Earnings release
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Blue Owl Technology Finance Corp. Announces September 30, 2026 Financial Results NEW YORK — November 4, 2026— Blue Owl Technology Finance Corp. (NYSE: OTF) (“OTF” or the “Company”) today announced financial results for its third quarter ended September 30, 2026. THIRD QUARTER 2026 HIGHLIGHTS • Third quarter GAAP net investment income (“NII”) per share of $0.29 • Third quarter adjusted NII per share of $0.29, as compared to the prior quarter of $0.30• Dividends totaled $0.40 per share, including a base dividend of $0.35 per share and a special dividend of $0.05 per share that was declared in connection with the listing, representing an annualized dividend yield of 9.6% • All special dividends declared in connection with OTF's listing last June have now been paid • Net asset value (“NAV”) per share increased to $16.62, as compared to $16.48 as of June 30, 2026• New investment commitments were $441 million and sales and repayments were $334 million • Net debt-to-equity ended at 0.94x, as compared with 0.93x as of June 30, 2026 • Investments on non-accrual represented 1.8% and 1.1% of the portfolio at cost and fair value, respectively, as compared to 0.6%and 0.1% as of June 30, 2026 • Repurchased $55 million of common stock during the quarter, which was accretive to third quarter NAV per share • Raised $900 million of new debt capital, including $550 million of senior unsecured notes, $250 million through a new SPVfacility, and $100 million by upsizing an existing bilateral SPV “OTF delivered a strong third quarter, with steady earnings and a rebound in NAV driving an 11.7% net income ROE,” said Craig W. Packer, Chief Executive Officer. “We continue to see improving market sentiment toward software and technology as investors take a more balanced view of the potential impacts of AI. This market recovery, together with continued health of our borrowers and accretive share repurchases, contributed to a 0.9% increase in NAV per share.” “Investment opportunities across software and technology have become increasingly attractive, with wider spreads creating more favorable economics for lenders,” said Erik Bissonnette, President. “With approximately $2.9 billion of liquidity and leverage at the low end of our target range, OTF has significant capacity to selectively deploy capital at attractive terms. We also expect higher base rates to provide an additional earnings tailwind as our floating rate loans reset, supporting ROE expansion over time.” Dividend DeclarationsOn November 3, 2026, the Board declared a fourth quarter 2026 base dividend of $0.35 per share for stockholders of record as of December 31, 2026, payable on or before January 15, 2027. A full schedule of the record and payment dates can be found on the Company’s website at www.blueowltechnologyfinance.com. ______________________ (1) When applicable, adjusted to exclude any change in capital gains incentive fees accrued but not paid. These fees are related to cumulative unrealized gains in excess of cumulative net realized gains less any cumulative unrealized losses, less capital gains incentive fees paid inception to date. (2) Dividend yield based on OTF's annualized Q3'26 base dividend of $0.35 per share payable to shareholders of record as of September 30, 2026, annualized Q3'26 special dividend of $0.05 per share payable to shareholders of record as of September 21, 2026, and Q3'26 NAV per share of $16.62. (1) (2)
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SELECT FINANCIAL HIGHLIGHTS As of and for the Three Months Ended ($ in thousands, except per share amounts) September 30, 2026 June 30, 2026 September 30, 2025 GAAP results: Net investment income per share $ 0.29 $ 0.30 $ 0.28 Net realized and unrealized gains (losses) per share $ 0.19 $ 0.03 $ 0.22 Net increase (decrease) in net assets resulting from operations per share$ 0.48 $ 0.33 $ 0.50 Capital gains incentive fee expense (benefit) per share $ — $ — $ 0.04 Non-GAAP financial measures : Adjusted net investment income per share $ 0.29 $ 0.30 $ 0.32 Adjusted net increase (decrease) in net assets resulting from operations per share$ 0.48 $ 0.33 $ 0.54 Total investments at fair value $ 14,814,824 $ 14,680,538 $ 12,884,046 Debt (net of unamortized debt issuance costs) $ 7,174,233 $ 7,157,528 $ 4,966,719 Total Net Assets $ 