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Blue Owl Technology Finance Corp. (“OTF”) Overview of Intention to List on the New York Stock Exchange June 3, 2025 Highly Confidential. Trade Secret.
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2PROPRIETARY AND CONFIDENTIAL Blue Owl Technology Finance Corp. intends to list its shares on the New York Stock Exchange on or about June 12, 2025 under the ticker symbol “OTF” The listing is expected to bring the largest technology-focused BDC1 to the public market in a simple, streamlined way
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3PROPRIETARY AND CONFIDENTIAL We expect the company’s shares to start trading on the New York Stock Exchange on or about June 12, 2025 under the ticker “OTF” See endnotes for additional information. Listing Summary Company Name (Exchange: Ticker) o Blue Owl Technology Finance Corp. (NYSE: OTF) Net Asset Value (NAV) & Implied Market Capitalization o Net asset value per share of $17.09 as of March 31, 2025 o Implies a market capitalization of $7.9 billion1 Initial Float & Shares Outstanding o Initial float: 23,256,814 shares (~$400 million2 or ~5% of shares outstanding) o Shares outstanding: 465,126,5833 Share Repurchase Program o Board has authorized a share repurchase program of up to $200 million that may be purchased at management’s discretion from time to time in open-market transactions Dividends o Regular dividend of $0.35 per share4 for shareholders of record as of June 30, 2025, payable on or before July 15, 2025 o Five special dividends of $0.05 per share4 payable quarterly starting in Q3’25 o Estimated 9.4% annualized dividend yield5 starting in Q3’25 through Q3’26 Existing Investor Lock-Ups o OTF Charter dictates 100% share lock-up at a liquidity event o Lock-up waived on 5% of each shareholder position at listing o Lock-ups expire on one third of remaining position at each of 180 days, 270 days, and 365 days post-listing Fee Structure o Management fee: 1.50% on gross assets up to 1.0x debt-to-equity, reduced to 1.00% on all assets financed using leverage over 1.0x debt-to-equity6 o Incentive fee: 17.5% and 6.0% hurdle Expense Support o $5.0 million of fees and expenses associated with the listing will be reimbursed by OTF's adviser, Blue Owl Technology Credit Advisors LLC
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4PROPRIETARY AND CONFIDENTIAL Anticipated Listing Timeline Listing provides existing shareholders with continued opportunity for attractive risk-adjusted returns while enhancing liquidity over time, consistent with manager commitment at inception June 12 Anticipated listing date NYSE: OTF Early August Q2’25 earnings announcement Investor FAQ and other resources available at www.blueowltechnologyfinance.com September 30 Q3’25 dividend record date June August June 3 Announced intention to list on NYSE Announced Q2’25 regular dividend of $0.35/share Announced five special dividends of $0.05/share September June 30 Q2’25 dividend record date September 22 Special dividend #1 record date
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5PROPRIETARY AND CONFIDENTIAL See endnotes for additional information. A Defensive Portfolio In Times of Market Volatility • Borrowers have generally continued to see EBITDA and revenue growth • Majority of investments are based in the United States and primarily serve domestic customers, limiting exposure to international trade disruptions • As a result, credit quality remains resilient, even against an evolving economic backdrop • Stabilization of rate environment may further bolster borrower performance • BDCs have generated strong returns over the past several years as the private credit market continues to grow • Sector continues to produce strong returns despite market volatility • Expect dispersion among BDCs, but believe fundamental performance of large, high-quality managers will remain resilient • Despite macroeconomic concerns, trading levels are relatively healthy, with most large BDCs trading at or around book value • The BDC sector trades at 0.99x 1 P/NAV, which is above their five- year average of 0.96x 1 • Potential equity upside for BDCs that continue to deliver strong credit performance and attractive risk-adjusted returnsWe believe OTF is well-positioned for success in this environment due to its scaled and diversified portfolio, strong earnings profile and excellent credit performance BDCs Remain Resilient Opportunity for High-Quality PortfoliosHealthy Borrower Performance
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6PROPRIETARY AND CONFIDENTIAL Past performance is not a guarantee of future results. See endnotes for additional information. • Primarily focused on making debt and equity investments to U.S. upper middle-market technology-related companies, with a strategic focus on software • Highly diversified portfolio of large borrowers with low loan- to-values weighted towards non-cyclical, defensive industries • Access to the growth of market-leading software business that seeks to deliver a lower risk profile Investment Approach Managed by Blue Owl • Leverage the sourcing, underwriting and risk management capabilities across Blue Owl’s $139 billion Credit platform • Credit platform has 130+ direct lending investment professionals including 35+ dedicated technology investment professionals in New York and Menlo Park • Extensive network of 800+ financial sponsor relationships, as well as relationships with banks, advisors and companies • Large deal funnel allows for higher degree of selectivity when considering investment opportunities, closing only ~5% of all transactions reviewed • Average annual net loss rate of 8 basis points since inception of direct lending business in 2016 1 PORTFOLIO ASSET MIX DEBT PORTFOLIO YIELD3 LEVERAGE5 ESTIMATED DIVIDEND YIELD2 TICKER NAV CREDIT RATINGS7 TRACK RECORD6 $12.1 billion across 181 portfolio companies 81% senior secured 78% first-lien investments 97% floating rate debt investments 10.6% 0.53x debt to equity 9.4% annualized dividend yield (including previously declared special dividends) NYSE: OTF $7.9 billion Baa3 (stable) Moody’s BBB- (stable) S&P BBB- (stable) Fitch BBB (stable) KBRA 18 bps net gains since inception OTF Highlights CREDIT QUALITY4 <0.1% of investments on non-accrual; 92% 1- and 2-rated investments Blue Owl Technology Finance Corp. (“OTF”) Largest technology-focused BDC by total assets upon listing
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7PROPRIETARY AND CONFIDENTIAL A Compelling Investment Opportunity Blue Owl: Proven Technology Investors Purpose-Built Software Lending Strategy Market Leading BDC: Blue Owl Technology Finance Corp. Blue Owl’s leading Credit platform provides OTF with significant benefits: • Broad origination capabilities and sector expertise in technology supported by deeply experienced team • Robust sourcing pipeline driven by extensive network of sponsor, bank and advisor relationships • Deep pool of existing borrowers and sponsor relationships drive deal flow • A partner of choice – ability to lead and hold large investments • Rigorous underwriting and robust monitoring procedures Investing in leading technology firms with durable characteristics: • Technology lending is a private credit strategy that presents a unique access point to a rapidly growing segment of the private markets ecosystem • Portfolio companies are typically market-leaders that provide mission-critical services • Software companies inherently possess defensive characteristics including highly recurring revenues and strong free cash flow potential • Investments are diversified by a range of end markets We believe OTF is the right vehicle for investing in technology-focused private credit with a compelling structure designed for income-focused investors including: • Strong portfolio metrics • Diversified portfolio by asset class and industry • Stable and attractive dividend profile • Scaled and unique technology strategy with proven track record of delivering attractive risk- adjusted returns
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About Blue Owl, a Leading Global Alternative Asset Manager
