Blue Owl Technology Income Corp 10-Q: NAV $9.85, Net Assets $2.64 Billion, Fund Paid 12.8% of Tender Requests

Which filings say what

This page reads the quarterly report. The history of seventeen tender offers, the monthly NAV series, fees and the difference between OTIC and the listed OTF are on our OTIC redemptions page; we do not repeat them.

Where $940 million of net assets went

Net assets are what the shareholders own after debt. The statement of changes in net assets lets the nine months be rebuilt line by line; the lines add exactly to the closing figure.

The first column is the 10-Q's own nine-month statement. In the third quarter the fund lost another $61.1 million of net assets: income and the unrealized gain of $47.5 million were smaller than the $137.5 million paid for shares plus distributions net of reinvestment (our arithmetic). Over nine months, new share sales were $116.9 million against $651.8 million in the same months of 2025, and the repurchase line was 8.4 times new money (our arithmetic).

NAV per share and shares, by date

All three classes carry the same NAV per share, so the class matters only for fees and sales load.

The March 31 price is the purchase price of the March tender, from the 10-Q repurchase table. The share counts are the sums of the three classes (our arithmetic). Class D shrank from 2,059,316 to 182,467 shares: the 10-Q says that on April 2, 2026 about 80% of the Class D shares were converted into Class I. The cover-page count of 269.6 million is 1.6 million higher than at September 30 (our arithmetic); the September tender was already deducted at September 30 as a payable of $137.2 million, and the filing does not reconcile the two counts.

The four 2026 tender offers: requested against bought

The fund says it intends to limit each quarterly tender offer to no more than 5.00% of its shares; the table is from the Schedule TO-I/A of each offer.

The tendered shares are the sums of Class S, D and I in each filing (our arithmetic). The fund states the requests as 40.4%, 38.1% and 39% of shares outstanding at the preceding quarter-end. About 102.7 million shares in March, 95.4 million in June and 94.6 million in September were not bought (our arithmetic). The 10-Q's repurchase table shows $533.2 million for the January offer where the Schedule TO-I/A says $527.2 million, and 13,959,663 shares for September where the final amendment says 13,926,862; the 10-Q does not explain either difference.

Blue Owl's larger sister fund had a different September. Blue Owl Credit Income Corp. (OCIC) saw requests of 16.8% of its shares and accepted 29.8% of them, $931.1 million (Schedule TO-I/A, accession 0001628280-26-067327); our OCIC page has the quarterly series. For OTIC, requests of 39% against a 5% limit leave a fill near one-eighth whatever the NAV does.

What that means for 10,000 shares (our arithmetic)

A holder of 10,000 shares who asked to sell every remaining share in each of the March, June and September offers, and was filled at the exact proportions above:

This ignores the January offer, distributions received and any fee or deduction in the offer terms; it only applies the filed fill rates to a round number.

Cost against fair value: a $166 million gap

At fair value the 10-Q's schedule shows what the fund's valuation committee says the loans are worth now; amortized cost is what the fund paid, adjusted for repayments and discounts. When the first is below the second, the NAV already reflects a loss that has not been realized.

The gap is 3.2% of cost and 6.3% of net assets (our arithmetic). At June 30 it was $213.3 million; the quarter's $47.5 million of unrealized gains closed about a fifth of it. For tax purposes the 10-Q puts the net unrealized loss at $105.0 million (gross losses $169.9 million, gross gains $64.9 million) on a tax cost basis of $5.1 billion. Nothing in the filing says these marks are wrong; they are the fund's own estimates and no market price exists for the loans.

Credit: ratings and non-accruals

The adviser rates each loan from 1 to 5 each quarter; 1 is the best, 5 means loss of principal is expected.

Two portfolio companies are on non-accrual: $33.9 million at amortized cost (0.7%) and $13.5 million at fair value (0.3%), so the fund marks them at about 40 cents on the dollar of cost (our arithmetic). At June 30 the figures were $33.6 million and $15.3 million, and at December 31, 2025 $18.8 million and $15.5 million. The 10-Q also reports an average annual gain/(loss) ratio of 0.05%. Where the pressure shows is not in defaults but in the middle of the scale: $376.5 million of loans at rating 3, $21.9 million more than in December while the book shrank (our arithmetic). The portfolio is 87.0% first-lien debt (51.3% unitranche) with 169 companies; application software is 15.5% of fair value, systems software 13.8% and health care technology 13.2%.

