# EDGAR Filing Document

**Accession Number:** 0001655887
**File Stem:** 0001193125-26-106359
**Filing Date:** 2026-3
**Character Count:** 56822
**Document Hash:** 1e7c9356a34c3b4eb5c4eb21ed5813a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-106359.hdr.sgml**: 20260313

**ACCESSION NUMBER**: 0001193125-26-106359

**CONFORMED SUBMISSION TYPE**: SC 14D9

**PUBLIC DOCUMENT COUNT**: 11

**FILED AS OF DATE**: 20260313

**DATE AS OF CHANGE**: 20260313

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blue Owl Capital Corp II
- **CENTRAL INDEX KEY:** 0001655887

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 14D9
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-89955
- **FILM NUMBER:** 26753293

**BUSINESS ADDRESS:**
- **STREET 1:** 399 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** (212) 419-3000

**MAIL ADDRESS:**
- **STREET 1:** 399 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Owl Rock Capital Corp II
- **DATE OF NAME CHANGE:** 20151016
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blue Owl Capital Corp II
- **CENTRAL INDEX KEY:** 0001655887

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 14D9

**BUSINESS ADDRESS:**
- **STREET 1:** 399 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** (212) 419-3000

**MAIL ADDRESS:**
- **STREET 1:** 399 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Owl Rock Capital Corp II
- **DATE OF NAME CHANGE:** 20151016

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**SCHEDULE 14D-9** 

**SOLICITATION/RECOMMENDATION STATEMENT** 

**UNDER SECTION 14(d)(4) OF THE SECURITIES EXCHANGE ACT OF 1934** 

## BLUE OWL CAPITAL CORPORATION II
**(Name of Subject Company)** 

**(Names of Persons Filing Statement)** 

**Common Stock, Par Value $0.01 Per Share** 

**(Title of Class of Securities)** 

**None** 

**(CUSIP Number of Class of Securities)** 

**Jonathan Lamm** 

**Chief Financial Officer and Chief Operating Officer** 

**Blue Owl Capital Corporation II** 

**399 Park Avenue** 

**New York, NY 10022** 

**(212) 419-3000** 

**(Name, address and telephone number of person authorized to receive notices and communications** 

**on behalf of the persons filing statement)** 

***with copies to:***

**Cynthia M. Krus** 

**Kristin H. Burns** 

**Dwaune L. Dupree** 

**Eversheds Sutherland (US) LLP** 

**700 Sixth Street, NW** 

**Washington, DC 20001** 

**(202) 383-0100** 

☐ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

------

**INTRODUCTION** 

This Solicitation/Recommendation Statement relates to the unsolicited tender offer (the "Offer") by Cox Capital General Partner, LLC ("Cox GP"), Cox Capital Partners Special Situations Fund, L.P. ("CCPSSF"), Saba Capital Management GP, LLC ("Saba GP"), Saba Capital Management, L.P. ("Saba LP") and Saba Capital Tender SPV I, LLC ("Saba SPV" and together with Cox GP, CCPSSF, Saba GP and Saba LP, the "Offerors") to purchase in cash up to 8,000,000 shares of the outstanding common stock, par value $0.01 per share (the "Common Stock"), of Blue Owl Capital Corporation II, a Maryland corporation (the "Company"), at a price equal to $3.80 per share, upon the terms and subject to the conditions set forth in the Offer to Purchase (the "Offer to Purchase"), attached to and filed as an exhibit to the Tender Offer Statement on Schedule TO (together with the exhibits thereto, as amended or supplemented from time to time, the "Offerors' Schedule TO") filed by the Offerors with the Securities and Exchange Commission (the "SEC") on March 6, 2026.

**THE COMPANY'S BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS <u>REJECT</u> THE OFFER AND <u>NOT</u> TENDER THEIR SHARES OF COMMON STOCK PURSUANT TO THE OFFER TO PURCHASE.** 

**Item 1. Subject Company Information.** 

The Company's name and the address and telephone number of its principal executive office are as follows:

Blue Owl Capital Corporation II

399 Park Avenue

New York, NY 10022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212) 419-3000

This Schedule 14D-9 relates to the Company's Common Stock, par value $0.01 per share. As of February 26, 2026, there were 115,645,934 shares of the Company's Common Stock outstanding.

**Item 2. Identity and Background of Filing Person.** 

The Company is the person filing this Schedule 14D-9. The Company's name, address and business telephone number are set forth in Item 1 above, which information is incorporated herein by reference.

This Schedule 14D-9 relates to the Offer pursuant to which the Offerors have offered to purchase, subject to certain terms and conditions, up to 8,000,000 shares of Common Stock at a price equal to $3.80 per share (the "Offer Price").

According to the Offerors' Schedule TO, the business address for Cox GP and CCPSSF is 1333 Race Street, Philadelphia, PA 19107, and the business telephone number is (484) 840-5281, and the business address of Saba GP, Saba LP and Saba SPV is 405 Lexington Avenue, 58th Floor, New York, NY, 10174, and the business telephone number is (212) 542-4635.

**Item 3. Past Contacts, Transactions, Negotiations and Agreements.** 

Except as set forth below, to the knowledge of the Company, as of the date of this Schedule 14D-9, there are no material agreements, arrangements or understandings or any actual or potential conflicts of interest between the Company or its affiliates and the Offerors and their executive officers, directors or affiliates.

