Blue Owl Technology Finance Corp. — Third Quarter 2026 Earnings Summary

Financial Performance:

• GAAP net investment income per share was $0.29 for the quarter ended September 30, 2026, compared to $0.30 in the prior quarter and $0.28 in the same period last year.
• Adjusted net investment income per share was $0.29, down from $0.30 in the prior quarter and $0.32 in the prior year period.
• Net increase in net assets resulting from operations per share was $0.48 for the quarter, compared to $0.33 in the prior quarter and $0.50 in the prior year period.
• Total investment income increased to $341.3 million for the three months ended September 30, 2026, from $338.0 million in the prior quarter and $322.6 million in the prior year period.
• Total operating expenses increased to $208.5 million for the quarter, up from $199.0 million in the prior quarter and $189.6 million in the prior year period.
• Net asset value (NAV) per share increased to $16.62 as of September 30, 2026, from $16.48 as of June 30, 2026, and $17.27 as of September 30, 2025.
• Total investments at fair value were $14.81 billion as of September 30, 2026, compared to $14.68 billion as of June 30, 2026, and $12.88 billion as of September 30, 2025.
• Net debt-to-equity ratio was 0.94x as of September 30, 2026, compared to 0.93x as of June 30, 2026, and 0.57x as of September 30, 2025.
• Investments on non-accrual represented 1.8% of the portfolio at cost and 1.1% at fair value as of September 30, 2026, compared to 0.6% and 0.1% respectively as of June 30, 2026.
• Weighted average total yield of accruing debt and income-producing securities at fair value was 9.8% as of September 30, 2026, compared to 9.6% in the prior quarter and 10.1% in the prior year period.

Guidance and Future Outlook:

• Management expects investment income to vary based on the pace of originations and repayments, spreads of new deployments, and base rate movements.
• Management anticipates higher base rates will provide an earnings tailwind as floating rate loans reset, supporting ROE expansion over time.
• Management expects investment opportunities across software and technology to remain attractive due to wider spreads creating favorable economics for lenders.

Business Segments and Product Lines:

• The portfolio consisted of 207 portfolio companies across 39 industries as of September 30, 2026.
• First-lien senior secured debt comprised 78.0% of the portfolio at fair value, up from 77.8% in the prior quarter and 76.8% in the prior year period.
• 96.1% of debt investments were at floating rates as of September 30, 2026, compared to 96.7% in the prior quarter and 97.0% in the prior year period.
• New investment commitments totaled $441 million across 8 new portfolio companies and 7 existing portfolio companies for the quarter, compared to $852 million in the prior quarter and $1.01 billion in the prior year period.
• Principal amount of new investments funded was $317 million for the quarter, while sales and repayments totaled $334 million.
• The average new investment commitment amount in new portfolio companies was $39.7 million for the quarter, compared to $111.3 million in the prior quarter and $60.9 million in the prior year period.
• 54.7% of new debt investment commitments were at floating rates for the quarter, compared to 100.0% in the prior quarter and 98.9% in the prior year period.

Market and Competitive Landscape:

• Management noted improving market sentiment toward software and technology as investors adopt a more balanced view of AI impacts.
• The company operates in the specialty finance sector, focusing on debt and equity investments in U.S. technology-related companies with a strategic focus on software.

Risks and Challenges:

• Investments on non-accrual increased to 1.1% of the portfolio at fair value as of September 30, 2026, from 0.1% in the prior quarter.
• Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations, including risks related to the industry, portfolio investments, and economic factors.

Management Commentary and Tone:

• CEO Craig W. Packer described the quarter as strong, citing steady earnings, an 11.7% net income ROE, and a 0.9% increase in NAV per share driven by market recovery, borrower health, and accretive share repurchases.
• President Erik Bissonnette highlighted the attractiveness of investment opportunities due to wider spreads and the company's capacity to deploy capital, noting significant liquidity of approximately $2.9 billion and leverage at the low end of the target range.

Other Key Points:

• Dividends totaled $0.40 per share for the quarter, including a base dividend of $0.35 and a special dividend of $0.05 declared in connection with the listing, representing an annualized dividend yield of 9.6%.
• The company repurchased $55 million of common stock during the quarter, which was accretive to NAV per share.
• The company raised $900 million of new debt capital, including $550 million in senior unsecured notes, $250 million through a new SPV facility, and $100 million by upsizing an existing bilateral SPV.
• All special dividends declared in connection with OTF's listing in June 2026 have been paid.
• On November 3, 2026, the Board declared a fourth quarter 2026 base dividend of $0.35 per share for stockholders of record as of December 31, 2026, payable on or before January 15, 2027.
• As of September 30, 2026, the company held $221 million in cash and had $2.6 billion of undrawn capacity on its credit facilities.
• The funding mix was composed of 56.7% secured and 43.3% unsecured borrowings as of September 30, 2026.