Cox and Saba propose 34.9% discount on Blue Owl exit

Cox and Saba made an unsolicited offer for Blue Owl Capital Corporation II shares that proposes a secondary-market auction as an exit route for investors in semiliquid evergreen funds. The proposed discount is 34.9%. The bid follows late-2025 redemption requests that outpaced the typical 5%-of-NAV quarterly cap.

The auction mechanism could give evergreen fund investors a way past the quarterly cap: instead of waiting for a later redemption window, holders could sell their positions in a secondary auction.

The 34.9% figure is a proposed discount in an unsolicited offer, not a completed transaction.

For fund selectors and wealth allocators, the offer puts a price on exits from semiliquid funds: an auction can restore liquidity, but the proposed 34.9% discount is the cost when quarterly redemptions are constrained.