NEW YORK, May 6, 2026 /PRNewswire/ -- Blue Owl Technology Finance Corp. (NYSE: OTF) ("OTF" or the "Company") today announced financial results for its first quarter ended March 31, 2026.
FIRST QUARTER 2026 HIGHLIGHTS
-- First quarter GAAP net investment income ("NII") per share of $0.37
-- First quarter adjusted NII per share of $0.29(1)
-- Dividends declared for the second quarter were $0.40 per share, including
a base dividend of $0.35 per share and a special dividend of $0.05 per
share declared in connection with the listing
-- Net asset value per share decreased to $16.49, as compared with $17.33
last quarter, primarily driven by unrealized losses from the impact of
credit spread widening on the portfolio
-- New investment commitments for the first quarter were $1.7 billion and
sales and repayments were $1.1 billion, as compared with $2.3 billion of
new investment commitments and $0.9 billion of sales and repayments for
the three months ended December 31, 2025
-- Net debt-to-equity ended at 0.85x, as compared with 0.75x as of
December 31, 2025
-- Investments on non-accrual represented 0.3% and 0.1% of the portfolio at
cost and fair value, respectively, as compared with 0.4% and 0.2% as of
December 31, 2025
-- OTF repurchased approximately $50.2 million of OTF common stock, which
was accretive to net asset value per share in the first quarter
-- Approximately 80% of each pre-listing shareholder's position has been
released from lock-up, with two remaining releases scheduled in equal
tranches of approximately 10.6% each month until June 12, 2026
"First quarter volatility in technology markets drove meaningful spread widening and pressured valuations across OTF's portfolio, reflecting broader market dynamics rather than underlying credit trends," said Craig W. Packer, Chief Executive Officer. "We continue to see solid credit performance across our portfolio of durable, mission-critical businesses with many already taking steps to adapt to the evolving AI environment. With over $2 billion of available liquidity, we believe the current dislocation is creating a more attractive opportunity set, allowing us to remain selective as we deploy capital, ramp leverage and support ROE expansion over time."
Stock Repurchases
On February 17, 2026, the Board of Directors (the "Board") approved a $300 million stock repurchase program, under which purchases may be made at management's discretion from time to time in open-market transactions, replacing the prior $200 million authorization. As of March 31, 2026, the Company repurchased approximately $50.2 million of OTF common stock, accretive to net asset value per share in the first quarter, with approximately $250 million remaining under its share repurchase program.
Dividend Declarations
The Board declared a second quarter 2026 base dividend of $0.35 per share for stockholders of record as of June 30, 2026, payable on or before July 15, 2026.
As previously announced, the Board also declared a series of five special dividends of $0.05 per share. A full schedule of the record and payment dates can be found on the Company's website at www.blueowltechnologyfinance.com.
Lock-Up Release Schedule
On November 4, 2025, the Board approved an amended lock-up release schedule that applies to shares currently subject to transfer restrictions. Under the new schedule, approximately 10.6% of these shares of the Company's common stock continue to be released each month until June 12, 2026.
As of today, approximately 80% of each shareholder's position has been released from lock-up. The remaining shares still subject to transfer restrictions will be released in accordance with the following schedule:
Approximate Percentage of Approximate Number of Shares
Shares Subject to Transfer Subject to Transfer
Release Date Restrictions Released Restrictions Released
-------------- ------------------------------ ------------------------------
May 20, 2026 10.6 % 49,096,350
June 12, 2026 10.6 % 49,099,234
(1) Adjusted to exclude any change in capital gains incentive fees accrued but
not paid. These fees are related to cumulative unrealized gains in excess of
cumulative net realized gains less any cumulative unrealized losses, less
capital gains incentive fees paid inception to date.
