Blue Owl Technology Finance Corp. (OTF) Balance Sheet
OTF balance sheet, 2025
December 31, 2025 · U.S. dollars$14.72B assets = $6.67B liabilities + $8.04B equity
Both columns are drawn to the same scale: what OTF owns equals what it owes plus shareholders’ equity. Hover a block for its value.
OTF financial health
Descriptive bands, not a rating. Fiscal 2025.
OTF balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $3.16B2020 | $14.72B2025 | +36.0%/yr | |
| Total liabilities | $1.66B2020 | $6.67B2025 | +32.1%/yr | |
| Shareholders’ equity | $1.50B2020 | $8.04B2025 | +40.0%/yr | |
| Cash & short-term investments | $82.2M2020 | $667,0002025 | −61.8%/yr | |
| Total debt | $1.61B2020 | $6.29B2025 | +31.3%/yr | |
| Net cash (debt) | −$1.53B2020 | −$6.29B2025 | −$4.8B | |
| Working capital | $107.9M2021 | $181.0M2024 | +$73.0M | |
| Book value per share | $7.432020 | $19.642025 | +21.4%/yr | |
| Debt / equity | 1.082020 | 0.782025 | −0.30 | |
| Shares outstanding | 201.4M2020 | 409.4M2025 | +15.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
OTF assets
OTF liabilities and equity
OTF debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
OTF balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $667,000 | $257.0M | $469.0M | $203.3M | $107.0M | $82.2M |
| Cash & equivalents | $667,000 | $257.0M | $469.0M | $203.3M | $107.0M | $82.2M |
| Receivables | $83.0M | $47.8M | $50.0M | $47.8M | $43.9M | $17.7M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $0 | $0 | $0 | — |
| Total current assets | $83.7M | $304.8M | $519.0M | $251.1M | $151.0M | — |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $14.29B | $6.41B | $6.13B | $6.41B | $6.14B | $0 |
| Other non-current assets | $345.3M | $10.4M | $1.1M | $902,000 | $1.8M | $3.16B |
| Total assets | $14.72B | $6.72B | $6.65B | $6.66B | $6.29B | $3.16B |
| Liabilities | ||||||
| Accounts payable | $188.8M | $123.8M | $101.0M | $59.1M | $43.0M | — |
| Short-term debt | $0 | $0 | $0 | $0 | — | $105.9M |
| Total current liabilities | — | $123.8M | $101.0M | $59.1M | $43.0M | — |
| Long-term debt | $6.29B | $2.91B | $2.95B | $3.16B | $0 | $0 |
| Other long-term liabilities | $385.2M | $59.2M | $73.8M | $58.9M | $2.72B | — |
| Total liabilities | $6.67B | $3.10B | $3.12B | $3.28B | $2.76B | $1.66B |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $4.6M | $2.1M | $2.1M | $2.0M | $2.0M | $1.0M |
| Retained earnings (deficit) | $463.2M | $270.8M | $247.2M | $169.2M | $353.2M | — |
| Accumulated other comprehensive income | $463.2M | — | — | — | — | $45.9M |
| Total shareholders' equity | $8.04B | $3.63B | $3.53B | $3.39B | $3.53B | $1.50B |
| Key figures | ||||||
| Total debt | $6.29B | $2.91B | $2.95B | $3.16B | $2.64B | $1.61B |
| Net cash (debt) | −$6.29B | −$2.66B | −$2.48B | −$2.95B | −$2.54B | −$1.53B |
| Working capital | — | $181.0M | $418.0M | $192.0M | $107.9M | — |
| Tangible book value | $8.04B | $3.63B | $3.53B | $3.39B | $3.53B | $1.50B |
| Book value per share | $19.64 | $17.28 | $17.22 | $16.82 | $17.54 | $7.43 |
| Shares outstanding | 409.4M | 209.8M | 205.0M | 201.4M | 201.4M | 201.4M |
| Current ratio | — | 2.46 | 5.14 | 4.25 | 3.51 | — |
| Quick ratio | — | 2.46 | 5.14 | 4.25 | 3.51 | — |
| Debt / equity | 0.78 | 0.80 | 0.83 | 0.93 | 0.75 | 1.08 |
| Equity / assets | 54.6% | 53.9% | 53.1% | 50.8% | 56.1% | 47.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||||
| Cash & short-term investments | $3.2M | $827,000 | $667,000 | $575.1M | $170.5M | $990.9M | $257.0M | $186.5M | $331.2M | $499.8M | $469.0M |
| Cash & equivalents | $3.2M | $827,000 | $667,000 | $396.9M | $170.5M | $990.9M | $257.0M | $186.5M | $331.2M | $499.8M | $469.0M |
| Short-term investments | — | — | — | $178.2M | — | — | — | — | — | — | — |
| Receivables | $115.0M | $99.6M | $83.0M | $83.6M | $88.3M | $99.4M | $47.8M | $63.7M | $57.1M | $63.4M | $50.0M |
| Inventory | $0 | $0 | $0 | −$516.6M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $0 | $12.74B | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $118.2M | $100.4M | $83.7M | $12.88B | $258.9M | $1.09B | $304.8M | $250.2M | $388.3M | $563.2M | $519.0M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $14.68B | $14.07B | $14.29B | $0 | $0 | $12.07B | $6.41B | $6.40B | $6.16B | $6.08B | $0 |
