex beneficially owned by directors of the Company, if applicable, is the sum of (1) the closing price per share of OBDC's common stock on February 24, 2026, multiplied by the number of shares of OBDC's common stock

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beneficially owned by the director, (2) the current net asset value per share of OBDC II's common stock, multiplied by the number of shares of OBDC II's common stock beneficially owned by the director, (3) the current net offering price per share of OCIC's common stock multiplied by the number of shares of OCIC's common stock beneficially owned by the director, (4) the closing price per share of OTF's common stock on February 24, 2026, multiplied by the number of shares of OTF's common beneficially owned by the director and (5) the total dollar range of equity securities in the Company beneficially owned by the director.

**Item 13. Certain Relationships and Related Transactions, and Director Independence.**

**Certain Relationships and Related Transactions**

We have entered into both the Investment Advisory Agreement and the Administration Agreement with the Adviser. Pursuant to the Investment Advisory Agreement, we will pay the Adviser a base management fee and an incentive fee. See "*ITEM 1. BUSIN*ESS *—Investment Advisory Agreement*" for a description of how the fees payable to the Adviser will be determined. Pursuant to the Administration Agreement, we will reimburse the Adviser for expenses necessary to perform services related to our administration and operations. In addition, the Adviser or its affiliates may engage in certain origination activities and receive attendant arrangement, structuring or similar fees.

Our executive officers, certain of our directors and certain other finance professionals of Blue Owl also serve as executives of the Blue Owl Credit Advisers and officers and directors of the Company and certain professionals of Blue Owl and the Adviser are officers of Blue Owl Securities LLC. In addition, our executive officers and directors and the members of the Adviser and members of its Technology Lending Investment Committee serve or may serve as officers, directors or principals of entities that operate in the same, or a related, line of business as we do (including the Blue Owl Credit Advisers) including serving on their respective investment committees and/or on the investment committees of investments funds, accounts or other investment vehicles managed by our affiliates which may have investment objectives similar to our investment objective.

At times, we may compete with the Blue Owl Credit Clients and other Blue Owl clients, for capital and investment opportunities. As a result, we may not be given the opportunity to participate in certain investments made by the Blue Owl Credit Clients and other Blue Owl clients. This can create a potential conflict when allocating investment opportunities among us and such other Blue Owl Credit Clients and other Blue Owl clients. An investment opportunity that is suitable for multiple clients of the Blue Owl Credit Advisers or other affiliated advisers may not be capable of being shared among some or all of such clients and affiliates due to the limited scale of the opportunity or other factors, including regulatory restrictions imposed by the 1940 Act. However, for the Adviser and its affiliates to fulfill their fiduciary duties to each of their clients, the Blue Owl Credit Advisers have put in place investment allocation policies that seeks to ensure the fair and equitable allocation of investment opportunities over time and addresses the co-investment restrictions set forth under the 1940 Act. In addition, from time to time, Blue Owl Securities LLC may purchase securities in certain of our offerings.

**Allocation of Investment Opportunities**

The Blue Owl Credit Advisers intend to allocate investment opportunities in a manner that is fair and equitable over time and is consistent with its allocation policy, so that no client of the Adviser or its affiliates is disadvantaged in relation to any other client of the Adviser or its affiliates, taking into account such factors as the relative amounts of capital available for new investments, cash on hand, existing commitments and reserves, the investment programs and portfolio positions of the participating investment accounts, the clients for which participation is appropriate, targeted leverage level, targeted asset mix and any other factors deemed appropriate. The Blue Owl Credit Advisers intend to allocate common expenses among us and other clients of the Adviser and its affiliates in a manner that is fair and equitable over time or in such other manner as may be required by applicable law or the Investment Advisory Agreement. Fees and expenses generated in connection with potential portfolio investments that are not consummated will be allocated in a manner that is fair and equitable over time and in accordance with policies adopted by the Blue Owl Credit Advisers and the Investment Advisory Agreement.

The Blue Owl Credit Advisers have put in place an investment allocation policy that seeks to ensure the equitable allocation of investment opportunities and addresses the co-investment restrictions set forth under the 1940 Act. When we engage in co-investments as permitted by the exemptive relief described below, we will do so in a manner consistent with the Blue Owl Credit Advisers' allocation policy.

In situations where co-investment with other entities managed by the Adviser or its affiliates is not permitted or appropriate, such as when there is an opportunity to invest in different securities of the same issuer, a committee comprised of certain executive officers of the Blue Owl Credit Advisers (including executive officers of the Adviser) along with other officers and employees, will need to decide whether we or such other entity or entities will proceed with the investment. The allocation committee will make these determinations based on the Blue Owl Credit Advisers' allocation policy, which generally requires that such opportunities be offered to eligible accounts in a manner that will be fair and equitable over time.

The Blue Owl Credit Advisers' allocation policy is designed to manage the potential conflicts of interest between the Adviser's fiduciary obligations to us and its or its affiliates' similar fiduciary obligations to other Blue Owl clients; however, there can be no assurance that the Blue Owl Credit Advisers' efforts to allocate any particular investment opportunity fairly among all clients for

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whom such opportunity is appropriate will result in an allocation of all or part of such opportunity to us. Not all conflicts of interest can be expected to be resolved in our favor.

The allocation of investment opportunities among us and any of the other investment funds sponsored or accounts managed by the Adviser or its affiliates may not always, and often will not, be proportional. In general, pursuant to the Blue Owl Credit Advisers' allocation policy, the process for making an allocation determination includes an assessment as to whether a particular investment opportunity (including any follow-on investment in, or disposition from, an existing portfolio company held by the Company or another investment fund or account) is suitable for us or another investment fund or account including the Blue Owl Credit Clients. In making this assessment, the Blue Owl Credit Advisers may consider a variety of factors, including, without limitation: the investment objectives, guidelines and strategies applicable to the investment fund or account; the nature of the investment, including its risk-return profile and expected holding period; portfolio diversification and concentration concerns; the liquidity needs of the investment fund or account; the ability of the investment fund or account to accommodate structural, timing and other aspects of the investment process; the life cycle of the investment fund or account; legal, tax and regulatory requirements and restrictions, including, as applicable, compliance with the 1940 Act (including requirements and restrictions pertaining to co-investment opportunities discussed below); compliance with existing agreements of the investment fund or account; the available capital of the investment fund or account; diversification requirements for BDCs or RICs; the gross asset value and net asset value of the investment fund or account; the current and targeted leverage levels for the investment fund or account; and portfolio construction considerations. The relevance of each of these criteria will vary from investment opportunity to investment opportunity. In circumstances where the investment objectives of multiple investment funds or accounts regularly overlap, while the specific facts and circumstances of each allocation decision will be determinative, the Blue Owl Credit Advisers may afford prior decisions precedential value.

Pursuant to the Blue Owl Credit Advisers' allocation policy, if, through the foregoing analysis, it is determined that an investment opportunity is appropriate for multiple investment funds or accounts, the Blue Owl Credit Advisers generally will determine the appropriate size of the opportunity for each such investment fund or account. If an investment opportunity falls within the mandate of two or more investment funds or accounts, and there are no restrictions on such funds or accounts investing with each other, then each investment fund or account will receive the amount of the investment that it is seeking, as determined based on the criteria set forth above.

Certain allocations may be more advantageous to us relative to one or all of the other investment funds, or vice versa. While the Blue Owl Credit Advisers will seek to allocate investment opportunities in a way that it believes in good faith is fair and equitable over time, there can be no assurance that our actual allocation of an investment opportunity, if any, or terms on which the allocation is made, will be as favorable as they would be if the conflicts of interest to which the Adviser may be subject did not exist. In addition, the Adviser and its affiliates are permitted to allocate an investment to a number of products across platforms that it views as appropriate for the particular investment objectives, strategies and characteristics of such products.

**Exemptive Relief**

We rely on an order for exemptive relief (the "Order") to co-invest with other funds managed by the Adviser or certain affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to the Order, we generally are permitted to co-invest with certain of our affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Order. The Order requires that a "required majority" (as defined in Section 57(o) of the 1940 Act) of our 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.

**Review, Approval or Ratification of Transactions with Related Persons**

The Audit Committee is required to review and approve any transactions with related persons (as such term is defined in Item 404 of Regulation S-K).

**License Agreement**

We have entered into a license agreement (the "License Agreement"), pursuant to which an affiliate of Blue Owl has granted us a non-exclusive license to use the name "Blue Owl." Under the License Agreement, we have a right to use the Blue Owl name for so long as the Adviser or one of its affiliates remains our investment adviser. Other than with respect to this limited license, we have no legal right to the "Blue Owl" name or logo.

**Material Non-Public Information**

Our senior management, members of the Adviser's Technology Lending Investment Committee and other investment professionals from the Adviser may serve as directors of, or in a similar capacity with, companies in which we invest or in which we

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are considering making an investment. Through these and other relationships with a company, these individuals may obtain material non-public information that might restrict our ability to buy or sell the securities of such company under the policies of the company or applicable law.

**Director Independence**

Pursuant to our certificate of incorporation, a majority of the Board will at all times consist of directors who are not "interested persons" of us, of the Adviser, or of any of our or its respective affiliates, as defined in the 1940 Act. We refer to these directors as our "Independent Directors."

Consistent with these considerations, after review of all relevant transactions and relationships between each director, or any of his or her family members, and the Company, the Adviser, or of any of their respective affiliates, the Board has determined that each of Messrs. Kaye, Temple, D'Alelio and Woolridge and Ms. Weiler is independent, has no material relationship with the Company, and is not an "interested person" (as defined in Section 2(a)(19) of the 1940 Act) of the Company. Mr. Packer is considered an "interested person" (as defined in the 1940 Act) of the Company since he is employed by the Adviser.

**Item 14. Principal Accountant Fees and Services.**

KPMG LLP, New York, New York, has been appointed by the Board to serve as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2026. KPMG LLP acted as the Company's independent registered public accounting firm for the fiscal years ended December 31, 2025, 2024 and 2023. The Company knows of no direct financial or material indirect financial interest of KPMG LLP in the Company.

**Fees**

Set forth in the table below are audit fees, audit-related fees, tax fees and all other fees billed to the Company by KPMG LLP for professional services performed for the fiscal years ended December 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
| | **For the Fiscal Year Ended December 31, 2025** | **For the Fiscal Year Ended December 31, 2024** |
| Audit Fees<sup>(1)</sup> | $531000 | $457000 |
| Audit-Related Fees<sup>(2)</sup> |  |  |
| Tax Fees<sup>(3)</sup> | 86155 | 105862 |
| All Other Fees<sup>(4)</sup> |  |  |
| &nbsp;&nbsp;**Total Fees** | $617155 | $562862 |

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________________

<sup>(1)</sup> "Audit Fees" are fees billed for professional services rendered for the audit of the Company's annual financial statements and review of interim financial statements or services that are normally provided by KPMG LLP in connection with statutory and regulatory filings or engagements, including comfort letters and consents.

<sup>(2)</sup> "Audit-Related Fees" are fees billed for assurance and related services by KPMG LLP that are reasonably related to the performance of the audit or review of the Company's financial statements that are not reported under "Audit Fees."

<sup>(3)</sup> "Tax Fees" are fees billed for services rendered by KPMG LLP for tax compliance, tax advice, and tax planning. These services include assistance regarding federal, state and international tax compliance, customs and duties and international tax planning.

<sup>(4)</sup> "All Other Fees" are fees billed for services other than those stated above.

**Pre-Approval Policies and Procedures**

The Audit Committee has established a pre-approval policy that describes the permitted audit, audit-related, tax and other services to be provided by KPMG LLP, the Company's independent registered public accounting firm. The policy requires that the Audit Committee pre-approve the audit and non-audit services performed by the independent auditor in order to assure that the provision of such service does not impair the auditor's independence.

Any requests for audit, audit-related, tax and other services that have not received general pre-approval must be submitted to the Audit Committee for specific pre-approval, irrespective of the amount, and cannot commence until such approval has been granted. Normally, pre-approval is provided at regularly scheduled meetings of the Audit Committee. The Audit Committee does not delegate its responsibilities to pre-approve services performed by the independent registered public accounting firm to management.

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**PART IV**

**Item 15. Exhibits, Financial Statement Schedules.**

The following documents are filed as part of this Annual Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Financial Statements – Financial statements are included in Item 8. See the Index to the Consolidated Financial Statements on page F-1 of this Annual Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Financial Statement Schedules – None. We have omitted financial statement schedules because they are not required or are not applicable, or the required information is shown in the consolidated statements or notes to the consolidated financial statements included in this Annual Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Exhibits – The following is a list of all exhibits filed as a part of this Annual Report, including those incorporated by reference.

Please note that the agreements included as exhibits to this Form 10-K are included to provide information regarding their terms and are not intended to provide any other factual or disclosure information about us or the other parties to the agreements. The agreements contain representations and warranties by each of the parties to the applicable agreement that have been made solely for the benefit of the other parties to the applicable agreement and may not describe the actual state of affairs as of the date they were made or at any other time.

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Exhibits** |
| 3.1 | <u>[Third Articles of Amendment and Restatement, dated June 24, 2024 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, filed on June 26, 2024).](https://www.sec.gov/Archives/edgar/data/1869453/000186945324000029/exhibit31.htm)</u> |
| 3.2 | <u>[Third Amended and Restated Bylaws, dated November 6, 2023 (incorporated by reference to Exhibit 3.2 to the Company's Quarterly Report on Form 10-Q, filed on November 9, 2023).](https://www.sec.gov/Archives/edgar/data/1869453/000186945323000021/otic-20230930x10qex32.htm)</u> |
| 4.1 | <u>[Form of Subscription Agreement (incorporated by reference to Appendix A to the Company's Prospectus, filed on April 16, 2025).](https://www.sec.gov/ix?doc=/Archives/edgar/data/1869453/000162828025018008/ck0001869453-20250416.htm)</u> |
| 4.2\* | <u>[Description of Registrant's Securities.](oticex42-descriptionofsecu.htm)</u> |
| 10.1 | <u>[Investment Advisory Agreement by and between the Company and ORTA II (incorporated by reference to Exhibit (g)(2) to Pre-Effective Amendment No. 1 to the Company's Registration Statement on Form N-2, filed on January 7, 2022).](https://www.sec.gov/Archives/edgar/data/1869453/000119312522004562/d217881dex99g2.htm)</u> |
| 10.2 | <u>[Administration Agreement by and between the Company and ORTA II (incorporated by reference to Exhibit (k)(10) to Pre-Effective Amendment No. 1 to the Company's Registration Statement on Form N-2, filed on January 7, 2022).](https://www.sec.gov/Archives/edgar/data/1869453/000119312522004562/d217881dex99k10.htm)</u> |
| 10.3 | <u>[Form of Custodian Agreement (incorporated by reference to Exhibit (j) to the Company's Registration Statement on Form N-2, filed on October 6, 2021).](https://www.sec.gov/Archives/edgar/data/1869453/000119312521293192/d217881dex99j.htm)</u> |
| 10.4 | <u>[Dealer Manager Agreement (incorporated by reference to Exhibit (h)(1) to Pre-Effective Amendment No. 1 to the Company's Registration Statement on Form N-2, filed on January 7, 2022).](https://www.sec.gov/Archives/edgar/data/1869453/000119312522004562/d217881dex99h1.htm)</u> |
| 10.5 | <u>[License Agreement (incorporated by reference to Exhibit (k)(2) to the Company's Registration Statement on Form N-2, filed on October 6, 2021).](https://www.sec.gov/Archives/edgar/data/1869453/000119312521293192/d217881dex99k2.htm)</u> |
| 10.6 | <u>[Form of Expense Support and Conditional Reimbursement Agreement by and among the Company and ORTA II (incorporated by reference to Exhibit (k)(12) to Pre-Effective Amendment No. 1 to the Company's Registration Statement on Form N-2, filed on January 7, 2022).](https://www.sec.gov/Archives/edgar/data/1869453/000119312522004562/d217881dex99k12.htm)</u> |
| 10.7 | <u>[Expense Deferral Agreement, dated March 23, 2022, between the Company and ORTA II (incorporated by reference to Exhibit 10.21 to the Company's Annual Report on Form 10-K, filed on March 25, 2022).](https://www.sec.gov/Archives/edgar/data/1869453/000095017022004694/ortic-ex10_21.htm)</u> |
| 10.8 | <u>[Senior Secured Credit Agreement, dated as of May 2, 2022, between Owl Rock Technology Income Corp., the Lenders and Issuing Banks party thereto and Sumitomo Mitsui Banking Corporation as Administrative Agent (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on May 4, 2022).](https://www.sec.gov/Archives/edgar/data/1869453/000119312522140525/d344635dex101.htm)</u> |
| 10.9 | <u>[Secured Credit Facility, dated as of April 27, 2022, among Tech Income 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 (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q, filed on May 10, 2022).](https://www.sec.gov/Archives/edgar/data/1869453/000186945322000005/gsortic-creditagreementxex.htm)</u> |

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10.10 <u>[Sale and Contribution Agreement between Owl Rock Technology Income Corp., as Seller, and Tech Income Funding I LLC, as Purchaser, dated as of May 6, 2022 (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q, filed on May 10, 2022).](https://www.sec.gov/Archives/edgar/data/1869453/000186945322000005/saleandcontributionagreeme.htm)</u>

10.11 <u>[Credit Agreement, dated as of April 27, 2022, by and among Tech Income 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 (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q, filed on August 11, 2022).](https://www.sec.gov/Archives/edgar/data/1869453/000186945322000005/gsortic-creditagreementxex.htm)</u>

10.12 <u>[Amendment No. 1 to the Expense Deferral Agreement, dated May 9, 2023, between the Company and Owl Rock Technology Advisors II LLC (Incorporated by reference to Exhibit 10.14 to the Company's Annual Report on Form 10-K, filed on March 6, 2024).](https://www.sec.gov/Archives/edgar/data/1869453/000186945324000012/exhibit1014-amendmentno1to.htm)</u>

10.13 <u>[Credit and Security Agreement, dated as of May 31, 2023, among Tech Income Funding II LLC, as Borrower, Owl Rock Technology Income Corp., as Collateral Manager and Equityholder, Citibank, N.A., as Administrative Agent and the lenders from time to time parties thereto (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on June 5, 2023).](https://www.sec.gov/Archives/edgar/data/1869453/000119312523160745/d466292dex101.htm)</u>

10.14 <u>[Sale and Contribution Agreement, dated as of May 31, 2023 between Owl Rock Technology Income Corp., as Seller, and Tech Income Funding II LLC, as Purchaser (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K, filed on June 5, 2023).](https://www.sec.gov/Archives/edgar/data/1869453/000119312523160745/d466292dex102.htm)</u>

10.15 <u>[License Agreement, dated as of July 6, 2023, between Blue Owl Technology Income Corp. and Blue Owl Capital Holdings LLC (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on July 6, 2023).](https://www.sec.gov/Archives/edgar/data/1869453/000119312523182381/d503657dex101.htm)</u>

10.16 <u>[Master Note Purchase Agreement, dated July 6, 2023, between Blue Owl Technology Income Corp. and the purchasers party thereto (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on July 7, 2023).](https://www.sec.gov/Archives/edgar/data/1869453/000119312523183828/d506797dex101.htm)</u>

10.17 <u>[Amendment No. 1 to the Credit and Margining Agreement, dated as of July 31, 2023 by and among Tech Income Funding I LLC, as Borrower, the Lenders referred to therein, 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 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on August 3, 2023).](https://www.sec.gov/Archives/edgar/data/1869453/000119312523202907/d480407dex101.htm)</u>

10.18 <u>[First Amendment to Senior Secured Credit Agreement, dated as of October 23, 2023, between Blue Owl Technology Income Corp., the Lenders and Issuing Banks party thereto and Sumitomo Mitsui Banking Corporation as Administrative Agent (Incorporated by reference to Exhibit 10.20 to the Company's Annual Report on Form 10-K, filed on March 6, 2024) .](https://www.sec.gov/Archives/edgar/data/1869453/000186945324000012/otic-20231231x10kex1020.htm)</u>

10.19 <u>[Master Note Purchase Agreement, dated December 6, 2023, between Blue Owl Technology Income Corp. and the purchasers party thereto (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on December 12, 2023).](https://www.sec.gov/Archives/edgar/data/1869453/000119312523293425/d639455dex101.htm)</u>

10.20 <u>[Amended and Restated Multi-Class Plan (incorporated by reference to Exhibit (k)(25) the Company's Registration Statement on Form N-2, filed on December 15, 2023).](https://www.sec.gov/Archives/edgar/data/1869453/000119312523296648/d636244dex99k25.htm)</u>

10.21 <u>[Note Purchase Agreement, dated December 20, 2023, between Blue Owl Technology Income Corp. and the purchasers party thereto (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on December 22, 2023).](https://www.sec.gov/Archives/edgar/data/1869453/000119312523302154/d663121dex101.htm)</u>

10.22 <u>[Credit Agreement, dated January 9, 2024, among Tech Income Funding III LLC, as Borrower, the Lenders parties thereto, Société Générale, as Administrative Agent, State Street Bank and Trust Company, as Collateral Agent, Collateral Administrator and Custodian, and Alter Domus (US) LLC, as Document Custodian (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on January 12, 2024).](https://www.sec.gov/Archives/edgar/data/1869453/000119312524007666/d664399dex101.htm)</u>

10.23 <u>[Sale and Contribution Agreement, dated as of January 9, 2024, between Blue Owl Technology Income Corp., as Seller and Tech Income Funding III LLC, as Purchaser (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K, filed on January 12, 2024).](https://www.sec.gov/Archives/edgar/data/1869453/000119312524007666/d664399dex102.htm)</u>

10.24 <u>[Amended and Restated Distribution Reinvestment Plan, effective as of May 6, 2024 (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q, filed on May 9, 2024).](https://www.sec.gov/Archives/edgar/data/1869453/000186945324000023/otic-20240331x10qex103.htm)</u>

10.25 <u>[Amendment to Credit and Security Agreement, dated April 8, 2024, among Tech Income Funding II LLC, as Borrower, Blue Owl Technology Income Corp., as Collateral Manager and Equityholder, Citibank, N.A., as Administrative Agent and the lenders from time to time parties thereto (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on April 9, 2024).](https://www.sec.gov/Archives/edgar/data/1869453/000119312524090884/d805029dex101.htm)</u>

