Blue Owl Technology Finance Corp. Announces September 30, 2025 Financial Results
- None.
- None.
Insights
Solid quarter: NAV ticked up, credit quality strong, meaningful dividend yield and increased public-company operating costs.
GAAP net investment income per share was
Credit and liquidity metrics in the release support the positive view: investments on non-accrual remain under
Watch near term items that are directly reported: changes in NII per share each quarter, realized versus unrealized gains impacting NAV, the pace of deployment versus sales/repayments (Q3 commitments
THIRD QUARTER 2025 HIGHLIGHTS
- First full quarter as a publicly listed company on the New York Stock Exchange on June 12, 2025, and remains as the largest publicly traded technology-focused BDC by total assets
- Third quarter GAAP net investment income ("NII") per share of
$0.28 - Third quarter adjusted NII per share of
$0.32 - Dividends declared for the fourth quarter were
$0.40 9.3% (2) based on net asset value ("NAV") per share as of September 30, 2025 - In connection with the listing, the Board of Directors (the "Board") declared five special dividends of
$0.05 - NAV per share increased to
$17.27 $17.17 - New investment commitments for the third quarter were
$1.0 billion $848 million $1.5 billion $756 million - Net debt-to-equity ended at 0.57x, as compared with 0.58x as of June 30, 2025
- Investments on non-accrual represented less than
0.1% of the portfolio at fair value, unchanged from the prior quarter
"OTF delivered solid performance in the third quarter, reflecting the continued strength of our differentiated technology portfolio," said Craig W. Packer, Chief Executive Officer. "Net asset value increased, continuing last quarter's trend, and credit quality remains excellent, with a non-accrual rate among the lowest in the BDC industry. Looking ahead, OTF is uniquely positioned to expand its earnings power through a variety of market environments, supported by our significant capacity to deploy capital into attractive, risk-adjusted opportunities."
Dividend Declarations
The Board declared a fourth quarter 2025 regular dividend of
As previously announced, the Board also declared a series of five special dividends of
Amendment to Lock-Up Release Schedule
Today, the Board approved an amended lock-up release schedule, effective as of November 13, 2025, that will apply to shares currently subject to transfer restrictions. Under the new schedule, approximately
Following this amendment, shares still subject to transfer restrictions will be released in accordance with the following schedule:
|
Release Date |
Approximate Percentage of Shares Subject to Transfer |
|
November 13, 2025 |
11 % |
|
December 9, 2025 |
11 % |
|
January 20, 2026 |
11 % |
|
February 20, 2026 |
11 % |
|
March 9, 2026 |
11 % |
|
April 20, 2026 |
11 % |
|
May 20, 2026 |
11 % |
|
June 12, 2026 |
11 % |
|
|
|
|
______________________ |
|
|
(1) |
Adjusted to exclude any change in capital gains incentive fees accrued but not paid. These fees are related to cumulative unrealized gains in excess of cumulative net realized gains less any cumulative unrealized losses, less capital gains incentive fees paid inception to date. |
|
(2) |
Annualized dividend yield calculated as Q3 2025 annualized regular dividend of |
|
SELECT FINANCIAL HIGHLIGHTS |
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As Of And For the Three Months Ended |
||||
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($ in thousands, except per share amounts) |
September 30, |
|
June 30,
|
|
September 30, |
|
|
|
|
|
|
|
|
GAAP results: |
|
|
|
|
|
|
Net investment income per share |
$ 0.28 |
|
$ 0.34 |
|
$ 0.44 |
|
Net realized and unrealized gains (losses) per share |
