Blue Owl Technology Income Corp. (OTIC)

All data as of August 31, 2024 unless otherwise noted. Past performance is not a guarantee of future results

Endnotes

1. Distribution payments are not guaranteed. Blue Owl Technology Income Corp. may pay distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and advances or the deferral of fees and expense reimbursements. The annualized distribution rate shown is calculated by multiplying the sum of the last three base distributions per share paid and special distribution per share paid by four, and dividing the result by the NAV per share of the month preceding the relevant three month period. Excluding special dividends, the Fund declared an annualized distribution amount of ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌​​​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​$0.81‌‌‌ per share for Class S, ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌​​​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​$0.87‌‌‌ per share for Class D, and ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌​​​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌‌$0.90‌‌‌ per share for Class I, resulting in annualized distribution rates of ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌​​​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌7.76%‌‌‌ for Class S shares, ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌​​​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​​8.35%‌‌‌ for Class D shares, and ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌​​​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌​8.59%‌‌‌ for Class I shares based on the last reported NAV. The annualized distribution rate shown may be rounded and is net of applicable servicing fees (Class S: 0.85%, Class D: 0.25%, Class I: No servicing fee). The payment of future distributions is subject to the discretion of OTIC’s board of directors and applicable legal restrictions, therefore there can be no assurance as to the amount or timing of any such future distributions. Distributions are not guaranteed. Up to 100% of distributions have been funded and may continue to be funded by the reimbursement of certain expenses that are subject to repayment to the Adviser of OTIC. Such waivers and reimbursements by the Adviser may not continue in the future. No distributions paid were classified as a return of capital for the quarter ending ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌​​​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌June 30, 2024‌‌‌. For further information, please see our SEC filings at www.sec.gov. 

2. Distribution payments are not guaranteed. Blue Owl Technology Income Corp. may pay distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and advances or the deferral of fees and expense reimbursements. 

3. Any periodic repurchase offers are subject in part to our available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act and the Code, respectively. While we Intend to continue to conduct quarterly repurchase offers as described above, we are not required to do so and may suspend or terminate the share repurchase program at any time. All periodic repurchase offers are subject to Board approval.   

4. Under the 1940 Act, we are required to maintain an asset coverage ratio of 150%. We are not otherwise limited in the amount of leverage that we may incur, and the amount of leverage that we incur is within our discretion.

5.  Total annual expenses include expenses incurred at the fund-level, which an investor in the Fund bears indirectly. Total annual expenses include base management fees, incentive fees, interest payment on borrowed funds, ongoing service fees, acquired fund fees and expenses, and other expenses as outlined in the fund's prospectus.

6. The incentive fee consists of an incentive fee on income and an incentive fee on capital gains. The incentive fee on income is calculated and payable quarterly in arrears, subject to a 5% hurdle, and includes a catch-up rate after the hurdle. For more information on the incentive fee, please see the Prospectus.

7. Suitability requirements vary by broker-dealer. Please consult your financial representative.

8. To be paid by the Investor.

9. Composition of Class S upfront sales load may change but will not exceed 3.50%.

10. Ongoing Service Fee, together with the maximum upfront sales load, to be capped at 10% of gross proceeds or such other lower amount as Blue Owl may negotiate with its distribution partners.

11. Past performance is not a guarantee of future results. Returns are compounded monthly. Total return is calculated as the change in monthly NAV (assuming any dividends and distributions, net of shareholder servicing fees, are reinvested in accordance with the Company’s dividend reinvestment plan), if any, divided by the beginning NAV. Returns reflect reinvestments of distributions and the deduction of ongoing expenses that are borne by investors, such as management fees, incentive fees, servicing fees, interest expense, offering costs, professional fees, director fees and other general and administrative expenses. An investment in the Company is subject to a maximum upfront sales load (Class S: 3.5%, Class D: 1.5%, Class I: No sales load) which will reduce the amount of capital available for investment. Operating expenses may vary in the future based on the amount of capital raised, the Adviser’s election to continue expense support, and other unpredictable variables. Total returns based on the max upfront fee load for an investor starting at the inception of the respective share class: Class S – May 1, 2022, Class D – May 1, 2022, Class I – May 1, 2022. Class I does not have upfront fees.

