Blue Owl Technology Finance Corp. Announces June 30, 2026 Financial Results
Rhea-AI Summary
Blue Owl Technology Finance Corp. (NYSE: OTF) reported second quarter 2026 GAAP and adjusted net investment income (NII) of $0.30 per share. Adjusted NII per share rose from $0.29 in the prior quarter. Dividends totaled $0.40 per share (base $0.35 plus $0.05 special), implying a 9.7% annualized yield based on Q2 NAV.
NAV per share was broadly stable at $16.48 versus $16.49 on March 31, 2026. New investment commitments were $851.6 million, with sales and repayments of $222.3 million. Total investments at fair value reached $14.7 billion across 205 portfolio companies, while investments on non-accrual were 0.6% of cost and 0.1% of fair value. Net debt-to-equity increased to 0.93x.
OTF repurchased $55 million of common stock, amended and extended its revolving credit facility, issued $500 million of unsecured debt and added $150 million of secured financing. As of June 30, 2026, the company held $214 million in cash, $7.3 billion of debt and $1.8 billion of undrawn credit capacity.
Positive
- Adjusted NII per share increased to $0.30 from $0.29 QoQ
- Total Q2 dividends of $0.40 per share, 9.7% annualized yield
- NAV per share stable at $16.48 with accretive $55 million buyback
- Total investments grew to $14.68 billion across 205 portfolio companies
- Non-accruals remained low at 0.6% of cost and 0.1% of fair value
- Liquidity of $214 million cash and $1.8 billion undrawn credit capacity
Negative
- GAAP NII per share fell to $0.30 from $0.37 in Q1 2026
- Total operating expenses rose to $199 million from $153 million QoQ
- Net debt-to-equity increased to 0.93x from 0.85x and 0.58x a year ago
- New investment commitments declined to $851.6 million from $1.7 billion in Q1 2026
- NAV per share decreased versus $17.17 at June 30, 2025
News Explained
OTF has declared a third-quarter base dividend and final $0.05 special dividend, with payments scheduled in October 2026.
OTF has declared a third-quarter 2026 base dividend for stockholders of record as of
Separately, all remaining pre-listing share lock-ups expired on
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 06 | Q1 earnings | Negative | -1.8% | NAV declined amid unrealized losses from credit spread widening |
| May 06 | Q1 earnings | Negative | -1.8% | NAV declined amid credit spread widening and repayments exceeded commitments |
| Apr 30 | Q1 earnings | Positive | +9.8% | Fundraising and capital deployment supported stable financial results |
| Mar 03 | Q4 earnings | Negative | -3.8% | Company reported substantial quarterly and annual net losses with no revenue |
| Feb 18 | Q4 earnings | Negative | -5.9% | NAV declined despite higher investments and a new repurchase program |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings history showed five aligned reactions with an average move of -0.71%; both prior OTF earnings events had negative reactions.
Key Terms
nii financial
net debt-to-equity financial
non-accrual financial
business development company regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
SECOND QUARTER 2026 HIGHLIGHTS
- Second quarter GAAP net investment income ("NII") per share of
$0.30 - Second quarter adjusted NII per share(1) increased to
$0.30 $0.29 - Dividends totaled
$0.40 $0.35 $0.05 9.7% (2) - Net asset value ("NAV") per share was stable at
$16.48 $16.49 - New investment commitments were
$852 million $222 million - Net debt-to-equity ended at 0.93x, as compared with 0.85x as of March 31, 2026
- Investments on non-accrual represented
0.6% and0.1% of the portfolio at cost and fair value, respectively, as compared to0.3% and0.1% as of March 31, 2026 - Repurchased
$55 million - Enhanced funding flexibility through an amended and extended revolving credit facility with all banking partners renewing commitments, the issuance of
$500 million $150 million - On June 12, 2026, all remaining pre-listing share lock-ups expired, resulting in
100% of OTF's float being available for trading
"OTF's second quarter stability reflected the strong credit quality of our portfolio, with non-accruals among the lowest in the industry and borrower fundamentals remaining strong," said Craig W. Packer, Chief Executive Officer. "Despite a challenging market backdrop, OTF enhanced the flexibility and diversification of its capital structure through an unsecured bond issuance, new secured financing, and the extension of its revolving credit facility."