$ 0.22 |
|
$ 0.09 |
|
$ 0.13 |
|
Net increase (decrease) in net assets resulting from operations per share |
$ 0.50 |
|
$ 0.43 |
|
$ 0.57 |
|
Capital gains incentive fee expense (benefit) per share |
$ 0.04 |
|
$ 0.01 |
|
$ — |
|
|
|
|
|
|
|
|
Non-GAAP financial measures(1)(2): |
|
|
|
|
|
|
Adjusted net investment income per share |
$ 0.32 |
|
$ 0.36 |
|
$ 0.44 |
|
Adjusted net increase (decrease) in net assets resulting from operations per share |
$ 0.54 |
|
$ 0.45 |
|
$ 0.57 |
|
|
|
|
|
|
|
|
Total investments at fair value |
$ 12,884,046 |
|
$ 12,728,642 |
|
$ 6,396,848 |
|
Total debt outstanding (net of unamortized debt issuance costs) |
$ 4,966,719 |
|
$ 4,752,225 |
|
$ 2,961,207 |
|
Net assets |
$ 8,055,224 |
|
$ 7,985,418 |
|
$ 3,575,511 |
|
Net asset value per share |
$ 17.27 |
|
$ 17.17 |
|
$ 16.95 |
|
Net debt-to-equity |
0.57x |
|
0.58x |
|
0.78x |
|
|
|
|
_____________________ |
|
|
(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, 2025, the Company had investments in 185 portfolio companies across 38 industries, with an aggregate portfolio size of
|
|
September 30, 2025 |
|
June 30, 2025 |
||
|
($ in thousands) |
Fair Value |
% of Total |
|
Fair Value |
% of Total |
|
Portfolio composition: |
|
|
|
|
|
|
First-lien senior secured debt investments(1) |
$ 9,885,010 |
76.8 % |
|
$ 9,892,648 |
77.7 % |
|
Second-lien senior secured debt investments |
426,867 |
3.3 % |
|
426,937 |
3.4 % |
|
Unsecured debt investments |
468,887 |
3.6 % |
|
451,319 |
3.5 % |
|
Specialty finance debt investments |
36,755 |
0.3 % |
|
31,469 |
0.2 % |
|
Preferred equity investments |
1,096,622 |
8.5 % |
|
1,015,944 |
8.0 % |
|
Common equity investments |
633,523 |
4.9 % |
|
594,014 |
4.7 % |
|
Specialty finance equity investments |
317,890 |
2.5 % |
|
305,816 |
2.4 % |
|
Joint ventures |
18,492 |
0.1 % |
|
10,493 |
< |
|
Total investments |
$ 12,884,046 |
|
|
$ 12,728,640 |
|
|
|
|
|
_____________________ |
|
|
(1) |
We consider |
|
|
September 30, 2025 |
|
June 30, 2025 |
|
Number of portfolio companies |
185 |
|
184 |
|
Percentage of debt investments at floating rates |
97.0 % |
|
97.3 % |
|
Percentage of senior secured debt investments |
80.4 % |
|
81.3 % |
|
Weighted average spread over base rate of all floating rate debt investments |
5.6 % |
|
5.7 % |
|
Weighted average total yield of accruing debt and income-producing securities at fair value |
10.1 % |
|
10.4 % |
|
Weighted average total yield of accruing debt and income-producing securities at cost |
10.2 % |
|
10.4 % |
|
Percentage of investments on non-accrual of the portfolio at fair value |
< |
|
< |
PORTFOLIO AND INVESTMENT ACTIVITY
For the three months ended September 30, 2025, new investment commitments totaled
For the three months ended September 30, 2025, the principal amount of new investments funded totaled
|
|
|
For the Three Months Ended September 30, |
||
|
($ in thousands) |
|
2025 |
|
2024 |
|
New investment commitments |
|
|
|
|
|
Gross originations |
|
$ 1,027,266 |
|
$ 630,789 |
|
Less: Sell downs |
|
(19,438) |
|
— |
|
Total new investment commitments |
|
$ 1,007,828 |
|
$ 630,789 |
|
Principal amount of new investments funded: |
|
|
|
|
|
First-lien senior secured debt investments |
|
$ 677,923 |
|
$ 571,381 |
|
Second-lien senior secured debt investments |
|
2,384 |
|
— |
|
Unsecured debt investments |
|
4,694 |
|
— |
|
Specialty finance debt investments |
|
4,859 |
|
— |
|
Preferred equity investments |
|
5,551 |
|
17,237 |
|
Common equity investments |
|
17,504 |
|
103,202 |
|
Specialty finance equity investments |
|
23,488 |
|
— |
|
Joint ventures |
|
8,124 |
|
2,188 |
|
Total principal amount of new investments funded |
|
$ 744,527 |
|
$ 694,008 |
|
|
