Blue Owl Technology Finance Corp. · NYSE:OTF
Blue Owl Technology Finance — Q1 2026 Earnings Presentation
23 slides from Blue Owl Technology Finance's earnings presentation, May 7, 2026
Slide 1: Blue Owl Technology Finance Corp. Quarterly Earnings Presentation
March 31, 2026 Blue Owl Technology Finance Corp. Quarterly Earnings Presentation Proprietary and Confidential 1 NYSE: OTF
Slide 2: Review of Q1'26
Review of Q1'26 • 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 widen
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) 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 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, March 31, 2025 June 30, 2025 March 31, 2026 value) 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 6: 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 $2,2
Slide 7: Portfolio Highlights - Asset Mix
Portfolio Highlights - Asset Mix 203 37 $285mm 9.5% $14.1bn Portfolio Company Portfolio Portfolio Debt Portfolio Portfolio Size9 EBITDA10 Companies Industries (First and Second Lien) Yield11 Weighted Average Borrower Statistics10: First & Second 4% Lien (77.9% of Q4'25 Q1'26 4% portfolio by FV) 7% R
Slide 8: Portfolio Highlights - Diversification
Portfolio Highlights - Diversification Borrower Diversification Industry Diversification Arctic wolf, 2.1% Sitecore, 2.1% Systems Software 18.5% Inovalon, 1.8% LSI, 1.8% Certinia, 1.6% CSI, 1.6% Application Software 14.1% Conservice, 1.5% Crewline, 1.5% Audiotonix, 1.4% Health Care 12.9% Datavant, 1
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, March 31, 2025 June 30, 2025 March 31, 2026 share data is based period end shares) 2025 2025 Assets Investments at Fair Value $12,070,858 $12,728,642 $12,884,046 $14,
Slide 10: Quarterly Operating Results Detail
Quarterly Operating Results Detail For the Three Months Ended September 30, December 31, March 31, 2025 June 30, 2025 March 31, 2026 (Dollar and share amounts in thousands) 2025 2025 Investment Income Interest From Investments – Interest and Dividend Income21 $172,359 $309,377 $310,276 $309,136 $317
Slide 11: Net Asset Value Per Share Bridge
Net Asset Value Per Share Bridge $0.29 $0.08 $17.33 $0.05 ($0.35) ($0.05) $16.49 GAAP Net Investment Income Per Share: $0.37 ($0.84) Q4'25 NAV Per Q1'26 Adjusted Net Q1'26 Change in Q1'26 Base Dividend Q1'26 Special Q1'26 Per Share Q1'26 Realized & Q1'26 NAV Per Share Investment Income Accrued Capit
Slide 12: Portfolio Highlights - Net Interest Margin
Portfolio Highlights - Net Interest Margin 14.0% 12.0% 10.6% 10.4% 10.1% 10.0% 9.6% 9.5% 8.0% 6.4% 6.1% 6.1% 5.8% 5.7% 6.0% 5.7% 5.7% 5.6% 5.4% 5.3% 4.0% 4.3% 4.3% 4.0% 3.7% 3.7% 2.0% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Weighted Average Total Yield of Accruing Debt and Income Producing Securities11 Weight
Slide 13: Portfolio Highlights - Internal Ratings
Portfolio Highlights - Internal Ratings As of March 31, 2026, investments on non-accrual as a percentage of the total portfolio were 0.3% and 0.1% at cost and fair value, respectively (Dollar amounts in thousands) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Internal Performance
Slide 14: Diverse Financing Profile
Diverse Financing Profile Funding Sources Debt Maturities25 ($mm) Based on Committed Debt Principal Principal Amount Amount Committed Outstanding Interest Rate Maturity Date $4,015 Revolving Credit Facility $2,675 million $1,640 million S + 1.875%26 12/20/2029 SPV Asset Facility I $700 million $700
Slide 15: Dividend Information
Dividend Information 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% Listed on 9.3% 9.2% 8.8% 6/12/25 8.7% 8.7% 8.5% 8.2% $0.05 $0.05 $0.05 8.0% 7.7% $0.40 $0
Slide 16: Historic Dividends Declared
Historic Dividends Declared 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 $0.05 5/5/2021 6/30/
Slide 17: Upcoming Dividends
Upcoming Dividends Base Dividend 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 June 2025 NYSE Listing Declaration date Record date Payment date Amount per share 6/2/2025 6/22/2026 7/7/2026 $0.05 6
Slide 18: Lock-Up Release Schedule
Lock-Up Release Schedule 11% of shares currently subject to transfer restrictions will be released each month until June 2026 Previous Lock-Up Release Schedule Amended Lock-Up Release Schedule Approx. Percentage Approx. Count of Approx. Percentage Approx. Count of of Shares Subject to Shares Subject
Slide 19: Endnotes
Endnotes Note: Figures are as of the quarter-ended March 31, 2026 unless otherwise noted. Past performance is not a guarantee of future results. Totals may not sum due to rounding. 1. Please see non-GAAP disclosures on pages 21 and 22 for reconciliations. 2. Annualized quarterly net investment incom
Slide 20: Endnotes (Cont'd.)
Endnotes (Cont'd.) 27. In connection with the note offering, OTF entered into an interest rate swap to continue to align the interest rates of our liabilities with our investment portfolio, which consists of predominately floating rate loans. As a result of the swap, our effective interest rate on t
Slide 21: Non-GAAP Disclosures
Non-GAAP Disclosures On a supplemental basis, the Company is disclosing certain adjusted financial measures, each of which is calculated and presented on a basis of methodology other than in accordance with GAAP (“non-GAAP”). The Company's management utilizes these non-GAAP financial measures to int
Slide 22: Non-GAAP Reconciliation Tables
Non-GAAP Reconciliation Tables The following table provides a reconciliation of net investment income (the most comparable U.S. GAAP measure) to adjusted net investment income for the periods presented: For the Three Months Ended 2025 2026 March 31 June 30 September 30 December 31 March 31 ($ in mil
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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