SELECT FINANCIAL HIGHLIGHTS
As of and for the Three Months Ended
---------------------------------------------------
($ in thousands,
except per share December 31,
amounts) March 31, 2026 2025 March 31, 2025
----------------- ---------------- --------------
GAAP results:
Net investment
income per share $ 0.37 $ 0.26 $ 0.41
Net realized and
unrealized gains
(losses) per share $ (0.84) $ 0.18 $ (0.08)
Net increase
(decrease) in net
assets resulting
from operations per
share $ (0.47) $ 0.44 $ 0.33
Capital gains
incentive fee
expense (benefit)
per share $ (0.08) $ 0.03 $ (0.01)
Non-GAAP financial
measures(1)(2) :
Adjusted net
investment income
per share $ 0.29 $0.30 $ 0.41
Adjusted net increase
(decrease) in net
assets resulting
from operations per
share $ (0.56) $0.47 $ 0.33
Total investments at
fair value $ 14,068,239 $ 14,286,039 $ 12,070,858
Total debt
outstanding (net of
unamortized debt
issuance costs) $ 6,904,332 $ 6,288,200 $ 5,127,899
Net assets $ 7,605,453 $ 8,041,598 $ 7,946,723
Net asset value per
share $ 16.49 $ 17.33 $ 17.09
Net debt-to-equity 0.85x 0.75x 0.53x
(1) See Non-GAAP Financial Measures for a description of the non-GAAP measures
and the reconciliations from the most comparable GAAP financial measures to
the Company's non-GAAP measures, including on a per share basis. The Company's
management utilizes these non-GAAP financial measures to internally analyze
and assess financial results and performance. These measures are also
considered useful by management as an additional resource for investors to
evaluate the Company's ongoing results and trends, as well as its performance,
excluding non-cash income and expenses. The presentation of non-GAAP measures
is not intended to be a substitute for financial results prepared in
accordance with GAAP and should not be considered in isolation.
(2) Adjusted to exclude any change in capital gains incentive fees accrued but
not payable. These fees are related to cumulative unrealized gains in excess
of cumulative net realized gains less any cumulative unrealized losses, less
capital gains incentive fees paid inception to date.
PORTFOLIO COMPOSITION
As of March 31, 2026, the Company had investments in 203 portfolio companies across 37 industries, with an aggregate portfolio size of $14.1 billion at fair value and an average investment size of $69.3 million at fair value.
March 31, 2026 December 31, 2025
------------------------- -------------------------
($ in thousands) Fair Value % of Total Fair Value % of Total
------------- ---------- ------------- ----------
Portfolio composition:
First-lien senior
secured (1) $ 10,917,188 77.7 % $ 10,979,070 76.8 %
Second-lien senior
secured 498,121 3.5 % 568,641 4.0 %
Specialty finance
debt 38,000 0.3 % 37,452 0.3 %
Unsecured 456,403 3.2 % 477,128 3.3 %
Preferred equity 982,150 7.0 % 1,072,481 7.5 %
Common equity 615,910 4.4 % 722,100 5.1 %
Specialty finance
equity 527,414 3.7 % 375,812 2.6 %
Joint ventures 33,053 0.2 % 53,355 0.4 %
------------- ---------- ------------- ----------
Total investments $ 14,068,239 100.0 % $ 14,286,039 100.0 %
============= ========== ============= ==========
(1) The Company considers 57% and 61% of first-lien senior secured debt
investments to be unitranche loans as of March 31, 2026 and December 31, 2025,
respectively.
March 31, 2026 December 31, 2025
-------------- -----------------
Number of portfolio companies 203 199
Percentage of debt investments at
floating rates 96.3 % 96.2 %
Percentage of senior secured debt
investments 81.5 % 81.1 %
Weighted average spread over base rate of
all floating rate debt investments 5.3 % 5.4 %
Weighted average total yield of accruing
debt and income-producing securities at
fair value 9.5 % 9.6 %
Weighted average total yield of accruing
debt and income-producing securities at
cost 9.2 % 9.5 %
Percentage of investments on non-accrual
of the portfolio at fair value 0.1 % 0.2 %
PORTFOLIO AND INVESTMENT ACTIVITY
For the three months ended March 31, 2026, new investment commitments totaled $1.7 billion across 14 new portfolio companies and 12 existing portfolio companies. For the three months ended December 31, 2025, new investment commitments were $2.3 billion across 25 new portfolio companies and 15 existing portfolio companies.
For the three months ended March 31, 2026, the principal amount of new investments funded totaled $1.3 billion and aggregate principal amount of sales and repayments was $1.1 billion. For the three months ended December 31, 2025, the principal amount of new investments funded totaled $1.7 billion and aggregate principal amount of sales and repayments was $0.9 billion.
