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1 Proprietary and Confidential Blue Owl Technology Finance Corp. Quarterly Earnings Presentation NYSE: OTF September 30, 2026
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Past performance is not a guarantee of future results. 2 NYSE: OTF Earnings Summary Balance Sheet Update • $2.9 billion of liquidity in cash and undrawn debt4 • Debt-to-equity ratio was 0.94x5, compared to 0.93x5 as of 6/30/2026 and within our target range of 0.90x-1.25x • Debt funding mix comprised of 43% unsecured debt (based on outstanding debt) • Weighted average debt maturity of approximately 5.6 years (based on committed debt) • Total revolver facility size of $2.7 billion Review of Q3'26 Dividends & Repurchase Program • Q3'26 total dividends of $0.40 per share and annualized dividend yield of 9.6%6 - Q3'26 base dividend of $0.35 per share and Q3'26 special dividend of $0.05 per share associated with NYSE listing • Declared a consistent Q4'26 base dividend of $0.35 per share payable on or before 1/15/2027 • Repurchased $55 million in Q3'26 under $300 million repurchase program Portfolio Update • Total portfolio at fair value $14.8 billion, compared to $14.7 billion as of 6/30/2026; 207 portfolio companies, compared to 205 as of 6/30/2026 • Continued strong portfolio company performance - Portfolio risk ratings in line with historical averages - Investments on non-accrual represent approximately 1.8% and 1.1% of the total portfolio at cost and fair value, respectively • New investment commitments (net of sell downs) of $441 million and net funded investment activity of $61 million3 • Net asset value per share of $16.62, compared to $16.48 as of 6/30/2026 • GAAP and adjusted net investment income per share of $0.291, compared to $0.301 per share as of 6/30/2026 • GAAP and adjusted net income per share of $0.481, up from $0.331 per share as of 6/30/2026 • GAAP and adjusted ROE on net investment income and net income of 7.0%1,2 and 11.7%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 Weighted Average Portfolio Company EBITDA10 #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 Debt Portfolio Yield11 Annual Net Gain Rate Since Inception12 0.94x Debt-to-Equity Ratio $14.8bn 207 9.6% Defensively Positioned, Diversified Software Portfolio Offering Compelling Combination of Excellent Credit Quality & Attractive Returns 82% senior secured, 78% first lien investments, 96% floating rate debt investments9 +31 bps $2.9bn Cash & Undrawn Debt Capacity $4.4bn 9.8%$287mm 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) Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Net Investment Income Per Share $0.28 $0.26 $0.37 $0.30 $0.29 Adjusted Net Investment Income Per Share1 $0.32 $0.30 $0.29 $0.30 $0.29 Net Realized and Unrealized Gains (Losses) Per Share $0.22 $0.18 ($0.84) $0.03 $0.19 Net Income (Loss) Per Share $0.50 $0.44 ($0.47) $0.33 $0.48 Adjusted Net Income (Loss) Per Share1 $0.54 $0.47 ($0.56) $0.33 $0.48 Net Asset Value Per Share13 $17.27 $17.33 $16.49 $16.48 $16.62 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 $0.05 Total Dividends Per Share14 $0.40 $0.40 $0.40 $0.40 $0.40 Total Net Assets $8,055,224 $8,041,598 $7,605,453 $7,539,865 $7,522,683 Total Debt15 $4,966,719 $6,288,200 $6,904,332 $7,157,528 $7,174,233 Debt-to-Equity at Quarter-End5 0.57x 0.75x 0.85x 0.93x 0.94x Annualized ROE on Net Investment Income2 6.5% 6.1% 8.5% 7.3% 7.0% Annualized ROE on Adjusted Net Investment Income1,2 7.4% 6.9% 6.6% 7.3% 7.0% Annualized ROE on Net Income (Loss)2 11.7% 10.2% (10.9%) 8.1% 11.7% Annualized ROE on Adjusted Net Income (Loss)1,2 12.6% 10.9% (12.9%) 8.1% 11.7% 