|
|
|
|
|
Drawdowns (repayments) on revolvers and delayed draw term loans, net |
|
$ 66,197 |
|
|
|
|
|
|
|
|
|
Principal amount of investments sold or repaid: |
|
|
|
|
|
First-lien senior secured debt investments(1) |
|
$ (800,957) |
|
$ (325,500) |
|
Second-lien senior secured debt investments |
|
— |
|
(17,647) |
|
Unsecured debt investments |
|
— |
|
— |
|
Specialty finance debt investments |
|
— |
|
— |
|
Preferred equity investments |
|
(8,568) |
|
(99,895) |
|
Common equity investments |
|
(4,694) |
|
(35,741) |
|
Specialty finance equity investments |
|
(34,123) |
|
— |
|
Joint ventures |
|
— |
|
— |
|
Total principal amount of investments sold or repaid |
|
$ (848,342) |
|
$ (478,783) |
|
Number of new investment commitments in new portfolio companies(2) |
|
12 |
|
16 |
|
Average new investment commitment amount |
|
$ 60,942 |
|
$ 60,552 |
|
Weighted average term for new debt investment commitments (in years) |
|
6.2 |
|
6.0 |
|
Percentage of new debt investment commitments at floating rates |
|
98.9 % |
|
99.5 % |
|
Percentage of new debt investment commitments at fixed rates |
|
1.1 % |
|
0.5 % |
|
Weighted average interest rate of new debt investment commitments(3) |
|
8.6 % |
|
9.7 % |
|
Weighted average spread over applicable base rate of new debt investment commitments at floating rates |
|
5.2 % |
|
5.0 % |
|
|
|
|
_____________________ |
|
|
(1) |
Includes scheduled paydowns. |
|
(2) |
Number of new investment commitments represents commitments to a particular portfolio company. |
|
(3) |
Assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was |
RESULTS OF OPERATIONS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2025
Investment Income
Investment income increased to
Expenses
Total operating expenses increased to
Liquidity and Capital Resources
As of September 30, 2025, the Company had
CONFERENCE CALL AND WEBCAST INFORMATION
Conference Call Information:
The conference call will be broadcast live on November 6, 2025 at 11:30 a.m. Eastern Time on the News & Events section of OTF's website at www.blueowltechnologyfinance.com. Please visit the website to test your connection before the webcast.
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 for 14 days via a webcast link located on the News & Events section of OTF's website, and via the dial-in numbers listed below:
- Domestic: (877) 660-6853
- International: +1 (201) 612-7415
- Access ID: 13755747
|
_____________________ |
|
|
(1) |
Reflects availability based on limitations related to each credit facility's borrowing base. |
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
Certain information contained herein may constitute "forward-looking statements" that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about OTF, its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "outlook," "potential," "predicts" and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond OTF's control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors identified in OTF's filings with the SEC. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date on which OTF makes them. OTF does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.
INVESTOR CONTACTS
Investor Contact:
BDC Investor Relations
Michael Mosticchio
credit-ir@blueowl.com
Media Contact:
Prosek Partners
Josh
pro-blueowl@prosek.com
|
FINANCIAL HIGHLIGHTS |
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|
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|
|
For the Three Months Ended |
||||
|
($ in thousands, except per share amounts) |
September 30, |
|
June 30, 2025 |
|
September 30, |
|
Investments at fair value |
$ 12,884,046 |
|
$ 12,728,642 |
|
$ 6,396,848 |
|
Total assets |
$ 13,400,788 |
|
$ 13,042,932 |
|
