Blue Owl Capital Corp II

Sponsored by Blue Owl. BDC structure focused on private credit.

BDCPrivate Credit

Sponsor: Blue Owl
CIK: 0001655887
Liquidity: Periodic tender offers
Inception: 2017

Net assets: $644.2M

source

Quarterly report (Form 10-Q) · filed 2026-05-08 · period 2026-03-31

Stockholders equity

“{'end': '2026-03-31', 'val': 644153000, 'accn': '0001655887-26-000013', 'fy': 2026, 'fp': 'Q1', 'form': '10-Q', 'filed': '2026-05-08', 'frame': 'CY2026Q1I', 'unit': 'USD'}”

Method Direct: structured XBRL tag

Open the filing on SEC.gov · Full observation history

Technical locator

us-gaap:StockholdersEquity | accession 0001655887-26-000013 | 10-Q filed 2026-05-08
NAV / share: $5.57

source

Quarterly report (Form 10-Q) · filed 2026-05-08 · period 2026-03-31

Net asset value per share

“{'end': '2026-03-31', 'val': 5.57, 'accn': '0001655887-26-000013', 'fy': 2026, 'fp': 'Q1', 'form': '10-Q', 'filed': '2026-05-08', 'frame': 'CY2026Q1I', 'unit': 'USD/shares'}”

Method Direct: structured XBRL tag

Open the filing on SEC.gov · Full observation history

Technical locator

us-gaap:NetAssetValuePerShare | accession 0001655887-26-000013 | 10-Q filed 2026-05-08
Net flows, last qtr: -1.3%
Distribution coverage (NII): 75%
Leverage in use: 69%
Total return, 12m: -1.5%

01 / Signals

What changed in the latest filings.

Current findings ordered by severity. Each observation remains traceable to its filed source.

Urgent

NAV per share fell 32.6% from $8.27 to $5.57 (2026-03-31).

NAV per share fell 32.6% from $8.27 to $5.57 (2026-03-31). (Rule B12: NAV per share drop, severe: >= 5% decline month over month; Urgent.)

Why it matters and what changed

A 5%+ single-month NAV decline is a severe markdown for a private-markets vehicle and usually coincides with a portfolio-level credit or valuation problem being recognized.

8.27 -> 5.57 (down 32.6% vs prior period); trailing 4-period average 7.71; same period prior year 8.72; comparison interval: ~3 months (2025-12-31 -> 2026-03-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)

Source: us-gaap:NetAssetValuePerShare | accession 0001655887-26-000013 | 10-Q filed 2026-05-08

Notify

NAV per share ($5.57) is 27.7% below its trailing four-observation average ($7.71) as of 2026-03-31.

NAV per share ($5.57) is 27.7% below its trailing four-observation average ($7.71) as of 2026-03-31. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

Why it matters and what changed

Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average.

8.27 -> 5.57 (down 32.6% vs prior period); trailing 4-period average 7.71; same period prior year 8.72; breach persisted 2 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-12-31 -> 2026-03-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)

Source: us-gaap:NetAssetValuePerShare | accession 0001655887-26-000013 | 10-Q filed 2026-05-08

Notify

Loparex Midco B.V. (2026-03-31)

Loparex Midco B.V. marked down -29% (2025-12-31 $30,607,000 -> 2026-03-31 $21,864,000) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 1.94% of portfolio value.

Why it matters and what changed

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: nport-diff:2026-03-31:mark:loparex midco b.v.

Notify

Net investment income covered only 75% of distributions in the period ended 2026-03-31; the gap was funded from capital or gains.

Net investment income covered only 75% of distributions in the period ended 2026-03-31; the gap was funded from capital or gains. (Rule C21: Distribution coverage: distribution_nii_coverage < 100%; Notify.)

Why it matters and what changed

Distributions exceed net investment income. The gap is funded from capital (the investor's own money back) or gains, and a stated yield propped up this way is fragile.

