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Blue Owl Technology Finance Corp. Anticipates Listing on NYSE

By Mari Nicholson

Blue Owl Technology Finance Corp. Anticipates Listing on NYSE

Blue Owl Technology Finance Corp., or OTF – a business development company focused on investing in U.S. upper middle-market technology companies – said it intends to list the company’s shares of common stock on the New York Stock Exchange this month. Subject to market conditions, the company anticipates that its shares of common stock will begin trading on the NYSE on or about June 12, 2025, under the ticker symbol “OTF.”

“Upon listing, OTF will become the largest, publicly traded software lending BDC, representing a significant milestone for the Blue Owl Credit platform,” said Craig W. Packer, chief executive officer and director of Blue Owl Technology Finance Corp. “Our innovative investment strategy in this vertical has been a success, and we believe the conditions are right to bring OTF to the public market as we seek to create long-term value for shareholders.”

In connection with the listing, BofA Securities, J.P. Morgan, Keefe Bruyette & Woods, A Stifel Company, RBC Capital Markets, and Truist Securities. are serving as lead advisers.

“OTF has delivered strong portfolio performance, excellent credit quality and attractive returns to shareholders, and we expect to build on that as a public company,” said Erik Bissonnette, president of Blue Owl Technology Finance Corp. “Software lending will continue to be the foundation of OTF’s portfolio as a public company, and our conviction in the growing, resilient software asset class remains strong.”

The company’s net asset value per share was $17.09 as of March 31, 2025, the same NAV as in Dec. 31, 2024.

The company’s board of directors declared a regular dividend of $0.35 per share for the second quarter of 2025 for stockholders of record as of June 30, 2025. This will be payable on or before July 15, 2025.

In connection with the listing, the board also declared five special dividends of $0.05 per share, payable on a quarterly basis to shareholders of record in accordance with the following schedule.

  • Record date: Sept. 22, 2025; payment date: Oct. 7, 2025;
  • Record date: Dec. 23, 2025; payment date: Jan. 7, 2026;
  • Record date: March 23, 2026; payment date: April 7, 2026;
  • Record date: June 22, 2026; payment date: July 7, 2026; and
  • Record date: Sept. 21, 2026; payment date: Oct. 6, 2026.

In connection with the listing, OTF’s board approved a repurchase program under which up to $200 million of outstanding common stock may be repurchased. Under the program, purchases may be made at management’s discretion from time to time in open-market transactions, according to the company and in accordance with all applicable securities laws and regulations.

The program is expected to be in effect for 18 months from the public listing, or until the repurchase amount OK’d by the board is reached. The program does not require the OTF to repurchase any specific number of shares.

Also in connection with the listing, the board has waived the transfer restrictions contained in the company’s charter with respect to 23,256,814 shares of the company’s common stock. The charter provides for the balance of shares to be released in three equal tranches on the following schedule:

  • First lock-up period: 180 days after the listing;
  • Second lock-up period: 270 days after the listing; and
  • Third lock-up period: 365 days after the listing.

Upon listing, a pro rata portion of OTF common stock held by each shareholder will be released from each of the first, second, and third lock-up periods. The released shares will account for 5% of each shareholder’s position and will be freely tradeable once trading commences on the NYSE.

Fees and expenses associated with the listing and equal to $5 million will be reimbursed by OTF’s adviser, Blue Owl Technology Credit Advisors LLC.

Assuming OTF does in fact go public, it will join SmartStop Self Storage REIT; the real estate investment trust went public on the NYSE under the ticker symbol “SMA” in April of this year. American Healthcare REIT (NYSE: AHR) and Sila Realty Trust (NYSE: SILA) – two formerly non-traded REITs – listed on the NYSE in 2024. AR Global’s Healthcare Trust, now known as National Healthcare Properties Inc., has also declared its intention to pursue a listing. In October 2024, National Healthcare internalized management and also completed a reverse stock split in preparation for such an event.

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