Blue Owl Technology Finance Corp. · NYSE:OTF
Blue Owl Technology Finance — Q1 2026 Earnings Presentation
35 slides from Blue Owl Technology Finance's earnings presentation, May 2026
Slide 1: Blue Owl Technology Finance Corp. (NYSE: OTF)
Blue Owl Technology Finance Corp. (NYSE: OTF) May 2026 Highly Confidential. Trade Secret. FOR INSTITUTIONAL USE ONLY. NOT APPROVED FOR FURTHER DISTRIBUTION.
Slide 2: Blue Owl Technology Finance Corp. snapshot
Blue Owl Technology Finance Corp. (NYSE: OTF) Largest technology-focused BDC by total assets, with a compelling track record of delivering attractive risk-adjusted returns Focused investment approach OTF snapshot • Upper middle-market: Debt and equity investments in Investments at fair value $14.1 b
Slide 3: Managed by Blue Owl Capital
Managed by Blue Owl Capital A leading global alternative asset manager
Slide 4: Blue Owl is a leading asset manager redefining alternatives
Blue Owl is a A solutions provider leading asset Credit1 Our Credit platform serves as a $115.1B Direct Lending manager that is financing partner of choice for $14.7B Alternative Credit private companies, leveraging the expertise across both our direct $19.3B Investment Grade Credit redefining lendi
Slide 5: Blue Owl Credit offers complementary strategies
Blue Owl Credit offers complementary strategies Our BDCs make up approximately 80% of Blue Owl Credit’s AUM $159.2 billion AUM1 Direct Lending Adjacent Strategies Diversified Technology First Lien Opportunistic Alternative Investment Grade Liquid Lending Lending Lending Lending Credit Credit Credit
Slide 6: Blue Owl has extensive multi-channel sourcing capabilities
Blue Owl has extensive multi-channel sourcing capabilities Our BDCs leverage Blue Owl’s origination capabilities to generate robust deal flow and build a portfolio of high-quality credits Scaled Experienced Sponsor Incumbency Differentiated platform Team relationships advantage access 85+ ~120 850+
Slide 7: Blue Owl's Technology Lending Strategy
Blue Owl’s Technology Lending Strategy
Slide 8: Blue Owl technology lending by the numbers
Blue Owl technology lending by the numbers Experienced technology investors with deep domain expertise OTF’s portfolio 2018 $25.8B Technology lending strategy inception Technology specific AUM ~40 203 40% $285M Technology-focused investors Portfolio Average net Weighted average companies LTV ratio1,
Slide 9: What we look for in our technology investments
What we look for in our technology investments Defensively positioned Market-leaders in their sectors Attractive credit profiles Recession resilience Leaders in attractive verticals Strong free cash flow potential Mission-critical systems of record Sustainable, scaled leadership Negative working cap
Slide 10: Where Blue Owl Technology Lending focuses
Where Blue Owl Technology Lending focuses Large, established technology companies Series C and Post-IPO or Seed Stage Series A Series B Pre-IPO Beyond Acquisition Very early-stage Early-stage Early-stage Established companies startups, typically venture capital venture capital Large, established com
Slide 11: Deep dive on our selective software focus
Deep dive on our selective software focus Approximately 70% of our portfolio at fair value is invested across three high-conviction software categories Systems & Fintech & Application Infrastructure Payments Selective investments in foundational platforms that remain essential, even as technology ev
Slide 12: Investing in innovation for attractive, non-correlated returns
Investing in innovation for attractive, non-correlated returns Leveraging Blue Owl’s extensive platform capabilities to access compelling growth opportunities Life sciences credit and royalty AI infrastructure Overview: Structured credit and royalty financing to commercial-stage Overview: Financing
Slide 13: A Technology-Focused BDC: Blue Owl Technology Finance Corp.
A Technology-Focused BDC: Blue Owl Technology Finance Corp.
