# EDGAR Filing Document

**Accession Number:** 0001747777
**File Stem:** 0001628280-26-002500
**Filing Date:** 2026-1
**Character Count:** 710652
**Document Hash:** 5b6a7e0574169c8269deb1039f4beaa9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-002500.hdr.sgml**: 20260120

**ACCESSION NUMBER**: 0001628280-26-002500

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20260120

**DATE AS OF CHANGE**: 20260120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blue Owl Technology Finance Corp.
- **CENTRAL INDEX KEY:** 0001747777

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

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289793
- **FILM NUMBER:** 26541299

**BUSINESS ADDRESS:**
- **STREET 1:** 399 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** (212) 419-3000

**MAIL ADDRESS:**
- **STREET 1:** 399 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Owl Rock Technology Finance Corp.
- **DATE OF NAME CHANGE:** 20180723

?xml version='1.0' encoding='ASCII'? ck0001747777-20260120

**Filed Pursuant to Rule 424(b)(2)**

**Registration No. 333-289793**

**The information in this prospectus supplement is not complete and may be changed. This prospectus supplement is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

**Subject to Completion**

**Preliminary Prospectus Supplement dated January 20, 2026**

**PRELIMINARY PROSPECTUS SUPPLEMENT**

**(To Prospectus dated August 22, 2025)**

**$**

**Blue Owl Technology Finance Corp.**

**% Notes Due**

We are offering $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in aggregate principal amount of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % notes due &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , which we refer to as the Notes. The Notes will mature on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . We will pay interest on the Notes on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of each year beginning on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026.

We may redeem the Notes in whole or in part at any time or from time to time at the redemption price discussed under the caption "Description of the Notes — Optional Redemption" in this prospectus supplement. In addition, holders of the Notes can require us to repurchase the Notes at 100% of their principal amount upon the occurrence of a Change of Control Repurchase Event (as defined herein). The Notes will be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

The Notes will be our direct unsecured obligation and rank pari passu, or equal in right of payment, with all outstanding and future unsecured unsubordinated indebtedness issued by us. As of September 30, 2025, we had approximately $5.0 billion of debt outstanding of which $2.8 billion was unsecured and unsubordinated indebtedness and $2.3 billion was indebtedness secured by our assets or assets of our subsidiaries, and, therefore, will be effectively and/or structurally senior to the Notes.

We are a specialty finance company focused on making debt and equity investments in technology-related, specifically software, companies based primarily in the United States. 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 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. 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 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 software products and services.

We are an externally managed, closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). We have elected to be treated, and intend to qualify annually, as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"), for U.S. federal income tax purposes. As a BDC and a RIC, we are required to comply with certain statutory and regulatory requirements.

**Investing in the Notes involves risks, including the risk of leverage, that are described in "<u>[Risk](#i04d72bf5f2da42cebdd7deac8f3386ae_952)[Factors](#i04d72bf5f2da42cebdd7deac8f3386ae_952)</u>" beginning on page <u>[S-20](#i04d72bf5f2da42cebdd7deac8f3386ae_952)</u> of this prospectus supplement and page <u>[28](#i04d72bf5f2da42cebdd7deac8f3386ae_28)</u> of the accompanying prospectus.**

This prospectus supplement and the accompanying prospectus contain important information you should know before investing in the Notes. Please read this prospectus supplement and the accompanying prospectus, and the documents incorporated by reference herein and therein before investing and keep it for future reference. We also file periodic and current reports, proxy statements and other information about us with the U.S. Securities and Exchange Commission (the "SEC"). This information is available free of charge by contacting us at 399 Park Avenue, New York, NY 10022, calling us at (212) 419-3000 or visiting our corporate website located at www.blueowltechnologyfinance.com. Information on our website is not incorporated into or a part of this prospectus supplement or the accompanying prospectus. The SEC also maintains a website at www.sec.gov that contains this information.

**THE NOTES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.**

**Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.**

---

| | | |
|:---|:---|:---|
| | **Per Note** | **Total** |
| Public offering price<sup>(1)</sup> | % | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Sales load (underwriting discounts and commissions) paid by us | % | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Proceeds to us, before expenses<sup>(2)</sup> | % | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

___________________

(1)The public offering price set forth above does not include accrued interest, if any. Interest on the Notes must be paid by the purchaser if the Notes are delivered after&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026.

(2)We estimate that we will incur offering expenses of approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.

Delivery of the Notes offered hereby in book-entry form only through the Depository Trust Company for the accounts of its participants, including Euroclear Bank S.A./N.V., as operator of the Euroclear System, and Clearstream Banking S.A., will be made on or about&nbsp;&nbsp;&nbsp;&nbsp; , 2026.

***Joint Book-Running Managers***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mizuho** | **BofA Securities** | **MUFG** | **SMBC Nikko** | **US Bancorp** |

---

**The date of this prospectus supplement is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026.**

------

**Prospectus Supplement**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| <u>[ABOUT](#i04d72bf5f2da42cebdd7deac8f3386ae_987)</u> <u>[THIS](#i04d72bf5f2da42cebdd7deac8f3386ae_987)</u> <u>[PROSPECTUS](#i04d72bf5f2da42cebdd7deac8f3386ae_987)</u> <u>[SUPPLEMENT](#i04d72bf5f2da42cebdd7deac8f3386ae_987)</u> | <u>[S-1](#i04d72bf5f2da42cebdd7deac8f3386ae_987)</u> |
| <u>[PROSPECTUS SUPPLEMENT](#i04d72bf5f2da42cebdd7deac8f3386ae_975)</u> <u>[SUMMARY](#i04d72bf5f2da42cebdd7deac8f3386ae_975)</u> | <u>[S-2](#i04d72bf5f2da42cebdd7deac8f3386ae_975)</u> |
| <u>[SPECIFIC](#i04d72bf5f2da42cebdd7deac8f3386ae_963)</u> <u>[TERMS](#i04d72bf5f2da42cebdd7deac8f3386ae_963)</u> <u>[OF](#i04d72bf5f2da42cebdd7deac8f3386ae_963)</u> <u>[THE](#i04d72bf5f2da42cebdd7deac8f3386ae_963)</u> <u>[NOTES](#i04d72bf5f2da42cebdd7deac8f3386ae_963)</u> <u>[AND](#i04d72bf5f2da42cebdd7deac8f3386ae_963)</u> <u>[THE](#i04d72bf5f2da42cebdd7deac8f3386ae_963)</u> <u>[OFFERING](#i04d72bf5f2da42cebdd7deac8f3386ae_963)</u> | <u>[S-16](#i04d72bf5f2da42cebdd7deac8f3386ae_963)</u> |
| <u>[RISK](#i04d72bf5f2da42cebdd7deac8f3386ae_952)</u> <u>[FACTORS](#i04d72bf5f2da42cebdd7deac8f3386ae_952)</u> | <u>[S-20](#i04d72bf5f2da42cebdd7deac8f3386ae_952)</u> |
| <u>[SPECIAL](#i04d72bf5f2da42cebdd7deac8f3386ae_941)</u> <u>[NOTE](#i04d72bf5f2da42cebdd7deac8f3386ae_941)</u> <u>[REGARDING](#i04d72bf5f2da42cebdd7deac8f3386ae_941)</u> <u>[FORWARD-LOOKING](#i04d72bf5f2da42cebdd7deac8f3386ae_941)</u> <u>[STATEMENTS](#i04d72bf5f2da42cebdd7deac8f3386ae_941)</u> | <u>[S-25](#i04d72bf5f2da42cebdd7deac8f3386ae_941)</u> |
| <u>[USE](#i04d72bf5f2da42cebdd7deac8f3386ae_930)</u> <u>[OF](#i04d72bf5f2da42cebdd7deac8f3386ae_930)</u> <u>[PROCEEDS](#i04d72bf5f2da42cebdd7deac8f3386ae_930)</u> | <u>[S-27](#i04d72bf5f2da42cebdd7deac8f3386ae_930)</u> |
| <u>[CAPITALIZATION](#i04d72bf5f2da42cebdd7deac8f3386ae_918)</u> | <u>[S-28](#i04d72bf5f2da42cebdd7deac8f3386ae_918)</u> |
| <u>[SENIOR](#i04d72bf5f2da42cebdd7deac8f3386ae_907)</u> <u>[SECURITIES](#i04d72bf5f2da42cebdd7deac8f3386ae_907)</u> | <u>[S-30](#i04d72bf5f2da42cebdd7deac8f3386ae_907)</u> |
| <u>[CERTAIN](#i04d72bf5f2da42cebdd7deac8f3386ae_896)</u> <u>[U.S.](#i04d72bf5f2da42cebdd7deac8f3386ae_896)</u> <u>[FEDERAL](#i04d72bf5f2da42cebdd7deac8f3386ae_896)</u> <u>[INCOME](#i04d72bf5f2da42cebdd7deac8f3386ae_896)</u> <u>[TAX](#i04d72bf5f2da42cebdd7deac8f3386ae_896)</u><u>[CONSIDERATIONS](#i04d72bf5f2da42cebdd7deac8f3386ae_896)</u> | <u>[S-31](#i04d72bf5f2da42cebdd7deac8f3386ae_896)</u> |
| <u>[DESCRIPTION](#i04d72bf5f2da42cebdd7deac8f3386ae_885)</u> <u>[OF](#i04d72bf5f2da42cebdd7deac8f3386ae_885)</u> <u>[THE](#i04d72bf5f2da42cebdd7deac8f3386ae_885)</u> <u>[NOTES](#i04d72bf5f2da42cebdd7deac8f3386ae_885)</u> | <u>[S-37](#i04d72bf5f2da42cebdd7deac8f3386ae_885)</u> |
| <u>[UNDERWRITING](#i04d72bf5f2da42cebdd7deac8f3386ae_858)</u> | <u>[S-52](#i04d72bf5f2da42cebdd7deac8f3386ae_858)</u> |
| <u>[LEGAL](#i04d72bf5f2da42cebdd7deac8f3386ae_839)</u> <u>[MATTERS](#i04d72bf5f2da42cebdd7deac8f3386ae_839)</u> | <u>[S-60](#i04d72bf5f2da42cebdd7deac8f3386ae_839)</u> |
| <u>[INCORPORATION](#i04d72bf5f2da42cebdd7deac8f3386ae_820)</u> <u>[OF](#i04d72bf5f2da42cebdd7deac8f3386ae_820)</u> <u>[CERTAIN](#i04d72bf5f2da42cebdd7deac8f3386ae_820)</u> <u>[INFORMATION](#i04d72bf5f2da42cebdd7deac8f3386ae_820)</u> <u>[BY](#i04d72bf5f2da42cebdd7deac8f3386ae_820)</u> <u>[REFERENCE](#i04d72bf5f2da42cebdd7deac8f3386ae_820)</u> | <u>[S-61](#i04d72bf5f2da42cebdd7deac8f3386ae_820)</u> |

---

i

------

**Prospectus**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | **Page** |
| <u>[PROSPECTUS SUMMARY](#i04d72bf5f2da42cebdd7deac8f3386ae_16)</u> | <u>[2](#i04d72bf5f2da42cebdd7deac8f3386ae_16)</u> |
| <u>[OFFERINGS](#i04d72bf5f2da42cebdd7deac8f3386ae_19)</u> | <u>[20](#i04d72bf5f2da42cebdd7deac8f3386ae_19)</u> |
| <u>[FEES AND EXPENSES](#i04d72bf5f2da42cebdd7deac8f3386ae_22)</u> | <u>[25](#i04d72bf5f2da42cebdd7deac8f3386ae_22)</u> |
| <u>[FINANCIAL HIGHLIGHTS](#i04d72bf5f2da42cebdd7deac8f3386ae_25)</u> | <u>[27](#i04d72bf5f2da42cebdd7deac8f3386ae_25)</u> |
| <u>[RISK FACTORS](#i04d72bf5f2da42cebdd7deac8f3386ae_28)</u> | <u>[28](#i04d72bf5f2da42cebdd7deac8f3386ae_28)</u> |
| <u>[SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#i04d72bf5f2da42cebdd7deac8f3386ae_31)</u> | <u>[33](#i04d72bf5f2da42cebdd7deac8f3386ae_31)</u> |
| <u>[USE OF PROCEEDS](#i04d72bf5f2da42cebdd7deac8f3386ae_34)</u> | <u>[35](#i04d72bf5f2da42cebdd7deac8f3386ae_34)</u> |
| <u>[PRICE RANGE OF COMMON STOCK AND DISTRIBUTIONS](#i04d72bf5f2da42cebdd7deac8f3386ae_37)</u> | <u>[36](#i04d72bf5f2da42cebdd7deac8f3386ae_37)</u> |
| <u>[MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#i04d72bf5f2da42cebdd7deac8f3386ae_40)</u> | <u>[39](#i04d72bf5f2da42cebdd7deac8f3386ae_40)</u> |
| <u>[THE COMPANY](#i04d72bf5f2da42cebdd7deac8f3386ae_43)</u> | <u>[40](#i04d72bf5f2da42cebdd7deac8f3386ae_43)</u> |
| <u>[SENIOR SECURITIES](#i04d72bf5f2da42cebdd7deac8f3386ae_46)</u> | <u>[41](#i04d72bf5f2da42cebdd7deac8f3386ae_46)</u> |
| <u>[PORTFOLIO COMPANIES](#i04d72bf5f2da42cebdd7deac8f3386ae_49)</u> | <u>[42](#i04d72bf5f2da42cebdd7deac8f3386ae_49)</u> |
| <u>[MANAGEMENT](#i04d72bf5f2da42cebdd7deac8f3386ae_52)</u> | <u>[55](#i04d72bf5f2da42cebdd7deac8f3386ae_52)</u> |
| <u>[PORTFOLIO MANAGEMENT](#i04d72bf5f2da42cebdd7deac8f3386ae_55)</u> | <u>[56](#i04d72bf5f2da42cebdd7deac8f3386ae_55)</u> |
| <u>[MANAGEMENT AND OTHER AGREEMENTS](#i04d72bf5f2da42cebdd7deac8f3386ae_58)</u> | <u>[57](#i04d72bf5f2da42cebdd7deac8f3386ae_58)</u> |
| <u>[CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#i04d72bf5f2da42cebdd7deac8f3386ae_61)</u> | <u>[58](#i04d72bf5f2da42cebdd7deac8f3386ae_61)</u> |
| <u>[CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS](#i04d72bf5f2da42cebdd7deac8f3386ae_64)</u> | <u>[59](#i04d72bf5f2da42cebdd7deac8f3386ae_64)</u> |
| <u>[DETERMINATION OF NET ASSET VALUE](#i04d72bf5f2da42cebdd7deac8f3386ae_67)</u> | <u>[60](#i04d72bf5f2da42cebdd7deac8f3386ae_67)</u> |
| <u>[DIVIDEND REINVESTMENT PLAN](#i04d72bf5f2da42cebdd7deac8f3386ae_70)</u> | <u>[61](#i04d72bf5f2da42cebdd7deac8f3386ae_70)</u> |
| <u>[CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS](#i04d72bf5f2da42cebdd7deac8f3386ae_73)</u> | <u>[63](#i04d72bf5f2da42cebdd7deac8f3386ae_73)</u> |
| <u>[DESCRIPTION OF OUR SECURITIES](#i04d72bf5f2da42cebdd7deac8f3386ae_76)</u> | <u>[72](#i04d72bf5f2da42cebdd7deac8f3386ae_76)</u> |
| <u>[DESCRIPTION OF OUR CAPITAL STOCK](#i04d72bf5f2da42cebdd7deac8f3386ae_79)</u> | <u>[73](#i04d72bf5f2da42cebdd7deac8f3386ae_79)</u> |
| <u>[DESCRIPTION OF OUR PREFERRED STOCK](#i04d72bf5f2da42cebdd7deac8f3386ae_82)</u> | <u>[81](#i04d72bf5f2da42cebdd7deac8f3386ae_82)</u> |
| <u>[DESCRIPTION OF OUR SUBSCRIPTION RIGHTS](#i04d72bf5f2da42cebdd7deac8f3386ae_85)</u> | <u>[82](#i04d72bf5f2da42cebdd7deac8f3386ae_85)</u> |
| <u>[DESCRIPTION OF OUR WARRANTS](#i04d72bf5f2da42cebdd7deac8f3386ae_88)</u> | <u>[84](#i04d72bf5f2da42cebdd7deac8f3386ae_88)</u> |
| <u>[DESCRIPTION OF OUR DEBT SECURITIES](#i04d72bf5f2da42cebdd7deac8f3386ae_91)</u> | <u>[86](#i04d72bf5f2da42cebdd7deac8f3386ae_91)</u> |
| <u>[DESCRIPTION OF OUR UNITS](#i04d72bf5f2da42cebdd7deac8f3386ae_94)</u> | <u>[102](#i04d72bf5f2da42cebdd7deac8f3386ae_94)</u> |
| <u>[SHARES ELIGIBLE FOR FUTURE RESALE](#i04d72bf5f2da42cebdd7deac8f3386ae_97)</u> | <u>[103](#i04d72bf5f2da42cebdd7deac8f3386ae_97)</u> |
| <u>[REGULATION](#i04d72bf5f2da42cebdd7deac8f3386ae_100)</u> | <u>[104](#i04d72bf5f2da42cebdd7deac8f3386ae_100)</u> |
| <u>[CUSTODIAN, TRANSFER AND DIVIDEND PAYING AGENT AND REGISTRAR](#i04d72bf5f2da42cebdd7deac8f3386ae_103)</u> | <u>[105](#i04d72bf5f2da42cebdd7deac8f3386ae_103)</u> |
| <u>[BROKERAGE ALLOCATION AND OTHER PRACTICES](#i04d72bf5f2da42cebdd7deac8f3386ae_103)</u> | <u>[105](#i04d72bf5f2da42cebdd7deac8f3386ae_103)</u> |
| <u>[PLAN OF DISTRIBUTION](#i04d72bf5f2da42cebdd7deac8f3386ae_109)</u> | <u>[107](#i04d72bf5f2da42cebdd7deac8f3386ae_109)</u> |
| <u>[LEGAL MATTERS](#i04d72bf5f2da42cebdd7deac8f3386ae_112)</u> | <u>[109](#i04d72bf5f2da42cebdd7deac8f3386ae_112)</u> |
| <u>[INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#i04d72bf5f2da42cebdd7deac8f3386ae_115)</u> | <u>[109](#i04d72bf5f2da42cebdd7deac8f3386ae_115)</u> |
| <u>[AVAILABLE INFORMATION](#i04d72bf5f2da42cebdd7deac8f3386ae_118)</u> | <u>[109](#i04d72bf5f2da42cebdd7deac8f3386ae_118)</u> |
| <u>[INCORPORATION OF CERTAIN INFORMATION BY REFERENCE](#i04d72bf5f2da42cebdd7deac8f3386ae_121)</u> | <u>[110](#i04d72bf5f2da42cebdd7deac8f3386ae_121)</u> |

---

ii

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**ABOUT THIS PROSPECTUS SUPPLEMENT**

**Neither we nor the underwriters have authorized anyone to give you any information other than the information in this prospectus supplement, the accompanying prospectus, any free writing prospectus, or any information that we have incorporated by reference herein or therein and we and the underwriters take no responsibility for any other information that others may give you. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus supplement and the accompanying prospectus is accurate only as of the date on their respective front covers. Our business, financial condition, results of operations and prospects may have changed since that date. We will update these documents to reflect material changes only as required by law. This prospectus supplement supersedes the accompanying prospectus to the extent it contains information different from or additional to the information in that prospectus.**

This document is in two parts. The first part is this prospectus supplement, which describes the terms of this offering and also adds to and updates information contained in the accompanying prospectus. The second part is the accompanying prospectus, which gives more general information and disclosure. To the extent the information contained in this prospectus supplement differs from the information contained in the accompanying prospectus, the information in this prospectus supplement shall control. Please carefully read this prospectus supplement and the accompanying prospectus, together with any documents incorporated by reference herein and therein, any exhibits and the additional information described under the headings "*<u>[Incorporation of Certain Information By Reference](#i04d72bf5f2da42cebdd7deac8f3386ae_820)</u>*," "*<u>[Prospectus Summary](#i04d72bf5f2da42cebdd7deac8f3386ae_975)</u>*" and "*<u>[Risk Factors](#i04d72bf5f2da42cebdd7deac8f3386ae_952)</u>*" in this prospectus supplement and the accompanying prospectus, "*<u>[Available Information](#i04d72bf5f2da42cebdd7deac8f3386ae_118)</u>*" in the accompanying prospectus and the documents incorporated herein and therein before you make an investment decision.

This prospectus supplement includes summaries of certain provisions contained in some of the documents described in this prospectus supplement, but reference is made to the actual documents for complete information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to herein have been filed, will be filed, or will be incorporated by reference as exhibits to the registration statement of which this prospectus supplement is a part, and you may obtain copies of those documents as described in the section titled "*<u>[Available Information](#i04d72bf5f2da42cebdd7deac8f3386ae_118)</u>*" in the accompanying prospectus.

------

**PROSPECTUS SUPPLEMENT SUMMARY**

*This summary highlights some of the information in this prospectus supplement and the accompanying prospectus and the information incorporated by reference herein and therein. It is not complete and may not contain all of the information that you may want to consider before investing in the Notes. You should read this entire document and the other information incorporated by reference herein before investing in the Notes. Throughout this prospectus supplement we refer to Blue Owl Technology Finance Corp. as "we," "us," "our" or the "Company," and to "Blue Owl Technology Credit Advisors LLC," our investment adviser, as the "Adviser."*

**Blue Owl Technology Finance Corp.** 

Blue Owl Technology Finance Corp. is a Maryland corporation formed on July 12, 2018. We are focused primarily on originating and making loans to and making debt and equity investments in technology-related, specifically software, companies based primarily in the United States. We originate and invest in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. Our investment objective is to maximize total return by generating current income from 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. On June 12, 2025, our common stock was listed and began trading on the New York Stock Exchange under the symbol "OTF".

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

We are externally managed by the Adviser, an indirect affiliate of Blue Owl Capital, Inc. ("Blue Owl") (NYSE: OWL), which 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, pursuant to an amended and restated investment advisory agreement (the "Investment Advisory Agreement"). See "*The Adviser— Blue Owl Technology Credit Advisors LLC*" in this prospectus supplement. Since the Adviser's affiliates began investment activities in April 2016 through September 30, 2025, the Blue Owl Credit Advisers (as defined below) have originated $174.7 billion aggregate principal amount of investments across multiple industries, of which $170.6 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 the Adviser or its affiliates. The Adviser also serves as our Administrator pursuant to an Administration Agreement between us and the Adviser (the "Administration Agreement").

We leverage Blue Owl's, and, in particular the Adviser's relationships and existing origination capabilities to focus our investments in companies with an enterprise value of at least $250 million and that are typically backed by institutional investors that are active investors in and have an expertise in technology companies and technology-related industries. We expect that our target investments typically will range in size between $50 million and $350 million. Our expected portfolio composition will be majority debt or income producing securities, in particular directly originated debt investments, with a lesser allocation to equity related opportunities. We typically invest at a low loan-to-value ratio, which we consider to be 50% or below. 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

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investment size greater than 5%. As of September 30, 2025, our average investment size in each of our portfolio companies was approximately $69.6 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. 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.

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 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 statutory and 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. See "*Business — Regulation as a Business Development Company*" in our Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm#i18f2b40ecf754f509bbfea32e5efc105_307)</u> for the fiscal year ended December 31, 2024 ("2024 Form 10-K") and "Certain U.S. Federal Income Tax Considerations" in the accompanying prospectus. We generally do not intend to invest more than 20% of our total assets in companies whose principal place of business is outside the United States.

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

As of September 30, 2025, we had in place the Amended and Restated Senior Secured Revolving Credit Agreement (the "Revolving Credit Facility") and four special purpose vehicle asset credit facilities (the "SPV Asset Facilities"), and in the future may enter into additional credit facilities. As of September 30, 2025, we had three term debt securitization transactions (the "OTF CLOs"), also known as collateralized loan obligations ("CLOs"), and in the future may enter into additional CLOs.

In addition, as of September 30, 2025, we (including as successor to Blue Owl Technology Finance Corp. II) had outstanding $2.8 billion in aggregate principal amount of unsecured notes maturing between December 2025 and April 2029 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, to finance our investment objectives. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Debt*" in our 2024 <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001655888/000165588825000007/obdc-20241231.htm)</u> and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 (the "Third Quarter 2025 <u>[Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000024/ortf-20250630.htm#fact-identifier-5495)</u>").

**Investment Portfolio**

As of September 30, 2025, we had investments in 185 portfolio companies with an aggregate fair value of $12.9 billion. Our current target leverage ratio is 0.90x to 1.25x. As of September 30, 2025, we had net leverage of 0.57x debt-to-equity.

As of September 30, 2025, based on fair value, our portfolio consisted of 76.8% first lien senior secured debt investments (of which 58.1% we consider to be unitranche debt investments (including "last out" portions of such loans)), 3.3% second lien senior secured debt investments, 3.6% unsecured debt investments, 0.3% specialty finance debt investments, 8.5% preferred equity investments, 4.9% common equity investments, 2.5% specialty finance equity investments and 0.1% joint ventures.

As of September 30, 2025, our weighted average total yield of the portfolio at fair value and amortized cost was 9.2% and 9.4%, respectively, and our weighted average yield of debt and income producing securities at fair value

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and amortized cost was 10.1% and 10.2%, respectively. As of September 30, 2025, the weighted average spread of total debt investments was 5.6%.

**The Adviser— Blue Owl Technology Credit Advisors LLC**

The Adviser serves as our investment adviser pursuant to the Investment Advisory Agreement. See "*Business—The Adviser and Administrator—Blue Owl Technology Credit Advisors LLC*" in our 2024 <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm#i18f2b40ecf754f509bbfea32e5efc105_307)</u> and Third Quarter 2025 <u>[Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000048/ortf-20250930.htm)</u>. The Adviser also serves as our Administrator pursuant to the Administration Agreement. The Adviser is an indirect affiliate of Blue Owl and part of Blue Owl's Credit platform. Blue Owl consists of three product platforms: (1) Credit, (2) GP Strategic Capital, which primarily focuses on acquiring equity stakes in or providing debt financing to large multi-product private equity and private credit firms and (3) Real Assets, which primarily focuses on the strategies of net lease real estate, real estate credit and digital infrastructure, which focuses on acquiring, financing, developing and operating data centers and related digital infrastructure assets.

Blue Owl's Credit platform includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent strategies and is led by its three co-founders, Douglas I. Ostrover, Marc S. Lipschultz and Craig W. Packer. The direct lending strategy of Blue Owl's Credit platform is comprised of the Adviser, Blue Owl Credit Advisors LLC ("OCA"), Blue Owl Diversified Credit Advisors LLC ("ODCA"), Blue Owl Technology Credit Advisors II LLC ("OTCA II"), and Blue Owl Credit Private Fund Advisors LLC ("OPFA" and together with the Adviser, OCA, ODCA, and OTCA II, the "Blue Owl Credit Advisers"), which are also registered investment advisers and offers private credit solutions to primarily upper-middle-market companies through differentiated access points including through the Company, Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Credit Income Corp., Blue Owl Technology Income Corp. (collectively, the "Blue Owl BDCs"), private funds and separately managed accounts (collectively, with the Blue Owl BDCs, the "Blue Owl Credit Clients").

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 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 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 monitors our portfolio companies on an ongoing basis. 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 September 30, 2025, the Blue Owl Credit platform had $152.1 billion of assets under management of which $111.6 billion was attributable to the direct lending strategy.

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 order to address these conflicts, the Blue Owl Credit Advisers have put in place an investment allocation policy that addresses the allocation of investment opportunities as well as co-investment restrictions under the 1940 Act.

**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

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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, the Adviser has teams focused on both liquid credit and private credit and these teams are able to collaborate with respect to syndicated loans.

***Secular Trends Supporting Growth for Private Credit.*** According to Gartner, a research and advisory company, global technology spend was $5.3 trillion in 2024 and is expected to grow to more than $5.7 trillion in 2025. We believe global demand for technology products and services will continue to grow rapidly, and that growth will stimulate demand for capital from technology companies which will continue to require access to capital to refinance existing debt, support growth and finance acquisitions. We believe that periods of market volatility, such as the current period of market volatility caused, in part, by uncertainty regarding inflation and interest rates, and current geopolitical conditions, have accentuated the advantages of private credit. The availability of capital in the liquid credit market is highly sensitive to market conditions whereas we believe private lending has proven to be a stable and reliable source of capital through periods of volatility. We believe the opportunity set for private credit will continue to expand even as the public markets remain open. Financial sponsors and companies today are familiar with direct lending and have seen firsthand the strong value proposition that a private solution can offer. Scale, certainty of execution and flexibility all provide borrowers with a compelling alternative to the syndicated and high yield markets. Based on our experience, there is an emerging trend where higher quality credits that have traditionally been issuers in the syndicated and high yield markets are increasingly seeking private solutions independent of credit market conditions. In our view, this is supported by financial sponsors wanting to work with collaborative financing partners that have scale and breadth of capabilities. We believe the large amount of uninvested capital held by funds of private equity firms, estimated by Preqin Ltd., an alternative assets industry data and research company, to be $2.6 trillion as of June 30, 2025, coupled with a growing focus on technology investing by private equity sponsors, will continue to drive deal activity. We expect that technology companies, private equity sponsors, venture capital firms, and entrepreneurs will continue to seek partners to provide flexible financing for their businesses with debt and equity investments provided by companies such as us.

***Attractive Investment Dynamics.*** An imbalance between the supply of, and demand for, capital creates attractive pricing dynamics. With respect to the debt investments in technology companies, we believe the directly negotiated nature of such financings generally provides more favorable terms to the lender, including stronger covenant and reporting packages, better call protection, and lender protective change of control provisions. Further, we believe that historical default rates for technology and software companies have been lower, and recovery rates

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have been higher, as compared to the broader leveraged finance market, leading to lower cumulative losses. With respect to equity and equity-linked investments, we will seek to structure these investments with meaningful shareholder protections, including, but not limited to, anti-dilution, anti-layering, and liquidation preferences, which we believe will create the potential for meaningful risk-adjusted long-term capital gains in connection with the future liquidity events of these technology companies.

***Compelling Business Models.*** We believe that the products and services that technology companies, and more specifically enterprise software businesses, provide often have high switching costs and are fundamental to the operations and success of their customers. We generally invest in scaled or growing players in niche markets that are selling products to established customer bases. As a result, technology companies with a focus on enterprise software have attributes that make them compelling investments, including strong customer retention rates, 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 scale 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.

***Attractive Opportunities in Investments in Technology Companies.*** We invest in the debt and equity of technology companies. We believe that opportunities in the debt of technology companies are significant because of the floating rate structure of most senior secured debt issuances and because of the strong defensive characteristics of these types of investments. We believe that debt issued with floating interest rates offer a superior return profile as compared with fixed-rate investments, since floating rate structures are generally less susceptible to declines in value experienced by fixed-rate securities in a rising interest rate environment. Senior secured debt also provides strong defensive characteristics. Senior secured debt has priority in payment among an issuer's security holders whereby holders are due to receive payment before junior creditors and equity holders. Further, these investments are generally secured by the issuer's assets, which may provide protection in the event of a default. We also make annualized recurring revenue ("ARR") loans, which are loans to companies that may not currently be EBITDA positive because they 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 ARR 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 Advantages**

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

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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 OTIC, we are not aware of other entities currently serving the sector that have large pools of capital dedicated to the space and that do not 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, the 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 120 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 as a result of the formation of Blue Owl 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.

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 September 30, 2025, the Adviser and its affiliates have reviewed approximately 2,950 technology-related opportunities totaling approximately $1,115 billion of financing and have sourced potential investment opportunities from more than 820 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

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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).

***Disciplined 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.

**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 in 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 generally refer 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-

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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.

***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;• *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 September 30, 2025, 58% of our first lien debt was comprised of unitranche loans.

&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.

&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;◦ *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;◦ *Mezzanine debt (unsecured debt investments).* 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.

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&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;• 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;• 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;• 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.

***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.*** 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;• Amergin, which consists of AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, "Amergin AssetCo") and Amergin Asset Management LLC, which has entered into a Servicing Agreement with Amergin AssetCo. Amergin was created to invest in a leasing platform focused on railcar, aviation and other long-lived transportation assets. Amergin acquires existing on-lease portfolios of new and end-of-life railcars and related equipment and selectively purchases off-lease assets and is building a commercial aircraft portfolio through aircraft financing and engine acquisition on a sale and lease back basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fifth Season Investments LLC, a portfolio company created to invest in life insurance based assets, including secondary and tertiary life settlement assets and other life insurance exposures using detailed analytics, internal life expectancy review and sophisticated portfolio management techniques.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;• Blue Owl Cross-Strategy Opportunities LLC, a portfolio company formed to invest in alternative credit assets, including asset-based finance.

***Joint Ventures.*** We may make equity investments in Blue Owl Credit SLF LLC ("Credit SLF"), a Delaware limited liability company, which is a joint venture between us, OBDC, OBDC II, OCIC, OTIC, and State Teachers Retirement System of Ohio and Blue Owl Leasing LLC ("Blue Owl Leasing"), a Delaware limited liability company, which is a joint venture between us, OBDC, OBDC II, OCIC, OTIC, a Blue Owl managed alternative credit fund, and California State Teachers Retirement System. 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. Blue Owl Leasing's principal purpose is to make investments in financing leases.

**Conflicts of Interest**

We have entered into both the Investment Advisory Agreement and the Administration Agreement with the Adviser. See "*Business—The Adviser and Administrator—Blue Owl Technology Credit Advisors LLC*" in our 2024 <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u>. Pursuant to the Investment Advisory Agreement, we pay the Adviser a base management fee and an incentive fee. See "*Business—Investment Advisory Agreement*" in our 2024 <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u> for a description of how the fees payable to the Adviser will be determined. Pursuant to the Administration Agreement, we reimburse the Adviser for expenses necessary to perform services related to our administration and operations. See "*Business—Administration Agreement*" in our 2024 <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u> for a description of services for which we reimburse to the Adviser. 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 our officers and directors and certain professionals of Blue Owl and the Blue Owl Credit Advisers 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 an investment allocation policy 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.

**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,

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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 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

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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.

**Exemptive Relief** 

We rely on an order for exemptive relief (the "Order") that was granted to us 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. Pursuant to such 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 but we do not, 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. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Affiliated Transaction*s" in our Third Quarter 2025 <u>[Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000048/ortf-20250930.htm)</u>. The Blue Owl Credit Advisers' allocation policy incorporates the conditions of the Order. 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 that could avail themselves of the exemptive relief and that have an investment objective similar to ours. See "*Business—The Adviser and Administrator—Blue Owl Technology Credit Advisors LLC*" in our 2024 <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u>.

**Corporate Information** 

Our principal executive offices are located at 399 Park Avenue, New York, NY 10022 and our telephone number is (212) 419-3000. Our corporate website is located at *www.blueowltechnologyfinance.com*. Information on our website is not incorporated into or a part of this prospectus supplement or the accompanying prospectus.

**Risk Factors** 

Investing in our securities may be speculative and involves certain risks relating to our structure and our investment objective that you should consider before deciding whether to invest. See "<u>[Risk Factors](#i04d72bf5f2da42cebdd7deac8f3386ae_952)</u>" beginning on page <u>[S-20](#i04d72bf5f2da42cebdd7deac8f3386ae_952)</u> in this prospectus supplement and "<u>[Risk Factors](#i04d72bf5f2da42cebdd7deac8f3386ae_28)</u>" in the accompanying prospectus, in our 2024 <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u>, our Quarterly Report on <u>[Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000024/ortf-20250630.htm#fact-identifier-5495)</u> for the quarter ended June 30, 2025, and our Third Quarter 2025 <u>[Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000048/ortf-20250930.htm)</u> for a more detailed discussion of material risks you should carefully consider before deciding to invest in our securities.

**Recent Developments**

***Athena CLO V***

On October 8, 2025, we completed a $501.3 million term debt securitization transaction by our consolidated subsidiary, Athena CLO V, LLC (the "Athena CLO V Issuer"). As part of the transaction, the Athena CLO V Issuer issued the following classes of notes: (i) $260.0 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 1.73%, (ii) $25.0 million of AA(sf) Class B Notes, which bear interest at three-month term SOFR plus 2.25% and (iii) $15.0 million of A(sf) Class C Notes, which bear interest at three-month term SOFR plus 2.70%. The Athena CLO V Issuer also issued approximately $201.3 million of subordinated securities, in the form of 201,320 preferred shares at an issue price of U.S.$1,000 per share held by us. All classes of notes are scheduled to mature on October 15, 2038.

***December 2025 Notes***

On October 15, 2025, we caused notice to be issued to the trustee of our 4.75% Notes due 2025 (the "December 2025 Notes") regarding our exercise of the option to redeem in full all $650.0 million in aggregate principal amount

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of the December 2025 Notes at 100.0% of their principal amount, plus the accrued interest thereon through, but excluding, the redemption date, November 15, 2025.

***Owl Rock Technology Financing CLO 2020-1 Redemption***

On October 15, 2025, the Company's subsidiary, Owl Rock Technology Financing 2020-1 LLC, a Delaware limited liability company, redeemed and paid in full all classes of the secured notes issued initially issued on August 23, 2023 (the "CLO 2020-1 Refinancing Secured Notes") pursuant to a $337.5 million term debt securitization refinancing.

***SPV Asset Facility IV Amendment***

On October 30, 2025, the Company's subsidiary, Athena Funding II LLC ("Athena Funding II"), a Delaware limited liability company, entered into Omnibus Amendment No. 2 to the Loan and Management Agreement (the "SPV Asset Facility IV") in order to (i) increase the maximum principal amount of SPV Asset Facility IV from $300.0 million to $500.0 million, (ii) change the interest rate from a cost of funds rate as determined by MUFG Bank, Ltd. periodically (or Term SOFR under certain circumstances) to Term SOFR, (iii) change the applicable margin from 2.63% during the SPV Asset Facility IV Reinvestment Period (as defined in the SPV Asset Facility IV credit agreement) and 3.03% after the end of the SPV Asset Facility IV Reinvestment Period to 2.00% during the SPV Asset Facility IV Reinvestment Period and 2.35% after the end of the SPV Asset Facility IV Reinvestment Period, (iv) extend the SPV Asset Facility IV Reinvestment Period to October 30, 2028 and (v) extend the SPV Asset Facility IV Stated Maturity (as defined in the SPV Asset Facility IV credit agreement) to October 30, 2030.

***Dividend***

On November 4, 2025, the Board approved a fourth quarter dividend of $0.35 per share for stockholders of record as of December 31, 2025, which was paid on January 15, 2026.

***Waiver of Transfer Restrictions***

On November 4, 2025, the Board waived the transfer restrictions contained in our amended and restated articles of incorporation (the "Charter") with respect to shares of our common stock as follows:

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| | |
|:---|:---|
| **Approximate Number of Shares Being Released from Transfer Restrictions** | **Effective Date** |
| 50.4 million<sup>(1)</sup> | November 13, 2025 |
| 49.1 million<sup>(2)</sup> | January 20, 2026 |
| 49.1 million<sup>(2)</sup> | February 20, 2026 |
| 49.1 million<sup>(3)</sup> | April 20, 2026 |
| 49.1 million<sup>(3)</sup> | May 20, 2026 |

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(1)A pro rata portion of each shareholder's shares of the Company's common stock will be released from the First Lock-Up Period (as defined below).

(2)A pro rata portion of each shareholder's shares of the Company's common stock will be released from the Second Lock-Up Period (as defined below).

(3)A pro rata portion of each shareholder's shares of the Company's common stock will be released from the Third Lock-Up Period (as defined below).

The Charter provides for three separate restricted periods as set forth below and initially applied to all of our shares that were acquired by shareholders prior to listing and trading our common stock on the New York Stock Exchange (the "Exchange Listing"). Previously, in connection with the Exchange Listing, the Board waived the transfer restrictions with respect to 23,256,814 shares of our common stock and a pro rata portion of each shareholder's shares of our common stock were released from each of the three separate restricted periods. In addition, the Board previously waived the transfer restrictions with respect to 46,513,271 shares of our common stock, effective as of September 9, 2025 and such shares were released from the First Lock-Up Period.

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The three separate restricted periods are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• One period is 180 days after the Exchange Listing and applies to all shares of our common stock issued prior to the Exchange Listing (the "First Lock-Up Period");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• One period is 270 days after the Exchange Listing and applies to two-thirds of our Company's common stock issued prior to the Exchange Listing (the "Second Lock-Up Period"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• One period is 365 days after the Exchange Listing and applies to one-third of the shares of our Company's common stock issued prior to the Exchange Listing (the "Third Lock-Up Period").

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**SPECIFIC TERMS OF THE NOTES AND THE OFFERING**

This section outlines certain legal and financial terms of the Notes. You should read this section together with the more detailed description of the Notes under "Description of the Notes" in this prospectus supplement before investing in the Notes. Capitalized terms used in this prospectus supplement and not otherwise defined shall have the meanings ascribed to them in the indenture governing the Notes, as amended from time to time, the "indenture".

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| | |
|:---|:---|
| Issuer | Blue Owl Technology Finance Corp., a Maryland corporation. |
| Title of the Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Notes due&nbsp;&nbsp;&nbsp;&nbsp; . |
| Initial Aggregate Principal Amount Being Offered | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . |
| Initial Public Offering Price | &nbsp;&nbsp;&nbsp;&nbsp; %. |
| Interest Rate. | &nbsp;&nbsp;&nbsp;&nbsp; %. |
| Yield to Maturity | &nbsp;&nbsp;&nbsp;&nbsp; %. |
| Trade Date | &nbsp;&nbsp;&nbsp;&nbsp; , 2026. |
| Issue Date | &nbsp;&nbsp;&nbsp;&nbsp; , 2026. |
| Maturity Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . |
| Interest Payment Dates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , commencing&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026. |
| Ranking of Notes | The Notes are our direct, general unsecured obligations and rank:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• senior in right of payment to all of our future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the Notes;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pari passu, or equal, in right of payment with all of our existing and future indebtedness or other obligations that are not so subordinated, or junior, including unsecured notes of which approximately $2.8 billion in aggregate principal amount was outstanding as of September 30, 2025;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• effectively subordinated, or junior, to any of our secured indebtedness or other obligations (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness, including borrowings under our Revolving Credit Facility, of which approximately $100.0 million was outstanding as of September 30, 2025; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities including, without limitation, borrowings under the SPV Asset Facilities and the OTF CLOs, which had an aggregate of approximately $2.2 billion outstanding as of September 30, 2025.<br>As of September 30, 2025, our total indebtedness was approximately $5.0 billion aggregate principal amount outstanding, of which approximately $2.3 billion was secured indebtedness. See "*Capitalization*." |

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|:---|:---|
| Denominations | We will issue the Notes in denominations of $2,000 and integral multiples of $1,000 in excess thereof. |
| Optional Redemption | Prior to&nbsp;&nbsp;&nbsp;&nbsp; ,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;month(s) prior to maturity date of the Notes) (the "Par Call Date"), we may redeem the Notes at our option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the treasury rate plus&nbsp;&nbsp;&nbsp;&nbsp; basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date.<br>On or after the Par Call Date, we may redeem the Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to the redemption date. |
| Sinking Fund | The Notes will not be subject to any sinking fund. A sinking fund is a reserve fund accumulated over a period of time for the retirement of debt. |
| Offer to Purchase upon a Change of Control Repurchase Event | If a Change of Control Repurchase Event occurs prior to maturity, unless we have exercised our right to redeem the Notes in full, holders will have the right, at their option, to require us to repurchase for cash some or all of the Notes at a repurchase price equal to 100% of the principal amount of the Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date. |
| Legal Defeasance | If there is a change in U.S. tax law or we obtain an Internal Revenue Service ruling described herein, the Notes will be subject to legal defeasance by us, which means that, subject to the satisfaction of certain conditions, including, but not limited to, (i) depositing in trust for the benefit of the holders of the Notes a combination of money and U.S. government or U.S. government agency notes or bonds that will generate enough cash to make interest, principal and any other payments on the Notes on their various due dates and (ii) delivering to the Trustee an opinion of counsel as described herein under "Description of the Notes— Defeasance—Legal Defeasance", we can legally release ourselves from all payment and other obligations on the Notes. |
| Covenant Defeasance | Under current U.S. tax law and the indenture, the Notes are subject to covenant defeasance by us, which means that, subject to the satisfaction of certain conditions, including, but not limited to, (i) depositing in trust for the benefit of the holders of the Notes a combination of money and U.S. government or U.S. government agency notes or bonds that will generate enough cash to make interest, principal and any other payments on the Notes on their various due dates and (ii) delivering to the Trustee an opinion of counsel as described herein under "Description of the Notes— Defeasance—Covenant Defeasance", we will be released from some of the restrictive covenants in the indenture. |

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| | |
|:---|:---|
| Form of Notes | The Notes will be represented by global securities that will be deposited and registered in the name of The Depository Trust Company, or DTC, or its nominee. This means that, except in limited circumstances, you will not receive certificates for the Notes. Beneficial interests in the Notes will be represented through book- entry accounts of financial institutions acting on behalf of beneficial owners as direct and indirect participants in DTC. Investors may elect to hold interests in the Notes through either DTC, if they are a participant, or indirectly through organizations that are participants in DTC. |
| Trustee, Paying Agent and Registrar | Deutsche Bank Trust Company Americas, as successor to Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association. |
| Events of Default | If an event of default (as described under "*Description of the Notes*") on the Notes occurs, the principal amount of the Notes, plus accrued and unpaid interest, may be declared immediately due and payable, subject to conditions set forth in the indenture. These amounts automatically become due and payable in the case of certain types of bankruptcy or insolvency events involving us. |
| Other Covenants | In addition to the covenants described in this prospectus supplement, the following covenants shall apply to the Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We agree that for the period of time during which the Notes are outstanding, we will not violate, whether or not we are subject thereto, Section 18(a)(1)(A) as modified by Section 61(a) of the 1940 Act or any successor provisions, but giving effect, in either case, to any exemptive relief granted to us by the SEC.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If, at any time, we are not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), to file any periodic reports with the SEC, we agree to furnish to holders of the Notes and the Trustee, for the period of time during which the Notes are outstanding, our audited annual consolidated financial statements, within 90 days of our fiscal year end, and unaudited interim consolidated financial statements, within 45 days of our fiscal quarter end (other than our fourth fiscal quarter). All such financial statements will be prepared, in all material respects, in accordance with applicable United States generally accepted accounting principles, or GAAP. |
| Trading Market | The Notes are a new issue of securities with no established trading market. The Notes will not be listed on any securities exchange or quoted on any automated dealer quotation system. Although certain of the underwriters have informed us that they currently intend to make a market in the Notes, as permitted by applicable laws and regulations, they are not obligated to do so and may discontinue any such market making activities at any time without notice. See "*Underwriting*." Accordingly, we cannot assure you that a liquid market for the Notes will develop or be maintained. |

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|:---|:---|
| Global Clearance and Settlement Procedures | Interests in the Notes will trade in DTC's Same Day Funds Settlement System, and any permitted secondary market trading activity in such Notes will, therefore, be required by DTC to be settled in immediately available funds. None of the Company, the Trustee or the paying agent will have any responsibility or liability for the performance by DTC or its participants or indirect participants of their respective obligations under the rules and procedures governing their operations. |
| Governing Law | The Notes and the indenture will be governed by and construed in accordance with the laws of the State of New York. |

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**RISK FACTORS**

*Investing in the Notes involves a number of significant risks. Before you invest in the Notes, you should be aware of various risks associated with the investment, including those described in this prospectus supplement, the accompanying prospectus, any document incorporated by reference herein or therein, including in the 2024 <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u>, our Quarterly Report on <u>[Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000024/ortf-20250630.htm#fact-identifier-5495)</u> for the quarter ended June 30, 2025 and the Third Quarter 2025<u>[Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000048/ortf-20250930.htm)</u> and any free writing prospectus we may authorize in connection with this offering. You should carefully consider these risk factors, together with all of the other information included or incorporated by reference in this prospectus supplement and the accompanying prospectus, before you decide whether to make an investment in the Notes. The risks set out in this prospectus supplement, the accompanying prospectus, any document incorporated by reference herein or therein, and any free writing prospectus we may authorize in connection with this offering are not the only risks we face. Additional risks and uncertainties not presently 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. In such case, you may lose all or part of your investment.*

**Risks Related to the Notes**

***The Notes will be unsecured and therefore will be effectively subordinated to any secured indebtedness we have currently incurred or may incur in the future.***

The Notes will not be secured by any of our assets or any of the assets of our subsidiaries. As a result, the Notes will be 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 assets are currently pledged as collateral under the Revolving Credit Facility, and substantially all of the assets of our subsidiaries are also pledged. 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 Notes. Secured indebtedness is effectively senior to the Notes to the extent of the value of the assets securing such indebtedness. As of September 30, 2025, our total indebtedness was approximately $5.0 billion in aggregate principal amount outstanding, of which approximately $2.3 billion was secured by our assets and, therefore, will be effectively senior to the Notes.

***The Notes will be structurally subordinated to the indebtedness and other liabilities of our subsidiaries.***

The Notes are obligations exclusively of Blue Owl Technology Finance Corp. and not of any of our subsidiaries.

None of our subsidiaries are a guarantor of the Notes and the 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 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 Notes will be structurally subordinated, or junior, to the SPV Asset Facilities, the OTF CLOs 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. As of September 30, 2025, our subsidiaries had $2.2 billion of indebtedness outstanding under the SPV Asset Facilities and the OTF CLOs; in addition, our subsidiaries may incur additional indebtedness in the future, all of which would be structurally senior to the Notes.

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***Our current indebtedness could adversely affect our business, financial condition and results of operations and our ability to meet our payment obligations under the Notes and our other debt.***

As of September 30, 2025, our total consolidated indebtedness was approximately $5.0 billion in aggregate principal amount outstanding, of which approximately $2.3 billion was indebtedness secured by our assets or assets of our subsidiaries and approximately $2.8 billion in aggregate principal amount was unsecured indebtedness.

The use of debt could have significant consequences on our future operations, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making it more difficult for us to meet our payment and other obligations under the Notes and our other outstanding indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• resulting in an event of default if we fail to comply with the financial and other restrictive covenants contained in our debt agreements, which event of default could result in substantially all of our debt becoming immediately due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reducing the availability of our cash flow to fund investments, acquisitions and other general corporate purposes, and limiting our ability to obtain additional financing for these purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• subjecting us to the risk of increased sensitivity to interest rate increases on our indebtedness with variable interest rates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our flexibility in planning for, or reacting to, and increasing our vulnerability to, changes in our business, the industry in which we operate and the general economy.

Any of the above-listed factors could have an adverse effect on our business, financial condition and results of operations and our ability to meet our payment obligations under the Notes and our other debt.