10.26 <u>[Indenture and Security Agreement, dated as of May 22, 2024 by and between Athena CLO III, LLC, as Issuer and State Street Bank and Trust Company, as Trustee (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on May 24, 2024).](https://www.sec.gov/Archives/edgar/data/1869453/000119312524147110/d839364dex101.htm)</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 10.27 | <u>[Loan Sale Agreement, dated as of May 22, 2024, between Blue Owl Technology Income Corp., as Seller and Athena CLO III, LLC, as Purchaser (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K, filed on May 24, 2024).](https://www.sec.gov/Archives/edgar/data/1869453/000119312524147110/d839364dex102.htm)</u> |
| 10.28 | <u>[Loan Sale Agreement, dated as of May 22, 2024, between Tech Income Funding I LLC, as Seller and Athena CLO III, LLC, as Purchaser (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K, filed on May 24, 2024).](https://www.sec.gov/Archives/edgar/data/1869453/000119312524147110/d839364dex103.htm)</u> |
| 10.29 | <u>[Collateral Management Agreement, dated as of May 22, 2024, between Athena CLO III, LLC and Blue Owl Technology Credit Advisors II LLC (incorporated by reference to Exhibit 10.5 to the Company's Current Report on Form 8-K, filed on May 24, 2024)](https://www.sec.gov/Archives/edgar/data/1869453/000119312524147110/d839364dex105.htm)</u>. |
| 10.30 | <u>[Second Amendment to Senior Secured Credit Agreement, dated as of June 24, 2024, between Blue Owl Technology Income Corp., the Lenders and Issuing Banks party thereto and Sumitomo Mitsui Banking Corporation as Administrative Agent (incorporated by reference to exhibit 10.1 to the Company's Current Report on Form 8-K, filed on June 27, 2024).](https://www.sec.gov/Archives/edgar/data/1869453/000119312524170641/d799661dex101.htm)</u> |
| 10.31 | <u>[Second Amendment to Credit and Security Agreement, dated October 10, 2024, among Tech Income Funding II LLC, as Borrower, Blue Owl Technology Income Corp., as Collateral Manager and Equityholder, Citibank, N.A., as Administrative Agent and the lenders from time to time parties thereto (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on October 16, 2024).](https://www.sec.gov/Archives/edgar/data/1869453/000119312524238141/d834832dex101.htm)</u> |
| 10.32 | <u>[Third Amendment to Senior Secured Credit Agreement, dated as of October 21, 2024, between Blue Owl Technology Income Corp., the Lenders and Issuing Banks party thereto and Sumitomo Mitsui Banking Corporation as Administrative Agent (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on October 24, 2024).](https://www.sec.gov/Archives/edgar/data/1869453/000119312524242937/d68372dex101.htm)</u> |
| 10.33 | <u>[Amendment No. 2 to the Credit and Margining Agreement, dated as of October 24, 2024 by and among Tech Income Funding I LLC, as Borrower, the Lenders referred to therein, 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 (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on October 29, 2024).](https://www.sec.gov/Archives/edgar/data/1869453/000119312524246588/d846845dex101.htm)</u> |
| 10.34 | <u>[First Amendment to Credit Agreement, dated as of February 18, 2025, among Tech Income Funding III LLC, as Borrower, Société Générale, as Administrative Agent, and the Lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on February 20, 2025).](https://www.sec.gov/Archives/edgar/data/1869453/000119312525030757/d910116dex101.htm)</u> |
| 10.35 | <u>[Credit Agreement, dated as of June 12, 2025, among Tech Income Funding IV LLC, as Borrower, the Lenders party thereto, The Bank of Nova Scotia, as Administrative Agent, State Street Bank and Trust Company, as Collateral Agent, Collateral Administrator, Custodian and Document Custodian(incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on June 18, 2025).](https://www.sec.gov/Archives/edgar/data/1869453/000119312525142749/d939844dex101.htm)</u> |
| 10.36 | <u>[Sale and Contribution Agreement, dated as of June 12, 2025, between Blue Owl Technology Income Corp., as Seller and Core Income Funding IV LLC, as Purchaser (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on June 18, 2025).](https://www.sec.gov/Archives/edgar/data/1869453/000119312525142749/d939844dex102.htm)</u> |
| 10.37 | <u>[Amendment No. 1 to Credit Agreement, dated as of December 1, 2025, among Tech Income Funding IV LLC, as Borrower, The Bank of Nova Scotia, as Administrative Agent, the Lenders party thereto, and State Street Bank and Trust Company, as Collateral Agent, Collateral Administrator, Custodian and Document Custodian (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on December 4, 2025).](https://www.sec.gov/Archives/edgar/data/1869453/000119312525308151/d66208dex101.htm)</u> |
| 10.38 | <u>[Amendment No. 2 to the Credit Agreement, dated as of December 19, 2025, among Tech Income Funding IV LLC, as Borrower, The Bank of Nova Scotia, as Administrative Agent, the Lenders party thereto, and State Street Bank and Trust Company, as Collateral Agent, Collateral Administrator, Custodian and Document Custodian (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on December 23, 2025).](https://www.sec.gov/Archives/edgar/data/1869453/000119312525331149/d92298dex101.htm)</u> |
| 19.1\* | <u>[Insider Trading Policy](exhibit191-insidertradingp.htm)</u> |
| 21.1\* | <u>[List of Subsidiaries](oticex211-subsidiarylistin.htm)</u> |
| 24.1 | <u>[Power of Attorney (included on the signature page hereto).](#i48a1372c45a4433f8e6cd91b3044d7ae_475)</u> |
| 31.1\* | <u>[Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](oticexhibit311-12312025.htm)</u> |
| 31.2\* | <u>[Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](oticexhibit312-12312025.htm)</u> |
| 32.1\*\* | <u>[Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](oticexhibit321-12312025.htm)</u> |

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| | |
|:---|:---|
| 32.2\*\* | <u>[Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](oticexhibit322-12312025.htm)</u> |
| 99.1\* | <u>[Report of the Independent Registered Public Accounting Firm on Supplemental Information](oticex991-reportoftheindep.htm)</u> |
| 99.2\* | <u>[Supplemental Financial Information of Blue Owl Credit SLF LLC](blueowlcreditslfllc-123120.htm)[for the year ended](blueowlcreditslfllc-123120.htm)[December 31, 202](blueowlcreditslfllc-123120.htm)[5](blueowlcreditslfllc-123120.htm)[.](blueowlcreditslfllc-123120.htm)</u> |
| 99.3\* | <u>[Supplemental Financial Information of Blue Owl Leasing LLC as of and for the period from June 30, 2025 (Date of Inception) to December 31, 2025](blueowlleasingllc-12312025.htm)</u> |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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____________

\* Filed herewith.

\*\* Furnished herewith.

**Item 16. Form 10-K Summary.**

Not applicable.

------

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) 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.

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| | | |
|:---|:---|:---|
| | **Blue Owl Technology Income Corp.** | **Blue Owl Technology Income Corp.** |
| Date: March 3, 2026 | By: | /s/ Jonathan Lamm |
|  |  | **Jonathan Lamm**<br>**Chief Financial Officer and Chief Operating Officer** |

---

Each person whose signature appears below constitutes and appoints Craig W. Packer and Jonathan Lamm, and each of them, such person's true and lawful attorney-in-fact and agent, with full power of substitution and revocation, for such person and in such person's name, place and stead, in any and all capacities, to sign one or more Annual Reports on Form 10-K for the fiscal year ended December 31, 2025, and any and all amendments thereto, and to file same with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as such person might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents and each of them, or their or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant in the capacities indicated on March 3, 2026.

---

| | |
|:---|:---|
| /s/ Craig W. Packer | Chief Executive Officer and Director |
| Craig W. Packer | |
| /s/ Edward D'Alelio | Director and Chairman of the Board of Directors |
| Edward D'Alelio | |
| /s/ Christopher M. Temple | Director and Chairman of the Audit Committee |
| Christopher M. Temple | |
| /s/ Eric Kaye | Director and Chairman of the Nominating and Corporate Governance Committee |
| Eric Kaye | |
| /s/ Melissa Weiler | Director |
| Melissa Weiler | |
| /s/ Victor Woolridge | Director |
| Victor Woolridge | |
| /s/ Jonathan Lamm | Chief Operating Officer and Chief Financial Officer |
| Jonathan Lamm | |
| /s/ Matthew Swatt | Chief Accounting Officer, Co-Treasurer and Co-Controller |
| Matthew Swatt | |
| /s/ Shari Withem | Chief Accounting Officer, Co-Treasurer and Co-Controller |
| Shari Withem | |

---

## Exhibit 4.2

Exhibit 4.2

**DESCRIPTION OF OUR SECURITIES**

&nbsp;&nbsp;&nbsp;&nbsp;A. Common Stock, par value $0.01 per share.

As of December 31, 2025, the authorized capital stock of Blue Owl Technology Income Corp. ("OTIC," the "Company," "we," "our," or "us") consisted solely of 3,000,000,000 shares of common stock, par value $0.01 per share, of which 1,000,000,000 are classified as Class S common stock, 1,000,000,000 are classified as Class D common stock and 1,000,000,000 are classified as Class I common stock.

As permitted by the Maryland General Corporation Law ("MGCL"), our charter provides that a majority of the entire board of directors, without any action by our shareholders, may amend the charter from time to time to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we have authority to issue. The charter also provides that the board of directors may classify or reclassify any unissued shares of common stock into one or more classes or series of common stock or preferred stock by setting or changing the preferences, conversion or other rights, voting powers, restrictions, or limitations as to dividends, qualifications, or terms or conditions of redemption of the shares. There is currently no market for our common stock, and we can offer no assurances that a market for our shares will develop in the future. We do not intend for these shares to be listed on any national securities exchange. There are no outstanding options or warrants to purchase our stock. No stock has been authorized for issuance under any equity compensation plans. Under the MGCL, our shareholders generally are not personally liable for our debts or obligations.

None of our shares are subject to further calls or to assessments, sinking fund provisions, obligations of the company or potential liabilities associated with ownership of the security (not including investment risks).

Under the terms of our charter, all shares of our Class S, Class D and Class I common stock will have equal rights as to voting and, when they are issued, will be duly authorized, validly issued, fully paid and non-assessable. Dividends and distributions may be paid to the holders of our Class S, Class D and Class I common stock (which shall be done pro rata among the shareholders of shares of a specific class) at the same time and in different per share amounts on such Class S, Class D and Class I common stock, if, as and when authorized by our board of directors and declared by us out of funds legally available therefore. Each class of common stock shall represent an investment in the same pool of assets and shall have the same preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption as each other class of common stock except for such differences as are clearly and expressly set forth in our charter.

Except as may be provided by our board of directors in setting the terms of classified or reclassified stock, shares of our common stock will have no preemptive, exchange, conversion or redemption rights and will be freely transferable, except where their transfer is restricted by federal and state securities laws or by contract and except that, in order to avoid the possibility that our assets could be treated as "plan assets," we may require any person proposing to acquire shares of our common stock to furnish such information as may be necessary to determine whether such person is a benefit plan investor or a controlling person, restrict or prohibit transfers of shares of such stock or redeem any outstanding shares of stock for such price and on such other terms and conditions as may be determined by or at the direction of the board of directors.

In the event of our liquidation, dissolution or winding up, each share of each class of our common stock would be entitled to be paid, out of all of our assets that are legally available for distribution after we pay all debts and other liabilities and subject to any preferential rights of holders of our preferred stock, if any preferred stock is outstanding at such time, a liquidation payment equal to the net asset value per share of such class; provided, however, that if the available assets of the Company are insufficient to pay in full the above described liquidation payment, then such assets, or the proceeds thereof, shall be distributed among the holders of shares of each class of common stock ratably in the same proportion as the respective amounts that would be payable on such shares of each class of common stock if all amounts payable thereon were paid in full.

Subject to the rights of holders of any other class or series of stock, Class S, Class D and Class I common stock will vote together as a single class, and each share is entitled to one vote on all matters submitted to a vote of shareholders, including the election of directors. Except as may be provided by the board of directors in setting the terms of classified or reclassified stock, and subject to the express terms of any class or series of preferred stock, the holders of our common stock will possess exclusive voting power. There will be no cumulative voting in the election of directors. Cumulative voting entitles a shareholder to as many votes as equals the number of votes which such holder would be entitled to cast for the election of directors multiplied by the number of directors to be elected and allows a shareholder to cast a portion or all of the shareholder's votes for one or more candidates for seats on the board of directors. Without cumulative voting, a minority shareholder may not be able to elect as many directors as the shareholder would be able to elect if cumulative voting were permitted. Subject to the special rights of the holders of any class or series of preferred stock to elect directors, each director will be elected by a majority of the votes cast with respect to such director's election, except in the case of a "contested election" (as defined in our bylaws), in which directors will be elected by a plurality of the votes cast in the contested election of directors.

***Class S Shares***

Class D shares are generally available for purchase in this offering only (1) through fee-based programs, also known as wrap accounts, that provide access to Class D shares, (2) through participating broker dealers that have alternative fee arrangements with their clients to provide access to Class D shares, (3) through certain registered investment advisers, (4) through bank trust departments or any other organization or person authorized to act in a fiduciary capacity for its clients or customers or (5) other categories of investors that we name in an amendment or supplement to this prospectus.

Class D shares are not subject to an Upfront Sales Load. However, if Class D shares are purchased from certain financial intermediaries, those financial intermediaries may directly charge subscribers transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that the selling agents limit such charges to 1.50% of the net offering price per share of each such Class D share.

52323179.2 ------

Exhibit 4.2

Pursuant to a distribution plan adopted by us in compliance with Rules 12b-1 and 17d-3 under the 1940 Act, as if those rules applied to us, we pay the Dealer Manager an ongoing servicing fee with respect to our outstanding Class D shares equal to 0.25% per annum of the aggregate net asset value of all our outstanding Class D shares, including any Class D shares issued pursuant to our distribution reinvestment plan. The ongoing servicing fees are intended to compensate the Dealer Manager and participating broker-dealers for certain services performed for shareholders, and are paid monthly in arrears. The Dealer Manager reallows (pays) all or a portion of the ongoing servicing fees to participating broker-dealers and servicing broker-dealers for ongoing services performed by such broker- dealers, and will waive ongoing servicing fees to the extent a broker-dealer is not eligible to receive it for failure to provide such services.

Consistent with the exemptive relief allowing us to offer multiple classes of shares, at the end of the month in which the Dealer Manager in conjunction with the transfer agent determines that total upfront selling commissions and ongoing servicing fees paid with respect to any single Class D share held in a shareholder's account would exceed the Sales Charge Cap, we will cease paying the ongoing servicing fees on either (i) each Class D share that would exceed such limit or (ii) all Class D shares in such shareholder's account. We may modify this requirement in a manner consistent with the applicable exemptive relief. At the end of such month, the Class D shares in such shareholder's account will convert into a number of Class I shares (including any fractional shares) with an equivalent aggregate net asset value as such Class D shares.

Although we cannot predict the length of time over which the ongoing servicing fee will be paid due to potential changes in the net asset value of our shares, this fee would be paid with respect to a Class D share over approximately 40.0 years from the date of purchase, assuming a subscriber pays no Upfront Sales Load to its financial intermediary, and assuming opting out of the distribution reinvestment plan and a constant net asset value of $10.00 per share. Under these assumptions, if a shareholder holds his or her shares for this time period, this fee with respect to a Class D share would total approximately $1.00.

***Class I Shares***

Class I shares are generally available for purchase in this offering only (1) through fee-based programs, also known as wrap accounts, that provide access to Class I shares, (2) by endowments, foundations, pension funds and other institutional investors, (3) through participating broker- dealers that have alternative fee arrangements with their clients to provide access to Class I shares, (4) by our executive officers and directors and their immediate family members, as well as officers and employees of Blue Owl Technology Credit Advisers II LLC (the "Adviser"), our investment adviser and an indirect subsidiary of Blue Owl Capital, Inc. (NYSE:OWL) ("Blue Owl"), the Company, Credit, a division of Blue Owl focused on direct lending, or other affiliates and their immediate family members, and, if approved by our board of directors, joint venture partners, consultants and other service providers or (5) other categories of investors that we name in an amendment or supplement to this prospectus. We may also offer Class I shares to certain feeder vehicles primarily created to hold our Class I shares, which in turn offer interests in themselves to investors; we expect to conduct such offerings pursuant to exceptions to registration under the Securities Act of 1933, as amended (the "Securities Act"), and not as a part of this offering. Such feeder vehicles may have additional costs and expenses, which would be disclosed in connection with the offering of their interests. We may also offer Class I shares to other investment vehicles. The Adviser and its affiliates will be expected to hold their Class I shares purchased as shareholders for investment and not with a view towards distribution.

No Upfront Sales Load or ongoing servicing fees are paid for sales of any Class I shares.

***Other Terms of Common Stock***

If not already converted into Class I shares, upon a determination that the total Upfront Sales Load and ongoing servicing fees paid with respect to such shares would exceed the applicable Sales Charge Cap as described in the "- Class S Shares" and "- Class D Shares" sections above, each Class S share and Class D share held in a shareholder's account will automatically and without any action on the part of the holder thereof convert into a number of Class I shares (including any fractional shares) with an equivalent net asset value as such share on the earliest of (i) a liquidity event or (ii) after termination of the offering in which such Class S shares and Class D shares were sold, at the end of the month in which we, with the assistance of the Dealer Manager, determine that all underwriting compensation from all sources in connection with the offering, including the Upfront Sales Load, the ongoing servicing fee and other underwriting compensation, is equal to 10% of the gross proceeds of the offering. In addition, immediately before any liquidation, dissolution or winding up, each Class S share and Class D share will automatically convert into a number of Class I shares (including any fractional shares) with an equivalent net asset value as such share.

**Limitation on Liability of Directors and Officers; Indemnification and Advance of Expenses**

The MGCL permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its shareholders for money damages except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property or services or (b) active and deliberate dishonesty established by a final judgment and which is material to the cause of action.

Despite the above provisions of the MGCL, and in accordance with guidelines adopted by the North American Securities Administrations Association, our charter and our Advisory Agreement prohibit us from indemnifying or holding harmless an officer, director, employee, controlling person and any other person or entity acting as our agent (which would include, without limitation, Blue Owl Technology Credit Advisors II LLC (our "Adviser") and its affiliates) unless each of the following conditions are met: (1) we have determined, in good faith, that the course of conduct that caused the loss or liability was in our best interest; (2) we have determined, in good faith, that the party seeking indemnification was acting or performing services on our behalf; (3) we have determined, in good faith, that such liability or loss was not the result of (A) negligence or misconduct, in the case that the party seeking indemnification is our Adviser, any of its affiliates, or any officer of the Company, or any director that is an "interested person" as that term is defined under Section 2(a)(19) of the 1940 Act, or (B) gross negligence or willful misconduct, in the case that the party seeking indemnification is a director that is not an "interested person" as that term is defined under Section 2(a)(19) of the 1940 Act; and (4) such indemnification or agreement to hold harmless is recoverable only out of our net assets and not from our shareholders. We also may not may not incur the cost of that portion of liability insurance which insures the Adviser for any liability as to which the Adviser is prohibited from being indemnified.

52323179.2 ------

Exhibit 4.2

The MGCL requires a corporation (unless its charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful in the defense of any proceeding to which he or she is made a party by reason of his or her service in that capacity against reasonable expenses incurred in the proceeding in which the director or officer was successful. The MGCL permits a corporation to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made a party by reason of their service in those or other capacities unless it is established that (a) the act or omission of the director or officer was material to the matter giving rise to the proceeding and (1) was committed in bad faith or (2) was the result of active and deliberate dishonesty, (b) the director or officer actually received an improper personal benefit in money, property or services or (c) in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. However, under the MGCL, a Maryland corporation may not indemnify for an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on the basis that a personal benefit was improperly received, unless in either case a court orders indemnification, and then only for expenses. In addition, the MGCL permits a corporation to advance reasonable expenses to a director or officer upon the corporation's receipt of (a) a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation and (b) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met.

**The MGCL and Certain Charter and Bylaws Provisions; Anti-Takeover Measures**

The MGCL contains, and our charter and bylaws also contain, provisions that could make it more difficult for a potential acquirer to acquire us by means of a tender offer, proxy contest or otherwise. These provisions are expected to discourage certain coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to negotiate first with the board of directors. These measures may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of shareholders. We believe, however, that the benefits of these provisions outweigh the potential disadvantages of discouraging any such acquisition proposals because, among other things, the board of director's ability to negotiate such proposals may improve their terms.

Under the MGCL, a Maryland corporation generally cannot dissolve, amend its charter, merge, consolidate, convert into another form of business entity, sell all or substantially all of its assets or engage in a statutory share exchange unless declared advisable by the corporation's board of directors and approved by the affirmative vote of shareholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter. A Maryland corporation may provide in its charter for approval of these matters by a lesser or greater percentage, but not less than a majority of all of the votes entitled to be cast on the matter. Subject to certain exceptions discussed below, the charter provides for approval of these actions by the affirmative vote of shareholders entitled to cast a majority of the votes entitled to be cast on the matter.

Notwithstanding the foregoing, amendments to our charter to make our common stock a "redeemable security" or to convert the company, whether by merger or otherwise, from a closed-end company to an open-end company must be approved by the affirmative vote of holders of our common stock entitled to cast at least two-thirds of the votes entitled to be cast on the matter, with common stock and each class or series of preferred stock that is entitled to vote on a matter voting as a separate class. In addition, as permitted by the MGCL, our charter provides that a majority of our board of directors, without action by our shareholders, may amend the charter from time to time to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we have authority to issue; provided, that any such amendment may not change the preferences, conversion or other rights, voting powers, limitations as to dividends, or terms or conditions of redemption of any issued and outstanding shares.

Our charter and bylaws provide that our board of directors will have the exclusive power to make, alter, amend or repeal any provision of our bylaws; *provided, however*, that certain provisions related to shareholder requested meetings may only be amended by the affirmative vote of stockholders entitled to cast a majority of all the votes entitled to be cast on the matter.

Our charter provides that upon a vote by a majority of our shareholders voting together as a single class, our shareholders may, without the necessity of any concurrence by our Adviser, direct that the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.approve or disapprove an amendment to our charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.remove our Adviser and elect a new investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.approve or disapprove the dissolution of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.approve or disapprove the sale of all or substantially all of our assets when such sale is to be made other than in the ordinary course of business.

In addition, our charter provides that none of our Adviser, directors, or our Dealer Manager, may vote or consent on matters submitted to our shareholders regarding the removal of our Adviser or such director, or any transaction between us, on the one hand, and our Adviser or any of its affiliates or such director(s), on the other.

Without the approval of a majority of our shareholders voting together as a single class, our Adviser may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.amend the investment advisory agreement between us and our Adviser except for amendments that would not adversely affect the rights of our shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.except as otherwise permitted under the investment advisory agreement between us and our Adviser, voluntarily withdraw as our investment adviser unless such withdrawal would not affect our tax status and would not materially adversely affect our shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.appoint a new investment adviser (other than a sub-adviser pursuant to the terms of the investment advisory agreement between us and our Adviser and applicable law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.sell all or substantially all of our assets other than in the ordinary course of business; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.cause the merger or similar reorganization of the Company.

52323179.2 ------

Exhibit 4.2

&nbsp;&nbsp;&nbsp;&nbsp;

Our charter also provides that the board of directors will be divided into three classes, as nearly equal in size as practicable, with each class of directors serving for a staggered three-year term. Additionally, subject to the rights of holders of one or more classes or series of preferred stock to elect or remove one or more directors, directors may be removed at any time, with or without cause (as such term is defined in charter) by the affirmative vote of a majority of the votes entitled to be cast generally in the election of directors. Our charter and bylaws also provide that, except as provided otherwise by applicable law, including the 1940 Act and subject to any rights of holders of one or more classes or series of preferred stock to elect or remove one or more directors, any vacancy on the board of directors, except, until such time as we have three independent directors, for vacancies resulting from the removal of a director by the shareholders, and any newly created directorship resulting from an increase in the size of the board of directors, may only be filled by vote of the directors then in office, even if less than a quorum, or by a sole remaining director.

Pursuant to our election in Article V of our charter, subject to applicable requirements of the 1940 Act, except as may be provided by the board of directors in setting the terms of any class or series of preferred stock, (a) any vacancy on the board of directors may be filled only by a majority of the remaining directors, even if the remaining directors do not constitute a quorum and (b) any director elected to fill a vacancy shall serve for the remainder of the full term of the class in which the vacancy occurred and until a successor is elected and qualifies; provided that, under the MGCL, when the holders of any class, classes or series of stock have the exclusive power under the charter to elect certain directors, vacancies in directorships elected by such class, classes or series may be filled by a majority of the remaining directors so elected by such class, classes or series of our stock. In addition, our charter provides that, subject to any rights of holders of one or more classes or series of stock to elect or remove one or more directors, the total number of directors will be fixed from time to time exclusively pursuant to resolutions adopted by the board of directors.

The classification of the board of directors and the limitations on removal of directors described above as well as the limitations on shareholders' right to fill vacancies and newly created directorships and to fix the size of the board of directors could have the effect of making it more difficult for a third party to acquire us, or of discouraging a third party from acquiring or attempting to acquire us.

The MGCL and our charter and bylaws also provide that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.any action required or permitted to be taken by the shareholders at an annual meeting or special meeting of shareholders may only be taken if it is properly brought before such meeting or by unanimous consent in lieu of a meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.special meetings of the shareholders may only be called by the board of directors, the chairman of board of directors, the chief executive officer or the president, and must be called by the secretary upon the written request of shareholders who are entitled to cast not less than ten percent of all the votes entitled to be cast on such matter at such meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.any shareholder nomination or business proposal to be properly brought before a meeting of shareholders must have been made in compliance with certain advance notice and informational requirements.

Our charter also provides that any tender offer made by any person, including any "mini-tender" offer, must comply with the provisions of Regulation 14D of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including the notice and disclosure requirements.

Among other things, the offeror must provide us notice of such tender offer at least ten business days before initiating the tender offer. The charter prohibits any shareholder from transferring shares of stock to a person who makes a tender offer which does not comply with such provisions unless such shareholder has first offered such shares of stock to us at the tender offer price in the non- compliant tender offer. In addition, the non-complying offeror will be responsible for all of our expenses in connection with that offeror's noncompliance.

These provisions could delay or hinder shareholder actions which are favored by the holders of a majority of our outstanding voting securities. These provisions may also discourage another person or entity from making a tender offer for the common stock, because such person or entity, even if it acquired a majority of our outstanding voting securities, would be able to take action as a shareholder (such as electing new directors or approving a merger) only at a duly called shareholders meeting, and not by written consent. In addition, although the advance notice and information requirements in our bylaws do not give the board of directors any power to disapprove shareholder nominations for the election of directors or business proposals that are made in compliance with applicable advance notice procedures, they may have the effect of precluding a contest for the election of directors or the consideration of shareholder proposals if proper procedures are not followed and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of directors or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or beneficial to us and our shareholders.

