Quick facts

Portfolio by the numbers


Total debt investments

Senior secured direct lending1,2








Net loan-to-value3


Portfolio companies

Growth capital investments1,4






Enterprise Value


Net loan-to-value3

Data as of August 31, 2023, unless otherwise denoted. 1. As of June 30, 2023.  Based on fair value. Fair value is determined in good faith by OTIC’s board of directors and reviewed by the adviser’s valuation committee. Valuations may change over time. 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. 2. Senior secured direct lending or “Traditional Financings” are typically senior secured loans primarily in the form of first lien loans (including “unitranche” loans, which are loans that combine both senior and subordinated debt, generally in a first lien position) and second lien loans. In connection with our senior secured loans, we generally receive a security interest in certain of the assets of the borrower and consequently such assets serve as collateral in support of the repayment of such senior secured loans. Figure shown is net of unfunded commitments. 3. “Net LTV” represents the net ratio of “loan to value” for each portfolio company, weighted based on the fair value of OTIC’s loan investment. The “attachment point” is the principal amount of debt that is senior to OTIC’s loan investment, and that amount plus the principal amount of the loan in which OTIC invested and other equally ranked debt is the “last dollar” amount. “Value” represents an estimate of enterprise value of each portfolio company, a calculation that will vary by portfolio company. 4. Growth capital investments are typically unsecured obligations of the borrower, and might be structured as unsecured indebtedness, convertible bonds, convertible equity, preferred equity, and common equity. We seek to limit the downside potential of our investments by negotiating covenants in connection with our investments consistent with preservation of our capital. Such restrictions may include affirmative covenants (including reporting requirements), negative covenants (including financial covenants), lien protection, change of control provisions and board rights, including either observation rights or rights to a seat on the board under some circumstances. Our equity investments are typically not control-oriented investments, and we may structure such equity investments to include provisions protecting our rights as a minority-interest holder. Figure shown is net of unfunded commitments.

End market diversification

Systems Software
Application Software
Healthcare Technology
IT Services
Food & Staples Retailing
Professional services
Commercial Services & Supplies
Electrical Equipment

Breakdown by asset type

First Lien Senior Secured
Second Lien Senior Secured
Preferred Equity
Common Equity

1. Other industries include Diversified Financial Services (3.1%), Health Care Providers & Services (2.8%), Real Estate Management & Development (2.7%), Banks (2.2%), Aerospace & Defense (2.2%), Life Sciences Tools & Services (2.1%), Health Care Equipment & Supplies (2.0%), Beverages (1.8%), Diversified Consumer Services (1.4%), Containers & Packaging (1.0%), Buildings & Real Estate (0.8%), Construction & Engineering (0.7%), Building Products (0.4%), Pharmaceuticals (0.3%), and Energy Equipment & Services (0.2%).

Top 10 portfolio holdings

As of October 31, 2023

Company Industry Facility Type Fair Value Interest Rate % of Portfolio
Circana Group, L.P. Food & Staples Retailing First Lien $144,407 S + 6.25% (incl. 2.75% PIK) 5.1%
SailPoint Technology Holdings, Inc. Systems Software First lien $113,162 S + 6.25% 4.0%
BCPE Watson Electrical Equipment First lien $99,500 S + 6.50% 4.0%
Anaplan, Inc Application Software First lien $90,058 S + 6.50% 3.2%
Grayshift, LLC Application software First lien $74,264 S + 8.00% 2.6%
Kaseya Inc. IT Services First lien $68,132 S + 6.25% (incl. 2.50% PIK) 2.4%
SimpliSafe Holding Corporation Commercial Services & Supplies First lien $62,537 S + 6.25% 2.2%
Finastra USA, Inc. Banks First lien $61, 073 S + 7.25% 2.1%
Barracuda Networks, Inc. Systems software First lien $59,418 S + 4.50% 2.1%
Zendesk, Inc. Application Software First lien $58,507 S + 6.50% (incl. 3.50% PIK) 2.0%

Investment case studies

November 2022


Learn More
October 2022

Thoma Bravo

Learn More
August 2022

Thoma Bravo

Learn More

Financial advisors: request materials now

OTIC is only available to financial advisors at participating Broker/Dealers and Registered Investment Advisors. If you would like to order materials or schedule a meeting with your Blue Owl representative, please contact our sales desk.


Individual Investors should consult their financial advisor to learn more.

All data as of October 31, 2023, unless otherwise noted.

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 is completed, if any, 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 suspend or terminate 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 offering proceeds to fund distributions.
  • Distributions may also be funded in significant part, directly or indirectly, from (i) the waiver of certain investment advisory fees, that will not be subject to repayment to the Adviser and/or (ii) the deferral of certain investment advisory fees that may be subject to repayment to the Adviser and/or (iii) 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 waivers and/or 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 or waive certain of their advisory fees, then significant portions of OTIC’s distributions may come from offering proceeds or borrowings. 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 value.
  • 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 Tech Finance Corp. (OTF) and Blue Owl Technology Finance Corp II  (OTF II), and are not 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