Our ability to meet our payment and other obligations under our debt instruments depends on our ability to generate significant cash flow in the future. This, to some extent, is subject to general economic, financial, competitive, legislative and regulatory factors as well as other factors that are beyond our control.

We cannot assure you that our business will generate sufficient cash flow from operations or that future borrowings will be available to us under our financing arrangements or otherwise in an amount sufficient to enable us to pay our indebtedness, including the Notes, or to fund our other liquidity needs. We may need to refinance all or a portion of our indebtedness, including the Notes, on or before the scheduled maturity. The conditions of the financial markets and prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future. We cannot assure you that we will be able to refinance any of our indebtedness on commercially reasonable terms or at all. If we cannot service our indebtedness, we may have to take actions such as selling assets or seeking additional equity. We cannot assure you that any such actions, if necessary, could be effected on commercially reasonable terms or at all, or on terms that would not be disadvantageous to our shareholders or on terms that would not require us to breach the terms and conditions of our existing or future debt agreements, including our payment obligations under the Notes.

***A downgrade, suspension or withdrawal of the credit rating assigned by a rating agency to us or the Notes, if any, or change in the debt markets, could cause the liquidity or market value of the 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 the Notes. These credit ratings may not reflect the potential impact of risks relating to the structure or marketing of the 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. Neither we nor any underwriter undertakes any obligation to maintain our credit ratings or to advise holders of Notes of any changes in our credit ratings.

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***The indenture offers limited protection for holders of the Notes.***

The indenture offers limited protection to holders of the Notes. The terms of the indenture and the 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 your investment in the Notes. In particular, the terms of the indenture and the Notes will not place any restrictions on our or our subsidiaries' ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issue securities or otherwise incur additional indebtedness or other obligations, including

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)any indebtedness or other obligations that would be pari passu, or equal, in right of payment to the Notes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to the Notes to the extent of the value of the assets securing such indebtedness,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)indebtedness or other obligations of ours that are guaranteed by one or more of our subsidiaries and which therefore are structurally senior to the Notes and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)securities, indebtedness or other obligations incurred by our subsidiaries that would be senior to our equity interests in our subsidiaries and therefore rank structurally senior to the Notes with respect to the assets of those subsidiaries, in each case 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;• 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 Notes;

&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;• 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;• enter into transactions with affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make investments; or

&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 Notes do not protect holders of the 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 Notes may have important consequences for you as a holder of the Notes, including making it more difficult for us to satisfy our obligations with respect to the Notes or negatively affecting the trading value of the Notes.

Certain of our current debt instruments include more protections for their holders than the indenture and the Notes. In addition, other debt we issue or incur in the future could contain more protections for its holders than the indenture and the Notes, including additional covenants and events of default. See "*Risk Factors—Risks Related to Our Business—We borrow money, which magnifies the potential for gain or loss and may increase the risk of* 

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*investing in us*" in the 2024 <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u>. The issuance or incurrence of any such debt with incremental protections could affect the market for and trading levels and prices of the Notes.

***The optional redemption provision may materially adversely affect your return on the Notes.***

The 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 Notes at times when prevailing interest rates are lower than the interest rate paid on the Notes. In this circumstance, you may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as that of the Notes being redeemed.

***If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the Notes.***

Any default under the agreements governing our indebtedness or under other indebtedness to which we may be a party, that is not waived by the required lenders or holders and the remedies sought by the holders of such indebtedness could make us unable to pay principal, premium, if any, and interest on the Notes and substantially decrease the market value of the Notes.

If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest on our indebtedness, or if we otherwise fail to comply with the various covenants, including financial and operating covenants, in the instruments governing our indebtedness, we could be in default under the terms of the agreements governing such indebtedness. In the event of such default, the holders of such indebtedness could elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest, the lenders under our current indebtedness or other debt we may incur in the future could elect to terminate their commitments, cease making further loans and institute foreclosure proceedings against our assets, and we could be forced into bankruptcy or liquidation.

If our operating performance declines, we may in the future need to seek to obtain waivers from the required lenders or holders under the agreements governing our indebtedness, or other indebtedness that we may incur in the future, to avoid being in default. If we breach our covenants under the agreements governing our indebtedness and seek a waiver, we may not be able to obtain a waiver from the required lenders or holders. If this occurs, we would be in default and our lenders or debt holders could exercise their rights as described above, and we could be forced into bankruptcy or liquidation. If we are unable to repay debt, lenders having secured obligations, including the lenders under certain of our credit facilities, could proceed against the collateral securing the debt. Because our credit facilities and our unsecured notes each have, cross-acceleration provisions, and any future debt will likely have, customary cross-default and cross-acceleration provisions, if the indebtedness thereunder, hereunder or under any future credit facility is accelerated, we may be unable to repay or finance the amounts due. See "*Description of the Notes*" in this prospectus supplement and "*Description of Our Debt Securities*" in the accompanying prospectus.

***We may not be able to repurchase the Notes upon a Change of Control Repurchase Event.***

Upon the occurrence of a Change of Control Repurchase Event, as defined in the indenture that governs the Notes, as supplemented, subject to certain conditions, we will be required to offer to repurchase all outstanding Notes at 100% of their principal amount, plus accrued and unpaid interest. The source of funds for that purchase of Notes will be our available cash or cash generated from our operations or other potential sources, including borrowings, investment repayments, sales of assets or sales of equity. We cannot assure you that sufficient funds from such sources will be available at the time of any Change of Control Repurchase Event to make required repurchases of Notes tendered. Our debt instruments may contain restrictions and provisions that we would have to comply with in connection with any repurchase of the Notes. If the holders of the Notes exercise their right to require us to repurchase all the Notes upon a Change of Control Repurchase Event, the financial effect of this repurchase could cause a default under our existing or future debt instruments, even if the Change of Control Repurchase Event itself would not cause a default. It is possible that we will not have sufficient funds at the time of the Change of Control Repurchase Event to make the required repurchase of the Notes or our other debt. See "*Description of the Notes—Offer to Repurchase Upon a Change of Control Repurchase Event*" in this prospectus supplement.

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***If an active trading market does not develop for the Notes, you may not be able to resell them.***

There currently is no trading market for the Notes. We do not intend to apply for listing of the Notes on any securities exchange or for quotation of the Notes on any automated dealer quotation system. If no active trading market develops, you may not be able to resell the Notes at their fair market value or at all. If the Notes are traded after their initial issuance, they may trade at a discount from their initial offering price depending on prevailing interest rates, the market for similar securities, our credit ratings, general economic conditions, our financial condition, performance and prospects and other factors. Certain of the underwriters have advised us that they currently intend to make a market in the Notes after the offering, but they are not obligated to do so. Such underwriters may discontinue any market-making in the Notes at any time at their sole discretion. In addition, any market-making activity will be subject to limits imposed by law. Accordingly, we cannot assure you that a liquid trading market will develop for the Notes, that you will be able to sell the Notes at a particular time or that the price you receive when you sell will be favorable. To the extent an active trading market does not develop for the Notes, the liquidity and trading price for the Notes may be harmed. Accordingly, you may be required to bear the financial risk of an investment in the Notes for an indefinite period of time.

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**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

Some of the statements in this prospectus supplement, the accompanying prospectus, any documents we may incorporate by reference herein, and any related free writing prospectus contain 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 us, 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;

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&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 the 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 RIC for U.S. federal income tax purposes, and as a BDC under 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;

&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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to realize the anticipated benefits of our recent merger with Blue Owl Technology Finance Corp. II; 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 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 prospectus supplement, the accompanying prospectus, any documents we may incorporate by reference herein, and any related free writing prospectus 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 dates of this prospectus supplement, the accompanying prospectus, any documents we may incorporate by reference herein, and any related free writing prospectus. Moreover, we assume no duty and do not undertake to update the forward- looking statements. The forward-looking statements and projections contained in this prospectus supplement and the accompanying prospectus are excluded from the safe-harbor protection provided by Section 27A of the Securities Act and Section 21E of the Exchange Act.

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**USE OF PROCEEDS**

We estimate that the net proceeds we will receive from this offering will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million, based on an offering price of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % per Note, after deducting the underwriting discounts and commissions and estimated offering expenses of approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; payable by us. Such estimate is subject to change and no assurances can be given that actual expenses will not exceed such amount. We expect to use proceeds from this offering to pay down certain of our existing indebtedness under the Revolving Credit Facility. Amounts drawn under the Revolving Credit Facility bear interest at SOFR plus an applicable margin. The Revolving Credit Facility matures on December 20, 2029. See, Part I, Item 2 "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" in our Third Quarter 2025 <u>[Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000048/ortf-20250930.htm)</u>.

**Affiliates of certain underwriters are lenders under the Revolving Credit Facility. Accordingly, affiliates of certain of the underwriters may receive more than 5% of the proceeds of this offering to the extent the proceeds are used to pay down a portion of the outstanding indebtedness under the Revolving Credit Facility.**

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**CAPITALIZATION**

The following table sets forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the actual consolidated capitalization of the Company at September 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the consolidated capitalization of the Company as of September 30, 2025, as adjusted to reflect (i) the issuance of approximately $300.0 million of indebtedness pursuant to Athena CLO V, (ii) the refinancing of Athena CLO II resulting in a net increase of approximately $87.0 million of indebtedness, (iii) the redemption of $650.0 million aggregate principal amount of the December 2025 Notes, (iv) the redemption of $204.0 million aggregate principal amount of the CLO 2020-1 Refinancing Secured Notes, (v) net borrowings of approximately $2.0 billion under the Company's credit facilities, and (vi) the use of a portion of the proceeds from the borrowings referred to above in accordance with our investment strategy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the consolidated capitalization of the Company as of September 30, 2025, as further adjusted to reflect the assumed sale of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of aggregate principal amount of Notes in this offering at a public offering price of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% per Note after deducting the underwriting discounts and commissions and estimated offering expenses of approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; payable by us and application of the net proceeds as discussed in more detail under "Use of Proceeds" in this prospectus supplement.

You should read this table together with "Use of Proceeds" and our most recent balance sheet included in the Third Quarter 2025 <u>[Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000048/ortf-20250930.htm)</u>.

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| | | | |
|:---|:---|:---|:---|
| **($ in thousands, except per share amounts)** | **September 30, 2025**<br>**(Unaudited)** | **As Adjusted** | **As Adjusted for this Offering** |
| **Assets** | | | |
| Investments at fair value (amortized cost of $12,739,522) | $12884046 | $14409037 |  |
| Cash (restricted cash of $—) | 396921 | 332353 |  |
| Foreign cash (cost of $225) | 212 | 212 |  |
| Interest receivable | 71682 | 71682 |  |
| Dividend income receivable | 11939 | 11939 |  |
| Prepaid expenses and other assets  | 35988 | 35988 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets**  | $13400788 | $14861211 |  |
| **Liabilities** |  |  |  |
| Debt (net of unamortized debt issuance costs of $82,572) | $4966719 | $6491710 |  |
| Management fee payable | 47969 | 47969 |  |
| Distribution payable  | 186631 | 137245 |  |
| Incentive fee payable | 55948 | 55948 |  |
| Payables to affiliates |  |  |  |
| Payable for investments purchased |  |  |  |
| Accrued expenses and other liabilities | 88297 | 88297 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities**  | $5345564 | $6821169 |  |
| Commitments and contingencies (Note 8) |  |  |  |
| **Net Assets** |  |  |  |
| Common shares $0.01 par value, 1,000,000,000 shares authorized; 466,464,720 shares issued and outstanding<sup>(1)</sup> | $4665 | $4654 |  |
| Additional paid-in-capital | 7687119 | 7671948 |  |
| Total accumulated undistributed earnings | 363440 | 363440 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Net Assets**  | 8055224 | 8040042 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Net Assets**  | $13400788 | $14861211 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Asset Value Per Share**  | $17.27 | $17.28 |  |

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______________

(1)Subsequent to September 30, 2025, the Company issued 3,443,388 shares pursuant to its dividend reinvestment plan and repurchased 4,578,117 shares pursuant to the 2025 Share Repurchase Program.

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**SENIOR SECURITIES**

Information about our senior securities as of September 30, 2025 and December 31, 2024, 2023, 2022, 2021, 2020, 2019 and 2018 is located under the caption "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Senior Securities*" in our Third Quarter 2025 <u>[Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000048/ortf-20250930.htm)</u> and "*Market For Registrant's Common Equity, Related Shareholder Matters And Issuer Purchases Of Equity Securities*" in our 2024 <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u>, each of which is incorporated herein by reference.

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**CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS**

The following discussion is a summary of certain U.S. federal income tax consequences relevant to the purchase, ownership and disposition of the Notes, but does not purport to be a complete analysis of all potential tax consequences. The discussion is based upon the Code, the regulations promulgated thereunder by the U.S. Treasury, rulings and pronouncements issued by the Internal Revenue Service (the "IRS"), and judicial decisions, all as of the date hereof and all of which are subject to change at any time. Any such change may be applied retroactively in a manner that could adversely affect a holder of the Notes. We have not sought any ruling from the IRS with respect to the statements made and the conclusions reached in the following discussion, and there can be no assurance that the IRS will agree with such statements and conclusions.

This discussion does not address all of the U.S. federal income tax consequences that may be relevant to a holder in light of such holder's particular circumstances or to holders subject to special rules, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banks, insurance companies and other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain former citizens or long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• personal holding companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• corporations that accumulate earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• holders subject to the alternative minimum tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dealers in securities or currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• traders in securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partnerships, S corporations or other pass-through entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. holders (as defined below) whose functional currency is not the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• controlled foreign corporations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• passive foreign investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a regulated investment company, a real estate investment trust or other financial conduit (or shareholders of such entity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a retirement plan, individual retirement account or tax deferred account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding the Notes as part of a "straddle," "hedge," "conversion transaction" or other risk reduction transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons deemed to sell the Notes under the constructive sale provisions of the Code.

In addition, this discussion is limited to persons purchasing the Notes for cash at original issue and at their original "issue price" within the meaning of Section 1273 of the Code (i.e., the first price at which a substantial amount of the Notes are sold to the public for cash). This discussion also does not address the U.S. federal income tax consequences to beneficial owners of the Notes subject to the special tax accounting rules under Section 451(b) of the Code. Moreover, the effects of other U.S. federal tax laws (such as estate and gift tax laws) and any applicable state, local or non-U.S. tax laws are not discussed. The discussion deals only with Notes held as "capital assets" within the meaning of Section 1221 of the Code.

If an entity taxable as a partnership (including an entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds the Notes, the U.S. federal income tax treatment of a partner in the partnership generally

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will depend upon the status of the partner, the activities of the partnership and certain determinations made at the partner level. Partnerships holding Notes, and persons holding interests in such partnerships, should each consult their own tax advisors as to the consequences of investing in the Notes in their individual circumstances.

**YOU ARE URGED TO CONSULT YOUR TAX ADVISOR WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO YOUR PARTICULAR SITUATION AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF THE NOTES ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL, NON-U.S. OR OTHER TAXING JURISDICTION OR UNDER ANY APPLICABLE INCOME TAX TREATY.**

**U.S. Holders**

The following is a summary of certain U.S. federal income tax consequences that will apply to you if you are a "U.S. holder" of a Note. As used herein, "U.S. holder" means a beneficial owner of a Note who is for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States, including an alien individual who is a lawful permanent resident of the United States or meets the "substantial presence" test under Section 7701(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation or other entity taxable as a corporation created or organized in or under the laws of the United States, any state thereof, or the District of Columbia;

&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; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust, if (i) a U.S. court can exercise primary supervision over the administration of the trust and one or more "United States persons" within the meaning of Section 7701(a)(30) of the Code can control all substantial trust decisions, or, (ii) the trust has a valid election in effect under applicable U.S. Treasury regulations to be treated as a United States person.

***Payments of Interest***

The following discussion assumes the Notes will be issued with no original issue discount or less than a de minimis amount of original issue discount for U.S. federal income tax purposes. Stated interest on the Notes generally will be taxable to a U.S. holder as ordinary income at the time that such interest is received or accrued, in accordance with such U.S. holder's method of tax accounting for U.S. federal income tax purposes.

***Sale or Other Taxable Disposition of Notes***

A U.S. holder will recognize capital gain or loss on the sale, exchange, redemption, retirement or other taxable disposition of a Note equal to the difference between the amount realized upon the disposition (less any portion allocable to any accrued and unpaid interest, as discussed above, which will be taxable as interest to the extent not previously included in income) and the U.S. holder's adjusted tax basis in the Note. A U.S. holder's adjusted tax basis in a Note generally will be equal to the amount that the U.S. holder paid for the Note less any principal payments received by the U.S. holder. Any gain or loss will be a capital gain or loss, and will be a long-term capital gain or loss if the U.S. holder has held the Note for more than one year at the time of disposition. Otherwise, such gain or loss will be a short-term capital gain or loss. Long-term capital gains recognized by certain non-corporate U.S. holders, including individuals, are currently subject to a reduced rate of tax. The deductibility of capital losses is subject to limitations under the Code.

***Information Reporting and Backup Withholding***

A U.S. holder may be subject to information reporting and backup withholding when such U.S. holder receives interest payments on the Notes held or upon the proceeds received upon the sale or other disposition of such Notes (including a redemption or retirement of the Notes). Certain U.S. holders, such as corporations, are exempt from

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information reporting or backup withholding. A U.S. holder will be subject to backup withholding if such U.S. holder is not otherwise exempt and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such U.S. holder fails to furnish the U.S. holder's taxpayer identification number ("TIN"), which, for an individual, ordinarily is his or her social security number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the IRS notifies the payor that such U.S. holder furnished an incorrect TIN;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are notified by the IRS that the U.S. holder has failed properly to report payments of interest or dividends; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such U.S. holder fails to certify, under penalties of perjury, on an IRS Form W-9 (Request for Taxpayer Identification Number and Certification) or a suitable substitute form (or other applicable certificate), that the U.S. holder has furnished a correct TIN and that the IRS has not notified the U.S. holder that the U.S. holder is subject to backup withholding.

U.S. holders should consult their tax advisors regarding their qualification for an exemption from backup withholding and the procedures for obtaining such an exemption, if applicable. Backup withholding is not an additional tax, and taxpayers may use amounts withheld as a credit against their U.S. federal income tax liability or may claim a refund if they timely provide certain information to the IRS.

***Unearned Income Medicare Contribution***

An additional surtax of 3.8% will be imposed on certain "net investment income" (or "undistributed net investment income", in the case of estates and trusts) received by individuals with modified adjusted gross incomes in excess of $200,000 ($250,000 in the case of married individuals filing jointly and $125,000 in the case of married individuals filing a separate return) and certain estates and trusts. "Net investment income" as defined for U.S. federal Medicare contribution purposes generally includes interest payments and gain recognized from the sale or other disposition of the Notes. Tax-exempt trusts, which are not subject to income taxes generally, and non-U.S. individuals will not be subject to this tax. U.S. holders should consult their own tax advisors regarding the effect, if any, of this surtax on their ownership and disposition of the Notes.

***Non-U.S. Holders***

The following is a summary of certain U.S. federal income tax consequences that will apply to you if you are a "Non-U.S. holder" of a Note. A "Non-U.S. holder" is a beneficial owner of a Note that is neither a U.S. holder nor a partnership for U.S. federal income tax purposes. Special rules may apply to Non-U.S. holders that are subject to special treatment under the Code, including controlled foreign corporations, passive foreign investment companies, certain former citizens and long-term residents of the United States, and non-U.S. persons eligible for benefits under an applicable income tax treaty with the U.S. Such Non-U.S. holders should consult their tax advisors to determine the U.S. federal, state, local and other tax consequences that may be relevant to them including any reporting requirements.

***Payments of Interest***

Subject to the discussions, below, concerning backup withholding and FATCA (as defined below), generally interest income paid to a Non-U.S. holder that is not effectively connected with the Non-U.S. holder's conduct of a U.S. trade or business is subject to withholding tax at a rate of 30% (or, if applicable, a lower treaty rate). Nevertheless, interest paid on a Note to a Non-U.S. holder that is not effectively connected with the Non-U.S. holder's conduct of a U.S. trade or business (and, if an applicable treaty so provides, is not attributable to the conduct of a trade or business through a permanent establishment or fixed base in the United States) generally will not be subject to U.S. federal withholding tax provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such Non-U.S. holder does not directly or constructively own 10% or more of the total combined voting power of all classes of our voting stock;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such Non-U.S. holder is not a controlled foreign corporation that is related to us through actual or constructive stock ownership (as determined by the Code) and is not a bank that received such Note on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• either (1) the Non-U.S. holder certifies, prior to the payment of interest, in a statement (generally, a properly executed IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or a suitable substitute) provided to us or the paying agent, under penalties of perjury, that it is the beneficial owner of the Notes and not a "United States person" within the meaning of the Code and provides its name and address, (2) a securities clearing organization, bank or other financial institution that holds customers' securities in the ordinary course of its trade or business and holds the Note on behalf of the Non-U.S. holder certifies to us or the paying agent under penalties of perjury that it, or the financial institution between it and the Non-U.S. holder, has received from the Non-U.S. holder a statement, under penalties of perjury, that such Non-U.S. holder is the beneficial owner of the Notes and is not a United States person and provides us or the paying agent with a copy of such statement or (3) the Non-U.S. holder holds its Note directly through a "qualified intermediary" and certain conditions are satisfied.

Even if the above conditions are not met, a Non-U.S. holder generally will be entitled to a reduction in or an exemption from withholding tax on interest if the Non-U.S. holder provides us or our paying agent with a properly executed IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or a suitable substitute form (or other applicable certificate) claiming an exemption from or reduction of the withholding tax under the benefit of an income tax treaty between the United States and the Non-U.S. holder's country of residence. A Non-U.S. holder is required to inform the recipient of any change in the information on such statement within 30 days of such change. Special certification rules apply to Non-U.S. holders that are pass-through entities rather than corporations or individuals.

If interest paid to a Non-U.S. holder is effectively connected with the Non-U.S. holder's conduct of a U.S. trade or business (and, if required by an applicable income tax treaty, such Non-U.S. holder maintains a permanent establishment in the United States to which such interest or gain is attributable), then the interest income generally will be subject to U.S. federal income tax on a net basis at applicable rates in the same manner as if such Non-U.S. holder were a U.S. holder (but without regard to the additional tax on net investment income described above). Such effectively connected interest income will not be subject to U.S. federal withholding tax if a Non-U.S. holder satisfies certain certification requirements by providing to the applicable withholding agent a properly executed IRS Form W-8ECI (or successor form). In addition, if a Non-U.S. holder is a corporation, the portion of such Non-U.S. holder's earnings and profits that are effectively connected with such Non-U.S. holder's conduct of a U.S. trade or business may also be subject to a "branch profits tax" at a 30% rate, unless an applicable income tax treaty provides for a lower rate.

***Sale or Other Taxable Disposition of Notes***

Subject to the discussion below concerning backup withholding and FATCA (defined below), any gain realized by a Non-U.S. holder on the sale, exchange, retirement, redemption or other taxable disposition of a Note generally will not be subject to U.S. federal income tax unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the gain is effectively connected with the Non-U.S. holder's conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, the Non-U.S. holder maintains a permanent establishment in the United States to which such gain is attributable), in which case, the Non-U.S. holder will be required to pay U.S. federal income tax on the net gain derived from the sale or other taxable disposition generally in the same manner as if such Non-U.S. holder were a U.S. holder, and if such Non- U.S. holder is a foreign corporation, it may also be required to pay an additional branch profits tax at a 30% rate (or a lower rate if so specified by an applicable income tax treaty);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Non-U.S. holder is an individual who is present in the United States for 183 days or more in the taxable year of sale, exchange or other disposition, certain conditions are met and the Non-U.S. holder is not eligible for relief under an applicable income tax treaty, in which case, the Non-U.S. holder will be subject

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to U.S. federal income tax at a rate of 30% (or, if applicable, a lower treaty rate) on the gain derived from the sale or other taxable disposition, which may be offset by certain U.S. source capital losses; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a portion of the gain is attributable to accrued but unpaid interest, in which case such amounts would be subject to tax as described above in "*—Payments of Interest.*"

Certain other exceptions may be applicable, and Non-U.S. holders should consult their own tax advisors with regard to whether taxes will be imposed on a sale or other taxable disposition of a Note in their individual circumstances.

***Information Reporting and Backup Withholding***

The amount of interest that we pay to any documented Non-U.S. holder on the Notes will be reported to the Non-U.S. holder and to the IRS annually on an IRS Form 1042-S, regardless of whether any tax was actually withheld. Copies of these information returns may also be made available under the provisions of a specific income tax treaty or agreement to the tax authorities of the country in which the Non-U.S. holder is resident for tax purposes. However, a Non-U.S. holder generally will not be subject to backup withholding and certain other information reporting with respect to payments that we make to the Non-U.S. holder, provided that we do not have actual knowledge or reason to know that such Non-U.S. holder is a "United States person," within the meaning of the Code, and the Non-U.S. holder has given us the statement described above under "Non-U.S. holders—Payments of Interest."

If a Non-U.S. holder sells or exchanges a Note through a United States broker or the United States office of a foreign broker or such sale is deemed to occur through a United States office of a foreign broker the proceeds from such sale or exchange will be subject to information reporting and backup withholding unless the Non-U.S. holder provides a withholding certificate or other appropriate documentary evidence establishing that such holder is not a U.S. holder to the broker and such broker does not have actual knowledge or reason to know that such holder is a U.S. holder, or the Non-U.S. holder is an exempt recipient (as that term is defined in Treas. Reg. § 1.6049-4(c)(1)(ii)) eligible for an exemption from information reporting and backup withholding. If a Non-U.S. holder sells or exchanges a Note through the foreign office of a broker who is a United States person or has certain enumerated connections with the United States, the proceeds from such sale or exchange will be subject to information reporting unless the Non-U.S. holder provides to such broker a withholding certificate or other documentary evidence establishing that such holder is not a U.S. holder and such broker does not have actual knowledge or reason to know that such evidence is false, or the Non-U.S. holder is an exempt recipient (as that term is defined in Treas. Reg. § 1.6049-4(c)(1)(ii)) eligible for an exemption from information reporting. In circumstances where information reporting by the foreign office of such a broker is required, backup withholding will be required only if the broker has actual knowledge that the holder is a U.S. holder.

A Non-U.S. holder generally will be entitled to credit any amounts withheld under the backup withholding rules against the Non-U.S. holder's U.S. federal income tax liability or may claim a refund provided that the required information is furnished to the IRS in a timely manner.

Non-U.S. holders are urged to consult their tax advisors regarding the application of information reporting and backup withholding in their particular situations, the availability of an exemption therefrom, and the procedures for obtaining such an exemption, if available.

***Foreign Account Tax Compliance Act***

Legislation commonly referred to as the "Foreign Account Tax Compliance Act," or "FATCA," generally imposes a 30% withholding tax on payments of certain types of income to foreign financial institutions ("FFIs") unless such FFIs either (i) enter into an agreement with the U.S. Treasury to report certain required information with respect to accounts held by certain specified U.S. persons (or held by foreign entities that have certain specified U.S. persons as substantial owners) or (ii) reside in a jurisdiction that has entered into an intergovernmental agreement ("IGA") with the United States to collect and share such information and are in compliance with the terms of such IGA and any enabling legislation or regulations. The types of income subject to the tax include U.S. source interest and dividends. While the Code would also require withholding on payments of the gross proceeds from the sale of

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any property that could produce U.S. source interest or dividends, such as the Notes, the U.S. Treasury Department has indicated its intent to eliminate this requirement in subsequent proposed regulations, which state that taxpayers may rely on the proposed regulations until final regulations are issued. The information required to be reported includes the identity and taxpayer identification number of each account holder that is a specified U.S. person and certain financial information associated with the holder's account. In addition, subject to certain exceptions, this legislation also imposes a 30% withholding on certain payments to certain foreign entities that are not FFIs unless the foreign entity certifies that it does not have a greater than 10% owner that is a specified U.S. person or provides the withholding agent with identifying information on each greater than 10% owner that is a specified U.S. person. Depending on the status of a beneficial owner and the status of the intermediaries through which they hold their Notes, beneficial owners could be subject to this 30% withholding tax with respect to interest paid on the Notes. Under certain circumstances, a beneficial owner might be eligible for refunds or credits of such taxes.

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**DESCRIPTION OF THE NOTES**

We will issue the Notes under the base indenture dated June 12, 2020, between us and Deutsche Bank Trust Company Americas, as successor to Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee (the "trustee"), as supplemented by a sixth supplemental indenture to be dated as of the first settlement date for the Notes. As used in this section, all references to the indenture mean the base indenture as supplemented by the sixth supplemental indenture. The terms of the Notes include those expressly set forth in the indenture and those made part of the indenture by reference to the Trust Indenture Act of 1939, as amended (the "TIA").

The following description is a summary of the material provisions of the Notes and the indenture and does not purport to be complete. This summary is subject to and is qualified by reference to all the provisions of the Notes and the indenture, including the definitions of certain terms used in the indenture. We urge you to read these documents because they, and not this description, define your rights as a holder of the Notes.

For purposes of this description, references to "we," "our" and "us" refer only to the Company and not to any of its current or future subsidiaries and references to "subsidiaries" refer only to our consolidated subsidiaries and exclude any investments held by the Company in the ordinary course of business which are not, under GAAP, consolidated on the financial statements of the Company and its subsidiaries.

**General**

The Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will be our direct, general unsecured obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will initially be issued in an aggregate principal amount of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will mature on&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; , unless earlier redeemed or repurchased, as discussed below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will bear cash interest from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026, at an annual rate of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % payable semi-annually in arrears on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of each year, beginning on &nbsp;&nbsp;&nbsp;&nbsp; , 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will be subject to redemption at our option as described under "— *Optional Redemption*";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will be subject to repurchase by us at the option of the holders following a Change of Control Repurchase Event (as defined below under "— *Offer to Repurchase Upon a Change of Control Repurchase Event*"), at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the date of repurchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will be issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will be represented by one or more registered Notes in global form, but in certain limited circumstances may be represented by Notes in definitive form. See "— *Book-Entry, Settlement and Clearance*."

The indenture does not limit the amount of debt that may be issued by us or our subsidiaries under the indenture or otherwise but does contain a covenant regarding our asset coverage that would have to be satisfied at the time of incurrence of additional indebtedness. See "— *Covenants — Other Covenants*." The indenture does not contain any financial covenants and does not restrict us from paying dividends or issuing or repurchasing our other securities. Other than restrictions and other provisions described under "— *Offer to Repurchase Upon a Change of Control Repurchase Event*" and "— *Merger, Consolidation or Sale of Assets*" below, the indenture does not contain any covenants or other provisions designed to afford holders of the Notes protection in the event of a highly leveraged transaction involving us or in the event of a decline in our credit rating as the result of a takeover, recapitalization, highly leveraged transaction or similar restructuring involving us that could adversely affect such holders.

We may, without the consent of the holders of the Notes, issue additional notes under the indenture with the same terms (except for the issue date, public offering price and, if applicable, the initial interest payment date) and

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with the same CUSIP numbers as the Notes offered hereby in an unlimited aggregate principal amount; provided that such additional notes must either be issued in a "qualified reopening" for U.S. federal income tax purposes, with no more than a de minimis amount of original issue discount, or otherwise be part of the same issue as the Notes offered hereby for U.S. federal income tax purposes.

We do not intend to list the Notes on any securities exchange or any automated dealer quotation system.

**Payments on the Notes; Paying Agent and Registrar; Transfer and Exchange**

We will pay the principal of, and interest on, the Notes in global form registered in the name of or held by DTC or its nominee in immediately available funds to DTC or its nominee, as the case may be, as the registered holder of such Global Note (as defined below).

Payment of principal of (and premium, if any) and any such interest on the Notes will be made at the corporate trust office of the paying agent, which initially shall be the trustee, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that, in the case of notes that are not in global form, at our option payment of interest may be made by check mailed to the address of the person entitled thereto as such address shall appear in the security register.

A holder of Notes may transfer or exchange Notes at the office of the registrar in accordance with the indenture.

A holder may be required, among other things, to furnish appropriate endorsements and transfer documents. No service charge will be imposed by us, the trustee or the registrar for any registration of transfer or exchange of Notes, but we may require a holder to pay a sum sufficient to cover any transfer tax or other similar governmental charge required by law or permitted by the indenture.

The registered holder of a Note will be treated as its owner for all purposes.

**Interest**

The Notes will bear cash interest at a rate of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % per year until maturity. Interest on the Notes will accrue from&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; 2026 or from the most recent date on which interest has been paid or duly provided for. Interest on the Notes will be payable semiannually in arrears on&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; 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;&nbsp;&nbsp;&nbsp;&nbsp;of each year, beginning on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026.

Interest will be paid to the person in whose name the Notes are registered at 5:00 p.m. New York City time (the "close of business") on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (whether or not a business day), as the case may be, immediately preceding the relevant interest payment date. Interest on the Notes will be computed on the basis of a 360-day year composed of twelve 30-day months.

If any interest payment date, redemption date, the maturity date or any earlier required repurchase date upon a Change of Control Repurchase Event (defined below) of the Notes falls on a day that is not a business day, the required payment will be made on the next succeeding business day and no interest on such payment will accrue in respect of the delay. The term "business day" means, with respect to any of the Notes, any day other than a Saturday, a Sunday or a day on which banking institutions in New York or the city in which the corporate trust office of the trustee is located are authorized or obligated by law or executive order to close.

**Ranking**

The Notes will be our direct, general unsecured obligations that will rank:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• senior in right of payment to all of our future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *pari passu*, or equal, in right of payment with all of our existing and future indebtedness or other obligations that are not so subordinated, or junior, including, without limitation, our unsecured notes, of which $2.8 billion in aggregate principal amount was outstanding as of September 30, 2025;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• effectively subordinated, or junior, to any of our existing and future secured indebtedness or other obligations (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness, including, without limitation, borrowings under the Revolving Credit Facility, of which approximately $100.0 million was outstanding as of September 30, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• structurally subordinated, or junior, to all existing and future indebtedness and other obligations (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities, including, without limitation, borrowings under the SPV Asset Facilities and the OTF CLOs, which had an aggregate amount outstanding of approximately $2.2 billion as of September 30, 2025.

As of September 30, 2025, our total indebtedness was approximately $5.0 billion aggregate principal amount outstanding, of which approximately $2.3 billion was secured by our assets or assets of our subsidiaries. See "*Capitalization*."

In the event of our bankruptcy, liquidation, reorganization or other winding up, our assets that secure secured debt will be available to pay obligations on the Notes only after all indebtedness under such secured debt has been repaid in full from such assets. We advise you that there may not be sufficient assets remaining to pay amounts due on any or all the Notes then outstanding.

**Optional Redemption**

Prior to the Par Call Date, we may redeem the Notes at our option, in whole or in part, at any time and from time to time at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes discounted to the redemption date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date.

On or after the Par Call Date, we may redeem the Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.

"Treasury Rate" means, with respect to any redemption date, the yield determined by us in accordance with the following two paragraphs. The Treasury Rate shall be determined by us after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily)—H.15" (or any successor designation or publication) ("H.15") under the caption "U.S. government securities—Treasury constant maturities—Nominal" (or any successor caption or heading) ("H.15 TCM"). In determining the Treasury Rate, we shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the "Remaining Life"); or (2) if there is no such Treasury constant maturity on H. 15 exactly equal to the Remaining Life, the two yields—one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H. 15 immediately longer than the Remaining Life—and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H. 15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date. If on the third business day preceding the redemption date H.15 TCM is no longer published, we shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States

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Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, we shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, we shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. Our actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

Notice of any redemption will be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary's procedures) at least 10 days but not more than 60 days before the redemption date to each holder of Notes to be redeemed.

In the case of a partial redemption, selection of the Notes for redemption will be made pro rata, by lot or by such other method as the trustee in its sole discretion deems appropriate and fair. No Notes of a principal amount of $2,000 or less will be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption that relates to the Note will state the portion of the principal amount of the note to be redeemed. A new Note in a principal amount equal to the unredeemed portion of the Note will be issued in the name of the holder of the Note upon surrender for cancellation of the original note. For so long as the Notes are held by DTC (or another depositary), the redemption of the Notes shall be done in accordance with the policies and procedures of the depositary. Any exercise of our option to redeem the Notes will be done in compliance with the 1940 Act.

Unless we default in payment of the redemption price, on and after the redemption date interest will cease to accrue on the notes or portions thereof called for redemption.

The calculation or determination of the redemption price shall be made by us or on our behalf by such person as we shall designate. For the avoidance of doubt, the calculation or determination of the redemption price shall not be the obligation or responsibility of the trustee or paying agent.

**Offer to Repurchase Upon a Change of Control Repurchase Event**

If a Change of Control Repurchase Event occurs with respect to the Notes, unless we have exercised our right to redeem the Notes in full, we will make an offer to each holder of the Notes to repurchase all or any part (in minimum denominations of $2,000 and integral multiples of $1,000 principal amount thereabove) of that holder's Notes at a repurchase price in cash equal to 100% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of purchase. Within 30 days following any Change of Control Repurchase Event or, at our option, prior to any Change of Control, but after the public announcement of the Change of Control, we will send a notice to each holder and the trustee describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event with respect to the Notes and offering to repurchase the Notes on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is sent. The notice shall, if sent prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event with respect to the Notes occurring on or prior to the payment date specified in the notice. We will comply with the requirements of Rule 14e-l under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes, we will comply with the applicable securities laws and regulations and will not be deemed to have breached our obligations under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict.

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On a Change of Control Repurchase Event payment date, subject to extension if necessary to comply with the provisions of the 1940 Act, we will, to the extent lawful:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)accept for payment all Notes or portions of Notes properly tendered pursuant to our offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)deposit with the paying agent an amount equal to the aggregate purchase price in respect of all Notes of or portions of Notes properly tendered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)deliver or cause to be delivered to the trustee the Notes properly accepted, together with an officers' certificate stating the aggregate principal amount of Notes being purchased by us.

The paying agent will promptly remit to each holder of Notes properly tendered the purchase price for the Notes, and the trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each holder a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; provided that each new Note will be in a minimum principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.

We will not be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes an offer in respect of the Notes in the manner, at the times and otherwise in compliance with the requirements for an offer made by us and such third party purchases all Notes properly tendered and not withdrawn under its offer.

The source of funds that will be required to repurchase Notes in the event of a Change of Control Repurchase Event will be our available cash or cash generated from our operations or other potential sources, including funds provided by a purchaser in the Change of Control transaction, borrowings, sales of assets or sales of equity. We cannot assure you that sufficient funds from such sources will be available at the time of any Change of Control Repurchase Event to make required repurchases of Notes tendered. For a general discussion of our indebtedness, see "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Financial Condition, Liquidity and Capital Resources*" in our 2024 <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001655888/000165588825000007/obdc-20241231.htm)</u>, in our Third Quarter 2025 <u>[Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000048/ortf-20250930.htm)</u>, and in our subsequent Current Reports on Form 8-K. Before making any such repurchase of Notes, we would have to comply with any applicable restrictions in our debt instruments at the time. If the holders of the Notes exercise their right to require us to repurchase Notes upon a Change of Control Repurchase Event, the financial effect of this repurchase could cause a default under our existing or future debt instruments, even if the Change of Control Repurchase Event itself would not cause a default. It is possible that we will not have sufficient funds at the time of the Change of Control Repurchase Event to make the required repurchase of the Notes or our other debt. See "*Risk Factors—Risks Relating to the Notes—We may not be able to repurchase the Notes upon a Change of Control Repurchase Event*."

The definition of "Change of Control" includes a phrase relating to the direct or indirect sale, transfer, conveyance or other disposition of "all or substantially all" of our properties or assets and those of our subsidiaries taken as a whole. Although there is a limited body of case law interpreting the phrase "substantially all," there is no precise, established definition of the phrase under applicable law. Accordingly, the ability of a holder of Notes to require us to repurchase the Notes as a result of a sale, transfer, conveyance or other disposition of less than all of our assets and the assets of our subsidiaries taken as a whole to another person or group may be uncertain.

For purposes of the Notes:

"Below Investment Grade Rating Event" means the Notes are downgraded below Investment Grade by all three Rating Agencies on any date from the date of the public notice of an arrangement that results in a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event under the indenture) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply does not announce or publicly confirm or inform us in writing that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in

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respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event).

"Change of Control" means the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation) in one or a series of related transactions, of all or substantially all of the assets of the Company and its Controlled Subsidiaries taken as a whole to any "person" or "group" (as those terms are used in Section 13(d)(3) of the Exchange Act), other than to any Permitted Holders; provided that, for the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of the Company or its Controlled Subsidiaries shall not be deemed to be any such sale, lease, transfer, conveyance or disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any "person" or "group" (as those terms are used in Section 13(d)(3) of the Exchange Act) (other than any Permitted Holders) becomes the "beneficial owner" (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of the Company, measured by voting power rather than number of shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)the approval by the Company's stockholders of any plan or proposal relating to the liquidation or dissolution of the Company.

"Change of Control Repurchase Event" means the occurrence of a Change of Control and a Below Investment Grade Rating Event.

"Controlled Subsidiary" means any subsidiary of the Company, 50% or more of the outstanding equity interests of which are owned by the Company and its direct or indirect subsidiaries and of which the Company possesses, directly or indirectly, the power to direct or cause the direction of the management or policies, whether through the ownership of voting equity interests, by agreement or otherwise.

"Fitch" means Fitch Ratings, or any successor thereto.

"Investment Grade" means a rating of BBB– or better by Fitch (or its equivalent under any successor rating categories of Fitch), Baa3 or better by Moody's (or its equivalent under any successor rating categories of Moody's) and BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) (or if such Rating Agency ceases to rate the Notes for reasons outside of our control, the equivalent investment grade credit rating from any Rating Agency selected by us as a replacement Rating Agency).

"Moody's" means Moody's Investors Service, Inc. or any successor thereto.

"Permitted Holders" means (i) us, (ii) one or more of our Controlled Subsidiaries and (iii) Blue Owl Technology Credit Advisors LLC, or any affiliate of Blue Owl Technology Credit Advisors LLC that is organized under the laws of a jurisdiction located in the United States of America and in the business of managing or advising clients.

"Rating Agency" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)each of Fitch, Moody's and S&P; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)if any of Fitch, Moody's or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of our control, a "nationally recognized statistical rating organization" as defined in Section (3)(a)(62) of the Exchange Act selected by us as a replacement agency for Fitch, Moody's and/or S&P, as the case may be.

"S&P" means S&P Global Ratings or any successor thereto.

"Voting Stock" as applied to stock of any person, means shares, interests, participations or other equivalents in the equity interest (however designated) in such person having ordinary voting power for the election of a majority

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of the directors (or the equivalent) of such person, other than shares, interests, participations or other equivalents having such power only by reason of the occurrence of a contingency.

**Covenants**

In addition to the covenants described in the base indenture, the following covenants shall apply to the Notes.

***Merger, Consolidation or Sale of Assets***

The indenture will provide that we will not merge or consolidate with or into any other person (other than a merger of a wholly owned subsidiary into us), or sell, transfer, lease, convey or otherwise dispose of all or substantially all our property (provided that, for the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of the Company or its subsidiaries shall not be deemed to be any such sale, transfer, lease, conveyance or disposition; and provided further that this covenant shall not apply to any sale, transfer, lease, conveyance, or other disposition of all or substantially all of the Company's property to a wholly owned subsidiary of the Company) in any one transaction or series of related transactions unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are the surviving person (the "Surviving Person") or the Surviving Person (if other than us) formed by such merger or consolidation or to which such sale, transfer, lease, conveyance or disposition is made shall be a corporation or limited liability company organized and existing under the laws of the United States of America or any state or territory thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Surviving Person (if other than us) expressly assumes, by supplemental indenture in form reasonably satisfactory to the trustee, executed and delivered to the trustee by such Surviving Person, the due and punctual payment of the principal of, and premium, if any, and interest on, all the Notes outstanding, and the due and punctual performance and observance of all the covenants and conditions of the indenture to be performed by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• immediately before and immediately after giving effect to such transaction or series of related transactions, no default or event of default shall have occurred and be continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we shall deliver, or cause to be delivered, to the trustee, an officers' certificate and an opinion of counsel, each stating that such transaction and the supplemental indenture, if any, in respect thereto, comply with this covenant, and that all conditions precedent in the indenture relating to such transaction have been complied with.

For the purposes of this covenant, the sale, transfer, lease, conveyance or other disposition of all the property of one or more of our subsidiaries, which property, if held by us instead of such subsidiaries, would constitute all or substantially all of our property on a consolidated basis, shall be deemed to be the transfer of all or substantially all of our property.

Although there is a limited body of case law interpreting the phrase "substantially all", there is no precise established definition of the phrase under applicable law. Accordingly, in certain circumstances there may be a degree of uncertainty as to whether a particular transaction would involve "all or substantially all" of the properties or assets of a person. As a result, it may be unclear as to whether the merger, consolidation or sale of assets covenant would apply to a particular transaction as described above absent a decision by a court of competent jurisdiction.

Although these types of transactions are permitted under the indenture, certain of the foregoing transactions could constitute a Change of Control that results in a Change of Control Repurchase Event permitting each holder to require us to repurchase the Notes of such holder as described above.

An assumption by any person of obligations under the Notes and the indenture might be deemed for U.S. federal income tax purposes to be an exchange of the Notes for new Notes by the holders thereof, resulting in recognition of gain or loss for such purposes and possibly other adverse tax consequences to the holders. Holders should consult their own tax advisors regarding the tax consequences of such an assumption.

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***Other Covenants***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We agree that for the period of time during which the Notes are outstanding, we will not violate, whether or not we are subject thereto, Section 18(a)(1)(A) as modified by Section 61(a) of the 1940 Act or any successor provisions, but giving effect, in either case, to any exemptive relief granted to us by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If, at any time, we are not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports with the SEC, we agree to furnish to holders of the Notes and the trustee, for the period of time during which the Notes are outstanding, our audited annual consolidated financial statements, within 90 days of our fiscal year end, and unaudited interim consolidated financial statements, within 45 days of our fiscal quarter end (other than our fourth fiscal quarter). All such financial statements will be prepared, in all material respects, in accordance with GAAP, as applicable. Delivery of such financial statements to the trustee is for informational purposes only and the trustee's receipt of such shall not constitute actual or constructive notice of any information contained therein or determinable from information contained therein, including our compliance with any of our covenants under the indenture (as to which the trustee is entitled to rely exclusively on officers' certificates).

**Modification or Waiver**

There are three types of changes we can make to the indenture and the Notes issued thereunder.

***Changes Requiring Your Approval***

First, there are changes that we cannot make to your Notes without your specific approval. The following is a list of those types of changes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change the stated maturity of the principal of or interest on the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce any amounts due on the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adversely affect any right of repayment at the holder's option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change the place (except as otherwise described in the prospectus or prospectus supplement) or currency of payment on a debt security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impair your right to sue for payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• modify the subordination provisions in the indenture in a manner that is adverse to holders of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce the percentage of holders of the Notes whose consent is needed to modify or amend the indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce the percentage of holders of the Notes whose consent is needed to waive compliance with certain provisions of the indenture or to waive certain defaults;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• modify certain of the provisions of the indenture dealing with supplemental indentures, modification and waiver of past defaults, changes to the quorum or voting requirements or the waiver of certain covenants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change any obligation we have to pay additional amounts.

***Changes Not Requiring Approval***

The second type of change does not require any vote by the holders of the Notes. This type is limited to clarifications, establishment of the form or terms of new securities of any series as permitted by the indenture, and certain other changes that would not adversely affect holders of the outstanding Notes in any material respect, including adding additional covenants or events of default. We also do not need any approval to make any change that affects only Notes to be issued under the indenture after the change takes effect.

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***Changes Requiring Majority Approval***

Any other change to the indenture and the Notes would require the following approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the change affects only the Notes, it must be approved by the holders of a majority in principal amount of the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the change affects more than one series of the securities issued under the same indenture, it must be approved by the holders of a majority in aggregate principal amount of all of the securities affected by the change, with all affected series voting together as one class for this purpose.

The holders of a majority in principal amount of a series of debt securities issued under an indenture, or all series, voting together as one class for this purpose, may waive our compliance with some of our covenants in that indenture. However, we cannot obtain a waiver of a payment default or of any of the matters covered by the bullet points included above under "*— Changes Requiring Your Approval*".

**Further Details Concerning Voting**

When taking a vote, we will use the following rules to decide how much principal to attribute to the Notes: The Notes will not be considered outstanding, and therefore not eligible to vote, if we have deposited or set aside in trust money for their payment or redemption. The Notes will also not be eligible to vote if they have been fully defeased as described later under "— *Defeasance — Legal Defeasance*".

We will generally be entitled to set any day as a record date for the purpose of determining the holders of outstanding indenture securities that are entitled to vote or take other action under the indenture. However, the record date may not be more than 30 days before the date of the first solicitation of holders to vote on or take such action. If we set a record date for a vote or other action to be taken by holders of one or more series, that vote or action may be taken only by persons who are holders of outstanding indenture securities of those series on the record date and must be taken within eleven months following the record date.

Book-entry and other indirect holders should consult their banks or brokers for information on how approval may be granted or denied if we seek to change the indenture or the Notes or request a waiver.

**Events of Default**

Each of the following is an event of default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)default in the payment of any interest upon any Notes when due and payable and the default continues for a period of 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)default in the payment of the principal of (or premium, if any, on) any Note when it becomes due and payable at its maturity, including upon any redemption date or required repurchase date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)our failure for 60 consecutive days after written notice from the trustee or the holders of at least 25% in principal amount of the Notes then outstanding to us and the trustee, as applicable, has been received to comply with any of our other agreements contained in the Notes or indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)default by us or any of our significant subsidiaries, as defined in Article 1, Rule 1-02 of Regulation S-X under the Exchange Act (but excluding any subsidiary which is (a) a non-recourse or limited recourse subsidiary, (b) a bankruptcy remote special purpose vehicle or (c) not consolidated with the Company for purposes of GAAP), with respect to any mortgage, agreement or other instrument under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $100 million in the aggregate of us and/or any such subsidiary, whether such indebtedness now exists or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable or (ii) constituting a failure to pay the principal or interest of any such debt when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, unless, in either case, such indebtedness is discharged, or such acceleration is rescinded, stayed or annulled, within a

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period of 30 calendar days after written notice of such failure is given to us by the trustee or to us and the trustee by the holders of at least 25% in aggregate principal amount of the Notes then outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Pursuant to Section 18(a)(1)(C)(ii) and Section 61 of the 1940 Act, or any successor provisions, on the last business day of each of 24 consecutive calendar months, any class of securities shall have an asset coverage (as such term is used in the 1940 Act) of less than 100%, giving effect to any amendments to such provisions of the 1940 Act or to any exemptive relief granted to us by the SEC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)certain events of bankruptcy, insolvency, or reorganization involving us occur and remain undischarged or unstayed for a period of 90 consecutive days.