Our charter prohibits our Adviser from: (i) receiving or accepting any rebate, give-ups or similar arrangement that is prohibited under applicable federal or state securities laws or the Omnibus Guidelines issued by the North American Securities Administrators Association (the "NASAA Omnibus Guidelines"), (ii) participating in any reciprocal business arrangement that would circumvent provisions of applicable federal or state securities laws and the NASAA Omnibus Guidelines governing conflicts of interest or investment restrictions, or (iii) entering into any agreement, arrangement or understanding that would circumvent the restrictions against dealing with affiliates or promoters under applicable federal or state securities laws and the NASAA Omnibus Guidelines. In addition, our Adviser may not directly or indirectly pay or award any fees or commissions or other compensation to any person or entity engaged to sell our stock or give investment advice to a potential shareholder; provided, however, that our Adviser may pay a registered broker-dealer or other properly licensed agent from sales commissions for selling or distributing shares of our common stock.

**Advance Notice Provisions for Shareholder Nominations and Shareholder Proposals**

Our bylaws provide that, with respect to an annual meeting of shareholders, nominations of individuals for election as directors and the proposal of business to be considered by shareholders may be made only (a) pursuant to our notice of the meeting, (b) by or at the direction of the board of directors or (c) by a shareholder who is a shareholder of record both at the time of giving the advance notice required by our bylaws and at the time of the meeting, who is entitled to vote at the meeting in the election of each individual so nominated or on any such other business and who has complied with the advance notice procedures of our bylaws. With respect to special meetings of shareholders, only the business specified in our notice of the meeting may be brought before the meeting.

52323179.2 ------

Exhibit 4.2

Nominations of individuals for election as directors at a special meeting at which directors are to be elected may be made only (a) by or at the direction of the board of directors or (b) provided that the special meeting has been called in accordance with our bylaws for the purpose of electing directors, by a shareholder who is a shareholder of record both at the time of giving the advance notice required by our bylaws and at the time of the meeting, who is entitled to vote at the meeting in the election of each individual so nominated and who has complied with the advance notice provisions of our bylaws.

The purpose of requiring shareholders to give us advance notice of nominations and other business is to afford the board of directors a meaningful opportunity to consider the qualifications of the proposed nominees and the advisability of any other proposed business and, to the extent deemed necessary or desirable by the board of directors, to inform shareholders and make recommendations about such qualifications or business, as well as to provide a more orderly procedure for conducting meetings of shareholders. Although our bylaws do not give the board of directors any power to disapprove shareholder nominations for the election of directors or proposals recommending certain action, the advance notice and information requirements may have the effect of precluding election contests or the consideration of shareholder proposals if proper procedures are not followed and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of directors or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or beneficial to us and our shareholders.

**No Appraisal Rights**

For certain extraordinary transactions and amendments to our charter, the MGCL provides the right to dissenting shareholders to demand and receive the fair value of their shares, subject to certain procedures and requirements set forth in the statute. Those rights are commonly referred to as appraisal rights. As permitted by the MGCL, our charter provides that shareholders will not be entitled to exercise appraisal rights unless the board of directors determines that appraisal rights apply, with respect to all or any classes or series of stock, to one or more transactions occurring after the date of such determination in connection with which shareholders would otherwise be entitled to exercise appraisal rights.

**Access to Records**

Any shareholder will be permitted access to all of our records to which they are entitled under applicable law at all reasonable times and may inspect and copy any of them for a reasonable copying charge. Inspection of our records by the office or agency administering the securities laws of a jurisdiction will be provided upon reasonable notice and during normal business hours. An alphabetical list of the names, addresses and telephone numbers of our shareholders, along with the number of shares of our common stock held by each of them, will be maintained as part of our books and records and will be available for inspection by any shareholder or the shareholder's designated agent at our office. The shareholder list will be updated at least quarterly to reflect changes in the information contained therein. A copy of the list will be mailed to any shareholder who requests the list within ten days of the request. A shareholder may request a copy of the shareholder list for any reason, including, without limitation, in connection with matters relating to voting rights and the exercise of shareholder rights under federal proxy laws. A shareholder requesting a list will be required to pay reasonable costs of postage and duplication.

Under the MGCL, our shareholders are entitled to inspect and copy, upon written request during usual business hours, the following corporate documents: (i) our charter, (ii) our bylaws, (iii) minutes of the proceedings of our shareholders, (iv) annual statements of affairs, and (v) any voting trust agreements. A shareholder may also request access to any other corporate records, which may be evaluated solely in the discretion of our board of directors.

In addition to the foregoing, shareholders have rights under Rule 14a-7 under the Exchange Act, which provides that, upon the request of investors and the payment of the expenses of the distribution, we are generally required to distribute specific materials to shareholders in the context of the solicitation of proxies for voting on matters presented to shareholders or, at our option, provide requesting shareholders with a copy of the list of shareholders so that the requesting shareholders may make the distribution of proxies themselves. A shareholder may also request access to any other corporate records. If a proper request for the shareholder list or any other corporate records is not honored, then the requesting shareholder will be entitled to recover certain costs incurred in compelling the production of the list or other requested corporate records as well as actual damages suffered by reason of the refusal or failure to produce the list. However, a shareholder will not have the right to, and we may require a requesting shareholder to represent that it will not, secure the shareholder list or other information for the purpose of selling or using the list for a commercial purpose not related to the requesting shareholder's interest in our affairs. We may also require that such shareholder sign a confidentiality agreement in connection with the request.

**Control Share Acquisitions**

Certain provisions of the MGCL provide that a holder of control shares of a Maryland corporation acquired in a control share acquisition has no voting rights with respect to the control shares except to the extent approved by the affirmative vote of two-thirds of the votes entitled to be cast on the matter, which is referred to as the Control Share Acquisition Act (the "Controlled Share Acquisition Act"). Shares owned by the acquiror, by officers or by employees who are directors of the corporation are excluded from shares entitled to vote on the matter. Control shares are voting shares of stock which, if aggregated with all other shares of stock owned by the acquirer or in respect of which the acquirer is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquirer to exercise voting power in electing directors within one of the following ranges of voting power:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.one-tenth or more but less than one-third;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.one-third or more but less than a majority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.a majority or more of all voting power.

The requisite shareholder approval must be obtained each time an acquirer crosses one of the thresholds of voting power set forth above. Control shares do not include shares the acquiring person is then entitled to vote as a result of having previously obtained shareholder

52323179.2 ------

Exhibit 4.2

approval or shares acquired directly from the corporation. A control share acquisition means the acquisition of issued and outstanding control shares, subject to certain exceptions.

A person who has made or proposes to make a control share acquisition may compel the board of directors of the corporation to call a special meeting of shareholders to be held within 50 days of demand to consider the voting rights of the shares. The right to compel the calling of a special meeting is subject to the satisfaction of certain conditions, including an undertaking to pay the expenses of the meeting. If no request for a meeting is made, the corporation may itself present the question at any shareholders meeting.

If voting rights are not approved at the meeting or if the acquiring person does not deliver an acquiring person statement as required by the statute, then the corporation may redeem for fair value any or all of the control shares, except those for which voting rights have previously been approved. The right of the corporation to redeem control shares is subject to certain conditions and limitations. Fair value is determined, without regard to the absence of voting rights for the control shares, as of the date of the last control share acquisition by the acquirer or if a meeting of shareholders is held at which the voting rights of the shares are considered and not approved, as of the date of such meeting. If voting rights for control shares are approved at a shareholder meeting and the acquirer becomes entitled to vote a majority of the shares entitled to vote, all other shareholders may exercise appraisal rights. The fair value of the shares as determined for purposes of appraisal rights may not be less than the highest price per share paid by the acquirer in the control share acquisition.

The Control Share Acquisition Act does not apply (a) to shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction or (b) to acquisitions approved or exempted by the charter or bylaws of the corporation. Our bylaws contain a provision exempting from the Control Share Acquisition Act any and all acquisitions by any person of shares of stock. The U.S. Securities and Exchange Commission (the "SEC") staff previously took the position that, if a business development company ("BDC") failed to opt-out of the Control Share Acquisition Act, its actions would be inconsistent with Section 18(i) of the 1940 Act. However, the SEC recently withdrew its previous position, and stated that is would not recommend enforcement action against a closed-end fund, including a BDC, that that opts in to being subject to the Control Share Acquisition Act if the closed-end fund acts with reasonable care on a basis consistent with other applicable duties and laws and the duty to the company and its shareholders generally. As such, we may amend our bylaws to be subject to the Control Share Acquisition Act, but will do so only if the Board determines that it would be in our best interests and if such amendment can be accomplished in compliance with applicable laws, regulations and SEC guidance.

**Business Combinations**

Under the MGCL, "business combinations" between a Maryland corporation and an interested shareholder or an affiliate of an interested shareholder are prohibited for five years after the most recent date on which the interested shareholder becomes an interested shareholder. These business combinations include a merger, consolidation, statutory share exchange or, in circumstances specified in the statute, an asset transfer or issuance or reclassification of equity securities. An interested shareholder is defined as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.any person who beneficially owns 10% or more of the voting power of the corporation's stock; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then outstanding voting stock of the corporation.

A person is not an interested shareholder under this statute if the corporation's board of directors approves in advance the transaction by which he or she otherwise would have become an interested shareholder. However, in approving a transaction, the board may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the board.

After the five-year prohibition, any such business combination generally must be recommended by the corporation's board of directors and approved by the affirmative vote of at least:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested shareholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested shareholder.

These super-majority vote requirements do not apply if holders of the corporation's common stock receive a minimum price, as defined under the MGCL, for their shares in the form of cash or other consideration in the same form as previously paid by the interested shareholder for its shares. The statute provides various exemptions from its provisions, including for business combinations that are exempted by the corporation's board of directors before the time that the interested shareholder becomes an interested shareholder. The board of directors has adopted a resolution exempting from the requirements of the statute any business combination between us and any other person, provided that such business combination is first approved by the board of directors (including a majority of the directors who are not "interested persons" within the meaning of the 1940 Act). This resolution, however, may be altered or repealed in whole or in part at any time. If this resolution is repealed, or our board of directors does not otherwise approve a business combination, the statute may discourage others from trying to acquire control and increase the difficulty of consummating any offer.

**Restrictions on Roll-Up Transactions**

In connection with a proposed "roll-up transaction," which, in general terms, is any transaction involving the acquisition, merger, conversion or consolidation, directly or indirectly, of us and the issuance of securities of an entity that would be created or would survive after the successful completion of the roll-up transaction, we will obtain an appraisal of all of its properties from an independent expert. In order to qualify as an independent expert for this purpose, the person or entity must have no material current or prior business or personal relationship with us and must be engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by us, who is qualified to perform such work. Our assets will be appraised on a consistent basis, and the appraisal will be based on the evaluation of all relevant information and will indicate the value of our assets as of a date immediately prior to the announcement of the proposed roll-up transaction. The appraisal will assume an orderly liquidation of our assets over a 12-month period. The terms of the

52323179.2 ------

Exhibit 4.2

engagement of such independent expert will clearly state that the engagement is for our benefit and the benefit of our shareholders. We will include a summary of the appraisal, indicating all material assumptions underlying the appraisal, in a report to the shareholders in connection with the proposed roll-up transaction. If the appraisal will be included in a prospectus used to offer the securities of the roll-up entity, the appraisal will be filed with the SEC and the states as an exhibit to the registration statement for the offering.

In connection with a proposed roll-up transaction, the person sponsoring the roll-up transaction must offer to the shareholders who vote against the proposal a choice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.accepting the securities of the entity that would be created or would survive after the successful completion of the roll-up transaction offered in the proposed roll-up transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.remaining as shareholders and preserving their interests in us on the same terms and conditions as existed previously; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.receiving cash in an amount equal to their pro rata share of the appraised value of the net assets of the class of shares that they hold.

We are prohibited from participating in any proposed roll-up transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.which would result in shareholders having voting rights in the entity that would be created or would survive after the successful completion of the roll-up transaction that are less than those provided in the charter, including rights with respect to the election and removal of directors, annual and special meetings, amendments to the charter and our dissolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.which includes provisions that would operate as a material impediment to, or frustration of, the accumulation of shares of our common stock by any purchaser of the securities of the entity that would be created or would survive after the successful completion of the roll-up transaction, except to the minimum extent necessary to preserve the tax status of such entity, or which would limit the ability of an investor to exercise the voting rights of its securities of the entity that would be created or would survive after the successful completion of the roll-up transaction on the basis of the number of shares held by that investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.in which shareholders' rights to access to records of the entity that would be created or would survive after the successful completion of the roll-up transaction will be less than those provided in the charter; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.in which we would bear any of the costs of the roll-up transaction if the shareholders reject the roll-up transaction.

**Conflict with the 1940 Act**

Our bylaws provide that, if and to the extent that any provision of the MGCL, including the Control Share Acquisition Act (if we amend our bylaws to be subject to such Act) and the Business Combination Act or any provision of our charter or our bylaws conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act will control.

**Exclusive Forum**

Our bylaws require that, unless we consent in writing to the selection of an alternative forum, the Circuit Court for Baltimore City (or, if that Court does not have jurisdiction, the United States District Court for the District of Maryland, Northern Division) shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company (ii) any action asserting a claim of breach of any standard of conduct or legal duty owed by any of the Company's director, officer or other agent to the Company or to its stockholders, (iii) any action asserting a claim arising pursuant to any provision of the MGCL or the Charter or bylaws (as either may be amended from time to time), or (iv) any action asserting a claim governed by the internal affairs doctrine. This exclusive forum selection provision in our bylaws does not apply to claims arising under the federal securities laws, including the Securities Act or the Exchange Act, to any other claim for which the federal courts have exclusive jurisdiction, or to claims under state securities laws.

There is uncertainty as to whether a court would enforce such a provision, and investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. In addition, this provision may increase costs for stockholders in bringing a claim against us or our directors, officers or other agents. Any investor purchasing or otherwise acquiring our shares is deemed to have notice of and consented to the foregoing provision.

The exclusive forum selection provision in our bylaws may limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other agents, which may discourage lawsuits against us and such persons. It is also possible that, notwithstanding such exclusive forum selection provision, a court could rule that such provision is inapplicable or unenforceable.

52323179.2

## Exhibit 19.1

**Policies & Procedures Regarding Insider Trading and Tipping**

**Exhibit 19.1**

---

| |
|:---|
| **<u>I. Purpose of these Policies and Procedures</u>** |
| It is the Blue Owl BDCs'<sup>1</sup>, (including its subsidiaries, , collectively "the Blue Owl BDCs") policy that **no person covered by this policy** who, in the course of working for the Blue Owl BDCs or otherwise, learns of material nonpublic information ("MNPI") about the Blue Owl BDCs or any company with which any of them does business<sup>2</sup> **may trade in the securities of any such company, or disclose any such information to someone who may trade in such securities, until the information becomes public or is no longer material.**<br>This policy is not intended to discourage or prohibit appropriate communications between you and other market participants and trading counterparties. You should consult with the CCO with any questions about the appropriateness of any communications.<br>The Blue Owl BDCs have instituted the general policy set forth below with the aim of detecting and preventing the misuse of MNPI (as defined below).<sup>1,2</sup> |
| **<u>II. Regulatory Framework</u>** |
| • *Compliance with U.S. Securities Laws* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although not defined in U.S. securities laws, "insider trading" is generally described as trading either personally or on behalf of others on the basis of MNPI or communicating (or "tipping") MNPI to others who may trade in securities on the basis of that information. <br>U.S. securities laws have been interpreted to prohibit the following activities:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)trading by an insider while in possession of MNPI;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)trading by a non-insider while in possession of MNPI, where the information was disclosed to the non-insider in violation of an insider's duty to keep it confidential;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)trading by a non-insider who obtained MNPI through unlawful means, such as computer hacking; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)communicating MNPI to others in breach of a fiduciary duty. |
| **<u>III. Who Is Covered?</u>** |

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<sup>1</sup> The Blue Owl BDCs are funds managed by affiliates of Blue Owl Capital Inc. that have elected to be regulated as business development companies under the Investment Company Act of 1940, as amended.

<sup>2</sup> While not exhaustive, this includes, the Blue Owl BDCs' customers or suppliers, as well as portfolio companies in which the Blue Owl BDCs invest.

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**Policies & Procedures Regarding Insider Trading and Tipping**

**Exhibit 19.1**

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| |
|:---|
| This policy covers directors, officers and employees of the Blue Owl BDCs (collectively "you"). <br>In addition, this policy applies to your family members who reside with you, including any child, child away at college, stepchild, grandparents, parent, stepparent, spouse or civil partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and any person (other than a tenant or employee) sharing your household, as well as any family members who do not live in your household but whose transactions in any securities are directed by you or are subject to your influence or control, such as parents or children who consult with you before they trade in any securities (collectively, "Immediate Family Members").<br>This policy also applies to any entities or accounts that you influence or control, including any corporations, partnerships, trusts or non-discretionary accounts (collectively referred to as "Controlled Entities"), and transactions by these Controlled Entities should be treated for the purposes of this policy and applicable securities laws as if they were for your own account.<br>You are responsible for the transactions of your Immediate Family Members and therefore you should make them aware of the need to confer with you before they trade in any securities, and you should treat all such transactions for the purposes of this policy and applicable securities laws as if the transactions were for your own account. This policy does not, however, apply to personal securities transactions of Immediate Family Members where the purchase or sale decision is made by a third party not controlled by, influenced by or related to you or your Immediate Family Members. |
| **<u>IV. What Information Is Material?</u>** |

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**Policies & Procedures Regarding Insider Trading and Tipping**

**Exhibit 19.1**

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| |
|:---|
| All information that an investor might consider important in deciding whether to buy, sell or hold securities is considered material. Information that is likely to affect the price of a company's securities is almost always material. Individuals may not be held liable for trading on inside information, unless the information is material. Examples of some types of material information are:<br>• financial results or expectations for the quarter or the year;<br>• financial forecasts;<br>• changes in distributions;<br>• possible mergers, acquisitions, joint ventures and other purchases and sales of companies and investments in companies;<br>• changes in customer relationships with significant customers;<br>• obtaining or losing important contracts;<br>• important product developments;<br>• major financing developments;<br>• major personnel changes;<br>• major litigation developments;<br>• write-downs or write-offs of assets;<br>• additions to reserves for bad debts or contingent liabilities;<br>• expansion or curtailment of company or major division operations;<br>• criminal, civil and government investigations and indictments;<br>• pending labor disputes;<br>• debt service or liquidity problems;<br>• bankruptcy or insolvency problems;<br>• tender offers, stock repurchase plans, etc.; and<br>• recapitalization.<br>Information provided by a company could be material because of its expected effect on a particular class of a company's securities, all of the company's securities, the securities of another company, or the securities of several companies. The misuse of MNPI applies to all types of securities, including equity, debt, commercial paper, government securities and options.<br>Material information does not have to relate to a company's business. For example, information about the contents of an upcoming newspaper column may affect the price of a security and therefore be considered material.<br>You should consult with the CCO if there is any question as to whether nonpublic information is material. |
| **<u>V. When Is Information No Longer Nonpublic Information?</u>** |

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**Policies & Procedures Regarding Insider Trading and Tipping**

**Exhibit 19.1**

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| |
|:---|
| Once nonpublic information has been effectively distributed to the investing public, it can no longer be classified as MNPI. However, the distribution of MNPI should occur through commonly recognized channels for the classification to change. In addition, the information should not only be publicly disclosed, there should be adequate time for the public to receive and digest the information. Lastly, nonpublic information does not change to public information solely by selective dissemination.<br>Examples of the ways in which nonpublic information might be transmitted include, but are not limited to:<br>• in person;<br>• in writing;<br>• by telephone;<br>• during a presentation;<br>• by email, instant messaging or Bloomberg messaging;<br>• by text message or through X (formerly known as Twitter); and<br>• on a social networking site such as Facebook or LinkedIn.<br>You should be aware that even where there is no expectation of confidentiality, a person may become an insider upon receiving MNPI. You should consult with the CCO if there is any question as to whether material information is nonpublic. |
| **<u>VI. Penalties for Trading on MNPI</u>** |
| The penalties for trading on or communicating MNPI are extremely severe in nature, both for the individuals involved in such unlawful conduct and for any person who at the time of such conduct, directly or indirectly, controlled the person who engaged in such conduct. A person can be subject to the penalties below even if (s)he does not personally benefit from the violation. Penalties include the following:<br>• civil injunctions;<br>• damages to contemporaneous traders on the opposite side of the market;<br>• jail sentences of up to 20 years;<br>• a civil penalty for the person who committed the violation of up to three times the profit gained or loss avoided, whether or not such person actually benefited;<br>• a civil penalty for the controlling person of three times the amount of the profit gained or loss avoided as a result of the violator's conduct; and<br>• criminal fines of up to $5,000,000.<br>In addition, any violation of the law or this policy can be expected to result in serious sanctions by the Blue Owl BDCs, including dismissal of the person or persons involved, as permitted by local laws.<br>The foregoing is a very brief and simple summary of what constitutes insider trading under the current law. If you have a question concerning insider trading or concerning the status of specific information in your possession you should consult with the CCO. |
| **<u>VII. Procedures to Follow When You Believe You May Possess MNPI</u>** |

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**Policies & Procedures Regarding Insider Trading and Tipping**

**Exhibit 19.1**

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| |
|:---|
| **If you believe that you have received information that might be MNPI, you must immediately notify the CCO.**<br>If you are not sure if the information is MNPI, you should discuss the information with the CCO who will determine if the information is MNPI.<br>If the information is determined to be MNPI, you must comply with the following requirements.<br>• Do not discuss the information with anyone outside of the Blue Owl BDCs and in general, within the Blue Owl BDCs, disclosure should be limited to the investment team and/or others who are deemed to need this information to perform his/her job responsibilities. You should consult with the CCO if any questions arise as to who should be privy to MNPI.<br>• If you know that other employees have also received this information, you must inform the CCO.<br>• Do not engage in a transaction, either in your personal trading accounts or on behalf of the Blue Owl BDCs or any other person, in a financial instrument while in possession of MNPI about its issuer.<br>• If you become aware that the Blue Owl BDCs are considering or actually trading any security for any account we manage, you should regard that as MNPI. Accordingly, you should not communicate any information about this prospective trade to anyone until you know that such trading is no longer being considered or until after the Blue Owl BDCs cease trading in that security. In addition, you may not trade for yourself or any Immediate Family Member in any security the Blue Owl BDCs are currently trading until after the Blue Owl BDCs have ceased trading in that security. |
| **<u>VIII. Restricted List</u>**<br>From time to time, the CCO may place certain securities on the Restricted Trading List ("RTL").<br>You may not trade in securities on the RTL for your personal account or accounts managed by you on behalf of others, unless specific approval has been received from the CCO. In addition, at times, the RTL may also contain prohibitions, restrictions and limitation on trading for accounts managed by the Blue Owl BDCs. For the avoidance of doubt, these provisions also apply to your Immediate Family Members.<br>The contents of the RTL are proprietary to the Blue Owl BDCs and are not published at this time. If you find out the name of any security or any other information that is on the RTL, or that is being considered for inclusion on the RTL (e.g., because you have requested that a security be added to the RTL), you are prohibited from sharing that information, including with:<br>• anyone at the Blue Owl BDCs (provided, that you may contact a member of the Compliance Department with any questions); or<br>• anyone outside of the Blue Owl BDCs (provided, that you may communicate to a person whose accounts are subject to this policy, such as an Immediate Family Member, that a preclearance request has been denied). |
| **<u>IX. Trading Restrictions</u>**<br>Annex A contains additional trading restrictions and procedures that apply to **any directors, officers and employees of the Blue Owl BDCs**, **as well as their Immediate Family Members, other members of a person's household and their Controlled Entities.** The Blue Owl BDCs may also determine that other persons should be subject to the procedures therein, such as contractors or consultants who have access to MNPI. |

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**Policies & Procedures Regarding Insider Trading and Tipping**

**Exhibit 19.1**

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| |
|:---|
| **<u>X. Post-Termination Transactions</u>** |
| The restrictions set forth in this policy and Annex A continue to apply to transactions in any securities even after termination of service to the Blue Owl BDCs. <br>If an individual is in possession of MNPI (including information regarding the Blue Owl BDCs or information regarding another company which (s)he obtained in the course of employment or term of service with the Blue Owl BDCs) when his or her service terminates, that individual may not trade in BDC Securities (as defined in Annex A) and/or the other company's securities until that information has become public or is no longer material. The pre-clearance procedures specified in Annex A, however, will cease to apply to transactions in BDC Securities upon the opening of any Open Window Period applicable at the time of the termination of service. |

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**Policies & Procedures Regarding Insider Trading and Tipping – Annex A**