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9PROPRIETARY AND CONFIDENTIAL OTF is Managed by Blue Owl, A Leading Alternative Asset Manager Blue Owl’s scale and size provide private companies with investment solutions to help drive long-term growth $139.2B $67.0B $67.1B $273B AUM Credit GP Strategic Capital Real Assets • Blue Owl offers investors differentiated investment opportunities that aim to deliver strong performance, risk-adjusted returns and capital preservation • Credit platform is a partner of choice for private equity-sponsored, middle- and upper-middle market companies seeking creative, customized financing across the capital structure • GP Strategic Capital has been at the forefront of providing innovative long- term minority equity and financing solutions for more than a decade • Real Assets strategy is a leader in net lease, offering flexible and bespoke capital solutions to investment-grade and creditworthy tenants Firm Overview
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10PROPRIETARY AND CONFIDENTIAL BDCs make up 58% of Blue Owl’s Credit platform AUM and technology lending represents a meaningful segment of that AUM Past performance is not a guarantee of future results. See endnotes for additional information. Blue Owl Manages a Market Leading Credit Business Our BDCs provide a growing permanent capital base, allowing us to benefit from significant scale and remain active in the market across all environments Our Credit Business Today - $139bn AUM Diversified Lending Technology Lending First Lien Lending Opportunistic Lending Alternative Credit Investment Grade Credit Liquid Credit Other Strategies3 Strategy Commenced 2016 2018 2018 2020 2024 2024 20152 2023 AUM $69.6bn $25.0bn $4.7bn $2.3bn $10.4bn $17.7bn $7.1bn $2.3bn BDCs (AUM) OBDC ($21.5bn), OBDC II ($2.4bn), OCIC ($34.2bn) OTF ($16.5bn 1), OTIC ($6.7bn) - - - - - -
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11PROPRIETARY AND CONFIDENTIAL Past performance is not a guarantee of future results. BDCs Broader Blue Owl Platform Adjacent Credit Strategies • Real Assets – Triple Net Lease • Real Assets – Data Centers • GP Strategic Capital • Alternative Credit • Liquid Credit • First Lien Lending • Opportunistic Lending • Investment Grade Credit • Flexibility to invest across the capital structure – senior, junior and equity Blue Owl Direct Lending Platform By the Numbers Blue Owl’s Scale and Adjacent Credit Strategies Can Drive Attractive Origination Opportunities and Significant Deal Flow 800+ $156B 10,500+ 710+ 610+ 65%+ 90%+ Sponsor Relationships Gross Originations Since Inception Transactions Reviewed Transactions Completed Portfolio Companies Agent on Transactions Lead or Co- Lead on Transactions
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12PROPRIETARY AND CONFIDENTIAL Why Sponsors and Companies Like To Work With Blue Owl “Sponsor Backing Helps Borrowers Better Weather Tough Macro Periods.” Robert Dodd Why do sponsors like working with Blue Owl? Our team, scale and approach are competitive advantages in our ability to partner with high-quality sponsors and select the deals we want at the terms we like TeamTeamTeam • Deeply experienced direct lending team of 130+ investment professionals with 35+ dedicated technology investors • Team of senior originators responsible for consistent day- to-day sponsor coverage efforts • Extensive senior-level relationships with sponsors and other direct lenders creates enhanced sourcing through multiple touchpoints Approach • Relationship-oriented approach with significant involvement from senior management through the investment process • Single investment strategy creates operational synergies • Ability to move quickly and with transparency provides certainty of execution to sponsors • Significant dry powder allows us to provide scaled financing solutions, commit to full capital structures and support future capital needs of borrowers • Large deal funnel allows for higher degree of selectivity when considering investment opportunities • An investment approach that allows Blue Owl to provide flexible, customized solutions to borrowers Scale
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Unique and Market-Leading Technology Strategy
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14PROPRIETARY AND CONFIDENTIAL Past performance is not a guarantee of future results. See endnotes for additional information. Blue Owl Technology Lending by the Numbers Experienced Investors with Deep Domain Expertise Dedicated Pools of Permanent Capital Highly Diversified Portfolio Robust Originations with Highly Selective Deployment 130+ Investment Professionals 35+ Technology-Focused Investors 2 Offices in New York and Menlo Park $25B Technology Specific AUM $16.5B OTF AUM1 $6.7B OTIC AUM 181 Portfolio Companies 31% Average Net LTV Ratio2,3 $251M Weighted Average EBITDA2 Compelling Investor Experience ~5% Transactions Closed 90%+ Co-Lead or Lead on Transactions 16%+ NAV Growth Since Inception 18 bps Net Gains Since Inception4 61%+ Total Return Since Inception5 2018 Blue Owl Technology Strategy Inception $32B Gross Originations
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15PROPRIETARY AND CONFIDENTIAL Past performance is not a guarantee of future results. All investments involve risk including potential loss of principal. There is no guarantee that these investment objectives wi ll be achieved. Liquidity is not guaranteed. References to “downside protection” or similar language are not guarantees against loss of investment capital or value. Please refer to offering documents when and as available. Blue Owl Technology Strategy Overview Investment Mandate • Maximize total return by generating current income from debt investments and other income producing securities, and capital appreciation from our equity and equity-linked investments • Construct a diversified portfolio with differentiated exposure to technology companies • Focus on downside protection and the return of principal Portfolio Construction • Portfolio targets 0.5-1.5% position sizes comprised of senior secured loans (and, to a lesser extent, yield-enhanced securities) to companies that: – Are diversified by end markets – Generate significant free cash flow – Provide mission critical services and products that are crucial elements of business workflows Multiple Return Streams • Seeks to generate income and capital appreciation through multiple sources, including: – Income from debt securities – Income and potential for capital appreciation from equity investments Prudent approach to portfolio construction and management while generating consistent returns
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16PROPRIETARY AND CONFIDENTIAL A largely untapped investment opportunity with meaningful long-term tailwinds The Technology Investing Opportunity Overview Select technology sub-sectors include Software represents Blue Owl’s highest conviction area for investment Diversified Across All Industries Growing Rapidly, But Difficult to Access Provides Income Generation and Downside Protection Enterprise software businesses service every industry and sector across the economy Trend of digitization is creating new market leaders, but options to invest remain limited for individuals The business model of enterprise software companies has inherent lender-friendly characteristics IT Services Hardware Devices Semiconductors Software Blue Owl’s Focus
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17PROPRIETARY AND CONFIDENTIAL Several factors contribute to a growing opportunity set See endnotes for additional information. Software Is Ubiquitous Secular Digitalization Trend… …Drives Significant Value in the Broader Technology Sector Software is a $1T+ market that has grown at a 15% CAGR since 2015 Software underpins much of the value of the broader IT space 8.8% 22.3% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E Software Other Software % Total Tech Spend Global IT Spend ($B)1 Global Technology Market Cap2 38% Software ~$35T Global Technology Market Capitalization
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18PROPRIETARY AND CONFIDENTIAL 4.9% 2.6% 1.1% All Industries Technology Software Past performance is not a guarantee of future results. All investments involve risk including potential loss of principal. See endnotes for additional information. Technology and Software Debt Has Been Historically Resilient Across Multiple Cycles Software is … a stable sector with low correlation with economic cycles fundamental to business operations during recessions, recoveries and expansion mission-critical with highly recurring revenues and high switching costs due to the embedded nature of software Cumulative Share of Defaults by Industry1 (Since 1998) Due to these favorable dynamics, software offers a lower share of defaults since 1998 2 3