7,522,683 $ 7,539,865 $ 8,055,224 Net asset value per share $ 16.62 $ 16.48 $ 17.27 Net debt-to-equity 0.94x 0.93x 0.57x _____________________ (1) See Non-GAAP Financial Measures for a description of the non-GAAP measures and the reconciliations from the most comparable GAAP financial measures to the Company's non-GAAP measures, including on a per share basis. The Company's management utilizes these non-GAAP financial measures to internally analyze and assess financial results and performance. These measures are also considered useful by management as an additional resource for investors to evaluate the Company's ongoing results and trends, as well as its performance, excluding non-cash income and expenses. The presentation of non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation. (2) Adjusted to exclude any change in capital gains incentive fees accrued but not payable. These fees are related to cumulative unrealized gains in excess of cumulative net realized gains less any cumulative unrealized losses, less capital gains incentive fees paid inception to date. PORTFOLIO COMPOSITION As of September 30, 2026, the Company had investments in 207 portfolio companies across 39 industries, with an aggregate portfolio size of $14.8 billion at fair value and an average investment size of $71.6 million at fair value. September 30, 2026 June 30, 2026 September 30, 2025 ($ in thousands) Fair Value % of Total Fair Value % of Total Fair Value % of Total Portfolio composition: First-lien senior secured $ 11,555,643 78.0 % $ 11,444,661 77.8 % $9,885,010 76.8 % Second-lien senior secured 502,234 3.4 % 478,763 3.3 % 426,867 3.3 % Unsecured debt 478,830 3.2 % 464,478 3.2 % 468,887 3.6 % Specialty finance debt 42,568 0.3 % 40,774 0.3 % 36,755 0.3 % Preferred equity 990,315 6.7 % 951,696 6.5 % 1,096,622 8.5 % Common equity 688,504 4.6 % 747,669 5.1 % 633,523 4.9 % Specialty finance equity 504,789 3.4 % 515,617 3.5 % 317,890 2.5 % Joint ventures 51,941 0.4 % 36,880 0.3 % 18,492 0.1 % Total investments $ 14,814,824 100.0 % $ 14,680,538 100.0 % $ 12,884,046 100.0 % _____________________ (1) The Company considers 57%, 56% and 58% of first-lien senior secured debt investments to be unitranche loans as of September 30, 2026, June 30, 2026, and September 30, 2025, respectively. (1)(2) (1)
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September 30, 2026 June 30, 2026 September 30, 2025 Number of portfolio companies 207 205 185 Percentage of debt investments at floating rates 96.1 % 96.7 % 97.0 % Percentage of senior secured debt investments 81.7 % 81.4 % 80.4 % Weighted average spread over base rate of floating rate debt investments 5.3 % 5.3 % 5.6 % Weighted average total yield of accruing debt and income- producing securities at fair value 9.8 % 9.6 % 10.1 % Weighted average total yield of accruing debt and income- producing securities at cost 9.6 % 9.3 % 10.2 % Percentage of investments on non-accrual of the portfolio at fair value 1.1 % 0.1 % — % _____________________ (1) Represents less than 1% for September 30, 2025. PORTFOLIO AND INVESTMENT ACTIVITY For the three months ended September 30, 2026, new investment commitments totaled $441 million across 8 new portfolio companies and 7 existing portfolio companies. For the three months ended June 30, 2026, new investment commitments were $852 million across 6 new portfolio companies and 7 existing portfolio companies. For the three months ended September 30, 2026, the principal amount of new investments funded totaled $317 million and aggregate principal amount of sales and repayments was $334 million. For the three months ended June 30, 2026, the principal amount of new investments funded totaled $551 million and aggregate principal amount of sales and repayments was $222 million. (1)