80.99 -> 74.94 (down 7.5% vs prior period); trailing 4-period average 82.88; same period prior year 86.42; breach persisted 5 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-12-31 -> 2026-03-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)

Source: derived: net_investment_income / distributions_declared * 100 (annual grain only, see build_notes.md)

Notify

Credit facility new or amended: 25 occurrence(s), 2017-05-18 to 2026-02-17

Most recent (2026-02-17): II (the “Company”) entered into that certain Omnibus Amendment to the Revolving Credit Agreement and Guarantee and Security Agreement (the “Omnibus Amendment”), which amends (i) that certain Revolving Credit Agreement, dated as of January 12, 2024 (amended by the Omnibus Amendment and as further amended, restated, supplemented or otherwise modified from time to time) and (ii) that certain Guarantee and Security Agreement, dated as of January 12, 2024 (as amended by the Omnibus Amendment and as further amended, restated, supplemented or otherwise modified from time to time). The parties to the

Why it matters and what changed

Financing terms set the fund's cost of leverage and its dry powder. Amendments also reveal what lenders currently think of the collateral: improving spreads and rising commitments signal lender confidence; shrinking availability or margin increases signal the opposite. This fund logged 25 of these in the covered window; the cadence itself is part of the signal.

25 occurrence(s) of this event type stored; earlier instances are on the Fired Flags tab.

Source: https://www.sec.gov/Archives/edgar/data/1655887/000162828026009025/obdc-20260217.htm | Item 1.01

Notify

Net investment income covered only 81% of distributions in the period ended 2025-12-31; the gap was funded from capital or gains.

Net investment income covered only 81% of distributions in the period ended 2025-12-31; the gap was funded from capital or gains. (Rule C21: Distribution coverage: distribution_nii_coverage < 100%; Notify.)

Why it matters and what changed

Distributions exceed net investment income. The gap is funded from capital (the investor's own money back) or gains, and a stated yield propped up this way is fragile.

81.82 -> 80.99 (down 1.0% vs prior period); trailing 4-period average 85.75; same period prior year 107.82; breach persisted 4 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-09-30 -> 2025-12-31; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)

Source: derived: net_investment_income / distributions_declared * 100 (annual grain only, see build_notes.md)

Notify

NAV per share ($8.41) is 2.5% below its trailing four-observation average ($8.63) as of 2025-09-30.

NAV per share ($8.41) is 2.5% below its trailing four-observation average ($8.63) as of 2025-09-30. (Rule C23: Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average; Notify.)

Why it matters and what changed

Sustained NAV decline: NAV per share >= 2% below its trailing 4-observation average.

8.58 -> 8.41 (down 2.0% vs prior period); trailing 4-period average 8.63; same period prior year 8.84; breach persisted 2 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-06-30 -> 2025-09-30; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)

Source: us-gaap:NetAssetValuePerShare | accession 0001655887-25-000060 | 10-Q filed 2025-11-05

Notify

Net investment income covered only 82% of distributions in the period ended 2025-09-30; the gap was funded from capital or gains.

Net investment income covered only 82% of distributions in the period ended 2025-09-30; the gap was funded from capital or gains. (Rule C21: Distribution coverage: distribution_nii_coverage < 100%; Notify.)

Why it matters and what changed

Distributions exceed net investment income. The gap is funded from capital (the investor's own money back) or gains, and a stated yield propped up this way is fragile.

93.77 -> 81.82 (down 12.7% vs prior period); trailing 4-period average 92.45; same period prior year 91.57; breach persisted 3 consecutive periods (escalated per the two-stage ladder); comparison interval: ~3 months (2025-06-30 -> 2025-09-30; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)

Source: derived: net_investment_income / distributions_declared * 100 (annual grain only, see build_notes.md)

Historical findings (14)

Net investment income covered only 94% of distributions in the period ended 2025-06-30; the gap was funded from capital or gains.
Net investment income covered only 94% of distributions in the period ended 2025-06-30; the gap was funded from capital or gains. (Rule C21: Distribution coverage: distribution_nii_coverage < 100%; Notify.)

The fund leaned harder on leverage: 66% -> 68% of its allowed leverage in use in one period (period ended 2024-09-30).
The fund leaned harder on leverage: 66% -> 68% of its allowed leverage in use in one period (period ended 2024-09-30). (Rule C22: Leverage creep: headroom down >= 5 percentage points in one period; Notify.)

Net flows deteriorated to $-16.4M from $-20.5M (period ended 2023-12-31).
Net flows deteriorated to $-16.4M from $-20.5M (period ended 2023-12-31). (Rule C15: Net-flow deterioration: net flows negative; Notify.)

