Blue Owl Technology Finance Corp. Announces June 30, 2025 Financial Results
Blue Owl Technology Finance Corp. (NYSE: OTF) reported its Q2 2025 financial results, marking its first earnings release since its NYSE listing on June 12, 2025 as the largest publicly traded technology-focused BDC. The company achieved Q2 GAAP net investment income of $0.34 per share and adjusted NII of $0.36 per share.
Key highlights include: total investment portfolio of $12.7 billion across 184 portfolio companies, new investment commitments of $1.5 billion, and NAV per share increase to $17.17. The Board declared a Q3 regular dividend of $0.35 per share plus five special quarterly dividends of $0.05 each, representing a 9.3% annualized dividend yield. Portfolio quality remains strong with less than 0.1% of investments on non-accrual.
[ "Successfully listed on NYSE as largest technology-focused BDC by total assets", "NAV per share increased to $17.17 from $17.09 in previous quarter", "Strong new investment commitments of $1.5 billion in Q2", "Excellent credit quality with <0.1% of portfolio on non-accrual", "Declared additional five special dividends of $0.05 per share", "78% of portfolio in first-lien senior secured debt investments" ]Blue Owl Technology Finance Corp. (NYSE: OTF) ha comunicato i risultati finanziari del secondo trimestre 2025, segnando la sua prima pubblicazione degli utili dopo la quotazione alla NYSE il 12 giugno 2025 come il pi霉 grande BDC tecnologico quotato in borsa. La societ脿 ha registrato un reddito netto da investimenti GAAP di $0,34 per azione e un reddito netto da investimenti rettificato di $0,36 per azione.
I punti salienti includono: un portafoglio investimenti totale di $12,7 miliardi distribuito su 184 societ脿 in portafoglio, nuovi impegni di investimento per $1,5 miliardi e un aumento del NAV per azione a $17,17. Il Consiglio di Amministrazione ha dichiarato un dividendo regolare per il terzo trimestre di $0,35 per azione pi霉 cinque dividendi speciali trimestrali di $0,05 ciascuno, che rappresentano un rendimento da dividendo annualizzato del 9,3%. La qualit脿 del portafoglio rimane solida con meno dello 0,1% degli investimenti in stato di non-accrual.
- Quotazione riuscita alla NYSE come il pi霉 grande BDC tecnologico per totale attivi
- Il NAV per azione 猫 aumentato a $17,17 da $17,09 nel trimestre precedente
- Solidi nuovi impegni di investimento per $1,5 miliardi nel secondo trimestre
- Eccellente qualit脿 creditizia con meno dello 0,1% del portafoglio in non-accrual
- Dichiarati ulteriori cinque dividendi speciali di $0,05 per azione
- Il 78% del portafoglio 猫 costituito da investimenti in debito senior garantito di primo grado
Blue Owl Technology Finance Corp. (NYSE: OTF) inform贸 sus resultados financieros del segundo trimestre de 2025, marcando su primera publicaci贸n de ganancias desde su cotizaci贸n en la NYSE el 12 de junio de 2025 como el mayor BDC enfocado en tecnolog铆a que cotiza en bolsa. La compa帽铆a alcanz贸 un ingreso neto de inversi贸n GAAP de $0.34 por acci贸n y un ingreso neto de inversi贸n ajustado de $0.36 por acci贸n.
Los aspectos destacados incluyen: un portafolio total de inversiones de $12.7 mil millones en 184 compa帽铆as, nuevos compromisos de inversi贸n por $1.5 mil millones y un aumento del NAV por acci贸n a $17.17. La Junta declar贸 un dividendo regular para el tercer trimestre de $0.35 por acci贸n m谩s cinco dividendos especiales trimestrales de $0.05 cada uno, representando un rendimiento anualizado por dividendo del 9.3%. La calidad del portafolio se mantiene fuerte con menos del 0.1% de las inversiones en estado de no-acrual.
