Blue Owl’s BDC Shake‑Up (Nov. 17, 2025): OBDC–OBDC II Merger Puts ~20% Haircut on the Table for Retail Holders—But Double‑Digit Yields Lure Value Buyers
Published November 17, 2025 Summary: Blue Owl Capital is moving to fold its private Blue Owl Capital Corporation II (OBDC II) into the listed Blue Owl Capital Corporation (NYSE: OBDC). Because OBDC stock trades below its reported net asset value (NAV), today’s pricing implies roughly a 20% value hit for OBDC II investors at closing—though the combined BDC would be larger, more liquid and, at today’s price, offers a double‑digit dividend yield. Blue Owl Capital Corporation+2Blue Owl Capital Corporation+2 What’s new today (Nov. 17, 2025) The deal at a glance Why a ~20% hit is possible: the math in plain