Blue Owl Technology Finance (OTF) investor relations material

Executive summary

• Net asset value per share increased to $17.27 from $17.17, reflecting portfolio growth, unrealized equity gains, and strong company performance.

• Completed merger with Blue Owl Technology Finance Corp. II, significantly increasing portfolio size and net assets.

• Common stock listed on NYSE in June 2025, enhancing liquidity and market presence.

• Portfolio focused on technology-related companies, primarily in the U.S., with a strong emphasis on enterprise software and defensive positioning.

• Credit quality remains strong with non-accruals under 0.1% of portfolio at fair value and low double-digit revenue and EBITDA growth among portfolio companies.

Financial highlights

• Total portfolio investments reached $12.9 billion to $13 billion at fair value, with 185 portfolio companies and net assets of $8.06 billion at quarter end.

• Adjusted net investment income per share was $0.32, GAAP NII per share was $0.28, and adjusted net increase in net assets from operations per share was $0.54.

• Third-quarter ROE was 7.4% based on adjusted NII, and 12.6% including gains.

• Board declared a regular Q4 dividend of $0.35 per share and special dividends of $0.05 per share, resulting in a 9.3% annualized dividend yield.

• Net leverage ended at 0.57x, with nearly $4 billion in cash and facility capacity.

Outlook and guidance

• Targeting ROE expansion of 200–250 basis points, primarily by reaching target leverage and rotating out of non-income-producing investments.

• Expect to reach target leverage range (0.9x–1.25x) by end of next year, with NII consistent with dividend level.

• Management expects continued strong origination activity, with nearly $400 million deployed in new deals post-quarter and a backlog of over $500 million.

• Optimistic about further NAV growth and potential equity realizations in 2026 as portfolio companies mature.

• Management expects investment income to vary with origination and repayment pace.