Blue Owl Technology Finance Corp. (OTF)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$2.7M

Net income, last twelve months

$375.1M

Net margin

13744.3%

Return on equity

5.0%

Market value

$4.3B

Price to earnings

10.8x

Dividend yield

15.0%

Cash

$213.5M

Debt

$7.2B

Debt to equity

0.95

Shares outstanding

457.6M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter ended September 30, 2026 results, filed 1 October 2026.

• Third quarter release date set. The company will release results for the quarter ended September 30, 2026 on Wednesday, November 4, 2026, after market close.
• Filing contains no results figures. This filing is a scheduling announcement. It gives the release date and call details but reports no third-quarter financial figures, guidance or dividend amounts.
• Webcast set for November 5. The company invites interested persons to a webcast and conference call on Thursday, November 5, 2026, at 11:30 a.m. Eastern Time.
• Dial-in early and reference company name. Callers are asked to dial in 10-15 minutes before the call so name and company information can be collected, and to reference the company name once connected.
• Webcast replay kept one year. An archived replay is available by webcast link on the company's website for one year.
• Dial-in replay for 14 days. Replay dial-in numbers are available for 14 days, with an access code given in the release.
• Specialty finance focus on technology. The company is a specialty finance company making debt and equity investments in U.S. technology-related companies, with a strategic focus on software.
• Business development company, externally managed. The company has elected regulation as a business development company under the Investment Company Act of 1940, as amended.
• 205 companies, $14.7 billion. As of June 30, 2026, the company had investments in 205 portfolio companies with an aggregate fair value of $14.7 billion. This is the portfolio figure given in the notice.
• Investor relations contact listed. Investor enquiries are directed to BDC Investor Relations, Michael Mosticchio, at the credit-ir address.
• Media contact listed. Media enquiries are directed to the Head of Communications, Andrew Williams, at the media address.

Company events

The newest 8-K filings of 101 held.

Every filing

The newest filings with the SEC of 255 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

214 funds held it at 30 Jun 2026: 143 added and 26 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Hercules Capital, Inc. (HTGC): revenue $537.2M, market value $3.1B
• Trinity Capital Inc. (TRIN): revenue $313.1M, market value $1.6B

What the company does

Blue Owl Technology Finance Corp. is a Maryland corporation formed on 12 July 2018. It makes loans to, and debt and equity investments in, technology-related companies, specifically software companies, based primarily in the United States. It is an externally managed, closed-end investment company that has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940. As of 31 December 2025 it held investments in 199 portfolio companies across 39 different industries. Its stock began trading on the New York Stock Exchange under the symbol "OTF" on 12 June 2025.

What it invests in

The company originates and invests in senior secured or unsecured loans, subordinated or mezzanine loans, and equity-related securities such as common equity, warrants and preferred stock. It says it intends to invest at least 80% of the value of its total assets in technology-related companies. Within enterprise software it focuses on application software, systems and infrastructure software, and fintech and payments software.

The company says it expects its target credit investments to have maturities between three and ten years. It also says it expects an average investment size of 0.5-1.5% of the portfolio, with no investment generally above 5%. It does not generally intend to put more than 20% of its total assets into companies whose principal place of business is outside the United States.

How the portfolio is split

- 76.8% first lien senior secured debt - 4.0% second lien senior secured debt - 0.3% specialty finance debt - 3.3% unsecured debt - 7.5% preferred equity - 5.1% common equity - 2.6% specialty finance equity - 0.4% joint ventures

Of its debt investments, 96.2% bear interest at a floating rate, in certain cases subject to interest rate floors. Unitranche loans made up 61% of its first lien debt. The largest industry was Systems Software, at 17.9% of the portfolio.

Its joint ventures are Blue Owl Credit SLF LLC and Blue Owl Leasing LLC.

How it earns and funds itself

The company seeks current income from its debt investments and other income producing securities, and capital appreciation from its equity and equity-linked investments. It has elected to be treated as a regulated investment company for U.S. federal income tax purposes. To keep that treatment it must distribute at least 90% of its investment company taxable income each year.

It finances investments with a revolving credit facility, a senior secured credit agreement, special purpose vehicle asset credit facilities, unsecured notes and collateralized loan obligation transactions. It may borrow if asset coverage is at least 150% immediately afterward. Its stated target leverage ratio is 0.90x-1.25x.

Who manages it

The company has no employees. Blue Owl Technology Credit Advisors LLC, the Adviser, manages its day-to-day operations under an investment advisory agreement and also acts as its administrator. The Adviser is a registered investment adviser and an indirect affiliate of Blue Owl Capital Inc. (NYSE: OWL), within Blue Owl's Credit platform. Douglas I. Ostrover, Marc S. Lipschultz and Craig W. Packer lead the team. Each investment needs approval from a majority of the Technology Lending Investment Committee, whose members the company considers its portfolio managers.

The Adviser's fee has two parts. After the 12 June 2025 listing, the management fee is 1.5% of average gross assets above an asset coverage ratio of 200% and 1.00% of average gross assets below it. The income incentive fee is 17.5% of pre-incentive fee net investment income above a 1.5% quarterly hurdle rate, subject to a catch-up. A capital gains incentive fee of 17.5% is also payable.

On 24 March 2025 the company completed its merger with Blue Owl Technology Finance Corp. II, with the company as the surviving entity. It relies on an exemptive order to co-invest with other funds managed by the Adviser or certain affiliates.

How it finds and watches investments

The Adviser sources deals from private equity sponsors, management teams, financial intermediaries, investment bankers, family offices, accounting firms and law firms. It focuses on sponsor-led leveraged buyouts, refinancings, recapitalizations and acquisitions. Since the inception of Blue Owl Credit Advisors LLC in April 2016, the Adviser and its affiliates have reviewed over 3,105 technology-related opportunities. They have sourced potential investments from more than 840 private equity sponsors and venture capital firms.

Diligence covers management meetings, financial review, customer and vendor contacts, competitive analysis and downside projections. Loans generally carry financial maintenance covenants, though the company may invest to a lesser extent in "covenant-lite" loans. The Adviser reviews portfolio company financial information no less than quarterly. Investments can be placed on a credit watch list, and a workout team gets involved if restructuring is needed.

Who it competes with

Its competitors for financing middle-market technology-related companies include public and private funds, other BDCs, commercial and investment banks, commercial finance companies, private equity and hedge funds, and alternative asset managers. The company says many are substantially larger and some have a lower cost of capital.

*From Blue Owl Technology Finance Corp.'s annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1747777/000174777726000012/ortf-20251231.htm)*

From the company's 10-K.