Blue Owl Technology Finance Corp. · NYSE:OTF
Blue Owl Technology Finance — Q3 2026 Earnings Presentation
21 slides from Blue Owl Technology Finance's earnings presentation, Sep 30, 2026
Slide 1: Blue Owl Technology Finance Corp. Quarterly Earnings Presentation
September 30, 2026 Blue Owl Technology Finance Corp. Quarterly Earnings Presentation Proprietary and Confidential 1 NYSE: OTF
Slide 2: Review of Q3'26
Review of Q3'26 • Net asset value per share of $16.62, compared to $16.48 as of 6/30/2026 • GAAP and adjusted net investment income per share of $0.291, compared to $0.301 per share as of 6/30/2026 Earnings Summary • GAAP and adjusted net income per share of $0.481, up from $0.331 per share as of 6/
Slide 3: Overview of Blue Owl Technology Finance Corp. (NYSE: OTF)
Overview of Blue Owl Technology Finance Corp. (NYSE: OTF) Publicly traded specialty financing company focused on lending to upper middle-market technology companies #1 Technology-Focused Public Market Player7 Well-Positioned in Current Environment Annualized Current Credit Ratings Market Cap7 Levera
Slide 4: Financial Highlights
Financial Highlights (Dollar amounts in thousands, except per share data; per share data is based on weighted average shares outstanding during the period, except as otherwise noted) Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Net Investment Income Per Share $0.28 $0.26 $0.37 $0.30 $0.29 Adjusted Net Investment I
Slide 5: Portfolio Highlights – Selected Metrics
Portfolio Highlights – Selected Metrics As of (Dollar amounts in thousands; dollar amounts and percentages at fair September 30, December 31, September 30, March 31, 2026 June 30, 2026 value) 2025 2025 2026 Investments at Fair Value $12,884,046 $14,286,039 $14,068,239 $14,680,538 $14,814,824 Number
Slide 6: Portfolio Highlights – New Quarterly Portfolio Activity
Portfolio Highlights – New Quarterly Portfolio Activity For Three Months Ended September 30, December 31, March 31, 2026 June 30, 2026 September 30, (Dollar amounts in thousands) 2025 2025 2026 Investment Activity at Par: New Investment Commitments (Net of Sell Downs) $1,007,828 $2,290,503 $1,689,26
Slide 7: Portfolio Highlights – Asset Mix
Portfolio Highlights – Asset Mix $287mm $14.8bn 207 39 Weighted Average 9.8% Portfolio Portfolio Portfolio Company Debt Portfolio Portfolio Size9 Companies Industries EBITDA10 Yield11 (First and Second Lien) Weighted Average Borrower Statistics10: First & Second 3% Lien (82.0% of Q2'26 Q3'26 5% port
Slide 8: Portfolio Highlights – Diversification
Portfolio Highlights – Diversification Borrower Diversification Industry Diversification Arctic Wolf, 2.1% Sitecore, 2.0% Systems Software 17.5% Inovalon, 1.7% Revolut, 1.7% LSI, 1.6% CSI, 1.5% Application Software 14.8% Certinia, 1.5% Audiotonix, 1.4% Conservice, 1.4% Health Care 12.3% Crewline, 1.
