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Blue Owl Technology Finance Corp.

In its 2026 annual report the company says: “Blue Owl Technology Finance Corp. is a Maryland corporation formed on July 12, 2018. We are focused primarily on making loans to, and making debt and equity investments in technology-related, specifically software, companies based primarily in the United States. We originate and invest in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity.”5 It is headquartered in Lutherville Timonium, United States.2 Its shares trade on NYSE under the symbol OTF.2

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Last updated Oct 21, 2026.

Overview

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  • TickerOTF on NYSE2
  • HeadquartersLutherville Timonium, United States2
  • Incorporated inMD3
  • Business address399 Park Avenue, New York, Ny 100223
  • Filer categoryLarge accelerated filer3
  • Legal formStock Corporation2
  • LEI254900G5EZJSOD3UKL162
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O UNITED AGENT GROUP INC., 21093 Lutherville-Timonium, United States2
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), D189647912

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Blue Owl Technology Finance Corp. is a Maryland corporation formed on July 12, 2018. We are focused primarily on making loans to, and making debt and equity investments in technology-related, specifically software, companies based primarily in the United States. We originate and invest in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. Our investment objective is to maximize total return by generating current income from debt investments and other income producing securities, and capital appreciation from our equity and equity-linked investments. We may hold our investments directly or through special purpose vehicles.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income678$720.4M in 2025+70% since 2021
0$200.0M$400.0M$600.0M$800.0M2021: $424.8M$424.8M20212022: $19.0M$19.0M2022−96%2023: $369.1M$369.1M2023+1843%2024: $319.2M$319.2M2024−14%2025: $720.4M$720.4M2025+126%

Every line of the income statement as filed: the last 5 fiscal years, latest first.8

Period ending2025-12-312024-12-312023-12-312022-12-312021-12-31
Payment-in-kind interest income$135.7M$96.6M$113.7M
Payment-in-kind dividend income$34.5M$42.9M$36.6M
Total Investment Income$1.1B$684.0M$683.8M
Interest expense$321.5M$192.7M$195.5M
Management fees, net$144.9M$56.7M$58.4M
Performance based incentive fees$93.4M$41.0M$40.7M
Capital gains incentive fees$37.5M-$5.5M$299.0K
Professional fees$12.1M$6.5M$8.2M
Listing advisory fees (net of Adviser reimbursement)$4.8M$0$0
Directors' fees$1.1M$1.0M$1.0M
Other general and administrative$10.6M$6.0M$4.4M
Total Expenses$625.9M$298.4M$308.5M
Net Investment Income (Loss) Before Taxes$519.6M$385.6M$375.3M
Income tax expense (benefit), including excise tax expense (benefit)$7.5M$11.5M$9.1M
Net Investment Income (Loss) After Taxes$512.1M$374.1M$366.1M
Net change in unrealized gain (loss)$146.2M$51.6M-$6.7M
Translation of assets and liabilities in foreign currencies and other transactions$29.7M-$263.0K$3.1M
Income tax (provision) benefit-$702.0K-$3.0K$0
Total Net Change in Unrealized Gain (Loss)$175.2M$51.4M-$3.5M
Non-controlled, non-affiliated investments$54.6M-$104.2M$8.2M
Foreign currency transactions-$21.5M-$2.0M-$1.7M
Total Net Realized Gain (Loss)$33.1M-$106.3M$6.5M
Total Net Realized and Change in Unrealized Gain (Loss)$208.3M-$54.9M$3.0M
Net Increase (Decrease) in Net Assets Resulting from Operations$720.4M$319.2M$369.1M
Earnings (Loss) Per Share - Basic (in USD per share)$1.80
Earnings (Loss) Per Share - Diluted (in USD per share)$1.80
Weighted Average Shares Outstanding - Basic (in shares)409.4M shares209.8M shares205.0M shares201.4M shares139.2M shares
Weighted Average Shares Outstanding - Diluted (in shares)409.4M shares209.8M shares205.0M shares201.4M shares139.2M shares

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Corporate structure

Blue Owl Technology Finance Corp. sits at the top of its group. 25 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Blue Owl Technology Finance Corp.

