Material Agreement Form 8 K

On August 15, 2024 (the "Closing Date"), Blue Owl Technology Finance Corp. II ("OTF II" or the "Company") completed a $399.7 million term debt securitization transaction (the "CLO Transaction"), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by the Company. The secured notes and preferred shares issued in the CLO Transaction were issued by the Company's consolidated subsidiary Athena CLO IV, LLC, a limited liability organized under the laws of the State of Delaware (the "Issuer") and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the Issuer.

The CLO Transaction was executed by the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the Closing Date (the "Indenture"), by and among the Issuer and State Street Bank and Trust Company: (i) $208 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 2.00%, (ii) $7 million of AA(sf) Class B-1Notes, which bear interest at three-month term SOFR plus 2.50%, (iii) $13 million of AA(sf) Class B-2Notes, which bear interest at 6.254% and (iv) 12 million of A(sf) Class C Notes, which bear interest at three-month term SOFR plus 2.64% (together, the "Secured Notes"). The Notes are secured by middle market loans, participation interests in middle market loans and other assets of the Issuer. The Notes are scheduled to mature on July 20, 2037. The Secured Notes were privately placed by MUFG Securities Americas Inc. as Initial Purchaser and NatWest Markets Securities Inc. as Co-PlacementAgent with respect to the Class A Notes.

Concurrently with the issuance of the Secured Notes, the Issuer issued approximately $159.7 million of subordinated securities in the form of 159,700 preferred shares at an issue price of U.S.$1,000 per share (the "Preferred Shares"). The Preferred Shares were issued by the Issuer as part of its issued share capital and are not secured by the collateral securing the Notes. The Company purchased all of the Preferred Shares. The Company acts as retention holder in connection with the CLO Transaction for the purposes of satisfying certain U.S., European Union and UK regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the Preferred Shares.

As part of the CLO Transaction, the Company entered into a loan sale agreement with the Issuer dated as of the Closing Date (the "OTF II Loan Sale Agreement"), which provided for the contribution of approximately $215.530 million funded par amount of middle market loans from the Company to the Issuer on the Closing Date and for future sales from the Company to the Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the Notes. The remainder of the initial portfolio assets securing the Notes consisted of approximately $182.379 million funded par amount of middle market loans purchased by the Issuer from Athena Funding II LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the Closing Date between the Issuer and Athena Funding II LLC (the "Athena Funding II Loan Sale Agreement"). No gain or loss was recognized as a result of these sales and contributions. The Company and Athena Funding II each made customary representations, warranties, and covenants to the Issuer under the applicable loan sale agreement.

Through July 20, 2029, a portion of the proceeds received by the Issuer from the loans securing the Secured Notes may be used by the Issuer to purchase additional middle market loans under the direction of Blue Owl Technology Credit Advisors II LLC ("OTCA II" or the "Adviser"), the Company's investment advisor, in its capacity as collateral manager for the Issuer and in accordance with the Company's investing strategy and ability to originate eligible middle market loans.

The Notes are the secured obligation of the Issuer, and the Indenture includes customary covenants and events of default. The Secured Notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities (e.g., "blue sky") laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration.

OTCA II will serve as collateral manager for the Issuer under a collateral management agreement dated as of the Closing Date (the "Collateral Management Agreement"). OTCA II is entitled to receive fees for providing these services. OTCA II has waived its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to the Adviser pursuant to the Amended and Restated Investment Advisory Agreement, dated November 30, 2021, between the Adviser and the Company will be offset by the amount of the collateral management fee attributable to the Athena CLO IV Issuer's equity or notes owned by the Company.

OTF II expects to use the proceeds of the issuance and incurrence of the Notes, net of certain fees and expenses, for general corporate purposes.

The above description of the documentation related to the CLO Transaction and other arrangements entered into on the Closing Date contained in this Current Report on Form 8-Kdo not purpose to be complete and are qualified in their entirety by reference to the underlying agreements, including the Indenture, the OTF II Loan Sale Agreement, the Athena Funding II Loan Sale Agreement and the Collateral Management Agreement, each filed as exhibits hereto and incorporated by reference herein.