"Today's market environment is increasingly supportive of ROE expansion over time, as spreads have widened and the rate outlook has improved. With leverage at the low end of our target range and more than
Dividend Declarations
On August 4, 2026, the Board declared a third quarter 2026 base dividend of
As previously announced, the Board also declared a series of five special dividends of
(1) | Adjusted to exclude any change in capital gains incentive fees accrued but not paid. These fees are related to cumulative unrealized gains in excess of cumulative net realized gains less any cumulative unrealized losses, less capital gains incentive fees paid inception to date. | |||||||||
(2) | Dividend yield based on OTF's annualized Q2'26 base dividend of | |||||||||
SELECT FINANCIAL HIGHLIGHTS | |||||
As of and for the Three Months Ended | |||||
($ in thousands, except per share amounts) | June 30, 2026 | March 31, 2026 | June 30, 2025 | ||
GAAP results: | |||||
Net investment income per share | $ 0.30 | $ 0.37 | $ 0.34 | ||
Net realized and unrealized gains (losses) per share | $ 0.03 | $ (0.84) | $ 0.09 | ||
Net increase (decrease) in net assets resulting from operations per share | $ 0.33 | $ (0.47) | $ 0.43 | ||
Capital gains incentive fee expense (benefit) per share | $ — | $ (0.08) | $ 0.01 | ||
Non-GAAP financial measures(1)(2): | |||||
Adjusted net investment income per share | $ 0.30 | $ 0.29 | $ 0.36 | ||
Adjusted net increase (decrease) in net assets resulting from operations per share | $ 0.33 | $ (0.56) | $ 0.45 | ||
Total investments at fair value | $ 14,680,538 | $ 14,068,239 | $ 12,728,642 | ||
Total debt outstanding (net of unamortized debt issuance costs) | $ 7,157,528 | $ 6,904,332 | $ 4,752,225 | ||
Net assets | $ 7,539,865 | $ 7,605,453 | $ 7,985,418 | ||
Net asset value per share | $ 16.48 | $ 16.49 | $ 17.17 | ||
Net debt-to-equity | 0.93x | 0.85x | 0.58x | ||
(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 June 30, 2026, the Company had investments in 205 portfolio companies across 39 industries, with an aggregate portfolio size of
June 30, 2026 | March 31, 2026 | ||||
($ in thousands) | Fair Value | % of Total | Fair Value | % of Total | |
Portfolio composition: | |||||
First-lien senior secured (1) | $ 11,444,661 | 77.8 % | $ 10,917,188 | 77.7 % | |
Second-lien senior secured | 478,763 | 3.3 % | 498,121 | 3.5 % | |
Specialty finance debt | 40,774 | 0.3 % | 38,000 | 0.3 % | |
Unsecured | 464,478 | 3.2 % | 456,403 | 3.2 % | |
Preferred equity | 951,696 | 6.5 % | 982,150 | 7.0 % | |
Common equity | 747,669 | 5.1 % | 615,910 | 4.4 % | |
Specialty finance equity | 515,617 | 3.5 % | 527,414 | 3.7 % | |
Joint ventures | 36,880 | 0.3 % | 33,053 | 0.2 % | |
Total investments | $ 14,680,538 | 100.0 % | $ 14,068,239 | 100.0 % | |
(1) | The Company considers | |||||
June 30, 2026 | March 31, 2026 | ||
Number of portfolio companies | 205 | 203 | |
Percentage of debt investments at floating rates | 96.7 % | 96.1 % | |
Percentage of senior secured debt investments | 81.4 % | 81.5 % | |
Weighted average spread over base rate of floating rate debt investments | 5.3 % | 5.3 % | |
Weighted average total yield of accruing debt and income-producing securities at fair value | 9.6 % | 9.5 % | |
Weighted average total yield of accruing debt and income-producing securities at cost | 9.3 % | 9.2 % | |
Percentage of investments on non-accrual of the portfolio at fair value | 0.1 % | 0.1 % |
PORTFOLIO AND INVESTMENT ACTIVITY
For the three months ended June 30, 2026, new investment commitments totaled
For the three months ended June 30, 2026, the principal amount of new investments funded totaled
For the Three Months Ended June 30, | |||
($ in thousands) | 2026 | 2025 | |