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For the Three Months Ended September 30, For the Three Months Ended June 30, For the Three Months Ended September 30, ($ in thousands) 2026 2026 2025 New investment commitments: Gross originations $ 441,246 $ 864,056 $ 1,027,266 Less: Sell downs — (12,500) (19,438) Total new investment commitments $ 441,246 $ 851,556 $ 1,007,828 Principal amount of new investments funded: First-lien senior secured debt investments $ 264,748 $ 510,968 $ 677,923 Second-lien senior secured debt investments 8,333 — 2,384 Unsecured debt investments — — 4,694 Specialty finance debt investments — — 4,859 Preferred equity investments — — 5,551 Common equity investments 15,625 30,667 17,504 Specialty finance equity investments 13,697 4,989 23,488 Joint venture investments 14,156 4,719 8,124 Total principal amount of new investments funded $ 316,559 $ 551,343 $ 744,527 Drawdowns (repayments) on revolvers and delayed draw term loans, net $ 78,876 $ 148,515 $ 66,197 Principal amount of investments sold or repaid: First-lien senior secured debt investments $ (285,876) $ (164,447) $ (800,957) Second-lien senior secured debt investments — — — Unsecured debt investments — (2,389) — Specialty finance debt investments — — — Preferred equity investments — (25,020) (8,568) Common equity investments (23,894) (9,997) (4,694) Specialty finance equity investments (24,489) (20,494) (34,123) Joint venture investments — — — Total principal amount of investments sold or repaid $ (334,259) $ (222,347) $ (848,342) Number of new investment commitments in new portfolio companies 8 6 12 Average new investment commitment amount in new portfolio companies $ 39,673 $ 111,258 $ 60,942 Weighted average term for new investment commitments (in years) 3.6 6.5 6.2 Percentage of new debt investment commitments at floating rates54.7 % 100.0 % 98.9 % Percentage of new debt investment commitments at fixed rates 45.3 % — % 1.1 % Weighted average interest rate of new investment commitments 9.1 % 9.0 % 8.6 % Weighted average spread over applicable base rate of new debt investment commitments at floating rates 5.1 % 5.3 % 5.2 % _________________ Includes scheduled paydowns. Number of new investment commitments represents commitments to a particular portfolio company. Assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 4.08%, 3.73%, 3.98% as of September 30, 2026, June 30, 2026, and September 30, 2025, respectively. (1) (2) (3) (1) (2) (3)
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RESULTS OF OPERATIONS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2026 Investment Income Investment income modestly increased to $341 million for the three months ended September 30, 2026 from $338 million for the three months ended June 30, 2026, primarily reflecting modestly higher average leverage during the quarter. Other income remained relatively consistent period-over-period. The Company expects that investment income will vary based on a variety of factors including the pace of originations and repayments, spreads of new deployments, and base rate movements. Expenses Total operating expenses increased to $209 million for the three months ended September 30, 2026 from $199 million for the three months ended June 30, 2026, primarily due to increased average daily borrowings. As a percentage of total assets, professional fees, directors’ fees and other general and administrative expenses remained relatively consistent period-over-period. Liquidity and Capital Resources As of September 30, 2026, the Company had $221 million in cash, $7.3 billion in total principal value of debt outstanding, including $3.2 billion of unsecured notes and $2.6 billion of undrawn capacity on the Company’s credit facilities. The funding mix was composed of 56.7% secured and 43.3% unsecured borrowings as of September 30, 2026 on an outstanding basis. The Company was in compliance withall financial covenants under its credit facilities as of September 30, 2026. The Company has analyzed cash and cash equivalents, availability under its credit facilities, the ability to rotate out of certain assets and amounts of unfunded commitments that could be drawn and believes its liquidity and capital resources are sufficient to take advantage of market opportunities. CONFERENCE CALL AND WEBCAST INFORMATION Conference Call Information: The conference call will be broadcast live on November 5, 2026 at 11:30 a.m. Eastern Time on the News & Events section of OTF’swebsite at www.blueowltechnologyfinance.com. Please visit the website to test your connection before the webcast. To pre-register for the call, please use the following link: https://www.blueowltechnologyfinance.com/webcast-registration?event_id=16477. Participants are also invited to access the conference call by dialing one of the following numbers: • Domestic: (877) 407-8629 • International: +1 (201) 493-6715 All callers will need to reference “Blue Owl Technology Finance Corp.” once connected with the operator. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected. Replay Information: An archived replay will be available via a webcast link located on the News & Events section of OTF's website for one year, and via the dial-in numbers listed below for 14 days: • Domestic: (877) 660-6853 • International: +1 (201) 612-7415 • Access ID: 13763102 _____________________ (1) Reflects undrawn debt, which is based on committed debt less debt outstanding as of September 30, 2026, and may not reflect the amount currently available due to borrowing base restrictions. (1)
