KBRA Assigns Rating to Blue Owl Technology Finance Corp.'s $400 Million Senior Unsecured Notes due 2029

About this update from Blue Owl Technology Finance Corp.

NEW YORK, August 17, 2026--(BUSINESS WIRE)--KBRA assigns a rating of BBB to Blue Owl Technology Finance Corp.'s (NYSE: OTF or "the company") $400 million 6.500% senior unsecured notes due October 15, 2029. The rating Outlook is Stable. Key Credit Considerations The rating is supported by the company's ties to the significant $158.1 billion Blue Owl Credit platform as well as the derived benefits from OTF's SEC exemptive relief to co-invest with other funds managed by the adviser and its affiliates, including the $26 billion deployed across the technology strategy. Furthermore, the experienced management team which has decades of experience working in the private markets has built a high credit quality direct lending platform to finance mainly sponsor-backed portfolio companies in the upper middle market. The company has a team of 40+ tech dedicated investment professionals in Menlo Park, CA, and New York, NY, which supports origination and risk management. Following the completion of the 2025 merger with its affiliated technology business development company, OTF has $14.7 billion of total investments at fair value as of June 30, 2026. The investment portfolio is well diversified consisting of 205 technology focused portfolio companies with 78% of the investment portfolio at FV comprised of senior secured first lien loans. The top three sector exposures by end market are Systems Software (17.5%), Application Software (15.3%), and Health Care Technology (12.4%). The company has invested in 39 sectors that are diversified by subsectors and end-markets. Furthermore, the top 10 positions represent only 16% of the portfolio at FV. The portfolio companies are backed by high quality private equity sponsors with significant dry powder, which can support portfolio companies in adverse markets. The portfolio companies had a weighted average EBITDA of $291 million with a weighted average revenue of $1.0 billion and enterprise value of $5.7 billion as of 2Q26. Credit quality remains solid with two portfolio companies on non-accrual status, accounting for only 0.6% and 0.1% of total investments at cost and FV, respectively. Furthermore, 92.4% of the portfolio is internally rated at the highest ratings of 1 or 2, which indicate that the loan is performing at or above at underwriting expectations. Approximately 98% of PIK is at origination. Further supporting the rating...

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