Blue Owl Technology Finance (OTF) Investor Presentation summary

Investment strategy and portfolio overview

• Focuses on debt and equity investments in U.S. upper middle-market technology companies, especially software, with 81% of the portfolio in senior secured and 78% in first-lien investments.

• Portfolio is highly diversified across 184 companies and 37 industries, with an average position size of 0.5% and average borrower EBITDA of $266M.

• 97% of debt investments are floating rate, and the average net loan-to-value is 32%, emphasizing downside protection.

• Maintains a defensive approach, focusing on non-cyclical industries and companies with recurring revenues and strong free cash flow.

• Selectively invests in ARR loans, preferred equity, and PIK structures to enhance yield and flexibility.

Financial performance and returns

• Net asset value per share increased to $17.17 in Q2 2025, with total portfolio fair value at $12.7B.

• Adjusted net investment income per share was $0.36, and adjusted net income per share was $0.45 in Q2 2025.

• Annualized dividend yield stands at 9.3%, supported by regular and special dividends.

• Total return since inception is 64%, with NAV growth of 17% and net gains of 16 bps.

• Less than 0.1% of investments are on non-accrual, reflecting strong credit quality.

Capital structure and liquidity

• Debt to equity ratio is 0.58x, below the target range, providing capacity for further leverage.

• $3.5B in liquidity, with a well-laddered maturity profile and 57% of debt unsecured.

• Weighted average debt maturity is 5.2 years, supporting financial flexibility.

• Funding sources include revolving credit facilities, SPVs, CLOs, and unsecured notes.

• $200M share repurchase program implemented post-NYSE listing.