$ 6,685,024 |
|
Net asset value per share |
$ 17.27 |
|
$ 17.17 |
|
$ 16.95 |
|
|
|
|
|
|
|
|
GAAP results: |
|
|
|
|
|
|
Total investment income |
$ 322,590 |
|
$ 319,467 |
|
$ 170,908 |
|
Net investment income |
$ 130,565 |
|
$ 160,371 |
|
$ 92,258 |
|
Net increase (decrease) in net assets resulting from operations |
$ 234,935 |
|
$ 201,487 |
|
$ 119,538 |
|
Capital gains incentive fee expense (benefit) per share |
$ 0.04 |
|
$ 0.01 |
|
$ — |
|
|
|
|
|
|
|
|
GAAP per share results: |
|
|
|
|
|
|
Net investment income |
$ 0.28 |
|
$ 0.34 |
|
$ 0.44 |
|
Net realized and unrealized gains (losses) |
$ 0.22 |
|
$ 0.09 |
|
$ 0.13 |
|
Net increase (decrease) in net assets resulting from operations |
$ 0.50 |
|
$ 0.43 |
|
$ 0.57 |
|
Capital gains incentive fee expense (benefit) per share |
$ 0.04 |
|
$ 0.01 |
|
$ — |
|
|
|
|
|
|
|
|
Non-GAAP per share financial measures(1)(2): |
|
|
|
|
|
|
Adjusted net investment income |
$ 0.32 |
|
$ 0.36 |
|
$ 0.44 |
|
Adjusted net increase (decrease) in net assets resulting from operations |
$ 0.54 |
|
$ 0.45 |
|
$ 0.57 |
|
|
|
|
|
|
|
|
Weighted average yield of accruing debt and income producing securities at fair value |
10.1 % |
|
10.4 % |
|
11.4 % |
|
Weighted average yield of accruing debt and income producing securities at amortized cost |
10.2 % |
|
10.4 % |
|
11.4 % |
|
Percentage of debt investments at floating rates |
97.0 % |
|
97.3 % |
|
95.9 % |
|
|
|
|
_____________________ |
|
|
(1) |
See Non-GAAP Financial Measures for a description of the non-GAAP measures and the reconciliations from the most comparable GAAP financial measures to the Company's non-GAAP measures, including on a per share basis. The Company's management utilizes these non-GAAP financial measures to internally analyze and assess financial results and performance. These measures are also considered useful by management as an additional resource for investors to evaluate the Company's ongoing results and trends, as well as its performance, excluding non-cash income and expenses. The presentation of non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation. |
|
(2) |
Adjusted to exclude any change in capital gains incentive fees accrued but not payable. These fees are related to cumulative unrealized gains in excess of cumulative net realized gains less any cumulative unrealized losses, less capital gains incentive fees paid inception to date. |
|
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Amounts in thousands, except share and per share amounts) |
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|
|
||||
|
|
|
September 30, 2025
|
|
December 31, 2024 |
|
Assets |
|
|
|
|
|
Investments at fair value |
|
|
|
|
|
Non-controlled, non-affiliated investments (amortized cost of |
|
$ 11,949,880 |
|
$ 5,892,773 |
|
Non-controlled, affiliated investments (amortized cost of |
|
756,010 |
|
407,303 |
|
Controlled, affiliated investments (amortized cost of |
|
178,156 |
|
107,390 |
|
Total investments at fair value (amortized cost of |
|
12,884,046 |
|
6,407,466 |
|
Cash |
|
396,921 |
|
252,964 |
|
Foreign cash (cost of |
|
212 |
|
4,036 |
|
Interest receivable |
|
71,682 |
|
45,838 |
|
Dividend income receivable |
|
11,939 |
|
1,929 |
|
Prepaid expenses and other assets |
|
35,988 |
|
10,388 |
|
Total Assets |
|
$ 13,400,788 |
|
$ 6,722,621 |
|
Liabilities |
|
|
|
|
|
Debt (net of unamortized debt issuance costs of |
|
$ 4,966,719 |
|
$ 2,914,509 |
|
Management fee payable |
|
47,969 |
|
14,687 |
|
Distribution payable |
|
186,631 |
|
70,998 |
|
Incentive fee payable |
|
55,948 |
|
11,133 |
|
Payables to affiliates |
|
— |
|
1,903 |
|
Payable for investments purchased |
|
— |
|
52,796 |
|
Accrued expenses and other liabilities |
|
88,297 |
|