For the Three Months Ended March 31,
-----------------------------------------
($ in thousands) 2026 2025(4)
------------------- --------------------
New investment commitments:
Gross originations $ 1,700,654 $ 823,820
Less: Sell downs (11,389) (4,217)
------------------- --------------------
Total new investment commitments $ 1,689,265 $ 819,603
------------------- --------------------
Principal amount of new
investments funded:
First-lien senior secured debt
investments $ 1,009,602 $ 500,188
Second-lien senior secured debt
investments -- 2,900
Unsecured debt investments 629 138,285
Specialty finance debt
investments -- 3,266
Preferred equity investments 51,482 --
Common equity investments 19,695 9,519
Specialty finance equity
investments 200,615 10,049
Joint venture investments (243) 274
------------------- --------------------
Total principal amount of new
investments funded $ 1,281,780 $ 664,481
------------------- --------------------
Drawdowns (repayments) on
revolvers and delayed draw term
loans, net $ 113,233 $ 31,903
------------------- --------------------
Principal amount of investments
sold or repaid:
First-lien senior secured debt
investments(1) $ (969,114) $ (406,251)
Second-lien senior secured debt
investments (10,833) (21,000)
Unsecured debt investments (30,590) (141,472)
Specialty finance debt
investments -- --
Preferred equity investments (36,280) (3,887)
Common equity investments (15,316) (50,006)
Specialty finance equity
investments (49,000) (18,391)
Joint venture investments -- --
------------------- --------------------
Total principal amount of
investments sold or repaid $ (1,111,133) $ (641,007)
------------------- --------------------
Number of new investment
commitments in new portfolio
companies(2) 14 12
Average new investment commitment
amount in new portfolio
companies $ 51,242 $ 26,674
Weighted average term for new
investment commitments (in
years) 5.8 6.5
Percentage of new debt investment
commitments at floating rates 100.0 % 83.4 %
Percentage of new debt investment
commitments at fixed rates -- % 16.6 %
Weighted average interest rate of
new investment commitments(3) 8.4 % 8.4 %
Weighted average spread over
applicable base rate of new debt
investment commitments at
floating rates 4.9 % 5.2 %
(1) Includes scheduled paydowns.
(2) Number of new investment commitments represents commitments to a
particular portfolio company.
(3) Assumes each floating rate commitment is subject to the greater of the
interest rate floor (if applicable) or 3-month SOFR, which was 3.68% and
4.29% as of March 31, 2026 and 2025, respectively.
(4) On March 24, 2025, in connection with the Mergers, OTF acquired
investments of $5.56 billion from OTF II and assumed unfunded loan
commitments totaling $754.9 million, which are excluded from the table
above. The investments acquired consisted of 129 portfolio companies, 32
of which were not previously held by us. For additional information see
Note 13 - Merger with Blue Owl Technology Finance Corp. II on Form 10-Q.
RESULTS OF OPERATIONS FOR THE FIRST QUARTER ENDED MARCH 31, 2026
Investment Income
Investment income modestly increased to $326 million for the three months ended March 31, 2026 from $321 million for the three months ended December 31, 2025, primarily driven by increased interest income from an increase in portfolio size driven by net fundings during the period, partially offset by the impact of lower base rates on floating-rate assets. Other income remained relatively consistent period-over-period. The Company expects that investment income will vary based on a variety of factors including the pace of originations and repayments.
Expenses
Total operating expenses decreased to $153 million for the three months ended March 31, 2026 from $195 million for the three months ended December 31, 2025, primarily due to a reversal of capital gains incentive fees from mark-to-market movement, while interest expense stayed stable as lower base rates lowered the average cost of debt for financing costs related to credit facilities offset by a higher average outstanding debt balance. As a percentage of total assets, professional fees, directors' fees and other general and administrative expenses, excluding listing advisory fees, remained relatively consistent period-over-period.
Liquidity and Capital Resources
As of March 31, 2026, the Company had $488 million in cash, $7.0 billion in total principal value of debt outstanding, including $2.5 billion of unsecured notes and $1.8 billion of undrawn capacity(1) on the Company's credit facilities. The funding mix was composed of 64.2% secured and 35.8% unsecured borrowings as of March 31, 2026 on an outstanding basis. The Company was in compliance with all financial covenants under its credit facilities as of March 31, 2026. The Company has analyzed cash and cash equivalents, availability under its credit facilities, the ability to rotate out of certain assets and amounts of unfunded commitments that could be drawn and believes its liquidity and capital resources are sufficient to take advantage of market opportunities.
