OBDC News & Analysis

Saba Capital's Tender Offers for Blue Owl (OBDC II) Below Expectations

Saba Capital Management reported that its tender offers for shares in Blue Owl Capital Corporation II (OBDC II) and Starwood Real Estate Income Trust (SREIT) were below initial expectations. The tender for Blue Owl shares was unsuccessful, garnering less than 1% of offers, while Saba acquired about $10 million across 190 trades, predominantly from SREIT. This came as elevated redemptions saw investors seeking to pull out $5.4 billion from two private-credit funds in the first quarter. Saba indicated that they perceive growing opportunities for providing liquidity in this market through 2027 and 2028.