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|:---|
| **<u>I. Pre-Clearance and Window Periods</u>** |
| The Blue Owl BDCs have established additional procedures to facilitate compliance with laws prohibiting insider trading while in possession of MNPI, and to avoid the appearance of any impropriety. Unless otherwise specified below, these additional procedures are applicable only to **all directors, officers and employees of the Blue Owl BDCs, as well as their Immediate Family Members, other members of a person's household and their Controlled Entities.** The Blue Owl BDCs may also determine that other persons should be subject to the procedures below, such as contractors or consultants who have access to MNPI. <br>For the purpose of the following pre-clearance and window period procedures, "BDC Securities" means any common stock, units, options to purchase common stock or units, or any other type of securities that the Blue Owl BDCs or any of its subsidiaries may issue, including (but not limited to) preferred stock, convertible debentures and warrants, as well as derivative securities that are not issued by the Blue Owl BDCs, such as exchange traded put or call options or swaps relating to BDC Securities. |
| • *Quarterly Window Periods*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may only conduct transactions involving BDC Securities (other than as specified by this Annex), during the "Open Window Period" subject to announcement by the General Counsel and/or CCO. The Open Window Period typically begins after the close of trading on the second (2nd) full trading day following the public release of a Blue Owl BDC's quarterly earnings and ends fourteen (14) calendar days prior to the start of the next fiscal quarter or on such other day as is determined by the CCO. |
| • *Pre-Clearance Procedures* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may not engage in any transaction in BDC Securities without first obtaining pre-clearance of the transaction from the CCO.<br>A request for pre-clearance should be submitted to the CCO at least two (2) business days in advance of the proposed transaction through Comply Sci. The CCO is under no obligation to approve a transaction submitted for pre-clearance and may determine not to permit the transaction. If a person seeks pre-clearance and permission to engage in the transaction is denied, then (s)he should refrain from initiating any transaction in BDC Securities and should not inform any other person of the restriction.<br>When a request for pre-clearance is made, you should carefully consider whether you may be aware of any MNPI about the relevant Blue Owl BDC and should describe fully those circumstances to the CCO. You should also be prepared to comply with SEC Rule 144 and file Form 144, if necessary, at the time of any sale.<br>If a person seeks pre-clearance and permission to engage in the transaction is granted, then such trade must be effected within five (5) business days of receipt of pre-clearance, unless an exception is granted. Section 16 Individuals must promptly notify the CCO following the completion of the transaction. A person who has not effected a transaction within the time limit may not engage in such transaction without again obtaining pre-clearance of the transaction from the CCO. |
| • *Other Events That May Impact the Open Window Period* |

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**Policies & Procedures Regarding Insider Trading and Tipping – Annex A**

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|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From time to time, a non-earnings-related event that has the potential to be material to a Blue Owl BDC may be anticipated and the CCO determines it appropriate to close or not open the trading window. In such cases, the Open Window Period will typically begin on the first (1st) full trading day following the public announcement of such non-earnings-related event. As may be appropriate for the particular situation where the non-earnings-related event is known by only a few directors, officers and/or employees of the Blue Owl BDCs, the CCO may determine it appropriate to prohibit just those individuals with knowledge from trading BDC Securities. In that situation, once the non-earnings-related event is no longer material and/or been made public, such persons typically will be able to trade, subject to CCO approval, so long as the relevant Blue Owl BDC is currently in an Open Window Period.<br>In addition, a Blue Owl BDC's financial results may be sufficiently material in a particular fiscal quarter that, in the judgment of the CCO, certain persons should refrain from trading in BDC Securities even during the typical Open Window Period described above. In that situation, the CCO may notify these persons that they should not trade in BDC Securities, without disclosing the reason for the restriction. The existence of an event-specific trading restriction period or modification of an Open Window Period will not be announced to the Blue Owl BDCs as a whole and should not be communicated to any other person. <br>Even if you are not a person who should not trade due to an event-specific restriction, you should not trade while aware of MNPI. |
| • *Exceptions* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions that may be necessary or justifiable for independent reasons (such as the need to raise money for an emergency expenditure), or small transactions, are not excepted from the restrictions in this Annex. The securities laws do not recognize any mitigating circumstances, and, in any event, even the appearance of an improper transaction must be avoided to preserve the Blue Owl BDCs' reputation for adhering to the highest standards of conduct.<br>The requirement for pre-clearance, the quarterly trading restrictions and event-driven trading restrictions do not apply to (i) transactions conducted pursuant to approved Rule 10b5-1 plans, which are further described below under the heading "Rule 10b5-1 Plans" and (ii) transactions under Blue Owl BDC Plans and transactions not involving a purchase or sale, which are described below. |
| • *Transactions under Blue Owl BDC Plans* |

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**Policies & Procedures Regarding Insider Trading and Tipping – Annex A**

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|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;(1)<u>401(k) Plan</u>: The requirements for pre-clearance, the quarterly trading restrictions and event-driven trading restrictions do not apply to purchases of BDC Securities in Blue Owl's 401(k) plan resulting from your periodic contribution of money to the plan pursuant to your payroll deduction election. The requirements for pre-clearance, the quarterly trading restrictions and event-driven trading restrictions do apply, however, to certain elections you may make under the 401(k) plan should the plan allow for investments, directly or indirectly, in BDC Securities.<br>&nbsp;&nbsp;&nbsp;&nbsp;(2)<u>Dividend Reinvestment Plan</u>: The requirements for pre-clearance, the quarterly trading restrictions and event-driven trading restrictions do not apply to purchases of BDC Securities under any of the Blue Owl BDC's dividend reinvestment plan that a Blue Owl BDC may adopt resulting from your reinvestment of dividends paid on BDC Securities. The requirements for pre-clearance, the quarterly trading restrictions and event-driven trading restrictions do apply, however, to voluntary purchases of BDC Securities resulting from additional contributions you choose to make to a dividend reinvestment plan, and to your election to participate in a plan or increase your level of participation in a plan. The requirements for pre-clearance, the quarterly trading restrictions and event-driven trading restrictions also apply to your sale of any BDC Securities purchased pursuant to a plan. |
| • *Transactions Not Involving a Purchase or Sale* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bona fide gifts are not transactions subject to the requirements for pre-clearance, the quarterly trading restrictions and event-driven trading restrictions, unless the person making the gift has reason to believe that the recipient intends to sell BDC Securities while (s)he is aware of MNPI, is subject to the trading restrictions specified under the heading "Pre-Clearance and Window Periods" and the sales by the recipient of BDC Securities occur outside of an Open Window Period.<br>Further, transactions in mutual funds that are invested in BDC Securities are not transactions subject to the requirements for pre-clearance, the quarterly trading restrictions and event-driven trading restrictions. |
| **<u>II. Special and Prohibited Transactions</u>** |

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**Policies & Procedures Regarding Insider Trading and Tipping – Annex A**

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|:---|
| The Blue Owl BDCs have determined that there is a heightened legal risk and/or the appearance of improper or inappropriate conduct if the persons subject to the procedures in this Annex engage in certain types of transactions. It therefore is the Blue Owl BDCs' policy that any persons covered by the procedures in this Annex may not engage in any of the following transactions, or should otherwise consider the Blue Owl BDCs' preferences as described below:<br>• <u>Short-Term Trading:</u> Any director, officer or employee of the Blue Owl BDCs who purchases BDC Securities in the open market may not sell any BDC Securities of the same class during the ninety (90) days following the purchase (or vice versa) for non-Section 16 individuals and one hundred and eighty (180) days following the purchase (or vice versa) for any individual subject to Section 16(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act").<br>• <u>Short Sales:</u> Short sales of BDC Securities are prohibited under the Blue Owl BDCs' policy.<br>• <u>Publicly Traded Options:</u> Transactions using BDC Securities in put options, call options or other derivative securities, on an exchange or in any other organized market, are prohibited under the Blue Owl BDCs' policy.<br>• <u>Hedging Transactions:</u> Hedging transactions using BDC Securities are prohibited under the Blue Owl BDCs' policy.<br>• <u>Margin Accounts and Pledged Securities:</u> Holding BDC Securities in a margin account or otherwise pledging BDC Securities as collateral for a loan is prohibited under the Blue Owl BDCs' policy. Notwithstanding the foregoing, officers and employees of the Blue Owl BDCs may pledge BDC Securities as collateral under one or more bona fide loans with prior written approval of the CCO and the Audit Committee.<br>• <u>Standing and Limit Orders:</u> Placing standing or limit orders on BDC Securities absent a specific exception as provided by the CCO is prohibited under the Blue Owl BDCs' policy. |
| **<u>III. Rule 10B5-1 Plans</u>** |
| Rule 10b5-1 under the Exchange Act provides a defense from insider trading liability under Rule 10b-5. To be eligible to rely on this defense in connection with any transaction in BDC Securities, a person subject to the trading restrictions in this Annex must enter into a Rule 10b5-1 plan for transactions in BDC Securities that meets certain conditions specified in the Rule (a "Rule 10b5-1 Plan"). If the plan meets the requirements of Rule 10b5-1, BDC Securities may be purchased or sold without regard to certain insider trading restrictions. To comply with these requirements, a Rule 10b5-1 Plan must be approved by the General Counsel and CCO and meet the requirements of Rule 10b5-1. In general, a Rule 10b5-1 Plan must be entered into at a time when the person entering into the plan is not aware of MNPI. Once the plan is adopted, the person must not exercise any influence over the amount of securities to be traded, the price at which they are to be traded or the date of the trade. The plan must either specify the amount, pricing and timing of transactions in advance or delegate discretion on these matters to an independent third party.<br>Any person subject to the trading restrictions set forth in this Annex who wishes to enter into a Rule 10b5-1 Plan must submit the plan to the General Counsel and CCO for approval. No further pre-approval of transactions conducted pursuant to the Rule 10b5-1 Plan will be required. For the avoidance of doubt this requirement shall not apply to share repurchase programs adopted by the Blue Owl BDCs. |

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## Exhibit 21.1

**Exhibit 21.1**

**SUBSIDIARIES OF BLUE OWL TECHNOLOGY INCOME CORP.**

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| | |
|:---|:---|
| **<u>Name</u>** | **<u>Jurisdiction</u>** |
| OR Tech Lending IC LLC | Delaware |
| ORTIC BC 1 LLC | Delaware |
| ORTIC BC 2 LLC | Delaware |
| ORTIC BC 3 LLC | Delaware |
| ORTIC BC 4 LLC | Delaware |
| OTIC BC 5 LLC | Delaware |
| OTIC BC 6 LLC | Delaware |
| OTIC BC 7 LLC | Delaware |
| OTIC BC 8 LLC | Delaware |
| OTIC BC 9 LLC | Delaware |
| OTIC BC 10 LLC | Delaware |
| OTIC BC 11 LLC | Delaware |
| OTIC BC 12 LLC | Delaware |
| Tech Income Funding I LLC | Delaware |
| Tech Income Funding II LLC | Delaware |
| Tech Income Funding III LLC | Delaware |
| Tech Income Funding IV LLC | Delaware |
| Athena CLO III LLC | Delaware |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Craig W. Packer, Chief Executive Officer of Blue Owl Technology Income Corp., certify that:

1. I have reviewed this Annual Report on Form 10-K of Blue Owl Technology Income Corp. (the "registrant") for the year ended December 31, 2025;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Annual Report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this Annual Report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Annual Report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: March 3, 2026 | By: | /s/ Craig Packer |
|  |  | **Craig W. Packer** |
|  |  | **Chief Executive Officer** |

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## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Jonathan Lamm, Chief Financial Officer of Blue Owl Technology Income Corp., certify that:

1. I have reviewed this Annual Report on Form 10-K of Blue Owl Technology Income Corp. (the "registrant") for the year ended December 31, 2025;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Annual Report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this Annual Report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Annual Report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: March 3, 2026 | By: | /s/ Jonathan Lamm |
|  |  | **Jonathan Lamm** |
|  |  | **Chief Operating Officer and Chief Financial Officer** |

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## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Executive Officer of Blue Owl Technology Income Corp. (the "Company"), does hereby certify that to the undersigned's knowledge:

1)the Company's Form 10-K for the year ended December 31, 2025 fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

2)the information contained in the Company's Form 10-K for the year ended December 31, 2025 fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | | |
|:---|:---|:---|
| Date: March 3, 2026 | By: | /s/ Craig Packer |
|  |  | **Craig W. Packer** |
|  |  | **Chief Executive Officer** |

---

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Financial Officer of Blue Owl Technology Income Corp. (the "Company"), does hereby certify that to the undersigned's knowledge:

1)the Company's Form 10-K for the year ended December 31, 2025 fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

2)the information contained in the Company's Form 10-K for the year ended December 31, 2025 fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: March 3, 2026 | By: | /s/ Jonathan Lamm |
|  |  | **Jonathan Lamm** |
|  |  | **Chief Operating Officer and Chief Financial Officer** |

---

## Exhibit 99.1

**Exhibit 99.1**

**Report of Independent Registered Public Accounting Firm on Supplemental Information**

To the Shareholders and Board of Directors

Blue Owl Technology Income Corp.:

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (the PCAOB), the consolidated financial statements of Blue Owl Technology Income Corp. and subsidiaries (the Company) as of December 31, 2025 and 2024, and for each of the years in the three-year period ended December 31, 2025, and our report dated March 3, 2026 expressed an unqualified opinion on those consolidated financial statements.

We have also previously audited, in accordance with the standards of the PCAOB, the consolidated statements of assets and liabilities of the Company, including the consolidated schedules of investments, as of December 31, 2023, 2022 and 2021, and the related consolidated statements of operations, changes in net assets, and cash flows for the year ended December 31, 2022 and for the period from June 22, 2021 (inception) to December 31, 2021 (none of which is presented herein), and we expressed unqualified opinions on those consolidated financial statements. The senior securities information included in Part II, Item 5 of the annual report on Form 10-K of the Company as of December 31, 2025, under the caption "Senior Securities" (the Senior Securities Table), has been subjected to audit procedures performed in conjunction with the audit of the Company's respective consolidated financial statements. The Senior Securities Table is the responsibility of the Company's management. Our audit procedures included determining whether the Senior Securities Table reconciles to the respective consolidated financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the Senior Securities Table. In forming our opinion on the Senior Securities Table, we evaluated whether the Senior Securities Table, including its form and content, is presented in conformity with the instructions to Form N-2. In our opinion, the Senior Securities Table is fairly stated, in all material respects, in relation to the respective consolidated financial statements as a whole.

/s/ KPMG LLP

New York, New York

March 3, 2026

## Exhibit 99.2

**Blue Owl Credit SLF LLC**

Supplemental Financial Information (Unaudited) as of the year ended December 31, 2025 and the period ended December 31, 2024

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

**Consolidated Statement of Assets and Liabilities**

**(Amounts in thousands)**

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024**<sup>(1)</sup> |
| **Assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value (amortized cost of $2,350,698 and $1,162,056, respectively) | $2343367 | $1164473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 124718 | 17354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from investors |  | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable due on investments sold | 1803 | 11365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 7635 | 3151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $2477523 | $1196367 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt (net of unamortized debt issuance costs of $8,463 and $1,572, respectively) | $1728363 | $750610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 94359 | 85750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 23627 | 4190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution payable | 15513 | 6451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 1592 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 1863454 | 847556 |
| **Members' Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Members' Equity - Class A | 614069 | 348811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Members' Equity** | 614069 | 348811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Members' Equity** | $2477523 | $1196367 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> The Company's date of inception was May 6, 2024.

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

**Consolidated Statement of Operations**

**(Amounts in thousands)**

---

| | | |
|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024**<sup>(1)</sup> |
| **Investment Income** |  |  |
| &nbsp;&nbsp;Investment Income | $133213 | $14573 |
| **Total Investment Income** | $133213 | $14573 |
| **Operating Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | $76317 | $7986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 2757 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Organizational costs |  | 40 |
| **Total Operating Expenses** | 79074 | 8606 |
| **Net Investment Income (Loss)** | 54139 | 5967 |
| **Net Realized and Change in Unrealized Gain (Loss)** |  |  |
| Net change in unrealized gain (loss) on investments | (9747) | 2417 |
| Net realized gain (loss) on investments | (894) | 487 |
| **Total Net Realized and Change in Unrealized Gain (Loss) on Investments** | (10641) | 2904 |
| **Net Increase (Decrease) in Members' Equity Resulting from Operations** | $43498 | $8871 |
| **Total Net Increase (Decrease) in Members' Equity Resulting from Operations - Class A** | $43498 | $8871 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> The Company's date of inception was May 6, 2024.

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

**Consolidated Schedule of Investments**

**As of December 31, 2025**

**(Amounts in thousands)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(3)(4)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)** |<br>**Fair Value** |<br>**Percentage of Members' Equity(10)** |
| **Debt Investments** | | | | | | | | | |
| **Advertising and media** | | | | | | | | | |
| Outfront Media Capital LLC(5) | First lien senior secured loan | S + | 2.00% | —% | 09/2032 | $3900 | $3895 | $3909 |  |
| Project Boost Purchaser, LLC (dba J.D. Power)(6) | First lien senior secured loan | S + | 2.75% | —% | 07/2031 | 19205 | 19210 | 19245 |  |
|  |  |  |  |  |  |  | 23105 | 23154 | 3.8% |
| **Aerospace and defense** |  |  |  |  |  |  |  |  |  |
| Amentum Government Services Holdings LLC(5) | First lien senior secured loan | S + | 2.00% | —% | 09/2031 | 3408 | 3402 | 3414 |  |
| American Airlines, Inc.(6) | First lien senior secured loan | S + | 1.75% | —% | 01/2027 | 658 | 656 | 657 |  |
| American Airlines, Inc.(6) | First lien senior secured loan | S + | 2.25% | —% | 02/2028 | 360 | 357 | 361 |  |
| American Airlines, Inc.(6) | First lien senior secured loan | S + | 3.25% | —% | 05/2032 | 3805 | 3768 | 3822 |  |
| Arcline FM Holdings LLC(6) | First lien senior secured loan | S + | 2.75% | —% | 06/2030 | 8321 | 8320 | 8344 |  |
| Avolon TLB Borrower 1 (US) LLC(5) | First lien senior secured loan | S + | 1.75% | —% | 06/2030 | 11315 | 11311 | 11375 |  |
| Bleriot US Bidco Inc.(6) | First lien senior secured loan | S + | 2.50% | —% | 10/2030 | 21844 | 21844 | 21945 |  |
| Brown Group Holdings, LLC(5) | First lien senior secured loan | S + | 2.50% | —% | 07/2031 | 497 | 497 | 500 |  |
| Brown Group Holdings, LLC(5) | First lien senior secured loan | S + | 2.75% | —% | 07/2031 | 9983 | 9983 | 10028 |  |
| Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(5) | First lien senior secured loan | S + | 2.00% | —% | 10/2031 | 10395 | 10389 | 10429 |  |
| Kaman Corporation(6) | First lien senior secured loan | S + | 2.50% | —% | 02/2032 | 10886 | 10876 | 10923 |  |
| KBR, Inc(5) | First lien senior secured loan | S + | 2.00% | —% | 01/2031 | 990 | 993 | 994 |  |
| Propulsion (BC) Finco S.A.R.L.(6) | First lien senior secured loan | S + | 2.50% | —% | 12/2032 | 6857 | 6840 | 6887 |  |
| Signia Aerospace LLC(6) | First lien senior secured loan | S + | 2.75% | —% | 12/2031 | 12308 | 12309 | 12339 |  |
| Transdigm Inc.(5) | First lien senior secured loan | S + | 2.25% | —% | 03/2030 | 496 | 496 | 498 |  |
| Transdigm Inc.(5) | First lien senior secured loan | S + | 2.50% | —% | 01/2032 | 9875 | 9855 | 9912 |  |
| Transdigm Inc.(5) | First lien senior secured loan | S + | 2.50% | —% | 08/2032 | 9589 | 9565 | 9627 |  |
| United Airlines, Inc.(5) | First lien senior secured loan | S + | 2.00% | —% | 02/2031 | 990 | 990 | 993 |  |
|  |  |  |  |  |  |  | 122451 | 123048 | 20.0% |
| **Automotive services** |  |  |  |  |  |  |  |  |  |
| Belron Finance US LLC(6) | First lien senior secured loan | S + | 2.25% | —% | 10/2031 | 7900 | 7900 | 7940 |  |
| Mavis Tire Express Services Topco Corp.(5) | First lien senior secured loan | S + | 3.00% | —% | 05/2028 | 2845 | 2845 | 2854 |  |
| Mister Car Wash Holdings, Inc.(5) | First lien senior secured loan | S + | 2.50% | —% | 03/2031 | 682 | 683 | 684 |  |
| VALVOLINE INC(5) | First lien senior secured loan | S + | 2.00% | —% | 12/2032 | 3419 | 3402 | 3438 |  |
| Wand Newco 3, Inc. (dba Caliber)(5) | First lien senior secured loan | S + | 2.50% | —% | 01/2031 | 4696 | 4696 | 4698 |  |
|  |  |  |  |  |  |  | 19526 | 19614 | 3.2% |
| **Buildings and real estate** |  |  |  |  |  |  |  |  |  |
| American Residential Services, LLC(6)(8) | First lien senior secured loan | S + | 2.75% | —% | 02/2032 | 7190 | 7171 | 7208 |  |
| ARCOSA INC(5) | First lien senior secured loan | S + | 2.00% | —% | 10/2031 | 2299 | 2299 | 2308 |  |
| Beacon Roofing Supply, Inc. (dba QXO)(5) | First lien senior secured loan | S + | 2.00% | —% | 04/2032 | 1980 | 1976 | 1992 |  |
| Construction Partners, Inc.(5) | First lien senior secured loan | S + | 2.50% | —% | 11/2031 | 425 | 425 | 427 |  |
| Cushman & Wakefield U.S. Borrower, LLC(5)(8) | First lien senior secured loan | S + | 2.75% | —% | 01/2030 | 2752 | 2724 | 2763 |  |
| Hunter Douglas Inc(6) | First lien senior secured loan | S + | 3.00% | —% | 01/2032 | 1327 | 1324 | 1332 |  |
| Knife River Corporation(6) | First lien senior secured loan | S + | 2.00% | —% | 03/2032 | 1451 | 1451 | 1451 |  |
| MIWD Holdco II LLC(5) | First lien senior secured loan | S + | 2.75% | —% | 03/2031 | 10426 | 10276 | 10476 |  |
| Park River Holdings Inc(6) | First lien senior secured loan | S + | 4.50% | —% | 03/2031 | 10254 | 10254 | 10278 |  |
| Quikrete Holdings, Inc.(5) | First lien senior secured loan | S + | 2.25% | —% | 03/2029 | 496 | 493 | 498 |  |
| Quikrete Holdings, Inc.(5) | First lien senior secured loan | S + | 2.25% | —% | 02/2032 | 7387 | 7373 | 7408 |  |
| Starwood Property Mortgage, L.L.C.(5)(8) | First lien senior secured loan | S + | 1.75% | —% | 11/2027 | 1785 | 1781 | 1781 |  |
| Starwood Property Mortgage, L.L.C.(5) | First lien senior secured loan | S + | 2.25% | —% | 09/2032 | 3868 | 3863 | 3878 |  |
|  |  |  |  |  |  |  | 51410 | 51800 | 8.4% |