- Listado exitoso en la NYSE como el mayor BDC tecnol贸gico por activos totales
- El NAV por acci贸n aument贸 a $17.17 desde $17.09 en el trimestre anterior
- Fuertes nuevos compromisos de inversi贸n de $1.5 mil millones en el segundo trimestre
- Excelente calidad crediticia con menos del 0.1% del portafolio en no-acrual
- Declarados cinco dividendos especiales adicionales de $0.05 por acci贸n
- El 78% del portafolio est谩 en inversiones de deuda senior garantizada de primer gravamen
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Blue Owl Technology Finance Corp. (NYSE : OTF) a publi茅 ses r茅sultats financiers du deuxi猫me trimestre 2025, marquant sa premi猫re publication de r茅sultats depuis son introduction en bourse 脿 la NYSE le 12 juin 2025 en tant que plus grand BDC technologique cot茅 en bourse. La soci茅t茅 a r茅alis茅 un revenu net d'investissement GAAP au T2 de 0,34 $ par action et un revenu net d'investissement ajust茅 de 0,36 $ par action.
Les points cl茅s incluent : un portefeuille d'investissements total de 12,7 milliards de dollars r茅parti sur 184 soci茅t茅s en portefeuille, de nouveaux engagements d'investissement de 1,5 milliard de dollars, et une augmentation du NAV par action 脿 17,17 $. Le conseil d'administration a d茅clar茅 un dividende r茅gulier pour le T3 de 0,35 $ par action ainsi que cinq dividendes sp茅ciaux trimestriels de 0,05 $ chacun, repr茅sentant un rendement de dividende annualis茅 de 9,3 %. La qualit茅 du portefeuille reste solide avec moins de 0,1 % des investissements en non-accrual.
- Introduction r茅ussie 脿 la NYSE en tant que plus grand BDC technologique par actifs totaux
- Le NAV par action est pass茅 de 17,09 $ 脿 17,17 $ par rapport au trimestre pr茅c茅dent
- Engagements d'investissement solides de 1,5 milliard de dollars au T2
- Excellente qualit茅 de cr茅dit avec moins de 0,1 % du portefeuille en non-accrual
- D茅claration de cinq dividendes sp茅ciaux suppl茅mentaires de 0,05 $ par action
- 78 % du portefeuille en investissements de dette senior garantie de premier rang
Blue Owl Technology Finance Corp. (NYSE: OTF) ver枚ffentlichte seine Finanzergebnisse f眉r das zweite Quartal 2025 und markierte damit die erste Ergebnisver枚ffentlichung seit der Notierung an der NYSE am 12. Juni 2025 als gr枚脽tes b枚rsennotiertes technologieorientiertes BDC. Das Unternehmen erzielte ein Q2 GAAP Nettoinvestitionsergebnis von $0,34 pro Aktie und ein bereinigtes NII von $0,36 pro Aktie.
Wichtige Highlights sind: ein Gesamtanlageportfolio von $12,7 Milliarden verteilt auf 184 Portfoliounternehmen, neue Investitionszusagen von $1,5 Milliarden und ein Anstieg des NAV pro Aktie auf $17,17. Der Vorstand erkl盲rte eine regelm盲脽ige Dividende f眉r Q3 von $0,35 pro Aktie sowie f眉nf zus盲tzliche Sonderdividenden von jeweils $0,05, was einer annualisierten Dividendenrendite von 9,3% entspricht. Die Portfolioqualit盲t bleibt stark mit weniger als 0,1 % der Investitionen in Nicht-Ertragsstatus.
- Erfolgreiche Notierung an der NYSE als gr枚脽tes technologieorientiertes BDC nach Gesamtverm枚gen
- NAV pro Aktie stieg von $17,09 im Vorquartal auf $17,17
- Starke neue Investitionszusagen von $1,5 Milliarden im zweiten Quartal
- Ausgezeichnete Kreditqualit盲t mit weniger als 0,1 % des Portfolios in Nicht-Ertragsstatus
- Erkl盲rung von f眉nf zus盲tzlichen Sonderdividenden von je $0,05 pro Aktie
- 78 % des Portfolios in vorrangigen besicherten Schuldinvestitionen
- None.
- Net investment income decreased to $0.34 per share from $0.41 in previous quarter
- Net debt-to-equity ratio increased to 0.58x from 0.53x
- Operating expenses increased to $159.0 million from $82.1 million in previous quarter
Insights
OTF reported solid Q2 results with growing investment portfolio, stable NAV, and increased dividend, showing positive momentum after NYSE listing.
