Blue Owl Technology Finance Corp. (OTF) · Nov 4, 2026 · Earnings

Blue Owl Technology Finance earnings miss as non-accruals rise

Miss — NII per share $0.29 vs ~$0.32 consensus

Blue Owl Technology Finance earnings show a NAV rebound and ample liquidity, but income missed consensus as non-accruals increased.

Blue Owl Technology Finance is a large, technology-focused BDC building a senior-oriented lending portfolio for upper-middle-market software and technology companies; before this release, it had a $14.7 billion portfolio, 81% senior-secured investments, and 97% floating-rate debt.

The quarter missed the cleanest earnings benchmark. Net investment income was $0.29 per share, below the published consensus of roughly $0.32 per share, even though total investment income edged up sequentially. The miss matters because recurring NII—not investment marks—is the core earnings engine for a BDC.

Metric	Q3 2026	Q2 2026	Q3 2025	Consensus
Net investment income per share (Financial Highlights)	$0.29	$0.30	$0.28	$0.32
Adjusted net investment income per share (Non-GAAP reconciliation)	$0.29	$0.30	$0.32
Net asset value per share (Financial Highlights)	$16.62 (+0.9%)	$16.48	$17.27
New investment commitments (Investment activity)	$441M (-48.2%)	$852M	$1,008M
Net debt-to-equity (Financial Highlights)	0.94x	0.93x	0.57x

NAV recovered, but that was not enough to offset softer recurring income. NAV per share rose 0.9% from the prior quarter, helped by realized and unrealized gains and share repurchases. The rebound is constructive, but NAV remains below last year’s $17.27, while adjusted NII declined to $0.29 from $0.32 a year earlier. “This market recovery, together with continued health of our borrowers and accretive share repurchases, contributed to a 0.9% increase in NAV per share.” 〔0〕

Credit quality is the important complication. Investments on non-accrual rose to 1.1% of the portfolio at fair value from 0.1% in the prior quarter, suggesting that the improvement in marks and NAV did not represent uniformly healthier underlying credit. That is the clearest deterioration in the filing and makes the earnings miss more consequential than a purely mechanical quarterly fluctuation.

Capital deployment slowed sharply while leverage barely moved. New commitments fell to $441 million from $852 million in Q2, and funded investments declined to $317 million from $551 million. The company still reported approximately $2.9 billion of liquidity and leverage within its target range, so this is not a funding problem; it is a slower deployment quarter. “For the three months ended September 30, 2026, new investment commitments totaled $441million across 8 new portfolio companies and 7 existing portfolio companies.”

The dividend was maintained, but the quarter did not strengthen coverage. Dividends totaled $0.40 per share, including a $0.35 base dividend and a $0.05 special dividend. The special dividend was tied to the listing rather than a new recurring payout signal, while NII of $0.29 per share was below the base distribution. “Dividends totaled $0.40per share, including a base dividend of $0.35per share and a special dividend of $0.05per share that was declared in connection with the listing.”

Bottom line: This was a modestly weaker quarter than expected: NAV improved and liquidity remains ample, but recurring income missed consensus, deployments slowed, and non-accruals rose materially. The filing weakens the near-term credit-and-earnings story without overturning the broader platform thesis.

What to watch next

Q3 earnings call, November 5, 2026

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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Blue Owl Technology Finance earnings miss as non-accruals rise

What to watch next

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