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19PROPRIETARY AND CONFIDENTIAL Blue Owl invests in established companies with proven track records, attractive cash flow dynamics and favorable attributes Where Blue Owl Technology Lives Blue Owl’s Focus Seed Stage Series A Series B Series C and Beyond Pre-IPO Post-IPO or Acquisition Very early-stage startups, typically pre-revenue Early-stage venture capital funded startups Early-stage venture capital funded startups Established companies seeking capital to scale Large, established companies Stages of Technology Investing Seed Stage Series A Series B Series C and Beyond Pre-IPO Post-IPO or Acquisition OTF Portfolio Characteristics $251M Weighted Average EBITDA1 31% Net LTV2 1.8x Interest Coverage Ratio ~93% Sponsor-Backed3 $880M Weighted Average Revenue1 Focus on larger size businesses, supported by strong equity cushion and interest coverage 81% Senior Secured 97% Floating Rate 181 Portfolio Companies 0.6% Average Position Size $12B+ Portfolio Size Top of the capital structure and floating rate oriented with borrower diversification:
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20PROPRIETARY AND CONFIDENTIAL Software Is Not A Sector: Underlying Exposure Diversified Across End User Industries Software investing can span a wide range of products and end markets with uncorrelated business drivers Payments Representative Software Industries and End Markets Horizontal Software Serving Multiple Sectors Vertical Software Serving Specific Sectors Application Software Systems Software Healthcare Insurance Real Estate Financial Services Sports, Media, Entertainment Government Marketing Financial Services Mobile Healthcare Nonprofit Hardware Big Data Cyber Security Construction Transportation Insurance Managed Services Hospitality Energy Education Real Estate Social Media Telecom E-Commerce Recruitment/HR Legal Automotive Applications Includes select unrealized and realized technology-related investments made by Credit. Information is provided to illustrate the breadth of technology-related transactions across the Credit platform.
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21PROPRIETARY AND CONFIDENTIAL What Do We Look For In Our Technology Investments? Defensively Positioned Highly Recurring Revenue Base Strong revenue visibility and predictability due to 1- to 3-year contracts Recession Resilience Mission-criticality increases recession resilience (i.e., systems of record, data integration) Diverse Customer Base Lower customer concentration Attractive Credit Profiles Strong Free Cash Flow Potential (At Scale) Negative working capital dynamics and low capex requirements Strong KPIs Lower LTVs, high revenue retention, high gross margin and stable sales efficiency Attractive Unit Economics High customer lifetime value with respect to cost of acquisition Market-Leaders in Sector Market Leader in Attractive Verticals Sustainable, scaled leadership position in a growing market Mission Critical Solutions with High Switching Costs Highly embedded solutions fundamental to key workflows Strong Historical Growth Demonstrated track record of growth and continued market penetration
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22PROPRIETARY AND CONFIDENTIAL OTF focuses on senior secured investments while opportunistically investing in other parts of the capital structure For illustrative purposes only. Portfolio Construction: How OTF Approaches Asset Mix Current Portfolio Mix Target Portfolio Mix OTF’s Senior Secured Portfolio $880M Weighted Average Annual Revenue1 $5.3B Weighted Average Enterprise Value1 31% Weighted Average LTV1,2 $251M Weighted Average Annual EBITDA1 5.7% Average Spread on Sr. Secured Investments ~85% 10-15% 2-5% Senior Secured Unsecured, Preferred Equity, Common Equity Joint Ventures 81% 19% <1% Senior Secured Unsecured, Preferred Equity, Common Equity Joint Ventures
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23PROPRIETARY AND CONFIDENTIAL Over the last few years, recurring revenue lending has gradually become a meaningful part of the direct lending market, driven by strong deal activity in the software space Focus on Recurring Revenue Loans • A loan made to a company that may not be currently EBITDA positive because it has made a strategic decision to postpone profitability in favor of acquiring customers that will generate a high lifetime value over time • Fast-growing businesses with a highly stable base of existing customers, strong revenue visibility and attractive unit economics • Attractive credit characteristics including covenant protections, lower loan- to-values and premium pricing as compared to a typical direct loan • Growing SaaS companies may not yet be generating cash flows but have attractive business attributes and long-term prospects • Regulatory lending guidelines limit bank participation and strict rating guidelines generally preclude CLOs from meaningfully participating in ARR deals • Many of the high growth technology companies are not optimized for cash flow generation due to strategic decisions to forgo profitability in favor of adding company resources, building market share and acquiring customers with favorable lifetime value What is a recurring revenue (“ARR”) loan? Why does Blue Owl generally like ARR investments? What is the problem that Blue Owl is solving? Difference between ARR and traditional financing opportunities? Frequently Asked Questions OTF’s Recurring Revenue Portfolio 6.5% Average Spread on ARR Investments $3B+ Weighted Average Equity Cushion2 21% Weighted Average LTV2,3 $589M Weighted Average LQA ARR2 20% Total OTF ARR Exposure1
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24PROPRIETARY AND CONFIDENTIAL Majority of OTF’s preferred equity investments are to large companies focused on downside protection of invested capital Preferred Equity Snapshot Flexible Structures OTF’s Preferred Equity Investments 5.9x Average Detachment Point2,3 $766M Weighted Average Revenue2 12.4% Average Yield on Preferred4 $275M Weighted Average EBITDA2 8% Total OTF Exposure1 Equity Appreciation • Potential for upside through conversion rights or other similar features • Income generation with long-term capital gain opportunities Downside Protection • Structural protections and strong investor rights designed to protect invested capital • Low detachment point and scale of company offer downside protection Incremental Return • Excess return potential through higher yielding preferred equity investments • Investment structures and terms that meet the specific needs of companies Flexible Structures
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25PROPRIETARY AND CONFIDENTIAL Payment-in-Kind (“PIK”) as a Strategy 96% of OTF’s PIK income was from investments that were intentionally structured at underwrite and not implemented retroactively due to credit underperformance Structured at Origination (96%) Contractual interest that typically forms part (25-50%) of overall coupon for a senior secured loan over a temporary period (1-2 years) Amended After Origination (4%) Implemented after origination to relieve liquidity pressure on a business and often on the condition of incremental equity support by PE sponsor Why Does Blue Owl Structure PIK at Origination? Selectively offer PIK flexibility with the intent of achieving a premium return for our investors and to help us competitively attract high-quality borrowers through customization Types of Companies Blue Owl Will Offer PIK to at Origination PIK investments are often made in businesses with larger enterprise values and primarily consist of 1st lien senior secured loans, with outsized equity positions beneath our capital How Does Blue Owl Structure PIK at Origination? Generally provide the borrower with a temporary option (1-2 years) to utilize PIK and leveraging the option triggers a step- up in pricing, enhancing our total return. Once the temporary PIK period ends, the position converts to all cash pay PIK Characteristics Summarizing OTF’s PIK Investments Historical OTF PIK Income1 Blue Owl’s selective PIK strategy supports strong borrowers and shareholder returns 18.7% 17.2% 18.3% 16.0% 14.9% 12.4% FY 2023 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25
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A Leading Software BDC: Blue Owl Technology Finance Corp.
