Saba Capital and Cox Capital Offer Cash Tender for OBDC II
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 20 2026
0mins
Should l Buy OWL?
Saba Capital Management and Cox Capital Partners disclosed that they provided notice to Blue Owl Capital Corporation II on February 17, of their intention to commence a tender offer to purchase a portion of outstanding shares of OBDC II in cash. The purchasers subsequently notified Blue Owl Technology Income Corp. and Blue Owl Credit Income Corp. of their intention to commence similar tender offers. "The Purchasers' tender offers would provide a liquidity solution to retail investors in the wake of a significant industry-wide increase in BDC redemption requests, multiple quarters of net outflows and a rise in redemption gate provisions," Saba and Cox said in a statement. "OBDC II, OTIC and OCIC are non-traded BDCs with limited liquidity. Once the 10-business day notice period concludes for each BDC, the Purchasers intend to announce the commencement of the tender offers to provide direct liquidity to investors who seek it, subject to terms and conditions and the number of shares to be purchased that will be detailed in tender offer documents, including the offer pricing and number of shares covered by each offer. The offer price is expected to be at a 20-35% discount to the most recent estimated net asset value and dividend reinvestment price, as applicable for each BDC, which will be determined when the tender offers are commenced. The Purchasers are not affiliated with OBDC II, OTIC, OCIC or their advisor," they added.
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Analyst Views on OWL
Wall Street analysts forecast OWL stock price to rise
15 Analyst Rating
12 Buy
3 Hold
0 Sell
Strong Buy
Current: 10.550
Low
18.00
Averages
21.13
High
28.00
Current: 10.550
Low
18.00
Averages
21.13
High
28.00
About OWL
Blue Owl Capital Inc. is an alternative asset management company. The Company deploys private capital across Credit, GP Strategic Capital and Real Estate platforms on behalf of institutional and private wealth clients. Its product platforms include Credit, GP Strategic Capital and Real Estate. Its credit products offer private financing solutions primarily to upper-middle-market companies. Its credit products are offered through a mix of business development companies, long-dated private funds, managed accounts and collateralized loan obligations. It is focused on acquiring equity stakes in or providing debt financing to private capital firms. Its Real Estate products are focused on acquiring triple net lease real estate occupied by investment-grade or creditworthy tenants. Its Real Estate products are offered through Permanent Capital vehicles, including its real estate investment trusts, and long-dated private funds. It offers asset management services to the insurance industry.
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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See More
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See More
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- Capital Expenditure Projections: Four hyperscalers forecast a combined AI capex of $650 billion by 2026, up from $450 billion last year, which Eisman sees as both a significant tailwind for Nvidia and a potential risk if returns do not materialize.
- Software Industry Risks: Eisman expressed concerns about AI's impact on software companies, suggesting that AI spending could replace existing products, jeopardizing private credit loans tied to software buyouts, with over 20% of the $1.8 trillion private credit market exposed to such loans, posing substantial risks.
See More
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- Market Volatility: The S&P 500 fell on Monday but briefly rebounded after the U.S. and Israel launched an attack on Iran, causing oil prices to spike; WTI crude prices, while off their highs, indicate a defensive market stance.
- CrowdStrike Upgrade: Piper Sandler upgraded CrowdStrike from hold to buy with a $520 price target, arguing that the nearly 19% year-to-date pullback is excessive, and sees AI as an opportunity rather than a threat, boosting market confidence.
- Nvidia Strategic Investments: Nvidia shares rose over 3% after being named a top pick by Morgan Stanley, with analysts noting that despite stagnant stock performance in the last two quarters, business has strengthened; the company announced $2 billion investments in both Coherent and Lumentum, highlighting its strategic focus in optics technology.
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- Slowing Inflows: Blue Owl's largest fund, OCIC, saw inflows decrease from approximately $600 million per month in November to $208 million in February, indicating a growing dependency on non-traded BDCs, which may lead to increased outflows in the future.
- Redemption Pressure: Blue Owl experienced quarterly redemptions exceeding 5% of net asset value in Q4, translating to over $1 billion in outflows, with analysts suggesting that this trend could worsen due to software and AI-related concerns.
- Market Opportunity for StepStone: StepStone has outperformed expectations in the wealth channel and is significantly less exposed to non-traded BDCs compared to peers, leading analysts to view this as an attractive entry point, with expectations for stable inflows into its wealth products.
See More
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- Barclays Downgrades Blue Owl: Barclays downgrades Blue Owl from overweight to equal weight, citing overly high market estimates and suggesting that the stock is now closer to fairly priced based on earnings growth potential.
- Piper Sandler Upgrades CrowdStrike: Piper Sandler upgrades CrowdStrike from neutral to overweight, maintaining a $520 price target, arguing that the market's bearish sentiment driven by AI narratives is overdone for a leading security platform with a strong track record.
- Goldman Sachs Upgrades Dutch Bros: Goldman Sachs upgrades Dutch Bros from neutral to buy, asserting that the market is underestimating the coffee chain's fundamental strength and competitive positioning amid a challenging coffee landscape.
See More