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) September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Investments at Fair Value $12,884,046 $14,286,039 $14,068,239 $14,680,538 $14,814,824 Number of Portfolio Companies 185 199 203 205 207 Average Investment Size $69,643 $71,789 $69,302 $71,612 $71,569 Asset Class: First-Lien Debt Investments 76.8% 76.8% 77.7% 77.8% 78.0% Second-Lien Debt Investments 3.3% 4.0% 3.5% 3.3% 3.4% Specialty Finance Debt Investments 0.3% 0.3% 0.3% 0.3% 0.3% Unsecured Debt Investments 3.6% 3.3% 3.2% 3.2% 3.2% Preferred Equity Investments 8.5% 7.5% 7.0% 6.5% 6.7% Common Equity Investments 4.9% 5.1% 4.4% 5.1% 4.6% Specialty Finance Equity Investments 2.5% 2.6% 3.7% 3.5% 3.4% Joint Ventures — % 0.4% 0.2% 0.3% 0.4% Interest Rate Type: % of Debt Investments Floating Rate 97.0% 96.2% 96.1% 96.7% 96.1% % of Debt Investments Fixed Rate 3.0% 3.8% 3.9% 3.3% 3.9% Yields: Weighted Average Total Yield of the Portfolio16 9.2% 8.8% 8.8% 8.9% 9.0% Weighted Average Total Yield of Accruing Debt and Income Producing Securities11 10.1% 9.6% 9.5% 9.6% 9.8% Weighted Average Spread Over Applicable Base Rate of Floating Rate Debt Investments 5.6% 5.4% 5.3% 5.3% 5.3% Valuation Fair Value as a Percentage of Principal (Debt) 99.2% 99.2% 97.2% 97.0% 97.5%
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Past performance is not a guarantee of future results. 6 NYSE: OTF (Dollar amounts in thousands) For Three Months Ended September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Investment Activity at Par: New Investment Commitments (Net of Sell Downs) $1,007,828 $2,290,503 $1,689,265 $851,556 $441,246 New Investment Fundings $744,527 $1,707,484 $1,281,780 $551,343 $316,559 Drawdowns (Repayments) on Revolvers/DDTLs, Net $66,197 $332,967 $113,233 $148,515 $78,876 Investments Sold or Repaid ($848,342) ($880,654) ($1,111,133) ($222,347) ($334,259) Net Funded Investment Activity3 ($37,618) $1,159,797 $283,880 $477,511 $61,176 New Investment Commitments at Par17: Number of New Investment Commitments in New Portfolio Companies 12 25 14 6 8 Average New Investment Commitment Amount in New Portfolio Companies $60,942 $59,692 $51,242 $111,258 $39,673 Weighted Average Maturity for New Investment Commitments in New Portfolio Companies (in Years) 6.2 6.3 5.8 6.5 3.6 Weighted Average Interest Rate of New Debt Investment Commitments18 8.6% 8.4% 8.4% 9.0% 9.1% Weighted Average Spread Over Applicable Base Rate of New Floating Rate Debt Investment Commitments 5.2% 4.6% 4.9% 5.3% 5.1% 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 91.1% 90.2% 78.8% 92.7% 83.6% 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 0.3% —% —% —% 2.6% Specialty Finance Debt Investments 0.7% —% —% —% —% Unsecured Debt Investments 0.6% —% —% —% —% Preferred Equity Investments 0.7% 3.2% 4.0% —% —% Common Equity Investments 2.4% 0.9% 1.5% 5.6% 4.9% Specialty Finance Equity Investments 3.2% 3.6% 15.7% 0.9% 4.3% Joint Ventures 1.1% 2.0% —% 0.9% 4.5% 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% 3% 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: $14.8bn Portfolio Size9 39 Portfolio Industries 82% Senior Secured 207 Portfolio Companies 9.8% Debt Portfolio Yield11 $287mm Weighted Average Portfolio Company EBITDA10 (First and Second Lien) First & Second Lien (82.0% of portfolio by FV) Q2'26 Q3'26 Revenue $1.0bn $0.9bn EBITDA $291mm $287mm Net LTV20 40% 40% Enterprise Value $5.7bn $6.2bn Portfolio Highlights – Asset Mix Unsecured & Equity (12.7% of portfolio by FV) Q2'26 Q3'26 Revenue $1.7bn $1.9bn Enterprise Value $15bn $23bn 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%Revolut, 1.7%LSI, 1.6%CSI, 1.5%Certinia, 1.5%Audiotonix, 1.4% Conservice, 1.4% Crewline, 1.4% Remaining, 83.7% Industry Diversification Portfolio Highlights – Diversification 17.5% 14.8% 12.3% 9.8% 6.5% 5.4% 3.9% 3.0% 2.7% 2.1% 22.0% Systems Software Application Software Health Care Technology Diversified Financial Services Professional Services IT Services Insurance Health Care Providers & Services Diversified Consumer Services Aerospace & Defense 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 on period end shares) September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Assets Investments at Fair Value $12,884,046 $14,286,039 $14,068,239 $14,680,538 $14,814,824 Cash (Including Restricted Cash and Foreign Cash) $397,133 $282,924 $488,163 $213,506 $220,796 Interest and Dividend Receivable $83,621 $89,273 $100,264 $115,864 $104,734 Other Assets $35,988 $56,775 $211,940 $44,993 $41,613 Total Assets $13,400,788 $14,715,011 $14,868,606 $15,054,901 $15,181,967 Liabilities Total Debt15 $4,966,719 $6,288,200 $6,904,332 $7,157,528 $7,174,233 Management Fee Payable $47,969 $48,556 $54,018 $53,949 $56,147 Incentive Fee Payable $55,948 $68,085 $28,119 $29,316 $27,457 Distribution Payable $186,631 $185,749 $184,579 $183,068 $181,272 Payables to Affiliates $— $64 $2 $— $— Payable for Investments Purchased $— $3,006 $4,287 $1,558 $81,413 Other Liabilities $88,297 $79,753 $87,816 $89,617 $138,762 Total Liabilities $5,345,564 $6,673,413 $7,263,153 $7,515,036 $7,659,284 Total Net Assets $8,055,224 $8,041,598 $7,605,453 $7,539,865 $7,522,683 Total Liabilities and Net Assets $13,400,788 $14,715,011 $14,868,606 $15,054,901 $15,181,967 Net Asset Value Per Share $17.27 $17.33 $16.49 $16.48 $16.62 Debt to Equity at Quarter-End5 0.57x 0.75x 0.85x 0.93x 0.94x 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 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Investment Income Interest From Investments – Interest and Dividend Income21 $310,276 $309,136 $317,272 $330,964 $334,881 Interest From Investments – Income from Unscheduled Paydowns22 $8,384 $3,259 $5,470 $2,878 $3,387 Total Interest From Investments $318,660 $312,395 $322,742 $333,842 $338,268 Other Income23 $3,930 $8,180 $3,198 $4,190 $3,017 Total Investment Income $322,590 $320,575 $325,940 $338,032 $341,285 Expenses Interest Expense $85,427 $97,052 $103,825 $108,791 $117,295 Management Fees, Inclusive of Fees Waived $47,970 $48,555 $53,913 $53,948 $56,147 Performance-Based Incentive Fees $49,737 $43,676 ($10,685) $29,316 $27,457 Other Operating Expenses $6,458 $5,921 $6,301 $6,911 $7,645 Total Expenses $189,592 $195,204 $153,354 $198,966 $208,544 Net Investment Income before Taxes $132,998 $125,371 $172,586 $139,066 $132,741 Income Tax Expense (Benefit), Including Excise Taxes $2,433 $1,558 $1,275 $422 $2,132 Net Investment Income $130,565 $123,813 $171,311 $138,644 $130,609 Adjusted Net Investment Income1 $148,764 $138,207 $132,507 $138,644 $130,609 Net Realized and Change in Unrealized Gain (Loss) $104,370 $82,004 ($391,202) $15,578 $88,648 Net Income (Loss) $234,935 $205,817 ($219,891) $154,222 $219,257 Adjusted Net Income (Loss)1 $253,134 $220,211 ($258,695) $154,222 $219,257 Weighted Average Shares Outstanding for the Period 466,720 467,291 464,266 460,879 456,178 Shares Outstanding at End of Period 466,465 464,048 461,124 457,613 452,612 Quarterly Operating Results Detail
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Past performance is not a guarantee of future results. 11 NYSE: OTF $16.48 $0.29 ($0.35) ($0.05) $0.06 $0.19 $16.62 Q2'26 NAV Per ShareQ3'26 GAAP and Adjusted Net Investment Income Per Share Q3'26 Base Dividend Per Share Q3'26 Special Dividend Per Share Q3'26 Per Share Accretion from Share Repurchases Q3'26 Realized & Change in Unrealized Gain (Loss) and Other Per Share Q3'26 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 Net Asset Value Per Share Bridge