  • Blue Owl Technology Finance Corp. Lutherville Timonium, Maryland, United States
    • ATHENA CLO II LLC Subsidiary · Delaware, United States
    • ATHENA CLO IV LLC Subsidiary · Delaware, United States
    • ATHENA CLO V LLC Subsidiary · Delaware, United States
    • ATHENA FUNDING I LLC Subsidiary · Delaware, United States
    • ATHENA FUNDING II LLC Subsidiary · Delaware, United States
    • ATHENA FUNDING III LLC Subsidiary · Delaware, United States
    • OR TECH FINANCING I LLC Subsidiary · Delaware, United States
    • OR TECH LENDING II LLC Subsidiary · Delaware, United States
    • OR TECH LENDING LLC Subsidiary · Delaware, United States
    • ORT KB LLC Subsidiary · Delaware, United States
    • ORTF AAM LLC Subsidiary · Delaware, United States
    • ORTF AAM RH LLC Subsidiary · Delaware, United States
    • ORTF BC 4 LLC Subsidiary · Delaware, United States
    • ORTF BC 5 LLC Subsidiary · Delaware, United States
    • ORTF BC 6 LLC Subsidiary · Delaware, United States
    • ORTF FSI LLC Subsidiary · Delaware, United States
    • ORTF FUNDING I LLC Subsidiary · Delaware, United States
    • ORTF II BC 2 LLC Subsidiary · Delaware, United States
    • ORTF II BC 5 LLC Subsidiary · Delaware, United States
    • OTF BC 10 LLC Subsidiary · Delaware, United States
    • OTF BC 11 LLC Subsidiary · Delaware, United States
    • OTF BC 7 LLC Subsidiary · Delaware, United States
    • OTF BC 8 LLC Subsidiary · Delaware, United States
    • OTF BC 9 LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Blue Owl Technology Finance Corp. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Properties, in its own words

Our corporate headquarters are located at 399 Park Avenue, 37th Floor, New York, New York 10022 and are provided by the Adviser in accordance with the terms of our Administration Agreement. We believe that our office facilities are suitable and adequate for our business as it is contemplated to be conducted.

Item 2 of the 10-K filed Feb 18, 2026.5

Leadership

Who has led Blue Owl Technology Finance Corp., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Craig Packer2018–2021

President

  1. Craig Packer2018–2021
  2. Erik Bissonnette2024–now

Chief financial officer

  1. Alan Kirshenbaum2018–2021
  2. Jonathan Lamm2021

Chief operating officer

  1. Alan Kirshenbaum2018–2021
  2. Jonathan Lamm2021
20202025
Board members and other officers (17)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • ATHENA CLO II LLC DELAWARE4
  • ATHENA CLO IV LLC DELAWARE4
  • ATHENA CLO V LLC DELAWARE4
  • ATHENA FUNDING I LLC DELAWARE4
  • ATHENA FUNDING II LLC DELAWARE4
  • ATHENA FUNDING III LLC DELAWARE4
  • OR TECH FINANCING I LLC DELAWARE4
  • OR TECH LENDING II LLC DELAWARE4
  • OR TECH LENDING LLC DELAWARE4
  • ORT KB LLC DELAWARE4
  • ORTF AAM LLC DELAWARE4
  • ORTF AAM RH LLC DELAWARE4
  • ORTF BC 4 LLC DELAWARE4
  • ORTF BC 5 LLC DELAWARE4
  • ORTF BC 6 LLC DELAWARE4
  • ORTF FSI LLC DELAWARE4
  • ORTF FUNDING I LLC DELAWARE4
  • ORTF II BC 2 LLC DELAWARE4
  • ORTF II BC 5 LLC DELAWARE4
  • OTF BC 10 LLC DELAWARE4
  • OTF BC 11 LLC DELAWARE4
  • OTF BC 7 LLC DELAWARE4
  • OTF BC 8 LLC DELAWARE4
  • OTF BC 9 LLC DELAWARE4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Owl Rock Technology Finance Corp.Aug 10, 2018 to Jul 6, 20233