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27PROPRIETARY AND CONFIDENTIAL Past performance is not a guarantee of future results. See endnotes for additional information. OTF to List as the Largest Technology-Focused BDC1 Access to a Scaled and Highly Diversified Portfolio o OTF will become the second largest publicly traded BDC by net assets upon listing: $7.9bn in net assets and $12.1bn in investments across 181 portfolio companies o Significant portfolio diversification: average position size of 0.6% o Larger borrowers: we primarily focus on larger borrowers that we believe will be well positioned to withstand uncertainty and volatility; our borrowers have an average EBITDA of $251mm2 o Lead left and administrative agent: Lead or co-lead on ~90%3 of deals and administrative agent on ~65%3 transactions, with ability to negotiate strong credit documentation and financial covenants Senior Secured Focused Portfolio with Downside Risk Protection o Focus on senior secured investments: 81% of the portfolio is comprised of senior secured investments o Non-cyclical, defensive industries: highly diversified across industries with limited cyclical exposure of ~3%4 o Defensively structured investments with low LTVs: average LTV of borrowers is approximately 31%2,5, representing a significant cushion underneath our position Proven Track Record o Excellent credit quality: less than 0.1% of investments on non-accrual and 92% 1- and 2-rated investments6 at fair value o Strong performance: generated 18 bps of net gains7 since inception Well-Diversified Financing Structure and Strong Funding Profile o Financial flexibility: unsecured debt comprising ~57% of outstanding debt o Significant liquidity: $4.0bn of liquidity8 which provides sufficient coverage of our $1.5bn of unfunded portfolio company commitments o Staggered maturity ladder: reduces refinancing risk during times of volatility when market is shut down o Low leverage: net leverage is 0.53x, below our target range of 0.90x – 1.25x Stable and Attractive Dividend Yield o 9.4% dividend yield8 supported by consistent performance o Five special dividends declared in conjunction with listing, provides near-term visibility for investors
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28PROPRIETARY AND CONFIDENTIAL Scaled portfolio of technology and software investments diversified by borrower and end-market Past performance is not a guarantee of future results. See endnotes for additional information. OTF at a Glance Scaled and Senior Secured Focused Portfolio 22.2% 13.9% 13.5% 8.6% 5.3% 5.0% 3.5% 3.2% 3.2% 2.3% 19.3% Systems Software Application Software Health Care Technology Diversified Financial Services IT Services Professional Services Insurance Health Care Providers & Services Diversified Consumer Services Internet & Direct Marketing Retail Other (25 Industries) Well-Diversified with High-Quality Borrowers $12.1B Portfolio Size 81% Senior Secured 181 Portfolio Companies 35 Portfolio Industries <0.1% Non-Accruals at Fair Value 1.8x Interest Coverage Ratio 0.6% Average Portfolio Company Size 92% Internal 1- and 2- Rated Investments1 Portfolio Composition Portfolio Diversification by End-Market First & Second Lien Investments2 Q1 2025 Revenue $880mm EBITDA $251mm Net LTV3 31% Enterprise Value $5.3B Portfolio Snapshot Q1 2025 Top 10 Investments 18% Top 25 Investments 38% Debt Portfolio Yield4 10.6% Unsecured & Equity Investments2 Q1 2025 Revenue $910mm Enterprise Value $24.3B
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29PROPRIETARY AND CONFIDENTIAL Flexible Balance Sheet and Well-Diversified Financing Structure Funding Mix ($ in millions) Debt Maturities (Committed, $ in millions) • Wide array of debt funding solutions across unsecured notes, SPVs, revolving credit facilities and CLOs • Debt funding mix comprised of 57% unsecured debt1 Flexible Funding Sources • $4.0bn total liquidity2 • Ability to fund undrawn portfolio company commitments ~2.7x 2 • 0.53x net debt-to-equity (vs. long term target of 0.90x – 1.25x) Robust Liquidity • 5.4 year weighted average debt maturity • Ample liquidity to address near-term maturities Well-Laddered Maturities $596 $2,575$913 $2,325 $732 $732 $2,960 $2,960 Outstanding Committed Capacity Revolving Credit Facility SPVs CLOs Unsecured Notes $8,592 Committed $5,200 Outstanding $4.0bn Total Liquidity2 Past performance is not a guarantee of future results. See endnotes for additional information. Numbers may not sum due to rounding and shown in millions. $2,575 $700 $1,625 $732 $700 2025 2026 2027 2028 2029 2030 2031 & Beyond Revolving Credit Facility SPVs CLOs Unsecured Notes $860 $375 $300 $725 $3,975 $2,357
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30PROPRIETARY AND CONFIDENTIAL $14.68 $14.53 $14.70 $14.74 $14.66 $14.70 $13.76 $14.34 $14.66 $14.88 $15.32 $16.33 $17.91 $17.65 $17.24 $16.29 $16.77 $16.70 $16.83 $17.01 $16.91 $17.03 $17.10 $16.74 $16.95 $17.09 $17.09 $0.00 $0.00 $0.05 $0.19 $0.44 $0.65 $0.86 $1.06 $1.28 $1.49 $1.73 $1.97 $2.14 $2.30 $2.54 $2.77 $3.05 $3.34 $3.68 $4.05 $4.42 $4.79 $5.16 $5.56 $5.92 $6.25 $6.59 $14.68 $14.53 $14.75 $14.93 $15.10 $15.35 $14.62 $15.40 $15.94 $16.37 $17.05 $18.30 $20.05 $19.95 $19.78 $19.06 $19.82 $20.04 $20.51 $21.06 $21.33 $21.82 $22.26 $22.30 $22.87 $23.34 $23.68 09/30/18 12/31/18 03/31/19 06/30/19 09/30/19 12/31/19 03/31/20 06/30/20 09/30/20 12/31/20 03/31/21 06/30/21 09/30/21 12/31/21 03/31/22 06/30/22 09/30/22 12/31/22 03/31/23 06/30/23 09/30/23 12/31/23 03/31/24 06/30/24 09/30/24 12/31/24 03/31/25 NAV per Share Cumulative Dividends per Share Past performance is not a guarantee of future results. See endnotes for additional information. Attractive Total Returns NAV and Cumulative Dividends Paid Since OTF Inception OTF has delivered compelling returns since inception, with net credit gains that are underpinned by strong portfolio quality 61%+ Total Return Since Inception2 16%+ NAV Growth Since Inception 18 bps Net Gains Since Inception1 <0.1% Non-Accrual at Fair Value
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31PROPRIETARY AND CONFIDENTIAL $0.35* $0.35 $0.35 $0.35 $0.35 $0.35 $0.05* $0.05* $0.05* $0.05* $0.05* 9.6% 8.5% 7.7% 8.0% 8.2% 9.4% 9.4% 9.4% 9.4% 9.4% 06/30/24 09/30/24 12/31/24 03/31/25 06/30/25E 09/30/25E 12/31/25E 03/31/26E 06/30/26E 09/30/26E Dividend policy maximizes distributions to shareholders and provides visibility for several quarters Past performance is not a guarantee of future results. For illustrative purposes only. Actual performance and results could v ary materially from these estimates and projections of the future as a result of a number of factors, including those described from time to time in the Company's filings with the Securities and Exchange Commission. Such statements speak only as of the time when made and are based on information available to the Company as of the date hereof and are qualified in their entirety by this cautionary statement. The Company assumes no obligation to revise or update any such statement now or in the future. Future regular dividends subject to board approval. Strong Dividend Profile Historical Dividend Yield on NAV Future Dividend Yield on NAV1 List on 6/12/25 Before Listing: Floating rate dividend policy (~90% of taxable income) Lock-up #1 ends Lock-up #2 ends Lock-up #3 ends At Listing: $0.35/share regular dividend plus five special dividends of $0.05/share per quarter * Base Dividend Special Dividend Dividend Already Declared*