On June 22, 2023, the board of directors (the “Board”) of the Company adopted Articles of Amendment for the purpose of amending the Company’s current Articles of Amendment and... (2023-06-22)
On June 22, 2023, the board of directors (the “Board”) of the Company adopted Articles of Amendment for the purpose of amending the Company’s current Articles of Amendment and Restatement in order to change its corporate name to “Blue Owl Capital Corporation II” from “Owl Rock Capital Corporation II.” The Company filed the Articles of Amendment with the State Department of Assessments and Taxation of Maryland implementing the change in the Company’s name, to be effective as of July 6, 2023. A copy of the Articles of Amendment is attached hereto as Exhibit 3.1 to this Current Report on Form 8-K

NAV per share fell 2.8% from $8.90 to $8.65 (2022-06-30).
NAV per share fell 2.8% from $8.90 to $8.65 (2022-06-30). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (2022-01-24)
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On January 24, 2022, Brian Finn notified Owl Rock Capital Corporation II (the “Company”) of his intention to resign as a director of the Company, effective February 23, 2022. Mr. Finn has served on the Company’s Board of Directors (the “Board”) since 2016 and currently serves as a member of the Audit Committee and Nominating and Corporate Governance Committee of the Board. Mr. Finn’s decision to resign was based on a desire to pursue othe

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (2021-11-19)
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (d) Appointment of Director On November 19, 2021, the board of directors (the “Board”) of Owl Rock Capital Corporation II (the “Company”), upon the recommendation of the Nominating and Corporate Governance Committee of the Board (the “Nominating Committee”), voted to appoint Victor Woolridge as a Class I director of the Board, a member of the Nominating Committee and a member of the Audit Committee. In connection with Mr. Woolridge’s appo

Agreement. (2021-05-18)
Agreement. On May 18, 2021, Owl Rock Capital Corporation II (the “Company”) entered into a third amended and restated investment advisory agreement (the “Restated Advisory Agreement”) with its investment adviser, Owl Rock Capital Advisors LLC (the “Adviser”), in connection with the previously announced transaction (the “Transaction”) pursuant to which Owl Rock Capital Group, LLC, the parent of the Adviser (and a subsidiary of Owl Rock Capital Partners LP), and Dyal Capital Partners (“Dyal”) merged to form Blue Owl Capital, Inc. (“Blue Owl”). The Transaction resulted in a change of control of t

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers is incorporated by reference... (2021-02-23)
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers is incorporated by reference herein in its entirety Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (d) Appointment of Director On February 23, 2021, the board of directors (the “Board”) of Owl Rock Capital Corporation II (the “Company”), upon the recommendation of the Nominating and Corporate Governance Committee of the Board (the

Proposal 1 put to shareholder vote: Approval Of The New Advisory Agreement G. (2021-01-27)
Proposal 1 put to shareholder vote: Approval Of The New Advisory Agreement G.

NAV per share fell 2.1% from $9.03 to $8.84 (2020-12-31).
NAV per share fell 2.1% from $9.03 to $8.84 (2020-12-31). (Rule B11: NAV per share drop >= 2% decline month over month; Notify.)

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (2019-07-30)
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On July 30, 2019, the board of directors (the “Board”) of Owl Rock Capital Corporation II (“ORCC II” or the “Company”) appointed Bryan Cole, the Company’s Chief Accounting Officer and Controller, to serve as the Company’s Chief Financial Officer, effective August 8, 2019. Mr. Cole will continue in his role as Chief Accounting Officer and Controller. The role of Chief Financial Officer was previously held by Alan Kirshenbaum, who will conti

On June 17, 2019, the board of directors of Owl Rock Capital Corporation II (the “Company”) approved an amendment to the Company’s Articles of Amendment and Restatement to... (2019-06-17)
On June 17, 2019, the board of directors of Owl Rock Capital Corporation II (the “Company”) approved an amendment to the Company’s Articles of Amendment and Restatement to increase the number of authorized shares of common stock of the Company from 300,000,000 to 450,000,000 (the “Amendment”). On June 18, 2019, the Articles of Amendment effecting the Amendment were filed with the State Department of Assessments and Taxation of Maryland and became immediately effective. The Articles of Amendment are attached her

Articles of Amendment and Restatement On March 7, 2017, the board of directors (the “Board”) of Owl Rock Capital Corporation II (the “Company”) adopted resolutions approving a... (2017-03-07)
Articles of Amendment and Restatement On March 7, 2017, the board of directors (the “Board”) of Owl Rock Capital Corporation II (the “Company”) adopted resolutions approving a third amendment and restatement of the Company’s articles of incorporation (as further amended and restated, the “Articles of Amendment and Restatement”) . In response to comments from certain state securities regulators: • The concept of “Covered Securities” and all provisions related thereto were removed from the Articles of Amendment and Restatement; and •

02 / Trends

How the fund has moved.