Slide 9: Quarterly Statements of Financial Condition
Quarterly Statements of Financial Condition As of (Dollar amounts in thousands, except per share data; per September 30, December 31, September 30, March 31, 2026 June 30, 2026 share data is based on period end shares) 2025 2025 2026 Assets Investments at Fair Value $12,884,046 $14,286,039 $14,068,2
Slide 10: Quarterly Operating Results Detail
Quarterly Operating Results Detail For the Three Months Ended September 30, December 31, September 30, March 31, 2026 June 30, 2026 (Dollar and share amounts in thousands) 2025 2025 2026 Investment Income Interest From Investments – Interest and Dividend Income21 $310,276 $309,136 $317,272 $330,964
Slide 11: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge $0.29 $0.19 $16.62 $16.48 $0.06 ($0.35) ($0.05) Q2'26 NAV Per Share Q3'26 GAAP and Q3'26 Base Dividend Q3'26 Special Q3'26 Per Share Q3'26 Realized & Q3'26 NAV Per Share Adjusted Net Per Share Dividend Per Share Accretion from Share Change in Unrealized Investment In
Slide 12: Portfolio Highlights – Net Interest Margin
Portfolio Highlights – Net Interest Margin 14.0% 12.0% 10.1% 9.8% 10.0% 9.6% 9.5% 9.6% 8.0% 6.4% 6.1% 5.9% 5.7% 5.7% 6.0% 5.6% 5.4% 5.3% 5.3% 5.3% 4.0% 4.0% 4.1% 3.7% 3.7% 3.7% 2.0% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 11 Weighted Average Total Yield of Accruing Debt and Income Producing Securities Weighte
Slide 13: Portfolio Highlights – Internal Ratings
Portfolio Highlights – Internal Ratings As of September 30, 2026, investments on non-accrual as a percentage of the total portfolio were 1.8% and 1.1% at cost and fair value, respectively (Dollar amounts in thousands) December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Internal Perform
Slide 14: Diverse Financing Profile
Diverse Financing Profile Funding Sources Debt Maturities25 ($mm) Based on Committed Debt Principal Principal Amount Amount Committed Outstanding Interest Rate Maturity Date Revolving Credit Facility $2,675 million $1,015 million S + 1.875%26 6/16/2031 $7,340 SPV Asset Facility I $700 million $700 m
Slide 15: Historical Dividend Yield
Historical Dividend Yield Historical Dividend Yield Based on NAV per Share31 Before Listing on NYSE: Floating rate dividend policy After Listing on NYSE: (~90% of taxable income) Fixed rate dividend policy 9.6% 9.7% 9.7% 9.6% Listed on 9.3% 9.2% 8.7% 6/12/25 8.5% $0.40 8.2% $0.40 $0.40 $0.40 $0.40 $
Slide 16: Historical Dividends Declared (2021 – Present)
Historical Dividends Declared (2021 – Present) Date Payment Dividend Date Payment Dividend Declared Record Date Date Dividend Type Per Share Declared Record Date Date Dividend Type Per Share 2/23/2021 3/31/2021 5/14/2021 Q1'21 Base Dividend $0.24 10/1/2024 12/31/2024 1/31/2025 Q4'24 Base Dividend $0
Slide 17: Endnotes
Endnotes Note: Figures are as of the quarter-ended September 30, 2026 unless otherwise noted. Past performance is not a guarantee of future results. Totals may not sum due to rounding. 1. Please see non-GAAP disclosures on pages 19 and 20 for reconciliations. 2. Annualized quarterly net investment i
Slide 18: Endnotes (Cont'd.)
Endnotes (Cont'd.) 27. In connection with the note offering, OTF entered into an interest rate swap to continue to align the interest rates of our liabilities with our investment portfolio, which consists of predominantly floating rate loans. As a result of the swap, our effective interest rate on t
Slide 19: Non-GAAP Disclosures
Non-GAAP Disclosures On a supplemental basis, the Company is disclosing certain adjusted financial measures, each of which is calculated and presented on a basis of methodology other than in accordance with GAAP (“non-GAAP”). The Company's management utilizes these non-GAAP financial measures to int
Slide 20: Non-GAAP Reconciliation Tables
Non-GAAP Reconciliation Tables The following table provides a reconciliation of net investment income (the most comparable U.S. GAAP measure) to adjusted net investment income for the periods presented: For the Three Months Ended 2025 2026 September 30 December 31 March 31 June 30 September 30 ($ in
Slide 21: Important Information
Important Information Past performance is not a guarantee of future results and is not indicative of expected realized returns. The information contained in this presentation should be viewed in conjunction with the Company’s most recently-filed Quarterly Report on Form 10-Q or Annual Report on Form
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