In addition, to the knowledge of the Company, there are no material agreements, arrangements or understandings or any actual or potential conflicts of interest between the Company or its affiliates and the executive officers, directors or affiliates of the Company, except as may be discussed in the Company's prior filings with the SEC, which can be found in the sections entitled (i) "Part I, Item 1. Business—Compensation of the Adviser" in the Company's Annual

------

Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 5, 2026 (the "Form 10-K"), (ii) "Part I, Item 1A. Risk Factors" in the Form 10-K, (iii) "Part II, Item 8. Financial Statements and Supplementary Data—Note 3. Agreements and Related Party Transactions" in the Form 10-K, (iv) "Part III, Item 11. Executive Compensation—Director Compensation," in the Form 10-K, (v) "Part III, Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholders Matters" in the Form 10-K, and (vi) "Part III, Item 13. Certain Relationships and Related Transaction, and Director Independence—Certain Relationships and Related Transactions" and "—Allocation of Investment Opportunities," in the Form 10-K. The Form 10-K has been previously made available to all the shareholders and is available for free on the SEC's website at <u>www.sec.gov</u>.

**Item 4. The Solicitation or Recommendation.** 

***(a)***  ***Solicitation or Recommendation.*** 

The Company's board of directors (the "Board"), in consultation with the Company's management, has reviewed the terms of the Offer. Based on this review, the Board has unanimously determined that the Offer is not advisable or in the best interests of the Company's shareholders. **ACCORDINGLY, THE BOARD UNANIMOUSLY RECOMMENDS THAT THE SHAREHOLDERS <u>REJECT</u> THE OFFER AND <u>NOT</u> TENDER THEIR SHARES PURSUANT TO THE OFFER TO PURCHASE.**

***(b)***  ***Reasons for the Recommendation.*** 

In making the recommendation described above, the Board considered the following factors in evaluating the merits of the Offer and in support of its recommendation that shareholders reject the Offer and not tender their shares in the Offer:

1.  ***The Offer Price is at a significant discount to net asset value ("NAV")*** 

The Offer Price of $3.80 per share represents a discount of approximately 33.2% to the Company's implied NAV per share of $5.69 as of February 24, 2026, after giving effect to the Return of Capital Distribution (as defined below) of $2.50 per share payable in cash on or before March 31, 2026 to shareholders of record as of March 24, 2026 (the "Return of Capital Distribution"). The Board believes this is a strategy designed to capture value from shareholders for the benefit of the Offerors, at a price well below the long-term value of the Company's Common Stock. The Board and the Company's management have already stated that the Company has taken significant steps to return capital to shareholders at no discount to fair value.

2.  ***The Offer Price is inadequate, arbitrary and substantially undervalues OBDC II's assets and ongoing access to liquidity.*** 

The Offerors' Schedule TO states that "no independent person has been retained to evaluate or render any opinion with respect to the fairness of the Offer Price and no representations are made by the [Offerors] or any affiliate of the [Offerors] as to such fairness." The Board, however, amongst other things, considered the fact that, on March 12, 2026, BofA Securities, Inc. ("BofA Securities") rendered an oral opinion to the Board, subsequently confirmed in writing, that, as of the date of such opinion and based upon and subject to the factors and assumptions set forth in its written opinion, the consideration to be paid to the holders of shares (other than Offerors and their affiliates) pursuant to the offer was inadequate from a financial point of view to such holders. The full text of BofA Securities' written opinion, dated March 12, 2026, which sets forth the assumptions made, procedures followed, matters considered and limitations on the review undertaken with such opinion, is attached hereto as Exhibit (g)(1). BofA Securities provided its opinion for the information and assistance of the Board in connection with its consideration of the Offer. The opinion of BofA Securities is not a recommendation as to whether or not any shareholders should tender such shares in connection with the offer or any other matter.

------

3.  ***Tendering in the Offer will prohibit the Company's shareholders from receiving future distributions and realizing any appreciation in the value of their shares in the future.*** 

Tendering shareholders would be walking away from a high-performing portfolio and all future distributions, including return of capital distributions, and would otherwise cede all rights with respect to shares of the Company's Common Stock that are tendered.

4.  ***The Company's management and the Board are not tendering in the Offer.*** 

To the extent any of the Company's executive officers or other affiliates own shares in the Company, they will not tender their shares of the Company's Common Stock in the Offer. There is strong conviction that the Company will continue delivering significantly greater value than this offer.

5.  ***Superior value is already being delivered.*** 

The Company has a proven track record of strong performance and since December 31, 2025, has a 9.1% annualized return since inception, consistently outperforming leveraged loan indices.

The Board is already taking specific significant action to return capital to the Company's shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In 2026, the Company's shareholders are expected to receive return of capital distributions equal to 50% or
more of the Company's NAV as of December 31, 2025, including the Return of Capital Distribution, which represents 30% of NAV as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In addition to regular monthly dividends, the Company intends to prioritize making additional return of capital
distributions to all shareholders on a quarterly basis of 5% or more of the Company's capital, subject to Board approval.

In view of the number of reasons and complexity of these matters, the Board did not find it practicable to, nor did it attempt to, quantify, rank or otherwise assign relative weight to the specific reasons considered.

In light of the reasons considered above, the Board has determined that the Offer is not in the best interests of the Company's shareholders.

**ACCORDINGLY, THE BOARD UNANIMOUSLY RECOMMENDS THAT THE SHAREHOLDERS <u>REJECT</u> THE OFFER AND NOT TENDER THEIR SHARES FOR PURCHASE BY THE OFFERORS PURSUANT TO THE OFFER TO PURCHASE.** 

The Board acknowledges that each shareholder must evaluate whether to tender his, her or its shares to the Offerors pursuant to the Offer and that, because there is no trading market for the Common Stock, an individual shareholder may determine to tender based on, among other considerations, such shareholder's individual liquidity needs. In addition, the Board believes that in making a decision as to whether to tender his, her or its shares to the Offerors pursuant to the Offer, each shareholder should keep in mind that the Company makes no assurances with respect to the specific timing of or ability of the Company to maintain future liquidity distributions to shareholders.