Net asset value, total return, capital flows, and distribution coverage across the filing record.

Total return index

NAV per share

Net capital flows, % of NAV

Distribution coverage

Leverage in use

03 / Portfolio

What moved inside the book.

Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.

PIK income share: 7.6%
Bottom two ratings: 2.3%

Date	Position change
2026-03-31	Brightway Holdings, LLC (1.3% of portfolio value in the 2025-12-31 report, $20,198,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31	Delinea Buyer, Inc. (f/k/a Centrify) (1.1% of portfolio value in the 2025-12-31 report, $17,114,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31	EOS Finco S.A.R.L (3.3% of portfolio value in the 2025-12-31 report, $52,763,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31	Faraday Buyer, LLC (dba MacLean Power Systems) (1.1% of portfolio value in the 2025-12-31 report, $17,567,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31	Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.) (2.6% of portfolio value in the 2025-12-31 report, $40,787,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31	Relativity ODA LLC (1.2% of portfolio value in the 2025-12-31 report, $19,162,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name.
2026-03-31	Loparex Midco B.V. marked down -29% (2025-12-31 $30,607,000 -> 2026-03-31 $21,864,000) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 1.94% of portfolio value.
2026-03-31	Conair Holdings LLC marked up +33% (2025-12-31 $14,076,000 -> 2026-03-31 $18,768,000) with par balance unchanged (+-2%) -- a valuation mark, not a trade. Position was 0.89% of portfolio value.
2026-03-31	New position Blue Owl Cross-Strategy Opportunities 2025-1 LLC (fka Blue Owl Cross-Strategy Opportunities LLC): 1.3% of portfolio value ($11,684,000) as of 2026-03-31; absent from the 2025-12-31 report.
2026-03-31	New position EOS Finco S.A.R.L (dba Netceed): 4.2% of portfolio value ($36,872,000) as of 2026-03-31; absent from the 2025-12-31 report.
2026-03-31	New position LSI Financing LLC: 1.2% of portfolio value ($10,790,000) as of 2026-03-31; absent from the 2025-12-31 report.
2025-12-31	AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC, Specialty finance equity investment (1.4% of portfolio value in the 2025-09-30 report, $23,668,000) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name.

Filed portfolio-health history

PIK income share

Bottom rating exposure

04 / Redemptions

Where exit demand met the cap.

The disclosed history shows no rationed period.

Requested redemptions versus cap

Period	Requested	Filled	Cap used	Status
2025-09-22	5.9%	100%	Not disclosed	filled
2025-06-23	5.0%	100%	Not disclosed	filled
2024-03-25	4.8%	100%	Not disclosed	filled
2023-06-26	2.5%	100%	Not disclosed	filled
2023-03-27	1.8%	100%	Not disclosed	filled
2022-12-23	1.6%	100%	Not disclosed	filled
2022-09-26	1.8%	100%	Not disclosed	filled
2022-06-27	2.0%	100%	Not disclosed	filled
2022-03-28	1.1%	100%	Not disclosed	filled
2021-12-27	0.9%	100%	Not disclosed	filled
2021-09-27	0.9%	100%	Not disclosed	filled
2021-06-28	1.4%	100%	Not disclosed	filled

05 / Financing

How the balance sheet is funded.

Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.

No structured financing components have been captured for this fund.

06 / Share classes

How the offering is divided.

A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.

No filed share-class terms have been captured for this fund; ownership type is therefore not inferred.

07 / Sources

The evidence beneath the page.

Filed terms and recent documents remain available without crowding the primary research flow.

Recent filings

Filed	Form	Accession
2026-06-26	8-K	0001193125-26-285588
2026-05-08	10-Q	0001655887-26-000013
2026-04-16	8-K	0001193125-26-159127
2026-04-01	DEF 14A	0001193125-26-138162
2026-03-06	8-K	0001193125-26-096344
2026-03-05	10-K	0001655887-26-000010
2026-02-26	8-K	0001655887-26-000007
2026-02-18	8-K	0001628280-26-009025
2026-01-30	8-K	0001655887-26-000002
2025-12-31	8-K	0001655887-25-000067
2025-11-26	8-K	0001655887-25-000063
2025-11-19	8-K	0001628280-25-053065
2025-11-05	10-Q	0001655887-25-000060
2025-11-05	8-K	0001193125-25-267128
2025-10-30	8-K	0001655887-25-000056