Blue Owl Technology Finance Corp's Q2 2025 results demonstrate a successful transition to public markets with their June 12 NYSE listing as the largest technology-focused BDC by assets. The quarter showed impressive investment momentum with new commitments of
The BDC's NAV per share increased slightly to
The portfolio quality remains excellent with investments on non-accrual representing less than
The weighted average yield on accruing debt decreased slightly to
With
SECOND QUARTER 2025 HIGHLIGHTS听
- Successfully listed on the New York Stock Exchange on June 12, 2025 as the largest publicly traded technology-focused听BDC by total assets
- Second quarter GAAP net investment income ("NII") per share of
$0.34 - Second quarter adjusted听NII per share of听
$0.36 (1) - Dividends declared for the third quarter totaled
$0.40 9.3% (2) based on net asset value ("NAV") per share as of June 30, 2025 - In connection with the listing, the Board of Directors (the "Board") declared five special dividends of
$0.05 - NAV per share increased to
$17.17 $17.09 - New investment commitments for the second quarter totaled
$1.5 billion $756 million $820 million $641 - Net debt-to-equity increased to 0.58x for the second quarter, up from 0.53x as of March 31, 2025
- Investments on non-accrual represented less than
0.1% of the portfolio at fair value, unchanged from the prior quarter
"OTF delivered strong performance in the second quarter and successfully completed its listing on the New York Stock Exchange in June as the largest technology-focused BDC in the public market," said Craig W. Packer, Chief Executive Officer. "Our scale and differentiated investment strategy position OTF for long-term, stable portfolio performance, as we seek to deliver attractive risk-adjusted returns to our shareholders. Credit quality remains excellent, and we have strong momentum heading into OTF's first full quarter as a public company."
Dividend Declarations
The Board declared a third quarter 2025 regular dividend of
As previously announced, the Board also declared a series of five special dividends of
______________________ | |
(1) | Adjusted to exclude any change in capital gains incentive fees accrued but not payable. These fees are related to cumulative unrealized gains in excess of听 |
(2) | Dividend yield based on annualized Q3 2025 declared regular dividend of |
(3) | On March 24, 2025, in connection with the merger with Blue Owl Technology Finance Corp. II ("OTF II" or the "Merger"), the Company acquired |
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SELECT FINANCIAL HIGHLIGHTS | |||||
As Of And For the Three Months Ended | |||||
($ in thousands, except per share amounts) | June 30, 2025 | March 31, 2025 | June 30, 2024 | ||
GAAP results: | |||||
Net investment income per share | $听听听听听听听听听听听听听听听听听听听 0.34 | $听听听听听听听听听听听听听听听听听听 0.41 | $听 听 听 听 听 听 听 听 听 听0.49 | ||
Net realized and unrealized gains (losses) per share | $听听听听听听听听听听听听听听听听听听听 0.09 | $听听听听听听听听听听听听听听听听 (0.08) | $听听听听听听听听听听听听听听听听听 (0.45) | ||
Net increase (decrease) in net assets resulting from operations per | $听听听听听听听听听听听听听听听听听听听 0.43 | $听听听听听听听听听听听听听听听听听听 0.33 | $听听听听听听听听听听听听听听听听听听听 0.04 | ||
Capital gains incentive fee expense (benefit) per share | $听听听听听听听听听听听听听听听听听听听 0.01 | $听听听听听听听听听听听听听听听听 (0.01) | $听听听听听听听听听听听听听听听听听 (0.03) | ||
Non-GAAP financial measures(1)(2): | |||||
Adjusted net investment income per share | $听听听听听听听听听听听听听听听听听听听 0.36 | $听听听听听听听听听听听听听听听听听听 0.41 | $听听听听听听听听听听听听听听听听听听听 0.46 | ||
Adjusted net increase (decrease) in net assets resulting from | $听听听听听听听听听听听听听听听听听听听 0.45 | $听听听听听听听听听听听听听听听听听听 0.33 | $听听听听听听听听听听听听听听听听听听听 0.01 | ||
