Blue Owl Technology Finance Corp. (OTF) Stock Price & How to Invest

Blue Owl Technology Finance Corp. is a business development company, which means it is a lender rather than an operating business. It originates and holds loans to private US technology companies, with software borrowers at the center of the book. At June 30, 2026 the portfolio was $14.7 billion at fair value across 205 companies, averaging $71.6 million per position, and 77.8% sat in first-lien senior secured debt (the company treats 56% of that first-lien exposure as unitranche). Roughly 96.7% of the debt investments carry floating rates at a weighted average spread of 5.3% over the base rate, producing a 9.6% weighted average yield on accruing debt and income-producing securities. OTF also owns equity, not just paper: preferred, common and specialty finance stakes together were about 15% of fair value. Blue Owl Technology Credit Advisors LLC runs the vehicle externally for a management fee plus incentive fees.

OTF spent years as a non-traded BDC and only listed on the NYSE on June 12, 2025, shortly after absorbing its sibling fund Blue Owl Technology Finance Corp. II. Shares have since fallen well below book. At roughly $11.12 against a June 30, 2026 net asset value of $16.48 per share, the stock changes hands near 0.67 times NAV, and the ~$5.1 billion market capitalization compares with ~$7.5 billion of net assets. One side reads that gap as private-credit sentiment overshooting a portfolio whose non-accruals were 0.6% at cost and 0.1% at fair value. The other side points at the trend: NAV slipped from $17.33 at the end of 2025, second-quarter net investment income of $0.30 per share landed under the $0.35 quarterly base dividend, and net debt-to-equity climbed from 0.58x a year earlier to 0.93x. A revenue multiple or a P/E ratio explains almost nothing about this security.

Net asset value fell from $17.33 at December 2025 to $16.48 at June 2026, almost all of it a $0.84 per share realized and unrealized loss in the first quarter, so the discount is being applied to a mark that has already moved down. Second-quarter net investment income of $0.30 per share did not cover the $0.35 base dividend, and trailing twelve month NII of roughly $1.23 per share sits below the $1.40 annualized base rate, which is the arithmetic behind any question about the payout. Concentration is deliberate and one-directional: this is a software and technology loan book at a moment when AI is reshaping how software vendors price and retain customers, and portfolio values are adviser-determined Level 3 estimates rather than quoted prices. Leverage has risen quickly, from 0.58x net debt-to-equity in June 2025 to 0.93x, which magnifies both directions. OTF is externally managed on fees that stepped up at the listing (from 0.90% and 10% to 1.50% and 17.5%), and in June and July 2026 three shareholder derivative actions were filed in the Southern District of New York and the District of Maryland alleging the adviser collected excessive fees under Section 36(b) of the Investment Company Act, which the adviser says are without merit; the public trading history also runs only to June 2025.

9 analysts publish price targets on OTF, averaging $13.67 against a $11.12 price as of August 2026, or +22.9%. The published targets run from $11.50 to $17.00, a moderate spread, and the ratings split 5 buy, 4 hold, 0 sell. Over the last six months there has been 1 raise and 8 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full OTF forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Blue Owl Technology Finance Corp.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Floating-rate software lending at a wide spread. The book yields 9.6% on accruing debt and income-producing securities at fair value, struck at a weighted average 5.3% spread over the base rate, and 96.7% of debt investments float. The most optimistic published target, $17.00, assumes this works close to its best case.

The case against. Net asset value fell from $17.33 at December 2025 to $16.48 at June 2026, almost all of it a $0.84 per share realized and unrealized loss in the first quarter, so the discount is being applied to a mark that has already moved down. The most pessimistic target, $11.50, is roughly what OTF is worth if this bites instead.

Read the full bull and bear case on OTF, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Blue Owl Technology Finance Corp.'s investor relations page or your broker.

• Total investment income (TTM): ~$1.31B, including ~$338M in Q2 2026
• Net investment income per share (Q2 2026): ~$0.30, GAAP and adjusted
• Net asset value per share (June 30, 2026): ~$16.48, versus ~$17.33 at year-end 2025
• Price to NAV: ~0.67x at a ~$11.12 share price
• Market cap: ~$5.1B against ~$7.5B of net assets
• Net debt-to-equity: ~0.93x, versus a ~2.0x regulatory ceiling

For a BDC the useful yardsticks are price to NAV, net investment income per share against the dividend, portfolio yield, non-accruals and leverage, not a sales or earnings multiple, because reported net income swings on unrealized marks rather than operations. On those measures OTF earns 9.6% on its accruing debt with 0.6% of the portfolio on non-accrual at cost (0.1% at fair value), pays a $0.35 quarterly base dividend out of $0.30 of quarterly NII, and trades near two thirds of book. The headline ~13.8x P/E and ~3.9x sales figures that screeners publish are artifacts of that accounting and should not be compared with operating companies.

Other names that sit close to OTF: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get OTF exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so OTF sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where OTF fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

OTF is a technology-focused BDC trading about a third below its $16.48 net asset value, where the argument is whether that discount reflects real credit risk in private software loans or private-credit sentiment overshooting a book with 0.1% non-accruals.

Whether OTF is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is OTF a buy or a sell?, and where the stock could go from here in the OTF stock forecast.

For income investors, whether OTF pays a dividend and how the payout looks is covered in does OTF pay a dividend? And to weigh OTF against a peer, read the full side-by-side comparisons: OTF vs HTGC and OTF vs TRN.