If an event of default occurs and is continuing, then and in every such case (other than an event of default specified in item (6) above) the trustee or the holders of at least 25% in principal amount of the outstanding Notes may declare the entire principal amount of all outstanding Notes to be due and immediately payable, by a notice in writing to us (and to the trustee if given by the holders), and upon any such declaration such principal shall become immediately due and payable. Notwithstanding the foregoing, in the case of the events of bankruptcy, insolvency or reorganization described in item (6) above, 100% of the principal of and accrued and unpaid interest on the Notes will automatically become due and payable.

At any time after a declaration of acceleration with respect to the Notes has been made and before a judgment or decree for payment of the money due has been obtained by the trustee, the holders of a majority in principal amount of the outstanding Notes, by written notice to us and the trustee, may rescind and annul such declaration and its consequences if (i) we have paid or deposited with the trustee a sum sufficient to pay all overdue installments of interest, if any, on all outstanding Notes, the principal of (and premium, if any, on) all outstanding Notes that have become due otherwise than by such declaration of acceleration and interest thereon at the rate or rates borne by or provided for in such Notes, to the extent that payment of such interest is lawful interest upon overdue installments of interest at the rate or rates borne by or provided for in such Notes, and all sums paid or advanced by the trustee and the reasonable compensation, expenses, disbursements and advances of the trustee, its agents and counsel, and (ii) all events of default with respect to the Notes, other than the nonpayment of the principal of (or premium, if any, on) or interest on such Notes that have become due solely by such declaration of acceleration, have been cured or waived. No such rescission will affect any subsequent default or impair any right consequent thereon.

No holder of Notes will have any right to institute any proceeding, judicial or otherwise, with respect to the indenture, or for the appointment of a receiver or trustee, or for any other remedy under the indenture, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)such holder has previously given written notice to the trustee of a continuing event of default with respect to the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the holders of not less than 25% in principal amount of the outstanding Notes shall have made written request to the trustee to institute proceedings in respect of such event of default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)such holder or holders have offered to the trustee security or indemnity satisfactory to the trustee against the costs, expenses and liabilities to be incurred in compliance with such request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the trustee for 60 days after its receipt of such notice, request and offer of security or indemnity has failed to institute any such proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)no direction inconsistent with such written request has been given to the trustee during such 60-day period by the holders of a majority in principal amount of the outstanding Notes.

Notwithstanding any other provision in the indenture, the holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of (and premium, if any, on) and interest, if any, on such Note on the stated maturity or maturity expressed in such Note (or, in the case of redemption, on the redemption date or, in the case of repayment at the option of the holders, on the repayment date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such holder.

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The trustee shall be under no obligation to exercise any of the rights or powers vested in it by the indenture at the request or direction of any of the holders of the Notes unless such holders shall have offered to the trustee security or indemnity satisfactory to the trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. Subject to the foregoing, the holders of a majority in principal amount of the outstanding Notes shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee or exercising any trust or power conferred on the trustee with respect to the Notes, *provided that* (i) such direction shall not be in conflict with any rule of law or with the indenture, (ii) the trustee may take any other action deemed proper by the trustee that is not inconsistent with such direction and (iii) the trustee need not take any action that may involve it in personal liability or be unjustly prejudicial (it being understood that the trustee does not have an affirmative duty to ascertain whether or not any such directions are unduly prejudicial to such holders) to the holders of Notes not consenting.

The holders of not less than a majority in principal amount of the outstanding Notes may on behalf of the holders of all of the Notes waive any past default under the indenture with respect to the Notes and its consequences, except a default (i) in the payment of (or premium, if any, on) or interest, if any, on any of the Notes, or (ii) in respect of a covenant or provision of the indenture which cannot be modified or amended without the consent of the holder of each outstanding Note affected. Upon any such waiver, such default shall cease to exist, and any event of default arising therefrom shall be deemed to have been cured, for every purpose, but no such waiver shall extend to any subsequent or other default or event of default or impair any right consequent thereto.

We are required to deliver to the trustee, within 120 days after the end of each fiscal year, an officers' certificate stating that to the knowledge of the signers whether we are in default in the performance of any of the terms, provisions or conditions of the indenture.

Within 90 days after the occurrence of any default under the indenture with respect to the Notes, the trustee shall transmit notice of such default actually known to a responsible officer of the trustee, unless such default shall have been cured or waived; *provided*, however, that, except in the case of a default in the payment of the principal of (or premium, if any, on) or interest, if any, on any of the Notes, the trustee shall be protected in withholding such notice if and so long as it in good faith determines that withholding of such notice is in the interest of the holders of the Notes.

**Satisfaction and Discharge**

We may satisfy and discharge our obligations under the indenture by delivering to the securities registrar for cancellation all outstanding Notes or by depositing with the trustee, in trust, funds in U.S. dollars in an amount sufficient to pay all of the outstanding Notes after the Notes have become due and payable or will become due and payable within one year (or scheduled for redemption within one year). Such discharge is subject to terms contained in the indenture.

**Defeasance**

The Notes will be subject to covenant defeasance and legal defeasance.

**Covenant Defeasance**

If certain conditions are satisfied, we can make the deposit described below and be released from some of the restrictive covenants in the indenture under which the Notes were issued. This is called "covenant defeasance." In that event, you would lose the protection of those restrictive covenants but would gain the protection of having money and government securities set aside in trust to repay your Notes. In order to achieve covenant defeasance, we must do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deposit in trust for the benefit of all holders of the Notes a combination of money and United States government or United States government agency notes or bonds that will generate enough cash, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants, to make interest, principal and any other payments on the Notes on their various due dates;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deliver to the trustee a legal opinion of our counsel confirming that, under current U.S. federal income tax law, we may make the above deposit without causing you to recognize income, gain, or loss for U.S. federal income tax purposes as a result of such covenant defeasance or to be taxed on the Notes any differently than if we did not make the deposit and repaid the Notes at maturity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deliver to the trustee a legal opinion and officers' certificate stating that all conditions precedent to covenant defeasance have been complied with.

If we accomplished covenant defeasance, you can still look to us for repayment of the Notes if there were a shortfall in the trust deposit or the trustee is prevented from making payment. For example, if one of the remaining Events of Default occurred (such as our bankruptcy) and the Notes became immediately due and payable, there might be a shortfall. Depending on the event causing the default, you may not be able to obtain payment of the shortfall.

**Legal Defeasance**

If there is a change in U.S. federal tax law, as described below, we can legally release ourselves from all payment and other obligations on the Notes (called "defeasance" or "legal defeasance") if we put in place the following other arrangements for you to be repaid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We must deposit in trust for the benefit of all holders of the Notes a combination of money and United States government or United States government agency notes or bonds that will generate enough cash, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants, to make interest, principal and any other payments on the Notes on their various due dates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We must deliver to the trustee a legal opinion confirming that there has been a change in current U.S. federal tax law or an IRS ruling that allows us to make the above deposit without causing you to recognize income, gain, or loss for U.S. federal income tax purposes as a result of such defeasance or to be taxed on the Notes any differently than if we did not make the deposit and repaid the Notes at maturity. Under current U.S. federal tax law, the deposit and our legal release from the Notes would be treated as though we paid you your share of the cash and notes or bonds at the time the cash and notes or bonds were deposited in trust in exchange for your Notes and you would recognize gain or loss on the Notes at the time of the deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We must deliver to the trustee a legal opinion and officers' certificate stating that all conditions precedent to defeasance have been complied with.

If we ever accomplished legal defeasance, as described above, you would have to rely solely on the trust deposit for repayment of the Notes. You could not look to us for repayment in the unlikely event of any shortfall.

Conversely, the trust deposit would most likely be protected from claims of our lenders and other creditors if we ever became bankrupt or insolvent.

**Trustee**

Deutsche Bank Trust Company Americas, as successor to Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association is the trustee, security registrar and paying agent. Deutsche Bank Trust Company Americas, in each of its capacities, including without limitation as trustee, security registrar and paying agent, assumes no responsibility for the accuracy or completeness of the information concerning us or our affiliates or any other party contained in this prospectus supplement or the related documents or for any failure by us or any other party to disclose events that may have occurred and may affect the significance or accuracy of such information, or for any information provided to it by us, including but not limited to settlement amounts and any other information. Neither the trustee nor any paying agent shall be responsible for determining whether any Change of Control or Below Investment Grade Rating Event has occurred and whether any Change of Control offer with respect to the Notes is required.

We may maintain banking relationships in the ordinary course of business with the trustee and its affiliates.

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**Resignation or Removal of Trustee**

The trustee may resign or be removed with respect to the Notes provided that a successor trustee is appointed to act with respect to the Notes. In the event that two or more persons are acting as trustee with respect to different series of indenture securities under the indenture, each of the trustees will be a trustee of a trust separate and apart from the trust administered by any other trustee.

**Governing Law**

The indenture provides that it and the Notes shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of laws that would cause the application of laws of another jurisdiction.

**Book-Entry, Settlement and Clearance**

***Global Notes***

The Notes will be initially issued in the form of one or more registered Notes in global form, without interest coupons (the "Global Notes"). Upon issuance, each of the Global Notes will be deposited with the trustee as custodian for DTC and registered in the name of Cede & Co., as nominee of DTC.

Ownership of beneficial interests in a Global Note will be limited to persons who have accounts with DTC ("DTC participants") or persons who hold interests through DTC participants. We expect that under procedures established by DTC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon deposit of a Global Note with DTC's custodian, DTC will credit portions of the principal amount of the Global Note to the accounts of the DTC participants designated by the underwriters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ownership of beneficial interests in a Global Note will be shown on, and transfer of ownership of those interests will be effected only through, records maintained by DTC (with respect to interests of DTC participants) and the records of DTC participants (with respect to other owners of beneficial interests in the Global Note).

Beneficial interests in Global Notes may not be exchanged for Notes in physical, certificated form except in the limited circumstances described below.

***Book-Entry Procedures for Global Notes***

All interests in the Global Notes will be subject to the operations and procedures of DTC. We provide the following summary of those operations and procedures solely for the convenience of investors. The operations and procedures of DTC are controlled by that settlement system and may be changed at any time. Neither we, the trustee nor the underwriters are responsible for those operations or procedures.

DTC has advised us that it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a limited purpose trust company organized under the laws of the State of New York;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a "banking organization" within the meaning of the New York State Banking Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a member of the Federal Reserve System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a "clearing corporation" within the meaning of the Uniform Commercial Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a "clearing agency" registered under Section 17A of the Exchange Act.

DTC was created to hold securities for its participants and to facilitate the clearance and settlement of securities transactions between its participants through electronic book-entry changes to the accounts of its participants. DTC's participants include securities brokers and dealers, including the underwriters; banks and trust companies; clearing

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corporations and other organizations. Indirect access to DTC's system is also available to others such as banks, brokers, dealers and trust companies; these indirect participants clear through or maintain a custodial relationship with a DTC participant, either directly or indirectly. Investors who are not DTC participants may beneficially own securities held by or on behalf of DTC only through DTC participants or indirect participants in DTC.

So long as DTC's nominee is the registered owner of a Global Note, that nominee will be considered the sole owner or holder of the Notes represented by that Global Note for all purposes under the indenture. Except as provided below, owners of beneficial interests in a Global Note:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will not be entitled to have Notes represented by the Global Note registered in their names;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will not receive or be entitled to receive physical, certificated Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will not be considered the owners or holders of the Notes under the indenture for any purpose, including with respect to receiving notices or the giving of any direction, instruction or approval to the trustee under the indenture.

As a result, each investor who owns a beneficial interest in a Global Note must rely on the procedures of DTC to exercise any rights of a holder of Notes under the indenture (and, if the investor is not a participant or an indirect participant in DTC, on the procedures of the DTC participant through which the investor owns its interest). Payments of principal and interest with respect to the Notes represented by a Global Note will be made by the trustee to DTC's nominee as the registered holder of the Global Note. Neither we nor the trustee will have any responsibility or liability for the payment of amounts to owners of beneficial interests in a Global Note, for any aspect of the records relating to or payments made on account of those interests by DTC, or for maintaining, supervising or reviewing any records of DTC relating to those interests. Payments by participants and indirect participants in DTC to the owners of beneficial interests in a Global Note will be governed by standing instructions and customary industry practice and will be the responsibility of those participants or indirect participants and DTC.

Cross-market transfers of beneficial interests in Global Notes between DTC participants, on the one hand, and Euroclear or Clearstream participants, on the other hand, will be effected within DTC through the DTC participants that are acting as depositaries for Euroclear and Clearstream. To deliver or receive an interest in a Global Note held in a Euroclear or Clearstream account, an investor must send transfer instructions to Euroclear or Clearstream, as the case may be, under the rules and procedures of that system and within the established deadlines of that system. If the transaction meets its settlement requirements, Euroclear or Clearstream, as the case may be, will send instructions to its DTC depositary to take action to effect final settlement by delivering or receiving interests in the relevant Global Notes in DTC, and making or receiving payment under normal procedures for same-day funds settlement applicable to DTC. Euroclear and Clearstream participants may not deliver instructions directly to the DTC depositaries that are acting for Euroclear or Clearstream.

Because the settlement of cross-market transfers takes place during New York business hours, DTC participants may employ their usual procedures for sending securities to the applicable DTC participants acting as depositaries for Euroclear and Clearstream. The sale proceeds will be available to the DTC participant seller on the settlement date. Thus, to a DTC participant, a cross-market transaction will settle no differently from a trade between two DTC participants. Because of time zone differences, the securities account of a Euroclear or Clearstream participant that purchases an interest in a Global Note from a DTC participant will be credited on the business day for Euroclear or Clearstream immediately following the DTC settlement date. Cash received in Euroclear or Clearstream from the sale of an interest in a Global Note to a DTC participant will be reflected in the account of the Euroclear of Clearstream participant the following business day, and receipt of the cash proceeds in the Euroclear or Clearstream participant's account will be back-valued to the date on which settlement occurs in New York. DTC, Euroclear and

Clearstream have agreed to the above procedures to facilitate transfers of interests in the Global Notes among participants in those settlement systems. However, the settlement systems are not obligated to perform these procedures and may discontinue or change these procedures at any time. Neither we nor the trustee will have any responsibility or liability for the performance by DTC, Euroclear or Clearstream or their participants or indirect participants of their obligations under the rules and procedures governing their operations, including maintaining,

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supervising or reviewing the records relating to, or payments made on account of, beneficial ownership interests in Global Notes.

Transfers between participants in DTC will be effected under DTC's procedures and will be settled in same-day funds.

***Certificated Notes***

Notes in physical, certificated form will be issued and delivered to each person that DTC identifies as a beneficial owner of the related Notes only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DTC notifies us at any time that it is unwilling or unable to continue as depositary for the Global Notes and a successor depositary is not appointed within 90 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DTC ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is not appointed within 90 days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an event of default with respect to the Notes has occurred and is continuing and such beneficial owner requests that its Notes be issued in physical, certificated form.

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**UNDERWRITING**

Mizuho Securities USA LLC, BofA Securities, Inc., MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc. and U.S. Bancorp Investments, Inc. are acting as the representatives of the underwriters. We have entered into an underwriting agreement with the underwriters. Subject to the terms and conditions of the underwriting agreement, we have agreed to sell to the underwriters, and each underwriter has severally agreed to purchase, at the public offering price less the underwriting discounts and commissions set forth on the cover page of this prospectus supplement, the aggregate principal amount of Notes set forth below:

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| | |
|:---|:---|
| **Name** | **Principal Amount of Notes** |
| Mizuho Securities USA LLC |  |
| BofA Securities, Inc. |  |
| MUFG Securities Americas Inc. |  |
| SMBC Nikko Securities America, Inc. |  |
| U.S. Bancorp Investments, Inc. |  |
| Total | $|

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The underwriters are committed to purchase all the Notes offered by us if they purchase any Notes. The underwriting agreement also provides that if an underwriter defaults, the purchase commitments of non-defaulting underwriters may be increased or the offering may be terminated.

We and the Adviser have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act.

The underwriters are offering the Notes, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel, including the validity of the Notes, and other conditions contained in the underwriting agreement, such as the receipt by the underwriters of officers' certificates and legal opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

**Commissions and Discounts**

The underwriters propose to offer some of the Notes to the public at the public offering price set forth on the cover page of this prospectus supplement and some of the Notes to certain other dealers at the public offering price less a concession not in excess of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the aggregate principal amount of the Notes. The underwriters may allow, and the dealers may reallow, a discount not in excess of&nbsp;&nbsp;&nbsp;&nbsp; % of the aggregate principal amount of the Notes. After the initial offering of the Notes to the public, the public offering price and other selling terms may be changed. No such change shall change the amount of proceeds to be received by us as set forth on the cover page of this prospectus supplement.

The following table shows the public offering price, underwriting discount and proceeds before expenses to us.

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| | | |
|:---|:---|:---|
| | **Per Note** | **Amount** |
| Public offering price | % | $ |
| Underwriting discount (sales load) | % | $ |
| Proceeds to us, before expenses | % | $ |

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The expenses of the offering, not including the underwriting discount, are estimated at $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and are payable by us.

**No Sales of Similar Securities**

Subject to certain exceptions, we have agreed not to, directly or indirectly, offer, pledge, sell, contract to sell, grant any option to purchase, make any short sale, or otherwise transfer or dispose of any securities that are

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substantially similar to the Notes or file or confidentially submit any registration statement under the Securities Act relating to such securities until the settlement date of this offering without first obtaining the written consent of the representatives. This consent may be given at any time without public notice.

**Listing**

The Notes are a new issue of securities with no established trading market. The Notes will not be listed on any securities exchange or quoted on any automated dealer quotation system.

We have been advised by certain of the underwriters that they presently intend to make a market in the Notes after completion of this offering as permitted by applicable laws and regulations. Such underwriters are not obligated, however, to make a market in the Notes and any such market-making may be discontinued at any time in the sole discretion of such underwriters without any notice. Accordingly, no assurance can be given as to the liquidity of, or development of a public trading market for, the Notes. If an active public trading market for the Notes does not develop, the market price and liquidity of the Notes may be adversely affected.

**Price Stabilization, Short Positions**

In connection with the offering, the underwriters may purchase and sell Notes in the open market. These transactions may include over-allotment, covering transactions and stabilizing transactions. Over-allotment involves sales of securities in excess of the aggregate principal amount of securities to be purchased by the underwriters in the offering, which creates a short position for the underwriters. Covering transactions involve purchases of the securities in the open market after the distribution has been completed in order to cover short positions. Stabilizing transactions consist of certain bids or purchases of securities made for the purpose of preventing or retarding a decline in the market price of the securities while the offering is in progress.

The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the representatives have repurchased Notes sold by or for the account of such underwriter in stabilizing or short covering transactions.

Any of these activities may cause the price of the Notes to be higher than the price that otherwise would exist in the open market in the absence of such transactions. These transactions may be effected in the over-the-counter market or otherwise and, if commenced, may be discontinued at any time without any notice relating thereto.

Neither we nor any of the underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of the Notes. In addition, neither we nor any of the underwriters make any representation that the representatives will engage in these transactions or that these transactions, once commenced, will not be discontinued without notice.

**Other Relationships**

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include sales and trading, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making, brokerage and other financial and non-financial activities and services. Certain of the underwriters and their respective affiliates have provided, and may in the future provide, a variety of these services to us and to persons and entities with relationships with us, for which they received or will receive customary fees and expenses.

In the ordinary course of their various business activities, the underwriters and their respective affiliates, officers, directors and employees may purchase, sell or hold a broad array of investments and actively traded securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments for their own account and for the accounts of their customers, and such investment and trading activities may involve or relate to assets, securities or instruments of us (directly, as collateral securing other obligations or otherwise) or persons and entities with relationships with us. Certain of the underwriters and their affiliates that have a lending relationship with us routinely hedge their credit exposure to us consistent with their customary risk management policies. Typically, such underwriters and their affiliates would hedge such exposure by entering into transactions

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which consist of either the purchase of credit default swaps or the creation of short positions in our securities, including potentially the Notes offered hereby. Any such credit default swaps or short positions could adversely affect future trading prices of the Notes offered hereby. The underwriters and their respective affiliates may also communicate independent investment recommendations, market color or trading ideas or publish or express independent research views in respect of such assets, securities or instruments and may at any time hold, or recommend to clients that they should acquire, long or short positions in such assets, securities and instruments.

We expect to use proceeds from this offering to pay down certain of our existing indebtedness under the Revolving Credit Facility. Affiliates of certain underwriters are lenders under the Revolving Credit Facility. Accordingly, affiliates of certain of the underwriters may receive more than 5% of the proceeds of this offering to the extent the proceeds are used to pay down the Revolving Credit Facility.

Certain accounts managed by affiliates of the Adviser may purchase Notes in this offering through the underwriters at a purchase price per Note equal to the issue price set forth on the cover page of this prospectus supplement. The underwriting agreement among us, the Adviser and Mizuho Securities USA LLC, BofA Securities, Inc., MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc. and U.S. Bancorp Investments, Inc., as representatives of the several underwriters, will not restrict the ability of these accounts to buy or sell the Notes in the future, and as a result, these accounts may buy or sell Notes in open market transactions, privately negotiated transactions, tender offers or otherwise at any time following the consummation of this offering.

The underwriters or their affiliates may also trade in our securities, securities of our portfolio companies or other financial instruments related thereto for their own accounts or for the account of others and may extend loans or financing directly or through derivative transactions to the Adviser or any of our portfolio companies.

**Settlement**

We expect that delivery of the Notes will be made to investors on or about&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026, which will be the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; business day following the date hereof. Under Rule 15c6-1 of the Exchange Act trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes prior to one business day before the date of delivery will be required, by virtue of the fact that the Notes initially will settle T+&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade the Notes prior to one business day before the date of delivery should consult their own advisor.

**Principal Business Addresses**

The principal business address of Mizuho Securities USA LLC is 1271 Avenue of the Americas, New York, NY 10020. The principal business address of BofA Securities, Inc. is One Bryant Park, New York, New York 10036. The principal business address of MUFG Securities Americas Inc. is 1221 Avenue of the Americas, 6th Floor, New York, New York 10020. The principal business address of SMBC Nikko Securities America, Inc. is 277 Park Avenue, New York, New York 10172. The principal business address of U.S. Bancorp Investments, Inc. is 214 North Tryon Street, 26th Floor Charlotte, North Carolina 28202.

**Other Jurisdictions**

Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the Notes offered by this prospectus supplement and the accompanying prospectus in any jurisdiction where action for that purpose is required. The Notes offered by this prospectus supplement and the accompanying prospectus may not be offered or sold, directly or indirectly, nor may this prospectus supplement and the accompanying prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus supplement and the accompanying prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus supplement. This prospectus supplement and the accompanying prospectus do not constitute an offer to sell or a solicitation of an offer to buy any

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Notes offered by this prospectus supplement and the accompanying prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

**Notice to Prospective Investors in the European Economic Area**

The Notes may not be offered, sold or otherwise made available to any retail investor in the European Economic Area, or EEA. For these purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)a retail investor means a person who is one (or more) of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a retail client as defined in point (11) of Article 4(1) of Article 4(1) of Directive 2014/65/EU (as amended or superseded, or MiFID II); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a customer within the meaning of Directive (EU) 2016/97 (as amended or superseded, the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended or superseded, the "Prospectus Regulation"), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe the Notes.

Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, or the PRIIPs Regulation) for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. This prospectus has been prepared on the basis that any offer of Notes in any member state of the EEA will be made pursuant to an exemption under the Prospectus Regulation from the requirement to publish a prospectus for offers of the Notes. This prospectus supplement is not a prospectus for the purposes of the Prospectus Regulation.

**Notice to Prospective Investors in the United Kingdom**

The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom. For the purposes of this provision:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the expression "retail investor" means a person who is one (or more) of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a retail client as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 ("EUWA"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (as amended, the "FSMA") of the United Kingdom and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)not a qualified investor as defined in paragraph 15 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2014/15 (the "UK POAT Regulation"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes.

Consequently, no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the "UK PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the Notes or

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otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation. This prospectus supplement has been prepared on the basis that any offer of Notes in the UK will be made pursuant to an exception to the prohibition on offers of "relevant securities" to the public under the UK POAT Regulation. This prospectus supplement is not a prospectus for the purposes of the UK POAT Regulation.

This prospectus supplement and any other material in relation to the Notes is only being distributed to, and is directed only at, persons in the United Kingdom who are "qualified investors" (as defined in the UK POAT Regulation who are also (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Order"), or (ii) high net worth entities or other persons falling within Articles 49(2)(a) to (d) of the Order, or (iii) persons to whom it would otherwise be lawful to distribute it, all such persons together being referred to as "Relevant Persons". The Notes are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the Notes will be engaged in only with, Relevant Persons. This prospectus supplement and its contents are confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by any recipients to any other person in the United Kingdom. Any person in the United Kingdom that is not a Relevant Person should not act or rely on this prospectus supplement or its contents. The Notes are not being offered to the public in the United Kingdom.

In addition, in the United Kingdom, each underwriter has represented and agreed the Notes may not be offered other than by an underwriter that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of the Notes in circumstances in which Section 21(1) of the FSMA does not apply to us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Notes in, from or otherwise involving the United Kingdom.

**Notice to Prospective Investors in Canada**

This prospectus supplement constitutes an "exempt offering document" as defined in and for the purposes of applicable Canadian securities laws. No prospectus has been filed with any securities commission or similar regulatory authority in Canada in connection with the offer and sale of the Notes. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this prospectus supplement or on the merits of the Notes and any representation to the contrary is an offence.

**Canadian investors are advised that this prospectus supplement has been prepared in reliance on section 3A.3 of National Instrument 33-105 *Underwriting Conflicts* ("NI 33-105"). Pursuant to section 3A.3 of NI 33-105, the Company and the underwriters in the offering are exempt from the requirement to provide Canadian investors with certain conflicts of interest disclosure pertaining to "connected issuer" and/or "related issuer" relationships as would otherwise be required pursuant to subsection 2.1(1) of NI 33-105.**

***Resale Restrictions***

The offer and sale of the Notes in Canada is being made on a private placement basis only and is exempt from the requirement that the Company prepares and files a prospectus under applicable Canadian securities laws. Any resale of Notes by a Canadian investor in this offering must be made in accordance with applicable Canadian securities laws, which may vary depending on the relevant jurisdiction, and which may require resales to be made in accordance with Canadian prospectus requirements, a statutory exemption from the prospectus requirements, in a transaction exempt from the prospectus requirements or otherwise under a discretionary exemption from the prospectus requirements granted by the applicable local Canadian securities regulatory authority. These resale restrictions may under certain circumstances apply to resales of the Notes outside of Canada.

------

***Representations of Purchasers***

Each Canadian investor who purchases the Notes will be deemed to have represented to the Company, the underwriters and to each dealer from whom a purchase confirmation is received, as applicable, that the investor is (i) purchasing as principal, or is deemed to be purchasing as principal in accordance with applicable Canadian securities laws; (ii) an "accredited investor" as such term is defined in section 1.1 of National Instrument 45-106 *Prospectus Exemptions* or, in Ontario, as such term is defined in section 73.3(1) of the *Securities Act* (Ontario); and (iii) a "permitted client" as such term is defined in section 1.1 of National Instrument 31-103 *Registration Requirements, Exemptions and Ongoing Registrant Obligations*.

***Taxation and Eligibility for Investment***

Any discussion of taxation and related matters contained in this prospectus supplement does not purport to be a comprehensive description of all of the tax considerations that may be relevant to a Canadian investor when deciding to purchase the Notes and, in particular, does not address any Canadian tax considerations. No representation or warranty is hereby made as to the tax consequences to a resident, or deemed resident, of Canada of an investment in the Notes or with respect to the eligibility of the Notes for investment by such investor under relevant Canadian federal and provincial legislation and regulations.

***Rights of Action for Damages or Rescission***

Securities legislation in certain of the Canadian jurisdictions provides certain purchasers of securities pursuant to an offering memorandum (such as this prospectus supplement), including where the distribution involves an "eligible foreign security" as such term is defined in Ontario Securities Commission Rule 45-501 *Ontario Prospectus and Registration Exemptions* and in Multilateral Instrument 45-107 *Listing Representation and Statutory Rights of Action Disclosure Exemptions*, as applicable, with a remedy for damages or rescission, or both, in addition to any other rights they may have at law, where the offering memorandum, or other offering document that constitutes an offering memorandum, and any amendment thereto, contains a "misrepresentation" as defined under applicable Canadian securities laws. These remedies, or notice with respect to these remedies, must be exercised or delivered, as the case may be, by the purchaser within the time limits prescribed under, and are subject to limitations and defences under, applicable Canadian securities legislation. In addition, these remedies are in addition to and without derogation from any other right or remedy available at law to the investor.

***Language of Documents***

Upon receipt of this document, each Canadian investor hereby confirms that it has expressly requested that all documents evidencing or relating in any way to the sale of the securities described herein (including for greater certainty any purchase confirmation or any notice) be drawn up in the English language only.*Par la réception de ce document, chaque investisseur canadien confirme par les présentes qu'il a expressément exigé que tous les documents faisant foi ou se rapportant de quelque manière que ce soit à la vente des valeurs mobilières décrites aux présentes (incluant, pour plus de certitude, toute confirmation d'achat ou tout avis) soient rédigés en anglais seulement.*

**Notice to Prospective Investors in Singapore**

This prospectus supplement has not been and will not be registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus supplement and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Notes may not be circulated or distributed, nor may the Notes be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined in Section 4A of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA")) under Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to conditions set forth in the SFA.

------

Where the Notes are subscribed or purchased under Section 275 of the SFA by a relevant person which is a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor, the securities (as defined in Section 239(1) of the SFA) of that corporation shall not be transferable for 6 months after that corporation has acquired the Notes under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer in that corporation's securities pursuant to Section 275(1A) of the SFA, (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore ("Regulation 32").

Where the Notes are subscribed or purchased under Section 275 of the SFA by a relevant person which is a trust (where the trustee is not an accredited investor (as defined in Section 4A of the SFA)) whose sole purpose is to hold investments and each beneficiary of the trust is an accredited investor, the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferable for 6 months after that trust has acquired the Notes under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer that is made on terms that such rights or interest are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction (whether such amount is to be paid for in cash or by exchange of securities or other assets), (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32.

*Singapore Securities and Futures Act Product Classification* — Solely for the purposes of its obligations pursuant to sections 309B(1)(a) and 309B(1)(c) of the SFA, the Company has determined, and hereby notifies all relevant persons (as defined in Section 309A of the SFA) that the Notes are "prescribed capital markets products" (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

**Notice to Prospective Investors in Israel**

No action has been, or will be, taken in Israel that would permit an offering of the Notes or a distribution of this prospectus supplement and the accompanying prospectus to the public in Israel. In particular, neither the prospectus supplement nor the accompanying prospectus has been reviewed or approved by the Israel Securities Authority. The Notes are being offered to a limited number of qualified investors listed on the first addendum of the Securities Law (a "Qualified Investor"), in all cases under the circumstances that will fall within the private placement exemption of the Israeli Securities Law of 1968 ("Securities Law"). This prospectus supplement and the accompanying prospectus may not be reproduced or used for any other purpose, nor be furnished to any other person other than those to whom copies have been sent. Any investor in the Notes shall be required to declare in writing prior to such purchase that it qualifies as a Qualified Investor, agrees to be deemed a Qualified Investor, and is aware of the consequences of being classified as a Qualified Investor, that it will comply with the guidelines of the Israel Securities Authority with respect to the sale or offer of securities to Qualified Investors (including those published on September 21, 2014), and that it is purchasing the Notes for its own benefit and on its own account and not with the aim or intention of distributing or offering the Notes to other parties. Nothing in this prospectus supplement or the accompanying prospectus should be considered "investment advice", or "investment marketing" as defined in the Regulation of Investment Advice, Investment Marketing and Portfolio Management Law of 1995. Any investor who purchases the Notes shall be required to declare in writing that it has the knowledge, expertise and experience in financial and business matters so as to be capable of evaluating the risks and merits of an investment in the Notes, without relying on any of the materials provided.

**Notice to Prospective Investors in Hong Kong**

**Warning—The contents of this prospectus supplement have not been reviewed, approved or endorsed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are** 

------

**in any doubt about any of the contents of this prospectus supplement, you should obtain independent professional advice.**

The Notes have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (a) to "professional investors" as defined in the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) ("SFO") and any rules made under the SFO, including the Securities and Futures (Professional Investor) Rules (Chapter 571D of the Laws of Hong Kong); or (b) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong) ("CWUMPO") or which do not constitute an offer to the public within the meaning of the CWUMPO. No advertisement, invitation or document relating to the Notes has been or may be issued or has been or may be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to Notes which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the SFO and any rules made under the SFO. This prospectus supplement is intended solely for the use of the person to whom it has been delivered for the purpose of evaluating a possible investment by the recipient in the Notes described herein, and is not to be reproduced or distributed to any other persons (other than professional advisors of the prospective investor receiving this prospectus supplement).

**Notice to Prospective Investors in Saudi Arabia**

This prospectus supplement may not be distributed in the Kingdom of Saudi Arabia except to such persons as are permitted under the Rules on the Offer of Securities and Continuing Obligations as issued by the board of the Saudi Arabian Capital Market Authority ("CMA") pursuant to resolution number 3-123-2017 dated 9/4/1439H (corresponding to 27/12/2017G) as amended by resolution number 1-104-2019 dated 01/02/1441H (corresponding to 30/09/2019G), as amended. The CMA does not make any representation as to the accuracy or completeness of this prospectus supplement and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this prospectus supplement. Prospective purchasers of the Notes offered hereby should conduct their own due diligence on the accuracy of the information relating to the Notes. If you do not understand the contents of this prospectus supplement, you should consult an authorized financial advisor.

**Notice to Prospective Investors in Switzerland**

Neither this prospectus supplement nor any other offering or marketing material relating to the Notes constitutes a prospectus as such term is understood pursuant to Article 652a or Article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange or any other regulated trading facility in Switzerland, and neither this prospectus supplement nor any other offering or marketing material relating to the Notes may be publicly distributed or otherwise made publicly available in Switzerland.

------

**LEGAL MATTERS**

The validity of the Notes offered hereby and certain legal matters for us in connection with the offering will be passed upon for us by Eversheds Sutherland (US) LLP. Eversheds Sutherland (US) LLP also represents the Adviser. Certain legal matters in connection with the offering will be passed upon for the underwriters by Kirkland & Ellis LLP.

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**INCORPORATION OF CERTAIN INFORMATION BY REFERENCE**

This prospectus supplement is part of a registration statement that we have filed with the SEC. We are allowed to "incorporate by reference" the information that we file with the SEC, which means that we can disclose important information to you by referring you to such information incorporated by reference. The information incorporated by reference is considered to comprise a part of this prospectus supplement from the date we file any such document. Any reports filed by us with the SEC subsequent to the date of this prospectus supplement and before the date that any offering of any securities by means of this prospectus supplement and the accompanying prospectus is terminated will automatically update and, where applicable, supersede any information contained in this prospectus supplement or incorporated by reference in this prospectus supplement.

We incorporate by reference into this prospectus supplement our filings listed below; provided, however, that information "furnished" under Item 2.02 or Item 7.01 of Form 8-K or other information "furnished" to the SEC which is not deemed filed is not incorporated by reference in this prospectus supplement and any accompanying prospectus. Information that we file with the SEC subsequent to the date of this prospectus supplement will automatically update and may supersede information in this prospectus supplement and other information previously filed with the SEC.

The prospectus supplement incorporates by reference the documents set forth below that have been previously filed with the SEC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on <u>[March](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)[6](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)[, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Quarterly Reports on Form 10-Q for the three, six and nine months ended March 31, 2025, June 30, 2025 and September 30, 2025, filed with the SEC on <u>[May](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000015/ortf-20250331.htm)[12](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000015/ortf-20250331.htm)[, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000015/ortf-20250331.htm)</u>, <u>[August 6, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000024/ortf-20250630.htm)</u>, and <u>[November 5, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000048/ortf-20250930.htm)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Definitive Proxy Statement on Schedule 14A, filed with the SEC on <u>[April 3, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000119312525072422/d834986ddef14a.htm)</u> (Annual Proxy Statement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the description of our common stock referenced in our Registration Statement on Form 8-A, filed with the SEC on <u>[June 11, 2025](https://www.sec.gov/Archives/edgar/data/1747777/000119312525138811/d30965d8a12b.htm)</u>, including any amendment or report filed for the purpose of updating such description; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Current Reports on Form 8-K filed with the SEC on <u>[January 14, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000162828025001442/otic-20250113.htm)</u>, <u>[January 21, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000162828025002040/otic-20250121.htm)</u>, <u>[March 14, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000162828025012805/otic-20250314.htm)</u>, <u>[March 20, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000162828025014117/otic-20250320.htm)</u>, <u>[March 24, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000162828025014413/otic-20250324.htm)</u>, <u>[June 3, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000119312525134115/d935741d8k.htm)</u>, <u>[June 11, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000119312525138807/d30919d8k.htm)</u>, <u>[June 27, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000119312525151349/d922011d8k.htm)</u>, <u>[August 11, 2025](https://www.sec.gov/Archives/edgar/data/1747777/000119312525177981/d194234d8k.htm)</u>, <u>[September 3, 2025](https://www.sec.gov/Archives/edgar/data/1747777/000119312525194549/d62747d8k.htm)</u>, <u>[October 14, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000119312525239084/d43407d8k.htm)</u>, <u>[November 3, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000119312525262653/d38473d8k.htm)</u>, <u>[November 5, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000119312525267287/d82518d8k.htm)</u>, <u>[December 2, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000119312525305466/d24282d8k.htm)</u>, <u>[December 16, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000119312525328823/d39392d8k.htm)</u>, <u>[December 22, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000119312525328823/d39392d8k.htm)</u> and <u>[December 22, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000119312525328828/d54358d8k.htm)</u>.

See "*Available Information*" in the accompanying prospectus for information on how to obtain a copy of these filings.

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**PROSPECTUS**

**Blue Owl Technology Finance Corp.** 

**Common Stock** 

**Preferred Stock** 

**Subscription Rights** 

**Warrants** 

**Debt Securities**

**Units** 

We are a specialty finance company focused on making debt and equity investments in technology-related, specifically software, companies based primarily in the United States. 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 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. 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 invest at least 80% of the value of our total assets in "technology-related" companies. We define technology-related companies as that 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.

We are an externally managed, closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). We are advised by Blue Owl Technology Credit Advisors LLC ("the Adviser" or "our Adviser") pursuant to an investment advisory agreement. 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"). 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. We have elected to be treated, and intend to qualify annually, as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code") for U.S. federal income tax purposes. As a BDC and a RIC, we are required to comply with certain regulatory requirements.

We may offer, from time to time, in one or more offerings or series, our common stock, preferred stock, debt securities, subscription rights to purchase shares of our common stock or warrants representing rights to purchase shares of our common stock, preferred stock or debt securities, or units comprised of any combination of the foregoing, which we refer to, collectively, as the "securities." The preferred stock, debt securities, subscription rights and warrants offered hereby may be convertible or exchangeable into shares of our common stock. The securities may be offered at prices and on terms to be described in one or more supplements to this prospectus.

In the event we offer common stock, the offering price per share of our common stock less any underwriting discounts or commissions will generally not be less than the net asset value per share of our common stock at the time we make the offering. However, we may issue shares of our common stock pursuant to this prospectus at a price per share that is less than our net asset value per share (i) in connection with a rights offering to our existing shareholders, (ii) with the prior approval of the majority of our outstanding voting securities or (iii) under such other circumstances as the SEC may permit.

The securities may be offered directly to one or more purchasers, or through agents designated from time to time by us, or to or through underwriters or dealers. Each prospectus supplement relating to an offering will identify any agents or underwriters involved in the sale of the securities, and will disclose any applicable purchase price, fee, discount or commissions arrangement between us and our agents or underwriters or among our underwriters or the basis upon which such amount may be calculated. See "Plan of Distribution" in this prospectus. We may not sell any of the securities pursuant to this registration statement through agents, underwriters or dealers without delivery of this prospectus and a prospectus supplement describing the method and terms of the offering of such securities.

On June 12, 2025, our common stock began trading on the New York Stock Exchange ("NYSE") under the symbol "OTF." On August 21, 2025, the last reported sales price of our common stock on the NYSE was $14.73 per share. The net asset value per share of our common stock at June 30, 2025 (the last date prior to the date of this prospectus for which we reported net asset value) was $17.17.

**Investing in our securities involves a high degree of risk, including credit risk and the risk of the use of leverage, and is highly speculative. In addition, shares of closed-end investment companies, including BDCs, frequently trade at a discount to their net asset values. Before investing in our securities, you should carefully read the discussion of the material risks of investing in our securities, including "<u>[Risk Factors](#i04d72bf5f2da42cebdd7deac8f3386ae_28)</u>" beginning on page <u>[28](#i04d72bf5f2da42cebdd7deac8f3386ae_28)</u> of this prospectus, Part I, Item 1A "RISK FACTORS" in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u>, in Part II, Item 1A of our most recent Quarterly Report on <u>[Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001551901/000155837025010509/scm-20250630x10q.htm)</u>, as well as in any of our subsequent SEC filings, and in, or incorporated by reference into, the applicable prospectus supplement and in any free writing prospectuses we may authorize for use in connection with a specific offering, and under similar headings in the other documents that are incorporated by reference into this prospectus.** 

**This prospectus contains important information you should know before investing in our securities. Please read this prospectus before investing and keep it for future reference. We will provide the specific terms of these offerings and securities in one or more supplements to this prospectus. The prospectus supplement and any related free writing prospectus may also add, update, or change information contained in this prospectus. We also file periodic and current reports, proxy statements and other information about us with the SEC. This information is available free of charge by contacting us at 399 Park Avenue, New York, NY 10022, calling us at (212) 419-3000 or visiting our corporate website located at *www.blueowltechnologyfinance.com*. Information on our website is not incorporated into or a part of this prospectus. The SEC also maintains a website at www.sec.gov that contains this information.** 

**Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

**The date of this prospectus is August 22, 2025.** 

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | **Page** |
| <u>[PROSPECTUS SUMMARY](#i04d72bf5f2da42cebdd7deac8f3386ae_16)</u> | <u>[2](#i04d72bf5f2da42cebdd7deac8f3386ae_16)</u> |
| <u>[OFFERINGS](#i04d72bf5f2da42cebdd7deac8f3386ae_19)</u> | <u>[20](#i04d72bf5f2da42cebdd7deac8f3386ae_19)</u> |
| <u>[FEES AND EXPENSES](#i04d72bf5f2da42cebdd7deac8f3386ae_22)</u> | <u>[25](#i04d72bf5f2da42cebdd7deac8f3386ae_22)</u> |
| <u>[FINANCIAL HIGHLIGHTS](#i04d72bf5f2da42cebdd7deac8f3386ae_25)</u> | <u>[27](#i04d72bf5f2da42cebdd7deac8f3386ae_25)</u> |
| <u>[RISK FACTORS](#i04d72bf5f2da42cebdd7deac8f3386ae_28)</u> | <u>[28](#i04d72bf5f2da42cebdd7deac8f3386ae_28)</u> |
| <u>[SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#i04d72bf5f2da42cebdd7deac8f3386ae_31)</u> | <u>[33](#i04d72bf5f2da42cebdd7deac8f3386ae_31)</u> |
| <u>[USE OF PROCEEDS](#i04d72bf5f2da42cebdd7deac8f3386ae_34)</u> | <u>[35](#i04d72bf5f2da42cebdd7deac8f3386ae_34)</u> |
| <u>[PRICE RANGE OF COMMON STOCK AND DISTRIBUTIONS](#i04d72bf5f2da42cebdd7deac8f3386ae_37)</u> | <u>[36](#i04d72bf5f2da42cebdd7deac8f3386ae_37)</u> |
| <u>[MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#i04d72bf5f2da42cebdd7deac8f3386ae_40)</u> | <u>[39](#i04d72bf5f2da42cebdd7deac8f3386ae_40)</u> |
| <u>[THE COMPANY](#i04d72bf5f2da42cebdd7deac8f3386ae_43)</u> | <u>[40](#i04d72bf5f2da42cebdd7deac8f3386ae_43)</u> |
| <u>[SENIOR SECURITIES](#i04d72bf5f2da42cebdd7deac8f3386ae_46)</u> | <u>[41](#i04d72bf5f2da42cebdd7deac8f3386ae_46)</u> |
| <u>[PORTFOLIO COMPANIES](#i04d72bf5f2da42cebdd7deac8f3386ae_49)</u> | <u>[42](#i04d72bf5f2da42cebdd7deac8f3386ae_49)</u> |
| <u>[MANAGEMENT](#i04d72bf5f2da42cebdd7deac8f3386ae_52)</u> | <u>[55](#i04d72bf5f2da42cebdd7deac8f3386ae_52)</u> |
| <u>[PORTFOLIO MANAGEMENT](#i04d72bf5f2da42cebdd7deac8f3386ae_55)</u> | <u>[56](#i04d72bf5f2da42cebdd7deac8f3386ae_55)</u> |
| <u>[MANAGEMENT AND OTHER AGREEMENTS](#i04d72bf5f2da42cebdd7deac8f3386ae_58)</u> | <u>[57](#i04d72bf5f2da42cebdd7deac8f3386ae_58)</u> |
| <u>[CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#i04d72bf5f2da42cebdd7deac8f3386ae_61)</u> | <u>[58](#i04d72bf5f2da42cebdd7deac8f3386ae_61)</u> |
| <u>[CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS](#i04d72bf5f2da42cebdd7deac8f3386ae_64)</u> | <u>[59](#i04d72bf5f2da42cebdd7deac8f3386ae_64)</u> |
| <u>[DETERMINATION OF NET ASSET VALUE](#i04d72bf5f2da42cebdd7deac8f3386ae_67)</u> | <u>[60](#i04d72bf5f2da42cebdd7deac8f3386ae_67)</u> |
| <u>[DIVIDEND REINVESTMENT PLAN](#i04d72bf5f2da42cebdd7deac8f3386ae_70)</u> | <u>[61](#i04d72bf5f2da42cebdd7deac8f3386ae_70)</u> |
| <u>[CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS](#i04d72bf5f2da42cebdd7deac8f3386ae_73)</u> | <u>[63](#i04d72bf5f2da42cebdd7deac8f3386ae_73)</u> |
| <u>[DESCRIPTION OF OUR SECURITIES](#i04d72bf5f2da42cebdd7deac8f3386ae_76)</u> | <u>[72](#i04d72bf5f2da42cebdd7deac8f3386ae_76)</u> |
| <u>[DESCRIPTION OF OUR CAPITAL STOCK](#i04d72bf5f2da42cebdd7deac8f3386ae_79)</u> | <u>[73](#i04d72bf5f2da42cebdd7deac8f3386ae_79)</u> |
| <u>[DESCRIPTION OF OUR PREFERRED STOCK](#i04d72bf5f2da42cebdd7deac8f3386ae_82)</u> | <u>[81](#i04d72bf5f2da42cebdd7deac8f3386ae_82)</u> |
| <u>[DESCRIPTION OF OUR SUBSCRIPTION RIGHTS](#i04d72bf5f2da42cebdd7deac8f3386ae_85)</u> | <u>[82](#i04d72bf5f2da42cebdd7deac8f3386ae_85)</u> |
| <u>[DESCRIPTION OF OUR WARRANTS](#i04d72bf5f2da42cebdd7deac8f3386ae_88)</u> | <u>[84](#i04d72bf5f2da42cebdd7deac8f3386ae_88)</u> |
| <u>[DESCRIPTION OF OUR DEBT SECURITIES](#i04d72bf5f2da42cebdd7deac8f3386ae_91)</u> | <u>[86](#i04d72bf5f2da42cebdd7deac8f3386ae_91)</u> |
| <u>[DESCRIPTION OF OUR UNITS](#i04d72bf5f2da42cebdd7deac8f3386ae_94)</u> | <u>[102](#i04d72bf5f2da42cebdd7deac8f3386ae_94)</u> |
| <u>[SHARES ELIGIBLE FOR FUTURE RESALE](#i04d72bf5f2da42cebdd7deac8f3386ae_97)</u> | <u>[103](#i04d72bf5f2da42cebdd7deac8f3386ae_97)</u> |
| <u>[REGULATION](#i04d72bf5f2da42cebdd7deac8f3386ae_100)</u> | <u>[104](#i04d72bf5f2da42cebdd7deac8f3386ae_100)</u> |
| <u>[CUSTODIAN, TRANSFER AND DIVIDEND PAYING AGENT AND REGISTRAR](#i04d72bf5f2da42cebdd7deac8f3386ae_103)</u> | <u>[105](#i04d72bf5f2da42cebdd7deac8f3386ae_103)</u> |
| <u>[BROKERAGE ALLOCATION AND OTHER PRACTICES](#i04d72bf5f2da42cebdd7deac8f3386ae_103)</u> | <u>[105](#i04d72bf5f2da42cebdd7deac8f3386ae_103)</u> |
| <u>[PLAN OF DISTRIBUTION](#i04d72bf5f2da42cebdd7deac8f3386ae_109)</u> | <u>[107](#i04d72bf5f2da42cebdd7deac8f3386ae_109)</u> |
| <u>[LEGAL MATTERS](#i04d72bf5f2da42cebdd7deac8f3386ae_112)</u> | <u>[109](#i04d72bf5f2da42cebdd7deac8f3386ae_112)</u> |
| <u>[INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#i04d72bf5f2da42cebdd7deac8f3386ae_115)</u> | <u>[109](#i04d72bf5f2da42cebdd7deac8f3386ae_115)</u> |
| <u>[AVAILABLE INFORMATION](#i04d72bf5f2da42cebdd7deac8f3386ae_118)</u> | <u>[109](#i04d72bf5f2da42cebdd7deac8f3386ae_118)</u> |
| <u>[INCORPORATION OF CERTAIN INFORMATION BY REFERENCE](#i04d72bf5f2da42cebdd7deac8f3386ae_121)</u> | <u>[110](#i04d72bf5f2da42cebdd7deac8f3386ae_121)</u> |

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We have not authorized anyone to give you any information other than in this prospectus, any prospectus supplement to this prospectus, any free writing prospectus, or any information that we have incorporated by reference herein or therein and we take no responsibility for any other information that others may give you. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing or incorporated by reference in this prospectus, any prospectus supplements or any free writing prospectus is accurate only as of the date on their respective front covers. Our business, financial

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condition, results of operations and prospects may have changed since that date. We will update these documents to reflect material changes only as required by law.

