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June 30 , 2026 B BLUE OWL Blue Owl Technology Finance Corp. Quarterly Earnings Presentation NYSE : OTF
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Past performance is not a guarantee of future results. 2 NYSE: OTF Earnings Summary Balance Sheet Update • $2.0 billion of liquidity in cash and undrawn debt4 • Debt to equity was 0.93x5, up from 0.85x5 as of 3/31/2026 and within our target range of 0.9x-1.25x • Debt funding mix comprised of 36.2% unsecured debt (based on outstanding debt) • Weighted average debt maturity of approximately 5.8 years (based on committed debt) • Total revolver facility size of $2.7 billion Review of Q2'26 Dividends & Repurchase Program • Q2'26 total dividends of $0.40 per share and annualized dividend yield of 9.7%6 • Total dividends of $0.40 per share for Q3'26, including a base dividend of $0.35 per share payable on or before 10/15/2026 and a special dividend of $0.05 per share payable on or before 10/6/2026 • Repurchased $55 million in Q2'26 under $300 million repurchase program Portfolio Update • Total portfolio at fair value $14.7 billion, compared to $14.1 billion as of 3/31/2026; 205 portfolio companies, compared to 203 as of 3/31/2026 • Continued strong portfolio company performance - No material change to the mix of the overall portfolio risk ratings from 3/31/2026 to 6/30/2026 - Investments on non-accrual represent approximately 0.6% and 0.1% of the total portfolio at cost and fair value, respectively • New investment commitments (net of sell downs) of $0.9 billion and net funded investment activity of $0.5 billion3 • Net asset value per share of $16.48, compared to $16.49 as of 3/31/2026 • Adjusted net investment income per share of $0.301, up from $0.291 per share as of 3/31/2026 - GAAP net investment income per share of $0.30 • Adjusted net income per share of $0.331, up from $(0.56)1 per share as of 3/31/2026 - GAAP net income per share of $0.33 • Adjusted ROE on net investment income and net income of 7.3%1,2 and 8.1%1,2, respectively - GAAP ROE on net investment income and net income of 7.3%2 and 8.1%2, respectively
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Past performance is not a guarantee of future results. 3 NYSE: OTF Publicly traded specialty financing company focused on lending to upper middle-market technology companies #1 Technology-Focused Public Market Player7 Well-Positioned in Current Environment Market Cap7 Annualized Current Dividend Yield6 Leverage5 Liquidity4 Credit Ratings Profile8 4 Investment Grade Ratings Portfolio Size9 Portfolio Companies Portfolio Company EBITDA10 Debt Portfolio Yield11 Annual Net Gain Rate Since Inception12 0.93x Debt-to-Equity $14.7bn 205 9.7% Defensively Positioned, Diversified Software Portfolio Offering Compelling Combination of Excellent Credit Quality & Attractive Returns 81% senior secured, 78% first lien investments, 97% floating rate debt investments9 +27 bps $2.0bn Cash & Undrawn Debt Capacity $4.8bn 9.6%$291mm Overview of Blue Owl Technology Finance Corp. (NYSE: OTF)
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Past performance is not a guarantee of future results. 