Cox Capital bids $10 million for Blue Owl Credit Income shares at 20% below NAV

Cox Capital has bid $10 million for Blue Owl Credit Income shares at 20% below net asset value, Alternatives Watch reported. The offer came four days after the fund's third-quarter repurchase plans were reported. Acceptance terms were not disclosed, and the fund's per-share NAV was not stated, so the 20% figure cannot be checked against a stated price.

Blue Owl Credit Income will fill about 30% of third-quarter repurchase requests against a 5% quarterly cap. Shareholders asked to redeem 16.8% of shares outstanding; dividing the cap by the request gives roughly 30%. A holder weighing the Cox bid is choosing between a 20% haircut today and a repurchase line that returns about 30% of what was asked.

Across 19 reporting nontraded NAV BDCs, Stanger counted $13.8 billion of third-quarter redemption requests, with nearly $5.6 billion returned and $8.2 billion unfilled, a fill rate of about 40%. Stanger says the tally covers 98% of the market. Requests at Blue Owl fell from 18.8% of shares outstanding in the second quarter to 16.8% in the third, and Stanger's reading of the data is that redemption demand may have peaked in the prior quarter.

The board of Blackstone Private Credit Fund urged shareholders to reject an unsolicited tender offer for Class I shares at 12.5% below NAV, according to Blue Vault Partners. VineBrook Homes Trust expects to buy 909,090 Class A shares at $33, a 37% discount to NAV, after roughly 2.75 million were tendered, leaving a one-in-three proration. Cox's 20% sits between Blackstone's 12.5% and VineBrook's 37%, but the vehicles hold different assets and Blue Owl's per-share NAV is not disclosed, so the percentages are not directly comparable.