12. As of ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌​​​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌‌August 31, 2024‌‌‌. Based on par value and shown net of unfunded commitment amounts. Valuations may change over time. Based on debt portfolio only. Par value represents the face value of loans in the portfolio. 

13. As of ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌​​​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​‌​June 30, 2024‌‌‌ and based on fair value of portfolio reported in ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌​​​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌​​​‌2Q24‌‌‌ financials.

14. As of ‌‌‌​​​‌‌‌​‌​​​‌‌​‌​‌​​​​​‌​​‌​‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌​‌‌​‌‌​​​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌​‌June 30, 2024‌‌‌. Weightings are based on fair value of investments unless otherwise noted. Borrower financials are derived from the most recently available portfolio company financial statements, have not been independently verified by Blue Owl, and may reflect a normalized or adjusted amount Accordingly, Blue Owl makes no representation or warranty in respect of this information. 

15. Other industries include Commercial Services & Supplies (3.4%), IT Services (3.2%), Health Care Equipment & Supplies (2.2%), Buildings & Real Estate (1.9%), Real Estate Management & Development (1.7%), Entertainment (1.5%), Life Sciences Tools & Services (1.5%), Aerospace & Defense (1.3%), Banks (1.3%), Equity Real Estate Investment Trusts (REITs) (1.1%), Containers & Packaging (0.9%), Beverages (0.8%), Media (0.7%), Industrial Conglomerates (0.7%), Consumer Finance (0.7%), Hotels, Restaurants & Leisure (0.7%), Pharmaceuticals (0.6%), Construction & Engineering (0.6%), Internet & Direct Marketing Retail (0.6%), Machinery (0.4%), Diversified Telecommunication Services (0.3%), Multiline Retail (0.3%), Energy Equipment & Services (0.2%), Water Utilities (0.2%), Capital Markets (0.2%), Specialty Retail (0.2%), and Building Products (0.1%).‌‌‌ Total may not sum due to rounding.

16. Debt investments are shown as “Doing Business As” names. Please refer to the 10-K or 10-Q for actual borrower names. Holdings are subject to change and there is no assurance any investment will remain in our portfolio.

17. Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate (“SOFR” or “S”) (which can include one-, three-, six- or twelve-month SOFR), Euro Interbank Offered Rate (“EURIBOR” or “E”), Canadian Overnight Repo Rate Average (“CORRA” or “C”) (which can include one- or three-month CORRA), Sterling (SP) Overnight Interbank Average Rate (“SONIA” or “SA”) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate (“Prime” or “P”), at the borrower’s option, and which reset periodically based on the terms of the loan agreement.

Important information

OTIC Risk Factors 

Assets Under Management (“AUM”) refers to the assets that we manage and are generally equal to the sum of (i) net asset value (“NAV”); (ii) drawn and undrawn debt; and (iii) uncalled capital commitments.

This is neither an offer to sell nor a solicitation of an offer to buy the securities described herein. Only a prospectus for Blue Owl Technology Income Corp. can make such an offer. This material is authorized only when it is accompanied or preceded by the Blue Owl Technology Income Corp. prospectus. Neither the SEC, the Attorney General of the State of New York nor any state securities commission has approved or disapproved of these securities or determined if the prospectus is truthful or complete. Any representation to the contrary is a criminal offense. Securities are offered through Blue Owl Securities LLC, member of FINRA/SIPC, as Dealer Manager

An investment in Blue Owl Technology Income Corp. (“OTIC”) is speculative and involves a high degree of risk, including the risk of a substantial loss of investment, as well as substantial fees and costs, all of which can impact an investor’s return. The following are some of the risks involved in an investment in OTIC’s common shares; however, an investor should carefully consider the fees and expenses and information found in the “Risk Factors” section of the OTIC prospectus before deciding to invest:

