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Bond Market News
Saba and Cox Capital Offer Liquidity to Blue Owl BDC Holders
February 23, 2026
Activist investor Boaz Weinstein in partnership with Cox Capital Partners, has offered to buy shares from investors in Blue Owl Capital’s business development companies (BDCs). Weinstein has agreed to the transaction via Saba Capital Management. The tender offers are expected to occur at a 20-35% discount to the funds’ latest estimated NAV and dividend reinvestment price. Shareholders are not required to sell shares, but the offers provide an optional liquidity exit. The move follows the recent stress in the $1.8tn private credit market amid concerns regarding Blue Owl, which recently restricted withdrawals from one of its private credit vehicles, Blue Owl Capital Corp. II (OBDC II). The firm also sold a $1.4bn loan portfolio to major pension funds and its own insurance arm to raise cash ahead of investor repayment obligations in the fund. Saba and Cox argue that the tender offers address rising redemption requests, net outflows, and increasing use of redemption gates across BDCs. Analysts note the offer may appeal to retail investors seeking immediate liquidity despite a cost.
Blue Owl’s 6.2% 2030s traded stable at 100.3, yielding 6.1%
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