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32PROPRIETARY AND CONFIDENTIAL Based on current rate environment. Past performance is not a guarantee of future results. The analysis above is modeled based on current assumptions, which if varied could cause actual results to differ materially f rom those included herein. Following an actual change in increased leverage, asset yield optimization, debt optimization, operating expense synergies, actual ROE may vary significantly from that set forth herein. F or any enumerated change, the impact to ROE presented assumes all other factors remain unchanged. The projections of ROE are hypothetical in nature and have been provided for illustrative purposes only. These projections should not be regarded as a representation, warranty, or prediction that a Blue Owl fund will achieve or is likely to achieve any particular result or that an investor will be able to avoid losses, including total loss of their investment. Opportunities to Optimize OTF and Expand Return on Equity 1 Increased Leverage 2 Asset Yield Optimization 3 Debt Optimization 4 Operating Expense Synergies • OTF is levered at 0.53x net debt-to-equity, below our target range of 0.90x – 1.25x • $4 billion1 of dry powder to prudently deploy into attractive risk-adjusted opportunities • Potential for incremental accretion from optimization of portfolio mix over time through selectively increasing investments in strategic joint ventures • Opportunistically rotate out of non-current income producing equity investments • Increased scale and diversification of OTF from the recently closed merger expected to result in lower pricing on future unsecured note issuances • Consolidating and/or repricing facilities and eliminating redundant financing costs • Realization of operational expense synergies from the recently closed merger with OTF II, including the elimination of duplicative professional fees and other operating expenses Together, these factors could increase OTF’s ROE by approximately 200+ basis points annually adjusted for OTF’s post-listing fee structure
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33PROPRIETARY AND CONFIDENTIAL Past performance is not a guarantee of future results. References to “downside protection” or similar language are not guarantees against loss of investment capital or value. See endnotes for additional information. OTF is Well-Positioned to Deliver for Investors Focus on downside protection through primarily senior secured portfolio Strong, long- standing relationships with 800+ sponsors5 and 610+ borrowers5 35+ dedicated technology investors with support from the broader direct lending investment team Market leader in technology direct lending with ability to lead transactions Deep, diversified financing sources with well-laddered debt maturities Broad origination funnel supported by the broader Blue Owl Credit platform OTF Highlights 81% senior secured, first-lien focused Stable portfolio with low non- accruals representing less than 0.1% of portfolio at fair value Weighted average EBITDA of $251mm1 and net loan-to- value of 31%1,2 61% total return since inception4 Largest software-focused BDC by total assets Net gains of 18 bps since inception3
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Appendix
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35PROPRIETARY AND CONFIDENTIAL Key Dates Declaration date Record date Payment date Amount per share 6/2/2025 6/30/2025 7/15/2025 $0.35 Regular Dividends Declared Existing Investor Lock-Ups Release date 180 days post-listing 12/9/2025 270 days post-listing 3/9/2026 365 days post-listing 6/12/2026 Declaration date Record date Payment date Amount per share 6/2/2025 9/22/2025 10/7/2025 $0.05 6/2/2025 12/23/2025 1/7/2026 $0.05 6/2/2025 3/23/2026 4/7/2026 $0.05 6/2/2025 6/22/2026 7/7/2026 $0.05 6/2/2025 9/21/2026 10/6/2026 $0.05 Special Dividends Declared in Conjunction With Listing Dividends require future board approval. The amount of future dividends declared and approved by the Board could be higher or lower.
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36PROPRIETARY AND CONFIDENTIAL Financial Highlights Past performance is not a guarantee of future results. Totals may not sum due to rounding. See endnotes for additional information. (Dollar amounts in thousands, except per share data; per share data is based on weighted average shares outstanding during the period, except as otherwise noted) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Net Investment Income Per Share $0.45 $0.49 $0.44 $0.41 $0.41 Net Realized and Unrealized Gains (Losses) Per Share ($0.01) ($0.45) $0.13 $0.07 ($0.08) Net Income Per Share $0.44 $0.04 $0.57 $0.48 $0.33 Net Asset Value Per Share1 $17.10 $16.74 $16.95 $17.09 $17.09 Quarterly Regular Dividend Declared Per Share2 $0.37 $0.40 $0.36 $0.33 $0.34 Total Net Assets $3,565,013 $3,510,357 $3,575,511 $3,625,150 $7,946,723 Total Debt3 $2,954,893 $2,878,831 $2,961,207 $2,914,509 $5,127,899 Debt to Equity at Quarter-End4 0.70x 0.73x 0.78x 0.74x 0.53x Annualized ROE on Net Investment Income5 10.5% 11.4% 10.5% 9.8% 9.7% Annualized ROE on Net Income5 10.3% 0.9% 13.6% 11.2% 7.8%
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37PROPRIETARY AND CONFIDENTIAL Portfolio Highlights – Internal Portfolio Ratings (Dollar amounts in thousands) Past performance is not a guarantee of future results. Internal Rating Definition 1 The borrower is performing above expectations, and the trends and risk factors for this investment since origination or acquisition are generally favorable 2 The borrower is generally performing as expected and the risk factors are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a rating of 2 3 The borrower is performing below expectations and the loan’s risk has increased somewhat since origination or acquisition 4 The borrower is performing materially below expectations and the loan’s risk has increased materially since origination or acquisition. In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due (but generally not more than 120 days past due) 5 The borrower is performing substantially below expectations and the loan’s risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 5 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered Internal Performance Rating June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Investments at Fair Value % of Total Portfolio Investments at Fair Value % of Total Portfolio Investments at Fair Value % of Total Portfolio Investments at Fair Value % of Total Portfolio 1 $630,301 10.2% $495,996 7.8% $497,938 7.8% $953,611 7.9% 2 $4,926,701 80.0% $5,246,566 82.0% $5,264,285 82.1% $10,180,648 84.4% 3 $508,554 8.3% $645,684 10.1% $640,302 10.0% $917,603 7.6% 4 — — — — — — $15,229 0.1% 5 $92,153 1.5% $8,602 0.1% $4,941 0.1% $3,767 <0.1% Total $6,157,709 100.0% $6,396,848 100.0% $6,407,466 100.0% $12,070,858 100.0% Non-accrual investments at 3/31/2025 as a percentage of total portfolio investments at cost and fair value were 0.2% and <0.1%, respectively. At quarter end 3/31/2025, there was 1 portfolio company on non-accrual.