---

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

**Consolidated Schedule of Investments**

**As of December 31, 2025**

**(Amounts in thousands)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(3)(4)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)** |<br>**Fair Value** |<br>**Percentage of Members' Equity(10)** |
| **Business services** | | | | | | | | | |
| Boxer Parent Company Inc. (f/k/a BMC)(6) | First lien senior secured loan | S + | 3.00% | —% | 07/2031 | 18750 | 18592 | 18686 |  |
| BrightView Landscapes, LLC(6)(8) | First lien senior secured loan | S + | 2.00% | —% | 04/2029 | 4500 | 4508 | 4500 |  |
| CCC Intelligent Solutions Inc(5) | First lien senior secured loan | S + | 2.00% | —% | 01/2032 | 759 | 759 | 761 |  |
| ConnectWise, LLC(6) | First lien senior secured loan | S + | 3.50% | —% | 09/2028 | 10625 | 10631 | 10419 |  |
| CoolSys, Inc.(6) | First lien senior secured loan | S + | 4.75% | —% | 08/2028 | 14807 | 14644 | 13087 |  |
| IDEMIA Group SAS(6) | First lien senior secured loan | S + | 4.25% | —% | 09/2028 | 2774 | 2793 | 2788 |  |
| IGT Holding IV AB (dba IFS)(6)(8) | First lien senior secured loan | S + | 3.00% | —% | 09/2031 | 1290 | 1290 | 1297 |  |
| Kaseya Inc.(5) | First lien senior secured loan | S + | 3.00% | —% | 03/2032 | 12473 | 12432 | 12474 |  |
| Madison Safety & Flow LLC(5) | First lien senior secured loan | S + | 2.50% | —% | 09/2031 | 2068 | 2068 | 2080 |  |
| MKS Instruments, Inc.(5) | First lien senior secured loan | S + | 2.00% | —% | 08/2029 | 216 | 217 | 217 |  |
| NVENT ELEC PUB LTD CO (dba Nvent Thermal LLC)(5) | First lien senior secured loan | S + | 3.00% | —% | 01/2032 | 13965 | 13904 | 14047 |  |
| Ping Identity Holding Corp.(6) | First lien senior secured loan | S + | 2.75% | —% | 11/2032 | 12331 | 12301 | 12347 |  |
| PINNACLE BUYER, LLC(6) | First lien senior secured loan | S + | 2.50% | —% | 10/2032 | 17228 | 17185 | 17281 |  |
| Plano HoldCo, Inc. (dba Perficient)(6)(8) | First lien senior secured loan | S + | 3.50% | —% | 10/2031 | 5955 | 5933 | 5761 |  |
| Plusgrade Inc.(5) | First lien senior secured loan | S + | 3.50% | —% | 03/2031 | 9259 | 9260 | 9259 |  |
| Pye-Barker Fire & Safety, LLC(6) | First lien senior secured loan | S + | 2.50% | —% | 12/2032 | 17013 | 16929 | 17112 |  |
| Red Planet Borrower, LLC (dba Liftoff Mobile)(5) | First lien senior secured loan | S + | 4.00% | —% | 08/2032 | 16232 | 16074 | 16246 |  |
| Shift4 Payments, LLC(6) | First lien senior secured loan | S + | 2.50% | —% | 06/2032 | 8611 | 8611 | 8655 |  |
| Tecta America Corp.(5) | First lien senior secured loan | S + | 2.75% | —% | 02/2032 | 23200 | 23198 | 23267 |  |
| Vestis Corp(6) | First lien senior secured loan | S + | 2.25% | —% | 02/2031 | 1026 | 987 | 936 |  |
| VM Consolidated, Inc.(5) | First lien senior secured loan | S + | 2.00% | —% | 10/2032 | 3273 | 3266 | 3294 |  |
| XPLOR T1, LLC(6)(8) | First lien senior secured loan | S + | 3.50% | —% | 12/2032 | 24745 | 24649 | 24745 |  |
|  |  |  |  |  |  |  | 220231 | 219259 | 35.7% |
| **Chemicals** |  |  |  |  |  |  |  |  |  |
| Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(5)(8) | First lien senior secured loan | S + | 4.00% | —% | 11/2027 | 17331 | 17331 | 15772 |  |
| Axalta Coating Systems US Holdings INC(6) | First lien senior secured loan | S + | 1.75% | —% | 12/2029 | 867 | 867 | 868 |  |
| Derby Buyer LLC (dba Delrin)(5) | First lien senior secured loan | S + | 3.00% | —% | 11/2030 | 9826 | 9826 | 9849 |  |
| Entegris, Inc.(5) | First lien senior secured loan | S + | 1.75% | —% | 07/2029 | 600 | 602 | 603 |  |
| FORMULATIONS PARENT CORPORATION (dba Chase Corporation)(6) | First lien senior secured loan | S + | 4.00% | —% | 04/2032 | 2353 | 2331 | 2345 |  |
| Ineos US Finance LLC(5) | First lien senior secured loan | S + | 3.25% | —% | 02/2030 | 3960 | 3888 | 3193 |  |
| MSOF BEACON LLC(5)(8) | First lien senior secured loan | S + | 3.00% | —% | 12/2032 | 10263 | 10195 | 10255 |  |
| Nouryon Finance B.V.(7) | First lien senior secured loan | S + | 3.25% | —% | 04/2028 | 11937 | 11907 | 11996 |  |
| Windsor Holdings III LLC(5) | First lien senior secured loan | S + | 2.75% | —% | 08/2030 | 6942 | 6760 | 6952 |  |
|  |  |  |  |  |  |  | 63707 | 61833 | 10.1% |
| **Consumer products** |  |  |  |  |  |  |  |  |  |
| ACP Tara Holdings, Inc. (dba Arcadia)(6)(8) | First lien senior secured loan | S + | 3.25% | —% | 12/2032 | 15554 | 15516 | 15631 |  |
| ASGN Incorporated(5) | First lien senior secured loan | S + | 1.75% | —% | 08/2030 | 495 | 500 | 497 |  |
| BEP Intermediate Holdco, LLC (dba Buyers Edge Platform)(5)(8) | First lien senior secured loan | S + | 2.75% | —% | 04/2031 | 7331 | 7331 | 7386 |  |
| HomeServe USA Holding Corp.(5) | First lien senior secured loan | S + | 2.00% | —% | 10/2030 | 3975 | 3962 | 3977 |  |
| Novelis Inc(6) | First lien senior secured loan | S + | 1.75% | —% | 03/2032 | 4609 | 4609 | 4624 |  |
|  |  |  |  |  |  |  | 31918 | 32115 | 5.2% |
| **Containers and packaging** |  |  |  |  |  |  |  |  |  |
| Berlin Packaging(5) | First lien senior secured loan | S + | 3.25% | —% | 06/2031 | 7501 | 7484 | 7515 |  |
| Charter NEX US, Inc.(5) | First lien senior secured loan | S + | 2.75% | —% | 11/2030 | 4216 | 4214 | 4222 |  |
| Clydesdale Acquisition Holdings, Inc. (dba Novolex)(5) | First lien senior secured loan | S + | 3.25% | —% | 03/2032 | 14405 | 14305 | 14386 |  |
| Plastipak Holdings Inc.(5) | First lien senior secured loan | S + | 2.50% | —% | 09/2032 | 22507 | 22398 | 22555 |  |

---

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

**Consolidated Schedule of Investments**

**As of December 31, 2025**

**(Amounts in thousands)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(3)(4)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)** |<br>**Fair Value** |<br>**Percentage of Members' Equity(10)** |
| Pregis Topco LLC(5) | First lien senior secured loan | S + | 4.00% | —% | 02/2029 | 4861 | 4851 | 4899 |  |
| ProAmpac PG Borrower LLC(6) | First lien senior secured loan | S + | 4.00% | —% | 09/2028 | 8194 | 8181 | 8199 |  |
| Ring Container Technologies Group, LLC(5) | First lien senior secured loan | S + | 2.50% | —% | 09/2032 | 17077 | 17034 | 17116 |  |
| SupplyOne, Inc.(5) | First lien senior secured loan | S + | 3.50% | —% | 04/2031 | 16175 | 16166 | 16197 |  |
| Tricorbraun Holdings, Inc.(5) | First lien senior secured loan | S + | 3.25% | —% | 03/2028 | 20659 | 20484 | 19949 |  |
|  |  |  |  |  |  |  | 115117 | 115038 | 18.7% |
| **Distribution** |  |  |  |  |  |  |  |  |  |
| AI Aqua Merger Sub, Inc. (dba Culligan)(6) | First lien senior secured loan | S + | 3.00% | —% | 07/2028 | 11718 | 11593 | 11739 |  |
| Avient Corporation(6) | First lien senior secured loan | S + | 1.75% | —% | 08/2029 | 3385 | 3399 | 3404 |  |
| BCPE Empire Holdings, Inc. (dba Imperial-Dade)(5) | First lien senior secured loan | S + | 3.25% | —% | 12/2030 | 17820 | 17820 | 17604 |  |
| BradyPLUS Holdings, LLC (f/k/a BradyIFS Holdings, LLC)(6) | First lien senior secured loan | S + | 3.50% | —% | 12/2030 | 24002 | 23637 | 23717 |  |
| Paint Intermediate III LLC (dba Wesco Group)(6) | First lien senior secured loan | S + | 3.00% | —% | 10/2031 | 20091 | 20019 | 20168 |  |
| White Cap Supply Holdings, LLC(5) | First lien senior secured loan | S + | 3.25% | —% | 10/2029 | 2897 | 2886 | 2908 |  |
|  |  |  |  |  |  |  | 79354 | 79540 | 13.0% |
| **Education** |  |  |  |  |  |  |  |  |  |
| Ellucian Holdings Inc. (f/k/a Sophia, L.P.)(5) | First lien senior secured loan | S + | 2.75% | —% | 10/2029 | 9738 | 9738 | 9786 |  |
| Renaissance Learning, Inc.(5) | First lien senior secured loan | S + | 4.00% | —% | 04/2030 | 5137 | 4974 | 4475 |  |
| Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(6) | First lien senior secured loan | S + | 3.25% | —% | 10/2030 | 13847 | 13846 | 13905 |  |
|  |  |  |  |  |  |  | 28558 | 28166 | 4.6% |
| **Energy equipment and services** |  |  |  |  |  |  |  |  |  |
| AZZ Inc.(5) | First lien senior secured loan | S + | 1.75% | —% | 05/2029 | 2599 | 2610 | 2605 |  |
| Brookfield WEC Holdings Inc.(5) | First lien senior secured loan | S + | 2.00% | —% | 01/2031 | 4045 | 4045 | 4050 |  |
| Calpine Construction Finance Company(5) | First lien senior secured loan | S + | 1.75% | —% | 07/2030 | 3000 | 3000 | 3002 |  |
| Calpine Corporation(5) | First lien senior secured loan | S + | 1.75% | —% | 01/2031 | 1500 | 1499 | 1500 |  |
| Calpine Corporation(5) | First lien senior secured loan | S + | 1.75% | —% | 02/2032 | 4000 | 3990 | 3998 |  |
| Centuri Group, Inc(5) | First lien senior secured loan | S + | 2.25% | —% | 07/2032 | 4826 | 4826 | 4840 |  |
| Fleet U.S. Bidco Inc.(7)(8) | First lien senior secured loan | S + | 2.75% | —% | 02/2031 | 19758 | 19760 | 19808 |  |
|  |  |  |  |  |  |  | 39730 | 39803 | 6.5% |
| **Financial services** |  |  |  |  |  |  |  |  |  |
| AllSpring Buyer(6) | First lien senior secured loan | S + | 3.00% | —% | 11/2030 | 1910 | 1906 | 1919 |  |
| Ascensus Holdings, Inc.(5) | First lien senior secured loan | S + | 3.00% | —% | 11/2032 | 7895 | 7876 | 7882 |  |
| BCPE Pequod Buyer, Inc. (dba Envestnet)(5) | First lien senior secured loan | S + | 3.00% | —% | 11/2031 | 18309 | 18287 | 18338 |  |
| Boost Newco Borrower, LLC (dba WorldPay)(6) | First lien senior secured loan | S + | 2.00% | —% | 01/2031 | 6948 | 6835 | 6952 |  |
| Chrysaor Bidco s.à r.l. (dba AlterDomus)(6) | First lien senior secured loan | S + | 3.25% | —% | 10/2031 | 6610 | 6603 | 6651 |  |
| Citadel Securities, LP(6) | First lien senior secured loan | S + | 2.00% | —% | 10/2031 | 7033 | 7033 | 7067 |  |
| Citco Funding LLC(5) | First lien senior secured loan | S + | 2.75% | —% | 04/2028 | 1980 | 1988 | 1992 |  |
| Citrin Cooperman Advisors LLC(6) | First lien senior secured loan | S + | 3.00% | —% | 04/2032 | 6734 | 6708 | 6751 |  |
| Cohnreznick Advisory LLC(6) | First lien senior secured loan | S + | 3.50% | —% | 03/2032 | 6343 | 6319 | 6362 |  |
| Creative Planning, LLC(5) | First lien senior secured loan | S + | 2.00% | —% | 05/2031 | 7644 | 7592 | 7658 |  |
| EP Wealth Advisors, LLC(6) | First lien senior secured loan | S + | 3.00% | —% | 10/2032 | 3993 | 3983 | 4003 |  |
| First Eagle Holdings, Inc.(6) | First lien senior secured loan | S + | 3.50% | —% | 08/2032 | 9144 | 9003 | 9125 |  |
| Focus Financial Partners, LLC(5) | First lien senior secured loan | S + | 2.50% | —% | 09/2031 | 14196 | 14191 | 14215 |  |
| Grant Thornton Advisors LLC(5) | First lien senior secured loan | S + | 2.75% | —% | 06/2031 | 3282 | 3261 | 3285 |  |
| Grant Thornton Advisors LLC(5) | First lien senior secured loan | S + | 3.00% | —% | 06/2031 | 2245 | 2219 | 2252 |  |
| Guggenheim Partners Investment Management Holdings, LLC(6) | First lien senior secured loan | S + | 2.50% | —% | 11/2031 | 5940 | 5928 | 5960 |  |
| Kestra Advisor Services Holdings A, Inc.(5) | First lien senior secured loan | S + | 3.00% | —% | 03/2031 | 5400 | 5401 | 5406 |  |
| MARINER WEALTH ADVISORS, LLC(6) | First lien senior secured loan | S + | 2.50% | —% | 12/2030 | 4891 | 4891 | 4913 |  |
| OneDigital Borrower LLC(5) | First lien senior secured loan | S + | 3.00% | —% | 07/2031 | 15464 | 15464 | 15469 |  |

---

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

**Consolidated Schedule of Investments**

**As of December 31, 2025**

**(Amounts in thousands)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(3)(4)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)** |<br>**Fair Value** |<br>**Percentage of Members' Equity(10)** |
| Orion Advisor Solutions Inc(6) | First lien senior secured loan | S + | 3.25% | —% | 09/2030 | 10487 | 10487 | 10500 |  |
| Orion US Finco Inc. (dba OSTTRA)(5) | First lien senior secured loan | S + | 3.50% | —% | 05/2032 | 8767 | 8767 | 8818 |  |
| PPI Holding US INC. (dba Nuvei)(5) | First lien senior secured loan | S + | 2.50% | —% | 11/2031 | 3095 | 3082 | 3108 |  |
| Pushpay USA Inc(7)(8) | First lien senior secured loan | S + | 3.75% | —% | 08/2031 | 5758 | 5757 | 5729 |  |
| Saphilux S.a.r.L. (dba IQ-EQ)(7) | First lien senior secured loan | S + | 3.00% | —% | 07/2028 | 19474 | 19474 | 19583 |  |
| TMF Sapphire Bidco B.V.(6) | First lien senior secured loan | S + | 2.75% | —% | 05/2028 | 2231 | 2229 | 2241 |  |
| Victory Capital Holdings Inc(6) | First lien senior secured loan | S + | 2.00% | —% | 09/2032 | 7090 | 7082 | 7121 |  |
|  |  |  |  |  |  |  | 192366 | 193300 | 31.5% |
| **Food and beverage** |  |  |  |  |  |  |  |  |  |
| 1011778 BC / NEW RED FIN (dba Restaurant Brands)(5) | First lien senior secured loan | S + | 1.75% | —% | 09/2030 | 1898 | 1890 | 1898 |  |
| Aramark Services, Inc.(5) | First lien senior secured loan | S + | 1.75% | —% | 06/2030 | 5949 | 5949 | 5962 |  |
| Aspire Bakeries Holdings, LLC(5) | First lien senior secured loan | S + | 3.50% | —% | 12/2030 | 4208 | 4208 | 4221 |  |
| Balrog Acquisition, Inc. (dba Bakemark)(5) | First lien senior secured loan | S + | 4.00% | —% | 09/2028 | 15051 | 15082 | 12455 |  |
| Chobani LLC(5) | First lien senior secured loan | S + | 2.25% | —% | 10/2032 | 8802 | 8802 | 8837 |  |
| Fiesta Purchaser, Inc. (dba Shearer's Foods)(5) | First lien senior secured loan | S + | 2.75% | —% | 02/2031 | 14288 | 14288 | 14268 |  |
| FRONERI US INC(7) | First lien senior secured loan | S + | 2.25% | —% | 09/2031 | 3970 | 3962 | 3966 |  |
| FRONERI US INC(6) | First lien senior secured loan | S + | 2.25% | —% | 09/2032 | 14416 | 14384 | 14410 |  |
| IRB Holding Corp (dba Inspire Brands, Inc.)(5) | First lien senior secured loan | S + | 2.50% | —% | 12/2030 | 14157 | 14157 | 14184 |  |
| Pegasus BidCo B.V.(6) | First lien senior secured loan | S + | 2.75% | —% | 07/2029 | 7438 | 7437 | 7447 |  |
| Raising Cane's Restaurants, LLC(5) | First lien senior secured loan | S + | 2.00% | —% | 11/2032 | 13496 | 13463 | 13521 |  |
| Red SPV, LLC(5) | First lien senior secured loan | S + | 2.25% | —% | 03/2032 | 9476 | 9433 | 9472 |  |
| Savor Acquisition, Inc. (dba Sauer Brands)(6) | First lien senior secured loan | S + | 3.00% | —% | 02/2032 | 5522 | 5502 | 5540 |  |
| Simply Good Foods USA, Inc.(5) | First lien senior secured loan | S + | 2.00% | —% | 03/2030 | 6853 | 6819 | 6875 |  |
| Snacking Investments US LLC (dba Arnott's Group)(6) | First lien senior secured loan | S + | 3.00% | —% | 10/2032 | 7382 | 7364 | 7419 |  |
| Utz Quality Foods, LLC(6) | First lien senior secured loan | S + | 2.50% | —% | 01/2032 | 2550 | 2550 | 2560 |  |
| Whatabrands LLC (dba Whataburger Restaurants LLC)(5) | First lien senior secured loan | S + | 2.50% | —% | 08/2028 | 7361 | 7327 | 7379 |  |
|  |  |  |  |  |  |  | 142617 | 140414 | 22.9% |
| **Healthcare equipment and services** |  |  |  |  |  |  |  |  |  |
| Agiliti Health(6) | First lien senior secured loan | S + | 3.00% | —% | 05/2030 | 990 | 963 | 968 |  |
| ARGENT FINCO LLC(6)(8) | First lien senior secured loan | S + | 3.00% | —% | 11/2032 | 4571 | 4560 | 4594 |  |
| Azalea TopCo, Inc. (dba Press Ganey)(5) | First lien senior secured loan | S + | 3.00% | —% | 04/2031 | 6377 | 6382 | 6385 |  |
| Confluent Medical Technologies, Inc.(6)(8) | First lien senior secured loan | S + | 3.00% | —% | 02/2029 | 9714 | 9714 | 9763 |  |
| Curium BidCo S.A.R.L (dba Curium Pharma)(6) | First lien senior secured loan | S + | 3.00% | —% | 08/2031 | 9685 | 9640 | 9766 |  |
| Global Medical Response, Inc.(6) | First lien senior secured loan | S + | 3.50% | —% | 10/2032 | 12642 | 12611 | 12714 |  |
| LUMEXA IMAGING INC(6)(8) | First lien senior secured loan | S + | 3.00% | —% | 12/2032 | 5333 | 5320 | 5360 |  |
| Medline Borrower, LP(5) | First lien senior secured loan | S + | 1.75% | —% | 10/2030 | 15405 | 15388 | 15455 |  |
| NSM Top Holdings Corp. (dba National Seating & Mobility)(6)(8) | First lien senior secured loan | S + | 4.25% | —% | 05/2029 | 10802 | 10775 | 10829 |  |
| Resonetics, LLC(6) | First lien senior secured loan | S + | 2.75% | —% | 06/2031 | 15296 | 15296 | 15312 |  |
| Sharp Services, LLC(6) | First lien senior secured loan | S + | 3.00% | —% | 09/2032 | 2217 | 2206 | 2222 |  |
| Zest Acquisition Corp.(6)(8) | First lien senior secured loan | S + | 5.25% | —% | 02/2028 | 990 | 995 | 968 |  |
|  |  |  |  |  |  |  | 93850 | 94336 | 15.4% |
| **Healthcare providers and services** |  |  |  |  |  |  |  |  |  |
| CHG Healthcare Services, Inc.(6) | First lien senior secured loan | S + | 2.75% | —% | 09/2028 | 3216 | 3217 | 3230 |  |
| CHG PPC Parent LLC(5)(8) | First lien senior secured loan | S + | 3.00% | —% | 12/2028 | 4193 | 4181 | 4203 |  |
| Concentra(5) | First lien senior secured loan | S + | 2.00% | —% | 07/2031 | 1489 | 1495 | 1498 |  |
| Confluent Health, LLC(5)(8) | First lien senior secured loan | S + | 4.00% | —% | 11/2028 | 13346 | 13172 | 11811 |  |
| Covetrus, Inc.(6)(8) | First lien senior secured loan | S + | 5.00% | —% | 10/2029 | 15976 | 15369 | 14857 |  |
| Electron Bidco Inc (dba ExamWorks)(5) | First lien senior secured loan | S + | 2.50% | —% | 11/2028 | 1985 | 1985 | 1994 |  |

---

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

**Consolidated Schedule of Investments**

**As of December 31, 2025**

**(Amounts in thousands)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(3)(4)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)** |<br>**Fair Value** |<br>**Percentage of Members' Equity(10)** |
| Inizio Group Limited (dba UDG Healthcare)(6)(8) | First lien senior secured loan | S + | 4.25% | —% | 08/2028 | 3080 | 3033 | 2995 |  |
| LSCS Holdings, Inc.(6) | First lien senior secured loan | S + | 4.50% | —% | 03/2032 | 12899 | 12837 | 12614 |  |
| Onex TSG Intermediate Corporation(6) | First lien senior secured loan | S + | 3.75% | —% | 08/2032 | 7263 | 7227 | 7299 |  |
| Option Care Health, Inc(5) | First lien senior secured loan | S + | 1.75% | —% | 09/2032 | 3105 | 3098 | 3120 |  |
| Pacific Dental Services, LLC(5) | First lien senior secured loan | S + | 2.50% | —% | 03/2031 | 4768 | 4768 | 4784 |  |
| Phoenix Guarantor Inc(5) | First lien senior secured loan | S + | 2.50% | —% | 02/2031 | 742 | 742 | 746 |  |
| Phoenix Newco, Inc. (dba Parexel)(5) | First lien senior secured loan | S + | 2.75% | —% | 12/2031 | 32066 | 31986 | 32152 |  |
| Select Medical Corp.(5) | First lien senior secured loan | S + | 2.00% | —% | 12/2031 | 3565 | 3563 | 3556 |  |
| Soliant Lower Intermediate, LLC (dba Soliant)(7) | First lien senior secured loan | S + | 3.75% | —% | 07/2031 | 9587 | 9652 | 7694 |  |
| Surgery Center Holdings, Inc.(5) | First lien senior secured loan | S + | 2.50% | —% | 12/2030 | 3664 | 3655 | 3676 |  |
| WCG Intermediate Corp. (f/k/a Da Vinci Purchaser Corp.) (dba WCG)(5) | First lien senior secured loan | S + | 3.00% | —% | 02/2032 | 7458 | 7425 | 7468 |  |
|  |  |  |  |  |  |  | 127405 | 123697 | 20.1% |
| **Healthcare technology** |  |  |  |  |  |  |  |  |  |
| Athenahealth Group Inc.(5) | First lien senior secured loan | S + | 2.75% | —% | 02/2029 | 12304 | 12299 | 12316 |  |
| Certara(5)(8) | First lien senior secured loan | S + | 2.75% | —% | 06/2031 | 495 | 495 | 499 |  |
| Cotiviti, Inc.(5) | First lien senior secured loan | S + | 2.75% | —% | 03/2032 | 4441 | 4399 | 4255 |  |
| Cotiviti, Inc.(5) | First lien senior secured loan | S + | 2.75% | —% | 05/2031 | 5467 | 5431 | 5244 |  |
| Ensemble RCM, LLC(6) | First lien senior secured loan | S + | 3.00% | —% | 08/2029 | 11446 | 11425 | 11495 |  |
| Imprivata, Inc.(6) | First lien senior secured loan | S + | 3.00% | —% | 12/2027 | 15014 | 15014 | 15059 |  |
| IQVIA, Inc.(6) | First lien senior secured loan | S + | 1.75% | —% | 01/2031 | 1985 | 1993 | 1996 |  |
| PointClickCare Technologies, Inc.(6) | First lien senior secured loan | S + | 2.75% | —% | 11/2031 | 16833 | 16833 | 16840 |  |
| Project Ruby Ultimate Parent Corp. (dba Wellsky)(5) | First lien senior secured loan | S + | 2.75% | —% | 03/2028 | 11785 | 11786 | 11812 |  |
| Raven Acquisition Holdings, LLC (dba R1 RCM)(5) | First lien senior secured loan | S + | 3.00% | —% | 11/2031 | 994 | 998 | 997 |  |
| Raven Acquisition Holdings, LLC (dba R1 RCM)(6) | First lien senior secured loan | S + | 2.25% | —% | 04/2031 | 6980 | 6951 | 7000 |  |
| Southern Veterinary Partners, LLC(6) | First lien senior secured loan | S + | 2.50% | —% | 12/2031 | 25170 | 25170 | 25130 |  |
| Waystar Technologies, Inc. (F/K/A Navicure, Inc.)(5)(8) | First lien senior secured loan | S + | 2.00% | —% | 10/2029 | 4728 | 4728 | 4752 |  |
| Zelis Cost Management Buyer, Inc.(5) | First lien senior secured loan | S + | 3.25% | —% | 11/2031 | 11459 | 11412 | 11360 |  |
|  |  |  |  |  |  |  | 128934 | 128755 | 21.0% |
| **Household products** |  |  |  |  |  |  |  |  |  |
| Energizer Holdings, Inc.(5) | First lien senior secured loan | S + | 2.00% | —% | 03/2032 | 890 | 888 | 890 |  |
| Samsonite International S.A.(5) | First lien senior secured loan | S + | 1.75% | —% | 10/2032 | 2980 | 2965 | 2989 |  |
|  |  |  |  |  |  |  | 3853 | 3879 | 0.6% |
| **Human resource support services** |  |  |  |  |  |  |  |  |  |
| AQ Carver Buyer, Inc. (dba CoAdvantage)(6) | First lien senior secured loan | S + | 5.50% | —% | 08/2029 | 1980 | 1986 | 1878 |  |
| Dawn Bidco, LLC (dba Dayforce)(5) | First lien senior secured loan | S + | 3.00% | —% | 10/2032 | 21518 | 21464 | 21441 |  |
| iSolved, Inc.(5) | First lien senior secured loan | S + | 2.75% | —% | 10/2030 | 16572 | 16569 | 16598 |  |
| UKG Inc. (dba Ultimate Software)(6) | First lien senior secured loan | S + | 2.50% | —% | 02/2031 | 17355 | 17356 | 17362 |  |
|  |  |  |  |  |  |  | 57375 | 57279 | 9.3% |
| **Infrastructure and environmental services** |  |  |  |  |  |  |  |  |  |
| ASP Acuren Holdings, Inc.(5) | First lien senior secured loan | S + | 2.75% | —% | 07/2031 | 8457 | 8457 | 8491 |  |
| Clean Harbors Inc(5) | First lien senior secured loan | S + | 1.50% | —% | 09/2032 | 3022 | 3022 | 3047 |  |
| Geosyntec Consultants, Inc.(5)(8) | First lien senior secured loan | S + | 3.00% | —% | 07/2031 | 10431 | 10431 | 10484 |  |
| GFL Environmental Services Inc.(6) | First lien senior secured loan | S + | 2.50% | —% | 03/2032 | 5512 | 5510 | 5529 |  |
|  |  |  |  |  |  |  | 27420 | 27551 | 4.5% |
| **Insurance** |  |  |  |  |  |  |  |  |  |
| Acrisure, LLC(5) | First lien senior secured loan | S + | 3.00% | —% | 11/2030 | 7924 | 7924 | 7909 |  |
| Acrisure, LLC(5) | First lien senior secured loan | S + | 3.25% | —% | 06/2032 | 1923 | 1918 | 1922 |  |

