Form 8-K

8-K — Blue Owl Technology Finance Corp.

Accession: 0001747777-26-000027

Filed: 2026-08-05

Period: 2026-08-05

CIK: 0001747777

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — ortf-20260805.htm (Primary)

EX-99.1 (exhibit991-otfxpressrelease.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: ortf-20260805.htm · Sequence: 1

ortf-20260805

0001747777False00017477772026-08-052026-08-05

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): August 5, 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 August 5, 2026, Blue Owl Technology Finance Corp. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 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 August 5, 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.

August 5, 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 June 30, 2026 Financial Results

NEW YORK — August 5, 2026— Blue Owl Technology Finance Corp. (NYSE: OTF) (“OTF” or the “Company”) today announced financial results for its second quarter ended June 30, 2026.

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, as compared to the prior quarter of $0.29

•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 9.7%(2)

•Net asset value ("NAV") per share was stable at $16.48, as compared to $16.49 as of March 31, 2026

•New investment commitments were $852 million and sales and repayments were $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% and 0.1% of the portfolio at cost and fair value, respectively, as compared to 0.3% and 0.1% as of March 31, 2026

•Repurchased $55 million of common stock during the quarter, which was accretive to NAV per share in the second quarter

•Enhanced funding flexibility through an amended and extended revolving credit facility with all banking partners renewing commitments, the issuance of $500 million of unsecured debt and the addition of $150 million through a secured financing

•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 $2 billion of available liquidity, OTF is well-positioned to deploy capital selectively across software and other technology-related areas where we have deep expertise and differentiated capabilities,” added Erik Bissonnette, President.

Dividend Declarations

On August 4, 2026, the Board declared a third quarter 2026 base dividend of $0.35 per share for stockholders of record as of September 30, 2026, payable on or before October 15, 2026.

As previously announced, the Board also declared a series of five special dividends of $0.05 per share, with the final special dividend payable on October 6, 2026. A full schedule of the record and payment dates can be found on the Company’s website at www.blueowltechnologyfinance.com.

______________________

(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 $0.35 per share payable to shareholders of record as of June 30, 2026 annualized Q2'26 special dividend of $0.05 per share payable to shareholders of record as of June 22, 2026, and Q2'26 NAV per share of $16.48.

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 $14.7 billion at fair value and an average investment size of $71.6 million at fair value.

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 56% and 57% of first-lien senior secured debt investments to be unitranche loans as of June 30, 2026 and March 31, 2026, respectively.

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

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

PORTFOLIO AND INVESTMENT ACTIVITY

For the three months ended June 30, 2026, new investment commitments totaled $0.9 billion across 6 new portfolio companies and 7 existing portfolio companies. For the three months ended March 31, 2026, new investment commitments were $1.7 billion across 14 new portfolio companies and 12 existing portfolio companies.

For the three months ended June 30, 2026, the principal amount of new investments funded totaled $0.6 billion and aggregate principal amount of sales and repayments was $0.2 billion. 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 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)

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 3.73% and 4.29% as of June 30, 2026 and 2025, respectively.

RESULTS OF OPERATIONS FOR THE SECOND QUARTER ENDED JUNE 30, 2026

Investment Income

Investment income modestly increased to $338 million for the three months ended June 30, 2026 from $326 million for the three months ended March 31, 2026, primarily driven by net portfolio growth and higher dividend income related to a repayment. 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 $199 million for the three months ended June 30, 2026 from $153 million for the three months ended March 31, 2026, primarily due to the absence of the prior quarter's capital gains incentive fee reversal and to modestly higher interest expense, as average daily borrowings increased. 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 June 30, 2026, the Company had $214 million in cash, $7.3 billion in total principal value of debt outstanding, including $2.6 billion of unsecured notes and $1.8 billion of undrawn capacity(1) on the Company’s credit facilities. The funding mix was composed of 63.8% secured and 36.2% unsecured borrowings as of June 30, 2026 on an outstanding basis. The Company was in compliance with all financial covenants under its credit facilities as of June 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 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

_____________________

(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.

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 $14.7 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:

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

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

As of June 30, 2026

(Unaudited)

As of December 31, 2025

Assets

Investments at fair value

Non-controlled, non-affiliated investments (amortized cost of $13,997,430 and $13,262,010, respectively)

13,643,875

13,363,077

Non-controlled, affiliated investments (amortized cost of $854,843 and $736,415, respectively)

728,216

692,202

Controlled, affiliated investments (amortized cost of $150,520 and $128,788, respectively)

308,447

230,760

Total investments at fair value (amortized cost of $15,002,793 and $14,127,213, respectively)

14,680,538

14,286,039

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

210,276

282,257

Foreign cash (cost of $3,435 and $709, respectively)

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 $95,067 and $84,123, respectively)

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

—

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 $0.01 par value, 1,000,000,000 shares authorized; 457,612,537 and 464,047,623 shares issued and outstanding, respectively

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”.

For the Three Months Ended June 30,

For the Six Months Ended June 30,

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

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)

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

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)

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 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)

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)

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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