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38PROPRIETARY AND CONFIDENTIAL OTF Financing Landscape Debt Maturities ($mm)3 Past performance is not a guarantee of future results. See endnotes for additional information. $860 $375 $300 $7,057 2025 2026 2027 2028 & Beyond Revolver Other Aggregate Principal Amount Committed / Outstanding Principal Amount Outstanding Interest Rate Maturity Date Revolving Credit Facility $2,575 million $596 million SOFR + 175-187.5 bps2 12/20/2029 SPV Asset Facility I $700 million $600 million SOFR + 225 bps 10/30/2035 SPV Asset Facility II $400 million - SOFR + 240 bps 11/16/2029 SPV Asset Facility III $925 million $313 million SOFR + 250 bps 7/15/2034 SPV Asset Facility IV $300 million - SOFR + 262.5 bps 10/27/2029 CLO 2020-1 $204 million $204 million SOFR + 356 bps 10/15/2035 Athena CLO II $288 million $288 million SOFR + 309 bps 1/21/2036 Athena CLO IV $240 million $240 million SOFR + 205 bps 7/20/2037 June 2025 Notes $210 million $210 million Fixed Coupon: 6.75% 6/30/2025 December 2025 Notes $650 million $650 million Fixed Coupon: 4.75% 12/15/2025 June 2026 Notes $375 million $375 million Fixed Coupon: 3.75% 6/17/2026 January 2027 Notes $300 million $300 million Fixed Coupon: 2.50% 1/15/2027 March 2028 Notes $650 million $650 million Swap: SOFR + 177 bps4 3/23/2028 September 2028 Notes $75 million $75 million Fixed Coupon: 8.50% 9/27/2028 April 2029 Notes $700 million $700 million Swap: SOFR + 257 bps4 4/4/2029 Total Debt 1 $8,592 million $5,200 million
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39 Note: Figures are as of the quarter-ended 3/31/2025 at fair value unless otherwise noted. Past performance is not a guarantee of future results. Page 2: Blue Owl Technology Corp. Intends to List its Shares on the New York Stock Exchange on or about June 12, 2025 Under the Ticker Symbol “OTF” 1. By total assets. Page 3: Listing Summary 1. Shares outstanding of 465.1 million multiplied by net asset value per share as of 3/31/25 of $17.09. 2. 23,256,814 shares multiplied by net asset value per share as of 3/31/25 of $17.09. 3. Adjusted for any fractional shares each investor holds, which have been rounded up to the nearest whole share. 4. Dividends specified have been declared by OTF’s Board of Directors. A schedule of dividend record and payment dates is available on page 35. Some dividends require future Board approval. The amount of future dividends declared and approved by the Board could be higher or lower. 5. Annualized dividend yield is calculated as follows: annualized regular dividend of $0.35 per share plus special dividend of $0.05 per share, divided by net asset value per share as of 3/31/25. Dividend yield will be impacted to the extent the dividends declared and approved by the board differ from the numbers presented here. 6. Base management fee on gross assets less cash. Page 5: A Defensive Portfolio In Times of Market Volatility 1. Source: Raymond James Equity Research. Business Development Company Weekly (5/27/25). Page 6: Blue Owl Technology Finance Corp. (“OTF”) 1. Average annual Blue Owl Credit net loss rate across the Blue Owl Credit platform based on total annual net realized gains/losses across all investments divided by the average aggregate quarterly cost of investments in each year since inception. The net loss rate is based on the average net loss rates in each year since inception from 2016 to 2025. 2. Annualized dividend yield is calculated as follows: annualized regular dividend of $0.35 per share plus special dividend of $0.05 per share, divided by net asset value per share as of 3/31/25. Dividend yield will be impacted to the extent the dividends declared and approved by the board differ from the numbers presented here. 3. Weighted average yield of accruing debt and income producing securities at fair value. Calculated based on the interest rate and the accretion of OID. OID represents OID earned on the investment by a Blue Owl BDC. Separately, a Blue Owl adviser may engage in certain origination activities and receive attendant arrangement, structuring or similar fees. As such OID could have been higher had the Blue Owl Advisers not collected this fee. 4. As part of its portfolio monitoring process, Blue Owl Technology Credit Advisors LLC employs an investment rating system to categorize our investments, where 1 is the highest rating and 5 is the lowest. 5. Net of cash. 6. Average annual OTF loss rate based on total annual net realized gains/losses divided by the average aggregate quarterly cost of investments in each year since inception. 7. A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. For complete ratings definitions please visit www.fitchratings.com, www.moodys.com, www.spglobal.com and www.krollbondratings.com. Page 10: Blue Owl Manages a Market Leading Credit Business 1. On a pro forma basis for OTF’s estimated assets under management at the midpoint of OTF’s target leverage range of 0.90x to 1.25x debt-to-equity. 2. Blue Owl acquired the Liquid Credit platform in April 2022. 3. Includes Strategic Equity and Healthcare Opportunities. Page 14: Blue Owl Technology Lending by the Numbers 1. On a pro forma basis for OTF’s estimated assets under management at the midpoint of OTF’s target leverage range of 0.90x to 1.25x debt-to-equity. 2. Borrower financials are as of the latest available, typically a quarter in arrears. Excludes certain investments that fall outside of our typical borrower profile. 3. “Net LTV” represents the net ratio of “loan to value” for each portfolio company, weighted based on the fair value of OTF’s loan investment. The “attachment point” is the principal amount of debt that is senior to OTF’s \loan investment, and that amount plus the principal amount of the loan in which OTF invested and other equally ranked debt is the “last dollar” amount. “Value” represents an estimate of enterprise value of each portfolio company, a calculation that will vary by portfolio company. 4. Average annual OTF loss rate based on total annual net realized gains/losses divided by the average aggregate quarterly cost of investments in each year since inception. 5. Total return since inception is calculated as the change in quarterly net asset value per share plus total dividends per share divided by net asset value per share at inception. Page 17: Software is Ubiquitous 1. Source: Gartner as of 3/31/25. 2. Source: Bloomberg as of 5/21/25. Endnotes (1 of 3)
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40 Page 18: Technology and Software Debt Has Been Historically Resilient Across Multiple Cycles 1. Source: Pitchbook LCD, ”US Leveraged Loan Default Review April 8, 2025”. The cumulative default rate is calculated as a total number of U.S. institutional loan defaults, divided by the total number of U.S. institutional loans tracked by LCD. Default rates comprise Pitchbook LCD loan data from 1995 through March 31, 2025 and there can be no guarantee that historical trends will continue. LCD defines a default as an event in which the company files for bankruptcy, the facility gets downgraded to D by S&P (not due to below par buybacks), or the interest payment is missed without a forbearance. Industry default rate is calculated by taking the total industry default amount in US dollars and dividing it by the total default amount in US dollars of all loans. 2. The “All Industries” default rate shown represents a weighted average of all industry default rates by each industry default amount. 3. The specific industries shown herein are included as representative of the technology sector generally and are not intended to reflect a sole or primary area of investment of OTF. Technology is classified as “Computers and Electronics” and ”Information Technology.” LCD represents Leveraged Commentary & Data, a provider of leveraged loan news, analytics, and index products. LCD is an offering of Pitchbook Data. Page 19: Where Blue Owl Technology Lives 1. Borrower financials are as of the latest available, typically a quarter in arrears. Excludes certain investments that fall outside of our typical borrower profile. 