Timeline

  1. Oct 1, 20268-K Results of operations30
  2. Sep 15, 20268-K Entered a material agreement; New debt or obligation31
  3. Sep 4, 20268-K Entered a material agreement; New debt or obligation; Other events32
  4. Aug 20, 20268-K Entered a material agreement; New debt or obligation; Other events33
  5. Aug 5, 20268-K Results of operations34
  6. Jul 1, 20268-K Results of operations35
  7. Jun 26, 20268-K Shareholder vote36
  8. Jun 22, 20268-K Entered a material agreement; New debt or obligation37
  9. Jun 5, 20268-K Entered a material agreement; Other events38
  10. May 28, 20268-K Entered a material agreement; New debt or obligation39
  11. May 6, 20268-K Results of operations40
  12. Apr 1, 20268-K Results of operations41
  13. Oct 9, 2018New chief executive Craig Packer becomes CEO11
  14. Jul 12, 2018Founded Blue Owl Technology Finance Corp. is founded2

Calendar

Coming up

  1. Nov 4, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.32 a share, on Nov 5, 2025.42

When it reported results

  1. Oct 1, 2026Reported quarterly or annual results30
  2. Aug 5, 2026Reported quarterly or annual results34
  3. Jul 1, 2026Reported quarterly or annual results35
  4. May 6, 2026Reported quarterly or annual results40
  5. Apr 1, 2026Reported quarterly or annual results41
  6. Feb 18, 2026Reported quarterly or annual results43
  7. Jan 7, 2026Reported quarterly or annual results44
  8. Nov 5, 2025Reported quarterly or annual results45

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

194 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 63 major events, 19 insider forms, 9 large holders, 83 other. The latest 20:

  1. Oct 1, 20268-K EDGAR
  2. Sep 15, 20268-K EDGAR
  3. Sep 4, 20268-K EDGAR
  4. Aug 31, 20264 EDGAR
  5. Aug 20, 20268-K EDGAR
  6. Aug 19, 2026424B2 EDGAR
  7. Aug 18, 2026497AD EDGAR
  8. Aug 18, 2026497AD EDGAR
  9. Aug 18, 2026497AD EDGAR
  10. Aug 17, 2026FWP EDGAR
  11. Aug 17, 2026497AD EDGAR
  12. Aug 17, 2026424B2 EDGAR
  13. Aug 5, 202610-Q EDGAR
  14. Aug 5, 20268-K EDGAR
  15. Jul 31, 202640-33 EDGAR
  16. Jul 1, 20268-K EDGAR
  17. Jun 26, 20268-K EDGAR
  18. Jun 26, 202640-33 EDGAR
  19. Jun 22, 20268-K EDGAR
  20. Jun 12, 202640-33 EDGAR

