The firm's liquidity position has deteriorated significantly, with cash reserves plummeting to just $827,000 in 2026Q1 compared to $499.8 million in 2024Q1.
| Total Current Assets | 100.4M | 83.68M | 304.77M | 519.05M | 251.08M | 150.97M | 0 |
| Cash & Short-Term Investments | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | -99.92M |
| Total Non-Current Assets | 0 | 0 | 6.42B | 6.13B | 6.41B | 6.14B | 0 |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 14.29B | 14.29B | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - |
| Total Assets | 14.87B | 14.72B | 6.72B | 6.65B | 6.66B | 6.29B | 3.16B |
| Asset Turnover | 0.10x | 0.07x | 0.08x | 0.09x | 0.03x | 0.09x | 0.05x |
| Asset Growth % | 330.94% | 118.89% | 1.06% | -0.17% | 5.91% | 99.24% | - |
| Total Current Liabilities | 0 | 0 | 123.79M | 101.05M | 59.12M | 43.02M | 0 |
| Accounts Payable | 0 | 0 | 123.79M | 101.05M | 59.12M | 43.02M | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 105.9M |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | -105.9M |
| Current Ratio | - | - | 2.46x | 5.14x | 4.25x | 3.51x | - |
| Quick Ratio | - | - | 2.46x | 5.14x | 4.25x | 3.51x | - |
| Cash Conversion Cycle | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 7.26B | 6.67B | 2.97B | 3.02B | 3.22B | 2.72B | 0 |
| Long-Term Debt | 0 | 6.29B | 2.91B | 2.95B | 3.16B | 2.64B | 1.51B |
| Capital Lease Obligations | 0 | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - |
| Total Liabilities | 7.26B | 6.67B | 3.1B | 3.12B | 3.28B | 2.76B | 1.66B |
| Total Debt | 0 | 6.29B | 2.91B | 2.95B | 3.16B | 2.64B | 1.61B |
| Net Debt | -827K | 6.29B | 2.66B | 2.48B | 2.95B | 2.54B | 1.53B |
| Debt / Equity | 0.00x | 0.78x | 0.80x | 0.83x | 0.93x | 0.75x | 1.08x |
| Debt / EBITDA | 0.00x | 8.63x | 5.67x | 5.22x | 20.64x | 5.14x | 10.33x |
| Net Debt / EBITDA | -0.00x | 8.63x | 5.17x | 4.39x | 19.31x | 4.93x | 9.80x |
| Interest Coverage | 1.82x | 2.27x | 2.80x | 3.03x | 1.21x | 6.09x | 4.57x |
| Total Equity | 7.61B | 8.04B | 3.63B | 3.53B | 3.39B | 3.53B | 1.5B |
| Equity Growth % | 370.3% | 121.83% | 2.7% | 4.21% | -4.1% | 135.97% | - |
| Book Value per Share | 16.38 | 19.64 | 17.28 | 17.22 | 16.82 | 17.54 | 7.43 |
| Total Shareholders' Equity | 7.61B | 8.04B | 3.63B | 3.53B | 3.39B | 3.53B | 1.5B |
| Common Stock | 4.61M | 4.64M | 2.12M | 2.07M | 2.03M | 2M | 1.01M |
| Retained Earnings | 0 | 0 | 270.82M | 247.16M | 169.19M | 353.16M | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 463.25M | 0 | 0 | 0 | 0 | 45.93M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and Leverage Mismatch
As reported in recent financial filings, OTF's total assets surged to $14.9 billion in 2026Q1 from $6.7 billion in 2024Q4, a rapid expansion that appears to be driven by aggressive portfolio deployment rather than a commensurate strengthening of the underlying equity base or liquidity buffers.
The doubling of the asset base over five quarters suggests a highly aggressive growth mandate that may be testing the firm's operational capacity. Investors should monitor whether this rapid scaling is sustainable or if it reflects a temporary surge in deal flow that could lead to future credit quality issues.
Based on the provided balance sheet data, OTF's debt-to-equity ratio reached 0.78 in 2025Q4 before dropping to zero in 2026Q1, indicating a highly volatile approach to leverage that complicates the assessment of the firm's long-term capital structure and interest coverage capabilities.
The sudden elimination of reported debt in the most recent quarter is atypical for a BDC and may suggest a transitional capital phase or a reliance on short-term financing facilities not captured in the headline debt figures. This lack of consistent leverage management warrants further investigation into the firm's refinancing strategy.
According to the latest quarterly figures, OTF's cash and equivalents have plummeted to a nominal $667,000 as of 2026Q1, a stark decline from the $499.8 million reported in 2024Q1 that suggests the firm is currently operating with virtually no immediate liquidity buffer.
This near-zero cash position implies that the firm is fully deployed and may be forced to rely on external capital markets or credit lines to meet even minor operational obligations. Such a thin margin of safety leaves the company highly vulnerable to unexpected market shocks or portfolio liquidity events.
As indicated by the absence of goodwill and PPE on the balance sheet, OTF's valuation is almost entirely dependent on the fair value of its loan portfolio, which, based on reported figures, appears to be subject to significant, non-transparent internal mark-to-market adjustments.
The reliance on Level 3 asset valuations means that the reported net asset value may not reflect the true liquidation value of the portfolio during a credit downturn. Investors should be wary that the lack of tangible assets makes the balance sheet highly sensitive to subjective management assumptions regarding borrower creditworthiness.
Quick answers to the most common questions about buying OTF stock.
As of 2025, Blue Owl Technology Finance Corp. (OTF) had total assets of $14.72B including $83.7M in current assets.
Blue Owl Technology Finance Corp. (OTF) carries total debt of $6.29B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Blue Owl Technology Finance Corp. (OTF) has total shareholders' equity (book value) of $8.04B ($19.64 book value per share). Book value represents the net worth of the company belonging to common stock holders.