4 NYSE: OTF (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) Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Net Investment Income Per Share $0.34 $0.28 $0.26 $0.37 $0.30 Adjusted Net Investment Income Per Share1 $0.36 $0.32 $0.30 $0.29 $0.30 Net Realized and Unrealized Gains (Losses) Per Share $0.09 $0.22 $0.18 ($0.84) $0.03 Net Income (Loss) Per Share $0.43 $0.50 $0.44 ($0.47) $0.33 Adjusted Net Income (Loss) Per Share1 $0.45 $0.54 $0.47 ($0.56) $0.33 Net Asset Value Per Share13 $17.17 $17.27 $17.33 $16.49 $16.48 Quarterly Base Dividend Declared Per Share14 $0.35 $0.35 $0.35 $0.35 $0.35 Special Dividend Per Share14 $— $0.05 $0.05 $0.05 $0.05 Total Dividends Per Share14 $0.35 $0.40 $0.40 $0.40 $0.40 Total Net Assets $7,985,418 $8,055,224 $8,041,598 $7,605,453 $7,539,865 Total Debt15 $4,752,225 $4,966,719 $6,288,200 $6,904,332 $7,157,528 Debt-to-Equity at Quarter-End5 0.58x 0.57x 0.75x 0.85x 0.93x Annualized ROE on Net Investment Income2 8.1% 6.5% 6.1% 8.5% 7.3% Annualized ROE on Adjusted Net Investment Income1,2 8.4% 7.4% 6.9% 6.6% 7.3% Annualized ROE on Net Income (Loss)2 10.1% 11.7% 10.2% (10.9%) 8.1% Annualized ROE on Adjusted Net Income (Loss)1,2 10.5% 12.6% 10.9% (12.9%) 8.1% Financial Highlights
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Past performance is not a guarantee of future results. 5 NYSE: OTF Portfolio Highlights – Selected Metrics As of (Dollar amounts in thousands; dollar amounts and percentages at fair value) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Investments at Fair Value $12,728,642 $12,884,046 $14,286,039 $14,068,239 $14,680,538 Number of Portfolio Companies 184 185 199 203 205 Average Investment Size $69,177 $69,643 $71,789 $69,302 $71,612 Asset Class: First-Lien Debt Investments 77.7% 76.8% 76.8% 77.7% 77.8% Second-Lien Debt Investments 3.4% 3.3% 4.0% 3.5% 3.3% Specialty Finance Debt Investments 0.2% 0.3% 0.3% 0.3% 0.3% Unsecured Debt Investments 3.6% 3.6% 3.3% 3.2% 3.2% Preferred Equity Investments 8.0% 8.5% 7.5% 7.0% 6.5% Common Equity Investments 4.7% 4.9% 5.1% 4.4% 5.1% Specialty Finance Equity Investments 2.4% 2.5% 2.6% 3.7% 3.5% Joint Ventures — % 0.1% 0.4% 0.2% 0.3% Interest Rate Type: % of Debt Investments Floating Rate 97.3% 97.0% 96.2% 96.1% 96.7% % of Debt Investments Fixed Rate 2.7% 3.0% 3.8% 3.9% 3.3% Yields: Weighted Average Total Yield of the Portfolio16 9.6% 9.2% 8.8% 8.8% 8.9% Weighted Average Total Yield of Accruing Debt and Income Producing Securities11 10.4% 10.1% 9.6% 9.5% 9.6% Weighted Average Spread Over Applicable Base Rate of Floating Rate Debt Investments 5.7% 5.6% 5.4% 5.3% 5.3% Valuation Fair Value as a Percentage of Principal (Debt) 99.2% 99.2% 99.2% 97.2% 97.0%
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Past performance is not a guarantee of future results. 6 NYSE: OTF (Dollar amounts in thousands) For Three Months Ended June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Investment Activity at Par: New Investment Commitments (Net of Sell Downs) $1,473,047 $1,007,828 $2,290,503 $1,689,265 $851,556 New Investment Fundings $1,194,576 $744,527 $1,707,484 $1,281,780 $551,343 Investments Sold or Repaid ($756,271) ($848,342) ($880,654) ($1,111,133) ($222,347) Net Funded Investment Activity3 $522,541 ($37,618) $1,159,797 $283,880 $477,511 New Investment Commitments at Par17: Number of New Investment Commitments in New Portfolio Companies 9 12 25 14 6 Average New Investment Commitment Amount in New Portfolio Companies $84,276 $60,942 $59,692 $51,242 $111,258 Weighted Average Maturity for New Investment Commitments in New Portfolio Companies (in Years) 6.0 6.2 6.3 5.8 6.5 Weighted Average Interest Rate of New Debt Investment Commitments18 9.8% 8.6% 8.4% 8.4% 9.0% Weighted Average Spread Over Applicable Base Rate of New Floating Rate Debt Investment Commitments 5.5% 5.2% 4.6% 4.9% 5.3% Asset Mix – New Investment Fundings at Par: F i r s t - L i e n D e b t I n v e s t m e n t s 81.7% 91.1% 90.2% 78.8% 92.7% S e c o n d - L i e n D e b t I n v e s t m e n t s 10.9% 0.3% —% —% —% Specialty Finance Debt Investments 0.2% 0.7% —% —% —% Unsecured Debt Investments —% 0.6% —% —% —% Preferred Equity Investments 2.7% 0.7% 3.2% 4.0% —% Common Equity Investments 0.2% 2.4% 0.9% 1.5% 5.6% Specialty Finance Equity Investments 3.6% 3.2% 3.6% 15.7% 0.9% Joint Ventures 0.7% 1.1% 2.0% —% 0.9% Portfolio Highlights – New Quarterly Portfolio Activity
