Form 8-K

8-K — Blue Owl Technology Finance Corp.

Accession: 0001747777-26-000020

Filed: 2026-05-06

Period: 2026-05-06

CIK: 0001747777

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — ortf-20260506.htm (Primary)

EX-99.1 (exhibit991-otfxpressrelease.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: ortf-20260506.htm · Sequence: 1

ortf-20260506

0001747777False00017477772026-05-062026-05-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 6, 2026

BLUE OWL TECHNOLOGY FINANCE CORP.

(Exact name of Registrant as Specified in Its Charter)

Maryland

000-55977

83-1273258

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

399 Park Avenue New York, NY

10022

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (212) 419-3000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

OTF

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02. Results of Operations and Financial Condition

On May 6, 2026, Blue Owl Technology Finance Corp. (the “Company”) issued a press release announcing its financial results for the first quarter and quarter ended March 31, 2026. The press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed “filed” for any purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such Section. The information in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit Number

Description

99.1

Press Release, dated May 6, 2026.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Blue Owl Technology Finance Corp.

May 6, 2026

By:

/s/ Jonathan Lamm

Name:

Jonathan Lamm

Title:

Chief Operating Officer and Chief Financial Officer

EX-99.1

Filename: exhibit991-otfxpressrelease.htm · Sequence: 2

Document

Blue Owl Technology Finance Corp. Announces March 31, 2026 Financial Results

NEW YORK — May 6, 2026 — Blue Owl Technology Finance Corp. (NYSE: OTF) (“OTF” or the “Company”) today announced financial results for its first quarter ended March 31, 2026.

FIRST QUARTER 2026 HIGHLIGHTS

•First quarter GAAP net investment income (“NII”) per share of $0.37

•First quarter adjusted NII per share of $0.29(1)

•Dividends declared for the second quarter were $0.40 per share, including a base dividend of $0.35 per share and a special dividend of $0.05 per share declared in connection with the listing

•Net asset value per share decreased to $16.49, as compared with $17.33 last quarter, primarily driven by unrealized losses from the impact of credit spread widening on the portfolio

•New investment commitments for the first quarter were $1.7 billion and sales and repayments were $1.1 billion, as compared with $2.3 billion of new investment commitments and $0.9 billion of sales and repayments for the three months ended December 31, 2025

•Net debt-to-equity ended at 0.85x, as compared with 0.75x as of December 31, 2025

•Investments on non-accrual represented 0.3% and 0.1% of the portfolio at cost and fair value, respectively, as compared with 0.4% and 0.2% as of December 31, 2025

•OTF repurchased approximately $50.2 million of OTF common stock, which was accretive to net asset value per share in the first quarter

•Approximately 80% of each pre-listing shareholder's position has been released from lock-up, with two remaining releases scheduled in equal tranches of approximately 10.6% each month until June 12, 2026

"First quarter volatility in technology markets drove meaningful spread widening and pressured valuations across OTF's portfolio, reflecting broader market dynamics rather than underlying credit trends,” said Craig W. Packer, Chief Executive Officer. “We continue to see solid credit performance across our portfolio of durable, mission-critical businesses with many already taking steps to adapt to the evolving AI environment. With over $2 billion of available liquidity, we believe the current dislocation is creating a more attractive opportunity set, allowing us to remain selective as we deploy capital, ramp leverage and support ROE expansion over time."

Stock Repurchases

On February 17, 2026, the Board of Directors (the "Board") approved a $300 million stock repurchase program, under which purchases may be made at management's discretion from time to time in open-market transactions, replacing the prior $200 million authorization. As of March 31, 2026, the Company repurchased approximately $50.2 million of OTF common stock, accretive to net asset value per share in the first quarter, with approximately $250 million remaining under its share repurchase program.

Dividend Declarations

The Board declared a second quarter 2026 base dividend of $0.35 per share for stockholders of record as of June 30, 2026, payable on or before July 15, 2026.

As previously announced, the Board also declared a series of five special dividends of $0.05 per share. A full schedule of the record and payment dates can be found on the Company’s website at www.blueowltechnologyfinance.com.

Lock-Up Release Schedule

On November 4, 2025, the Board approved an amended lock-up release schedule that applies to shares currently subject to transfer restrictions. Under the new schedule, approximately 10.6% of these shares of the Company’s common stock continue to be released each month until June 12, 2026.

As of today, approximately 80% of each shareholder's position has been released from lock-up. The remaining shares still subject to transfer restrictions will be released in accordance with the following schedule:

Release Date

Approximate Percentage of Shares Subject to Transfer Restrictions Released

Approximate Number of Shares Subject to Transfer Restrictions Released

May 20, 2026

10.6%

49,096,350

June 12, 2026

10.6%

49,099,234

______________________

(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.