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Past performance is not a guarantee of future results. 12 NYSE: OTF 11 24 9 Portfolio Highlights – Net Interest Margin 10.1% 9.6% 9.5% 9.6% 9.8% 5.6% 5.4% 5.3% 5.3% 5.3% 6.4% 6.1% 5.7% 5.7% 5.9% 4.0% 3.7% 3.7% 3.7% 4.1% 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) Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 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 September 30, 2026, investments on non-accrual as a percentage of the total portfolio were 1.8% and 1.1% at cost and fair value, respectively Internal Performance Rating December 31, 2025 March 31, 2026 June 30, 2026 September 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 $1,653,599 11.6% $1,245,352 8.9% $1,559,241 10.6% $1,835,347 12.4% 2 $11,366,623 79.6% $11,623,353 82.6% $12,011,601 81.8% $11,591,303 78.2% 3 $1,185,876 8.3% $1,152,995 8.2% $1,036,830 7.1% $1,326,993 9.0% 4 $75,251 0.5% $41,972 0.3% $72,866 0.5% $61,181 0.4% 5 $4,690 — $4,567 — — — — — Total $14,286,039 100.0% $14,068,239 100.0% $14,680,538 100.0% $14,814,824 100.0% Portfolio Highlights – Internal Ratings 19
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Past performance is not a guarantee of future results. 14 NYSE: OTF $2.9bn Available Liquidity4 5.6 Years Weighted Average Debt Maturity (based on committed debt) 4 Investment Grade Ratings8 Funding Sources Debt Maturities25 ($mm) Based on Committed Debt Diverse Financing Profile $0 $2,675 $4,665 $300 $725 $1,600 $7,340 Revolver Other 2026 2027 2028 2029 2030 & Beyond 43% Unsecured Borrowings (based on outstanding debt) $2.6bn Undrawn Debt Capacity4 Principal Amount Committed Principal Amount Outstanding Interest Rate Maturity Date Revolving Credit Facility $2,675 million $1,015 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 $700 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 $250 million $75 million S + 2.10% 5/21/2031 SPV Asset Facility VI $250 million $50 million S + 2.25% 8/14/2036 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 + 2.5645%28 4/4/2029 October 2029 Notes $900 million $900 million Fixed Coupon: 6.50% Swap: S + 2.457% (Blended Rate)32 10/15/2029 January 2031 Notes $400 million $400 million Fixed Coupon: 6.125% Swap: S + 2.495%29 1/23/2031 September 2032 Notes $150 million $150 million Fixed Coupon: 7.60% Swap: S + 3.228%33 9/3/2032 Total Debt 25 $9,965 million $7,325 million
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Past performance is not a guarantee of future results. 15 NYSE: OTF $0.37 $0.40 $0.36 $0.33 $0.34 $0.35 $0.40 $0.40 $0.40 $0.40 $0.40 $0.37 $0.40 $0.36 $0.33 $0.34 $0.35 $0.35 $0.35 $0.35 $0.35 $0.35 $0.05 $0.05 $0.05 $0.05 $0.05 8.7% 9.6% 8.5% 7.7% 8.0% 8.2% 9.3% 9.2% 9.7% 9.7% 9.6% Base DividendSpecial DividendTotal Dividend Yield Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 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
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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 Historical Dividends Declared (2021 – Present) Date Declared Record Date Payment Date Dividend Type Dividend Per Share 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 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 11/3/2026 12/31/2026 1/15/2027 Q4'26 Base Dividend $0.35