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Past performance is not a guarantee of future results. 7 NYSE: OTF 78% 3% 3% 7% 5% 4% First-Lien Debt Investments Second-Lien Debt Investments Specialty Finance Debt Investments Unsecured Debt Investments Preferred Equity Investments Common Equity Investments Specialty Finance Equity Investments Joint Ventures Weighted Average Borrower Statistics10: $14.7bn Portfolio Size9 39 Portfolio Industries 81% Senior Secured 205 Portfolio Companies 9.6% Debt Portfolio Yield11 $291mm Portfolio Company EBITDA10 (First and Second Lien) First & Second Lien (74.5% of portfolio by FV) Q1'26 Q2'26 Revenue $0.9bn $1.0bn EBITDA $285mm $291mm Net LTV20 40% 40% Enterprise Value $5.5bn $5.7bn Portfolio Highlights – Asset Mix Unsecured & Equity (12.6% of portfolio by FV) Q1'26 Q2'26 Revenue $1.4bn $1.7bn Enterprise Value $15bn $15bn 19 19
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Past performance is not a guarantee of future results. 8 NYSE: OTF Arctic Wolf, 2.1%Sitecore, 2.0%Inovalon, 1.7%LSI, 1.6%Revolut, 1.6%Certinia, 1.5% CSI, 1.5% SpaceX, 1.5% Audiotonix, 1.5% Conservice, 1.4% Remaining, 83.6% Industry Diversification Portfolio Highlights – Diversification 17.5% 15.3% 12.4% 9.9% 6.4% 3.7% 3.6% 2.9% 2.6% 2.3% 23.4% Systems Software Application Software Health Care Technology Diversified Financial Services Professional Services Insurance IT Services Health Care Providers & Services Aerospace & Defense Diversified Consumer Services Other (29 Industries) Borrower Diversification Top 10 positions represent 16% of the portfolio at fair value
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Past performance is not a guarantee of future results. 9 NYSE: OTF As of (Dollar amounts in thousands, except per share data; per share data is based period end shares) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Assets Investments at Fair Value $12,728,642 $12,884,046 $14,286,039 $14,068,239 $14,680,538 Cash (Including Restricted Cash and Foreign Cash) $170,523 $397,133 $282,924 $488,163 $213,506 Interest and Dividend Receivable $88,334 $83,621 $89,273 $100,264 $115,864 Other Assets $55,433 $35,988 $56,775 $211,940 $44,993 Total Assets $13,042,932 $13,400,788 $14,715,011 $14,868,606 $15,054,901 Liabilities Total Debt15 $4,752,225 $4,966,719 $6,288,200 $6,904,332 $7,157,528 Management Fee Payable $32,508 $47,969 $48,556 $54,018 $53,949 Incentive Fee Payable $28,052 $55,948 $68,085 $28,119 $29,316 Distribution Payable $162,793 $186,631 $185,749 $184,579 $183,068 Payables to Affiliates $61 — $64 $2 — Payable for Investments Purchased — — $3,006 $4,287 $1,558 Other Liabilities $81,875 $88,297 $79,753 $87,816 $89,617 Total Liabilities $5,057,514 $5,345,564 $6,673,413 $7,263,153 $7,515,036 Total Net Assets $7,985,418 $8,055,224 $8,041,598 $7,605,453 $7,539,865 Total Liabilities and Net Assets $13,042,932 $13,400,788 $14,715,011 $14,868,606 $15,054,901 Net Asset Value Per Share $17.17 $17.27 $17.33 $16.49 $16.48 Debt to Equity at Quarter-End5 0.58x 0.57x 0.75x 0.85x 0.93x Quarterly Statements of Financial Condition