31,445 |
|
Total Liabilities |
|
$ 5,345,564 |
|
$ 3,097,471 |
|
Commitments and contingencies(1) |
|
|
|
|
|
Net Assets |
|
|
|
|
|
Common shares |
|
4,665 |
|
2,122 |
|
Additional paid-in-capital |
|
7,687,119 |
|
3,352,211 |
|
Total accumulated undistributed earnings |
|
363,440 |
|
270,817 |
|
Total Net Assets |
|
8,055,224 |
|
3,625,150 |
|
Total Liabilities and Net Assets |
|
$ 13,400,788 |
|
$ 6,722,621 |
|
Net Asset Value Per Share |
|
$ 17.27 |
|
$ 17.09 |
|
______________________ |
|
|
(1) |
Refer to 10-Q Note 8 "Commitments and Contingencies". |
|
CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except share and per share amounts) (Unaudited) |
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|||||||
|
|
For the Three Months |
|
For the Nine Months |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Investment Income |
|
|
|
|
|
|
|
|
Investment income from non-controlled, non-affiliated investments: |
|
|
|
|
|
|
|
|
Interest income |
$ 266,669 |
|
$ 131,461 |
|
$ 675,025 |
|
$ 391,698 |
|
Payment-in-kind interest income |
23,823 |
|
24,994 |
|
61,752 |
|
84,063 |
|
Dividend income |
— |
|
599 |
|
539 |
|
1,627 |
|
Payment-in-kind dividend income |
16,120 |
|
7,371 |
|
39,975 |
|
20,929 |
|
Other income |
3,909 |
|
939 |
|
12,653 |
|
5,089 |
|
Total investment income from non-controlled, non-affiliated investments |
310,521 |
|
165,364 |
|
789,944 |
|
503,406 |
|
Investment income from non-controlled, affiliated investments: |
|
|
|
|
|
|
|
|
Interest income |
1,600 |
|
275 |
|
3,833 |
|
275 |
|
Payment-in-kind ("PIK") interest income |
1,160 |
|
475 |
|
3,291 |
|
475 |
|
Dividend income |
5,563 |
|
1,774 |
|
17,582 |
|
4,463 |
|
Payment-in-kind dividend income |
3,292 |
|
3,007 |
|
9,494 |
|
8,701 |
|
Other income |
22 |
|
13 |
|
105 |
|
19 |
|
Total investment income from non-controlled, affiliated investments |
11,637 |
|
5,544 |
|
34,305 |
|
13,933 |
|
Investment income from controlled, affiliated investments: |
|
|
|
|
|
|
|
|
Dividend income |
432 |
|
— |
|
625 |
|
— |
|
Total investment income from controlled, affiliated investments |
432 |
|
— |
|
625 |
|
— |
|
Total Investment Income |
322,590 |
|
170,908 |
|
824,874 |
|
517,339 |
|
Expenses |
|
|
|
|
|
|
|
|
Interest expense |
$ 85,427 |
|
$ 48,278 |
|
$ 224,440 |
|
$ 145,984 |
|
Management fees, net(1) |
47,970 |
|
14,071 |
|
96,386 |
|
42,018 |
|
Incentive fees |
49,737 |
|
10,251 |
|
87,230 |
|
24,341 |
|
Professional fees |
2,938 |
|
1,670 |
|
9,147 |
|
4,986 |
|
Listing advisory fees (net of Adviser reimbursement) |
— |
|
— |
|
4,821 |
|
— |
|
Directors' fees |
259 |
|
259 |
|
832 |
|
775 |
|
Other general and administrative |
3,261 |
|
1,275 |
|
7,819 |
|
3,961 |
|
Total Expenses |
189,592 |
|
75,804 |
|
430,675 |
|
222,065 |
|
Net Investment Income (Loss) Before Taxes |
132,998 |
|
95,104 |
|
394,199 |
|
295,274 |
|
Income tax expense (benefit), including excise tax expense (benefit) |
2,433 |
|
2,846 |
|
5,931 |
|
8,583 |
|
Net Investment Income (Loss) After Taxes |
$ 130,565 |
|
$ 92,258 |
|
$ 388,268 |
|
$ 286,691 |
|
Net Change in Unrealized Gain (Loss): |
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
$ 9,445 |
|
$ 57,725 |
|
$ 8,790 |
|
$ (7,355) |
|
Non-controlled, affiliated investments |
52,899 |
|
13,135 |
|
71,334 |
|
5,177 |
|
Controlled, affiliated investments |
38,330 |
|
37,906 |
|
53,016 |
|
39,932 |
|
Translation of assets and liabilities in foreign currencies and other transactions |
2,686 |
|
922 |
|
28,654 |
|
793 |
|
Income tax (provision) benefit |
— |
|
— |
|
(843) |
|
— |
|
Total Net Change in Unrealized Gain (Loss) |
103,360 |
|
109,688 |
|
160,951 |
|
38,547 |
|
Net Realized Gain (Loss): |
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