New investment commitments: | |||
Gross originations | $ 864,056 | $ 1,473,048 | |
Less: Sell downs | (12,500) | — | |
Total new investment commitments | $ 851,556 | $ 1,473,048 | |
Principal amount of new investments funded: | |||
First-lien senior secured debt investments | $ 510,968 | $ 976,328 | |
Second-lien senior secured debt investments | — | 130,219 | |
Unsecured debt investments | — | — | |
Specialty finance debt investments | — | 2,336 | |
Preferred equity investments | — | 32,375 | |
Common equity investments | 30,667 | 1,807 | |
Specialty finance equity investments | 4,989 | 43,387 | |
Joint venture investments | 4,719 | 8,124 | |
Total principal amount of new investments funded | $ 551,343 | $ 1,194,576 | |
Drawdowns (repayments) on revolvers and delayed draw term loans, net | $ 148,515 | $ 84,243 | |
Principal amount of investments sold or repaid: | |||
First-lien senior secured debt investments(1) | $ (164,447) | $ (604,750) | |
Second-lien senior secured debt investments | — | (101,007) | |
Unsecured debt investments | (2,389) | (30,661) | |
Specialty finance debt investments | — | — | |
Preferred equity investments | (25,020) | (7,616) | |
Common equity investments | (9,997) | (7,148) | |
Specialty finance equity investments | (20,494) | (5,089) | |
Joint venture investments | — | — | |
Total principal amount of investments sold or repaid | $ (222,347) | $ (756,271) | |
Number of new investment commitments in new portfolio companies(2) | 6 | 9 | |
Average new investment commitment amount in new portfolio companies | $ 111,258 | $ 84,276 | |
Weighted average term for new investment commitments (in years) | 6.5 | 6.0 | |
Percentage of new debt investment commitments at floating rates | 100.0 % | 99.9 % | |
Percentage of new debt investment commitments at fixed rates | — % | 0.1 % | |
Weighted average interest rate of new investment commitments(3) | 9.0 % | 9.8 % | |
Weighted average spread over applicable base rate of new debt investment commitments at floating rates | 5.3 % | 5.5 % | |
(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 SECOND QUARTER ENDED JUNE 30, 2026
Investment Income
Investment income modestly increased to
Expenses
Total operating expenses increased to
Liquidity and Capital Resources
As of June 30, 2026, the Company had
(1) | 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. | |||||
CONFERENCE CALL AND WEBCAST INFORMATION
Conference Call Information:
The conference call will be broadcast live on August 6, 2026 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. To pre-register for the call, please use the following link: www.blueowltechnologyfinance.com/webcast-registration?event_id=16145. Please visit the website before the webcast to test your connection.
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: 13761130
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 June 30, 2026, OTF had investments in 205 portfolio companies with an aggregate fair value of
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:
Head of Communications
Andrew Williams
media@blueowl.com
FINANCIAL HIGHLIGHTS | |||||
For the Three Months Ended | |||||
($ in thousands, except per share amounts) | June 30, 2026 | March 31, 2026 | June 30, 2025 | ||
Investments at fair value | $ 14,680,538 | $ 14,068,239 | $ 12,728,642 | ||
Total assets | $ 15,054,901 | $ 14,868,606 | $ 13,042,932 | ||
Net asset value per share | $ 16.48 | $ 16.49 | $ 17.17 | ||
GAAP results: | |||||
Total investment income | $ 338,032 | $ 325,940 | $ 319,467 | ||
Net investment income | $ 138,644 | $ 171,311 | $ 160,371 | ||
Net increase (decrease) in net assets resulting from operations | $ 154,222 | $ (219,891) | $ 201,487 | ||
Capital gains incentive fee expense (benefit) per share | $ — | $ (0.08) | $ 0.01 | ||