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Past performance is not a guarantee of future results. 10 NYSE: OTF (Dollar and share amounts in thousands) For the Three Months Ended June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Investment Income Interest From Investments – Interest and Dividend Income21 $309,377 $310,276 $309,136 $317,272 $330,964 Interest From Investments – Income from Unscheduled Paydowns22 $5,953 $8,384 $3,259 $5,470 $2,878 Total Interest From Investments $315,330 $318,660 $312,395 $322,742 $333,842 Other Income23 $4,137 $3,930 $8,180 $3,198 $4,190 Total Investment Income $319,467 $322,590 $320,575 $325,940 $338,032 Expenses Interest Expense $87,327 $85,427 $97,052 $103,825 $108,791 Management Fees, Inclusive of Fees Waived $32,540 $47,970 $48,555 $53,913 $53,948 Performance Based Incentive Fees $28,052 $49,737 $43,676 ($10,685) $29,316 Other Operating Expenses $11,031 $6,458 $5,921 $6,301 $6,911 Total Expenses $158,950 $189,592 $195,204 $153,354 $198,966 Net Investment Income before Taxes $160,517 $132,998 $125,371 $172,586 $139,066 Income Tax Expense (Benefit), Including Excise Taxes $146 $2,433 $1,558 $1,275 $422 Net Investment Income $160,371 $130,565 $123,813 $171,311 $138,644 Adjusted Net Investment Income1 $166,582 $148,764 $138,207 $132,507 $138,644 Net Realized and Change in Unrealized Gain (Loss) $41,116 $104,370 $82,004 ($391,202) $15,578 Net Income (Loss) $201,487 $234,935 $205,817 ($219,891) $154,222 Adjusted Net Income (Loss)1 $207,698 $253,134 $220,211 ($258,695) $154,222 Weighted Average Shares Outstanding for the Period 465,124 466,720 467,291 464,266 460,879 Shares Outstanding at End of Period 465,127 466,465 464,048 461,124 457,613 Quarterly Operating Results Detail
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Past performance is not a guarantee of future results. 11 NYSE: OTF $16.49 $0.30 $— ($0.35) ($0.05) $0.05 $0.03 $16.48 Q1'26 NAV Per Share Q2'26 Adjusted Net Investment Income Per Share Q2'26 Change in Accrued Capital Gains Incentive Fee Per Share Q2'26 Base Dividend Per Share Q2'26 Special Dividend Per Share Q2'26 Per Share Accretion from Share Repurchases Q2'26 Realized & Change in Unrealized Gain (Loss) and Other Per Share Q2'26 NAV Per Share Note: Totals may not sum due to rounding. Per share data was derived using weighted average shares outstanding for the quarter, except for NAV per share which is based on shares outstanding at the end of the period, and total dividends per share which is based on shares outstanding at the record date of the dividend. 1 1 Net Asset Value Per Share Bridge GAAP Net Investment Income Per Share: $0.30
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Past performance is not a guarantee of future results. 12 NYSE: OTF 11 24 9 Portfolio Highlights – Net Interest Margin 10.4% 10.1% 9.6% 9.5% 9.6% 5.7% 5.6% 5.4% 5.3% 5.3% 6.1% 6.4% 6.1% 5.7% 5.7% 4.3% 4.0% 3.7% 3.7% 3.7% Weighted Average Total Yield of Accruing Debt and Income Producing Securities Weighted Average Spread Over Applicable Base Rate of Floating Rate Debt Investments Average Stated Interest Rate on Debt Outstanding 3 Month Secured Overnight Financing Rate (SOFR) Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 9
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Past performance is not a guarantee of future results. 13 NYSE: OTF 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 (Dollar amounts in thousands) As of June 30, 2026, investments on non-accrual as a percentage of the total portfolio were 0.6% and 0.1% at cost and fair value, respectively Internal Performance Rating September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 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 $1,113,768 8.7% $1,653,599 11.6% $1,245,352 8.9% $1,559,241 10.6% 2 $10,731,441 83.3% $11,366,623 79.6% $11,623,353 82.6% $12,011,601 81.8% 3 $1,017,976 7.9% $1,185,876 8.3% $1,152,995 8.2% $1,036,830 7.1% 4 $16,535 0.1% $75,251 0.5% $41,972 0.3% $72,866 0.5% 5 $4,326 — $4,690 — $4,567 — — — Total $12,884,046 100.0% $14,286,039 100.0% $14,068,239 100.0% $14,680,538 100.0% Portfolio Highlights – Internal Ratings 19
