Blue Owl Technology Finance Corp. Files Q2 2024 10-Q
Ticker: OTF · Form: 10-Q · Filed: Aug 9, 2024 · CIK: 1747777
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
Blue Owl Tech Finance filed its Q2 10-Q. Financials look solid.
AI Summary
Blue Owl Technology Finance Corp. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and operations. Key financial data and operational highlights for the second quarter of 2024 are presented.
Why It Matters
This filing provides investors with a detailed look at Blue Owl Technology Finance Corp.'s financial health and strategic positioning as of the end of the second quarter of 2024.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks indicated.
Key Numbers
- 2024 Q2 — Reporting Period (Indicates the financial quarter covered by the report.)
- 12-31 — Fiscal Year End (Specifies the end date of the company's fiscal year.)
Key Players & Entities
- Blue Owl Technology Finance Corp. (company) — Filer of the 10-Q
- 20240630 (date) — End of reporting period
- 20240809 (date) — Filing date
- 399 PARK AVENUE (address) — Company business and mailing address
- NEW YORK (location) — Company city
- MD (location) — State of incorporation
FAQ
What is the primary business of Blue Owl Technology Finance Corp. as indicated by this filing?
While the filing itself is a standard 10-Q, the company name 'Blue Owl Technology Finance Corp.' suggests its primary business involves providing financing solutions, likely to technology companies.
When was the company formerly known as Owl Rock Technology Finance Corp.?
The company's name changed from Owl Rock Technology Finance Corp. on July 23, 2018.
What is the SEC file number for Blue Owl Technology Finance Corp.?
The SEC file number is 814-01284.
What is the physical address of Blue Owl Technology Finance Corp.?
The company's business and mailing address is 399 Park Avenue, New York, NY 10022.
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending June 30, 2024.
Filing Stats: 4,673 words · 19 min read · ~16 pages · Grade level 8.4 · Accepted 2024-08-09 16:08:58
Key Financial Figures
- $0.01 — had 209,654,978 shares of common stock, $0.01 par value per share, outstanding. i
Filing Documents
- ortfc-20240630.htm (10-Q) — 6480KB
- tech-exhibit3112q24.htm (EX-31.1) — 10KB
- tech-exhibit3122q24.htm (EX-31.2) — 10KB
- tech-exhibit3212q24.htm (EX-32.1) — 5KB
- tech-exhibit3222q24.htm (EX-32.2) — 5KB
- 0001747777-24-000013.txt ( ) — 25195KB
- ortfc-20240630.xsd (EX-101.SCH) — 60KB
- ortfc-20240630_cal.xml (EX-101.CAL) — 54KB
- ortfc-20240630_def.xml (EX-101.DEF) — 398KB
- ortfc-20240630_lab.xml (EX-101.LAB) — 645KB
- ortfc-20240630_pre.xml (EX-101.PRE) — 527KB
- ortfc-20240630_htm.xml (XML) — 6019KB
Notes to Consolidated Financial Statements (Unaudited)
Notes to Consolidated Financial Statements (Unaudited) 46 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 83 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 127 Item 4.
Controls and Procedures
Controls and Procedures 128 PART II OTHER INFORMATION 129
Legal Proceedings
Item 1. Legal Proceedings 129
Risk Factors
Item 1A. Risk Factors 129
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 129
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 129
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 129
Other Information
Item 5. Other Information 129
Exhibits
Item 6. Exhibits 130
Signatures
Signatures 131 ii CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This report contains 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 Blue Owl Technology Finance Corp. (the "Company," "we" or "our"), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our 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 our 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: an economic downturn could impair our portfolio companies' ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies; an economic downturn could disproportionately impact the companies that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies; the impact of elevated interest and inflation rates, ongoing supply chain and labor market disruptions, including those as a result of strikes, work stoppages or accidents, instability in the U.S. and international banking systems, uncertainties related to the 2024 U.S. presidential election, and the ri
CONSOLIDATED FINANCIAL INFORMATION
PART I. CONSOLIDATED FINANCIAL INFORMATION
Consolidated Financial Statements
Item 1. Consolidated Financial Statements Blue Owl Technology Finance Corp. Consolidated Statements of Assets and Liabilities (Amounts in thousands, except share and per share amounts) June 30, 2024 (Unaudited) December 31, 2023 Assets Investments at fair value Non-controlled, non-affiliated investments (amortized cost of $ 5,896,849 and $ 5,841,371 , respectively) $ 5,792,110 $ 5,793,420 Non-controlled, affiliated investments (amortized cost of $ 329,521 and $ 296,593 , respectively) 297,064 272,093 Controlled, affiliated investments (amortized cost of $ 75,262 and $ 75,262 , respectively) 68,535 66,509 Total investments at fair value (amortized cost of $ 6,301,632 and $ 6,213,226 , respectively) 6,157,709 6,132,022 Cash 331,201 469,017 Interest receivable 50,726 44,188 Dividend income receivable 6,342 5,842 Prepaid expenses and other assets 4,429 1,114 Total Assets $ 6,550,407 $ 6,652,183 Liabilities Debt (net of unamortized debt issuance costs of $ 31,206 and $ 35,064 , respectively) $ 2,878,831 $ 2,947,329 Management fee payable 13,957 14,252 Distribution payable 83,124 76,883 Incentive fee payable 10,578 17,915 Payables to affiliates 2,318 1,119 Payable for investments purchased 15,859 24,163 Accrued expenses and other liabilities 35,383 40,528 Total Liabilities $ 3,040,050 $ 3,122,189 Commitments and contingencies (Note 7) Net Assets Common shares $ 0.01 par value, 500,000,000 shares authorized; 209,654,978 and 207,252,229 shares issued and outstanding, respectively $ 2,097 $ 2,073 Additional paid-in-capital 3,321,599 3,280,766 Accumulated undistributed (overdistributed) earnings 186,661 247,155 Total Net Assets $ 3,510,357 $ 3,529,994 Total Liabilities and Net Assets $ 6,550,407 $ 6,652,183 Net Asset Value Per Share $ 16.74 $ 17.03 The accompanying notes are an integral part of these consolidated financial statements. 3 Blue Owl Technology Finance Corp. Consolidated Statements of Operations (Amounts in thousands,