Blue Owl Technology Finance Corp. (NYSE: OTF) isn’t waiting around for the clock to run out. The tech-focused business development company (BDC) announced a partial early lock-up release on roughly 10% of each shareholder’s holdings, effective September 9, 2025. That’s about 46.5 million shares entering the float ahead of schedule.

The move comes just months after OTF’s splashy debut on the NYSE, positioning itself as the largest technology-focused BDC in the public markets. Normally, insiders and early investors are stuck with a 180-day lock-up before selling shares. By cutting in early, OTF is betting that increased liquidity will smooth trading, attract fresh institutional attention, and maybe put a little shine on its innovative tech-lending strategy.

What’s Still Locked

Not everything’s up for grabs. Shares tied to the second and third lock-up tranches remain sealed until 270 and 365 days post-listing, respectively. In other words, only a slice of OTF’s capital structure is hitting the market early.

Why It Matters

Lock-up releases can be double-edged. On one hand, they boost liquidity and broaden investor access—exactly what OTF CEO Craig W. Packer says he’s aiming for. On the other, they sometimes spark sell-offs as insiders cash out. For OTF, the timing might be strategic: the company has already teased five special dividends and a buyback program to keep shareholder confidence intact.

The tech-financing space has been heating up, with firms like Hercules Capital and TriplePoint Venture Growth also jockeying for investor attention. By front-loading liquidity, OTF may be trying to carve out a competitive edge—and reassure Wall Street it can play in the same sandbox as traditional private credit powerhouses while maintaining a growth-oriented tilt toward technology.

Whether this accelerates institutional adoption or triggers short-term volatility remains to be seen. But one thing’s clear: OTF isn’t shy about putting liquidity back on the table.