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Past performance is not a guarantee of future results. 14 NYSE: OTF $2.0bn Available Liquidity4 5.8 Years Weighted Average Debt Maturity (based on committed debt) 4 Investment Grade Ratings8 Funding Sources Debt Maturities25 ($mm) Based on Committed Debt Diverse Financing Profile $0 $2,675 $300 $725 $700 $4,665 $300 $725 $700 $7,340 Revolver Other 2026 2027 2028 2029 2030 & Beyond 36% Unsecured Borrowings (based on outstanding debt) $1.8bn Undrawn Debt Capacity4 Principal Amount Committed Principal Amount Outstanding Interest Rate Maturity Date Revolving Credit Facility $2,675 million $1,620 million S + 1.875%26 6/16/2031 SPV Asset Facility I $700 million $700 million S + 2.25% 10/30/2035 SPV Asset Facility II $400 million $325 million S + 2.00% 11/16/2030 SPV Asset Facility III $1,100 million $625 million S + 2.05% 12/11/2035 SPV Asset Facility IV $500 million $370 million S + 2.00% 10/30/2030 SPV Asset Facility V $150 million $75 million S + 2.10% 5/21/2031 Athena CLO II $375 million $375 million S + 1.76%30 1/18/2039 Athena CLO IV $240 million $240 million S + 2.05%30 7/20/2037 Athena CLO V $300 million $300 million S + 1.82%30 10/15/2038 January 2027 Notes $300 million $300 million 2.50% 1/15/2027 March 2028 Notes $650 million $650 million Fixed Coupon: 6.10% SWAP: S + 1.767%27 3/15/2028 September 2028 Notes $75 million $75 million 8.50% 9/27/2028 April 2029 Notes $700 million $700 million Fixed Coupon: 6.75% SWAP: S + 2.565%28 4/4/2029 January 2031 Notes $400 million $400 million Fixed Coupon: 6.125% Swap: S + 2.495%29 1/23/2031 October 2029 Notes $500 million $500 million Fixed Coupon: 6.50% Swap: S + 2.538%32 10/15/2029 Total Debt 25 $9,065 million $7,255 million
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Past performance is not a guarantee of future results. 15 NYSE: OTF $0.37 $0.37 $0.40 $0.36 $0.33 $0.34 $0.35 $0.35 $0.35 $0.35 $0.35 $0.05 $0.05 $0.05 $0.05 8.7% 8.7% 9.6% 8.5% 7.7% 8.0% 8.2% 9.3% 9.2% 9.7% 9.7% Base DividendSpecial DividendTotal Dividend Yield Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Historical Dividend Yield Based on NAV per Share31 Before Listing on NYSE: Floating rate dividend policy (~90% of taxable income) After Listing on NYSE: Fixed rate dividend policy Listed on 6/12/25 Historical Dividend Yield Special Dividends: One remaining $0.05 per share special dividend declared through Q3'26 in conjunction with listing
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Past performance is not a guarantee of future results. 16 NYSE: OTF Date Declared Record Date Payment Date Dividend Type Dividend Per Share 2/23/2021 3/31/2021 5/14/2021 Q1'21 Base Dividend $0.24 5/5/2021 6/30/2021 8/13/2021 Q2'21 Base Dividend $0.24 8/3/2021 9/30/2021 11/15/2021 Q3'21 Base Dividend $0.17 11/2/2021 12/31/2021 1/31/2022 Q4'21 Base Dividend $0.16 2/23/2022 3/31/2022 5/13/2022 Q1'22 Base Dividend $0.24 5/3/2022 6/30/2022 8/15/2022 Q2'22 Base Dividend $0.23 8/2/2022 9/30/2022 11/15/2022 Q3'22 Base Dividend $0.28 11/1/2022 12/31/2022 1/31/2023 Q4'22 Base Dividend $0.29 2/21/2023 3/31/2023 5/15/2023 Q1'23 Base Dividend $0.34 5/9/2023 6/30/2023 8/15/2023 Q2'23 Base Dividend $0.37 8/8/2023 9/29/2023 11/15/2023 Q3'23 Base Dividend $0.37 11/7/2023 12/29/2023 1/31/2024 Q4'23 Base Dividend $0.37 2/29/2024 3/29/2024 5/15/2024 Q1'24 Base Dividend $0.37 5/7/2024 6/28/2024 8/15/2024 Q2'24 Base Dividend $0.40 8/6/2024 9/30/2024 11/15/2024 Q3'24 Base Dividend $0.36 10/1/2024 12/31/2024 1/31/2025 Q4'24 Base Dividend $0.33 3/14/2025 3/17/2025 3/18/2025 Q1'25 Base Dividend $0.34 6/2/2025 6/30/2025 7/15/2025 Q2'25 Base Dividend $0.35 6/2/2025 9/22/2025 10/7/2025 Q3'25 Special Dividend $0.05 