CONFERENCE CALL AND WEBCAST INFORMATION
Conference Call Information:
The conference call will be broadcast live on May 7, 2026 at 11:30 a.m. Eastern Time on the News & Events section of OTF's website at www.blueowltechnologyfinance.com. Please visit the website to test your connection before the webcast. To pre-register for the call, please use the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=0kGfFIja. Please visit the website to test your connection before the webcast.
Participants are also invited to access the conference call by dialing one of the following numbers:
-- Domestic: (877) 407-8629 -- International: +1 (201) 493-6715
All callers will need to reference "Blue Owl Technology Finance Corp." once connected with the operator. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected.
Replay Information:
An archived replay will be available via a webcast link located on the News & Events section of OTF's website for one year, and via the dial-in numbers listed below for 14 days:
-- Domestic: (877) 660-6853 -- International: +1 (201) 612-7415 -- Access ID: 13757814 (1) Reflects undrawn debt, which is based on committed debt less debt outstanding as of 3/31/2026, and may not reflect the amount currently available due to borrowing base restrictions.
ABOUT BLUE OWL TECHNOLOGY FINANCE CORP.
Blue Owl Technology Finance Corp. (NYSE: OTF) is a specialty finance company focused on making debt and equity investments to U.S. technology-related companies, with a strategic focus on software. As of March 31, 2026, OTF had investments in 203 portfolio companies with an aggregate fair value of $14.1 billion. OTF has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. OTF is externally managed by Blue Owl Technology Credit Advisors LLC, an SEC-registered investment adviser that is an indirect affiliate of Blue Owl Capital Inc. ("Blue Owl") (NYSE: OWL) and part of Blue Owl's Credit platform.
Certain information contained herein may constitute "forward-looking statements" that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about OTF, its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions. Words such as "anticipates," "expects, " "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "outlook, " "potential," "predicts" and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond OTF's control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors identified in OTF's filings with the SEC. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date on which OTF makes them. OTF does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.
INVESTOR CONTACTS
Investor Contact:
BDC Investor Relations
Michael Mosticchio
credit-ir@blueowl.com
Media Contact:
media@blueowl.com
FINANCIAL HIGHLIGHTS
For the Three Months Ended
($ in thousands, except December 31,
per share amounts) March 31, 2026 2025 March 31, 2025
--------------- --------------- ---------------
Investments at fair
value $ 14,068,239 $ 14,286,039 $ 12,070,858
Total assets $ 14,868,606 $ 14,715,011 $ 13,219,010
Net asset value per
share $ 16.49 $ 17.33 $ 17.09
GAAP results:
Total investment income $ 325,940 $ 320,575 $ 182,817
Net investment income $ 171,311 $ 123,813 $ 97,332
Net increase (decrease)
in net assets
resulting from
operations $ (219,891) $ 205,817 $ 78,132
Capital gains incentive
fee expense (benefit)
per share $ (0.08) $ 0.03 $ (0.01)
GAAP per share results:
Net investment income $ 0.37 $ 0.26 $ 0.41
Net realized and
unrealized gains
(losses) $ (0.84) $ 0.18 $ (0.08)
Net increase (decrease)
in net assets
resulting from
operations $ (0.47) $ 0.44 $ 0.33
Capital gains incentive
fee expense (benefit)
per share $ (0.08) $ 0.03 $ (0.01)
Non-GAAP per share
financial
measures(1)(2) :
Adjusted net investment
income $ 0.29 $ 0.30 $ 0.41
Adjusted net increase
(decrease) in net
assets resulting from
operations $ (0.56) $ 0.47 $ 0.33
Weighted average yield
of accruing debt and
income producing
securities at fair
value 9.5 % 9.6 % 10.6 %
Weighted average yield
of accruing debt and
income producing
securities at
amortized cost 9.2 % 9.5 % 10.6 %
Percentage of debt
investments at
floating rates 96.3 % 96.2 % 97.2 %
(1) See Non-GAAP Financial Measures for a description of the non-GAAP measures
and the reconciliations from the most comparable GAAP financial measures to
the Company's non-GAAP measures, including on a per share basis. The Company's
management utilizes these non-GAAP financial measures to internally analyze
and assess financial results and performance. These measures are also
considered useful by management as an additional resource for investors to
evaluate the Company's ongoing results and trends, as well as its performance,
excluding non-cash income and expenses. The presentation of non-GAAP measures
is not intended to be a substitute for financial results prepared in
accordance with GAAP and should not be considered in isolation.
