# EDGAR Filing Document

**Accession Number:** 0001813322
**File Stem:** 0001213900-26-033046
**Filing Date:** 2026-3
**Character Count:** 19080
**Document Hash:** d6e8e653c3329977d997e70061e234d5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-033046.hdr.sgml**: 20260324

**ACCESSION NUMBER**: 0001213900-26-033046

**CONFORMED SUBMISSION TYPE**: SC TO-T/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260324

**DATE AS OF CHANGE**: 20260323

**GROUP MEMBERS**: COX CAPITAL GENERAL PARTNER, LLC

**GROUP MEMBERS**: SABA CAPITAL MANAGEMENT GP, LLC

**GROUP MEMBERS**: SABA CAPITAL MANAGEMENT, L.P.

**GROUP MEMBERS**: SABA CAPITAL TENDER SPV I, LLC

**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 TO-T/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-89955
- **FILM NUMBER:** 26783529

**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:** Cox Capital Partners Special Situations Fund, L.P.
- **CENTRAL INDEX KEY:** 0001813322

**ORGANIZATION NAME:**
- **EIN:** 845020065
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-T/A

**BUSINESS ADDRESS:**
- **STREET 1:** 1333 RACE STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19107
- **BUSINESS PHONE:** 610-639-9461

**MAIL ADDRESS:**
- **STREET 1:** 1333 RACE STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19107

#### UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>WASHINGTON, D.C. 20549

#### _______________________________

#### SCHEDULE TO

#### TENDER OFFER STATEMENT UNDER SECTION 14(D)(1) OR 13(E)(1)<br>OF THE SECURITIES EXCHANGE ACT OF 1934

#### (Amendment No. 4)

#### _______________________________

#### Blue Owl Capital Corporation II<br>(Name of Subject Company (Issuer))
**Cox Capital General Partner, LLC<br>Cox Capital Partners Special Situations Fund, L.P.<br>Saba Capital Management GP, LLC<br>Saba Capital Management, L.P.<br>Saba Capital Tender SPV I, LLC<br>(Name of Filing Person (Offeror))**

#### _______________________________

#### Common Stock, $0.01 par value per share<br>(Titles of Classes of Securities)

#### None<br>(CUSIP Number of Shares of Common Stock)

#### _______________________________
**Cox Capital Partners<br>John Cox<br>1333 Race Street<br>Philadelphia, PA 19107<br>(484) 840-5281<br>(Name, address and telephone number of person authorized<br>to receive notices and communications on behalf of filing persons)**

#### With copies to:

#### George Silfen<br>Alston & Bird LLP<br>90 Park Avenue<br>New York, NY 10016<br>(212) 210-9415

#### _______________________________
<u> ☐ </u>   <u> Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer. </u>

Check the appropriate boxes below to designate any transactions to which the statement relates:

 ☒ third-party tender offer subject to Rule 14d-1.

 ☐ issuer tender offer subject to Rule 13e-4.

 ☐ going-private transaction subject to Rule 13e-3.

 ☐ amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer: ☐

If applicable, check the appropriate box(es) below to designate the appropriate rule provision(s) relied upon:

    <u> ☐ </u>   <u> Rule 13e-4(i) (Cross-Border Issuer Tender Offer) </u> <br>     <u> ☐ </u>   <u> Rule 14d-1(d) (Cross-Border Third Party Tender Offer) </u>

------

This Amendment No. 4 ("Amendment No. 4") to the Tender Offer Statement on Schedule TO (together with the exhibits thereto, the "Schedule TO") amends and supplements the statement originally filed on March 6, 2026, as amended by Amendment No. 1 on March 11, 2026, Amendment No. 2 on March 16, 2026, and Amendment No. 3 on March 20, 2026, by Cox Capital Partners Special Situations Fund, L.P., a Delaware limited partnership (the "Purchaser"). This Amendment No. 4 and the Schedule TO relate to the offer by the Purchaser to purchase up to 8,000,000 shares of Common Stock, par value $0.01 per share ("Shares") of Blue Owl Capital Corporation II (the "Company") at a purchase price of $3.80 per Share (the "Offer Price"). The Company disclosed a dividend reinvestment plan issuance value of $8.19 per share as of February 24, 2026 on a Form 8-K filed on February 26, 2026 (the "DRP Value"). The Offer Price represents a 34.93% discount to an implied value per Share of $5.84, which is the difference of the DRP Value less the Company's announced intention to return up to $2.35 per Share in cash in connection with a sale of some of the Company's portfolio company investments announced on February 18, 2026 (the "Transaction Distribution"). The Purchaser is making the offer, and, following the completion of the offer, a portion of the Shares purchased is expected to be transferred to Saba Capital Tender SPV I, LLC, a Delaware limited liability company, ("Saba SPV"), which will beneficially own such Shares. Purchases will be made upon the terms and subject to the conditions described in the Offer to Purchase, dated March 6, 2026 (the "Offer to Purchase"), a copy of which is filed with the Schedule TO as Exhibit 99(a)(1)(i), and the related Assignment Form (the "Assignment Form", which, together with the Offer to Purchase, as each may be amended or supplemented from time to time, constitute the "Offer"), a copy of which is filed with the Schedule TO as Exhibit 99(a)(1)(ii).