***(c)***  ***Intent to Tender.*** 

After reasonable inquiry and to the best knowledge of the Company, none of the Company's executive officers, directors, subsidiaries or other affiliates intends to tender or sell shares held of record or beneficially by such person for purchase pursuant to the Offer.

**Item 5. Person/Assets, Retained, Employed, Compensated or Used.** 

The Board has retained BofA Securities to act as financial advisor (the "Financial Advisor") in connection with, among other things, the Board's review, consideration and analysis of the Offer and its response thereto. The Financial Advisor was also retained by the Board for the purpose of preparing and delivering the opinion attached as an exhibit to this Schedule 14D-9. The Financial Advisor will be paid customary fees for such services. The fees of the Financial Advisor in connection with its opinion became payable in connection with its delivery of such opinion. The Financial Advisor will be reimbursed for their respective reasonable out-of-pocket expenses (including fees and disbursements of their respective legal counsel), and will be indemnified against certain liabilities relating to or arising out of their respective engagements.

------

The Company has retained D.F. King & Co. ("D.F. King") to assist it in connection with the Company's communications with its shareholders in connection with the Offer. The Company has agreed to pay customary compensation to D.F. King for such services. In addition, the Company has agreed to reimburse D.F. King for certain expenses and indemnify it and certain related persons against certain liabilities relating to or arising out of the engagement.

The Company has retained FGS Global ("FGS") as a strategic communications advisor in connection with the Offer. The Company has agreed to pay customary compensation to FGS for such services. In addition, the Company has agreed to reimburse FGS for certain expenses and indemnify it and certain related persons against certain potential liabilities relating to or arising out of the engagement.

Except as set forth above, neither the Company nor any person acting on its behalf has employed, retained or agreed to compensate any person to make solicitations or recommendations to shareholders concerning the Offer.

**Item 6. Interest in Securities of the Subject Company.** 

Based on the Company's records and reporting policies and on information provided to the Company by its directors, executive officers, affiliates and subsidiaries, during the past 60 days, no transactions with respect to the Common Stock have been effected by the Company, its executive officers, directors, affiliates or subsidiaries other than as described below.

*Blue Owl Capital Corporation II's Amended and Restated Dividend Reinvestment Plan* 

During the past 60 days, an aggregate of 699,921 shares of Common Stock were issued to shareholders of the Company who have "opted in" to the Company's Amended and Restated Dividend Reinvestment Plan (the "Plan") in connection with the reinvestment of cash distributions to such shareholders in additional shares of Common Stock pursuant to the Plan. As previously announced, on February 17, 2026, the Company's Board determined to terminate the Plan and, subject to the approval of the Board, all future distributions to the Company's shareholders are expected to be paid in cash.

**Item 7. Purposes of the Transaction and Plans or Proposals.** 

The Company has not undertaken and is not engaged in any negotiations in response to the Offer that relate to: (i) a tender offer or other acquisition of the Company's securities by the Company, any of its subsidiaries or any other person; (ii) an extraordinary transaction, such as a merger, reorganization or liquidation involving the Company or any of its subsidiaries; (iii) a purchase, sale or transfer of a material amount of assets of the Company or any of its subsidiaries; or (iv) any material change in the present distribution rate or policy, or indebtedness or capitalization of the Company. There is no transaction, board resolution, agreement in principle, or signed contract in response to the Offer which relates to or would result in one or more of the foregoing matters.

**Item 8. Additional Information.** 

***(a)***  ***Golden Parachute Compensation*** 

There are no agreements or understandings, whether written or unwritten, between any named executive officer of the Company and the Company or the Offerors concerning any type of compensation, whether present, deferred or contingent, that is based upon or otherwise relates to the Offer to Purchase.

***(b)***  ***Other Material Information*** 

**Cautionary Note Regarding Forward-Looking Statements.** 

This Schedule 14D-9 and the documents filed as exhibits hereto contain forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about the Company, its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions. Words such as "anticipates," "expects,"

------

"intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "outlook," "potential," "predicts" and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the Company's control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company advises you to carefully review the factors detailed under the caption "Risk Factors" in the Form 10-K.

Although the Company believes that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Schedule 14D-9 and the documents filed as exhibits hereto should not be regarded as a representation by the Company that its plans and objectives will be achieved. These forward-looking statements apply only as of the date of this Schedule 14D-9. Moreover, the Company assumes no duty and does not undertake to update the forward-looking statements. Although the Company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that the Company in the future may file with the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

**Item 9. Exhibits.** 

---

| | |
|:---|:---|
| (a)(1) | [Letter to shareholders\*](d115354dex99a1.htm) |
| (a)(2) | [Letter to Financial Advisors\*](d115354dex99a2.htm) |
| (a)(3) | [Press Release, dated March 13, 2026\*](d115354dex99a3.htm) |
| (e)(1) | [Excerpts from the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 5, 2026\*\*](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1655887/000165588726000010/obdc-20251231.htm) |
| (g)(1) | [Opinion of ****BofA Securities, Inc., dated March 12, 2026\*](d115354dex99g1.htm) |

---

\* Filed herewith.

\*\* The sections of the Form 10-K specified in Item 3 hereto are incorporated herein by reference.