$ (2,153) |
|
$ (65,983) |
|
$ (12,412) |
|
$ (88,455) |
|
Non-controlled, affiliated investments |
— |
|
(16,865) |
|
— |
|
(16,865) |
|
Foreign currency transactions |
3,163 |
|
440 |
|
(22,253) |
|
(1,391) |
|
Total Net Realized Gain (Loss) |
1,010 |
|
(82,408) |
|
(34,665) |
|
(106,711) |
|
Total Net Realized and Change in Unrealized Gain (Loss) |
104,370 |
|
27,280 |
|
126,286 |
|
(68,164) |
|
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ 234,935 |
|
$ 119,538 |
|
$ 514,554 |
|
$ 218,527 |
|
Earnings (Loss) Per Share - Basic and Diluted |
$ 0.50 |
|
$ 0.57 |
|
$ 1.32 |
|
$ 1.04 |
|
Weighted Average Shares Outstanding - Basic and Diluted |
466,720,357 |
|
210,331,300 |
|
389,912,688 |
|
209,162,895 |
|
______________________ |
|
|
(1) |
Refer to 10-Q Note 3 "Agreements and Related Party Transactions" for additional details on management fee waiver. |
NON-GAAP FINANCIAL MEASURES
On a supplemental basis, the Company is disclosing certain adjusted financial measures, each of which is calculated and presented on a basis of methodology other than in accordance with GAAP ("non-GAAP"). The Company's management utilizes these non-GAAP financial measures to internally analyze and assess financial results and performance. These measures are also considered useful by management as an additional resource for investors to evaluate the Company's ongoing results and trends, as well as its performance, excluding non-cash income and expenses. The presentation of non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.
- "Adjusted Net Investment Income" and "Adjusted Net Investment Income Per Share": represent net investment income, excluding any change in capital gains incentive fees accrued but not payable. These fees are related to cumulative unrealized gains in excess of cumulative net realized gains less any cumulative unrealized losses, less capital gains incentive fees paid inception to date.
- "Adjusted Net Increase (Decrease) in Net Assets Resulting from Operations" and "Adjusted Net Increase (Decrease) in Net Assets Resulting from Operations Per Share": represent net income, excluding any change in capital gains incentive fees accrued but not payable.
The following table provides a reconciliation of net investment income (the most comparable
|
|
For the Three Months Ended |
|||||||
|
($ in millions, except per share amounts) |
September 30, 2025 |
|
June 30, 2025 |
|
September 30, 2024 |
|||
|
|
Amount |
Per Share |
|
Amount |
Per Share |
|
Amount |
Per Share |
|
Net investment income |
$ 131 |
$ 0.28 |
|
$ 160 |
$ 0.34 |
|
$ 92 |
$ 0.44 |
|
Plus: Change in capital gains incentive fees accrued but not payable |
$ 18 |
$ 0.04 |
|
$ 6 |
$ 0.01 |
|
$ — |
$ — |
|
Adjusted net investment income(1) |
$ 149 |
$ 0.32 |
|
$ 167 |
$ 0.36 |
|
$ 92 |
$ 0.44 |
The following table provides a reconciliation of net increase (decrease) in net assets resulting from operations (the most comparable
|
|
For the Three Months Ended |
|||||||
|
($ in millions, except per share amounts) |
September 30, 2025 |
|
June 30, 2025 |
|
September 30, 2024 |
|||
|
|
Amount |
Per Share |
|
Amount |
Per Share |
|
Amount |
Per Share |
|
Net increase (decrease) in net assets resulting from operations |
$ 235 |
$ 0.50 |
|
$ 201 |
$ 0.43 |
|
$ 120 |
$ 0.57 |
|
Plus: Change in capital gains incentive fees accrued but not payable |
$ 18 |
$ 0.04 |
|
$ 6 |
$ 0.01 |
|
$ — |
$ — |
|
Adjusted net increase (decrease) in net assets resulting from operations(1) |
$ 253 |
$ 0.54 |
|
$ 208 |
$ 0.45 |
|
$ 120 |
$ 0.57 |
|
|
|
|
______________________ |
|
|
(1) |
Numbers may not sum due to rounding. |
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SOURCE Blue Owl Technology Finance Corp.