GAAP per share results: | |||||
Net investment income | $ 0.30 | $ 0.37 | $ 0.34 | ||
Net realized and unrealized gains (losses) | $ 0.03 | $ (0.84) | $ 0.09 | ||
Net increase (decrease) in net assets resulting from operations(1) | $ 0.33 | $ (0.47) | $ 0.43 | ||
Capital gains incentive fee expense (benefit) per share | $ — | $ (0.08) | $ 0.01 | ||
Non-GAAP per share financial measures(2)(3): | |||||
Adjusted net investment income | $ 0.30 | $ 0.29 | $ 0.36 | ||
Adjusted net increase (decrease) in net assets resulting from operations | $ 0.33 | $ (0.56) | $ 0.45 | ||
Weighted average yield of accruing debt and income producing securities at fair value | 9.6 % | 9.5 % | 10.4 % | ||
Weighted average yield of accruing debt and income producing securities at amortized cost | 9.3 % | 9.2 % | 10.4 % | ||
Percentage of debt investments at floating rates | 96.7 % | 96.1 % | 97.3 % | ||
(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. | |||||
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES | |||
As of June 30, 2026 (Unaudited) | As of December 31, | ||
Assets | |||
Investments at fair value | |||
Non-controlled, non-affiliated investments (amortized cost of | $ 13,643,875 | $ 13,363,077 | |
Non-controlled, affiliated investments (amortized cost of | 728,216 | 692,202 | |
Controlled, affiliated investments (amortized cost of | 308,447 | 230,760 | |
Total investments at fair value (amortized cost of | 14,680,538 | 14,286,039 | |
Cash (restricted cash of $— and $—, respectively) | 210,276 | 282,257 | |
Foreign cash (cost of | 3,230 | 667 | |
Interest and dividend receivable | 114,967 | 88,553 | |
Receivable from a controlled affiliate | 897 | 720 | |
Prepaid expenses and other assets | 44,993 | 56,775 | |
Total Assets | $ 15,054,901 | $ 14,715,011 | |
Liabilities | |||
Debt (net of unamortized debt issuance costs of | $ 7,157,528 | $ 6,288,200 | |
Distribution payable | 183,068 | 185,749 | |
Management fee payable | 53,949 | 48,556 | |
Incentive fee payable | 29,316 | 68,085 | |
Payables to affiliates | — | 64 | |
Payable for investments purchased | 1,558 | 3,006 | |
Accrued expenses and other liabilities | 89,617 | 79,753 | |
Total Liabilities | $ 7,515,036 | $ 6,673,413 | |
Commitments and contingencies (Note 8) | |||
Net Assets | |||
Common shares | $ 4,576 | $ 4,640 | |
Additional paid-in-capital | 7,477,530 | 7,573,712 | |
Total accumulated undistributed earnings | 57,759 | 463,246 | |
Total Net Assets | 7,539,865 | 8,041,598 | |
Total Liabilities and Net Assets | $ 15,054,901 | $ 14,715,011 | |
Net Asset Value Per Share | $ 16.48 | $ 17.33 | |
(1) | Refer to 10-Q Note 8 "Commitments and Contingencies". | |||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
For the Three Months Ended | For the Six Months Ended | ||||||
2026 | 2025 | 2026 | 2025 | ||||
Investment Income | |||||||
Investment income from non-controlled, non-affiliated investments: | |||||||
Interest income | $ 273,492 | $ 264,998 | $ 541,814 | $ 408,356 | |||
Payment-in-kind ("PIK") interest income | 24,969 | 22,648 | 49,026 | 37,929 | |||
Dividend income | 453 | 539 | 978 | 539 | |||
PIK dividend income | 13,657 | 15,455 | 28,001 | 23,855 | |||
Other income | 4,167 | 4,105 | 7,343 | 8,744 | |||
Total investment income from non-controlled, non-affiliated investments | 316,738 | 307,745 | 627,162 | 479,423 | |||
Investment income from non-controlled, affiliated investments: | |||||||
Interest income | 1,641 | 1,612 | 2,670 | 2,233 | |||
PIK interest income | 255 | 955 | 1,033 | 2,131 | |||
Dividend income | 15,073 | 5,866 | 24,700 | 12,019 | |||
PIK dividend income | 3,405 | 3,119 | 6,772 | 6,202 | |||
Other income | 23 | 32 | 45 | 83 | |||
