Key Takeaways
- • Blue Owl Capital said on February 19, 2026 that it is not halting investor liquidity in Blue Owl Capital Corp II (OBDC II), a non-traded private debt fund, despite replacing quarterly redemptions with a capital return program.
- • The firm had announced the previous day that it would return 30% of the fund's net asset value to investors and end quarterly redemptions, according to Reuters.
- • Blue Owl said the plan returns six times the capital that a resumed tender offer, which would have allowed redemption of up to 5% of capital, would have provided, paid to all shareholders over the next 45 days.
- • The move weighed on Blue Owl's shares (OWL.N), according to Reuters.
Summary
Blue Owl Capital (OWL.N) said on Thursday, February 19, 2026, that it was not halting investor liquidity, or access to cash, from Blue Owl Capital Corp II (OBDC II), a non-traded private debt fund, according to Reuters. The clarification followed a decision the prior day to replace the fund's quarterly redemption opportunities with a one-time capital return, a move that weighed on the group's shares.
In a statement, Blue Owl said it would return 30% of the fund's net asset value to investors and stop quarterly redemptions. Rather than resuming a tender offer process, under which investors could seek to redeem up to 5% of capital, the firm said its new plan would return six times as much capital. According to the company, that capital would be returned to all shareholders over the next 45 days.
Blue Owl said it would continue to pursue this plan to return capital to OBDC II investors in the coming quarters. The company's framing centers on the scale and breadth of the distribution rather than on any suspension of access to capital. Reuters reporting was by Isla Binnie.
In a statement, Blue Owl said it would return 30% of the fund's net asset value to investors and stop quarterly redemptions. Rather than resuming a tender offer process, under which investors could seek to redeem up to 5% of capital, the firm said its new plan would return six times as much capital. According to the company, that capital would be returned to all shareholders over the next 45 days.
Blue Owl said it would continue to pursue this plan to return capital to OBDC II investors in the coming quarters. The company's framing centers on the scale and breadth of the distribution rather than on any suspension of access to capital. Reuters reporting was by Isla Binnie.
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