Blue Owl Technology Finance Corp. · NYSE:OTF
Blue Owl Technology Finance — Q2 2026 Earnings Presentation
22 slides from Blue Owl Technology Finance's earnings presentation, Aug 6, 2026
Slide 1: Blue Owl Technology Finance Corp. Quarterly Earnings Presentation
June 30, 2026 Blue Owl Technology Finance Corp. Quarterly Earnings Presentation Proprietary and Confidential 1 NYSE: OTF
Slide 2: Review of Q2'26
Review of Q2'26 • Net asset value per share of $16.48, compared to $16.49 as of 3/31/2026 • Adjusted net investment income per share of $0.301, up from $0.291 per share as of 3/31/2026 - GAAP net investment income per share of $0.30 Earnings Summary • Adjusted net income per share of $0.331, up from
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) Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Net Investment Income Per Share $0.34 $0.28 $0.26 $0.37 $0.30 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, June 30, 2025 March 31, 2026 June 30, 2026 value) 2025 2025 Investments at Fair Value $12,728,642 $12,884,046 $14,286,039 $14,068,239 $14,680,538 Number of Po
Slide 6: Portfolio Highlights – New Quarterly Portfolio Activity
Portfolio Highlights – New Quarterly Portfolio Activity For Three Months Ended June 30, 2025 September 30, December 31, March 31, 2026 June 30, 2026 (Dollar amounts in thousands) 2025 2025 Investment Activity at Par: New Investment Commitments (Net of Sell Downs) $1,473,047 $1,007,828 $2,290,503 $1,
Slide 7: Portfolio Highlights – Asset Mix
Portfolio Highlights – Asset Mix 205 39 $291mm 9.6% $14.7bn Portfolio Company Portfolio Portfolio Debt Portfolio Portfolio Size9 EBITDA10 Companies Industries (First and Second Lien) Yield11 Weighted Average Borrower Statistics10: First & Second 4% Lien (74.5% of Q1'26 Q2'26 5% portfolio by FV) 7% R
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% LSI, 1.6% Revolut, 1.6% Certinia, 1.5% Application Software 15.3% CSI, 1.5% SpaceX, 1.5% Audiotonix, 1.5% Health Care 12.4% Conservice, 1.4%
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, June 30, 2025 March 31, 2026 June 30, 2026 share data is based period end shares) 2025 2025 Assets Investments at Fair Value $12,728,642 $12,884,046 $14,286,039 $14,0
Slide 10: Quarterly Operating Results Detail
Quarterly Operating Results Detail For the Three Months Ended September 30, December 31, June 30, 2025 March 31, 2026 June 30, 2026 (Dollar and share amounts in thousands) 2025 2025 Investment Income Interest From Investments – Interest and Dividend Income21 $309,377 $310,276 $309,136 $317,272 $330,
Slide 11: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge $0.30 $— $16.49 $0.05 $0.03 $16.48 ($0.35) ($0.05) GAAP Net Investment Income Per Share: $0.30 Q1'26 NAV Per Q2'26 Adjusted Net Q2'26 Change in Q2'26 Base Dividend Q2'26 Special Q2'26 Per Share Q2'26 Realized & Q2'26 NAV Per Share Investment Income Accrued Capital Pe
Slide 12: Portfolio Highlights – Net Interest Margin
Portfolio Highlights – Net Interest Margin 14.0% 12.0% 10.4% 10.1% 10.0% 9.6% 9.5% 9.6% 8.0% 6.4% 6.1% 6.1% 5.7% 5.7% 6.0% 5.7% 5.6% 5.4% 5.3% 5.3% 4.0% 4.3% 4.0% 3.7% 3.7% 3.7% 2.0% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 11 Weighted Average Total Yield of Accruing Debt and Income Producing Securities Weight
Slide 13: Portfolio Highlights – Internal Ratings
Portfolio Highlights – Internal Ratings As of June 30, 2026, investments on non-accrual as a percentage of the total portfolio were 0.6% and 0.1% at cost and fair value, respectively (Dollar amounts in thousands) September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Internal Performance
Slide 14: Diverse Financing Profile
Diverse Financing Profile Funding Sources Debt Maturities25 ($mm) Based on Committed Debt Principal Principal Amount Amount $7,340 Committed Outstanding Interest Rate Maturity Date Revolving Credit Facility $2,675 million $1,620 million S + 1.875%26 6/16/2031 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 (~90% of taxable income) After Listing on NYSE: Fixed rate dividend policy 9.6% 9.7% 9.7% Listed on 9.3% 9.2% 6/12/25 8.7% 8.7% 8.5% 8.2% $0.05 $0.05 $0.05 $0.05 8.0% 7.
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 6/2/2025 12/23/2025 1/7/2026 Q4'25 Special Dividend $
Slide 17: Upcoming Dividends
Upcoming Dividends Base Dividend Declared Declaration date Record date Payment date Amount per share 8/4/2026 9/30/2026 10/15/2026 $0.35 Special Dividends Declared in Conjunction With June 2025 NYSE Listing Declaration date Record date Payment date Amount per share 6/2/2025 9/21/2026 10/6/2026 $0.05
Slide 18: Endnotes
Endnotes Note: Figures are as of the quarter-ended June 30, 2026 unless otherwise noted. Past performance is not a guarantee of future results. Totals may not sum due to rounding. 1. Please see non-GAAP disclosures on pages 20 and 21 for reconciliations. 2. Annualized quarterly net investment income
Slide 19: Endnotes (Cont'd.)
Endnotes (Cont'd.) 27. In connection with the note offering, OTF entered into an interest rate swap to continue to align the interest rates of our liabilities with our investment portfolio, which consists of predominately floating rate loans. As a result of the swap, our effective interest rate on t
Slide 20: Non-GAAP Disclosures
Non-GAAP Disclosures On a supplemental basis, the Company is disclosing certain adjusted financial measures, each of which is calculated and presented on a basis of methodology other than in accordance with GAAP (“non-GAAP”). The Company's management utilizes these non-GAAP financial measures to int
Slide 21: Non-GAAP Reconciliation Tables
Non-GAAP Reconciliation Tables The following table provides a reconciliation of net investment income (the most comparable U.S. GAAP measure) to adjusted net investment income for the periods presented: For the Three Months Ended 2025 2026 June 30 September 30 December 31 March 31 June 30 ($ in mill
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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