Blue Owl Technology Finance Corp.
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Range $12 – $15
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About the company
Blue Owl Technology Finance Corp. (BOTF) functions as a Business Development Company (BDC), concentrating its efforts on providing financial backing to established, growth-oriented businesses within the upper middle-market segment. The firm primarily targets innovative technology and software companies, deploying capital predominantly across the United States.
- CEO
- Craig William Packer
- IPO
- 2025
- HQ
- New York, NY, US
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Similar companies
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- Market Cap
- $5.14B
- P/E
- 8.55
- Fwd P/E
- 8.90
- PEG
- -0.21
- P/S
- 3.73
- P/B
- 0.68
- EV/EBITDA
- 18.20
- Div Yield
- 14.39%
- Gross Margin
- 77.47%
- Op Margin
- 48.26%
- Net Margin
- 27.20%
- ROE
- 4.80%
- ROIC
- 559.17%
Latest fiscal year · YoY change
- Revenue
- $1.07B+99.8%
- Gross Profit
- $779.34M+120.5%
- Op Income
- $728.56M
- Net Income
- $720.37M+125.7%
- EPS
- $1.76+15.8%
- OCF Growth
- +316.6%
- FCF Growth
- +316.6%
- 52W High
- $15.82
- 52W Low
- $9.75
- 50D MA
- $10.61
- 200D MA
- $12.16
- Beta
- -0.66
- RSI (14)
- 56
- Avg Volume
- 2.52M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Blue Owl Technology Finance Corp. said Q2 2026 was another strong quarter, with stable NAV, improving earnings power, very low nonaccruals, and a clearer path to base dividend coverage by mid-2027.· August 6, 2026
- Adjusted net investment income was $0.30 per share and NAV per share was $16.48, while management said credit quality remained among the best in the industry.
- Net leverage ended the quarter at 0.93x, at the low end of the 0.9x to 1.25x target range, leaving room to deploy more capital.
- Nonaccruals were just 10 basis points of fair value, or $20 million, and management said it sees no material signs of stress in the portfolio.
- The board declared a Q3 base dividend of $0.35 and a $0.05 special dividend; management reiterated it expects to cover the base dividend by the middle of next year.
- Management sees wider spreads, higher base rates, and more selective lender behavior as tailwinds for future deployment and portfolio returns.
OTF reported adjusted net investment income of $0.30 per share in Q2 2026 and net asset value of $16.48 per share. The company said nonaccruals were 10 basis points of fair value, or $20 million, and PIK income declined to approximately 12.5% of total investment income from 13.1% last quarter. Net leverage ended at 0.93x, and the company repurchased over $55 million of stock in the quarter, bringing total repurchases over the past three quarters to roughly $170 million. The board declared a Q3 base dividend of $0.35 per share plus a final quarterly special dividend of $0.05 per share, for total dividends of $0.40 per share. Management said it expects to cover the base dividend by the middle of next year and noted over $2 billion of total cash and available capacity across credit facilities.
Craig Packer framed the quarter as evidence that the portfolio is resilient despite market skepticism around software and private credit. He emphasized that borrowers are still producing steady organic revenue and EBITDA growth, that there are no material stress signs, and that repurchase activity supports NAV at current trading levels. His tone was confident and frustrated at the valuation disconnect, saying the market is implying a severe loss scenario that does not match actual portfolio performance.
Jonathan Lamm highlighted the financial backdrop: adjusted NII of $0.30 per share, NAV of $16.48, and net leverage of 0.93x after over $475 million of net funded investment activity. He said the company issued a $500 million unsecured bond, added $150 million of secured financing, and completed an amend-and-extend of its $2.7 billion revolver, with all 2026 maturities addressed and investment-grade ratings affirmed. He also said the company had over $2 billion of total cash and available capacity, and roughly $195 million remained under the $300 million share repurchase authorization.