---

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

**Consolidated Schedule of Investments**

**As of December 31, 2025**

**(Amounts in thousands)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(3)(4)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)** |<br>**Fair Value** |<br>**Percentage of Members' Equity(10)** |
| Alera Group, Inc.(5) | First lien senior secured loan | S + | 3.25% | —% | 05/2032 | 17279 | 17197 | 17353 |  |
| Alliant Holdings Intermediate LLC(5) | First lien senior secured loan | S + | 2.50% | —% | 09/2031 | 5971 | 5971 | 5983 |  |
| AmWINS Group, Inc.(5) | First lien senior secured loan | S + | 2.25% | —% | 01/2032 | 16002 | 15932 | 16042 |  |
| Ardonagh Midco 3 PLC(6) | First lien senior secured loan | S + | 2.75% | —% | 02/2031 | 11071 | 11042 | 11036 |  |
| Asurion, LLC(5) | First lien senior secured loan | S + | 4.25% | —% | 08/2028 | 7712 | 7690 | 7722 |  |
| Baldwin Insurance Group Holdings LLC (dba The Baldwin Group)(6) | First lien senior secured loan | S + | 2.50% | —% | 05/2031 | 6857 | 6823 | 6835 |  |
| Broadstreet Partners, Inc.(5) | First lien senior secured loan | S + | 2.75% | —% | 06/2031 | 10890 | 10890 | 10922 |  |
| CFC USA 2025 LLC (dba CFC Insurance)(6) | First lien senior secured loan | S + | 3.75% | —% | 07/2032 | 6419 | 6357 | 6235 |  |
| Hub International(6) | First lien senior secured loan | S + | 2.25% | —% | 06/2030 | 3476 | 3476 | 3492 |  |
| Hyperion Refinance S.à r.l (dba Howden Group)(5) | First lien senior secured loan | S + | 2.75% | —% | 04/2030 | 18736 | 18735 | 18771 |  |
| Hyperion Refinance S.à r.l (dba Howden Group)(5) | First lien senior secured loan | S + | 2.75% | —% | 02/2031 | 3515 | 3515 | 3520 |  |
| IMA Financial Group, Inc.(5) | First lien senior secured loan | S + | 3.00% | —% | 11/2028 | 8383 | 8362 | 8397 |  |
| Mitchell International, Inc.(5) | First lien senior secured loan | S + | 3.25% | —% | 06/2031 | 8379 | 8343 | 8401 |  |
| Ryan Specialty Group LLC(5) | First lien senior secured loan | S + | 2.00% | —% | 09/2031 | 745 | 749 | 745 |  |
| Summit Acquisition Inc. (dba K2 Insurance Services)(5)(8) | First lien senior secured loan | S + | 3.50% | —% | 10/2031 | 3737 | 3737 | 3756 |  |
| The Liberty Company Insurance Brokers, LLC(6)(8) | First lien senior secured loan | S + | 3.75% | —% | 10/2032 | 4437 | 4415 | 4448 |  |
| Trucordia Insurance Holdings, LLC(5)(8) | First lien senior secured loan | S + | 3.25% | —% | 06/2032 | 24938 | 24877 | 24750 |  |
| Truist Insurance Holdings, LLC(6) | First lien senior secured loan | S + | 2.75% | —% | 05/2031 | 7673 | 7670 | 7676 |  |
| USI, Inc.(6) | First lien senior secured loan | S + | 2.25% | —% | 09/2030 | 1012 | 1012 | 1014 |  |
|  |  |  |  |  |  |  | 176635 | 176929 | 28.8% |
| **Internet software and services** |  |  |  |  |  |  |  |  |  |
| Avalara, Inc.(6) | First lien senior secured loan | S + | 2.75% | —% | 03/2032 | 14118 | 14119 | 14169 |  |
| Cloud Software Group, Inc.(6) | First lien senior secured loan | S + | 3.25% | —% | 03/2031 | 4963 | 4963 | 4967 |  |
| Cloud Software Group, Inc.(6) | First lien senior secured loan | S + | 3.25% | —% | 08/2032 | 8784 | 8784 | 8789 |  |
| Clover Holdings 2, LLC (dba Cohesity)(5) | First lien senior secured loan | S + | 3.96% | —% | 12/2031 | 19545 | 19344 | 19527 |  |
| Dayforce Inc(6)(8) | First lien senior secured loan | S + | 2.00% | —% | 03/2031 | 1980 | 1981 | 1973 |  |
| Delta TopCo, Inc. (dba Infoblox, Inc.)(5) | First lien senior secured loan | S + | 2.75% | —% | 11/2029 | 21787 | 21651 | 21658 |  |
| Epicor(5) | First lien senior secured loan | S + | 2.50% | —% | 05/2031 | 742 | 745 | 744 |  |
| Gen Digital Inc(5) | First lien senior secured loan | S + | 1.75% | —% | 04/2032 | 3308 | 3292 | 3310 |  |
| Genesys Cloud Services, Inc.(5) | First lien senior secured loan | S + | 2.50% | —% | 01/2032 | 14123 | 14093 | 14079 |  |
| Javelin Buyer, Inc. (dba JAGGAER)(6) | First lien senior secured loan | S + | 2.75% | —% | 12/2031 | 2729 | 2729 | 2736 |  |
| KnowBe4, Inc.(6) | First lien senior secured loan | S + | 3.75% | —% | 07/2032 | 15707 | 15696 | 15698 |  |
| McAfee Corp.(5) | First lien senior secured loan | S + | 3.00% | —% | 03/2029 | 4245 | 4227 | 3904 |  |
| Project Alpha Intermediate Holding, Inc. (dba Qlik)(6) | First lien senior secured loan | S + | 3.25% | —% | 10/2030 | 7089 | 7072 | 7073 |  |
| Proofpoint, Inc.(6) | First lien senior secured loan | S + | 3.00% | —% | 08/2028 | 20703 | 20606 | 20790 |  |
| Quartz Acquireco, LLC (dba Qualtrics)(6)(8) | First lien senior secured loan | S + | 2.25% | —% | 06/2030 | 495 | 494 | 494 |  |
| Sedgwick Claims Management Services, Inc.(5) | First lien senior secured loan | S + | 2.50% | —% | 07/2031 | 21727 | 21720 | 21790 |  |
| SONICWALL US Holdings, Inc.(6) | First lien senior secured loan | S + | 5.00% | —% | 05/2028 | 2972 | 2956 | 1899 |  |
| Sophos Holdings, LLC(5) | First lien senior secured loan | S + | 3.50% | —% | 03/2027 | 11823 | 11811 | 11821 |  |
| SS&C(5) | First lien senior secured loan | S + | 2.00% | —% | 05/2031 | 8024 | 8033 | 8068 |  |
| Starlight Parent, LLC (dba SolarWinds)(6) | First lien senior secured loan | S + | 4.00% | —% | 04/2032 | 9297 | 9039 | 9274 |  |
| Storable, Inc.(5) | First lien senior secured loan | S + | 3.25% | —% | 04/2031 | 11584 | 11581 | 11628 |  |
| UST Holdings, Ltd.(5)(8) | First lien senior secured loan | S + | 3.00% | —% | 11/2028 | 5928 | 5938 | 5943 |  |
| VERDE PURCHASER LLC (dba Veritiv Corp)(6) | First lien senior secured loan | S + | 4.00% | —% | 11/2030 | 10546 | 10528 | 10535 |  |
| Vertiv Group Corp.(5) | First lien senior secured loan | S + | 1.75% | —% | 08/2032 | 3990 | 3990 | 4007 |  |
| VIAVI SOLUTIONS INC(6)(8) | First lien senior secured loan | S + | 2.50% | —% | 10/2032 | 6306 | 6292 | 6338 |  |

---

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

**Consolidated Schedule of Investments**

**As of December 31, 2025**

**(Amounts in thousands)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(3)(4)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)** |<br>**Fair Value** |<br>**Percentage of Members' Equity(10)** |
| VIRTUSA CORPORATION(5) | First lien senior secured loan | S + | 3.25% | —% | 02/2029 | 2372 | 2380 | 2376 |  |
| VS Buyer LLC (dba Veeam Software)(6) | First lien senior secured loan | S + | 2.25% | —% | 04/2031 | 12162 | 12096 | 12192 |  |
|  |  |  |  |  |  |  | 246160 | 245782 | 40.0% |
| **Investment funds and vehicles** |  |  |  |  |  |  |  |  |  |
| Chicago US MidCo III, LP(5)(8) | First lien senior secured loan | S + | 2.50% | —% | 11/2032 | 15032 | 14995 | 15069 |  |
| Grosvenor(5) | First lien senior secured loan | S + | 2.25% | —% | 02/2030 | 545 | 547 | 547 |  |
|  |  |  |  |  |  |  | 15542 | 15616 | 2.5% |
| **Leisure and entertainment** |  |  |  |  |  |  |  |  |  |
| Cedar Fair, L.P. (dba Six Flags Entertainment Corp)(5) | First lien senior secured loan | S + | 2.00% | —% | 05/2031 | 4723 | 4691 | 4663 |  |
| Delta 2 (Lux) SARL (dba Formula One)(6) | First lien senior secured loan | S + | 1.75% | —% | 09/2031 | 2000 | 2008 | 2005 |  |
| GBT US III LLC (dba Global Business Travel Group, Inc.)(6) | First lien senior secured loan | S + | 2.50% | —% | 07/2031 | 4714 | 4684 | 4726 |  |
| Live Nation Entertainment, Inc.(5) | First lien senior secured loan | S + | 2.00% | —% | 10/2032 | 11490 | 11434 | 11490 |  |
| WMG Acquisition Corp(6) | First lien senior secured loan | S + | 1.75% | —% | 01/2031 | 1000 | 1002 | 1002 |  |
|  |  |  |  |  |  |  | 23819 | 23886 | 3.9% |
| **Manufacturing** |  |  |  |  |  |  |  |  |  |
| ALLIANCE LAUNDRY SYSTEMS LLC(6) | First lien senior secured loan | S + | 2.25% | —% | 08/2031 | 7105 | 7105 | 7132 |  |
| Altar Bidco, Inc.(5) | First lien senior secured loan | S + | 3.10% | —% | 02/2029 | 6352 | 6260 | 6276 |  |
| Chariot Buyer LLC (dba Chamberlain Group)(5) | First lien senior secured loan | S + | 2.75% | —% | 09/2032 | 12213 | 12215 | 12231 |  |
| Columbus McKinnon Corp.(6)(8) | First lien senior secured loan | S + | 2.50% | —% | 05/2028 | 963 | 965 | 963 |  |
| DXP Enterprises, Inc.(5) | First lien senior secured loan | S + | 3.25% | —% | 10/2030 | 10671 | 10671 | 10749 |  |
| EMRLD Borrower LP (dba Emerson)(6) | First lien senior secured loan | S + | 2.25% | —% | 05/2030 | 11455 | 11456 | 11478 |  |
| Engineered Machinery Holdings, Inc. (dba Duravant)(6) | First lien senior secured loan | S + | 3.25% | —% | 11/2032 | 22666 | 22607 | 22790 |  |
| Filtration Group Corporation(5) | First lien senior secured loan | S + | 2.75% | —% | 10/2028 | 10449 | 10449 | 10497 |  |
| Gates Global LLC(5) | First lien senior secured loan | S + | 1.75% | —% | 11/2029 | 812 | 809 | 813 |  |
| Gloves Buyer, Inc. (dba Protective Industrial Products)(5) | First lien senior secured loan | S + | 4.00% | —% | 05/2032 | 11661 | 11606 | 11587 |  |
| Legence Holdings LLC(5) | First lien senior secured loan | S + | 2.25% | —% | 12/2031 | 6716 | 6719 | 6755 |  |
| MADISON IAQ LLC(7) | First lien senior secured loan | S + | 2.50% | —% | 06/2028 | 807 | 807 | 811 |  |
| MADISON IAQ LLC(6) | First lien senior secured loan | S + | 2.75% | —% | 11/2032 | 22537 | 22537 | 22661 |  |
| Pro Mach Group, Inc.(5) | First lien senior secured loan | S + | 2.75% | —% | 10/2032 | 19965 | 19915 | 20085 |  |
| SPECTRIS(6) | First lien senior secured loan | S + | 2.75% | —% | 09/2032 | 13265 | 13233 | 13315 |  |
| Watlow Electric Manufacturing Company(6) | First lien senior secured loan | S + | 3.00% | —% | 03/2028 | 2969 | 2979 | 2985 |  |
|  |  |  |  |  |  |  | 160333 | 161128 | 26.2% |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
| Amneal Pharmaceuticals LLC(5) | First lien senior secured loan | S + | 3.50% | —% | 08/2032 | 15306 | 15269 | 15420 |  |
| Elanco Animal Health Incorporated(5) | First lien senior secured loan | S + | 1.75% | —% | 10/2032 | 6509 | 6461 | 6516 |  |
| Fortrea Holdings Inc.(5)(8) | First lien senior secured loan | S + | 3.75% | —% | 07/2030 | 1000 | 982 | 963 |  |
| Opal US LLC(6) | First lien senior secured loan | S + | 3.00% | —% | 04/2032 | 16734 | 16668 | 16822 |  |
|  |  |  |  |  |  |  | 39380 | 39721 | 6.5% |
| **Professional services** |  |  |  |  |  |  |  |  |  |
| AlixPartners, LLP(5) | First lien senior secured loan | S + | 2.00% | —% | 08/2032 | 8514 | 8497 | 8524 |  |
| Apex Group Treasury LLC(6) | First lien senior secured loan | S + | 3.50% | —% | 02/2032 | 22536 | 22375 | 21148 |  |
| API GROUP DE INC(5) | First lien senior secured loan | S + | 1.75% | —% | 01/2029 | 2840 | 2840 | 2849 |  |
| Camelot U.S. Acquisition 1 Co.(5) | First lien senior secured loan | S + | 2.75% | —% | 01/2031 | 2000 | 2006 | 1971 |  |
| Clearwater Analytics, LLC(7) | First lien senior secured loan | S + | 2.00% | —% | 04/2032 | 4109 | 4109 | 4101 |  |
| Corporation Service Company(5) | First lien senior secured loan | S + | 2.00% | —% | 11/2029 | 5021 | 5021 | 5017 |  |
| Element Materials Technology(6) | First lien senior secured loan | S + | 3.67% | —% | 06/2029 | 2280 | 2289 | 2294 |  |
| Element Solutions, Inc.(6) | First lien senior secured loan | S + | 1.75% | —% | 12/2030 | 2449 | 2446 | 2461 |  |
| First Advantage Holdings LLC(5) | First lien senior secured loan | S + | 2.75% | —% | 10/2031 | 4653 | 4652 | 4599 |  |

---

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

**Consolidated Schedule of Investments**

**As of December 31, 2025**

**(Amounts in thousands)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Interest** | **Interest** | **Interest** | | | | | |
|<br>**Company(1)(3)(4)** |<br>**Investment** | **Ref. Rate** | **Cash** | **PIK** |<br>**Maturity Date** |<br>**Par / Units** |<br>**Amortized Cost(2)** |<br>**Fair Value** |<br>**Percentage of Members' Equity(10)** |
| Red Ventures, LLC(5) | First lien senior secured loan | S + | 2.75% | —% | 03/2030 | 260 | 262 | 249 |  |
| Skopima Merger Sub Inc.(5) | First lien senior secured loan | S + | 3.75% | —% | 05/2028 | 4796 | 4796 | 4362 |  |
| Vistage International, Inc.(6)(8) | First lien senior secured loan | S + | 3.75% | —% | 07/2029 | 9797 | 9797 | 9748 |  |
|  |  |  |  |  |  |  | 69090 | 67323 | 11.0% |
| **Telecommunications** |  |  |  |  |  |  |  |  |  |
| Charter Communications Operating LLC(6) | First lien senior secured loan | S + | 2.25% | —% | 12/2031 | 7920 | 7903 | 7925 |  |
| Cogeco Communications (USA) II L.P.(5) | First lien senior secured loan | S + | 2.50% | —% | 09/2028 | 1304 | 1299 | 1253 |  |
| Eagle Broadband Investments, LLC (dba Mega Broadband Investments)(6) | First lien senior secured loan | S + | 3.00% | —% | 11/2027 | 10688 | 10653 | 10112 |  |
| Virgin Media Bristol LLC(7) | First lien senior secured loan | S + | 3.18% | —% | 03/2031 | 5018 | 4970 | 4965 |  |
|  |  |  |  |  |  |  | 24825 | 24255 | 3.9% |
| **Transportation** |  |  |  |  |  |  |  |  |  |
| AIT Worldwide Logistics Holdings, Inc.(6) | First lien senior secured loan | S + | 4.00% | —% | 04/2030 | 7920 | 7920 | 7956 |  |
| Echo Global Logistics, Inc.(5) | First lien senior secured loan | S + | 3.75% | —% | 11/2028 | 1677 | 1663 | 1648 |  |
| First Student Bidco Inc(6) | First lien senior secured loan | S + | 2.50% | —% | 08/2030 | 4271 | 4266 | 4282 |  |
| Genesee & Wyoming Inc.(6) | First lien senior secured loan | S + | 1.75% | —% | 04/2031 | 495 | 492 | 495 |  |
| KKR Apple Bidco, LLC(5) | First lien senior secured loan | S + | 2.50% | —% | 09/2031 | 7985 | 7967 | 8024 |  |
| NA Rail Hold Co. LLC(6) | First lien senior secured loan | S + | 3.00% | —% | 03/2032 | 3618 | 3610 | 3642 |  |
|  |  |  |  |  |  |  | 25918 | 26047 | 4.2% |
| **Total Misc.-debt commitments(9)** |  |  |  |  |  |  | 69 | 99 | —% |
| **Total Debt Investments** | **Total Debt Investments** |  |  |  |  |  | $2350698 | $2343367 | 381.6% |
| **Total Investments** |  |  |  |  |  |  | $2350698 | $2343367 | 381.6% |

---

<sup>(1)</sup> Unless otherwise indicated, Blue Owl Credit SLF's investments are pledged as collateral supporting the amounts outstanding under Blue Owl Credit SLF's Debt Facilities.

<sup>(2)</sup> The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

<sup>(3)</sup> Unless otherwise indicated, all investments are considered Level 2 investments.

<sup>(4)</sup> Unless otherwise indicated, loan contains a variable rate structure, which may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S") (which can include one-, three-, six- or twelve-month SOFR), at the borrower's option, and which reset periodically based on the terms of the loan agreement.

<sup>(5)</sup> The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2025 was 4.13%.

<sup>(6)</sup> The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2025 was 3.98%.

<sup>(7)</sup> The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2025 was 3.85%

<sup>(8)</sup> Level 3 investment.

<sup>(9)</sup> Position or portion thereof is an unfunded loan commitment. See below for more information on the Company's unfunded commitments.

<sup>(10)</sup> Totals presented may differ than actuals due to rounding.