2. “Net LTV” represents the net ratio of “loan to value” for each portfolio company, weighted based on the fair value of OTF’s loan investment. The “attachment point” is the principal amount of debt that is senior to OTF’s loan investment, and that amount plus the principal amount of the loan in which OTF invested and other equally ranked debt is the “last dollar” amount. “Value” represents an estimate of enterprise value of each portfolio company, a calculation that will vary by portfolio company. 3. Excludes joint ventures (Blue Owl Credit SLF LLC) and investments in Amergin AssetCo, LSI, and Fifth Season. Page 22: Portfolio Construction: How OTF Approaches Asset Mix 1. Borrower financials are as of the latest available, typically a quarter in arrears. Excludes certain investments that fall outside of our typical borrower profile. 2. “Net LTV” represents the net ratio of “loan to value” for each portfolio company, weighted based on the fair value of OTF’s loan investment. The “attachment point” is the principal amount of debt that is senior to OTF’s loan investment, and that amount plus the principal amount of the loan in which OTF invested and other equally ranked debt is the “last dollar” amount. “Value” represents an estimate of enterprise value of each portfolio company, a calculation that will vary by portfolio company. Page 23: Focus on Recurring Revenue Loans 1. Based on fair value of total investments. 2. Borrower financials are as of the latest available, typically a quarter in arrears. Excludes certain investments that fall outside of our typical borrower profile. 3. “Net LTV” represents the net ratio of “loan to value” for each portfolio company, weighted based on the fair value of OTF’s loan investment. The “attachment point” is the principal amount of debt that is senior to OTF’s loan investment, and that amount plus the principal amount of the loan in which OTF invested and other equally ranked debt is the “last dollar” amount. “Value” represents an estimate of enterprise value of each portfolio company, a calculation that will vary by portfolio company. Page 24: Preferred Equity Snapshot 1. Based on fair value of total investments. 2. Borrower financials are as of the latest available, typically a quarter in arrears. Excludes certain investments that fall outside of our typical borrower profile. 3. Last dollar out. 4. Excludes non-income producing preferred equity investments. Page 25: Payment-in-Kind (“PIK”) as a Strategy 1. Historical figures shown on a pro forma basis including both OTF and OTF II. Page 27: OTF to List as the Largest Technology-Focused BDC 1. By total assets. 2. Borrower financials are as of the latest available, typically a quarter in arrears. Excludes certain investments that fall outside of our typical borrower profile. 3. Across the Blue Owl Credit platform. 4. Cyclical names include certain portfolio companies with consumer, industrials and manufacturing end markets which are more cyclical in nature 5. “Net LTV” represents the net ratio of “loan to value” for each portfolio company, weighted based on the fair value of OTF’s loan investment. The “attachment point” is the principal amount of debt that is senior to OTF’s loan investment, and that amount plus the principal amount of the loan in which OTF invested and other equally ranked debt is the “last dollar” amount. “Value” represents an estimate of enterprise value of each portfolio company, a calculation that will vary by portfolio company. 6. As part of its portfolio monitoring process, Blue Owl Technology Credit Advisors LLC employs an investment rating system to categorize our investments, where 1 is the highest rating and 5 is the lowest. 7. Average annual OTF loss rate based on total annual net realized gains/losses divided by the average aggregate quarterly cost of investments in each year since inception. 8. The amount available reflects limitations related to each credit facility’s borrowing base. Total liquidity represents undrawn debt plus cash. 9. Annualized dividend yield is calculated as follows: annualized regular dividend of $0.35 per share plus special dividend of $0.05 per share, divided by net asset value per share as of 3/31/25. Dividend yield will be impacted to the extent the dividends declared and approved by the board differ from the numbers presented here. Endnotes (2 of 3)
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41 Page 28: OTF at a Glance 1. As part of its portfolio monitoring process, Blue Owl Technology Credit Advisors LLC employs an investment rating system to categorize our investments, where 1 is the highest rating and 5 is the lowest. 2. Borrower financials are as of the latest available, typically a quarter in arrears. Excludes certain investments that fall outside of our typical borrower profile. 3. “Net LTV” represents the net ratio of “loan to value” for each portfolio company, weighted based on the fair value of OTF’s loan investment. The “attachment point” is the principal amount of debt that is senior to OTF’s loan investment, and that amount plus the principal amount of the loan in which OTF invested and other equally ranked debt is the “last dollar” amount. “Value” represents an estimate of enterprise value of each portfolio company, a calculation that will vary by portfolio company. 4. Weighted average yield of accruing debt and income producing securities at fair value. Calculated based on the interest rate and the accretion of OID. OID represents OID earned on the investment by a Blue Owl BDC. Separately, a Blue Owl adviser may engage in certain origination activities and receive attendant arrangement, structuring or similar fees. As such OID could have been higher had the Blue Owl Advisers not collected this fee. Page 29: Flexible Balance Sheet and Well-Diversified Financing Structure 1. Based on outstanding debt. 2. The amount available reflects limitations related to each credit facility’s borrowing base. Total liquidity represents undrawn debt plus cash. Page 30: Attractive Total Returns 1. Average annual OTF loss rate based on total annual net realized gains/losses divided by the average aggregate quarterly cost of investments in each year since inception. 2. Total return since inception is calculated as the change in quarterly net asset value per share plus total dividends per share divided by net asset value per share at inception. Page 31: Strong Dividend Profile 1. Annualized dividend yield is calculated as follows: annualized regular dividend of $0.35 per share plus special dividend of $0.05 per share, divided by net asset value per share as of 3/31/25. Dividend yield will be impacted to the extent the dividends declared and approved by the board differ from the numbers presented here. Page 32: Opportunities to Optimize OTF and Improve Return on Equity 1. The amount available reflects limitations related to each credit facility’s borrowing base. Total dry powder represents undrawn debt plus cash. Page 33: OTF is Well-Positioned to Deliver for Investors 1. Borrower financials are as of the latest available, typically a quarter in arrears. Excludes certain investments that fall outside of our typical borrower profile. 2. “Net LTV” represents the net ratio of “loan to value” for each portfolio company, weighted based on the fair value of OTF’s loan investment. The “attachment point” is the principal amount of debt that is senior to OTF’s loan investment, and that amount plus the principal amount of the loan in which OTF invested and other equally ranked debt is the “last dollar” amount. “Value” represents an estimate of enterprise value of each portfolio company, a calculation that will vary by portfolio company. 3. Average annual OTF loss rate based on total annual net realized gains/losses divided by the average aggregate quarterly cost of investments in each year since inception. 4. Total return since inception is calculated as the change in quarterly net asset value per share plus total dividends per share divided by net asset value per share at inception. 5. Across the Credit platform. Page 36: Financial Highlights 1. Based on period end shares. 2. Dividend amount based on shares outstanding as of record date. 3. Net of debt issuance costs. 