(2) Adjusted to exclude any change in capital gains incentive fees accrued but
not payable. These fees are related to cumulative unrealized gains in excess
of cumulative net realized gains less any cumulative unrealized losses, less
capital gains incentive fees paid inception to date.
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(Amounts in thousands, except share and per share amounts)
As of March 31, 2026
(Unaudited) As of December 31, 2025
---------------------- ------------------------
Assets
Investments at fair value
Non-controlled,
non-affiliated
investments (amortized
cost of $13,420,277 and
$13,262,010,
respectively) $ 13,057,271 $ 13,363,077
Non-controlled,
affiliated investments
(amortized cost of
$866,787 and $736,415,
respectively) 778,795 692,202
Controlled, affiliated
investments (amortized
cost of $128,545 and
$128,788, respectively) 232,173 230,760
---------------------- ------------------------
Total investments at fair
value (amortized cost of
$14,415,609 and
$14,127,213,
respectively) 14,068,239 14,286,039
Cash (restricted cash
of $-- and $--,
respectively) 487,336 282,257
Foreign cash (cost of $878
and $709, respectively) 827 667
Interest and dividend
receivable 99,571 88,553
Receivable from a
controlled affiliate 693 720
Prepaid expenses and
other assets 211,940 56,775
---------------------- ------------------------
Total Assets $ 14,868,606 $ 14,715,011
====================== ========================
Liabilities
Debt (net of unamortized
debt issuance costs of
$86,197 and $84,123,
respectively) $ 6,904,332 $ 6,288,200
Distribution payable 184,579 185,749
Management fee payable 54,018 48,556
Incentive fee payable 28,119 68,085
Payables to affiliates 2 64
Payable for investments
purchased 4,287 3,006
Accrued expenses and
other liabilities 87,816 79,753
---------------------- ------------------------
Total Liabilities $ 7,263,153 $ 6,673,413
====================== ========================
Commitments and
contingencies(1)
Net Assets
Common shares $0.01 par
value, 1,000,000,000
shares authorized;
461,123,693 and
464,047,623 shares issued
and outstanding,
respectively $ 4,611 $ 4,640
Additional
paid-in-capital 7,514,237 7,573,712
Total accumulated
undistributed earnings 86,605 463,246
---------------------- ------------------------
Total Net Assets 7,605,453 8,041,598
---------------------- ------------------------
Total Liabilities and
Net Assets $ 14,868,606 $ 14,715,011
====================== ========================
Net Asset Value Per
Share $ 16.49 $ 17.33
====================== ========================
(1) Refer to 10-Q Note 8 "Commitments and Contingencies".
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share amounts)
Three Months Ended March 31,
---------------------------------------
2026 2025
------------------- ------------------
Investment Income
Investment income from
non-controlled, non-affiliated
investments:
Interest income $ 268,322 $ 143,358
Payment-in-kind ("PIK") interest
income 24,057 15,281
Dividend income 525 --
PIK dividend income 14,344 8,400
Other income 3,176 4,639
------------------- ------------------
Total investment income from
non-controlled, non-affiliated
investments 310,424 171,678
------------------- ------------------
Investment income from
non-controlled, affiliated
investments:
Interest income 1,029 621
PIK interest income 778 1,176
Dividend income 9,627 6,153
PIK dividend income 3,367 3,083
Other income 22 51
------------------- ------------------
Total investment income from
non-controlled, affiliated
investments 14,823 11,084
------------------- ------------------
Investment income from controlled,
affiliated investments:
------------------- ------------------
Dividend income 693 55
------------------- ------------------
Total investment income from
controlled, affiliated
investments 693 55
------------------- ------------------
Total Investment Income 325,940 182,817
------------------- ------------------
Operating Expenses
Interest expense $ 103,825 $ 51,686
Management fees, net(1) 53,913 15,876
Performance based incentive fees (10,685) 9,441
Professional fees 2,741 3,368
Directors' fees 274 259
Other general and administrative 3,286 1,503
------------------- ------------------
Total Operating Expenses 153,354 82,133
------------------- ------------------
Net Investment Income (Loss) Before
Taxes 172,586 100,684
Income tax expense (benefit),
including excise tax expense
(benefit) 1,275 3,352
------------------- ------------------
Net Investment Income (Loss) After
Taxes 171,311 97,332
Net Realized and Change in
Unrealized Gain (Loss)
Net change in unrealized gain
(loss):
Non-controlled, non-affiliated
investments $ (448,584) $ (19,985)
Non-controlled, affiliated
investments (43,775) (759)
Controlled, affiliated
investments 1,656 2
Translation of assets and
liabilities in foreign currencies
and other transactions (3,659) 1,074
Income tax (provision) benefit 79 (795)
------------------- ------------------
Total Net Change in Unrealized Gain
(Loss) (494,283) (20,463)
------------------- ------------------
Net realized gain (loss):
Non-controlled, non-affiliated
investments $ 123,823 $ 1,847
Non-controlled, affiliated
investments (23,156) --
Foreign currency transactions 2,414 (584)
------------------- ------------------
Total Net Realized Gain (Loss) 103,081 1,263
------------------- ------------------
Total Net Realized and Change in
Unrealized Gain (Loss) $ (391,202) $ (19,200)
------------------- ------------------
Net Increase (Decrease) in Net
Assets Resulting from Operations $ (219,891) $ 78,132
=================== ==================
Earnings Per Share - Basic and
Diluted $ (0.47) $ 0.33
=================== ==================
Weighted Average Shares Outstanding
- Basic and Diluted 464,266,454 235,351,119
=================== ==================
(1) Refer to "Note 3 -- Agreements and Related Party Transactions" for
additional details on management fee waiver.
