Blue Owl Technology Finance Corp. · NYSE:OTF
Blue Owl Technology Finance — Q3 2025 Earnings Presentation
23 slides from Blue Owl Technology Finance's earnings presentation, Sep 30, 2025
Slide 1: Blue Owl Technology Finance Corp. Quarterly Earnings Presentation
September 30, 2025 Blue Owl Technology Finance Corp. Quarterly Earnings Presentation Proprietary and Confidential 1 NYSE: OTF
Slide 2: Review of Q3 2025
Review of Q3 2025 • Net asset value per share of $17.27, up from $17.17 as of 6/30/2025 • Adjusted net investment income per share of $0.321, down from $0.361 as of 6/30/2025 - GAAP net investment income per share of $0.28 Earnings Summary • Adjusted net income per share of $0.541, up from $0.451 as
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 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Investment Income Per Share $0.44 $0.41 $0.41 $0.34 $0.28 Adjusted Net In
Slide 5: Portfolio Highlights - Selected Metrics
Portfolio Highlights - Selected Metrics As of September 30, December 31, September 30, March 31, 2025 June 30, 2025 (Dollar amounts in thousands; dollar amounts and percentages at fair value) 2024 2024 2025 Investments at Fair Value $6,396,848 $6,407,466 $12,070,858 $12,728,642 $12,884,046 Number of
Slide 6: Portfolio Highlights – New Quarterly Portfolio Activity
Portfolio Highlights – New Quarterly Portfolio Activity For Three Months Ended September 30, December 31, March 31, 2025 June 30, 2025 September 30, (Dollar amounts in thousands) 2024 2024 2025 Investment Activity at Par: New Investment Commitments (Net of Sell Downs) $630,789 $572,022 $819,603 $1,4
Slide 7: Portfolio Highlights - Asset Mix
Portfolio Highlights - Asset Mix 185 38 $282mm 10.1% $12.9bn Portfolio Company Portfolio Portfolio Debt Portfolio Portfolio Size9 EBITDA10 Companies Industries (First and Second Lien) Yield11 Weighted Average Borrower Statistics10: 5% 2% First & Second 9% Lien (80.1% of Q2'25 Q3'25 portfolio by FV)
Slide 8: Portfolio Highlights - Diversification
Portfolio Highlights - Diversification Borrower Diversification Industry Diversification Systems Software 20.1% Sitecore: 2.4% Health Care Technology 15.4% Arctic Wolf: 2.3% Inovalon: 2.1% Application Software 12.2% New Relic: 1.6% Datavant: 1.5% Audiotonix: 1.5% Diversified Financial Services 9.7%
Slide 9: Quarterly Statements of Financial Condition
Quarterly Statements of Financial Condition As of (Dollar amounts in thousands, except per share data; per share data is September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 based period end shares) Assets Investments at Fair Value $6,396,848 $6,407,466 $12,070,858 $1
Slide 10: Quarterly Operating Results Detail
Quarterly Operating Results Detail For the Three Months Ended September 30, December 31, September 30, March 31, 2025 June 30, 2025 (Dollar and share amounts in thousands) 2024 2024 2025 Investment Income Interest From Investments – Interest and Dividend Income21 $166,352 $162,232 $174,902 $309,301
Slide 11: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge $0.32 $0.22 $17.27 $17.17 $(0.04) $(0.35) $(0.05) Q2'25 Q3'25 Q3'25 Q3'25 Q3'25 Q3'25 Q3'25 NAV Per Share Adjusted Net Change in Accrued Regular Special Realized & Change NAV Per Share Investment Income Capital Gains Incentive Dividend Per Share Dividend Per Share in
Slide 12: Portfolio Highlights - Net Interest Margin
Portfolio Highlights - Net Interest Margin 14% 12% 11.4% 10.9% 10.6% 10.4% 10.1% 10% 8% 6.4% 6.2% 6.1% 6.1% 5.8% 6% 6.2% 5.9% 5.7% 5.7% 5.6% 4% 4.6% 4.3% 4.3% 4.3% 4.0% 2% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Weighted Average Total Yield of Accruing Debt and Income Producing Securities11 9 Weighted Average
Slide 13: Portfolio Highlights - Internal Ratings
Portfolio Highlights - Internal Ratings As of September 30, 2025, non-accrual investments as a percentage of the total portfolio were 0.2% and <0.1% at cost and fair value, respectively (Dollar amounts in thousands) December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Internal Performan
Slide 14: Diverse Financing Profile
Diverse Financing Profile Funding Sources Aggregate Principal Amount Principal Committed / Amount Debt Maturities25 ($mm) Outstanding Outstanding Interest Rate Maturity Date Based on Committed Debt Revolving Credit Facility $2,675 million $100 million SOFR + 187.526 12/20/2029 SPV Asset Facility I $
Slide 15: Dividend Information
Dividend Information Current quarterly regular dividend of $0.35/share, plus five quarterly special dividends of $0.05/share paid beginning in Q3'25 Historical & Estimated Dividend Yield Based on NAV per Share29 Before Listing on NYSE: Floating rate dividend policy (~90% of taxable income) After Lis
Slide 16: Historic Dividends Declared
Historic Dividends Declared Date Payment Dividend Date Payment Dividend Record Date Dividend Type Record Date Dividend Type Declared Date Per Share Declared Date Per Share 2/23/2021 3/31/2021 5/14/2021 Q1’21 Regular Dividend $0.24 6/2/2025 6/30/2025 7/15/2025 Q2'25 Regular Dividend $0.35 5/5/2021 6/
Slide 17: Upcoming Dividends
Upcoming Dividends Regular Dividend Declared Declaration date Record date Payment date Amount per share 11/4/2025 12/31/2025 1/15/2026 $0.35 Special Dividends Declared in Conjunction With June 2025 NYSE Listing Declaration date Record date Payment date Amount per share 6/2/2025 9/22/2025 10/7/2025 $
Slide 18: Lock-Up Release Schedule
Lock-Up Release Schedule 11% of shares currently subject to transfer restrictions will be released each month beginning on November 13, 2025 Previous Lock-Up Release Schedule Amended Lock-Up Release Schedule Approx. Percentage of Approx. Percentage of Release date Shares Subject to Transfer Release
Slide 19: Endnotes
Endnotes Note: Figures are as of the quarter-ended 9/30/2025 unless otherwise noted. Past performance is not a guarantee of future results. 1. Please see non-GAAP disclosures on pages 21 and 22 for reconciliations. 2. Annualized quarterly net investment income or net income per share divided by begi
Slide 20: 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 predominately floating rate loans. As a result of the swap, our effective interest rate on t
Slide 21: 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 22: 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 ($ in millions, except per share amounts) September 30, 2025 June 30,
Slide 23: 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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