Blue Owl Capital Corporation and Blue Owl Capital Corporation II Announce Termination of Merger
Blue Owl Capital Corporation (OWL) announced on November 19, 2025 that the previously proposed merger between Blue Owl Capital Corporation and Blue Owl Capital Corporation II has been terminated and that alternatives will be reevaluated in the future.
Management cited current market volatility as the reason; both funds are described as continuing to operate with strong fundamentals. OBDC II plans to reinstate a tender program in Q1 2026 subject to Board approval. Performance metrics: ~80% cumulative net return since 2017, 9.3% annualized, loss rate 23 bps, and non‑accruals <2%. OBDC’s $200 million share repurchase program remains in place.
Blue Owl Capital Corporation (OWL) ha annunciato il 19 novembre 2025 che la fusione precedentemente proposta tra Blue Owl Capital Corporation e Blue Owl Capital Corporation II è stata terminata e che le alternative verranno rivalutate in futuro.
La direzione ha indicato la volatilità attuale del mercato come motivo; entrambi i fondi continuano a operare con solidi fondamentali. OBDC II prevede di ripristinare un programma d'offerta pubblica di acquisto (tender) nel primo trimestre del 2026 soggetto all'approvazione del Consiglio. Metriche di performance: circa 80% rendimento netto cumulativo dal 2017, 9,3% annuo, tasso di perdita 23 basis points, e non‑accrual <2%. Il programma di riacquisto di azioni da $200 milioni di OBDC resta in vigore.
Blue Owl Capital Corporation (OWL) anunció el 19 de noviembre de 2025 que la fusión previamente propuesta entre Blue Owl Capital Corporation y Blue Owl Capital Corporation II ha sido cancelada y que se reevaluarán alternativas en el futuro.
La dirección citó la volatilidad actual del mercado como motivo; ambos fondos continúan operando con fundamentos sólidos. OBDC II planea restablecer un programa de tender en el primer trimestre de 2026 sujeto a la aprobación de la Junta. Métricas de rendimiento: aprox. 80% rendimiento neto acumulado desde 2017, 9,3% anualizado, tasa de pérdidas 23 puntos base, y incidencias de impagos <2%. El programa de recompra de acciones de $200 millones de OBDC permanece en vigor.
Blue Owl Capital Corporation (OWL)은 2025년 11월 19일에 Blue Owl Capital Corporation과 Blue Owl Capital Corporation II 간에 제안되었던 합병이 종료되었으며 향후 대안은 재평가될 것이라고 발표했다.
경영진은 현재 시장 변동성을 그 원인으로 지목했다; 두 펀드 모두 견고한 기본 여건으로 계속 운영되고 있다. OBDC II는 이사회 승인에 따라 2026년 1분기에 입찰 프로그램을 재개할 계획이다. 성과 지표: 2017년 이후 누적 순수익 약 80%, 연환산 9.3%, 손실률 23bps, 그리고 부실편입 <2%이다. OBDC의 2억 달러 규모의 주식 재매입 프로그램은 계속 유지된다.
Blue Owl Capital Corporation (OWL) a annoncé le 19 novembre 2025 que la fusion précédemment proposée entre Blue Owl Capital Corporation et Blue Owl Capital Corporation II a été résiliée et que des alternatives seront réévaluées à l'avenir.
La direction a attribué la volatilité actuelle du marché comme raison; les deux fonds continuent d'opérer avec des fondamentaux solides. OBDC II prévoit de rétablir un programme d'offre publique d'achat (Tender) au premier trimestre 2026 sous réserve de l'approbation du Conseil. Indicateurs de performance : environ 80% de rendement net cumulé depuis 2017, 9,3% annualisé, taux de pertes 23 points de base, et non accruals <2%. Le programme de rachat d'actions de 200 millions de dollars d'OBDC reste en place.
Blue Owl Capital Corporation (OWL) gab am 19. November 2025 bekannt, dass die zuvor vorgeschlagene Fusion zwischen Blue Owl Capital Corporation und Blue Owl Capital Corporation II beendet wurde und dass Alternativen künftig neu bewertet werden.