8/5/2025 9/30/2025 10/15/2025 Q3'25 Base Dividend $0.35 Historical Dividends Declared (2021 – Present) Date Declared Record Date Payment Date Dividend Type Dividend Per Share 6/2/2025 12/23/2025 1/7/2026 Q4'25 Special Dividend $0.05 11/5/2025 12/31/2025 1/15/2026 Q4'25 Base Dividend $0.35 6/2/2025 3/23/2026 4/7/2026 Q1'26 Special Dividend $0.05 2/18/2026 3/31/2026 4/15/2026 Q1'26 Base Dividend $0.35 6/2/2025 6/22/2026 7/7/2026 Q2'26 Special Dividend $0.05 5/5/2026 6/30/2026 7/15/2026 Q2'26 Base Dividend $0.35 6/2/2025 9/21/2026 10/6/2026 Q3'26 Special Dividend $0.05 8/4/2026 9/30/2026 10/15/2026 Q3'26 Base Dividend $0.35
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Past performance is not a guarantee of future results. 17 NYSE: OTF Declaration date Record date Payment date Amount per share 8/4/2026 9/30/2026 10/15/2026 $0.35 Base Dividend Declared Declaration date Record date Payment date Amount per share 6/2/2025 9/21/2026 10/6/2026 $0.05 Special Dividends Declared in Conjunction With June 2025 NYSE Listing Upcoming Dividends
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18 NYSE: OTF Note: Figures are as of the quarter-ended June 30, 2026 unless otherwise noted. Past performance is not a guarantee of future results. Totals may not sum due to rounding. 1. Please see non-GAAP disclosures on pages 20 and 21 for reconciliations. 2. Annualized quarterly net investment income or net income per share divided by beginning period net asset value per share. 3. Net funded investment activity includes net drawdown (repayments) on revolvers and delayed draw term loans. 4. Reflects undrawn debt, which is based on committed debt less debt outstanding as of 6/30/2026, and may not reflect the amount currently available due to borrowing base restrictions. 5. Based on principal value of debt outstanding net of cash. 6. Annualized dividend yield calculated as Q2'26 annualized base dividend of $0.35 per share and Q2'26 annualized special dividend of $0.05 per share divided by Q2'26 net asset value per share of $16.48. 7. Source: Bloomberg as of 8/3/2026. Based on market capitalization. 8. 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.standardandpoors.com, www.fitchratings.com, www.moodys.com, and www.krollbondratings.com. 9. Fair value. 10. Borrower financials are derived from the most recently available portfolio company financial statements, typically a quarter in arrears, have not been independently verified by Blue Owl, and may reflect a normalized or adjusted amount. Accordingly, Blue Owl makes no representation or warranty in respect of this information. For first and second lien investments, this represents 74.5% of our total portfolio based on fair value as of 06/30/2026 (77.9% of our total portfolio based on fair value as of 03/31/2026) and excludes certain investments that fall outside of our typical borrower profile. For unsecured and equity investments, this represents 12.6% of our total portfolio based on fair value as of 06/30/2026 (13.4% of our total portfolio based on fair value as of 03/31/2026) and also excludes certain investments that fall outside of our typical borrower profile. 11. Weighted average total yield of debt and income producing securities at fair value. For non-stated rate income producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending fair value. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annualized. 12. Average of the annual net realized gain/loss rates since inception (where the annual net realized gain/loss rate is calculated as the total net realized gains/losses for a particular year divided by the average quarterly investments at amortized cost in such year). 13. Based on period end shares. 