Blue Owl Technology Finance (OTF) investor relations material

Executive summary

• Net asset value (NAV) per share was $16.48 at June 30, 2026, nearly flat from $16.49 at March 31, 2026, and down from $17.33 at year-end 2025, reflecting unrealized depreciation and distributions exceeding net investment income.

• Adjusted net investment income per share rose to $0.301 from $0.291 sequentially; GAAP net investment income per share was $0.30.

• Portfolio at fair value increased to $14.7 billion, with 205 portfolio companies, up from $14.1 billion and 203 companies last quarter.

• Portfolio performance remained strong with minimal non-accruals (0.6% at cost, 0.1% at fair value), among the lowest in the industry.

• Investment income rose to $338 million for Q2 2026, up from $326 million in Q1 2026, driven by portfolio growth and strategic equity investments.

Financial highlights

• Total investment income for Q2 2026 was $338 million, up from $326 million in Q1 2026.

• Net investment income for Q2 2026 was $138.6 million, down from $171.3 million in Q1 2026.

• Adjusted net investment income per share was $0.30 for Q2 2026.

• Total dividends for Q2 2026 were $0.40 per share, with a base dividend of $0.35 and a special dividend of $0.05, for a 9.7% annualized yield.

• Over $55 million of stock repurchased in the quarter, totaling $170 million over the past three quarters.

Outlook and guidance

• Management expects investment income to vary with origination pace, repayments, spreads, and base rate movements.

• Improved investment environment with wider spreads and stronger protections, especially in technology and software.

• Over $2 billion in available liquidity positions the company to deploy capital selectively in technology sectors.

• Expect to cover the base dividend by mid-2027 as leverage and deployment increase.

• Continued focus on disciplined execution and portfolio diversification into life sciences and digital infrastructure.