Das Management führte die aktuelle Marktschwankung als Grund an; beide Fonds würden weiterhin mit starken Fundamentaldaten operieren. OBDC II plant, ein Tender-Programm im Q1 2026 wieder aufzunehmen, vorbehaltlich der Zustimmung des Vorstands. Leistungskennzahlen: ca. 80% kumulierte Nettorendite seit 2017, 9,3% annualisiert, Verlustquote 23 Basispunkte, und Non‑Accruals <2%. Das 200 Mio. USD-Aktienrückkaufprogramm von OBDC bleibt bestehen.
Blue Owl Capital Corporation (OWL) أعلنت في 19 نوفمبر 2025 أن الاندماج المقترح سابقاً بين Blue Owl Capital Corporation وBlue Owl Capital Corporation II قد تم إنهاؤه وسيتم إعادة تقييم البدائل في المستقبل.
أشارت الإدارة إلى تقلبات السوق الحالية كسبب؛ كلا الصندوقين يواصلان العمل بأسس قوية. يخطط OBDC II لاستعادة برنامج المزايدة (Tender) في الربع الأول من 2026 بشرط موافقة المجلس. مقاييس الأداء: حوالي 80% عائد صافي تراكمي منذ 2017، 9.3% سنوياً، معدل الخسارة 23 نقطة أساس، وغير القابلة للاعتراف بالتراكم <2%. برنامج إعادة شراء الأسهم بمقدار 200 مليون دولار لـ OBDC لا يزال قائماً.
- OBDC II cumulative net return ~80% since 2017
- OBDC II 9.3% annualized net return since inception
- OBDC II loss rate of 23 basis points since inception
- Non‑accruals <2% of portfolio at fair value
- OBDC $200 million share repurchase program remains active
- Previously proposed merger has been terminated
- Planned strategic consolidation delayed due to market volatility
- OBDC II tender program only planned subject to Board approval (Q1 2026)
Insights
Merger termination is material but balanced by strong fund metrics and a continued share-repurchase program.
The Boards halted the proposed combination after concluding current market volatility makes proceeding unwise now; this directly affects corporate strategy and near-term capital allocation choices. The announcement keeps the OBDC repurchase program of
Key dependencies and risks include market conditions and Board approval for any future steps; the planned reinstatement of the tender program for OBDC II in
Analysis continues to show merger will create long-term value, but current market volatility is cause to reevaluate alternatives in the future
"While we continue to believe that combining OBDC and OBDC II could create meaningful long-term value for shareholders, we are no longer pursuing the merger at this point given current market conditions," said Craig W. Packer, Chief Executive Officer of OBDC and OBDC II. "Both funds remain strong, with excellent fundamentals, and we are confident in our ability to deliver attractive returns independently as we continue to work with the Board to consider the best future opportunities for OBDC II."
Subject to Board approval, OBDC II plans to reinstate the tender program in Q1 of 2026. Since inception in 2017, OBDC II has delivered a nearly
In addition, OBDC's
About Blue Owl Capital Corporation
Blue Owl Capital Corporation (NYSE: OBDC) is a specialty finance company focused on lending to
About Blue Owl Capital Corporation II
Blue Owl Capital Corporation II ("OBDC II") is a specialty finance company focused on lending to
Investor Contact:
BDC Investor Relations
Michael Mosticchio
credit-ir@blueowl.com
Media Contact:
Communications & Public Affairs
Nick Theccanat
nick.theccanat@blueowl.com
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SOURCE Blue Owl Capital Corporation
FAQ
Why did Blue Owl (OWL) terminate the OBDC and OBDC II merger on November 19, 2025?
Will OBDC II reinstate its tender program and when will it occur for OWL-related funds?
What performance metrics did OBDC II report that investors should note for OWL?
Does the termination affect OBDC’s $200 million share repurchase program for OWL?
How significant are OBDC II’s credit metrics for OWL investors after the merger termination?
What should OWL shareholders expect next after the merger termination on November 19, 2025?
