# EDGAR Filing Document

**Accession Number:** 0001655887
**File Stem:** 0001213900-26-028409
**Filing Date:** 2026-3
**Character Count:** 13663
**Document Hash:** 787e65bbf9e17c18b32ecdf2bdbb4cf7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-028409.hdr.sgml**: 20260316

**ACCESSION NUMBER**: 0001213900-26-028409

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

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20260316

**DATE AS OF CHANGE**: 20260316

**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:** 26757946

**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. 2)

#### _______________________________

#### 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. 2 ("Amendment No. 2") 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, and amended by Amendment No. 1 on March 11, 2026, by Cox Capital Partners Special Situations Fund, L.P., a Delaware limited partnership (the "Purchaser"). This Amendment No. 2 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. 2 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. 2.

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

<u> (a)(5)(viii)\*\* </u>   <u> Transcript of a Portion of an Interview with Boaz Weinstein published by Bloomberg on March 13, 2026. </u> <br> <u> (a)(5)(ix)\*\* </u>   <u> Social media content by Boaz Weinstein on X. </u> <br> <u> (a)(5)(x)\*\* </u>   <u> Social media content by Kieran Goodwin on X. </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.](ea027975603ex99a5viii.htm) |
|  (a)(5)(ix)\*\* | [Social media content by Boaz Weinstein on X.](ea027975603ex99a5ix.htm) |
|  (a)(5)(x)\*\* | [Social media content by Kieran Goodwin on X.](ea027975603ex99a5x.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 16, 2026 |  |  |

---

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

#### Exhibit (a)(5)(viii)

#### Boaz Weinstein:
So then why did we bid? Because it's, it was a place to start. We are short at, you know, public debt at what I termed really optimistic level. So buying it at down 35, even with these adjustments, it's probably gonna be an okay investment.

#### Matt Levine:
You say you're short public debt. Like what, like, you're short, like high yield? There's like a matched like high yield debt against getting long this stuff or like is it, am I missing something like that?

#### Boaz Weinstein
Yeah. A huge part of our capital is to provide investors tail protection. And so, our domain expertise is credit derivatives. And so the liquidity in high yields credit derivatives is such where you can put on tens of billions. And so I have that as a short, in some sense, this at a discount fits as a long because if we're right, and if these buys at minus 27 or minus 35 are bad buys, you know, look up below. And I, I will point you to when the Cliffwater News came out, since that minute — high yield has been suffering compared to…

#### Matt Levine:
Yeah. I was gonna say, you say look out below. Like is — is there like a scenario where like the stuff you can be short in high yield totally diverges from like BDC software loans?

#### Boaz Weinstein:
Right. So you're bringing up a good point about basis risk. This is not a match trade. But and the average company in the high-yield index is quite a bit bigger and even better than a private credit portfolio. So, you know, leave it to the ingenuity of Goldman Sachs. Now they're pitching total return swaps on private credit portfolios. People want more of a one-to-one.

#### Matt Levine:
And they're pitching it to you?

#### Boaz Weinstein:
No, to everyone.

#### Matt Levine:
Sure.

#### Boaz Weinstein:
Yeah, yeah.

#### Matt Levine:
You might need it.

#### Boaz Weinstein:
But, also, you know what, as I saw in COVID, sometimes people who can't sell the thing they can't sell will sell what they can sell. And, and so private credit can certainly infect public credit. And when I say what I saw in COVID, you know, if you ask me, I mean, I often say like my imagination and the markets is not great enough. First of all, I don't think people's imagination here is great enough because so many people think we're gonna buy none. So what did I

mean about COVID? I never would've thought ETFs for high yield could trade at 10, 15 point discounts. ETFs, they did and people sold them there because they needed the money. And so I think actually public markets are very affected by this private credit problem.

#### Matt Levine:
I think that when you say like people think you're gonna buy now, like it's really, it's like such a classic like, like market maker adverse election question. Like you're either gonna buy none or you're gonna get filled and you're gonna probably immediately regret getting filled.

#### Boaz Weinstein:
Probably if we get filled and oversubscribed, our next bid is, you know, decidedly lower. Sure. I've never been in a spot where like that information, that alternative data set, if you will, is so desired by the market because it ... Actually, I'd be curious about a Polymarket on that.

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

#### Exhibit (a)(5)(ix)

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

#### Exhibit (a)(5)(x)

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