OBDC II Shareholders are Not Required to Take Any Action

NEW YORK, March 6, 2026 /PRNewswire/ -- Blue Owl Capital Corporation II ("OBDC II") today confirmed receipt of an 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 (less than 7% of the outstanding shares). The offering price represents a discount of over 30% to net asset value ("NAV")1.

The Board of Directors (the "Board") of OBDC II will carefully review and evaluate Cox and Saba's offer to determine the course of action it believes is in the best interests of OBDC II shareholders. 

The Board will evaluate the offer using key facts and considerations that are expected to include:

• The Board is 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 the Company's net assets2 in 2026. This includes a 30% return of capital distribution at NAV2 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.
• Shareholders who choose to participate in Cox and Saba's offer will receive significantly less than the current NAV of their investment and will not be able to participate in OBDC II's future returns of capital.
• OBDC II has delivered 9.1% annualized returns2 since inception, consistently outperforming the leveraged loan indices.

OBDC II shareholders are not required to take any action. While the Board is evaluating the offer, Blue Owl remains focused on maximizing value for all shareholders of OBDC II and protecting their interests through the disciplined execution of its investment strategy. OBDC II will advise shareholders of the Board's recommendation on the unsolicited tender offer in due course.