The 194 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

12 open-market trades by officers, directors and large owners since October 2021: 12 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 28, 2026Kaye Eric A.DirectorBuy1,000$11.37$11.4KForm 4
May 22, 2026Temple ChrisDirectorBuy7,000$10.71$75.0KForm 4
May 13, 2026Weiler MelissaDirectorBuy10,000$10.90$109.0KForm 4
May 11, 2026Kaye Eric A.DirectorBuy1,000$10.74$10.7KForm 4
Feb 25, 2026Kaye Eric A.DirectorBuy1,000$11.44$11.4KForm 4
Feb 25, 2026Temple ChrisDirectorBuy5,000$11.49$57.5KForm 4
Nov 20, 2025Bissonnette ErikPresidentBuy12,500$13.27$165.9KForm 4
Sep 5, 2025Bissonnette ErikPresidentBuy10,000$14.70$147.0KForm 4
Nov 5, 2021DAlelio Edward HDirectorBuy4,609$18.33$84.5KForm 4
Nov 5, 2021Packer CraigCEO and PresidentBuy599,156$18.33$11.0MForm 4
Nov 5, 2021Lamm, JonathanCFO and COOBuy922$18.33$16.9KForm 4
Nov 5, 2021Kirshenbaum AlanExecutive Vice PresidentBuy599,156$18.33$11.0MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Regents Of The University Of California43,624,472$451.5M10.3%No change
Mubadala Investment Co PJSC29,787,804$308.3M0.9%+657,313
Orange County Employees Retirement System20,300,151$210.1M75.1%+6,144,016
Cresset Asset Management, LLC11,961,124$128.6M0.5%+3,785,593
Caz Investments LP9,025,556$93.4M30.8%+5,940,918
State of New Jersey Common Pension Fund E6,270,099$64.9M100.0%No change
Cliffwater LLC5,908,955$61.2M15.2%No change
Capricorn Investment Group LLC5,648,797$58.3M0.3%−1
Van Eck Associates Corp4,423,851$45.8M0.0%+1,152,607
Rivernorth Capital Management, LLC3,788,852$39.2M1.9%+1,612,583
Auto-Owners Insurance Co3,083,763$31.9M0.7%New
UBS Group AG3,025,881$31.3M0.0%−1,245,756
Franklin Resources Inc2,783,731$28.8M0.0%+371,691
Jpmorgan Chase & Co2,626,856$28.1M0.0%+1,016,486
Citadel Advisors LLC2,521,978$26.1M0.0%New
Arax Advisory Partners2,436,370$25.3M0.2%+1,244,465
Ares Management LLC1,966,345$20.4M0.9%+620,590
Requisite Capital Management, LLC1,885,709$20.3M3.4%+635,531
GCM Grosvenor Holdings, LLC1,796,297$18.6M0.8%+385,230
BlackRock, Inc.1,706,535$17.7M0.0%−22,414
Bank Of America Corp /de/1,605,720$16.6M0.0%+507,371
Pine Ridge Advisers LLC1,534,102$15.9M1.0%+511,370
Morgan Stanley1,490,688$15.4M0.0%+1,036,884
Wells Fargo & Company/mn1,399,542$14.5M0.0%+681,031
Stephens Inc /ar/1,379,124$14.3M0.2%+488,262

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Blue Owl Technology Finance Corp. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBlue Owl Technology Finance Corp.1
  • CIK0001747777
  • Employer ID (EIN)83-12732585
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inMaryland5
  • Fiscal year endsDecember 311
  • Business address399 Park Avenue, New York, NY 100221
  • Phone(212) 419-30001
  • Shares outstanding458,185,389 as of Jul 29, 202610
  • Public float$7.0B as of Jun 30, 20255
  • AuditorKPMG LLP, New York, New York PCAOB ID 185; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceAug 10, 20181
  • Filings343 in all: 8-K (101), 4 (49), DEFA14A (29), 10-Q (24), 3 (18), 497AD (16), 425 (10), 40-17G (9)1
    All 41 form types

    DEF 14A (9), 10-K (8), 424B2 (6), D/A (6), CORRESP (5), SCHEDULE 13G/A (5), 40-APP/A (4), FWP (4), 40-33 (3), 40-APP (3), EFFECT (3), N-2/A (3), 10-12G/A (2), 424B3 (2), N-14 8C (2), N-14 8C/A (2), N-23C-2 (2), POS EX (2), SC 13G/A (2), 10-12G (1), 40-17G/A (1), 424B1 (1), 8-A12B (1), ABS-15G (1), CERT (1), D (1), DRS (1), N-2 (1), N-2ASR (1), N-54A (1), PRE 14A (1), SC 13G (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Feb 18, 2026
    Quarterly report (10-Q) Aug 5, 2026
    Proxy statement (DEF 14A) Apr 1, 2026
    Latest 8-K (8-K) Oct 1, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock $0.01 par value per shareOTFThe New York Stock Exchange

From the cover page of the 10-K filed Feb 18, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks Blue Owl Technology Finance Corp. names in Item 1A of its 10-K filed Feb 18, 2026: 75 risks under these headings, as written.5