| Other non-current assets | $256.2M | $700.0M | $345.3M | $516.7M | $12.78B | $57.8M | $10.4M | $38.0M | $4.4M | $28.8M | $6.13B |
| Total assets | $15.05B | $14.87B | $14.72B | $13.40B | $13.04B | $13.22B | $6.72B | $6.69B | $6.55B | $6.67B | $6.65B |
| Liabilities | |||||||||||
| Accounts payable | $184.6M | $188.9M | $188.8M | $289.5M | $162.8M | $10.7M | $123.8M | $76.5M | $99.0M | $76.4M | $101.0M |
| Short-term debt | — | — | $0 | $0 | $0 | $0 | $0 | $0 | — | — | — |
| Total current liabilities | — | — | — | $377.8M | $162.8M | $10.7M | $123.8M | $76.5M | $99.0M | $76.4M | $101.0M |
| Long-term debt | $0 | $0 | $6.29B | $4.97B | $4.75B | $5.13B | $2.91B | $2.96B | $0 | $0 | $0 |
| Other long-term liabilities | $7.52B | $7.26B | $385.2M | $0 | $142.5M | $133.7M | $59.2M | $71.8M | $2.94B | $3.03B | $3.02B |
| Total liabilities | $7.52B | $7.26B | $6.67B | $5.35B | $5.06B | $5.27B | $3.10B | $3.11B | $3.04B | $3.10B | $3.12B |
| Shareholders' equity | |||||||||||
| Common stock & paid-in capital | $4.6M | $4.6M | $4.6M | $4.7M | $4.7M | $4.7M | $2.1M | $2.1M | $2.1M | $2.1M | $2.1M |
| Retained earnings (deficit) | $57.8M | $86.6M | $463.2M | $363.4M | $315.1M | $276.4M | $270.8M | $229.7M | $186.7M | $261.7M | $247.2M |
| Accumulated other comprehensive income | $57.8M | $86.6M | $463.2M | $363.4M | — | — | — | — | — | — | — |
| Total shareholders' equity | $7.54B | $7.61B | $8.04B | $8.06B | $7.99B | $7.95B | $3.63B | $3.58B | $3.51B | $3.57B | $3.53B |
| Key figures | |||||||||||
| Total debt | $7.16B | $6.90B | $6.29B | $4.97B | $4.75B | $5.13B | $2.91B | $2.96B | $2.88B | $2.95B | $2.95B |
| Net cash (debt) | −$7.15B | −$6.90B | −$6.29B | −$4.39B | −$4.58B | −$4.14B | −$2.66B | −$2.77B | −$2.55B | −$2.46B | −$2.48B |
| Working capital | — | — | — | $12.51B | $96.1M | $1.08B | $181.0M | $173.6M | $289.3M | $486.9M | $418.0M |
| Tangible book value | $7.54B | $7.61B | $8.04B | $8.06B | $7.99B | $7.95B | $3.63B | $3.58B | $3.51B | $3.57B | $3.53B |
| Book value per share | $16.36 | $16.38 | $17.33 | $34.23 | $33.93 | $33.77 | $16.29 | $17.00 | $16.79 | $17.13 | $17.37 |
| Shares outstanding | 460.9M | 464.3M | 464.0M | 235.4M | 235.4M | 235.4M | 222.6M | 210.3M | 209.1M | 208.1M | 203.2M |
| Current ratio | — | — | — | 34.10 | 1.59 | 101.70 | 2.46 | 3.27 | 3.92 | 7.38 | 5.14 |
| Quick ratio | — | — | — | 1.74 | 1.59 | 101.70 | 2.46 | 3.27 | 3.92 | 7.38 | 5.14 |
| Debt / equity | 0.95 | 0.91 | 0.78 | 0.62 | 0.60 | 0.65 | 0.80 | 0.83 | 0.82 | 0.83 | 0.83 |
| Equity / assets | 50.1% | 51.2% | 54.6% | 60.1% | 61.2% | 60.1% | 53.9% | 53.5% | 53.6% | 53.5% | 53.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 18, 2026); data from EODHD.
OTF financial position
At the end of fiscal 2025 (December 31, 2025), Blue Owl Technology Finance had total assets of $14.7 billion (up 118.9% from a year earlier), total liabilities of $6.7 billion and shareholders' equity of $8.0 billion. It held $0.7 million in cash and short-term investments against $6.3 billion of debt, net debt of $6.3 billion. In the latest quarter (ended June 30, 2026) total assets were $15.1 billion and equity $7.5 billion.
Related: OTF income statement, OTF cash flow statement, OTF key metrics. See the OTF stock overview for the latest quote and news.
OTF balance sheet FAQ
What are Blue Owl Technology Finance's total assets?
Blue Owl Technology Finance reported total assets of $14.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $6.7 billion a year earlier.
How much debt does Blue Owl Technology Finance have?
Blue Owl Technology Finance had $6.3 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.78.
How much cash does Blue Owl Technology Finance have?
Blue Owl Technology Finance held $0.7 million in cash and short-term investments at the end of fiscal 2025; with $6.3 billion of debt that is net debt of $6.3 billion.
What is Blue Owl Technology Finance's book value?
Blue Owl Technology Finance's shareholders' equity (book value) was $8.0 billion at the end of fiscal 2025, or $19.64 per share.