Blue Owl Technology Finance Corp. Announces December 31, 2025 Financial Results

About this update from Blue Owl Capital Inc.

NEW YORK , Feb. 18, 2026 /PRNewswire/ -- Blue Owl Technology Finance Corp. (NYSE: OTF) ("OTF" or the "Company") today announced financial results for its fourth quarter and year ended December 31, 2025. FOURTH QUARTER 2025 HIGHLIGHTS "OTF delivered another strong quarter, marked by NAV growth and steady progress towards our target leverage," said Craig W. Packer, Chief Executive Officer. "The portfolio continues to demonstrate excellent credit quality, reinforcing the durability of our technology investing strategy." Erik Bissonnette, President, added, "Our software credits remain the strongest-performing segment of our direct lending platform and, on average, have delivered strong revenue and EBITDA growth across all market environments. As AI reshapes the technology landscape, we have revisited our underwriting assumptions and assessed that mission-critical solutions with data moats and operating in low risk-tolerance environments, where our portfolio is focused, are well-positioned to adopt and benefit from AI." Stock Repurchases On November 4, 2025, the Board approved a $200 million stock repurchase program, for which purchases may be made at management's discretion from time to time in open market transactions. As of December 31, 2025, the Company repurchased approximately $64.6 million of OTF common stock at 82% price-to-book value, accretive to net asset value per share in the fourth quarter. On February 18, 2026 the Board approved a new repurchase program of up to $300 million of the Company's common stock, replacing the prior $200 million authorization. Dividend Declarations The Board declared a first quarter 2026 regular dividend of $0.35 per share for stockholders of record as of March 31, 2026, payable on or before April 15, 2026. As previously announced, the Board also declared a series of five special dividends of $0.05 per share. A full schedule of the record and payment dates can be found on the Company's website at www.blueowltechnologyfinance.com. Lock-Up Release Schedule On November 4, 2025, the Board approved an amended lock-up release schedule, effective as of November 13, 2025, that applies to shares currently subject to transfer restrictions. Under the new schedule, approximately 10.6% of these shares of the Company's common stock continue to be released each month until June 12, 2026. As of today, approximately 47% of each shareholder's position has been released from lock-up. Following the previously announced amendment, the remaining shares still subject to transfer restrictions will be released in accordance with the following schedule:   PORTFOLIO COMPOSITION As of December 31, 2025, the Company had investments in 199 portfolio companies across 39 industries, with an aggregate portfolio size of $14.3 billion at fair value and an average investment size of $71.8 million at fair value.   PORTFOLIO AND INVESTMENT ACTIVITY Full Year For the year ended December 31, 2025, new investment commitments totaled $5.6 billion across 58 new portfolio companies and 58 existing portfolio companies. For the year ended December 31, 2024, new investment commitments were $2.7 billion across 54 new portfolio companies and 34 existing portfolio companies. For the year ended December 31, 2025, the principal amount funded totaled $4.3 billion and aggregate principal amount of sales and repayments totaled $3.1 billion. For the year ended December 31, 2024, the principal amount of new investments funded was $2.1 billion and aggregate principal amount of sales and repayments was $1.8 billion. Fourth Quarter For the three months ended December 31, 2025, new investment commitments totaled $2.3 billion across 25 new portfolio companies and 15 existing portfolio companies. For the three months ended September 30, 2025, new investment commitments were $1.0 billion across 12 new portfolio companies and 17 existing portfolio companies. For the three months ended December 31, 2025, the principal amount of new investments funded totaled $1.7 billion and aggregate principal amount of sales and repayments was $881 million. For the three months ended September 30, 2025, the principal amount of new investments funded totaled $745 million and aggregate principal amount of sales and repayments was $848 million.   RESULTS OF OPERATIONS FOR THE FOURTH QUARTER ENDED DECEMBER 31, 2025 Investment Income Investment income decreased to $321 million for the three months ended December 31, 2025 from $323 million for the three months ended September 30, 2025, primarily driven by the impact of lower base rates on floating-rate assets, partially offset by an increase in average leverage. Other income remained relatively consistent period-over-period. The Company expects that investment income will vary based on a variety of factors including the pace of originations and repayments. Expenses Total operating expenses increased to $195 million for the three months ended December 31, 2025 from $190 million for the three months ended September 30, 2025, primarily due to an increase in interest expense from accelerated deferred financing costs related to credit facility amendments and a higher average outstanding debt balance. As a percentage of total assets, professional fees, directors' fees and other general and administrative expenses, excluding listing advisory fees, remained relatively consistent period-over-period. Liquidity and Capital Resources As of December 31, 2025, the Company had $283 million in cash and restricted cash, $6.3 billion in total principal value of debt outstanding, including $2.1 billion of unsecured notes and $2.0 billion of undrawn capacity (1) on the Company's credit facilities. The funding mix was composed of 66.9% secured and 33.1% unsecured borrowings as of December 31, 2025 on an outstanding basis. The Company was in compliance with all financial covenants under its credit facilities as of December 31, 2025. The Company has analyzed cash and cash equivalents, availability under its credit facilities, the ability to rotate out of certain assets and amounts of unfunded commitments that could be drawn and believes its liquidity and capital resources are sufficient to take advantage of market opportunities. CONFERENCE CALL AND WEBCAST INFORMATION Conference Call Information: The conference call will be broadcast live on February 19, 2026 at 11:30 a.m. Eastern Time on the News & Events section of OTF's website at www.blueowltechnologyfinance.com. Please visit the website to test your connection before the webcast. Participants are also invited to access the conference call by dialing one of the following numbers: All callers will need to reference "Blue Owl Technology Finance Corp." once connected with the operator. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected. Replay Information: An archived replay will be available for 14 days via a webcast link located on the News & Events section of OTF's website, and via the dial-in numbers listed below: ABOUT BLUE OWL TECHNOLOGY FINANCE CORP. Blue Owl Technology Finance Corp. (NYSE: OTF) is a specialty finance company focused on making debt and equity investments to U.S. technology-related companies, with a strategic focus on software. As of December 31, 2025, OTF had investments in 199 portfolio companies with an aggregate fair value of $14.3 billion. OTF has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. OTF is externally managed by Blue Owl Technology Credit Advisors LLC, an SEC-registered investment adviser that is an indirect affiliate of Blue Owl Capital Inc. ("Blue Owl") (NYSE: OWL) and part of Blue Owl's Credit platform. Certain information contained herein may constitute "forward-looking statements" that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about OTF, its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "outlook," "potential," "predicts" and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond OTF's control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors identified in OTF's filings with the SEC. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date on which OTF makes them. OTF does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. INVESTOR CONTACTS Investor Contact: BDC Investor Relations Michael Mosticchio [email protected] Media Contact: Prosek Partners Josh Clarkson [email protected]       NON-GAAP FINANCIAL MEASURES 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 internally analyze and assess financial results and performance. These measures are also considered useful by management as an additional resource for investors to evaluate the Company's ongoing results and trends, as well as its performance, excluding non-cash income and expenses. The presentation of non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation. 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: The following table provides a reconciliation of net increase (decrease) in net assets resulting from operations (the most comparable U.S. GAAP measure, or net income) to adjusted net increase (decrease) in net assets resulting from operations (or adjusted net income) for the periods presented:   View original content: https://www.prnewswire.com/news-releases/blue-owl-technology-finance-corp-announces-december-31-2025-financial-results-302692012.html

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