Capitalized terms used, but not otherwise defined, in this Amendment No. 4 shall have the meanings ascribed to them in the Schedule TO. Except as set forth below, the information set forth in the Schedule TO remains unchanged is incorporated by reference as relevant to the items in this Amendment No. 4.

#### ITEM 12. EXHIBITS
**Item 12 of the Schedule TO is hereby amended and supplemented by adding the following exhibits:**

<u> (a)(5)(xii)\*\* </u>   <u> Transcript of Television Interview with Boaz Weinstein on Fox Business Network, aired March 23, 2026. </u>

---

| | |
|:---|:---|
|  (a)(1)(i)\*  | [Offer to Purchase, dated March 6, 2026.](http://www.sec.gov/Archives/edgar/data/1655887/000121390026024603/ea027975601ex99a1i_coxcap.htm)  |
|  (a)(1)(ii)\*  | [Assignment Form.](http://www.sec.gov/Archives/edgar/data/1655887/000121390026024603/ea027975601ex99a1ii_coxcap.htm)  |
|  (a)(1)(iii)\*  | [Form of Notice of Withdrawal.](http://www.sec.gov/Archives/edgar/data/1655887/000121390026024603/ea027975601ex99a1iii_coxcap.htm)  |
|  (a)(5)(i)\*  | [Press Release dated February 20, 2026 (incorporated herein by reference to the Schedule TO-C filed by Offeror Group on February 20, 2026).](http://www.sec.gov/Archives/edgar/data/1655887/000121390026018903/ea027787801ex-a5i_cox.htm)  |
|  (a)(5)(ii)\*  | [Social media content by Boaz Weinstein on X (incorporated herein by reference to the Schedule TO-C filed by Offeror Group on February 20, 2026).](http://www.sec.gov/Archives/edgar/data/1655887/000121390026018903/ea027787801ex-a5ii_cox.htm)  |
|  (a)(5)(iii)\*  | [Press Release dated March 6, 2026.](http://www.sec.gov/Archives/edgar/data/1655887/000121390026024603/ea027975601ex99a5iii_coxcap.htm)  |
|  (a)(5)(iv)\*  | [Internet Advertisements dated March 6, 2026.](http://www.sec.gov/Archives/edgar/data/1655887/000121390026024603/ea027975601ex99a5iv_coxcap.htm)  |
|  (a)(5)(v)\*†  | [Consulting Agreement dated February 13, 2026.](http://www.sec.gov/Archives/edgar/data/1655887/000121390026024603/ea027975601ex99a5v_coxcap.htm)  |
|  (a)(5)(vi)\*  | [Article titled "Weinstein 'Buying Pessimism' With Discount Private Fund Bids" published by Bloomberg on March 10, 2026.](http://www.sec.gov/Archives/edgar/data/1655887/000121390026025884/ea027975602ex99a5vi_coxcap.htm)  |
|  (a)(5)(vii)\*  | [Transcript of Interview with Boaz Weinstein published by CNBC on March 10, 2026.](http://www.sec.gov/Archives/edgar/data/1655887/000121390026025884/ea027975602ex99a5vii_coxcap.htm)  |
|  (a)(5)(viii)\*  | [Transcript of a Portion of an Interview with Boaz Weinstein published by Bloomberg on March 13, 2026.](http://www.sec.gov/Archives/edgar/data/1655887/000121390026028409/ea027975603ex99a5viii.htm)  |
|  (a)(5)(ix)\*  | [Social media content by Boaz Weinstein on X.](http://www.sec.gov/Archives/edgar/data/1655887/000121390026028409/ea027975603ex99a5ix.htm)  |
|  (a)(5)(x)\*  | [Social media content by Kieran Goodwin on X.](http://www.sec.gov/Archives/edgar/data/1655887/000121390026028409/ea027975603ex99a5x.htm)  |
|  (a)(5)(xi)\*  | [Transcript of an Interview with Boaz Weinstein published by Bloomberg on March 19, 2026.](http://www.sec.gov/Archives/edgar/data/1655887/000121390026031995/ea027975604ex99a5xi.htm)  |
|  (a)(5)(xii)\*\*  | [Transcript of Television Interview with Boaz Weinstein on Fox Business Network, aired March 23, 2026.](ea027975605ex99a5xii.htm)  |
|  107\*  | [Filing Fee Exhibit.](http://www.sec.gov/Archives/edgar/data/1655887/000121390026024603/ea027975601ex-fee_coxcap.htm)  |