------

**SIGNATURE** 

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: March 13, 2026

---

| | |
|:---|:---|
| By: | /s/ Jonathan Lamm |
|  | Name: Jonathan Lamm |
|  | Title: Chief Operating Officer and Chief Financial Officer |

---

## Ex-99.(A)(1)

**Exhibit (a)(1)** 

---

| | |
|:---|:---|
| Blue Owl Capital Corporation II<br> Investor Letter | ![LOGO](g115354g0313213810203.jpg) |

---

Dear Investor,

We want to keep you informed about recent developments involving OBDC II. On March 13, 2026, OBDC II announced that its Board of Directors has unanimously recommended that shareholders reject the unsolicited, minority tender offer from Cox Capital Partners and Saba Capital. The offering price represents a discount of approximately 33.2% to net asset value ("NAV").<sup>1</sup>

**We strongly recommend that you REJECT Cox and Saba's offer and NOT tender your shares. To reject the offer,** 

**you can simply not respond and disregard any offer materials you may have received.** 

The Board went through a thorough process to reach this recommendation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consulted with members of management and its financial and legal advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewed the terms and conditions of the offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Considered other information related to the fund's historical financial performance, portfolio of assets
and future opportunities.

We believe shareholders should reject this offer for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **The offer price is at a significant discount to NAV.** This is an attempt to exploit OBDC II shareholders by
purchasing their shares at a 33.2%<sup>1</sup> discount, well below the NAV of OBDC II shares. The Board and management have already stated that the Company has taken significant steps to return capital to
shareholders at no discount to fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Cox and Saba's offer price is inadequate, arbitrary and substantially undervalues OBDC II's assets and ongoing access to liquidity.** The Board, amongst other things, evaluated the offer's significant discount to NAV (33.2%)<sup>1</sup> and considered an inadequacy opinion from BofA Securities,
Inc., which concluded the offer price is inadequate for OBDC II shareholders from a financial point of view.<sup>2</sup> In contrast, Cox and Saba conducted no independent analysis of their offer to ensure
fairness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Tendering will prohibit OBDC II shareholders from receiving future distributions and realizing any appreciation in the value of their shares in the future.** With respect to tendered shares, these shareholders will forfeit their ownership interest in a high-performing portfolio and all future distributions, including return of capital
distributions, associated with that portfolio.

Blue Owl remains focused on maximizing value for OBDC II shareholders and protecting your interests through the disciplined execution of our investment strategy. Putting investors first is at the heart of everything we do. Your trust, capital, and long-term commitment are the foundation of our business, and every decision is made with your interests in mind.

If you have tendered your shares into the Cox and Saba tender offer, we recommend you immediately withdraw from the offer. Email <u>OBDCIICoxSabaTO@dfking.com</u> to request a withdrawal form.

Sincerely,

Jonathan Lamm

Chief Operating Officer and Chief Financial Officer

Any questions?

Email: ServiceDesk@blueowl.com

<sup>1</sup> Based on OBDC II's reported NAV per share as of February 24, 2026, less the return of capital distribution of $2.50 payable on or before March 31, 2026, to shareholders of record as of March 24, 2026. 

<sup>2</sup> The Board considered the fact that, on March 12, 2026, BofA Securities rendered an oral opinion to the Board, subsequently confirmed in writing, that, as of the date of such opinion and based upon and subject to the factors and assumptions set forth in its written opinion, the consideration to be paid to the holders of shares (other than Cox and Saba and their affiliates) pursuant to the offer was inadequate from a financial point of view to such holders. The full text of the written opinion, dated March 12, 2026, which sets forth the assumptions made, procedures followed, matters considered and limitations on the review undertaken with such opinion, is attached as Exhibit (g)(1) to OBDC II's 14D-9. BofA Securities provided its opinion for the information and assistance of the Board in connection with its consideration of the offer. The opinion of BofA Securities is not a recommendation as to whether or not any shareholders should tender such shares in connection with the offer or any other matter.

## Ex-99.(A)(2)

**Exhibit (a)(2)**![LOGO](g115354g99t99.jpg)

BLUE OWL Board Recon1n1endation for Unsolicited OBDC II Tender March 13, 2026 Dear valued partner, We am reaching out to you dimotly to keep you inforrn:ed about reoent developments involving OBDC II. Today, OBDC II annmmoed that its Board of Direotors has unanimously recommendfed that shareholders rejeet the unsolicited minority tender offer from Cox Capital Partners and Saba Capirtal for up to 8,000,000 shares of OBDC 11 for approximately $30 million (less than 7% of outstanding shar,es). The ofterling price represents a discount of apprnximately 33.2% to net asset value ("NAV ')1 . We strongly recommend advising clients to REJIECT Cox and Saba's offer and NOT tende1r their shares . To reject the ,offer, shareholders can simply not respond and disregard any offer materials they may receive. The Board went through a thorolllgh process to reach this reoommendation: Consulted! with members of management and its financial and legal advisors. Reviewed th,e terms and oonditions of ~he offer. Considered other info rmation rielated to the fund's historical fi nancial performance, portfolio of assets and futum opportunities. We believe shareholders should reject ~his offer for the following reasons: The offer pri,oe is at a significant discount to NAV. This is an attempt to exploit OBDC 11 shamholders by purchasing ~heir shams at a 33.2% 1 discount, well below the NAVof OBDC Ill shares. The Board and management have already stated that the Company has taken significant steps to mtum capirtal to shareholders at no discount to t:air value.