Total investments at fair value | $听听听听听听听 12,728,642 | $听听听听听听 12,070,858 | $听听听听听听听听听 6,157,709 | ||
Total debt outstanding (net of unamortized debt issuance costs) | $听听听听听听听听听 4,752,225 | $听听听听听听听听 5,127,899 | $听听听听听听听听听 2,878,831 | ||
Net assets | $听听听听听听听听听 7,985,418 | $听听听听听听听听 7,946,723 | $听听听听听听听听听 3,510,357 | ||
Net asset value per share | $听 听 听 听 听 听 听 听 听17.17 | $听 听 听 听 听 听 听 听 17.09 | $听 听 听 听 听 听 听 听 听16.74 | ||
Net debt-to-equity | 0.58x | 0.53x | 0.73x | ||
_____________________ | |
(1) | See Non-GAAP Financial Measures for a description of the non-GAAP measures and the听reconciliations from the most comparable GAAP financial |
(2) | Adjusted to exclude any change in capital gains incentive fees accrued but not payable. These fees are related to cumulative unrealized gains in excess of cumulative net realized gains less any cumulative unrealized losses, less capital gains incentive fees paid inception to date. |
听
PORTFOLIO COMPOSITION
As of June 30, 2025, the Company had investments in 184 portfolio companies across 37 industries, with an aggregate portfolio size of
June 30, 2025 | March 31, 2025 | ||||
($ in thousands) | Fair Value | % of Total | Fair Value | % of Total | |
Portfolio composition: | |||||
First-lien senior secured debt investments | $听听听听听 9,924,118 | 78.0听% | $听听听听听 9,420,309 | 78.1听% | |
Second-lien senior secured debt investments | 426,937 | 3.4听% | 394,320 | 3.3听% | |
Unsecured debt investments | 451,319 | 3.5听% | 460,216 | 3.8听% | |
Preferred equity investments | 1,022,197 | 8.0听% | 956,331 | 7.9听% | |
Common equity investments | 893,578 | 7.0听% | 837,230 | 6.9听% | |
Joint ventures | 10,493 | <0.1 % | 2,452 | < | |
Total investments | $听听听 12,728,642 | $听听听 12,070,858 | |||
听
June 30, 2025 | March 31, 2025 | ||
Number of portfolio companies | 184 | 181 | |
Percentage of debt investments at floating rates | 97.3听% | 97.2听% | |
Percentage of senior secured debt investments | 81.4听% | 81.4听% | |
Weighted average spread over base rate of all floating rate debt investments | 5.7听% | 5.8听% | |
Weighted average total yield of accruing debt and income-producing | 10.4听% | 10.6听% | |
Weighted average total yield of accruing debt and income-producing | 10.4听% | 10.6听% | |
Percentage of investments on non-accrual of the portfolio at fair value | < | < |
听
PORTFOLIO AND INVESTMENT ACTIVITY
For the three months ended June 30, 2025, new investment commitments totaled
For the three months ended June 30, 2025, the principal amount of new investments funded totaled
_____________________ | |
(1) | On March 24, 2025, in connection with the Merger, the Company acquired investments of |
听
For the Three Months Ended June 30, | ||||
($ in thousands) | 2025 | 2024 | ||
New investment commitments | ||||
Gross originations | $听听听听听听听听听听听听听听听听听听听听听听 1,473,048 | $听听听听听听听听听听听听听听听听听听听听听听 1,108,165 | ||
Less: Sell downs | 鈥� | (864) | ||
Total new investment commitments | $听听听听听听听听听听听听听听听听听听听听听听 1,473,048 | $听听听听听听听听听听听听听听听听听听听听听听 1,107,301 | ||
Principal amount of new investments funded: | ||||
First-lien senior secured debt investments | $听听听听听听听听听听听听听听听听听听听听听听听听听 978,664 | $听听听听听听听听听听听听听听听听听听听听听听听听听 648,461 | ||
Second-lien senior secured debt investments | 130,219 | 13,500 | ||
Unsecured debt investments | 鈥� | 51,607 | ||
Preferred equity investments | 32,375 | 5,890 | ||
Common equity investments | 45,194 | 7,360 | ||
Joint ventures | 8,124 | 鈥� | ||
Total principal amount of new investments funded | $听听听听听听听听听听听听听听听听听听听听听听 1,194,576 | $听听听听听听听听听听听听听听听听听听听听听听听听听 726,818 | ||
Drawdowns (repayments) on revolvers and delayed draw term | $听听听听听听听听听听听听听听听听听听听听听听听听听听听 84,243 | |||
