Business Context and Reporting Period
Owl Rock Technology Finance Corp. filed a Form 8-K dated July 23, 2021, reporting preliminary estimated results as of June 30, 2021. The filing concerns the company identified in the request metadata as Blue Owl Technology Finance Corp.; the filing itself uses the name Owl Rock Technology Finance Corp.
Key Financial Metrics
- Estimated NAV per share: $16.25–$16.41 as of June 30, 2021.
- Total portfolio: Approximately $4.3 billion, compared with $3.2 billion as of March 31, 2021.
- Debt-to-equity: Estimated at 0.79x, unchanged from March 31, 2021.
- Non-accrual investments: None as of June 30, 2021.
- Estimated dividend: $0.21–$0.27 per share, based on 143,069,918 shares outstanding as of the June 30, 2021 record date. The dividend represented 90% of estimated second-quarter investment company taxable income, if any, and was payable on or before August 13, 2021.
- Revenue, net investment income, profit, cash flow, margins, debt balances, and liquidity: The filing does not provide clear values for these items.
Material Changes Versus the Prior Comparable Period
- The portfolio increased by approximately $1.1 billion, or approximately 34%, from $3.2 billion at March 31, 2021, to $4.3 billion at June 30, 2021.
- Despite portfolio growth, estimated debt-to-equity remained unchanged at 0.79x.
- No investments were reported on non-accrual status at June 30, 2021.
Guidance, Risks, and Unusual Items
- The NAV and dividend figures are preliminary estimates, not a comprehensive statement of June 30 financial results.
- Estimates were unaudited and had not been reviewed, compiled, or subjected to procedures by KPMG LLP or other independent accountants.
- Actual results could differ materially because of completion of closing procedures, final investment fair-value determinations by the Board, final adjustments, and other developments.
- The filing includes customary forward-looking statement warnings, including risks associated with portfolio investments, industry conditions, assumptions, and other risks disclosed in the company’s SEC filings.
Investor Verification Items
- Verify the final June 30, 2021 NAV, dividend, portfolio valuation, and investment company taxable income in subsequent filings.
- Confirm the Board’s final fair-value determinations and whether any investments subsequently entered non-accrual status.
- Review final debt, liquidity, earnings, and cash-flow disclosures, which are not provided in this Form 8-K.
- Reconcile the filing’s legal name, Owl Rock Technology Finance Corp., with the requested company name, Blue Owl Technology Finance Corp.