---

____________

\*\* Filed herewith

\* Previously filed

† Confidential treatment has been requested with respect to portions of this exhibit that have been redacted pursuant to Rule 24b-2 under the Exchange Act.

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

---

| | |
|:---|:---|
|  **Cox Capital General Partner, LLC** | **Cox Capital General Partner, LLC** |
|  By: | /s/ John Cox |
|  | Name: John Cox |
|  | Title: Managing Member |

---

---

| | |
|:---|:---|
|  **Cox Capital Partners Special Situations Fund, LP** | **Cox Capital Partners Special Situations Fund, LP** |
|  By: | /s/ John Cox |
|  | Name: John Cox |
|  | Title: Chief Investment Officer |

---

---

| | |
|:---|:---|
|  **Saba Capital Management, L.P.** | **Saba Capital Management, L.P.** |
|  By: | /s/ Michael D'Angelo |
|  | Name: Michael D'Angelo |
|  | Title: Chief Operating Officer |

---

---

| | |
|:---|:---|
|  **Saba Capital Tender SPV I, LLC** | **Saba Capital Tender SPV I, LLC** |
|  By: | /s/ Michael D'Angelo |
|  | Name: Michael D'Angelo |
|  | Title: Authorized Person |

---

---

| | | |
|:---|:---|:---|
|  | **Saba Capital Management GP, LLC** | **Saba Capital Management GP, LLC** |
|  | By: | /s/ Michael D'Angelo |
|  |  | Name: Michael D'Angelo |
|  |  | Title: Authorized Person |
|  Dated: March 23, 2026  |  |  |

---

## Ex-99.A(5)(Xii)

#### Exhibit (a)(5)(xii)

#### Fox Business Interview with Boaz Weinstein, March 23, 2026.

#### Liz Claman:
How does an investor take advantage of these moves? Saba Capital is a $6 billion hedge fund focused on market crash hedges and credit trades that profit when the market breaks. Founder Boaz Weinstein identified the London whale trade, a massive opportunity to bet against JP Morgan's credit portfolio back in 2012. He made hundreds of millions of dollars while JP Morgan lost billions, proving that he could outmaneuver even the biggest banks. Joining me now in a Fox Business Exclusive in the here and now is Saba Capital Management Founder and CIO Boaz Weinstein. Wow. I got to know right off the bat, what was a trader like you doing this morning?

#### Boaz Weinstein:
So I had made plans over the weekend. I was the night before getting ready to buy the market. I asked my execution trader what was happening at 7:02. We get in in the bond market a lot earlier than the stock market and boom, 7:07 the headline comes out and all those plans went to naught because the market went up two plus percent immediately.

#### Liz Claman:
What were you going to buy?

#### Boaz Weinstein:
So I was going to add credit risk through credit derivatives and that market, the derviatives market to probably the surprise of some of your listeners, actually trades more than the bond market. So derivatives is where it's at in credit. Early mornings for sure, and I didn't get a chance.

#### Liz Claman:
What about oil? Are you taking any position whatsoever in oil because that's sort of the pace car of the markets right now?

#### Boaz Weinstein:
Right. So the market really was pivoting around oil a few days ago. That dependency came down, but still when you think about how chemical companies are going to trade, how the market's feeling, sustained high prices in oil really upsets President Trump's idea of having lower interest rates. And so we had had positions in the early part of the month, but we came in flat on the day. I was waiting for oil to spike and maybe I would sell it as Gary Cohn actually suggested two guess ago as a way to take the other side of the fear trade.

#### Liz Claman:
Well, so it was 99. Isn't that a spike?

#### Boaz Weinstein:
It is. If you go back a few weeks, even 89 looks pretty high. But we're now at a spot where we're in a choppy market, right? You come in and we're used to markets last couple of years that trended. Whether it trended higher until the tariffs got announced, then it trended lower. And then since April 2025, the markets were on a gentle trajectory up from S&P from 5,000 to 7,000. And now we have kind of swirling forces, multiple opposing waves, whether it's oil, higher interest rates, Iran, private credit. And so I think we're now in a choppy market, one that needs to be traded much more often.

