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Blue Owl Technology Finance Corp. Down 3.44% Following First Day on NYSE

By Mari Nicholson

Blue Owl Technology Finance Corp. Down 3.44% Following First Day on NYSE

Blue Owl Technology Finance Corp. – a business development company focused on investing in U.S. upper middle-market technology companies – began listing on the New York Stock Exchange today under the ticker symbol “OTF” and began trading at a price of $17.15 per share.

At the close of trading, shares finished at $16.56, down 3.44%.

Craig W. Packer, chief executive officer and director of Blue Owl Technology Finance Corp., emphasized the significance of this moment for the Blue Owl Credit platform and shareholders, noting last week that by listing, OTF has become “the largest, publicly traded software lending BDC.”

The listing is supported by multiple leading financial institutions – such as BofA Securities, J.P. Morgan, Keefe Bruyette & Woods, A Stifel Company, RBC Capital Markets and Truist Securities – all serving as lead advisers.

“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,” said Erik Bissonnette, president of Blue Owl Technology Finance Corp., during last week’s announcement.

As previously reported by AltsWire, the company’s net asset value per share was $17.09 as of March 31, 2025.

In connection with the listing, the board previously 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 today, 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 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 following today’s listing;
  • Second lock-up period: 270 days following today’s listing; and
  • Third lock-up period: 365 days following today’s listing.

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

OTF joined 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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