Slide 14: OTF at a glance
OTF at a glance Scaled portfolio of technology and software investments diversified by borrower and end-market Scaled and senior secured focused portfolio Well-diversified with high-quality borrowers $14.1B 203 82% 37 0.1% 92% 0.5% Portfolio Portfolio Senior Portfolio Non-accruals at Internal 1- and
Slide 15: Debt capital markets access may provide financing flexibility
Debt capital markets access may provide financing flexibility across market environments Diverse capital structure anchored by permanent equity Ample available liquidity $488 $1,815 Available Liquidity1 $2.3B 0.85x Available liquidity1 Net debt-to-equity ratio $1,640 Available Cash 5.5 years 36% $1,
Slide 16: OTF has delivered attractive risk-adjusted returns
OTF has delivered attractive risk-adjusted returns Consistent outperformance relative to publicly traded BDC peers and public credit indices across time periods Annualized total return1,2,3 3-Year 5-Year Since OTF’s Inception 10.5% 8.9% 8.6% 8.6% 8.0% 7.9% 7.3% 7.3% 5.9% 5.1% 5.3% 4.2% OTF BDC Peers
Slide 17: OTF has delivered compelling total value since inception
OTF has delivered compelling total value since inception Appreciating NAV per share and attractive dividend income, underpinned by strong portfolio quality NAV per share and cumulative dividends since OTF’s inception1 $24.63 $8.14 $15.00 $16.49 09/30/18 12/31/18 03/31/19 06/30/19 09/30/19 12/31/19 0
Slide 18: OTF is well-positioned to deliver for investors
OTF is well-positioned to deliver for investors Supported by Blue Owl Direct Lending’s scale, experience, and track record OTF highlights #1 1 Market leader in upper-middle market direct lending with ability to lead transactions Largest technology-focused BDC by total assets 2 Focus on downside prot
Slide 19: OTF Financial Highlights
OTF Financial Highlights
Slide 20: Review of Q1 2026
Review of Q1 2026 • Net asset value per share of $16.49 • Adjusted net investment income per share of $0.291 - GAAP net investment income per share of $0.37 Earnings Summary • Adjusted net income (loss) per share of $(0.56)1, primarily driven by unrealized losses from the impact of credit spread wid
Slide 21: Financial highlights
Financial highlights As of (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) Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Net investment income per share $0.41 $0.34 $0.28 $0.26 $0.37 Adjusted net inves
Slide 22: Net asset value per share bridge
Net asset value per share bridge GAAP Net Investment Income Per Share: $0.37 1 1 Note: Totals may not sum due to rounding. Per share data was derived using weighted average shares outstanding for the quarter, except for NAV per share which is based on shares outstanding at the end of the period, and
Slide 23: Portfolio highlights - selected metrics
Portfolio highlights - selected metrics As of September 30, December 31, (Dollar amounts in thousands; dollar amounts and percentages at fair value) March 31, 2025 June 30, 2025 March 31, 2026 2025 2025 Investments at fair value $12,070,858 $12,728,642 $12,884,046 $14,286,039 $14,068,239 Number of p
Slide 24: Portfolio highlights – new quarterly portfolio activity
Portfolio highlights – new quarterly portfolio activity For Three Months Ended March 31, 2025 June 30, 2025 September 30, December 31, March 31, 2026 (Dollar amounts in thousands) 2025 2025 Investment Activity at Par: New investment commitments (net of sell downs) $819,603 $1,473,047 $1,007,828 $2,
Slide 25: Portfolio highlights – internal portfolio ratings
Portfolio highlights – internal portfolio ratings As of March 31, 2026, investments on non-accrual as a percentage of the total portfolio were 0.3% and 0.1% at cost and fair value, respectively. (Dollar amounts in thousands) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Internal
Slide 26: Appendix
Appendix
Slide 27: Upcoming Distribution and Lock-Up Release Dates
Upcoming Distribution and Lock-Up Release Dates Regular Dividends Declared Declaration date Record date Payment date Amount per share 5/5/2026 6/30/2026 7/15/2026 $0.35 Special Dividends Declared in Conjunction With Listing Declaration date Record date Payment date Amount per share 6/2/2025 6/22/202
Slide 28: Endnotes
Endnotes Note: Figures are as of the quarter-ended 3/31/2026 at fair value unless otherwise noted. Totals may not sum due to rounding. Past performance is not a guarantee of future results. Page 2: Blue Owl Technology Finance Corp. (NYSE: OTF) 1. Total return is calculated as the change in net asset
Slide 29: Endnotes
Endnotes Page 14: OTF at a glance 1. Fair value. 2. Non-accrual rate represents the fair value of investments on non-accrual status divided by the fair value of the total portfolio. Loans are generally placed on non-accrual when there is reasonable doubt that principal or interest will be collected
Slide 30: Endnotes
Endnotes Page 18: OTF is well-positioned to deliver for investors 1. Non-accrual rate represents the fair value of investments on non-accrual status divided by the fair value of the total portfolio. Loans are generally placed on non-accrual when there is reasonable doubt that principal or interest w
Slide 31: Non-GAAP Disclosures
Non-GAAP Disclosures On a supplemental basis, the Company is disclosing certain adjusted financial measures, each of which is calculated and presented on a basis of methodology other than in accordance with GAAP (“non-GAAP”). The Company's management utilizes these non-GAAP financial measures to int
Slide 32: Non-GAAP Disclosures
Non-GAAP Disclosures The following table provides a reconciliation of net investment income (the most comparable U.S. GAAP measure) to adjusted net investment income for the periods presented: For the Three Months Ended 2025 2026 March 31 June 30 September 30 December 31 March 31 ($ in millions, exc
Slide 33: Disclosures
Disclosures Forward-Looking Statements Certain statements made in this presentation are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 because they relate to future events, future performance or fi
Slide 34: Disclaimer
Disclaimer Past performance is not a guide to 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 10-K. The info
Slide 35: For more information, please visit www.blueowltechnologyfinance.com
For more information, please visit www.blueowltechnologyfinance.com FOR INSTITUTIONAL USE ONLY. NOT APPROVED FOR FURTHER DISTRIBUTION. 8928237.1
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