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ABOUT BLUE OWL TECHNOLOGY FINANCE CORP. Blue Owl Technology Finance Corp. (NYSE: OTF) is a specialty finance company focused on making debt and equity investments to U.S. technology-related companies, with a strategic focus on software. As of September 30, 2026, OTF had investments in 207 portfolio companies with an aggregate fair value of $14.8 billion. OTF has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. OTF is externally managed by Blue Owl Technology Credit Advisors LLC, an SEC- registered investment adviser that is an indirect affiliate of Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL) and part of Blue Owl’s Credit platform. Certain information contained herein may constitute “forward-looking statements” that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about OTF, its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward- looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond OTF's control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors identified in OTF's filings with the SEC. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date on which OTF makes them. OTF does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. INVESTOR CONTACTS Investor Contact: Michael Mosticchio Head of BDC Investor Relations credit-ir@blueowl.com Media Contact: Andrew Williams Head of Communications media@blueowl.com
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FINANCIAL HIGHLIGHTS For the Three Months Ended ($ in thousands, except per share amounts) September 30, 2026 June 30, 2026 September 30, 2025 Investments at fair value $ 14,814,824 $ 14,680,538 $ 12,884,046 Total assets $ 15,181,967 $ 15,054,901 $ 13,400,788 Net asset value per share $ 16.62 $ 16.48 $ 17.27 GAAP results: Total investment income $ 341,285 $ 338,032 $ 322,590 Net investment income $ 130,609 $ 138,644 $ 130,565 Net increase (decrease) in net assets resulting from operations$ 219,257 $ 154,222 $ 234,935 Capital gains incentive fee expense (benefit) $ — $ — $ 18,199 GAAP per share results: Net investment income $ 0.29 $ 0.30 $ 0.28 Net realized and unrealized gains (losses) $ 0.19 $ 0.03 $ 0.22 Net increase (decrease) in net assets resulting from operations$ 0.48 $ 0.33 $ 0.50 Capital gains incentive fee expense (benefit) $ — $ — $ 0.04 Non-GAAP per share financial measures : Adjusted net investment income $ 0.29 $ 0.30 $ 0.32 Adjusted net increase (decrease) in net assets resulting from operations$ 0.48 $ 0.33 $ 0.54 Weighted average yield of accruing debt and income producing securities at fair value 9.8 % 9.6 % 10.1 % Weighted average yield of accruing debt and income producing securities at amortized cost 9.6 % 9.3 % 10.2 % Percentage of debt investments at floating rates 96.1 % 96.7 % 97.0 % _____________________ (1) Totals may not sum due to rounding (2) See Non-GAAP Financial Measures for a description of the non-GAAP measures and the reconciliations from the most comparable GAAP financial measures to the Company's non-GAAP measures, including on a per share basis. The Company's management utilizes these non-GAAP financial measures to internally analyze and assess financial results and performance. These measures are also considered useful by management as an additional resource for investors to evaluate the Company's ongoing results and trends, as well as its performance, excluding non-cash income and expenses. The presentation of non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation. (3) Adjusted to exclude any change in capital gains incentive fees accrued but not payable. These fees are related to cumulative unrealized gains in excess of cumulative net realized gains less any cumulative unrealized losses, less capital gains incentive fees paid inception to date. (1) (2)(3)
