Blue Owl Technology Finance Corp. Files Q3 2024 10-Q
Ticker: OTF · Form: 10-Q · Filed: Nov 8, 2024 · CIK: 1747777
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
**Blue Owl Tech Finance Q3 10-Q is IN! Check financials for latest performance.**
AI Summary
Blue Owl Technology Finance Corp. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including its investments and liabilities. The company, formerly known as Owl Rock Technology Finance Corp., is based in New York and operates under the 1934 Act.
Why It Matters
This filing provides investors and analysts with a detailed look into Blue Owl Technology Finance Corp.'s financial health and operational performance during the third quarter of 2024.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing (10-Q) and does not inherently indicate new or elevated risks.
Key Numbers
- 2024 Q3 — Reporting Period (Indicates the specific quarter covered by the filing.)
- 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
- Owl Rock Technology Finance Corp. (company) — Former name of the filer
- 20240930 (date) — End of the reporting period
- 20241108 (date) — Filing date
- 399 PARK AVENUE (address) — Business and mailing address
- New York (location) — City of business and mailing address
FAQ
What was the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing was the quarter ending September 30, 2024 (20240930).
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted on November 8, 2024 (20241108).
What is the current name of the company filing this report?
The current name of the company is Blue Owl Technology Finance Corp.
What was the company's previous name?
The company's former name was Owl Rock Technology Finance Corp., with a name change date of July 23, 2018 (20180723).
Where is Blue Owl Technology Finance Corp. located?
The company's business and mailing address is 399 Park Avenue, New York, NY.
Filing Stats: 4,651 words · 19 min read · ~16 pages · Grade level 8.8 · Accepted 2024-11-08 16:13:36
Key Financial Figures
- $0.01 — had 210,978,842 shares of common stock, $0.01 par value per share, outstanding. i
Filing Documents
- ortfc-20240930.htm (10-Q) — 6767KB
- tech-exhibit2113q24.htm (EX-21.1) — 8KB
- tech-exhibit3113q24.htm (EX-31.1) — 10KB
- tech-exhibit3123q24.htm (EX-31.2) — 10KB
- tech-exhibit3213q24.htm (EX-32.1) — 5KB
- tech-exhibit3223q24.htm (EX-32.2) — 5KB
- blueowlcreditslfllc-9302024.htm (EX-99.1) — 311KB
- 0001747777-24-000021.txt ( ) — 27370KB
- ortfc-20240930.xsd (EX-101.SCH) — 67KB
- ortfc-20240930_cal.xml (EX-101.CAL) — 56KB
- ortfc-20240930_def.xml (EX-101.DEF) — 435KB
- ortfc-20240930_lab.xml (EX-101.LAB) — 699KB
- ortfc-20240930_pre.xml (EX-101.PRE) — 566KB
- ortfc-20240930_htm.xml (XML) — 6433KB
Notes to Consolidated Financial Statements (Unaudited)
Notes to Consolidated Financial Statements (Unaudited) 43 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 77 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 113 Item 4.
Controls and Procedures
Controls and Procedures 114 PART II OTHER INFORMATION 116
Legal Proceedings
Item 1. Legal Proceedings 116
Risk Factors
Item 1A. Risk Factors 116
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 116
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 116
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 116
Other Information
Item 5. Other Information 116
Exhibits
Item 6. Exhibits 117
Signatures
Signatures 118 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) September 30, 2024 (Unaudited) December 31, 2023 Assets Investments at fair value Non-controlled, non-affiliated investments (amortized cost of $ 5,947,435 and $ 5,841,371 , respectively) $ 5,911,819 $ 5,793,420 Non-controlled, affiliated investments (amortized cost of $ 395,721 and $ 296,593 , respectively) 376,399 272,093 Controlled, affiliated investments (amortized cost of $ 77,451 and $ 75,262 , respectively) 108,630 66,509 Total investments at fair value (amortized cost of $ 6,420,607 and $ 6,213,226 , respectively) 6,396,848 6,132,022 Cash 186,475 469,017 Interest receivable 58,390 44,188 Dividend income receivable 5,302 5,842 Prepaid expenses and other assets 38,009 1,114 Total Assets $ 6,685,024 $ 6,652,183 Liabilities Debt (net of unamortized debt issuance costs of $ 29,267 and $ 35,064 , respectively) $ 2,961,207 $ 2,947,329 Management fee payable 14,070 14,252 Distribution payable 76,545 76,883 Incentive fee payable 10,251 17,915 Payables to affiliates 1,246 1,119 Payable for investments purchased — 24,163 Accrued expenses and other liabilities 46,194 40,528 Total Liabilities $ 3,109,513 $ 3,122,189 Commitments and contingencies (Note 7) Net Assets Common shares $ 0.01 par value, 500,000,000 shares authorized; 210,978,842 and 207,252,229 shares issued and outstanding, respectively $ 2,110 $ 2,073 Additional paid-in-capital 3,343,748 3,280,766 Accumulated undistributed (overdistributed) earnings 229,653 247,155 Total Net Assets $ 3,575,511 $ 3,529,994 Total Liabilities and Net Assets $ 6,685,024 $ 6,652,183 Net Asset Value Per Share $ 16.95 $ 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 thousand