• Direct Lending: Blue Owl Technology Finance provides debt capital directly to private technology companies.
• Senior Secured Loans: The company primarily offers senior secured loans, which are debt instruments typically collateralized by the borrower's assets and hold a priority position in their capital structure.

Craig Packer, Chief Executive Officer

Mr. Packer is a Co-President of Blue Owl Capital Inc. and Head of the Credit platform, also serving as a Co-Chief Investment Officer for each of the Blue Owl Credit Advisers. He previously co-founded Owl Rock Capital Partners, the predecessor firm to Blue Owl's Credit platform. Prior to co-founding Owl Rock, Mr. Packer was a Partner and Co-Head of Leveraged Finance in the Americas at Goldman Sachs & Co. He joined Goldman Sachs & Co. in 2006 as a Managing Director and Head of High Yield Capital Markets and was named Partner in 2008. Before his time at Goldman Sachs & Co., he was the Global Head of High Yield Capital Markets at Credit Suisse First Boston, and earlier worked at Donaldson, Lufkin & Jenrette.

Jonathan Lamm, Chief Financial Officer and Chief Operating Officer

Mr. Lamm is Chief Financial Officer and Chief Operating Officer of each of the Blue Owl BDCs and a Senior Managing Director of Blue Owl. Prior to joining Owl Rock, the predecessor firm to Blue Owl's Credit platform, in April 2021, he served as the Chief Financial Officer and Treasurer of Goldman Sachs BDC, Inc. (“GSBD”) from April 2013 through March 2021. In this role, he was responsible for building and overseeing GSBD's finance, treasury, accounting, and operations functions, including during its initial public offering in March 2015. He also held senior finance roles across GSAM Credit Alternatives and Goldman Sachs from 1999–2021.

Erik Bissonnette, President

Mr. Bissonnette is a Senior Managing Director at Blue Owl and a member of the Direct Lending Investment Team. He is also President of OTF and OTIC, Co-Head of Technology Investment, and a member of the Investment Committee for Blue Owl Technology Credit Advisors. In his role, he oversees strategies with over $16 billion in AUM, focused on making debt and equity investments in established enterprise software and technology companies. Before joining Blue Owl, Mr. Bissonnette was a Managing Director and Head of Technology Leveraged Finance at Capital Source from 2009 to 2017.

Alexis Maged, Chief Credit Officer

Mr. Maged is Chief Credit Officer of Blue Owl's Credit platform and a member of the Investment Committee, as well as Vice President of each of the Blue Owl BDCs and a Senior Managing Director of Blue Owl. Prior to joining Owl Rock, the predecessor firm to Blue Owl's Credit platform, he was Chief Financial Officer of Barkbox, Inc. from 2014 to 2015. Before that, Mr. Maged was a Managing Director with Goldman Sachs & Co. from 2007 until 2014.

Neena Reddy, Chief Legal Officer & Secretary

Ms. Reddy is Vice President and Secretary of each of the Blue Owl BDCs and Chief Legal Officer of each of the Blue Owl Credit Advisers. She also serves as the General Counsel, Chief Legal Officer, and Secretary of Blue Owl, and as a member of Blue Owl's Operating Committees. Prior to joining Owl Rock, the predecessor firm to Blue Owl's Credit platform, Ms. Reddy was associate general counsel at Goldman, Sachs & Co LLC from June 2010 to April 2019, where she was dedicated to Goldman Sachs Asset Management L.P. (GSAM) and responsible for GSAM-managed direct alternative products, including private credit.

The key risks to Blue Owl Technology Finance (OTF) primarily stem from its specialized investment focus and the inherent nature of its business as a Business Development Company (BDC).

1. Concentrated Exposure to the Technology Sector and Potential for Loan Defaults: Blue Owl Technology Finance strategically focuses on originating and making debt and equity investments primarily in U.S. technology-related companies, with a significant emphasis on enterprise software. While this specialization offers potential benefits, it also creates a concentrated sector risk. A significant downturn in the technology sector, the emergence of disruptive technologies, intense competition, shifts in technology trends, or a wave of defaults among software-as-a-service (SaaS) companies could materially impact the quality of OTF's investment portfolio and its net asset value (NAV).
2. Relatively Illiquid Investments: As a BDC, OTF primarily invests in loans and equity of private companies, meaning its investments are generally illiquid. This illiquidity can make it challenging to sell assets quickly or at desirable prices if the need for liquidity arises, potentially limiting its flexibility in managing its portfolio.
3. Uncertain Economic Environment and High Interest Rates: General macroeconomic factors, including an uncertain economic environment, high base interest rates, inflation, and geopolitical risks, pose a significant risk. These conditions can increase the likelihood of non-accruals (defaults) among OTF's portfolio companies, negatively impacting the company's earnings performance and overall asset quality.

