Blue Owl Technology Income Corp.

Summary of Business and Operations (as of December 31, 2025)

Overview

• Formed June 22, 2021 in Maryland.
• 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.
• Intends to be treated as a regulated investment company (RIC) for U.S. federal income tax purposes.
• Investment focus: originate and make debt and equity investments in technology-related companies, primarily in the United States. Target to invest at least 80% of assets in technology-related investments.

Regulatory and structure basics

• As a BDC, required to meet asset-coverage and diversification standards under the 1940 Act; has elected to operate with 150% asset coverage (as permitted under the 1940 Act for leverage).
• Continuous public offering of multiple share classes (Class S, Class D, Class I); a follow-on offering was initiated February 3, 2025.
• Share classes:
  • Class S: up-front selling commissions can apply via intermediaries; ongoing servicing fee.
  • Class D: similar structure to Class S with different servicing terms.
  • Class I: no up-front selling commissions; ongoing servicing fee generally not applicable to Class I.

Investment adviser and management

• Adviser and Administrator: Blue Owl Technology Credit Advisors II LLC (an indirect affiliate of Blue Owl Capital Inc., NYSE: OWL).
• Investment team: approximately 130 investment professionals, with over 40 dedicated to technology investing; a technology lending Investment Committee oversees portfolio decisions.
• The Adviser manages day-to-day operations including sourcing, due diligence, structuring, monitoring, and board/observer rights on portfolio companies.

Portfolio at a glance (as of 12/31/2025)

• Total portfolio companies: 190.
• Aggregate fair value of investments: approximately $6.21 billion.
• Asset mix (fair value):
  • First-lien senior secured debt investments: $5,484.8 million (amortized cost and fair value reported as $5,484.8 million).
    • About 51.3% of first-lien investments are unitranche debt (including “last out” portions).
  • Second-lien senior secured debt investments: $267.4 million fair value.
  • Unsecured debt investments: $66.5 million fair value.
  • Preferred equity investments: $173.2 million fair value.
  • Common equity investments: $101.6 million fair value.
  • Specialty finance equity investments: $89.4 million fair value.
  • Joint ventures: $24.1 million fair value.
• Debt characteristics:
  • Approximately 98.2% of debt investments are floating rate (as of 12/31/2025), many with interest rate floors.
• Industry exposure:
  • Portfolio diversified across 41 industries.
  • Largest single industry by fair value: application software (approximately 15.6% of the portfolio).
• Technology/software focus areas:
  • Application software (operating layer for core business functions)
  • Systems and infrastructure software (including cybersecurity)
  • Fintech and payments software
• Concentration and risk controls:
  • Target diversification: no single portfolio company expected to exceed 5% of the portfolio.

Portfolio size and growth

• At 12/31/2024: 171 portfolio companies with a fair value of about $5.20 billion.
• At 12/31/2025: 190 portfolio companies with approximately $6.21 billion in fair value.
• As of year-end 2025, 70% of the technology-related portfolio consisted of the three core software categories listed above.

Capital formation and proceeds

• Public offering activity (gross proceeds as reported):
  • Class S: approximately $962.3 million (93,062,111 shares issued).
  • Class D: approximately $34.9 million (3,413,138 shares issued).
  • Class I: approximately $427.4 million (41,616,430 shares issued).
• Private offering:
  • 246,887,445 shares of Class I common stock issued to feeder vehicles; gross proceeds of about $2.5 billion.
• Follow-on offering:
  • Began February 3, 2025, continuing on a best-efforts, continuous basis up to $5 billion in net offering proceeds across Class S, Class D, and Class I shares.

Leverage, capital structure, and liquidity

• Asset coverage:
  • 12/31/2025 asset coverage: 223.4% (compared with 227.7% at 12/31/2024).
• Target leverage:
  • Current target leverage ratio: 0.90x–1.25x (leverage measured relative to net assets).
• Debt facilities:
  • Includes a senior secured revolving credit facility, SPV asset credit facilities, and collateralized loan obligation (CLO) transactions; the Company may issue unsecured notes in the future.
• Liquidity considerations:
  • As a BDC, distributions and share repurchases are subject to asset coverage requirements and regulatory constraints.
• Distributions:
  • Policy to distribute substantially all available earnings on a monthly basis, subject to board discretion and regulatory requirements for RICs.

Taxes and regulatory status

• Tax status:
  • Elected to be treated as a RIC under Subchapter M of the Internal Revenue Code; generally not subject to U.S. federal income tax on investment company taxable income and net capital gains distributed to shareholders.
  • Must satisfy a 90% income test and diversification tests (at the end of each quarter) to maintain RIC status.
  • Subject to a potential 4% excise tax if distributions are not timely made to meet annual distribution requirements.
• Distribution policy:
  • Distributions intended to be at least 90% of investment company taxable income and 90% of net tax-exempt income.
• Other regulatory notes:
  • Governed by the 1940 Act as a BDC; may co-invest with affiliated funds under SEC exemptive orders; subject to governance and conflict-of-interest policies.
• The Company is not listed on a national exchange; liquidity for shareholders is limited.

Fees and compensation

• Base management fee: 1.25% per year on average net assets (monthly in arrears).
• Incentive fees:
  • Income-based incentive: quarterly, with a preferred return (1.25% of NAV per quarter) and a catch-up to effect a 12.50% incentive on pre-incentive income above the breakpoint (1.43% of NAV per quarter).
  • Capital gains incentive: annual, equal to 12.50% of realized capital gains (net of prior paid incentives) on a cumulative inception-to-date basis, subject to applicable rules.
• Organization and offering costs:
  • Adviser is entitled to up to 1.5% of gross offering proceeds to recover organization and offering costs; costs exceeding 1.5% are borne by the Adviser.
• Expense arrangements:
  • Adviser may defer or waive certain fees; certain expenses may be funded initially by the Adviser under an Expense Deferral Agreement, with repayment obligations in future periods.

Other arrangements and subsidiaries

• Joint ventures and related entities:
  • Blue Owl Credit SLF LLC (Credit SLF): formed May 6, 2024; co-managed by several Blue Owl entities; investments focus on senior secured loans to middle-market companies and related CLO activities; non-controlling interest not consolidated.
  • Blue Owl Leasing LLC: formed June 30, 2025; cross-platform venture for equipment leases and loans; co-managed with Blue Owl Leasing Members; non-controlling interest not consolidated.
• Licensing:
  • License to use the "Blue Owl" name; non-exclusive license tied to the Adviser’s ongoing relationship.

ESG, sustainability, and governance

• Responsible investing: Blue Owl maintains ESG and responsible investing policies; a Responsible Investing Working Group governs ESG integration firmwide.
• Climate risk: Blue Owl and the Adviser have programs for climate risk governance and disclosures aligned with TCFD-related guidance; ongoing monitoring of ESG-related risks and opportunities.
• Governance: Board approval processes include independent directors; continuation of the Investment Advisory Agreement was approved by the Board on May 5, 2025.

Summary

Blue Owl Technology Income Corp. is a Maryland-domiciled, externally managed BDC focused on U.S. technology-related debt and equity investments, primarily in software and related tech companies. As of December 31, 2025, the Company held a diversified portfolio of 190 companies with a total fair value of approximately $6.21 billion, supported by a large adviser platform and a multi-class capital-raising program designed to generate current income and capital appreciation through debt and minority equity investments.