Blue Owl Technology Finance Corp.

Good morning, everyone, and welcome to Blue Owl Technology Finance Corp's second quarter 2025 earnings call. As a reminder, this call is being recorded. At this time, I'd like to turn the call over to Mike Messiccio, head of BDC Investor Relations. Mike, please go ahead.

Thank you, operator, and welcome to Blue Owl Technology Finance Corp's inaugural earnings conference call. Yesterday, OTF issued its earnings release and posted its earnings presentation for the second quarter ended June 30th, 2025. These should be reviewed in connection with the company's 10-Q filed yesterday with the SEC. All materials referenced on today's call, including the earnings press release, earnings presentation, and 10-Q, are available on the investor section of the company's website at blueowltechnologyfinance.com. Joining us on the call today are Craig Packer, Chief Executive Officer, Eric Bissonette, President, and Jonathan Lamb, Chief Financial Officer. I'd like to remind listeners that remarks made during today's call may contain forward-looking statements, which are not guarantees of future performance or results and involve a number of risks and uncertainties that are outside of the company's control. Actual results may differ materially from those in forward-looking statements as a result of a number of factors, including those described in OTF's filings with the SEC, The company assumes no obligation to update any forward-looking statements. Certain information discussed on this call and in the company's earnings materials, including information related to portfolio companies, was derived from third-party sources and has not been independently verified. The company makes no such representations or warranties with respect to this information. With that, I'll turn the call over to Craig.

Thanks, Mike. Good morning, everyone, and thank you all for joining us today. This is our first earnings call since listing on the New York Stock Exchange in June, and on behalf of the entire Blue Owl team, I'd like to welcome our new and existing shareholders. We understand some of you might be new to OTF and the broader Blue Owl platform, so we will briefly cover our strategy before getting into our portfolio and performance. Our credit platform was founded on the core strategy of originating loans for high-quality, sponsor-backed upper middle market companies in non-cyclical sectors. As we designed our direct lending business, we intentionally positioned software investing as a key component because we believe the unique nature of these assets creates one of the most compelling risk-return profiles in the market. Scaled software businesses have highly predictable and recurring revenue streams, which are often underpinned by multi-year contracts for mission-critical products and services. This combination of defensive positioning and revenue visibility makes these assets particularly attractive for direct lending. Additionally, these credits typically offer tighter covenants, lower loan-to-value ratios, and higher spreads, characteristics that contribute to better risk-adjusted returns. Importantly, as Eric will also describe, software offers intrinsic diversification by virtue of the various end markets it serves. To take advantage of this opportunity, we launched OTF as our flagship technology direct lending fund in 2018. Within technology, OTF primarily focuses on software, offering investors the opportunity to capitalize on the asset class's secular growth. Since its inception, we've built a high-quality, diversified, technology-focused portfolio that has generated attractive risk-adjusted returns while maintaining the credit discipline that has always defined Blue Owl. We have deployed approximately $34 billion across our dedicated technology funds while maintaining excellent credit quality with net gains since inception. In the process, we've scaled OTF into the largest publicly traded technology-focused BDC. And unlike certain technology-focused BDCs that have exposure to venture debt, we are the only fund in the market dedicated to upper-middle market technology direct lending. In March of this year, OTF merged with OTF2, positioning the combined entity with additional scale and an opportunity to drive our ROE expansion. Subsequently, we listed OTF on the New York Stock Exchange this quarter, which represented an important milestone for OTF and our broader credit platform. The listing made OTF one of the largest publicly traded BDCs. In our first quarter as a publicly listed company, our performance continues to be strong, reflecting the quality of the portfolio. As of quarter end, our net asset value per share increased to $17.17, up $0.08 from the prior quarter, primarily through unrealized gains in select equity investments. Since inception, OTF has generated NAV growth of approximately 17%, demonstrating the strength of the portfolio. Credit quality continues to be excellent and is one of the best in the BDC industry, which we think reflects the attractive credit characteristics of software. Our non-accrual rate is less than three basis points of the portfolio at fair value. And moreover, OTF has generated 16 basis points of net gains since inception. This compares well to the broader BDC industry, which has experienced roughly 40 plus basis points of net losses on average. In summary, we are very pleased with our performance and the seamless execution of the listing. We believe our experienced team, high quality portfolio, disciplined underwriting, and highly durable funding model have positioned us for continued success. We continue to have the same conviction in software as we did seven years ago when we launched the OTF as our first technology dedicated fund. And now I'll turn it over to Eric for more detail on our technology strategy and OTF.