Blue Owl Technology's $800M Financing Run Puts Dividend Coverage In Focus

Blue Owl Technology Finance Corp. (NYSE: OTF ) closed a $150 million private placement of 7.60% senior unsecured notes due September 3, 2032, on September 4. The deal was the company’s third financing since June 30 and brought total debt capital raised over that period to $800 million. The financing run matters because OTF’s latest per-share income remains below its regular distribution. Second-quarter adjusted net investment income was $0.30 per share, while the base dividend was $0.35. That puts the base dividend at 116.7% of adjusted NII on a simple DFB calculation. OTF also declared a $0.05 listing-related special dividend, but that payment should be kept separate from the recurring base-dividend test. OTF has already shown it can raise debt. What remains unre...