SELECT FINANCIAL HIGHLIGHTS

As of and for the Three Months Ended

($ in thousands, except per share amounts)

March 31, 2026

December 31, 2025

March 31, 2025

GAAP results:

Net investment income per share

0.37

0.26

0.41

Net realized and unrealized gains (losses) per share

(0.84)

0.18

(0.08)

Net increase (decrease) in net assets resulting from operations per share

(0.47)

0.44

0.33

Capital gains incentive fee expense (benefit) per share

(0.08)

0.03

(0.01)

Non-GAAP financial measures(1)(2):

Adjusted net investment income per share

0.29

$0.30

0.41

Adjusted net increase (decrease) in net assets resulting from operations per share

(0.56)

$0.47

0.33

Total investments at fair value

14,068,239

14,286,039

12,070,858

Total debt outstanding (net of unamortized debt issuance costs)

6,904,332

6,288,200

5,127,899

Net assets

7,605,453

8,041,598

7,946,723

Net asset value per share

16.49

17.33

17.09

Net debt-to-equity

0.85x

0.75x

0.53x

_____________________

(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 March 31, 2026, the Company had investments in 203 portfolio companies across 37 industries, with an aggregate portfolio size of $14.1 billion at fair value and an average investment size of $69.3 million at fair value.

March 31, 2026

December 31, 2025

($ in thousands)

Fair Value

% of Total

Fair Value

% of Total

Portfolio composition:

First-lien senior secured (1)

10,917,188

77.7

10,979,070

76.8

Second-lien senior secured

498,121

3.5

568,641

4.0

Specialty finance debt

38,000

0.3

37,452

0.3

Unsecured

456,403

3.2

477,128

3.3

Preferred equity

982,150

7.0

1,072,481

7.5

Common equity

615,910

4.4

722,100

5.1

Specialty finance equity

527,414

3.7

375,812

2.6

Joint ventures

33,053

0.2

53,355

0.4

Total investments

14,068,239

100.0

14,286,039

100.0

_____________________

(1) The Company considers 57% and 61% of first-lien senior secured debt investments to be unitranche loans as of March 31, 2026 and December 31, 2025, respectively.

March 31, 2026

December 31, 2025

Number of portfolio companies

203

199

Percentage of debt investments at floating rates

96.3

96.2

Percentage of senior secured debt investments

81.5

81.1

Weighted average spread over base rate of all floating rate debt investments

5.3

5.4

Weighted average total yield of accruing debt and income-producing securities at fair value

9.5

9.6

Weighted average total yield of accruing debt and income-producing securities at cost

9.2

9.5

Percentage of investments on non-accrual of the portfolio at fair value

0.1

0.2

PORTFOLIO AND INVESTMENT ACTIVITY

For the three months ended March 31, 2026, new investment commitments totaled $1.7 billion across 14 new portfolio companies and 12 existing portfolio companies. For the three months ended December 31, 2025, new investment commitments were $2.3 billion across 25 new portfolio companies and 15 existing portfolio companies.

For the three months ended March 31, 2026, the principal amount of new investments funded totaled $1.3 billion and aggregate principal amount of sales and repayments was $1.1 billion. For the three months ended December 31, 2025, the principal amount of new investments funded totaled $1.7 billion and aggregate principal amount of sales and repayments was $0.9 billion.

For the Three Months Ended March 31,

($ in thousands)

2026

2025(4)

New investment commitments:

Gross originations

1,700,654

823,820

Less: Sell downs

(11,389)

(4,217)

Total new investment commitments

1,689,265

819,603

Principal amount of new investments funded:

First-lien senior secured debt investments

1,009,602

500,188

Second-lien senior secured debt investments

—

2,900

Unsecured debt investments

629

138,285

Specialty finance debt investments

—

3,266

Preferred equity investments

51,482

—

Common equity investments

19,695

9,519

Specialty finance equity investments

200,615

10,049

Joint venture investments

(243)

274

Total principal amount of new investments funded

1,281,780

664,481

Drawdowns (repayments) on revolvers and delayed draw term loans, net

113,233

31,903

Principal amount of investments sold or repaid:

First-lien senior secured debt investments(1)

(969,114)

(406,251)

Second-lien senior secured debt investments

(10,833)

(21,000)

Unsecured debt investments

(30,590)

(141,472)

Specialty finance debt investments

—

Preferred equity investments

(36,280)

(3,887)

Common equity investments

(15,316)

(50,006)

Specialty finance equity investments

(49,000)

(18,391)

Joint venture investments

—

Total principal amount of investments sold or repaid

(1,111,133)

(641,007)

Number of new investment commitments in new portfolio companies(2)

Average new investment commitment amount in new portfolio companies

51,242

26,674

Weighted average term for new investment commitments (in years)

5.8

6.5

Percentage of new debt investment commitments at

floating rates

100.0

83.4

Percentage of new debt investment commitments at

fixed rates

—

16.6

Weighted average interest rate of new investment commitments(3)

8.4

Weighted average spread over applicable base rate of new debt investment commitments at floating rates

4.9

5.2

_____________________

(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 3.68% and 4.29% as of March 31, 2026 and 2025, respectively.