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**ABOUT THIS PROSPECTUS** 

This prospectus is part of an automatic shelf registration statement that we have filed with the SEC as a "well-known seasoned issuer" as defined in Rule 405 under the Securities Act of 1933, as amended (the "Securities Act"). Under the shelf registration process, which constitutes a delayed offering in reliance on Rule 415 under the Securities Act, we may offer, from time to time, in one or more offerings or series, our common stock, preferred stock, debt securities, subscription rights to purchase shares of our common stock, or warrants representing rights to purchase shares of our common stock, preferred stock or debt securities, or units comprised of any combination of the foregoing, on terms to be determined at the time of the offering.

The securities may be offered at prices and on terms described in one or more supplements to this prospectus. This prospectus provides you with a general description of the securities that we may offer. Each time we use this prospectus to offer securities, we will provide a prospectus supplement that will contain specific information about the terms of that offering. We may also authorize one or more free writing prospectuses to be provided to you that may contain material information relating to these offerings. Such prospectus supplement and/or free writing prospectus (collectively referred to hereinafter as a "prospectus supplement") may also add, update or change information contained in this prospectus or in the documents we incorporate by reference herein. This prospectus and the prospectus supplement, together with any documents incorporated by reference herein, will include all material information relating to the applicable offering.

Please carefully read this prospectus and the prospectus supplement, together with any documents incorporated by reference in this prospectus and the applicable prospectus supplement, any exhibits and the additional information described or incorporated by reference under the headings "*<u>[Available Information](#i04d72bf5f2da42cebdd7deac8f3386ae_118)</u>*," "*<u>[Incorporation of Certain Information by Reference](#i04d72bf5f2da42cebdd7deac8f3386ae_121)</u>*," "*<u>[Prospectus Summary](#i04d72bf5f2da42cebdd7deac8f3386ae_16)</u>*" and "*<u>[Risk Factors](#i04d72bf5f2da42cebdd7deac8f3386ae_28)</u>*" before you make an investment decision.

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**PROSPECTUS SUMMARY**

*This summary highlights some of the information in this prospectus. It is not complete and may not contain all of the information that you may want to consider before investing in our securities. You should read our entire prospectus before investing in our securities. Throughout this prospectus we refer to Blue Owl Technology Finance Corp. as "we," "us," "our" or the "Company," and to "Blue Owl Technology Credit Advisors LLC," our investment adviser, as "OTCA" or the "Adviser."* 

**Blue Owl Technology Finance Corp.**

We are a specialty finance company focused on lending to technology-related, specifically software, companies based primarily in the United States. We originate and invest in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company's common equity. Our investment objective is to maximize total return by generating current income from 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 June 30, 2025, our Adviser or its affiliates have originated $154.1 billion aggregate principal amount of investments across multiple industries, of which $150.1 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.

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

We invest at least 80% of the value of our total assets in "technology-related" companies. We define technology-related companies as that 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.

We are externally managed by the Adviser, which is a registered investment adviser with the SEC. 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. 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 range in size between $50 million and $350 million. Our expected portfolio composition will be majority debt or income producing securities, with a lesser allocation to equity or 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 .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% of our portfolio. In addition, we generally do not intend to invest more than 20% of our total assets in companies whose principal place of business is outside the United States, although we do not generally intend to invest in companies whose principal place of business is in an emerging market. Our portfolio composition may fluctuate from time to time based on market conditions and interest rates.

We expect that generally our portfolio composition will be majority debt or income producing securities, which may include "covenant-lite" loans (as defined below), with a lesser allocation to equity or equity-linked opportunities. Our debt investments may be structured as annualized recurring revenue ("ARR") loans, which are

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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.

We may also invest a portion of our portfolio in opportunistic investments and broadly syndicated loans, 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, including publicly traded debt instruments, which are typically originated and structured by banks on behalf of large corporate borrowers with employee counts, revenues, EBITDAs and enterprise values larger than those of middle-market companies, where OTF focuses, and equity investments in portfolio companies that make senior secured loans or invest in broadly syndicated loans, structured products, asset-based solutions or other forms of specialty finance, which may included, 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. 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 generally refer 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.

We classify our debt investments as "traditional financing" or "growth capital" based on a number of factors. Traditional financing investments are typically senior secured loans primarily in the form of first lien loans (including "unitranche" loans, which are loans that combine both senior and subordinated debt, generally in a first lien position) and second lien loans. In connection with our senior secured loans, we generally receive a security interest in certain of the assets of the borrower and consequently such assets serve as collateral in support of the repayment of such senior secured loans.

Growth capital investments are typically unsecured obligations of the borrower, and might be structured as unsecured indebtedness, convertible bonds, convertible equity, preferred equity, and common equity. We seek to limit the downside potential of our investments by 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 covenants), lien protection, change of control provisions and board rights, including either observation rights or rights to a seat on the board under some circumstances. Except for our specialty financing portfolio investments, 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.

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 qualify annually, as a RIC under the Code 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 20% of our total assets in companies whose principal place of business is outside the United States. See "*Business - Regulation as a Business Development Company*" in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u>, and "*<u>[Certain U.S. Federal Income Tax Considerations](#i04d72bf5f2da42cebdd7deac8f3386ae_73)</u>*" in this prospectus.

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

To achieve our investment objective, we will leverage the Adviser's investment team's extensive network of relationships with other sophisticated institutions to source, evaluate and, as appropriate, partner with on transactions. There are no assurances that we will achieve our investment objective.

We may borrow money from time to time within the levels permitted by the 1940 Act (which generally allows us to incur leverage up to two-thirds of our assets). We currently have in place a senior secured revolving credit agreement and have entered into special purpose asset credit facilities, and in the future we may enter into additional credit facilities. In addition, we have issued unsecured notes and may issue additional unsecured notes in the future. We have also entered into term debt securitization transactions, also known as collateralized loan obligation transaction and in the future may enter into additional collateralized loan obligation transactions. We expect to use the proceeds from any such financing arrangement and unsecured notes, along with proceeds from the rotation of our portfolio, to finance our investment objectives. As of June 30, 2025, we had approximately $4.8 billion of debt outstanding, with approximately $3.3 billion available under our existing credit facilities. As of June 30, 2025, our asset coverage ratio was 264%. See "*Business - Regulation as a Business Development Company*" and "*Management's Discussion and Analysis of Financial Condition and Results of Operations –* Debt" in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u> and "*Management's Discussion and Analysis of Financial Condition and Result of Operations – Financial Condition, Liquidity and Capital Resources*" in our most recent Quarterly Report on <u>[Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001551901/000155837025010509/scm-20250630x10q.htm)</u>.

**Portfolio and Investment Activity**

As of June 30, 2025, based on fair value, our portfolio consisted of 78.0% first lien senior secured debt investments (of which 61% we consider to be unitranche debt investments (including "last out" portions of such loans)), 3.4% second lien senior secured debt investments, 3.5% unsecured debt investments, 8.0% preferred equity investments, 7.0% common equity investments, and less than 0.1% joint ventures.

As of June 30, 2025, our weighted average total yield of the portfolio at fair value and amortized cost was 9.6% and 9.7%, respectively, and our weighted average yield of debt and income producing securities at fair value and amortized cost was 10.4% and 10.4%, respectively. As of June 30, 2025, the weighted average spread of total debt investments was 5.7%.

As of June 30, 2025, we had investments in 184 portfolio companies with an aggregate fair value of $12.7 billion. Our current target ratio is 0.90x to 1.25x. As of June 30, 2025, we had net leverage of 0.58x debt-to-equity.

**The Adviser and Administrator - Blue Owl Technology Credit Advisors LLC** 

Blue Owl Technology Credit Advisors LLC serves as our investment adviser pursuant to an amended and restated investment advisory agreement between us and the Adviser (the "Investment Advisory Agreement"). See "*Business - Investment Advisory Agreement*" in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u> and our most recent Quarterly Report on <u>[Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001551901/000155837025010509/scm-20250630x10q.htm)</u>. The Adviser serves as our Administrator pursuant to an amended and restated administration agreement between us and the Adviser (the "Administration Agreement"). See "*Business- Administration Agreement*" in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u> and our most recent Quarterly Report on <u>[Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001551901/000155837025010509/scm-20250630x10q.htm)</u>. The Adviser, 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, which includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent investment strategies. Blue Owl consists of three product platforms: (1) Credit, (2) GP Strategic Capital, which primarily focuses on acquiring equity stakes in or providing debt financing to large multi-product private equity and private credit firms, and (3) Real Assets, which primarily focuses on the strategies of net lease real estate, real estate credit and digital infrastructure, which focuses on acquiring, financing, developing and operating data centers and related digital infrastructure assets.

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Blue Owl's Credit platform includes several strategies, including direct lending, alternative credit, investment grade credit, liquid credit and other adjacent strategies and is led by its three co-founders, Douglas I. Ostrover, Marc S. Lipschultz and Craig W. Packer. The direct lending strategy of Blue Owl's Credit platform is comprised of the Adviser, Blue Owl Credit Advisors LLC ("OCA"), Blue Owl Diversified Credit Advisors LLC ("ODCA"), Blue Owl Technology Credit Advisors II LLC ("OTCA II"), and Blue Owl Credit Private Fund Advisors LLC ("OPFA" and together with the Adviser, OCA, ODCA, and OTCA II, the "Blue Owl Credit Advisers"), which are also registered investment advisers.and offers private credit solutions to primarily upper-middle-market companies through differentiated access points including through the Company, Blue Owl Capital Corporation, Blue Owl Capital Corporation II, Blue Owl Credit Income Corp., Blue Owl Technology Income Corp. (collectively, the "Blue Owl BDCs"), private funds and separately managed accounts (collectively, with the Blue Owl BDCs, the "Blue Owl Credit Clients").

The Adviser's investment team (the "Investment Team") is led by Douglas I. Ostrover, Marc S. Lipschultz and Craig W. Packer and is supported by certain members of the Adviser's senior executive team and Blue Owl's Credit platform's direct lending investment committees. Douglas I. Ostrover, Marc S. Lipschultz, Craig W. Packer and Alexis Maged each sit on the direct lending strategy's four investment committees: Diversified Lending, Technology Lending, First Lien Lending and Opportunistic Lending. 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 monitors our portfolio companies on an ongoing basis. 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 June 30, 2025, the Blue Owl's Credit platform had $145.5 billion of assets under management of which $107.7 billion was attributable to the direct lending strategy.

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 order to address these conflicts, the Blue Owl Credit Advisers have put in place an investment allocation policy that addresses the allocation of investment opportunities as well as co-investment restrictions under the 1940 Act.

In addition, on May 6, 2025, we, the Adviser and certain of our affiliates were granted a new order for exemptive relief that superseded the prior order for exemptive relief (the "Order") by the SEC for us to co-invest with other funds managed by the Adviser or certain affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to the Order, we generally are permitted to co-invest with certain of our affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Order. The Order requires that a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Board make certain findings (1) in most instances when we co-invest with our affiliates in an issuer where our affiliate has an existing investment in the issuer, and (2) if we dispose of an asset acquired in a transaction under the Order unless the disposition is done on a pro rata basis. Pursuant to the Order, the Board will oversee our participation in the co-investment program. As required by the Order, we have adopted, and the Board has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Order, and the Adviser and our Chief Compliance Officer will provide reporting to the Board. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Affiliated Transactions*" in our most recent Quarterly Report on <u>[Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001551901/000155837025010509/scm-20250630x10q.htm)</u>.

The Order permits us to participate in follow-on investments in our existing portfolio companies with certain affiliates that are private funds, when such private funds did not have an investment in such existing portfolio company.

The Blue Owl Credit Advisers' investment allocation policy seeks to ensure equitable allocation of investment opportunities over time between us and other funds managed by our Adviser or its affiliates. As a result of the Order, there could be significant overlap in our investment portfolio and the investment portfolio of the BDCs, private

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funds and separately managed accounts managed by the Blue Owl Credit Clients or other funds managed by the Adviser or its affiliates that avail themselves of the Order. See "Risk Factors *—Risks Related to our Adviser and its Affiliates — Our Adviser or its affiliates may have incentives to favor their respective other accounts and clients and/or Blue Owl over us, which may result in conflicts of interest that could be harmful to us"* in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u>.

The Adviser or its affiliates may engage in certain origination activities and receive attendant arrangement, structuring or similar fees from portfolio companies. See "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 issuers in which we may invest*" in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u>.

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

**Investment Advisory Agreement** 

We and the Adviser entered into the Investment Advisory Agreement on May 18, 2021. See "*Business - Investment Advisory Agreement*" in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u><u>.</u> Under the terms of the Investment Advisory Agreement, the Adviser is responsible for managing our business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring our investments, and monitoring our portfolio companies on an ongoing basis through a team of investment professionals.

We pay the Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee will ultimately be borne by our shareholders.

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

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on our income and a portion is based on our capital gains, each as described below. Prior to the Listing Date, the incentive fee based on income was determined and paid quarterly in arrears commencing with the first calendar quarter following August 10, 2018 (the "Initial Closing Date") and equals 100% of the pre-incentive fee net investment income in excess of a 1.5% quarterly "hurdle rate", until the Adviser received 10% of the total pre-incentive fee net investment income for that calendar quarter and, for pre-incentive fee net investment income in excess of 1.67% quarterly, 10% of all remaining pre-incentive fee net investment income for that calendar quarter. Subsequent to the Listing Date, the incentive fee based on income equals 100% of the pre-incentive fee net investment income in excess of a 1.5% quarterly "hurdle rate," until the Adviser has received 17.5% of the total pre-incentive fee net investment income for

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that calendar quarter and, for pre-incentive fee net investment income in excess of 1.82% quarterly, 17.5% of all remaining pre-incentive fee net investment income for that calendar quarter.

The second component of the incentive fee, the capital gains incentive fee, payable at the end of each calendar year in arrears, equals (i) prior to the Listing Date, 10% of cumulative realized capital gains from the Initial Closing Date to the end of each calendar year, less cumulative realized capital losses and unrealized capital depreciation from the initial closing date to the end of each calendar year, and (ii) subsequent to the Listing Date, 17.5% of cumulative realized capital gains from the Listing Date, to the end of each calendar year, less cumulative realized capital losses and unrealized capital depreciation from the Listing Date to the end of each calendar year, less the aggregate amount of any previously paid capital gains incentive fee for prior periods. In no event will the capital gains incentive fee payable pursuant to the Investment Advisory Agreement be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.

**Administration Agreement** 

We and the Adviser entered into the Administration Agreement on May 18, 2021. Under the terms of the Administration Agreement, the Adviser performs, or oversees, the performance of, required administrative services, which includes providing office space, equipment and office services, maintaining financial records, preparing reports to shareholders and reports filed with the SEC, and managing the payment of expenses and the performance of administrative and professional services rendered by others. The Administration Agreement also provides that we reimburse the Adviser for certain organization costs incurred prior to the commencement of our operations, and for certain offering costs. We reimburse 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 we will reimburse the Adviser for any services performed for it by such affiliate or third party. See "*Business - Administration Agreement*" in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u> for further information.

**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,

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otherwise known as "flex", to successfully syndicate the loan, in the event the terms initially marketed are insufficiently attractive to investors. Loans provided by companies such as ours provide certainty to issuers in that we can commit to a given amount of debt on specific terms, at stated coupons and with agreed upon fees. As we are the ultimate holder of the loans, we do not require market "flex" or other arrangements that banks may require when acting on an agency basis. In addition, our Adviser has teams focused on both liquid credit and private credit and these teams are able to collaborate with respect to syndicated loans.

***Secular Trends Supporting Growth for Private Credit.*** According to Gartner, a research and advisory company, global technology spend was $5.3 trillion in 2024 and is expected to grow to more than $5.7 trillion in 2025. We believe global demand for technology products and services will continue to grow rapidly, and that growth will stimulate demand for capital from technology companies which will continue to require access to capital to refinance existing debt, support growth and finance acquisitions. We believe that periods of market volatility, such as the current period of market volatility caused, in part, by uncertainty regarding inflation and interest rates, and current geopolitical conditions, have accentuated the advantages of private credit. The availability of capital in the liquid credit market is highly sensitive to market conditions whereas we believe private lending has proven to be a stable and reliable source of capital through periods of volatility. We believe the opportunity set for private credit will continue to expand even as the public markets remain open. Financial sponsors and companies today are familiar with direct lending and have seen firsthand the strong value proposition that a private solution can offer. Scale, certainty of execution and flexibility all provide borrowers with a compelling alternative to the syndicated and high yield markets. Based on our experience, there is an emerging trend where higher quality credits that have traditionally been issuers in the syndicated and high yield markets are increasingly seeking private solutions independent of credit market conditions. In our view, this is supported by financial sponsors wanting to work with collaborative financing partners that have scale and breadth of capabilities. We believe the large amount of uninvested capital held by funds of private equity firms, estimated by Preqin Ltd., an alternative assets industry data and research company, to be $2.6 trillion as of June 30, 2025, coupled with a growing focus on technology investing by private equity sponsors, will continue to drive deal activity. We expect that technology companies, private equity sponsors, venture capital firms, and entrepreneurs will continue to seek partners to provide flexible financing for their businesses with debt and equity investments provided by companies such as us.

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

***Compelling Business Models.*** We believe that the products and services that technology companies, and more specifically enterprise software businesses, provide often have high switching costs and are fundamental to the operations and success of their customers. We generally invest in scaled or growing players in niche markets that are selling products to established customer bases. As a result, technology companies with a focus on enterprise software have attributes that make them compelling investments, including strong customer retention rates, 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 scale 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.

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***Attractive Opportunities in Investments in Technology Companies.*** We invest in the debt and equity of technology companies. We believe that opportunities in the debt of technology companies are significant because of the floating rate structure of most senior secured debt issuances and because of the strong defensive characteristics of these types of investments. We believe that debt issued with floating interest rates offer a superior return profile as compared with fixed-rate investments, since floating rate structures are generally less susceptible to declines in value experienced by fixed-rate securities in a rising interest rate environment. Senior secured debt also provides strong defensive characteristics. Senior secured debt has priority in payment among an issuer's security holders whereby holders are due to receive payment before junior creditors and equity holders. Further, these investments are generally secured by the issuer's assets, which may provide protection in the event of a default. We also make ARR 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 ARR 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 Advantages**

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 OTIC, we are not aware of other entities currently serving the sector that have large pools of capital dedicated to the space and that do not 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

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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 35 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 as a result of the formation of Blue Owl 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.

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 June 30, 2025, the Adviser and its affiliates have reviewed approximately 2,840 technology-related opportunities totaling approximately $1,025 billion of financing and have sourced potential investment opportunities from more than 820 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).

***Disciplined 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.

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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.

**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.

***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;(a)*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.

&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.

&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

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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;▪ *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;▪ *Mezzanine debt (unsecured debt investments).* 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;▪ *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;▪ 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;▪ 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;▪ including debt amortization requirements, where appropriate, to require the timely repayment of principal of the loan, as well as appropriate maturity dates.

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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.

***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***. 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;▪ Amergin, which consists of AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, "Amergin AssetCo") and Amergin Asset Management LLC, which has entered into a Servicing Agreement with Amergin AssetCo. Amergin was created to invest in a leasing platform focused on railcar, aviation and other long-lived transportation assets. Amergin acquires existing on-lease portfolios of new and end-of-life railcars and related equipment and selectively purchases off-lease assets and is building a commercial aircraft portfolio through aircraft financing and engine acquisition on a sale and lease back basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Fifth Season Investments LLC ("Fifth Season"), a portfolio company created to invest in life insurance based assets, including secondary and tertiary life settlement assets and other life insurance exposures using detailed analytics, internal life expectancy review and sophisticated portfolio management techniques.

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

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

***Joint Ventures.*** We may make equity investments in Blue Owl Credit SLF LLC ("Credit SLF"), a Delaware limited liability company, which is a joint venture between us, OBDC, OBDC II, OCIC, OTIC, and State Teachers Retirement System of Ohio and Blue Owl Leasing LLC ("Blue Owl Leasing"), a Delaware limited liability company, which is a joint venture between us, OBDC, OBDC II, OCIC, OTIC, two Blue Owl managed alternative credit funds, (Blue Owl Alternative Credit Fund and Blue Owl Asset Leasing Fund) and California State Teachers Retirement System (each a "Blue Owl Leasing Member" and collectively, the "Blue Owl Leasing Members").. 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. Blue Owl Leasing's principal purpose is to make investments in financing leases.

**Operating and Regulatory Structure** 

We are an externally-managed, closed-end management investment company that filed an election to be regulated as a BDC under the 1940 Act. In addition, for U.S. federal income tax purposes we have elected to be treated, and intend to qualify annually, as a RIC under Subchapter M of the Code. See "*<u>[Certain U.S. Federal Income Tax Considerations](#i04d72bf5f2da42cebdd7deac8f3386ae_73)</u>*" in this prospectus. Our investment activities are managed by our Adviser and supervised by our Board, a majority of whom are not "interested persons" of the Company or of our Adviser as defined in Section 2(a)(19) of the 1940 Act and are "independent," as determined by our Board. As a BDC, we are required to comply with certain regulatory requirements. See "*Business - Regulation as a Business Development Company*" in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u><u>.</u>

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**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 "*Business*- *Investment Advisory Agreement*" in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u> 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. See "*Business - Administration Agreement*" in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u> for a description of services for which we reimburse to the Adviser. 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 an investment allocation policy 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.

**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.

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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 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.

**Exemptive Relief** 

On May 6, 2025, we, the Adviser and certain of our affiliates were granted a new order for exemptive relief that superseded the prior order for exemptive relief (the "Order") by the SEC for us to co-invest with other funds managed by the Adviser or certain affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to the Order, we generally are permitted to co-invest with certain of our affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Order. The Order requires that a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Board make certain findings (1) in most instances when we co-invest with our affiliates in an issuer where our affiliate has an existing investment in the issuer, and (2) if we dispose of an asset acquired in a transaction under the Order unless the disposition is done on a pro rata basis. Pursuant to the Order, the Board will oversee our participation in the co-investment program. As required by the Order, we have adopted, and the Board has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Order, and the Adviser and our Chief Compliance Officer will provide reporting to

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the Board. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Affiliated Transactions*" in our most recent Quarterly Report on <u>[Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001551901/000155837025010509/scm-20250630x10q.htm)</u>.

**2025 Stock Repurchase Program**

In connection with the Listing, the Board approved a repurchase program (the "Repurchase Program") under which we may repurchase up to $200 million of shares of our outstanding common stock. Under the Repurchase Program, purchases may be made at management's discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations. Unless extended by the Board, the Repurchase Program will terminate 18-months from the date of the Listing.

**Merger with OTF II**

On March 24, 2025, we consummated the transactions contemplated by the Agreement and Plan of Merger (the "Merger Agreement"), dated November 12, 2024, with OTF II, Oriole Merger Sub, Inc., a Maryland corporation and our wholly-owned subsidiary ("Merger Sub"), and, solely for the limited purposes set forth therein, the Adviser, and Blue Owl Technology Credit Advisors II LLC, investment adviser to OTF II. In connection therewith, Merger Sub merged with and into OTF II, with OTF II continuing as the surviving company and our wholly-owned subsidiary (the "Initial Merger") and, immediately thereafter, OTF II merged with and into us, and we continued as the surviving company (together with the Initial Merger, the "Mergers"). In accordance with the terms of the Merger Agreement, at the effective time of the Mergers, each outstanding share of OTF II common stock was converted into the right to receive 0.9113 shares of our common stock, par value $0.01 per share (with OTF II stockholders receiving cash in lieu of fractional shares of our common stock). As a result of the Merger, we issued an aggregate of approximately 250,738,523 shares of our common stock to former OTF II stockholders prior to any adjustment for OTF II stockholders receiving cash in lieu of fractional shares.

**Corporate Information** 

Our principal executive offices are located at 399 Park Avenue, 37th floor, New York, NY 10022 and our telephone number is (212) 419-3000. Our corporate website is located at *www.blueowltechnologyfinance.com*. Information on our website is not incorporated into or a part of this prospectus.

**Recent Developments** 

***SPV Asset Facility III Waiver***

On July 21, 2025, Athena Funding I, as borrower, Société Générale, as administrative agent and the lenders party to the SPV Asset Facility III entered into a Waiver to Credit Agreement in order to facilitate a drawdown of term loan commitments and convert an outstanding revolving loan into a term loan.

***Dividend***

On August 5, 2025, the Board declared a third quarter dividend of $0.35 per share for stockholders of record as of September 30, 2025, payable on or before October 15, 2025.

**Risk Factors** 

An investment in our securities involves a high degree of risk and may be considered speculative. You should carefully consider the information found under the captions Part I, Item 1A "*RISK FACTORS*" in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u> **,** in Part II, Item 1A of our most recent Quarterly Report on <u>[Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001551901/000155837025010509/scm-20250630x10q.htm)</u>, any subsequent filings we have made with the SEC that are incorporated by reference into this prospectus or any

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prospectus supplement, and "*<u>[Risk Factors](#i04d72bf5f2da42cebdd7deac8f3386ae_28)</u>*" in this prospectus before deciding to invest in our securities. 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 the economy.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Global economic, political and market conditions, including uncertainty about the financial stability of the United States, could have a significant adverse effect on our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The current period of 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;• Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect our liquidity, financial condition or results of operations.

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

&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;• 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;• Defaults 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;• 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;• 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;• Because our business model 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.

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

&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;• 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;• Our Adviser and its affiliates may face conflicts of interest with respect to services performed for issuers in which we may invest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Adviser or its affiliates may have incentives to favor their respective other accounts and clients and/or Blue Owl over us, which may result in conflicts of interest that could be harmful to us.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Adviser's inability to attract, retain and develop human capital in a highly competitive talent market could have an adverse effect on our Adviser, and thus us.

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

&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;• 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;• Our investment strategy focuses on technology 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.

&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;• We have invested and may continue to invest through joint ventures, partnerships or 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;• 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;• 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;• 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 interest in our portfolio companies.

&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;• International investments create additional risks.

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

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

&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).

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***We are subject to risks related to an investment in our unsecured notes.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our unsecured notes are effectively subordinated to any secured indebtedness we have currently incurred or may incur in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our unsecured notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A downgrade, suspension or withdrawal of the credit rating assigned by a rating agency to us or our unsecured notes, if any, or change in the debt markets, could cause the liquidity or market value of our unsecured notes to decline significantly.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will be subject to U.S. federal income tax if we are unable to maintain our tax treatment as a RIC under Subchapter M of the Code or if we make investments through taxable subsidiaries.

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

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

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**OFFERINGS**

We may offer, from time to time, in one or more offerings or series, of our common stock, preferred stock, debt securities, subscription rights to purchase shares of our common stock or warrants representing rights to purchase shares of our common stock, preferred stock or debt securities, or units comprised of any combination of the foregoing, on terms to be determined at the time of the offering. We will offer our securities at prices and on terms to be set forth in one or more supplements to this prospectus. The offering price per share of our common stock, less any underwriting commissions or discounts, generally will not be less than the net asset value per share of our common stock at the time of such an offering. However, we may issue shares of our common stock pursuant to this prospectus at a price per share that is less than our net asset value per share (a) in connection with a rights offering to our existing shareholders, (b) with the prior approval of the majority of our outstanding voting securities or (c) under such other circumstances as the SEC may permit. Any such issuance of shares of our common stock below net asset value may be dilutive to the net asset value of our common stock. *See "<u>[Risk Factors](#i04d72bf5f2da42cebdd7deac8f3386ae_28)</u> - Risks Related to Offerings Pursuant to this Prospectus"* below and Part I, Item 1A "*RISK FACTORS - Risks Related to an Investment in Our Common Stock*" in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u>, in Part II, Item 1A of our most recent Quarterly Report on <u>[Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001551901/000155837025010509/scm-20250630x10q.htm)</u>, as well as in any of our subsequent SEC filings for more information.

We may offer our securities directly to one or more purchasers, including existing shareholders in a rights offering by us, through agents that we designate from time to time or to or through underwriters or dealers.

The prospectus supplement relating to each offering will identify any agents or underwriters involved in the sale of our securities, and will set forth any applicable purchase price, fee, commission or discount arrangement between us and the agents or underwriters or among the underwriters or the basis upon which such amount may be calculated. *See "<u>[Plan of Distribution](#i04d72bf5f2da42cebdd7deac8f3386ae_109)</u>"* in this prospectus and "Underwriting" in any applicable prospectus supplement. We may not sell any of the securities pursuant to the registration statement of which this prospectus is a part through agents, underwriters or dealers without delivery of this prospectus and a prospectus supplement describing the method and terms of the offering of our securities.

Set forth below is additional information regarding offerings of our securities:

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| Use of Proceeds | Unless otherwise specified in a prospectus supplement, we intend to use the net proceeds from the sale of our securities for general corporate purposes, which may include, among other things, investing in accordance with our investment objective and repaying indebtedness (which will be subject to reborrowing).<br>Each supplement to this prospectus relating to an offering will more fully identify the use of the proceeds from such offering.<br>See "*Use of Proceeds*" in this prospectus. |
| Symbol on the New York Stock Exchange | "OTF" |
| Distributions | We intend to pay quarterly distributions to our shareholders out of assets legally available for distribution.<br>The specific tax characteristics of our distributions will be reported to shareholders after the end of the calendar year. Future quarterly dividends, if any, will be determined by our Board. See "*Distributions*" in this prospectus.<br>To maintain our tax treatment as a RIC, we must make certain distributions. See "*<u>[Certain U.S. Federal Income Tax Considerations](#i04d72bf5f2da42cebdd7deac8f3386ae_73)</u> - Taxation as a Regulated Investment Company*" in this prospectus. |

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| Taxation | We have elected to be treated as a RIC for U.S. federal income tax purposes, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. Our tax treatment as a RIC will enable us to deduct from our taxable income qualifying distributions to our shareholders, so that we will be subject to U.S. federal income tax only in respect of earnings that we retain and do not distribute.<br>To maintain our status as a RIC, we must, among other things:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain our election under the 1940 Act to be treated as a BDC;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• derive in each taxable year at least 90% of our gross income from dividends, interest, gains from the sale or other disposition of stock or securities and other specified categories of investment income; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain diversified holdings.<br>In addition, to receive tax treatment as a RIC, we must distribute (or be treated as distributing) in each taxable year dividends for tax purposes equal to at least the sum of (i) 90% of our investment company taxable income and (ii) 90% of our net tax-exempt income for that taxable year.<br>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 timely distribute to shareholders as dividends. If we fail to distribute our investment company taxable income or net capital gains on a timely basis, we will be subject to U.S. federal income tax imposed at corporate rates and possibly a nondeductible 4% U.S. federal excise tax. We may choose to carry forward investment company taxable income in excess of current year distributions into the next tax year and pay U.S. federal income tax imposed at corporate rates and possibly a 4% excise tax on such income. Any carryover of investment company taxable income or net capital gains must be timely declared and distributed as a dividend in the taxable year following the taxable year in which the income or gains were earned. See "*Distributions*" and "*<u>[Certain U.S. Federal Income Tax Considerations](#i04d72bf5f2da42cebdd7deac8f3386ae_73)</u>*" in this prospectus. |
| Leverage | As a BDC, we are permitted under the 1940 Act to borrow funds or issue "senior securities" to finance a portion of our investments. As a result, we are exposed to the risks of leverage, which may be considered a speculative investment technique. <br>Leverage increases the potential for gain and loss on amounts invested and, as a result, increases the risks associated with investing in our securities. On August 8, 2018, our shareholders, approved 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 August 8, 2018, our asset coverage ratio applicable to senior securities was reduced from 200% to 150%. See Part II, Item 7 "*MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS* - Leverage" in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u>, Part I, Item 2 "*MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS* - Leverage" in our most recent Quarterly Report on Form <u>[10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001551901/000155837025010509/scm-20250630x10q.htm)</u>. <br>The costs associated with our borrowings, including any increase in the management fee payable to the Adviser, are borne by our shareholders. See Part I, Item 1 "*BUSINESS - Regulation as a Business Development Company*" in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u>. <br>As of June 30, 2025, our asset coverage was 264%. |

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| Dividend reinvestment plan | We have adopted an "opt out" dividend reinvestment plan for our shareholders. As a result, if we declare a cash dividend or other distribution, each shareholder that has not "opted out" of our dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional shares of our common stock rather than receiving cash distributions. There will be no up-front selling commissions or dealer manager fees to shareholders who elect to participate in the dividend reinvestment plan. We will pay the plan administrator fees under the plan. Shareholders who receive dividends and other distributions in the form of shares of common stock generally are subject to the same U.S. federal tax consequences as shareholders who elect to receive their distributions in cash; however, since their cash dividends will be reinvested, those shareholders will not receive cash with which to pay any applicable taxes on reinvested dividends. See "*<u>[Dividend Reinvestment Plan](#i04d72bf5f2da42cebdd7deac8f3386ae_70)</u>*" in this prospectus. |
| Investment Advisory Fees | We pay the Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee will ultimately be borne by our shareholders. |
|  | The management fee is payable quarterly in arrears. Prior to the Listing Date, the management fee was payable at an annual rate of (i) 0.90% of our average gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) at the end of the two most recently completed calendar quarters; provided, however, that no management fee was charged on the value of gross assets (excluding cash and cash-equivalents but including assets purchased with borrowed amounts) that was below an asset coverage ratio of 200% calculated in accordance with Sections 18 and 61 of the 1940 Act plus (ii) the average of any remaining unfunded capital commitments at the end of the two most recently completed calendar quarters. Since the Listing Date, the management fee is payable at an annual rate of (x) 1.50% of our average gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) that is above an asset coverage ratio of 200% calculated in accordance with Sections 18 and 61 of the 1940 Act and (y) 1.00% of our average gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) that is below an asset coverage ratio of 200% calculated in accordance with Sections 18 and 61 of the 1940 Act in each case, at the end of the two most recently completed calendar quarters. The management fee for any partial month or quarter, as the case may be, will be appropriately prorated and adjusted for any share issuances or repurchases during the relevant calendar months or quarters. For purposes of the Investment Advisory Agreement, gross assets means our total assets determined on a consolidated basis in accordance with generally accepted accounting principles in the United States, excluding cash and cash equivalents, but including assets purchased with borrowed amounts. |

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| | The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on our income and a portion is based on our capital gains, each as described below. Prior to the Listing Date, the incentive fee based on income was determined and paid quarterly in arrears commencing with the first calendar quarter following the Initial Closing Date and equals 100% of the pre-incentive fee net investment income in excess of a 1.5% quarterly "hurdle rate", until the Adviser received 10% of the total pre-incentive fee net investment income for that calendar quarter and, for pre-incentive fee net investment income in excess of 1.67% quarterly, 10% of all remaining pre-incentive fee net investment income for that calendar quarter. Subsequent to the Listing Date, the incentive fee based on income equals 100% of the pre-incentive fee net investment income in excess of a 1.5% quarterly "hurdle rate," until the Adviser has received 17.5% of the total pre-incentive fee net investment income for that calendar quarter and, for pre-incentive fee net investment income in excess of 1.82% quarterly, 17.5% of all remaining pre-incentive fee net investment income for that calendar quarter. <br>The second component of the incentive fee, the capital gains incentive fee, payable at the end of each calendar year in arrears, equals (i) prior to the Listing Date, 10% of cumulative realized capital gains from the Initial Closing Date to the end of each calendar year, less cumulative realized capital losses and unrealized capital depreciation from the initial closing date to the end of each calendar year, and (ii) subsequent to the Listing Date, 17.5% of cumulative realized capital gains from the Listing Date, to the end of each calendar year, less cumulative realized capital losses and unrealized capital depreciation from the Listing Date to the end of each calendar year, less the aggregate amount of any previously paid capital gains incentive fee for prior periods. In no event will the capital gains incentive fee payable pursuant to the Investment Advisory Agreement be in excess of the amount permitted by the Advisers Act, including Section 205 thereof. |
| Administration Agreement | We reimburse the Adviser under the Administration Agreement, for certain administrative services to us. <br>These services include providing office space, equipment and office services, maintaining financial records, preparing reports to shareholders and reports filed with the SEC, and managing the payment of expenses and the performance of administrative and professional services rendered by others. The Company will reimburse 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. See Part I, Item 1 "*BUSINESS - Administration Agreement*" in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u>. |
| 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. See "Part I, Item 1 "*BUSINESS - License Agreement*" in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u>. |
| Trading at a Discount | Shares of closed-end investment companies, including BDCs frequently trade at a discount to their net asset value. We are not generally able to issue and sell our common stock at a price below our net asset value per share unless we have shareholder approval. The risk that our shares may trade at a discount to our net asset value is separate and distinct from the risk that our net asset value per share may decline. We cannot predict whether our shares will trade above, at or below net asset value. |

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|:---|:---|
| Custodian, Transfer and Dividend Paying Agent and Registrar | State Street serves as our custodian and will serve as our transfer and dividend paying agent and registrar. See "*<u>[Custodian, Transfer and Dividend Paying Agent and Registrar](#i04d72bf5f2da42cebdd7deac8f3386ae_103)</u>*" in this prospectus. |
| Available Information | We have filed with the SEC a registration statement on Form N-2, of which this prospectus is a part, under the Securities Act. This registration statement contains additional information about us and the securities being offered by this prospectus. We are also required to file periodic reports, current reports, proxy statements and other information with the SEC. This information is available on the SEC's website at *www.sec.gov*. <br>We maintain a website at *www.blueowltechnologyfinance.com*.and make all of our periodic and current reports, proxy statements and other information available, free of charge, on or through our website. Information on our website is not incorporated into or part of this prospectus. You may also obtain such information free of charge by contacting us in writing at 399 Park Avenue, 37th floor, New York, New York 10022, Attention: Investor Relations, or by calling Blue Technology Finance Corp. at (212) 419-3000. |
| Incorporation of Certain Information by Reference | This prospectus is part of a registration statement that we have filed with the SEC. We are allowed to "incorporate by reference" the information that we file with the SEC, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to comprise a part of this prospectus from the date we file any such document. Any reports filed by us with the SEC subsequent to the date of this prospectus and before the date that any offering of any securities by means of this prospectus and any supplement thereto is terminated will automatically update and, where applicable, supersede any information contained in this prospectus or incorporated by reference in this prospectus. See "*<u>[Incorporation of Certain Information by Reference](#i04d72bf5f2da42cebdd7deac8f3386ae_121)</u>*" in this prospectus. |

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**FEES AND EXPENSES** 

The following table is intended to assist you in understanding the costs and expenses that you will bear directly or indirectly. We caution you that some of the percentages indicated in the table below are estimates and may vary. The expenses shown in the table under "Annual expenses" are based on estimated amounts for our current fiscal year. The following table should not be considered a representation of our future expenses. Actual expenses may be greater or less than shown. Except where the context suggests otherwise, whenever this prospectus contains a reference to fees or expenses paid by "us" or "the Company" or that "we" will pay fees or expenses, you will indirectly bear these fees or expenses as an investor in the Company.

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| | | |
|:---|:---|:---|
| **Shareholder transaction expenses:** | | |
| Sales load | —% | <sup>(1)</sup> |
| Offering expenses (as a percentage of offering price) | —% | <sup>(2)</sup> |
| Dividend reinvestment plan expenses | —% | <sup>(3)</sup> |
| **Total shareholder transaction expenses (as a percentage of offering price)**  | —% |  |
| **Annual expenses (as a percentage of net assets attributable to common stock):**  |  |  |
| Management Fee payable under the Investment Advisory Agreement | 3.0% | <sup>(4)</sup> |
| Incentive Fee payable under the Investment Advisory Agreement | 1.7% | <sup>(5)</sup> |
| Interest payments on borrowed funds | 6.5% | <sup>(6)</sup> |
| Other expenses | 0.3% | <sup>(7)</sup> |
| Acquired Fund Fees and Expenses | —% |  |
| **Total annual expenses**  | 11.4% | <sup>(8)(9)</sup> |

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__________________

(1)In the event that the securities are sold to or through underwriters, a related prospectus supplement will disclose the applicable sales load (underwriting discount or commission).

(2)A related prospectus supplement will disclose the estimated amount of offering expenses, the offering price and the estimated amount of offering expenses borne by the Company as a percentage of the offering price.

(3)The expenses of the dividend reinvestment plan are included in "other expenses" in the table above. For additional information, see "Dividend Reinvestment Plan."

(4)The Management Fee is 1.50% of our average gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) at the end of the two most recently completed calendar quarters; provided, however, the Management Fee is 1.00% of our average gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) that is below an asset coverage of 200% calculated in accordance with Section 18 and 61 of the 1940 Act. The Management Fee reflected in the table is calculated by determining the ratio that the Management Fee bears to our net assets attributable to common stock (rather than our gross assets).

(5)The Incentive Fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on our income and a portion is based on our capital gains, For more detailed information about the Incentive Fee, see Part I, Item 1 "BUSINESS —Investment Advisory Agreement" in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u>.

(6)The figure in the table represents our interest expenses based on our actual interest and credit facility expenses incurred for the period ended June 30, 2025, which includes the impact of interest rate swaps. During the period ended June 30, 2025, our average borrowings outstanding were $5.2 billion and our interest expense incurred was $87.3 million. We had outstanding borrowings of approximately $4.8 billion as of June 30, 2025. Interest payments on borrowed funds represents an estimate of our annualized interest expense based on borrowings under the Revolving Credit Facility, our SPV Asset Facility I, our SPV Asset Facility II, our SPV Asset Facility III, our SPV Asset Facility IV, the December 2025 Notes, the June 2026 Notes, the January 2027 Notes, the March 2028 Notes, the September 2028 Notes, the April 2029 Notes, the CLO 2020-1 Transaction, the Athena CLO II Transaction, and the Athena CLO IV Transaction. The assumed weighted average interest rate on our total debt outstanding was 6.1%. We may borrow additional funds from time to time to make investments to the extent we determine that the economic situation is conducive to doing so. We may also issue additional debt securities or preferred stock, subject to our compliance with applicable requirements under the 1940 Act.

(7)Includes our overhead expenses, such as payments under the Administration Agreement for certain expenses incurred by the Adviser. We based these expenses on estimated amounts for the current fiscal year.

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

(9)This table reflects all of the fees and expenses borne by us with respect to the CLO 2020-1 Transaction, the Athena CLO II Transaction, and the Athena CLO IV Transaction but does not include fees payable to but waived by the Adviser for serving as collateral manager to the CLO Issuers.

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**Example**

The following example demonstrates the projected dollar amount of total cumulative expenses over various periods with respect to a hypothetical investment in our common stock. In calculating the following expense amounts, we have assumed we would have no additional leverage and that our annual operating expenses would remain at the levels set forth in the table above. Transaction expenses are included in the following example.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 year** | **3 years** | **5 years** | **10 years** |
| You would pay the following expenses on a $1,000 investment, assuming a 5% annual return from realized capital gains | $114 | $338 | $555 | $1070 |

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The foregoing table is to assist you in understanding the various costs and expenses that an investor in our common stock will bear directly or indirectly. While the example assumes, as required by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. Because the income portion of the Incentive Fee under the Investment Advisory Agreement is unlikely to be significant assuming a 5% annual return, the example assumes that the 5% annual return will be generated entirely through the realization of capital gains on our assets and, as a result, will trigger the payment of the capital gains portion of the Incentive Fee under the Investment Advisory Agreement. The income portion of the Incentive Fee under the Investment Advisory Agreement, which, assuming a 5% annual return, would either not be payable or have an immaterial impact on the expense amounts shown above, is not included in the example. If we achieve sufficient returns on our investments, including through the realization of capital gains, to trigger an Incentive Fee of a material amount, our expenses, and returns to our investors, would be higher. In addition, while the example assumes reinvestment of all dividends and distributions at net asset value, if our Board authorizes and we declare a cash dividend, participants in our dividend reinvestment plan who have not otherwise elected to receive cash will receive a number of shares of our common stock, determined by dividing the total dollar amount of the dividend payable to a participant by the market price per share of our common stock at the close of trading on the valuation date for the dividend. See "Dividend Reinvestment Plan" for additional information regarding our dividend reinvestment plan.

This example and the expenses in the table above should not be considered a representation of our future expenses, and actual expenses (including the cost of debt, if any, and other expenses) may be greater or less than those shown.

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**FINANCIAL HIGHLIGHTS** 

The following table of financial highlights is intended to help a prospective investor understand the Fund's financial performance for the periods shown. The financial data set forth in the following table for the years ended December 31, 2024, 2023, 2022 and 2021 are derived from our consolidated financial statements, which have been audited by KPMG LLP, an independent registered public accounting firm whose report thereon is incorporated by reference in this prospectus. The financial highlights for the years ended December 31, 2020, 2019 and 2018 are derived from our consolidated financial statements that were audited by our former independent registered public accounting firm. We derived the selected consolidated financial data for the six months ended June 30, 2025, from our unaudited consolidated financial statements. You should read these financial highlights in conjunction with our consolidated financial statements and notes thereto and "<u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i04d72bf5f2da42cebdd7deac8f3386ae_40)</u>" is incorporated by reference in this prospectus.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Six Months Ended June 30,**  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
| **($ in thousands, except share and per share amounts)** | **2025 (Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| Per share data: |  |  |  |  |  |  |  |  |
| Net asset value, beginning of period | $17.09 | $17.03 | $16.70 | $17.65 | $14.88 | $14.70 | $14.53 | $— |
| Net investment income (loss)<sup>(1)</sup> | 0.74 | 1.78 | 1.79 | 1.36 | 1.06 | 0.92 | 0.85 | (0.23) |
| Net realized and unrealized gain (loss)<sup>(1)</sup> | 0.06 | (0.26) | (0.01) | (1.27) | 2.52 | 0.10 | (0.03) | (0.11) |
| Total from operations | 0.80 | 1.52 | 1.78 | 0.09 | 3.58 | 1.02 | 0.82 | (0.34) |
| Issuance of common shares<sup>(2)</sup> | (0.03) |  |  |  |  |  |  | 14.87 |
| Distributions declared from net investment income | (0.69) | (1.46) | (1.45) | (1.04) | (0.81) | (0.84) | (0.65) |  |
| Total increase (decrease) in net assets | 0.08 | 0.06 | 0.33 | (0.95) | 2.77 | 0.18 | 0.17 | 14.53 |
| Net asset value, end of period | $17.17 | $17.09 | $17.03 | $16.70 | $17.65 | $14.88 | $14.70 | $14.53 |
| Shares outstanding, end of period | 465126583 | 212155118 | 207252229 | 202882309 | 200099575 | 100586224 | 52852122 | 19739051 |
| Per share market value at end of period | $15.25 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Return, based on net market value<sup>(3)</sup> | (9.1)% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Return, based on net asset value<sup>(4)</sup> | 4.8% | 9.3% | 11.1% | 0.6% | 24.5% | 7.2% | 5.8% | (3.2)% |
| Ratios / Supplemental Data |  |  |  |  |  |  |  |  |
| Ratio of total expenses to average net assets<sup>(5)(6)</sup> | 7.6% | 8.7% | 9.2% | 6.5% | 8.4% | 7.8% | 9.3% | 7.7% |
| Ratio of net investment income to average net assets<sup>(5)</sup> | 8.0% | 10.5% | 10.6% | 8.0% | 6.1% | 6.5% | 5.5% | (3.2)% |
| Net assets, end of period | $7985418 | $3625150 | $3529994 | $3387365 | $3532150 | $1496879 | $777172 | $286710 |
| Weighted-average shares outstanding | 350872326 | 209770414 | 205005236 | 201368005 | 139198430 | 85371169 | 36696078 | 9344401 |
| Total capital commitments, end of period | N/A | $3134815 | $3134815 | $3134815 | $3134815 | $3126885 | $2519921 | $1813178 |
| Ratio of total contributed capital to total committed capital, end of period | N/A | 100.0% | 100.0% | 100.0% | 100.0% | 45.7% | 30.7% | 16.0% |
| Portfolio turnover rate | 10.8% | 34.7% | 11.7% | 9.3% | 27.3% | 10.8% | 18.4% | —% |

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______________

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

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

(3)Total return based on market value is calculated as the change in market value per share during the respective periods, taking into account dividends and distributions, if any, reinvested in accordance with the Company's dividend reinvestment plan. The beginning market value per share is based on the listing price of 17.15 per share on the listing date of June 12, 2025.

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

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

(6)Prior to any management fee waivers, the annualized total expenses to average net assets for the period ended June 30, 2025 was 7.6%.

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**RISK FACTORS** 

*Investing in our securities involves a number of significant risks. Before you invest in our securities, you should be aware of various risks associated with the investment, including those described below in this prospectus, the accompanying prospectus supplement, Part I, Item IA "RISK FACTORS" in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u>, Part II, Item 1A. Risk Factors in our most recent Quarterly Report on <u>[Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001551901/000155837025010509/scm-20250630x10q.htm)</u>, which are incorporated by reference into this prospectus in its entirety, any document incorporated by reference herein, any subsequent filings we have made with the SEC that are incorporated by reference into this prospectus or any prospectus supplement, and any free writing prospectus we may authorize in connection with a specific offering. You should carefully consider these risk factors, together with all of the other information included in this prospectus, before you decide whether to make an investment in our securities. The risks set out in this prospectus and described in such documents are not the only risks we face. Additional risks and uncertainties not presently 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. In such case, you may lose all or part of your investment.* 

***The market value of our common stock may fluctuate significantly.***

The market 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;• 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;• changes in regulatory policies or tax guidelines, particularly with respect to RICs or BDCs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of RIC tax treatment or BDC status;

&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;• changes in earnings or variations in operating results;

&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;• 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;• departure of our Adviser or certain of its key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic trends and other external factors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of a major funding source

***We cannot assure you that the market price of shares of our common stock will not decline.***

Shares of closed-end investment companies, including BDCs, frequently trade at a discount from their net asset value and our stock may also be discounted in the market. This characteristic of closed-end investment companies is separate and distinct from the risk that our net asset value per share of common stock may decline. In the past, shares of BDCs, including at times shares of our common stock, have traded at prices per share below net asset value per share. We cannot predict whether our common stock will trade at a price per share above, at or below net asset value per share. In addition, if our common stock trades below its net asset value per share, we will generally not be able to sell additional shares of our common stock to the public at its market price without first obtaining the approval of a majority of our shareholders (including a majority of our unaffiliated shareholders) and our independent directors for such issuance.

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***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 1 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.

***Sales of substantial amounts of our common stock in the public market may have an adverse effect on the market price of our common stock.***

Sales of substantial amounts of our common stock or the perception that such sales could occur could adversely affect the prevailing market prices for our common stock. If this occurs, it could impair our ability to raise additional capital through the sale of equity securities should we desire to do so. We cannot predict what effect, if any, future sales of securities or the availability of securities for future sales will have on the market price of our common stock prevailing from time to time.

***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. 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 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.

