Filing Overview
Owl Rock Technology Finance Corp. (now identified in the request metadata as Blue Owl Technology Finance Corp.) filed a Form 8-K on April 29, 2022, reporting preliminary estimates for the quarter ended March 31, 2022. The filing was furnished under Item 2.02 and is not deemed “filed” for purposes of Section 18 of the Exchange Act.
Key Financial Metrics
- Estimated net asset value per share: $17.16–$17.32 as of March 31, 2022.
- Portfolio: 96 portfolio companies with aggregate fair value of approximately $6.1 billion.
- Non-accrual investments: None reported.
- Portfolio composition by fair value: 65% first-lien senior secured debt, 9% second-lien senior secured debt, 3% unsecured debt, 15% preferred equity, and 8% common equity.
- Interest-rate exposure: 100% of debt investments were at floating rates.
- Dividend: Estimated at $0.21–$0.27 per share, based on 200,556,380 shares outstanding as of March 31, 2022. Payment was expected on or before May 13, 2022.
Material Changes and Other Items
The filing does not provide comparable prior-period figures or quantify changes in revenue, net investment income, earnings, cash flow, margins, debt, or liquidity. It also does not report a change in portfolio size or asset quality versus the prior comparable period.
The dividend reflects 90% of estimated first-quarter investment company taxable income, if any, plus a potential additional amount of net capital gains if such taxable income was less than 6% of weighted average capital called since inception.
Outlook, Risks, and Contingencies
- The reported figures are preliminary management estimates and are subject to completion of closing procedures, final investment valuations, adjustments, and other developments.
- The Board had not yet finalized the fair value of investments as of March 31, 2022.
- Actual results may differ materially from the estimates.
- The estimates were not audited, reviewed, compiled, or subjected to procedures by KPMG LLP or any other independent accountants.
- The filing provides no formal earnings, dividend, or portfolio guidance beyond the estimated dividend range.
Investor Verification Priorities
- Verify final March 31, 2022 NAV per share and investment fair values in the subsequent periodic filing.
- Confirm the final dividend amount and payment date.
- Review finalized net investment income, taxable income, net realized and unrealized gains or losses, and cash flow.
- Verify debt balances, borrowing capacity, liquidity, and compliance with financing covenants.
- Assess whether any investments moved to non-accrual status after the preliminary disclosure.