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OTFBearishCorporate Developmentsnews

High materiality8/10

OTF Debt-Run Expansion Tests Dividend Coverage Ahead

Sep 8, 2026, 11:34 AM EDT1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Near-term dividend-coverage gaps and rising financing costs pressure near-term equity value; investors will watch whether NII improves enough to cover the $0.35 base dividend after the new issuances.

AI summary

What happened, with direct paths to the underlying reporting

OTF completed a $150 million private placement of 7.60% senior unsecured notes due Sept 3, 2032, lifting total debt financing since June 30 to $800 million. The move, along with August debt issuances and a SPV facility, reshapes funding costs and available capacity. The critical catalyst is whether higher portfolio income after financing can lift NII above the $0.35 base dividend in coming quarters.

OTF closed a $150m private placement of 7.60% notes due Sept 3, 2032. Total debt capital raised since June 30 reaches $800m.
Q2 adjusted NII was $0.30 per share; base dividend is $0.35.
Declares a $0.05 listing-related special dividend; separate from base dividend.
Three financings broaden funding mix; August $400m notes to pay down debt.

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