Blue Owl Capital Corp II 8-K

What Happened

• Blue Owl Capital Corp II (OBDC II) announced on April 14, 2026 that its Board declared a $0.42 per-share return of capital for the second quarter, funded by ordinary-course portfolio repayment activity. The distribution represents 5% of net asset value (NAV) as of December 31, 2025.
• The $0.42 distribution will be paid on or before April 21, 2026 to shareholders of record as of April 20, 2026. Separately, the Board declared a regular monthly cash dividend of $0.035 per share for April, payable on or before April 20, 2026 to shareholders of record as of April 17, 2026.
• The filing notes that on March 26, 2026 the company paid a previously declared special return of capital of $2.50 per share (30% of NAV as of December 31, 2025). Combined with the newly declared $0.42, OBDC II has returned $2.92 per share (35% of NAV) to shareholders through return of capital distributions.

Key Details

• $0.42 per share return of capital declared April 14, 2026 (5% of NAV as of 12/31/2025); payable on or before April 21, 2026; record date April 20, 2026.
• $0.035 per share regular monthly dividend for April 2026; payable on or before April 20, 2026; record date April 17, 2026; annualized yield ~7.4% of NAV (per filing).
• Prior special return of capital: $2.50 per share paid March 26, 2026 (30% of NAV). Total returned via return of capital: $2.92 per share (35% of NAV).
• Return of capital distributions funded by ordinary-course portfolio repayment activity; regular dividend funded by portfolio earnings.

Why It Matters

• For investors, the filing shows the company returning a meaningful portion of shareholder capital quickly via return-of-capital payments rather than only through market sales, which can increase near-term liquidity for holders.
• The mix of a sizable return of capital program (targeting quarterly distributions of 5% or more) plus an ongoing monthly dividend provides two distinct sources of cash to shareholders: capital return and earnings-based income.
• These actions affect per-share basis and taxable characterization for investors (return of capital vs. dividend); shareholders should review tax and NAV implications and consult advisors as needed.