14. Based on shares outstanding as of record date. 15. Net of debt issuance costs. 16. Weighted average total yield of the portfolio 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. 17. Excludes investments made through a joint venture in which OTF is invested. 18. Assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR as of the applicable reporting date. 19. Less than 0.1% where dollar values are greater than zero. 20. “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. 21. Interest from Investments – Interest and Dividend Income includes accrued interest and dividend income, amortization of purchase discounts (premiums) and certain fees, and accelerated amortization of upfront fees from scheduled principal payments. 22. Interest from Investments – Income Associated with Unscheduled Paydowns includes prepayment fees and accelerated amortization of upfront fees from unscheduled paydowns. 23. Other Income includes amendment fees, syndication fees, loan origination and structuring fees, and other income. 24. Interest rate on debt outstanding includes the swap-adjusted interest expense related to our unsecured notes where applicable. Average interest rate on debt outstanding excludes net change in unrealized gain (loss) on effective interest rate swaps and hedged items. 25. Par value. 26. Amounts drawn under the Revolving Credit Facility with respect to the commitments in U.S. dollars bear interest at either (i) term SOFR plus 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, or (ii) the alternative base rate plus a margin of either 0.875% per annum or, if the gross borrowing base is greater than or equal to the product of 1.60 and the combined debt amount, 0.75% per annum. Endnotes
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19 NYSE: OTF Endnotes (Cont'd.) 27. 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 p r e d o m i n a t e l y f l o a t i n g r a t e l o a n s . A s a r e s u l t o f t h e s w a p , o u r e f f e c t i v e i n t e r e s t r a t e o n t h e n o t e s w a s o n e - m o n t h S O F R p l u s 1 7 7 b a s i s p o i n t s , w h i c h r e f l e c t s t h e c u r r e n t t e r m s . 28. 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 p r e d o m i n a t e l y f l o a t i n g r a t e l o a n s . A s a r e s u l t o f t h e s w a p , o u r e f f e c t i v e i n t e r e s t r a t e o n t h e n o t e s w a s o n e - m o n t h S O F R p l u s 2 5 6 b a s i s p o i n t s , w h i c h r e f l e c t s t h e c u r r e n t t e r m s . 29. In connection with the note offering, OTF entered into an interest rate swap to continue to align with the interest rates of our liabilities with our investment portfolio, which consists of predominantly floating rate loans. As a result of the swap, our effective interest rate on the notes was one-month SOFR plus 249.5 basis points. 30. Interest rates represent the weighted average spread over 3-month or 6-month SOFR for the various floating rate tranches of issued notes within each CLO, excluding tranches retained by the company in each respective CLO. The weighted average interest rate for each CLO excludes tranches with a fixed interest rate. 31. Totals at the top of each bar represent the total quarterly dividend per share divided by the period end net asset value per share. The Board of Directors must approve each quarter’s dividend. 32. In connection with the note offering, OTF entered into an interest rate swap to continue to align with the interest rates of our liabilities with our investment portfolio, which consists of predominantly floating rate loans. As a result of the swap, our effective interest rate on the notes was one-month SOFR plus 253.8 basis points.