Principal amount of investments sold or repaid: | ||||
First-lien senior secured debt investments(1) | $听听听听听听听听听听听听听听听听听听听听听听听 (604,750) | $听听听听听听听听听听听听听听听听听听听听听听听 (341,712) | ||
Second-lien senior secured debt investments | (101,007) | (47,187) | ||
Unsecured debt investments | (30,661) | (135,827) | ||
Preferred equity investments | (7,616) | (1,076) | ||
Common equity investments | (12,237) | (700) | ||
Joint ventures | 鈥� | 鈥� | ||
Total principal amount of investments sold or repaid | $听听听听听听听听听听听听听听听听听听听听听听听 (756,271) | $听听听听听听听听听听听听听听听听听听听听听听听 (526,502) | ||
Number of new investment commitments in new portfolio | 9 | 20 | ||
Average new investment commitment amount | $听听听听听听听听听听听听听听听听听听听听听听听听听听听 84,276 | $听听听听听听听听听听听听听听听听听听听听听听听听听听听 49,165 | ||
Weighted average term for new debt investment commitments | 6.0 | 6.0 | ||
Percentage of new debt investment commitments at floating | 99.9听% | 96.5听% | ||
Percentage of new debt investment commitments at fixed rates | 0.1听% | 3.5听% | ||
Weighted average interest rate of new debt investment | 9.8听% | 10.8听% | ||
Weighted average spread over applicable base rate of new | 5.5听% | 5.4听% | ||
_____________________ | |
(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听SOFR, which听was |
听
RESULTS OF OPERATIONS FOR THE SECOND QUARTER ENDED JUNE 30, 2025听
Investment Income
Investment income increased to
Expenses
Total operating expenses increased to
Liquidity and Capital Resources
As of June 30, 2025, the Company had
CONFERENCE CALL AND WEBCAST INFORMATION
Conference Call Information:
The conference call will be broadcast live on August 7, 2025 at 11:30 a.m. Eastern Time on the News & Events section of OTF's website at . 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 for 14 days via a webcast link located on the News & Events section of OTF's website, and via the dial-in numbers listed below:
- Domestic: (877) 660-6853
- International: +1 (201) 612-7415
- Conference ID: 13754257
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_____________________ | |
(1) | Reflects availability based on limitations related to each credit facility's borrowing base. |
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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
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
[email protected]
Media Contact:
Prosek Partners
Josh
[email protected]
FINANCIAL HIGHLIGHTS | |||||
For the Three Months Ended | |||||
($ in thousands, except per share amounts) | June 30, 2025 | March 31, 2025 | June 30, 2024 | ||
Investments at fair value | $听听听听听听 12,728,642 | $听听听听听听 12,070,858 | $听听听听听听听听 6,157,709 | ||
Total assets | $听听听听听听 13,042,932 | $听听听听听听 13,219,010 | $听听听听听听听听 6,550,407 | ||
Net asset value per share | $听 听 听 听 听 听 听 听 17.17 | $听 听 听 听 听 听 听 听 17.09 | $听 听 听 听 听 听 听 听 16.74 | ||
GAAP results: | |||||
Total investment income | $听听听听听听听听听听听 319,467 | $听听听听听听听听听听听 182,817 | $听听听听听听听听听听听 174,170 | ||
Net investment income | $听听听听听听听听听听听 160,371 | $听听听听听听听听听听听听听 97,332 | $听听听听听听听听听听听 101,795 | ||
Net increase (decrease) in net assets resulting from | $听听听听听听听听听听听 201,487 | $听听听听听听听听听听听听听 78,132 | $听听听听听听听听听听听听听听听听 8,115 | ||
Capital gains incentive fee expense (benefit) per share | $听 听 听 听 听 听 听 听 听 0.01 | $听听听听听听听听听听听听听听听听 (0.01) | $听 听 听 听 听 听 听 听 听 (0.03) | ||
GAAP per share results: | |||||
Net investment income | $听听听听听听听听听听听听听听听听听听 0.34 | $听听听听听听听听听听听听听听听听听听 0.41 | $听听听听听听听听听听听听听听听听听听 0.49 | ||
Net realized and unrealized gains (losses) | $听听听听听听听听听听听听听听听听听听 0.09 | $听 听 听 听 听 听 听 听 听 (0.08) | $听 听 听 听 听 听 听 听 听 (0.45) | ||
Net increase (decrease) in net assets resulting from operations | $听听听听听听听听听听听听听听听听听听 0.43 | $听听听听听听听听听听听听听听听听听听 0.33 | $听听听听听听听听听听听听听听听听听听 0.04 | ||