Analysts focused on earnings power, leverage, and whether repurchased equity gains and the life sciences JV should be viewed as recurring. Management said the path to $0.35 per share is supported by higher leverage, better new-deal economics, repricing of existing assets, and rotation of about 7% of the portfolio currently in non-income-producing equity. On life sciences, management said the JV is a collection of multiple assets producing stable dividends, with one quarter benefiting from call protection, and described the performance as normal course rather than one-time. Questions also addressed software activity and AI disruption; management said volumes are muted but spreads are wider, documentation is tighter, and they are not seeing material AI-related disruption in the portfolio.
The bull case from the call is that OTF is entering a more favorable lending environment with wider spreads, higher base rates, and more selective competition, which should improve returns on new originations and refinancings. Management also sees significant room to grow earnings from the current 0.93x leverage level, while credit quality remains very strong and repurchases continue to support shareholder value.
The main risks are that the stock still trades at a large discount to book, which management itself described as reflecting a severe implied credit-loss scenario, and that software/AI uncertainty is still delaying activity in parts of the market. Deal volumes remain muted, repayment activity has been slower, and the company is still working through legacy lower-spread assets and non-income-producing equity before earnings power fully improves.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 83.1%
- Shares Outstanding
- 462.64M
- Float Shares
- 384.65M
of shares held by institutions
169 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Regents Of The University Of California | 43.62M | 0 |
| Mubadala Investment Co Pjsc | 29.79M | ▲ 657.31K |
| California State Teachers Retirement System | 20.22M | ▲ 20.22M |
| Cresset Asset Management, LLC | 11.96M | ▲ 3.79M |
| State Of New Jersey Common Pension Fund E | 6.27M | 0 |
| Cliffwater LLC | 5.91M | 0 |
| Capricorn Investment Group LLC | 5.65M | ▼ 1 |
| Caz Investments LP | 4.51M | ▲ 1.43M |
| Van Eck Associates Corp | 4.42M | ▲ 1.15M |
| Rivernorth Capital Management, LLC | 3.79M | ▲ 1.61M |
| Texas Treasury Safekeeping Trust Co | 3.41M | ▲ 3.41M |
| Auto-Owners Insurance Co | 3.08M | ▲ 3.08M |
Held by 21 ETFs
Biggest fund positions in OTF by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| May 22, 26 | Temple Chris | buy | 7,000 |
| May 13, 26 | Weiler Melissa | buy | 10,000 |
| May 11, 26 | Kaye Eric A. | buy | 1,000 |
| Feb 25, 26 | Kaye Eric A. | buy | 699 |
| Feb 25, 26 | Kaye Eric A. | buy | 301 |
| Feb 25, 26 | Temple Chris | buy | 5,000 |
| Sep 5, 25 | Bissonnette Erik | buy | 5,000 |
| Sep 5, 25 | Bissonnette Erik | buy | 5,000 |
| Nov 20, 25 | Bissonnette Erik | buy | 12,500 |
| Aug 6, 24 | Bissonnette Erik | other | 0 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our OTF coverage
Recent articles, reports, and earnings notes.
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Generate OTF report →The BDC Asymmetry That Nobody Prices In
seekingalpha.com · Aug 17
INVESTIGATION NOTICE: Girard Sharp Law Firm Encourages Former Investors of Blue Owl Technology Finance Corp. II Who Received Shares of Blue Owl Technology Finance Corp. (NYSE: OTF), to Contact the Firm
globenewswire.com · Aug 12
Blue Owl Technology Finance Corp. (OTF) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 10
12%+ Yields At 30%+ Discounts: Top 2 Undervalued BDCs
seekingalpha.com · Aug 9
Blue Owl Technology Finance Q2 Earnings Call Highlights
marketbeat.com · Aug 8
Blue Owl Technology Finance (OTF) Misses Q2 Earnings and Revenue Estimates
zacks.com · Aug 5
Blue Owl Technology Finance Corp. Announces June 30, 2026 Financial Results
prnewswire.com · Aug 5
Shareholder Alert: Ademi LLP Investigates Claims of Securities Fraud against Blue Owl Technology Finance Corp.
globenewswire.com · Jul 21
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