Blue Owl Technology Finance Corp. · NYSE:OTF
Blue Owl Technology Finance — Q4 2025 Earnings Presentation
40 slides from Blue Owl Technology Finance's earnings presentation, February 2026
Slide 1: Blue Owl Technology Finance Corp. (NYSE: OTF)
Blue Owl Technology Finance Corp. (NYSE: OTF) February 2026 Highly Confidential. Trade Secret.
Slide 2: Largest technology-focused BDC by total assets
Blue Owl Technology Finance Corp. (NYSE: OTF) Largest technology-focused BDC by total assets, providing meaningful upside while delivering a lower risk profile Investment approach OTF Highlights • Primarily focused on making debt and equity investments in U.S. PORTFOLIO2 $14.3 billion across 199 por
Slide 3: OTF: A compelling investment opportunity
OTF: A compelling investment opportunity Blue Owl’s leading Credit platform provides OTF with significant benefits: • Broad origination capabilities and sector expertise in technology supported by deeply experienced team Blue Owl: • Robust sourcing pipeline driven by extensive network of sponsor, ba
Slide 4: Managed by Blue Owl
Managed by Blue Owl, A leading global alternative asset manager
Slide 5: Managed by Blue Owl, A Leading Alternative Asset Manager
Managed by Blue Owl, A Leading Alternative Firm Overview Asset Manager • Blue Owl offers investors differentiated investment opportunities that aim to Blue Owl’s scale and size deliver strong performance, risk- provide private companies with adjusted returns and capital investment solutions to help
Slide 6: Blue Owl Manages a Market Leading Credit Business
Blue Owl Manages a Market Leading Credit Business BDCs make up more than half of Blue Owl’s Credit platform AUM and diversified lending represents a meaningful segment of that AUM Our Credit Business Today - $158bn AUM Diversified Technology First Lien Opportunistic Alternative Investment Liquid Cre
Slide 7: Blue Owl's Scale and Adjacent Credit Strategies Can Drive Deal Flow
Blue Owl’s Scale and Adjacent Credit Strategies Can Drive Attractive Origination Opportunities and Significant Deal Flow • Real Assets – Triple Net Lease Broader • Real Assets – Data Centers Blue Owl Platform • GP Strategic Capital • Alternative Credit Adjacent Credit • Liquid Credit • First Lien Le
Slide 8: Why Sponsors and Companies Like To Work With Blue Owl
Why Sponsors and Companies Like To Work With Blue Owl Our team, scale and approach are competitive advantages in our ability to partner with high-quality sponsors and select the deals we want at the terms we like Why do sponsors like working with Blue Owl? Team Team Team Scale Approach • Deeply expe
Slide 9: Blue Owl's Technology Strategy
Blue Owl’s Technology Strategy
Slide 10: Blue Owl Technology Lending by the Numbers
Blue Owl Technology Lending by the Numbers Experienced Investors with Deep Domain Expertise 120+ 40+ 2 2018 Investment Technology-Focused Offices in New York and Blue Owl Technology Professionals Investors Menlo Park Strategy Inception Dedicated Pools of Permanent Capital Robust Originations, Select
Slide 11: Blue Owl Technology Strategy Overview
Blue Owl Technology Strategy Overview Prudent approach to portfolio construction and management while generating consistent returns • Maximize total return by generating current income from debt investments and other income producing Investment securities, and capital appreciation from our equity an
Slide 12: Where Blue Owl Technology Lives
Where Blue Owl Technology Lives Blue Owl invests in established companies with proven track records, attractive cash flow dynamics and favorable attributes Stages of Technology Investing Blue Owl’s Focus Series Series C C and and Post-IPO or or Seed Seed Stage Stage Series SeriesAA Series B Series P
Slide 13: Software is Diversified Across End Markets
Software is Diversified Across End Markets with Uncorrelated Business Drivers Horizontal Software Serving Multiple Sectors Cyber Security Application Software Systems Software Construction Healthcare Transportation Nonprofit Education Hospitality Telecom Insurance Mobile Hardware Vertical Software S
Slide 14: What Do We Look For In Our Technology Investments?
What Do We Look For In Our Technology Investments? Defensively Positioned Market-Leaders in Sector Attractive Credit Profiles Recession Resilience Leader in Attractive Verticals Strong Free Cash Flow Potential (At Scale) Mission-critical systems of record with low Sustainable, scaled leadership posi
Slide 15: A Leading Technology-Focused BDC: Blue Owl Technology Finance Corp.
A Leading Technology-Focused BDC: Blue Owl Technology Finance Corp.