NON-GAAP FINANCIAL MEASURES
On a supplemental basis, the Company is disclosing certain adjusted financial measures, each of which is calculated and presented on a basis of methodology other than in accordance with GAAP ("non-GAAP"). The Company's management utilizes these non-GAAP financial measures to internally analyze and assess financial results and performance. These measures are also considered useful by management as an additional resource for investors to evaluate the Company's ongoing results and trends, as well as its performance, excluding non-cash income and expenses. The presentation of non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.
-- "Adjusted Net Investment Income" and "Adjusted Net Investment Income Per
Share": represent net investment income, excluding any change in capital
gains incentive fees accrued but not payable. These fees are related to
cumulative unrealized gains in excess of cumulative net realized gains
less any cumulative unrealized losses, less capital gains incentive fees
paid inception to date.
-- "Adjusted Net Increase (Decrease) in Net Assets Resulting from
Operations" and "Adjusted Net Increase (Decrease) in Net Assets Resulting
from Operations Per Share": represent net income, excluding any change in
capital gains incentive fees accrued but not payable.
The following table provides a reconciliation of net investment income (the most comparable U.S. GAAP measure) to adjusted net investment income for the periods presented:
For the Three Months Ended
($ in millions,
except per share
amounts) March 31, 2026 December 31, 2025 March 31, 2025
---------------- ------------------------- ------------------------- --------------------------
Amount Per Share Amount Per Share Amount Per Share
----------- ------------ ----------- ------------ ------------ ------------
Net investment
income $ 171 $ 0.37 $ 124 $ 0.26 $ 97 $ 0.41
Plus: Change in
capital gains
incentive fees
accrued but
not payable (39) (0.08) 14 0.03 (1) (0.01)
----------- ------------ ----------- ------------ ------------ ------------
Adjusted net
investment
income(1) $ 133 $ 0.29 $ 138 $ 0.30 $ 96 $ 0.41
The following table provides a reconciliation of net increase (decrease) in net assets resulting from operations (the most comparable U.S. GAAP measure, or net income) to adjusted net increase (decrease) in net assets resulting from operations (or adjusted net income) for the periods presented:
For the Three Months Ended
($ in millions,
except per share
amounts) March 31, 2026 December 31, 2025 March 31, 2025
---------------- -------------------------- ------------------------- --------------------------
Amount Per Share Amount Per Share Amount Per Share
------------ ------------ ----------- ------------ ------------ ------------
Net increase
(decrease) in
net assets
resulting from
operations $ (220) $ (0.47) $ 206 $ 0.44 $ 78 $ 0.33
Plus: Change in
capital gains
incentive fees
accrued but
not payable (39) (0.08) 14 0.03 (1) (0.01)
------------ ------------ ----------- ------------ ------------ ------------
Adjusted net
increase
(decrease) in
net assets
resulting from
operations(1) $ (259) $ (0.56) $ 220 $ 0.47 $ 77 $ 0.33
(1) Totals may not sum due to rounding.
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SOURCE Blue Owl Technology Finance Corp.
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May 06, 2026 16:16 ET (20:16 GMT)