(4)On March 24, 2025, in connection with the Mergers, OTF acquired investments of $5.56 billion from OTF II and assumed unfunded loan commitments totaling $754.9 million, which are excluded from the table above. The investments acquired consisted of 129 portfolio companies, 32 of which were not previously held by us. For additional information see Note 13 - Merger with Blue Owl Technology Finance Corp. II on Form 10-Q.

RESULTS OF OPERATIONS FOR THE FIRST QUARTER ENDED MARCH 31, 2026

Investment Income

Investment income modestly increased to $326 million for the three months ended March 31, 2026 from $321 million for the three months ended December 31, 2025, primarily driven by increased interest income from an increase in portfolio size driven by net fundings during the period, partially offset by the impact of lower base rates on floating-rate assets. 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.

Expenses

Total operating expenses decreased to $153 million for the three months ended March 31, 2026 from $195 million for the three months ended December 31, 2025, primarily due to a reversal of capital gains incentive fees from mark-to-market movement, while interest expense stayed stable as lower base rates lowered the average cost of debt for financing costs related to credit facilities offset by a higher average outstanding debt balance. As a percentage of total assets, professional fees, directors’ fees and other general and administrative expenses, excluding listing advisory fees, remained relatively consistent period-over-period.

Liquidity and Capital Resources

As of March 31, 2026, the Company had $488 million in cash, $7.0 billion in total principal value of debt outstanding, including $2.5 billion of unsecured notes and $1.8 billion of undrawn capacity(1) on the Company’s credit facilities. The funding mix was composed of 64.2% secured and 35.8% unsecured borrowings as of March 31, 2026 on an outstanding basis. The Company was in compliance with all financial covenants under its credit facilities as of March 31, 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 May 7, 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: https://event.choruscall.com/mediaframe/webcast.html?webcastid=0kGfFIja. 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 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: 13757814

_____________________

(1) Reflects undrawn debt, which is based on committed debt less debt outstanding as of 3/31/2026, and may not reflect the amount currently available due to borrowing base restrictions.

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 March 31, 2026, OTF had investments in 203 portfolio companies with an aggregate fair value of $14.1 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:

BDC Investor Relations

Michael Mosticchio

credit-ir@blueowl.com

Media Contact:

media@blueowl.com

FINANCIAL HIGHLIGHTS

For the Three Months Ended

($ in thousands, except per share amounts)

March 31, 2026

December 31, 2025

March 31, 2025

Investments at fair value

14,068,239

14,286,039

12,070,858

Total assets

14,868,606

14,715,011

13,219,010

Net asset value per share

16.49

17.33

17.09

GAAP results:

Total investment income

325,940

320,575

182,817

Net investment income

171,311

123,813

97,332

Net increase (decrease) in net assets resulting from operations

(219,891)

205,817

78,132

Capital gains incentive fee expense (benefit) per share

(0.08)

0.03

(0.01)

GAAP per share results:

Net investment income

0.37

0.26

0.41

Net realized and unrealized gains (losses)

(0.84)

0.18

(0.08)

Net increase (decrease) in net assets resulting from operations

(0.47)

0.44

0.33

Capital gains incentive fee expense (benefit) per share

(0.08)

0.03

(0.01)

Non-GAAP per share financial measures(1)(2):

Adjusted net investment income

0.29

0.30

0.41

Adjusted net increase (decrease) in net assets resulting from operations

(0.56)

0.47

0.33

Weighted average yield of accruing debt and income producing securities at fair value

9.5

9.6

10.6

Weighted average yield of accruing debt and income producing securities at amortized cost

9.2

9.5

10.6

Percentage of debt investments at floating rates

96.3

96.2

97.2

_____________________

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(Amounts in thousands, except share and per share amounts)

As of March 31, 2026

(Unaudited)

As of December 31, 2025

Assets

Investments at fair value

Non-controlled, non-affiliated investments (amortized cost of $13,420,277 and $13,262,010, respectively)

13,057,271

13,363,077

Non-controlled, affiliated investments (amortized cost of $866,787 and $736,415, respectively)

778,795

692,202

Controlled, affiliated investments (amortized cost of $128,545 and $128,788, respectively)

232,173

230,760

Total investments at fair value (amortized cost of $14,415,609 and $14,127,213, respectively)

14,068,239

14,286,039

Cash (restricted cash of $— and $—, respectively)