  • We are subject to risks related to macroeconomic factors.
  • We are subject to risks related to our business and operations.
  • We are subject to risks related to our Adviser and its affiliates.
  • We are subject to risks related to business development companies.
  • We are subject to risks related to our investments.
  • We are subject to risks related to an investment in our common stock.
  • We are subject to risks related to an investment in our unsecured notes.
  • We are subject to risks related to U.S. federal income tax.
  • We are subject to general risks.
  • Macroeconomic Factors
  • Difficult market and geopolitical conditions could have a significant adverse effect on our business, financial condition and results of operations.
  • Capital markets disruption and economic uncertainty could have a material adverse effect on our business, financial condition or results of operations.
The other 64 risks
  • Future increases in inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.
  • Fluctuations in interest rates could have a material adverse effect on our business and that of our portfolio companies.
  • Risks Related to Our Business
  • The lack of liquidity in our investments may adversely affect our business.
  • We borrow money, which magnifies the potential for gain or loss and may increase the risk of investing in us.
  • Defaults and provisions under our current borrowings or any future borrowing facility or notes may adversely affect our business, financial condition, results of operations and cash flows.
  • If we are unable to obtain additional debt financing, or if our borrowing capacity is materially reduced, our business could be materially adversely affected.
  • Our ability to achieve our investment objective depends on our Adviser’s ability to manage and support our investment process. If our Adviser were to lose a significant number of its key professionals, or terminate the Investment Advisory Agreement, our ability to achieve our investment objective could be significantly harmed.
  • Our ability to achieve our investment objective also depends to a significant extent upon Blue Owl’s relationships with corporations, financial institutions and investment firms, the inability of Blue Owl to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.
  • Our cash and cash equivalents could be adversely affected if the financial institutions in which we hold our cash and cash equivalents fail.
  • We may face increasing competition for investment opportunities, which could delay further deployment of our capital, reduce returns and result in losses.
  • Our investment portfolio is recorded at fair value as determined in good faith by our Adviser in accordance with procedures approved by our Board and, as a result, there is and will be uncertainty as to the value of our portfolio investments.
  • We have adopted a policy to invest, under normal circumstances, at least 80% of the value of our assets in technology-related companies.
  • Any unrealized depreciation we experience on our portfolio may be an indication of future realized losses, which could reduce our income available for distribution.
  • We are not limited with respect to the portion of our assets that may be invested in a single issuer.
  • Cybersecurity risks and cyber data security incidents could adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential information and confidential information in our possession and damage to our business relationships.
  • Use of AI technologies by us could lead to the exposure of our data or other adverse effects and increase competitive, operational, legal, and regulatory risks in ways that we cannot predict.
  • We are subject to risks in using custodians, counterparties, administrators and other agents.
  • Increased data protection regulation may result in increased complexities and risk in connection with the operation of our business.
  • We and our portfolio companies are subject to increasing scrutiny from certain investors, third party assessors, regulators and our shareholders with respect to ESG-related topics.
  • We are subject to increasing scrutiny from regulators with respect to ESG-related issues and the regulatory disclosure landscape surrounding related topics continues to evolve.
  • We may be the target of litigation or similar proceedings in the future and we are subject to public perception risks.
  • Risks Related to Our Adviser and Its Affiliates
  • Our Adviser and its affiliates, including our officers and some of our directors, may face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in increased risk-taking or speculative investments, or cause our Adviser to use substantial leverage.
  • The time and resources that individuals associated with our Adviser devote to us may be diverted, and we may face additional competition due to, among other things, the fact that neither our Adviser nor its affiliates is prohibited from raising money for or managing another entity that makes the same types of investments that we target.
  • Our Adviser and its affiliates may face conflicts of interest with respect to services performed for their respective other accounts and clients or issuers in which we may invest.
  • Reductions, waivers or absorptions of fees and costs can temporarily result in higher returns to shareholders than they would otherwise receive if full fees and costs were charged.
  • Products within Blue Owl’s Real Assets platform may enter into sale lease-back transactions with our portfolio companies or with borrowers under our credit facilities.
  • Our access to confidential information may restrict our ability to take action with respect to some investments, which, in turn, may negatively affect our results of operations.