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***The amount of any distributions we may make is uncertain. We may not be able to pay you distributions, 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 limit on the extent to which we may use borrowings, if any, and we may use offering proceeds 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. In addition, the inability to satisfy the asset coverage test applicable to us as a business development company under the 1940 Act can limit our ability to pay distributions. Distributions from offering proceeds 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.

***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.

***Shareholders will experience dilution in their ownership percentage if they do not participate in our dividend reinvestment plan.***

All distributions declared in cash payable to shareholders that are participants in our dividend reinvestment plan will generally be automatically reinvested in shares of our common stock if the investor opts in to the plan. As a result, shareholders that do not elect to participate in our dividend reinvestment plan may experience dilution over time.

***Shareholders may experience dilution in the net asset value of their shares if they do not participate in our dividend reinvestment plan and if our shares are trading at a discount to net asset value.***

All distributions declared in cash payable to shareholders that are participants in our dividend reinvestment plan will generally be automatically reinvested in shares of our common stock if the investor opts in to the plan. As a result, shareholders who do not elect to participate in our dividend reinvestment plan may experience accretion to the net asset value of their shares if our shares are trading at a premium to net asset value and dilution if our shares are trading at a discount to net asset value. The level of accretion or discount would depend on various factors, including the proportion of our shareholders who participate in the plan, the level of premium or discount at which our shares are trading and the amount of the distribution payable to shareholders.

**Risk Factors - Risks Related to Offerings Pursuant to this Prospectus**

***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

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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 convertible 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, debt securities, 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.

***Holders of any preferred stock that we may issue will have the right to elect certain members of our 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.

***We will have broad discretion over the use of proceeds of any offering made pursuant to this prospectus, to the extent it is successful.***

We will have significant flexibility in applying the proceeds of any offering made pursuant to this prospectus. For example, we may pay operating expenses from net proceeds, which could limit our ability to achieve our investment objective.

***Your interest in us may be diluted if you do not fully exercise your subscription rights in any rights offering. In addition, if the subscription price is less than our net asset value per share, then you will experience an immediate dilution of the aggregate net asset value of your shares.***

In the event we issue subscription rights, shareholders who do not fully exercise their subscription rights should expect that they will, at the completion of a rights offering pursuant to this prospectus, own a smaller proportional interest in us than would otherwise be the case if they fully exercised their rights. We cannot state precisely the amount of any such dilution in share ownership because we do not know at this time what proportion of the shares will be purchased as a result of such rights offering.

In addition, if the subscription price is less than the net asset value per share of our common stock, then our shareholders would experience an immediate dilution of the aggregate net asset value of their shares as a result of the offering. The amount of any decrease in net asset value is not predictable because it is not known at this time what the subscription price and net asset value per share will be on the expiration date of a rights offering or what proportion of the shares will be purchased as a result of such rights offering. Such dilution could be substantial.

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***Investors in offerings of our common stock will likely incur immediate dilution upon the closing of such offering.***

We generally expect the public offering price of any offering of shares of our common stock to be higher than the book value per share of our outstanding common stock (unless we offer shares pursuant to a rights offering or after obtaining prior approval for such issuance from our shareholders and our independent directors). Accordingly, investors purchasing shares of our common stock in offerings pursuant to this prospectus may pay a price per share that exceeds the tangible book value per share after such offering.

***We may initially invest a portion of the net proceeds of offerings pursuant to this prospectus primarily in high-quality short-term investments, which will generate lower rates of return than those expected from the interest generated on first and second lien senior secured loans and mezzanine debt.***

We may initially invest a portion of the net proceeds of offerings pursuant to this prospectus primarily in cash, cash equivalents, U.S. government securities and other high-quality short-term investments. These securities generally earn yields substantially lower than the income that we anticipate receiving once we are fully invested in accordance with our investment objective. As a result, we may not, for a time, be able to achieve our investment objective and/or we may need to, for a time, decrease the amount of any dividend that we may pay to our shareholders to a level that is substantially lower than the level that we expect to pay when the net proceeds of offerings are fully invested in accordance with our investment objective. If we do not realize yields in excess of our expenses, we may incur operating losses and the market price of our shares may decline.

***Our shareholders may receive shares of our common stock as dividends, which could result in adverse cash flow consequences to them.***

In order to satisfy the Annual Distribution Requirement applicable to RICs, we have the ability to declare a large portion of a dividend in shares of our common stock instead of in cash. As long as a portion of such dividend is paid in cash (which portion could be as low as 20%) and certain requirements are met, the entire distribution would be treated as a dividend for U.S. federal income tax purposes. As a result, a stockholder would be taxed on 100% of the fair market value of the shares received as part of the dividend on the date a stockholder received it in the same manner as a cash dividend, even though most of the dividend was paid in shares of our common stock.

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**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS** 

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

&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, uncertainties related to the new Presidential administration, including the impact of tariff enactment and tax reductions, trade disputes with other countries, and the risk of recession or a shutdown of government services could impact our business prospects and the prospects of our portfolio companies;

&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 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;

&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, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to realize the anticipated benefits of the merger of Blue Owl Technology Finance Corp. II ("OTF II") with and into us (the "Mergers") on March 24, 2025 pursuant to an Agreement and Plan of Merger (the "Merger Agreement"), dated November 12, 2024, among us, OTF II, Oriole Merger Sub, Inc., a Maryland corporation and our wholly owned subsidiary ("Merger Sub") and, solely for the limited purposes set forth therein, the Adviser and, solely for the limited purposes set forth therein, Blue Owl Technology Credit Advisers II LLC, a Delaware limited liability company and investment advisor to OTF II ("OTCA II"); 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 prospectus, the prospectus supplement, any documents we may incorporate by reference herein, and any related free writing prospectus 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 dates of this prospectus, the prospectus supplement, any documents we may incorporate by reference herein, and any related free writing prospectus. 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 prospectus are excluded from the safe harbor protection provided by the Exchange Act.

------

**USE OF PROCEEDS** 

Unless otherwise specified in a prospectus supplement, we intend to use the net proceeds from the sale of our securities pursuant to this prospectus for general corporate purposes, which may include, among other things, investing in accordance with our investment objective and strategies described in this prospectus and repaying indebtedness (which will be subject to reborrowing). The supplement to this prospectus relating to an offering will more fully identify the use of the proceeds from such offering.

We estimate that it will take less than three months for us to substantially invest the net proceeds of any offering made pursuant to this prospectus, depending on the availability of attractive opportunities, market conditions and the amount raised.

Proceeds not immediately used for new investments or the temporary repayment of debt will be invested primarily in cash, cash equivalents, U.S. government securities and other high-quality investments that mature in one year or less from the date of investment. These securities may have lower yields than the types of investments we would typically make in accordance with our investment objective and, accordingly, may result in lower dividends, if any, during such period.

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**PRICE RANGE OF COMMON STOCK AND DISTRIBUTIONS** 

On June 12, 2025, we listed and began trading our common stock on the NYSE under the symbol OTF. It is not possible to predict whether our common stock will trade at a price per share at, above or below net asset value per share. See Part I, Item 1A "*RISK FACTORS - Risks Related to an Investment in Our Common Stock*" in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u>, Part II, Item 1A. Risk Factors in our most recent Quarterly Report on <u>[Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001551901/000155837025010509/scm-20250630x10q.htm)</u>, as well as in any subsequent SEC filing for more information.

The following table sets forth the net asset value per share of our common stock, the range of high and low closing sales prices of our common stock reported on the NYSE, the closing sales price as a premium (discount) to net asset value and the dividends declared by us in each fiscal quarter since we began trading on the NYSE. On August 21, 2025, the last reported closing sales price of our common stock on the NYSE was $14.73 per share, which represented a discount of approximately 14.21% to the net asset value per share reported by us as of June 30, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Price Range** | **Price Range** | | | | |
|<br>**Period** |<br>**Net Asset Value**<sup>(1)</sup> | **High** | **Low** |<br>**High Sales Price Premium (Discount) to Net Asset Value**<sup>(2)</sup> |<br>**Low Sales Price Premium (Discount) to Net Asset Value**<sup>(2)</sup> | **Cash Dividend Per Share**<sup>(3)</sup> | **Cash Dividend Per Share**<sup>(3)</sup> |
| **Year Ended December 31, 2025** | | | | | | | |
| Second Quarter (June 12, 2025 through June 30, 2025) | $17.17 | $16.56 | $15.25 | (3.55)% | (11.18)% | $0.35 |  |
| Third Quarter (through August 21, 2025) | \* | $15.75 | $14.42 | \* | \* | $0.40 | <sup>(3)</sup> |

---

______________

(1)Net asset value per share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value per share on the date of the high and low closing sales prices. The net asset values shown are based on outstanding shares at the end of the relevant quarter.

(2)Calculated as the respective high or low closing sales price less net asset value, divided by net asset value (in each case, as of the applicable quarter).

(3)Consists of a quarterly dividend of $0.35 per share and supplemental dividend of $0.05 per share, payable on or before October 15, 2025 and October 7, 2025, respectively, subject to the satisfaction of certain Maryland law requirements.

• Net asset value has not yet been calculated for this period.

To maintain our 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 the sum of (i) 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 (ii) 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 timely distribute to shareholders. In addition, to avoid the imposition of a nondeductible 4% U.S. federal excise tax, we must distribute (or be treated as distributing) in each calendar year an amount at least equal to the sum of:

&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;• 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;• 100% of any income or gains recognized, but not distributed, in preceding years.

We have previously 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 Part I, Item 1A "*RISK FACTORS - Federal Income Tax Risks - 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 or if we make investments through taxable subsidiaries*" in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u>.

**Dividends Declared** 

The following table reflects the distributions declared on shares of the Company's common stock for the following periods:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** |
|<br>**Date Declared** | **Record Date** | **Payment Date** | **Distribution per Share** |
| June 2, 2025 (supplemental dividend) | September 21, 2026 | October 6, 2026 | $0.05 |
| June 2, 2025 (supplemental dividend) | June 22, 2026 | July 7, 2026 | $0.05 |
| June 2, 2025 (supplemental dividend) | March 23, 2026 | April 7, 2026 | $0.05 |
| June 2, 2025 (supplemental dividend) | December 23, 2025 | January 7, 2026 | $0.05 |
| June 2, 2025 (supplemental dividend) | September 22, 2025 | October 7, 2025 | $0.05 |
| June 2, 2025 | June 30, 2025 | July 15, 2025 | $0.35 |
| March 14, 2025 | March 17, 2025 | March 18, 2025 | $0.34 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|<br>**Date Declared** | **Record Date** | **Payment Date** | **Distribution per Share** |
| October 1, 2024 | December 31, 2024 | January 31, 2025 | $0.33 |
| August 6, 2024 | September 30, 2024 | November 15, 2024 | $0.36 |
| May 7, 2024 | June 28, 2024 | August 15, 2024 | $0.40 |
| February 21, 2024<sup>(1)</sup> | March 29, 2024 | May 15, 2024 | $0.37 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|<br>**Date Declared** | **Record Date** | **Payment Date** | **Distribution per Share** |
| November 7, 2023 | December 29, 2023 | January 31, 2024 | $0.37 |
| August 8, 2023 | September 29, 2023 | November 15, 2023 | $0.37 |
| May 9, 2023 | June 30, 2023 | August 15, 2023 | $0.37 |
| February 21, 2023<sup>(1)</sup> | March 31, 2023 | May 15, 2023 | $0.34 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|<br>**Date Declared** | **Record Date** | **Payment Date** | **Distribution per Share** |
| November 1, 2022<sup>(1)</sup> | December 31, 2022 | January 31, 2023 | $0.29 |
| August 2, 2022<sup>(1)</sup> | September 30, 2022 | November 15, 2022 | $0.28 |
| May 3, 2022<sup>(1)</sup> | June 30, 2022 | August 15, 2022 | $0.23 |
| February 23, 2022<sup>(1)</sup> | March 31, 2022 | May 13, 2022 | $0.24 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|<br>**Date Declared** | **Record Date** | **Payment Date** | **Distribution per Share** |
| November 2, 2021 | December 31, 2021 | January 31, 2022 | $0.16 |
| August 3, 2021 | September 30, 2021 | November 15, 2021 | $0.17 |
| May 5, 2021 | June 30, 2021 | August 13, 2021 | $0.24 |
| February 23, 2021 | March 31, 2021 | May 14, 2021 | $0.24 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2020** | **December 31, 2020** | **December 31, 2020** |
|<br>**Date Declared** | **Record Date** | **Payment Date** | **Distribution per Share** |
| November 3, 2020 | December 31, 2020 | January 29, 2021 | $0.21 |
| August 4, 2020 | September 30, 2020 | November 13, 2020 | $0.22 |
| May 5, 2020 | June 30, 2020 | August 14, 2020 | $0.20 |
| February 19, 2020 | March 31, 2020 | May 15, 2020 | $0.21 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2019** | **December 31, 2019** | **December 31, 2019** |
|<br>**Date Declared** | **Record Date** | **Payment Date** | **Distribution per Share** |
| October 30, 2019 | December 31, 2019 | January 31, 2020 | $0.21 |
| August 7, 2019 | September 30, 2019 | November 15, 2019 | $0.25 |
| May 8, 2019 | June 30, 2019 | August 15, 2019 | $0.14 |
| February 27, 2019 | March 31, 2019 | May 15, 2019 | $0.05 |

---

During the year ended December 31, 2018 we did not declare any distributions on shares of our common stock.

__________________

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

------

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS** 

The information included under the captions "*MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS*" in Part II, Item 7 of our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u> and Part I, Item 2 of our most recent Quarterly Report on <u>[Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001551901/000155837025010509/scm-20250630x10q.htm)</u> are incorporated herein by reference.

------

**THE COMPANY** 

The information in the sections entitled "*BUSINESS*" in Part I, Item 1 and "*PROPERTIES*" in Part I, Item 2 of our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u> and in the section entitled "*LEGAL PROCEEDINGS*" in Part I, Item 3 in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u> and Part II, Item 1 of our most recent Quarterly Report on <u>[Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001551901/000155837025010509/scm-20250630x10q.htm)</u> are incorporated herein by reference.

------

**SENIOR SECURITIES** 

Information about our senior securities as of the unaudited fiscal quarter ended June 30, 2025 and the fiscal years ended December 31, 2024, 2023, 2022, 2021, 2020, 2019 and 2018 is located under the caption "*Senior Securities*" in Part I, Item 2 "*MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - Financial Condition, Liquidity and Capital Resources - Debt*" in our most recent Quarterly Report on <u>[Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001551901/000155837025010509/scm-20250630x10q.htm)</u>. The report of our independent registered public accounting firm on the senior securities table as of December 31, 2024, 2023, 2022 and 2021 is included in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u>, and is incorporated by reference into the registration statement of which this prospectus is a part. The senior securities information as of December 31, 2020, 2019, and 2018 were audited by our former independent registered public accounting firm.

------

**PORTFOLIO COMPANIES** 

The following table sets forth certain information regarding each of the portfolio companies in which we had a debt or equity investment as of June 30, 2025. We offer to make available significant managerial assistance to our portfolio companies. We may receive rights to observe the meetings of our portfolio companies' board of directors. Other than these investments, our only relationships with our portfolio companies are the managerial assistance we may separately provide to our portfolio companies, which services would be ancillary to our investments.

