Blue Owl Technology Finance (OTF) is a Business Development Company (BDC) that provides private credit — primarily senior secured loans — to U.S.-based enterprise software companies. OTF targets established, cash-flow-positive businesses with enterprise values of at least $250M, typically backed by private equity or venture capital sponsors. Borrowers use OTF's capital for leveraged buyouts, acquisitions, recapitalizations, and refinancings. As of December 31, 2025, OTF held investments in 199 portfolio companies with an aggregate fair value of $14.3B. The portfolio is predominantly first lien senior secured debt (~77% of fair value), with the remainder in second lien debt, preferred equity, common equity, and specialty finance positions. OTF earns money primarily through interest income on floating-rate loans, supplemented by origination fees and returns from equity co-investments. OTF borrows at lower rates than it lends, and leverage (targeting 0.90x–1.25x debt-to-equity) amplifies returns on equity. As a Regulated Investment Company, OTF distributes at least 90% of taxable income to shareholders, making it essentially a pass-through income vehicle. OTF is externally managed by Blue Owl Technology Credit Advisors, which earns a management fee and an incentive fee on income and gains. OTF is differentiated by its scale — it can commit over $2B on a single deal — and its focus on technology lending, sourcing deals through relationships with over 840 PE and VC sponsors.