--- title: "Blue Owl Technology Income Corp. Fills 12.8% of Shares Tendered, Its Third Straight Quarter Below 15%" url: https://altstreet.investments/news/blue-owl-technology-income-corp-q3-2026-tender-offer-12-83-percent-2026-10-26 kind: news-article updated: 2026-10-30 description: "OTIC accepted 12.8% of 108.6 million shares tendered in its Q3 2026 offer, paying $137.2 million, per SEC accession 0001628280-26-067330; its third quarter below 15% after January's offer was filled in full." publisher: AltStreet (https://altstreet.investments) license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted. --- # Blue Owl Technology Income Corp. Fills 12.8% of Shares Tendered, Its Third Straight Quarter Below 15% The final amendment to the non-traded BDC's Schedule TO shows 13.9 million of 108.6 million tendered shares accepted for $137.2 million. The four final amendments filed in 2026 run 100%, 14.4%, 13.1% and 12.8%; sister fund Blue Owl Credit Income Corp. filled 29.8% the same day. By Michael E., Head of Research, AltStreet Research (https://altstreet.investments/authors/michael-e). Published October 30, 2026. Entity: Blue Owl Technology Income Corp. (CIK 1869453, https://altstreet.investments/edgar/1869453). Blue Owl Technology Income Corp., a non-traded business development company advised by Blue Owl Technology Credit Advisors II LLC, accepted 12.8% of the shares its stockholders tendered in the quarterly repurchase offer that expired September 30, 2026. The final amendment to its Schedule TO, filed October 26, 2026 (accession 0001628280-26-067330), reports 108,556,457 shares validly tendered and not withdrawn, 39% of the shares outstanding at June 30, 2026, against an offer for up to 5.00% of those shares. The company accepted 13,926,862 shares on a pro rata basis for approximately $137,179,587, at the $9.85 per share net offering price it set for September 30, 2026. It is the fourth final tender result the company has filed in 2026 and the third in a row to fill less than 15% of what was tendered. ## What the filings show The offer that expired January 8, 2026 was filled in full: 50,787,512 shares tendered, all purchased, for approximately $527,174,383 at $10.38 per share, which the filing describes as 15.4% of the shares outstanding (accession 0001628280-26-003928, filed January 29, 2026). A quarterly letter filed as an exhibit to that amendment says the board chose to increase the offer beyond its standard size to meet all investor demand, that the company had fulfilled every tender since inception, and that it held $1.4 billion across cash, available borrowing capacity and broadly syndicated loans at December 31, 2025, with net leverage at 1.05 times debt to equity. The three offers since have each been for the standard 5.00% of shares outstanding and each has been prorated. The offer that expired March 31 drew 119,934,135 shares, which the April 27 final amendment puts at 40.4% of the shares outstanding at December 31, 2025 after adjusting for the January tender; 17,246,881 were accepted, 14.380% of the tendered total, for approximately $169,364,372 at $9.82 (accession 0001628280-26-027573). The June 30 offer drew 109,888,749 shares, 38.1% of those outstanding at March 31, and accepted 14,438,906, 13.1%, for approximately $140,057,390 at $9.70 (accession 0001628280-26-049599). The September 30 offer drew 39% of shares outstanding and filled 12.8%. Across the four final amendments the company reports approximately $973.8 million in aggregate purchase prices; shares tendered but not accepted stay with their holders and are repurchased only if tendered again in a later offer. Sister fund Blue Owl Credit Income Corp. filed its own final amendment the same day (accession 0001628280-26-067327). Its offer, also for up to 5.00% of shares outstanding, drew 341,389,461 shares, 16.8% of those outstanding at June 30, 2026; it accepted 101,609,211 shares, 29.8% of the tendered total, for approximately $931,090,853 at net offering prices of $9.14, $9.15 and $9.17 for its Class S, D and I shares. The two funds together report approximately $1.07 billion in purchase prices for the quarter. The four OTIC offers compare as follows, with every figure from the final amendment named in the last column. | Offer expired | Shares tendered | Share of fund tendered | Shares accepted | Filled | Purchase price | Price per share | Final