#### Liz Claman:
How do you spot dislocations translation opportunity, then, in a market like this, which is very fast moving?

#### Boaz Weinstein:
Right. So we try to look for markets that are pricing in too much optimism. For example, the public credit market, where credit spreads are in general, until very recently, were priced to perfection. We were at the lowest level of credit spreads. So that would be optimism. And then you go look at the managers, the greatest managers for credit in the world. And I would put Blackstone, Apollo and Ares as the Holy Trinity, if you will. And those companies, when you look at their stocks in the last six months, they're down 40%. So how can we have this world where we can buy pessimism, we can buy the greatest managers down 40 and short optimism near the highs? And that's kind of the dislocation that I've been most focused on.

#### Liz Claman:
Let's get some long-term charts, longer term, at least since this private credit insanity started happening. And it's not even that bad. It is concerning because the Blackstones of the world, BlackRock, even Morgan Stanley, which has a private credit fund, got taken down with the Blue Owl issue. And so where do you think that stands? Because you at Saba have actually made a bid to buy what, about 33% of Blue Owl's, at least one of the funds, right?

#### Boaz Weinstein:
Right. So we've tried to step in where investors really want their money back, they didn't realize they were going to get gated, and offer to buy one of the Blue Owl funds at a 33% discount. So it's marked at a certain level and we want to pay 33% less.

#### Liz Claman:
And Blue Owl has said they think that you are under offering. They think that that's terrible. They don't like you.

#### Boaz Weinstein:
Well, you know what's interesting is no one stepped forward with a higher bid. And if you look at Blue Owl's public products, their BDCs, they are trading at very big discounts. As are the other BDCs, business involving companies that own private credit. What we bid on was a private BDC that has this thing that Cliff Asness called volatility laundering where, so you know evil, hear no evil. You just market at a hundred and never really change the market unless traumatic things happen. Well, investors don't believe it. They want their money back and too many of them want to get out. And so there's an opportunity perhaps for us to bid for them just like we bid for public shares.

#### Liz Claman:
You find out in April, will you come back and let us know how that goes?

#### Boaz Weinstein:
I would love to.

#### Fox Business Interview with Boaz Weinstein, March 23, 2026.

#### Liz Claman:
But do you see any crash in private credit?

#### Boaz Weinstein:
So there are a number of problems at the same time. We have had four frauds. There was that debate between Jamie Dimon and Blue Owl about was First Brands the only cockroach. Jamie Dimon said no. Right. Then you had Tricolor, exactly. We've had two more. And we also have this idea of private credit that it's first lien, that it's secured, but so much of the lending was to software companies that don't have second lien. So it's first lien, the most secure, but it's also the most unsecure. It's called a unitranche. And so there is a problem, which is too much of this was sold to retail

investors. The investors are worried, their dividends have been cut. Blackstone actually just marked down the portfolio properly and took a loss for the first month in a very long time. And we have kind of a technical problem. I don't know if we have a giant fundamental problem, but we have too many people want out.

#### Liz Claman:
Ex-private credit, do you see any London Whale-type trade?

#### Boaz Weinstein:
No, that is going to be the London whale type trade. I really believe that there is going to be a very high chance that investors are going to head for the exit and kind of the fear. First, you mentioned Morgan Stanley, Blackstone, we had Cliffwater announcing 14% redemptions. What's the next quarter going to look like?

#### Liz Claman:
We find out March 31<sup>st</sup> of the redemptions of Blue Owl.

#### Boaz Weinstein:
We do.

#### Liz Claman:
Are they going to look worse than they already have been?

#### Boaz Weinstein:
The redemption period is still open and these things feed on themselves. There's a reflexivity using George Soros's words of the way that selling can be get selling, marking down the portfolio leads to more selling, which leads to more markdowns. I think their redemption number is going to be very high.

#### Liz Claman:
Okay. We got to go. But if you had to predict, would Blue Owl eventually say, "Okay, we'll sell you this at pennies on the dollar?"

#### Boaz Weinstein:
Oh, it's not up to them. It's really more like, do some of the investors need to get out to pay to remodel their home or their kid's wedding. So we're there with a bid. If someone has a higher bid, let them show it.

#### Liz Claman:
It's great to have you.

#### Boaz Weinstein:
I'm so glad to be here on your first day of the new set. Thank you for having me.

#### Liz Claman:
I know your mom, a big Fox business fan, Giselle, is watching, so yay. He did well, right? It's great to have you. Thank you.

#### Boaz Weinstein:
Thank you so much.

#### Liz Claman:
Please come back. I want to see what happens with Blue Owl.