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17 NYSE: OTF Note: Figures are as of the quarter-ended September 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 19 and 20 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 9/30/2026, 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 Q3'26 annualized base dividend of $0.35 per share and Q3'26 annualized special dividend of $0.05 per share divided by Q3'26 net asset value per share of $16.62. 7. Source: Bloomberg as of 10/30/2026. 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 82.0% of our total portfolio based on fair value as of 9/30/2026 (74.5% of our total portfolio based on fair value as of 6/30/2026) and excludes certain investments that fall outside of our typical borrower profile. For unsecured and equity investments, this represents 12.7% of our total portfolio based on fair value as of 9/30/2026 (12.6% of our total portfolio based on fair value as of 6/30/2026) 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 from 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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18 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 predominantly floating rate loans. As a result of the swap, our effective interest rate on the notes was SOFR plus 177 basis points, which reflects the current terms. 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 predominantly floating rate loans. As a result of the swap, our effective interest rate on the notes was SOFR plus 256 basis points, which reflects the current terms. 29. 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 predominantly floating rate loans. As a result of the swap, our effective interest rate on the notes was 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 the interest rates of our liabilities with our investment portfolio, which consists of predominantly floating rate loans. In connection with the June 5, 2026 issuance of the October 2029 Notes, on June 11, 2026, the Company entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $500.0 million. The Company will receive fixed rate interest at 6.500% and pay variable rate interest based on SOFR plus 2.538%. In connection with the August 20, 2026 issuance of the October 2029 Notes, on August 20, 2026, the Company entered into a bilateral interest rate swap. The notional amount of the interest rate swap is $400.0 million. The Company will receive fixed rate interest at 6.500% and pay variable rate interest based on SOFR plus 2.355%. 33. 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 SOFR plus 322.8 basis points.
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19 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. 20 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 September 30 December 31 March 31 June 30 September 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) $235 $0.50 $206 $0.44 ($220) ($0.47) $154 $0.33 $219 $0.48 Plus: Change in capital gains incentive fees accrued but not payable $18 $0.04 $14 $0.03 ($39) ($0.08) $— $— $— $— Adjusted Non-GAAP Net Income (Loss) $253 $0.54 $220 $0.47 ($259) ($0.56) $154 $0.33 $219 $0.48 The following table provides a reconciliation of net increase (decrease) in net assets resulting from operations (the most comparable U.S. GAAP measure, or net income or loss) to adjusted net increase (decrease) in net assets resulting from operations (or adjusted net income or loss) for the periods presented: For the Three Months Ended 2025 2026 September 30 December 31 March 31 June 30 September 30 ($ in millions, except per share amounts) Amount Per Share Amount Per Share Amount Per Share Amount Per Share Amount Per Share Net Investment Income $131 $0.28 $124 $0.26 $171 $0.37 $139 $0.30 $131 $0.29 Plus: Change in capital gains incentive fees accrued but not payable $18 $0.04 $14 $0.03 ($39) ($0.08) $— $— $— $— Adjusted Non-GAAP Net Investment Income $149 $0.32 $138 $0.30 $133 $0.29 $139 $0.30 $131 $0.29
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21 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. 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