------

![LOGO](g115354dsp013.jpg)

Cox and Saba's offer price is inadequate, arbitrary and substantiaUy undervalues OBDC ll's assets and ongo ·ng access to liquidity. The Board, among,st other thing1s, evalluatedl the offer's significa11t discount to NAV (33.2%)1 and considered an i11adequacy opinion ~rom BofA Secrnit"es, Inc., which co11cludedl ~he offer price is i11adlequate for OBDC Il shareholders from a fi11anoial point of view.2 In co11trast, Cox and Saba co11duotedl 110 independe11t analysis of ~eir offer to e11sure fa irness. Tendering wiH prohibit OBDC II shareholders from r,ece1iving future distributions and realizing any appreciation in the value of their shares in the future. With respect to te11deried shams, these shareholders will forfeirt their ownership i11terest in a high,perfo11ming portfolio a11d all future distributions, inoluding rietum of capital dist11ibL1Jtio11s, associated! wirth that portfolio. How Superior Value is Already Being Delivered OBDC II has a proven tradk r,ecordl of stro11g performa11oe, deliveri11g a 9.1% annualized retum3 si11ce i11ception, co11siste11tly outperfmming !leveraged loan i11dices. The Board is also alreadly taki11g specific significa11t action to return capital to OBDC Ill shareholders: OBDC Il shareholdiers am expected to receive payments equal to 50% or more of OBDC ll's net assets3 in 2026. This i11cludes a return of capital dlistributio11 representi11g1 301% of NAV3 to be paid on or before March 31 , 2026. 111 addition to the regular mo11thly dividend, OBDC II will priorirtizH additional return of capital distribL1Jtio11s to shareholders on a quarterly basis of 5% or more. ThanlkYou Blue Owl remai11s focused 011 maximizing value for OBDC II shareholders and protecting their i11terests furough the disciplined ex;ecution of our investme11t strategy_ Putting inv,estors first is at the heart of ev,erything we do. Your trust, capirtal, and lo11g-tenn commitment are the fou11datio11 of our business, and every decision is made wi~h your cllients' interests in mind.

------

![LOGO](g115354dsp014.jpg)

If any of your dlients have tendered their shares into the Gox and Saba tender offer, we recomme11d they immediately withdraw from ~he offer. Email OBDCIICoxSabaTO@dfking.com to request a withdrawal fmm. If you have a11y questions, please reaoh out to your Blue Owi represe11tative or contact ServiceDesk@iblueowl.com. Sincer,ely, Your team at Blue Owl Contact us Have a question? Our dedicated team is here to help. Please reach out with any questions or let us know if we can offer our support in other ways. Get i 11 touch Learn more about Blue Owl Private Wealth To learn more, visit us at wealth.blueowl.com Blue Owl capital 375 Park Ave, 5th Floor, New York, NY, 10022, USA Unsubscribe from all future emails I Managg_weterences

------

![LOGO](g115354dsp015.jpg)

1. Based on OBDC ll's reported] NAV per share as 01 February 24, 2026, less the return 01 capital distribution of $2.50 payable 011 or be,ore March 31 , 2026, to shareholders of record as 01 March 24, 2026. 2. The Board considered the fact that, on March 12, 2026, Bo1A Securities rendered an oral opinion to the Board, subsequently confirmed in writing, that, as of the date o,such opinion and based upon and subject to the factors and assumptions set forth in its written opinion, the consideration to be paid to the holders of shares (other tha11 Cox and Saba and their affiliates) pursua11t to the offer was inadequate from a financial point of view to such holders. The full text of the wrttten opinion, dated March 12, 2026, which sets forth the assumptions made, procedures followed, matters considered and limitations on the review undertaken 11vith such opinion, is attached as Exhibit (g)(1} to OBDC ll's 14ITJ-9. Bo,A Securities provided its opinion for the information and assista11ce of the Board in connection with its consideration ofthe offer. The opinion 01 BofA Securities is 11ot a recommendation as to wll:ether or 11ot any shareholders should tender Slid! shares in co11nection with the offer or any other matter. 3. As of Elecember 31, 2025. FOR FINANCIAL PROfES.S.IONAL USE. NOT FOR FURTIHIER DISTR[BUTION. PROPRIETARY AND CON Fl DENTIA L. This communication is ,or in,ormational purposes only and is not an offer or a solicitation to sell or subscribe for any fund and does not co11stitute investment, legal, regulatory, business, tax, financial, accounting or other advice or a recommendation regarding Blue Owl Capital Inc. ("B lue OWi"), its affiliates and investment program, funds sponsored by Blue Owl, inclt1di11g the Blue Owl Credit, Real Assets, and GP Strategic Capital Funds (collectively the "Blue Owl Funds") as well as investment held by the Blue Owl IFllnds. The information provided herein is not directed at any particular investor or category of investors and is provided solely as general information about Bille Owl producits and services to reglllated financial intermediaries and to othenNise provide general inv,estment edt1cation. No information contained herein shollld be regarded as a suggestion to engage in or refrain from any investment-relate-cl course of action. All investments are subjec,t to risk, including the loss of the principal amount invested, as well ais substantial fees and costs, all of which can impact an investor's return. Within the Un ited States and Canada, securities are offered thronigh Blue Owl Sect1rities LLC, member of FINRAJSIPC, as Dealer Ma1rnger. Copyright© Blue Ov;rl Capital Inc. 2026. All rights reserved.

## Ex-99.(A)(3)

**Exhibit (a)(3)** 

**BLUE OWL CAPITAL CORPORATION II BOARD UNANIMOUSLY RECOMMENDS SHAREHOLDERS REJECT UNSOLICITED MINORITY OFFER FROM COX AND SABA** 

*Discounted Offer is Well Below OBDC II NAV and Ignores Significant Capital Return Already Underway* 

*NEW YORK, March 13, 2026 /PRNewswire/ —* Blue Owl Capital Corporation II ("OBDC II") today announced that its Board of Directors (the "Board") has unanimously recommended that shareholders reject the unsolicited minority tender offer from Cox Capital Partners ("Cox") and Saba Capital Management, L.P. ("Saba") for up to 8,000,000 shares of OBDC II for approximately $30 million (less than 7% of the outstanding shares). We believe this is an attempt to capture value at the expense of OBDC II shareholders. The offering price represents a discount of approximately 33.2% to net asset value ("NAV")<sup>1</sup>, which is well below what the Board believes to be the potential long-term value of OBDC II shares.