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20 NYSE: OTF Non-GAAP Disclosures 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 Income (Loss)” and “Adjusted Net Income Per Share”: represent net income, excluding any change in capital gains incentive fees accrued but not payable.
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Past performance is not a guarantee of future results. 21 NYSE: OTF Non-GAAP Reconciliation Tables 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 2025 2026 June 30 September 30 December 31 March 31 June 30 ($ in millions, except per share amounts) Amount Per Share Amount Per Share Amount Per Share Amount Per Share Amount Per Share Net Income (Loss) $201 $0.43 $235 $0.50 $206 $0.44 ($220) ($0.47) $154 $0.33 Plus: Change in capital gains incentive fees accrued but not payable $6 $0.01 $18 $0.04 $14 $0.03 ($39) ($0.08) $— $— Adjusted Non-GAAP Net Income (Loss) $208 $0.45 $253 $0.54 $220 $0.47 $(259) ($0.56) $154 $0.33 The following table provides a reconciliation of net increase (decrease) in net assets resulting from operations (the most comparable U.S. GAAP measure, or net income or loss) to adjusted net increase (decrease) in net assets resulting from operations (or adjusted net income or loss) for the periods presented: For the Three Months Ended 2025 2026 June 30 September 30 December 31 March 31 June 30 ($ in millions, except per share amounts) Amount Per Share Amount Per Share Amount Per Share Amount Per Share Amount Per Share Net Investment Income $160 $0.34 $131 $0.28 $124 $0.26 $171 $0.37 $139 $0.30 Plus: Change in capital gains incentive fees accrued but not payable $6 $0.01 $18 $0.04 $14 $0.03 $(39) ($0.08) $— $— Adjusted Non-GAAP Net Investment Income $167 $0.36 $149 $0.32 $138 $0.30 $133 $0.29 $139 $0.30
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22 NYSE: OTF Important Information Past performance is not a guarantee of future results and is not indicative of expected realized returns. The information contained in this presentation should be viewed in conjunction with the Company’s most recently-filed Quarterly Report on Form 10-Q or Annual Report on Form 10-K. The information contained herein may not be used, reproduced or distributed to others, in whole or in part, for any other purpose without the prior written consent of the Company. 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 Real Assets Funds and the GP Strategic Capital 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. This investor presentation may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. These statements represent the Company’s belief regarding certain future events that, by their nature, are uncertain and outside of the Company’s control. Any forward-looking statement made by us in this presentation speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ, possibly materially from our expectations, include, but are not limited to, the risks, uncertainties and other factors we identify in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in filings we make with the Securities and Exchange Commission, and it is not possible for us to predict or identify all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. 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. 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. 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. Within the United States and Canada, securities are offered through Blue Owl Securities LLC, member of FINRA/SIPC, as Dealer Manager. Copyright© Blue Owl Capital Inc. 2026. 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.