Subsequent to this filing, information about the portfolio companies in which we have debt or equity investments may be located in Part II, Item 7 "*MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - Portfolio Companies*" in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u>, which is incorporated herein by reference. The general terms of our expected debt and equity investments are described in Part I, Item 1 "*BUSINESS - Structure of Investments*" in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u>. Other than these investments, our only formal relationships with our portfolio companies will be the managerial assistance we may provide upon request and the board observer or participation rights we may receive in connection with our investment.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)</sup> | **Industry** | **Investment** | **Ref.**<br>**Rate** | **Cash** | **PIK** | **Maturity**<br>**Date** | **Percentage of Class Held on Fully Diluted Basis** | **Principal Number of Shares / Number of Units** | **Amortized** <br>**Cost** | **Fair**<br>**Value** |
| **6Sense Insights, Inc.**<br>450 Mission Street, San Francisco, CA, 94105 | Application Software | Series E-1 Preferred Stock | N/A | 0.00% | 0.00% | N/A | 1.09% | 1580642 | 48102000 | 40145000 |
| **AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC**<sup>(9)</sup><br>1100 Highland Drive, Boca Raton, FL, 33487 | Diversified Financial Services | LLC Interest | N/A | 0.00% | 0.00% | N/A | 11.11% | 7365950 | 9178000 | 9936000 |
| **AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC**<sup>(10)</sup><br>1100 Highland Drive, Boca Raton, FL, 33487 | Diversified Financial Services | First lien senior secured loan | N/A | 0.00% | 12.00% | 7/29/2030 | 0.00% | 15256000 | 15247000 | 15256000 |
| **AAM Series 2.1 Aviation Feeder, LLC**<sup>(9)(10)</sup><br>1100 Highland Drive, Boca Raton, FL, 33487 | Diversified Financial Services | LLC Interest | N/A | 0.00% | 0.00% | N/A | 11.11% | 6519100 | 9073000 | 11255000 |
| **AAM Series 2.1 Aviation Feeder, LLC**<sup>(10)</sup><br>1100 Highland Drive, Boca Raton, FL, 33487 | Diversified Financial Services | First lien senior secured loan | N/A | 0.00% | 12.00% | 11/21/2030 | 0.00% | 16213000 | 16222000 | 16213000 |
| **Accelerate Topco Holdings, LLC**<br>2650 McCormick Drive, Clearwater, FL, 33759 | Insurance | Common Units | N/A | 0.00% | 0.00% | N/A | 0.00% | 12822 | 612000 | 612000 |
| **Accommodations Plus Technologies LLC**<sup>(3)</sup><br>265 Broadhollow Road, Melville, NY, 11747 | Airlines | First lien senior secured loan | S+ | 4.50% | 0.00% | 5/28/2032 | 0.00% | 48967000 | 48482000 | 48477000 |
| **Acorns Grow Incorporated**<sup>(10)</sup><br>5300 California Avenue, Irvine, CA, 92617 | Capital Markets | Series F Preferred Stock | N/A | 0.00% | 5.00% | N/A | 1.00% | 572135 | 11521000 | 11518000 |
| **Acquia Inc.**<sup>(3)</sup><br>53 State Street, Boston, MA, 02109 | Systems Software | First lien senior secured loan | S+ | 7.00% | 0.00% | 10/30/2026 | 0.00% | 188298000 | 188130000 | 185003000 |
| **Activate Holdings (US) Corp. (dba Absolute Software)**<sup>(3)</sup><br>1055 Dunsmuir Street, Vancouver, BC V7X 1K8, Canada | Systems Software | First lien senior secured loan | S+ | 5.50% | 0.00% | 7/29/2030 | 0.00% | 54263000 | 54281000 | 54263000 |
| **Aerosmith Bidco 1 Limited (dba Audiotonix)**<sup>(4)</sup><br>Silverglade Business Park, Leatherhead Road, Chessington, Surrey KT9 2QL, United Kingdom | Entertainment | First lien senior secured loan | S+ | 5.25% | 0.00% | 7/23/2031 | 0.00% | 197055000 | 196005000 | 197055000 |
| **AI Titan Parent, Inc. (dba Prometheus Group)**<sup>(2)</sup><br>4601 Six Forks Road, Raleigh, NC, 27609 | Application Software | First lien senior secured loan | S+ | 4.50% | 0.00% | 8/29/2031 | 0.00% | 50189000 | 49737000 | 49687000 |
| **Algolia, Inc.**<br>3790 El Camino Real, Palo Alto, CA, 94306 | Systems Software | Series C Preferred Stock | N/A | 0.00% | 0.00% | N/A | 1.66% | 970281 | 10000000 | 17523000 |
| **Algolia, Inc.**<br>3790 El Camino Real, Palo Alto, CA, 94306 | Systems Software | Series D Preferred Stock | N/A | 0.00% | 0.00% | N/A | 1.66% | 136776 | 4000000 | 3027000 |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)</sup> | **Industry** | **Investment** | **Ref.**<br>**Rate** | **Cash** | **PIK** | **Maturity**<br>**Date** | **Percentage of Class Held on Fully Diluted Basis** | **Principal Number of Shares / Number of Units** | **Amortized** <br>**Cost** | **Fair**<br>**Value** |
| **Alpha Partners Technology Merger Corp**<br>Empire State Building, New York, NY, 10001 | Application Software | Common stock | N/A | 0.00% | 0.00% | N/A | 0.00% | 30000 | 1000000 | 339000 |
| **Alpha Partners Technology Merger Corp**<br>Empire State Building, New York, NY, 10001 | Application Software | Warrants | N/A | 0.00% | 0.00% | N/A | 0.00% | 666666 |  | 127000 |
| **AlphaSense, Inc.**<sup>(3)</sup><br>24 Union Square East, New York, NY, 10003 | Application Software | First lien senior secured loan | S+ | 6.25% | 0.00% | 6/27/2029 | 0.00% | 59360000 | 58920000 | 58915000 |
| **AlphaSense, LLC**<br>24 Union Square East, New York, NY, 10003 | Application Software | Series E Preferred Shares | N/A | 0.00% | 0.00% | N/A | 0.32% | 284408 | 13176000 | 13896000 |
| **Amergin Asset Management, LLC**<br>1100 Highland Drive, Boca Raton, FL, 33487 | Diversified Financial Services | Class A Units | N/A | 0.00% | 0.00% | N/A | 0.00% | 50000000 | 783000 | 2165000 |
| **AmeriLife Holdings LLC**<sup>(4)</sup><br>2650 McCormick Drive, Clearwater, FL, 33759 | Insurance | First lien senior secured loan | S+ | 4.75% | 0.00% | 8/31/2029 | 0.00% | 41618000 | 41452000 | 41410000 |
| **AmeriLife Holdings LLC**<sup>(3)(9)</sup><br>2650 McCormick Drive, Clearwater, FL, 33759 | Insurance | First lien senior secured delayed draw term loan | S+ | 4.84% | 0.00% | 8/31/2029 | 0.00% | 3809000 | 3791000 | 3788000 |
| **AmeriLife Holdings LLC**<sup>(3)(9)</sup><br>2650 McCormick Drive, Clearwater, FL, 33759 | Insurance | First lien senior secured revolving loan | S+ | 4.75% | 0.00% | 8/31/2028 | 0.00% | 408000 | 386000 | 384000 |
| **Anaplan, Inc.**<sup>(3)</sup><br>1450 Brickell Avenue, Miami, FL, 33131 | Application Software | First lien senior secured loan | S+ | 4.50% | 0.00% | 6/21/2029 | 0.00% | 107085000 | 107085000 | 107085000 |
| **Appfire Technologies, LLC**<sup>(3)</sup><br>1500 District Avenue, Burlington, MA, 01803 | Systems Software | First lien senior secured loan | S+ | 5.00% | 0.00% | 3/9/2028 | 0.00% | 6959000 | 6964000 | 6959000 |
| **Aptean Acquiror, Inc. (dba Aptean)**<sup>(3)(9)</sup><br>4325 Alexander Drive, Alpharetta, GA, 30022 | Industrial Conglomerates | First lien senior secured loan | S+ | 4.75% | 0.00% | 1/30/2031 | 0.00% | 16483000 | 16408000 | 16483000 |
| **Arctic Wolf Networks, Inc.**<sup>(10)</sup><br>8939 Columbine Road, Eden Prairie, MN, 55347 | Systems Software | Senior convertible notes | N/A | 0.00% | 3.00% | 11/29/2030 | 0.00% | 129334000 | 170739000 | 170739000 |
| **Arctic Wolf Networks, Inc.**<br>8939 Columbine Road, Eden Prairie, MN, 55347 | Systems Software | Preferred Stock | N/A | 0.00% | 0.00% | N/A | 0.58% | 3032840 | 25036000 | 26901000 |
| **Arctic Wolf Networks, Inc.**<sup>(3)</sup><br>8939 Columbine Road, Eden Prairie, MN, 55347 | Systems Software | First lien senior secured loan | S+ | 5.75% | 0.00% | 2/4/2030 | 0.00% | 88384000 | 87546000 | 87500000 |
| **Armstrong Bidco Limited**<sup>(5)</sup><br>Armstrong Building, Oakwood Drive Loughborough University Science & Enterprise Park, Loughborough LE11 3QF, United Kingdom | Application Software | First lien senior secured GBP term loan | SA+ | 5.00% | 0.00% | 6/28/2029 | 0.00% | 16173250 | 20180000 | 22052000 |
| **Artifact Bidco, Inc. (dba Avetta)**<sup>(3)</sup><br>3300 North Triumph Boulevard, Lehi, UT, 84043 | Application Software | First lien senior secured loan | S+ | 4.25% | 0.00% | 7/28/2031 | 0.00% | 34579000 | 34433000 | 34579000 |
| **Associations Finance, Inc.**<sup>(10)</sup><br>5401 North Central Expressway, Dallas, TX, 75205 | Buildings & Real Estate | Unsecured notes | N/A | 0.00% | 14.25% | 5/3/2030 | 0.00% | 42628000 | 42520000 | 42628000 |
| **Associations, Inc.**<sup>(3)(9)</sup><br>5401 North Central Expressway, Dallas, TX, 75205 | Buildings & Real Estate | First lien senior secured revolving loan | S+ | 6.50% | 0.00% | 7/3/2028 | 0.00% | 105871000 | 105867000 | 105871000 |
| **Asurion, LLC**<sup>(2)</sup><br>140 11th Avenue North, Nashville, TN, 37203 | Insurance | First lien senior secured loan | S+ | 4.25% | 0.00% | 8/18/2028 | 0.00% | 18342000 | 18263000 | 18130000 |
| **Asurion, LLC**<sup>(2)</sup><br>140 11th Avenue North, Nashville, TN, 37203 | Insurance | Second lien senior secured loan | S+ | 5.25% | 0.00% | 1/31/2028 | 0.00% | 10833000 | 10721000 | 10333000 |
| **Athenahealth Group Inc.**<sup>(2)</sup><br>Boston Landing, Boston, MA, 02135 | Health Care Technology | First lien senior secured loan | S+ | 2.75% | 0.00% | 2/15/2029 | 0.00% | 3476000 | 3438000 | 3470000 |
| **Aurelia Netherlands B.V.**<sup>(6)</sup><br>Grensen 5, Oslo, 0159, Norway | Internet & Direct Marketing Retail | First lien senior secured EUR term loan | E+ | 4.75% | 0.00% | 5/29/2031 | 0.00% | 64941888 | 73397000 | 76232000 |
| **Axonius, Inc.**<br>41 Madison Avenue, New York, NY, 10010 | Systems Software | Series E Preferred Stock | N/A | 0.00% | 0.00% | N/A | 0.37% | 1733274 | 8149000 | 8142000 |
| **Azurite Intermediate Holdings, Inc. (dba Alteryx, Inc.)**<sup>(2)</sup><br>3347 Michelson Drive, Irvine, CA, 92612 | Systems Software | First lien senior secured loan | S+ | 6.00% | 0.00% | 3/19/2031 | 0.00% | 94049000 | 93165000 | 94049000 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)</sup> | **Industry** | **Investment** | **Ref.**<br>**Rate** | **Cash** | **PIK** | **Maturity**<br>**Date** | **Percentage of Class Held on Fully Diluted Basis** | **Principal Number of Shares / Number of Units** | **Amortized** <br>**Cost** | **Fair**<br>**Value** |
| **Bamboo US BidCo LLC**<sup>(6)</sup><br>1 Baxter Parkway, Deerfield, IL, 60015 | Life Sciences Tools & Services | First lien senior secured EUR term loan | E+ | 5.25% | 0.00% | 9/30/2030 | 0.00% | 15616142 | 16802000 | 18331000 |
| **Bamboo US BidCo LLC**<sup>(3)(9)</sup><br>1 Baxter Parkway, Deerfield, IL, 60015 | Life Sciences Tools & Services | First lien senior secured loan | S+ | 5.25% | 0.00% | 9/30/2030 | 0.00% | 29260000 | 29246000 | 29260000 |
| **Barracuda Parent, LLC**<sup>(3)</sup><br>3175 Winchester Boulevard, Campbell, CA, 95008 | Systems Software | First lien senior secured loan | S+ | 4.50% | 0.00% | 8/15/2029 | 0.00% | 22918000 | 20325000 | 18960000 |
| **Barracuda Parent, LLC**<sup>(3)</sup><br>3175 Winchester Boulevard, Campbell, CA, 95008 | Systems Software | Second lien senior secured loan | S+ | 7.00% | 0.00% | 8/15/2030 | 0.00% | 55875000 | 44017000 | 41348000 |
| **Barracuda Parent, LLC**<sup>(3)</sup><br>3175 Winchester Boulevard, Campbell, CA, 95008 | Systems Software | First lien senior secured loan | S+ | 6.50% | 0.00% | 8/15/2029 | 0.00% | 20442000 | 19875000 | 18500000 |
| **Baypine Commander Co-Invest, LP**<br>310 East 4500 South, Salt Lake City, UT, 84107 | Life Sciences Tools & Services | Limited Partner Interest | N/A | 0.00% | 0.00% | N/A | 0.00% | 1807000 | 1807000 | 1807000 |
| **Bayshore Intermediate #2, L.P. (dba Boomi)**<sup>(2)</sup><br>1 West Elm Street, Conshohocken, PA, 19428 | Systems Software | First lien senior secured loan | S+ | 2.88% | 3.38% | 10/2/2028 | 0.00% | 154961000 | 154997000 | 154961000 |
| **Bayshore Intermediate #2, L.P. (dba Boomi)**<sup>(3)(9)</sup><br>1 West Elm Street, Conshohocken, PA, 19428 | Systems Software | First lien senior secured revolving loan | S+ | 5.75% | 0.00% | 10/1/2027 | 0.00% | 1576000 | 1547000 | 1576000 |
| **BCPE Osprey Buyer, Inc. (dba PartsSource)**<sup>(2)(9)</sup><br>777 Lena Drive, Aurora, OH, 44202 | Health Care Technology | First lien senior secured delayed draw term loan | S+ | 5.75% | 0.00% | 8/23/2028 | 0.00% | 22170000 | 21732000 | 21949000 |
| **BCPE Osprey Buyer, Inc. (dba PartsSource)**<sup>(2)(9)</sup><br>777 Lena Drive, Aurora, OH, 44202 | Health Care Technology | First lien senior secured revolving loan | S+ | 5.75% | 0.00% | 8/21/2026 | 0.00% | 6116000 | 6068000 | 5994000 |
| **BCPE Osprey Buyer, Inc. (dba PartsSource)**<sup>(3)</sup><br>777 Lena Drive, Aurora, OH, 44202 | Health Care Technology | First lien senior secured loan | S+ | 5.75% | 0.00% | 8/23/2028 | 0.00% | 113554000 | 112589000 | 112418000 |
| **BCTO BSI Buyer, Inc. (dba Buildertrend)**<sup>(3)</sup><br>11818 I Street, Omaha, NE, 68137 | Household Durables | First lien senior secured loan | S+ | 6.50% | 0.00% | 12/23/2026 | 0.00% | 83695000 | 83452000 | 83695000 |
| **BCTO WIW Holdings, Inc. (dba When I Work)**<br>420 North 5th Street, Minneapolis, MN, 55401 | Professional Services | Class A Common Stock | N/A | 0.00% | 0.00% | N/A | 2.17% | 70000 | 7000000 | 3773000 |
| **BEHP Co-Investor II, L.P.**<br>11511 Reed Hartman Highway, Blue Ash, OH, 45241 | Health Care Technology | LP Interest | N/A | 0.00% | 0.00% | N/A | 0.00% | 2539937 | 1901000 | 3340000 |
| **Bird Holding B.V. (fka MessageBird Holding B.V.)**<br>Trompenburgstraat 2C, 1079 TX Amsterdam, Netherlands | Application Software | Extended Series C Warrants | N/A | 0.00% | 0.00% | N/A | 0.00% | 191530 | 1174000 | 278000 |
| **Blackhawk Network Holdings, Inc.**<sup>(2)</sup><br>6220 Stoneridge Mall Road, Pleasanton, CA, 94588 | Diversified Financial Services | First lien senior secured loan | S+ | 4.00% | 0.00% | 3/12/2029 | 0.00% | 89948000 | 89911000 | 90371000 |
| **Blend Labs, Inc.**<br>415 Kearny Street, San Francisco, CA, 94108 | Thrifts & Mortgage Finance | Warrants | N/A | 0.00% | 0.00% | N/A | 0.00% | 299216 | 1625000 | 4000 |
| **Blue Owl Credit SLF LLC**<br>399 Park Avenue, New York, New York, 10022 | Joint Venture | LLC Interest | N/A | 0.00% | 0.00% | N/A | 0.00% | 10566000 | 10576000 | 10493000 |
| **Bolt Technology OÜ**<br>Vana-Lõuna tn 15, 10134 Tallinn, Estonia | Road & Rail | Preferred Stock | N/A | 0.00% | 0.00% | N/A | 0.15% | 43478 | 11318000 | 11335000 |
| **Boxer Parent Company Inc. (f/k/a BMC)**<sup>(3)</sup><br>2103 CityWest Boulevard, Houston, TX, 77042 | Application Software | First lien senior secured loan | S+ | 3.00% | 0.00% | 7/30/2031 | 0.00% | 29925000 | 29653000 | 29719000 |
| **Bracket Intermediate Holding Corp.**<sup>(3)</sup><br>785 Arbor Way, Blue Bell, PA, 19422 | Life Sciences Tools & Services | First lien senior secured loan | S+ | 4.25% | 0.00% | 5/8/2028 | 0.00% | 34303000 | 34402000 | 34382000 |
| **Brex, Inc.**<br>650 South 500 West, Salt Lake City, UT, 84101 | Diversified Financial Services | Preferred Stock | N/A | 0.00% | 0.00% | N/A | 0.04% | 143943 | 5012000 | 3002000 |
| **Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)**<br>1 West Elm Street, Conshohocken, PA, 19428 | Systems Software | Common Units | N/A | 0.00% | 0.00% | N/A | 11.81% | 12692160 | 12692000 | 20583000 |
| **BTRS Holdings Inc. (dba Billtrust)**<sup>(3)(9)</sup><br>11D South Gold Drive, Hamilton, NJ, 08691 | Diversified Financial Services | First lien senior secured loan | S+ | 5.50% | 0.00% | 12/18/2028 | 0.00% | 149027000 | 148744000 | 148626000 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)</sup> | **Industry** | **Investment** | **Ref.**<br>**Rate** | **Cash** | **PIK** | **Maturity**<br>**Date** | **Percentage of Class Held on Fully Diluted Basis** | **Principal Number of Shares / Number of Units** | **Amortized** <br>**Cost** | **Fair**<br>**Value** |
| **Cambrex Corporation**<sup>(2)</sup><br>One Meadowlands Plaza, East Rutherford, NJ, 07073 | Health Care Equipment & Supplies | First lien senior secured loan | S+ | 4.75% | 0.00% | 3/5/2032 | 0.00% | 39067000 | 38705000 | 38969000 |
| **Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)**<sup>(3)(9)</sup><br>3025 Windward Plaza, Alpharetta, GA, 30005 | Application Software | First lien senior secured loan | S+ | 5.50% | 0.00% | 8/4/2027 | 0.00% | 78371000 | 77549000 | 76300000 |
| **CCI BUYER, INC. (dba Consumer Cellular)**<sup>(3)</sup><br>9363 East Bahia Drive, Scottsdale, AZ, 85260 | Wireless Telecommunication Services | First lien senior secured loan | S+ | 5.00% | 0.00% | 5/13/2032 | 0.00% | 75114000 | 74373000 | 74363000 |
| **CCM Midco, LLC (f/k/a Cresset Capital Management, LLC)**<sup>(2)</sup><br>444 West Lake Street, Chicago, IL, 60606 | Capital Markets | First lien senior secured loan | N/A | 5.00% | 0.00% | 6/6/2030 | 0.00% | 12570000 | 12531000 | 12570000 |
| **Certinia Inc.**<sup>(3)</sup><br>301 Congress Avenue, Austin, TX, 78701 | Professional Services | First lien senior secured loan | S+ | 5.25% | 0.00% | 8/2/2030 | 0.00% | 88235000 | 87907000 | 88235000 |
| **Chrome Investors LP**<sup>(9)</sup><br>5301 Southwest Parkway, Austin, TX, 78735 | Systems Software | LP Interest | N/A | 0.00% | 0.00% | N/A | 0.00% | 16407258 | 16417000 | 16407000 |
| **Circle Internet Services, Inc.**<br>2261 Market Street, San Francisco, CA, 94114 | Systems Software | Warrants | N/A | 0.00% | 0.00% | N/A | 4.47% | 358412 | 6000 | 535000 |
| **Circle Internet Services, Inc.**<br>2261 Market Street, San Francisco, CA, 94114 | Systems Software | Series D Preferred Stock | N/A | 0.00% | 0.00% | N/A | 4.47% | 2934961 | 15000000 | 14175000 |
| **Circle Internet Services, Inc.**<br>2261 Market Street, San Francisco, CA, 94114 | Systems Software | Series E Preferred Stock | N/A | 0.00% | 0.00% | N/A | 4.47% | 821806 | 6917000 | 4978000 |
| **Circle Internet Services, Inc.**<br>2261 Market Street, San Francisco, CA, 94114 | Systems Software | Series F Preferred Stock | N/A | 0.00% | 0.00% | N/A | 4.47% | 75876 | 1500000 | 788000 |
| **Circle Internet Services, Inc.**<br>2261 Market Street, San Francisco, CA, 94114 | Systems Software | Subordinated Convertible Security | N/A | 0.00% | 0.00% | N/A | 4.47% | 758882 | 759000 | 759000 |
| **CivicPlus, LLC**<sup>(3)</sup><br>302 South 4th Street, Manhattan, KS, 66502 | Application Software | First lien senior secured loan | S+ | 5.50% | 0.00% | 8/23/2030 | 0.00% | 92655000 | 92201000 | 92424000 |
| **CloudPay, Inc.**<sup>(10)</sup><br>Kingsgate House, Newbury Road, Andover, Hampshire SP10 4DU, United Kingdom | Professional Services | Series E Preferred Stock | N/A | 0.00% | 13.50% | N/A | 3.43% | 84830 | 20636000 | 20628000 |
| **CloudPay, Inc.**<sup>(3)</sup><br>Kingsgate House, Newbury Road, Andover, Hampshire SP10 4DU, United Kingdom | Professional Services | First lien senior secured loan | S+ | 7.50% | 0.00% | 7/31/2029 | 0.00% | 21000000 | 20818000 | 20370000 |
| **Coherent Group Inc.**<sup>(10)</sup><br>1450 Broadway, New York, NY, 10018 | Insurance | Convertible notes | N/A | 5.30% | 0.00% | 3/31/2026 | 0.00% | 3029000 | 3031000 | 3029000 |
| **Coherent Group Inc.**<br>1450 Broadway, New York, NY, 10018 | Insurance | Series B Preferred Shares | N/A | 0.00% | 0.00% | N/A | 8.68% | 456035 | 12210000 | 13503000 |
| **Color Intermediate, LLC (dba ClaimsXten)**<sup>(2)</sup><br>3803 West Chester Pike, Newtown Square, PA, 19073 | Health Care Technology | First lien senior secured loan | S+ | 4.75% | 0.00% | 10/4/2029 | 0.00% | 47668000 | 47705000 | 47549000 |
| **Commander Buyer, Inc. (dba CenExel)**<sup>(3)</sup><br>310 East 4500 South, Salt Lake City, UT, 84107 | Life Sciences Tools & Services | First lien senior secured loan | S+ | 4.75% | 0.00% | 6/26/2032 | 0.00% | 33133000 | 32952000 | 32952000 |
| **Computer Services, Inc. (dba CSI)**<sup>(3)</sup><br>3901 Technology Drive, Paducah, KY, 42001 | Diversified Financial Services | First lien senior secured loan | S+ | 5.25% | 0.00% | 11/15/2029 | 0.00% | 156451000 | 156524000 | 156451000 |
| **Computer Services, Inc. (dba CSI)**<sup>(3)</sup><br>3901 Technology Drive, Paducah, KY, 42001 | Diversified Financial Services | First lien senior secured loan | S+ | 4.75% | 0.00% | 11/15/2029 | 0.00% | 26459000 | 26339000 | 26459000 |
| **ConnectWise, LLC**<sup>(3)</sup><br>400 North Tampa Street, Tampa, FL, 33602 | Systems Software | First lien senior secured loan | S+ | 3.50% | 0.00% | 9/29/2028 | 0.00% | 3042000 | 3041000 | 3054000 |
| **CoreTrust Purchasing Group LLC**<sup>(2)</sup><br>601 11th Avenue North, Nashville, TN, 37203 | Diversified Support Services | First lien senior secured loan | S+ | 5.25% | 0.00% | 10/1/2029 | 0.00% | 29937000 | 29960000 | 29937000 |
| **Cornerstone OnDemand, Inc.**<sup>(2)</sup><br>1601 Cloverfield Boulevard, Santa Monica, CA, 90404 | Professional Services | Second lien senior secured loan | S+ | 6.50% | 0.00% | 10/15/2029 | 0.00% | 71667000 | 70990000 | 65933000 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)</sup> | **Industry** | **Investment** | **Ref.**<br>**Rate** | **Cash** | **PIK** | **Maturity**<br>**Date** | **Percentage of Class Held on Fully Diluted Basis** | **Principal Number of Shares / Number of Units** | **Amortized** <br>**Cost** | **Fair**<br>**Value** |
| **Coupa Holdings, LLC**<sup>(3)</sup><br>950 Tower Lane, Foster City, CA, 94404 | Application Software | First lien senior secured loan | S+ | 5.25% | 0.00% | 2/27/2030 | 0.00% | 84741000 | 84805000 | 84741000 |
| **Covetrus, Inc.**<sup>(3)</sup><br>12 Mountfort Street, Portland, ME, 04101 | Health Care Providers & Services | Second lien senior secured loan | S+ | 9.25% | 0.00% | 10/13/2030 | 0.00% | 75000000 | 73427000 | 70875000 |
| **CP PIK DEBT ISSUER, LLC (dba CivicPlus, LLC)**<sup>(4)</sup><br>302 South 4th Street, Manhattan, KS, 66502 | Application Software | Unsecured notes | S+ | 0.00% | 11.75% | 6/9/2034 | 0.00% | 26527000 | 26271000 | 26527000 |
| **Creek Parent, Inc. (dba Catalent)**<sup>(2)</sup><br>14 Schoolhouse Road, NJ, 08873 | Life Sciences Tools & Services | First lien senior secured loan | S+ | 5.25% | 0.00% | 12/18/2031 | 0.00% | 174452000 | 172693000 | 174452000 |
| **Crewline Buyer, Inc. (dba New Relic)**<sup>(2)</sup><br>188 Spear Street, San Francisco, CA, 94105 | Systems Software | First lien senior secured loan | S+ | 6.75% | 0.00% | 11/8/2030 | 0.00% | 213236000 | 210994000 | 211104000 |
| **CT Technologies Intermediate Holdings, Inc. (& Smart Holdings Corp.) (dba Datavant)**<sup>(2)</sup><br>2222 West Dunlap Avenue, Phoenix, AZ, 85021 | Health Care Technology | First lien senior secured loan | S+ | 5.00% | 0.00% | 8/29/2031 | 0.00% | 155445000 | 155220000 | 155445000 |
| **Databricks, Inc.**<sup>(2)</sup><br>160 Spear Street, 15th Floor, San Francisco, CA, 94105 | Systems Software | First lien senior secured loan | S+ | 4.50% | 0.00% | 1/3/2031 | 0.00% | 114694000 | 114199000 | 114407000 |
| **Delinea Buyer, Inc. (f/k/a Centrify)**<sup>(3)(9)</sup><br>221 Main Street, San Francisco, CA, 94105 | Systems Software | First lien senior secured loan | S+ | 5.75% | 0.00% | 3/2/2028 | 0.00% | 105183000 | 103887000 | 105183000 |
| **Delta TopCo, Inc. (dba Infoblox, Inc.)**<sup>(3)</sup><br>2390 Mission College Boulevard, Santa Clara, CA, 95054 | Systems Software | Second lien senior secured loan | S+ | 5.25% | 0.00% | 11/29/2030 | 0.00% | 30000000 | 29975000 | 30048000 |
| **Diamond Insure Bidco (dba Acturis)**<sup>(5)</sup><br>100 Hatton Garden, London , EC1N 8NX, United Kingdom | Insurance | First lien senior secured GBP term loan | SA+ | 4.50% | 0.00% | 7/1/2031 | 0.00% | 26545059 | 33778000 | 36194000 |
| **Diamond Insure Bidco (dba Acturis)**<sup>(7)</sup><br>100 Hatton Garden, London , EC1N 8NX, United Kingdom | Insurance | First lien senior secured EUR term loan | E+ | 4.25% | 0.00% | 7/1/2031 | 0.00% | 8121144 | 8670000 | 9485000 |
| **Diamondback Acquisition, Inc. (dba Sphera)**<sup>(2)</sup><br>130 East Randolph Street, Chicago, IL, 60601 | Application Software | First lien senior secured loan | S+ | 5.50% | 0.00% | 9/13/2028 | 0.00% | 75472000 | 74666000 | 75472000 |
| **Diligent Preferred Issuer, Inc. (dba Diligent Corporation)**<sup>(10)</sup><br>61 West 23rd Street, New York, NY, 10010 | Application Software | Preferred Stock | N/A | 0.00% | 10.50% | N/A | 0.00% | 15000 | 22288000 | 21535000 |
| **Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)**<sup>(2)</sup><br>100 Summer Steet, 8th Floor, Boston, MA, 02110 | Insurance | First lien senior secured loan | S+ | 7.00% | 0.00% | 3/30/2029 | 0.00% | 44738000 | 44431000 | 44738000 |
| **Dodge Construction Network Holdings, L.P.**<br>34 Crosby Drive, Bedford, MA, 01730 | Construction & Engineering | Class A-2 Common Units | N/A | 0.00% | 0.00% | N/A | 0.65% | 3333333 | 2841000 | 474000 |
| **Dodge Construction Network Holdings, L.P.**<sup>(3)</sup><br>34 Crosby Drive, Bedford, MA, 01730 | Construction & Engineering | Series A Preferred Units | S+ | 0.00% | 8.25% | N/A | 0.65% |  | 69000 | 41000 |
| **Dodge Construction Network LLC**<sup>(3)</sup><br>34 Crosby Drive, Bedford, MA, 01730 | Construction & Engineering | First lien senior secured loan | S+ | 4.75% | 0.00% | 2/28/2029 | 0.00% | 6065000 | 4929000 | 4953000 |
| **Dodge Construction Network LLC**<sup>(3)</sup><br>34 Crosby Drive, Bedford, MA, 01730 | Construction & Engineering | First lien senior secured loan | S+ | 6.25% | 0.00% | 1/31/2029 | 0.00% | 4374000 | 4295000 | 4341000 |
| **EET Buyer, Inc. (dba e-Emphasys)**<sup>(3)</sup><br>2501 Weston Parkway, Cary, NC, 27513 | Building Products | First lien senior secured loan | S+ | 4.75% | 0.00% | 11/8/2027 | 0.00% | 67559000 | 67253000 | 67559000 |
| **Einstein Parent, Inc. (dba Smartsheet)**<sup>(3)</sup><br>500 108th Avenue Northeast, Bellevue, WA, 98004 | Application Software | First lien senior secured loan | S+ | 6.50% | 0.00% | 1/22/2031 | 0.00% | 105186000 | 104184000 | 104135000 |
| **Elliott Alto Co-Investor Aggregator L.P.**<br>851 Cypress Creek Road, Fort Lauderdale, FL, 33309 | Systems Software | LP Interest | N/A | 0.00% | 0.00% | N/A | 0.22% | 14627 | 21934000 | 26527000 |
| **Ellucian Holdings Inc. (f/k/a Sophia, L.P.)**<sup>(2)</sup><br>2003 Edmund Halley Drive, Reston, VA, 20191 | Diversified Consumer Services | First lien senior secured loan | S+ | 3.00% | 0.00% | 10/8/2029 | 0.00% | 7958000 | 7936000 | 7973000 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)</sup> | **Industry** | **Investment** | **Ref.**<br>**Rate** | **Cash** | **PIK** | **Maturity**<br>**Date** | **Percentage of Class Held on Fully Diluted Basis** | **Principal Number of Shares / Number of Units** | **Amortized** <br>**Cost** | **Fair**<br>**Value** |
| **Engage Debtco Limited**<sup>(3)</sup><br>Courtyard House, The Weighbridge Brewery, High St, Marlow SL7 2FF, United Kingdom | Health Care Providers & Services | First lien senior secured loan | S+ | 3.33% | 2.75% | 7/13/2029 | 0.00% | 15826000 | 15465000 | 15153000 |
| **Engage Debtco Limited**<sup>(3)</sup><br>Courtyard House, The Weighbridge Brewery, High St, Marlow SL7 2FF, United Kingdom | Health Care Providers & Services | First lien senior secured delayed draw term loan | S+ | 3.18% | 2.54% | 7/13/2029 | 0.00% | 5138000 | 5022000 | 4920000 |
| **Entrata, Inc.**<sup>(2)</sup><br>4205 Chapel Ridge Road, Lehi, UT, 84043 | Real Estate Management & Development | First lien senior secured loan | S+ | 5.75% | 0.00% | 7/10/2030 | 0.00% | 45083000 | 45107000 | 45083000 |
| **EresearchTechnology, Inc. (dba Clario)**<sup>(2)(9)</sup><br>1818 Market Street, Philadelphia, PA, 19103 | Health Care Providers & Services | First lien senior secured loan | S+ | 4.75% | 0.00% | 1/19/2032 | 0.00% | 79855000 | 79062000 | 79002000 |
| **EShares, Inc. (dba Carta)**<br>333 Bush Street, San Francisco, CA, 94104 | Application Software | Series E Preferred Stock | N/A | 0.00% | 0.00% | N/A | 0.11% | 186904 | 2008000 | 4378000 |
| **Excalibur CombineCo, L.P.**<br>1051 East Hillsdale Boulevard, Foster City, CA, 94404 | Systems Software | Class A Units | N/A | 0.00% | 0.00% | N/A | 0.11% | 3340668 | 99452000 | 73557000 |
| **Fifth Season Investments LLC**<br>201 Broad St, Stamford, CT 06901 | Insurance | Class A Units | N/A | 0.00% | 0.00% | N/A | 19.62% | 16 | 157019000 | 163837000 |
| **Finastra USA, Inc.**<sup>(4)</sup><br>4 Kingdom Street, Paddington, London W2 6BD, United Kingdom | Banks | First lien senior secured loan | S+ | 7.25% | 0.00% | 9/13/2029 | 0.00% | 152535000 | 151903000 | 152535000 |
| **Finastra USA, Inc.**<sup>(3)(9)</sup><br>4 Kingdom Street, Paddington, London W2 6BD, United Kingdom | Banks | First lien senior secured revolving loan | S+ | 7.25% | 0.00% | 9/13/2029 | 0.00% | 3181000 | 3108000 | 3181000 |
| **Forescout Technologies, Inc.**<sup>(3)</sup><br>300 Santana Row, San Jose, CA, 95128 | Systems Software | First lien senior secured loan | S+ | 5.00% | 0.00% | 5/26/2031 | 0.00% | 67473000 | 67175000 | 67473000 |
| **Foundation Consumer Brands, LLC**<sup>(3)</sup><br>1190 Omega Drive, Pittsburgh, PA, 15205 | Pharmaceuticals | First lien senior secured loan | S+ | 5.00% | 0.00% | 2/12/2029 | 0.00% | 21300000 | 21212000 | 21194000 |
| **Fullsteam Operations, LLC**<sup>(3)(9)</sup><br>540 Devall Drive, Auburn, AL, 36832 | Application Software | First lien senior secured loan | S+ | 8.25% | 0.00% | 11/27/2029 | 0.00% | 31408000 | 31034000 | 31408000 |
| **Fullsteam Operations, LLC**<sup>(3)(9)</sup><br>540 Devall Drive, Auburn, AL, 36832 | Application Software | First lien senior secured delayed draw term loan | S+ | 7.00% | 0.00% | 11/27/2029 | 0.00% | 10284000 | 10192000 | 10284000 |
| **Gainsight, Inc.**<sup>(3)</sup><br>350 Bay Street, San Francisco, CA, 94133 | Application Software | First lien senior secured loan | S+ | 5.75% | 0.00% | 7/30/2027 | 0.00% | 67754000 | 67377000 | 67754000 |
| **Galway Borrower LLC**<sup>(3)(9)</sup><br>1 California Street, San Francisco, CA 94111 | Insurance | First lien senior secured delayed draw term loan | S+ | 4.50% | 0.00% | 9/29/2028 | 0.00% | 313000 | 312000 | 313000 |
| **Gerson Lehrman Group, Inc.**<sup>(3)</sup><br>60 East 42nd Street, New York, NY, 10165 | Professional Services | First lien senior secured loan | S+ | 5.00% | 0.00% | 12/13/2027 | 0.00% | 37696000 | 37553000 | 37696000 |
| **GI Ranger Intermediate, LLC (dba Rectangle Health)**<sup>(2)</sup><br>115 East Stevens Avenue, Valhalla, NY, 10595 | Health Care Technology | First lien senior secured loan | S+ | 5.75% | 0.00% | 10/30/2028 | 0.00% | 26817000 | 26505000 | 26279000 |
| **Granicus, Inc.**<sup>(9)(11)</sup><br>1999 Broadway, Denver, CO, 80202 | Application Software | First lien senior secured revolving loan | P+ | 4.25% | 0.00% | 1/17/2031 | 0.00% | 77000 | 75000 | 77000 |
| **Granicus, Inc.**<sup>(3)</sup><br>1999 Broadway, Denver, CO, 80202 | Application Software | First lien senior secured loan | S+ | 3.50% | 2.25% | 1/17/2031 | 0.00% | 3946000 | 3931000 | 3946000 |
| **Granicus, Inc.**<sup>(3)</sup><br>1999 Broadway, Denver, CO, 80202 | Application Software | First lien senior secured delayed draw term loan | S+ | 3.00% | 2.25% | 1/17/2031 | 0.00% | 584000 | 580000 | 582000 |
| **Greenway Health, LLC**<sup>(3)</sup><br>4301 West Boy Scout Boulevard, Tampa, FL, 33607 | Health Care Technology | First lien senior secured loan | S+ | 6.75% | 0.00% | 4/1/2029 | 0.00% | 18813000 | 18553000 | 18578000 |
| **GS Acquisitionco, Inc. (dba insightsoftware)**<sup>(3)(9)</sup><br>8529 Six Forks Road, Raleigh, NC, 27615 | Application Software | First lien senior secured loan | S+ | 5.25% | 0.00% | 5/25/2028 | 0.00% | 53186000 | 53068000 | 52894000 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)</sup> | **Industry** | **Investment** | **Ref.**<br>**Rate** | **Cash** | **PIK** | **Maturity**<br>**Date** | **Percentage of Class Held on Fully Diluted Basis** | **Principal Number of Shares / Number of Units** | **Amortized** <br>**Cost** | **Fair**<br>**Value** |
| **H&F Opportunities LUX III S.À R.L (dba Checkmarx)**<sup>(2)</sup><br>Amot Atrium Tower, 2 Jabotinsky Street, Ramat Gan 520501, Israel | Systems Software | First lien senior secured loan | S+ | 6.50% | 0.00% | 4/16/2027 | 0.00% | 148889000 | 148149000 | 148889000 |
| **Halo Parent Newco, LLC**<sup>(10)</sup><br>11095 Viking Drive, Eden Prairie, MN, 55344 | Systems Software | Class H PIK Preferred Equity | N/A | 0.00% | 11.00% | N/A | 0.00% | 45000 | 48849000 | 45948000 |
| **HARNESS INC.**<br>2317 Broadway Street, Redwood City, CA, 94063 | Systems Software | Series D Preferred Stock | N/A | 0.00% | 0.00% | N/A | 0.77% | 1022648 | 9169000 | 7751000 |
| **Help HP SCF Investor, LP**<br>11095 Viking Drive, Eden Prairie, MN, 55344 | Systems Software | LP Interest | N/A | 0.00% | 0.00% | N/A | 7.06% | 59332500 | 59385000 | 59923000 |
| **Hg Genesis 8 Sumoco Limited**<sup>(5)</sup><br>2 More London Riverside, London SE1 2AP, United Kingdom | Diversified Financial Services | Unsecured facility | SA+ | 0.00% | 7.50% | 9/3/2027 | 0.00% | 15129720 | 19166000 | 20733000 |
| **Hg Genesis 9 SumoCo Limited**<sup>(6)</sup><br>2 More London Riverside, London SE1 2AP, United Kingdom | Diversified Financial Services | Unsecured facility | E+ | 0.00% | 6.25% | 3/16/2029 | 0.00% | 56557508 | 61233000 | 66390000 |
| **Hg Saturn Luchaco Limited**<sup>(5)</sup><br>2 More London Riverside, London SE1 2AP, United Kingdom | Diversified Financial Services | Unsecured facility | SA+ | 0.00% | 8.25% | 3/30/2027 | 0.00% | 40821712 | 51881000 | 55940000 |
| **Hyland Software, Inc.**<sup>(2)</sup><br>28105 Clemens Road, Westlake, OH, 44145 | Health Care Technology | First lien senior secured loan | S+ | 5.00% | 0.00% | 9/19/2030 | 0.00% | 149055000 | 149106000 | 149055000 |
| **Icefall Parent, Inc. (dba EngageSmart)**<sup>(3)</sup><br>30 Braintree Hill Office Park, Braintree, MA, 02184 | Diversified Consumer Services | First lien senior secured loan | S+ | 5.75% | 0.00% | 1/25/2030 | 0.00% | 31043000 | 30850000 | 31043000 |
| **Illumio, Inc.**<br>920 De Guigne Drive, Sunnyvale, CA, 94085 | Systems Software | Common stock | N/A | 0.00% | 0.00% | N/A | 0.00% | 358365 | 2432000 | 1438000 |
| **Illumio, Inc.**<br>920 De Guigne Drive, Sunnyvale, CA, 94085 | Systems Software | Series F Preferred Stock | N/A | 0.00% | 0.00% | N/A | 0.00% | 2483618 | 16684000 | 14907000 |
| **Indikami Bidco, LLC (dba IntegriChain)**<sup>(2)</sup><br>8 Penn Center, 1628 JFK Boulevard, Philadelphia, PA, 19103 | Health Care Technology | First lien senior secured loan | S+ | 4.00% | 2.50% | 12/19/2030 | 0.00% | 134652000 | 132869000 | 133306000 |
| **Indikami Bidco, LLC (dba IntegriChain)**<sup>(2)(9)</sup><br>8 Penn Center, 1628 JFK Boulevard, Philadelphia, PA, 19103 | Health Care Technology | First lien senior secured delayed draw term loan | S+ | 6.00% | 0.00% | 12/19/2030 | 0.00% | 2085000 | 2008000 | 2065000 |
| **Indikami Bidco, LLC (dba IntegriChain)**<sup>(2)(9)</sup><br>8 Penn Center, 1628 JFK Boulevard, Philadelphia, PA, 19103 | Health Care Technology | First lien senior secured revolving loan | S+ | 6.00% | 0.00% | 6/20/2030 | 0.00% | 9906000 | 9739000 | 9775000 |
| **Infobip Inc.**<sup>(3)</sup><br>35 – 38 New Bridge Street, London EC4V 6BW, United Kingdom | Application Software | First lien senior secured loan | S+ | 5.75% | 0.00% | 6/11/2029 | 0.00% | 67705000 | 66704000 | 66690000 |
| **Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)**<sup>(2)</sup><br>38955 Hills Tech Drive, Farmington Hills, MI, 48331 | Beverages | First lien senior secured loan | S+ | 6.25% | 0.00% | 3/11/2027 | 0.00% | 6207000 | 6130000 | 6115000 |
| **Inovalon Holdings, Inc.**<sup>(3)</sup><br>4321 Collington Road, Bowie, MD, 20716 | Health Care Technology | First lien senior secured loan | S+ | 3.00% | 2.75% | 11/24/2028 | 0.00% | 190516000 | 190238000 | 190516000 |
| **Inovalon Holdings, Inc.**<sup>(3)</sup><br>4321 Collington Road, Bowie, MD, 20716 | Health Care Technology | Second lien senior secured loan | S+ | 0.00% | 8.50% | 11/24/2033 | 0.00% | 72235000 | 72235000 | 72235000 |
| **Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)**<br>302 South 4th Street, Manhattan, KS, 66502 | Application Software | LP Interest | N/A | 0.00% | 0.00% | N/A | 2.33% | 2284793 | 2285000 | 2862000 |
| **Integrated Specialty Coverages, LLC**<sup>(2)</sup><br>1811 Aston Avenue, Carlsbad, CA, 92008 | Insurance | First lien senior secured loan | S+ | 4.75% | 0.00% | 7/28/2030 | 0.00% | 7750000 | 7756000 | 7750000 |
| **Integrity Marketing Acquisition, LLC**<sup>(3)</sup><br>1445 Ross Avenue, Dallas, TX, 75202 | Insurance | First lien senior secured loan | S+ | 5.00% | 0.00% | 8/25/2028 | 0.00% | 90021000 | 89807000 | 90021000 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)</sup> | **Industry** | **Investment** | **Ref.**<br>**Rate** | **Cash** | **PIK** | **Maturity**<br>**Date** | **Percentage of Class Held on Fully Diluted Basis** | **Principal Number of Shares / Number of Units** | **Amortized** <br>**Cost** | **Fair**<br>**Value** |
| **Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)**<sup>(3)</sup><br>305 Church at North Hills Street, Raleigh, NC, 27609 | Health Care Technology | First lien senior secured loan | S+ | 6.50% | 0.00% | 8/21/2026 | 0.00% | 163939000 | 163440000 | 160660000 |
| **Interoperability Bidco, Inc. (dba Lyniate)**<sup>(3)(9)</sup><br>One Beacon Street, Boston, MA, 02108 | Health Care Technology | First lien senior secured loan | S+ | 5.75% | 0.00% | 3/27/2028 | 0.00% | 116150000 | 115377000 | 113971000 |
| **IRI Group Holdings, Inc. (f/k/a Circana Group, L.P. (f/k/a The NPD Group, L.P.))**<sup>(2)</sup><br>203 North LaSalle Street, Chicago, IL, 60601 | Food & Staples Retailing | First lien senior secured loan | S+ | 4.50% | 0.00% | 12/3/2029 | 0.00% | 173446000 | 173519000 | 173446000 |
| **JS Parent, Inc. (dba Jama Software)**<sup>(3)</sup><br>135 Southwest Taylor, Portland, OR, 97204 | Application Software | First lien senior secured loan | S+ | 4.75% | 0.00% | 4/24/2031 | 0.00% | 27148000 | 27099000 | 27148000 |
| **JumpCloud, Inc.**<br>361 Centennial Parkway, Louisville, CO, 80027 | IT Services | Series B Preferred Stock | N/A | 0.00% | 0.00% | N/A | 2.48% | 756590 | 4531000 | 783000 |
| **JumpCloud, Inc.**<br>361 Centennial Parkway, Louisville, CO, 80027 | IT Services | Series F Preferred Stock | N/A | 0.00% | 0.00% | N/A | 2.48% | 6679245 | 40017000 | 28343000 |
| **Juniper Square, Inc.**<br>555 Montgomery Street, San Francisco, CA, 94111 | Diversified Financial Services | Warrants | N/A | 0.00% | 0.00% | N/A | 0.00% | 40984 | 2128000 | 1822000 |
| **Juniper Square, Inc.**<sup>(3)(9)</sup><br>555 Montgomery Street, San Francisco, CA, 94111 | Diversified Financial Services | First lien senior secured loan | S+ | 8.50% | 0.00% | 12/29/2026 | 0.00% | 56584000 | 56623000 | 56584000 |
| **Kajabi Holdings, LLC**<br>880 Newport Center Drive, Newport Beach, CA, 92660 | Internet & Direct Marketing Retail | Senior Preferred Class D Units | N/A | 0.00% | 0.00% | N/A | 2.49% | 4126175 | 50025000 | 39463000 |
| **Kaseya Inc.**<sup>(2)</sup><br>701 Brickell Avenue, Miami, FL, 33131 | IT Services | First lien senior secured loan | S+ | 3.25% | 0.00% | 3/12/2032 | 0.00% | 69825000 | 69531000 | 70062000 |
| **Kaseya Inc.**<sup>(2)</sup><br>701 Brickell Avenue, Miami, FL, 33131 | IT Services | Second lien senior secured loan | S+ | 5.00% | 0.00% | 3/11/2033 | 0.00% | 17500000 | 17426000 | 17505000 |
| **Klarna Holding AB**<sup>(3)</sup><br>Sveavägen 46, 111 34 Stockholm, Sweden | Consumer Finance | Subordinated Floating Rate Notes | S+ | 7.00% | 0.00% | 4/19/2034 | 0.00% | 65334000 | 65360000 | 65334000 |
| **Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)**<sup>(4)</sup><br>701 Brickell Avenue, Miami, FL, 33131 | IT Services | Perpetual Preferred Stock | S+ | 0.00% | 11.00% | N/A | 0.00% | 44100 | 65728000 | 65754000 |
| **KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)**<br>600 Park Offices Drive, Research Triangle Park, NC, 27709 | Health Care Providers & Services | Class A Interest | N/A | 0.00% | 0.00% | N/A | 0.18% | 317 | 3521000 | 4283000 |
| **KWOL Acquisition, Inc. (dba Worldwide Clinical Trials)**<sup>(3)</sup><br>600 Park Offices Drive, Research Triangle Park, NC, 27709 | Health Care Providers & Services | First lien senior secured loan | S+ | 4.75% | 0.00% | 12/12/2029 | 0.00% | 45465000 | 45146000 | 45465000 |
| **Linked Store Cayman Ltd. (dba Nuvemshop)**<br>Alameda Vicente Pinzon, 173 173 - Vila Olimpia, São Paulo, Brazil | Internet & Direct Marketing Retail | Series E Preferred Stock | N/A | 0.00% | 0.00% | N/A | 1.60% | 19499 | 42496000 | 37998000 |
| **Litera Bidco LLC**<sup>(2)(9)</sup><br>550 West Jackson Boulevard, Chicago, IL, 60661 | Diversified Consumer Services | First lien senior secured loan | S+ | 5.00% | 0.00% | 5/1/2028 | 0.00% | 188715000 | 188091000 | 188243000 |
| **LogRhythm, Inc.**<sup>(3)</sup><br>1051 East Hillsdale Boulevard, Foster City, CA, 94404 | Systems Software | First lien senior secured loan | S+ | 7.50% | 0.00% | 7/2/2029 | 0.00% | 4750000 | 4630000 | 4619000 |
| **LSI Financing 1 DAC**<br>Victoria Building, 1-2 Haddington Rd, Dublin D04 XN32, Ireland | Pharmaceuticals | Preferred equity | N/A | 0.00% | 0.00% | N/A | 0.00% | 6747523 | 7043000 | 6252000 |
| **LSI Financing LLC**<sup>(9)</sup><br>1521 Concord Pike, Suite 201, Wilmington, DE 19803 | Pharmaceuticals | Common Equity | N/A | 0.00% | 0.00% | N/A | 0.00% | 107442303 | 106495000 | 112371000 |
| **Magnet Forensics, LLC (f/k/a Grayshift, LLC)**<sup>(2)</sup><br>931 Monroe Drive Northeast, Atlanta, GA, 30308 | Application Software | First lien senior secured loan | S+ | 4.50% | 0.00% | 7/6/2028 | 0.00% | 175907000 | 175993000 | 175907000 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)</sup> | **Industry** | **Investment** | **Ref.**<br>**Rate** | **Cash** | **PIK** | **Maturity**<br>**Date** | **Percentage of Class Held on Fully Diluted Basis** | **Principal Number of Shares / Number of Units** | **Amortized** <br>**Cost** | **Fair**<br>**Value** |
| **ManTech International Corporation**<sup>(3)</sup><br>2251 Corporate Park Drive, Herndon, VA, 20171 | Aerospace & Defense | First lien senior secured loan | S+ | 5.00% | 0.00% | 9/14/2029 | 0.00% | 76122000 | 76175000 | 76122000 |
| **MINDBODY, Inc.**<sup>(3)</sup><br>651 Tank Farm Road, San Luis Obispo, CA, 93401 | Hotels, Restaurants & Leisure | First lien senior secured loan | S+ | 6.00% | 0.00% | 9/30/2027 | 0.00% | 72962000 | 72918000 | 72962000 |
| **Minerva Holdco, Inc.**<sup>(10)</sup><br>Boston Landing, Boston, MA, 02135 | Health Care Technology | Senior A Preferred Stock | N/A | 0.00% | 10.75% | N/A | 0.14% | 100000 | 140863000 | 142333000 |
| **Ministry Brands Holdings, LLC**<sup>(9)(11)</sup><br>10133 Sherrill Boulevard, Knoxville, TN, 37932 | Application Software | First lien senior secured revolving loan | P+ | 4.50% | 0.00% | 12/30/2027 | 0.00% | 61000 | 55000 | 56000 |
| **Ministry Brands Holdings, LLC**<sup>(2)</sup><br>10133 Sherrill Boulevard, Knoxville, TN, 37932 | Application Software | First lien senior secured loan | S+ | 5.50% | 0.00% | 12/29/2028 | 0.00% | 8181000 | 8090000 | 8121000 |
| **Minotaur Acquisition, Inc. (dba Inspira Financial)**<sup>(2)</sup><br>2001 Spring Road, Oak Brook, IL, 60523 | Diversified Financial Services | First lien senior secured loan | S+ | 5.00% | 0.00% | 6/3/2030 | 0.00% | 144582000 | 144087000 | 144582000 |
| **Modernizing Medicine, Inc. (dba ModMed)**<sup>(3)</sup><br>4700 Exchange Court, Boca Raton, FL, 33431 | Health Care Technology | First lien senior secured loan | S+ | 2.50% | 2.75% | 4/30/2032 | 0.00% | 145459000 | 144039000 | 144004000 |
| **ModMed Software Midco Holdings, Inc. (dba ModMed)**<sup>(10)</sup><br>4700 Exchange Court, Boca Raton, FL, 33431 | Health Care Technology | Series A Preferred Units | N/A | 0.00% | 13.00% | N/A | 0.00% | 32375 | 31566000 | 31566000 |
| **Monotype Imaging Holdings Inc.**<sup>(3)(9)</sup><br>600 Unicorn Park Drive, Woburn, MA, 01801 | Media | First lien senior secured loan | S+ | 5.50% | 0.00% | 2/28/2031 | 0.00% | 129321000 | 128976000 | 129321000 |
| **Natural Partners, LLC**<sup>(3)</sup><br>245 Cooper Street, Ottawa, ON K2P 0G2, Canada | Health Care Providers & Services | First lien senior secured loan | S+ | 4.50% | 0.00% | 11/29/2030 | 0.00% | 21994000 | 21908000 | 21884000 |
| **Neptune Holdings, Inc. (dba NexTech)**<sup>(3)</sup><br>4221 West Boy Scout Boulevard, Tampa, FL, 33607 | Health Care Technology | First lien senior secured loan | S+ | 4.50% | 0.00% | 8/30/2030 | 0.00% | 10864000 | 10849000 | 10864000 |
| **NMI Acquisitionco, Inc. (dba Network Merchants)**<sup>(2)</sup><br>1450 American Lane, Schaumburg, IL, 60173 | Diversified Financial Services | First lien senior secured loan | S+ | 5.00% | 0.00% | 9/6/2028 | 0.00% | 24231000 | 24194000 | 24231000 |
| **Nylas, Inc.**<br>944 Market Street, San Francisco, CA, 94102 | Application Software | Series C Preferred Stock | N/A | 0.00% | 0.00% | N/A | 4.16% | 2088467 | 15009000 | 2110000 |
| **OneOncology, LLC**<sup>(3)</sup><br>1301 West Colonial Drive, Orlando, FL, 32804 | Health Care Providers & Services | First lien senior secured delayed draw term loan | S+ | 5.00% | 0.00% | 6/10/2030 | 0.00% | 13832000 | 13797000 | 13832000 |
| **OneOncology, LLC**<sup>(3)(9)</sup><br>1301 West Colonial Drive, Orlando, FL, 32804 | Health Care Providers & Services | First lien senior secured loan | S+ | 4.75% | 0.00% | 6/10/2030 | 0.00% | 21368000 | 21218000 | 21261000 |
| **Orange Blossom Parent, Inc.**<br>9600 West Bryn Mawr Avenue, Rosemont, IL, 60018 | Health Care Technology | Common Units | N/A | 0.00% | 0.00% | N/A | 0.14% | 16667 | 1665000 | 1720000 |
| **Oranje Holdco, Inc. (dba KnowBe4)**<sup>(3)</sup><br>33 North Garden Avenue, Clearwater, FL, 33755 | Systems Software | First lien senior secured loan | S+ | 7.75% | 0.00% | 2/1/2029 | 0.00% | 119636000 | 119587000 | 119636000 |
| **Oranje Holdco, Inc. (dba KnowBe4)**<sup>(3)</sup><br>33 North Garden Avenue, Clearwater, FL, 33755 | Systems Software | First lien senior secured loan | S+ | 7.25% | 0.00% | 2/1/2029 | 0.00% | 26646000 | 26469000 | 26579000 |
| **Pacific BidCo Inc.**<sup>(4)</sup><br>Otto-Hahn-Strasse, Plankstadt, 68723, Germany | Pharmaceuticals | First lien senior secured loan | S+ | 4.12% | 1.88% | 8/9/2029 | 0.00% | 9195000 | 9031000 | 9080000 |
| **Pacific BidCo Inc.**<sup>(4)</sup><br>Otto-Hahn-Strasse, Plankstadt, 68723, Germany | Pharmaceuticals | First lien senior secured delayed draw term loan | S+ | 5.75% | 0.00% | 8/9/2029 | 0.00% | 954000 | 937000 | 943000 |
| **Packaging Coordinators Midco, Inc.**<sup>(3)</sup><br>3001 Red Lion Road, Philadelphia, PA, 19114 | Health Care Equipment & Supplies | First lien senior secured loan | S+ | 4.75% | 0.00% | 1/22/2032 | 0.00% | 122559000 | 120980000 | 121027000 |
| **Paradigmatic Holdco LLC (dba Pluralsight)**<br>42 Future Way, Draper, UT, 84020 | IT Services | Common stock | N/A | 0.00% | 0.00% | N/A | 0.00% | 10119090 | 26850000 | 25729000 |
| **PDI TA Holdings, Inc.**<sup>(3)(9)</sup><br>11675 Rainwater Drive, Alpharetta, GA, 30009 | Multiline Retail | First lien senior secured loan | S+ | 5.50% | 0.00% | 2/3/2031 | 0.00% | 28077000 | 27768000 | 27784000 |
| **Peraton Corp.**<sup>(3)</sup><br>1875 Explorer Street, Reston, VA, 20190 | Aerospace & Defense | Second lien senior secured loan | S+ | 7.75% | 0.00% | 2/1/2029 | 0.00% | 84551000 | 83842000 | 58763000 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)</sup> | **Industry** | **Investment** | **Ref.**<br>**Rate** | **Cash** | **PIK** | **Maturity**<br>**Date** | **Percentage of Class Held on Fully Diluted Basis** | **Principal Number of Shares / Number of Units** | **Amortized** <br>**Cost** | **Fair**<br>**Value** |
| **PerkinElmer U.S. LLC**<sup>(2)</sup><br>710 Bridgeport Ave, Shelton, CT, 06484 | Health Care Equipment & Supplies | First lien senior secured loan | S+ | 4.75% | 0.00% | 3/13/2029 | 0.00% | 67360000 | 66915000 | 66686000 |
| **PetVet Care Centers, LLC**<sup>(2)</sup><br>One Gorham Island Road, Westport, CT, 06880 | Health Care Providers & Services | First lien senior secured loan | S+ | 6.00% | 0.00% | 11/15/2030 | 0.00% | 77323000 | 74981000 | 73070000 |
| **Ping Identity Holding Corp.**<sup>(3)</sup><br>1001 17th Street, Denver, CO, 80202 | Systems Software | First lien senior secured loan | S+ | 4.75% | 0.00% | 10/17/2029 | 0.00% | 102086000 | 102151000 | 102086000 |
| **Pluralsight, LLC**<sup>(3)</sup><br>42 Future Way, Draper, UT, 84020 | IT Services | First lien senior secured loan | S+ | 3.00% | 1.50% | 8/22/2029 | 0.00% | 30711000 | 30711000 | 30711000 |
| **Pluralsight, LLC**<sup>(3)</sup><br>42 Future Way, Draper, UT, 84020 | IT Services | First lien senior secured loan | S+ | 0.00% | 7.50% | 8/22/2029 | 0.00% | 33296000 | 33296000 | 33296000 |
| **Project Alpine Co-Invest Fund, LP**<br>1450 Brickell Avenue, Miami, FL, 33131 | Application Software | LP Interest | N/A | 0.00% | 0.00% | N/A | 0.00% | 13333333 | 16381000 | 17509000 |
| **Project Hotel California Co-Invest Fund, L.P.**<br>11120 Four Points Drive, Austin, TX, 78726 | Systems Software | LP Interest | N/A | 0.00% | 0.00% | N/A | 0.00% | 10739000 | 14719000 | 19744000 |
| **Project Ruby Ultimate Parent Corp. (dba Wellsky)**<sup>(2)</sup><br>11300 Switzer Road, Overland Park, KS, 66210 | Health Care Technology | First lien senior secured loan | S+ | 3.00% | 0.00% | 3/10/2028 | 0.00% | 11599000 | 11566000 | 11608000 |
| **Proofpoint, Inc.**<sup>(2)</sup><br>925 West Maude Avenue, Sunnyvale, CA, 94085 | Professional Services | First lien senior secured term loan | S+ | 3.00% | 0.00% | 8/31/2028 | 0.00% | 3151000 | 3136000 | 3151000 |
| **Pye-Barker Fire & Safety, LLC**<sup>(3)(9)</sup><br>2500 Northwinds Parkway, Alpharetta, GA, 30009 | Commercial Services & Supplies | First lien senior secured loan | S+ | 4.50% | 0.00% | 5/26/2031 | 0.00% | 39684000 | 39548000 | 39584000 |
| **Pye-Barker Fire & Safety, LLC**<sup>(3)(9)</sup><br>2500 Northwinds Parkway, Alpharetta, GA, 30009 | Commercial Services & Supplies | First lien senior secured revolving loan | S+ | 4.50% | 0.00% | 5/24/2030 | 0.00% | 682000 | 664000 | 668000 |
| **QAD, Inc.**<sup>(2)</sup><br>101 Innovation Place, Santa Barbara, CA, 93108 | Industrial Conglomerates | First lien senior secured loan | S+ | 4.75% | 0.00% | 11/5/2027 | 0.00% | 87713000 | 87714000 | 87713000 |
| **RealPage, Inc.**<sup>(3)</sup><br>2201 Lakeside Boulevard, Richardson, TX, 75082 | Real Estate Management & Development | First lien senior secured loan | S+ | 3.75% | 0.00% | 4/24/2028 | 0.00% | 34913000 | 34741000 | 34913000 |
| **Relativity ODA LLC**<sup>(2)</sup><br>231 South LaSalle Street, Chicago, IL, 60604 | Diversified Consumer Services | First lien senior secured loan | S+ | 4.50% | 0.00% | 5/14/2029 | 0.00% | 137241000 | 136853000 | 137241000 |
| **Replicated, Inc.**<br>8605 Santa Monica Boulevard, West Hollywood, CA, 90069 | IT Services | Series C Preferred Stock | N/A | 0.00% | 0.00% | N/A | 4.52% | 1277832 | 20008000 | 6496000 |
| **Revolut Ribbit Holdings, LLC**<br>7 Westferry Circus, London E14 4HB, United Kingdom | Diversified Financial Services | LLC Interest | N/A | 0.00% | 0.00% | N/A | 100.00% | 122996 | 75294000 | 121210000 |
| **RL Datix Holdings (USA), Inc.**<sup>(4)</sup><br>311 South Wacker Drive, Chicago, IL, 60606 | Health Care Technology | First lien senior secured loan | S+ | 5.25% | 0.00% | 4/30/2031 | 0.00% | 104855000 | 104064000 | 104331000 |
| **RL Datix Holdings (USA), Inc.**<sup>(4)(9)</sup><br>311 South Wacker Drive, Chicago, IL, 60606 | Health Care Technology | First lien senior secured revolving loan | S+ | 5.25% | 0.00% | 10/30/2030 | 0.00% | 4360000 | 4202000 | 4256000 |
| **RL Datix Holdings (USA), Inc.**<sup>(5)</sup><br>311 South Wacker Drive, Chicago, IL, 60606 | Health Care Technology | First lien senior secured GBP term loan | SA+ | 5.25% | 0.00% | 4/30/2031 | 0.00% | 48557696 | 61243000 | 66208000 |
| **Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers)**<sup>(10)</sup><br>One Gorham Island Road, Westport, CT, 06880 | Health Care Providers & Services | Series A Preferred Stock | N/A | 0.00% | 15.00% | N/A | 0.00% | 8838 | 10547000 | 10113000 |
| **Salinger Bidco Inc. (dba Surgical Information Systems)**<sup>(3)</sup><br>8000 Avalon Boulevard, Alpharetta, GA, 30009 | Health Care Technology | First lien senior secured loan | S+ | 5.75% | 0.00% | 8/1/2031 | 0.00% | 94453000 | 94317000 | 94453000 |
| **Salinger Bidco Inc. (dba Surgical Information Systems)**<sup>(3)(9)</sup><br>8000 Avalon Boulevard, Alpharetta, GA, 30009 | Health Care Technology | First lien senior secured revolving loan | S+ | 5.75% | 0.00% | 5/2/2031 | 0.00% | 1828000 | 1810000 | 1828000 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)</sup> | **Industry** | **Investment** | **Ref.**<br>**Rate** | **Cash** | **PIK** | **Maturity**<br>**Date** | **Percentage of Class Held on Fully Diluted Basis** | **Principal Number of Shares / Number of Units** | **Amortized** <br>**Cost** | **Fair**<br>**Value** |
| **Saturn Ultimate, Inc.**<br>1180 West Peachtree Street Northwest, Atlanta, GA, 30309 | Application Software | Common stock | N/A | 0.00% | 0.00% | N/A | 2.06% | 5580593 | 25008000 | 38032000 |
| **Securiti, Inc.**<br>300 Santana Row, San Jose, CA, 95128 | Systems Software | Series C Preferred Shares | N/A | 0.00% | 0.00% | N/A | 3.51% | 5051142 | 40032000 | 43461000 |
| **Securonix, Inc.**<sup>(3)</sup><br>5080 Spectrum Drive, Addison, TX, 75001 | Systems Software | First lien senior secured loan | S+ | 4.00% | 3.75% | 4/5/2029 | 0.00% | 40301000 | 37754000 | 36170000 |
| **Securonix, Inc.**<sup>(3)(9)(12)</sup><br>5080 Spectrum Drive, Addison, TX, 75001 | Systems Software | First lien senior secured revolving loan | S+ | 7.00% | 0.00% | 4/5/2029 | 0.00% | 160000 | (286000) | (569000) |
| **Sensor Technology Topco, Inc. (dba Humanetics)**<sup>(6)(9)</sup><br>23300 Haggerty Road, Farmington Hills, MI, 48335 | Professional Services | First lien senior secured EUR term loan | E+ | 7.25% | 0.00% | 5/12/2028 | 0.00% | 11710190 | 12667000 | 13754000 |
| **Sensor Technology Topco, Inc. (dba Humanetics)**<sup>(3)(9)</sup><br>23300 Haggerty Road, Farmington Hills, MI, 48335 | Professional Services | First lien senior secured loan | S+ | 7.00% | 0.00% | 5/12/2028 | 0.00% | 68458000 | 68480000 | 68458000 |
| **Severin Acquisition, LLC (dba PowerSchool)**<sup>(2)(9)</sup><br>150 Parkshore Drive, Folsom, CA, 95630 | IT Services | First lien senior secured delayed draw term loan | S+ | 2.75% | 2.25% | 10/1/2031 | 0.00% | 96282000 | 95072000 | 94951000 |
| **Severin Acquisition, LLC (dba PowerSchool)**<sup>(2)(9)</sup><br>150 Parkshore Drive, Folsom, CA, 95630 | IT Services | First lien senior secured revolving loan | S+ | 4.75% | 0.00% | 10/1/2031 | 0.00% | 5068000 | 4940000 | 4922000 |
| **Signifyd Inc.**<sup>(10)</sup><br>99 Almaden Boulevard, San Jose, CA, 95113 | Internet & Direct Marketing Retail | Preferred equity | N/A | 0.00% | 9.00% | N/A | 8.28% | 2755121 | 145390000 | 142308000 |
| **Simpler Postage, Inc. (dba Easypost)**<br>2600 North Ashton Boulevard, Lehi, UT, 84043 | Application Software | Warrants | N/A | 0.00% | 0.00% | N/A | 0.00% | 216891 | 2635000 | 2591000 |
| **Simpler Postage, Inc. (dba Easypost)**<sup>(3)(9)</sup><br>2600 North Ashton Boulevard, Lehi, UT, 84043 | Application Software | First lien senior secured loan | S+ | 8.00% | 0.00% | 6/11/2029 | 0.00% | 65077000 | 62373000 | 62457000 |
| **Simplicity Financial Marketing Group Holdings, Inc.**<sup>(4)(9)</sup><br>86 Summit Avenue, Summit, NJ, 07901 | Insurance | First lien senior secured delayed draw term loan | S+ | 5.00% | 0.00% | 12/31/2031 | 0.00% | 846000 | 823000 | 807000 |
| **Simplicity Financial Marketing Group Holdings, Inc.**<sup>(2)</sup><br>86 Summit Avenue, Summit, NJ, 07901 | Insurance | First lien senior secured loan | S+ | 5.00% | 0.00% | 12/31/2031 | 0.00% | 14250000 | 14120000 | 14108000 |
| **SimpliSafe Holding Corporation**<sup>(2)</sup><br>100 Summer Street, Boston, MA, 02108 | Commercial Services & Supplies | First lien senior secured loan | S+ | 6.25% | 0.00% | 5/2/2028 | 0.00% | 23398000 | 23405000 | 23398000 |
| **Sitecore Holding III A/S**<sup>(6)</sup><br>101 California Street, San Francisco, CA, 94111 | Systems Software | First lien senior secured EUR term loan | E+ | 3.25% | 4.00% | 3/12/2029 | 0.00% | 125491391 | 133961000 | 147308000 |
| **Sitecore Holding III A/S**<sup>(3)</sup><br>101 California Street, San Francisco, CA, 94111 | Systems Software | First lien senior secured loan | S+ | 3.25% | 4.00% | 3/12/2029 | 0.00% | 21630000 | 21587000 | 21630000 |
| **Sitecore USA, Inc.**<sup>(3)</sup><br>101 California Street, San Francisco, CA, 94111 | Systems Software | First lien senior secured loan | S+ | 3.25% | 4.00% | 3/12/2029 | 0.00% | 130404000 | 130146000 | 130404000 |
| **SLA Eclipse Co-Invest, L.P.**<br>3601 Walnut Street, Denver, CO, 80205 | Diversified Consumer Services | LP Interest | N/A | 0.00% | 0.00% | N/A | 0.84% | 15000000 | 15256000 | 17240000 |
| **Smarsh Inc.**<sup>(3)(9)</sup><br>851 South West 6th Avenue, Portland, OR, 97204 | Diversified Financial Services | First lien senior secured revolving loan | S+ | 4.75% | 0.00% | 2/16/2029 | 0.00% | 90674000 | 90349000 | 90434000 |
| **Sophos Holdings, LLC**<sup>(2)</sup><br>Abingdon Science Park, Abingdon OX14 3YP, United Kingdom | Systems Software | First lien senior secured loan | S+ | 3.50% | 0.00% | 3/5/2027 | 0.00% | 14541000 | 14565000 | 14589000 |
| **Sovos Compliance, LLC**<sup>(2)</sup><br>200 Ballardvale Street, Wilmington, MA, 01887 | Professional Services | First lien senior secured loan | S+ | 4.00% | 0.00% | 8/13/2029 | 0.00% | 19255000 | 19162000 | 19339000 |
| **Space Exploration Technologies Corp.**<br>1 Rocket Road, Hawthorne, CA, 90250 | Aerospace & Defense | Class A Common Stock | N/A | 0.00% | 0.00% | N/A | 0.00% | 419311 | 23013000 | 78957000 |
| **Space Exploration Technologies Corp.**<br>1 Rocket Road, Hawthorne, CA, 90250 | Aerospace & Defense | Class C Common Stock | N/A | 0.00% | 0.00% | N/A | 0.00% | 84250 | 4011000 | 15864000 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)</sup> | **Industry** | **Investment** | **Ref.**<br>**Rate** | **Cash** | **PIK** | **Maturity**<br>**Date** | **Percentage of Class Held on Fully Diluted Basis** | **Principal Number of Shares / Number of Units** | **Amortized** <br>**Cost** | **Fair**<br>**Value** |
| **Spaceship Purchaser, Inc. (dba Squarespace)**<sup>(3)</sup><br>225 Varick Street, New York, NY, 10014 | IT Services | First lien senior secured loan | S+ | 5.00% | 0.00% | 10/17/2031 | 0.00% | 180397000 | 180086000 | 180397000 |
| **Storable Intermediate Holdings, LLC**<sup>(2)</sup><br>10900 Research Boulevard, Austin, TX, 78759 | Equity Real Estate Investment Trusts (REITs) | First lien senior secured loan | S+ | 0.00% | 6.00% | 4/16/2032 | 0.00% | 103539000 | 103026000 | 103021000 |
| **Storable, Inc.**<sup>(2)</sup><br>10900 Research Boulevard, Austin, TX, 78759 | Equity Real Estate Investment Trusts (REITs) | First lien senior secured loan | S+ | 3.25% | 0.00% | 4/16/2031 | 0.00% | 10697000 | 10661000 | 10676000 |
| **Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand, Inc.)**<sup>(10)</sup><br>1601 Cloverfield Boulevard, Santa Monica, CA, 90404 | Professional Services | Series A Preferred Stock | N/A | 0.00% | 10.50% | N/A | 0.01% | 28000 | 40494000 | 35517000 |
| **Talon MidCo 2 Limited**<sup>(2)</sup><br>10 Summer Street, Boston, MA, 02110 | Systems Software | First lien senior secured loan | S+ | 5.18% | 0.00% | 8/25/2028 | 0.00% | 35807000 | 35799000 | 35807000 |
| **Tamarack Intermediate, L.L.C. (dba Verisk 3E)**<sup>(3)</sup><br>3207 Grey Hawk Court, Carlsbad, CA, 92010 | Application Software | First lien senior secured loan | S+ | 5.75% | 0.00% | 3/12/2029 | 0.00% | 2085000 | 2057000 | 2085000 |
| **Tamarack Intermediate, L.L.C. (dba Verisk 3E)**<sup>(3)(9)</sup><br>3207 Grey Hawk Court, Carlsbad, CA, 92010 | Application Software | First lien senior secured loan | S+ | 5.75% | 0.00% | 3/13/2028 | 0.00% | 10183000 | 10063000 | 10183000 |
| **Thunder Purchaser, Inc. (dba Vector Solutions)**<sup>(3)</sup><br>4890 West Kennedy Boulevard, Tampa, FL, 33609 | Professional Services | First lien senior secured loan | S+ | 5.50% | 0.00% | 6/30/2028 | 0.00% | 139058000 | 138362000 | 139058000 |
| **Thunder Topco L.P. (dba Vector Solutions)**<br>4890 West Kennedy Boulevard, Tampa, FL, 33609 | Professional Services | Common Units | N/A | 0.00% | 0.00% | N/A | 0.73% | 7857410 | 7857000 | 9348000 |
| **TK Operations Ltd (dba Travelperk, Inc.)**<sup>(10)</sup><br>Carrer dels Almogàvers, 154-164 08018, Barcelona, Spain | Professional Services | First lien senior secured loan | N/A | 0.00% | 11.50% | 5/1/2029 | 0.00% | 50867000 | 47833000 | 48324000 |
| **TravelPerk, Inc.**<br>Carrer dels Almogàvers, 154-164 08018, Barcelona, Spain | Professional Services | Warrants | N/A | 0.00% | 0.00% | N/A | 0.00% | 156041 | 4447000 | 5400000 |
| **Tricentis Operations Holdings, Inc.**<sup>(2)</sup><br>5301 Southwest Parkway, Austin, TX, 78735 | Systems Software | First lien senior secured loan | S+ | 1.38% | 4.88% | 2/11/2032 | 0.00% | 113768000 | 112726000 | 112630000 |
| **Trucordia Insurance Holdings, LLC**<sup>(2)</sup><br>2745 West 600 North, Lindon, UT, 84042 | Insurance | Second lien senior secured loan | S+ | 5.75% | 0.00% | 6/17/2033 | 0.00% | 60500000 | 59898000 | 59898000 |
| **Valeris, Inc. (fka Phantom Purchaser, Inc.)**<sup>(3)</sup><br>150 Hilton Drive, Jeffersonville, IN, 47130 | Health Care Providers & Services | First lien senior secured loan | S+ | 4.75% | 0.00% | 9/19/2031 | 0.00% | 15198000 | 15047000 | 15046000 |
| **Valeris, Inc. (fka Phantom Purchaser, Inc.)**<sup>(3)</sup><br>150 Hilton Drive, Jeffersonville, IN, 47130 | Health Care Providers & Services | First lien senior secured loan | S+ | 5.00% | 0.00% | 9/19/2031 | 0.00% | 8865000 | 8850000 | 8842000 |
| **Velocity HoldCo III Inc. (dba VelocityEHS)**<sup>(3)</sup><br>222 Merchandise Mart Plaza, Chicago, IL, 60654 | Application Software | First lien senior secured loan | S+ | 5.50% | 0.00% | 4/22/2027 | 0.00% | 40000000 | 39676000 | 40000000 |
| **VEPF Torreys Aggregator, LLC (dba MINDBODY, Inc.)**<sup>(10)</sup><br>651 Tank Farm Road, San Luis Obispo, CA, 93401 | Hotels, Restaurants & Leisure | Series A Preferred Stock | N/A | 0.00% | 11.00% | N/A | 0.93% | 25000 | 30931000 | 33947000 |
| **Vermont Aus Pty Ltd**<sup>(8)</sup><br>1 Epping Road, North Ryde, New South Wales, 2113 Australia | Health Care Providers & Services | First lien senior secured AUD term loan | BBSY+ | 5.75% | 0.00% | 3/23/2028 | 0.00% | 12907605 | 8055000 | 8417000 |
| **Vestwell Holdings, Inc.**<br>360 Madison Avenue, New York, NY, 10017 | Professional Services | Series D Preferred Stock | N/A | 0.00% | 0.00% | N/A | 0.83% | 304350 | 6022000 | 6452000 |
| **Walker Edison Furniture Company LLC**<sup>(2)(9)</sup><br>1553 West 9000 South, West Jordan, UT, 84088 | Internet & Direct Marketing Retail | First lien senior secured delayed draw term loan | N/A | 0.00% | 6.75% | 3/31/2027 | 0.00% | 2036000 | 1979000 | 2036000 |
| **Walker Edison Furniture Company LLC**<sup>(3)</sup><br>1553 West 9000 South, West Jordan, UT, 84088 | Internet & Direct Marketing Retail | First lien senior secured loan | N/A | 0.00% | 6.75% | 3/31/2027 | 0.00% | 21144000 | 17603000 | 1180000 |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company**<sup>(1)</sup> | **Industry** | **Investment** | **Ref.**<br>**Rate** | **Cash** | **PIK** | **Maturity**<br>**Date** | **Percentage of Class Held on Fully Diluted Basis** | **Principal Number of Shares / Number of Units** | **Amortized** <br>**Cost** | **Fair**<br>**Value** |
| **Walker Edison Holdco LLC**<br>1553 West 9000 South, West Jordan, UT, 84088 | Internet & Direct Marketing Retail | Common Units | N/A | 0.00% | 0.00% | N/A | 11.24% | 98319 | 9500000 |  |
| **When I Work, Inc.**<sup>(3)</sup><br>420 North 5th Street, Minneapolis, MN, 55401 | Professional Services | First lien senior secured loan | S+ | 5.50% | 0.00% | 11/2/2027 | 0.00% | 36128000 | 35993000 | 35225000 |
| **WMC Bidco, Inc. (dba West Monroe)**<sup>(10)</sup><br>222 West Adams Street, Chicago, IL, 60606 | IT Services | Senior Preferred Stock | N/A | 0.00% | 11.25% | N/A | 0.00% | 57231 | 85320000 | 84897000 |
| **WP Irving Co-Invest, L.P.**<br>11511 Reed Hartman Highway, Blue Ash, OH, 45241 | Health Care Technology | Partnership Units | N/A | 0.00% | 0.00% | N/A | 0.00% | 2500000 | 1848000 | 3288000 |
| **XOMA Corporation**<br>2200 Powell Street, Emeryville, CA, 94608 | Pharmaceuticals | Warrants | N/A | 0.00% | 0.00% | N/A | 0.00% | 24000 | 174000 | 236000 |
| **XPLOR T1, LLC**<sup>(3)</sup><br>11330 Olive Boulevard, Creve Coeur, MO, 63141 | Application Software | First lien senior secured loan | S+ | 3.50% | 0.00% | 6/24/2031 | 0.00% | 9925000 | 9929000 | 9925000 |
| **Zendesk, Inc.**<sup>(3)(9)</sup><br>181 South Fremont Street, San Francisco, CA, 94105 | Application Software | First lien senior secured loan | S+ | 5.00% | 0.00% | 11/22/2028 | 0.00% | 157222000 | 156259000 | 157222000 |
| **Zoro TopCo, Inc.**<sup>(3)</sup><br>181 South Fremont Street, San Francisco, CA, 94105 | Application Software | Series A Preferred Equity | S+ | 0.00% | 9.50% | N/A | 0.24% | 1644254 | 19536000 | 19523000 |
| **Zoro TopCo, L.P.**<br>181 South Fremont Street, San Francisco, CA, 94105 | Application Software | Class A Common Units | N/A | 0.00% | 0.00% | N/A | 0.24% | 19731 | 17739000 | 18455000 |

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__________________

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

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

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

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

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

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

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

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

(9)Position or portion thereof is a partially unfunded debt or equity commitment.

(10)Contains a fixed-rate structure.

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

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

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**MANAGEMENT** 

The information in the sections entitled "*Proposal 1: Election of Directors*" "*Corporate Governance*", "*Board Leadership Structure and Oversight Responsibilities*" and "*Committees of the Board*" in our <u>[most recent Annual Proxy Statement](https://www.sec.gov/Archives/edgar/data/1655888/000119312524080550/d753638ddef14a.htm)</u> and Part I, Item 1 "*BUSINESS*" and Part III, Item 10 "*DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE"* in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u> is incorporated herein by reference.

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**PORTFOLIO MANAGEMENT**

The information in Part III, Item 10 "*DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE" — Portfolio Managers*" in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u> is incorporated herein by reference.

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**MANAGEMENT AND OTHER AGREEMENTS** 

The information in the sections entitled "*Investment Advisory Agreement*," "*Administration Agreement*," "*Payment of Our Expenses under the Investment Advisory and Administration Agreements*" and "*License Agreement*" in Part I, Item 1 "*BUSINESS*" of our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u>, and in Note 3 "*Agreements And Related Party Transactions*" in our consolidated financial statements in our most recent Quarterly Report on <u>[Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001551901/000155837025010509/scm-20250630x10q.htm)</u> is incorporated herein by reference.

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**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS**

The information in the section entitled "*Certain Relationships and Related Party Transactions*" in our <u>[most recent Annual Proxy Statement](https://www.sec.gov/Archives/edgar/data/1655888/000119312524080550/d753638ddef14a.htm)</u> is incorporated herein by reference.

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**CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS** 

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 August 18, 2025 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.

The percentage ownership is based on 467,141,783 shares of our common stock outstanding as of August 18, 2025. 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** | **Number of Shares Owned** | **Percentage of Class Outstanding** |
| **5% Owners** | | |
| Regents of the University of California<sup>(1)</sup> | 43624472 | 9.34% |
| California State Teachers' Retirement System<sup>(2)</sup> | 28068029 | 6.01% |
| MIC Capital Management 85 RSC Ltd.<sup>(3)</sup> | 27673966 | 5.92% |
| **Interested Director** |  |  |
| Craig W. Packer |  | —% |
| **Independent Directors** |  |  |
| Edward D'Alelio | 44372 | \* |
| Eric Kaye |  | —% |
| Christopher M. Temple |  | —% |
| Melissa Weiler |  | —% |
| Victor Woolridge | 10275 | \* |
| **Executive Officers** |  |  |
| Erik Bissonnette<sup>(4)</sup> | 144026 | \* |
| Jonathan Lamm | 5172 | \* |
| Neena A. Reddy |  | —% |
| Karen Hager |  | —% |
| Matthew Swatt |  | —% |
| Shari Withem |  | —% |
| **All officers and directors as a group (12 persons)**<sup>(5)</sup>  | **203845** | \* |

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__________________

\*Less than 1%

(1)Includes 12,619,552 shares held by The Regents of the University of California, as Trustee for the University of California Retirement Plan and 31,004,920 shares held by The Regents of the University of California. The address of the Regents of the University of California is 1111 Broadway, 21st Floor, Oakland, CA 94607.