Income against the payout

The coverage ratios are our arithmetic. Per share, the financial highlights give nine-month net investment income of $0.57 for Class S and $0.63 for Class I against distributions of $0.61 and $0.67. The monthly gross distribution stayed at $0.074775 a share, and on November 3, 2026 the board declared it for three more months, to a record date of January 29, 2027; at $9.85 that is 9.1% a year (our arithmetic), the rate the October 8-K also gives. Interest income fell $29.0 million in the quarter, which the 10-Q puts mainly on a debt portfolio $971.6 million smaller than a year earlier; paydown fees were $6.7 million against $16.0 million for nine months. Paid-in-kind (PIK) interest and dividends, which accrue rather than pay cash, were $36.3 million of the nine months' income (our sum).

The one thing that changed this quarter

For two quarters the story was the NAV falling: $10.38 to $9.82 at March 31 and $9.70 at June 30. In the third quarter it turned. The 10-Q says the net unrealized gain of $47.5 million was "primarily driven by an increase in the fair value of certain debt and equity positions due to tightening spreads in the software industry", and for the nine months that the net unrealized loss came from "credit spreads widening in the software industry in the first two quarters of the year partially offset by tightening spreads in the third quarter". NAV rose $0.15.

What did not turn is the size of the fund and the queue. Gross originations were $40.7 million in the quarter against $1,040.2 million a year earlier; the fund sold or collected $132.0 million of principal. Net leverage of 0.86x is under its own 0.90x to 1.25x target because debt was repaid to meet the repurchases, with $488.9 million of net repayments in nine months and a further $75.0 million of notes prepaid on October 15. After September 30 and through November 2 the fund issued 728,725 Class I and 17,767 Class S shares, about $7.4 million, and the cover page shows 269.6 million shares. The filing sets liquidity at $759.3 million of available credit plus $73.0 million of cash, and the October 8-K at $1.2 billion including liquid Level 2 assets.

What the filings do not tell us

• The date and size of the next tender. No Schedule TO for a fourth-quarter offer is on EDGAR as of November 7, 2026. The four 2026 offers opened on November 26, February 27, May 26 and August 26 (10-Q repurchase table).
• Whether the fill rate will move. It has gone 14.380%, 13.1%, 12.8% while requests stayed near 40%; the 10-Q repeats that the board can suspend, modify or end the program at any time.
• The October NAV. It comes in the monthly 8-K, typically around the 23rd.
• Why the 10-Q repurchase table and the final amendment differ for January and September.
• Any market price. There is none; the only exit the filings describe is the quarterly tender at NAV.

What a reader can do with this

• If you hold OTIC and want out: the filed fill rate is the number to plan with, not the NAV. At 12.8%, asking to sell $100,000 would bring about $12,800 per offer (our arithmetic).
• If you are deciding whether to resubmit: compare the fill with the gap above. The fund's own filing marks the book $166.4 million under cost, while three quarters of tender requests have been refused in part.
• If you hold through a broker: ask which class you hold. NAV is the same, but Class S carries a servicing fee deducted from the distribution ($0.067664 net against $0.074775 gross on the October declaration).
• If you are comparing: our private credit redemptions tracker and the list of non-traded BDCs put OTIC next to funds that filled more.
• Taxes: the 10-Q shows a $105.0 million net unrealized loss for tax purposes at the fund level; what a shareholder owes on a sale depends on their own basis, which no filing gives.

If a large share of your savings sits in one private credit fund whose exit is paid out at about one-eighth of requests, it may be worth a conversation with a qualified adviser about how that position fits the rest of your holdings.

FAQ

All figures are from SEC EDGAR filings of Blue Owl Technology Income Corp. (CIK 1869453) read on November 7, 2026: the Forms 10-Q for September 30, 2026 (accession 0001869453-26-000066) and June 30, 2026 (0001869453-26-000053); the Form 8-K of October 23, 2026 (0001869453-26-000063); the Schedule TO-I/A filings of January 29, April 27, July 24 and October 26, 2026 (0001628280-26-003928, 0001628280-26-027573, 0001628280-26-049599 and 0001628280-26-067330); and, for OCIC, the Schedule TO-I/A of October 26, 2026 (0001628280-26-067327). The last filing on this CIK was the Form 10-Q of November 5, 2026. Percentages, sums, gaps and coverage ratios labelled “our arithmetic” are ours. This is analysis of public documents, not investment, legal or tax advice.