487,336

282,257

Foreign cash (cost of $878 and $709, respectively)

827

667

Interest and dividend receivable

99,571

88,553

Receivable from a controlled affiliate

693

720

Prepaid expenses and other assets

211,940

56,775

Total Assets

14,868,606

14,715,011

Liabilities

Debt (net of unamortized debt issuance costs of $86,197 and $84,123, respectively)

6,904,332

6,288,200

Distribution payable

184,579

185,749

Management fee payable

54,018

48,556

Incentive fee payable

28,119

68,085

Payables to affiliates

Payable for investments purchased

4,287

3,006

Accrued expenses and other liabilities

87,816

79,753

Total Liabilities

7,263,153

6,673,413

Commitments and contingencies(1)

Net Assets

Common shares $0.01 par value, 1,000,000,000 shares authorized; 461,123,693 and 464,047,623 shares issued and outstanding, respectively

4,611

4,640

Additional paid-in-capital

7,514,237

7,573,712

Total accumulated undistributed earnings

86,605

463,246

Total Net Assets

7,605,453

8,041,598

Total Liabilities and Net Assets

14,868,606

14,715,011

Net Asset Value Per Share

16.49

17.33

______________________

(1) Refer to 10-Q Note 8 “Commitments and Contingencies”.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except share and per share amounts)

Three Months Ended March 31,

2026

2025

Investment Income

Investment income from non-controlled, non-affiliated investments:

Interest income

268,322

143,358

Payment-in-kind ("PIK") interest income

24,057

15,281

Dividend income

525

—

PIK dividend income

14,344

8,400

Other income

3,176

4,639

Total investment income from non-controlled, non-affiliated investments

310,424

171,678

Investment income from non-controlled, affiliated investments:

Interest income

1,029

621

PIK interest income

778

1,176

Dividend income

9,627

6,153

PIK dividend income

3,367

3,083

Other income

Total investment income from non-controlled, affiliated investments

14,823

11,084

Investment income from controlled, affiliated investments:

Dividend income

693

Total investment income from controlled, affiliated investments

693

Total Investment Income

325,940

182,817

Operating Expenses

Interest expense

103,825

51,686

Management fees, net(1)

53,913

15,876

Performance based incentive fees

(10,685)

9,441

Professional fees

2,741

3,368

Directors' fees

274

259

Other general and administrative

3,286

1,503

Total Operating Expenses

153,354

82,133

Net Investment Income (Loss) Before Taxes

172,586

100,684

Income tax expense (benefit), including excise tax expense (benefit)

1,275

3,352

Net Investment Income (Loss) After Taxes

171,311

97,332

Net Realized and Change in Unrealized Gain (Loss)

Net change in unrealized gain (loss):

Non-controlled, non-affiliated investments

(448,584)

(19,985)

Non-controlled, affiliated investments

(43,775)

(759)

Controlled, affiliated investments

1,656

Translation of assets and liabilities in foreign currencies and other transactions

(3,659)

1,074

Income tax (provision) benefit

(795)

Total Net Change in Unrealized Gain (Loss)

(494,283)

(20,463)

Net realized gain (loss):

Non-controlled, non-affiliated investments

123,823

1,847

Non-controlled, affiliated investments

(23,156)

—

Foreign currency transactions

2,414

(584)

Total Net Realized Gain (Loss)

103,081

1,263

Total Net Realized and Change in Unrealized Gain (Loss)

(391,202)

(19,200)

Net Increase (Decrease) in Net Assets Resulting from Operations

(219,891)

78,132

Earnings Per Share - Basic and Diluted

(0.47)

0.33

Weighted Average Shares Outstanding - Basic and Diluted

464,266,454

235,351,119

______________________

(1)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 U.S. GAAP measure) to adjusted net investment income for the periods presented:

For the Three Months Ended

($ in millions, except per share amounts)

March 31, 2026

December 31, 2025

March 31, 2025

Amount

Per Share

Amount

Per Share

Amount

Per Share

Net investment income

171

0.37

124

0.26

0.41

Plus: Change in capital gains incentive fees accrued but not payable

(39)

(0.08)

0.03

(1)

(0.01)

Adjusted net investment income(1)

133

0.29

138

0.30

0.41

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)

March 31, 2026

December 31, 2025

March 31, 2025

Amount

Per Share

Amount

Per Share

Amount

Per Share

Net increase (decrease) in net assets resulting from operations

(220)

(0.47)

206

0.44

0.33

Plus: Change in capital gains incentive fees accrued but not payable

(39)

(0.08)

0.03

(1)

(0.01)

Adjusted net increase (decrease) in net assets resulting from operations(1)

(259)

(0.56)

220

0.47

0.33

______________________

(1) Totals may not sum due to rounding.

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