Blue Owl Capital Confirms Unsolicited Offer from Cox and Saba
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 06 2026
0mins
Should l Buy OBDC?
Blue Owl Capital Corporation II confirmed receipt of an "unsolicited, minority tender offer" from Cox Capital Partners and Saba Capital Management for up to 8M shares of OBDC II, which is less than 7% of the outstanding shares. The offering price represents a discount of over 30% to net asset value, Blue Owl noted. It added, "The Board of Directors of OBDC II will carefully review and evaluate Cox and Saba's offer to determine the course of action it believes is in the best interests of OBDC II shareholders...While the Board is evaluating the offer, Blue Owl remains focused on maximizing value for all shareholders of OBDC II and protecting their interests through the disciplined execution of its investment strategy. OBDC II will advise shareholders of the Board's recommendation on the unsolicited tender offer in due course."
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Analyst Views on OBDC
Wall Street analysts forecast OBDC stock price to rise
9 Analyst Rating
7 Buy
2 Hold
0 Sell
Strong Buy
Current: 11.060
Low
12.00
Averages
14.19
High
15.50
Current: 11.060
Low
12.00
Averages
14.19
High
15.50
About OBDC
Blue Owl Capital Corporation is a specialty finance company focused on lending to United States middle-market companies. The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns, including senior secured, subordinated, or mezzanine loans and equity-related instruments. Its investment strategy is intended to generate favorable returns across credit cycles with an emphasis on preserving capital. It has investments in approximately 219 portfolio companies. Its portfolio by industry includes Internet software and services, insurance, food and beverage, asset-based lending and fund finance, healthcare providers and services, healthcare technology, buildings and real estate, consumer products, manufacturing, aerospace and defense, distribution, business services, and others. It is externally managed by Blue Owl Credit Advisors LLC.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Weak Component Stocks: Among the ETF's components, Blue Owl Technology Finance saw a decline of about 3.8%, while Blue Owl Capital dropped by approximately 2.3%, reflecting market pressures and potential profitability issues for these companies.
- Market Sentiment Impact: The overall decline of the ETF may be influenced by market sentiment, as investor concerns about economic outlook could lead to increased risk aversion, thereby affecting the performance of related stocks.
- Investor Focus Shift: With the ETF underperforming, investors may reassess their portfolios, considering whether to continue holding these component stocks or seek alternative investments with greater growth potential.
See More
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See More
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- Stable Default Rates: Doug Ostrover, co-CEO of Blue Owl Capital, stated at the Asia Pacific Financial and Innovation Symposium that there are no signs of rising defaults in their loan book, indicating the company's robust performance in the private credit sector.
- Revenue Growth Expectations: Ostrover noted that the current portfolio is experiencing revenue growth in the range of 8% to 10%, demonstrating the company's ability to maintain substantial profitability amid market fluctuations, which boosts investor confidence.
- Market Sentiment Rebound: Despite recent redemption waves faced by several private credit managers, Ostrover emphasized that the performance of portfolio companies remains solid, reflecting the potential resilience of the private credit market and paving the way for future investment opportunities.
- Communication Gaps: Ostrover mentioned that the industry has fallen short in clearly explaining liquidity restrictions to retail and high-net-worth investors, stressing the need for improved communication with advisors to enhance investor understanding and trust in private credit products.
See More
Analysis of Blue Owl Capital's 40% Stock Decline
- Portfolio Overview: Blue Owl Capital has invested in 234 companies within its $16.5 billion portfolio, allocating 79% to senior secured investments, which positions it ahead of unsecured creditors in bankruptcy situations, although its net asset value per share has only slightly increased from $14.74 in 2020 to $14.81 in 2025.
- Stock Price Decline Reasons: The stock price of Blue Owl has plummeted over 40% from its peak, primarily due to projected earnings per share (EPS) declining by 14% to $1.32, falling short of its forward dividend rate of $1.51 per share, raising investor concerns about its future profitability.
- Market Reaction: Investor panic was triggered when a related non-traded fund restricted withdrawals and sold approximately $1.4 billion in loans, exacerbating distrust in Blue Owl's stock, even though its current price of $11 is below its latest net asset value per share.
- Future Outlook: Although Blue Owl's earnings could recover if interest rates rise abruptly, the company-specific challenges and market uncertainties suggest that analysts recommend avoiding investment in the stock until more positive signals emerge.
See More
Ares Halts Redemptions as Private Credit Funds Experience Increased Investor Withdrawals
Private Credit Firms Struggling: Private credit firms, including Blue Owl Capital, experienced significant investor withdrawals last year.
Ares Management's Resilience: Ares Management Corp. managed to navigate the challenges in the industry successfully until recently.
See More
Analysis and Outlook: Shaken Confidence
- Market Volatility: Stocks fluctuated throughout the day, alternating between gains and losses.
- Diplomatic Uncertainty: Investors were reacting to conflicting statements from the Trump administration and Iranian officials regarding potential back-channel diplomacy aimed at resolving the ongoing conflict.
See More