**The Board strongly recommends that shareholders <u>REJECT</u> Cox and Saba's unsolicited, minority tender offer and <u>DO NOT</u> tender their shares. To reject the offer, simply do not respond to any offer materials you may have received.** 

In reaching its conclusion, the Board: (1) consulted with members of management and its financial and legal advisors; (2) reviewed the terms and conditions of the offer; and (3) considered other information related to the fund's historical financial performance, portfolio of assets and future opportunities.

**Why Shareholders Should Reject This Offer:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **The offer price is at a significant discount to NAV.** This is an attempt to exploit OBDC II shareholders by
purchasing their shares at a 33.2%1 discount, well below the NAV of OBDC II shares. The Board and management have already stated that the Company has taken significant steps to return capital to shareholders at no discount to fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Cox and Saba's offer price is inadequate, arbitrary and substantially undervalues OBDC II's assets and ongoing access to liquidity.** The Board, amongst other things, evaluated the offer's significant discount to NAV (33.2%)1 and considered an inadequacy opinion from BofA Securities, Inc., which concluded the offer price is inadequate for
OBDC II shareholders from a financial point of view.<sup>2</sup> In contrast, Cox and Saba conducted no independent analysis of their offer to ensure fairness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Tendering will prohibit OBDC II shareholders from receiving future distributions and realizing any appreciation in the value of their shares in the future.** With respect to tendered shares, these shareholders will forfeit their ownership interest in a high-performing portfolio and all future distributions, including return of capital
distributions, associated with that portfolio.

<sup>1</sup> Based on OBDC II's reported NAV per share as of February 24, 2026, less the return of capital distribution of $2.50 payable on or before March 31, 2026, to shareholders of record as of March 24, 2026. 

<sup>2</sup> The Board considered the fact that, on March 12, 2026, BofA Securities rendered an oral opinion to the Board, subsequently confirmed in writing, that, as of the date of such opinion and based upon and subject to the factors and assumptions set forth in its written opinion, the consideration to be paid to the holders of shares (other than Cox and Saba and their affiliates) pursuant to the offer was inadequate from a financial point of view to such holders. The full text of the written opinion, dated March 12, 2026, which sets forth the assumptions made, procedures followed, matters considered and limitations on the review undertaken with such opinion, is attached as Exhibit (g)(1) to OBDC II's 14D-9. BofA Securities provided its opinion for the information and assistance of the Board in connection with its consideration of the offer. The opinion of BofA Securities is not a recommendation as to whether or not any shareholders should tender such shares in connection with the offer or any other matter. 

------

**How Superior Value is Already Being Delivered** 

OBDC II has a proven track record of strong performance, delivering a 9.1% annualized return<sup>3</sup> since inception, consistently outperforming leveraged loan indices. The Board is also already taking specific significant action to return capital to OBDC II shareholders: OBDC II shareholders are expected to receive payments equal to 50% or more of OBDC II's net assets3 in 2026. This includes a return of capital distribution representing 30% of NAV3 to be paid on or before March 31, 2026. In addition to the regular monthly dividend, OBDC II will prioritize additional return of capital distributions to shareholders on a quarterly basis of 5% or more.

Blue Owl remains focused on maximizing value for all shareholders of OBDC II and protecting their interests through the disciplined execution of OBDC II's investment strategy.

**Advisors** 

Kirkland & Ellis LLP and Eversheds Sutherland are serving as legal advisors to Blue Owl and OBDC II. BofA Securities, Inc. is acting as financial advisor and FGS Global is acting as strategic communications advisor in connection to the offer.

**About Blue Owl Capital Corporation II** 

Blue Owl Capital Corporation II ("OBDC II") is a specialty finance company focused on lending to U.S. middle-market companies. As of December 31, 2025, OBDC II had investments in 183 portfolio companies with an aggregate fair value of $1.6 billion. OBDC II has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended ("1940 Act"). OBDC II is externally managed by Blue Owl Credit Advisors LLC, an SEC-registered investment adviser that is an indirect affiliate of Blue Owl Capital Inc. ("Blue Owl") (NYSE: OWL) and part of Blue Owl's Credit platform.

**Forward Looking Statements** 

Some of the statements contained herein may include "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than historical facts, including but not limited to statements regarding the expected timing and terms of the unsolicited third-party tender offer (the "Unsolicited Tender Offer") commenced by Cox Capital Partners, Saba Capital Management, L.P. and their respective affiliates (collectively, the "Offerors"), the plans and expectations of Blue Owl Capital Corporation II ("OBDC II") related thereto and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words "may," "will," "should," "potential," "intend," "expect," "endeavor," "seek," "anticipate," "estimate," "overestimate," "underestimate," "believe," "remains," "could," "project," "predict," "continue," "target" or other similar words or expressions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. These statements are not guarantees of future results and are subject to risks, uncertainties and other factors, some of which are beyond the control of the OBDC II and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors identified in the OBDC II filings with the SEC. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date on which OBDC II makes them. OBDC II does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.

**Additional Information and Where to Find It** 

The Unsolicited Tender Offer referenced herein has commenced. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any shares of OBDC II or any other securities, nor is it a substitute for the tender offer materials that the Offerors filed with the SEC. The terms and conditions of the Unsolicited Tender Offer are published in, and the offer to purchase shares of OBDC II will be made only pursuant to, the offer documents and related offer materials prepared by the Offerors and filed with the SEC in a tender offer statement on Schedule TO. OBDC II has filed a solicitation/recommendation statement on Schedule 14D-9 with the SEC with respect to the Unsolicited Tender Offer.

<sup>3</sup> As of December 31, 2025.