Non-GAAP per share financial measures(1)(2): | |||||
Adjusted net investment income | $听听听听听听听听听听听听听听听听听听 0.36 | $听听听听听听听听听听听听听听听听听听 0.41 | $听听听听听听听听听听听听听听听听听听 0.46 | ||
Adjusted net increase (decrease) in net assets resulting from operations | $听听听听听听听听听听听听听听听听听听 0.45 | $听听听听听听听听听听听听听听听听听听 0.33 | $听听听听听听听听听听听听听听听听听听 0.01 | ||
Weighted average yield of accruing debt and income | 10.4听% | 10.6听% | 12.0听% | ||
Weighted average yield of accruing debt and income | 10.4听% | 10.6听% | 12.0听% | ||
Percentage of debt investments at floating rates | 97.3听% | 97.2听% | 95.0听% | ||
_____________________ | |
(1) | See Non-GAAP Financial Measures for a description of the non-GAAP measures and the reconciliations from the most comparable GAAP financial |
(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. |
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CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES | ||||
June 30, 2025 | December 31, 2024 | |||
Assets | ||||
Investments at fair value | ||||
Non-controlled, non-affiliated investments (amortized cost of | $听听听听听听听听听听听听听听听 11,906,643 | $听听听听听听听听听听听听听听听听听 5,892,773 | ||
Non-controlled, affiliated investments (amortized cost of | 690,296 | 407,303 | ||
Controlled, affiliated investments (amortized cost of | 131,703 | 107,390 | ||
Total investments at fair value (amortized cost of | 12,728,642 | 6,407,466 | ||
Cash听 | 169,024 | 252,964 | ||
Foreign cash (cost of | 1,499 | 4,036 | ||
Interest receivable | 82,414 | 45,838 | ||
Dividend income receivable | 5,920 | 1,929 | ||
Prepaid expenses and other assets | 55,433 | 10,388 | ||
Total Assets | $听听听听听听听听听听听听听听听 13,042,932 | $听听听听听听听听听听听听听听听听听 6,722,621 | ||
Liabilities | ||||
Debt (net of unamortized debt issuance costs of | $听听听听听听听听听听听听听听听听听 4,752,225 | $听听听听听听听听听听听听听听听听听 2,914,509 | ||
Management fee payable | 32,508 | 14,687 | ||
Distribution payable | 162,793 | 70,998 | ||
Incentive fee payable | 28,052 | 11,133 | ||
Payables to affiliates | 61 | 1,903 | ||
Payable for investments purchased | 鈥� | 52,796 | ||
Accrued expenses and other liabilities | 81,875 | 31,445 | ||
Total Liabilities | $听听听听听听听听听听听听听听听听听 5,057,514 | $听听听听听听听听听听听听听听听听听 3,097,471 | ||
Commitments and contingencies | ||||
Net Assets | ||||
Common shares | 4,651 | 2,122 | ||
Additional paid-in-capital | 7,665,630 | 3,352,211 | ||
Accumulated undistributed听earnings | 315,137 | 270,817 | ||
Total Net Assets | 7,985,418 | 3,625,150 | ||
Total Liabilities and Net Assets | $听听听听听听听听听听听听听听听 13,042,932 | $听听听听听听听听听听听听听听听听听 6,722,621 | ||
Net Asset Value Per Share | $听听听听听听听听听听听听听听听听听听听听听听听听听 17.17 | $听 听 听 听 听 听 听 听 听 听 听 听 听17.09 | ||
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CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
For the Three Months | For the Six Months | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Investment Income | |||||||
Investment income from non-controlled, non-affiliated investments: | |||||||
Interest income | $听听听听 264,998 | $听听听听 128,685 | $听听听听 408,356 | $听听听听 260,237 | |||
Payment-in-kind interest income | 22,648 | 31,146 | 37,929 | 59,069 | |||
Dividend income | 539 | 522 | 539 | 1,028 | |||
Payment-in-kind dividend income | 15,455 | 7,017 | 23,855 | 13,558 | |||
Other income | 4,105 | 2,056 | 8,744 | 4,150 | |||
Total investment income from non-controlled, non-affiliated investments | 307,745 | 169,426 | 479,423 | 338,042 | |||
Investment income from non-controlled, affiliated investments: | |||||||
Interest income | 1,612 | 鈥� | 2,233 | 鈥� | |||
Payment-in-kind ("PIK") interest income | 955 | 鈥� | 2,131 | 鈥� | |||