•  You should not expect to be able to sell your shares regardless of how OTIC performs, and you should consider that you may not have access to the money you invest for an indefinite period of time. An investment in shares of OTIC's common stock is not suitable for you if you need access to the money you invest.
• OTIC does not intend to list its shares on any securities exchange and does not expect a secondary market in its shares to develop. As a result, you may be unable to reduce your exposure in any market downturn. If you are able to sell your shares before a liquidity event, if any, is completed, you will likely receive less than your purchase price.
• OTIC has implemented a share repurchase program pursuant to which it intends to conduct quarterly repurchases of a limited number of outstanding shares of its common stock. OTIC's board of directors has complete discretion to determine whether OTIC will engage in any share repurchase, and if so, the terms of such repurchase. OTIC's share repurchase program includes numerous restrictions that may limit your ability to sell your shares. As a result, share repurchases may not be available each month. While OTIC intends to continue to conduct quarterly tender offers as described above, it is not required to do so and may amend or suspend the share repurchase program at any time.
•  Distributions on OTIC's common stock may exceed OTIC's taxable earnings and profits, particularly during the period before it has substantially invested the net proceeds from its public offering. Therefore, portions of the distributions that OTIC pays may represent a return of capital to you for U.S. federal tax purposes. A return of capital is a return of a portion of your original investment in shares of OTIC common stock. As a result, a return of capital will (i) lower your tax basis in your shares and thereby increase the amount of capital gain (or decrease the amount of capital loss) realized upon a subsequent sale or redemption of such shares, and (ii) reduce the amount of funds OTIC has for investment in portfolio companies. OTIC has not established any limit on the extent to which it may use sources other than cash flows from operations to fund distributions.
•  Distributions may also be funded in significant part, directly or indirectly, from the deferral of certain investment advisory fees that may be subject to repayment to the Adviser and/or the reimbursement of certain operating expenses, that may be subject to repayment to the Adviser and its affiliates. Significant portions of distributions may not be based on investment performance. In the event distributions are funded from deferrals of fees and reimbursements by OTIC's affiliates, such funding may not continue in the future. If OTIC's affiliates do not agree to reimburse certain of its operating expenses, then significant portions of OTIC's distributions may come from sources other than cash flows from operations. The repayment of any amounts owed to OTIC's affiliates will reduce future distributions to which you would otherwise be entitled.
• The payment of fees and expenses will reduce the funds available for investment, the net income generated, the funds available for distribution and the book value of the common shares. In addition, the fees and expenses paid will require investors to achieve a higher total net return in order to recover their initial investment. Please see OTIC's prospectus for details regarding its fees and expenses.
•  OTIC intends to invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as "junk," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. They may also be illiquid and difficult to valu
• The Adviser and its affiliates face a number of conflicts with respect to OTIC. Currently, the Adviser and its affiliates manage other investment entities, including Blue Owl Technology Finance Corp. (OTF) and Blue Owl Technology Finance Corp. II (OTF II) and are prohibited from raising money for and managing future investment entities that make the same types of investments as those OTIC targets. As a result, the time and resources that the Adviser devotes to OTIC may be diverted. In addition, OTIC may compete with any such investment entity also managed by the Adviser for the same investors and investment opportunities. Furthermore, the Adviser may face conflicts of interest with respect to services it may perform for companies in which OTIC invests as it may receive fees in connection with such services that may not be shared with OTIC.
• The incentive fee payable by OTIC to the Adviser may create an incentive for the Adviser to make investments on OTIC's behalf that are risky or more speculative than would be the case in the absence of such compensation arrangements. OTIC may be obligated to pay the Adviser incentive fees even if OTIC incurs a net loss due to a decline in the value of its portfolio and even if its earned interest income is not payable in cash.
• The information provided above is not directed at any particular investor or category of investors and is provided solely as general information about Blue Owl products and services to regulated financial intermediaries and to otherwise provide general investment education. No information contained herein should be regarded as a suggestion to engage in or refrain from any investment-related course of action as Blue Owl Securities LLC, its affiliates, and OTIC are not undertaking to provide impartial investment advice, act as an impartial adviser, or give advice in a fiduciary capacity with respect to the materials presented herein.
  

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