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CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Amounts in thousands, except share and per share amounts) As of September 30, 2026 (Unaudited) As of June 30, 2026 (Unaudited) As of September 30, 2025 (Unaudited) Assets Investments at fair value Non-controlled, non-affiliated investments (amortized cost of $14,096,488, $13,997,430, and $11,932,448, respectively) $ 13,749,105 $ 13,643,875 $ 11,949,880 Non-controlled, affiliated investments (amortized cost of $629,156, $854,843, and $713,080, respectively) 482,304 728,216 756,010 Controlled, affiliated investments (amortized cost of $381,669, $150,520, and $93,994, respectively) 583,415 308,447 178,156 Total investments at fair value (amortized cost of $15,107,313, $15,002,793, and $12,739,522, respectively) 14,814,824 14,680,538 12,884,046 Cash (restricted cash of $21,690, $—, and $—, respectively) 219,158 210,276 396,921 Foreign cash (cost of $1,639, $3,435, and $225, respectively) 1,638 3,230 212 Interest and dividend receivable 103,515 114,967 83,621 Receivable from a controlled affiliate 1,219 897 — Prepaid expenses and other assets 41,613 44,993 35,988 Total Assets $ 15,181,967 $ 15,054,901 $ 13,400,788 Liabilities Debt (net of unamortized debt issuance costs of $93,204, $95,067, and $82,572, respectively) $ 7,174,233 $ 7,157,528 $ 4,966,719 Distribution payable 181,272 183,068 186,631 Management fee payable 56,147 53,949 47,969 Incentive fee payable 27,457 29,316 55,948 Payable for investments purchased 81,413 1,558 — Accrued expenses and other liabilities 138,762 89,617 88,297 Total Liabilities $ 7,659,284 $ 7,515,036 $ 5,345,564 Commitments and contingencies (Note 8) Net Assets Common shares $0.01 par value, 1,000,000,000 shares authorized; 452,612,089, 457,612,537, and 466,464,720 shares issued and outstanding, respectively $ 4,526 $ 4,576 $ 4,665 Additional paid-in-capital 7,422,413 7,477,530 7,687,119 Total accumulated undistributed earnings 95,744 57,759 363,440 Total Net Assets 7,522,683 7,539,865 8,055,224 Total Liabilities and Net Assets $ 15,181,967 $ 15,054,901 $ 13,400,788 Net Asset Value Per Share $ 16.62 $ 16.48 $ 17.27 ______________________ Refer to “Note 8 — Commitments and Contingencies” within the 10-Q for additional details.
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CONSOLIDATED STATEMENTS OF OPERATIONS(Amounts in thousands, except share and per share amounts) (Unaudited)
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For the Three Months Ended For the Nine Months Ended September 30, June 30, September 30, September 30, September 30, 2026 2026 2025 2026 2025 Investment Income Investment income from non-controlled, non-affiliated investments: Interest income $ 282,240 $ 273,492 $ 266,669 $ 824,054 $ 675,025 Payment-in-kind ("PIK") interest income 24,673 24,969 23,823 73,699 61,752 Dividend income 232 453 — 1,210 539 PIK dividend income 14,316 13,657 16,120 42,317 39,975 Other income 3,004 4,167 3,909 10,347 12,653 Total investment income from non-controlled, non- affiliated investments 324,465 316,738 310,521 951,627 789,944 Investment income from non-controlled, affiliated investments: Interest income 1,112 1,641 1,600 3,782 3,833 PIK interest income 267 255 1,160 1,300 3,291 Dividend income 6,324 15,073 5,563 31,024 17,582 PIK dividend income (39) 3,405 3,292 6,733 9,494 Other income 13 23 22 58 105 Total investment income from non-controlled, affiliated investments 7,677 20,397 11,637 42,897 34,305 Investment income from controlled, affiliated investments: Dividend income 9,143 897 432 10,733 625 Total investment income from controlled, affiliated investments 9,143 897 432 10,733 625 Total Investment Income 341,285 338,032 322,590 1,005,257 824,874 Operating Expenses Interest expense $ 117,295 $ 108,791 $ 85,427 $ 329,911 $ 224,440 Management fees, net 56,147 53,948 47,970 164,008 96,386 Performance based incentive fees 27,457 29,316 49,737 46,088 87,230 Professional fees 3,332 3,090 2,938 9,163 9,147 Listing advisory fees — — — — 4,821 Directors' fees 483 420 259 1,177 832 Other general and administrative 3,830 3,401 3,261 10,517 7,819 Total Operating Expenses 208,544 198,966 189,592 560,864 430,675 Net Investment Income (Loss) Before Taxes 132,741 139,066 132,998 444,393 394,199 Income tax expense (benefit), including excise tax expense (benefit) 