------

THE OFFERORS' TENDER OFFER MATERIALS AND OUR SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9, AS THEY MAY BE AMENDED FROM TIME TO TIME, CONTAIN IMPORTANT INFORMATION. INVESTORS AND SHAREHOLDERS OF OBDC II ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY, AND NOT THIS DOCUMENT, WILL GOVERN THE TERMS AND CONDITIONS OF THE TENDER OFFER, AND BECAUSE THEY CONTAIN IMPORTANT INFORMATION THAT SUCH PERSONS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES INTO THE UNSOLICITED TENDER OFFER. The Offerors' tender offer materials, including the offer to purchase and the related letter of transmittal and certain other tender offer documents, and the solicitation/recommendation statement and other documents filed with the SEC by the Offerors or OBDC II, may be obtained free of charge at the SEC's website at www.sec.gov or by directing requests to OBDC II and the relevant persons to be outlined in our solicitation/recommendation statement.

**Investor Contact:** 

BDC Investor Relations

Michael Mosticchio

<u>credit-ir@blueowl.com</u> 

**Media Contact**:

<u>media@blueowl.com</u>

## Ex-99.(G)(1)

**Exhibit (g)(1)**![LOGO](g115354g66a56.jpg)

Global Corporate & Investment Banking

BofA Securities, Inc.

One Bryant Park, New York, NY 10036

March 12, 2026

The Board of Directors

Blue Owl Capital Corporation II

399 Park Avenue

New York, NY 10022

Members of the Board of Directors:

On March 6, 2026, Cox Capital Partners Special Situations Fund, L.P. ("Cox Capital"), a Delaware limited partnership, commenced an offer to purchase up to 8,000,000 shares of common stock, par value $0.01 per share (the "OBDC II Common Stock") of Blue Owl Capital Corporation II ("OBDC II"), at a purchase price of $3.80 per share in cash (the "Consideration"), upon the terms and subject to the conditions set forth in the Offer to Purchase, dated as of March 6, 2026 (the "Offer to Purchase"), and in the related Assignment Form (which, together with the Offer to Purchase, collectively constitute the "Offer"), each contained in the Tender Offer Statement on Schedule TO filed by Cox Capital, Cox Capital General Partner, LLC, Saba Capital Tender SPV I, LLC ("Saba SPV"), Saba Capital Management, L.P. ("Saba Capital") and Saba Capital Management GP, LLC, with the Securities and Exchange Commission on March 6, 2026 (the "Schedule TO"). According to the Offer to Purchase, Cox Capital is making the Offer and Saba SPV will provide approximately 90-99% of the financing for the Offer. We note that the Offer to Purchase states that, following the completion of the Offer, a portion of the OBDC II Common Stock purchased by Cox Capital is expected to be transferred to Saba SPV, which will beneficially own such OBDC II Common Stock. The terms and conditions of the Offer are described in the Schedule TO.

You have requested our opinion as to the adequacy, from a financial point of view, to the holders of OBDC II Common Stock of the Consideration offered to such holders (other than Cox Capital, Saba SPV or any of their respective affiliates) in the Offer.

In connection with this opinion, we have, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) reviewed the terms and conditions of the Offer as set forth in the Schedule TO and the exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) reviewed the Solicitation/Recommendation Statement of OBDC II to be filed with the Securities and Exchange
Commission on Schedule 14D-9, in the form approved by you on the date of this opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) reviewed certain publicly available business and financial information relating to OBDC II;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) reviewed certain internal financial and operating information with respect to the business, operations and
prospects of OBDC II furnished to or discussed with us by the management of OBDC II, including certain financial forecasts relating to OBDC II prepared by the management of OBDC II (such forecasts, "OBDC II Forecasts");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) discussed the past and current business, operations, financial condition and prospects of OBDC II with members
of senior management of OBDC II;

 <br> BofA Securities, Inc. member FINRA/SIPC, is a subsidiary of Bank of America Corporation Page 1 of 4

------

![LOGO](g115354g66a56.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) discussed with members of senior management of OBDC II their assessment of the strategic rationale of Cox
Capital for, and the potential benefits for Cox Capital of, the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) compared certain financial information of OBDC II with similar information of other companies we deemed
relevant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) performed such other analyses and studies and considered such other information and factors as we deemed
appropriate.

In arriving at our opinion, we have assumed and relied upon, without independent verification, the accuracy and completeness of the financial and other information and data publicly available or provided to or otherwise reviewed by or discussed with us and have relied upon the assurances of the management of OBDC II that they are not aware of any facts or circumstances that would make such information or data inaccurate or misleading in any material respect. With respect to the OBDC II Forecasts, we have been advised by OBDC II, and have assumed, that they have been reasonably prepared on bases reflecting the best currently available estimates and good faith judgments of the management of OBDC II as to the future financial performance of OBDC II. We have not made or been provided with any independent evaluation or appraisal of the assets or liabilities (contingent or otherwise) of OBDC II, nor have we made any physical inspection of the properties or assets of OBDC II. We have not evaluated the solvency or fair value of OBDC II, Cox Capital or Saba SPV under any state, federal or other laws relating to bankruptcy, insolvency or similar matters.

We express no view or opinion as to any terms or other aspects of the Offer (other than the Consideration to the extent expressly specified herein), including, without limitation, the form or structure of the Offer. Our opinion is limited to the adequacy, from a financial point of view, to the holders of OBDC II Common Stock of the Consideration offered to such holders (other than Cox Capital, Saba SPV or any of their respective affiliates) in the Offer and no opinion or view is expressed with respect to any consideration received in connection with the Offer by the holders of any other class of securities, creditors or other constituencies of any party. In addition, no opinion or view is expressed with respect to the fairness (financial or otherwise) of Consideration to be paid in the Offer or the amount, nature or any other aspect of any compensation to any of the officers, directors or employees of OBDC II or any party to the Offer, or class of such persons, relative to the Consideration to be paid in the Offer or otherwise. Furthermore, no opinion or view is expressed as to the relative merits of the Offer in comparison to other strategies or transaction that might be available to OBDC II or in which OBDC II might engage. In addition, we express no opinion or recommendation as to whether any holder of shares of OBDC II Common Stock should tender such shares in connection with the Offer or any other matter.