Total investment income from non-controlled, affiliated investments | 20,397 | 11,584 | 35,220 | 22,668 | |||
Investment income from controlled, affiliated investments: | |||||||
Dividend income | 897 | 138 | 1,590 | 193 | |||
Total investment income from controlled, affiliated investments | 897 | 138 | 1,590 | 193 | |||
Total Investment Income | 338,032 | 319,467 | 663,972 | 502,284 | |||
Operating Expenses | |||||||
Interest expense | $ 108,791 | $ 87,327 | $ 212,616 | $ 139,013 | |||
Management fees, net(1) | 53,948 | 32,540 | 107,861 | 48,416 | |||
Performance based incentive fees | 29,316 | 28,052 | 18,631 | 37,493 | |||
Professional fees | 3,090 | 2,841 | 5,831 | 6,209 | |||
Listing advisory fees | — | 4,821 | — | 4,821 | |||
Directors' fees | 420 | 314 | 694 | 573 | |||
Other general and administrative | 3,401 | 3,055 | 6,687 | 4,558 | |||
Total Operating Expenses | 198,966 | 158,950 | 352,320 | 241,083 | |||
Net Investment Income (Loss) Before Taxes | 139,066 | 160,517 | 311,652 | 261,201 | |||
Income tax expense (benefit), including excise tax expense (benefit) | 422 | 146 | 1,697 | 3,498 | |||
Net Investment Income (Loss) After Taxes | 138,644 | 160,371 | 309,955 | 257,703 | |||
Net Realized and Change in Unrealized Gain (Loss) | |||||||
Net change in unrealized gain (loss): | |||||||
Non-controlled, non-affiliated investments | $ 11,954 | $ 19,330 | $ (436,630) | $ (655) | |||
Non-controlled, affiliated investments | (38,635) | 19,194 | (82,410) | 18,435 | |||
Controlled, affiliated investments | 54,299 | 14,684 | 55,955 | 14,686 | |||
Translation of assets and liabilities in foreign currencies and other transactions | 7,102 | 24,894 | 3,443 | 25,968 | |||
Income tax (provision) benefit | — | (48) | 79 | (843) | |||
Total Net Change in Unrealized Gain (Loss) | 34,720 | 78,054 | (459,563) | 57,591 | |||
Net realized gain (loss): | |||||||
Non-controlled, non-affiliated investments | $ (14,349) | $ (12,106) | $ 109,474 | $ (10,259) | |||
Non-controlled, affiliated investments | (2,020) | — | (25,176) | — | |||
Foreign currency transactions | (2,773) | (24,832) | (359) | (25,416) | |||
Total Net Realized Gain (Loss) | (19,142) | (36,938) | 83,939 | (35,675) | |||
Total Net Realized and Change in Unrealized Gain (Loss) | $ 15,578 | $ 41,116 | (375,624) | 21,916 | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ 154,222 | $ 201,487 | $ (65,669) | $ 279,619 | |||
Earnings Per Share - Basic and Diluted | $ 0.33 | $ 0.43 | $ (0.14) | $ 0.80 | |||
Weighted Average Shares Outstanding - Basic and Diluted | 460,878,695 | 465,124,070 | 462,563,216 | 350,872,326 | |||
Refer to "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) | June 30, 2026 | March 31, 2026 | June 30, 2025 | |||||
Amount | Per Share | Amount | Per Share | Amount | Per Share | |||
Net investment income | $ 139 | $ 0.30 | $ 171 | $ 0.37 | $ 160 | $ 0.34 | ||
Plus: Change in capital gains incentive fees accrued but not payable | — | — | (39) | (0.08) | 6 | 0.01 | ||
Adjusted net investment income(1) | $ 139 | $ 0.30 | $ 133 | $ 0.29 | $ 167 | $ 0.36 | ||
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) | June 30, 2026 | March 31, 2026 | June 30, 2025 | |||||
Amount | Per Share | Amount | Per Share | Amount | Per Share | |||
Net increase (decrease) in net assets resulting from operations | $ 154 | $ 0.33 | $ (220) | $ (0.47) | $ 201 | $ 0.43 | ||
Plus: Change in capital gains incentive fees accrued but not payable | — | — | (39) | (0.08) | 6 | 0.01 | ||
Adjusted net increase (decrease) in net assets resulting from operations(1) | $ 154 | $ 0.33 | $ (259) | $ (0.56) | $ 208 | $ 0.45 | ||
(1) | Totals may not sum due to rounding. | |||||
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SOURCE Blue Owl Technology Finance Corp.