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

**Consolidated Schedule of Investments**

**As of December 31, 2025**

**(Amounts in thousands)**

**Unfunded Commitments as of December 31, 2025:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Unfunded** | **Unfunded** |
|<br>**Portfolio Company** |<br>**Commitment Type** |<br>**Commitment Expiration Date** |<br>**Funded<br>Commitment** | **Commitment** | **Fair Value** |
| Chicago US Midco III LP | First lien senior secured delayed draw term loan | 10/2027 | $— | $2232 | $— |
| Citrin Cooperman Advisors LLC | First lien senior secured delayed draw term loan | 12/2027 |  | 1619 |  |
| Cohnreznick Advisory LLC | First lien senior secured delayed draw term loan | 03/2027 |  | 1010 |  |
| First Eagle Holdings, Inc. | First lien senior secured delayed draw term loan | 06/2027 |  | 1561 |  |
| Kaman Corporation | First lien senior secured delayed draw term loan | 01/2027 | 99 | 933 | 99 |
| PINNACLE BUYER, LLC | First lien senior secured delayed draw term loan | 03/2027 |  | 3321 |  |
| Pye-Barker Fire & Safety, LLC | First lien senior secured delayed draw term loan | 12/2027 |  | 2542 |  |
| Raven Acquisition Holdings, LLC (dba R1 RCM) | First lien senior secured delayed draw term loan | 10/2026 |  | 510 |  |
| Savor Acquisition, Inc. (dba Sauer Brands) | First lien senior secured delayed draw term loan | 02/2027 |  | 496 |  |
| **Total Portfolio Company Commitments** | **Total Portfolio Company Commitments** |  | $99 | $14824 | $99 |

---

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(3)(4)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(2)** | **Fair Value** | **Percentage of Members' Equity(9)** |
| **Debt Investments** | | | | | | | | |
| **Aerospace and defense** | | | | | | | | |
| Amentum Holdings, Inc.(5) | First lien senior secured loan | SR + | 2.25% | 09/2031 | $6000 | $5986 | $5975 | 1.7% |
| Avolon TLB Borrower 1 (US) LLC(5) | First lien senior secured loan | SR + | 1.75% | 06/2030 | 10928 | 10916 | 10916 | 3.1% |
| Bleriot US Bidco Inc.(6) | First lien senior secured loan | SR + | 2.75% | 10/2030 | 23940 | 23940 | 24048 | 6.9% |
| Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(5) | First lien senior secured loan | SR + | 2.25% | 10/2031 | 10500 | 10487 | 10540 | 3.0% |
| Signia Aerospace LLC(6)(8) | First lien senior secured loan | SR + | 3.00% | 11/2031 | 7385 | 7366 | 7366 | 2.1% |
| Transdigm, Inc.(6) | First lien senior secured loan | SR + | 2.50% | 01/2032 | 9975 | 9951 | 9991 | 2.9% |
|  |  |  |  |  |  | 68646 | 68836 | 19.7% |
| **Automotive services** |  |  |  |  |  |  |  |  |
| Belron Finance US LLC(6) | First lien senior secured loan | SR + | 2.75% | 10/2031 | 7980 | 7960 | 8045 | 2.3% |
| Holley Inc.(5) | First lien senior secured loan | SR + | 3.75% | 11/2028 | 3211 | 3148 | 3140 | 0.9% |
| Mavis Tire Express Services Topco Corp.(5) | First lien senior secured loan | SR + | 3.50% | 05/2028 | 2867 | 2878 | 2883 | 0.8% |
| Wand Newco 3, Inc. (dba Caliber)(5) | First lien senior secured loan | SR + | 3.25% | 01/2031 | 4883 | 4895 | 4898 | 1.4% |
|  |  |  |  |  |  | 18881 | 18966 | 5.4% |
| **Buildings and real estate** |  |  |  |  |  |  |  |  |
| Arcosa Inc(5) | First lien senior secured loan | SR + | 2.25% | 08/2031 | 3000 | 3000 | 3021 | 0.9% |
| Construction Partners, Inc.(5) | First lien senior secured loan | SR + | 2.50% | 11/2031 | 2000 | 1995 | 2006 | 0.6% |
| The Azek Group LLC(5)(8) | First lien senior secured loan | SR + | 2.00% | 09/2031 | 1995 | 1990 | 2000 | 0.6% |
| Wrench Group LLC(6) | First lien senior secured loan | SR + | 4.00% | 10/2028 | 31440 | 31144 | 30104 | 8.6% |
|  |  |  |  |  |  | 38129 | 37131 | 10.7% |
| **Business services** |  |  |  |  |  |  |  |  |
| Boxer Parent Company Inc. (f/k/a BMC)(6) | First lien senior secured loan | SR + | 3.75% | 07/2031 | 15000 | 14990 | 15111 | 4.3% |
| ConnectWise, LLC(6) | First lien senior secured loan | SR + | 3.50% | 09/2028 | 16490 | 16521 | 16573 | 4.8% |
| CoolSys, Inc.(6)(8) | First lien senior secured loan | SR + | 4.75% | 08/2028 | 14961 | 14742 | 14550 | 4.2% |
| Madison Safety & Flow LLC(5) | First lien senior secured loan | SR + | 3.25% | 09/2031 | 1995 | 1990 | 2008 | 0.6% |
| Nvent Electric Public Limited Company(6) | First lien senior secured loan | SR + | 3.50% | 09/2031 | 14000 | 13930 | 14136 | 4.1% |
| Plano HoldCo, Inc.(6)(8) | First lien senior secured loan | SR + | 3.50% | 10/2031 | 4500 | 4478 | 4534 | 1.3% |
| POLARIS PURCHASER, INC. (dba Plusgrade)(6)(8) | First lien senior secured loan | SR + | 4.00% | 03/2031 | 10154 | 10174 | 10204 | 2.9% |
| XPLOR T1, LLC(6)(8) | First lien senior secured loan | SR + | 3.50% | 06/2031 | 9975 | 9975 | 10050 | 2.9% |
|  |  |  |  |  |  | 86800 | 87166 | 25.1% |
| **Chemicals** |  |  |  |  |  |  |  |  |
| Advancion Holdings, LLC (fka Aruba Investments Holdings, LLC)(5) | First lien senior secured loan | SR + | 4.00% | 11/2027 | 17512 | 17523 | 17512 | 5.0% |
| Derby Buyer LLC (dba Delrin)(5) | First lien senior secured loan | SR + | 3.00% | 11/2030 | 9925 | 9925 | 9950 | 2.9% |
|  |  |  |  |  |  | 27448 | 27462 | 7.9% |
| **Containers and packaging** |  |  |  |  |  |  |  |  |
| Ring Container Technologies Group, LLC(5) | First lien senior secured loan | SR + | 2.75% | 08/2028 | 12313 | 12345 | 12332 | 3.5% |
| SupplyOne, Inc.(5) | First lien senior secured loan | SR + | 3.75% | 04/2031 | 997 | 997 | 1004 | 0.3% |
| Tricorbraun Holdings, Inc.(5) | First lien senior secured loan | SR + | 3.25% | 03/2028 | 15959 | 15919 | 15933 | 4.6% |
|  |  |  |  |  |  | 29261 | 29269 | 8.4% |
| **Distribution** |  |  |  |  |  |  |  |  |
| BCPE Empire Holdings, Inc. (dba Imperial-Dade)(5) | First lien senior secured loan | SR + | 3.50% | 12/2028 | 18000 | 18000 | 18076 | 5.2% |
| Dealer Tire Financial, LLC(5) | First lien senior secured loan | SR + | 3.50% | 07/2031 | 23940 | 23940 | 23940 | 6.9% |
| Foundation Building Materials, Inc.(6) | First lien senior secured loan | SR + | 4.00% | 01/2031 | 9950 | 9842 | 9780 | 2.8% |
| Paint Intermediate III, LLC(6) | First lien senior secured loan | SR + | 3.00% | 09/2031 | 12000 | 11942 | 12046 | 3.5% |
| White Cap Supply Holdings, LLC(5) | First lien senior secured loan | SR + | 3.25% | 10/2029 | 7000 | 6971 | 7006 | 2.0% |
|  |  |  |  |  |  | 70695 | 70848 | 20.4% |
| **Education** |  |  |  |  |  |  |  |  |
| Ellucian Holdings Inc. (f/k/a Sophia, L.P.)(5) | First lien senior secured loan | SR + | 3.00% | 10/2029 | 12947 | 12947 | 13022 | 3.7% |
| Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(6) | First lien senior secured loan | SR + | 4.00% | 10/2030 | 19800 | 19954 | 19899 | 5.7% |
|  |  |  |  |  |  | 32901 | 32921 | 9.4% |
| **Energy equipment and services** |  |  |  |  |  |  |  |  |
| Brookfield WEC Holdings Inc.(5) | First lien senior secured loan | SR + | 2.25% | 01/2031 | 4086 | 4086 | 4085 | 1.2% |
| Calpine Construction Finance Company, L.P.(5) | First lien senior secured loan | SR + | 2.00% | 07/2030 | 3000 | 2985 | 2991 | 0.9% |

---

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(3)(4)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(2)** | **Fair Value** | **Percentage of Members' Equity(9)** |
| Calpine Corporation(6) | First lien senior secured loan | SR + | 1.75% | 02/2032 | 4000 | 3985 | 3983 | 1.1% |
| Fleet U.S. Bidco Inc.(7)(8) | First lien senior secured loan | SR + | 2.75% | 02/2031 | 7481 | 7481 | 7519 | 2.2% |
|  |  |  |  |  |  | 18537 | 18578 | 5.4% |
| **Financial services** |  |  |  |  |  |  |  |  |
| AllSpring Buyer(6) | First lien senior secured loan | SR + | 3.00% | 11/2030 | 1048 | 1046 | 1049 | 0.3% |
| BCPE Pequod Buyer, Inc.(5) | First lien senior secured loan | SR + | 3.50% | 11/2031 | 8000 | 7960 | 8058 | 2.3% |
| Citadel Securities, LP(5) | First lien senior secured loan | SR + | 2.00% | 10/2031 | 7271 | 7271 | 7288 | 2.1% |
| Focus Financial Partners, LLC(5) | First lien senior secured loan | SR + | 3.25% | 09/2031 | 7224 | 7206 | 7285 | 2.1% |
| Grant Thornton Advisors LLC(6) | First lien senior secured loan | SR + | 2.75% | 06/2031 | 1783 | 1783 | 1781 | 0.5% |
| Guggenheim Partners Investment Management Holdings, LLC(6) | First lien senior secured loan | SR + | 2.50% | 11/2031 | 6000 | 5985 | 6015 | 1.7% |
| Jane Street Group, LLC(5) | First lien senior secured loan | SR + | 2.00% | 12/2031 | 3990 | 3980 | 3972 | 1.1% |
| MARINER WEALTH ADVISORS, LLC(6) | First lien senior secured loan | SR + | 2.75% | 08/2028 | 1995 | 1995 | 1995 | 0.6% |
| Orion Advisor Solutions Inc(6) | First lien senior secured loan | SR + | 3.75% | 09/2030 | 6435 | 6389 | 6489 | 1.9% |
| PUSHPAY USA INC(6)(8) | First lien senior secured loan | SR + | 4.50% | 08/2031 | 4286 | 4244 | 4307 | 1.2% |
| Saphilux S.a.r.L. (dba IQ-EQ)(7) | First lien senior secured loan | SR + | 3.50% | 07/2028 | 15920 | 15972 | 16020 | 4.6% |
|  |  |  |  |  |  | 63831 | 64259 | 18.4% |
| **Food and beverage** |  |  |  |  |  |  |  |  |
| Aspire Bakeries Holdings, LLC(5)(8) | First lien senior secured loan | SR + | 4.25% | 12/2030 | 3990 | 3970 | 4020 | 1.2% |
| Balrog Acquisition, Inc. (dba Bakemark)(6) | First lien senior secured loan | SR + | 4.00% | 09/2028 | 24250 | 24321 | 24286 | 7.0% |
| Fiesta Purchaser, Inc. (dba Shearer's Foods)(5) | First lien senior secured loan | SR + | 3.25% | 02/2031 | 11940 | 11940 | 11938 | 3.4% |
| Froneri International Ltd(5) | First lien senior secured loan | SR + | 2.00% | 09/2031 | 4000 | 3990 | 4001 | 1.1% |
|  |  |  |  |  |  | 44221 | 44245 | 12.7% |
| **Healthcare equipment and services** |  |  |  |  |  |  |  |  |
| Confluent Medical Technologies, Inc.(6) | First lien senior secured loan | SR + | 3.25% | 02/2029 | 9812 | 9877 | 9850 | 2.8% |
| Medline Borrower, LP(5) | First lien senior secured loan | SR + | 2.25% | 10/2028 | 22149 | 22149 | 22209 | 6.4% |
| Packaging Coordinators Midco, Inc.(6) | First lien senior secured loan | SR + | 3.25% | 11/2027 | 4862 | 4879 | 4879 | 1.4% |
| Resonetics, LLC(6) | First lien senior secured loan | SR + | 3.25% | 06/2031 | 19950 | 19950 | 20056 | 5.7% |
|  |  |  |  |  |  | 56855 | 56994 | 16.3% |
| **Healthcare providers and services** |  |  |  |  |  |  |  |  |
| CHG Healthcare Services, Inc(6) | First lien senior secured loan | SR + | 3.50% | 09/2028 | 2248 | 2248 | 2264 | 0.6% |
| CHG PPC Parent LLC(5) | First lien senior secured loan | SR + | 3.00% | 12/2028 | 2984 | 2963 | 2998 | 0.9% |
| Confluent Health, LLC(5)(8) | First lien senior secured loan | SR + | 4.00% | 11/2028 | 24329 | 23917 | 23660 | 6.8% |
| Covetrus, Inc.(6) | First lien senior secured loan | SR + | 5.00% | 10/2029 | 14738 | 14050 | 14139 | 4.1% |
| Electron Bidco Inc (dba ExamWorks)(6) | First lien senior secured loan | SR + | 2.75% | 11/2028 | 2000 | 2000 | 2006 | 0.6% |
| HAH Group Holding Company LLC(5) | First lien senior secured loan | SR + | 5.00% | 09/2031 | 6000 | 5912 | 5993 | 1.7% |
| Phoenix Newco, Inc. (dba Parexel)(5) | First lien senior secured loan | SR + | 3.00% | 11/2028 | 23937 | 23961 | 24076 | 6.9% |
| Select Medical Corp.(5) | First lien senior secured loan | SR + | 2.00% | 12/2031 | 4000 | 3995 | 4008 | 1.1% |
| Soliant Lower Intermediate, LLC (dba Soliant)(5) | First lien senior secured loan | SR + | 3.75% | 07/2031 | 10000 | 10079 | 9900 | 2.8% |
|  |  |  |  |  |  | 89125 | 89044 | 25.5% |
| **Healthcare technology** |  |  |  |  |  |  |  |  |
| Athenahealth Group Inc.(5) | First lien senior secured loan | SR + | 3.25% | 02/2029 | 12397 | 12378 | 12410 | 3.6% |
| Bracket Intermediate Holding Corp.(6) | First lien senior secured loan | SR + | 4.25% | 05/2028 | 19701 | 19701 | 19848 | 5.7% |
| Cotiviti, Inc.(5) | First lien senior secured loan | SR + | 3.00% | 05/2031 | 9925 | 9925 | 9969 | 2.9% |
| Ensemble RCM, LLC(6) | First lien senior secured loan | SR + | 3.00% | 08/2029 | 4975 | 4996 | 5007 | 1.4% |
| Imprivata, Inc.(6) | First lien senior secured loan | SR + | 3.50% | 12/2027 | 19502 | 19612 | 19600 | 5.6% |
| PointClickCare Technologies, Inc.(6) | First lien senior secured loan | SR + | 3.25% | 11/2031 | 4000 | 3990 | 4020 | 1.2% |
| Project Ruby Ultimate Parent Corp. (dba Wellsky)(5) | First lien senior secured loan | SR + | 3.00% | 03/2028 | 19975 | 19937 | 20045 | 5.7% |
| Raven Acquisition Holdings, LLC(5) | First lien senior secured loan | SR + | 3.25% | 11/2031 | 11200 | 11145 | 11218 | 3.2% |
| Southern Veterinary Partners, LLC(6) | First lien senior secured loan | SR + | 3.25% | 12/2031 | 20000 | 19904 | 20120 | 5.8% |
| Zelis Cost Management Buyer, Inc.(5) | First lien senior secured loan | SR + | 3.25% | 11/2031 | 16000 | 15922 | 16040 | 4.6% |
|  |  |  |  |  |  | 137510 | 138277 | 39.7% |

---

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(3)(4)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(2)** | **Fair Value** | **Percentage of Members' Equity(9)** |
| **Human resource support services** | | | | | | | | |
| iSolved, Inc.(5) | First lien senior secured loan | SR + | 3.25% | 10/2030 | 5970 | 5970 | 6037 | 1.7% |
|  |  |  |  |  |  | 5970 | 6037 | 1.7% |
| **Infrastructure and environmental services** |  |  |  |  |  |  |  |  |
| Geosyntec Consultants, Inc.(5) | First lien senior secured loan | SR + | 3.75% | 07/2031 | 6000 | 5971 | 6038 | 1.7% |
|  |  |  |  |  |  | 5971 | 6038 | 1.7% |
| **Insurance** |  |  |  |  |  |  |  |  |
| Acrisure, LLC(5) | First lien senior secured loan | SR + | 3.00% | 11/2030 | 9531 | 9531 | 9529 | 2.7% |
| Ardonagh Midco 3 PLC(6)(8) | First lien senior secured loan | SR + | 3.75% | 02/2031 | 15000 | 15072 | 15075 | 4.3% |
| AssuredPartners, Inc.(5) | First lien senior secured loan | SR + | 3.50% | 02/2031 | 12917 | 12946 | 12934 | 3.7% |
| Asurion, LLC(5) | First lien senior secured loan | SR + | 4.25% | 08/2028 | 7791 | 7761 | 7791 | 2.2% |
| Broadstreet Partners, Inc.(5) | First lien senior secured loan | SR + | 3.00% | 06/2031 | 6328 | 6328 | 6344 | 1.8% |
| Hyperion Refinance S.à r.l (dba Howden Group)(5) | First lien senior secured loan | SR + | 3.50% | 04/2030 | 19650 | 19741 | 19768 | 5.7% |
| Hyperion Refinance S.à r.l (dba Howden Group)(5) | First lien senior secured loan | SR + | 3.00% | 02/2031 | 4963 | 4963 | 4991 | 1.4% |
| Mitchell International, Inc.(5) | First lien senior secured loan | SR + | 3.25% | 06/2031 | 9975 | 9923 | 9967 | 2.9% |
| Summit Acquisition Inc. (dba K2 Insurance Services)(6)(8) | First lien senior secured loan | SR + | 3.75% | 10/2031 | 2000 | 1990 | 1990 | 0.6% |
| USI, Inc.(6) | First lien senior secured loan | SR + | 2.25% | 09/2030 | 1335 | 1335 | 1332 | 0.4% |
|  |  |  |  |  |  | 89590 | 89721 | 25.7% |
| **Internet software and services** |  |  |  |  |  |  |  |  |
| Cloud Software Group, Inc.(6) | First lien senior secured loan | SR + | 3.75% | 03/2031 | 5000 | 5000 | 5011 | 1.4% |
| Clover Holdings 2, LLC(6)(8) | First lien senior secured loan | SR + | 4.00% | 12/2031 | 17143 | 16973 | 16971 | 4.9% |
| Javelin Buyer, Inc.(6) | First lien senior secured loan | SR + | 3.25% | 10/2031 | 3000 | 2993 | 3021 | 0.9% |
| McAfee Corp.(5) | First lien senior secured loan | SR + | 3.00% | 03/2029 | 3288 | 3288 | 3287 | 0.9% |
| Project Alpha Intermediate Holding, Inc. (dba Qlik)(6) | First lien senior secured loan | SR + | 3.25% | 10/2030 | 7125 | 7107 | 7166 | 2.1% |
| Proofpoint, Inc.(5) | First lien senior secured loan | SR + | 3.00% | 08/2028 | 9900 | 9934 | 9940 | 2.8% |
| Sedgwick Claims Management Services, Inc.(6) | First lien senior secured loan | SR + | 3.00% | 07/2031 | 14963 | 14991 | 15037 | 4.3% |
| Sophos Holdings, LLC(6) | First lien senior secured loan | SR + | 3.50% | 03/2027 | 10000 | 9988 | 10055 | 2.9% |
| Storable, Inc.(5) | First lien senior secured loan | SR + | 3.50% | 04/2028 | 14885 | 14919 | 14973 | 4.3% |
| The Dun & Bradstreet Corporation(5) | First lien senior secured loan | SR + | 2.25% | 01/2029 | 7980 | 7980 | 7981 | 2.3% |
| UST Holdings, Ltd.(5) | First lien senior secured loan | SR + | 3.00% | 11/2028 | 3990 | 3990 | 4000 | 1.1% |
| Vertiv Group Corp.(6) | First lien senior secured loan | SR + | 4.50% | 11/2030 | 7980 | 7940 | 7998 | 2.3% |
| VS Buyer LLC (dba Veeam Software)(5) | First lien senior secured loan | SR + | 2.75% | 04/2031 | 5975 | 5975 | 6013 | 1.7% |
|  |  |  |  |  |  | 111078 | 111453 | 31.9% |
| **Leisure and entertainment** |  |  |  |  |  |  |  |  |
| Pretzel Parent, Inc.(5) | First lien senior secured loan | SR + | 4.50% | 08/2031 | 3000 | 2956 | 3019 | 0.9% |
|  |  |  |  |  |  | 2956 | 3019 | 0.9% |
| **Manufacturing** |  |  |  |  |  |  |  |  |
| ALLIANCE LAUNDRY SYSTEMS LLC(5) | First lien senior secured loan | SR + | 3.50% | 08/2031 | 7500 | 7464 | 7541 | 2.2% |
| Chariot Buyer LLC(5) | First lien senior secured loan | SR + | 3.25% | 11/2028 | 2487 | 2481 | 2499 | 0.7% |
| Crown Equipment Corporation(5) | First lien senior secured loan | SR + | 2.50% | 10/2031 | 2591 | 2578 | 2604 | 0.7% |
| DXP Enterprises, Inc.(6) | First lien senior secured loan | SR + | 3.75% | 10/2030 | 5985 | 5985 | 6047 | 1.7% |
| Engineered Machinery Holdings, Inc. (dba Duravant)(6) | First lien senior secured loan | SR + | 3.75% | 05/2028 | 23938 | 24064 | 24072 | 6.9% |
| Gloves Buyer, Inc. (dba Protective Industrial Products)(5)(8) | First lien senior secured loan | SR + | 4.00% | 12/2027 | 14575 | 14559 | 14575 | 4.2% |
| Pro Mach Group, Inc.(5) | First lien senior secured loan | SR + | 3.50% | 08/2028 | 15960 | 16044 | 16077 | 4.6% |
|  |  |  |  |  |  | 73175 | 73415 | 21.0% |
| **Professional services** |  |  |  |  |  |  |  |  |
| Apex Group Treasury LLC(7) | First lien senior secured loan | SR + | 3.75% | 07/2028 | 23938 | 24026 | 24139 | 6.9% |
| First Advantage Holdings, LLC(5) | First lien senior secured loan | SR + | 3.25% | 10/2031 | 4000 | 3980 | 4039 | 1.2% |
| Skopima Merger Sub Inc.(6) | First lien senior secured loan | SR + | 3.75% | 05/2028 | 11062 | 11062 | 11090 | 3.2% |
| Sovos Compliance, LLC(5) | First lien senior secured loan | SR + | 4.50% | 08/2028 | 23471 | 23547 | 23612 | 6.8% |
| Vistage International, Inc.(6) | First lien senior secured loan | SR + | 4.75% | 07/2029 | 9899 | 9921 | 9893 | 2.8% |
|  |  |  |  |  |  | 72536 | 72773 | 20.9% |

---

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

**Consolidated Schedule of Investments**

**As of December 31, 2024**

**(Amounts in thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company(1)(3)(4)** | **Investment** | **Interest** | **Interest** | **Maturity Date** | **Par / Units** | **Amortized Cost(2)** | **Fair Value** | **Percentage of Members' Equity(9)** |
| **Telecommunications** | | | | | | | | |
| Charter Communications Operating LLC(6) | First lien senior secured loan | SR + | 2.25% | 12/2031 | 8000 | 7980 | 7977 | 2.3% |
| Eagle Broadband Investments, LLC (dba Mega Broadband Investments)(6) | First lien senior secured loan | SR + | 2.75% | 11/2027 | 1995 | 1990 | 1996 | 0.6% |
|  |  |  |  |  |  | 9970 | 9973 | 2.9% |
| **Transportation** |  |  |  |  |  |  |  |  |
| AIT Worldwide Logistics Holdings, Inc.(6) | First lien senior secured loan | SR + | 4.75% | 04/2030 | 8000 | 7976 | 8048 | 2.3% |
|  |  |  |  |  |  | 7976 | 8048 | 2.3% |
| **Total Misc.-debt commitments(10)** |  |  |  |  |  | (6) |  | —% |
| **Total Debt Investments** |  |  |  |  |  | $1162056 | $1164473 | 333.8% |
| **Total Investments** |  |  |  |  |  | $1162056 | $1164473 | 333.8% |

---

<sup>(1)</sup> Unless otherwise indicated, Blue Owl Credit SLF's investments are pledged as collateral supporting the amounts outstanding under Blue Owl Credit SLF's Debt Facilities.

<sup>(2)</sup> The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

<sup>(3)</sup> Unless otherwise indicated, all investments are considered Level 2 investments.

<sup>(4)</sup> Unless otherwise indicated, loan contains a variable rate structure, which may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S") (which can include one-, three-, six- or twelve-month SOFR), at the borrower's option, and which reset periodically based on the terms of the loan agreement.

<sup>(5)</sup> The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2024 was 4.33%.

<sup>(6)</sup> The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2024 was 4.31%.

<sup>(7)</sup> The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2024 was 4.25%.

<sup>(8</sup> Level 3 investment.

<sup>(9)</sup> Totals presented may differ than actuals due to rounding.

<sup>(10)</sup> Position or portion thereof is an unfunded loan commitment. See below for more information on the Company's unfunded commitments.

**Unfunded Commitments as of December 31, 2024**:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Unfunded** | **Unfunded** |
|<br>**Portfolio Company** |<br>**Commitment Type** |<br>**Commitment Expiration Date** |<br>**Funded<br>Commitment** | **Commitment** | **Fair Value** |
| Focus Financial Partners, LLC | First lien senior secured delayed draw term loan | 09/2026 | $— | $776 |  |
| Grant Thornton Advisors LLC | First lien senior secured delayed draw term loan | 07/2026 |  | 217 |  |
| Raven Acquisition Holdings, LLC | First lien senior secured delayed draw term loan | 10/2026 |  | 800 |  |
| Signia Aerospace, LLC | First lien senior secured delayed draw term loan | 11/2026 |  | 615 |  |
| **Total Portfolio Company Commitments** | **Total Portfolio Company Commitments** |  |  | $2408 |  |

---

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

**Notes to the consolidated financial information**

**Organization and Principal Business**

Blue Owl Credit SLF LLC ("Credit SLF" or the "Company"), a Delaware limited liability company, is a joint venture among Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Credit Income Corp., Blue Owl Technology Finance Corp., Blue Owl Technology Income Corp. and State Teachers Retirement System of Ohio (collectively, the "Class A Members"). Credit SLF has no Class B Members as of December 31, 2025. The Company'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. The Company is managed by a board of directors comprised of an equal number of directors appointed by each Member and which acts unanimously. Except under certain circumstances, contributions to the Company cannot be redeemed. Investment decisions must be approved by the Company's board of directors. The Credit SLF Members coinvest through Credit SLF, or its wholly owned subsidiaries. The Company's date of inception was May 6, 2024, and the Company made its first portfolio company investment on July 23, 2024.

