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 positions and 77% in first-lien investments.

• Portfolio is highly diversified across 199 companies and 39 industries, with an average position size of 0.5% and a weighted average EBITDA of $290 million.

• Emphasizes defensive, non-cyclical sectors and companies with recurring revenues, strong free cash flow, and low loan-to-value ratios (average net LTV of 34%).

• Maintains rigorous underwriting, robust monitoring, and a disciplined approach to AI readiness and disruption risk.

• 96% of debt investments are floating rate, providing protection in rising rate environments.

Financial performance and returns

• Net asset value per share increased to $17.33 in Q4 2025, with total portfolio fair value rising to $14.3 billion.

• Adjusted net investment income per share was $0.30 in Q4 2025, with an annualized dividend yield of 9.2%.

• Total return since inception is 84%, with net gains of 23 basis points and a low non-accrual rate of 0.2% at fair value.

• Debt to equity ratio stands at 0.75x, below the target range, and $2.3 billion in liquidity is available for new investments.

• Five special dividends declared in connection with listing, providing near-term visibility for investors.

Risk management and credit quality

• 91% of investments are rated 1 or 2 internally, indicating strong credit quality.

• Portfolio is structured for downside protection, with a focus on senior secured loans and low LTVs.

• Investments on non-accrual represent only 0.2% of the portfolio at fair value.

• Diversification across industries and borrowers reduces concentration risk.

• Staggered debt maturity ladder and 33% unsecured debt in the funding mix enhance financial flexibility.