Blue Owl Technology Finance (OTF) Company Report

OTF's net asset value per share increased to $17.27 as of September 30, 2025, up from $17.17 as of June 30, 2025.
For Q3 2025, the company reported GAAP net income per share of $0.50 and adjusted net income per share of $0.541.
The total portfolio at fair value reached $12.9 billion across 185 portfolio companies as of September 30, 2025, with 80% senior secured and 77% first lien investments.
OTF declared a Q3 2025 total dividend of $0.40 per share (comprising a $0.35 regular dividend and a $0.05 special dividend) and also declared a consistent Q4 2025 regular dividend of $0.35 per share and a $0.05 special dividend.
The company maintained a debt to equity ratio of 0.57x and reported $3.5 billion in liquidity (cash and undrawn debt capacity) as of September 30, 2025.

Nov 6, 2025, 4:30 PM

Presentation

OTF Reports Strong Q3 2025 Results and Updates on Leverage and Liquidity

OTF

Earnings

Dividends

Delisting/Listing Issues

OTF delivered strong third-quarter 2025 results, with its Net Asset Value (NAV) increasing to $17.27, up $0.10 or 60 basis points from Q2 2025. The company reported an adjusted Net Investment Income (NII) of $0.32 per share and an adjusted net income ROE (inclusive of gains) of 12.6%.
The company declared a Q4 regular dividend of $0.35 per share and five special dividends of $0.05 per share each, resulting in a total dividend yield of 9.3%.
OTF's portfolio investments totaled approximately $13 billion with a low non-accrual rate of three basis points and a conservative average loan-to-value ratio of 33%. Net leverage stood at 0.57 times at quarter-end.
The company aims to increase net leverage to a target range of 0.9-1.25 times, with expectations to be in the center of this range by the end of 2026. In Q3 2025, OTF deployed $1 billion in new investment commitments and has a backlog of over $500 million in transactions expected to fund in Q4 2025.
To enhance liquidity, OTF revised its lockup release schedule, with approximately 11% of shares outstanding to be released each month starting November 13. The company also repurchased $9 million of shares at an average price-to-book value of 0.84 times.

Nov 6, 2025, 4:30 PM

Transcript

Blue Owl Technology Finance Corp. Announces Q3 2025 Financial Results and Amended Lock-Up Schedule

OTF

Earnings

Dividends

New Projects/Investments

For the third quarter ended September 30, 2025, Blue Owl Technology Finance Corp. reported GAAP net investment income per share of $0.28 and adjusted net investment income per share of $0.32.
Net asset value per share increased to $17.27 as of September 30, 2025, compared to $17.17 as of June 30, 2025.
The Board declared a fourth quarter 2025 regular dividend of $0.35 per share and a series of five special dividends of $0.05 per share.
New investment commitments for the third quarter were $1.0 billion, with sales and repayments totaling $848 million. Investments on non-accrual represented less than 0.1% of the portfolio at fair value.
An amended lock-up release schedule was approved, under which approximately 11% of shares subject to transfer restrictions will be released each month, beginning on November 13, 2025, until June 12, 2026.

Nov 5, 2025, 10:25 PM

8-K

Blue Owl Technology Finance Corp. Announces Q3 2025 Financial Results

OTF

Earnings

Dividends

New Projects/Investments

Blue Owl Technology Finance Corp. reported GAAP net investment income per share of $0.28 and adjusted net investment income per share of $0.32 for the third quarter ended September 30, 2025.
The company declared a fourth quarter 2025 regular dividend of $0.35 per share and initiated five special dividends of $0.05 per share to be paid quarterly.
Net asset value per share increased to $17.27 as of September 30, 2025, compared to $17.17 as of June 30, 2025, driven primarily by unrealized gains in certain equity investments.
New investment commitments for the third quarter were $1.0 billion, with sales and repayments totaling $848 million.
Net debt-to-equity ended at 0.57x as of September 30, 2025, and investments on non-accrual represented less than 0.1% of the portfolio at fair value.

Nov 5, 2025, 9:42 PM

Press Release

Blue Owl Technology Finance Corp. Announces Amended Lock-Up Release Schedule

OTF

Blue Owl Technology Finance Corp. (OTF) announced an amended lock-up release schedule for shares currently subject to transfer restrictions.
Effective November 13, 2025, approximately 11% of these shares will be released each month.
This monthly release schedule will continue from November 13, 2025, until June 12, 2026.
The company aims to enhance liquidity by bringing more shares to market through this revised schedule.

Nov 5, 2025, 9:36 PM

Press Release

Blue Owl Technology Finance Corp. Amends and Restates Loan Agreement

OTF

Debt Issuance

Blue Owl Technology Finance Corp. (OTF) announced that its Loan and Management Agreement, originally dated November 8, 2022, has been amended and replaced in its entirety by an Amended and Restated Credit Agreement.
This amendment became effective on October 30, 2025.
The parties involved in this amendment include Athena Funding II LLC as the borrower, Blue Owl Technology Finance Corp. as the collateral manager and transferor, MUFG Bank, Ltd. as the administrative agent, and State Street Bank and Trust Company in various capacities.
Gotham Funding Corporation has ceased to be a Lender under the Credit Agreement.

Nov 3, 2025, 9:33 PM

8-K

Blue Owl Technology Finance Corp. Outlines Securities and Collateral Standards

OTF

Debt Issuance

New Projects/Investments

Convertible Preferred Issuance

Blue Owl Technology Finance Corp. (OTF) has authorized U.S.$501,320,000 in Securities, comprising Class A Notes (U.S.$260,000,000), Class B Notes (U.S.$25,000,000), Class C Notes (U.S.$15,000,000), and Preferred Shares (U.S.$201,320,000).
The Class A, B, and C Notes are floating rate and have a stated maturity of October 2038, with interest rates of Benchmark + 1.73%, Benchmark + 2.25%, and Benchmark + 2.70% respectively.
Collateral Obligations must be U.S. Dollar denominated, generally not be a Defaulted Obligation or Credit Risk Obligation, and must have an S&P Rating of at least "CCC-" (unless a Workout Loan). They must also be purchased at a price of at least 65% of their outstanding principal balance.
Obligors for Cov-Lite Loans must have an EBITDA of at least U.S.$40,000,000, and other obligors (unless a Recurring Revenue Loan or Workout Loan) must have an EBITDA of at least U.S.$5,000,000 as of the acquisition date.
Prohibited investments include obligations related to controversial weapons, certain firearms, thermal coal mining, unconventional oil & gas extraction, and marijuana-related businesses. Additionally, Commercial Real Estate Loans, Equity Securities, Zero Coupon Bonds, Unsecured Loans, Bridge Loans, Synthetic Securities, and Structured Finance Obligations are generally excluded as Collateral Obligations.

Oct 14, 2025, 8:35 PM

8-K

Blue Owl Technology Finance Announces Partial Early Lock-Up Release

OTF

Delisting/Listing Issues

Blue Owl Technology Finance Corp. (OTF) announced a partial early lock-up release on approximately 10% of each shareholder's common stock shares, effective as of September 9, 2025.
This early release applies to 46,513,271 shares and occurs ahead of the first scheduled lock-up period.
Craig W. Packer, Chief Executive Officer, stated that the early lock-up release is expected to enhance liquidity, broaden investor participation, and attract interest in their innovative technology strategy.
Shares still subject to transfer restrictions will be released according to the following schedule: December 9, 2025 (22%), March 9, 2026 (32%), and June 12, 2026 (32%).