Trending Now - Investors Turn Down Boaz Weinstein's Tender Offer for Funds

WHO:

CNBC - Saba Capital Management, led by Boaz Weinstein, and Starwood Capital are involved in the tender offers.

Bloomberg Markets - Investors in Blue Owl Capital Inc. funds are mentioned as participants in the tender offer.

WHAT:

CNBC - Saba Capital's tender offers for shares in Blue Owl Capital Corporation II (OBDC II) and Starwood Real Estate Income Trust (SREIT) came in "below initial expectations."

CNBC - Saba offered liquidity at a 35% discount for Blue Owl and a 24% or 29% discount for Starwood, depending on the share class.

CNBC - Saba acquired about $10 million in aggregate face value across 190 separate trades, primarily from SREIT.

Bloomberg Markets - Less than 1% of shares were tendered to Saba Capital Management and Cox Capital Partners.

WHERE:

CNBC - The tender offers are related to non-traded business development companies managed by Blue Owl Capital and Starwood Capital, with Blue Owl's signage located at the Seagram Building at 375 Park Avenue in New York.

WHEN:

CNBC - The tender for Blue Owl shares reportedly failed to garner more than 1% of what was offered.

CNBC - Blue Owl halted quarterly redemptions in OBDC II in mid-February.

CNBC - Investors sought to redeem $5.4 billion from two of Blue Owl's other private-credit funds during the first quarter.

CNBC - Saba stated it sees credit risk accumulating into 2027 and 2028.

WHY:

CNBC - Saba Capital's Boaz Weinstein indicated that they were "hearing from investors in these funds that they wanted their money back," prompting the tender offers.

CNBC - Saba believes retail investors in these products deserve access to liquidity similar to that enjoyed by investors in public BDCs.

HOW:

CNBC - Saba Capital launched tender offers to provide liquidity to investors at a discount.

CNBC - Following Saba's public activity, Starwood Chairman and CEO Barry Sternlicht announced a commitment to inject equity capital to fund investor redemptions.

(UPDATED April 28, 2026 07:55 UTC)

Saba Capital Management, led by Boaz Weinstein, and Starwood Capital are making headlines with their tender offers for shares in Blue Owl Capital Corporation II and Starwood Real Estate Income Trust, although the offers came in below initial expectations. Saba is providing liquidity at significant discounts, acquiring about $10 million in shares, but less than 1% of the shares were tendered, prompting concerns from investors who are eager for their money back. In response to these challenges, Starwood's Chairman and CEO Barry Sternlicht has announced a commitment to inject equity capital to support investor redemptions.