  • We may be obligated to pay our Adviser incentive fees even if we incur a net loss due to a decline in the value of our portfolio and even if our earned interest income is not payable in cash.
  • Our ability to enter into transactions with our affiliates is restricted.
  • We may make investments that could give rise to a conflict of interest.
  • Our Adviser’s liability is limited under the Investment Advisory Agreement, and we are required to indemnify our Adviser against certain liabilities, which may lead our Adviser to act in a riskier manner on our behalf than it would when acting for its own account.
  • There are risks associated with any potential merger with or purchase of assets of another fund.
  • Our Adviser’s failure to comply with pay-to-play laws, regulations and policies could have an adverse effect on our Adviser, and thus, us.
  • Risks Related to Business Development Companies
  • The requirement that we invest a sufficient portion of our assets in qualifying assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in qualifying assets could result in our failure to maintain our status as a BDC.
  • Failure to maintain our status as a BDC would reduce our operating flexibility.
  • Regulations governing our operation as a BDC and RIC affect our ability to raise capital and the way in which we raise additional capital or borrow for investment purposes, which may have a negative effect on our growth. As a BDC, the necessity of raising additional capital may expose us to risks, including risks associated with leverage.
  • Risks Related to Our Investments
  • Our investments in portfolio companies may be risky, and we could lose all or part of our investments.
  • Second-Lien and Mezzanine Debt.
  • We have invested and may continue to invest through joint ventures, partnerships and other special purpose vehicles and our investments through these vehicles may entail greater risks, or risks that we otherwise would not incur, if we otherwise made such investments directly.
  • Any strategic investments that we pursue are subject to risks and uncertainties.
  • An investment strategy focused primarily on privately held companies presents certain challenges, including the lack of available information about these companies.
  • Investing in publicly traded companies can involve a high degree of risk and can be speculative.
  • Broadly syndicated loans, including “covenant-lite” loans, may expose us to different risks, including with respect to liquidity, price volatility, ability to restructure loans, credit risks and less protective loan documentation, than is the case with loans that contain financial maintenance covenants.
  • Our investments are concentrated in technology-related industries, some of which are subject to extensive government regulation, which exposes us to the risk of significant loss if any of these industry sectors experiences a downturn.
  • Our investments may be in portfolio companies that have limited operating histories and resources.
  • A lack of IPO or merger and acquisition opportunities may cause companies to stay in our portfolio longer, leading to lower returns, unrealized depreciation, or realized losses.
  • The inability of our portfolio companies to commercialize their technologies or create or develop commercially viable products or businesses would have a negative impact on our investment returns.
  • If our portfolio companies are unable to protect their intellectual property rights, or are required to devote significant resources to protecting their intellectual property rights, then our investments could be harmed.
  • Our relationship with certain portfolio companies may expose us to our portfolio companies’ trade secrets and confidential information which may require us to be parties to non-disclosure agreements and restrict us from engaging in certain transactions.
  • We may be subject to risks associated with our investments in bank loans.
  • If the assets securing the loans that we make decrease in value, then we may lack sufficient collateral to cover losses.
  • We may suffer a loss if a portfolio company defaults on a loan and the underlying collateral is not sufficient.
  • We may not realize any income or gains from our equity investments.
  • The credit ratings of certain of our investments may not be indicative of the actual credit risk of such rated instruments.
  • Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.
  • A redemption of convertible securities held by us could have an adverse effect on our ability to achieve our investment objective.
  • To the extent original issue discount (“OID”) and payment-in-kind (“PIK”) interest income constitute a portion of our income, we will be exposed to risks associated with the deferred receipt of cash representing such income.
  • Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.
  • Our portfolio companies may be highly leveraged.
  • If we cannot obtain debt financing or equity capital on acceptable terms, our ability to acquire investments and to expand our operations will be adversely affected.
  • Defaults by our portfolio companies could jeopardize a portfolio company’s ability to meet its obligations under the debt or equity investments that we hold which could harm our operating results.
  • Subordinated liens on collateral securing debt investments that we may make to portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.
  • Certain of our investments may be adversely affected by laws relating to fraudulent conveyance or voidable preferences.
  • There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.

Legal proceedings

Neither we nor the Adviser are currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

The opening of Item 3, Legal Proceedings.5

Sources

The numbers on this page point here. Each one links to the record it came from.

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