2,132 422 2,433 3,829 5,931 Net Investment Income (Loss) After Taxes 130,609 138,644 130,565 440,564 388,268 Net Realized and Change in Unrealized Gain (Loss) Net change in unrealized gain (loss): Non-controlled, non-affiliated investments $ 9,041 $ 11,954 $ 9,445 $ (427,589)$ 8,790 Non-controlled, affiliated investments (6,133) (38,635) 52,899 (88,543) 71,334 Controlled, affiliated investments 29,722 54,299 38,330 85,677 53,016 Translation of assets and liabilities in foreign currencies and other transactions (13,227) 7,102 2,686 (9,784) 28,654 Income tax (provision) benefit 224 — — 303 (843) Total Net Change in Unrealized Gain (Loss) 19,627 34,720 103,360 (439,936) 160,951 Net realized gain (loss): Non-controlled, non-affiliated investments $ 53,696 $ (14,349)$ (2,153)$ 163,170 $ (12,412) Non-controlled, affiliated investments — (2,020) — (25,176) — Foreign currency transactions 15,325 (2,773) 3,163 14,966 (22,253) Total Net Realized Gain (Loss) 69,021 (19,142) 1,010 152,960 (34,665) Total Net Realized and Change in Unrealized Gain (Loss) $ 88,648 $ 15,578 $ 104,370 $ (286,976)$ 126,286 Net Increase (Decrease) in Net Assets Resulting from Operations $ 219,257 $ 154,222 $ 234,935 $ 153,588 $ 514,554 (1)
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Earnings Per Share - Basic and Diluted $ 0.48 $ 0.33 $ 0.50 $ 0.33 $ 1.32 Weighted Average Shares Outstanding - Basic and Diluted 456,177,660 460,878,695 466,720,357 460,411,307 389,912,688 ______________________ Refer to “Note 3 — Agreements and Related Party Transactions” within the 10-Q for additional details on management fee waiver.
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NON-GAAP FINANCIAL MEASURES On a supplemental basis, the Company is disclosing certain adjusted financial measures, each of which is calculated and presented on a basis of methodology other than in accordance with GAAP (“non-GAAP”). The Company's management utilizes these non-GAAP financial measures to internally analyze and assess financial results and performance. These measures are also considered useful by management as an additional resource for investors to evaluate the Company's ongoing results and trends, as well as its performance, excluding non-cash income and expenses. The presentation of non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation. • “Adjusted Net Investment Income” and “Adjusted Net Investment Income Per Share”: represent net investment income, excluding any change in capital gains incentive fees accrued but not payable. These fees are related to cumulative unrealized gains in excess of cumulative net realized gains less any cumulative unrealized losses, less capital gains incentive fees paid inception to date. • “Adjusted Net Increase (Decrease) in Net Assets Resulting from Operations” and “Adjusted Net Increase (Decrease) in Net Assets Resulting from Operations Per Share”: represent net income, excluding any change in capital gains incentive fees accrued but not payable. The following table provides a reconciliation of net investment income (the most comparable U.S. GAAP measure) to adjusted net investment income for the periods presented: For the Three Months Ended ($ in millions, except per share amounts) September 30, 2026 June 30, 2026 September 30, 2025 Amount Per Share Amount Per Share Amount Per Share Net investment income $ 131 $ 0.29 $ 139 $ 0.30 $ 131 $ 0.28 Plus: Change in capital gains incentive fees accrued but not payable — — — — 18 0.04 Adjusted net investment income $ 131 $ 0.29 $ 139 $ 0.30 $ 149 $ 0.32 The following table provides a reconciliation of net increase (decrease) in net assets resulting from operations (the most comparable U.S. GAAP measure, or net income) to adjusted net increase (decrease) in net assets resulting from operations (or adjusted net income) for the periods presented: For the Three Months Ended ($ in millions, except per share amounts) September 30, 2026 June 30, 2026 September 30, 2025 Amount Per Share Amount Per Share Amount Per Share Net increase (decrease) in net assets resulting from operations $ 219 $ 0.48 $ 154 $ 0.33 $ 235 $ 0.50 Plus: Change in capital gains incentive fees accrued but not payable — — — — 18 0.04 Adjusted net increase (decrease) in net assets resulting from operations $ 219 $ 0.48 $ 154 $ 0.33 $ 253 $ 0.54 ______________________ (1) Totals may not sum due to rounding. (1) (1)