4. Net of cash. 5. Annualized quarterly net investment income or net income per share divided by beginning period net asset value per share. Page 38: OTF Financing Landscape 1. Par value. 2. Amounts drawn under the Revolving Credit Facility with respect to the commitments maturing on December 20, 2029 will bear interest at the relevant rate (including any applicable credit adjustment spread) plus margin of either 1.875% per annum or, if the gross borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, 1.75% per annum. 3. Based on principal amount committed. 4. In connection with the note offering, OTF entered into an interest rate swap to continue to align the interest rates of our liabilities with our investment portfolio, which consists of predominately floating rate loans. As a result of the swap, our effective interest rate on the notes was one‐month SOFR plus CSA plus 177 basis points, which reflects the current terms. 5. In connection with the note offering, OTF entered into an interest rate swap to continue to align the interest rates of our liabilities with our investment portfolio, which consists of predominately floating rate loans. As a result of the swap, our effective interest rate on the notes was one‐month SOFR plus CSA plus 256 basis points, which reflects the current terms. Endnotes (3 of 3)
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42 Past performance is not a guide to future results and is not indicative of expected realized returns. Assets Under Management (“AUM”) refers to the assets that Credit manages and are generally equal to the sum of (i) net asset value (“NAV”); (ii) drawn and undrawn debt; and (iii) uncalled capital commitments. This presentation contains proprietary information regarding Blue Owl Capital Inc. (“Blue Owl”), its affiliates and investment program, funds sponsored by Blue Owl, including the Credit Funds, the GP Strategic Capital Funds and the Real Estate Funds (collectively the “Blue Owl Funds”) as well as investment held by the Blue Owl Funds. This presentation and the information contained in this presentation may not be reproduced or distributed to persons other than the recipient or its advisors. The views expressed and, except as otherwise indicated, the information provided are as of the report date and are subject to change, update, revision, verification, and amendment, materially or otherwise, without notice, as market or other conditions change. Since these conditions can change frequently, there can be no assurance that the trends described herein will continue or that any forecasts are accurate. In addition, certain of the statements contained in this presentation may be statements of future expectations and other forward-looking statements that are based on the current views and assumptions of Blue Owl and involve known and unknown risks and uncertainties (including those discussed below) that could cause actual results, performance, or events to differ materially from those expressed or implied in such statements. These statements may be forward-looking by reason of context or identified by words such as “may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential or continue” and other similar expressions. Neither Blue Owl, its affiliates, nor any of Blue Owl’s or its affiliates' respective advisers, members, directors, officers, partners, agents, representatives or employees or any other person (collectively the “Blue Owl Entities”) is under any obligation to update or keep current the information contained in this document. This presentation contains information from third party sources which Blue Owl has not verified. No representation or warranty, express or implied, is given by or on behalf of the Blue Owl Entities as to the accuracy, fairness, correctness or completeness of the information or opinions contained in this presentation and no liability whatsoever (in negligence or otherwise) is accepted by the Blue Owl Entities for any loss howsoever arising, directly or indirectly, from any use of this presentation or its contents, or otherwise arising in connection therewith. Performance Information: Where performance returns have been included in this presentation, Blue Owl has included herein important information relating to the calculation of these returns as well as other pertinent performance related definitions. SPV Asset Facilities: Certain of our wholly owned subsidiaries are parties to credit facilities (the “SPV Asset Facilities”). Pursuant to the SPV Asset Facilities, we sell and contribute certain investments to these wholly owned subsidiaries pursuant to sale and contribution agreements by and between us and the wholly owned subsidiaries. No gain or loss is recognized as a result of these contributions. Proceeds from the SPV Asset Facilities are used to finance the origination and acquisition of eligible assets by the wholly owned subsidiary, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired to the wholly owned subsidiary through our ownership of the wholly owned subsidiary. The SPV Asset Facilities are secured by a perfected first priority security interest in the assets of these wholly owned subsidiaries and on any payments received by such wholly owned subsidiaries in respect of those assets. Assets pledged to lenders under the SPV Asset Facilities will not be available to pay our debts. The SPV Asset Facilities contain customary covenants, including certain limitations on the incurrence by us of additional indebtedness and on our ability to make distributions to our shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events, and customary events of default (with customary cure and notice provisions). CLOs: CLO Debt is the secured obligation of the CLO Issuers, and the Indenture and the CLO Credit Agreement include customary covenants and events of default. Assets pledged to holders of the Secured Debt and the other secured parties under the Indenture will not be available to pay our debts. The CLO Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The CLO Notes have not been registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act as applicable. All investments are subject to risk, including the loss of the principal amount invested. These risks may include limited operating history, uncertain distributions, inconsistent valuation of the portfolio, changing interest rates, leveraging of assets, reliance on the investment advisor, potential conflicts of interest, payment of substantial fees to the investment advisor and the dealer manager, potential illiquidity, and liquidation at more or less than the original amount invested. Diversification will not guarantee profitability or protection against loss. Performance may be volatile, and the NAV may fluctuate. This material is for informational purposes only and is not an offer or a solicitation to sell or subscribe for any fund and does not constitute investment, legal, regulatory, business, tax, financial, accounting, or other advice or a recommendation regarding any securities of Blue Owl, of any fund or vehicle managed by Blue Owl, or of any other issuer of securities. Only a definitive offering document (i.e.: Prospectus or Private Placement Memorandum) can make such an offer. Neither the Securities and Exchange Commission, the Attorney General of the State of New York nor any state securities commission has approved or disapproved of these securities or determined if the Prospectus or Private Placement Memorandum is truthful or complete. Any representation to the contrary is a criminal offense. Securities are offered through Blue Owl Securities LLC, member of FINRA/SIPC, as Dealer Manager. Copyright© Blue Owl Capital Inc. 2025 All rights reserved. This presentation is proprietary and may not be reproduced, transferred, or distributed in any form without prior written permission from Blue Owl. It is delivered on an “as is” basis without warranty or liability by accepting the information, you agree to abide by all applicable copyright and other laws, as well as any additional copyright notices or restrictions contained in the information. Disclaimer