(2)The address of California State Teachers' Retirement System is 100 Waterfront Place, West Sacramento, CA 95606-2807.

(3)The address of MIC Capital Management 85 RS Ltd. is 2462 ResCowork 01, 24th Floor, Al Sila Tower, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi, United Arab Emirates.

(4)Shares held jointly by Mr. Bissonnette and his spouse.

(5)The address for each of the directors and officers is c/o Blue Owl Technology Finance Corp., 399 Park Avenue, 37th Floor, New York, New York 10022.

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**DETERMINATION OF NET ASSET VALUE** 

The net asset value per share of our outstanding shares of common stock is determined quarterly by dividing the value of total assets minus liabilities by the total number of shares outstanding. We calculate the value of our investments in accordance with the procedures described in "*MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - Critical Accounting Policies - Investments at Fair Value*" in Part II, Item 7 of our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u> and in Part I, Item 2 of our most recent Quarterly Report on <u>[Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001551901/000155837025010509/scm-20250630x10q.htm)</u>, which are incorporated herein by reference.

**Determinations in Connection with Offerings** 

In connection with certain future offerings of shares of our common stock, our Board or an authorized committee thereof will be required to make the determination that we are not selling shares of our common stock at a price below the then current net asset value of our common stock, exclusive of any distributing commission or discount (which net asset value shall be determined as of a time within 48 hours, excluding Sunday and holidays, next preceding the time of such determination). Our Board or an authorized committee thereof will consider the following factors, among others, in making such a determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the net asset value of our common stock disclosed in the most recent periodic report that we filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our management's assessment of whether any material change in the net asset value of our common stock has occurred (including through the realization of gains on the sale of our portfolio securities) during the period beginning on the date of the most recently disclosed net asset value of our common stock and ending as of a time within 48 hours (excluding Sundays and holidays) of the sale of our common stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the magnitude of the difference between (i) a value that our Board or an authorized committee thereof has determined reflects the current (as of a time within 48 hours, excluding Sundays and holidays) net asset value of our common stock, which is based upon the net asset value of our common stock disclosed in the most recent periodic report that we filed with the SEC, as adjusted to reflect our management's assessment of any material change in the net asset value of our common stock since the date of the most recently disclosed net asset value of our common stock, and (ii) the offering price of the shares of our common stock in the proposed offering.

Moreover, to the extent that there is a possibility that we may (i) issue share of common stock at a price per share below the then current net asset value per share at the time at which the sale is made or (ii) trigger the undertaking (which we provide in certain registration statements we file with the SEC) to suspend the offering of shares of our common stock if the net asset value per share fluctuates by certain amounts in certain circumstances until the prospectus is amended, our Board will elect, in the case of clause (i) above, either to postpone the offering until such time that there is no longer the possibility of the occurrence of such event or to undertake to determine the net asset value per share of common stock within two days prior to any such sale to ensure that such sale will not be below our then current net asset value per share, and, in the case of clause (ii) above, to comply with such undertaking or to undertake to determine the net asset value per share to ensure that such undertaking has not been triggered.

These processes and procedures are part of our compliance policies and procedures. Records will be made contemporaneously with all determinations described in this section and these records will be maintained with other records that we are required to maintain under the 1940 Act.

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**DIVIDEND REINVESTMENT PLAN** 

We have adopted a dividend reinvestment plan, pursuant to which, we will reinvest all cash distributions declared by the Board on behalf of our shareholders who do not elect to receive their distribution in cash as provided below. As a result, if the Board authorizes, and we declare, a cash dividend or other distribution, then our shareholders who have not opted out of our dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of our common stock rather than receiving the cash dividend or other distribution. As described below, we may purchase shares in the open market or use newly issued shares to implement the dividend reinvestment plan. Any fractional share otherwise issuable to a participant in the dividend reinvestment plan will instead be paid in cash.

Prior to the Exchange Listing, the number of shares to be issued to a shareholder under the dividend reinvestment plan was determined by dividing the total dollar amount of the distribution payable to such shareholder by the net asset value per share of the Company's common stock, as of the last day of the Company's calendar quarter immediately preceding the date such distribution was declared.In connection with listing our common stock on the NYSE, we entered into our second amended and restated dividend reinvestment plan, pursuant to which, if newly issued shares are used to implement the dividend reinvestment plan, the number of shares to be issued to a shareholder will be determined by dividing the total dollar amount of the cash dividend or distribution payable to a shareholder by the market price per share of our common stock at the close of regular trading on the New York Stock Exchange on the payment date of a distribution, or if no sale is reported for such day, the average of the reported bid and ask prices. However, if the market price per share on the payment date of a cash dividend or distribution exceeds the most recently computed net asset value per share, we will issue shares at the greater of (i) the most recently computed net asset value per share and (ii) 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeded the most recently computed net asset value per share). Pursuant to our second amended and restated dividend reinvestment plan, if shares are purchased in the open market to implement the dividend reinvestment plan, the number of shares to be issued to a shareholder shall be determined by dividing the dollar amount of the cash dividend payable to such shareholder by the weighted average price per share for all shares purchased by the plan administrator in the open market in connection with the dividend. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

No action is required on the part of a registered shareholder to have his, her or its cash dividend or other distributions reinvested in shares of our common stock. A registered shareholder is able to elect to receive an entire cash dividend or other distribution in cash by notifying the Adviser in writing so that such notice is received by the Adviser no later than ten days prior to the record date for distributions to the shareholders.

There are no brokerage charges or other charges to shareholders who participate in the plan.

The plan is terminable by us upon notice in writing mailed to each shareholder of record at least 30 days prior to any record date for the payment of any distribution by us.

During each quarter, but in no event later than 30 days after the end of each calendar quarter, our transfer agent or another designated agent will mail and/or make electronically available to each participant in the dividend reinvestment plan, a statement of account describing, as to such participant, the distributions received during such quarter, the number of shares of our common stock purchased during such quarter, and the per share purchase price for such shares. Annually, as required by the Code, we (or the applicable withholding agent) will include tax information for income earned on shares under the dividend reinvestment plan on a Form 1099-DIV that is mailed to shareholders subject to Internal Revenue Service ("IRS") tax reporting. We reserve the right to amend, suspend or terminate the dividend reinvestment plan. Any distributions reinvested through the issuance of shares through our dividend reinvestment plan will increase our gross assets on which the base management fee and the incentive fee are determined and paid under the Investment Advisory Agreement. State Street Bank and Trust Company acts as the administrator of the dividend reinvestment plan.

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.For additional discussion regarding the tax implications of participation in the dividend reinvestment plan, see "*<u>[Certain U.S. Federal Income Tax Considerations](#i04d72bf5f2da42cebdd7deac8f3386ae_73)</u>.*" Additional information about the dividend reinvestment plan may be obtained by contacting shareholder services for Blue Owl Technology Finance Corp. at (212) 419-3000.

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**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 U.S. federal 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 and 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 Registration Statement and all of which are subject to change, possibly retroactively, which could affect the continuing validity of this discussion. 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 courts. This summary does not discuss any aspects of U.S. estate, alternative minimum, or gift tax or foreign, state or local tax. 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;• a citizen or individual resident of the United States;

&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 U.S. or of any political subdivision thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust (i) that is subject to the supervision of a court within the U.S. and the control of one or more U.S. persons or (ii) 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;• an estate, the income of which is subject to U.S. federal income taxation 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 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 its tax advisers with respect to the purchase, ownership and disposition of such stock.

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.

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**Taxation as a Regulated Investment Company**

We have elected to be treated and intend to qualify each year as a RIC; 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 on any ordinary income or capital gains that we timely distribute (or are deemed to 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 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 income we timely distribute (or are deemed to distribute) to our shareholders. 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.

In addition, we will be subject to a 4% nondeductible 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 any income and capital gains in order to avoid imposition of this 4% U.S. federal excise tax, we may not 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;• 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;• 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 of stock or other securities or foreign currencies, net income from 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

&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;◦ 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;◦ 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" (the "Diversification Tests").

We may be required to recognize taxable income in circumstances in which we do not receive 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 income each 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.

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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 distribution requirements. 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, 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 non-U.S. jurisdictions, or capital gains earned by investing in securities of non-U.S. issuers, may be subject to non-U.S. 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 non-U.S. countries that may entitle us to a reduced rate of or exemption from withholding tax on investment income and gains. The effective rate of such 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 non-U.S. income taxes paid by such RIC as paid by its stockholders.

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 such distributions or gains. This additional tax and interest may apply even if we make a distribution as a taxable dividend to our shareholders in an amount equal to (1) any "excess distribution" or (2) the gain from the disposition 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

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earnings and net capital gain of the QEF, even if such income is not distributed to us 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 4% U.S. federal excise tax. 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 4% U.S. federal excise tax.

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 remedial provisions are not applicable, we would be subject to U.S. federal income tax on all of our taxable income (including our net capital gains) imposed at 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

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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 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.

The remainder of this discussion assumes that we qualify for RIC tax treatment for each taxable year.

***Taxation of U.S. Shareholders***

Distributions by us generally are taxable to U.S. Shareholders as ordinary income or capital gains. Distributions of our "investment company taxable income" (which is, generally, our net ordinary income plus realized net short-term capital gains in excess of realized net long-term capital losses) will be taxable as ordinary income to U.S. Shareholders to the extent of our current or accumulated earnings and profits, whether paid in cash or reinvested in additional shares of our common stock. To the extent such distributions paid by us to our shareholders taxed at individual rates are attributable to dividends from U.S. corporations and certain qualified non-U.S. corporations, such distributions ("Qualifying Dividends") may be eligible for a current maximum tax rate of 20%. In this regard, it is anticipated that distributions paid by us will generally not be attributable to dividends and, therefore, generally will not qualify for the 20% maximum rate applicable to Qualifying Dividends. Distributions of our net capital gains (which are generally our realized net long-term capital gains in excess of realized net short-term capital losses) properly reported by us as "capital gain dividends" will be taxable to a U.S. Shareholder as long-term capital gains that are currently taxable at a maximum rate of 20% in the case of our shareholders taxed at individual rates, regardless of the U.S. Shareholder's holding period for his, her or its shares of our common stock and regardless of whether paid in cash or reinvested in additional common stock. Distributions in excess of our earnings and profits first will reduce a U.S. Shareholder's adjusted tax basis in such shareholder's shares of our common stock and, after the adjusted basis is reduced to zero, will constitute capital gains to such U.S. Shareholder.

We may retain some or all of our realized net long-term capital gains in excess of realized net short-term capital losses, but designate the retained net capital gain as a "deemed distribution." In that case, among other consequences, we will pay U.S. federal income tax on the retained amount, each U.S. Shareholder will be required to include his, her or its share of the deemed distribution in income as if it had been actually distributed to the U.S. Shareholder, and the U.S. Shareholder will be entitled to claim a credit equal to his, her or its allocable share of the tax paid thereon by us. If the amount of tax that a U.S. Shareholder is treated as having paid exceeds the tax such shareholder owes on the capital gain distribution, such excess generally may be refunded or claimed as a credit against the U.S. Shareholder's other U.S. federal income tax obligations. The amount of the deemed distribution net of such tax will be added to the U.S. Shareholder's adjusted tax basis for his, her or its shares of our common stock. In order to utilize the deemed distribution approach, we must provide written notice to our shareholders prior to the expiration of 60 days after the close of the relevant taxable year. We cannot treat any of our investment company taxable income as a deemed distribution.

For purposes of determining (i) whether the Annual Distribution Requirement is satisfied for any year and (ii) the amount of capital gain dividends paid for that year, we may, under certain circumstances, elect to treat a dividend that is paid during the following taxable year as if it had been paid during the taxable year in question. If we make such an election, the U.S. Shareholder will still be treated as receiving the dividend in the taxable year in which the distribution is made. However, any dividend declared by us in October, November or December of any calendar year, payable to our shareholders of record on a specified date in such a month and actually paid during January of the following year, will be treated as if it had been received by our U.S. Shareholders on December 31 of the year in which the dividend was declared.

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With respect to the reinvestment of dividends, if a U.S. Shareholder owns shares of our common stock registered in its own name, the U.S. Shareholder will have all cash distributions automatically reinvested in additional shares of our common stock unless the U.S. Shareholder opts out of the reinvestment of dividends by delivering a written notice to our dividend paying agent prior to the record date of the next dividend or distribution. Any distributions reinvested will nevertheless remain taxable to the U.S. Shareholder. The U.S. Shareholder will have an adjusted tax basis in the additional shares of our common stock purchased through the reinvestment equal to the amount of the reinvested distribution. The additional shares will have a new holding period commencing on the day following the day on which the shares are credited to the U.S. Shareholder's account.

If an investor purchases shares of our common stock shortly after a dividend has been declared and before the record date of a distribution, the price of the shares will include the value of the distribution. However, the shareholder will be taxed on the distribution as described above, despite the fact that, economically, it may represent a return of his, her or its investment.

A U.S. Shareholder generally will recognize taxable gain or loss if the U.S. Shareholder sells or otherwise disposes of his, her or its shares of our common stock. The amount of gain or loss will be measured by the difference between such U.S. Shareholder's adjusted tax basis in our common stock sold and the amount of the proceeds received in exchange. Any gain arising from such sale or disposition generally will be treated as long-term capital gain or loss if the U.S. Shareholder has held his, her or its shares for more than one year. Otherwise, it will be classified as short-term capital gain or loss. However, any capital loss arising from the sale or disposition of shares of our common stock held for six months or less will be treated as long-term capital loss to the extent of the amount of capital gain dividends received, or undistributed capital gain deemed received, with respect to such shares. In addition, all or a portion of any loss recognized upon a disposition of shares of our common stock may be disallowed if other shares of our common stock are purchased (whether through reinvestment of distributions or otherwise) within 30 days before or after the disposition.

The maximum rate on long-term capital gains for non-corporate taxpayers is 20%. In addition, individuals with modified adjusted gross incomes in excess of $200,000 ($250,000 in the case of married individuals filing jointly and $125,000 in the case of married individuals filing separately) and certain estates and trusts are subject to an additional 3.8% tax on their "net investment income," which generally includes gross income from interest, dividends, annuities, royalties, and rents, and net capital gains (other than certain amounts earned from trades or businesses), reduced by certain deductions allocable to such income. Corporate U.S. Shareholders currently are subject to U.S. federal income tax on net capital gain at a 21% rate also applied to ordinary income. Non-corporate U.S. Shareholders with net capital losses for a year (i.e., capital losses in excess of capital gains) generally may deduct up to $3,000 of such losses against their ordinary income each year.

Any net capital losses of a non-corporate U.S. Shareholder in excess of $3,000 generally may be carried forward and used in subsequent years as provided in the Code. Corporate U.S. Shareholders generally may not deduct any net capital losses for a year, but may carry back such losses for three years or carry forward such losses for five years.

Under applicable Treasury regulations, if a U.S. Shareholder recognizes a loss with respect to shares of $2 million or more for a non-corporate U.S. Shareholder or $10 million or more for a corporate U.S. Shareholder in any single taxable year (or a greater loss over a combination of years), the U.S. Shareholder must file with the IRS a disclosure statement on Form 8886. Direct U.S. Shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, U.S. Shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to U.S. Shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. U.S. Shareholders should consult their own tax advisers to determine the applicability of these regulations in light of their individual circumstances.

We (or the applicable withholding agent) will send to each of our U.S. Shareholders, as promptly as possible after the end of each calendar year, a notice reporting the amounts includible in such U.S. Shareholder's taxable income for such year as ordinary income and as long-term capital gain. In addition, the federal tax status of each year's distributions generally will be reported to the IRS (including the amount of dividends, if any, eligible for the

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20% maximum rate). Dividends paid by us generally will not be eligible for the dividends-received deduction or the preferential tax rate applicable to Qualifying Dividends because our income generally will not consist of dividends. Distributions may also be subject to additional state, local and foreign taxes depending on a U.S. Shareholder's particular situation.

We (or the applicable withholding agent) may be required to withhold U.S. federal income tax ("backup withholding") from all distributions to certain U.S. Shareholders (i) who fail to furnish us with a correct taxpayer identification number or a certificate that such shareholder is exempt from backup withholding or (ii) with respect to whom the IRS notifies us that such shareholder furnished an incorrect taxpayer identification number or failed to properly report certain interest and dividend income to the IRS and to respond to notices to that effect. An individual's taxpayer identification number is generally his or her social security number. Any amount withheld under backup withholding is allowed as a credit against the U.S. Shareholder's federal income tax liability, provided that proper information is provided to the IRS.

If we are not a "publicly offered regulated investment company" for any period, a non-corporate U.S. Shareholder's pro rata portion of our affected expenses, including our management fees, will be treated as an additional dividend to the shareholder and will not be deductible for non-corporate U.S. taxpayers for taxable years beginning before January 1, 2026. For taxable years beginning after December 31, 2025, these expenses will be deductible to non-corporate U.S. taxpayers only to the extent they exceed 2% of such a shareholder's adjusted gross income. A "publicly offered regulated investment company" is a RIC whose shares are either (i) continuously offered pursuant to a public offering, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable year. While we anticipate that we will qualify as a publicly offered RIC, we may not qualify as a publicly offered RIC for future taxable years.

***Taxation of Tax-Exempt Shareholders***

A U.S. Shareholder that is a tax-exempt organization for U.S. federal income tax purposes and therefore generally exempt from U.S. federal income taxation may nevertheless be subject to taxation to the extent that it is considered to derive unrelated business taxable income ("UBTI"). The direct conduct by a tax-exempt U.S. Shareholder of the activities we propose to conduct could give rise to UBTI. However, a RIC is a corporation for U.S. federal income tax purposes and its business activities generally will not be attributed to its shareholders for purposes of determining their treatment under current law. Therefore, a tax-exempt U.S. Shareholder generally should not be subject to U.S. taxation solely as a result of the shareholder's ownership of our common stock and receipt of dividends with respect to such common stock. Moreover, under current law, if we incur indebtedness, such indebtedness will not be attributed to a tax-exempt U.S. Shareholder. Therefore, a tax-exempt U.S. Shareholder should not be treated as earning income from "debt-financed property" and dividends we pay should not be treated as "unrelated debt-financed income" solely as a result of indebtedness that we incur. Legislation has been introduced in Congress in the past, and may be introduced again in the future, which would change the treatment of "blocker" investment vehicles interposed between tax-exempt investors and non-qualifying investments if enacted. In the event that any such proposals were to be adopted and applied to RICs, the treatment of dividends payable to tax-exempt investors could be adversely affected. In addition, special rules would apply if we were to invest in certain real estate mortgage investment conduits or taxable mortgage pools, which we do not currently plan to do, that could result in a tax-exempt U.S. Shareholder recognizing income that would be treated as UBTI.

***Taxation of Non-U.S. Shareholders***

The following discussion only applies to certain Non-U.S. Shareholders. Whether an investment in our common stock is appropriate for a Non-U.S. Shareholder will depend upon that person's particular circumstances. An investment in our common stock by a Non-U.S. Shareholder may have adverse tax consequences. Non-U.S. Shareholders should consult their tax advisers before investing in our common stock.

Distributions of our "investment company taxable income" to Non-U.S. Shareholders (including interest income and realized net short-term capital gains in excess of realized long-term capital losses, which generally would be free of withholding if paid to Non-U.S. Shareholders directly) will be subject to U.S. withholding tax at a 30% rate (or lower rate provided by an applicable income tax treaty) to the extent of our current and accumulated earnings and

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profits unless an applicable exception applies. No withholding is required with respect to certain distributions if (i) the distributions are properly reported as "interest-related dividends" or "short-term capital gain dividends," (ii) the distributions are derived from sources specified in the Code for such dividends and (iii) certain other requirements are satisfied. No assurance can be provided as to whether any of our distributions will be reported as eligible for this exemption. If the distributions are effectively connected with the conduct of a trade or business in the United States (a "U.S. trade or business")by the Non-U.S. Shareholder (and if an income tax treaty applies, such distributions are attributable to a permanent establishment maintained by the Non-U.S. Shareholder within the United States), we will not be required to withhold U.S. federal tax if the Non-U.S. Shareholder complies with applicable certification and disclosure requirements, although the distributions will be subject to U.S. federal income tax at the rates applicable to U.S. persons. (Special certification requirements apply to a Non-U.S. Shareholder that is a foreign trust, and to a foreign partnership and such entities are urged to consult their own tax advisers.)

Actual or deemed distributions of our net capital gains to a Non-U.S. Shareholder, and gains realized by a Non-U.S. Shareholder upon the sale of our common stock, will generally not be subject to U.S. withholding tax and generally will not be subject to U.S. federal income tax unless the distributions or gains, as the case may be, are effectively connected with a U.S. trade or business of the Non-U.S. Shareholder (and if an income tax treaty applies, such distributions or gains, as applicable, are attributable to a permanent establishment maintained by the Non-U.S. Shareholder within the United States). Under our reinvestment of dividends policy, if a Non-U.S. Shareholder owns shares of our common stock registered in its own name, the Non-U.S. Shareholder will have all cash distributions automatically reinvested in additional shares of our common stock unless the Non-U.S. Shareholder opts out of the reinvestment of dividends by delivering a written notice to our dividend paying agent prior to the record date of the next dividend or distribution. See "*Item 1(c). Description of Business - Dividend Reinvestment Plan.*" If the distribution is a distribution of our investment company taxable income, is not reported by us as a short-term capital gains dividend or interest-related dividend and it is not effectively connected with a U.S. trade or business of the Non-U.S. Shareholder (or, if required by an applicable income tax treaty, is not attributable to a permanent establishment maintained by the Non-U.S. Shareholder in the United States), the amount distributed (to the extent of our current or accumulated earnings and profits) will be subject to U.S. withholding tax at a 30% rate (or lower rate provided by an applicable income tax treaty) and only the net after-tax amount will be reinvested in our common stock. The Non-U.S. Shareholder will have an adjusted tax basis in the additional shares of common stock purchased through the reinvestment equal to the amount reinvested. The additional shares will have a new holding period commencing on the day following the day on which the shares are credited to the Non-U.S. Shareholder's account.

The tax consequences to Non-U.S. Shareholders entitled to claim the benefits of an applicable tax treaty or that are individuals that are present in the U.S. for 183 days or more during a taxable year may be different from those described herein. Non-U.S. Shareholders are urged to consult their tax advisers with respect to the procedure for claiming the benefit of a lower treaty rate and the applicability of foreign taxes.

If we distribute our net capital gains in the form of deemed rather than actual distributions, a Non-U.S. Shareholder will be entitled to a U.S. federal income tax credit or tax refund equal to the shareholder's allocable share of the tax we pay on the capital gains deemed to have been distributed. In order to obtain the refund, the Non-U.S. Shareholder must obtain a U.S. taxpayer identification number and file a refund claim even if the Non-U.S. Shareholder would not otherwise be required to obtain a U.S. taxpayer identification number or file a U.S. federal income tax return.

For a corporate Non-U.S. Shareholder, the after-tax amount distributions (both actual and deemed) and gains realized upon the sale, exchange or other taxable disposition of our common stock that are effectively connected to a U.S. trade or business of the Non-U.S. Shareholder (and, if required by an applicable income tax treaty, are attributable to a permanent establishment maintained by the Non-U.S. Shareholder within the United States) may, under certain circumstances, be subject to an additional "branch profits tax" at a 30% rate (or at a lower rate if provided for by an applicable income tax treaty). Accordingly, investment in shares of our common stock may not be advisable for a Non-U.S. Shareholder.

We must generally report to our documented Non-U.S. Shareholders and the IRS the amount of dividends paid during each calendar year and the amount of any tax withheld. Information reporting requirements may apply even if no withholding was required because the distributions were effectively connected with the Non-U.S. Shareholder's

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conduct of a U.S. trade or business or withholding was reduced or eliminated by an applicable income tax treaty. This information also may be made available under a specific treaty or agreement with the tax authorities in the country in which the Non-U.S. Shareholder resides or is established. Under U.S. federal income tax law, interest, dividends and other reportable payments may, under certain circumstances, be subject to "backup withholding" at the then applicable rate. Backup withholding, however, generally will not apply to distributions to a Non-U.S. Shareholder of our common stock, provided the Non-U.S. Shareholder furnishes to us the required certification as to its non-U.S. status, such as by providing a valid IRS Form W-8BEN, IRS Form W-8BEN-E, or IRS Form W-8ECI, or certain other requirements are met. Backup withholding is not an additional tax but can be credited against a Non-U.S. Shareholder's federal income tax, and may be refunded to the extent it results in an overpayment of tax and the appropriate information is timely supplied to the IRS.

Non-U.S. Shareholders should consult their own tax advisers with respect to the U.S. federal income tax and withholding tax, and state, local and foreign tax consequences of an investment in the shares.

***Foreign Account Tax Compliance Act***

Legislation commonly referred to as the "Foreign Account Tax Compliance Act," or "FATCA," generally imposes a 30% withholding tax on payments of certain types of income to foreign financial institutions ("FFIs") unless such FFIs either (i) enter into an agreement with the U.S. Treasury to report certain required information with respect to accounts held by certain specified U.S. persons (or held by foreign entities that have certain specified U.S. persons as substantial owners) or (ii) reside in a jurisdiction that has entered into an intergovernmental agreement ("IGA") with the United States to collect and share such information and are in compliance with the terms of such IGA and any related laws or regulations implementing such IGA. The types of income subject to the tax include U.S. source interest and dividends. While the Code would also require withholding on payments of the gross proceeds from the sale of any property that could produce U.S. source interest or dividends, the U.S. Treasury Department has indicated its intent to eliminate this requirement in subsequent proposed regulations, which state that taxpayers may rely on the proposed regulations until final regulations are issued. The information required to be reported includes the identity and taxpayer identification number of each account holder that is a specified U.S. person and certain financial information associated with the holder's account. In addition, subject to certain exceptions, this legislation also imposes a 30% withholding on certain payments to certain foreign entities that are not financial institutions unless the foreign entity certifies that it does not have a greater than 10% U.S. owner that is a specified U.S. person or provides the withholding agent with identifying information on each greater than 10% U.S. owner that is a specified U.S. person. Depending on the status of a beneficial owner and the status of the intermediaries through which they hold their shares of our common stock, beneficial owners could be subject to this 30% withholding tax with respect to distributions on their shares of our common stock. Under certain circumstances, a beneficial owner might be eligible for refunds or credits of such taxes.

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**DESCRIPTION OF OUR SECURITIES** 

This prospectus contains a summary of our common stock, preferred stock, subscription rights, debt securities, warrants and units. These summaries are not meant to be a complete description of each security. However, this prospectus and the accompanying prospectus supplement will describe the material terms and conditions for each security.

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**DESCRIPTION OF OUR CAPITAL STOCK** 

The following description is based on relevant portions of the Maryland General Corporation Law (the "MGCL") and on our certificate of incorporation and bylaws. This summary is not necessarily complete, and we refer you to the MGCL and our charter (the "Charter") and bylaws (the "Bylaws") for a more detailed description of the provisions summarized below.

**Capital Stock** 

Under the terms of our Charter, our authorized stock consists solely of 1,000 million shares of common stock, par value $0.01 per share, and no shares of preferred stock, par value $0.01 per share. As permitted by the MGCL, our Charter provides that a majority of the entire Board, 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. Our Charter also provides that the Board may classify or reclassify any unissued shares of our 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. Unless the Board determines otherwise, we will issue all shares of our stock in uncertificated form.

None of our shares of common stock are subject to further calls or to assessments, sinking fund provisions, obligations or potential liabilities associated with ownership of the security (not including investment risks).

The following presents our outstanding classes of securities as of August 21, 2025:

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| | | | |
|:---|:---|:---|:---|
| **Title of Class** | **Amount**<br>**Authorized** | **Amount Held by**<br>**Us or for Our**<br>**Account** | **Amount**<br>**Outstanding**<br>**Exclusive of Amount**<br>**Held by Us or for**<br>**Our Account** |
| Common Stock | 1000000000 |  | 467141783 |

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***Common Stock***

Under the terms of the Charter, all shares of our common stock have equal rights as to dividends, distributions and voting and, when they are issued, will be duly authorized, validly issued, fully paid and nonassessable. Dividends and distributions may be paid to our shareholders if, as and when authorized by the Board and declared out of funds legally available therefor. Shares of our common stock have no preemptive, exchange, conversion or redemption rights and shareholders generally have no appraisal rights. Other than as described below, shares of our common stock are 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. Following the Listing Date, without the prior written consent of the Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for 180 days after the Listing Date, a shareholder is not permitted to transfer (whether by sale, gift, merger, by operation of law or otherwise), exchange, assign, pledge, hypothecate or otherwise dispose of or encumber any shares of common stock held by such shareholder prior to the Listing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for 270 days after the Listing Date, a shareholder is not permitted to transfer (whether by sale, gift, merger, by operation of law or otherwise), exchange, assign, pledge, hypothecate or otherwise dispose of or encumber two-thirds of the shares of common stock held by such shareholder prior to the Listing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for 365 days after the Listing Date, a shareholder is not permitted to transfer (whether by sale, gift, merger, by operation of law or otherwise), exchange, assign, pledge, hypothecate or otherwise dispose of or encumber one-third of the shares of common stock held by such shareholder prior to the Listing Date.

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This means that, as a result of these transfer restrictions, without the consent of the Board, a shareholder who owned 99 shares of common stock on the Listing Date could not sell any of such shares for 180 days after the Listing Date; 181 after the Listing Date, such shareholder could only sell up to 33 of such shares; 271 days after the Listing Date, such shareholder could only sell up to 66 of such shares and 366 days after the Listing Date, such shareholder could sell all of such shares.

In the event of a liquidation, dissolution or winding up, each share of our common stock would be entitled to share ratably in all of our assets that are legally available for distribution after we pay or otherwise provide for 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. Subject to the rights of holders of any other class or series of stock, each share of our common stock is entitled to one vote on all matters submitted to a vote of our shareholders, including the election of directors, and the shareholders will possess the 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. 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.

***Preferred Stock***

Under the terms of our Charter, the Board may authorize us to issue shares of preferred stock in one or more classes or series, without shareholder approval, to the extent permitted by the 1940 Act. The Board has the power to fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption of each class or series of preferred stock. We do not currently anticipate issuing preferred stock in the near future. In the event we issue preferred stock, we will make any required disclosure to shareholders. We will not offer preferred stock to the Adviser or our affiliates except on the same terms as offered to all other shareholders.

Preferred stock could be issued with terms that would adversely affect our shareholders. Preferred stock could also be used as an anti-takeover device through the issuance of shares of a class or series of preferred stock with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or a change in control. Every issuance of preferred stock will be required to comply with the requirements of the 1940 Act. The 1940 Act requires, among other things, that: (1) immediately after issuance and before any dividend or other distribution is made with respect to common stock and before any purchase of common stock is made, such preferred stock together with all other senior securities must not exceed an amount equal to 50% of our total assets after deducting the amount of such dividend, distribution or purchase price, as the case may be, and (2) the holders of shares of preferred stock, if any are issued, must be entitled as a class voting separately to elect two directors at all times and to elect a majority of the directors if distributions on such preferred stock are in arrears by two full years or more. Certain matters under the 1940 Act require the affirmative vote of the holders of at least a majority of the outstanding shares of preferred stock (as determined in accordance with the 1940 Act) voting together as a separate class. For example, the vote of such holders of preferred stock would be required to approve a proposal involving a plan of reorganization adversely affecting such securities.

The issuance of any preferred stock must be approved by a majority of the independent directors not otherwise interested in the transaction, who will have access, at our expense, to our legal counsel or to independent legal counsel.

**Limitation on Liability of Directors and Officers; Indemnification and Advance of Expenses** 

Maryland law permits a Maryland corporation to include in its charter a provision eliminating 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

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dishonesty that is established by a final judgment and is material to the cause of action. Our Charter contains a provision that eliminates directors' and officers' liability, subject to the limitations of Maryland law and the requirements of the 1940 Act.

Maryland law 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 or threatened to be made a party by reason of his or her service in that capacity against reasonable expenses actually incurred in the proceeding in which the director or officer was successful. Maryland law 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 or threatened to be made a party by reason of their service in those or other capacities unless it is established that (1) the act or omission of the director or officer was material to the matter giving rise to the proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty; (2) the director or officer actually received an improper personal benefit in money, property or services; or (3) in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. Under Maryland law, a Maryland corporation also may not indemnify for an adverse judgment in a suit by or on behalf 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, Maryland law 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.

Our Charter obligates us, subject to the limitations of Maryland law and the requirements of the 1940 Act, to indemnify (1) any present or former director or officer; or (2) any individual who, while a director or officer and at the Company's request, serves or has served another corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner, member, manager or trustee, from and against any claim or liability to which the person or entity may become subject or may incur by reason of such person's service in that capacity, and to pay or reimburse such person's reasonable expenses as incurred in advance of final disposition of a proceeding. In accordance with the 1940 Act, the Company will not indemnify any person for any liability to the extent that such person would be subject by reason of such person's willful misconduct, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his, her or its office.

**Maryland Law and Certain Charter and Bylaws Provisions; Anti-Takeover Measures** 

Maryland law 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 our Board. 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'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, our 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.

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Subject to certain exceptions provided in our Charter, the affirmative vote of at least 75% of the votes entitled to be cast thereon, with the holders of each class or series of our stock voting as a separate class, in addition to the affirmative vote of at least 75% of the members of the Board, will be necessary to effect any of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any amendment to our Charter to make our common stock a "redeemable security" or to convert us from a "closed-end company" to an "open-end company" (as such terms are defined in the 1940 Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the liquidation or dissolution of the Company and any amendment to the charter to effect and such liquidation or dissolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any merger, consolidation, conversion, share exchange or sale or exchange of all or substantially all of our assets that the MGCL requires be approved by shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any transaction between the Company, on the one hand, and any person or group of persons acting together that is entitled to exercise or direct the exercise, or acquire the right to exercise or direct the exercise, directly or indirectly (other than solely by virtue of a revocable proxy), of one-tenth or more of the voting power in the election of our directors generally, or any person controlling, controlled by or under common control with, employed by or acting as an agent of, any such person or member of such group.

However, if the proposal, transaction or business combination is approved by at least a majority of our continuing directors, the proposal, transaction or business combination may be approved only by the Board and, if necessary, the shareholders as otherwise would be required by applicable law, our Charter and Bylaws without regard to the supermajority approval requirements discussed above. A "continuing director" is defined in our Charter as (1) our current directors, (2) those directors whose nomination for election by the shareholders or whose election by the directors to fill vacancies is approved by a majority of our current directors then on the Board or (3) any successor directors whose nomination for election by the shareholders or whose election by the directors to fill vacancies is approved by a majority of continuing directors or the successor continuing directors then in office.

Our Charter also provides that the Board is 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, but only for cause (as such term is defined in our Charter) and only by the affirmative vote of shareholders entitled to cast at least 75% of the votes entitled to be cast generally in the election of directors, voting as a single class. 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, and any newly created directorship resulting from an increase in the size of the Board, may only be filled by vote of the directors then in office, even if less than a quorum, or by a sole remaining director; provided that, under Maryland law, when the holders of any class, classes or series of stock have the exclusive power under our 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.

The classification of the Board 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 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. Maryland law and our Charter and Bylaws also provide that:

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• special meetings of the shareholders may only be called by the Board, the chairman of the Board or the chief executive officer, and must be called by the secretary upon the written request of shareholders who are entitled to cast at least a majority of all the votes entitled to be cast on such matter at such meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• from and after the Initial Closing, 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.

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 our 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. The provisions of our Charter requiring that the directors may be removed only for cause and only by the affirmative vote of at least three-quarters of the votes entitled to be cast generally in the election of directors will also prevent shareholders from removing incumbent directors except for cause and upon a substantial affirmative vote. In addition, although the advance notice and information requirements in our Bylaws do not give the Board 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.

Under the MGCL, a Maryland corporation generally cannot amend its charter unless the amendment is 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, our Charter provides for approval of charter amendments by the affirmative vote of shareholders entitled to cast a majority of the votes entitled to be cast on the matter. The Board, by vote of a majority of the members of the Board, has the exclusive power to adopt, alter, amend or repeal our Bylaws. Our Charter provides that any amendment to the following provisions of our Charter, among others, will require, in addition to any other vote required by applicable law or our Charter, the affirmative vote of shareholders entitled to cast at least three-quarters of the votes entitled to be cast thereon, with the holders of each class or series of our stock voting as a separate class, in addition to the affirmative vote of at least 75% of the members of the Board, unless three-quarters of the continuing directors approve the amendment, in which case such amendment must be approved as would otherwise be required by applicable law, our Charter and Bylaws:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions regarding the classification of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions governing the removal of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions limiting shareholder action by written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions regarding the number of directors on the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provisions specifying the vote required to approve extraordinary actions and amend the Charter and the Board's exclusive power to amend our Bylaws.

**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 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,

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only the business specified in our notice of the meeting may be brought before the meeting. 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 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 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, 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 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 charter amendments, 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 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.

**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. Shares owned by the acquirer, 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;• one-tenth or more but less than one-third;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• one-third or more but less than a majority; or

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

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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 SEC staff previously took the position that, if a 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 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 Maryland law, "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;• 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;• 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;• 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;• 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 Maryland law, 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

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before the time that the interested shareholder becomes an interested shareholder. The Board 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 (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 the Board does not otherwise approve a business combination, the statute may discourage others from trying to acquire control of us and increase the difficulty of consummating any offer.

**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 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 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 does 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 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.

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**DESCRIPTION OF OUR PREFERRED STOCK** 

In addition to shares of common stock, our Charter authorizes the issuance of preferred stock. If we offer preferred stock under this prospectus, we will issue an appropriate prospectus supplement. We may issue preferred stock from time to time in one or more classes or series, without shareholder approval. Prior to issuance of shares of each class or series, our Board is required by Maryland law and by our Charter to set, subject to the express terms of any of our then outstanding classes or series of stock, the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each class or series. Any such issuance must adhere to the requirements of the 1940 Act, Maryland law and any other limitations imposed by law.

The 1940 Act limits our flexibility as to certain rights and preferences of the preferred stock under our certificate of incorporation. In particular, every share of stock issued by a BDC must be voting stock and have equal voting rights with every other outstanding class of voting stock, except to the extent that the stock satisfies the requirements for being treated as a senior security, which requires, among other things, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• immediately after issuance and before any distribution is made with respect to common stock, we must meet a coverage ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, of at least 150%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the 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 and for so long as dividends on the preferred stock are unpaid in an amount equal to two full years of dividends on the preferred stock.

The features of the preferred stock are further limited by the requirements applicable to RICs under the Code.

For any class or series of preferred stock that we may issue, our Board will determine and the articles supplementary and the prospectus supplement relating to such class or series will describe:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the designation and number of shares of such class or series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rate and time at which, and the preferences and conditions under which, any dividends will be paid on shares of such class or series, as well as whether such dividends are participating or non-participating;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any provisions relating to convertibility or exchangeability of the shares of such class or series, including adjustments to the conversion price of such class or series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rights and preferences, if any, of holders of shares of such class or series upon our liquidation, dissolution or winding up of our affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the voting powers, if any, of the holders of shares of such class or series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any provisions relating to the redemption of the shares of such class or series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any limitations on our ability to pay dividends or make distributions on, or acquire or redeem, other securities while shares of such class or series are outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any conditions or restrictions on our ability to issue additional shares of such class or series or other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if applicable, a discussion of certain U.S. federal income tax considerations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other relative powers, preferences and participating, optional or special rights of shares of such class or series, and the qualifications, limitations or restrictions thereof.

All shares of preferred stock that we may issue will be identical and of equal rank except as to the particular terms thereof that may be fixed by our Board, and all shares of each class or series of preferred stock will be identical and of equal rank except as to the dates from which dividends, if any, thereon will be cumulative.

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**DESCRIPTION OF OUR SUBSCRIPTION RIGHTS** 

We may issue subscription rights to our shareholders to purchase common stock. Subscription rights may be issued independently or together with any other offered security and may or may not be transferable by the person purchasing or receiving the subscription rights. In connection with a subscription rights offering to our shareholders, we would distribute certificates evidencing the subscription rights and a prospectus supplement to our shareholders on the record date that we set for receiving subscription rights in such subscription rights offering.

The applicable prospectus supplement would describe the following terms of subscription rights in respect of which this prospectus is being delivered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the period of time the offering would remain open (which shall be open a minimum number of days such that all record holders would be eligible to participate in the offering and shall not be open longer than 120 days);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the title of such subscription rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the exercise price for such subscription rights (or method of calculation thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ratio of the offering (which, in the case of transferable rights, will require a minimum of three shares to be held of record before a person is entitled to purchase an additional share);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of such subscription rights issued to each shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the extent to which such subscription rights are transferable and the market on which they may be traded if they are transferable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if applicable, a discussion of certain U.S. federal income tax considerations applicable to the issuance or exercise of such subscription rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date on which the right to exercise such subscription rights shall commence, and the date on which such right shall expire (subject to any extension);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the extent to which such subscription rights include an over-subscription privilege with respect to unsubscribed securities and the terms of such over-subscription privilege;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any termination right we may have in connection with such subscription rights offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other terms of such subscription rights, including exercise, settlement and other procedures and limitations relating to the transfer and exercise of such subscription rights.

**Exercise of Subscription Rights** 

Each subscription right would entitle the holder of the subscription right to purchase for cash such amount of shares of common stock at such exercise price as shall in each case be set forth in, or be determinable as set forth in, the prospectus supplement relating to the subscription rights offered thereby. Subscription rights may be exercised at any time up to the close of business on the expiration date for such subscription rights set forth in the prospectus supplement. After the close of business on the expiration date, all unexercised subscription rights would become void.

Subscription rights may be exercised as set forth in the prospectus supplement relating to the subscription rights offered thereby. Upon receipt of payment and the subscription rights certificate properly completed and duly executed at the corporate trust office of the subscription rights agent or any other office indicated in the prospectus supplement we will forward, as soon as practicable, the shares of common stock purchasable upon such exercise. To the extent permissible under applicable law, we may determine to offer any unsubscribed offered securities directly to persons other than shareholders, to or through agents, underwriters or dealers or through a combination of such methods, as set forth in the applicable prospectus supplement.

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**Dilutive Effects** 

Any shareholder who chooses not to participate in a rights offering should expect to own a smaller interest in us upon completion of such rights offering. Any rights offering will dilute the ownership interest and voting power of shareholders who do not fully exercise their subscription rights. Further, because the net proceeds per share from any rights offering may be lower than our then current net asset value per share, the rights offering may reduce our net asset value per share. The amount of dilution that a shareholder will experience could be substantial, particularly to the extent we engage in multiple rights offerings within a limited time period. In addition, the market price of our common stock could be adversely affected while a rights offering is ongoing as a result of the possibility that a significant number of additional shares may be issued upon completion of such rights offering. All of our shareholders will also indirectly bear the expenses associated with any rights offering we may conduct, regardless of whether they elect to exercise any rights.

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**DESCRIPTION OF OUR WARRANTS**

The following is a general description of the terms of the warrants we may issue from time to time. Particular terms of any warrants we offer will be described in the prospectus supplement relating to such warrants.

We may issue warrants to purchase shares of our common stock, preferred stock or debt securities. Such warrants may be issued independently or together with common stock, preferred stock or debt securities and may be attached or separate from such securities. We will issue each series of warrants under a separate warrant agreement to be entered into between us and a warrant agent. The warrant agent will act solely as our agent and will not assume any obligation or relationship of agency for or with holders or beneficial owners of warrants.

A prospectus supplement will describe the particular terms of any series of warrants we may issue, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the title of such warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate number of such warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price or prices at which such warrants will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the currency or currencies, including composite currencies, in which the price of such warrants may be payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if applicable, the designation and terms of the securities with which the warrants are issued and the number of warrants issued with each such security or each principal amount of such security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of warrants to purchase debt securities, the principal amount of debt securities purchasable upon exercise of one warrant and the price at which and the currency or currencies, including composite currencies, in which this principal amount of debt securities may be purchased upon such exercise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of warrants to purchase common stock or preferred stock, the number of shares of common stock or preferred stock, as the case may be, purchasable upon exercise of one warrant and the price at which and the currency or currencies, including composite currencies, in which these shares may be purchased upon such exercise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date on which the right to exercise such warrants shall commence and the date on which such right will expire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether such warrants will be issued in registered form or bearer form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if applicable, the minimum or maximum amount of such warrants which may be exercised at any one time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if applicable, the date on and after which such warrants and the related securities will be separately transferable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information with respect to book-entry procedures, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the terms of the securities issuable upon exercise of the warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if applicable, a discussion of certain U.S. federal income tax considerations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other terms of such warrants, including terms, procedures and limitations relating to the exchange and exercise of such warrants.

We and the warrant agent may amend or supplement the warrant agreement for a series of warrants without the consent of the holders of the warrants issued thereunder to effect changes that are not inconsistent with the provisions of the warrants and that do not materially and adversely affect the interests of the holders of the warrants.

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Prior to exercising their warrants, holders of warrants will not have any of the rights of holders of the securities purchasable upon such exercise, including, in the case of warrants to purchase debt securities, the right to receive principal, premium, if any, or interest payments, on the debt securities purchasable upon exercise or to enforce covenants in the applicable indenture or, in the case of warrants to purchase common stock or preferred stock, the right to receive dividends, if any, or payments upon our liquidation, dissolution or winding up or to exercise any voting rights.

Under the 1940 Act, we may generally only offer warrants provided that (1) the warrants expire by their terms within ten years; (2) the exercise or conversion price is not less than the current market value at the date of issuance; (3) our shareholders authorize the proposal to issue such warrants, and our Board approves such issuance on the basis that the issuance is in the best interests of us and our shareholders; and (4) 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.

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**DESCRIPTION OF OUR DEBT SECURITIES** 

We may issue debt securities in one or more series. The specific terms of each series of debt securities will be described in the particular prospectus supplement relating to that series. The prospectus supplement may or may not modify the general terms found in this prospectus and will be filed with the SEC. For a complete description of the terms of a particular series of debt securities, you should read both this prospectus and the prospectus supplement relating to that particular series.

As required by federal law for all bonds and notes of companies that are publicly offered, the debt securities are governed by a document called an "indenture." An indenture is a contract between us and a financial institution acting as trustee on your behalf, and is subject to and governed by the Trust Indenture Act of 1939, as amended. The trustee has two main roles. First, the trustee can enforce your rights against us if we default. There are some limitations on the extent to which the trustee acts on your behalf, described in the second paragraph under "- Events of Default - Remedies If an Event of Default Occurs." Second, the trustee performs certain administrative duties for us.

Because this section is a summary, it does not describe every aspect of the debt securities and the indenture. We urge you to read the indenture because it, and not this description, defines your rights as a holder of debt securities. For example, in this section, we use capitalized words to signify terms that are specifically defined in the indenture. Some of the definitions are repeated in this prospectus, but for the rest you will need to read the indenture. We have filed the indenture with the SEC. We will file a supplemental indenture with the SEC in connection with any debt offering, at which time the supplemental indenture would be publicly available. See "*<u>[Available Information](#i04d72bf5f2da42cebdd7deac8f3386ae_118)</u>*" for information on how to obtain a copy of the applicable indenture.

The prospectus supplement, which will accompany this prospectus, will describe the particular series of debt securities being offered, including, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the designation or title of the series of debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the total principal amount of the series of debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the percentage of the principal amount at which the series of debt securities will be offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date or dates on which principal will be payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rate or rates (which may be either fixed or variable) and/or the method of determining such rate or rates of interest, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date or dates from which any interest will accrue, or the method of determining such date or dates, and the date or dates on which any interest will be payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether any interest may be paid by issuing additional securities of the same series in lieu of cash (and the terms upon which any such interest may be paid by issuing additional securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the terms for redemption, extension or early repayment, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the currencies in which the series of debt securities are issued and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the amount of payments of principal, premium or interest, if any, on a series of debt securities will be determined with reference to an index, formula or other method (which could be based on one or more currencies, commodities, equity indices or other indices) and how these amounts will be determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the place or places, if any, other than or in addition to the Borough of Manhattan in the City of New York, of payment, transfer, conversion and/or exchange of the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the denominations in which the offered debt securities will be issued (if other than $1,000 and any integral multiple thereof);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provision for any sinking fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any restrictive covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any Events of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the series of debt securities is issuable in certificated form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any provisions for defeasance or covenant defeasance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any special U.S. federal income tax implications, including, if applicable, U.S. federal income tax considerations relating to original issue discount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether and under what circumstances we will pay additional amounts in respect of any tax, assessment or governmental charge and, if so, whether we will have the option to redeem the debt securities rather than pay the additional amounts (and the terms of this option);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any provisions for convertibility or exchangeability of the debt securities into or for any other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the debt securities are subject to subordination and the terms of such subordination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the debt securities are secured and the terms of any security interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the listing, if any, on a securities exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other terms.

The debt securities may be secured or unsecured obligations. Unless the prospectus supplement states otherwise, principal (and premium, if any) and interest, if any, will be paid by us in immediately available funds.

Generally, pursuant to the 1940 Act, a BDC's total borrowings are limited so that it cannot incur additional borrowings if immediately after such borrowing, the ratio of its total assets (less total liabilities other than indebtedness represented by senior securities) to its total indebtedness represented by senior securities plus preferred stock, if any, is at least 200%; however, certain provisions of the 1940 Act by allow 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. The reduced asset coverage requirement would permit a BDC to double the amount of leverage it could incur. 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. See Part I, Item 1 "*BUSINESS - Regulation as a Business Development Company*" in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u> for more information.

On August 7, 2018, our Adviser, as our sole initial shareholder, approved a proposal that allows us to reduce our asset coverage ratio to 150%. As a result, effective August 8, 2018, our asset coverage requirement applicable to senior securities was reduced from 200% to 150%. See Part I, Item 1A *"Risk Factors - Risks Related to our Business and Operations - We borrow money, which magnifies the potential for gain or loss and may increase the risk of investing in us.*" in our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u>.

**General**

The indenture provides that any debt securities proposed to be sold under this prospectus and the accompanying prospectus supplement ("offered debt securities") and any debt securities issuable upon the exercise of warrants or upon conversion or exchange of other offered securities ("underlying debt securities"), may be issued under the indenture in one or more series.

For purposes of this prospectus, any reference to the payment of principal of, or premium or interest, if any, on, debt securities will include additional amounts if required by the terms of the debt securities.