amendment | | --- | --- | --- | --- | --- | --- | --- | --- | | Jan 8, 2026 | 50,787,512 | 15.4% (all accepted) | 50,787,512 | 100% | $527,174,383 | $10.38 | 0001628280-26-003928 | | Mar 31, 2026 | 119,934,135 | 40.4% | 17,246,881 | 14.38% | $169,364,372 | $9.82 | 0001628280-26-027573 | | Jun 30, 2026 | 109,888,749 | 38.1% | 14,438,906 | 13.1% | $140,057,390 | $9.70 | 0001628280-26-049599 | | Sep 30, 2026 | 108,556,457 | 39% | 13,926,862 | 12.8% | $137,179,587 | $9.85 | 0001628280-26-067330 | Share of fund tendered is the filing's own percentage of shares outstanding at the prior quarter end (the March figure is adjusted for the January tender). Filled is shares accepted as a percentage of shares tendered, as stated in each amendment. ## Background Blue Owl Technology Income Corp., formerly Owl Rock Technology Income Corp. until July 2023, is a Maryland corporation that has elected business development company status under the Investment Company Act (file 814-01445). It sells Class S, Class D and Class I common stock monthly in a continuous public offering and a private offering at the prior month-end net asset value plus any sales load, and offers to repurchase shares quarterly through tender offers rather than listing on an exchange. Its October 23, 2026 Form 8-K reports $4,074,889,588 in gross proceeds across both offerings since inception, aggregate NAV of $2.6 billion at September 30, 2026, and a per-share NAV of $9.85 for each class, down from $10.38 at December 31, 2025 (accessions 0001869453-26-000063 and 0001869453-26-000006). The monthly series between those dates is on the company's entity page. The same 8-K carries management's own September 30 figures on liquidity and leverage: net leverage of 0.86 times debt to equity, available liquidity of $1.2 billion including cash, liquid Level 2 assets and available debt under current borrowing base limits, investments in 169 portfolio companies with an aggregate fair value of $5.0 billion, and a portfolio that is 87.0% first lien debt by fair value. Those are management's unaudited monthly disclosures, not figures from a periodic report. Payment for accepted shares is made in non-interest-bearing, non-transferable promissory notes, issued promptly after the offer expires and held by DST Systems Inc., the company's transfer agent, on behalf of each tendering stockholder. Under the offer terms (the offer to purchase filed August 26, 2026, accession 0001628280-26-059107), the company pays each note in cash promptly after it determines the net offering price for the quarter end, which the October 26 amendment says it did on October 22. The amendment reports the notes as issued; neither filing states that cash has been disbursed. ## The pattern in AltStreet's data AltStreet reads every registered fund's and non-traded BDC's repurchase filings from EDGAR. On OTIC's record the fulfillment rate has moved from 100% to 14.4% to 13.1% to 12.8% over four consecutive offers while the share of the fund tendered has held near two fifths for three quarters: 40.4%, 38.1% and 39%. The January offer was the exception, not the rule: the standard offer is 5.00% of shares outstanding each quarter, and the three offers since were filled to that cap and prorated. Among the third-quarter tender results AltStreet has parsed so far, Barings Private Credit Corp., Fidelity Private Credit Fund and Silver Point Private Credit Fund each bought every share tendered, Ares Strategic Income Fund accepted 38.2% of its tenders, Blue Owl Credit Income Corp. 29.8% and OTIC 12.8%. AltStreet's research piece [Private Credit Funds Are Rationing Exits](/research/private-credit-tender-offers-prorated) sets out the same series for every non-traded BDC on its watch-list, fund by fund. ## Why it matters For holders of semi-liquid credit vehicles, the figures that matter are the two ratios the filings establish: how much of the fund asked to leave, and how much of that request was met. At OTIC roughly two fifths of the shares outstanding were tendered in each of the last three quarters and about one seventh of that was bought back. As a hypothetical, a stockholder who tendered an entire position in June and tendered every remaining share again in September would, at the filed rates of 13.1% and 12.8%, have had about 24% of the original position repurchased. The rest stays invested in the fund and is repurchased only if