OCIC/OTIC Redemption Updates - Sequential Improvement & Favorable Laterals

Research evidence excerpt

OCIC/OTIC Redemption Updates - Sequential Improvement & Favorable Laterals

TD SECURITIES (USA) LLC QUICK TAKE: INDUSTRY UPDATE

July 2, 2026

■Asset Managers: Alternative Asset OCIC/OTIC Redemption Updates - Sequential

Managers Improvement & Favorable Laterals

Bill Katz THE TD COWEN INSIGHT

212 468 7802

Pre 7/2 market open, OCIC and OTIC, or OWL's flagship direct lending and tech-centric direct

bill.katz@tdsecurities.com

lending BDCs, respectively, released select 2Q KPIs, pointing to elevated but improving tender

Bradley Hays dynamics. While far from out of the woods, the update reinforces embedded trends that the

646 562 1487 industry seems to be past the peak of the issues - which should help stabilize the sector into

bradley.hays@tdsecurities.com

2H26, we believe.

Robin Holby, CFA

646 562 1401 Impact To OWL - Likely positive. On the one hand, quarterly tenders for 2Q remain well

robin.holby@tdsecurities.com above industry trends (Figures 1-2). On the other hand, A) both OCIC and OTIC reported a

Sergio Ferreira Q/Q decline in tenders; and B) akin to added disclosure from peers, tender requests remain

646 562 1465 relatively contained, and underlying portfolio metrics remain strong.

sergio.ferreira@tdsecurities.com

Specific Details

OCIC - OWL's diversified Direct Lending (D/L) non-traded BDC, with ~$34B in par value

received 18.8% tender requests, while elevated, down vs. 21.9% in 1Q. From the disclosure,

mgmt noted that bulk of requests from prior tenders, with sequential reductions across

geographies & client segments. Akin to commentary from ARES (see 6/25), mgmt noted ample

liquidity to meet its 5% quarterly redemption threshold. Mgmt also noted 2.5% 3M return

through 5/31, which we view favorably.