The facility provides OTF with incremental, non-dilutive leverage capacity to fund portfolio growth. Monitor the pace of drawdowns and the borrowing base composition in future monthly reports. The undrawn fee creates a modest incentive to utilize the facility, but the overall impact on OTF's net investment income will depend on the spread between asset yields and the SOFR + 2.10% cost of funds.
Price Chart
Executive Summary
Blue Owl Technology Finance Corp. (OTF) established a $150M secured revolving credit facility through its subsidiary Athena Funding III LLC, with Deutsche Bank as facility agent and State Street as collateral agent. The facility can be increased to $250M, matures in May 2031, and bears interest at SOFR + 2.10% (stepping to +2.25% post-revolving period). OTF retains the residual interest in Athena Funding III and will contribute investments to it; borrowings count toward OTF's asset coverage requirements under the 1940 Act. This is a routine financing structure for a BDC — it provides incremental, non-dilutive leverage capacity but does not change OTF's fundamental earnings power or credit profile.
Key Financial Metrics
Key Facts
- Athena Funding III LLC entered into a $150M Loan Financing and Servicing Agreement (LFSA) on May 21, 2026
- Facility can be increased to $250M with lender consent
- Revolving period of 3 years; maturity on May 21, 2031
- Interest rate: SOFR + 2.10% during revolving period, stepping to +2.25% after
- Undrawn commitment fee of 0.25% per annum
- Facility secured by first-priority lien on Athena Funding III's assets
- OTF retains residual interest in Athena Funding III through equity ownership
- Borrowings count toward OTF's asset coverage requirements under the 1940 Act
- No gain or loss recognized on asset contributions to Athena Funding III
Financial Impact
Initial $150M facility with potential increase to $250M; interest cost of SOFR + 2.10%
Risk Factors
- Borrowing base tests and collateral quality tests could restrict availability if portfolio credit quality deteriorates
- Interest rate risk: floating-rate exposure (SOFR) could increase funding costs if rates rise faster than asset yields
- Facility termination events could accelerate repayment and force asset sales
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-245299 |
| Document: d154722dex102.htm | 0001193125-26-245299 |
| Document: d154722d8k.htm | 0001193125-26-245299 |
| Document: 0001193125-26-245299-index-headers.html | 0001193125-26-245299 |
| Document: 0001193125-26-245299-index.html | 0001193125-26-245299 |
| Document: 0001193125-26-245299.txt | 0001193125-26-245299 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 16d ago | 8-K | $10.62 $10.39 | ▼ −2.17% | ▼ −4.73% | $9.65 (−9.18%) |
Sep 4, 2026 28d ago | 8-K | $11.38 $10.63 | ▼ −6.59% | ▼ −5.38% | $9.65 (−15.25%) |
Aug 20, 2026 6w ago | 8-K | $10.96 $11.38 | ▼ −3.83% | ▼ −3.36% | $9.65 (+12.00%) |
Aug 5, 2026 8w ago | Press Release | $11.33 $11.50 | ▲ +1.50% | ▲ +0.29% | $9.65 (−14.87%) |
Jul 1, 2026 13w ago | 8-K | $10.66 $10.26 | ▼ −3.75% | ▼ −4.01% | $9.65 (−9.52%) |
Jun 22, 2026 14w ago | 8-K | $10.49 $10.71 | ▲ +2.10% | ▲ +1.09% | $9.65 (−8.06%) |
Jun 5, 2026 16w ago | 8-K | $11.36 $10.78 | ▼ −5.11% | ▼ −7.22% | $9.65 (−15.10%) |
May 28, 2026 18w ago | 8-K | $11.11 $11.29 | ▲ +1.62% | ▲ +4.14% | $9.65 (−13.19%) |
Apr 10, 2026 24w ago | DEFA14A | $11.61 $12.16 | ▲ +4.74% | ▲ +1.44% | $9.65 (−16.93%) |
Apr 1, 2026 26w ago | DEFA14A | $11.49 $11.35 | ▼ −1.22% | ▼ −4.84% | $9.65 (−16.06%) |
US Market Status
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