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The indenture does not limit the amount of debt securities that may be issued thereunder from time to time. The indenture also provides that there may be more than one trustee thereunder, each with respect to one or more different series of indenture securities. See "- *Resignation of Trustee*" below. At a time when two or more trustees are acting under the indenture, each with respect to only certain series, the term "indenture securities" means the one or more series of debt securities with respect to which each respective trustee is acting. In the event that there is more than one trustee under the indenture, the powers and trust obligations of each trustee described in this prospectus will extend only to the one or more series of indenture securities for which it is trustee. If two or more trustees are acting under the indenture, then the indenture securities for which each trustee is acting would be treated as if issued under separate indentures.

Except as described under "- Events of Default" and "- Merger or Consolidation" below, the indenture does not contain any provisions that give you protection in the event we issue a large amount of debt or we are acquired by another entity.

We refer you to the prospectus supplement for information with respect to any deletions from, modifications of or additions to the Events of Default or our covenants that are described below, including any addition of a covenant or other provision providing event risk or similar protection.

We have the ability to issue indenture securities with terms different from those of indenture securities previously issued and, without the consent of the holders thereof, to reopen a previous issue of a series of indenture securities and issue additional indenture securities of that series unless the reopening was restricted when that series was created.

**Conversion and Exchange**

If any debt securities are convertible into or exchangeable for other securities, the prospectus supplement will explain the terms and conditions of the conversion or exchange, including the conversion price or exchange ratio (or the calculation method), the conversion or exchange period (or how the period will be determined), if conversion or exchange will be mandatory or at the option of the holder or us, provisions for adjusting the conversion price or the exchange ratio and provisions affecting conversion or exchange in the event of the redemption of the underlying debt securities. These terms may also include provisions under which the number or amount of other securities to be received by the holders of the debt securities upon conversion or exchange would be calculated according to the market price of the other securities as of a time stated in the prospectus supplement.

**Issuance of Securities in Registered Form**

We may issue the debt securities in registered form, in which case we may issue them either in book-entry form only or in "certificated" form. Debt securities issued in book-entry form will be represented by global securities. We expect that we will usually issue debt securities in book-entry only form represented by global securities.

***Book-Entry Holders***

We will issue registered debt securities in book-entry form only, unless we specify otherwise in the applicable prospectus supplement. This means debt securities will be represented by one or more global securities registered in the name of a depositary that will hold them on behalf of financial institutions that participate in the depositary's book-entry system. These participating institutions, in turn, hold beneficial interests in the debt securities held by the depositary or its nominee. These institutions may hold these interests on behalf of themselves or customers.

Under the indenture, only the person in whose name a debt security is registered is recognized as the holder of that debt security. Consequently, for debt securities issued in book-entry form, we will recognize only the depositary as the holder of the debt securities and we will make all payments on the debt securities to the depositary. The depositary will then pass along the payments it receives to its participants, which in turn will pass the payments along to their customers who are the beneficial owners. The depositary and its participants do so under agreements they have made with one another or with their customers; they are not obligated to do so under the terms of the debt securities.

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As a result, investors will not own debt securities directly. Instead, they will own beneficial interests in a global security, through a bank, broker or other financial institution that participates in the depositary's book-entry system or holds an interest through a participant. As long as the debt securities are represented by one or more global securities, investors will be indirect holders, and not holders, of the debt securities.

***Street Name Holders***

In the future, we may issue debt securities in certificated form or terminate a global security. In these cases, investors may choose to hold their debt securities in their own names or in "street name." Debt securities held in street name are registered in the name of a bank, broker or other financial institution chosen by the investor, and the investor would hold a beneficial interest in those debt securities through the account he or she maintains at that institution.

For debt securities held in street name, we will recognize only the intermediary banks, brokers and other financial institutions in whose names the debt securities are registered as the holders of those debt securities and we will make all payments on those debt securities to them. These institutions will pass along the payments they receive to their customers who are the beneficial owners, but only because they agree to do so in their customer agreements or because they are legally required to do so. Investors who hold debt securities in street name will be indirect holders, and not holders, of the debt securities.

**Legal Holders**

Our obligations, as well as the obligations of the applicable trustee and those of any third parties employed by us or the applicable trustee, run only to the legal holders of the debt securities. We do not have obligations to investors who hold beneficial interests in global securities, in street name or by any other indirect means. This will be the case whether an investor chooses to be an indirect holder of a debt security or has no choice because we are issuing the debt securities only in book-entry form.

For example, once we make a payment or give a notice to the holder, we have no further responsibility for the payment or notice even if that holder is required, under agreements with depositary participants or customers or by law, to pass it along to the indirect holders but does not do so. Similarly, if we want to obtain the approval of the holders for any purpose (for example, to amend an indenture or to relieve us of the consequences of a default or of our obligation to comply with a particular provision of an indenture), we would seek the approval only from the holders, and not the indirect holders, of the debt securities. Whether and how the holders contact the indirect holders is up to the holders.

When we refer to you, we mean those who invest in the debt securities being offered by this prospectus, whether they are the holders or only indirect holders of those debt securities. When we refer to your debt securities, we mean the debt securities in which you hold a direct or indirect interest.

***Special Considerations for Indirect Holders***

If you hold debt securities through a bank, broker or other financial institution, either in book-entry form or in street name, we urge you to check with that institution to find out:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how it handles securities payments and notices,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether it imposes fees or charges,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how it would handle a request for the holders' consent, if ever required,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether and how you can instruct it to send you debt securities registered in your own name so you can be a holder, if that is permitted in the future for a particular series of debt securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how it would exercise rights under the debt securities if there were a default or other event triggering the need for holders to act to protect their interests, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the debt securities are in book-entry form, how the depositary's rules and procedures will affect these matters.

**Global Securities**

As noted above, we usually will issue debt securities as registered securities in book-entry form only. A global security represents one or any other number of individual debt securities. Generally, all debt securities represented by the same global securities will have the same terms.

Each debt security issued in book-entry form will be represented by a global security that we deposit with and register in the name of a financial institution or its nominee that we select. The financial institution that we select for this purpose is called the depositary. Unless we specify otherwise in the applicable prospectus supplement, The Depository Trust Company, New York, New York, known as DTC, will be the depositary for all debt securities issued in book-entry form.

A global security may not be transferred to or registered in the name of anyone other than the depositary or its nominee, unless special termination situations arise. We describe those situations below under "Special Situations when a Global Security Will Be Terminated". As a result of these arrangements, the depositary, or its nominee, will be the sole registered owner and holder of all debt securities represented by a global security, and investors will be permitted to own only beneficial interests in a global security. Beneficial interests must be held by means of an account with a broker, bank or other financial institution that in turn has an account with the depositary or with another institution that has an account with the depositary. Thus, an investor whose security is represented by a global security will not be a holder of the debt security, but only an indirect holder of a beneficial interest in the global security.

***Special Considerations for Global Securities***

As an indirect holder, an investor's rights relating to a global security will be governed by the account rules of the investor's financial institution and of the depositary, as well as general laws relating to securities transfers. The depositary that holds the global security will be considered the holder of the debt securities represented by the global security.

If debt securities are issued only in the form of a global security, an investor should be aware of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An investor cannot cause the debt securities to be registered in his or her name, and cannot obtain certificates for his or her interest in the debt securities, except in the special situations we describe below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An investor will be an indirect holder and must look to his or her own bank or broker for payments on the debt securities and protection of his or her legal rights relating to the debt securities, as we describe under "Issuance of Securities in Registered Form" above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An investor may not be able to sell interests in the debt securities to some insurance companies and other institutions that are required by law to own their securities in non-book-entry form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An investor may not be able to pledge his or her interest in a global security in circumstances where certificates representing the debt securities must be delivered to the lender or other beneficiary of the pledge in order for the pledge to be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The depositary's policies, which may change from time to time, will govern payments, transfers, exchanges and other matters relating to an investor's interest in a global security. We and the trustee have no responsibility for any aspect of the depositary's actions or for its records of ownership interests in a global security. We and the trustee also do not supervise the depositary in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we redeem less than all the debt securities of a particular series being redeemed, DTC's practice is to determine by lot the amount to be redeemed from each of its participants holding that series.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An investor is required to give notice of exercise of any option to elect repayment of its debt securities, through its participant, to the applicable trustee and to deliver the related debt securities by causing its participant to transfer its interest in those debt securities, on DTC's records, to the applicable trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DTC requires that those who purchase and sell interests in a global security deposited in its book-entry system use immediately available funds. Your broker or bank may also require you to use immediately available funds when purchasing or selling interests in a global security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial institutions that participate in the depositary's book-entry system, and through which an investor holds its interest in a global security, may also have their own policies affecting payments, notices and other matters relating to the debt securities. There may be more than one financial intermediary in the chain of ownership for an investor. We do not monitor and are not responsible for the actions of any of those intermediaries.

***Termination of a Global Security***

If a global security is terminated, interests in it will be exchanged for certificates in non-book-entry form (certificated securities). After that exchange, the choice of whether to hold the certificated debt securities directly or in street name will be up to the investor. Investors must consult their own banks or brokers to find out how to have their interests in a global security transferred on termination to their own names, so that they will be holders. We have described the rights of legal holders and street name investors under "Issuance of Securities in Registered Form" above.

The prospectus supplement may list situations for terminating a global security that would apply only to the particular series of debt securities covered by the prospectus supplement. If a global security is terminated, only the depositary, and not we or the applicable trustee, is responsible for deciding the names of the institutions in whose names the debt securities represented by the global security will be registered and, therefore, who will be the holders of those debt securities.

**Payment and Paying Agents**

We will pay interest to the person listed in the applicable trustee's records as the owner of the debt security at the close of business on a particular day in advance of each due date for interest, even if that person no longer owns the debt security on the interest due date. That day, usually about two weeks in advance of the interest due date, is called the "record date." Because we will pay all the interest for an interest period to the holders on the record date, holders buying and selling debt securities must work out between themselves the appropriate purchase price. The most common manner is to adjust the sales price of the debt securities to prorate interest fairly between buyer and seller based on their respective ownership periods within the particular interest period. This prorated interest amount is called "accrued interest."

**Payments on Global Securities**

We will make payments on a global security in accordance with the applicable policies of the depositary as in effect from time to time. Under those policies, we will make payments directly to the depositary, or its nominee, and not to any indirect holders who own beneficial interests in the global security. An indirect holder's right to those payments will be governed by the rules and practices of the depositary and its participants.

**Payments on Certificated Securities**

We will make payments on a certificated debt security as follows. We will pay interest that is due on an interest payment date to the holder of debt securities as shown on the trustee's records as of the close of business on the regular record date at our office in New York, NY and/or at other offices that may be specified in the prospectus supplement. We will make all payments of principal and premium, if any, by check at the office of the applicable trustee in New York, NY and/or at other offices that may be specified in the prospectus supplement or in a notice to holders against surrender of the debt security.

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Alternatively, at our option, we may pay any interest that becomes due on the debt security by mailing a check to the holder at his or her address shown on the trustee's records as of the close of business on the regular record date or by transfer to an account at a bank in the United States, in either case, on the due date.

**Payment When Offices Are Closed**

Except as otherwise indicated in the applicable prospectus supplement, if any payment is due on a debt security on a day that is not a business day, we will make the payment on the next day that is a business day. Payments made on the next business day in this situation will be treated under the indenture as if they were made on the original due date, except as otherwise indicated in the applicable prospectus supplement. Such payment will not result in a default under any debt security or the indenture, and no interest will accrue on the payment amount from the original due date to the next day that is a business day.

Book-entry and other indirect holders should consult their banks or brokers for information on how they will receive payments on their debt securities.

**Events of Default**

You will have rights if an Event of Default occurs in respect of the debt securities of your series and is not cured, as described later in this subsection.

The term "Event of Default" in respect of the debt securities of your series means any of the following (unless the prospectus supplement relating to such debt securities states otherwise):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)we default in the payment of any interest upon a debt securities of the series when due and payable and the default continues for a period of 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)we default in the payment of the principal of (or premium, if any, on) a debt security of the series when it becomes due and payable at its maturity, including upon any redemption date or required repurchase date, and the default continues for a period of five days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)we fail for 60 consecutive days after written notice from the trustee or the holders of at least 25% in principal amount of the debt securities of the series then outstanding to us and the trustee, as applicable, has been received to comply with any of our other agreements with respect to debt securities of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)pursuant to Section 18(a)(1)(C)(ii) and Section 61 of the 1940 Act, or any successor provisions, on the last business day of each of 24 consecutive calendar months, any class of securities shall have an asset coverage (as such term is used in the 1940 Act) of less than 100%, giving effect to any amendments to such provisions of the 1940 Act or to any exemptive relief granted to us by the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)we file for bankruptcy or certain events of bankruptcy, insolvency, or reorganization involving us occur and remain undischarged or unstayed for a period of 90 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)we do not deposit any sinking fund payment in respect of debt securities of the series on its due date, and do not cure this default within five days; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)any other Event of Default in respect of debt securities of the series described in the applicable prospectus supplement occurs.

An Event of Default for a particular series of debt securities does not necessarily constitute an Event of Default for any other series of debt securities issued under the same or any other indenture. The trustee may withhold notice to the holders of debt securities of any default, except in the payment of principal, premium or interest, if it in good faith considers the withholding of notice to be in the interests of the holders.

***Remedies If an Event of Default Occurs***

If an Event of Default has occurred and has not been cured, the trustee or the holders of at least 25% in principal amount of the outstanding debt securities of the affected series may declare the entire principal amount of all the

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debt securities of that series to be due and immediately payable. This is called a declaration of acceleration of maturity. A declaration of acceleration of maturity may be canceled by the holders of a majority in principal amount of the outstanding debt securities of the affected series if (1) we have deposited with the trustee all amounts due and owing with respect to the securities (other than principal that has become due solely by reason of such acceleration) and certain other amounts, and (2) any other Events of Default have been cured or waived.

Except in cases of default, where the trustee has some special duties, the trustee is not required to take any action under the indenture at the request of any holders unless the holders offer the trustee reasonable protection from expenses and liability (called an "indemnity"). If indemnity satisfactory to the trustee is provided, the holders of a majority in principal amount of the outstanding debt securities of the relevant series may direct the time, method and place of conducting any lawsuit or other formal legal action seeking any remedy available to the trustee. The trustee may refuse to follow those directions in certain circumstances. No delay or omission in exercising any right or remedy will be treated as a waiver of that right, remedy or Event of Default.

Before you are allowed to bypass your trustee and bring your own lawsuit or other formal legal action or take other steps to enforce your rights or protect your interests relating to the debt securities, the following must occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must give your trustee written notice that an Event of Default with respect to the relevant series of debt securities has occurred and remains uncured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The holders of at least 25% in principal amount of all outstanding debt securities of the relevant series must make a written request that the trustee take action because of the default and must offer to the trustee security or indemnity satisfactory to it against the cost, expenses, and other liabilities of taking that action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The trustee must not have taken action for 60 days after receipt of the above notice and offer of security or indemnity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The holders of a majority in principal amount of the debt securities of that series must not have given the trustee a direction inconsistent with the above notice during that 60-day period.

However, you are entitled at any time to bring a lawsuit for the payment of money due on your debt securities on or after the due date.

Holders of a majority in principal amount of the debt securities of the affected series may waive any past defaults other than a default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the payment of principal, any premium, or interest or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in respect of a covenant that cannot be modified or amended without the consent of each holder.

**Book-entry and other indirect holders should consult their banks or brokers for information on how to give notice or direction to or make a request of the trustee and how to declare or cancel an acceleration of maturity.**

Each year, we will furnish to each trustee a written statement of certain of our officers certifying that to their knowledge we are in compliance with the indenture and the debt securities or else specifying any default.

**Merger, Consolidation or Sale of Assets**

Unless the prospectus supplement relating to certain debt securities states otherwise, the indenture will provide that we will not merge or consolidate with or into any other person (other than a merger of a wholly-owned subsidiary into us), or sell, transfer, lease, convey or otherwise dispose of all or substantially all our property (provided that, for the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of the Company or its subsidiaries shall not be deemed to be any such sale, transfer, lease, conveyance or disposition; and provided further that this covenant shall not apply to any sale, transfer, lease, conveyance, or other disposition of all

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or substantially all of the Company's property to a wholly-owned subsidiary of the Company) in any one transaction or series of related transactions unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are the surviving person (the "Surviving Person") or the Surviving Person (if other than us) formed by such merger or consolidation or to which such sale, transfer, lease, conveyance or disposition is made shall be a corporation or limited liability company organized and existing under the laws of the United States of America or any state or territory thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Surviving Person (if other than us) expressly assumes, by supplemental indenture in form reasonably satisfactory to the trustee, executed and delivered to the trustee by such Surviving Person, the due and punctual payment of the principal of, and premium, if any, and interest on, all the Notes outstanding, and the due and punctual performance and observance of all the covenants and conditions of the indenture to be performed by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• immediately before and immediately after giving effect to such transaction or series of related transactions, no default or Event of Default shall have occurred and be continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we shall deliver, or cause to be delivered, to the trustee, an officers' certificate and an opinion of counsel, each stating that such transaction and the supplemental indenture, if any, in respect thereto, comply with this covenant, that all conditions precedent in the indenture relating to such transaction have been complied with.

For the purposes of this covenant, the sale, transfer, lease, conveyance or other disposition of all the property of one or more of our subsidiaries, which property, if held by us instead of such subsidiaries, would constitute all or substantially all of our property on a consolidated basis, shall be deemed to be the transfer of all or substantially all of our property.

Although there is a limited body of case law interpreting the phrase "substantially all", there is no precise established definition of the phrase under applicable law. Accordingly, in certain circumstances there may be a degree of uncertainty as to whether a particular transaction would involve "all or substantially all" of the properties or assets of a person. As a result, it may be unclear as to whether the merger, consolidation or sale of assets covenant would apply to a particular transaction as described above absent a decision by a court of competent jurisdiction.

**Modification or Waiver** 

There are three types of changes we can make to the indenture and the debt securities issued thereunder.

***Changes Requiring Your Approval***

First, there are changes that we cannot make to your debt securities without your specific approval. The following is a list of those types of changes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change the stated maturity of the principal of or interest on the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce any amounts due on the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce the amount of principal payable upon acceleration of the maturity of a security following a default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adversely affect any right of repayment at the holder's option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change the place (except as otherwise described in the prospectus or prospectus supplement) or currency of payment on a debt security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impair your right to sue for payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adversely affect any right to convert or exchange a debt security in accordance with its terms;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• modify the subordination provisions in the indenture in a manner that is adverse to outstanding holders of the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce the percentage of holders of debt securities whose consent is needed to modify or amend the indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce the percentage of holders of debt securities whose consent is needed to waive compliance with certain provisions of the indenture or to waive certain defaults;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• modify certain of the provisions of the indenture dealing with supplemental indentures, modification and waiver of past defaults, changes to the quorum or voting requirements or the waiver of certain covenants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change any obligation we have to pay additional amounts.

***Changes Not Requiring Approval***

The second type of change does not require any vote by the holders of the debt securities. This type is limited to clarifications, establishment of the form or terms of new securities of any series as permitted by the indenture, and certain other changes that would not adversely affect holders of the outstanding debt securities in any material respect, including adding additional covenants or events of default. We also do not need any approval to make any change that affects only debt securities to be issued under the indenture after the change takes effect.

***Changes Requiring Majority Approval***

Any other change to the indenture and the debt securities would require the following approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the change affects only one series of debt securities, it must be approved by the holders of a majority in principal amount of that series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the change affects more than one series of debt securities issued under the same indenture, it must be approved by the holders of a majority in principal amount of all of the series affected by the change, with all affected series voting together as one class for this purpose.

The holders of a majority in principal amount of a series of debt securities issued under an indenture, or all series, voting together as one class for this purpose, may waive our compliance with some of our covenants in that indenture. However, we cannot obtain a waiver of a payment default or of any of the matters covered by the bullet points included above under "- *Changes Requiring Your Approval*."

**Further Details Concerning Voting** 

When taking a vote, we will use the following rules to decide how much principal to attribute to a debt security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For original issue discount securities, we will use the principal amount that would be due and payable on the voting date if the maturity of these debt securities were accelerated to that date because of a default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For debt securities whose principal amount is not known (for example, because it is based on an index), we will use a special rule for that debt security described in the prospectus supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For debt securities denominated in one or more foreign currencies, we will use the U.S. dollar equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Debt securities will not be considered outstanding, and therefore not eligible to vote, if we have deposited or set aside in trust money for their payment or redemption. Debt securities will also not be eligible to vote if they have been fully defeased as described later under "- Defeasance - Full Defeasance."

We will generally be entitled to set any day as a record date for the purpose of determining the holders of outstanding indenture securities that are entitled to vote or take other action under the indenture. If we set a record date for a vote or other action to be taken by holders of one or more series, that vote or action may be taken only by

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persons who are holders of outstanding indenture securities of those series on the record date and must be taken within eleven months following the record date.

Book-entry and other indirect holders should consult their banks or brokers for information on how approval may be granted or denied if we seek to change the indenture or the debt securities or request a waiver.

**Satisfaction and Discharge**

We may satisfy and discharge our obligations under the indenture by delivering to the securities registrar for cancellation all debt securities of the series then outstanding or by depositing with the trustee, in trust, funds in U.S. dollars in an amount sufficient to pay all of the debt securities of the series then outstanding after such debt securities have become due and payable or will become due and payable within one year (or scheduled for redemption within one year). Such discharge is subject to terms contained in the indenture.

**Defeasance**

The following provisions will be applicable to each series of debt securities unless we state in the applicable prospectus supplement that the provisions of covenant defeasance and full defeasance will not be applicable to that series.

***Covenant Defeasance***

If certain conditions are satisfied, we can make the deposit described below and be released from some of the restrictive covenants in the indenture under which the particular series was issued. This is called "covenant defeasance." In that event, you would lose the protection of those restrictive covenants but would gain the protection of having money and government securities set aside in trust to repay your debt securities. If applicable, you also would be released from the subordination provisions described under "- Indenture Provisions - Subordination" below. In order to achieve covenant defeasance, we must do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the debt securities of a particular series are denominated in U.S. dollars, we must deposit in trust for the benefit of all holders of the debt securities of a particular series a combination of money and United States government or United States government agency notes or bonds that will generate enough cash, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants, to make interest, principal and any other payments on the debt securities of the particular series on their various due dates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We must deliver to the trustee a legal opinion of our counsel confirming that, under current U.S. federal income tax law, we may make the above deposit without causing you to recognize income, gain or loss for U.S. federal income tax purposes as a result of such covenant defeasance or to be taxed on the debt securities any differently than if we did not make the deposit and repaid the debt securities at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We must deliver to the trustee a legal opinion and officers' certificate stating that all conditions precedent to covenant defeasance have been complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Covenant defeasance must not result in a breach or violation of, or result in a default under, the indenture or any of our other material agreements or instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No default or Event of Default with respect to such debt securities and any coupons appertaining thereto shall have occurred and be continuing and no defaults or events of default related to bankruptcy, insolvency or reorganization shall occur during the next 90 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Satisfy the conditions for covenant defeasance contained in any supplemental indentures.

If we accomplished covenant defeasance, you can still look to us for repayment of the debt securities if there were a shortfall in the trust deposit or the trustee is prevented from making payment. For example, if one of the remaining Events of Default occurred (such as our bankruptcy) and the debt securities became immediately due and

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payable, there might be a shortfall. Depending on the event causing the default, you may not be able to obtain payment of the shortfall.

***Legal Defeasance***

If there is a change in U.S. federal tax law or we obtain an IRS ruling, as described below, we can legally release ourselves from all payment and other obligations on the debt securities of a particular series (called "defeasance" or "legal defeasance") if we put in place the following other arrangements for you to be repaid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the debt securities of a particular series are denominated in U.S. dollars, we must deposit in trust for the benefit of all holders of the debt securities of a particular series a combination of money and United States government or United States government agency notes or bonds that will generate enough cash, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants, to make interest, principal and any other payments on the debt securities of the particular series on their various due dates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We must deliver to the trustee a legal opinion confirming that there has been a change in current U.S. federal tax law or an IRS ruling that allows us to make the above deposit without causing you to recognize income, gain, or loss for U.S. federal income tax purposes as a result of such defeasance or to be taxed on the debt securities any differently than if we did not make the deposit and repaid the debt securities at maturity. Under current U.S. federal tax law, the deposit and our legal release from the debt securities would be treated as though we paid you your share of the cash and notes or bonds at the time the cash and notes or bonds were deposited in trust in exchange for your debt securities and you would recognize gain or loss on the debt securities at the time of the deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We must deliver to the trustee a legal opinion and officers' certificate stating that all conditions precedent to defeasance have been complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Defeasance must not result in a breach or violation of, or result in a default under, the indenture or any of our other material agreements or instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No default or Event of Default with respect to such debt securities and any coupons appertaining thereto shall have occurred and be continuing and no defaults or events of default related to bankruptcy, insolvency or reorganization shall occur during the next 90 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Satisfy the conditions for covenant defeasance contained in any supplemental indentures.

If we ever accomplished legal defeasance, as described above, you would have to rely solely on the trust deposit for repayment of your debt securities. You could not look to us for repayment in the unlikely event of any shortfall. Conversely, the trust deposit would most likely be protected from claims of our lenders and other creditors if we ever became bankrupt or insolvent. If applicable, you would also be released from the subordination provisions described later under "Indenture Provisions - Subordination".

**Form, Exchange and Transfer of Certificated Registered Securities**

If registered debt securities cease to be issued in book-entry form, they will be issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• only in fully registered certificated form,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• without interest coupons, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unless we indicate otherwise in the prospectus supplement, in denominations of $1,000 and amounts that are multiples of $1,000.

Holders may exchange their certificated securities, if any, for debt securities of smaller denominations or combined into fewer debt securities of larger denominations, as long as the total principal amount is not changed and as long as the denomination is greater than the minimum denomination for such securities.

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Holders may exchange or transfer their certificated securities, if any, at the office of their trustee. We have appointed the trustee to act as our agent for registering debt securities in the names of holders transferring debt securities. We may appoint another entity to perform these functions or perform them ourselves.

Holders will not be required to pay a service charge to transfer or exchange their certificated securities, if any, but they may be required to pay any tax or other governmental charge associated with the transfer or exchange. The transfer or exchange will be made only if our transfer agent is satisfied with the holder's proof of legal ownership.

If we have designated additional transfer agents for your debt security, they will be named in your prospectus supplement. We may appoint additional transfer agents or cancel the appointment of any particular transfer agent. We may also approve a change in the office through which any transfer agent acts.

If any certificated securities of a particular series are redeemable and we redeem less than all the debt securities of that series, we may block the transfer or exchange of those debt securities during the period beginning 15 days before the day we mail the notice of redemption and ending on the day of that mailing, in order to freeze the list of holders to prepare the mailing. We may also refuse to register transfers or exchanges of any certificated securities selected for redemption, except that we will continue to permit transfers and exchanges of the unredeemed portion of any debt security that will be partially redeemed.

If a registered debt security is issued in book-entry form, only the depositary will be entitled to transfer and exchange the debt security as described in this subsection, since it will be the sole holder of the debt security.

**Resignation of Trustee**

Each trustee may resign or be removed with respect to one or more series of indenture securities provided that a successor trustee is appointed to act with respect to these series and has accepted such appointment. In the event that two or more persons are acting as trustee with respect to different series of indenture securities under the indenture, each of the trustees will be a trustee of a trust separate and apart from the trust administered by any other trustee.

**Indenture Provisions - Subordination**

Upon any distribution of our assets upon our dissolution, winding up, liquidation or reorganization, the payment of the principal of (and premium, if any) and interest, if any, on any indenture securities denominated as subordinated debt securities is to be subordinated to the extent provided in the indenture in right of payment to the prior payment in full of all Senior Indebtedness (as defined below), but our obligation to you to make payment of the principal of (and premium, if any) and interest, if any, on such subordinated debt securities will not otherwise be affected. In addition, no payment on account of principal (or premium, if any), sinking fund or interest, if any, may be made on such subordinated debt securities at any time unless full payment of all amounts due in respect of the principal (and premium, if any), sinking fund and interest on Senior Indebtedness has been made or duly provided for in money or money's worth.

In the event that, notwithstanding the foregoing, any payment by us is received by the trustee in respect of subordinated debt securities or by the holders of any of such subordinated debt securities before all Senior Indebtedness is paid in full, the payment or distribution must be paid over to the holders of the Senior Indebtedness or on their behalf for application to the payment of all the Senior Indebtedness remaining unpaid until all the Senior Indebtedness has been paid in full, after giving effect to any concurrent payment or distribution to the holders of the Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness upon this distribution by us, the holders of such subordinated debt securities will be subrogated to the rights of the holders of the Senior Indebtedness to the extent of payments made to the holders of the Senior Indebtedness out of the distributive share of such subordinated debt securities.

By reason of this subordination, in the event of a distribution of our assets upon our insolvency, certain of our senior creditors may recover more, ratably, than holders of any subordinated debt securities. The indenture provides that these subordination provisions will not apply to money and securities held in trust under the defeasance provisions of the indenture.

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"Senior Indebtedness" is defined in the indenture as the principal of (and premium, if any) and unpaid interest on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our indebtedness (including indebtedness of others guaranteed by us), whenever created, incurred, assumed or guaranteed, for money borrowed (other than indenture securities issued under the indenture and denominated as subordinated debt securities), unless in the instrument creating or evidencing the same or under which the same is outstanding it is provided that this indebtedness is not senior or prior in right of payment to the subordinated debt securities, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• renewals, extensions, modifications and refinancings of any of this indebtedness.

If this prospectus is being delivered in connection with the offering of a series of indenture securities denominated as subordinated debt securities, the accompanying prospectus supplement will set forth the approximate amount of our Senior Indebtedness outstanding as of a recent date.

**Secured Indebtedness and Ranking**

We may issue two types of unsecured indebtedness obligations: senior and subordinated. Senior unsecured indebtedness obligations refer to those that rank senior in right of payment to all of our future indebtedness that is expressly subordinated in right of payment to such indebtedness. Subordinated unsecured indebtedness obligations refer to those that are expressly subordinated in right of payment to other unsecured obligations.

Certain of our indebtedness, including certain series of indenture securities, may be secured. The prospectus supplement for each series of indenture securities will describe the terms of any security interest for such series and will indicate the approximate amount of our secured indebtedness as of a recent date. Any unsecured indenture securities will effectively rank junior to any secured indebtedness, including any secured indenture securities, that we incur in the future to the extent of the value of the assets securing such future secured indebtedness. Our debt securities, whether secured or unsecured, will rank structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities, with respect to claims on the assets of any such subsidiaries, financing vehicles, or similar facilities.

In the event of our bankruptcy, liquidation, reorganization or other winding up, any of our assets that secure secured debt will be available to pay obligations on unsecured debt securities only after all indebtedness under such secured debt has been repaid in full from such assets. We advise you that there may not be sufficient assets remaining to pay amounts due on any or all unsecured debt securities then outstanding after fulfillment of this obligation. As a result, the holders of unsecured indenture securities may recover less, ratably, than holders of any of our secured indebtedness.

**The Trustee under the Indenture**

Deutsche Bank Trust Company Americas, will serve as the trustee under the indenture.

**Certain Considerations Relating To Foreign Currencies**

Debt securities denominated or payable in foreign currencies may entail significant risks. These risks include the possibility of significant fluctuations in the foreign currency markets, the imposition or modification of foreign exchange controls and potential illiquidity in the secondary market. These risks will vary depending upon the currency or currencies involved and will be more fully described in the applicable prospectus supplement.

**Book-Entry Debt Securities**

Unless otherwise specified in the applicable prospectus supplement, the debt securities will be issued in book-entry form, and the Depository Trust Company, or DTC, will act as securities depository for the debt securities. Unless otherwise specified in the applicable prospectus supplement, the debt securities will be issued as fully registered securities registered in the name of Cede & Co. (DTC's partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully registered certificate will be issued for the debt securities, in the aggregate principal amount of such issue, and will be deposited with DTC. If, however, the

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aggregate principal amount of any issue exceeds $500 million, one certificate will be issued with respect to each $500 million of principal amount, and an additional certificate will be issued with respect to any remaining principal amount of such issue.

DTC has advised us that it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a limited purpose trust company organized under the laws of the State of New York;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a "banking organization" within the meaning of the New York State Banking Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a member of the Federal Reserve System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a "clearing corporation" within the meaning of the Uniform Commercial Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a "clearing agency" registered under Section 17A of the Exchange Act.

DTC was created to hold securities for its participants and to facilitate the clearance and settlement of securities transactions between its participants through electronic book-entry changes to the accounts of its participants. DTC's participants, or Direct Participants, include securities brokers and dealers, including the underwriters; banks and trust companies; clearing corporations and other organizations. Indirect access to DTC's system is also available to others such as banks, brokers, dealers and trust companies; these indirect participants clear through or maintain a custodial relationship with a DTC participant, either directly or indirectly. Investors who are not DTC participants may beneficially own securities held by or on behalf of DTC only through DTC participants or indirect participants in DTC.

DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation, or DTCC. DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly, or Indirect Participants. The DTC Rules applicable to its Participants are on file with the SEC.

Purchases of debt securities under the DTC system must be made by or through Direct Participants, which will receive a credit for the debt securities on DTC's records. The ownership interest of each actual purchaser of each security, or Beneficial Owner, is in turn to be recorded on the Direct and Indirect Participants' records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the debt securities are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in debt securities, except in the event that use of the book-entry system for the debt securities is discontinued.

To facilitate subsequent transfers, all debt securities deposited by Direct Participants with DTC are registered in the name of DTC's partnership nominee, Cede & Co. or such other name as may be requested by an authorized representative of DTC. The deposit of debt securities with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the debt securities; DTC's records reflect only the identity of the Direct Participants to whose accounts such debt securities are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers.

Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time.

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Redemption notices shall be sent to DTC. If less than all of the debt securities within an issue are being redeemed, DTC's practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed.

Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to the debt securities unless authorized by a Direct Participant in accordance with DTC's Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to us as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct Participants to whose accounts the debt securities are credited on the record date (identified in a listing attached to the Omnibus Proxy).

Redemption proceeds, distributions, and interest payments on the debt securities will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC's practice is to credit Direct Participants' accounts upon DTC's receipt of funds and corresponding detail information from us or the trustee on the payment date in accordance with their respective holdings shown on DTC's records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of such Participant and not of DTC or its nominee, the trustee, or us, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and interest payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of us or the trustee, but disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.

DTC may discontinue providing its services as depository with respect to the debt securities at any time by giving reasonable notice to us or to the trustee. Under such circumstances, in the event that a successor depository is not obtained, certificates are required to be printed and delivered. We may decide to discontinue use of the system of book-entry-only transfers through DTC (or a successor securities depository). In that event, certificates will be printed and delivered to DTC.

The information in this section concerning DTC and DTC's book-entry system has been obtained from sources that we believe to be reliable, but we take no responsibility for the accuracy thereof.

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**DESCRIPTION OF OUR UNITS**

The following is a general description of the terms of the units we may issue from time to time. Particular terms of any units we offer will be described in the prospectus supplement relating to such units. For a complete description of the terms of particular units, you should read this prospectus and the prospectus supplement relating to those particular units.

We may issue units comprised of one or more of the other securities described in this prospectus in any combination. Each unit may also include debt obligations of third parties, such as U.S. Treasury securities. Each unit will be issued so that the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit will have the rights and obligations of a holder of each included security.

A prospectus supplement will describe the particular terms of any series of units we may issue, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the designation and terms of the units and of the securities comprising the units, including whether and under what circumstances the securities comprising the units may be held or transferred separately;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a description of the terms of any unit agreement governing the units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a description of the provisions for the payment, settlement, transfer or exchange of the units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the units will be issued in fully registered or global form.

We will not offer any units under this prospectus or an accompanying prospectus supplement without first filing a new post-effective amendment to the registration statement.

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**SHARES ELIGIBLE FOR FUTURE RESALE**

**Rule 144**

In general, under Rule 144 under the Securities Act, a person (or persons whose shares are aggregated) who is not deemed to have been an affiliate of ours at any time during the three months preceding a sale, and who has beneficially owned restricted securities within the meaning of Rule 144 for at least six months (including any period of consecutive ownership of preceding non-affiliated holders) would be entitled to sell those shares, subject only to the availability of current public information about us. A non-affiliated person who has beneficially owned restricted securities within the meaning of Rule 144 for at least one year would be entitled to sell those shares without regard to the provisions of Rule 144.

A person (or persons whose shares are aggregated) who is deemed to be an affiliate of ours and who has beneficially owned restricted securities within the meaning of Rule 144 for at least six months would be entitled to sell within any three-month period a number of shares that does not exceed the greater of 1% of the then outstanding shares of our common stock or the average weekly trading volume of our common stock during the four calendar weeks preceding such sale. Such sales are also subject to certain manner of sale provisions, notice requirements and the availability of current public information about us (which requires that we are current in our periodic reports under the 1934 Act).

**Transfer Restrictions**

Pursuant to the terms of our Charter, after the Listing Date, without the prior written consent of the Board, a shareholder who purchased shares prior the Listing Date is not permitted to transfer (whether by sale, gift, merger, by operation of law or otherwise), exchange, assign, pledge, hypothecate or otherwise dispose of or encumber (collectively, "Transfer") (i) any shares of our common stock held by such shareholder prior to the Listing Date for 180 days after the Listing Date; (ii) two-thirds of the shares of our common stock held by such shareholder prior to the Listing Date for 270 days after the Listing Date; and (iii) one-third of the shares of our common stock held by such shareholder prior to the Listing Date for 365 days after the Listing Date. This means that, as a result of these transfer restrictions, without the consent of the Board, a shareholder who owned 99 shares of common stock on the Listing Date could not sell any of such shares for 180 days after the Listing Date; 181 days after Listing Date, such shareholder could only sell up to 33 of such shares; 271 days after the Listing Date, such shareholder could only sell up to 66 of such shares and 366 days after the Listing Date, such shareholder could sell all of such shares.

The Board has waived the transfer restrictions contained in the Charter with respect to 23,256,814 shares of common stock.

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**REGULATION**

The information in the section entitled "*BUSINESS - Regulation as a Business Development Company*" in Part I, Item 1 of our most recent Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u> is incorporated herein by reference.

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**CUSTODIAN, TRANSFER AND DIVIDEND PAYING AGENT AND REGISTRAR**

Our securities and loan documents are held by State Street Bank and Trust Company pursuant to a custodian agreement, and who will also serve as our transfer agent, distribution paying agent and registrar. The principal business address of State Street Bank and Trust Company is State Street Corporation, One Congress Street Boston, MA 02114-2016.

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**BROKERAGE ALLOCATION AND OTHER PRACTICES** 

Since we will acquire and dispose of many of our investments in privately negotiated transactions, many of the transactions that we engage in will not require the use of brokers or the payment of brokerage commissions. Subject to policies established by our Board, the Adviser will be primarily responsible for selecting brokers and dealers to execute transactions with respect to the publicly traded securities portion of our portfolio transactions and the allocation of brokerage commissions. The Adviser does not expect to execute transactions through any particular broker or dealer but will seek to obtain the best net results for us under the circumstances, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution and operational facilities of the firm and the firm's risk and skill in positioning blocks of securities. The Adviser generally will seek reasonably competitive trade execution costs but will not necessarily pay the lowest spread or commission available. Subject to applicable legal requirements and consistent with Section 28(e) of the Exchange Act, the Adviser may select a broker based upon brokerage or research services provided to the Adviser and us and any other clients. In return for such services, we may pay a higher commission than other brokers would charge if the Adviser determines in good faith that such commission is reasonable in relation to the services provided.

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**PLAN OF DISTRIBUTION**

We may offer, from time to time, in one or more offerings or series, our common stock, preferred stock, debt securities, subscription rights to purchase shares of our common stock or warrants representing rights to purchase shares of our common stock, preferred stock or debt securities, or units comprised of any combination of the foregoing on terms to be determined at the time of the offering, in one or more underwritten public offerings, at-the-market offerings, negotiated transactions, block trades, best efforts offerings or a combination of these methods.

We may sell the securities through underwriters or dealers, directly to one or more purchasers, including existing shareholders in a rights offering, through agents designated from time to time by us or through a combination of any such methods of sale. In the case of a rights offering, the applicable prospectus supplement will set forth the number of shares of our common stock issuable upon the exercise of each right and the other terms of such rights offering. Any underwriter or agent involved in the offer and sale of the securities will be named in the applicable prospectus supplement. A prospectus supplement or supplements will also describe the terms of the offering of the securities, including: the purchase price of the securities and the proceeds we will receive from the sale; any options to purchase additional securities under which underwriters may purchase additional securities from us; any agency fees or underwriting discounts and other items constituting agents' or underwriters' compensation; the public offering price; and any discounts or concessions allowed or re-allowed or paid to dealers; any securities exchange or market on which the securities may be listed. Only underwriters named in the prospectus supplement will be underwriters of the securities offered by the prospectus supplement.

The distribution of the securities may be effected from time to time in one or more transactions at a fixed price or prices, which may be changed, at prevailing market prices at the time of sale, at prices related to such prevailing market prices, or at negotiated prices, provided, however, that the offering price per share of any common stock offered by us, less any underwriting commissions or discounts, must equal or exceed the net asset value per share of our common stock at the time of the offering except (a) in connection with a rights offering to our existing shareholders, (b) with the consent of the majority of our outstanding voting securities or (c) under such circumstances as the SEC may permit. The price at which securities may be distributed may represent a discount from prevailing market prices.

In connection with the sale of the securities, underwriters or agents may receive compensation from us, or from purchasers of the securities, for whom they may act as agents, in the form of discounts, concessions or commissions. Underwriters may sell the securities to or through dealers and such dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions from the purchasers for whom they may act as agents. Underwriters, dealers and agents that participate in the distribution of the securities may be deemed to be underwriters under the Securities Act, and any discounts and commissions they receive from us and any profit realized by them on the resale of the securities may be deemed to be underwriting discounts and commissions under the Securities Act. Any such underwriter or agent will be identified and any such compensation received from us will be described in the applicable prospectus supplement. The maximum aggregate commission or discount to be received by any member of the Financial Industry Regulatory Authority ("FINRA") or independent broker-dealer, including any reimbursements to underwriters or agents for certain fees and legal expenses incurred by them, will not be greater than 8.0% of the gross proceeds of the sale of securities offered pursuant to this prospectus and any applicable prospectus supplement.

Any underwriter may engage in over-allotment, stabilizing transactions, short-covering transactions and penalty bids in accordance with Regulation M under the Exchange Act. Over-allotment involves sales in excess of the offering size, which create a short position. Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum price. Syndicate-covering or other short-covering transactions involve purchases of the securities, either through exercise of the over-allotment option or in the open market after the distribution is completed, to cover short positions. Penalty bids permit the underwriters to reclaim a selling concession from a dealer when the securities originally sold by the dealer are purchased in a stabilizing or covering transaction to cover short positions. Those activities may cause the price of the securities to be higher than it would otherwise be. If commenced, the underwriters may discontinue any of the activities at any time.

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Any underwriters that are qualified market makers on the NYSE may engage in passive market making transactions in our common stock on the NYSE in accordance with Regulation M under the Exchange Act, during the business day prior to the pricing of the offering, before the commencement of offers or sales of our common stock. Passive market makers must comply with applicable volume and price limitations and must be identified as passive market makers. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security; if all independent bids are lowered below the passive market maker's bid, however, the passive market maker's bid must then be lowered when certain purchase limits are exceeded. Passive market making may stabilize the market price of the securities at a level above that which might otherwise prevail in the open market and, if commenced, may be discontinued at any time.

We may sell securities directly or through agents we designate from time to time. We will name any agent involved in the offering and sale of securities and we will describe any commissions we will pay the agent in the prospectus supplement. Unless the prospectus supplement states otherwise, the agent will act on a best-efforts basis for the period of its appointment.

Unless otherwise specified in the applicable prospectus supplement, each class or series of securities will be a new issue with no trading market, other than our common stock, which is traded on the NYSE. We may elect to list any other class or series of securities on any exchanges, but we are not obligated to do so. We cannot guarantee the liquidity of the trading markets for any securities.

Under agreements that we may enter, underwriters, dealers and agents who participate in the distribution of the securities may be entitled to indemnification by us against certain liabilities, including liabilities under the Securities Act, or contribution with respect to payments that the agents or underwriters may make with respect to these liabilities. Underwriters, dealers and agents may engage in transactions with, or perform services for, us in the ordinary course of business.

If so indicated in the applicable prospectus supplement, we will authorize underwriters or other persons acting as agents to solicit offers by certain institutions to purchase securities from us pursuant to contracts providing for payment and delivery on a future date. Institutions with which such contracts may be made include commercial and savings banks, insurance companies, pension funds, investment companies, educational and charitable institutions and others, but in all cases such institutions must be approved by us. The obligations of any purchaser under any such contract will be subject to the condition that the purchase of the securities shall not at the time of delivery be prohibited under the laws of the jurisdiction to which such purchaser is subject. The underwriters and such other agents will not have any responsibility in respect of the validity or performance of such contracts. Such contracts will be subject only to those conditions set forth in the prospectus supplement, and the prospectus supplement will set forth the commission payable for solicitation of such contracts.

We may enter into derivative transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions. If the applicable prospectus supplement indicates, in connection with those derivatives, the third parties may sell securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, the third party may use securities pledged by us or borrowed from us or others to settle those sales or to close out any related open borrowings of stock, and may use securities received from us in settlement of those derivatives to close out any related open borrowings of stock. The third parties in such sale transactions will be underwriters and, if not identified in this prospectus, will be identified in the applicable prospectus supplement.

In order to comply with the securities laws of certain states, if applicable, the securities offered hereby will be sold in such jurisdictions only through registered or licensed brokers or dealers.

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**LEGAL MATTERS**

The validity of the securities offered hereby and certain legal matters for us in connection with the offering will be passed upon for us by Eversheds Sutherland (US) LLP.

Certain legal matters in connection with the offering will be passed upon for the underwriters, if any, by the counsel named in the prospectus supplement.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

The consolidated financial statements of Blue Owl Technology Finance Corp. and subsidiaries as of December 31, 2024 and 2023, and for each of the years in the three-year period ended December 31, 2024 and the Senior Securities table under the caption *"Senior Securities"* have been incorporated by reference herein in reliance upon the reports of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.

**AVAILABLE INFORMATION**

We have filed with the SEC a registration statement on Form N-2, together with all amendments and related exhibits, under the Securities Act, with respect to the securities offered by this prospectus. The registration statement contains additional information about us and the securities being offered by this prospectus.

We also file with or submit to the SEC periodic and current reports, proxy statements and other information meeting the informational requirements of the Exchange Act. The SEC maintains a website that contains reports, proxy and information statements and other information filed electronically by us with the SEC, which are available free of charge on the SEC's website (*www.sec.gov*).This information will also be available free of charge by contacting us at 399 Park Avenue, 37th Floor, New York, New York 10022, by telephone at (212) 419-3000, or on our website (*www.blueowltechnologyfinance.com*). Information contained on our website or on the SEC's web site about us is not incorporated into this prospectus and you should not consider information contained on our website or on the SEC's website to be part of this prospectus.

We 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.

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**INCORPORATION OF CERTAIN INFORMATION BY REFERENCE**

This prospectus is part of a registration statement that we have filed with the SEC. We are allowed to "incorporate by reference" the information that we file with the SEC, which means that we can disclose important information to you by referring you to such information incorporated by reference. The information incorporated by reference is considered to comprise a part of this prospectus from the date we file any such document. Any reports filed by us with the SEC subsequent to the date of this prospectus and before the date that any offering of any securities by means of this prospectus and any accompanying prospectus supplement is terminated will automatically update and, where applicable, supersede any information contained in this prospectus or incorporated by reference in this prospectus.

We incorporate by reference into this prospectus our filings listed below and any future filings that we may file with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, subsequent to the date of this prospectus until all of the securities offered by this prospectus and any accompanying prospectus supplement have been sold or we otherwise terminate the offering of those securities; provided, however, that information "furnished" under Item 2.02 or Item 7.01 of Form 8-K or other information "furnished" to the SEC which is not deemed filed is not incorporated by reference in this prospectus and any accompanying prospectus supplement. Information that we file with the SEC subsequent to the date of this prospectus will automatically update and may supersede information in this prospectus, any accompanying prospectus supplement and other information previously filed with the SEC.

The prospectus incorporates by reference the documents set forth below that have been previously filed with the SEC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Annual Report on <u>[Form 10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000008/ortfc-20241231.htm)</u> for the fiscal year ended December 31, 2024, filed with the SEC on March 5, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Quarterly Report on <u>[Form 10-Q](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001551901/000155837025010509/scm-20250630x10q.htm)</u> for the three and six months ended <u>[March 31, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000015/ortf-20250331.htm)</u> and June 30, 2025, filed with the SEC on May 8, 2025 and <u>[August 6, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000174777725000024/ortf-20250630.htm)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Definitive Proxy Statement on <u>[Schedule 14A](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000119312525072422/d834986ddef14a.htm)</u>, filed with the SEC on <u>[April 3, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000119312525072422/d834986ddef14a.htm)</u> (Annual Proxy Statement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Current Reports on Form 8-K filed with the SEC on <u>[January 14, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000162828025001442/otic-20250113.htm)</u>, <u>[January 21, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000162828025002040/otic-20250121.htm)</u>, <u>[March 14, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000162828025012805/otic-20250314.htm)</u>, <u>[March 20, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000162828025014117/otic-20250320.htm)</u>, <u>[March 24, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000162828025014413/otic-20250324.htm)</u>, <u>[June 3, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000119312525134115/d935741d8k.htm)</u>, <u>[June 11, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000119312525138807/d30919d8k.htm)</u>, <u>[June 27, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000119312525151349/d922011d8k.htm)</u>, <u>[July 1, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000119312525153463/d923985d8k.htm)</u>, <u>[August 6, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000119312525174527/d13717d8k.htm)</u> and <u>[August 11, 202](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001747777/000119312525177981/d194234d8k.htm)</u>5; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the description of our Common Stock referenced in our <u>[Registration Statement on Form 8-A](https://www.sec.gov/Archives/edgar/data/1747777/000119312525138811/d30965d8a12b.htm)</u> (No. 001-42697), as filed with the SEC on June 11, 2025, including any amendment or report filed for the purpose of updating such description prior to the termination of the offering of the common stock registered hereby.

See "*<u>[Available Information](https://www.sec.gov/Archives/edgar/data/1812554/000162828025014132/ocic-nx14amarch2025.htm#if318de3bd5e4455890ba133a38d6e4f8_566)</u>*" for information on how to obtain a copy of these filings.

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**$**

**BLUE OWL TECHNOLOGY FINANCE CORP.**

**% Notes due**

**Preliminary Prospectus Supplement**

**, 2026**

***Joint Book-Running Managers***

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| **Mizuho** | **BofA Securities** | **MUFG** | **SMBC Nikko** | **US Bancorp** |

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