Private Credit: KBRA Comments on Blue Owl Capital Corporation II's Asset Sales

On February 17, 2026, Blue Owl Capital Corp. II (“OBDC II” or “the company”) (KBRA Issuer/ Senior Unsecured Debt ratings of BBB+/Stable outlook) filed a Form 8-K disclosing entry into loan sale agreements totaling $600 million at 99.7% of par including unfunded commitments. The transactions are expected to generate approximately $538 million of proceeds after fees, which the company intends to use to repay secured debt and to distribute approximately 30% of total net assets to shareholders on a pro-rata basis. OBDC II’s direct lending investment sales are part of Blue Owl's broader $1.4 billion asset sale to institutional investors, including public pension plans and insurance companies. The broader transaction includes assets from Blue Owl Capital Corporation (KBRA Issuer/ Senior Unsecured Debt ratings of BBB+/Stable) and Blue Owl Technology Income Corp. (KBRA Issuer/ Senior Unsecured Debt ratings of BBB/Stable).

As of 3Q25 OBDC II reported a relatively conservative gross leverage…