Blue Owl Technology Finance Corp.

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

Thank you, operator, and welcome to Blue Owl Technology Finance Corp's third quarter 2025 earnings conference call. Yesterday, OTF issued its earnings release and posted an earnings presentation for the third quarter ended September 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 blueelltechnologyfinance.com. Joining us on the call today are Craig Packer, Chief Executive Officer, Eric Bissonnette, 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 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. We would also like to remind everyone that we'll refer to non-GAAP measures on this call, which are reconciled to GAAP figures in our earnings presentation available on the Events and Presentations section of our website. 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. As a reminder, last quarter was our first earnings call after listing on the New York Stock Exchange in June, and this is our first full quarter as a publicly listed company. OTF delivered strong third quarter results driven by the continued robust performance of our differentiated technology portfolio. As of quarter end, our net asset value increased to $17.27, up 10 cents or 60 basis points from Q2 due to continued strong portfolio performance. This is consistent with last quarter's trend where we saw NAV increase 8 cents from Q1. Since inception, OTF has generated NAV growth of approximately 18%, further demonstrating our investment thesis that technology investing, and software in particular, offers one of the most compelling risk-return profiles in the market. Our non-accrual rate remains one of the best in the industry at three basis points of the portfolio at fair value. Our credit performance is underscored by the sustained strength of our portfolio companies which continue to experience low double-digit revenue and EBITDA growth. As discussed on last quarter's earnings call, we are focused on increasing net leverage by selectively growing our portfolio in what we deem to be attractive, risk-adjusted investments to enhance ROE. As Eric will discuss later, deal flow and origination activity were solid, but so were repayments, resulting in leverage at quarter end that was in line with the prior period. This contributed to a third quarter ROE of 7.4% based on 32 cents per share of adjusted NII. However, inclusive of gains, our adjusted net income ROE for the quarter was 12.6%. As we look ahead, we're encouraged by the continued momentum of our pipeline. While we don't have full visibility into repayment activity, our pipeline is robust, and positions us to deploy capital into attractive opportunities as we work towards meeting our portfolio growth targets. Before Eric gives more detail on this quarter's performance, I'd like to take a moment to address the broader market sentiment around credit that has been a focus in recent headlines. In particular, we'd like to reaffirm why we believe direct lending remains a compelling strategy and technology lending specifically continues to be the best performing area within it. At Blue Owl, our credit platform was designed to originate loans to high-quality, sponsor-backed companies in the upper middle market with a focus on non-cyclical sectors that offer stability and resilience. At OTF, the core of what we do is invest in enterprise-grade, large-scale, mission-critical software companies with the resources and talent to execute across various market conditions. These businesses typically generate highly predictable recurring revenues, often secured by long-term contracts for essential services with strong organic growth. This revenue visibility, combined with their defensive positioning, makes software an ideal fit for direct lending. Software credits also tend to feature tighter covenants, lower loan-to-value ratios, and higher spreads, all of which contribute to stronger downside protection and more stable returns. The majority of OTF's portfolio is comprised of senior secured loans, complemented by select debt and equity-related investments in large pre-IPO companies that offer both income and upside potential. Our average loan-to-value ratio remains conservative at approximately 33%, and we maintain direct relationships with management teams, typically serving as lead or co-lead lender. OTS credit performance continues to validate our approach, with virtually no non-accruals today and only two non-accruals in our operating history. Our focus on resilient software businesses has helped us deliver strong returns through varying market conditions while providing investors with meaningful downside protection and consistent income. And now I'll turn it over to Eric for more detail on our portfolio performance this quarter.