Slide 16: Largest Technology-Focused BDC
Largest Technology-Focused BDC1 o Largest technology-focused BDC1: $8.0bn in net assets and $14.3bn in investments across 199 portfolio companies Access to a Scaled and o Significant portfolio diversification: average position size of 0.5% Highly Diversified o Larger borrowers: we primarily focus on
Slide 17: 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 $14.3B 199 81% 39 0.2% 91% 0.5% 2.0x Portfolio Portfolio Senior Portfolio Non-Accruals at Internal 1
Slide 18: Flexible and Well-Diversified Financing Structure
Flexible and Well-Diversified Financing Structure Funding Mix ($ in millions) Debt Maturities1 (Committed, $ in millions) $2.3bn $8,390 $3,615 Committed Total Liquidity3 $3,375 $915 $6,345 $700 Outstanding $2,100 $915 $2,700 $2,100 $915 $2,700 $2,675 $1,850 $725 $375 $300 $1,480 $725 $2,675 $375 $30
Slide 19: Attractive Total Returns
Attractive Total Returns OTF has delivered compelling returns since inception, with net credit gains that are underpinned by strong portfolio quality NAV and Cumulative Dividends since OTF Inception $25.07 $7.74 $17.33 $15.00 09/30/18 09/30/18 12/31/18 03/31/19 06/30/19 09/30/19 12/31/19 03/31/20 06
Slide 20: Opportunities to Optimize OTF and Expand Return on Equity
Opportunities to Optimize OTF and Expand Return on Equity • OTF is levered at 0.75x net debt-to-equity, below our target range of 0.90x – Increased 1.25x 1 Cost Savings from Merger Leverage • $2.3 billion1 of dry powder to prudently deploy into attractive risk-adjusted opportunities • Potential for
Slide 21: OTF is Well-Positioned to Deliver for Investors
OTF is Well-Positioned to Deliver for Investors Focus on downside Market leader in protection through technology direct primarily senior OTF Highlights lending with secured portfolio Largest technology-focused ability to lead BDC by total assets transactions 81% senior secured, first-lien focused St
Slide 22: OTF Financial Highlights
OTF Financial Highlights
Slide 23: Review of Q4 2025
Review of Q4 2025 • Net asset value per share of $17.33, up from $17.27 as of 9/30/2025 • Adjusted net investment income per share of $0.301, down from $0.321 as of 9/30/2025 - GAAP net investment income per share of $0.26 Earnings Summary • Adjusted net income per share of $0.471, down from $0.541
Slide 24: 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) Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Net Investment Income Per Share $0.41 $0.41 $0.34 $0.28 $0.26 Adjusted Net Investment
Slide 25: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge GAAP Net Investment Income Per Share: $0.26 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 26: Portfolio Highlights - Selected Metrics
Portfolio Highlights - Selected Metrics As of (Dollar amounts in thousands; dollar amounts and percentages at fair December 31, September 30, December 31, March 31, 2025 June 30, 2025 value) 2024 2025 2025 Investments at Fair Value $6,407,466 $12,070,858 $12,728,642 $12,884,046 $14,286,039 Number of
Slide 27: Portfolio Highlights – New Quarterly Portfolio Activity
Portfolio Highlights – New Quarterly Portfolio Activity For Three Months Ended December 31, March 31, 2025 June 30, 2025 September 30, December 31, (Dollar amounts in thousands) 2024 2025 2025 Investment Activity at Par: New Investment Commitments (Net of Sell Downs) $572,021 $819,603 $1,473,047 $1
Slide 28: Portfolio Highlights – Internal Portfolio Ratings
Portfolio Highlights – Internal Portfolio Ratings As of 12/31/2025, investments on non-accrual as a percentage of the total portfolio were 0.4% and 0.2% at cost and fair value, respectively (Dollar amounts in thousands) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Internal Perf
Slide 29: Appendix
Appendix
Slide 30: 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 2/18/2026 3/31/2026 4/15/2026 $0.35 Special Dividends Declared in Conjunction With Listing Declaration date Record date Payment date Amount per share 6/2/2025 3/23/20
Slide 31: Portfolio Strategy: Recurring Revenue Loans
Portfolio Strategy: Recurring Revenue Loans Over the last few years, recurring revenue lending has gradually become a meaningful part of the direct lending market, driven by strong deal activity in the software space • A loan made to a company that may not be currently EBITDA positive Frequently Ask
Slide 32: Portfolio Strategy: Preferred Equity
Portfolio Strategy: Preferred Equity Majority of OTF’s preferred equity investments are to large companies focused on downside protection of invested capital Flexible Structures Risk Mitigation • Investment structures and terms that • Structural protections and strong meet the specific needs of comp
Slide 33: Portfolio Strategy: Payment-in-Kind (PIK)
Portfolio Strategy: Payment-in-Kind (“PIK”) Blue Owl’s selective PIK strategy supports strong borrowers and shareholder returns PIK Characteristics Why Does Blue Owl Structure Types of Companies Blue Owl How Does Blue Owl Structure PIK at Origination? Will Offer PIK to at Origination PIK at Originat
Slide 34: Endnotes (1 of 4)
Endnotes (1 of 4) Note: Figures are as of the quarter-ended 12/31/2025 at fair value unless otherwise noted. Past performance is not a guarantee of future results. Page 2: Blue Owl Technology Finance Corp. (NYSE: OTF) 1. Average of the annual total net realized gain/loss rates since inception (where
Slide 35: Endnotes (2 of 4)
Endnotes (2 of 4) Page 15: Where Blue Owl Technology Lives 1. Borrower financials are derived from the most recently available portfolio company financial statements, typically a quarter in arrears, have not been independently verified by Blue Owl, and may reflect a normalized or adjusted amount. Ac
Slide 36: Endnotes (3 of 4)
Endnotes (3 of 4) Page 23: Opportunities to Optimize OTF and Expand Return on Equity 1. Undrawn debt is based on committed debt less debt outstanding as of 12/31/2025. Total dry powder represents undrawn debt plus cash. Page 24: OTF is Well-Positioned to Deliver for Investors 1. Borrower financials
Slide 37: Endnotes (4 of 4)
Endnotes (4 of 4) Page 34: Focus on Recurring Revenue Loans 1. Based on fair value of total investments. 2. Borrower financials are derived from the most recently available portfolio company financial statements, typically a quarter in arrears, have not been independently verified by Blue Owl, and m
Slide 38: 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 2024 2025 December 31, March 31, June 30, September 30, December 31, ($ in milli
Slide 39: Disclaimer
Disclaimer Past performance is not a guide to future results and is not indicative of expected realized returns. Assets Under Management (“AUM”) refers to the assets that Credit manages and are generally equal to the sum of (i) net asset value (“NAV”); (ii) drawn and undrawn debt; and (iii) uncalled
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