Prior to January 13, 2025, Blue Owl Capital Corporation III ("OBDE") was a Class A Member. On January 13, 2025, OBDE merged with and into Blue Owl Capital Corporation ("OBDC") with OBDC surviving (the "OBDE Merger"). At the effective time of the OBDE Merger, OBDE's commitments to and interests in the Company became OBDC's. Prior to March 24, 2025, Blue Owl Technology Finance Corp. II ("OTF II") was a Class A Member. On March 24, 2025, OTF II merged with and into Blue Owl Technology Finance Corp. ("OTF") with OTF surviving (the "OTF II Merger"). At the effective time of the OTF II Merger, OTF II's commitments to and interest in the Company became OTF's.

**Investment Portfolio Detail**

The table below presents the composition of investments at fair value and amortized cost as of December 31, 2025 and December 31, 2024, respectively:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| ($ in thousands) | **Amortized Cost** | **Fair Value** | **Amortized Cost** | **Fair Value** |
| First-lien senior secured debt investments | $2350698 | $2343367 | $1162056 | $1164473 |
| **Total Investments** | $2350698 | $2343367 | $1162056 | $1164473 |

---

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

The table below presents the industry composition of investments based on fair value as of December 31, 2025 and December 31, 2024, respectively:

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Advertising and media | 1.0% | —% |
| Aerospace and defense | 5.3 | 5.9 |
| Automotive services | 0.8 | 1.6 |
| Buildings and real estate | 2.2 | 3.2 |
| Business services | 9.4 | 7.5 |
| Chemicals | 2.6 | 2.4 |
| Consumer products | 1.4 |  |
| Containers and packaging | 4.9 | 2.5 |
| Distribution | 3.4 | 6.1 |
| Education | 1.2 | 2.8 |
| Energy equipment and services | 1.7 | 1.6 |
| Financial services | 8.2 | 5.5 |
| Food and beverage | 6.0 | 3.8 |
| Healthcare equipment and services | 4.0 | 4.9 |
| Healthcare providers and services | 5.3 | 7.6 |
| Healthcare technology | 5.5 | 11.9 |
| Household products | 0.2 |  |
| Human resource support services | 2.4 | 0.5 |
| Infrastructure and environmental services | 1.2 | 0.5 |
| Insurance | 7.6 | 7.7 |
| Internet software and services | 10.4 | 9.6 |
| Investment funds and vehicle | 0.7 | 0.0 |
| Leisure and entertainment | 1.0 | 0.3 |
| Manufacturing | 6.9 | 6.3 |
| Pharmaceuticals | 1.7 |  |
| Professional Services | 2.9 | 6.2 |
| Telecommunications | 1.0 | 0.9 |
| Transportation | 1.1 | 0.7 |
| **Total** | 100.0% | 100.0% |

---

The table below presents the geographic composition of investments based on fair value as of December 31, 2025 and December 31, 2024, respectively:

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| United States: |  |  |
| &nbsp;&nbsp;Midwest | 24.6% | 22.4% |
| &nbsp;&nbsp;Northeast | 17.4 | 21.5 |
| &nbsp;&nbsp;South | 28.4 | 29.3 |
| &nbsp;&nbsp;West | 15.9 | 17.1 |
| International | 13.7 | 9.7 |
| **Total** | 100.0% | 100.0% |

---

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

The table below presents the fair value hierarchy of investments as of December 31, 2025 and December 31, 2024 respectively:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Hierarchy as of December 31, 2025** | **Fair Value Hierarchy as of December 31, 2025** | **Fair Value Hierarchy as of December 31, 2025** | **Fair Value Hierarchy as of December 31, 2025** |
| ($ in thousands) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First-lien senior secured debt investments | $— | $2065767 | $277600 | $2343367 |
| **Total Investments** | $— | $2065767 | $277600 | $2343367 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Hierarchy as of December 31, 2024** | **Fair Value Hierarchy as of December 31, 2024** | **Fair Value Hierarchy as of December 31, 2024** | **Fair Value Hierarchy as of December 31, 2024** |
| ($ in thousands) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First-lien senior secured debt investments | $— | $1027652 | $136821 | $1164473 |
| **Total Investments** | $— | $1027652 | $136821 | $1164473 |

---

**Debt Activity**

*Bank of America Facility*

On June 12, 2024, the Company's subsidiary, WISE CLO 2025-1 LTD. (fka BOC SLF WH I BA LTD.), an exempted company incorporated with limited liability under the laws of the Cayman Islands, entered into a $300.0 million revolving credit facility (the "Bank of America Facility") with, among others, Bank of America, N.A., as lender and administrative agent. The Company acts as the collateral manager and the first loss provider with respect to the Bank of America Facility. Proceeds from the Bank of America Facility have been and will be used to finance the origination and acquisition of eligible assets by the borrowers thereunder. The maturity date of the Bank of America Facility is June 12, 2027. On March 6, 2025, a portion of the proceeds from the WISE CLO 2025-1 Transaction (as defined below) were used to repay certain amounts outstanding under the Bank of America Facility and WISE CLO 2025-1 LTD. was released from the Bank of America Facility.

On January 22, 2025, the Company's subsidiary, BOC SLF BA-2 LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, joined as co-borrower to the Bank of America Facility. The Company holds preference shares in BOC SLF BA-2 LTD. On January 22, 2025, in connection with the WISE CLO 2025-1 Transaction, certain of the assets held by WISE CLO 2025-1 LTD. were transferred via a master participation agreement to BOC SLF BA-2 Ltd. As of December 31, 2025, there was $141.8 million outstanding under the Bank of America Facility.

Borrowings under the Bank of America Facility bear interest at a per annum rate equal to (a) with respect to any Term SOFR Loan, SOFR + 1.45% and (b) with respect to any Base Rate Loan, Base Rate + 1.45%. Credit SLF predominantly borrows utilizing Term SOFR loans. Credit SLF also pays unused commitment fees of (i) prior to the six-month anniversary of such date, 0.35% and (ii) thereafter, (x) with respect to the First Unused Amount, 1.10% and (y) with respect to the Second Unused Amount, 0.35%. There was $0.8 million of unused commitment fees as of December 31, 2025.

*RBC Facility*

On June 5, 2024, the Company's subsidiary, WISE CLO 2025-3 LTD. (fka BOC SLF WH II RB LTD.), an exempted company incorporated with limited liability under the laws of the Cayman Islands, as borrower, joined a $300.0 million revolving credit facility (the "RBC Facility") with, among others, Royal Bank of Canada, as lender and administrative agent, and U.S. Bank Trust Company, National Association, as collateral custodian. The Company acts as the collateral manager and the first loss provider with respect to the RBC Facility. Proceeds from the RBC Facility have been and will be used to finance the origination and acquisition of eligible assets by the borrowers thereunder. The maturity date of the RBC Facility is October 14, 2032. On July 24, 2025, a portion of the proceeds from the WISE CLO 2025-3 Transaction (as defined below) were used to repay certain amounts outstanding under the RBC Facility and WISE CLO 2025-3 LTD. was released from the RBC Facility.

On June 16, 2025, the Company's subsidiary, BOC SLF RB-2 LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, joined as replacement borrower to the RBC Facility. The Company holds preference shares in BOC SLF RB-2 LTD. On June 16, 2025, in connection with the WISE CLO 2025-3 Transaction, certain of the assets held by WISE CLO 2025-3 LTD. were transferred via a master participation agreement to BOC SLF RB-2 LTD. As of December 31, 2025, there was $93.1million outstanding under the RBC Facility.

Borrowings under the RBC Facility bear interest at a per annum rate equal to SOFR +1.55%.

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

*Citibank Facility*

On June 28, 2024, the Company's subsidiary, WISE CLO 2025-4 LTD. (fka BOC SLF WH III C LTD.), an exempted company incorporated with limited liability under the laws of the Cayman Islands, entered into a revolving credit facility (the "Citibank Facility") with, among others, Citibank, N.A., as lender and administrative agent. The commitment of the Citibank Facility is up to $300.0 million, and was $215.0 million as of December 31, 2024 and $100.0 million as of December 31, 2025, respectively. The Company acts as the collateral manager and the first loss provider with respect to the Citibank Facility. Proceeds from the Citibank Facility have been and will be used to finance the origination and acquisition of eligible assets by the borrowers thereunder. The maturity date of the Citibank Facility is June 28, 2027. On September 4, 2025, a portion of the proceeds from the WISE CLO 2025-4 Transaction (as defined below) were used to repay certain amounts outstanding under the Citibank Facility and WISE CLO 2025-4 LTD. was released from the Citibank Facility.

On July 23, 2025, the Company's subsidiary, BOC SLF C-2 LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, joined as co-borrower to the Citibank Facility. The Company holds preference shares in BOC SLF C-2 LTD. On September 4, 2025, in connection with the WISE CLO 2025-4 Transaction, certain of the assets held by WISE CLO 2025-4 LTD. were transferred via a master participation agreement to BOC SLF C-2 Ltd. As of December 31, 2025, $84.8 million outstanding under the Citibank Facility.

Borrowings under the Citibank Facility bear interest at a per annum rate equal to (i) during the Reinvestment Period (as defined in Citibank Facility), SOFR + 1.40% and (ii) after the end of the Reinvestment Period, 1.90%.

*Wells Fargo Facility*

On August 1, 2024, the Company's subsidiary, WISE CLO 2025-2 LTD. (fka BOC SLF WH 4 LTD.), an exempted company incorporated with limited liability under the laws of the Cayman Islands, joined a $300.0 million revolving credit facility (the "Wells Fargo Facility") originally with, among others, and Wells Fargo Bank, National Association, as a lender and administrative agent. The Company acts as the collateral manager and the first loss provider with respect to the Wells Fargo Facility. Proceeds from the Wells Fargo Facility have been and will be used to finance the origination and acquisition of eligible assets by the borrowers thereunder. The maturity date of the Wells Fargo Facility is August 1, 2027. On March 31, 2025, a portion of the proceeds from the WISE CLO 2025-2 Transaction (as defined below) were used to repay certain amounts outstanding under the Wells Fargo Facility and WISE CLO 2025-2 LTD. was released from the Wells Fargo Facility.

On March 12, 2025, the Company's subsidiary, BOC SLF WF-2 LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, joined as co-borrower to the Wells Fargo Facility. The Company holds preference shares in BOC SLF WF-2 LTD. On March 19, 2025, in connection with the WISE CLO 2025-2 Transaction, certain of the assets held by WISE CLO 2025-2 LTD. were transferred via a master participation agreement to BOC SLF WF-2 LTD. As of December 31, 2025, there was $137.8 million outstanding under the Wells Fargo Facility.

Borrowings under the Wells Fargo Facility bear interest at a per annum rate equal to Daily Simple SOFR + 1.50%. The Wells Fargo Facility also has an unused commitment fee which accrues at 0.375% of unused facility amount after the six-month anniversary of the most recent securitization. There was $0.2 million of unused commitment fee as of December 31, 2025.

*Mizuho Bank Facility*

On November 14, 2025, the Company's subsidiary, BOC SLF Z LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands, entered into a $240.0 million revolving credit facility (the "Mizuho Bank Facility") with, among others, and Mizuho Bank Ltd., as lender and administrative agent. The Company acts as the collateral manager and the first loss provider with respect to the Mizuho Bank Facility. It holds preference shares in BOC SLF Z LTD. Proceeds from the Mizuho Bank Facility will be used to finance the origination and acquisition of eligible assets by the borrowers thereunder. The maturity date of the Mizuho Bank Facility is November 14, 2027. As of December 31, 2025, there was $4.2 million outstanding under the Mizuho Bank Facility.

Borrowings under the Mizuho Bank Facility bear interest at a per annum rate equal to (i) from the Facility Closing Date to and including May 14, 2026, 1.05% and (ii) thereafter, 1.10%; provided that on and after the Revolving Period End Date, the Applicable Margin shall increase to 2.00%; provided further, that upon the occurrence of Event of Default, the Applicable Margin shall increase 2.00%.

*WISE CLO 2025-1*

On June 12, 2024, the Company's subsidiary, WISE CLO 2025-1 LTD. (fka, BOC SLF WH I BA LTD.) was incorporated as a company under the laws of the Cayman Islands. On March 6, 2025, WISE CLO 2025-1 LTD., as issuer, and WISE CLO 2025-1, LLC, as co-issuer, closed a CLO transaction (the "WISE CLO 2025-1 Transaction") using the financial assets previously acquired by WISE CLO 2025-1 LTD as the collateral underpinning the transaction and issued $240.0 million of Class A Notes, $42.0 million of

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

Class B-1 Notes, $10.0 million of Class B-2 Notes, $28.0 million of Class C Notes, and $92.0 million of Subordinated Notes pursuant to an Indenture dated March 6, 2025 among WISE CLO 2025-1 LTD., as issuer, WISE CLO 2025-1, LLC, as co-issuer, and U.S. Bank Trust Company, National Association, as trustee. The notes issued as part of the WISE CLO 2025-1 Transaction have a stated maturity of January 20, 2038.

*WISE CLO 2025-2*

On August 1, 2024, the Company's subsidiary, WISE CLO 2025-2 LTD (fka "BOC SLF WH 4 WF LTD.") was incorporated as a company under the laws of the Cayman Islands. On March 31, 2025, WISE CLO 2025-2 LTD., as issuer, and WISE CLO 2025-2, LLC, as co-issuer, closed a CLO transaction (the "WISE CLO 2025-2 Transaction") using the financial assets previously acquired by WISE CLO 2025-2 LTD as the collateral underpinning the transaction and issued $236.0 million of Class A Notes, $56.0 million of Class B Notes, $28.0 million of Class C Notes, and $92.0 million of Subordinated Notes pursuant to an Indenture dated March 31, 2025 among WISE CLO 2025-2 LTD., as issuer, WISE CLO 2025-2, LLC, as co-issuer, and U.S. Bank Trust Company, National Association, as trustee. The notes issued as part of the WISE CLO 2025-2 Transaction have a stated maturity of April 20, 2038.

*WISE CLO 2025-3* 

On June 5, 2024, the Company's subsidiary, WISE CLO 2025-3 LTD (fka "BOC SLF WH II RB LTD.") was incorporated as a company under the laws of the Cayman Islands. On July 24, 2025, WISE CLO 2025-3 LTD., as issuer, and WISE CLO 2025-3, LLC, as co-issuer, closed a CLO transaction (the "WISE CLO 2025-3 Transaction") using the financial assets previously acquired by WISE CLO 2025-3 LTD as the collateral underpinning the transaction and issued $115.0 million of Class A Notes, $125.0 million of Class A Loans, $37.0 million of Class B-1 Notes, $15.0 million in Class B-2 Notes, $26.0 million of Class C Notes, and $90.5 million of Subordinated Notes pursuant to an Indenture dated July 24, 2025 among WISE CLO 2025-3 LTD., as issuer, WISE CLO 2025-3, LLC, as co-issuer, and US Bank Trust Company, National Association, as collateral trustee. The notes issued as part of the WISE CLO 2025-3 Transaction have a stated maturity of July 20, 2038.

*WISE CLO 2025-4*

On June 28, 2024, the Company's subsidiary, WISE CLO 2025-4 LTD (fka "BOC SLF WH III C LTD.") was incorporated as a company under the laws of the Cayman Islands. On September 4, 2025, WISE CLO 2025-4 LTD., as issuer, and WISE CLO 2025-4, LLC, as co-issuer, closed a CLO transaction (the "WISE CLO 2025-4 Transaction") using the financial assets previously acquired by WISE CLO 2025-4 LTD as the collateral underpinning the transaction and issued $240.0 million of Class A Notes, $37.0 million of Class B-1 Notes, $15.0 million in Class B-2 Notes, $26.0 million of Class C Notes, and $91.8 million of Subordinated Notes pursuant to an Indenture dated September 4, 2025 among WISE CLO 2025-4 LTD., as issuer, WISE CLO 2025-4, LLC, as co-issuer, and US Bank Trust Company, National Association, as trustee. The notes issued as part of the WISE CLO 2025-4 Transaction have a stated maturity of September 20, 2038.

*Financial Instruments Not Carried at Fair Value*

The fair value of the Company's debt, which is categorized as Level 3 within the fair value hierarchy as of December 31, 2025, approximates the carrying value. The carrying amounts of the Company's assets and liabilities, other than investments at fair value, approximate fair value due to their short maturities.

------

**Blue Owl Credit SLF LLC**

**Supplemental Financial Information (Unaudited)**

The table below presents the net carrying value of the Company's debt obligations as of December 31, 2025 and December 31, 2024 respectively:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| ($ in thousands) | **Aggregate Principal Committed** | **Outstanding Principal** | **Amount Available**<sup>(1)</sup> | **Unamortized Debt Issuance Costs** | **Net Carrying Value** |
| WISE CLO 2025-1 LTD. | $320000 | $320000 | $— | $2001 | $317999 |
| WISE CLO 2025-2 LTD. | 319160 | 319160 |  | 1767 | 317393 |
| WISE CLO 2025-3 LTD. | 318000 | 318000 |  | 1844 | 316156 |
| WISE CLO 2025-4 LTD. | 317935 | 317935 |  | 1806 | 316129 |
| Bank of America Facility | 300000 | 141765 | 29368 | 265 | 141500 |
| RBC Facility | 300000 | 93117 | 16015 | 324 | 92793 |
| Citibank Facility  | 100000 | 84790 | 15210 | 206 | 84584 |
| Wells Fargo Facility | 300000 | 137819 | 26421 | 250 | 137569 |
| Mizuho Facility | 240000 | 4240 | 14850 |  | 4240 |
| **Total Debt** | $2515095 | $1736826 | $101864 | $8463 | $1728363 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> The amount available reflects any collateral related limitations at the Company level related to each credit facility's borrowing base.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| ($ in thousands) | **Aggregate Principal Committed** | **Outstanding Principal** | **Amount Available**<sup>(1)</sup> | **Unamortized Debt Issuance Costs** | **Net Carrying Value** |
| Bank of America Facility | $300000 | $194919 | $28016 | $448 | $194471 |
| RBC Facility | 300000 | 194870 | 28065 | 371 | 194499 |
| Citibank Facility | 215000 | 194401 | 20599 | 344 | 194057 |
| Wells Fargo Facility | 300000 | 167992 | 31513 | 409 | 167583 |
| **Total Debt** | $1115000 | $752182 | $108193 | $1572 | $750610 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> The amount available reflects any collateral related limitations at the Company level related to each credit facility's borrowing base.

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

---

| | | |
|:---|:---|:---|
| | **For the Period Ended December 31,** | **For the Period Ended December 31,** |
| ($ in thousands) | **2025** | **2024**<sup>(1)</sup> |
| Interest expense | $75357 | $7720 |
| Amortization of debt issuance costs | 960 | 266 |
| **Total Interest Expense** | $76317 | $7986 |
| Average interest rate | 5.7% | 6.5% |
| Average daily outstanding borrowings | $1301358 | $364658 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> The Company's date of inception was May 6, 2024.

## Exhibit 99.3

**Blue Owl Leasing LLC**

Supplemental Financial Information (Unaudited) as of and for the period from June 30, 2025 (Date of Inception) to December 31, 2025

------

**Blue Owl Leasing LLC**

**Supplemental Financial Information (Unaudited)**

**Consolidated Statement of Assets and Liabilities**

**(Amounts in thousands)**

---

| | |
|:---|:---|
| | **December 31, 2025**<sup>(1)</sup> |
| **Assets** | |
| &nbsp;&nbsp;Investments at fair value (cost $39,600) | $39628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 34555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from brokers | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $74531 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt (net of unamortized debt issuance costs of $1,558) | $9754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 10076 |
| **Members' Equity** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Members' Equity - Class A | 64455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Members' Equity - Class B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Members' Equity** | 64455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Members' Equity** | $74531 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> The Company's date of inception was June 30, 2025

.

------

**Blue Owl Leasing LLC**

**Supplemental Financial Information (Unaudited)**

**Consolidated Statement of Operations**

**(Amounts in thousands)**

---

| | |
|:---|:---|
| | **For the period ended December 31, 2025**<sup>(1)</sup> |
| **Investment Income** | |
| &nbsp;&nbsp;Interest income | $511 |
| **Total Investment Income** | 511 |
| **Operating Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 209 |
| **Total Operating Expenses** | 684 |
| **Net Investment Income (Loss)** | $(173) |
| **Net Realized and Change in Unrealized Gain (Loss)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gain (loss) on investments | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments |  |
| **Total Net Realized and Change in Unrealized Gain (Loss) on Investments** | 28 |
| **Net Increase (Decrease) in Members' Equity Resulting from Operations** | $(145) |
| **Total Net Increase (Decrease) in Members' Equity Resulting from Operations - Class A** | $(145) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> The Company's date of inception was June 30, 2025

.

------

**Blue Owl Leasing LLC**

**Supplemental Financial Information (Unaudited)**

**Notes to the consolidated financial information**

**Organization and Principal Business**

As of December 31, 2025, Blue Owl Leasing LLC ("Leasing JV" or the "Company"), a Delaware limited liability company, is a joint venture among Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Credit Income Corp., Blue Owl Technology Finance Corp., Blue Owl Technology Income Corp., Blue Owl Alternative Credit Fund (the "Blue Owl Funds"), and California State Teachers Retirement System ("CalSTRS") (collectively, the "Class A Members" or the "Members" and each, a "Class A Member" or a "Member"). Leasing JV has no Class B Members as of December 31, 2025. The Company's principal purpose is to make investments, either directly or indirectly through financing subsidiaries or other persons, primarily in leases and loans. The Company is owned by the Class A Members, each of which have equal voting rights. Except under certain circumstances, contributions to the Company cannot be redeemed. Investment decisions must be approved by each of the Class A Members. The Class A Members co-invest through the Company, or its wholly owned subsidiaries. The Company's date of inception was June 30, 2025 and made its first portfolio company investment on October 23, 2025.

**Investment Portfolio Detail**

The table below presents the composition of investments at fair value and amortized cost as of December 31, 2025

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** |
| ($ in thousands) | **Cost** | **Fair Value** |
| Operating leases | $— | $— |
| Financing Leases | 39601 | 39628 |
| **Total Investments** | $39601 | $39628 |

---

The table below presents the geographic composition of investments based on fair value as of December 31, 2025:

---

| | |
|:---|:---|
| | **December 31, 2025** |
| United States: |  |
| &nbsp;&nbsp;Midwest | 29.2% |
| &nbsp;&nbsp;Northeast | 17.8 |
| &nbsp;&nbsp;South | 14.3 |
| &nbsp;&nbsp;West | 38.7 |
| **Total** | 100.0% |

---

**Debt Activity**

*Deutsche Bank and Truist Bank Facility*

On September 30, 2025, BOC Lease I LLC and BOC Lease II LLC, each a Delaware limited liability company and wholly owned subsidiary of Blue Owl Leasing LLC entered into a revolving credit facility (the "Deutsche Bank and Truist Bank Facility") with, among others, Deutsche Bank AG, New York Branch, as Co-Structuring Agent, and Truist Bank, as the Administrative Agent and Co-Structuring Agent. The commitment of the Deutsche Bank and Truist Bank Facility is up to $300.0 million. Proceeds from the Deutsche Bank and Truist Bank Facility will be used to finance the origination and acquisition of eligible assets by the borrowers thereunder. The maturity date of the Deutsche Bank and Truist Bank Facility is September 30, 2029. As of December 31, 2025, there was $11.3 million outstanding under the Deutsche Bank and Truist Bank Facility.

Borrowings under the Deutsche Bank and Truist Bank Facility bear interest at a per annum rate equal to (a) during the funding period, Term SOFR + 1.85%, (b) after the revolving termination date to the first anniversary of the revolving termination date, Term SOFR + 2.10%, and (c) after the first anniversary of the revolving termination date to the maturity date, Term SOFR + 2.10%. The Company also pays unused commitment fees (a) if the aggregate outstanding principal amount is less than or equal to 50% of the aggregate Commitments, 0.40%, (b) otherwise, 0.30% .

The fair value of the Company's debt, which is categorized as Level 3 within the fair value hierarchy as of December 31, 2025, approximates the carrying value.

------

**Blue Owl Leasing LLC**

**Supplemental Financial Information (Unaudited)**

The table below presents the net carrying value of the Company's debt obligations as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| ($ in thousands) | **Aggregate Principal Committed** | **Outstanding Principal** | **Amount Available**<sup>(1)</sup> | **Unamortized Debt Issuance Costs** | **Net Carrying Value** |
| Deutsche Bank and Truist Bank Facility | $300000 | $11312 | $8502 | $1558 | $9754 |
| **Total Debt** | $300000 | $11312 | $8502 | $1558 | $9754 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> The amount available reflects any limitations related to the credit facility's borrowing base.

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

---

| | |
|:---|:---|
| | **For the period ended December 31, 2025** <sup>(1)</sup> |
| ($ in thousands) | **2025** |
| Interest expense | $336 |
| Amortization of debt issuance costs | 139 |
| **Total Interest Expense** | $475 |
| Average interest rate<sup>(2)</sup> | 5.7% |
| Average daily outstanding borrowings | $6562 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> The Company's date of inception was June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Averages are calculated based on annualized amounts.

.

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