Blue Owl Technology Finance (OTF) operates as a specialty finance and business development company (BDC) primarily focused on providing debt and equity investments to U.S. technology-related companies, with a strategic emphasis on software, within the upper middle-market.

The addressable market for Blue Owl Technology Finance's main products and services can be primarily understood within the broader U.S. private credit and direct lending markets, given their investment strategy. The U.S. private credit market has seen substantial growth, with estimates placing its size between approximately $1.3 trillion and $2.1 trillion.

Direct lending is identified as the dominant strategy within the private credit market. This market is driven by strong demand for customized financing, particularly for middle-market companies and capital-intensive sectors such as technology. The technology sector is a leading area within private credit, attracting lenders due to strong demand, recurring revenue, and long-term growth trends.

More specifically, the software industry, which is a key focus for Blue Owl Technology Finance, accounts for approximately 20% of outstanding loans for private direct lenders. Applying this percentage to the U.S. private credit market provides an estimated addressable market for direct lending to software companies ranging from approximately $260 billion to $420 billion in the U.S. (based on 20% of the $1.3 trillion to $2.1 trillion U.S. private credit market). This market focuses on U.S. middle-market companies.

Here are 3-5 expected drivers of future revenue growth for Blue Owl Technology Finance (OTF) over the next 2-3 years:

1. Increased Deployment of Capital and Loan Origination: Blue Owl Technology Finance, as a business development company (BDC), generates revenue primarily through interest income from its debt investments. The company's ability to continue deploying capital into new loans and investments is a key driver. OTF recently deployed $2.3 billion in new commitments in Q4 2025, with a backlog of approximately $900 million expected to fund in the next quarter, indicating a robust pipeline for future investment activity. This increased investment activity is expected to translate into improving returns and higher Net Investment Income (NII) per share over time.
2. Strategic Focus and Growth in the Technology and Software Sector: OTF specializes in originating and making debt and equity investments in U.S. technology-related companies, with a significant emphasis on enterprise software. This focused strategy allows OTF to capitalize on the growth dynamics of the tech sector. The company's software borrowers have consistently demonstrated low to mid-teens revenue and EBITDA growth, which is among the strongest in its direct lending strategy and supports continued demand for its financing solutions. Approximately 70% of OTF's portfolio is in software, with a focus on mission-critical "systems of record" having high switching costs.
3. Enhanced Scale and Diversification from Strategic Mergers: The merger with Blue Owl Technology Finance Corp. II (OTF II) significantly increased the company's scale and investment capacity. This merger created one of the largest BDCs and the largest dedicated software-focused BDC by total assets, with a combined portfolio exceeding $11.5 billion at fair value as of December 31, 2024 (pro-forma for the merger). This expanded scale allows OTF to undertake larger commitments and potentially access a broader range of investment opportunities, which is expected to be accretive to net investment income.
4. Leverage Optimization Towards Target Range: Blue Owl Technology Finance has a target leverage range of 0.9x to 1.25x. As of Q4 2025, the company's net leverage was 0.75x, below its target. Management's plan to increase leverage towards this target range is expected to support higher net investment income per share, as increased debt can be used to fund more income-generating investments.

Share Repurchases

• Blue Owl Technology Finance repurchased approximately $64.6 million of its common stock during the fourth quarter of 2025.
• In February 2026, the company's board approved a new share repurchase program authorizing up to $300 million of common stock buybacks, replacing a prior $200 million authorization.
• During November through early December 2025, over $15 million in common stock was acquired through open market purchases by executives and employees of Blue Owl Capital Inc. or under Blue Owl Technology Finance's existing share repurchase program.

Share Issuance

• In March 2025, Blue Owl Technology Finance completed its merger with Blue Owl Technology Finance Corp. II, where OTF II shareholders received 0.9113 shares of OTF common stock for each OTF II share, significantly increasing OTF's outstanding shares, with former OTF II shareholders holding approximately 54% of the combined entity.

Outbound Investments

• For the year ended December 31, 2025, Blue Owl Technology Finance made new investment commitments totaling $5.6 billion, with $4.3 billion in principal amount funded, across 58 new and 58 existing portfolio companies.
• For the year ended December 31, 2024, new investment commitments amounted to $2.7 billion across 54 new and 34 existing portfolio companies.
• As of December 31, 2025, the company's investment portfolio had an aggregate fair value of $14.3 billion across 199 portfolio companies, primarily focusing on debt and equity investments in U.S. upper middle-market technology companies.