We have acted as financial advisor to the Board of Directors of OBDC II in connection with its consideration of the Offer and other matters pursuant to our engagement by OBDC II. We expect to receive certain fees for our services in connection with our engagement, including advisory fees that will be payable whether or not the Offer is withdrawn, and a fee which is payable upon the delivery of this opinion. In addition, OBDC II has agreed to reimburse our expenses and indemnify us against certain liabilities arising out of our engagement.

We and our affiliates comprise a full service securities firm and commercial bank engaged in securities, commodities and derivatives trading, foreign exchange and other brokerage activities, and principal investing as well as providing investment, corporate and private banking, asset and investment management, financing and financial advisory services and other commercial services and products to a wide range of companies, governments and individuals. In the ordinary course of our businesses, we and our affiliates may invest on a principal basis or on behalf of customers or manage funds that invest, make or hold long or short positions,

 <br> BofA Securities, Inc. member FINRA/SIPC, is a subsidiary of Bank of America Corporation Page 2 of 4

------

![LOGO](g115354g66a56.jpg)

finance positions or trade or otherwise effect transactions in equity, debt or other securities or financial instruments (including derivatives, bank loans or other obligations) of (i) OBDC II, Blue Owl Credit Advisors LLC, the external manager of OBDC II (the "Adviser") and certain of their respective affiliates, including Blue Owl Capital Inc. ("Blue Owl Capital") and certain of its affiliates and portfolio companies, (ii) Saba Capital and certain of its affiliates and portfolio companies and (iii) Cox Capital and certain of its affiliates and portfolio companies.

We and our affiliates in the past have provided, currently are providing, and in the future may provide, investment banking, commercial banking and other financial services to OBDC II, the Adviser and certain of their respective affiliates, including Blue Owl Capital and certain of its affiliates and portfolio companies, and have received or in the future may receive compensation for the rendering of these services, including (i) having acted or acting as a financial advisor to OBDC II and certain of the respective affiliates of OBDC II and the Adviser, including Blue Owl Capital and certain of its affiliates and portfolio companies, in connection with certain M&A transactions and other matters, (ii) having acted or acting as a book-running manager, initial purchaser, capital markets advisor, bookrunner, manager and/or underwriter for certain equity and debt offerings of OBDC II and certain of the respective affiliates of OBDC II and the Adviser, including Blue Owl Capital and certain of its affiliates and portfolio companies, (iii) having acted or acting as a book-running manager for certain block trades by certain of the respective affiliates of OBDC II and the Adviser, including Blue Owl Capital and/or certain of its affiliates and portfolio companies, (iv) having acted or acting as an administrative agent, syndication agent, document agent, book manager, bookrunner and/or arranger for, and/or as a lender under, certain term loans, letters of credit, credit and leasing facilities and other credit arrangements of OBDC II, the Adviser and/or certain of their respective affiliates, including Blue Owl Capital and/or certain of its affiliates and portfolio companies (including acquisition financing), (v) having provided or providing certain derivatives, foreign exchange and other trading services to OBDC II, the Adviser and/or certain of their respective affiliates, including Blue Owl Capital and/or certain of its affiliates and portfolio companies, and (vi) having provided or providing certain treasury management products and services to OBDC II, the Adviser and/or certain of their respective affiliates, including Blue Owl Capital and/or certain of its affiliates and portfolio companies.

In addition, we and our affiliates in the past have provided, currently are providing, and in the future may provide, investment banking, commercial banking and other financial services to Saba Capital and certain of its affiliates and portfolio companies and have received or in the future may receive compensation for the rendering of these services, including having provided or providing certain derivatives, foreign exchange and other trading services to Saba Capital and/or certain of its affiliates and portfolio companies.

In addition, we and our affiliates in the past have provided, currently are providing, and/or in the future may provide, investment banking, commercial banking and other financial services to Cox Capital and certain of its affiliates and portfolio companies and have received or in the future may receive compensation for the rendering of these services.

It is understood that this letter is for the benefit and use of the Board of Directors of OBDC II (in its capacity as such) in connection with and for purposes of its evaluation of the Offer.

Our opinion is necessarily based on financial, economic, monetary, market and other conditions and circumstances as in effect on, and the information made available to us as of, the date hereof. As you are aware, the credit, financial and stock markets have been experiencing unusual volatility and we express no opinion or view as to any potential effects of such volatility on OBDC II or the Offer. It should be understood that subsequent developments may affect this opinion, and we do not have any obligation to update, revise, or reaffirm this opinion. The issuance of this opinion was approved by a fairness opinion review committee of BofA Securities, Inc.

 <br> BofA Securities, Inc. member FINRA/SIPC, is a subsidiary of Bank of America Corporation Page 3 of 4

------

![LOGO](g115354g66a56.jpg)

Based upon and subject to the foregoing, including the various assumptions and limitations set forth herein, we are of the opinion on the date hereof that the Consideration offered to holders of OBDC II Common Stock is inadequate, from a financial point of view, to such holders (other than Cox Capital, Saba SPV or any of their respective affiliates).

---

| |
|:---|
| Very truly yours, |
| /s/ BOFA SECURITIES, INC. |
| BOFA SECURITIES, INC. |

---

 <br> BofA Securities, Inc. member FINRA/SIPC, is a subsidiary of Bank of America Corporation Page 4 of 4