Dividend income | 5,866 | 1,894 | 12,019 | 2,689 | |||
Payment-in-kind dividend income | 3,119 | 2,847 | 6,202 | 5,694 | |||
Other income | 32 | 3 | 83 | 6 | |||
Total investment income from non-controlled, affiliated investments | 11,584 | 4,744 | 22,668 | 8,389 | |||
Investment income from controlled, affiliated investments: | |||||||
Dividend income | 138 | 鈥� | 193 | 鈥� | |||
Total investment income from controlled, affiliated investments | 138 | 鈥� | 193 | 鈥� | |||
Total Investment Income | 319,467 | 174,170 | 502,284 | 346,431 | |||
Expenses | |||||||
Interest expense | $听听听听听 87,327 | $听听听听听 48,451 | $听听听 139,013 | $听听听听听 97,706 | |||
Management fees, net(1) | 32,540 | 13,956 | 48,416 | 27,947 | |||
Incentive fees | 28,052 | 3,993 | 37,493 | 14,090 | |||
Professional fees | 2,841 | 1,768 | 6,209 | 3,316 | |||
Listing advisory fees (net of Adviser reimbursement) | 4,821 | 鈥� | 4,821 | 鈥� | |||
Directors' fees | 314 | 258 | 573 | 516 | |||
Other general and administrative | 3,055 | 1,496 | 4,558 | 2,686 | |||
Total Expenses | 158,950 | 69,922 | 241,083 | 146,261 | |||
Net Investment Income (Loss) Before Taxes | 160,517 | 104,248 | 261,201 | 200,170 | |||
Income tax expense (benefit), including excise tax expense (benefit) | 146 | 2,453 | 3,498 | 5,737 | |||
Net Investment Income (Loss) After Taxes | $听听听听 160,371 | $听听听听 101,795 | $听听听听 257,703 | $听听听听 194,433 | |||
Net Change in Unrealized Gain (Loss): | |||||||
Non-controlled, non-affiliated investments | $听听听听听听 19,330 | $听听听听 (89,991) | $听听听听听听听听听 (655) | $听听听听 (65,080) | |||
Non-controlled, affiliated investments | 19,194 | (10,061) | 18,435 | (7,958) | |||
Controlled, affiliated investments | 14,684 | 6,481 | 14,686 | 2,026 | |||
Translation of assets and liabilities in foreign currencies and other | 24,894 | 469 | 25,968 | (129) | |||
Income tax (provision) benefit | (48) | 鈥� | (843) | 鈥� | |||
Total Net Change in Unrealized Gain (Loss) | 78,054 | (93,102) | 57,591 | (71,141) | |||
Net AG真人官方ized Gain (Loss): | |||||||
Non-controlled, non-affiliated investments | $听听听听 (12,106) | $听听听听听听听听听听听 325 | $听听听听 (10,259) | $听听听听 (22,472) | |||
Foreign currency transactions | (24,832) | (903) | (25,416) | (1,831) | |||
Total Net AG真人官方ized Gain (Loss) | (36,938) | (578) | (35,675) | (24,303) | |||
Total Net AG真人官方ized and Change in Unrealized Gain (Loss) | 41,116 | (93,680) | 21,916 | (95,444) | |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $听听听听 201,487 | $听听听听听听听听 8,115 | $听听听听 279,619 | $听听听听听听 98,989 | |||
Earnings (Loss)听Per Share - Basic and Diluted | $听听听听听听听听听听 0.43 | $听听听听听听听听听听 0.04 | $听听听听听听听听听听 0.80 | $听听听听听听听听听听 0.47 | |||
Weighted Average Shares Outstanding - Basic and Diluted | 465,124,070 | 209,079,502 | 350,872,326 | 208,572,273 | |||
______________________ | |
(1) | Refer to 10-Q Note 3 "Agreements and Related Party Transactions" for additional details on management fee waiver. |
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NON-GAAP FINANCIAL MEASURES
On a supplemental basis, the Company is disclosing certain adjusted financial measures, each of which is calculated and presented on a basis of methodology other than in accordance with GAAP ("non-GAAP"). The Company's management utilizes these non-GAAP financial measures to internally analyze and assess financial results and performance. These measures are also considered useful by management as an additional resource for investors to evaluate the Company's ongoing results and trends, as well as its performance, excluding non-cash income and expenses. The presentation of non-GAAP measures is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.
