Saba Capital Management, L.P. and Cox Capital Partners announced a tender offer to purchase shares of Blue Owl Capital Corporation II, Blue Owl Technology Income Corp., and Blue Owl Credit Income Corp. The notice was filed with the SEC on February 20, 2026, and the offers are expected to begin after a 10‑business‑day notice period.
The initial filing does not disclose a specific purchase price or the percentage of shares targeted. However, the offer is anticipated to be priced at a discount of 20‑35% to the most recent estimated net asset value and dividend‑reinvestment price, giving investors a clear sense of the valuation range that the buyers are willing to pay.
Blue Owl Capital Inc. responded to the tender‑offer announcement on February 18, 2026, stating that it was not halting redemptions from Blue Owl Capital Corp. II but was changing the method by which investors receive cash. The company also highlighted that it remains well‑capitalized, with roughly $4 billion in total cash and borrowing capacity.
Following the announcement, Blue Owl’s common stock rose 2.2% in extended‑hours trading on February 20, a move that reflected investor relief at the prospect of liquidity for the non‑traded BDCs and a response to the company’s earlier decision to permanently stop allowing redemptions from Blue Owl Capital Corp. II.
The tender offers come amid broader industry pressure, as BDCs have faced increasing redemption requests, net outflows over multiple quarters, and rising redemption‑gate provisions. By offering to buy shares at a discount to NAV, Saba Capital and Cox Capital are providing a liquidity solution that could alter control dynamics and influence future strategic decisions for the three entities.
Details on the exact offer price, the percentage of shares to be acquired, and the commencement date will be disclosed after the 10‑business‑day notice period. Investors and market participants should monitor subsequent filings for these specifics.
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