Blue Owl Technology Finance Corp. · NYSE:OTF
Blue Owl Technology Finance — Q2 2025 Earnings Presentation
22 slides from Blue Owl Technology Finance's earnings presentation, Jun 30, 2025
Slide 1: Blue Owl Technology Finance Corp. Quarterly Earnings Presentation
June 30, 2025 Blue Owl Technology Finance Corp. Quarterly Earnings Presentation 1 NYSE: OTF
Slide 2: Review of Q2 2025
Review of Q2 2025 • Net asset value per share of $17.17, up from $17.09 as of 3/31/2025 • Adjusted net investment income per share of $0.3625, down from $0.4125 as of 3/31/2025 - GAAP net investment income per share of $0.34 Earnings Summary • Adjusted net income per share of $0.4525, up from $0.332
Slide 3: Blue Owl Technology Finance Corp. (NYSE: OTF)
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 Player6 Well-Positioned in Current Environment Implied Annualized Credit Ratings Market Cap6 Leverage3 Liquidit
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) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Net Investment Income Per Share $0.49 $0.44 $0.41 $0.41 $0.34 Adjusted Net In
Slide 5: Portfolio Highlights - Selected Metrics
Portfolio Highlights - Selected Metrics As of (Dollar amounts in thousands; dollar amounts and percentages at fair value) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Investments at Fair Value30 $6,157,709 $6,396,848 $6,407,466 $12,070,858 $12,728,642 Number of Por
Slide 6: Portfolio Highlights – New Portfolio Activity
Portfolio Highlights – New Portfolio Activity For Three Months Ended (Dollar amounts in thousands) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Investment Activity at Par: New Investment Commitments (Net of Sell Downs) $1,107,301 $630,789 $572,022 $819,603 $1,473,0
Slide 7: Portfolio Highlights – Asset Mix
Portfolio Highlights – Asset Mix 184 37 $266mm 10.4% $12.7bn Portfolio Portfolio Portfolio Company Debt Portfolio Portfolio Size8 EBITDA9 Companies Industries (First and Second Lien) Yield16 <1% Weighted Average Borrower Statistics9: First & Second 7% Lien (81.4% of Q1 2025 Q2 2025 8% portfolio by
Slide 8: Portfolio Highlights – Diversification
Portfolio Highlights – Diversification Borrower Diversification Industry Diversification Systems Software 21.0% Sitecore: 2.4% Arctic Wolf: 2.2% Inovalon: 2.1% Health Care Technology 14.5% Crewline: 1.7% Audiotonix: 1.5% Zendesk: 1.5% Application Software 13.1% Litera: 1.5% Acquia: 1.5% Computer Ser
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 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 based period end shares, except as otherwise noted) Assets Investments at Fair Value $6,157,709 $6,
Slide 10: Quarterly Operating Results Detail
Quarterly Operating Results Detail For the Three Months Ended (Dollar and share amounts in thousands) June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Investment Income Interest From Investments - Interest and Dividend Income27 $164,931 $166,352 $162,232 $174,902 $309,
Slide 11: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge $0.36 ($0.01) $0.09 $17.17 $17.09 ($0.35) Q1'25 Q2'25 Q2’25 Q2'25 Q2'25 Q2'25 NAV Per Share Adjusted Net Investment Income Change in Accrued Capital Gains Regular Realized & Change NAV Per Share Per Share 25 Incentive Fee Dividend in Unrealized Per Share Per Share Ga
Slide 12: Portfolio Highlights - Net Interest Margin
Portfolio Highlights - Net Interest Margin 14.0% 12.0% 12.0% 11.4% 10.9% 10.6% 10.4% 10.0% 8.0% 6.4% 6.2% 6.1% 6.3% 6.1% 5.8% 6.0% 6.2% 5.9% 5.7% 5.7% 5.3% 4.0% 4.6% 4.3% 4.3% 4.3% 2.0% 0.0% Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Weighted Average Total Yield of Accruing Debt and Income Producing Securities 1
Slide 13: Portfolio Highlights – Internal Portfolio Ratings
Portfolio Highlights – Internal Portfolio Ratings Non-accrual investments at 6/30/2025 as a percentage of total portfolio investments at cost and fair value were 0.2% and <0.1%, respectively, and there was 1 portfolio company on non-accrual as of 6/30/2025 (Dollar amounts in thousands) Internal Sep
Slide 14: Diverse Financing Profile
Diverse Financing Profile Aggregate Principal Amount Principal Committed / Amount Debt Maturities ($mm)20 Funding Source Outstanding Outstanding Interest Rate Maturity Date (Based on Committed Debt) 21 Revolving Credit Facility $2,575 million $365 million SOFR + 187.5 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 Share24 Before Listing on NYSE: Floating rate dividend policy (~90% of taxable income) After Lis
Slide 16: Dividends Previously Declared
Dividends Previously Declared Dividend Per Dividend Per Date Declared Record Date Payment Date Dividend Type Share Date Declared Record Date Payment Date Dividend Type 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
Slide 17: Key Dates
Key Dates Regular Dividend Declared Declaration date Record date Payment date Amount per share 8/5/2025 9/30/2025 10/15/2025 $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 $0.05 6/2/2
Slide 18: Endnotes
Endnotes Note: Figures are as of the quarter-ended 6/30/2025 unless otherwise noted. Past performance is not a guarantee of future results. 1. Annualized quarterly net investment income or net income per share divided by beginning period net asset value per share. 2. The amount available reflects li
Slide 19: Endnotes (Cont’d.)
Endnotes (Cont’d.) 20. Par value. 21. Amounts drawn under the Revolving Credit Facility with respect to the commitments in U.S. dollars bear interest at either (i) term SOFR plus any applicable credit adjustment spread plus margin of either 1.875% per annum or, if the gross borrowing base is greater
Slide 20: Non-GAAP Disclosures
Non-GAAP Disclosures On a supplemental basis, the Company is disclosing certain adjusted financial measures, each of which is calculated and presented on a basis of methodology other than in accordance with GAAP (“non-GAAP”). The Company's management utilizes these non-GAAP financial measures to int
Slide 21: Non-GAAP Reconciliation Tables
Non-GAAP Reconciliation Tables The following table provides a reconciliation of net investment income (the most comparable U.S. GAAP measure) to adjusted net investment income for the periods presented: For the Three Months Ended ($ in millions, except per share amounts) June 30, 2025 March 31, 2025
Slide 22: 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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