- "Adjusted Net Investment Income" and "Adjusted Net Investment Income Per Share": represent net investment income, excluding any change in capital gains incentive fees accrued but not payable. These fees are related to cumulative unrealized gains in excess of cumulative net realized gains less any cumulative unrealized losses, less capital gains incentive fees paid inception to date.
- "Adjusted Net Increase (Decrease) in Net Assets Resulting from Operations"听and "Adjusted Net Increase (Decrease) in Net Assets Resulting from Operations Per Share": represent net income, excluding any change in capital gains incentive fees accrued but not payable.
The following table provides a reconciliation of net investment income (the most comparable
For the Three Months Ended | ||||||||
($ in millions, except per share amounts) | June 30, 2025 | March 31, 2025 | June 30, 2024 | |||||
Amount | Per Share | Amount | Per Share | Amount | Per Share | |||
Net investment income | $听听听听听听听听听听 160 | $听听听听听听听听听 0.34 | $听听听听听听听听听听听听听 97 | $听听听听听听听听听 0.41 | $听听听听听听听听听听 102 | $听听听听听听听听听 0.49 | ||
Plus: Change in capital gains incentive fees accrued | $听 听 听 听 听 听 听 听6 | $听听听听听听听听听 0.01 | $听听听听听听听听听听听听听 (1) | $听听听听听听听 (0.01) | $听听听听听听听听听听听听听 (7) | $听听听听听听听 (0.03) | ||
Adjusted net investment income(1) | $听听听听听听听听听听 167 | $听听听听听听听听听 0.36 | $听听听听听听听听听听听听听 96 | $听听听听听听听听听 0.41 | $听听听听听听听听听听听听听 95 | $听听听听听听听听听 0.46 | ||
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The following table provides a reconciliation of net increase (decrease) in net assets resulting from operations (the most comparable
For the Three Months Ended | ||||||||
($ in millions, except per share amounts) | June 30, 2025 | March 31, 2025 | June 30, 2024 | |||||
Amount | Per Share | Amount | Per Share | Amount | Per Share | |||
Net increase (decrease) in net assets resulting from | $听听听听听听听听听听 201 | $听听听听听听听听听 0.43 | $听听听听听听听听听听听听听 78 | $听听听听听听听听听 0.33 | $听听听听听听听听听听听听听听听 8 | $听听听听听听听听听 0.04 | ||
Plus: Change in capital gains incentive fees accrued | $听听听听听听听听听听听听听听听 6 | $听听听听听听听听听 0.01 | $听听听听听听听听听听听听听 (1) | $听听听听听听听 (0.01) | $听听听听听听听听听听听听听 (7) | $听听听听听听听 (0.03) | ||
Adjusted net increase (decrease) in net assets | $听听听听听听听听听听 208 | $听听听听听听听听听 0.45 | $听听听听听听听听听听听听听 77 | $听听听听听听听听听 0.33 | $听听听听听听听听听听听听听听听 2 | $听听听听听听听听听 0.01 | ||
______________________ | |
(1) | Numbers may not sum due to rounding. |
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