tendered again in a later offer. The per-share NAV fell 5.1% from December 31, 2025 to September 30, 2026 while the 8-K reports positive Class I total net returns of 1.6% year to date and 3.4% for the trailing year. The filing states that its return calculation assumes distributions are reinvested, so in that calculation distributions more than offset the NAV decline. The filings cited here do not establish the source of those distributions or whether they are sustainable, and this article does not. ## What the filings do not show The Schedule TO amendments report shares tendered, shares accepted and the price paid. They do not say why stockholders tendered in these volumes, why the board set the January offer above the standard 5% and the later offers at it, or how many stockholders tendered, so no per-holder figure can be derived. The January letter's account of the board's reasoning is the company's own characterization. The NAV, leverage, liquidity and portfolio figures come from the company's monthly 8-Ks, which state figures set or reported by management and are not audited. The two Blue Owl funds share an adviser group and a filing calendar; the filings do not establish any other link between their tender outcomes. ## Key facts - Q3 2026 offer: 108,556,457 shares tendered (39% of shares outstanding at June 30, 2026), 13,926,862 accepted (12.8%), approximately $137,179,587 at $9.85 per share, per Form SC TO-I/A accession 0001628280-26-067330 filed October 26, 2026 - Q2 2026 offer: 109,888,749 tendered (38.1%), 14,438,906 accepted (13.1%), approximately $140,057,390 at $9.70, per accession 0001628280-26-049599 - Q1 2026 offer: 119,934,135 tendered (40.4% after adjusting for the January tender), 17,246,881 accepted (14.380%), approximately $169,364,372 at $9.82, per accession 0001628280-26-027573 filed April 27, 2026 - Q4 2025 offer: 50,787,512 tendered, all purchased, approximately $527,174,383 at $10.38, 15.4% of shares outstanding, per accession 0001628280-26-003928; the four 2026 final amendments total approximately $973.8 million - Blue Owl Credit Income Corp. the same day: 341,389,461 tendered (16.8%), 101,609,211 accepted (29.8%), approximately $931,090,853, per accession 0001628280-26-067327 - September 30, 2026 per management's 8-K: NAV $9.85 per share (from $10.38 at December 31, 2025), aggregate NAV $2.6 billion, net leverage 0.86x, available liquidity $1.2 billion, 169 portfolio companies at $5.0 billion fair value, per accession 0001869453-26-000063 ## Sources - Blue Owl Technology Income Corp., Schedule TO-I/A (final amendment), filed October 26, 2026: https://www.sec.gov/Archives/edgar/data/1869453/000162828026067330/otic-scheduletoaoctober2026.htm - Blue Owl Credit Income Corp., Schedule TO-I/A (final amendment), filed October 26, 2026: https://www.sec.gov/Archives/edgar/data/1812554/000162828026067327/ - Blue Owl Technology Income Corp., Schedule TO-I/A (final amendment), filed July 24, 2026: https://www.sec.gov/Archives/edgar/data/1869453/000162828026049599/otic-scheduletoajuly2026.htm - Blue Owl Technology Income Corp., Schedule TO-I/A (final amendment), filed April 27, 2026: https://www.sec.gov/Archives/edgar/data/1869453/000162828026027573/otic-scheduletoa.htm - Blue Owl Technology Income Corp., Schedule TO-I/A (final amendment) with quarterly letter, filed January 29, 2026: https://www.sec.gov/Archives/edgar/data/1869453/000162828026003928/otic-scheduletoajanuary2026.htm - Blue Owl Technology Income Corp., Offer to Purchase (Schedule TO-I exhibit 99(a)(1)(B)), filed August 26, 2026: https://www.sec.gov/Archives/edgar/data/1869453/000162828026059107/exhibit99a1b-oticschedulet.htm - Blue Owl Technology Income Corp., Form 8-K (September 30, 2026 NAV, portfolio and business update), filed October 23, 2026: https://www.sec.gov/Archives/edgar/data/1869453/000186945326000063/ - Blue Owl Technology Income Corp., Form 8-K (December 31, 2025 NAV), filed January 28, 2026: https://www.sec.gov/Archives/edgar/data/1869453/000186945326000006/ ## SEC accession numbers - 0001628280-26-067330 - 0001628280-26-067327 - 0001628280-26-049599 - 0001628280-26-027573 - 0001628280-26-003928 --- Source page: https://altstreet.investments/news/blue-owl-technology-income-corp-q3-2026-tender-offer-12-83-percent-2026-10-26 Machine index: https://altstreet.investments/llms.txt AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.